Half-year Results

13 November 2025

Premier Foods plc (the "Group" or the "Company")

Good strategic progress and on track to deliver full year Trading profit expectations

Alternative performance measures above are defined and reconciled to statutory measures throughout.

Headline results presented for FY24/25 H1 exclude effect of the Charnwood site closure; statutory measures include results of Charnwood prior to closure.

"We've continued to make strong progress across all our strategic pillars in the first half of the year. In quarter 2, our UK branded revenue stepped up, growing by 3.0%, led by another very strong Sweet Treats performance, of +7.4%, together with a strengthened UK Grocery performance. The Sweet Treats growth reflects the strength of our innovation programme, with notable performances from Mr Kipling Breakfast Bakes, Cadbury Caramel Mini Rolls and the recently launched Mr Kipling cake bites tubs. We are particularly pleased with the continuing success of our Mr Kipling birthday cake tarts, with over 4 million packs sold since launch, as more people take up this US trend. The Grocery portfolio also benefitted from new ranges like Bisto Peri-Peri gravy, Batchelors microwaveable Pasta 'n' Sauce and Nissin Demae Ramen, and while warmer weather held back growth in some categories in Q1, the sales trend improved through the second quarter."

"In New Categories, we increased revenue by 41% in the first half, launching FUEL10K yogurt and granola pots and delivered further growth from Ambrosia porridge and Cape Herb & Spice. Overseas, Australia, our biggest international market, grew in-market sales by 17%15 although retailers reduced stock buffer levels, temporarily reducing reported revenues. In the USA, we've had a promising initial response to our Mr Kipling Apple Pies, which were launched in the first retailer in quarter 2. Our acquired brands, The Spice Tailor and FUEL10K, continued their strong trajectory with both increasing UK revenue in double-digit terms and we acquired Merchant Gourmet, the premium, healthy, convenient meals brand, which we expect to achieve similar levels of growth as we apply our Branded Growth Model."

"Looking forward to the remainder of the year, we expect branded revenue growth to build, supported by both a particularly exciting product innovation programme and increased H2 marketing investment across a broader range of digital communication platforms. In terms of capital investment, we expect to spend around £55m this year which will deliver attractive returns. We'll be driving benefits from the Merchant Gourmet acquisition and integration, and we continue to explore additional inorganic opportunities which fit our M&A criteria. With this continued strong strategic momentum, we remain on track to deliver on full year Trading profit expectations."

The Group expects branded revenue growth to build in the second half, as further new product development comes to market, accompanied by increased marketing investment. It remains on track to deliver on Trading profit expectations for the full year, underpinned by leveraging its Branded Growth Model and benefits from its cost efficiency programmes. Adjusted profit before tax is now expected to be slightly higher this year reflecting lower interest costs. In the medium-term, the Group expects to continue to deliver strong progress against all five pillars of its growth strategy.

The Group employs a five pillar strategy, to drive growth and create value, which is outlined below.

The Group is highly cash generative, benefits from strong EBITDA margins in line with global branded food sector peers and has substantially reduced its leverage in recent years.

The Group no longer pays deficit contribution payments to its pension scheme, which historically have consumed a significant proportion of cash, and the dividend match arrangement with the scheme has been removed. This, together with the Group's strong underlying cash generative capacity, presents increased options to help it deliver on its growth ambitions and allocates capital according to a clear and disciplined framework as follows:

The Group's current Net debt/Adjusted EBITDA leverage ratio21 is 1.0x.

The Group's 'Enriching Life Plan', encompasses the three strategic pillars of Product, Planet and People; more details can be found in the Group's Annual Report for the 52 weeks ended 29 March 2025 and corporate website. Highlights in the first half of the year include 10% revenue growth of non-HFSS (non-high, fat, salt & sugar) products, the construction and completion of a large solar farm at our Carlton site which will provide up to 70% of the site's power requirements and a heat recovery system at our Lifton site to recycle waste heat.

A presentation to investors and analysts will be webcast today at 9:00am GMT.

To register for the webcast follow the link: www.premierfoods.co.uk/investors/investor-centre

A recording of the webcast will be available on the Company's website later in the day.

A conference call for bond investors and analysts will take place today, 13 November 2025, at 2:00pm GMT.

Dial in details are outlined below:

https://premierfoods.zoom.us/j/91902447806?pwd=AHo2qWtJpaRkM3kTvSLasnrvtTdGws.1

Webinar ID: 919 0244 7806

Passcode:550757

A factsheet providing an overview of the Half year results is available at:

www.premierfoods.co.uk/investors/results-centre

A Premier Foods image gallery is available using the following link:

www.premierfoods.co.uk/media/image-gallery/

As one of Britain's largest food producers, we're passionate about food and believe each and every day we have the opportunity to enrich life for everyone. Premier Foods employs over 4,000 people operating from 13 sites across the country, supplying a range of retail, wholesale, foodservice and other customers with our iconic brands which feature in millions of homes every day. 

Through some of the nation's best-loved brands, including Ambrosia, Batchelors, Bisto, Loyd Grossman, Mr Kipling, OXO and Sharwood's, we're creating great tasting products that contribute to healthy and balanced diets, while committing to nurturing our people and our local communities, and going further in the pursuit of a healthier planet, in line with our Purpose of 'Enriching Life Through Food'. 

This announcement may contain "forward-looking statements" that are based on estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements are all statements other than statements of historical fact or statements in the present tense, and can be identified by words such as "targets", "aims", "aspires", "assumes", "believes", "estimates", "anticipates", "expects", "intends", "hopes", "may", "would", "should", "could", "will", "plans", "predicts" and "potential", as well as the negatives of these terms and other words of similar meaning. Any forward-looking statements in this announcement are made based upon Premier Foods' estimates, expectations and beliefs concerning future events affecting the Group and subject to a number of known and unknown risks and uncertainties. Such forward-looking statements are based on numerous assumptions regarding the Premier Foods Group's present and future business strategies and the environment in which it will operate, which may prove not to be accurate. Premier Foods cautions that these forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in these forward-looking statements. Undue reliance should, therefore, not be placed on such forward-looking statements. Any forward-looking statements contained in this announcement apply only as at the date of this announcement and are not intended to give any assurance as to future results. Premier Foods will update this announcement as required by applicable law, including the Prospectus Rules, the UK Listing Rules, the Disclosure Guidance and Transparency Rules, the rules of the London Stock Exchange and any other applicable law or regulations, but otherwise expressly disclaims any obligation or undertaking to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

Headline revenue excludes Charnwood; reconciliations are provided in the appendices.

Headline Revenue1, which excludes Charnwood in the prior period, grew by 0.7% in the first half of the year and Headline branded revenue increased by 1.9%. Headline branded revenue stepped up in Quarter 2 to grow by 2.5%. Divisional contribution increased by 1.7% to £106.8m and Trading profit increased by 0.4% to £70.5m. Group and corporate costs were slightly higher at £36.3m, reflecting salary inflation and IT investment. Trading profit in the first half includes a full year impact of the new Extended Producer Responsibility (packaging) levy levied by HM Government, although the Group's recovery of these costs is phased over the whole of FY25/26. Headline Trading profit margins of 14.0% were broadly in line with last year. Adjusted profit before tax increased by 2.2% to £62.4m, while adjusted earnings per share grew by 1.1%. Basic earnings per share for the period increased by 17.4% to 5.4p.

Statutory overview

The table above is presented including results from Charnwood.

Group revenue on a statutory basis was £502.1m in the period, with Branded revenue growing by 1.8% to £452.7m. Non-branded revenue of £49.4m reflected the exit of some contracts across both the Grocery & Sweet Treats businesses. Grocery revenue was 2.0% lower than the prior period, partly due to the exit of Charnwood in the prior period. Sweet Treats revenue increased by 6.8% to £133.1m due to the strength of the Group's innovation programme. Profit before tax increased by 18.5% to £63.4m the first half of the year, due to growth in Operating profit of 11.9% from a higher net interest on pensions and administrative expenses credit and lower net finance costs.

Trading performance

Grocery

The table above is presented excluding the impact of Charnwood.

On a headline basis Grocery revenue was £369.4m in the first half of the year, (1.3%) lower than the comparative period (excluding Charnwood). Branded revenue was £337.5m and Non-branded revenue was £31.9m, a (9.0%) decrease on the prior period. In the second quarter, Grocery branded headline revenue returned to growth, increasing by 0.9%, of which UK branded revenue was up 1.5%, as weather in the UK started to normalise after an unusually hot summer. Non-branded revenue trends were broadly similar through the period and were due to contract exits on salt, stuffing and custard.

Divisional contribution in the period was marginally behind the prior year, although margins increased by 20 basis points to 25.1%, due to the Group's strong focus on efficiencies and also reflecting positive branded mix benefits of the trading performance.

The Group's Branded Growth Model leverages the strength of its market leading brands, launching insightful new products to market, supporting the brands with emotionally engaging advertising and building strategic retail partnerships. During the first quarter of this financial year, the underlying benefits of this model were offset by strong volume growth in the comparative period and much warmer weather in the UK, which reduced demand for categories such as gravy, stock and soup. These effects continued into the early part of the second quarter, although had normalised exiting the half year. The Group's premium ranges which include Ambrosia Deluxe, The Spice Tailor and Bisto Best continued to grow strongly in the period, with revenue 13% ahead of the prior year.

Marketing the Group's category-leading brands in recent years has focused heavily on employing television advertising to reach a wide market and maintain long-term brand equity. The Group considers the return on investment of this strategy is high however is now also evolving its approach to incorporate increased levels out of home media and social media to drive greater connection with a younger demographic, alongside the more traditional, TV media.

The Grocery business launched a number of new products in the period, including Bisto Peri-Peri gravy, Loyd Grossman premium Italian cooking sauces and Batchelors microwaveable pasta 'n' sauce. This innovation has also supported a further increase in Grocery's distribution points in the period, which increased by 3.1% compared to the same period a year ago. Additionally, the Group employs strategies to deliver effective and impactful instore activity across many of its brands and categories. These activities can be single or multi category and are often sited at the end of aisle in retailers to deliver maximum impact and returns.

Revenue growth from expanding into adjacent new categories increased by 41%, as the Group's brands continue to demonstrate their brand stretch capabilities. Ambrosia porridge pots again delivered strong revenue growth in the period; they now hold a 13% share of the category, are listed in all full assortment grocery retailers and available in five variants. Cape Herb & Spice also grew very strongly in the period and has now achieved significant sequential sales progression over the last four years. Additionally, FUEL10K Yogurt & Granola pots were launched in the chilled category in the first half of the year. This is the Group's latest extension into new categories, is initially listed in two major retailers, and early results are promising.

In the UK, both The Spice Tailor and FUEL10K delivered double-digit revenue growth and market share gains in the period. Leveraging the Group's Branded Growth Model, The Spice Tailor launched a Mexican range of sauce kits, Pad Thai Noodles and Punjabi Masala Poppadoms. In addition to Yogurt & Granola pots described above, FUEL10K added a protein enriched ready to eat porridge pot range, building on the success of Ambrosia porridge pots. Additionally, the Group also launched a protein enriched version of the popular Batchelors cup-a-soups, noodle pots and protein bowls in pouch formats. Both these brands are regularly using social media to drive connections with a younger demographic.

The Group acquired Merchant Gourmet, the premium, healthy, convenient meals brand in the period, effective 1 September 2025. It plans to leverage the Group's Branded Growth Model to deliver further growth for the brand, in a similar vein to how it has achieved growth of its other acquired brands, The Spice Tailor and FUEL10K.

Sweet Treats

Sweet Treats headline revenue increased by 6.8% to £133.1m, led by branded revenue which grew 9.4% to £115.6m. Non-branded revenue declined 7.5% as a result of contract exits in Swiss rolls, slices and whirls. Divisional contribution increased by £2.5m in the first half of the year to £14.2m, resulting in margin growth of 130 basis points to 10.7%.

The strength of the Sweet Treats innovation programme has been instrumental to the revenue growth delivered in the first half of the year; a perfect illustration of the Group's Branded Growth Model at work. The shape of branded revenue growth was split broadly equally between volume and price/mix, with the strong Divisional contribution progress due to operational leverage benefits from this strong branded volume growth. 

Recent new product launches which contributed strongly to the growth in the period included US-inspired Mr Kipling Birthday cake tarts, Mr Kipling Signature collection Brownie bites and Cadbury Caramel Mini Rolls. The Signature Brownie Bites again delivered double-digit revenue growth, aligned as they are to the indulgence consumer trend. Towards the end of the first half, Mr Kipling introduced a new range of cake bites tubs, in six different variants, initially available in one major retailer and which have enjoyed a very strong start. Another benefit of the innovation programme is that weighted distribution points for Sweet Treats increased by a substantial 14.8% in the period.

Further innovation is planned for the second half, and distribution of the Mr Kipling best ever, indulgent, mince pies for Christmas is being expanded to cover more retailers than last year.

International

Overseas Revenue was slightly lower in the period, 0.4%9 lower (on a constant currency basis) than FY24/25 H1, as it encountered a reduction of buffer stocks held of cake in Australia, associated with reduced shipping times. In-market performance remained strong, with retail sales up 17%, in Australia, where record market shares were delivered in cake as the Group leverages its Branded Growth Model.

In Australia, mainstream TV advertising of The Spice Tailor to build brand awareness continued in the period, accompanied by incremental instore promotional displays. Additionally, Sharwood's launched convenient 2-step curry kits into market. Mr Kipling further demonstrated the strength of its brand equity in Australia, achieving over 20% household penetration, while additional listings have been agreed with a major convenience channel retailer.

North America delivered a strong period of trading in quarter 2. Mr Kipling Apple Pies have achieved listing in a major retailer and the packaging on the slices ranges now accentuate the Britishness of the brand and product. The Spice Tailor gained another retailer listing in the period, while Sharwood's continues to gain distribution.

The Group continues to drive additional distribution of The Spice Tailor and Sharwood's in Europe. Sharwood's has delivered strong growth in France and Germany as it builds distribution.

In the second half, the effect of the buffer stock reduction described above, on cake in Australia should neutralise, while The Spice Tailor will be launching bigger pack versions of selected variants to market. In the USA, listings of Mr Kipling Apple Pies will be instore, together with further retailer listings of The Spice Tailor. Europe is focused on building further distribution of Sharwood's and The Spice Tailor and the first listing of FUEL10K is expected to be available in retailers.

Operating profit

Operating profit was £73.2m in the period, an increase of £7.8m compared to the prior period. Trading profit increased by 0.4% to £70.5m, and after recognising a full year impact of the new Extended Producer Responsibility (packaging) levy, as described above. Net interest on pensions and administrative expenses was a credit of £13.8m (FY24/25 H1: £9.7m), due to the opening discount rate applied and a lower government levy charge compared to the prior year. Non-trading items10 were £1.7m in the first half of the year, £2.1m lower than the comparative period, when costs associated with the closure of the Charnwood and Knighton manufacturing sites were recognised. Costs in the current year refer primarily to transaction costs associated with the Merchant Gourmet acquisition partly offset by a gain on the sale of the Charnwood site. Fair value movements on financial instruments was a credit of £0.9m (FY24/25 H1: £0.5m charge).

Finance costs

Net finance cost was £9.8m in the first half of FY24/25, a decrease of £2.1m compared to the prior period. Net regular interest6 was £1.1m lower at £8.1m, largely as a result of higher interest receivable reflecting increased average cash balances over the period. Interest on the Group's Senior secured notes ("Notes") of £5.8m was in line with the prior period. Other interest of £1.7m in the prior period related to the write-off of debt issuance costs associated with the previous revolving credit facility (RCF).

During the period, the Group increased available facilities under the RCF to £282.5m, exercising an accordion option on the facility. The RCF currently attracts a margin of 1.8% above SONIA and matures in May 2029. The Group also entered into a £275m bridge facility to November 2027 in the period, which was undrawn as at 27 September 2025. This is a committed facility which can provide the Group with additional financing, if required, until a bond is issued. The Group intends to refinance the Notes in due course, at which point, the bridge facility will expire. FY25/26 guidance for net regular interest is now £20-22m and cash interest £18-20m.

Taxation

The taxation charge for the period was £16.6m (2024/25 H1: £14.0m) and was largely due to a charge on operating activities of £15.9m (2023/24 H1: £13.4m). Tax on operating activities substantially reflects the rate of UK corporation tax (25%) owing to the Group's large UK presence.

Earnings per share

The Group reported profit before taxation of £63.4m in the period, a 18.5% increase on the comparative period, due to Operating profit growth and lower net finance cost, both as described above. Profit after tax was £46.8m, an increase of £7.3m and basic earnings per share was 5.4 pence, a rise of 17.4%.

Cash flow

Net debt as at 27 September 2025 was £207.1m, a reduction of £14.2m compared to the same point a year ago and £63.5m higher than 29 March 2025, the latter largely reflecting the Merchant Gourmet acquisition.

Trading profit was £70.5m, as described above, while depreciation and software amortisation11 was £12.7m. A working capital outflow of £36.1m in the period was due to finished good stock build ahead of the Group's largest trading quarter. Pension payments were £2.4m, in line with guidance and which refer to standard ongoing costs of administering the Scheme.

On a statutory basis, cash generated from operating activities was £32.8m (FY24/25 H1: £50.6m) after deducting net finance cost of £8.2m (FY24/25 H1: £12.0m), of which £1.0m is transaction costs related to the new RCF. The Group paid Taxation of £6.1m in the first half of the year (2024/25 H1: £4.0m).

Cash used in investing activities was £67.4m (FY24/25 H1: £22.5m), the increase being principally due to the acquisition of Merchant Gourmet in the period. Capital expenditure was £23.3m, and in line with full year guidance which is now c.£55m. The Group also received proceeds of £2.0m from the sale of the Charnwood site. Capital investment includes both growth projects supporting the Group's innovation strategy and cost release projects to deliver efficiency savings. With pension deficit payments suspended, the Group is allocating more funds to capital investment to deliver Gross margin accretion through efficiency and automation, which in turn provides funds to invest in marketing and so drive further branded growth. Examples of investment in the period include a new 4-pack kit to facilitate production of birthday cake and strawberry & cream tarts and an enhanced cooling process for Cadbury Mini Rolls, which increases line efficiency.

Cash used in financing activities was £29.5m in the period (FY24/25 H1: £16.5m), the majority of which included a £24.2m dividend payment to shareholders (FY24/25 H1: £14.9m). Purchase of shares by the EBT to satisfy colleague and executive share awards amounted to £3.8m (FY24/25 H1: £0.4m net proceeds). As at 27 September 2025, the Group held cash and bank deposits of £127.4m and its £282.5m revolving credit facility, was undrawn.

Pensions

As previously disclosed, the Group announced the suspension of deficit contribution payments to the pension scheme Trustee with effect from 1 April 2024 and this year also agreed the removal of the dividend match with the Trustee. The Triennial valuation of the Scheme as at 31 March 2025 remains ongoing and is expected to conclude in early 2026. The scheme continues to make good progress with its investment strategy and a full resolution, where the scheme has fully de-risked, is forecast to take place by the end of 2026. When the Group and Trustee agreed the suspension of pension deficit contributions, effective April 2024, Letters of Credit, equal to the value of the suspended contributions, were arranged in favour of the Scheme. The scheme has now reached the funding criteria that triggers release of these Letters of Credit, and this was effective September 2025.

The surplus on the Group's pension scheme was £572.4m as at 27 September 2025, a decrease of £76.3m compared to the prior period. Asset values were £114.1m lower at £3,098.7m, largely due to a reduction in private equity, global property and other illiquid assets, as the scheme continues its de-risking strategy. The applicable discount rate used to value liabilities increased from 5.75% to 5.85%, as a result of rises in UK 15 year corporate bond yields. The value of liabilities decreased by £37.8m to £2,526.3m. The RPI inflation rate assumption used decreased from 3.05% to 2.90%.

The Group's Annual Report for the 52 weeks ended 29th March 2025 reported our enterprise risk management process on pages 59 to 61, with the principal risks disclosed on pages 61 to 67. The material risks identified both top-down from the Board and bottom-up from management teams underpin the identification of principal risks. As a result of assessments with the Executive Leadership Team, and the formalisation of controls to mitigate material risks, we believe that there has been no significant change to the profile of our principal risks, which are not currently expected to change in the second half of the year. The principal risks are as follows (in alphabetic order): Climate change, Food safety, Impact of government legislation on our products, M&A activity, Macroeconomic and geopolitical instability, Market and retailer actions, People, Product profile, Supply chain interruption, and Technology and cyber.

The Group's Half year results are presented for the 26 weeks ended 27 September 2025 and the comparative period, 26 weeks ended 28 September 2024. All references to the 'period', or 'H1', unless otherwise stated, are for the 26 weeks ended 27 September 2025 and the comparative periods, 26 weeks ended 28 September 2024.

All references to the 'quarter', or 'Q2', unless otherwise stated, are for the 13 weeks ended 27 September 2025 and the comparative periods, 13 weeks ended 28 September 2024.

Note: Headline revenue in the tables above exclude Charnwood in both periods.

The Company uses a number of alternative performance measures to measure and assess the financial performance of the business. The directors believe that these alternative performance measures assist in providing additional useful information on the underlying trends, performance and position of the Group. These alternative performance measures are used by the Group for reporting and planning purposes and it considers them to be helpful indicators for investors to assist them in assessing the strategic progress of the Group.

Additional notes:

· The directors believe that users of the financial statements are most interested in underlying trading performance and cash generation of the Group. As such intangible brand asset amortisation and impairment are excluded from Trading profit because they are non-cash items.

· Group & corporate costs refer to group and corporate expenses which are not directly attributable to a reported segment and are disclosed at total Group level.

· In line with accounting standards, the International operating segment, the results of which are aggregated within the Grocery reported segment, are not required to be separately disclosed for reporting purposes.

Statement of directors' responsibilities

The directors confirm that these condensed consolidated interim financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

The maintenance and integrity of the Premier Foods Plc website is the responsibility of the directors; the work carried out by the authors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that might have occurred to the interim financial statements since they were initially presented on the website.

The directors of Premier Foods plc are listed on pages 70-71 of the Premier Foods plc Annual Report for the 52 weeks ended 29 March 2025. A list of current directors is maintained on the Premier Foods plc website: www.premierfoods.co.uk.

Approved by the Board on 13 November 2025 and signed on its behalf by:

Alex Whitehouse

Chief Executive Officer

Duncan Leggett

Chief Financial Officer

Independent review report to Premier Foods plc

Report on the condensed consolidated interim financial statements

Our conclusion

We have reviewed Premier Foods plc's condensed consolidated interim financial statements (the "interim financial statements") in the Half year results of Premier Foods plc for the 26 week period ended 27 September 2025 (the "period").

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

The interim financial statements comprise:

The interim financial statements included in the Half year results of Premier Foods plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the Half year results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The Half year results, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Half year results in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the Half year results, including the interim financial statements, the directors are responsible for assessing the group'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 group or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to express a conclusion on the interim financial statements in the Half year results based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, 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.

PricewaterhouseCoopers LLP

Chartered Accountants

London

13 November 2025

Condensed interim financial statements