The directors present the Strategic Report of Meltwater (UK) Limited (the "company") for the year ended 31 December 2025.

The company managed its business effectively and efficiently resulting in robust growth in all product lines.

The company had a healthy cash balance of £1,244,479 at 31 December 2025 as against £831,812 in the prior year. Turnover during the year was £37,813,592 as against £32,607,131 in the prior year. The growth in turnover was the result of the company's strategic focus on the premium client market.

Total shareholders' equity was £5,866,104 at 31 December 2025 as against £5,212,704 in the prior year. The increase in shareholders’ equity is primarily driven by the profit for the year, together with a credit relating to share-based payments amounting to £79,883 (2024: £94,734) and a debit of £303,920 (2024: credit of £358,388) relating to compensation rights, which has been accounted for as a capital contribution.

No significant changes in the nature of the company’s business occurred during the year ended 2025.

We continue to believe that the company is very well placed in the market with a very strong product offering and sales force. However, economic uncertainty, including challenging global macroeconomic conditions, could affect the company’s growth given the nature of the services it provides. A detailed analysis of the principal risks that may impact the company is set out in the Directors’ Report.

The key performance indicators for the operations of the company are Annual Contract Value ('ACV') and Gross Retention Rate ('GRR'). These metrics translate into the turnover levels as outlined in the Statement of Comprehensive income on page 11.

During the year, the company has taken the strategic decision to focus more on customers which have a higher ACV (Enterprise segment). Also investments were made in tools to provide sales teams better insights to allow for improved customer acquisition and retention.

GRR and ACV increased compared to 2024 as a result of a strategic decision to invest in the UK market and drive new customer acquisition. It is management's expectation that the retention of these customers will improve over time while strategic initiatives are deployed. Growth in ACV combined with marginal decrease in GRR led to an overall growth in sales contract turnover from £23,450,411 in 2024 to £26,878,282 in 2025.

The directors consider the company to be well placed and are confident that the company will grow and generate profits in the future. Based on the market position it has developed, the company is able to respond comprehensively to the needs of its customers. This results in the opportunity to adapt the offer to the changing customer needs and also to changes in the sales market.

Furthermore, the conversion of the customer base to enterprise customers, who generally have longer-term customer loyalty and therefore higher profitability, is being pushed forward. The focus on enterprise customers which are typically large organizations with longer-term commitment will require fewer sales employees. Sales employees dealing with enterprise customers are less prone to leave the company, thus reducing costs for onboarding and training new hires.

On behalf of the board

The directors present the annual report and the audited financial statements of Meltwater (UK) Limited (the "company") for the year ended 31 December 2025.

The principal activity of the company continued to be the sale of cost-effective market intelligence products.

The profit for the year, after taxation, amounted to £877,437 (2024: £415,698).

The directors do not recommend the payment of a dividend for the year (2024: £Nil).

The directors who held office during the year were as follows:

Meltwater (UK) Limited maintains directors' and officers' liability insurance which give appropriate cover for any legal action brought against its directors.

No political or charitable contributions were made during the year under review (2024: £Nil).

The future developments of the company are detailed in the Strategic Report on page 2.

The company's overall financial risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance. Financial risk management is carried out through risk reviews, internal control systems and adherence to the group's financial risk management policies. The Board of Directors regularly reviews these risks and approves the policies covering their management. The company does not use derivative financial instruments and does not apply hedge accounting. Accordingly, there are no forecasted transactions for which hedge accounting is used.

Interest rate risk is the risk that future cash flows associated with a financial instrument will fluctuate. The company’s interest rate risk mainly arises from interest-bearing balances with group companies.

The following table sets out the carrying amount, by maturity, of the company’s interest-bearing financial instruments:

2025 2024

£      £

Amounts owed by group companies                     13,841,436 16,925,719

Amounts owed to group companies                    (4,162,265)    (7,120,981)

Any reasonably possible change in the interest rate at the end of the reporting period does not have material impact on the profit after taxation and other comprehensive profit of the company and hence, no sensitivity analysis is presented.

Foreign currency risk arises from changes in foreign exchange rates against the functional currency of the company. The company is subject to currency fluctuations mainly from the US dollar and the euro against pound sterling, principally on trade receivables, cash balances and amounts due to and from group undertakings denominated in those currencies. These exposures are monitored on an ongoing basis and are managed at group level, including through the group’s intercompany settlement arrangements.

The company’s exposure to credit risk arises mainly from trade debtors, deposits, cash and bank balances and amounts due from group undertakings. The maximum exposure to credit risk is represented by the carrying amounts in the balance sheet as at the reporting date, and management has taken reasonable steps to ensure that debtors are stated at their realisable values, including through an allowance for doubtful debts. The company derives a substantial portion of its revenue, and the corresponding trade debtors, from customers across various industries and manages concentration of credit risk by actively monitoring the creditworthiness of its customers and the ageing of balances due. Credit risk is managed through the application of credit assessment and approval, credit limit and monitoring procedures; where appropriate, the company obtains deposits or bank guarantees from customers.

The company manages liquidity and cash flow risk through its participation in the group’s treasury and in-house bank arrangements, under which surplus cash is swept to, and funding requirements are met by, the group. The directors consider that the company has adequate access to liquidity to meet its obligations as they fall due.

During the year, the company incurred research and development expenditure of £1,218,797 (2024: £1,795,865). It is systematic and qualified work carried out on obtaining new knowledge for commercial purposes and using the results of research for commercial purposes to develop new goods, services or production processes or to significantly improve our existing goods, services and/or production processes.

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the reasons below.

The principal activity of the company is to provide services primarily in the form of subscription to the Meltwater platform. It is part of a wider group business model by which it relies on the provision of intellectual property from the holding company in the US and the ultimate parent company in Netherlands to generate cashflows in the UK. There are no expectations that this operational structure will change during the going concern assessment period, being 12 months from the date the financial statements are signed.

The company meets its day to day working capital requirements from cash in hand and collecting trade debtor balances which it uses to settle its liabilities as they fall due.

The directors have prepared cash flow forecasts and a going concern assessment for the company. The base case cash flow forecast shows a 3% increase in gross revenue for the going concern assessment period from the revenue achieved in 2025.

In the event that the company is unable to generate adequate cash flows to sustain its operations, the immediate holding company, Meltwater B.V., has confirmed its intention to provide the necessary financial support to enable the company to meet its liabilities and continue its operations.

Meltwater B.V. has indicated its intention to continue to make available such funds as are needed by the company during the going concern assessment period. There can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Meltwater B.V.'s ability to continue to make available such funds is intrinsically linked to the continuation of its current borrowing facility (where the majority of the subsidiaries of the holding company are considered as guarantors of the facility) of $100million. On 23 June 2025, this facility has been amended to include a further two loan tranches of $18million and EUR19.6million and the maturity date extended to January 2029.

On the basis of the above, these financial statements have been prepared on a going concern basis.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework” and applicable law).

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 the financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been

• followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 to 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.

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

• so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware; and

• the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

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

We have audited the financial statements of Meltwater (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

There was no other comprehensive income for 2025 (2024: £Nil).

The notes on pages 14 to 37 form part of these financial statements.

The notes on pages 14 to 37 form part of these financial statements.

Meltwater (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU. The company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared on a going concern basis, under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Companies Act 2006 as applicable to companies using FRS 101.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 2).

The presentational and functional currency of these financial statements is GBP. Values are rounded to the nearest pound.

The following material accounting policies have been applied and disclosed consistently throughout the year unless otherwise stated.

In preparing these financial statements the company has taken advantage of certain disclosure exemptions conferred by FRS 101 and has not provided:

• Additional comparative information as per IAS 1 Presentation of Financial Statements paragraph 38 in respect of:

a) a reconciliation of the number of shares outstanding at the start and end of the prior period;

b) reconciliations of the carrying amounts of property, plant and equipment, intangible assets and investment property at the start and the end of the prior period.

• A Statement of Cash Flows and related disclosures for cash flows from discontinued activities;

• Certain disclosures regarding leases;

• Disclosures in respect of Key Management Personnel;

• Related party transactions with two or more wholly owned members of the group; and

• Certain disclosures required under IFRS 15 Revenue from Contracts with Customers, including

• disaggregation of revenue, details of changes in contract assets and liabilities, and details of

• incomplete performance obligations.

In addition, and in accordance with FRS 101, further disclosure exemptions have been applied because equivalent disclosures are included in the consolidated financial statements of MW Investment B.V., which are available from the address disclosed in note 23 of these financial statements. These financial statements do not include certain disclosures in respect of:

• A Statement of Cash Flows and related disclosures

• Share-based payments – details of how the fair value of goods or services received was determined as per paragraphs 45(b) and 46 to 52 of IFRS 2 Share-Based Payment;

• Financial Instrument disclosures as required by IFRS 7 Financial Instruments: Disclosures; and

• Fair value measurements – details of the valuation techniques and inputs used for fair value measurement of assets and liabilities as per paragraphs 91 to 99 of IFRS 13 Fair Value Measurement.

The financial statements have been prepared on a going concern basis which the directors considertrue to be appropriate for the reasons below.

The principal activity of the company is to provide services primarily in the form of subscription to the Meltwater platform. It is part of a wider group business model by which it relies on the provision of intellectual property from the holding company in the US and the ultimate parent company in Netherlands to generate cashflows in the UK. There are no expectations that this operational structure will change during the going concern assessment period, being 12 months from the date the financial statements are signed.

The company meets its day to day working capital requirements from cash in hand and collecting trade debtor balances which it uses to settle its liabilities as they fall due.

The directors have prepared cash flow forecasts and a going concern assessment for the company. The base case cash flow forecast shows a 3% increase in gross revenue for the going concern assessment period from the revenue achieved in 2025.

In the event that the company is unable to generate adequate cash flows to sustain its operations, the immediate holding company, Meltwater B.V., has confirmed its intention to provide the necessary financial support to enable the company to meet its liabilities and continue its operations.

Meltwater B.V. has indicated its intention to continue to make available such funds as are needed by the company during the going concern assessment period. There can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Meltwater B.V.'s ability to continue to make available such funds is intrinsically linked to the continuation of its current borrowing facility (where majority of the subsidiaries of the holding company are considered as guarantors of the facility) of $100million. On 23 June 2025, this facility was amended to include a further two loan tranches of $18million and EUR19.6million and the maturity date extended to January 2029.

On the basis of the above, these financial statements have been prepared on a going concern basis.

The following new standards and amendments are effective for the period beginning 1 January 2025:

• Lack of exchangeability (Amendments to IAS 21 & IFRS 1);

None of these amendments had any impact on the company.

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each financial year-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

Third party revenue

Turnover is measured at the fair value of consideration received or receivable from the sale of goods and services from the company's ordinary business activities, including research and development income from intercompany agreement. Turnover is stated net of discounts, sales and other taxes.

Revenue is recognised when a customer obtains control of promised services, consisting of subscriptions of our software platform. The company applies the following five steps to recognise revenue:

1) Identify the contract with a customer;

2) Identify the performance obligations in the contract;

3) Determine the transaction price;

4) Allocate the transaction price to performance obligations in the contract; and

5) Recognise revenue when or as the company satisfies a performance obligation.

The company derives its revenue primarily from subscription fees for its cloud-based news and social media monitoring services. The company hosts software applications that it makes available to its customers over subscription periods generally ranging from 12 to 24 months. The subscription agreements are non-cancellable and do not contain provisions for refunds. The company provides customers with access to training and support that helps them use the cloud-based news and social media monitoring services over the subscription periods. Customers do not have any contractual rights to take possession of the company's software applications. The services the company provides each day are substantially the same and have the same pattern of transfer to the customer, thus meeting the definition of a series of distinct services that form a single performance obligation.

The company satisfies the subscription and related services evenly over the contract period as customers simultaneously receive and consume the services provided. Revenue is recognised ratably over the subscription period from the contract effective date which is also the date the company makes its services available to customers. Payment is typically due up-front in its entirety or throughout the contract period, usually monthly.

The company generally does not have any contracts where the period between the transfer of the promised services to the customer and payment by the customer exceeds one year. As a consequence, the company does not adjust any of the transaction prices for the time value of money.

For product line items relating to the company's own services, the company acts as principal, as it is primarily responsible for fulfilling the contract, bears inventory risk and has discretion in establishing the price. Revenue from these services is therefore recognised on a gross basis.

For product line items that include services provided by third-party content partners, where those partners are considered net vendors and the company acts as an agent, revenue is recognised on a net basis, representing the company’s commission or margin from such arrangements.

Recorded revenue excludes any sales, use or other similar taxes that the company is required to collect from customers for remittance to government authorities.

Research and development income

Research and development income is generated from an intercompany Research and Development Services Agreement with Meltwater News US Inc. (previously with Meltwater News International Holdings GmbH). The company provides research and development services and other ancillary services relating to such research and development services. Revenue is recognised when a customer obtains control of the promised services. The customer simultaneously receives and consumes the benefits provided by the company. Revenue is recognised as the service is being completed.

Identifying leases

The company accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria:

a) There is an identified asset;

b) The company obtains substantially all the economic benefits from use of the asset; and

c) The company has the right to direct use of the asset.

The company considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease.

In determining whether the company obtains substantially all the economic benefits from use of the asset, the company considers only the economic benefits that arise from the use of the asset, not those incidental to legal ownership or other potential benefits.

In determining whether the company has the right to direct the use of the asset, the company considers whether it directs how and for what purpose the asset is used throughout the period of use.

If there are no significant decisions to be made because they are pre-determined due to the nature of the asset, the company considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract does not satisfy these criteria, the company applies other applicable IFRSs rather than IFRS 16.

All leases are accounted for by recognising a right-of-use asset and a lease liability except for:

• Leases of low value assets; and

• Leases with a duration of 12 months or less.

Lease measurement

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the company's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the year to which they relate.

On initial recognition, the carrying value of the lease liability also includes:

• amounts expected to be payable under any residual value guarantee;

• the exercise price of any purchase option granted in favour of the company if it is reasonably certain to exercise the option; and

• any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.

Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

• lease payments made at or before commencement of the lease;

• initial direct costs incurred; and

• the amount of any provision recognised where the company is contractually required to dismantle, remove or restore the leased asset.

Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.

When the company revises its estimate of the term of any lease (because, for example, it reassesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in the Statement of Comprehensive Income.

When the company renegotiates the contractual terms of a lease with the lessor, the accounting

depends on the nature of the modification:

• if the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for the additional rights-of-use obtained, the modification is accounted for as a separate lease in accordance with the above policy.

• in all other cases where the renegotiation increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount.

• if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use asset are reduced by the same proportion to reflect the partial or full termination of the lease with any difference recognised in the Statement of Comprehensive Income. The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right-of-use asset is adjusted by the same amount.

For contracts that both convey a right to the company to use an identified asset and require services to be provided to the company by the lessor, the company has elected to account for the entire contract as a lease, i.e. it does not allocate any amount of the contractual payments to, and account separately for, any services provided by the supplier as part of the contract.

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

The company capitalises incremental costs of obtaining a revenue contract. Costs capitalised in relation to new revenue contracts are amortised on a straight-line basis over four years, which although longer than the typical initial contract period, reflects the average period of benefit, including expected contract renewals. Additionally, the company amortises capitalised costs for renewal over the renewal period.

The capitalised contract cost is included within other non-current assets and other current assets. The amortisation expense is recognised as part of operating expenses in the Statement of Comprehensive Income.

Other operating income relates to rebates received in respect of research and development expenditure.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Compensation rights

Compensation rights are accounted for as an employee benefit arrangement, as the amount payable to employees is fixed. The cost of the benefits is recognised as an employee expense over the requisite service period.

As the obligation to settle rests with the parent undertaking, a capital contribution has been recognised to reflect this.

The company's employees participate in group equity-settled share-based payment arrangement operated by the ultimate parent undertaking. In accordance with IFRS 2 Share-based Payment, the company recognises an expense for equity-settled share-based payment awards granted to its employee with a corresponding credit to equity as capital contribution from the parent.

Business combinations involving entities under common control are accounted for using the merger accounting method. The net assets of the transferor entity or business are accounted for at their carrying amounts at the date of the acquisition subject to any necessary adjustments required to align accounting policies. Any excess or shortfall of the consideration paid over the net assets of the transferor entity or business is recognised in the merger reserve under equity.

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates taxable income.

Deferred tax balances are recognised on temporary differences where the carrying amount of an asset or liability differs from its tax base, except:

• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax.

Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Intangible assets are initially recognised at cost. After initial recognition, under the cost model, intangible assets are subsequently measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation relating to intangible assets is included in administrative expenses in the Statement of Comprehensive Income.

The estimated useful lives is as follows:

Customer relationships - 15 years

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease incentives received, initial direct costs and estimated restoration costs. The lease liabilities are measured at the present value of lease payments to be made over the lease term. The lease payments are discounted using the incremental borrowing rate.

Depreciation is provided on the following basis:

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Contingent liabilities

Contingent liabilities are possible obligations whose existence will be confirmed by uncertain future events that are not wholly within the control of the entity. Contingent liabilities also include obligations that are not recognised because their amount cannot be measured reliably or because settlement is not probable. A contingent liability is not recognised on the Balance Sheet. However, a contingent liability is disclosed in the notes.

Current and non-current classification

Assets and liabilities are presented in the Balance Sheet based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the company's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the company's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value.

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets. The company does not have any assets held for trading nor does it voluntarily classify any financial assets as being at fair value through profit or loss.

Amortised cost

These assets arise principally from the provision of goods and services to customers (e.g. trade debtors), but also incorporate other types of financial assets held within a business model where the objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.

The company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The company's financial assets measured at amortised cost comprise cash and cash equivalents, trade and other debtors, amounts owed by group undertakings, other current assets and non-current assets.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability. The company does not have any liabilities held for trading nor does it voluntarily classify any financial liabilities as being at fair value through profit or loss.

The company's financial liabilities measured at amortised cost comprise trade and other creditors, amounts owed to group undertakings, lease liabilities and bank overdrafts.

The directors have made critical accounting judgements, estimates and assumptions about the carrying amount of the assets and liabilities. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below:

Contract costs

The company capitalised contract acquisition costs. The capitalised amounts consist primarily of sales commissions and fringe benefit costs associated with the company's direct sales force. Costs capitalised related to new contracts are amortised on a straight-line basis over four years, which although longer than the typical initial contract period, reflects the average period of benefit, including expected contract renewals. Additionally, the company amortises capitalised costs for renewal over the renewal period.

The company has estimated the amortisation period for contract acquisition costs as 4 years. This is based on an assessment of historical experience of customer churn. Please refer to note 1.10 for further details.

Deferred income

Judgement is applied in determining when revenue should be recognised and, therefore, when amounts billed in advance should be recorded as deferred income. This includes assessing when performance obligations are satisfied, whether services are transferred over time or at a point in time, and the most appropriate measure of progress. Where services have not yet been delivered, or performance obligations remain outstanding, related billings are recognised as deferred income and released to revenue as the services are performed.

Impairment provision

Judgement is exercised in assessing the recoverability of trade and other debtors. Expected credit losses are estimated based on historical collection experience, customer financial position, and current and forward-looking economic conditions.

Research and development income is all generated from an intercompany arrangement with Meltwater News US Inc. (previously with Meltwater News International Holdings GmbH).

(i) The following table provides information on receivables and contract liabilities from contracts with customers:

(ii) Revenue recognised in relation to contract liabilities

The following table shows how much of the revenue recognised in the current reporting period relates to carried-forward contract liabilities.

(iii) Assets recognised from costs to fulfil a contract

In addition to the contract balances disclosed above, the company has also recognised assets in relation to incremental contract acquisition costs.

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

Their aggregate remuneration comprised:

Compensation right expense

Following the go-private transaction in 2023 involving Meltwater N.V., all unvested restricted stock units were converted into cash-settled compensation rights ("CRs"). The prevailing share price at the date of the transaction was NOK 18 per unit. The cash compensation rights are considered an employee benefit within the scope of IAS 19, as the value of the benefit to be received by employees is fixed at NOK 18 per unit.

While the CRs are cash-settled in both form and substance, and are expected to be settled in cash by the parent undertaking upon an exit event, the company has no obligation to settle the awards. As a result, the company has recognised a capital contribution in equity to reflect the parent undertaking's assumption of the settlement obligation.

The expense recognised in profit or loss in respect of employee services received during the year in

relation to cash compensation rights amounted to a credit of £303,920 (2024: £358,388 debit).

Director's remuneration relates amounts paid to the UK directors from the Company's related entities, in respect of their services carried out in the UK. These have been recharged to the Company as part of the wider group arrangement.

The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25.0% (2024: 25.0%). The differences are explained below:

The amounts owed by group undertakings arise mainly from intercompany recharges of costs and have been included in non-current receivables in 2025 due to the operational substance of the balances (2024: current receivables). Included within amounts owed by group undertakings is a receivable of £13,841,436 (2024: £16,925,719) which is unsecured, bears 0.8% interest and is repayable on demand. The remaining receivables are unsecured in nature, interest-free and repayable on demand. No provisions are held against receivables from related parties.

The carrying amount of impairment loss in respect of bad and doubtful trade debtors as at 31 December 2025 was £250,376 (2024: £219,486).

Other non-current assets and other current assets primarily relate to capitalised contract costs.

The directors consider the carrying value of trade and other creditors to equate to their fair value.

The amounts owed to group undertakings arise mainly from purchase transactions and are due within the year. These amounts are unsecured in nature, bear an interest rate of 3% (2024: 3%) and are repayable on demand.

At the balance sheet date, the company had unused tax losses of £1,374,576 (2024: £1,374,576) available for offset against future taxable profits of the Linkfluence and Deepreason trade (see note 18). A deferred tax asset of £377,797 (2024: £377,797) has not been recognised in respect of the unused tax losses because the directors cannot be certain of future taxable profits against which these losses can be utilised.

All leases for the company relate to buildings. The leases have varying terms, clauses and rights under normal industry practice. In determining the lease term, extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period in which the payment occurs.

The Balance Sheet shows the following amounts relating to leases:

During the year, the company entered into a lease for new office premises on Farringdon Road, London, commencing in May 2025. This resulted in the recognition of additional right-of-use assets and corresponding lease liabilities during the year. In addition, modifications were made to the lease liability during the year to reflect revisions to the rent payment schedule in line with invoices received.

The lease liability is made up as follows:

The lease liabilities are effectively secured as the rights to the leased assets, recognised in the Balance Sheet, revert to the lessor in the event of default.

The leases above have various nominal interest rates and varying years of maturity.

In the financial year, low value and short-term lease rentals were £9,722 (2024: £8,139).

Each share has full voting rights is non redeemable and has full participation in all distributions.

Called up share capital

Called up share capital represents the issued and fully paid up equity share capital of the company.

Share-based payment reserve

The share-based payment reserve represents the equity-settled share-based payment expense

recognised in respect of options and restricted stock units issued to the company's employees by the

former ultimate parent company, Meltwater N.V.

During the year, the company’s employees participated in the MW Investment B.V. Phantom Plan, a group equity-settled share-based payment arrangement operated by the new ultimate parent undertaking.

Merger reserve

The merger reserve arose on business combinations that were accounted for under merger accounting.

On 31 December 2022, a group reorganisation resulted in the transfer of intellectual property and trade and assets of Deepreason.AI Ltd (“Deepreason’’) to the company. This transaction was a non-material transaction and was reflected in the comparative information presented in these financial statements.

A further group reorganisation took place on 6 April 2023, resulting in the transfer of the trade and assets of Linkfluence Ltd (“Linkfluence’’) to the company. These transfers did not result in a change in the ultimate controlling party of Deepreason or Linkfluence, which remained Meltwater N.V. after these group

reorganisations.

Profit and loss account

Profit and loss account represents cumulative profits and losses, net of dividends paid and other

adjustments.

Restricted stock units and stock options

In 2023, in connection with the go-private transaction, the company recognised total share-based

compensation expense of £757,687 in respect of equity-settled awards (comprising £460,500 for restricted stock units and £297,187 for stock options), with a corresponding credit recorded in the share-based payment reserve. No expense is recognised within profit or loss during the year in respect of restricted stock units and stock options.

Phantom Plan

In July 2024, the company’s employees participated in the MW Investment B.V. Phantom Plan, a group

share-based payment arrangement operated by the ultimate parent undertaking. The awards are settled by MW Investment B.V., and the company has no obligation to settle the awards.

In accordance with IFRS 2, the company accounts for the arrangement as an equity-settled share-based payment. The expense is recognised over the vesting period with a corresponding credit to equity as a capital contribution from the parent.

The expense recognised within profit or loss in respect of the Phantom Plan during the year was £79,883 (2024: £94,734).

The company operates defined contribution retirement benefit schemes for all qualifying employees. The total expense charged to the Statement of Comprehensive Income in the year ended 31 December 2025 was £307,051 (2024: £321,910). The amounts outstanding at the year end were £63,971 (2024: £67,549).

In addition, the total expense relating to directors charged to the Statement of Comprehensive Income in the year ended 31 December 2025 was £54 (2024: £10,001).

At the year end, the company remained a guarantor in respect of a $100 million external multicurrency credit facility made available to Meltwater B.V., the shareholder of the company, under the terms of a facility agreement dated 22 September 2023.

In connection with this facility, the company entered into a debenture dated 19 December 2023 in favour of DNB Bank ASA, as security agent. The debenture provides security over the company’s obligations under the facility, comprising:

• a fixed security assignment over the company’s rights and interests in material intra-group loans, being loans exceeding $10 million with an actual or expected term of at least 12 months; and

• a first floating charge over the company’s present and future book debts, other monetary claims and the proceeds of those debts and claims.

The debenture also contains a negative pledge restricting the company from granting security over, or otherwise dealing with, the charged assets except as permitted under the facility agreement.

On 25 September 2025, the company entered into a supplemental security agreement which confirmed that the existing security remained in force and extended that security to the obligations arising under the amended facility agreement, including the additional loan tranches of $18 million and €19.6 million added on 23 June 2025. As at the reporting date, the outstanding amount under the facility was $85 million, reducing to $70 million as at the approval date of these financial statements. No liability has been recognised in respect of this guarantee as the directors consider that the likelihood of the guarantee being called upon is remote.

The company has taken exemptions contained in FRS101 Reduced Disclosure Framework not to present transactions with fellow wholly owned group companies, on the basis that consolidated financial statements are prepared by the company's ultimate parent undertaking, MW Investment B.V..

The company's immediate parent undertaking is Meltwater B.V.. The registered office of Meltwater B.V. is Singel 250, 1016 AB, Amsterdam the Netherlands.

The company's ultimate parent undertaking is MW Investment B.V., with registered address of Singel 250 Amsterdam, 1016 AB Netherlands. MW Investment B.V. is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements. The directors consider that there is no ultimate controlling party.