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(the “Company”) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company’s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 28 February 2026 comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in the publication of books and other related services. a) Reporting entityBloomsbury Publishing Plc (the “Company”) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company’s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 28 February 2026 comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in the publication of books and other related services. a) Reporting entityBloomsbury Publishing Plc (the “Company”) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company’s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 28 February 2026 comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in the publication of books and other related services. a) Reporting entityBloomsbury Publishing Plc (the “Company”) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company’s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 28 February 2026 comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in the publication of books and other related services. a) Reporting entityBloomsbury Publishing Plc (the “Company”) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company’s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 28 February 2026 comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in the publication of books and other related services. b) Statement of complianceThe Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted international accounting standards (“IFRS”) and the requirements of the Companies Act 2006. c) Basis of preparationThe consolidated financial statements have been prepared on a going concern basis (see Note 1d)) and under the historical cost convention as modified by the revaluation of financial assets and liabilities at fair value.These consolidated financial statements were approved for issue by the Board of Directors on 19 May 2026. d) Going concernThe Group’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 10 to 92. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 32 to 36. In addition, Note 24 to the financial statements includes the Group’s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments, and its exposures to credit risk and liquidity risk.The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence at least 12 months from the date of approval of the financial statements, being the period of the detailed going concern assessment reviewed by the Board, and, therefore, continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.The Board has modelled a severe but plausible downside scenario. This assumes that: Aprint revenues are reduced by 20% during 2026/2027 with recovery during 2027/2028; Adigital revenues are reduced by 10–20% during 2026/2027 with recovery during 2027/2028; Aprint costs are increased by 2% from 2026/2027, distribution costs are increased by 5% from 2026/2027 and staff costs are increased by 2% from 2027/2028; Adownside assumptions about extended debtor days during 2026/2027, with recovery during 2027/2028; and Acash preservation measures are implemented and variable costs are reduced.At 28 February 2026, the Group had available liquidity of £64.0m, comprising central cash balances and its undrawn £20m Revolving Credit Facility (“RCF”). On 20 March 2026, the RCF was increased to £30 million and its maturity extended to March 2029. Under the severe but plausible downside scenario, the Group would maintain sufficient liquidity headroom even before modelling the mitigating effect of actions that management would take in the event that these downside risks were to crystallise. Details of the bank facility and its covenants are shown in Note 24c). e) Use of estimates and judgementsThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Critical judgements and areas where the use of estimates is significant are disclosed in Note 2s). s) Critical accounting estimates and judgementsEstimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. The resultant estimates will, by definition, not necessarily equal the related actual results and may require adjustment in subsequent accounting periods. The estimates and assumptions that may cause a material adjustment to the carrying amount of assets and liabilities in the next financial year are:i. Book returnsThe level of sales return liability is set out in Note 18.Printed books are normally sold on a sale-or-return basis. The timing of returns of unsold books is uncertain. A provision is made against sales for the expected future returns of books that have not occurred by the end of an accounting period. The sales return liability represents 5.5% of annual gross title sales (2025: 7.0%).This is an estimate as it requires management to estimate the level of expected future returns. As books are returnable by customers, the Group makes a provision against books sold in the accounting period which is then carried forward in anticipation of book returns received subsequent to the period end. The provision is recorded by sub-division and is based on the estimated time lag following a sale before a return is made, based on the historic returns data. The provision is calculated by reference to historical returns rates, customer trends and expected future returns.If these estimates do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. In Note 18 we have disclosed the impact on revenue of a 10% increase or decrease in actual returns in the year. ii. Author advancesTrade and other receivables in the Group Statement of Financial Position, in Note 17, include royalty advances (i.e. net unearned advances to authors). A provision is made against gross advances (paid and payable) to the extent that they are not expected to be fully earned from anticipated future sales of a title and subsidiary rights receivable.This is an estimate as it requires management to estimate the future sales of a title. Management review all royalty advances for triggers indicating that a provision may be required and, additionally, at the end of each financial year, a review is carried out on advances for all published titles where the initial publication date is 6 months or earlier from the reporting period end date to assess whether a provision is required.If it is unlikely that royalties from future title sales and subsidiary rights will fully earn down the advance, a provision is made in the income statement on a title-by-title basis, with regard to historical net sales, expected future net sales and taking account of the life cycle of a book, for the difference between the carrying value and the anticipated recoverable amount from future earnings.In Note 4, we have disclosed the provision made against advances in the year.iii. Impairment reviewsThe carrying value of goodwill arising on the acquisition of businesses combinations by the Group is set out in Note 11. The carrying value of the Company’s Investment in subsidiary companies is set out in Note 35. This is an estimate as it requires an estimation of future cash flows relating to each CGU or investment. IFRS require management to undertake an annual test for impairment of indefinite life assets and, for finite life assets, to test for impairment if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group currently undertakes an annual impairment test covering goodwill and reviews finite life assets to consider whether a full impairment review is required. The Company tests the recoverability of investments annually.Intangible assets and investment recoverability are areas involving management judgement, requiring assessment as to whether the carrying value of assets can be supported by the net present value of future cash flows derived from such assets using cash flow projections that have been discounted at an appropriate rate. In calculating the net present value of the future cash flows, certain assumptions are required to be made. Note 11 details the assumptions used, and sensitivities analysis performed, on the value-in-use calculations for goodwill. The key assumptions used in the cash flow projections for Investments are discount rates, long-term growth rates, revenue growth rates and forecast operating profits.iv. InventoryThe level of inventories and the inventory provision are set out in Note 16 to the financial statements.For each line of inventory, a provision is made against the cost of the inventory, where the Net Realisable Value is less than cost. Net Realisable Value is the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. This is an estimate as it requires management to estimate the net realisable value for inventory. At the end of each reporting period a review is carried out on all published titles where inventory is held. A provision is made by the Group against unsold inventory on a title-by-title basis, with regard to historical net sales and expected future net sales, to value the inventories at the lower of cost and net realisable value. There is an estimation uncertainty in respect of the inventory provision for certain key titles, as the assessment of net realisable value is dependent on future sales performance. Based on reasonably possible changes in assumptions, the provision for these titles could vary within a range of £(3.4)m to £2.3m (credit)/cost to profit, which could have a material impact on the carrying value of inventory and profit. 2. Material accounting policiesThe material accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented unless otherwise stated.a) Application of new and amended standards and interpretationsThe following amendments and interpretations were introduced to accounting standards relevant to the Group during the year ended 28 February 2026. The table below summarises the impact of these changes to the Group:Accounting standard Impact on financial statementsThese amendments provide guidance on assessing when a currency is exchangeable and require an entity Amendments to IAS 21 “Lack to estimate a spot exchange rate when exchangeability is lacking, together with enhanced disclosures.of exchangeability”The amendments have not had a material impact on the Company.The Group has not early adopted the following new and revised accounting standards, interpretations or amendments issued by the International Accounting Standards Board that have been issued but are not yet effective and unless otherwise indicated, have been endorsed: Accounting standard Impact on financial statementsIFRS 18 will replace IAS 1 Presentation of Financial Statements for reporting periods beginning on or after 1 January 2027. The new standard introduces revised requirements for the presentation of the statement IFRS 18 Presentation and of profit or loss, including defined categories and new sub-totals. It also requires management-defined Disclosure in Financial performance measures to be disclosed in a single note to the financial statements. In addition, the Statementsstatement of cash flows will use operating profit as the starting point, and there will be further changes to the way information is aggregated and presented in the financial statements. The Group is currently assessing the impact of adopting this standard.Annual improvements to IFRS – Volume 11; Amendments to IFRS 9 and IFRS 7 – ‘Classification and measurement of financial instruments’;The Group is currently assessing the impact of these changes but they do not expect the application Amendments to IFRS 9 and IFRS of these standards and amendments will have a material impact on the Group’s consolidated financial 7 – ‘Contracts referencing statements.nature-dependent electricity’; andIFRS 19 “Subsidiaries without Public Accountability: Disclosures” b) Basis of consolidationi. Business combinationsBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The Group measures goodwill at the acquisition date as: Athe fair value of consideration transferred; plus Athe recognised amount of any non-controlling interest in the acquiree; less Athe net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.Where the excess is negative, a bargain purchase gain is recognised immediately in the income statement.Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with the business combination are expensed as incurred.Any contingent consideration payable is measured and recognised at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration are recognised in the income statement. Management exercises judgement in determining the classification of its investments in its businesses, in line with the following:ii. SubsidiariesThe consolidated financial statements comprise the financial information of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.Accounting policies of subsidiaries are aligned with accounting policies adopted by the Group to ensure consistency.All subsidiaries, except Bloomsbury Publishing India Private Limited, have a reporting period year end of 28/29 February. Bloomsbury Publishing India Private Limited has a reporting period year end of 31 March, which aligns with the Indian Government’s financial year. The Group financial statements include the results for Bloomsbury Publishing India Private Limited for the year to 28 February.iii. Transactions eliminated on consolidationIntra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.c) RevenueRevenue represents the fair value of consideration received from the provision of goods, services and rights falling within the Group’s ordinary activities, after deduction of trade discounts, value added tax and anticipated returns. Customer billings for all revenue streams are generally at or near the contract inception or when sales reports are received from the customer. Payment terms are typically 1 – 3 months with no significant element of financing.Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where contractual arrangements consist of two or more performance obligations, such as access to multiple titles, the transaction price is allocated between the distinct performance obligations on the basis of their relative stand-alone selling prices. i. Print: APrint sales: Revenue from the sale of printed books is recognised at the point in time when control passes. This is at the point of shipment when the title passes to the customer, when the Group has a present right to payment and has satisfied the relevant performance obligations under the contract.A provision for anticipated returns is made based primarily on historical return rates and customer trends in each territory. If these do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. The provision for anticipated future sales returns is recognised in trade and other liabilities in the statement of financial position. A returns asset is recognised in Finished Goods, Inventory for the Group’s right to recover products from customers on settling the returns liability.ii. Digital: AAudio, Ebook and AI licensing sales: Revenue from these sales are recognised when content is delivered, i.e. access has been given to the customer. ASubscription income: Revenue is generated from customers through the sale of digital materials to educational establishments, libraries and professionals. Revenue for digital subscriptions is derived from the periodic subscription or update of the product. Revenue is recognised on a straight-line basis over the period of subscription, or if less, the expected useful economic life of the product, unless the product is downloadable or the goods or services are not delivered in a consistent manner over time, in which case revenue is recognised based on the value received by the customer.iii. Rights and services ARevenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, and sponsorship, is recognised when the Group has provided the associated material and collectability is probable. AManagement services contracts: Revenue is primarily generated from multi-year contractual arrangements related to the delivery of online platform build, editorial and management services. Revenue is recognised over time based on contractual milestones as the customer gains benefit from the assets created or services provided. d) Foreign currenciese) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted, or substantively enacted, at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors’ interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. Deferred tax liabilities are recognised 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. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all, or part, of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted, or substantively enacted, by the end of the reporting period. ii. Transactions and balancesTransactions in currencies other than the functional currency are recorded in the functional currency at the rates of exchange prevailing on the dates of the transactions. Assets and liabilities in foreign currencies are translated into sterling at the closing rates of exchange at the date of the statement of financial position. Exchange differences are charged or credited to the income statement within administrative expenses.iii. Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: AAssets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position. AIncome and expenses are translated each month at the relevant monthly exchange rate. AAll resulting exchange differences are recognised in other comprehensive income and presented in the translation reserve in equity. On disposal of a foreign entity, these exchange differences are recycled to the income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.i. Functional and presentation currencyItems included in the financial statements 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”). These consolidated financial statements are presented in sterling as this is the most representative currency of the Group’s operations. All financial information presented in sterling has been rounded to the nearest one hundred thousand, except where otherwise stated.iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity, respectively. f) Goodwill and other intangible assetsi. GoodwillGoodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see Note 2b)i) less accumulated impairment losses, if any. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) that are expected to benefit from the synergies of the combination. During the year, the Special Interest Division has been integrated into the Consumer Division, with the strategic focus now on the consumer market as a whole. The change in both operational structure, resource allocation and internal reporting resulted in a trigger for a change in CGUs, with Special Interest moving into the Consumer cash-generating unit (“CGU”). A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently where there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss in the consolidated income statement. An impairment loss recognised for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ii. Other intangible assetsOther intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Except for goodwill and assets under construction, intangible assets are amortised on a straight-line basis in the income statement over their expected useful lives by equal annual instalments at the following rates:Publishing rights – 5% to 20% per annumImprints – 3% to 33% per annumSubscriber and customer relationships – 7% to 10% per annumTrademarks – over the life of the trademarkProduct and systems development – 10% to 50% per annumAssets under construction represent costs in developing a system or product, typically an online platform, that is not yet operational. Once the asset is live it is transferred to the appropriate asset category and amortisation begins.Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate.iii. Product and systems developmentCosts that are directly associated with the purchase and implementation of systems, such as software products, are recognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform or production files, are recognised as intangible assets.Expenditure is only capitalised if costs can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable, and the Group has sufficient resources to complete development and use the asset.g) Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment loss.Property, plant and equipment are depreciated in order to write down their cost less residual value using the straight-line method over their expected useful lives at the following rates: Short leasehold improvements – over the remaining life of the leaseFurniture and fittings – 10% per annumComputers and other office equipment – 33% per annumDepreciation is prorated in the years of acquisition and disposal of an asset. The estimated useful lives, residual value and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.h) LeasesThe Group assesses whether a contract contains a lease at the inception of the contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements, except for short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, lease payments are recognised as an operating expense on a straight-line basis over the term of the lease.The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability, any initial direct costs incurred and an estimate of costs to restore the underlying asset to the conditions required by the terms of the lease, less any incentives received. The right-of-use asset is subsequently depreciated on a straight-line basis from the lease commencement date to the earlier of the end of the useful life or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, where that rate cannot be readily determined, the Group’s incremental borrowing rate. The lease liability is subsequently measured at amortised cost using the effective interest method. Management exercises judgement in determining the lease term where extension and termination options are included in lease contracts. i) Impairment of tangible and intangible assets excluding goodwillAt the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Impairment reversals are included in the income statement, except to the extent they reverse gains previously recognised in other comprehensive income. j) InventoriesThe cost of work in progress and finished goods represents the amounts charged to the Group for origination, inbound freight, paper, printing and binding. Inventories are valued at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Provisions are made for slow-moving and obsolete stock. A returns asset is recognised in Finished Goods, Inventory for the Group’s right to recover products from customers on settling a returns liability.l) ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).m) Financial instrumentsFinancial assets and financial liabilities are recognised when the Group has become a party to the contractual provisions of the instrument. The Group’s financial assets and liabilities are as below:Trade receivablesTrade receivables and other receivables are measured on initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method, less any impairment. Provisions for bad and doubtful debts are based on the expected credit loss model. The “simplified approach” is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses. Cash and cash equivalentsCash and cash equivalents in the statement of cash flows comprise cash in hand and at bank, other short-term deposits held by the Group with maturities of three months or less and bank overdrafts. Bank overdrafts are included in current liabilities in the statement of financial position.Trade payablesTrade payables are not interest bearing and are initially recognised at fair value and subsequently at amortised cost using the effective interest method.BorrowingsBorrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings.o) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period for which related services are rendered by the employee. ii. Termination benefitsTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy.iii. Share-based payment transactionsThe Group issues equity-settled share-based payment instruments to certain employees. Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is charged to the income statement on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest. Options granted under the Sharesave Plan are equity-settled. The fair values of such options have been calculated using the Black–Scholes model based on publicly available market data. Awards granted under the Group’s Performance Share Plan are equity-settled. Awards granted in 2022 are subject to the following performance conditions: Earnings Per Share (60%); Non-Consumer operating profit (15%); Consumer operating profit (15%); and BDR revenue (10%). Awards granted in 2023, 2024 and 2025 are subject to the following performance conditions: Earnings Per Share (60%); Non-Consumer operating profit (17.5%); Consumer operating profit (17.5%); and Bloomsbury International Revenue (5%). The fair value of the awards is calculated using the Black–Scholes model. Where the awards are subject to a holding period, we have used the Chaffe or Ghaidarov model to determine a discount for lack of marketability. q) Segmental reportingOperating segments, which have not been aggregated, are reported in a manner that is consistent with the internal reporting provided to the Board of Directors (“Board”), regarded as the Chief Operating Decision Maker.During the period, the Group’s operating segment structure changed following a revision to the internal reporting reviewed by the Board (see Note 3).The Board views the Group primarily from a nature-of-business basis, reflecting the Divisional performance of Consumer and Academic & Professional. Segment results that are reported to the Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Performance is evaluated based on operating profit contributions using the same accounting policies as adopted for the Group’s financial statements.r) DividendsFinal dividends are recognised as liabilities once they are appropriately authorised by the Company’s Shareholders. Interim dividends are recorded when paid. b) Basis of consolidationi. Business combinationsBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The Group measures goodwill at the acquisition date as: Athe fair value of consideration transferred; plus Athe recognised amount of any non-controlling interest in the acquiree; less Athe net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.Where the excess is negative, a bargain purchase gain is recognised immediately in the income statement.Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with the business combination are expensed as incurred.Any contingent consideration payable is measured and recognised at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration are recognised in the income statement. Management exercises judgement in determining the classification of its investments in its businesses, in line with the following:ii. SubsidiariesThe consolidated financial statements comprise the financial information of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.Accounting policies of subsidiaries are aligned with accounting policies adopted by the Group to ensure consistency.All subsidiaries, except Bloomsbury Publishing India Private Limited, have a reporting period year end of 28/29 February. Bloomsbury Publishing India Private Limited has a reporting period year end of 31 March, which aligns with the Indian Government’s financial year. The Group financial statements include the results for Bloomsbury Publishing India Private Limited for the year to 28 February.iii. Transactions eliminated on consolidationIntra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. b) Basis of consolidationi. Business combinationsBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The Group measures goodwill at the acquisition date as: Athe fair value of consideration transferred; plus Athe recognised amount of any non-controlling interest in the acquiree; less Athe net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.Where the excess is negative, a bargain purchase gain is recognised immediately in the income statement.Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with the business combination are expensed as incurred.Any contingent consideration payable is measured and recognised at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration are recognised in the income statement. Management exercises judgement in determining the classification of its investments in its businesses, in line with the following:iii. Transactions eliminated on consolidationIntra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ii. SubsidiariesThe consolidated financial statements comprise the financial information of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.Accounting policies of subsidiaries are aligned with accounting policies adopted by the Group to ensure consistency.All subsidiaries, except Bloomsbury Publishing India Private Limited, have a reporting period year end of 28/29 February. Bloomsbury Publishing India Private Limited has a reporting period year end of 31 March, which aligns with the Indian Government’s financial year. The Group financial statements include the results for Bloomsbury Publishing India Private Limited for the year to 28 February. c) RevenueRevenue represents the fair value of consideration received from the provision of goods, services and rights falling within the Group’s ordinary activities, after deduction of trade discounts, value added tax and anticipated returns. Customer billings for all revenue streams are generally at or near the contract inception or when sales reports are received from the customer. Payment terms are typically 1 – 3 months with no significant element of financing.Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where contractual arrangements consist of two or more performance obligations, such as access to multiple titles, the transaction price is allocated between the distinct performance obligations on the basis of their relative stand-alone selling prices. i. Print: APrint sales: Revenue from the sale of printed books is recognised at the point in time when control passes. This is at the point of shipment when the title passes to the customer, when the Group has a present right to payment and has satisfied the relevant performance obligations under the contract.A provision for anticipated returns is made based primarily on historical return rates and customer trends in each territory. If these do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. The provision for anticipated future sales returns is recognised in trade and other liabilities in the statement of financial position. A returns asset is recognised in Finished Goods, Inventory for the Group’s right to recover products from customers on settling the returns liability.ii. Digital: AAudio, Ebook and AI licensing sales: Revenue from these sales are recognised when content is delivered, i.e. access has been given to the customer. ASubscription income: Revenue is generated from customers through the sale of digital materials to educational establishments, libraries and professionals. Revenue for digital subscriptions is derived from the periodic subscription or update of the product. Revenue is recognised on a straight-line basis over the period of subscription, or if less, the expected useful economic life of the product, unless the product is downloadable or the goods or services are not delivered in a consistent manner over time, in which case revenue is recognised based on the value received by the customer.iii. Rights and services ARevenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, and sponsorship, is recognised when the Group has provided the associated material and collectability is probable. AManagement services contracts: Revenue is primarily generated from multi-year contractual arrangements related to the delivery of online platform build, editorial and management services. Revenue is recognised over time based on contractual milestones as the customer gains benefit from the assets created or services provided. d) Foreign currenciesii. Transactions and balancesTransactions in currencies other than the functional currency are recorded in the functional currency at the rates of exchange prevailing on the dates of the transactions. Assets and liabilities in foreign currencies are translated into sterling at the closing rates of exchange at the date of the statement of financial position. Exchange differences are charged or credited to the income statement within administrative expenses.iii. Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: AAssets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position. AIncome and expenses are translated each month at the relevant monthly exchange rate. AAll resulting exchange differences are recognised in other comprehensive income and presented in the translation reserve in equity. On disposal of a foreign entity, these exchange differences are recycled to the income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing rate. Exchange differences arising are recognised in other comprehensive income. i. Functional and presentation currencyItems included in the financial statements 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”). These consolidated financial statements are presented in sterling as this is the most representative currency of the Group’s operations. All financial information presented in sterling has been rounded to the nearest one hundred thousand, except where otherwise stated. e) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted, or substantively enacted, at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors’ interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. Deferred tax liabilities are recognised 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. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all, or part, of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted, or substantively enacted, by the end of the reporting period. iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity, respectively. e) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted, or substantively enacted, at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors’ interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. Deferred tax liabilities are recognised 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. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all, or part, of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted, or substantively enacted, by the end of the reporting period. iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity, respectively. f) Goodwill and other intangible assetsi. GoodwillGoodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see Note 2b)i) less accumulated impairment losses, if any. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) that are expected to benefit from the synergies of the combination. During the year, the Special Interest Division has been integrated into the Consumer Division, with the strategic focus now on the consumer market as a whole. The change in both operational structure, resource allocation and internal reporting resulted in a trigger for a change in CGUs, with Special Interest moving into the Consumer cash-generating unit (“CGU”). A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently where there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss in the consolidated income statement. An impairment loss recognised for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ii. Other intangible assetsOther intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Except for goodwill and assets under construction, intangible assets are amortised on a straight-line basis in the income statement over their expected useful lives by equal annual instalments at the following rates:Publishing rights – 5% to 20% per annumImprints – 3% to 33% per annumSubscriber and customer relationships – 7% to 10% per annumTrademarks – over the life of the trademarkProduct and systems development – 10% to 50% per annumAssets under construction represent costs in developing a system or product, typically an online platform, that is not yet operational. Once the asset is live it is transferred to the appropriate asset category and amortisation begins.Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate.iii. Product and systems developmentCosts that are directly associated with the purchase and implementation of systems, such as software products, are recognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform or production files, are recognised as intangible assets.Expenditure is only capitalised if costs can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable, and the Group has sufficient resources to complete development and use the asset. g) Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment loss.Property, plant and equipment are depreciated in order to write down their cost less residual value using the straight-line method over their expected useful lives at the following rates: Short leasehold improvements – over the remaining life of the leaseFurniture and fittings – 10% per annumComputers and other office equipment – 33% per annumDepreciation is prorated in the years of acquisition and disposal of an asset. The estimated useful lives, residual value and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. h) LeasesThe Group assesses whether a contract contains a lease at the inception of the contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements, except for short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, lease payments are recognised as an operating expense on a straight-line basis over the term of the lease.The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability, any initial direct costs incurred and an estimate of costs to restore the underlying asset to the conditions required by the terms of the lease, less any incentives received. The right-of-use asset is subsequently depreciated on a straight-line basis from the lease commencement date to the earlier of the end of the useful life or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, where that rate cannot be readily determined, the Group’s incremental borrowing rate. The lease liability is subsequently measured at amortised cost using the effective interest method. Management exercises judgement in determining the lease term where extension and termination options are included in lease contracts. i) Impairment of tangible and intangible assets excluding goodwillAt the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Impairment reversals are included in the income statement, except to the extent they reverse gains previously recognised in other comprehensive income. j) InventoriesThe cost of work in progress and finished goods represents the amounts charged to the Group for origination, inbound freight, paper, printing and binding. Inventories are valued at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Provisions are made for slow-moving and obsolete stock. A returns asset is recognised in Finished Goods, Inventory for the Group’s right to recover products from customers on settling a returns liability. l) ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). m) Financial instrumentsFinancial assets and financial liabilities are recognised when the Group has become a party to the contractual provisions of the instrument. The Group’s financial assets and liabilities are as below:Trade receivablesTrade receivables and other receivables are measured on initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method, less any impairment. Provisions for bad and doubtful debts are based on the expected credit loss model. The “simplified approach” is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses. Cash and cash equivalentsCash and cash equivalents in the statement of cash flows comprise cash in hand and at bank, other short-term deposits held by the Group with maturities of three months or less and bank overdrafts. Bank overdrafts are included in current liabilities in the statement of financial position.Trade payablesTrade payables are not interest bearing and are initially recognised at fair value and subsequently at amortised cost using the effective interest method.BorrowingsBorrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings. n) Share capitalOrdinary shares are classified as equity. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.21. Share capital and other reservesShare capital 28 February 28 February 2026 2025 £’m£’mAuthorised: 108,811,522 Ordinary shares of 1.25p each (2025: 108,811,522 Ordinary shares of 1.25p each) 1.4 1.4Allotted, called up and fully paid:81,608,672 Ordinary shares of 1.25p each (2025: 81,608,672 Ordinary shares of 1.25p each) 1.0 1.0The Company has one class of Ordinary share that carries equal voting rights and no contractual right to receive payment. No shares are held by the Company as Treasury shares. Directors and other employees of the Group have been granted options to purchase 1,677,649 (2025: 1,553,663) Ordinary shares with an aggregate nominal value of £20,971 (2025: £19,421) (see Note 22).Share premiumThis reserve records the amount above nominal value received for shares sold less transaction costs. Translation reserveThe translation reserve comprises all foreign currency differences arising from the translation of the financial information of foreign operations.Merger reserve The merger reserve comprises the amount that would otherwise arise in share premium relating to specific share issue, wherein more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under the Companies Act 2006.Share-based payment reserveThe share-based payment reserve comprises cumulative amounts charged in respect of employee share-based payment arrangements.Own shares held by the Employee Benefit TrustThe Employee Benefit Trust (“EBT”) is an independent discretionary trust established to acquire issued shares of the Company to satisfy any of the share-based incentive schemes (see Note 22) and plans of the Company. All employees of the Group are potential beneficiaries of the EBT. The results and net assets of the EBT are included in the consolidated financial statements of the Group. The market value of the 766,922 shares of the Company held at 28 February 2026 (2025: 212,935) in the EBT was £3.6 million (2025: £1.3 million). While the trustee has power to subscribe for Ordinary shares and to acquire Ordinary shares in the market or from Treasury, it is not permitted to hold more than 5% of the issued share capital without prior approval of the Shareholders.As at the date of signing this Annual Report, the Trust held 765,549 Ordinary shares of 1.25p pence being, approximately, 0.9% of the issued Ordinary share capital. Retained earningsThe retained earnings reserve comprises profit for the year attributable to owners of the Company and other items recognised directly through equity as presented on the consolidated statement of changes in equity. o) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period for which related services are rendered by the employee. ii. Termination benefitsTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy.iii. Share-based payment transactionsThe Group issues equity-settled share-based payment instruments to certain employees. Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is charged to the income statement on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest. Options granted under the Sharesave Plan are equity-settled. The fair values of such options have been calculated using the Black–Scholes model based on publicly available market data. Awards granted under the Group’s Performance Share Plan are equity-settled. Awards granted in 2022 are subject to the following performance conditions: Earnings Per Share (60%); Non-Consumer operating profit (15%); Consumer operating profit (15%); and BDR revenue (10%). Awards granted in 2023, 2024 and 2025 are subject to the following performance conditions: Earnings Per Share (60%); Non-Consumer operating profit (17.5%); Consumer operating profit (17.5%); and Bloomsbury International Revenue (5%). The fair value of the awards is calculated using the Black–Scholes model. Where the awards are subject to a holding period, we have used the Chaffe or Ghaidarov model to determine a discount for lack of marketability. p) Employee benefit trustThe Company operates an employee benefit trust and has de facto control of shares held by the trust and bears their benefits and risks. TheGroup considers the trust to be substantially under its control and so consolidates the financial information of the trust as stated in Note 2b). The Group records the assets and liabilities of the trust as its own and shares held by the trust are recorded at cost as a deduction from Shareholders’ equity. Finance costs and administrative expenses are charged as they accrue. ii. Termination benefitsTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. q) Segmental reportingOperating segments, which have not been aggregated, are reported in a manner that is consistent with the internal reporting provided to the Board of Directors (“Board”), regarded as the Chief Operating Decision Maker.During the period, the Group’s operating segment structure changed following a revision to the internal reporting reviewed by the Board (see Note 3).The Board views the Group primarily from a nature-of-business basis, reflecting the Divisional performance of Consumer and Academic & Professional. Segment results that are reported to the Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Performance is evaluated based on operating profit contributions using the same accounting policies as adopted for the Group’s financial statements. r) DividendsFinal dividends are recognised as liabilities once they are appropriately authorised by the Company’s Shareholders. Interim dividends are recorded when paid. 3. Revenue and segmental analysisThe Group is comprised of two worldwide publishing divisions: Consumer and Academic & Professional, reflecting the core customers for our different operations. Previously, Academic & Professional was part of the Non-Consumer Division, which comprised two operating segments: Academic & Professional and Special Interest. During the period, the operational structure of the Group was changed and Special Interest is now part of the Consumer Division. This change reflects the publishing similarities, operational synergies and overlapping nature of the Consumer and Special Interest listswith the strategic focus on the Consumer market as a whole. The operating results for the Consumer Division as a whole are now regularly reviewed by the Board of Directors to make decisions about resources and assess performance. As a result, management determined that there was a trigger for a change in operating segments. Comparative information for prior periods has been restated to reflect this change.We have allocated goodwill between reportable segments. These divisions are the basis on which the Group primarily reports its segment information. Segments derive their revenue from book publishing, sale of publishing and distribution rights, management and other publishing services.Academic & Consumer Professional Unallocated Total Year ended 28 February 2026£’m£’m£’m£’mExternal revenue 218.2 107.7 – 325.9Cost of sales (107.2) (27.1) – (134.3)Gross profit 111.0 80.6 – 191.6Marketing and distribution costs (35.3) (7.4) – (42.7)Contribution before administrative expenses 75.7 73.2 – 148.9Administrative expenses excluding highlighted items (54.8) (48.0) – (102.8)Operating profit before highlighted items/segment results 20.9 25.2 – 46.1Amortisation of acquired intangible assets (0.6) (8.4) – (9.0)Other highlighted items – – (1.7) (1.7)Operating profit/(loss) 20.3 16.8 (1.7) 35.4Finance income – – 0.7 0.7Finance costs (0.4) (0.2) (1.3) (1.9)Profit/(loss) before taxation and highlighted items 20.5 25.0 (0.6) 44.9Amortisation of acquired intangible assets (0.6) (8.4) – (9.0)Other highlighted items – – (1.7) (1.7)Profit/(loss) before taxation 19.9 16.6 (2.3) 34.2Taxation – – (7.2) (7.2)Profit/(loss) for the year 19.9 16.6 (9.5) 27.0Operating profit before highlighted items/segment results 20.9 25.2 – 46.1Depreciation 1.9 1.1 – 3.0Amortisation of internally generated intangibles 1.9 3.4 – 5.3EBITDA before highlighted items 24.7 29.7 – 54.4Academic & Consumer Professional Unallocated Total Year ended 28 February 2025 (*restated)£’m£’m£’m£’mExternal revenue 277.7 83.3 – 361.0Cost of sales (132.8) (24.3) – (157.1)Gross profit 144.9 59.0 – 203.9Marketing and distribution costs (45.9) (8.7) – (54.6)Contribution before administrative expenses 99.0 50.3 – 149.3Administrative expenses excluding highlighted items (68.5) (37.8) – (106.3)Share of joint venture result – – (0.1) (0.1)Operating profit/(loss) before highlighted items/segment results 30.5 12.5 (0.1) 42.9Amortisation of acquired intangible assets (0.7) (7.7) – (8.4)Other highlighted items – – (1.2) (1.2)Operating profit/(loss) 29.8 4.8 (1.3) 33.3Finance income – 0.1 1.2 1.3Finance costs (0.2) (0.1) (1.8) (2.1)Profit/(loss) before taxation and highlighted items 30.3 12.5 (0.7) 42.1Amortisation of acquired intangible assets (0.7) (7.7) – (8.4)Other highlighted items – – (1.2) (1.2)Profit/(loss) before taxation 29.6 4.8 (1.9) 32.5Taxation – – (7.1) (7.1)Profit/(loss) for the year 29.6 4.8 (9.0) 25.4Operating profit/(loss) before highlighted items/segment results 30.5 12.5 (0.1) 42.9Depreciation 2.3 0.8 – 3.1Amortisation of internally generated intangibles 1.7 2.4 – 4.1EBITDA before highlighted items 34.5 15.7 (0.1) 50.1Total assets 28 February 28 February 2025 2026 (*restated) £’m£’mConsumer 44.0 52.8Academic & Professional 116.7 127.5Unallocated 203.8 205.0Total assets 364.5 385.3Unallocated primarily represents centrally held assets, including system development; property, plant and equipment; right-of-use assets; receivables; and cash.External revenue by source and destination SourceUnited North Kingdom America Australia India Total Destination£’m£’m£’m£’m£’mYear ended 28 February 2026United Kingdom 81.4 2.8 – – 84.2North America 18.3 147.8 – – 166.1Continental Europe 26.6 8.0 – – 34.6 Australasia 5.2 0.1 13.0 – 18.3Middle East and Asia 13.8 0.5 – 6.2 20.5Rest of the world 1.1 1.1 – – 2.2Overseas countries 65.0 157.5 13.0 6.2 241.7Total 146.4 160.3 13.0 6.2 325.9Year ended 28 February 2025United Kingdom 74.1 4.1 – – 78.2North America 11.9 186.7 – – 198.6Continental Europe 31.3 2.0 – – 33.3 Australasia 3.2 – 16.8 – 20.0Middle East and Asia 11.7 0.3 – 5.9 17.9Rest of the world 11.4 1.6 – – 13.0Overseas countries 69.5 190.6 16.8 5.9 282.8Total 143.6 194.7 16.8 5.9 361.0During the year, sales to one customer exceeded 10% of Group revenue (2025: one customer). The value of these sales was £88.8m (2025: £119.5m). This customer purchases from all operating segments and represents 8% (2025: 8%) of gross trade receivables.Analysis of non-current assets (excluding deferred tax assets and financial instruments) by geographic location 28 February 28 February 2026 2025 £’m£’mUnited Kingdom (country of domicile) 63.2 65.3North America 77.8 82.0Other 0.1 0.2Total 141.1 147.5Group revenues by product typeAcademic & Consumer Professional Total Year ended 28 February 2026£’m£’m£’m1Print163.8 37.7 201.52Digital38.1 66.2 104.33Rights and services16.3 3.8 20.1Total 218.2 107.7 325.9Academic & Consumer Professional Total Year ended 28 February 2025 (*restated)£’m£’m£’m1Print211.8 37.9 249.72Digital55.9 42.2 98.13Rights and services10.0 3.2 13.2Total 277.7 83.3 361.01 Print includes print books and games.2 Digital includes ebooks, audio, digital resources and AI licensing income.3 Rights and services revenue includes revenue from copyright and trademark licences, management contracts, advertising and publishing services.* Restated to show the Special Interest Division move to the Consumer Division. Contract balancesOnline digital platforms sales within the Digital revenue stream, generally, entail customer billings at, or near, the contract’s inception and, accordingly, Digital contract liability balances are primarily related to subscription performance obligations to be delivered over time.Ebook sales within the Digital revenue stream are, generally, derived from ebook aggregators, who provide periodic sales reports over time. The extent of contract assets is related to the timing of receiving these reports.Within the Rights and services revenue stream are licences for multiple titles at a fixed price. As the performance obligations within these arrangements are, generally, when the customer is granted access, the extent of contract assets will ultimately depend upon the difference between revenue recognised and billings to date.Refer to Note 17 for opening and closing balances of contract assets. Refer to Note 18 for opening and closing balances of contract liabilities. Revenue recognised during the period from changes in contract liabilities was driven primarily by the release of revenue over time from digital subscriptions and the delivery of print books invoiced, but not delivered, in the previous financial year.£9.1m of revenue recognised in the year ended 28 February 2026 related to amounts that were included in the opening contract liability balance.The below table depicts the remaining transaction price on unsatisfied, or partially unsatisfied, performance obligations from contracts with customers:Total remaining Contract Committed transaction 2029 and Salesliabilitiessalesprice 20272028laterYear ended 28 February 2026 £’m £’m £’m£’m £’m£’m £’mPrint 201.5 1.4 2.5 3.9 3.9 – –Digital 104.3 9.6 2.2 11.8 8.3 1.6 1.9Rights and services 20.1 0.6 2.1 2.7 2.4 0.2 0.1Total 325.9 11.6 6.8 18.4 14.6 1.8 2.0Total remaining Contract Committed transaction 2028 and Salesliabilitiessalesprice 20262027laterYear ended 28 February 2025 £’m £’m £’m£’m £’m£’m £’mPrint 249.7 1.3 1.5 2.8 2.8 – –Digital 98.1 9.4 2.6 12.0 8.2 1.4 2.4Rights and services 13.2 0.4 0.8 1.2 0.7 0.40.1Total 361.0 11.1 4.9 16.0 11.7 1.82.5 4. Operating profitOperating profit is stated after charging the following amounts: Year ended Year ended 28 February 28 February 2026 2025 Notes£’m£’mPurchase of goods and changes in inventories 16 60.5 80.3Provision made against advances 9.2 10.0Depreciation of property, plant and equipment 13 0.9 1.1Depreciation of right-of-use assets 14 2.1 2.0Highlighted items (see below) 10.7 9.6Exchange (gain)/loss (1.0) 0.2Loss allowance for financial assets – (0.1)Staff costs (excluding termination benefits) 5 77.5 78.8Highlighted itemsYear ended Year ended 28 February 28 February 2026 2025 £’m£’mLegal and other professional fees on acquisitions – 0.7Integration and restructuring costs 1.7 0.5Other highlighted items 1.7 1.2Amortisation of acquired intangible assets 9.0 8.4Total highlighted items 10.7 9.6Highlighted items charged to operating profit comprise significant non-cash charges and major one-off initiatives, which are highlighted in the income statement because, in the opinion of the Directors, separate disclosure is helpful in understanding the underlying performance and future profitability of the business.All highlighted items are included in administrative expenses in the income statement. For the year ended 28 February 2026, integration and restructuring costs of £1.7m were incurred in respect of the integration of the Rowman & Littlefield acquisition, the UK distributor move to Hachette UK Distribution and the implementation of the new royalty system.For the year ended 28 February 2025, legal and other professional fees of £0.7m were incurred as a result of the Rowman & Littlefield acquisition. Integration and restructuring costs primarily relate to the integration of the Rowman & Littlefield acquisition and restructuring. Auditor’s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2026 and 28 February 2025 are as follows:Year ended Year ended 28 February 28 February 2026 2025 £’m£’mFees payable to the Company’s Auditor for the audit of the Parent Company and consolidated financial statements 0.4 0.4The External Auditor did not provide any non-audit services during the year (2025: none). 4. Operating profitOperating profit is stated after charging the following amounts: Year ended Year ended 28 February 28 February 2026 2025 Notes£’m£’mPurchase of goods and changes in inventories 16 60.5 80.3Provision made against advances 9.2 10.0Depreciation of property, plant and equipment 13 0.9 1.1Depreciation of right-of-use assets 14 2.1 2.0Highlighted items (see below) 10.7 9.6Exchange (gain)/loss (1.0) 0.2Loss allowance for financial assets – (0.1)Staff costs (excluding termination benefits) 5 77.5 78.8Highlighted itemsYear ended Year ended 28 February 28 February 2026 2025 £’m£’mLegal and other professional fees on acquisitions – 0.7Integration and restructuring costs 1.7 0.5Other highlighted items 1.7 1.2Amortisation of acquired intangible assets 9.0 8.4Total highlighted items 10.7 9.6Highlighted items charged to operating profit comprise significant non-cash charges and major one-off initiatives, which are highlighted in the income statement because, in the opinion of the Directors, separate disclosure is helpful in understanding the underlying performance and future profitability of the business.All highlighted items are included in administrative expenses in the income statement. For the year ended 28 February 2026, integration and restructuring costs of £1.7m were incurred in respect of the integration of the Rowman & Littlefield acquisition, the UK distributor move to Hachette UK Distribution and the implementation of the new royalty system.For the year ended 28 February 2025, legal and other professional fees of £0.7m were incurred as a result of the Rowman & Littlefield acquisition. Integration and restructuring costs primarily relate to the integration of the Rowman & Littlefield acquisition and restructuring. Auditor’s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2026 and 28 February 2025 are as follows:Year ended Year ended 28 February 28 February 2026 2025 £’m£’mFees payable to the Company’s Auditor for the audit of the Parent Company and consolidated financial statements 0.4 0.4The External Auditor did not provide any non-audit services during the year (2025: none). 5. Staff costsStaff costs, including Directors, during the year were:Year ended Year ended 28 February 28 February 2026 2025 Notes£’m£’mSalaries (including bonuses) 65.2 67.4Social security costs 8.0 6.7Pension costs 23 3.2 2.8Share-based payment charge 22 1.1 1.9Staff costs (excluding termination benefits) 77.5 78.8Termination benefits 0.2 0.6Total 77.7 79.4For the year ended 28 February 2026, £0.2 million (year ended 28 February 2025: £0.2 million) of termination benefits are included in restructuring within highlighted items. The average monthly number of employees during the year was:Year ended Year ended 28 February 28 February 20262025Editorial, production and selling 1,033 967Finance and administration 205 194Total 1,238 1,161Staff costs are charged to administrative expenses. 23. Retirement benefit obligationsPension costsThe pension costs charged to the income statement of £3.2 million (2025: £2.8 million) relate to the Group’s defined contribution and defined benefit pension arrangements. Defined contribution plansThe Group operates defined contribution retirement benefit plans for all qualifying employees.The total cost charged to the income statement of £3.2m (2025: £2.8m) represents contributions payable to these schemes by the Group at rates specified in the rules of the schemes. At 28 February 2026, there were £Nil prepaid contributions (28 February 2025: £Nil). At 28 February 2026, there were £0.5m outstanding contributions (28 February 2025: £0.5m).Defined benefit planA subsidiary company operates a defined benefit scheme for some staff which is accounted for in accordance with IAS 19. Accrual of benefits ceased in 1997, with the scheme now operated as a closed fund. There is no obligation in respect of medical costs. The scheme is actuarially valued every three years. The last full actuarial valuation was carried out as at 29 February 2024 by a qualified independent actuary.Contributions paid to the scheme during the year were £Nil (2025: £Nil). As the scheme has an excess of assets compared to the scheme liabilities, the Directors’ best estimate of the contributions to be paid by the Group to the plan for the period commencing 1 March 2026, in respect of the deficit repair contributions, is £Nil. Given the scheme has an excess of assets compared to scheme liabilities, the Group has previously sought legal advice on the application of the asset ceiling and concluded that adjustments are required for this scheme. As a result, IFRIC 14 applies and an asset ceiling adjustment has been applied.In accordance with IFRS requirements, we have not included certain details of the defined benefit pension plan in this year’s financial statements as the amounts are not material. During the year, three (2025: two) Directors were accruing benefits under defined contribution pension arrangements.Total emoluments for Directors was:Year ended Year ended 28 February 28 February 2026 2025 £’m£’mShort-term employee benefits 1.5 2.1Post-employment benefits 0.1 0.1Total 1.6 2.2The Group considers key management personnel as defined under IAS 24 “Related Party Disclosures” to be the Directors of the Company; this includes Non-Executive Directors and the heads of the global divisions, major geographic regions and departments who are actively involved in strategic decision making that make up the Executive Committee (for further details on membership, see pages 99 to 101).Total emoluments for Executive Directors and other key management personnel were:Year ended Year ended 28 February 28 February 2026 2025 £’m£’mShort-term employee benefits 3.9 5.8Post-employment benefits 0.2 0.2Share-based payment charge 0.8 1.2Total 4.9 7.2 6. Finance income and finance costsYear endedYear ended28 February28 February20262025Notes£’m£’mFinance incomeInterest on bank deposits 0.5 1.1Other interest receivable 0.2 0.2Total 0.7 1.3Finance costsInterest on bank loans 1.1 1.6Interest on lease liabilities 25 0.7 0.3Other interest payable 0.1 0.2Total 1.9 2.1 7. Taxationa) Tax charge for the yearYear ended Year ended 28 February 28 February 2026 2025 Notes£’m£’mCurrent taxation UK corporation taxCurrent year 0.3 – Adjustment in respect of prior years 0.1 (0.2)Overseas taxationCurrent year 6.7 11.6Adjustment in respect of prior years (1.0) (0.8)6.1 10.6Deferred tax 15 UK Origination and reversal of temporary differences 0.7 (2.0) Adjustment in respect of prior years 0.3 0.1OverseasOrigination and reversal of temporary differences 0.1 (1.8)Adjustment in respect of prior years – 0.21.1 (3.5)Total taxation expense 7.2 7.1b) Factors affecting tax charge for the yearThe tax on the Group’s profit before tax differs from the standard rate of corporation tax in the United Kingdom of 25% (2025: 25%). The reasons for this are explained below: Year ended Year ended 28 February 202628 February 2025£’m % £’m %Profit before taxation 34.2 100.0 32.5 100.0Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 25% (2025: 25%) 8.5 25.0 8.1 25.0Effects of: Non-deductible revenue expenditure 0.1 0.2 0.6 1.9Non-taxable income (0.7) (2.1) (1.9) (5.9)Different rates of tax in foreign jurisdictions (0.1) (0.3) 0.8 2.6Adjustment to tax charge in respect of prior yearsCurrent tax (0.9) (2.6) (1.0) (3.1)Deferred tax 0.3 0.9 0.3 0.9Tax charge for the year before disallowable costs on highlighted items 7.2 21.1 6.9 21.4Highlighted itemsDisallowable costs – – 0.2 0.5Tax charge for the year 7.2 21.1 7.1 21.9Non-taxable income mainly relates to tax deduction claims for the Foreign-Derived Intangible Income deduction available in the US.Different rates of tax in foreign jurisdictions is where we are paying tax at a lower rate in the US (including paying state taxes) and higher rate in Australia. Adjustments to prior periods primarily arise where an outcome is obtained on certain tax matters that differs from expectations held when the related provision was made. Where the outcome is more favourable than the provision made, the difference is released, lowering the current year tax charge. Where the outcome is less favourable than our provision, an additional charge to current year tax will occur. We are not aware of any significant unprovided exposures that are considered likely to materialise. c) Factors affecting tax charge for future yearsFactors which may affect the future tax charges include changes in tax legislation, transfer pricing regulations and the level and mix of profitability in different countries.d) Tax effects of components of other comprehensive incomeBefore tax Tax charge After tax Before tax Tax charge After tax 2026 20262026 2025 2025 2025 £’m£’m£’m£’m£’m£’mExchange difference on translating foreign operations (9.6) – (9.6) 0.9 – 0.9Other comprehensive income (9.6) – (9.6) 0.9 – 0.9 8. DividendsYear ended Year ended 28 February 28 February 2026 2025 £’m£’mAmounts paid in the yearPrior period 11.54p final dividend per share (2025: 10.99p) 9.4 9.0Interim 4.08p dividend per share (2025: 3.89p) 3.3 3.2Total dividend payments in the year 12.7 12.2Amounts arising in respect of the yearInterim 4.08p dividend per share for the year (2025: 3.89p) 3.3 3.2Proposed 12.12p final dividend per share for the year (2025: 11.54p) 9.8 9.4Total dividend 16.20p per share for the year (2025: 15.43p) 13.1 12.6The Directors are recommending a final dividend of 12.12 pence per share, which, subject to Shareholder approval at the Annual General Meeting on 15 July 2026, will be paid on 21 August 2026 to Shareholders on the register at close of business on 24 July 2026. 9. Earnings per shareThe basic earnings per share for the year ended 28 February 2026 is calculated using a weighted average number of Ordinary shares in issue of 81,354,266 (2025: 81,420,330) after deducting shares held by the Employee Benefit Trust. The diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares to take account of all dilutive potential Ordinary shares, which are in respect of unexercised share options and the Performance Share Plan.Year ended Year ended 28 February 28 February 2026 2025 NumberNumberWeighted average shares in issue 81,354,266 81,420,330Dilution 789,371 1,147,233Diluted weighted average shares in issue 82,143,637 82,567,563£’m £’mProfit after tax attributable to owners of the Company 27.0 25.4Basic earnings per share 33.12p 31.14pDiluted earnings per share 32.80p 30.71p£’m £’mAdjusted profit attributable to owners of the Company 36.6 34.2Adjusted basic earnings per share 45.00p 42.03pAdjusted diluted earnings per share 44.57p 41.45pAdjusted profit is derived as follows:Year ended Year ended 28 February 28 February 2026 2025 £’m£’mProfit before taxation 34.2 32.5Amortisation of acquired intangible assets 9.0 8.4Other highlighted items 1.7 1.2Adjusted Profit 44.9 42.1Tax expense 7.2 7.1Deferred tax movements on goodwill and acquired intangible assets 0.7 0.6Tax expense on other highlighted items 0.4 0.2Adjusted tax 8.3 7.9Adjusted earnings 36.6 34.2The Group includes the benefit of tax amortisation of intangible assets within adjusted tax as this benefit more accurately aligns the adjusted tax charge with the expected cash tax payments. 10. Business CombinationsOn 28 May 2024, the Group acquired the academic publishing business of the Rowman & Littlefield Publishing Group. There have been no changes to the acquisition accounting since the prior year. Further details are set out in Note 10 to the 28 February 2025 financial statements. 11. Goodwill28 February 28 February 2026 2025 £’m£’mCost At start of year 81.6 52.6Acquisitions – 28.6Exchange differences (2.4) 0.4At end of year 79.2 81.6ImpairmentAt start of year 4.3 4.3Exchange differences – –At end of year 4.3 4.3Net book valueAt end of year 74.9 77.3At start of year 77.3 48.3Goodwill is not amortised but instead, in accordance with IFRS, is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. Management aligns the monitoring of goodwill with how it reviews the performance of the business. Previously, the Group’s cash-generating units (“CGUs”) were defined as Academic & Professional, Special Interest and Consumer, reflecting that goodwill is monitored by management at the publishing division level.As disclosed in Note 3 “revenue and segmental analysis”, during the year, the Special interest Division has been integrated into the Consumer Division, with the strategic focus now on the consumer market as a whole. The change in both operational structure and internal reporting resulted in a trigger for a change in CGUs, with Special Interest moving into the Consumer CGU. 11. Goodwill continuedThe Group now has two CGUs, Academic & Professional and Consumer, which represent the smallest identifiable group of assets that generate cash flows that are largely independent of the cash flows from other assets or groups of assets. Comparative information for prior periods has been restated to reflect this change. Typically, acquisitions are integrated into existing publishing divisions, and the goodwill arising is allocated to the CGUs that are expected to benefit from the synergies of the acquisition. The following is a summary of goodwill allocation for each publishing division:28 February 28 February 2026 2025 *(restated) £’m£’mAcademic & Professional 65.4 67.5Consumer 9.5 9.8Total 74.9 77.3Impairment testingThe recoverable amount of the Group’s goodwill has been considered with regard to value-in-use calculations. These calculations use the pre-tax future cash flow projections of each CGU based on the Board’s approved budgets for the year ended 28 February 2027 and the Board-approved five-year plan. The calculations include a terminal value based on the projections for the final year of the five-year plan with a long-term growth rate assumption applied.The key assumptions for calculating value in use are:Discount rates CAGR – Revenue Long-term growth202620252026202520262025(*restated) (*restated) (*restated) %%%%%%Academic & Professional 12.2 12.6 0.9 6.5 2.0 2.0Consumer 12.8 12.4 1.3 1.7 2.0 2.0* Restated to show the Special Interest Division move to the Consumer Division (see above). Discount ratesThe discount rates applied to the cash flows are calculated using a pre-tax rate based on the weighted average cost of capital for the comparable public companies. This is adjusted for risks specific to the market in which the CGU operates. Revenue growth ratesGrowth rates have been calculated based on those applied to the Board-approved budget for the year ended 28February2027 and five-year plan. The five-year forecasts are extrapolated to perpetuity on the basis that the relevant CGUs are long-established business units. The long-term growth rates are blended rates formed from the territory-specific long-term growth rates. Gross marginsGross margins have been based on historic performance and expected changes to the sales mix in future periods. SensitivityManagement has performed sensitivity analysis based on the key assumptions for calculating the value in use. The discount rate has been increased by 2.0% and the long-term growth rate has been decreased from 2.0% to 0.0%. In addition, management has applied a severe but plausible downside scenario in accordance with the going concern review as set out on page 156. This assumes that: Aprint revenues are reduced by 20% during 2026/2027, with recovery during 2027/2028; Adigital revenues are reduced by 10–20% during 2026/2027, with recovery during 2027/2028; and Aprint costs are increased by 2% from 2026/2027, distribution costs are increased by 5% from 2026/2027 and staff costs are increased by 2% from 2027/2028.Under these circumstances, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the Academic & Professional or Consumer CGUs to materially exceed the recoverable amount. Likewise, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the previously defined CGUs (Academic & Professional, Special Interest and Consumer) to materially exceed the recoverable amount.12. Other intangible assetsSubscriber and Assets Publishing customer Systems Product under rights Imprints relationships Trademarks development development construction Total £’m£’m£’m£’m£’m£’m£’m£’mCostAt 29 February 2024 36.3 13.9 4.4 0.6 7.0 25.0 1.1 88.3Acquisitions 29.2 2.5 – – – 3.6 – 35.3Additions – – – – 0.5 3.1 1.2 4.8Transfers – – – – (0.2) 1.5 (1.3) –Disposals – – – – (0.7) – – (0.7)Exchange differences 0.4 – – – – 0.1 – 0.5At 28 February 2025 65.9 16.4 4.4 0.6 6.6 33.3 1.0 128.2Additions – – – 0.1 1.2 4.8 1.4 7.5Transfers – – – – 0.6 1.5 (2.1) –Disposals – – – – (0.2) – – (0.2)Exchange differences (2.9) (0.5) – – 0.1 (0.8) – (4.1)At 28 February 2026 63.0 15.9 4.4 0.7 8.3 38.8 0.3 131.4AmortisationAt 29 February 2024 21.3 6.3 4.3 0.2 5.2 19.0 – 56.3Disposals – – – – (0.7) – – (0.7)Charge for the year 6.0 1.5 0.1 – 0.7 4.2 – 12.5Exchange differences 0.1 – (0.1) – – – – –At 28 February 2025 27.4 7.8 4.3 0.2 5.2 23.2 – 68.1Disposals – – – – (0.2) – – (0.2)Charge for the year 6.1 1.5 0.1 0.1 0.6 5.9 – 14.3Exchange differences (0.7) (0.1) – – – (0.4) – (1.2)At 28 February 2026 32.8 9.2 4.4 0.3 5.6 28.7 – 81.0Net book valueAt 28 February 2026 30.2 6.7 – 0.4 2.7 10.1 0.3 50.4At 28 February 2025 38.5 8.6 0.1 0.4 1.4 10.1 1.0 60.1Acquisitions relates to the purchase of Rowman & Littlefield; see Note 10. 11. Goodwill28 February 28 February 2026 2025 £’m£’mCost At start of year 81.6 52.6Acquisitions – 28.6Exchange differences (2.4) 0.4At end of year 79.2 81.6ImpairmentAt start of year 4.3 4.3Exchange differences – –At end of year 4.3 4.3Net book valueAt end of year 74.9 77.3At start of year 77.3 48.3Goodwill is not amortised but instead, in accordance with IFRS, is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. Management aligns the monitoring of goodwill with how it reviews the performance of the business. Previously, the Group’s cash-generating units (“CGUs”) were defined as Academic & Professional, Special Interest and Consumer, reflecting that goodwill is monitored by management at the publishing division level.As disclosed in Note 3 “revenue and segmental analysis”, during the year, the Special interest Division has been integrated into the Consumer Division, with the strategic focus now on the consumer market as a whole. The change in both operational structure and internal reporting resulted in a trigger for a change in CGUs, with Special Interest moving into the Consumer CGU. 11. Goodwill continuedThe Group now has two CGUs, Academic & Professional and Consumer, which represent the smallest identifiable group of assets that generate cash flows that are largely independent of the cash flows from other assets or groups of assets. Comparative information for prior periods has been restated to reflect this change. Typically, acquisitions are integrated into existing publishing divisions, and the goodwill arising is allocated to the CGUs that are expected to benefit from the synergies of the acquisition. The following is a summary of goodwill allocation for each publishing division:28 February 28 February 2026 2025 *(restated) £’m£’mAcademic & Professional 65.4 67.5Consumer 9.5 9.8Total 74.9 77.3Impairment testingThe recoverable amount of the Group’s goodwill has been considered with regard to value-in-use calculations. These calculations use the pre-tax future cash flow projections of each CGU based on the Board’s approved budgets for the year ended 28 February 2027 and the Board-approved five-year plan. The calculations include a terminal value based on the projections for the final year of the five-year plan with a long-term growth rate assumption applied.The key assumptions for calculating value in use are:Discount rates CAGR – Revenue Long-term growth202620252026202520262025(*restated) (*restated) (*restated) %%%%%%Academic & Professional 12.2 12.6 0.9 6.5 2.0 2.0Consumer 12.8 12.4 1.3 1.7 2.0 2.0* Restated to show the Special Interest Division move to the Consumer Division (see above). Discount ratesThe discount rates applied to the cash flows are calculated using a pre-tax rate based on the weighted average cost of capital for the comparable public companies. This is adjusted for risks specific to the market in which the CGU operates. Revenue growth ratesGrowth rates have been calculated based on those applied to the Board-approved budget for the year ended 28February2027 and five-year plan. The five-year forecasts are extrapolated to perpetuity on the basis that the relevant CGUs are long-established business units. The long-term growth rates are blended rates formed from the territory-specific long-term growth rates. Gross marginsGross margins have been based on historic performance and expected changes to the sales mix in future periods. SensitivityManagement has performed sensitivity analysis based on the key assumptions for calculating the value in use. The discount rate has been increased by 2.0% and the long-term growth rate has been decreased from 2.0% to 0.0%. In addition, management has applied a severe but plausible downside scenario in accordance with the going concern review as set out on page 156. This assumes that: Aprint revenues are reduced by 20% during 2026/2027, with recovery during 2027/2028; Adigital revenues are reduced by 10–20% during 2026/2027, with recovery during 2027/2028; and Aprint costs are increased by 2% from 2026/2027, distribution costs are increased by 5% from 2026/2027 and staff costs are increased by 2% from 2027/2028.Under these circumstances, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the Academic & Professional or Consumer CGUs to materially exceed the recoverable amount. Likewise, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the previously defined CGUs (Academic & Professional, Special Interest and Consumer) to materially exceed the recoverable amount. 12. Other intangible assetsSubscriber and Assets Publishing customer Systems Product under rights Imprints relationships Trademarks development development construction Total £’m£’m£’m£’m£’m£’m£’m£’mCostAt 29 February 2024 36.3 13.9 4.4 0.6 7.0 25.0 1.1 88.3Acquisitions 29.2 2.5 – – – 3.6 – 35.3Additions – – – – 0.5 3.1 1.2 4.8Transfers – – – – (0.2) 1.5 (1.3) –Disposals – – – – (0.7) – – (0.7)Exchange differences 0.4 – – – – 0.1 – 0.5At 28 February 2025 65.9 16.4 4.4 0.6 6.6 33.3 1.0 128.2Additions – – – 0.1 1.2 4.8 1.4 7.5Transfers – – – – 0.6 1.5 (2.1) –Disposals – – – – (0.2) – – (0.2)Exchange differences (2.9) (0.5) – – 0.1 (0.8) – (4.1)At 28 February 2026 63.0 15.9 4.4 0.7 8.3 38.8 0.3 131.4AmortisationAt 29 February 2024 21.3 6.3 4.3 0.2 5.2 19.0 – 56.3Disposals – – – – (0.7) – – (0.7)Charge for the year 6.0 1.5 0.1 – 0.7 4.2 – 12.5Exchange differences 0.1 – (0.1) – – – – –At 28 February 2025 27.4 7.8 4.3 0.2 5.2 23.2 – 68.1Disposals – – – – (0.2) – – (0.2)Charge for the year 6.1 1.5 0.1 0.1 0.6 5.9 – 14.3Exchange differences (0.7) (0.1) – – – (0.4) – (1.2)At 28 February 2026 32.8 9.2 4.4 0.3 5.6 28.7 – 81.0Net book valueAt 28 February 2026 30.2 6.7 – 0.4 2.7 10.1 0.3 50.4At 28 February 2025 38.5 8.6 0.1 0.4 1.4 10.1 1.0 60.1Acquisitions relates to the purchase of Rowman & Littlefield; see Note 10. 13. Property, plant and equipmentComputers Short and other leasehold Furniture and office improvements fittings equipment Total£’m£’m£’m £’mCostAt 29 February 2024 3.0 1.2 3.4 7.6Additions 0.2 0.4 0.8 1.4Disposals (0.2) (0.1) (0.4) (0.7)At 28 February 2025 3.0 1.5 3.8 8.3Additions 0.4 0.3 0.7 1.4Disposals (0.2) (0.4) – (0.6)Exchange differences – (0.1) (0.1) (0.2)At 28 February 2026 3.2 1.3 4.4 8.9DepreciationAt 29 February 2024 2.5 0.8 2.1 5.4Charge for the year 0.1 0.1 0.9 1.1Disposals (0.2) (0.1) (0.4) (0.7)At 28 February 2025 2.4 0.8 2.6 5.8Charge for the year 0.1 0.1 0.7 0.9Disposals (0.2) (0.4) – (0.6)Exchange differences – – (0.1) (0.1)At 28 February 2026 2.3 0.5 3.2 6.0Net book valueAt 28 February 2026 0.9 0.8 1.2 2.9At 28 February 2025 0.6 0.7 1.2 2.5The depreciation charge is included in administrative expenses. 14. Right-of-use assetsPropertyCarsEquipmentTotal£’m£’m£’m £’mCostAt 29 February 2024 16.0 0.2 0.2 16.4Additions 1.8 0.1 0.2 2.1Disposals – – (0.2) (0.2)At 28 February 2025 17.8 0.3 0.2 18.3Additions 7.5 – – 7.5Disposals (3.7) – – (3.7)Exchange differences (0.3) – – (0.3)At 28 February 2026 21.3 0.3 0.2 21.8DepreciationAt 29 February 2024 8.7 – 0.2 8.9Charge for the year 1.8 0.1 0.1 2.0Disposals – – (0.2) (0.2)At 28 February 2025 10.5 0.1 0.1 10.7Charge for the year 2.0 0.1 – 2.1Disposals (3.7) – – (3.7)Exchange differences (0.2) – – (0.2)At 28 February 2026 8.6 0.2 0.1 8.9Net book value At 28 February 2026 12.7 0.1 0.1 12.9At 28 February 2025 7.3 0.2 0.1 7.6The depreciation charge is included in administrative expenses. 15. Deferred tax assets and liabilitiesa) Recognised deferred tax assets and liabilitiesDeferred tax is calculated in full on temporary differences using the tax rate appropriate to the jurisdiction in which the asset or liability arises and the tax rates that are expected to apply in the periods in which the asset or liability is settled. Movement in temporary differences during the year:Property, Retirement plant and benefit Share-based Intangible Tax losses equipment obligation payments assets OtherTotal £’m£’m£’m£’m£’m £’m£’mAt 29 February 2024 1.2 0.1 0.1 0.8 (1.6) 10.4 11.0Credit to the income statement 0.7 – – 0.4 0.6 1.8 3.5Credit to equity – – – 0.1 – – 0.1At 28 February 2025 1.9 0.1 0.1 1.3 (1.0) 12.2 14.6(Charge)/credit to the income statement (0.6) 0.3 – (0.5) 0.7 (1.0) (1.1)Charge to equity – – – (0.3) – – (0.3)Exchange differences – – – – (0.1) (0.6) (0.7)At 28 February 2026 1.3 0.4 0.1 0.5 (0.4) 10.6 12.5Deferred tax assets in respect of losses are only recognised to the extent that it is anticipated they will be utilised in the foreseeable future. The Other deferred tax asset predominantly relates to temporary differences, i.e. valuation adjustments and return and inventory provisions held on the balance sheet recognised in the current tax calculation and tax return only when utilised. This predominantly relates to the US and the UK. b) The analysis for financial reporting purposes is as follows:28 February 28 February 2026 2025 £’m£’mDeferred tax assets 14.5 16.9Deferred tax liabilities (2.0) (2.3)Total 12.5 14.6The deferred tax liability predominantly relates to timing differences due to Intangible assets. c) Unrecognised deferred tax assets The Group had deferred tax assets not recognised in the financial statements as follows:28 February 28 February 2026 2025 £’m£’mTrading losses and unrelieved foreign tax credits 2.7 3.5At 28 February 2026, the Group had unrecognised trading losses, including the gross value of unrelieved foreign tax credits, of £10.7 million (2025: £13.8 million). A deferred tax asset has not been recognised in respect of these taxable losses. Due to the nature of these losses and credits, they cannot easily be offset against future Group profits. Deferred tax is not provided on unremitted earnings of subsidiaries where the Group controls the timing of remittance and it is probable that the temporary difference will not reverse in the foreseeable future. 16. Inventories28 February 28 February 2026 2025 £’m£’mWork in progress 4.4 2.7Finished goods for resale 34.6 43.6Total 39.0 46.3The cost of inventories recognised as cost of sales amounted to £49.0 million (2025: £63.8 million). In addition to this, the provision and write-down of inventories to net realisable value recognised in cost of sales amounted to £11.5 million (2025: £16.5 million). 17. Trade and other receivables28 February 28 February 2026 2025 £’m£’mNon-currentContract assets 0.5 0.7CurrentGross trade receivables 72.9 82.1Less: loss allowance (2.2) (2.7)Net trade receivables 70.7 79.4Income tax recoverable 1.3 4.1Other receivables 2.7 3.6Prepayments 4.8 4.0Contract assets 9.5 7.1Royalty advances 36.4 35.1Total current trade and other receivables 125.4 133.3Total trade and other receivables 125.9 134.0Non-current receivables relate to contract assets on long-term rights deals.A provision is held against gross advances paid in respect of published title advances that may not be fully earned down by anticipated future sales. As at 28 February 2026, £13.0 million (2025: £7.1m) of royalty advances relate to titles expected to be published in more than 12 months’ time. Other receivables principally comprises VAT recoverable.Trade receivables principally comprises amounts receivable from the sale of books due from distributors. The majority of trade debtors are secured by credit insurance and, in certain territories, by third-party distributors. The “simplified approach” is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses.The Directors consider that the carrying amount of trade and other receivables approximates to their fair values. The Group’s exposure to credit and currency risks is disclosed in Note 24. The average number of days’ credit taken for sales of books by the Group was 79 days (2025: 80 days). A loss allowance is made with reference to specific debts, past default experience, trading history and the current economic environment. Movements on the Group loss allowance for trade receivables are as follows:28 February 28 February 2026 2025 £’m£’mAt start of year 2.7 3.6Amounts created 1.2 0.7Amounts utilised (0.6) (0.8)Amounts released (1.1) (0.8)At end of year 2.2 2.7 18. Trade and other liabilities28 February 28 February 2026 2025 £’m£’mCurrentTrade payables 29.8 36.4Sales return liability 11.7 18.6Taxation and social security 1.8 1.6Other payables 11.3 6.6Accruals 47.2 58.7Contract liabilities 11.6 11.1Total current trade and other liabilities 113.4 133.0Total trade and other liabilities 113.4 133.0Trade payables are non-interest bearing and are normally settled on terms of between 30 and 90 days. If actual returns were 10% higher or lower in the year, revenue would have been £1.9 million lower/higher (2025: £2.2 million lower/higher).Other payables principally comprises sub rights payable to authors. 19. BorrowingsReconciliation of movements of liabilities to cash flows arising from financing activities:Liability Equity TotalShare Other capital/ Lease financial share Other Retained liabilityBorrowingsliabilitiespremiumreservesearningsTotal£’m£’m£’m£’m£’m£’m£’mBalance at 28 February 2025 8.8 23.6 – 48.3 25.4 141.1 247.2Changes from financing cash flowsEquity dividend paid – – – – – (12.7) (12.7)Purchase of shares by the Employee Benefit Trust – – – – (4.8) – (4.8)Proceeds from exercise of share options – – – – 2.6 (2.2) 0.4Principal paid on lease liabilities (1.1) – – – – – (1.1)Repayment of borrowing – (7.4) – – – – (7.4)Interest paid (0.7) (1.1) (0.1) – – – (1.9)Total changes from financing cash flows (1.8) (8.5) (0.1) – (2.2) (14.9) (27.5)Other changesLiability-relatedRight-of-use asset additions 7.5 – – – – – 7.5Foreign exchange movements (0.2) (1.4) – – – – (1.6)Interest expense 0.7 1.1 0.1 – – – 1.9Total liability-related other changes 8.0 (0.3) 0.1 – – – 7.8Total equity-related other changes – – – – (8.5) 26.7 18.2Balance at 28 February 2026 15.0 14.8 – 48.3 14.7 152.9 245.7Liability Equity TotalShare Other capital/ Lease financial share Other Retained liabilityBorrowingsliabilitiespremiumreservesearningsTotal£’m£’m£’m£’m£’m£’m£’mBalance at 29 February 2024 8.9 – – 48.3 23.7 130.5 211.4Changes from financing cash flowsEquity dividend paid – – – – – (12.2) (12.2)Purchase of shares by the Employee Benefit Trust – – – – (3.8) – (3.8)Proceeds from exercise of share options – – – – 3.1 (2.7) 0.4Principal paid on lease liabilities (2.3) – – – – – (2.3)Proceeds from borrowings – 29.4 – – – – 29.4Repayment of borrowing – (6.2) – – – – (6.2)Interest paid (0.3) (1.6) (0.2) – – – (2.1)Total changes from financing cash flows (2.6) 21.6 (0.2) – (0.7) (14.9) 3.2Other changesLiability-relatedRight-of-use asset additions 2.0 – – – – – 2.0Foreign exchange movements 0.2 0.4 – – – – 0.6Interest expense 0.3 1.6 0.2 – – – 2.1Total liability-related other changes 2.5 2.0 0.2 – – – 4.7Total equity-related other changes – – – – 2.4 25.5 27.9Balance at 28 February 2025 8.8 23.6 – 48.3 25.4 141.1 247.2As at 28 February 2026, the Group has non-current borrowings amounting to £14.8 million under a loan agreement with Lloyds Bank Plc. The loan agreement includes financial covenants that require the Group to maintain a minimum interest cover and a maximum net debt to EBITDA ratio. The Group is required to comply with these covenants quarterly, with the next compliance assessment due as at 31 May 2026.As at the 28 February 2026, the Group was in compliance with all covenants. Should the Group fail to comply with these covenants in the future, the lender may have the right to demand immediate repayment of the loan, which could result in the liability becoming repayable within 12 months after the reporting period. The Group has assessed its financial position and forecasts and believes that it will continue to comply with the covenants. Nevertheless, the risk remains that non-compliance could occur, potentially affecting the classification of the liability and the Group’s liquidity position. 20. ProvisionsAuthor advancesProperty Total£’m£’m£’m28 February 2025 1.9 0.9 2.8Created in the year 1.8 0.1 1.9Utilised in the year (1.0) (0.2) (1.2)Exchange differences (0.1) – (0.1)28 February 2026 2.6 0.8 3.4Non-current – 0.8 0.8Current 2.6 – 2.6The property provision includes amounts provided for dilapidations. The author advance provision is a provision against future cash outflows on published titles where the Group does not expect to fully recover the advance. 22. Share-based payments Options over shares of the ultimate parent undertaking, Bloomsbury Publishing Plc, have been granted to employees of the Group under various schemes. The total share-based payment charge to the income statement for the year was as follows:28 February 28 February 2026 2025 £’m£’mEquity-settled share-based transactions 1.1 1.5Cash-settled share-based transactions – 0.4Total 1.1 1.9National Insurance contributions are payable by the Company in respect of some of the share-based payment transactions. These contributions are payable on the date of exercise based on the intrinsic value of the share-based payments and are, therefore, treated as cash-settled awards. The Group had an accrual for National Insurance at 28 February 2026 of £0.3 million (2025: £0.5 million), of which none related to vested options. The weighted average share price at the date of exercise for share options exercised during the period was 480 pence.a) The Bloomsbury Performance Share Plan (“the PSP”)The Group operates the PSP for Directors and senior employees. Awards under the scheme are granted as conditional share awards. The number of Ordinary shares comprised in an award is calculated using a share value equal to the closing middle-market price on the dealing day before the award date. The vesting period is three years and, for awards granted during the year ended February 2023, the award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). For awards granted during the year ended February 2024, February 2025 and February 2026, the award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and Bloomsbury International Revenue (5%). For details of the performance conditions, see the Directors’ Remuneration Report on pages 125 to 145. Awards are not exercisable after the vesting date and awards that vest on the vesting date are automatically exercised. Except in certain circumstances, awards lapse if the employee leaves the Group. Year ended Year ended 28 February 28 February 2026 2025 NumberNumberOutstanding at start of year 1,028,597 1,070,170Granted during the year 481,731 297,987Exercised during the year (282,895) (324,862)Lapsed during the year (98,629) (14,698)Outstanding at end of year 1,128,804 1,028,597Exercisable at end of year 366,972 304,889Year ended Year ended 28 February 28 February 2026 2025 Range of exercise price of outstanding awards (pence) – –Weighted average remaining contracted life (months) 18 17Expense recognised for the year (£’m) 0.8 1.622. Share-based payments continuedThe share awards granted in the year to 28 February 2026 have been measured based on the share price at the date of grant as they are only subject to non-market conditions. The inputs were:All Share price 493 penceExercise price –Expected term 3 yearsExpected volatility N/ARisk-free interest rate N/AFair value charge per award 402–493 penceThis award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and Bloomsbury International Revenue (5%).The awards for Executive Directors only will be subject to clawback provisions and to a two-year post-vesting holding period.b) The Bloomsbury Sharesave Plan 2014The Group operates an HM Revenue and Customs-approved savings-related share option scheme under which employees are granted options to purchase Ordinary shares in the Company in three years’ time, dependent upon their entering into a contract to make monthly contributions to a savings account over the period of the savings term. The Sharesave Plan is open to all UK employees.Weighted Weighted average average Share exercise Share exercise options price options price 2026 20262025 2025Number PenceNumber PenceOutstanding at start of year 525,066 387 551,806 307Granted during the year 210,919 404 176,161 490Exercised during the year (138,313) 313 (172,416) 247Lapsed during the year (48,827) 445 (30,485) 330Outstanding at end of year 548,845 407 525,066 387Exercisable at end of year 4,464 314 7,287 280Year ended Year ended 28 February 28 February 20262025 Range of exercise price of outstanding options (pence) 314–490 280–490Weighted average remaining contracted life (months) 24 25Expense recognised for the year (£’m) 0.3 0.3 24. Financial instruments and risk managementCapital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to Shareholders as well as sustaining the future development of the business. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders and issue new shares. TheGroup’s overall strategy remains unchanged from 2025.The capital structure of the Group comprises equity attributable to owners of the Company, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and Note 21.Categories of financial instruments 28 February 28 February 2026 2025 Notes£’m£’mLoans and receivablesCash and cash equivalents 44.0 40.6Trade receivables 17 70.7 79.4Contract assets 17 10.0 7.8Total loans and receivables 124.7 127.8Financial liabilities measured at amortised cost Trade payables 18 29.8 36.4Other payables due in less than one year 13.0 8.2Sales return liability 18 11.7 18.6Accruals 18 47.2 58.7Lease liabilities 25 15.0 8.8Borrowings 14.8 23.6Total financial liabilities measured at amortised cost 131.5 154.3Net financial instruments (6.8) (26.5)There is no material difference between the fair value and book value of financial assets and liabilities. 24. Financial instruments and risk management continuedFinancial risk managementThe Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance from the key risks of market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Board has approved the Group Treasury policies and procedures by which the Group Treasury function is to be managed. The Group Treasury function is headed by the Chief Financial & Operating Officer and is part of Bloomsbury’s Finance Department. It operates under a delegated authority from the Board. The Treasury management policies and procedures focus on the investment of surplus operating cash likely to be needed in order to support Bloomsbury’s ongoing operations, foreign currency requirements and interest rate risk management. The Group does not use derivative contracts for speculative purposes. The policies are reviewed at least on an annual basis by the Chief Financial & Operating Officer and any amendments are approved by the Board. The Board is assisted in its oversight role by Internal Audit, which undertakes regular reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. a) Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group’s activities expose it mainly to the financial risks of changes in foreign currency exchange rates and changes in interest rates. The Group incurs costs in the same currencies as it earns revenue, creating some degree of natural hedging. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. Risk management is carried out by Group Treasury under policies approved by the Board of Directors. Group Treasury monitors the distribution of its cash assets so as to control exposure to the relative performance of any particular territory, currency or institution.The Board provides written principles for overall risk management, as well as policies covering specific areas, such as funding, foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.(i) Interest rate riskThe Group has significant interest-bearing assets in the form of cash and cash equivalents and, as such, cash flows are dependent on changes in market interest rates. Interest rate profile of financial instruments28 February 28 February 2026 2025 £’m£’mFixed-rate instrumentsFinancial assets 3.0 1.1Financial liabilities – –Total 3.0 1.1Variable-rate instrumentsFinancial assets 41.0 39.5Financial liabilities (14.8) (23.6)Total 26.2 15.9Fixed-rate financial assets are short-term bank deposits with a maturity date range of one day to one month. Variable-rate financial assets are cash at bank. Variable-rate financial liabilities are the term loan facility.Fair value sensitivity analysis for fixed-rate financial instrumentsThe Group does not account for any fixed-rate financial assets at fair value through profit or loss. Therefore, a change in interest rates at 28 February 2026 would not affect the income statement. Cash flow sensitivity analysis for variable-rate financial instrumentsThe Group derived the following sensitivities to assess the impact of changes in interest rates, based on the effect of the market volatility in the current climate and the previous 12 months. The analysis assumes all other variables remain constant. 28 February 2026 28 February 2025Profit or loss Equity Profit or loss Equity £’m£’m£’m£’mImpact on profit or loss and equity1% increase in base rate of interest (2025: 1%) – – 0.1 –0.5% decrease in base rate of interest (2025: 0.5%) – – (0.1) –(ii) Currency riskThe Directors believe that, in its current circumstances, the Group’s risk from foreign currency exposure is limited and no active currency risk management by hedging is considered necessary, as a significant proportion of revenues is matched by expenditure in the same local currency, creating some degree of natural hedging.The Group’s exposure to foreign currency risk was as follows:Loans and receivables Financial liabilities28 February 28 February 28 February 28 February 202620252026 2025£’m£’m£’m£’mGBP 43.8 55.2 63.1 73.3USD 64.9 66.2 61.4 72.0EURO 3.3 0.2 0.2 0.2AUD 9.2 4.3 5.7 7.9INR 3.5 1.9 1.1 0.9Total 124.7 127.8 131.5 154.3No significant amounts of loans and receivables or financial liabilities are denominated in currencies other than sterling, US dollars, euros, Australian dollars or Indian rupees.Foreign currency sensitivity analysis The Group derived the following sensitivities based on the outstanding foreign currency denominated financial assets and liabilities at the year end. The sensitivity analysis includes loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. The use of a 10% sensitivity rate has been determined based on the effect of the market volatility in exchange rates between the current and previous year end, and represents management’s assessment of the reasonably possible change in foreign exchange rates. A positive number below indicates an increase in profit or equity. 28 February 28 February 2026 2025 £’m£’mImpact on equity10% weakening in US dollar against pound sterling (2025: 10%) (0.2) (1.4)10% strengthening in US dollar against pound sterling (2025: 10%) 0.2 1.4Impact on income statement10% weakening in US dollar against pound sterling (2025: 10%) (0.2) 1.910% strengthening in US dollar against pound sterling (2025: 10%) 0.2 (1.9)A 10% weakening or strengthening against GBP for all other currencies is not expected to yield a significant foreign exchange movement.24. Financial instruments and risk management continuedb) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group’s trade and other receivables (Note 17) and cash and cash equivalents. Cash and cash equivalentsThe credit risk on liquid funds is limited because the counterparties are banks with high credit ratings as assigned by international credit-rating agencies.Trade receivablesThe carrying amount of financial assets represents the maximum credit exposure. The amounts presented in the statement of financial position are net of allowances for doubtful receivables, estimated by the Group’s management based on trading experience and the current economic environment. An analysis of the relevant provisions is set out in Note 17.The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (“ECL”). To measure ECLs, trade receivables are split into groups with the same characteristics to calculate loss rates. Where possible, we have calculated this probability based on historic loss experience (using recent sales history, the timing of when the cash was received for the debt and the level of debt not collected for that population) and macroeconomic information.The Group determines its concentration of credit risk based on the individual characteristics of its customers and publicly available knowledge of specific circumstances affecting those customers. The Group defines counterparties as having similar characteristics if they are related entities. At 28 February 2026, the exposure to credit risk for gross trade receivables by geographical region was as follows:28 February 28 February 2026 2025 £’m£’mUnited Kingdom 40.2 39.5North America 27.5 37.4Australia 2.8 3.3India 2.4 1.9Total 72.9 82.1The Group has a significant concentration of credit risk arising from its use of third-party print distributors. In the US and Australia, credit limits for final customers are established by the distributors, based on a combination of payment history and third-party credit references. In the UK, Bloomsbury sets credit limits for final customers using similar criteria. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.The distributors form part of established international groups whose businesses include a number of publishing interests and clients. The Group’s credit risk is mitigated as significant balances outstanding through the UK and Australian print distributors are secured by credit insurance, while in the US the credit risk for significant amounts outstanding through distributors rests with the distributors themselves.Balances with the US distributor make up 86% (2025: 89%) of the North America trade receivable balance. In the UK, balances with the distributors make up 85% (2025: 91%) of the UK trade receivable balance. c) Liquidity riskCurrently, the Group has moderate borrowing and has sufficient cash deposits to meet its debts as they fall due. The Board has modelled a severe but plausible downside scenario; see Note 1d) on going concern for further details. Under this scenario the Group is expected to have sufficient liquidity for at least 12 months from the date of approval of the financial statements and would not breach any of the loan covenants.Cash flow budgets and forecasts are prepared by the operating entities of the Group, aggregated for the Group and regularly reviewed by the Board, and the actual cash position of the Group and each entity is compared monthly against budget. This allows management to ensure that each operating entity and the Group have sufficient cash to meet operational needs. Surplus cash held by the operating entities, over and above the balance required for working capital management, is invested in interest-bearing accounts and money market deposits. The Group’s financial liabilities are trade payables, sales return liability, accruals, lease liabilities and other payables as shown above as well as borrowings. All financial liabilities are due within one year with the exception of borrowings.Revolving credit facilityThe Group has an unsecured committed revolving credit facility (“RCF”) with Lloyds Bank Plc of £30.0 million. On 20 March 2026, the RCF was increased from £20.0 million to £30.0 million and its maturity extended to March 2029. The facility comprises a committed revolving credit facility of £30.0 million and an uncommitted incremental RCF of up to £20.0 million.As at 28 February 2026, the facility remains fully undrawn (2025: fully undrawn) with £20.0 million of undrawn borrowing facilities (2025: £20.0 million) available.The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. Term loan facilityOn 15 May 2024, the Group entered into an unsecured term loan facility with Lloyds Bank Plc, running for three years to May 2027. The loan principal was £29.7m with a variable interest rate of SOFR (Secured Overnight Financing Rate) + 1.4% per annum, calculated quarterly. The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. The loan is classified and measured at amortised cost in accordance with IFRS 9. The effective interest rate method is used to allocate interest expense over the relevant period. The loan was initially recognised at its fair value, net of transaction costs amounting to £0.3m. The interest expense for the period is calculated using the effective interest rate method. The interest expense recognised in the Income Statement for the year ended 28 February 2026 is £1.1 million.During the period, the Company made partial repayments totalling £7.4 million. Under the terms of the agreement, the loan is repayable at the Group’s discretion, with no fixed repayment schedule.At 28 February 2026, the carrying amount of the loan is £14.8 million, which includes the principal amount, accrued interest and net of repayments made during the year. The loan has been treated as non-current to reflect the expected timing of when the loan will be repaid. The non-current treatment assessment is disclosed further in Note 19. 24. Financial instruments and risk managementCapital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to Shareholders as well as sustaining the future development of the business. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders and issue new shares. TheGroup’s overall strategy remains unchanged from 2025.The capital structure of the Group comprises equity attributable to owners of the Company, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and Note 21.Categories of financial instruments 28 February 28 February 2026 2025 Notes£’m£’mLoans and receivablesCash and cash equivalents 44.0 40.6Trade receivables 17 70.7 79.4Contract assets 17 10.0 7.8Total loans and receivables 124.7 127.8Financial liabilities measured at amortised cost Trade payables 18 29.8 36.4Other payables due in less than one year 13.0 8.2Sales return liability 18 11.7 18.6Accruals 18 47.2 58.7Lease liabilities 25 15.0 8.8Borrowings 14.8 23.6Total financial liabilities measured at amortised cost 131.5 154.3Net financial instruments (6.8) (26.5)There is no material difference between the fair value and book value of financial assets and liabilities. 24. Financial instruments and risk management continuedFinancial risk managementThe Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance from the key risks of market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Board has approved the Group Treasury policies and procedures by which the Group Treasury function is to be managed. The Group Treasury function is headed by the Chief Financial & Operating Officer and is part of Bloomsbury’s Finance Department. It operates under a delegated authority from the Board. The Treasury management policies and procedures focus on the investment of surplus operating cash likely to be needed in order to support Bloomsbury’s ongoing operations, foreign currency requirements and interest rate risk management. The Group does not use derivative contracts for speculative purposes. The policies are reviewed at least on an annual basis by the Chief Financial & Operating Officer and any amendments are approved by the Board. The Board is assisted in its oversight role by Internal Audit, which undertakes regular reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. a) Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group’s activities expose it mainly to the financial risks of changes in foreign currency exchange rates and changes in interest rates. The Group incurs costs in the same currencies as it earns revenue, creating some degree of natural hedging. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. Risk management is carried out by Group Treasury under policies approved by the Board of Directors. Group Treasury monitors the distribution of its cash assets so as to control exposure to the relative performance of any particular territory, currency or institution.The Board provides written principles for overall risk management, as well as policies covering specific areas, such as funding, foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.(i) Interest rate riskThe Group has significant interest-bearing assets in the form of cash and cash equivalents and, as such, cash flows are dependent on changes in market interest rates. Interest rate profile of financial instruments28 February 28 February 2026 2025 £’m£’mFixed-rate instrumentsFinancial assets 3.0 1.1Financial liabilities – –Total 3.0 1.1Variable-rate instrumentsFinancial assets 41.0 39.5Financial liabilities (14.8) (23.6)Total 26.2 15.9Fixed-rate financial assets are short-term bank deposits with a maturity date range of one day to one month. Variable-rate financial assets are cash at bank. Variable-rate financial liabilities are the term loan facility.Fair value sensitivity analysis for fixed-rate financial instrumentsThe Group does not account for any fixed-rate financial assets at fair value through profit or loss. Therefore, a change in interest rates at 28 February 2026 would not affect the income statement. Cash flow sensitivity analysis for variable-rate financial instrumentsThe Group derived the following sensitivities to assess the impact of changes in interest rates, based on the effect of the market volatility in the current climate and the previous 12 months. The analysis assumes all other variables remain constant. 28 February 2026 28 February 2025Profit or loss Equity Profit or loss Equity £’m£’m£’m£’mImpact on profit or loss and equity1% increase in base rate of interest (2025: 1%) – – 0.1 –0.5% decrease in base rate of interest (2025: 0.5%) – – (0.1) –(ii) Currency riskThe Directors believe that, in its current circumstances, the Group’s risk from foreign currency exposure is limited and no active currency risk management by hedging is considered necessary, as a significant proportion of revenues is matched by expenditure in the same local currency, creating some degree of natural hedging.The Group’s exposure to foreign currency risk was as follows:Loans and receivables Financial liabilities28 February 28 February 28 February 28 February 202620252026 2025£’m£’m£’m£’mGBP 43.8 55.2 63.1 73.3USD 64.9 66.2 61.4 72.0EURO 3.3 0.2 0.2 0.2AUD 9.2 4.3 5.7 7.9INR 3.5 1.9 1.1 0.9Total 124.7 127.8 131.5 154.3No significant amounts of loans and receivables or financial liabilities are denominated in currencies other than sterling, US dollars, euros, Australian dollars or Indian rupees.Foreign currency sensitivity analysis The Group derived the following sensitivities based on the outstanding foreign currency denominated financial assets and liabilities at the year end. The sensitivity analysis includes loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. The use of a 10% sensitivity rate has been determined based on the effect of the market volatility in exchange rates between the current and previous year end, and represents management’s assessment of the reasonably possible change in foreign exchange rates. A positive number below indicates an increase in profit or equity. 28 February 28 February 2026 2025 £’m£’mImpact on equity10% weakening in US dollar against pound sterling (2025: 10%) (0.2) (1.4)10% strengthening in US dollar against pound sterling (2025: 10%) 0.2 1.4Impact on income statement10% weakening in US dollar against pound sterling (2025: 10%) (0.2) 1.910% strengthening in US dollar against pound sterling (2025: 10%) 0.2 (1.9)A 10% weakening or strengthening against GBP for all other currencies is not expected to yield a significant foreign exchange movement.24. Financial instruments and risk management continuedb) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group’s trade and other receivables (Note 17) and cash and cash equivalents. Cash and cash equivalentsThe credit risk on liquid funds is limited because the counterparties are banks with high credit ratings as assigned by international credit-rating agencies.Trade receivablesThe carrying amount of financial assets represents the maximum credit exposure. The amounts presented in the statement of financial position are net of allowances for doubtful receivables, estimated by the Group’s management based on trading experience and the current economic environment. An analysis of the relevant provisions is set out in Note 17.The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (“ECL”). To measure ECLs, trade receivables are split into groups with the same characteristics to calculate loss rates. Where possible, we have calculated this probability based on historic loss experience (using recent sales history, the timing of when the cash was received for the debt and the level of debt not collected for that population) and macroeconomic information.The Group determines its concentration of credit risk based on the individual characteristics of its customers and publicly available knowledge of specific circumstances affecting those customers. The Group defines counterparties as having similar characteristics if they are related entities. At 28 February 2026, the exposure to credit risk for gross trade receivables by geographical region was as follows:28 February 28 February 2026 2025 £’m£’mUnited Kingdom 40.2 39.5North America 27.5 37.4Australia 2.8 3.3India 2.4 1.9Total 72.9 82.1The Group has a significant concentration of credit risk arising from its use of third-party print distributors. In the US and Australia, credit limits for final customers are established by the distributors, based on a combination of payment history and third-party credit references. In the UK, Bloomsbury sets credit limits for final customers using similar criteria. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.The distributors form part of established international groups whose businesses include a number of publishing interests and clients. The Group’s credit risk is mitigated as significant balances outstanding through the UK and Australian print distributors are secured by credit insurance, while in the US the credit risk for significant amounts outstanding through distributors rests with the distributors themselves.Balances with the US distributor make up 86% (2025: 89%) of the North America trade receivable balance. In the UK, balances with the distributors make up 85% (2025: 91%) of the UK trade receivable balance. c) Liquidity riskCurrently, the Group has moderate borrowing and has sufficient cash deposits to meet its debts as they fall due. The Board has modelled a severe but plausible downside scenario; see Note 1d) on going concern for further details. Under this scenario the Group is expected to have sufficient liquidity for at least 12 months from the date of approval of the financial statements and would not breach any of the loan covenants.Cash flow budgets and forecasts are prepared by the operating entities of the Group, aggregated for the Group and regularly reviewed by the Board, and the actual cash position of the Group and each entity is compared monthly against budget. This allows management to ensure that each operating entity and the Group have sufficient cash to meet operational needs. Surplus cash held by the operating entities, over and above the balance required for working capital management, is invested in interest-bearing accounts and money market deposits. The Group’s financial liabilities are trade payables, sales return liability, accruals, lease liabilities and other payables as shown above as well as borrowings. All financial liabilities are due within one year with the exception of borrowings.Revolving credit facilityThe Group has an unsecured committed revolving credit facility (“RCF”) with Lloyds Bank Plc of £30.0 million. On 20 March 2026, the RCF was increased from £20.0 million to £30.0 million and its maturity extended to March 2029. The facility comprises a committed revolving credit facility of £30.0 million and an uncommitted incremental RCF of up to £20.0 million.As at 28 February 2026, the facility remains fully undrawn (2025: fully undrawn) with £20.0 million of undrawn borrowing facilities (2025: £20.0 million) available.The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. Term loan facilityOn 15 May 2024, the Group entered into an unsecured term loan facility with Lloyds Bank Plc, running for three years to May 2027. The loan principal was £29.7m with a variable interest rate of SOFR (Secured Overnight Financing Rate) + 1.4% per annum, calculated quarterly. The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. The loan is classified and measured at amortised cost in accordance with IFRS 9. The effective interest rate method is used to allocate interest expense over the relevant period. The loan was initially recognised at its fair value, net of transaction costs amounting to £0.3m. The interest expense for the period is calculated using the effective interest rate method. The interest expense recognised in the Income Statement for the year ended 28 February 2026 is £1.1 million.During the period, the Company made partial repayments totalling £7.4 million. Under the terms of the agreement, the loan is repayable at the Group’s discretion, with no fixed repayment schedule.At 28 February 2026, the carrying amount of the loan is £14.8 million, which includes the principal amount, accrued interest and net of repayments made during the year. The loan has been treated as non-current to reflect the expected timing of when the loan will be repaid. The non-current treatment assessment is disclosed further in Note 19. 25. LeasesThe Group’s lease portfolio consists of office properties, cars and equipment. The amounts recognised in the income statement are as follows:28 February 28 February 2026 2025 Notes£’m£’mInterest on lease liabilities 6 0.7 0.3Depreciation of right-of-use assets 14 2.1 2.0The maturities of the Group’s lease liabilities are as follows:28 February 28 February 2026 2025 £’m£’mLess than one year 2.6 2.8One to five years 10.4 11.1More than five years 5.3 8.0Total undiscounted lease liabilities 18.3 21.9Lease liabilities included in the Consolidated Statement of Financial Position 15.0 8.8Current 1.9 1.5Non-current 13.1 7.3The above lease liabilities include the new US office lease that commenced in the year. 26. Commitments and contingent liabilitiesa) Capital commitments28 February 28 February 2026 2025 £’m£’mProperty, plant and equipment – 0.7Intangible assets 0.6 0.9Total 0.6 1.6b) Other commitmentsThe Group is committed to paying royalty advances to authors in subsequent financial years. As at 28 February 2026, this commitment amounted to £26.0m (2025: £24.3m).c) GuaranteesThe Company and certain of its subsidiaries have provided guarantees to Lloyds Bank Plc in relation to the Group’s borrowing facilities – see Note 24c). 27. Related party transactionsThere are no related party transactions other than key management remuneration as disclosed in Note 5. 28. Investments in subsidiary companiesThe Group’s subsidiary companies at 28 February 2026 are:Country of Proportion of Nature of business Registered incorporationequity capital heldduring the yearofficeSubsidiary undertakings held directly by Bloomsbury Publishing Plc:Intermediate A & C Black Limited England and Wales 100%holding company 1.Intermediate Bloomsbury India UK Limited England and Wales 100%holding company 1.Bloomsbury Publishing Inc. USA 100% Publishing 2.Bloomsbury Information Limited England and Wales 100% Publishing 1.Bloomsbury Professional Limited England and Wales 100% Publishing 1.Bloomsbury Publishing PTY Limited Australia 100% Publishing 3.The Continuum International Publishing Group Limited England and Wales 100% Publishing 1.Hart Publishing Limited England and Wales 100% Publishing 1.Head of Zeus Limited England and Wales 100% Publishing 1.Bloomsbury Publishing Ireland Limited Ireland 100% Publishing 6.Osprey Publishing Limited England and Wales 100% Publishing 1.Bloomsbury Book Publishing Company Limited England and Wales 100% Publishing 1.I.B. Tauris & Co. Limited England and Wales 100% Publishing 1.Oberon Books Limited England and Wales 100% Publishing 1.Bloomsbury Media Limited England and Wales 100% Dormant 1.Country of Proportion of Nature of business Registered incorporationequity capital heldduring the yearofficeSubsidiary undertakings held through a subsidiary company:A & C Black Publishers Limited England and Wales 100% Publishing 1.Christopher Helm (Publishers) Limited England and Wales 100% Publishing 1.Oxford International Publishers Limited t/a Berg Publishers England and Wales 100% Publishing 1.John Wisden and Company Limited England and Wales 100% Publishing 1.Shire Publications Limited England and Wales 100% Publishing 1.British Wildlife Publishing Limited England and Wales 100% Publishing 1.Bloomsbury Publishing Singapore Limited England and Wales 100% Publishing 1.Bloomsbury Publishing India Private Limited India 100% Publishing 4.Berg Fashion Library Limited England and Wales 100% Dormant 1.A & C Black (Distribution) Limited England and Wales 100% Dormant 1.Adlard Coles Limited England and Wales 100% Dormant 1.Alphabooks Limited England and Wales 100% Dormant 1.F. Lewis (Publishers) Limited England and Wales 100% Dormant 1.Featherstone Education Limited England and Wales 100% Dormant 1.Hambledon and London Limited England and Wales 100% Dormant 1.Herbert Press Limited England and Wales 100% Dormant 1.John Wisden (Holdings) Limited England and Wales 100% Dormant 1.Methuen Drama Limited England and Wales 100% Dormant 1.Nautical Publishing Co Limited England and Wales 100% Dormant 1.Philip Wilson Publishers Limited England and Wales 100% Dormant 1.Reed’s Almanac Limited England and Wales 100% Dormant 1.Sheffield Academic Press Limited England and Wales 100% Dormant 1.T & T Clark Limited Scotland 100% Dormant 5.The Athlone Press Limited England and Wales 100% Dormant 1.Thoemmes Limited England and Wales 100% Dormant 1.All subsidiary undertakings are included in the consolidation.The following lists all Bloomsbury registered office addresses. Please see the wholly owned subsidiary list for relevant registered office codes.1. 50 Bedford Square, London WC1B 3DP, United Kingdom.2. 1359 Broadway, twelfth floor, New York, NY 10018, USA.3. Level 2, 63 York Street, Sydney NSW 2000, Australia.4. DDA Complex, LSC, Building No. 4, Second Floor, Pocket C-6&7, Vasant Kunj, New Delhi, 110070, India. 5. C/O Bloomsbury Professional Limited 40 Princes Street Edinburgh Scotland EH2 2BY.6. C/O Deloitte Ireland LLP, 29 Earlsfort Terrace, Dublin 2, D02 AY28, Ireland.28. Investments in subsidiary companies continuedFor the year ended 28 February 2026, the following subsidiary companies were entitled to exemption from audit under section 479A of the Companies Act 2006:Company Subsidiary namenumberBloomsbury Information Limited 06409758Bloomsbury Professional Limited 05233465The Continuum International Publishing Group Limited 03833148A & C Black Publishers Limited 00189153Christopher Helm (Publishers) Limited 01953639Oxford International Publishers Limited t/a Berg Publishers 03143617John Wisden and Company Limited 00135590Hart Publishing Limited 03307205Osprey Publishing Limited 03471853Shire Publications Limited 00868867British Wildlife Publishing Limited 06810049Bloomsbury Book Publishing Company Limited 03830397Bloomsbury Publishing Singapore Limited 01173530I.B. Tauris & Co. Limited 01761687Head of Zeus Limited 07769235Oberon Books Limited 02082142The Group’s joint venture undertakings at 28 February 2026 are:Nature of Proportion of business Country of equity capital during the Registered incorporationheldyearofficeJoint venture undertakings held directly by Bloomsbury Publishing Plc:CYP and Bloomsbury (Beijing) Culture Development Co., Ltd China 50% Publishing 1.1. Floor 5, B Block, No. 1132, HuihHe South Street, Banbidian Village, Gaobeidian Township, Chaoyang District, Beijing, PRC. Registered Office 50 Bedford Square London WC1B 3DP +44 (0) 20 7631 5600