31 July 2026

Consistent execution delivers a strong first half performance

On track to deliver our sixth consecutive year of mid-single digit organic revenue growth

Full year guidance reconfirmed

2026 Half Year Results

1 Excluding the effect of adjusting items as reported in the consolidated income statement. See Note 2 for definitions of alternative performance measures.

2 Adjusted operating cash flow, as described in Note 2 to the financial statements. Statutory measure is Cash generated from operations as shown on the cash flow statement.

3 Free cash flow before corporate activity - dividends, M&A and share buybacks.

4 After adjusting for acquisitions, disposals and exchange rates (see Note 3).

5 Net debt / Adjusted last twelve months EBITDA.

Highlights

·      One IMI operating model compounding earnings growth

o  5% organic revenue growth and 8% organic adjusted operating profit growth

o  Statutory revenue 6% higher and statutory operating profit up 27%

o  £78m of Growth Hub orders, up 22%

o  Adjusted operating margin of 18.7%, 50 basis points higher than H1 2025

o  Adjusted basic earnings per share 13% higher than H1 2025

·      Automation revenue up 5% organically

o  Another strong performance in Process Automation, Aftermarket orders up 7% organically

o  Industrial Automation benefiting from improved market conditions and softer H1 comparator

·      Life Technology revenue up 5% organically

o  Continued demand in Climate Control, £18m of data centre orders (H1 2025: £6m)

o  Good organic growth in Life Science & Fluid Control and Transport

·      Over £300m returned to shareholders in the first half

o  Adjusted operating cash flow up 32%, free cash flow materially higher

o  £500m share buyback progressing, £250m completed in the first half

o  10% increase in interim dividend declared

·      Full year guidance reconfirmed

o  On track to deliver our sixth consecutive year of mid-single digit organic revenue growth

o  Continue to expect full year adjusted basic EPS to be between 136p and 142p

o  Underlying adjusted EPS (ex. Truflo Marine) in line with typical c.45% H1 / 55% H2 weighting

Roy Twite, Chief Executive Officer, said:

"I would like to thank all of our people at IMI for their commitment, hard work and pride in delivering another strong performance.

The first half of 2026 demonstrates our strategy in action: consistent execution of the One IMI operating model, supported by three long-term megatrends - Energy, Automation and Healthcare. We delivered 5% organic revenue growth, 8% organic adjusted operating profit growth and a further 50 basis points of adjusted operating margin expansion.

Over half of IMI's revenue is directly supported by rising energy demand and the need for greater energy efficiency. We saw strong demand in Nuclear, Power and LNG in the first half, as we continue to benefit from widespread electrification and investment in data centres.

IMI is a growing, highly cash generative business with a clear and disciplined approach to capital allocation. This gives us the flexibility to continue investing in organic growth, pursue value-enhancing bolt-on acquisitions and return capital to shareholders. We returned over £300m to shareholders during the first half and are pleased to declare a further 10% increase in the interim dividend today.

The strength of our first half performance gives us confidence in our outlook for 2026. We remain on track to deliver our sixth consecutive year of mid-single digit organic revenue growth. We continue to expect full year adjusted basic earnings per share to be between 136p and 142p."

A live webcast of the analyst meeting taking place today at 8:00am (BST) will be available on the investor page of IMI's website: www.imiplc.com. IMI plans to release its next Trading Update on 29 October 2026.

Notes

IMI plc is a global leader in fluid and motion control. Its innovative solutions, built around valves and actuators, enable vital sectors to become safer, more productive and more energy efficient. IMI combines world-class applications engineering expertise with a continued focus on commercial excellence, market-led innovation and continuous improvement to solve its customers' most acute engineering problems. IMI employs approximately 10,000 people, has manufacturing facilities in 18 countries and operates a global service network. IMI is a member of the FTSE 100 and is listed on the London Stock Exchange. Further information is available at www.imiplc.com.

References to adjusted figures reflect figures as reported to management and do not include the impact of adjusting items. References to organic changes are on a constant currency basis and exclude disposals and acquisitions.

IMI plc is registered in England No. 714275. Its legal entity identifier ('LEI') number is 2138002W9Q21PF751R30.

Brand materials can be found here.

Results overview

IMI delivered a strong financial performance in the first half. Organic revenue grew by 5% and organic adjusted operating profit grew by 8%. Adjusted operating margin expanded by 50 basis points to 18.7% and adjusted basic earnings per share increased by 13% to 63.4p. On a statutory basis, revenue was 6% higher, reflecting the strong organic growth and a modest foreign exchange tailwind. Statutory operating margin increased by 280 basis points to 17.3% and statutory profit before tax was 17% higher at £190m.

Adjusted operating cash flow was 32% higher and free cash flow was materially higher than the first half of 2025, reflecting the strong trading performance and the non-repeat of prior year one-off items.

1 Excluding the effect of adjusting items as reported in the consolidated income statement. See Note 2 for definitions of alternative performance measures.

2 After adjusting for acquisitions, disposals and exchange rates (see Note 3).

3 With effect from 1 January 2026, a business previously reported within Life Science & Fluid Control is reported within Transport (revenue transferred: £3m in H1 2025 and £6m in FY 2025). Sector comparators have not been restated; organic growth is calculated on a like-for-like basis.

Over £300m returned to shareholders in the first half

The Board has declared a 2026 interim dividend of 12.1p per share, an increase of 10% on the 2025 interim dividend (2025: 11.0p). The interim dividend will be paid on 21 September 2026 to shareholders on the register at the close of business on 14 August 2026.

The £500m share buyback programme announced in March 2026 is underway, with £250m completed as at 30 June 2026. Together with the interim dividend, this reflects IMI's disciplined approach to capital allocation and commitment to enhancing shareholder returns.

Outlook

We remain on track to deliver our sixth consecutive year of mid-single digit organic revenue growth in 2026 and continue to expect full year adjusted basic earnings per share to be between 136p and 142p.

We continue to expect adjusted operating margin to be flat to slightly up in 2026, with strong operating leverage offset by previously communicated cyber security investments.

Shipments to the Middle East were modestly ahead of the expectations set out at our Q1 trading update. Our full year expectations for shipments into the region are unchanged and our guidance assumes that conditions allow for planned shipments to be delivered by the end of the financial year. More broadly, whilst we remain alert to the potential indirect impact of the situation in the region, we expect to manage any inflationary pressures through cost efficiencies, relentless continuous improvement and price increases where necessary.

Our guidance assumes that the disposal of Truflo Marine completes in the third quarter of 2026. Excluding Truflo Marine, we expect to deliver around our typical H1 / H2 adjusted EPS profile of 45% / 55%. If completion takes place as assumed in the third quarter, our reported EPS profile in the current year is likely to be more H1-weighted, reflecting Truflo Marine's contribution in the year ahead of disposal.

We are assuming a net interest charge of £20m, that our adjusted effective tax rate will be around 26.3% for the full year and a weighted average number of shares of 239m following the completion of our £500m share buyback programme. Exchange rates are not currently expected to have a material impact on full year revenue or profits in 2026.

Strategy update

IMI operates under the One IMI operating model, a proven platform for value creation and sustainable growth that has delivered five consecutive years of mid-single digit organic revenue growth. It is designed to deliver our financial framework consistently across IMI. We hold leading positions in key market sectors, all exposed to the long-term megatrends of Energy, Automation and Healthcare, where customers pay a premium for our expertise in fluid and motion control. By applying a consistent approach rooted in commercial excellence, market-led innovation and continuous improvement, underpinned by our performance culture, we are growing profits, expanding margins and generating strong cash flows. Supported by our disciplined approach to capital allocation, this is compounding earnings growth and creating long-term value for shareholders.

Commercial excellence

Commercial excellence remains at the heart of our growth strategy. Our fluid and motion control solutions play a vital role in many of the world's most critical processes, and we drive growth by creating increasing value for our customers through premium service and products, technical support and disciplined sales execution.

Our products typically represent a small part of the total system cost but can have a significant impact on the safety, productivity and efficiency of our customers' operations. This drives strong pricing power, customer loyalty and supports our resilient, higher-margin aftermarket, which now represents around 45% of IMI's revenue.

Investments in data and digital and in our commercial capability are driving continued growth in the high-margin aftermarket. Supported by our database of over 200,000 installed severe service valves, our Process Automation team is growing its dedicated aftermarket sales force and introducing new approaches to identify and prioritise the highest-value opportunities.

Market-led innovation

Since launching Growth Hub, our engine for innovation, across IMI in 2019, we have won over £600m of incremental orders, clear evidence that our market-led approach to innovation delivers results.

Grounded in deep customer insight and executed through our entrepreneurial Growth Hub model, our teams solve complex engineering challenges using a disciplined 'test and learn' approach to quickly validate solutions and market potential.

Through this process, we maximise return on investment by bringing products to market once customer endorsement has been secured. Following a record £206m of Growth Hub orders in 2025, we delivered £78m in the first half of 2026, up 22% on the same period last year.

Continuous improvement

Our focus is on structured, relentless continuous improvement to sharpen our competitive edge and support long-term value creation. We are focused on driving productivity, simplifying processes and improving customer service across the business.

Continuous improvement initiatives identified and executed by our teams across IMI are supporting ongoing margin progression, with a further 50 basis points of adjusted operating margin expansion delivered in the first half of 2026.

An excellent example comes from our team in Korea, which has combined engineering expertise with AI-enabled tools to accelerate the design of our bespoke 3D Disk Stacks for high-pressure valves. Using our design methodology, automation and AI-enabled development, the team reduced design time by more than 90%. This improves productivity, enhances design consistency and helps us solve customer problems faster, particularly in the high-margin aftermarket.

Performance culture

Our people and culture are the foundation of the One IMI operating model. Since launching the strategy in 2019, we have focused on building capabilities, leadership and embedding a performance-driven mindset. We are proud to employ the best people at IMI and empower them to deliver growth.

We ensure our top talent regularly moves across the business, so we can apply best practice and develop the next generation of leaders.

Employee engagement remains strong, with our most recent survey showing that 79% of employees would recommend IMI as a great place to work (2025: 79%). We are also incredibly proud to have been named Company of the Year at the plc Awards 2025. This is a real testament to the hard work, dedication and pride our people bring to IMI every day, and we thank them for making it possible.

Capital allocation enhancing shareholder returns

IMI is a growing, highly cash generative business with a clear and disciplined approach to capital allocation focused on enhancing shareholder returns. Our first priority is investing in organic growth, deploying capital across our strategic pillars to strengthen our competitive position and accelerate innovation.

We are committed to a progressive dividend and are pleased to declare another 10% increase in the 2026 interim dividend.

Targeted bolt-on acquisitions complement our investments in organic growth, providing access to highly differentiated, scalable technology and expanding our installed base and aftermarket positions. We continue to pursue acquisitions that enhance our positions in attractive, long-term markets and deliver returns in line with our strict financial criteria. Since 2019, we have deployed over £400m in bolt-on acquisitions, whilst increasing our fully burdened return on invested capital by 260 basis points. The pipeline of opportunities remains strong.

We remain committed to maintaining an efficient balance sheet and will consider returning additional capital to shareholders if leverage falls sustainably below our 1.0x-2.0x target range. Our £500m share buyback programme, announced in March 2026, is progressing as planned, with £250m completed as at 30 June 2026.

By deploying our growing free cash flow into organic growth, targeted bolt-on acquisitions and value-enhancing share buybacks, we are confident we can continue our track record of compounding earnings growth for shareholders.

Health and safety

Total accidents reduced by 19% during the first half. Whilst recordable incidents were higher than the prior period, we continue to invest in our people, new equipment and the sharing of best practice across IMI as we progress towards our ambition of an accident-free workplace.

Platform results

Automation

1 Excluding the effect of adjusting items as reported in the consolidated income statement. See Note 2 for definitions of alternative performance measures.

2 After adjusting for acquisitions, disposals and exchange rates (see Note 3).

1 After adjusting for acquisitions, disposals and exchange rates (see Note 3).

Automation delivered good organic revenue growth of 5%, with revenue up 6% on a statutory basis.

Process Automation had another excellent first half, with 12% organic order growth and continued revenue growth. Orders included a significant £48m New Construction Nuclear order which covers deliveries over more than a decade. New Construction orders were up 20% organically and high-margin Aftermarket orders were up 7% organically, as we continue to benefit from our investment in this space. Alongside the large Nuclear order, we have seen particular strength in Nuclear Aftermarket, Power and LNG.

Process Automation organic revenue was 5% higher than the first half of 2025 and 6% higher on a statutory basis, with continued strength in the Aftermarket and shipments to the Middle East modestly ahead of the expectations set out in our Q1 Trading Update. The Process Automation order book at the end of June 2026 was 10% higher than June 2025.

Industrial Automation organic revenue was 5% higher than the first half of 2025, principally reflecting improved levels of industrial activity and a softer first half comparator. Statutory revenue was 6% higher.

The Automation adjusted operating margin for the first half was 100 basis points higher than the prior period at 19.4%, reflecting strong operating leverage and continued growth in the high-margin Process Automation Aftermarket. Statutory operating profit increased by 28% to £134m in the period.

Life Technology

1 Excluding the effect of adjusting items as reported in the consolidated income statement. See Note 2 for definitions of alternative performance measures.

2 After adjusting for acquisitions, disposals and exchange rates (see Note 3).

3 With effect from 1 January 2026, a business previously reported within Life Science & Fluid Control is reported within Transport (revenue transferred: £3m in H1 2025 and £6m in FY 2025). Sector comparators have not been restated; organic growth is calculated on a like-for-like basis.

Life Technology delivered good organic revenue growth of 5% in the first half, with revenue up 7% on a statutory basis.

Climate Control organic revenue was 4% higher than the same period in the prior year, with statutory revenue 7% higher, reflecting continued demand for our energy-efficient and smart-connected solutions. Data centre orders were £18m in the first half, significantly higher than the same period last year (£6m), as we continue to benefit from the growing global build-out of data centres.

Life Science & Fluid Control organic revenue was 5% higher than the same period in the prior year, with statutory revenue 3% higher. This good performance was supported by resilient healthcare demand and a softer first half comparator. We now expect Life Science & Fluid Control organic revenue to be modestly higher in 2026.

Transport delivered organic revenue growth of 8% in the first half, as the heavy-duty truck market began to recover. Statutory revenue was 12% higher. With market conditions improving, we now expect Transport to deliver mid-single digit organic revenue growth in 2026. The strategic review of Transport remains ongoing and we will provide further updates as appropriate.

The Life Technology adjusted operating margin for the first half was 20 basis points lower than the prior period at 17.6%, reflecting investments to further enhance our cyber security and accelerate growth in data centres. Statutory operating profit was £67m (H1 2025: £54m).

Financial review

Strong first half performance

The Group delivered another strong financial result in the first half, as revenue, operating profit and operating margin all improved. Revenue increased by 6% to £1,159m (H1 2025: £1,091m). Organic revenue was 5% higher than the prior year, after adjusting for exchange rate movements.

Adjusted operating profit of £217m (H1 2025: £198m) was 10% higher than the prior period. On an organic basis, adjusted operating profit increased by 8%. Group adjusted operating margin increased by 50bps to 18.7% (H1 2025: 18.2%). Statutory operating profit increased by 27% to £201m (H1 2025: £158m).

Adjusted net financing costs on borrowings, including the impact of interest cost on leases, totalled £7.5m (H1 2025: £7.6m) and were covered 35 times by adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £266m (H1 2025: £242m). The IAS 19 pension net financial expense was £0.9m (H1 2025: £1.0m). The total adjusted net financial expense was £8.4m (H1 2025: £8.6m).

Profit before tax and adjusting items was £209m, an increase of 10% (H1 2025: £190m).

The adjusted Group effective tax rate on profit for the first half increased to 26.2% (H1 2025: 25.1%), largely reflecting tax benefits obtained in 2025 that are not expected to repeat.

Statutory profit before tax was £190m (H1 2025: £163m). The total statutory profit for the period after taxation was £140m (H1 2025: £116m).

Adjusting items

The impact of amortisation of acquired intangibles and other acquisition costs was £12m (H1 2025: £14m). The reversal of net economic hedge contract gains and losses resulted in a £7m loss (H1 2025: £13m gain). The tax effect of the above adjusting items was a credit of £4.6m (H1 2025: £0.3m).

Earnings per share

The average number of shares in issue during the period was 243m (H1 2025: 253m), resulting in adjusted basic earnings per share of 63.4p (H1 2025: 56.1p), an increase of 13%. Statutory basic earnings per share increased by 26% to 57.7p (H1 2025: 45.7p) and statutory diluted earnings per share increased by 26% to 57.6p (H1 2025: 45.7p).

Share buyback

The £500m share buyback programme announced in March 2026 is underway, with £250m completed as at 30 June 2026. We expect that the weighted average number of shares for 2026 will reduce to 239 million.

Foreign exchange

The impact of translation on the reported growth of first half revenue and adjusted operating profit was an increase of £12m and increase of £2m respectively. The most significant foreign currencies for the Group remain the Euro and the US Dollar and the relevant rates of exchange for the period and at the period end are shown in Note 13 to this report. If exchange rates as at 17 July 2026 of €1.18 and US$1.35 remained constant for the remainder of the year, it would have no material impact on revenue and adjusted operating profit in the full year when compared to 2025.

Maintaining cash discipline

Cash generated from operations increased to £262m (H1 2025: £172m). Adjusted operating cash flow (see definition in Note 2) increased to £208m (H1 2025: £158m), reflecting the strong first half performance and good working capital management. This represents a conversion rate of total adjusted operating profit to adjusted operating cash flow of 96% (H1 2025: 80%).

Trade and other receivables increased by £23m, inventories increased by £31m and trade and other payables increased by £46m. Capital expenditure amounted to £38m (H1 2025: £35m) and was 1.2 times (H1 2025: 1.2 times) the adjusted depreciation and amortisation charge for the period of £33m (H1 2025: £30m), which excludes depreciation from the IFRS 16 right of use assets of £14m (H1 2025: £14m).

There was a £3m (H1 2025: £33m) outflow for adjusting items, and an £8m inflow (H1 2025: £26m outflow) related to a loan made to the IMI 2014 Deferred Fund, the closed UK defined benefit pension scheme, to support its wind-up until its remaining assets within the scheme mature. Following the receipt of this £8m, the loan has been repaid in full. Tax paid during the period amounted to £48m (H1 2025: £52m).

Free cash flow before corporate activity (dividends, M&A and share buybacks) increased to £171m (H1 2025: £30m).

Dividends paid to shareholders totalled £56m (H1 2025: £54m) and there was a cash outflow of £252m (H1 2025: £170m) in relation to the share buyback programme.

Overall net debt increased £140m, compared to an increase of £190m in the first half of the prior year.

Definitions of adjusted performance measures are included in Note 2 and a reconciliation of adjusted

measures to statutory measures is included in Note 11.

Strong balance sheet offers strategic flexibility

Net debt at the period end was £673m, compared to £533m at the end of 2025. The increase reflects the return of capital to shareholders, offset by the strong trading results. The ratio of net debt to the last twelve months' EBITDA (before adjusting items) is a funding covenant that is currently limited to 3.0x and was 1.2x at the end of June 2026 (December 2025: 1.0x).

The Group maintains an appropriate mixture of cash and short, medium and long-term debt arrangements which provide sufficient liquidity for both ongoing activities and acquisitions. Total committed bank loan facilities available to the Group at 30 June 2026 were £300m (December 2025: £300m), of which £91m (December 2025: nil) was drawn.

At 30 June 2026, the value of IMI's intangible assets, including goodwill, was £878m (December 2025: £886m). This includes £14m (December 2025: £14m) classified as held for sale relating to the agreed sale of the Truflo Marine business. The net book value of IMI's property, plant and equipment at 30 June 2026 was £336m (December 2025: £335m), of which £11m (December 2025: £8m) has been classified as held for sale relating to the Truflo Marine business and a former manufacturing site in Littleton, Colorado.

The net deficit for defined benefit obligations at 30 June 2026 was £34.7m (December 2025: £37.3m). The UK deficit was £0.1m (December 2025: £0.3m surplus) with the buy-out of these liabilities completed in February 2026. The deficit in the overseas funds as at 30 June 2026 was £34.6m (December 2025: £37.6m).

Other regulatory information

Going concern

After making enquiries, the directors have a reasonable expectation that IMI plc ('the Company') and the Group have adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months following the approval of the Interim Financial Report. Accordingly, they continue to adopt the going concern basis. See Note 1 for further information on the directors' considerations in reaching this conclusion.

The directors have considered the current macroeconomic conditions on the Group's financial results and financial position. The directors have assessed the viability of the Group and reviewed detailed cash flow forecast scenarios, including comparing a reverse stress test to those detailed forecasts. The directors have a reasonable expectation that the financial headroom will not be exhausted during the twelve months following the date of approval of the Interim Financial Report.

Principal risks and uncertainties

The Group has a risk management structure and internal controls in place which are designed to identify, manage and mitigate business risk. IMI faces a number of risks and uncertainties which could have a material impact on the Group's long-term performance.

On pages 67 to 70 of its 2025 Annual Report (a copy of which is available on IMI's website: www.imiplc.com), the Company sets out what the directors regarded as being the principal risks and uncertainties facing the Group and which could have a material impact on the Group's long-term performance. These risks include global economic uncertainty and political instability, cyber, production disruption, talent and culture, ethics, compliance and governance, product failure and non-compliance, failure to invest in our digital capabilities and leverage new technologies (including generative AI), lack of innovation, and failure to deliver the acquisition case. Having considered the current environment, the directors have considered that these risks remain valid and have the potential to impact the Group during the second half of 2026. The impact of the macro-economic and end-market environments in which the Group's businesses operate have been considered in making the comments in the platform review and outlook sections of this Interim Financial Report.

Safe harbour statement

This Interim Financial Report contains forward-looking statements with respect to the operations, performance and financial condition of the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and the Company undertakes no obligation to update these forward-looking statements. All written or oral forward-looking statements attributable to IMI plc are qualified by this caution. Nothing in this Interim Financial Report should be construed as a profit forecast.

Responsibility statement of the directors in respect of the Interim Financial Report

We confirm that to the best of our knowledge:

·      the condensed set of interim financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the UK

·      the Interim Financial Report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year, and

·      there were no changes in the related party transactions described in the 2025 Annual Report that materially affected the Group's results or financial position during the six months ended 30 June 2026.

The directors of IMI plc are listed on the IMI plc website (www.imiplc.com).

Approved by the Board of IMI plc and signed on its behalf by:

INDEPENDENT REVIEW REPORT TO IMI PLC

Conclusion

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the condensed consolidated interim income statement, the condensed consolidated interim statement of comprehensive income, the condensed consolidated interim balance sheet, the condensed consolidated interim statement of changes in equity, the condensed consolidated interim statement of cash flows and related notes 1 to 14.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for Conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with United Kingdom adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusion Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This Conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410; however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the directors

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

In preparing the half-yearly financial report, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly financial report, we are responsible for expressing to the company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

Deloitte LLP

Statutory Auditor

London

30 July 2026