The directors present their annual report on the affairs of HEXA Renewables Taiwan (UK) Limited (the "Company"), together with the unaudited financial statements, for the year ended 31 December 2025.

The principal activity of the company continued to be that of a holding company.

The results for the year are set out on .

The Company generated a pre-tax profit of $34,459 (2024: loss of $41,103). Net assets at 31 December 2025 stood at $11,920,970 (2024: $9,906,511).

During the financial year, $120,000 of dividends were paid.

Key performance indicators

The Company's primary role is an intermediate holding company and as such it has no material trading activities and therefore there are no key performance indicators to be disclosed.

Going concern

After making appropriate enquiries, the Board of Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have chosen to adopt the going concern basis in preparing the Company's financial statements.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The Company has not made qualifying third party indemnity provisions for the benefit of its Directors during the year and up to the date of this report.

The Company made no political and charitable donations during the financial year (2024: $nil).

There were no events post the balance sheet date and prior to the date of the signing of these financial statements that would have a material impact on the results reported or the financial position of the Company.

The objectives of the Company are to manage the Company's financial risk, secure cost effective funding for the Company's operations, and to minimise the adverse effects of fluctuations in the financial markets on the Company's financial assets and liabilities, on reported profitability and on the cash flows of the Company.

The Company finances its activities with shareholders' equity. Other financial assets and liabilities such as trade receivables and trade payables, arise directly from the Company's operating activities.

Domicile and legal form

The company is limited by shares and registered in England and Wales. The Company is UK tax resident.

The principal risks are considered to be the wider global economic environment. These risks are reviewed and managed through the Company's business performance and risk management processes as disclosed in note 20.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, International Accounting Standard 1 requires that directors:

• properly select and apply accounting policies;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

• make an assessment of the company's ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The notes on pages 6 to 15 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes on pages 6 to 15 form part of these financial statements.

HEXA Renewables Taiwan (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Chesterfield Gardens, Mayfair, London, United Kingdom, W1J 5BQ.

The Company is wholly owned by HEXA Renewables Taiwan Investments Pte Ltd. The Company's shareholder is incorporated in Singapore. The Company's financial year starts 1 January and ends 31 December.

The Company's financial statements are presented in USD ("$"), which is also the Company's functional currency and all values are rounded to the USD, unless otherwise indicated.

The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee ("IFRS IC") interpretations in conformity with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS.

The Company is a parent undertaking. The directors have elected not to prepare consolidated financial statements because the Group qualifies as a small group and is exempt from the requirement to prepare group accounts under section 399 of the Companies Act 2006.

The financial statements have been prepared on a going concern basis under the historical cost convention. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. The nature of estimates means that actual outcomes could differ from those estimates.

Statement of compliance

The financial statements for the year ended 31 December 2025 have been prepared in accordance with United Kingdom Company law adopted International Financial Reporting Standards ("IFRSs") and interpretations issued by the IFRS Interpretations Committee (IFRS IC). The standards applied by the Company are those endorsed by United Kingdom Company law and effective at the date the financial statements are approved by the Board. All the accounting policies have been consistently applied in the financial statements.

The directors, after carrying out necessary enquiries, believe that the Company has adequate sources of fundingtrue to meet any future investments and pay its expenses, and is well placed to manage its business risk successfully.

As a consequence of the above, the directors have a reasonable expectation that the Company has adequate resources and procedures in place to manage its business risks for the foreseeable future. Accordingly, the Company has adopted the going concern basis in the preparation of the financial statements.

Cash and cash equivalents comprise cash balances and call deposits.

Financial assets are recognised on their trade date, when the Company becomes party to the contractual provisions of the instrument.

Classification and measurement

The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Company's business model for managing the asset. The Company initially measures a financial asset at its fair value, plus transaction costs.

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as trade and other payables. All financial liabilities are

recognised initially at fair value and, in the case of trade and other payables, net of directly attributable transaction costs.

The Company's financial liabilities include trade and other payables.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Investments

Investments in subsidiary undertakings are stated at cost less accumulated impairment losses. The carrying value of investments is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment loss is recognised immediately in profit or loss.

Share capital consists of ordinary shares which are classified as equity when there is no obligation to transfer cash or other assets.

The tax expense represents the sum of the tax currently payable and deferred tax.

Current income tax assets and liabilities are measured at the reporting date at the amount expected to be recovered from or paid to taxation authorities using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date, whereas the deferred tax assets will be recognised to the extent that they do not exceed the deferred tax liability.

Deferred tax liabilities are recognised for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the statement of financial position are translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the statement of comprehensive income within 'Administrative costs'.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

Administrative expenses

Expenses are recognised in the statement of comprehensive income in the period in which they are incurred and include administration expenses such as bank charges, professional fees, service charge expenses, legal fees, management fees, advisory fees and other operating expenses.

Amendments to IFRSs that are mandatorily effective for the current period

In the current year, the Company has applied a new amendment to existing IFRSs issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2025. Its adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.

• Lack of Exchangeability (Amendments to IAS 21) (Effective 1 January 2025)

The amendment listed above did not have any impact on the amounts recognised in current period and is not expected to significantly affect future periods.

There are no other IFRSs or IFRS IC interpretations that are effective for the first time for the financial year beginning on or after 1 January 2025 that would be expected to have a material impact on the Company.

As at the date of authorisation of these financial statements, the following key standards and amendments were in issue but not yet effective. The Company has not applied these standards and interpretations in the preparation of these financial statements.

• Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (Effective 1 January 2026)

• Annual Improvements to IFRS Accounting Standards (Volume 11) (Effective 1 January 2026)

• Contracts referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) (Effective 1 January 2026)

• Presentation and Disclosure in Financial Statements (IFRS 18) (Effective 1 January 2027)

• Subsidiaries without Public Accountability: Disclosures (IFRS 19) (Effective 1 January 2027)

None of the IFRSs or IFRS IC interpretations that are in issue but not yet effective are expected to have a material impact on the Company.

In the application of the Company's accounting policies, which are described in note 1, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The assessment of the recoverability of the Company's investment represents a key source of estimation uncertainty. Management assesses whether there are indicators of impairment at each reporting date and, where such indicators exist, estimates the recoverable amount of the investment. This assessment requires the use of judgement and assumptions regarding the current and future performance of the underlying investment.

Following a review of impairment indicators in accordance with IAS 36, the Directors have concluded that there are no indicators of impairment as at the reporting date. Accordingly, the carrying value of the investment is considered recoverable and no impairment charge has been recognised in the financial statements.

The Company has no employees and services required are contracted from third parties. The Directors received no remuneration from the Company in respect of qualifying services rendered during the period under review.

The Directors' remuneration for the current period was borne by other affiliated companies. No recharge was made to the Company for the services of the Directors in the current year as it is not possible to make an accurate apportionment of emoluments in respect of services to the Company.

The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:

Factors that may affect future tax charges

As at 31 December 2025, there are no known factors that will impact future tax charges.

On 6 December 2022, the Company acquired a 100% interest in Hexa Renewables Taiwan Co II Ltd for a total consideration of $9,777,497.

Details of the company's subsidiaries at 31 December 2025 are as follows:

The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

The Directors consider that the carrying amount of trade and other payables approximates to their fair value.

The Company has one class of ordinary shares which carry no right to fixed income.

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

On 22 April 2025, the Company issued 1,000,000 ordinary shares of USD 1.00 each.

On 13 May 2025, the Company issued 1,100,000 ordinary shares of USD 1.00 each.

On 4 November 2025, the Company reduced the share capital from USD 12,100,002 to USD 11,950,002 by cancelling 150,000 ordinary shares of USD 1.00 each.

The Company does not have any capital commitments or contingent liabilities that have not been included in these financial statements.

The company is not subject to any externally imposed capital requirements.

The narrative disclosures required by IFRS 7 in relation to the nature of the financial instruments used during the period by the Company.

The Company's principal financial assets and liabilities comprise of cash, trade and other receivables and trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations.

During the financial period the company entered into transactions, in the ordinary course of business, with related parties. Transactions entered into, and trading balances outstanding at 31 December 2025 with other related parties, are as follows:

Principal risks and uncertainties

The Company’s activities expose it to a variety of financial risks: market risk (including interest rate risk and foreign currency risk), credit risk and liquidity risk.

Risk management is carried out under policies approved by the Board of Directors of the Company. The Board of Directors of the Company provide principles for overall risk management as well as policies covering specific areas such as interest rate risks, credit risk and investment of excess liquidity.

Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

i) Foreign currency risk

Foreign exchange risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company holds bank accounts denominated in GBP and EUR, the balances of which are immaterial and the currency risk is accordingly considered immaterial.

ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates is very limited.

Credit risk

The Company is exposed to credit risk, which is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company's maximum exposure to credit risk is the total carrying amount of the financial assets as set out in the statement of financial position.

Liquidity risk

Liquidity risk is the risk that the Company may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. When funds are required capital contributions are called from the shareholders.

The table below summarises the Company’s non-derivative financial liabilities as per IFRS 7.39 into relevant maturity profiles, based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

The Company is wholly owned by HEXA Renewables Taiwan Investments Pte Ltd. The Company's shareholder is incorporated in Singapore.

The Company's ultimate parent undertaking and controlling party is ISQGI Holdings III (Hexa Taiwan) who is incorporated and registered in the Cayman Islands.

There were no events post the balance sheet date and prior to the date of the signing of these financial statements that would have a material impact on the results reported or the financial position of the Company.