17 Based on the research findings, the increase in assets under management (AUM) can be attributed to the following four areas: • Private markets and alternatives encompassing private equity, private credit, real estate, infrastructure, and alternative investments. • Passive investment which includes index funds, ETFs, hedge funds, and structured products. • Regional wealth creation is particularly notable in Asia Pacific countries, especially India (where new wealth creation is accelerating), and Japan (with household savings transitioning to investment products); developments are also observed in Latin America, the Middle East, and Africa. Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

23 BUSINESS MODEL Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

34 The Group continues to invest in senior sales employees to strengthen outreach to potential customers in key strategic locations, including Hong Kong, Singapore, Luxembourg and Brazil. Operations and compliance teams have been reinforced to support new business opportunities from ongoing sales and marketing efforts, alongside local fiscal, tax and economic reforms. This expansion remains essential to building a robust pipeline for future organic growth. Consistent with the IPO strategy, investment in human capital will continue. While it has created short-term pressure on profitability, the Board regularly reviews performance to ensure long-term sustainable growth and competitiveness. Operational efficiency Operational efficiency is another key metric the Group regularly reviews to maximize resource .utilisation and drive down costs. The Group has policies in place where it is mandatory for client facing and back office employees (together, ‘Operational Employees’) to submit timesheets on a weekly basis so that the Group can better monitor employees' time spent on standard tasks. The Group measures operational efficiency of its Fund Administration division by computing the number of funds handled by each Operational Employee under that division (‘Fund Operational Employee’): FY25 FY24 Number of funds 331 294 Number of Fund Operational Employees 57 66 Number of funds per Operational Employee 5.8 4.5 The number of funds handled by each Operational Employee has increased from 4.5 in 2024 to 5.8 in 2025. Such improvement represents the result of the Group’s efforts in standardization of workflow, system automation and enhancement of operation process. The Group believes that successful maintenance of such levels of operational efficiency is essential to display the scalable characteristic of its business model. It also lays the foundation for AMIF to execute its organic and inorganic growth strategies. Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

35 Financial Overview Group Income Statement for the Year Ended 31 December 2025 2024 US$'000 US$'000 Revenue 16,881 15,616 Payroll and remuneration costs (9,741) (9,067) Rent and occupancy (749) (602) Professional fees (1,820) (1,789) IT expenses (636) (657) Foreign exchange gain /(loss) 273 (239) Other operating expenses (2,034) (2,036) EBITDA 2,174 1,226 Other gains - 53 Other income 64 128 Interest income 286 101 Finance costs (73) (49) Depreciation and amortisation expenses (336) (406) Profit before income tax 2,115 1,053 Income tax expense (582) (353) Net profit for the year 1,533 700 Earnings per share (‘EPS’) Basic and diluted EPS increased to US$1.28 cents in FY25 from US$0.58 cents in FY24. Organic Business Performance Revenue Revenue by operating segments for the year ended 31 December 2025 2024 US$'000 US$'000 Fund administration 7,913 7,901 Business process outsourcing 7,101 6,084 Governance and compliance 1,867 1,631 Total 16,881 15,616 Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

47 Influence on decision making Investor feedback influences AMIF policy and strategic decisions. Employee feedback provides input to the board for process improvements and internal policy changes. Customer insights drive investment in new product development and can lead to research and development opportunities. Changes in law and regulation steer the direction of decisions. GOING CONCERN The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements. In assessing going concern, the Directors considered the Group’s cash flows, solvency and liquidity positions, and have considered a range of scenarios as part of their assessment. As at the year ended 31 December 2025, the Group had cash and cash equivalents of US$3.7 million (31 December 2024: US$3.2 million) and net current assets of US$6.0 million (31 December 2024 US$4.0 million), which the Directors believe will be sufficient to maintain the Group’s liquidity over the going concern period (i.e. 12 months from the date of approval of the financial statements), including continued investments to meet existing financial commitments and to deliver future growth. Approved by the Board and signed on its behalf. Kin Lai CEO 01 June 2026 Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

49 ESG Materiality Assessment AMIF conducted an ESG Materiality Assessment in FY2024 to identify and prioritize ESG factors most relevant to its business and stakeholders. The assessment aligns with SASB, GRI, and London Stock Exchange ESG disclosure requirements and continues to inform FY2025 disclosures. Approach and Methodology A structured, stakeholder-informed approach was applied, incorporating engagement with employees, clients, and management, supported by peer benchmarking and Board-level ESG workshops. ESG topics were assessed using a scoring methodology based on stakeholder importance and consolidated into a materiality matrix reflecting relative importance to the business and stakeholders. Key Outcomes 1. Governance: Professional Integrity & Ethics emerged as the most material governance topic. 2. Social: Training & Education was identified as a top priority for enhancing workforce capabilities. Environmental: While all identified environmental topics were deemed material, none were categorized as having the highest priority. ESG Material Matters ranking by business and stakeholders The two stakeholder groups’ respective top ten potential ESG material matters were ranked by each group as follows: Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

50 Score of Importance to Stakeholders: Score of Importance to Business: Strategic Priorities in 2026 To address key ESG priorities, AMIF is committed to: • Enhancing employee engagement and training and education programs to support employee development. • Expanding the ESG Policy towards a principles-based approach to climate-related risks, opportunities and energy management strategies • Conducting a refreshed ESG Materiality Assessment, incorporating a double materiality approach to assess both financial and impact materiality TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) AMIF applies the TCFD framework to support transparent disclosure of climate-related risks and opportunities. As a global, people-centric business operating in fund administration and fiduciary services, exposure to climate risk is primarily indirect, arising through jurisdictions, regulatory environments, and client activity. During 2025, AMIF continued to enhance its approach to identifying, assessing, and managing climate-related risks, with a focus on improving integration within existing Amicorp Group Governance and Risk frameworks. Governance The Board retains overall oversight of ESG and climate-related matters, supported by the Group Risk Committee and ESG Working Group. Climate considerations are incorporated into existing governance and risk discussions. Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

78 The Annual Report and financial statements, taken as a whole, are considered to be fair, balanced and understandable to provide the information necessary for shareholders to assess the Group’s position and performance, business model and strategy. This report was approved and authorized for issued by the Board on 01 June 2026 and signed on its behalf by: Kin Lai CEO Amicorp FS (UK) Plc Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

91 In due course, as required by the Financial Conduct Authority Disclosure Guidance and Transparency Rule 4.1.15R - 4.1.18R, these financial statements will form part of the Electronic Format Annual Financial Report filed on the National Storage Mechanism of the FCA in accordance with DTR 4.1.15R – DTR 4.1.18R. This auditor’s report provides no assurance over whether the Electronic Format Annual Financial Report has been prepared in compliance with DTR 4.1.15R – DTR 4.1.18R. Arbinder Chatwal (Senior Statutory Auditor) For and on behalf of BDO LLP, Statutory Auditor Southampton, UK 01 June 2026 Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 Consolidated statement of profit or loss 31 December 31 December Note(s) 2025 2024 $ '000 $ '000 Revenue 5 16,881 15,616 Payroll and remuneration costs 7 (9,741) (9,067) Rent and occupancy (749) (602) Professional fees (1,820) (1,789) IT expenses (636) (657) Depreciation expenses (336) (406) Foreign exchange gain / (loss) 273 (239) Net impairment loss on financial assets (287) (520) Other operating expenses 6 (1,747) (1,516) Operating profit 1,838 820 Other gains - 53 Other income 64 128 Interest income 286 101 Finance costs (73) (49) Profit before income tax 2,115 1,053 Income tax expense 9 (582) (353) Net profit after tax 1,533 700 Earnings per ordinary shares (Note 25) US$ US$ Cent Cent Basic EPS 1.28 0.58 Diluted EPS 1.28 0.58 Consolidated statement of total comprehensive income 2025 2024 $ '000 $ '000 Net profit after tax 1,533 700 Other comprehensive gain Foreign currency translation 203 380 Total comprehensive income for the year 1,736 1,080 Page:92

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 Consolidated statement of financial position as at 31 December Note(s) 2025 2024 $ '000 $ '000 Non-current assets Property, plant and equipment 10 72 132 Intangible assets 45 69 Right of use assets 16 210 411 Investments 88 83 Deferred tax assets 134 213 549 908 Current assets Trade receivables 11 3,778 2,806 Other receivables, deposits and prepayments 12 2,344 991 Cash and cash equivalents 13 3,706 3,205 Amounts receivable from related companies 21 452 - Income tax receivable 9 352 - 10,632 7,002 Total assets 11,181 7,910 Current liabilities Trade payables 14 925 395 Accrued payroll and employee benefits 17 838 818 Other payables and accruals 15 2,112 976 Lease liabilities 16 147 246 Amounts due to related companies 21 - 193 Income tax payable 9 603 387 4,625 3,015 Net current assets 6,007 3,987 Total assets less current liabilities 6,556 4,895 Non-current liabilities Lease liabilities 16 94 216 94 216 Total liabilities 4,719 3,231 NET ASSETS 6,462 4,679 Equity Share capital 121 120 Share premium 7,188 5,989 Foreign exchange reserves 207 4 Merger reserves (1,226) (1,273) Retained earnings / (Accumulated losses) 172 (161) Total equity 6,462 4,679 Approved and signed on behalf of the Board by: Page:93 01 June 2026

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 Consolidated statement of changes in equity Share Share Forex Merger Accumulated Capital premium translation reserves losses Total $'000 $'000 $'000 $'000 $'000 $'000 As at 1 January 2024 120 5,989 (376) (1,273) (861) 3,599 Profit for the year - - - - 700 700 Foreign currency translation - - 380 - - 380 As at 31 December 2024 120 5,989 4 (1,273) (161) 4,679 Share Forex Merger Retained Share capital premium translation reserves earnings Total $'000 $'000 $'000 $'000 $'000 $'000 As at 1 January 2025 120 5,989 4 (1,273) (161) 4,679 Share issue as dividend 11,199--(1,200)-Merger reserve additions and - - - 47 - 47 eliminations (1) Profit for the year - - - - 1,533 1,533 Foreign currency translation---203 - 203 As at 31 December 2025 121 7,188 207 (1,226) 172 6,462 The purchase price of the common control acquisition that took place in the prior year was finalised during FY2025 ¹ - Page:94

Page:95 Statement of cash flow for the year ended 31 December 2025 2025 2024 $ '000 $ '000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 2,115 1,053 Adjustments for: Depreciation of property, plant and equipment 75 92 Amortisation of intangible assets 45 39 Depreciation of right of use assets 218 275 Recognition of doubtful debt provision 246 219 Bad debt 41 151 Provision for impairment of other receivables 306 150 Finance costs 73 49 Foreign exchange (gains) / losses (273) 239 Other gains - (53) Cash generated from operations before working capital changes 2,846 2,214 Cash generated from operations Increase in trade receivables (1,065) (290) Increase in other receivables, deposits and prepayments (1,536) (440) Increase in amounts due from related companies (423) (1,184) Decrease/Increase in accrued payroll and employee benefits (6) 246 Increase in trade payables 501 232 Increase / (decrease) in other provisions and payables 1,072 (41) Cash (used in) / generated from operations (1,457) (1,477) Cash generated from operations before income tax paid 1,389 737 Income tax paid to tax authorities Income tax paid to tax authorities (609) (336) Net cash flows generated from operating activities 780 401 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (35) (55) Net cash flows used in investing activities (35) (55) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of principal portion of lease liabilities (261) (267) Finance costs (50) (49) Net cash flows used in financing activities (311) (316) Movement in cash and cash equivalents for the year NET INCREASE IN CASH AND CASH EQUIVALENTS 434 30 Cash and cash equivalents at beginning 3,205 3,163 Foreign exchange difference 67 12 CASH AND CASH EQUIVALENTS AT END OF YEAR 3,706 3,205

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 Notes to accounts 1. GENERAL These annual financial statements are the audited consolidated financial statements for Amicorp FS (UK) Plc and its subsidiaries. Amicorp FS (UK) Plc (the ‘Company’), a public limited company incorporated and domiciled in the United Kingdom with its company number being 14704124 under the Companies Act 2006, together with its subsidiaries (collectively, the ‘Group’), is a provider of fund administration services, regulatory reporting, fiduciary services and multi-faceted business support alternatives for hedge funds, private equity funds and family offices investing in listed or unlisted equities, financial instruments, projects, real estate and various asset classes locally or globally. The Group also offers administration and fiduciary services to special purpose vehicles associated with fund structures or entities with passive investment in financial instruments. The address of the Company’s registered office is 5 Lloyd’s Avenue, London, United Kingdom, EC3N 3AE. 2. BACKGROUND AND BASIS OF PREPARATION (a) Background and purposes of the consolidated financial information organisation The Group is a business division of Amicorp Group, which is a multinational providing, in addition to fund administration services, a broad range of corporate management, capital market and financial services to clients globally with a dedicated network of international experts and specialists. Since year 2018, newly incorporated subsidiaries of the Group and former subsidiaries of Amicorp Group entered into multiple conditional agreements for the sale and purchase of the respective equity share capital of such former subsidiaries, being a set of fund administration services within Amicorp Group. The Group was not formed of a separate standalone legal group of entities, and the Company was incorporated on 3 March 2023 and inserted as the holding company of the Group on 26 May 2023. As announced on 5 June 2023, the Company successfully raised gross proceeds of US$6.47 million through a placing of 6,468,000 new ordinary shares, with a further placing of 9,702,000 existing ordinary shares that raised US$9.70 million. On 8 June 2023, the Company was successfully admitted to the Main Market of the London Stock Exchange, as a holding company of the Group. In the financial year ended 31 December 2023, the insertion of the Company as the holding company of the Group constituted a carve-out reconstruction involving transfer of shares in the Group’s entities, in which merger accounting was applied. Accordingly, the consolidated financial statements of the Group were prepared as if the Company, together with its subsidiaries, collectively had already existed before the start of the earliest period presented. The prior year financial information was, therefore, presented as if the carve-out reconstruction had already occurred, and it was derived from the HFI included in the listing prospectus, primarily adjusted for the demerger equity, reserve and consolidation adjustments, except for Amicorp Fund Services Luxembourg S.A (“AFS Luxembourg”); AFS Luxembourg was incorporated as a new legal entity in the Luxembourg jurisdiction during the prior financial year and transferred to the Group as a new subsidiary, and the previous carved-out portion related to AFS business in Luxembourg included in the HFI were excluded from the prior year financials, . in order to be in compliance with the IFRS reporting frameworkDetails on such reconciliations from the historical financial information to the IFRS comparatives of previous years were included in the 2023 annual report. Page:96

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 In December 2024, the Group acquired three entities via two common control transactions with Amicorp Group’s Financial Markets and Management Services divisions, for a total consideration of US$4.5 million, settled specialize through the related party receivable balance due from Amicorp Group. These acquired entities in business process outsourcing and trusteeship administrative services, and they have been accounted for consistently under the same merger accounting policies within these consolidated financial statements, as if they had always existed collectively with the Group prior to the start of the earliest period presented. These consolidated financial statements of Amicorp FS (UK) Plc for the year ended 31 December 2025, have been prepared in accordance with UK-adopted International Financial Reporting Standards (IFRS), including interpretations issued by the IFRS Interpretations Committee (IFRIC), and the requirements of the Companies Act 2006. The accounting policies have been applied consistently to the comparative figures in these consolidated financial statements. The consolidated financial statements are presented in thousands of US Dollars (‘US$’000’) unless otherwise indicated and prepared under the historical cost convention and based upon the accounting policies disclosed below. Unless otherwise stated, the prior year consolidated financial statements of the Group under the merger accounting principles were presented as if the Company, with its subsidiaries, had always collectively existed at its earliest period, with consistency in the accounting policies with those applied to the current financial year. Where applicable, the Group has taken into account and implemented IFRS standards, along with any related interpretations and amendments, which were issued and effective as of 1 January 2025. The Group has not chosen to adopt any standards, interpretations, or amendments before their effective date. While there have been some new amendments effective in 2025, they are not considered to impact the consolidated financial statements. (b) Entities included within the Group The financial position and financial performance of the following entities are included as part of the consolidated financial statements: • Amicorp Fund Services Asia Limited • Amicorp Fund Services (Asia) Pte. Ltd. • Amicorp (Shanghai) Consultants Ltd. • Amicorp Fund Services N.V. • Amicorp Fund Services N.V. (Barbados Branch) • Amicorp Fund Services N.V. (Bahamas Branch) • Administradora de Fondos de Inversión Amicorp S.A. • Amicorp Administradora General de Fondos SA (formerly known as ECUS Administradora General de Fondos SA) • AFS BRASIL LTDA. • Soluciones y Servicios AFS México, S.A. de C.V. • Amicorp Fund Services Malta Limited • Amicorp Support Services Ltd • Amicorp Fund Services (Mumbai) Private Limited • Amicorp Fund Services (Mumbai) Private Limited (Bangalore Branch) • Amicorp Fund Services (Cyprus) Ltd • Amicorp Fund Services Luxembourg S.A • Administradora Amicorp Peru S.A.C. Page:97

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 • Amicorp Fund Services (AIFC) Limited • Amicapital Services Limited • Amicorp Financial Services Philippines, Inc. • Amicorp Trustees (India) Private Limited • Amicorp Trustees (India) Private Limited (GIFT SEZ Branch) • AFS BPO Services SPA • Amicorp Financial Markets (UK) Ltd • Amicorp Fund Service (DIFC) Limited (c) Basis of measurement and going concern assumption The consolidated financial statements have been prepared under the historical cost basis except for certain financial assets and liabilities which are measured at fair value in accordance with UK-adopted IFRS and IAS. The measurement bases are fully described in the accounting policies below. The material accounting policies that have been used in the preparation of the consolidated financial statements summarized are below. These policies have been consistently applied to years and periods presented unless otherwise stated. It should be noted that accounting estimates and assumptions are used in preparation of the consolidated financial statements. Although these estimates are based on management’s best knowledge and judgment of current events and actions, actual results may ultimately differ from those estimates. The area involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 4. Going concern The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date these financial statements are issued. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements. In assessing going concern, the Directors considered the Group’s cash flows, solvency and liquidity positions, considering a range of scenarios. The worst-case scenario applies adverse assumptions on key business metrics, presuming fund launch rates of new funds and existing launching funds respectively are reduced by half and attrition rates increased twofold compared to normal scenarios, as well as a reverse stress test, which is -unlikely based on historical trends. In this reasonably worst case scenario, the net current assets and cash and cash equivalents are projected to remain positive throughout the going concern period. As at the year ended 31 December 2025, the Group had cash and cash equivalents of US$3.7 million (31 December 2024: US$3.2m million) and net current assets of US$6.0 million (31 December 2024: US$4.0 million), which the Directors believe will be sufficient to maintain the Group’s liquidity over the going concern period (i.e. at least 12 months from the date of issue of these financial statements), including continued investments to meet existing financial commitments and to deliver future growth. Page:98

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 (d) Functional and presentation currency Items included in the financial information of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The presentational currency of the Group is United States Dollars (‘US$’), and hence the financial information is presented in US$, unless specified otherwise. In the individual financial statements of the Group’s entities, foreign currency transactions are translated into the functional currency of the individual entity using the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and liabilities are in profit or loss. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined and are reported as part of the exchange revaluation gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. In the consolidated financial information, all individual financial statements of foreign operations, originally presented in a currency different from the Group’s presentation currency, have been converted into US$. Assets and liabilities have been translated into US$ at the closing rates at the reporting dates. Income and expenses have been converted into US$ at the exchange rates ruling at the transaction dates, or at the average rates over the reporting year provided that the exchange rates do not fluctuate significantly. Any differences arising from this procedure have been dealt with separately in other comprehensive income and the translation reserves in equity. Accounting Policies 3. MATERIAL ACCOUNTING POLICIES (a) Basis of consolidation On consolidation, the results and financial position of foreign operations are translated into the presentation currency of the Group, as follows: • Assets and liabilities for the consolidated statement of financial position presented are translated at the closing rate at the reporting date; • income and expense items are translated at exchange rates ruling at the date of the transactions; • all resulting exchange differences are in other comprehensive income (foreign exchange reserves); and • cash flow items are translated at the exchange rates ruling at the date of the transaction. unrealized Inter-company transactions and balances between group companies together with profits are Unrealized eliminated in full in preparing the consolidated financial statements. losses are also eliminated unless the transaction provides evidence of impairment on the asset transferred, in which case the loss is in profit or loss. The results of subsidiaries acquired or disposed of, if any, during the year are included in the consolidated statement of comprehensive income from the dates of acquisition or up to the dates of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. Page:99

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 Common control acquisition of subsidiaries or businesses is accounted for using the acquisition method. The cost of an acquisition is measured at the aggregate of the acquisition date fair value of assets transferred, liabilities incurred, and equity interests issued by the Group, as the acquirer. The identifiable assets acquired, and liabilities assumed are principally measured at acquisition-date fair value. The Group’s previously held equity interest in the acquiree is re-measured at acquisition-date fair value and the resulting gains or losses are in profit or loss. The Group may elect, on a transaction-by-transaction basis, to measure the non-controlling interests that represent present ownership interests in the subsidiary either at fair value or at the proportionate share of the acquiree’s identifiable net assets. All other non-controlling interests are measured at fair value unless another measurement basis is required by IFRSs. Acquisition-related costs incurred are expensed unless they are incurred in issuing equity instruments in which case the costs are deducted from equity. Any contingent consideration to be transferred by the acquirer is at acquisition-date fair value. Subsequent adjustments to consideration are against goodwill only to the extent that they arise from new information obtained within the measurement period (a maximum of 12 months from the acquisition date) about the fair value at the acquisition date. All other subsequent adjustments to contingent consideration classified as an asset or a liability are in profit or loss. Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group’s interest and the non-controlling interest are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the noncontrolling interest is adjusted and the fair value of the consideration paid or received is directly in equity and attributed to owners of the Group. When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interest. Amounts previously in other comprehensive income in relation to the subsidiary are accounted for in the same manner as would be required if the relevant assets or liabilities were disposed of. (b) Subsidiaries A subsidiary is an investee over which the Group is able to exercise control. The Group controls an investee if all three of the following elements are present: power over the investee, exposure, or rights, to variable returns from the investee, and the ability to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. (c) Merger accounting In its first-time annual report for the year ended 31 December 2023, merger accounting was initially applied for the Company inserted as the holding company of the Group, by way of receiving transferred shares of certain entities under common control as part of the carve-out reconstruction described in Note 2(a), given the ultimate controlling parent remained the same. This method treated the Company, together with its subsidiaries, as if they had been merged and integrated before the start of the earliest period presented. The net assets of the consolidated entities or businesses used the existing book values from the controlling parties’ perspective. No amount was in consideration for goodwill or excess of acquirers’ interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities over cost at the time of the carve-out reconstruction, to the extent of the continuation of the controlling parties’ interest. When the Company was inserted as the holding company of the Group, the excess of the carrying amount of integrated net assets over the consideration to Amicorp Group was represented as a merger reserve in equity in the consolidated statement of financial position, under the predecessor method. Page:100

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 Additionally, in December 2024, the Group acquired three entities via two common control transactions with Amicorp Group’s Financial Markets and Management Services divisions. These acquired entities have been consistently accounted for under the same merger accounting policies within these consolidated financial statements. Meanwhile, transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in operations of the previously separate businesses, etc., incurred in relation to the carve-out reconstruction that were accounted for by using merger accounting have been as an expense in the corresponding financial years in which they were incurred. (d) Tangible assets Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of tangible asset includes its purchase price and the costs directly attributable to the acquisition of the items. Subsequent costs are included in the assets' carrying amount or as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de. All other repairs and maintenance are as an expense in profit or loss during the financial period in which they are incurred. Tangible assets are depreciated so as to write off their cost or valuation net of expected residual value over their estimated useful lives on a straight-line basis. The useful lives, residual value and depreciation method are reviewed, and adjusted if appropriate, at the end of each reporting period. The useful lives are as follows:

Asset	Useful life
Machinery and equipment	3 - 10 years
Furniture and fixtures	3 - 10 years
Motor vehicles	3 - 5 years
Leasehold improvements	in line with lease terms

An asset is written down immediately to its recoverable amount if its carrying amount is higher than the asset’s estimated recoverable amount. The gain or loss on disposal of an item of tangible assets is the difference between the net sale proceeds and its carrying amount, and is in profit or loss on disposal. (e) Financial instruments (i) Financial assets A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. All regular way purchases and sales of financial assets are on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets market that require delivery of assets within the period generally established by regulation or convention in the place. Financial assets with embedded derivatives are considered in their entirely when determining whether their cash flows are solely payment of principal and interest. Page:101

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 Investments It represents an investment in an equity fund classified as a financial asset measured at fair value through profit recognize or loss, given that it was not elected by management at inception to fair value gains and losses through OCI; the Group held 2,386 units of Series B in Fondo De Inversion Ecus Agri-food, which is a Chilean public fund regulated by the Chilean Financial Market Commission (“CMF”), with aims to generate long-term capital appreciation from its investment portfolio for food and agricultural products, and the units of Series B held by the Group represent 1.69 per cent of the total units issued by the fund. The Group’s valuation technique used for this investment is the net asset value (which equates to fair value), based on the ratio of the units held over the total unit issued by the fund. The fair value hierarchy of this investment is considered as level 1, given that the fund is required to report its net asset value to the CMF on a quarterly basis, following the guidelines provided by the CMF for the fair value inputs. The fair value of the investment by the Group is measured as at reporting dates. Debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. The Group only has the following type of debt instruments: Amortised cost: Assets that are held for collection of contractual cash flows and the cash flows represent solely amortised payments of principal and interest are measured at amortised cost. Financial assets at cost are subsequently measured using the effective interest rate method. Interest income, foreign exchange gains and losses and impairment are in profit or loss. Any gain on derecognition is in profit or loss. (ii) Impairment loss on financial assets recognizes The Group loss allowances for expected credit loss (‘ECL’) on trade receivables and other receivables amortised that are financial assets measured at cost. The ECLs are measured on either of the following bases: (1) 12 months ECLs: these are the ECLs that result from possible default events within the 12 months after the reporting date: and (2) lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the assets’ original effective interest rate. The Group has elected to measure loss allowances for trade and other receivables using IFRS 9 simplified approach and has calculated ECLs based on lifetime ECLs. The Group has established a provision matrix that is based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For other financial assets, such as amount due from related companies, deposits and other current assets, the ECLs are based on the 12-months ECLs. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECLs. Page:102

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group considers a financial asset to be credit-impaired when: (1) the counterparty is unlikely to pay its credit realizing obligations to the Group in full, without recourse by the Group to actions such as security (if any is held); or (2) the financial asset is more than 30 days past due. Interest income on credit-impaired financial assets is calculated based on the amortised cost (i.e., the gross carrying amount less loss allowance) of the financial asset. For non-credit-impaired financial assets interest income is calculated based on the gross carrying amount. (iii) Financial liabilities The Group classifies its financial liabilities, depending on the purpose for which the liabilities were incurred. Financial liabilities at fair value through profit or loss are initially measured at fair value and financial liabilities at amortised costs are initially measured at fair value, net of directly attributable costs incurred. Financial liabilities at amortised cost amortised amortised Financial liabilities at cost including trade and other payables are subsequently measured at cost. derecognised amortisation Gains or losses are in profit or loss when the liabilities are as well as through the process. Financial liabilities at fair value through P&L Any deferred consideration, arising from business acquisitions, is measured at fair value at the date of acquisition. If an obligation to pay deferred consideration that does not meet the definition of an equity instrument is remeasured at fair value at each reporting date and subsequent changes in the fair value of the deferred consideration are in profit or loss. Page:103

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 (iv) Effective interest method amortised The effective interest method is a method of calculating the cost of a financial asset or financial liability and of allocating interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments through the expected life of the financial asset or liability, or where appropriate, a shorter period. (v) Equity instruments Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. (vi) Derecognition derecognizes The Group a financial asset when the contractual rights to the future cash flows in relation to the financial asset expire or when the financial asset has been transferred and the transfer meets the criteria for derecognition in accordance with IFRS 9. de Financial liabilities are when the obligation specified in the relevant contract is discharged, cancelled or expires. (f) Revenue recognition Revenue from contracts with customers is when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts. Depending on the terms of the contract and the laws that apply to the contract, control of the goods or service may be transferred over time or at a point in time. Control of the goods or service is transferred over time if the Group’s performance: provides all of the benefits received and consumed simultaneously by the customer; • creates or enhances an asset that the customer controls as the Group performs; or • does not create an asset with an alternative use to the Group, and the Group has an enforceable right to payment for performance completed to date. Revenue comprises the provision of fund administration services, regulatory and compliance services and also business process outsourcing services. Fund administration services represent fund onboarding, registrar and transfer agency and NAV calculation, and preparation of financial statements; regulatory and compliance and business process outsourcing include services of AML, directorship, board support, FATCA, CRS and other tax reporting. The majority of these services—such as ongoing fund administration activities, continuous regulatory support, and integrated outsourcing—are over time, typically on a monthly basis, as they involve continuous performance obligations with benefits consumed simultaneously by clients. If control of the goods or services transfers over time, revenue is over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation; for instance, certain services are activities performed to fulfil AFS’s continuous integrated fund administrative service, where the benefits consumed by the client are substantially the same for each monthly service (i.e., 12 distinct instances of admin service provision), with corresponding revenue monthly. However, certain services—such as the delivery of completed financial statements or specific regulatory reporting (e.g., tax-related reports)—are at a point in time when the discrete deliverable is transferred to the customer. Page:104

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 (g) Income taxes Income taxes for the year comprise current tax and deferred tax. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purposes and is calculated using tax rates that have been enacted or substantively enacted at the end of the reporting year. Deferred tax is in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for tax purposes. Except for assets and recognized liabilities that affect neither accounting nor taxable profits, deferred tax liabilities are for all taxable recognized temporary differences. Deferred tax assets are to the extent that it is probable that taxable profits will .utilisedbe available against which deductible temporary differences can be . Deferred tax is measured at the tax realized rates appropriate to the expected manner in which the carrying amount of the asset or liability is or settled and that have been enacted or substantively enacted at the end of reporting period. recognized Deferred tax liabilities are for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. recognized recognized Income taxes are in profit or loss except when they relate to items in other comprehensive recognized income in which case the taxes are also in other comprehensive income or when they relate to items recognized recognized directly in equity in which case the taxes are also directly in equity. (h) Foreign currency Transactions entered into by group entities in currencies other than the currency of the primary economic environment in which it/they operate(s) (the “functional currency”) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the end of the reporting year. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are recognized in profit or loss in the year in which they arise. Exchange differences arising on the retranslation of nonmonetary items carried at fair value are included in profit or loss for the period except for differences arising on recognized the retranslation of non-monetary items in respect of which gains and losses are in other recognized comprehensive income, in which case, the exchange differences are also in other comprehensive income. On consolidation, income and expense items of foreign operations are translated into the presentation currency of the Group (i.e. United States dollars) at the average exchange rates for the year, unless exchange rates fluctuate significantly during the period, in which case, the rates approximating to those ruling when the transactions took place are used. All assets and liabilities of foreign operations are translated at the rate ruling recognized at the end of the reporting year. Exchange differences arising, if any, are in other comprehensive income and accumulated in equity as foreign exchange reserve (attributed to non-controlling interests as appropriate). Page:105

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 Exchange differences recognized in profit or loss of group entities’ separate financial statements on the translationof long-term monetary items forming part of the Group’s net investment in the foreign operation concerned are reclassified to other comprehensive income and accumulated in equity as foreign exchange reserve. On disposal of a foreign operation, the cumulative exchange differences recognized in the foreign exchange reserve relating to that operation up to the date of disposal are reclassified to profit or loss as part of the profit or loss on disposal. (i) Impairment of other assets At the end of each reporting year, the Group reviews the carrying amounts of the following assets to determine whether there is any indication that those assets have suffered an impairment loss or an impairment loss recognized previously that no longer exists or may have decreased: • tangible assets and intangible assets; If the recoverable amount (i.e. the greater of the fair value less costs to sell and value in use) of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable recognized amount. An impairment loss is as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the recognized carrying amount that would have been determined had no impairment loss been for the asset recognized previously. A reversal of an impairment loss is as income immediately. (j) Share capital In accordance with IAS 32, expenses incurred specifically for issuing shares, such as underwriting fees, are deducted from equity. Conversely, expenses associated with listing on the stock market, such as listing fees, or recognized those not directly linked to issuing new shares, are as expenses in the income statement when they are incurred. For costs that pertain to both share issuance and listing, such as legal fees, they are allocated between these two functions in a reasonable and consistent manner. (k) Distributable reserve recognised It represents certain net earnings of prior years according to the carve-out principles of the HFI included in the listing prospectus, at the time when the Group was previously not yet formed as a separate standalone legal entity or group of entities. Page:106

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 4. KEY ACCOUNTING ESTIMATES In the application of the Group’s accounting policies, the directors are required to make judgements, 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 differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates recognized are in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Key sources of estimation uncertainty In addition to information disclosed elsewhere in this financial information, other key sources of estimation uncertainty that have a significant risk of resulting a material adjustment to the carrying amounts of assets and liabilities within next financial year are as follows: (i) Impairment of financial assets measured at amortised cost amortised Management estimates the amount of loss allowance for ECL on financial assets that are measured at cost based on the credit risk of the respective financial asset. The loss allowance amount is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows after taking into consideration of expected future credit loss of the respective financial asset. The assessment of the credit risk of the respective financial as set involves high degree of estimation and uncertainty. When the actual future cash flows are different from expected, a material impairment loss or a material reversal of impairment loss may arise, accordingly. (ii) Merger reserve These consolidated financial statements have involved the recognition and measurement of merger reserves arising from business combinations under common control in both financial years ended 31 December 2024 and 31 December 2023, since the Company was inserted in May 2023 into the Group as the listing company for the AFS business. The measurement of merger reserves is subject to estimations due to the complexity and judgment involved in determining the value of net assets received via the receipt of shares in certain subsidiaries transferred to the .utilises Company. Management exercises professional judgment and appropriate valuation methodologies to determine the initial recognition and measurement of merger reserves. For details, please see the accounting policy described in Note 3c. 5. SEGMENTAL REPORTING The Group’s decision makers, consisting of the chief executive officer, chief operating officer, the chief financial officer and managers for corporate planning, examine the Group’s performance from a fund service provider’s perspective and have identified three reportable segments of its business under IFRS 8. The reportable segments are identified as fund administration, business process outsourcing and regulatory and compliance. Management primarily uses a measure of net earnings by services to assess the performance of the reportable segments. The customer base is primarily institutional clients, including private equity funds, family offices and hedge funds. No individual client in Fund Administration and Governance and Compliance represents more than 2% of revenue in the year ended 31 December 2025 (31 December 2024: same). Page:107

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 ) Business Process Outsourcing segment includes a contribution of US$1.4m (2024: US$0.9mfrom a single 2025external client for the year ended 31 December .This external revenue alongside revenue from Amicorp Group (See Note 21), reflects a more concentrated revenue profile in this segment.

Year ended 31 December 2025	Revenue	Direct staff cost	Other direct costs	Gross profit
	$ '000	$ '000	$ '000	$ '000
Fund Administration	7,913	(3,407)	(453)	4,053
Business Process Outsourcing	7,101	(1,863)	-	5,238
Governance and Compliance	1,867	(637)	-	1,230
Total	16,881	(5,907)	(453)	10,521
Indirect staff costs				(3,834)
Other operating expenses				(4,849)
Other gains and income				64
Net finance income				213
Profit before income tax				2,115

Year ended 31 December 2024	Revenue	Direct staff cost	Other direct costs	Gross profit
	$ '000	$ '000	$ '000	$ '000
Fund Administration	7,901	(3,290)	(531)	4,080
Business Process Outsourcing	6,084	(1,296)	-	4,788
Governance and Compliance	1,631	(662)	-	969
Total	15,616	(5,248)	(531)	9,837
Indirect staff costs				(3,819)
Other operating expenses				(5,198)
Other gains and income				181
Net finance income				52
Profit before income tax				1,053

Geographical information The amount of its revenue from external customers broken down by geographical region of contracting entities in the Group is shown in the table below. Geographical revenue

Year ended 31 December	2025	2024
	$ '000	$ '000
LatAm	2,371	2,366
Europe	5,260	3,984
MEAI ¹	9,250	9,266
Total	16,881	15,616

¹ MEAI refers to geographical region of Middle East, Asia and India. Geographical assets and liabilities The total assets and liabilities by geographical region are shown as below: Page:108

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

Year ended 31 December 2025	LatAm	Europe	MEAI ¹	Consolidation elimination	Total
	$ '000	$ '000	$ '000	$ '000	$ '000
Total assets	2,586	5,687	8,131	(5,223)	11,181
Total liabilities	1,887	(4,079)	5,223	1,688	4,719

Year ended 31 December 2024	LatAm	Europe	MEAI ¹	Consolidation elimination	Total
	$ '000	$ '000	$ '000	$ '000	$ '000
Total assets	2,829	7,162	3,982	(6,063)	7,910
Total liabilities	567	1,097	1,436	131	3,231

¹ MEAI refers to geographical region of Middle East, Asia and India 6. OTHER OPERATING EXPENSES

Year ended 31 December	2025	2024
	$ '000	$ '000
Business development expenses (including travelling expenses)	398	584
Statutory fee expenses	73	71
Other overhead expenses	1,276	861
Total other operating expenses	1,747	1,516
Recognition of doubtful debt provision¹	246	219
Bad debt recognised¹	41	151
Provision for impairment of other receivables	-	150
Net impairment loss on financial assets	287	520
	2,034	2,036

¹ Recognition of doubtful debt provision represents the estimation and adjustment of a provision for potential uncollectible debts, and bad debt recognised is the specific amount of accounts receivable deemed uncollectible and is hence written off as an expense. 7. PAYROLL AND REMUNERATION COSTS

Year ended 31 December	2025	2024
	$ '000	$ '000
Employee costs (including directors) comprise:
Wages and salaries	8,049	8,183
Social security costs	537	534
Contributions on defined contribution retirement plans	39	21
Other employment benefits	1,116	329
	9,741	9,067

Year ended 31 December	2025	2024
	'000	'000
Average monthly number of employees (including Executive Directors) by function
Sales staff	7	15
Operational staff including production	165	201
	172	216

Page:109

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 8. PROFESSIONAL FEES 496kThe total professional fees include the group audit fee of US$, and such audit services align with the statutory and listing requirements in the UK and other relevant jurisdictions where the Group operates. 9. TAX (a) Income tax expense This note provides an analysis of the Group’s current income tax and deferred tax.

Year ended 31 December	2025	2024
	$ '000	$ '000
Current income tax
Current tax on profits for the year	491	294
Deferred income tax
Deferred tax expense for the year (Note 9d)	91	59
Total income tax expenses	582	353

recognized In the respective financial years, tax expense or income in other comprehensive income amounted to nil, in addition to the income tax expenses above charged to profit or loss. Also, there was no significant uncertain tax position or tax-related contingency identified in the Group. Reconciliation of income tax expense to prima facie tax payable.

Year ended 31 December	2025	2024
	$ '000	$ '000
Profit before income tax expense	2,115	1,053
Current tax charge at the UK average rate of 25.00% (2024: 25.00%)	529	263
Effects of material amounts that are not taxable/deductible in calculating income tax: ¹
Recognition/ (use of) brought forward losses unrecognized	80	(24)
Non-deductible expenses	28	22
Non-taxable or deductible items from foreign sources	(366)	(590)
Losses not recognized	729	1,137
Difference in overseas tax rates²	(418)	(455)
Income tax expenses	582	353

¹ The financial impact of standard non-deductible items, such as depreciation and interest expenses, is considered insignificant in the Group, and hence are excluded from the reconciliation. ² Income tax on overseas profits has been calculated on the estimated assessable profit for the years at the respective tax rates prevailing in the countries in which the Group operates. Cyprus corporate tax has been provided at the rate of 12.5% (2024: 12.5%) on the estimated assessable profits of the Group’s operations in Cyprus. Malta corporate tax has been provided at the rate of 35% (2024: 35%) on the estimated assessable profits of the Group’s operations in Malta. Luxembourg corporate tax has been provided at the rate of 23.87% (2024: 24.94%) on the estimated assessable profits of the Group’s operations in Luxembourg. Page:110

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3 India corporate tax has been provided at the rate of 25% (2024: 25%) on the estimated assessable profits of the Group’s operations in India. 25% is the statutory rate of corporate income tax in India in this period although a higher effective tax rate can apply to profit in this jurisdiction owing to the application of surtaxes. Hong Kong corporate tax has been provided at the rate of 16.5% (2024: 16.5%) on the estimated assessable profits of the Group’s operations in Hong Kong. Singapore corporate tax has been provided at the rate of 17% (2024: 17%) on the estimated assessable profits of the Group’s operations in Singapore. Chile corporate tax has been provided at the rate of 27% (2024: 27%) on the estimated assessable profits of the Group’s operations in Chile. Curacao corporate tax has been provided at the rate of 3% (2024: 3%) on the estimated assessable profits of the Group’s operations in Curacao. Philippines corporate tax has been provided at the rate of 25% (2024: 25%) on the estimated assessable profits of the Group’s operations in the Philippines. The UK’s corporate tax has been provided at the rate of 25% (2024: 25%) on the estimated assessable profits of the Group’s operations in the United Kingdom. b) Income tax receivable

Year ended 31 December	2025	2024
	$ '000	$ '000
Current income tax receivable	352	-
	352	-

c) Income tax payable

Year ended 31 December	2025	2024
	$ '000	$ '000
Current income tax payable	603	387
	603	387

(d) Deferred tax assets

As at 31 December	2025	2024
	$ '000	$ '000
Balances as at 1 January	213	298
Deferred tax expense recognized	(222)	(59)
Tax loss recognition	131	-
Foreign exchange difference	12	(26)
Balances as at 31 December	134	213

recognized The deferred tax assets are for the carry forward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and utilised. unused tax credits can be (e) Unused tax losses Page:111

Docusign Envelope ID: 0414ABA7-DD6C-82E2-8245-FBD4B74316E3

As at 31 December	2025	2024
	$ '000	$ '000
Accumulated unused tax losses for which no deferred tax asset has been recognized	11,830	8,077
Potential tax benefits at effective tax rates in respective years	2,998	2,085

The unused tax losses are seen in some entities within the Group, for which no deferred tax asset has been recognized on the prudency basis, given the unpredictability of profit streams and future economic benefits; unrecognized .utilised unrecognized tax losses of US$284k were in 2025 (2024: US$71k), and remaining tax losses can be carried forward indefinitely for future use. (f) OECD reforms and developments On 8 October 2021, 136 countries reached an agreement for a two-pillar approach to international tax reform (‘the OECD agreement’). Amongst other things, Pillar One proposes a reallocation of a proportion of tax to market jurisdictions, while Pillar Two seeks to apply a global minimum effective tax rate of 15%. Whilst the Group is below the size thresholds for these proposals to apply, the OECD agreement is likely to see changes in corporate tax rates in a number of countries in the next few years. The impact of changes in corporate tax rates on the measurement of tax assets and liabilities depends on the nature and timing of the legislative changes in each country, which will become known and certain in the near future. 10. PROPERTY, PLANT AND EQUIPMENT

	Machinery and equipment	Furniture and fixtures	Leasehold improvement	Motor vehicles	Total
	$ '000	$ '000	$ '000	$ '000	$ '000
Cost
At 1 January 2025	281	26	306	44	657
Additions	12	1	1	-	14
Written off/disposals					-
Exchange differences	(16)	5	(2)	-	(13)
At 31 December 2025	277	32	305	44	658
Cost
At 1 January 2024	257	61	316	44	678
Additions	27	4	-	-	31
Written off/disposals	(1)	(38)	-	-	(39)
Exchange differences	(2)	(1)	(10)	-	(13)
At 31 December 2024	281	26	306	44	657
Accumulated depreciation					-
At 1 January 2025	217	22	242	44	525
Charge for the year	27	2	46	-	75
Written off/disposals	-	-	-		-
Exchange differences	(16)	5	(3)	-	(14)
At 31 December 2025	228	29	285	44	586

Page:112