wk-2026-01-31-ixbrl

Navan Labs UK Limited

Strategic Report

for the year ended 31 January 2026

The directors present their Strategic Report and the audited financial statements of Navan Labs UK Limited

(“the Company”) for the year ended 31 January 2026.

Principal activities

The Company employs sales and support staff who focus on booking & ticketing of flights, hotels & ancillary

services for business travel in the UK and throughout the world.

Business review

This is the first year the Company has prepared its financial statements in accordance with FRS 101.

Accordingly, financial information at 1 February 2024 (being the date of transition) and for the year ended 31

January 2025 have been restated to comply with FRS 101. The impact of the transition to FRS 101 is

detailed within Note 21.

The Company’s key financial and other performance indicators during the year were as follows:



	2026	2025	Change
	£'000	£'000	%

Turnover	39,199	28,156	39%
Operating profit	2,036	1,291	58%
Profit after tax	1,527	602	154%
Net assets	6,754	7,802	(13)%
Average number of employees	166	136	22%
Operating profit margin	5%	5%	2%

Revenue has increased by 39% due an increase in the services provided to the parent company, supporting

operations in the UK.

Profit after tax has increased by 154% driven by the revenue growth and underlying operating profit

performance.

Net Assets has decreased by (13)% primarily due dividends declared in the year, part offset by profit after

tax.

The total average number of employees has increased by 22% to support the continued growth of the

Company.

Principal risks and uncertainties

The Company’s risk management framework includes a process for identifying, assessing and responding to

risk and supporting the Company’s strategy and business objectives.

Risk management operates at all levels throughout the business. However, the directors take overall

responsibility, determining the nature and extent of principal risks it is willing to take to achieve the

Company’s strategic objectives, and maintaining the Company’s risk governance structure and appropriate

internal control framework.

Navan Labs UK Limited

Strategic Report (continued)

for the year ended 31 January 2026

Principal risks and uncertainties (continued)

The principal risks faced by the Company are as follows:

Credit risk

The company is exposed to credit risk through it’s trade and other receivables.

Supplier risk

The Company has various contractual arrangements in place with a number of third-party travel suppliers

including airlines, hotels, global distribution system providers and rail travel providers. Adverse changes to

these key supplier arrangements could impact the Company’s operations and future financial results. The

Company mitigates this risk by maintaining a broad supplier base with a focus on maintaining good

relationships with all suppliers and identifying any new potential suppliers through a robust procurement

process.

Cash flow risk

The directors and Group treasury monitor cash flow as part of its day to day control procedures to ensure the

Company can meet its obligations and to support the groups investment plans to drive long-term growth. The

directors review short and long-term forecasts on a monthly basis to ensure appropriate facilities are

available. At year-end, the Company had a cash balance of £1,400,000 (2025: £1,845,000) and, as

disclosed in Note 1, receive a letter of support from its ultimate parent company Navan Inc.

Foreign exchange risk

As the Company continues to expand, its exposure to foreign exchange movements increases. This is

monitored on a month by month basis. To mitigate foreign exchange risk the Company focuses on receiving

and making payments in local currencies where possible.

This report was approved by the board of directors and signed on its behalf by:

H Baik

Director

29 July 2026

Navan Labs UK Limited

Directors’ Report

for the year ended 31 January 2026

The directors present their report and the audited financial statements of Navan Labs UK Limited ("the

Company") for the year ended 31 January 2026.

Results and dividends

The Company recorded a profit after tax for the year of £1,527,000 (2025: £602,000). A dividend of

£2,300,000 (2025: £Nil) was declared and paid during the year.

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups

(accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors'

Report have been omitted as they are included in the Strategic Report on pages 2 to 3. These matters are

related to the principal activity, future developments and financial risk management.

Directors

The directors of the Company during the year and to the date of this report, unless otherwise stated, were:

C Herold (appointed 1 February 2026)

G Bennett (appointed 1 February 2026)

H Baik

R Whitehead

Directors’ indemnity

The ultimate parent company has made qualifying third-party indemnity provisions for the benefit of directors

and officers of the Company which were made during the year and exist at the date of this report.

Post balance sheet events

In May 2026, the company entered into a lease agreement for a new office space in London, UK with a lease

term of approximately 3 years. Total minimum lease payments are estimated to be approximately £8.98

million. The company will recognise the related right-of-use asset and lease liability, which have not yet been

determined, at the lease commencement date.

Going concern

At 31 January 2026, the Company has net current assets of £4,322,000 (2025: £6,119,000) and has

received written confirmation in the form of a letter of support from its parent company Navan Inc that it will

provide the necessary financial and operational support to enable the Company to meet its liabilities as they

fall due, for a period of at least twelve months from the date of approval of these financial statements.

The directors have prepared detailed financial forecasts which take into account the expected future trading

performance of the Company and the support level received. Having assessed the position of the parent

company, the directors have a reasonable expectation that the Company has reasonable resources and

support to continue in operational existence for the foreseeable future, being a period of at least twelve

months from the approval of these financial statements.

Accordingly, the directors continue to adopt the going concern basis in preparing these financial statements.

Navan Labs UK Limited

Directors’ Report (continued)

for the year ended 31 January 2026

Disclosure of information to auditor

In the case of each director in office at the date of 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.

Auditors

Crowe U.K. LLP have expressed their willingness to continue in office as auditors’ and will be proposed for

reappointment in accordance with s485 of the Companies Act 2006.

This report was approved by the board of directors and signed on its behalf by:

H Baik

Director

29 July 2026

Navan Labs UK Limited

Statement of directors’ responsibilities in respect of the

financial statements

for the year ended 31 January 2026

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial

statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law

the directors have elected to prepare the financial statements in accordance with United Kingdom Generally

Accepted Accounting Practice including FRS 101 “Reduced Disclosure Framework” , and applicable law.

Under company law the directors must not approve the financial statements unless they are satisfied that

they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company

for that period. In preparing the financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• state whether applicable United Kingdom 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 enable them to ensure that the financial statements comply with the Companies Act

2006.

Navan Labs UK Limited

Independent auditor's report to the members of Navan Labs

UK Limited

for the year ended 31 January 2026

Opinion

We have audited the financial statements of Navan Labs UK Limited for the year ended 31 January 2026

which comprise statement of comprehensive income, statement of financial position, statement of changes in

equity and notes to the financial statements, including significant accounting policies. The financial reporting

framework that has been applied in their preparation is applicable law and United Kingdom Accounting

Standards, including Financial Reporting Standard 101 Reduced Disclosures Framework (United Kingdom

Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the company’s affairs as at 31 January 2026 and of its profit

for the year then ended;

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

Practice;

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and

applicable law. Our responsibilities under those standards are further described in the Auditor’s

responsibilities for the audit of the financial statements section of our report. We are independent of the

company in accordance with the ethical requirements that are relevant to our audit of the financial

statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical

responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained

is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of

accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or

conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as

a going concern for a period of at least twelve months from when the financial statements are authorised for

issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in

the relevant sections of this report.

Other information

The directors are responsible for the other information contained within the annual report. 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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance

conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is

materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise

appears to be materially misstated. If we identify such material inconsistencies or apparent material

misstatements, we are required to determine whether this gives rise to a material misstatement in the

financial statements themselves. If, based on the work we have performed, we conclude that there is a

material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Navan Labs UK Limited

Independent auditor's report to the members of Navan Labs

UK Limited (continued)

for the year ended 31 January 2026

Report on the audit of the financial statements (continued)

Opinion on other matter prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which

the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal

requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course

of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006

requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the company, or returns adequate for our audit

have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine is necessary to enable the preparation of financial statements that

are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the company or to cease

operations, or have no realistic alternative but to do so.

Auditor’s 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates,

focusing on those laws and regulations that have a direct effect on the determination of material amounts

and disclosures in the financial statements. The laws and regulations we considered in this context were

the Companies Act 2006 and Taxation legislation.

Navan Labs UK Limited

Independent auditor's report to the members of Navan Labs

UK Limited (continued)

for the year ended 31 January 2026

Report on the audit of the financial statements (continued)

We identified the greatest risk of material impact on the financial statements from irregularities, including

fraud, to be the override of controls by management. Our audit procedures to respond to these risks included

enquiries of management about their own identification and assessment of the risks of irregularities, sample

testing on the posting of journals and reviewing accounting estimates for biases, corroborating balances

recognised to supporting documentation on a sample basis and ensuring accounting policies are appropriate

under United Kingdom Generally Accepted Accounting Practice and applicable law.

A further description of our responsibilities for the audit of the financial statements is available on the

Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part

of our auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of

the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's

members those matters we are required to state to them in an auditor's report and for no other purpose. To

the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the

company and the company's members as a body, for our audit work, for this report, or for the opinions we

have formed.

Peter Gilligan

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor

London

29 July 2026

Navan Labs UK Limited

Statement of Comprehensive Income

for the year ended 31 January 2026


		2026	2025
	Notes	£'000	£'000

Revenue	4	39,199	28,156
Administrative expenses		(37,163)	(26,865)
Operating profit	5	2,036	1,291
Finance income	8	157	23
Finance costs	9	(4)	—
Profit before taxation		2,189	1,314
Tax on profit	10	(662)	(712)
Profit after taxation		1,527	602
Other comprehensive income		—	—
Total comprehensive income		1,527	602

The Company's revenue and operating profit all relate to continuing operations.

The notes on pages 13 to 26 form part of these financial statements.

Navan Labs UK Limited

Statement of financial position Registered Number: 11250234

At 31 January 2026


		2026	2025
	Notes	£'000	£'000
Non-current assets
Deferred tax assets	15	1,052	291
Property, plant and equipment	11	30	42
Trade and other receivables	12	1,350	1,350
		2,432	1,683
Current assets
Trade and other receivables	13	19,118	50,476
Cash and cash equivalents		1,400	1,845
		20,518	52,321
Current liabilities
Trade and other payables	14	(16,196)	(46,202)
		(16,196)	(46,202)
Net current assets		4,322	6,119
Net assets		6,754	7,802

Capital and reserves
Called-up share capital	16	—	—
Capital contribution	17	—	5,310
Retained earnings	17	6,754	2,492
		6,754	7,802

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

by:

H Baik

Director

29 July 2026

The notes on pages 13 to 26 form part of these financial statements.

Navan Labs UK Limited

Statement of Changes in Equity

for the year ended 31 January 2026


	Share capital	Capital contribution	Retained earnings	Total
	£'000	£'000	£'000	£'000

At 1 February 2024	—	5,310	1,905	7,215
Comprehensive income for the year
Profit for the year	—	—	602	602
Other comprehensive income for the year	—	—	—	—
Total comprehensive income for the year	—	—	602	602
Share-based payment expense (see Note 19)	—	—	1,613	1,613
Recharge paid to the parent company for share-based payments (see Note 19)	—	—	(1,628)	(1,628)
Dividend paid (see Note 18)	—	—	(2,300)	(2,300)
Dividend rescinded (see Note 18)	—	—	2,300	2,300
At 31 January 2025	—	5,310	2,492	7,802
Comprehensive income for the year
Profit for the year	—	—	1,527	1,527
Other comprehensive income for the year	—	—	—	—
Total comprehensive income for the year	—	—	1,527	1,527
Conversion of capital contribution to share capital (see Note 17)	5,310	(5,310)	—	—
Cancellation of share capital	(5,310)	—	5,310	—
Share-based payment expense (see Note 19)	—	—	3,606	3,606
Recharge paid to the parent company for share-based payments (see Note 19)	—	—	(3,881)	(3,881)
Dividend paid (see Note 18)	—	—	(2,300)	(2,300)
At 31 January 2026	—	—	6,754	6,754

The notes on pages 13 to 26 form part of these financial statements.

Navan Labs UK Limited

Notes to the financial statements

for the year ended 31 January 2026

1. Basis of preparation

Navan Labs UK Limited (“the Company”) is a private limited company, limited by shares, domiciled and

incorporated in England and Wales. The address of the registered office is 81 - 87 High Holborn, London

WC1V 6DF. These financial statements have been prepared under the historical cost convention except for

certain financial instruments which are measured at fair value and in accordance with Financial Reporting

Standard 101 "Reduced Disclosure Framework" ("FRS 101") and in accordance with the applicable

provisions of the Companies Act 2006.

These are the Company’s first financial statements prepared in accordance with FRS 101. For periods up to

and including the year ended 31 January 2026, the Company prepared its financial statements in

accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK

and Republic of Ireland (“FRS 102”).

Accordingly, financial information at 1 February 2025 (being the date of transition) and for the year ended 31

January 2026 have been reviewed to comply with FRS 101. FRS 102 differs in certain respects from FRS

101, however, the company noted no material transitional adjustments to FRS 101.

IFRS 1 permits the Company to take advantage of certain exemptions from applying the requirements on a

fully retrospective basis at the date of transition in certain circumstances.

Disclosure exemptions applied

The Company has taken advantage of the following disclosure exemptions in preparing these financial

statements as permitted by FRS 101:

i) The requirements of IFRS 2 ‘Share-based Payment’ paragraphs 45(b) and 46 to 52 relating to

certain disclosure requirements on share-based payments;

ii) The requirement of IFRS 7 'Financial Instruments: Disclosures’ relating to the disclosure of financial

instruments and the nature and extent of risks arising from such instruments;

iii) 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’;

iv) The requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91

and 93 of IFRS 16 ‘Leases’;

v) The applicable requirements of IAS 1 ‘Presentation of Financial Statements’ relating to the

disclosure of comparative information in respect of the number of shares outstanding at the

beginning and end of the year (IAS 1.79(a)(iv)), the reconciliation of the carrying amount of property,

plant and equipment (IAS 16.73(e)) and the reconciliation of the carrying amount of intangible assets

(IAS 38(118)(e));

vi) The requirements of IAS 1 'Presentation of Financial Statements’ paragraph 16 and IFRS 1 ‘First-

time Adoption of International Financial Reporting Standards’ paragraph 3, the requirement to make

an explicit and unreserved statement of compliance with IFRS;

vii) The requirements of IAS 1 ‘Presentation of Financial Statements’ paragraphs 38A to 40D relating to

disclosures of comparative information;

viii) The requirement of IAS 1 ‘Presentation of Financial Statements’ paragraphs 134 to 136 relating to

the disclosure of capital management policies and objectives;

ix) The requirements of IAS 7 ‘Statement of Cash Flows’ and IAS 1 ‘Presentation of Financial

Statements’ paragraph 10(d) and 111 relating to the presentation of a Cash Flow Statement;

x) The requirements of IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’

paragraphs 30 and 31 relating to the disclosure of standards, amendments and interpretations in

issue but not yet effective;

Navan Labs UK Limited

Notes to the financial statements

for the year ended 31 January 2026

1. Basis of preparation (continued)

Disclosure exemptions applied (continued)

xi) The requirements of IAS 24 ‘Related Party Disclosures’ paragraph 17 relating to the disclosure of

key management personnel compensation and relating to the disclosure of related party transactions

entered into between the Company and other wholly-owned subsidiaries of the group; and

xii) The requirements of IAS 36 ‘Impairment of Assets’ paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f)

and 135(c) to 135(e) relating to certain disclosure requirements of impairment testing.

For the disclosure exemptions listed in points i) to ii), ix) and xii), the equivalent disclosures are included in

the consolidated financial statements of the ultimate parent company Navan Inc.