Registration number: OC310725

MIDEUROPA LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

Designated members

R Knorr M Mittal M Strassberg A Beyens Z Rekusz

Members

V Sipp F Kisdobranski R Kurmakaev A Dragicevic E Prodan MidEuropa IV Management Limited

Registered office

4 Albemarle Street London England W1S 4GA

Auditors

EVMS Partners LLP Chartered Accountants 45 Ludgate Hill London EC4M 7JU

Bankers

Royal Bank of Scotland International Royal Bank Place 1 Glategny Esplanade St Peter Port GY1 4BQ

Solicitors

Fried, Frank, Harris, Shriver & Jacobson (London) LLP 100 Bishopsgate London EC2N 4AG

MIDEUROPA LLP

MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

The members present their report and the consolidated financial statements for the year ended 31 December 2025.

Principal activities

The objective of the Group is to provide investment advisory services to the General Partners of private equity funds, enabling them to generate significant medium to long-term capital growth. The Group aims to deliver this objective by advising the General Partners of the private equity funds to invest in an investment portfolio of companies operating in central Europe.

Designated members

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

R Knorr

M Mittal

M Strassberg

A Beyens (resigned 30 June 2026)

Z Rekusz

V Sipp (designated member until 31/12/2025; member from 31/12/2025)

Members' capital and interests

Members are permitted to make drawings in advance of the profits that they are entitled to. New members are required to subscribe to a minimum level of capital. Capital is not repayable unless permitted under FCA rules.

Charitable donations

During the year, the Group made charitable donations of €10,916 (2024: €16,687).

General information

MidEuropa LLP is a limited liability partnership registered in England and Wales by the Limited Liability Partnership Agreement (the 'LPA') dated 6 May 2005, as amended and restated by a deed of adherence dated 1 April 2008 (superceding the amended and restated agreement of 8 July 2005). The Partnership commenced operations on 22 December 2004. It will continue in existence until the Management Committee agrees to wind it up or the partnership is wound up, pursuant to the provisions of the Limited Liability Partnerships Act 2000.

The Management Committee consists of the designated members listed above and is responsible for the management, operation and administration of the partnership.

Disclosure of information to the auditors

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the members on 17 March 2026 and signed on its behalf by:

MIDEUROPA LLP

MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)

......................................... R Knorr Designated member

......................................... M Mittal Designated member

MIDEUROPA LLP

STATEMENT OF MEMBERS' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2025

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

The Limited Liability Partnerships, Partnerships and Groups (Accounts & Audit) Regulations 2016 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members 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 group and limited liability partnership and of the profit or loss of the group and limited liability partnership for that year. In preparing these financial statements, the members 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 UK Accounting Standards 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 group and partnership will continue in business.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the designated members on behalf of the members.

MIDEUROPA LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIDEUROPA LLP

Opinion

We have audited the financial statements of MidEuropa LLP (the ‘parent LLP’) and its subsidiaries (the ‘Group’) for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Members’ Interests, Statement of Changes in Members’ Interests, Consolidated Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the Group's and of the parent LLP's affairs as at 31 December 2025 and of the Group's 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, as applied to limited liability partnerships.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 members' 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 entity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements are authorised for issue.

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

Other information

The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

MIDEUROPA LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIDEUROPA LLP (CONTINUED)

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

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

•	adequate accounting records have not been kept by the parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent LLP financial statements are not in agreement with the accounting records and returns; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page 4, the members 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 members 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 members are responsible for assessing the group’s and the limited liability partnership'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 members either intend to liquidate the group or the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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.

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:

MIDEUROPA LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIDEUROPA LLP (CONTINUED)

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the Group’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Group’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Group’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Group operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Group.

The key laws and regulations we considered in this context included the UK Companies Act 2006, The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and the Financial Services and Markets Act 2000.

One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Group and the parent LLP for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.

Another focus area was non-compliance with the rules of the Financial Conduct Authority ('the FCA'). The parent LLP was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified include the following: reviewing correspondence between the parent LLP and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the parent LLP.

There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

MIDEUROPA LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIDEUROPA LLP (CONTINUED)

Use of our report

This report is made solely to the LLP’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships, Partnerships and Groups (Accounts & Audit) Regulations 2016. Our audit work has been undertaken so that we might state to the LLP’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 LLP, and the LLP members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Philip Vipond (Senior Statutory Auditor)
For and on behalf of EVMS Partners LLP, Statutory Auditor
Chartered Accountants
45 Ludgate HillLondon
EC4M 7JU

17 March 2026

MIDEUROPA LLP

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025

	Note	2025 €	2024 €
Turnover	3	12,748,534	17,549,101
Administrative expenses		(6,259,406)	(6,496,111)
Operating profit	4	6,489,128	11,052,990
Interest receivable and similar income		9,092	12,689
Profit for the year before taxation and members' remuneration charged as an expense		6,498,220	11,065,679
Taxation	8	(23,330)	(15,013)
Profit for the year before members' remuneration and profit shares		6,474,890	11,050,666
Members' remuneration charged as an expense		(3,510,824)	(3,550,584)
Profit for the year available for discretionary division among members		2,964,066	7,500,082
Other comprehensive income for the year
Currency translation differences		24,430	11,524
Total comprehensive income for the year		2,988,496	7,511,606
Profit/(loss) attributable to:
Owners of the parent		2,964,066	7,500,082

Turnover and operating profit derive wholly from continuing operations.

MIDEUROPA LLP

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025

	Note	2025 €	2024 €
Fixed assets
Tangible assets	9	111,199	154,647
Current assets
Debtors	11	5,269,295	13,428,178
Cash at bank and in hand		1,433,161	1,209,729
		6,702,456	14,637,907
Creditors: Amounts falling due within one year	12	(2,718,642)	(6,286,626)
Net current assets		3,983,814	8,351,281
Net assets attributable to members		4,095,013	8,505,928
Represented by:
Members’ other interests
Members' capital classified as equity		6,003	6,003
Other reserves		4,089,010	8,499,925
		4,095,013	8,505,928
Total members' interests
Equity		4,095,013	8,505,928
		4,095,013	8,505,928