ACCOUNTS - Final Accounts preparation

Operating loss

The operating loss is stated after charging/(crediting):

Registered number: 06872427

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Registered office address:

6 Brewhouse Yard

London

England

EC1V 4DG

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

CONTENTS

	Page
Strategic Report	1 - 6
Directors' Report	7 - 9
Independent Auditors' Report	10 - 13
Profit and Loss Account	14
Statement of Comprehensive Income	15
Balance Sheet	16 - 17
Statement of Changes in Equity	18
Notes to the Financial Statements	19 - 40

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their Strategic Report on WPP Production Limited (formerly known as Hogarth Worldwide Limited) (the 'Company') for the year ended 31 December 2025.

Principal activities

The Company is a member of the WPP plc Group (the 'Group' or 'WPP'). The Company's principal activity is marketing, implementation and transcreation of print, TV and digital media internationally.

Future developments

In February 2026, the Group created WPP Production, unifying its production capabilities into a single operating unit. As a result, the Hogarth name is being retired and the Company changed its name to WPP Production Limited in February 2026.

As part of the move to WPP Production, all production staff in the UK are transferring to WPP Production in 2026. The majority of these transfers occurred in August 2026, with 77 employees moving from the Group's creative agencies Ogilvy, VML, Grey and T&P. The revenue these employees generate will also transfer to the Company, with expected annualised impact of £11m of revenue.

Business review

Turnover has decreased by 19.1% during the year, from £223,120,000 to £180,418,000. The Company made a loss for the year ended 31 December 2025 of £13,975,000 which will be transferred from reserves (2024: a loss of £5,164,000 which was transferred from reserves).

The reduction in turnover during the year is due to budget cuts and reduced scopes on several key clients, and some client losses. These turnover reductions have been offset by cost saving plans that were implemented in 2025 to help right size the business, the impact of which will be seen fully in 2026.

The Company has also seen a significant cost impact as a result of a system migration in the year, resulting in £7m of additional costs. The overall result has been an increase in the Company's losses in 2025.

Dividends

The Company did not pay or declare a dividend in the current year or prior year to its ordinary shareholders.

Going concern and liquidity risk

The Directors have assessed the ongoing business activities and the factors likely to affect the future development, performance and financial position of the Company for at least the next 12 months from the date of signing the financial statements.

After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next 12 months from the date of signing the financial statements. The Company is a subsidiary of WPP plc and is therefore subject to the overall WPP plc financing arrangements. The Company has received a letter of support from WPP Jubilee Limited, an intermediate parent entity, to provide adequate financial support to the Company subject to the terms of the letter for a period of no less than 12 months from the date of this financial report to enable the Company to meet its debts as and when they fall due.

The Directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 1

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial risk management and principal risks and uncertainties

The Directors of the Company have considered the principal risks and uncertainties affecting the Company as at 31 December 2025 and up to date of this report. The principal risks for the Company are shown below:

Economic risk
Adverse economic conditions, including those caused by conflicts, severe and sustained inflation, tariffs and other trade barriers, supply chain issues including around resilience affecting the distribution of our clients’ products and/or disruption in credit markets, pose a risk our clients may reduce, suspend or cancel spend with us or be unable to satisfy obligations.

Economic conditions, including inflation, currency volatility and increasing interest rates among others, have a direct impact on our business, results of operations and financial position.

In the past, clients have responded to weak economic and financial conditions by reducing or shifting their marketing budgets which are easier to reduce in the short term than their other operating expenses.

Our account teams work proactively with our clients to understand the challenges they are facing, anticipate and determine general trends in marketing spend and develop pre-emptive plans to prepare, redeploy resources and manage costs according to expected shifts.

Geopolitical risk
Geopolitical tensions and an increase in conflicts continue to have a destabilising effect. Alongside an adverse effect upon the economic outlook, there is general erosion of trust in institutions and - in relation to global cooperation and integration - an increasing political focus both on national interests and regional convergence. Such factors and economic conditions may be reflected in our clients’ confidence in making longer-term investments and commitments in marketing spend.

Actual and threatened geopolitical tension and conflicts lead to greater uncertainty, supply chain risk and economic instability, and a general lack of confidence for many of our clients who are inclined to scale back, delay or cancel their marketing plans and budgets.

Our primary focus is the safety and security of our people, and for extreme events or periods of disruption we have developed a series of crisis and response plans that focus upon the wellbeing of our people and their families.

We have detailed operational and financial plans, developed through the consideration of a range of potential scenarios and outcomes that are continuously monitored and, if required, used to make interventions and support decision making over our operations, investments and advice to clients.

AI
Failure to adapt to the pace of change in the tech landscape and AI and to optimise, deploy and engage clients in the suite of products offered by WPP Open, the Group's agentic marketing platform, may impact the overall operation of the business.

IP laws, and in particular the analysis of copyright infringement, are evolving in generative AI specifically. Where AI is used in client deliverables, IP infringement risk, particularly copyright infringement risk, must be assessed in the context of the underlying data sets used in the creation of client work.

The use of AI agents within our operations, particularly in client-facing or decision-making roles, introduces risks related to unintended or erroneous outputs, lack of transparency in their decision-making processes, or the potential for misuse if compromised.

Without the automation and efficiency gains offered by generative AI, and AI more broadly, we may experience increased costs and inefficiencies in our operations, impacting profitability and competitiveness.

Page 2

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Clients expect us to use generative AI-driven tools and technologies in our services and deliverables and are increasingly able to purchase and use licences to such tools and technologies themselves. If we fail to optimise and deploy the suite of products offered by WPP Open and/or fail to continue to advance and evolve our commercial model, we may struggle to keep up with these demands, leading to decreased relevance and effectiveness of our services and deliverables for clients, and allow an opportunity for AI vendors to contract directly with our clients.

Falling behind new and emerging competitors leveraging the opportunities AI offers to gain a competitive advantage could result in lost market share, decreased revenue and reduced profitability. Generated materials may infringe third-party IP resulting in legal costs and client reputation impact. Client dissatisfaction, reputational damage and financial penalties could result if AI agents act outside established ethical guidance or regulatory frameworks.

We actively monitor the changing regulatory landscape and the introduction of new laws regulating AI to assess the impact on our business and work, and how they will impact how we service our clients.

We have a comprehensive due diligence process in place to review the third-party AI tools/platforms used in the business. This process considers the use case for the tool/platform and includes reviews of the security, legal and technology aspects of the tool/platform as well as sources of underlying learning data, where applicable, to develop a ‘traffic light’ approach to risk.

While AI provides many opportunities (including efficiencies and new services and offerings), we also continue to review and consider the impact around our business model.

Client loss
We compete for clients in a highly competitive industry which is continuously evolving and undergoing structural change and advancements in AI, data and technology. Client net loss to competitors or as a consequence of client consolidation, insolvency or a reduction in marketing budgets due to a geopolitical change or shift in client spending could have an adverse effect on our business, revenues, results of operations, financial condition and prospects.

The ability to attract new clients and to retain or increase the amount of work from existing clients may be impacted if we fail to react quickly enough to changes in the market and to evolve our structure, or as a consequence of any loss of reputation, and may be limited by clients’ policies on conflicts of interest.

We manage the risk of client loss by placing an emphasis on leading through AI, data and technology, accelerating growth through the power of creative transformation, building world class, market-leading brands and executing efficiently to drive financial returns through margin and cash.

There is management focus on the importance of a positive and inclusive culture across our business to attract and retain talent and clients. There are regular updates to the management team on the status of client losses and upcoming pitches for new clients.

There is continuous engagement with our clients and suppliers through this period of uncertainty and any resulting reductions in economic activity.

People and culture
Our performance could be adversely affected if we do not react quickly enough to changes in our market; fail to attract, develop and retain key talent; are unable to retain and incentivise key talent; or are unable to adapt to new ways of working including through workforce responsive to, for example, the incorporation into team architecture and management of intelligent systems and capabilities, and accountabilities required for that.

We are highly dependent on the talent, creative abilities and technical skills of our people as well as their relationships with our clients. We are vulnerable to the loss of people to competitors and clients, leading to disruption to the business.

Page 3

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

We continue to work across the business to embed collaboration and invest in training and development to retain and attract talented people. The Group’s investment in co-located campus properties continues to increase the co-operation across Group companies and provides extremely attractive and motivating working environments.

Cyber and information security
The Group has in the past, and may in the future, experience a cyber attack that leads to harm or disruption to our operations, systems or services. This risk has increased as the prevalence and sophistication of generative AI means there are both human and AI-generated attacks. Attackers are increasingly leveraging AI and agentic systems to automate and scale their offensive capabilities, leading to the deployment of more sophisticated, evasive and rapidly evolving cyber threats.

Such an attack may also affect suppliers and partners through the unauthorised access to or manipulation, corruption or destruction of data.

We may be subject to investigative or enforcement action or legal claims or incur fines, damages or costs and client loss if we fail to adequately protect data. A system breakdown or intrusion could have a material adverse effect on our business, revenues, results of operations, financial condition or prospects and have an impact on long-term reputation and lead to client loss.

The imposition of sanctions and the associated geopolitical situation following conflicts continue to trigger an increase in cyber-attacks generally.

AI enables attackers to develop highly customised and adaptive attack vectors, making them difficult to detect and defend against using traditional security tools. Automation through AI can significantly amplify the scale and speed of attacks, overwhelming our human defensive response capacities. AI can help attackers identify and exploit weaknesses in defensive systems more effectively. AI-generated content (for example, deepfakes or highly personalised phishing emails) can make social engineering attacks far more convincing and widespread.

We are aligned with the Group IT control framework which mitigates the risk of cyber security and IT breaches by monitoring and logging our network and systems, as well as undertaking threat intelligence activities, vulnerability scanning, and penetration testing. Breach and attack simulation software provides continuous assessment and incident response plans and playbooks are tested, with lessons learned and improvements made.

We continually raise our people’s security awareness through mandatory training and rolling phishing simulation and education programmes. We also run lessons-learned exercises on any major industry breach.

The Group is developing, evaluating and integrating advanced AI-powered defensive strategies and tools into our security operations to supplement human resources.

Currency risk
Overall, we have minimal exposure to currency risks due to mainly transacting in Pounds sterling. The Group's treasury function manages currency risk centrally.

Credit risk
We are subject to credit risk through the default of a client or other counterparty.

We commit to purchases on behalf of some of our clients as principal or agent depending on the client and market circumstances. If a client is unable to pay sums due, production companies may look to us to pay those amounts and there could be an adverse effect on our working capital and operating cash flow.

We evaluate and monitor clients’ ongoing creditworthiness and, in most cases, require credit insurance or payments in advance.

Page 4

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

We continue to work closely with our clients to ensure timely payment for services in line with contractual commitments and with vendors to maintain the settlement flow on media.

We have implemented increased management processes to manage working capital and review cash outflows and receipts.

Environmental matters and streamlined energy and carbon reporting (SECR)

The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations. As the Company is a UK subsidiary of WPP plc, details of its SECR and other relevant environmental reporting, including greenhouse gas emissions, energy consumption and energy efficiency action, are included, together with the other Group subsidiaries, in the WPP plc Annual report. Refer to pages 43-49 of the 2025 Annual report of WPP plc available at wpp.com/investors for more information.

Financial key performance indicators

	2025	2024	Change
	£'000	£'000	%
Turnover	180,418	223,120	(19.1)%
Gross loss	(18,784)	(809)	2,221.9%
Loss before taxation	(12,493)	(5,299)	135.8%
Net assets	3,351	17,639	(81.0)%

The Company's performance is discussed in more detail in the Business Review section above.

The Company is a wholly owned subsidiary of WPP plc. For this reason, the Company's Directors believe that further key performance indicators for the Company are not necessary or appropriate for an understanding of the development, performance or position of the business. The performance of WPP plc, which includes this Company, is discussed in the Group's annual report, which does not form part of this report. The financial statements of WPP plc are available at www.wpp.com/investors.

Directors' statement of compliance with duty to promote the success of the Company

The Directors of the Company, as of those of all UK companies, must act in accordance with section 172 of the Companies Act 2006. The Directors are of the opinion that they have acted fairly and in good faith to promote the success of the Company for its members.

In doing this, section 172 requires the Directors to have regard for, among other matters:

• The likely consequences of any decision in the long term.
• The interests of the Company’s employees.
• The need to foster the Company’s business relationship with suppliers, customers and others.
• The impact of the Company’s operations on the community and environment.
• The desirability of the Company maintaining a reputation for high standards of business conduct.
• The need to act fairly as between members of the Company.

Consequences of any long-term decisions
Our business philosophy is to create long term value for both clients and shareholders alike. We build our business and all our relationships with integrity and treat our clients’ money like our own making sure all budgets maximise the best outputs to achieve the client’s goals. We endeavour to attract and retain high calibre individuals who will grow with us over the long term and ensure employees think and act like owners in all their decisions. We also strive to attract and retain profitability as this will lead to growth in the long term. The Directors consider that the change to WPP Production is in line with these principles and will lead to growth for the Company in line with the Group's Elevate 28 strategy.

Page 5

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Employees
We regularly survey our staff about their experiences at work and have extensive internal communications programmes and platforms to keep staff informed. Our All In survey helps us better support employees, hold ourselves accountable, and create a culture that is inclusive and empowering for all.

We are committed to diversity and inclusion and offering equal opportunities to all people in their recruitment, training and career development. We will select people based on qualification and merit, without discrimination or concern for race, religion, national origin, colour, sex, sexual orientation, gender identity or expression, age or disability.

Business relationship with suppliers, customers and others
We focus on the cultivation of strong relationships with major suppliers to ensure continuity of supply at competitive prices. It is our policy to agree terms of payment when orders for goods and services are placed and to adhere to these arrangements when making payments, provided the relevant goods and services have been supplied in accordance with the contract.

We comply with the Modern Slavery Act (MSA) and we fully support the principles of the MSA.

We engage with our clients on issues including strategy, changes taking place in our market and understanding the changes taking place in our clients’ markets. We carry out client satisfaction surveys including on our ability to support their diversity, equity and inclusion, and sustainability goals.

Community and environment
We consider our impact on the wider community and environment of our business activities. We adhere to the sustainability policy which can be found at the website of the ultimate parent company at wpp.com. The policy includes objectives focusing on key impacts under our control and influence such as minimising the impact from energy use, transport, consumption of paper, water use and managing any sustainability risks in our supply chain.

We engage with clients on issues ranging from climate action to biodiversity and human rights during the development of their campaigns.

We encourage our people to volunteer their time and continue to run employee match funding appeals for disaster relief.

Business conduct
We have a number of key policies, including modern slavery, anti-bribery, corruption and data protection, all of which can be found on the website of the ultimate parent company at wpp.com. We have a zero-tolerance approach to corruption and bribery and policies are in place for areas such as ethical business relationships with customers, suppliers and employees, gift giving and receiving, charitable donations and competition laws. As such, employees are mandated to complete in depth anti bribery and corruption training.

Acting fairly as between members of the Company
As a wholly owned subsidiary of WPP plc, our interests are aligned with those of our ultimate parent.

This report was approved by the board on 30 September 2026 and signed on its behalf.

L Wooten

Director

Page 6

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their report and the audited financial statements for the year ended 31 December 2025.

Results

The Company's results for the financial year are shown in the income statement on page 14.

Directors

The Directors who served during the year and up to the date of signing the financial statements, unless otherwise stated, were:

A Ashby

N Douglas

R Glasson

L Wooten

No Director had, during the year or at the end of the year, any material interest in any contract of significance to the Company's business.

Directors' indemnity

Each of the Directors benefits from a third party qualifying indemnity given by the Company in respect of liabilities incurred by the Director in the execution and discharge of their duties. The provision remains in force throughout the financial year and up until the date of this report.

Engagement with employees

The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Company. This is achieved through formal and informal meetings, briefings and thorough Group and Company communications. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests. The employee share scheme has been running successfully since its inception. It is open to all employees who have at least two years' service for a company wholly-owned by WPP. The WPP stock options are granted annually with the number granted at WPP's discretion. After three years, employees can choose whether to keep their options or buy WPP stock at the fixed option price. Options may be exercised for up to 10 years from the grant date.

Our non-discrimination and anti-harassment policies are included in the Group Code of Conduct. Refer to pages 51-53 of the 2025 Annual report of WPP plc available at wpp.com/investors for more information.

Engagement with suppliers, customers and others

The Company recognises the importance of its continued partnerships with its wider stakeholders, including suppliers and customers, in delivering its business strategy and sustainability goals. The Company aims to have an open and transparent relationship which is based on honesty and respect. The Company engages in constant conversation with clients and suppliers on improving delivery of services and relationships.

A detailed statement on the Group’s external stakeholder engagement can be found on pages 72-75 of the 2025 Annual report of WPP plc.

Page 7

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.

Statement of directors' responsibilities in respect of the financial statements

The Directors are responsible for preparing the Annual Report and 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, Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies and then apply them consistently;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙make judgements and accounting estimates that are reasonable and prudent; 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 safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are also 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.

Matters covered in the Strategic Report

The following items have been included in the strategic report on pages 1 - 6:

∙principal activities;

∙future developments;

∙business review;

∙dividends paid or declared;

∙going concern and liquidity risk statement;

∙financial risk management and principal risks and uncertainties; and

∙environmental matters and streamlined energy and carbon reporting.

Branches outside the United Kingdom

The Company has an operating branch in Dubai.

Page 8

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Directors' confirmations

In the case of each Director in office at the date the Directors’ report is approved:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Post balance sheet events

On 26 February 2026, the Company changed its name from Hogarth Worldwide Limited to WPP Production Limited.

Auditors

Under section 487(2) of the Companies Act 2006, PricewaterhouseCoopers LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 30 September 2026 and signed on its behalf.

L Wooten

Director

Page 9

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

Report on the audit of the financial statements

Opinion

In our opinion, WPP Production Limited (previously known as Hogarth Worldwide Limited)'s financial statements:

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

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 101 "Reduced Disclosure Framework", and applicable law); and

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

We have audited the financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), which comprise:

∙the Balance Sheet as at 31 December 2025;

∙the Profit and Loss account for the year then ended;

∙the Statement of Comprehensive Income for the year then ended;
the Statement of Changes in Equity for the year then ended; and

∙the notes to the financial statements, comprising material accounting policy information and other explanatory information.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

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

Page 10

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.

With respect to the Strategic Report and Directors' Report, we also considered whether the disclosures required by the Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Strategic report and Directors' Report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors' Report for the year ended 31 December 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors' Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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.

Auditors’ 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 auditors’ 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.

Page 11

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate results and potential management bias in accounting estimates and judgements. Audit procedures performed by the engagement team included:

∙Evaluation of the design effectiveness of management's controls designed to prevent and detect irregularities relating to journal postings,

∙Making enquiries of management and those charged with governance to identify instances of non-compliance with laws and regulations, and fraud,

∙Reviewing minutes of meetings of those charged with governance,

∙Identifying and testing unusual journal entries, in particular those with an unusual account combination,

∙Reviewing the financial statement disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations, and

∙Performing audit procedures over the tax charge and balance and engaging tax specialists 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.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company's member as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Page 12

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

∙we have not obtained all the information and explanations we require for our audit; or

∙adequate accounting records have not been kept by the company or returns adequate for our audit have not been received from branches not visited by us; or

∙the company's financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors's remuneration specified by law are not made.

We have no exceptions to report arising from this responsibility.

Paul Wheeler (Senior statutory auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

London

30 September 2026

Page 13

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024 *
Note	£000	£000


Turnover	4	180,418	223,120
Cost of sales		(199,202)	(223,929)
Gross loss		(18,784)	(809)
Administrative expenses		(16,764)	(11,902)
Other income	5	22,755	8,851
Operating loss	6	(12,793)	(3,860)
Income from shares in group undertakings	10	2,592	868
Finance income		357	187
Finance costs	11	(2,649)	(2,494)
Loss before taxation		(12,493)	(5,299)
Tax on loss	12	(1,482)	135
Loss for the financial year		(13,975)	(5,164)

The notes on pages 19 to 40 form part of these financial statements.

* Income from shares in group undertakings was previously included within Finance income but has been split out on the face of the income statement to more appropriately disclose this income separately.

Page 14

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

				2025	2024
				£000	£000

Loss for the financial year	(13,975)	(5,164)
Items that will not be reclassified to profit or loss:
Foreign currency translation adjustment	(568)	193
Other comprehensive (expense)/income for the year net of tax	(568)	193
Total comprehensive expense for the year	(14,543)	(4,971)

The notes on pages 19 to 40 form part of these financial statements.

Page 15

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

REGISTERED NUMBER: 06872427

BALANCE SHEET

AS AT 31 DECEMBER 2025

	2025	2024
Note	£000	£000


Non-current assets
Intangible assets		384	577
Tangible fixed assets	13	19,599	16,059
Investments	14	7,917	7,917
Deferred taxation	19	994	1,768
		28,894	26,321
Current assets
Trade and other receivables	15	78,497	87,581
Cash at bank and in hand		776	772
		79,273	88,353
Current liabilities
Trade and other payables	16	(90,431)	(86,842)
Net current (liabilities)/assets		(11,158)	1,511
Total assets less current liabilities		17,736	27,832
Non-current liabilities
Trade and other payables	17	(13,935)	(10,193)
Provisions		(450)	-
Net assets		3,351	17,639

Equity
Called up share capital	20	1	1
Share premium account	21	6,132	6,132
Merger reserve	21	(4,805)	(4,805)
Profit and loss account	21	2,023	16,311
Total equity		3,351	17,639

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2026.

L Wooten

Director

The notes on pages 19 to 40 form part of these financial statements.

Page 16

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

REGISTERED NUMBER: 06872427

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

Page 17


		WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Merger reserve	Retained earnings	Total equity
	£000	£000	£000	£000	£000
At 1 January 2024	1	6,132	(4,805)	21,282	22,610

Loss for the year	-	-	-	(5,164)	(5,164)
Currency translation differences	-	-	-	193	193

At 31 December 2024	1	6,132	(4,805)	16,311	17,639

Loss for the year	-	-	-	(13,975)	(13,975)
Currency translation differences	-	-	-	(568)	(568)
Equity settled share-based incentive plans	-	-	-	255	255
At 31 December 2025	1	6,132	(4,805)	2,023	3,351

The notes on pages 19 to 40 form part of these financial statements.

Page 18

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

The Company is a private company, limited by shares and is incorporated in the United Kingdom under the Companies Act 2006. The Company is registered in England and Wales. The address of the registered office is 6 Brewhouse Yard, London, England, EC1V 4DG.

The Company's principal business activities, future development and a review of its performance and position are set out in the Strategic Report on pages 1 - 6.

2.Material accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' ("FRS 101") and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following material accounting policies have been consistently applied to all the years presented, unless otherwise stated:

Page 19

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Material accounting policies (continued)

2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment

∙the requirements of IFRS 7 Financial Instruments: Disclosures

∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers

∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total

∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

- paragraph 79(a)(iv) of IAS 1;

- paragraph 73(e) of IAS 16 Property, Plant and Equipment;

- paragraph 118(e) of IAS 38 Intangible Assets;

∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements

∙the requirements of IAS 7 Statement of Cash Flows

∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

∙the requirements of paragraph 88C and 88D of IAS 12 Income Taxes.

Page 20

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Material accounting policies (continued)

2.3

Consolidation and ultimate parent company

The Company is a wholly owned subsidiary of its ultimate parent company, and as such has taken advantage of the exemption from preparing group financial statements under section 401 of the Companies Act 2006. WPP plc, a company incorporated in Jersey, is the Company's ultimate parent undertaking and controlling party.

The largest group of undertakings for which group financial statements are prepared and which include the results of the Company are the consolidated financial statements of WPP plc. The registered address of WPP plc is 22 Grenville Street, St Helier, Jersey, JE4 8PX. Copies of the consolidated financial statements can be obtained from www.wpp.com/investors.

The smallest group of undertakings for which group financial statements are prepared and which include the results of the Company are the consolidated financial statements of WPP Jubilee Limited, registered in England and Wales. The consolidated financial statements can be obtained from the registered address of WPP Jubilee Limited, which is Sea Containers House, 18 Upper Ground, London, SE1 9GL, United Kingdom.

The immediate parent undertaking is WPP Group (UK) Limited. These financial statements are separate financial statements.

2.4

Going concern

2.5

Impact of new international reporting standards, amendments and interpretations

The Company has applied the following standards and amendments for the first time for the reporting period commencing 1 January 2025:

∙Lack of Exchangeability (Amendments to IAS 21)

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

At the date of authorisation of these financial statements, the following standards or amendments to standards, which have not been applied in these financial statements, were in issue but not yet effective:

∙Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). The Company is currently assessing the impact of these standards.

Page 21

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Material accounting policies (continued)

2.5

Impact of new international reporting standards, amendments and interpretations (continued)

∙Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). These amendments to standards are not expected to have a material impact in these financial statements as the Company does not hold any such contracts.

∙Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21). No impact is
expected on these financial statements.

∙IFRS 18 "Presentation and Disclosure in Financial Statements". The Company is currently assessing the impact of this standard.

∙IFRS 19 "Subsidiaries without Public Accountability Disclosures". The Company is currently assessing the impact of this standard.

2.6

Foreign currency translation

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 period 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 period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in administrative expenses.

Page 22

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Material accounting policies (continued)

2.7

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when a performance obligation is satisfied, in accordance with the terms of the contractual arrangement and per the requirements of IFRS 15 'Revenue from contracts with customers'.

In most instances, performance obligations are separately identifiable deliverables that a customer expects to receive. These are distinct within the context of the contract, and are accounted for as separate performance obligations. Turnover is allocated to each of the performance obligations based on relative standalone selling prices. In time-based projects, clients are billed based on hours worked at the applicable billable rates. Turnover is recognised as hours are delivered, regardless of project size.

The Company acts as principal when there is control of the specified good or service prior to transfer. When the Company is responsible for service delivery, pricing, and targets, and bears inventory risk, it is judged to be acting as principal, and the turnover recorded is the gross amount billed to the customer.

When the Company acts as a principal, the turnover recorded, in accordance with IFRS 15, is gross of costs incurred. The related costs are recognised as cost of sales.

Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred income and included as part of Trade and other payables due within one year. Where services are provided to customers in advance of payments, the amounts are recorded as Accrued income and included as part of Trade and other receivables.

2.8

Cost of sales and administrative expenses

Cost of sales consists of the direct costs incurred in the provision of services to customers. Cost of sales are recognised when incurred. All non-direct costs incurred by the Company are recognised as Administrative expenses. Administrative expenses include costs incurred in the general management and administration of the Company's operations. These expenses typically comprise staff costs, office-related overheads, professional fees, and other indirect costs.

Where costs are not clearly attributable solely to Cost of sales or Administrative expenses, the Company applies reasonable allocation methodologies to apportion such costs between Cost of sales and Administrative expenses, as appropriate. This approach ensures that expenses are consistently classified in line with the nature of the underlying activities. The reported Cost of sales and Administrative expenses are considered comparable, given the consistent application of accounting policies and allocation methods.

Page 23

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Material accounting policies (continued)

2.9

Pensions

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 profit or loss 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.

2.10

Other income

The Company incurs certain costs, comprising staff-related, occupancy, and IT expenses, on behalf of other entities within the WPP group that are subsequently recharged. The recharged amounts are recognised as Other income within profit or loss as they do not arise from the Company's ordinary activities.

2.11

Finance income

Interest income is recognised in profit or loss using the effective interest method.

2.12

Finance costs

Finance costs are charged to profit or loss 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.

2.13

Taxation

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against future taxable profits.

Page 24

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Material accounting policies (continued)

2.14

Intangible assets

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

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The estimated useful lives range as follows:

Development expenditure

years

2.15

Tangible fixed assets

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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 estimated useful lives range as follows:

Leasehold improvements	-	Over the period of the lease
Fixtures and fittings	-	5 years
Computer equipment	-	3 years

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.16

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An investment's carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount.

Page 25

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Material accounting policies (continued)

2.17

Trade and other receivables

Short-term debtors are measured at transaction price, less any impairment.

Trade and other receivables are carried at original invoice amount less any provisions for doubtful debts.

Provisions are made where there is evidence of a risk of non-payment, taking into account ageing, previous experience and general economic conditions. When a trade or other receivable is determined to be uncollectable it is written off, firstly against any provisions available and then to the income statement.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and days past due. The contract assets relate to work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

Subsequent recoveries of amounts previously provided for are credited to the income statement. Long-term receivables are discounted where the effect is material.

2.18

Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

The Company is a participant in the Group’s 'zero balancing' pooling arrangements with a fellow Group company acting as the cash pool leader of these cash pools within the UK. The Company can transact as normal on its bank accounts and any overall external cash and/or overdraft balances will be held and reported by the cash pool leader. All related amounts owing to/from the cash pool leader are short-term in nature and reported as amounts due to/from group undertakings under current assets or current liabilities as applicable.

2.19

Trade and other payables

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Creditors are presented as amounts falling due within one year unless payment is not due within 12 months after the reporting period.

2.20

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease

Page 26

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Material accounting policies (continued)

2.20

Leases (continued)

agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

∙fixed lease payments (including in-substance fixed payments), less any lease incentives;

∙variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

∙the amount expected to be payable by the lessee under residual value guarantees;

∙the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and

∙payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The lease liability is included in 'Trade and other payables' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

∙the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised discount rate.

∙the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).

∙a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Page 27

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Material accounting policies (continued)

2.20

Leases (continued)

Whenever the Company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in 'Tangible assets' in the Balance Sheet.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

2.21

Provisions

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

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.22

Common control transactions resulting in a merger reserve

The Company has previously acquired the trade and assets of subsidiary companies. These transfers are outside the scope of IFRS 3 as common control transactions and are therefore accounted for using the hybrid method.

Common control transactions as part of group reconstructions may be accounted for by using the hybrid accounting method provided:
a) the use of the hybrid accounting method is not prohibited by company law or other relevant legislation;
b) the ultimate equity holders remain the same, and the rights of each equity holder, relevant to the others, remain unchanged; and
c) no non-controlling interest in the net assets of the group is altered by the transfer

With the hybrid accounting method the carrying value of the assets and liabilities of the parties to the combination are not required to be adjusted to fair value.

The profit and loss of the transferred entities is included from the point of combination only and the comparatives are not restated to include the transferred business.

Any difference between the consideration and the book value of the net assets acquired is shown as a movement in a merger reserve in the statement of changes in equity.

Page 28

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

In the opinion of the Directors there are no critical accounting estimates or judgements that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover represents amounts derived from the provision of services after deduction of trade discounts and value added tax.

All turnover arose from the principal activity of the business.

Analysis of turnover by market in which the Company operates:

					2025	2024
					£000	£000

United Kingdom	172,610	214,184
United Arab Emirates	7,808	8,936
	180,418	223,120

5.	Other income
		2025	2024
		£000	£000

Other income	22,755	8,851
	22,755	8,851

Other income consists of service charges to other WPP Production offices worldwide.

Page 29

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Depreciation of owned tangible fixed assets	2,218	2,291
Depreciation of right-of-use tangible fixed assets	3,613	2,247
Amortisation of intangible assets	192	-
Foreign exchange (gain)/loss	(30)	747

7.	Auditors' remuneration
		2025	2024
		£000	£000

Fees payable to the Company's auditors for the audit of the Company's financial statements

523

199

	There were no non-audit services provided by the Company's auditors in the current or prior year.

Page 30

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	66,894	73,494
Social security costs	8,712	8,038
Cost of defined contribution scheme	4,772	4,883
Other staff costs	35,196	29,390
	115,574	115,805

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Account Handling	374	382
Admin/Finance	44	58
General Management	21	21
Human Resources and Talent Management	31	33
Information Technology	59	56
Non Business/Business Development	4	6
Production Traffic	511	649

	1,044	1,205

Page 31

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Directors' remuneration
		2025	2024
		£000	£000

Directors' emoluments	1,501	1,860
Company contributions to defined contribution pension schemes	24	25
	1,525	1,885

	During the year retirement benefits were accruing to one Director (2024: one) in respect of defined contribution pension schemes. One Director exercised share options in the year (2024: one) and one Director became entitled to receive shares under the long-term incentive scheme (2024: one).
	The highest paid director received remuneration of £1,091,000 (2024 - £1,404,000).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £- (2024 - £-).

During the year one Director was paid through WPP Production Inc., a fellow Group company. The remuneration in respect of this Director is included above but is not recharged to the Company.

During the year, two Directors of the Company (2024: two Directors) were remunerated as an executive of the Group by a fellow Group company. They received no remuneration (2024: no remuneration) in respect of their services to the Company as it is not possible to make an accurate apportionment of their remuneration.

10.	Income from shares in group undertakings
	In the current year the Company received dividend income of £2,453,000 from its subsidiary Hogarth Worldwide Publicidade Brasil Ltda, and £139,000 from its subsidiary Hogarth Worldwide SDN, BHD.

11.	Finance costs
		2025	2024
		£000	£000

Bank interest payable	-	130
Loans from group undertakings	1,494	1,656
Interest on lease liabilities	1,155	708
	2,649	2,494

Group interest payable relates to interest charged on the Company's cash pooling balance and other interest recharges. Please refer to note 16 for details of the related balances.

Page 32

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	708	78
	708	78

Total current tax	708	78

Deferred tax
Current year	834	(213)
Adjustments in respect of previous periods	(60)	-
Total deferred tax	774	(213)


	Tax on loss	1,482	(135)

Loss before tax

(12,493)

(5,299)

Loss before tax multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(3,123)	(1,325)
Effects of:
Prior year adjustments	(60)	(38)
Expenses not deductible for tax purposes	216	81
Capital allowances for year in excess of depreciation	172	(265)
Movement in other temporary differences	-	(40)
Overseas tax	708	116
Other permanent differences	(89)	-
Group relief for nil consideration	3,658	1,336
Total tax charge/(credit) for the year	1,482	(135)

Page 33

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Tax on loss (continued)

Factors that may affect future tax charges

The UK tax rate for the year ended 31 December 2025 is 25%. Deferred tax balances have been measured accordingly at 25% (2024: 25%).

The Company belongs to a group that falls within the scope of the OECD Pillar Two top-up tax rules which applies in the UK from 1 January 2024. Based upon initial assessments, the Group does not expect a top-up tax in the UK and therefore no related current tax has been provided.

The Group has also applied the IAS 12 temporary exemption from recognising deferred tax assets and liabilities related to Pillar Two income taxes.

13.	Tangible assets

	Leasehold improvements	Fixtures and fittings	Computer equipment	Right-of-use buildings	Total
	£000	£000	£000	£000	£000
Cost or valuation
At 1 January 2025	12,657	2,015	19,111	20,908	54,691
Additions	1,665	134	1,521	6,023	9,343
Disposals	-	-	(199)	-	(199)
At 31 December 2025	14,322	2,149	20,433	26,931	63,835
Depreciation
At 1 January 2025	9,054	1,503	17,318	10,757	38,632
Charge for the year on owned assets	816	254	1,148	-	2,218
Charge for the year on right-of-use assets	-	-	-	3,613	3,613
Disposals	-	-	(227)	-	(227)
At 31 December 2025	9,870	1,757	18,239	14,370	44,236
Net book value
At 31 December 2025	4,452	392	2,194	12,561	19,599
At 31 December 2024	3,603	512	1,793	10,151	16,059

Page 34

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Investments

		Investments in subsidiary companies
		£000
	Cost and net book value
	At 1 January 2024 and 1 January 2025	7,917
	At 31 December 2025	7,917

15.	Trade and other receivables

					2025	2024
					£000	£000

Trade debtors	27,436	25,239
Amounts owed by group undertakings	33,859	44,640
Other debtors	2,437	647
Prepayments	5,166	2,714
Accrued income	9,599	14,341
	78,497	87,581

The Company participates in group banking arrangements with its parent company, WPP plc, and has access to a group cash management facility. Included within amounts owed to group undertakings is a balance of £5,579,000 (2024: £5,350,000) relating to inter-group loans with fellow group companies in relation to cash pooling arrangements. These accrued interest of 5% at 31 December 2025. The Company, together with its parent and certain other subsidiary undertakings, are parties to the group’s syndicated banking arrangements. The Company has jointly and severally guaranteed the borrowings under these arrangements, details of which are included in the financial statements of WPP plc.

Also included within amounts owed by group undertakings is a balance of £155,000 (2024: £156,000) due from Hogarth South Africa, a related party. Interest of SONIA+2% is enacted.

All other amounts owed by group undertakings are interest-free. All amounts owed by group undertakings are unsecured and repayable on demand.

Page 35

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Trade and other payables: Amounts falling due within one year
		2025	2024
		£000	£000

Trade creditors	2,697	1,486
Amounts owed to group undertakings	59,678	60,023
Corporation tax	49	119
Other taxation and social security	619	-
Lease liabilities	3,541	1,808
Accruals	16,539	18,856
Deferred income	7,308	4,550
	90,431	86,842

The Company participates in group banking arrangements with its parent company, WPP plc, and has access to a group cash management facility. Included within amounts owed to group undertakings is a balance of £34,046,000 (2024: £34,011,000) relating to inter-group loans with a fellow group company in relation to cash pooling arrangements. These accrued interest of 5% at 31 December 2025. The Company, together with its parent and certain other subsidiary undertakings, are parties to the group’s syndicated banking arrangements. The Company has jointly and severally guaranteed the borrowings under these arrangements, details of which are included in the financial statements of WPP plc.

All other amounts owed to group undertakings are interest-free. All amounts owed by group undertakings are unsecured and repayable on demand.

17.	Trade and other payables: Amounts falling due after more than one year
		2025	2024
		£000	£000

Lease liabilities	13,928	10,193
Accruals and deferred income	7	-
	13,935	10,193

Page 36

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Leases
	Company as a lessee
	The Company leases several buildings. The average lease term is 6.3 years (2024: 5.7 years)

Lease liabilities are due as follows:
	2025	2024
	£000	£000

Not later than one year	3,541	1,808
Between one year and five years	13,928	7,049
More than five years	-	3,144
	17,469	12,001

The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:
	2025	2024
	£000	£000

Interest expense on lease liabilities

1,155

708

19.	Deferred taxation

	2025	2024
	£000	£000

At beginning of year	1,768	1,554
Charged to profit or loss	(774)	214
At end of year	994	1,768

Page 37

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.Deferred taxation (continued)

The deferred tax asset is made up as follows:
	2025	2024
	£000	£000

Accelerated capital allowances	923	1,532
Share plans	71	236
	994	1,768

A deferred tax asset has been recognised as it is probable that there will be sufficient taxable profits against which the assets will reverse in the future. The asset is not expected to be utilised in the next 12 months as group relief remains available, and the asset is therefore classified as non-current.

20.	Share capital
		2025	2024
		£000	£000

Allotted, called up and fully paid

13,127 (2024 - 13,127) ordinary shares of £0.10 each	1	1

21.

Reserves

Merger Reserve

On 26 January 2022, the Company acquired the trade and assets of the Makerhouse division of Ogilvy and Mather Group Holdings Limited. The company acquired net assets of £74,000 and paid a consideration of £3,796,000. Both entities were wholly owned subsidiaries of the Group and the excess between the consideration and the book value of the net assets transferred was therefore recognised as a merger reserve.

On 31 March 2022, the Company acquired the trade and assets of the Burrows division of WPP Brands UK Limited. The Company acquired net liabilities of £(968,000) and paid a consideration of £115,000. Both entities were wholly owned subsidiaries of the Group and the excess between the consideration and the book value of the net liabilities transferred was therefore recognised as a merger reserve.

Page 38

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Pension commitments

The Company operates defined contribution retirement benefit schemes for all qualifying employees. The assets of the schemes are held separately from those of the Company in funds under the control of trustees. Where there are employees who leave the schemes prior to vesting fully in the contributions, the contributions payable by the Company are reduced by the amount of forfeited contributions.

The total cost charged to the income statement of £4,772,000 (2024: £4,883,000) represents contributions payable to these schemes by the Company at rates specified in the rules of the plans. There were £3,000 of outstanding contributions at the balance sheet date (2024: £3,000).

23.	Related party transactions
	As a wholly owned subsidiary of the ultimate parent company, WPP plc, advantage has been taken of the exemption afforded by FRS 101 'Reduced Disclosure Framework' not to disclose any related party transactions with other wholly owned members of the Group, or information around remuneration of key management personnel.

24.	Post balance sheet events

On 26 February 2026 the Company changed its name from Hogarth Worldwide Limited to WPP Production Limited.

Page 39

WPP PRODUCTION LIMITED (PREVIOUSLY KNOWN AS HOGARTH WORLDWIDE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


25.	Subsidiary undertakings
	Subsidiary undertakings
	The following were subsidiary undertakings of the Company:
	Name	Registered office	Class of shares	Holding

Hogarth (Shanghai) Image Video Design & Production Co Ltd	Room 516, Building A1, No 57 Fuxing West Road, Xuhui District, Shanghai, China	Ordinary	100%
WPP Production (Hong Kong) Limited	26th Floor, The Center, 99 Queen's Road Central, Hong Kong	Ordinary	100%
Hogarth Worldwide Japan GK	Yebisu Garden Place Tower, 25th Floor, 4-20-3 Ebisu, Shibuya-ku, Tokyo, 150-6025, Japan	Ordinary	100%
WPP Production Pte Limited	One George Street #08-01 Singapore 049145, Singapore	Ordinary	100%
WPP Production Sdn Bhd	7th Floor, Wisma Genting, Jalan Sultan Ismail, Kuala Lumpur, Wilayah Persekutuan, 5020, Malaysia	Ordinary	100%
WPP Production Romania SRL	86 Grigore Alexandrescu Street, District 1, Bucharest, 71129, Romania	Ordinary	100%
Hogarth Worldwide Istanbul Reklamcilik Anonim Sirketi	Maslak Mahallesi Buyukdere Caddesi 237 1101 Sariyer, Istanbul, Turkey	Ordinary	90%
WPP Production Canada Ltd/WPP Production Canada Mondial Ltee	99 Spadina Ave, Suite 100, Toronto, ON, M5V 3P8, Canada	Common, Class B Special	100%
WPP Production Mexico, S. de. R.L. de C.V.	Boulevard Manuel Avila Camacho No 176, 3er Piso Col. Reforma Social Del Miguel Hidalgo C.P., 11650, Mexico	Serie 1, Serie 2	100%
Hogarth Worldwide Argentina S.A.	Arevalo 1880 C1414CQL, Buenos Aires, Argentina	Ordinary	92%
Hogarth Worldwide Publicidade Brasil Ltda	Avenida Brigadeiro Faria Lima, 201, 26 e 27 andares, conjuntos 261 e 271, Pinheiros, CEP 05426-100	Ordinary	99%

Page 40