The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company during the year continues to be that of online recruitment and related internet technology services (software as a service - SaaS). The results for the year and financial position of the company are as shown in the annexed financial statements.

Business Review

The business of the company continues to be the sale of online recruitment and vendor management solutions for major employers and primarily larger staffing agencies supplying into both the public and private sectors on an international basis. Our fast-to-deploy agency led vendor management system (PixidVMS) continues to gain significant traction and has been successfully deployed in more than 30 countries including UK. This follows significant financial investment in ongoing product development and additional resource. In the short term significant planned investment by the Company continued to impact on profitability and created a deficit.

In July 2024, Pixid Group acquired VectorVMS, a global platform with a long-standing history of operations in the UK. The company took over all the UK customers contracts and a small team of employees which has since expanded. The company’s revenue in 2025 has benefited from the full year effect of the revenue from these existing substantial blue-chip customers, and the company will benefit further as VectorVMS operations outside of the USA are planned to be run by the company from the UK.

Management are very confident of a successful 2026, both PixidVMS and VectorVMS start the year with a full pipeline and anticipate increased traction, new business and growing revenue throughout the year ahead. Like the previous year, the company’s strategy is focusing on the sale of these two complementary VMS solutions. Significantly our PixidVMS remains as the only mid-market VMS platform to offer full 2-way integration with a world leading global recruitment agency CRM/ATS. With the addition of VectorVMS we can now address the needs of much larger and complex opportunities, especially those requiring SOW support, with significant revenue potential.

Company operations are centralised in our offices in the City of London, directly opposite Liverpool Street Station. This central location impacts positively on new business and our ability to recruit good talent.

Pixid Group (www.pixid.com) is a global leading provider of SaaS HCM (Human Capital Management) solutions enabling clients to securely underpin and optimise their end to end multi-channel sourcing and recruitment management of permanent and flexible workforces throughout major European markets and with a significant presence in the USA.

Pixid Group’s systems provide distinct services:

• Vendor Management System (VMS) : Innovative, cloud based workforce management solutions allowing businesses, staffing agencies and MSPs (managed service providers) to maximize productivity, efficiency, compliance and profitability through use of streamlined processes and enhanced analytics;

• Applicant Tracking System (ATS) : Strong presence in ATS space built through strategic acquisitions in the UK and in the Netherlands ; deployed throughout Europe, offers unrivalled expertise in digital applicant management from sourcing to placement now focused predominantly at staffing agencies;

• Total Talent Acquisition (TTA) : Combining our platforms and those of others to provide end to end talent solutions.

Pixid Group’s proprietary technology is currently responsible for:

• One out of every three temporary/contingent worker positions in France is managed on the Pixid platform

• Over 280,000 worker assignments in more than 30 countries are managed every day on the Pixid platform.

• Over €15bn of spend under management across our Pixid owned VMS platforms

• Being deployed by over 12,000 recruitment agency branches across over 220,000 client locations across the globe, with a pool of 3+ million temporary workers registered;

• Securely handling and holding over 120 million digitised personal documents;

With a consolidated revenue reaching €55m in 2025, Pixid Group continues to show a strong development in its activity over the last years, with more than 50% of its revenue generated outside France.

The combined business is serving customers from offices in Paris, London, Rotterdam, Antwerp, and Raleigh (North Carolina) with a forecasted turnover of €62m in 2026. Pixid Group’s growth is expected across Europe and notably in the UK where it has clear ambitions to establish itself as the market leading digital platform for the management of temporary/contingent workforce. Its solutions enable clients of all sizes to efficiently manage their temporary workers and contractors via simple to use, yet sophisticated and cost-effective platforms (pixid-vms.com / vectorvms.com).

Pixid Limited, is the unique distributor of our PixidVMS and VectorVMS solutions in the UK and Ireland. Both activities are at the core of Pixid Group’s International development strategy.

Ultimate controlling party

The Company is controlled by Pixcorp SAS by virtue of its shareholding.

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

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Pixid Limited is a private company limited by shares incorporated in England and Wales. The registered office is 154 Bishopsgate, London, EC2M 4LN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has net current liabilities at year-end of £241,607 (2024: £17,079) and made a loss of £426,247 (2024: £533,792). It has net assets at year-end of £510,709 (2024: £936,956). The company has received written confirmation of ongoing support from the parent company. As a result, these financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the financial statements.

Turnover represents amounts receivable for services net of VAT and trade discounts, as adjusted for accrued and deferred income.

Revenue from fixed fee retainer contracts are recognised over the period the service is provided. Revenue from variable fee usage-based contracts is recognised in the period of usage. Any timing differences between invoicing and revenue recognition are recognised as accrued or deferred income as appropriate.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The company holds a minority interest in an unlisted business. This investment is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (including directors) employed by the company during the year was:

In the prior year, the company allotted 1,570,000 shares in the company at an aggregate nominal value of £1,570,000. This converted a loan due to its parent company into equity.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company has taken the exemption, in accordance with FRS 102 - Section 33.1A "Related Party Disclosures", from disclosing related party transactions entered into between members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

The immediate parent company is Pixsight SAS, a company registered in 53-55 rue du Capitaine Guynemer, 92400 Courbevoie, France.

The ultimate parent company and ultimate controlling party is Pixcorp SAS, a company registered in 53-55 rue du Capitaine Guynemer, 92400 Courbevoie, France.