2024 Annual report including Management report, Directors report, Consolidated financial statements and condensed annual financial statements

AMA CORPORATION Plc Annual Report Year ended December 31, 2024

Company Information

Company Registration Number 10341359

Registered Office Flat 3-2 Cresswell Gardens

London SW5 0BJ - United Kingdom

Directors Christian Guillemot (Chairman) Etienne Guillemot (Director & CEO) Claude Guillemot (Director)

Michel Guillemot (Director) Gerard Guillemot (Director) Yves Guillemot (Director) Pascale Laverriere (Director) Nami Itoh (Director) Christine Chan (Director)

Auditors Macalvins Limited

7 St Johns Road Harrow

London W1J 7DZ - United Kingdom

Content

STRATEGIC REPORT 1

Principal activities 1

Recent events and outlook 1

Business performance and key performance indicators 2

Research and Development costs 4

Consolidated balance sheet 5

Consolidated Cash-Flow 5

Environmental, Social, and Governance (ESG) Overview 5

Climate-Related Financial Disclosures 6

Risks and uncertainties 6

Section 172 Statement 11

DIRECTORS' REPORT 13

Proposed dividend 13

Directors 13

Going Concern 13

Future developments and Research and Development Activities 13

Financial Instruments 14

Post Balance Sheet Events 14

Disclosure of information to auditors 14

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE ANNUAL REPORT AND THE FINANCIAL STATEMENTS 15

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMA CORPORATION PLC 16

CONSOLIDATED FINANCIAL STATEMENTS 23

Income statement 23

Consolidated Statement of Comprehensive Income 24

Consolidated Balance Sheet 25

Consolidated Statement of Changes in Equity 27

Consolidated Cash Flow Statement 28

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 29

1. Presentation of the Group 29

2. Basis for preparation 29

3. Significant events of the period 31

4. Subsequent events 32

5. Consolidation scope 33

6. Segment information 34

7. Operating data 36

8. Net financial income and expense 44

9. Income tax 44

10. Earnings per share 47

11. Intangible assets and property, plant and equipment 48

12. Leases 51

13. Financial assets 53

14. Inventories and work in progress 53

15. Trade and other receivables, other current assets54

16. Cash and cash equivalents 54

17. Equity 55

18. Provisions and contingent liabilities 56

19. Loans and borrowings 56

20. Trade accounts payable, other current liabilities 58

21. Financial instruments and risk management 58

22. Related-party transactions 62

23. Off-balance sheet commitments 62

24. Ultimate parent company and parent company of larger group 63

PARENT COMPANY FINANCIAL STATEMENTS 64

‌Strategic report

The directors present their strategic report for the year ended 31 December 2024.

‌Principal activities

AMA Corporation Plc is a company ("Company") engaged in the holding of and management of business activities of AMA Group ("Group"). The main activities are the research on and development of remote assistance and videoconference solutions and management of intellectual property rights of the companies, and the supervision of the various activities operated by the companies held by AMA Corporation Plc.

The main activities of the Group's investments are software development including integration of artificial intelligence systems, increasing the ease of reach (new apps, store deployment, UI/UX improvements), always be at the highest level of security. adding new hardware, improving our software integration solutions and product awareness. AMA Group's XpertEye suite provides assisted reality, remote assistance, dynamic workflow management, AI-enhanced Tools, and customizable optimization solutions. Combined with smart glasses, mobile, tablets or other video sources (endoscope, microscope, PTZ camera, etc.), these innovative solutions enable experts, on-site technicians, or on-site camera stations to share data and knowledge in real time, making remote support easier and more effective for users. They meet the increasing demand for smart workplace transformation in companies looking to boost productivity and competitiveness across a wide range of verticals, including remote support, training, testing, manufacturing, field service, logistics, and healthcare.

The consolidated financial statements show a loss for the period after taxation amounting to €(7,372)k (2023:

€(8,075)k).

The Group consolidated financial position at the end of the period and trading results for the period are shown in the attached financial statements on pages 39 and 37 respectively.

‌Recent events and outlook

Global context

In 2020, AMA experienced a robust growth of over 264%, indicating a significant expansion in the market for remote collaboration among field professionals. This trend was supported by research studies, such as the one conducted by IDC, which projected a $34 billion augmented reality market by 2024. To maintain its competitive edge and capitalize on this promising market, AMA made substantial investments in 2021 and listed on Euronext Growth Paris in July (GB00BNKGZC51 - ALAMA) of the same year to secure necessary funds for expansion. Furthermore, it hired many employees to support growth in this high-potential market.

However, since late 2021, the global economic climate began to tighten due to factors such as supply chain issues, inflation, and geopolitical risks and the assisted reality market, buoyed by the COVID-19 pandemic, underwent a strong decrease. This led to a significant downward revision of AMA's growth projections. This situation is not unique to AMA and also impacted other players in the assisted reality market.

In response, AMA engaged in a comprehensive cost-saving plan to reduce its investments and adjust its cost structure to align with the market's size and evolution. As a result, the company has reduced its headcount from 184 at the beginning of 2022 to 80 employees at the end of 2023. This reduction in payroll allowed to save €3.7 million in 2023 in personnel expenses.

In 2023, AMA took a strategic technological turn by integrating Artificial Intelligence into its R&D investments, thanks in particular to the partnership established with Ariann (Advanced Research In Artificial Neural Networks Inc), a sister company of AMA, specialized in Artificial Intelligence research since 2017.

Significant technological progress has been made in 2024 and new AI powered solutions, boosting Assisted Reality to new levels, were launched throughout the fiscal year. The integration of AI tools allowed enriching data from XpertEye sessions into AI reports (video, sound, images, chat messages and metadata), are captured, securely processed, synthesized, presented and customized. Major improvements were made as well on new integration features and adding new app for iOS and Android support. Highly beneficial across various verticals, including manufacturing, pharmaceutical, audit, and healthcare, AI enhances efficiency, knowledge sharing, and decision-making processes

To roll out and capitalize on this transformation, AMA's main shareholder, Guillemot Brothers SAS, allocated 4m in current account, which will be combined with a savings plan of at least €2m annually. The plan is based on reducing the workforce by around 30 people, with approximately one third concerning international positions and external contractors. In France, it is combined with a job protection plan and various measures to reduce overheads. Internationally, it is based mainly on the closure of the subsidiary in China.

Other significant events of the period

In the first half 2024, AMA launched a global savings plan focused on scaling back its workforce by more 20 positions in France and 6 in other countries, with one non-priority commercial business units shut down in China and the management of the customers reassigned to the other subsidiaries. That's the reason why, a non-recurring expense for €650k has been recorded in the group financial statements.

On January 24, 2024, AMA Corporation Plc's wholly-owned Italian subsidiary, AMA Xperteye SRL, and on September 10, 2024, AMA L'oeil de l'expert Inc (Canada) underwent liquidation. This action was carried out as part of the group's restructuring strategy initiated in 2022 and had no notable impact on the Group's consolidated financial position

A shareholder loan was granted by Guillemot Brothers Ltd for €4,000k on June 3, 2024. The loan was later fully waived on June 4, 2024.

On 31 January 2022, AMA granted stock options to employees with an exercise price of €2.03, a vesting period ending on 31January 2024, and an option exercise period extending until 30 January 2028. On January 8, 2024, the Board of Directors, acting in accordance with section 16.2 of the plan, ratified a revision of the stock options' pricing. This adjustment involved issuing new options to supersede the original ones, aimed at maintaining their motivational value by lowering the exercise price from €2.03 to €0.21. This revision affected 878,500 stock options, which accounted for 1.7% of AMA's share capital. The financial impact recognized in January 2024 under IFRS 2 for this revision is €94k.

The subsidiary AMA SA proceeded with a capital reduction by decreasing the nominal value of the share, which went from €0.10199 to €0.07433. This reduction was allocated to other reserves and had no impact on the consolidated accounts of the Group.

‌Business performance and key performance indicators

Key Performance Indicators ("KPIs")

The Key Performance Indicators used by the Board to assess the performance of the business are listed below and discussed in the Strategic Report.

1. Revenue signed but not yet recognised because: (i) The equipment is not delivered yet or (ii) revenue is recognised on the duration of the contract (for Licences, Pilots or Services) - see note 7.1 in consolidated financial statements

2. Part of revenue linked to software licences on the global revenue.

3. Number of clients who generated some revenue in the year.

4. Number of clients who generated some revenue in the year, and not in the precedent years.

5. Number of clients who didn't generate revenue in the year on the total prior year client number.

6. Prior year revenue of clients who didn't generate revenue in the year on the total prior year revenue.

7. Total Revenue on total client number.

8. Average Annual Revenue for the existing clients. Existing clients are the clients who generated revenue the precedent year, compared to the total average annual revenue of all the clients of prior year to see the evolution on the same clients.

9. Average Annual Revenue for the new clients who are the client who didn't generate revenue the precedent year.

Revenue evolution

Revenue Evolution (at constant rate)

The Group recorded €2.5 million of revenues in 2024, compared with €3.0 million in 2023.

These trends continue to reflect the wait-and-see approach observed for clients and prospects facing a deteriorating environment. Against the economic and geopolitical backdrop of 2024, customers were cautious in their digital transformation investments.

AMA has worked with over 389 customers (vs. 450 in 2023). Churn (attrition rate) is limited to 8.9% of sales, reflecting the continued loyalty of major customers in various sectors, such as Alstom, Merck, Boehringer Ingelheim, KPMG, Michelin, Solvay, AkzoNobel, Konica Minolta, Sodexo and numerous medical institutions.

Product Mix evolution

Product Mix Evolution

The proportion of revenues from software is stable compared with last year, representing 66% of revenues over the period (versus 68% in 2023), for a total of €1.7 million. Hardware-related revenues represent 19% of 2024 revenues, compared with 25% the previous year.

With software margins at over 98% and hardware margins around 20%, the shift in product mix towards more software has a positive mechanical effect on margin improvement.

Order Book

At the end of 2024, the Order book amounted to €1.6 million. It corresponds mainly to revenue signed but not yet recognized on the software part, which is subscribed for commitments from 12 to 36 months, commitments which are accounted for over time. The Order book is lower 37% compared to December 31, 2023 (€2.5 million at that date). This trend reflects the wait-and-see approach observed for clients and prospects facing a deteriorating economic and geopolitical environment.

Evolution of the client portfolio

In 2024, the Group had 389 customers, of which 60 were new. During the year, the Group was able to retain its key clients and won new customers. The churn rate is to 8.9% of the 2023 revenue and corresponds mainly to "small customers" representing an average of €2.2k of revenue per customer.

Sales evolution by geographic area

The decline in activity was observed in all regions. Europe and France continued to be the main contributors to revenues, representing 78% and 58% of 2024 revenues respectively.

Profitability analysis & Payroll

The company recorded an operating loss of €7,372K for the year, representing a reduction compared to the

€8,075K loss reported in 2023. This performance reflects the initial effects of a comprehensive cost reduction strategy implemented across the Group.

Initiated in May 2024, our global cost-cutting measures effectively reduced personnel costs including a notable 26% decrease-from €6,436K in 2023 to €4,783K in 2024.

Other purchases and external expenses increased by 7%, from €2,876K in 2022 to €3,087K in 2024.

This increase is mainly driven by 'Professional fees', with the rise largely attributable to higher legal audit, accounting, and related service costs, as well as by 'General sub-contracts', primarily due to increased outsourced AI development expenses.

"The 'Non-current operating expenses' amount to €650K in 2024 and are related to costs incurred as part of the Group's restructuring plan.

After accounting for net financial gains of €61K and a tax charge of €21K, the total loss for the year for the Group stands at €7,372K.

The table below summarizes the group headcounts per department:

‌Research and Development costs

The Group invested an amount of €2,315K in R&D in 2024 (compared to €2,234k in 2023).

These R&D costs have been expensed in 2024 and not capitalized considering that the capitalization criteria under IAS 38 were not met.

The Group decided in 2022 to depreciate R&D costs capitalized in the precedent years for an impact of €7.4 million in the 2022 net result. (See note 11.3 in the consolidated accounts).

‌Consolidated balance sheet

Total consolidated assets amounted to €9,170K.

Consolidated non-current assets amounted to €2,195K at the end of 2024, compared to €1,627k at the end of 2023, and are mainly composed of Right-of-use assets (in accordance with IFRS 16).

Consolidated Current assets, for an amount of €6,975K are mainly constituted by cash, amounting to €5,821K.

The total shareholders' equity was €2,505K as of December 31, 2024. This figure includes a fully waived shareholder loan granted by Guillemot Brothers Ltd for €4,000K, which has partially offset the year's loss of

€7,372K.

Non-current liabilities amounted to €3,043K, reflecting an increase of €184K compared to the end of 2023, mainly driven by higher lease liabilities, partially offset by loan repayments.

‌Consolidated Cash-Flow

For the fiscal year ending December 31, 2024, the Group's gross cash position stood at €5,821K, reflecting a decrease of €3,569K from the previous year's end.

In terms of cash flow from operating activities, the Group utilized €6,284K against €5,790K expended in the prior year. The Group recorded a positive cash inflow from investing activities, bolstered by interest received on investments.

Financing activities generated a cash inflow of €2,588K, primarily due to a waived shareholder loan granted by Guillemot Brothers Ltd for €4,000K, offset by the repayment of loans.

As of April 2025, the Group has maintained financial flexibility, with available unused credit lines totalling

€11m.

‌Environmental, Social, and Governance (ESG) Overview

Employee Wellbeing and Inclusion

In 2024, AMA sustained its focus on employee wellbeing, sponsoring participation in local sports events to promote physical and mental health. The company also advanced its inclusion policies. The initiation of the LGBT+ charter process in collaboration with L'Autre Cercle marked a key step toward broader representation. Gender balance and support for employees with disabilities (RQTH) remained strategic priorities.

AMA continued to conduct company-wide awareness programs in cybersecurity, inclusive culture, and prevention of ordinary sexism as part of our commitment to the

StOpE initiative. Internal climate and inclusion barometers provided actionable insights to tailor upcoming actions.

Professional Development

AMA's commitment to upskilling remained strong in 2024, with continued access to training opportunities for all employees. A minimum of one training per employee per year ensured a 100% participation rate, reinforcing our culture of continuous improvement and employee empowerment.

Community Engagement and Social Responsibility

Our social initiatives expanded significantly in 2024. In partnership with ASFAD, we supported women victims of domestic violence through toy and clothing donations. With FACE (Fondation Agir Contre exclusion), AMA empowered young girls from underprivileged neighbourhoods to explore careers in tech, aligning with SDG

5. Employees also participated in a neighbourhoods' clean-up campaign during AMA Sustainability Days, reinforcing our environmental and community commitments.

Anti-corruption Initiatives

AMA continued to uphold rigorous anti-corruption practices. In line with UN Global Compact principles, we maintained strict gift and invitation policies and reinforced internal awareness of ethical standards. Risk analyses were broadened in scope, and we continued to ensure alignment with international labour standards and human rights.

‌Climate-Related Financial Disclosures

fiovernance of Climate-Related Issues

AMA maintained strong governance of climate-related risks and opportunities through regular oversight by the CSR Director and environmental committees. These bodies reviewed strategies and aligned AMA's actions with emerging regulatory frameworks and best practices.

Risk Management and Strategy Adaptation

The XpertEye solution remained central to our decarbonization strategy, enabling the avoidance of 4,418 tCO₂eq in 2024 alone. The solution's cumulative impact exceeded 6 million tCO₂eq avoided. Efforts to extend equipment life and reduce e-waste, alongside eco-tax compliance and certified WEEE management, reinforced our sustainable operations model.

Metrics and Targets

We achieved a 17% reduction in total emissions in 2024 compared to 2023, aligning with our Science Based Targets initiative goal of a 42% reduction by 2030. Monitoring systems continued to support transparency and accountability. Equipment lifecycle extension and community environmental actions complemented our emissions reduction efforts.

Impact and Opportunities

AMA's proactive sustainability strategy generated operational efficiencies and environmental value for clients. Sustainability Days, now a recurring event, continued to raise awareness among employees. Responsible procurement practices were strengthened with dual annual assessments of critical suppliers through internal audits and surveys.

Commitment to Broader Sustainability fioals

B Corp Certification

Following B Corp certification in 2023, AMA participated actively in B Corp community discussions throughout 2024, particularly focusing on future standards. The ESG department is now leading our recertification efforts, with enhanced risk analysis and broader stakeholder consultation.

Science Based Targets Initiative

AMA maintained its Science Based Targets commitment, targeting a 42% reduction in Scope 1 and 2 GHG emissions by 2030. Work on Scope 3 emissions expanded to involve suppliers and partners.

Data Protection and Information Security

Governance of data privacy remained robust in 2024. Our in-house DPO ensured GDPR compliance and client security reviews. ISO 27001:2022 certification was upheld, with full resolution of two minor non-conformities identified in the previous audit. Cybersecurity training was completed by 100% of employees.

Stakeholder Engagement and Materiality

AMA continued to align its strategy with stakeholder expectations. Internal and external consultations informed an updated materiality matrix, reinforcing strategic priorities across ESG dimensions.

‌Risks and uncertainties

The Group has performed a review of the key risks which could have a significant adverse impact on its activities, its financial standing or its results. The Group has not identified any other significant risks other than those detailed below.

Principal risks are indicated by (*).

Risks linked to sectors of activities

Technological risk (*)

The Group is a publisher and supplier of software solutions associated with video tools and dedicated to the connected work solutions market. The markets in which the Group operates are marked by rapid technological changes, the rapid obsolescence of existing technologies and frequent new product launches. As a result, the Group's offering must constantly be adapted to meet the complex needs of its customers operating in different industries. In addition, the software published by the Group must constantly adapt to the evolution and lifecycle of the hardware supports as well as those interfacing with third-party systems used by customers. The evolution of one or more hardware components may also make it necessary to update the software published by the Group. In order to maintain its competitiveness, the Group must be able to anticipate technological developments and rapidly evolving standards and norms and enhance the functionality of its existing products to meet customers' demands, such as the use and development of Artificial Intelligence (AI) tools. The Group shall also be able to design, develop, improve and market new products in a timely and cost-effective manner. The Group's future development and revenue streams therefore depend to a large extent on the financial and human resources allocated to research and development activities. The newly developed solutions may not be the most suitable for customers' needs, particularly in terms of their evolution over time, and may not allow the synergies expected by the Group. The Group could fall behind in its developments and arrive on the market with an obsolete technology or one in which one of its competitors is already very well established, or develop products based on standards or platforms that would not ultimately be those chosen by its customers. The development costs could also be too high in relation to the price at which the Group might wish to market its products. As new mobile terminals, platforms and connected objects are developed, the Group could likewise encounter difficulties in developing new solutions adapted to these terminals, platforms and objects. If the Group is unable to respond appropriately to these situations, this would have an adverse effect on the Group's business, revenues, results, financial state, prospects and development.

To address the above and minimize the risks, the Group set aside a major part of its budget for the R&D department, organizes regular technology audits to ensure the software's ongoing relevance and security, and stays up to date with technological advancements while ensuring an ongoing monitoring of legal and regulatory changes, amending its policies and practices accordingly. The Group also ensures that members of the R&D team are fully qualified and hires higher quality profiles to ensure they can meet this ever-evolving market requirements. The Group also has strategic partnerships with companies specializing in these key sectors (e.g. ARIANN for AI developments).

Risks relating to the continuity of the Group's software.

The software developed and marketed by the Group may be subject to errors, defects and bugs that must be corrected within the timeframes and conditions stipulated in the contracts concluded with its customers. In the event of a failure in the performance of service levels and response times, the Group could incur contractual liabilities and could be required to incur additional costs necessary to correct such anomalies. In addition, any failure in the performance of its services carries a reputational risk with customers.

To address and minimize this risk, the Group has rigorous testing processes in place, including unit tests, integration tests, beta testing, and bug tracking systems. The Group has also put in place in 2024 an on-call arrangement under which a person from the R&D support team is available 24/7 to fix infrastructure issues encountered by clients that require intervention on servers. This is to ensure a continuity of service for our clients even during the weekends.

Risks related to technological developments

Finally, the Group is exposed to the risk of inadequacy of the existing infrastructure in the face of an increase in user flows. Since 2023, the Group has focused on the availability of its dedicated and scalable servers, most particularly Microsoft Azure. The information systems management, operations and research and development teams are working together to automate the automatic resizing of resources to meet customer demand. Pending this automation, daily monitoring of platform usage is carried out, and resource adjustments are made directly by the operations information systems department.

Cybersecurity risk (*)

The Group's activities are largely dependent on computerized facilities and data in digital format. It is therefore not technically possible to guarantee an error-free, uninterrupted operation and availability or absolute security of its information systems and solutions. Due to the nature of its activities, the Group is exposed to the risk of

various types of IT incidents that could lead to the accidental or voluntary disclosure of confidential and/or business secret information. Incidents may be of internal origin (including non-compliance with internal security policies by the Group's staff) or external (cyber attacks, attempted phishing, intrusion into information systems, etc.). In some cases, these IT incidents may also result in a breach of personal data within the meaning of applicable regulations in the area. In addition, the development of the Group's security technologies and products depends on the general development of the market for security solutions for networks and connected objects, its acceptance by users, and customer demand. Due to its rapid growth, the Group has equipped itself with computerized solutions that enable it to respond rapidly to the needs of the Group's various core businesses while adopting strong encryption and authentication methods. The security policy applied to user accounts makes it possible to reduce or even cancel the risks associated with this segmentation. The Group also organizes annual intrusion tests on its systems and solutions to ensure their ongoing security and protection from external threats. The Group's staff is regularly trained on cybersecurity issues to raise awareness in the Group as a whole. The Group's incident response plan is also reviewed regularly and updated as required and at least once a year.

Additional security risks may exist and apply to the Group, particularly in the context of the use of external hosting platforms (e.g. cloud) and given that most of the solutions developed by the Group use the cloud. As a result, the Group is exposed to risks of failure of the external hosting provider. The Group has taken out necessary cybersecurity insurance policies to cover such risks and conducts a thorough supplier risk analysis before contracting with hosting services providers - the Groupe has only selected providers that are well-established in the market and renowned for their security procedures (including strong personal data protection policies and incident response plans).

Procurement risks (*)

Dependence upon certain suppliers

The Group may be exposed to a situation of dependence on certain suppliers or subcontractors, in particular with regards to the Company's research and development activities. The products delivered to the Group by its suppliers may not meet the Group's needs for its operations, both in terms of quantity and quality, or may not comply with legislative or regulatory or contractual requirements. The Group is therefore exposed to a risk of supply disruption from its suppliers that could significantly affect the Group's business even if contractual clauses and redundancy guarantee the Group against this eventuality. The Group is also exposed to the risk of losing orders, suffering a delivery default or delay, seeing price variations affect components, and suffering an increase in working capital requirements, even if certain contractual clauses guarantee against this eventuality. This is why the Group maintains clear and ongoing communications with critical suppliers. Finally, the Group could find itself in a situation where, in the event of insufficient access to immediately available products, it would have to obtain supplies from non-certified or limited-certified suppliers in the relevant markets. Furthermore, products that were previously certified may no longer be certified in the future. In this case, the Group will have to adapt and may distribute products in a given market only to the extent that they are certified in that market.

Industry competition risk

The Group operates in the new technologies market and more specifically in the connected work solutions and AI market. The use-cases for the solutions proposed by the Group are varied and the competitors numerous, operating in a large number of different sectors, such as remote assistance, remote training, inspection, telemedicine, videoconferencing, instruction, security, etc.

This market is highly competitive. This competition is following an exponential trend and could see the arrival of new technologies and new players with large resources, a reputation and a customer base sometimes larger than that of the Group.

If the Group is unable to remain competitive with its current or future competitors, or if it is confronted with competitors who are more successful, particularly because of their size or the resources they are able to mobilize to develop new solutions and/or pre-empt new markets, this will adversely affect the Group's market share, turnover, results, financial situation, prospects and development.

To minimize this risk, the Group has formed strategic partnerships with companies specialized in these sectors, and notably Ariann for AI development, and maintains a relatively high budget for its R&D department to ensure the Group can keep up with potential competitors. To differentiate itself from other players in these sectors, the Group has also decided to focus on its customers' specific needs to ensure its solutions are customized and fit exactly what is needed by customers - this includes regular meetings with customers,

collecting feedback, and a hands-on approach to adapt and develop a product that will fit their specific requirements.

Financial risks

Transfer pricing policy rules

The Group is subject, also due to its international activity, to transfer pricing rules, which can be particularly complex and give rise to divergent interpretations between the jurisdictions in which the Group is established. The absence, inadequacy or evolution of its transfer pricing policy as well as changes in tax regulations, or in their interpretation, could have a material adverse effect on the Group's tax position, its effective tax rate or the amount of taxes and other compulsory levies to which it is subject, as well as on its reporting obligations.

A challenge to its tax position by the relevant authorities could result in the Group paying additional taxes, potentially significant reassessments and penalties, or increasing the cost of its products or services in order to pass on these taxes, which could have a material adverse effect on its business, results, financial condition and prospects.

Therefore, in order to limit such impacts, the Group endeavours to monitor and anticipate the risks of changes in tax rules, tax rates or regulations, particularly in terms of transfer pricing, with the assistance of specialised tax firms. The loss position limits this risk at the present time.

Legal risks (*)

Intellectual property

The Group's business and success are dependent on the software solutions it develops and owns. Its technology is protected through a combination of intellectual property rights, primarily copyrights, trademarks and domain names. The Group's software is made available through contracts under which the Group or its subsidiaries grant their customers a right to use the software, via transferable user licenses to end users, without the right to reproduce, modify or adapt the software and, more generally, without transferring ownership and intellectual property rights relating to the software, with the exception of the assignment of intellectual property rights granted to certain customers over the results obtained and/or generated by the use of the software under the license.

The Group relies primarily on the exclusive exploitation rights conferred by its intellectual property and, in particular, the copyrights on the software it develops. The Group's commercial success and viability in the medium and long term will depend on its ability to develop products protected by its own copyrights that do not conflict with copyrights held by third parties. As trademarks are important elements for identifying the Group's products, trademarks were filed, registered, and when necessary renewed in France (INPI), China (CNIPA/TMO), Hong Kong (The government of the Hong Kong Special Administrative Region), the European Union (EUIPO), the United Kingdom (IPO), the United States of America (USPTO) as well as in Australia (WIPO). The issue of software copyrights or trademarks is also closely and globally monitored by AMA.

The Company also deposits its software source code regularly to the Agency for the Protection of Programs ("APP") to reinforce its copyright protection by certifying the software's origin and date of deposit.

However, the Group may not be able to obtain, maintain or fully protect, for each of its rights, the scope of protection (particularly in terms of geographical coverage or coverage of products and services) adequate to ensure a competitive advantage. The costs related to its defence or to the payment of damages in the event of an unfavourable outcome for the Group may have negative consequences on the Group's activities and financial standing.

Use of open source and availability of source code

The use by the Group of open source components may represent (i) an operational and commercial risk depending on the type of open source components integrated and the conditions and limitations provided for in the corresponding license and (ii) a legal risk in the event of compulsory disclosure of the source code related to the open source component modified and improved by the Group or in the event of non-compliance with the conditions imposed by each open source license, in particular in terms of distribution and subsequent marketing.

To minimize this risk, the Group ensures that no open source software that would require disclosure of the Group's software source code is used within our solutions.

In addition, the Group is exposed to a known and current risk of default and contractual liability under a guarantee granted to certain customers and/or suppliers on the absence of recourse to certain open source components and software as part of the products and services provided by the Group.

Finally, in the event of bankruptcy, change of principal activity or cessation of business of the Group, certain contracts concluded with customers and/or suppliers grant the customer and/or supplier a right to access the source code filed by the Company with the APP in order to ensure a continuity of service but only for the duration of their contract.

Risks related to the protection of personal data

The Group operates in a market that continues to see a reinforcement of applicable regulations on personal data protection which has resulted in the effective implementation of a global compliance program, monitoring of this compliance and adaptation to changes in the requirements imposed by applicable regulations.

Despite these efforts, the Group remains exposed to the risk of complaints and legal action by third parties, control by competent authorities and sanctions, including financial sanctions, which may be made public and which may result in a reputational risk for the Group.

Given the location of some of its service providers acting as subcontractors, the Group is currently exposed to a risk of non-compliance of certain transfers of personal data outside the European Economic Area with the requirements arising from the GDPR reinforced by the "Schrems II" ruling of the Court of Justice of the European Union ("CJEU") of 16 July 2020.

With more international regulations regarding the protection of personal information with China's PIPL in November 2021 and SCCs in February 2023, Japan's amended APPI in April 2022, the update by the European Commission of the GDPR's SCCs in December 2022, and the tightening of ISO27001 measures pertaining to the protection of personal data, the Group also has to adapt its privacy policy on a global scale.

This is why the Group has appointed a data protection officer to monitor these various regulations and ensure compliance of the Group with evolving data protection legislation. The Group regularly reviews its privacy policies and other applicable documentation, such as their Data Protection Agreement, to ensure they remain up to date. The Group's subsidiary in France is ISO27001 version 2022 certified and has been maintaining this ISO27001 certification since 2021. This certification includes a yearly audit and a recertification audit every three years and contains a verification of the Group's personal data protection policies and practices.

Risks related to the use and development of Artificial Intelligence (AI) tools

Since 2023, the Group's R&D and IT teams also focused on the development of AI solutions which has increased in 2024. The Group has had to adapt to new technologies in order to meet customers' demands and always keep up with the market and competitors. The Group's software therefore has to evolve accordingly and could face technological and technical difficulties linked to AI implementation, such as continued protection of personal data and compliance with personal data protection regulations, dependence upon suppliers and use of open source code, as well as forming and retaining key employees. Furthermore, the Group also has to remain attentive to the evolving regulation on AI, specifically the recent implementation of the EU AI Act adopted on 21 May 2024.

In this regard, the Group has used its collaboration with AI experts (including a strategic partnership with Ariann) to ensure compliance with the new EU AI Act and fully prepare before its implementation which will gradually happen until 2027. In early 2025, the Group implemented a new AI policy to strengthen its internal procedures and processes in terms of AI used by the Group's staff and AI developments, including a more robust framework for the use of AI to ensure security and confidentiality of the Group's data, ongoing training, clear processes when developing a new AI functionality (e.g. meetings, risk analysis), and the development of an AI Deployment Logbook to keep track of each AI solution developed by the Group, its technicalities, purposes, and risk analysis (including in terms of personal data protection).

Risks linked to key personnel and recruitment (*)

Since 2022, the Group has implemented savings plans, including a global workforce reduction of about 80 positions and a reassessment of the renewal of certain functions. In addition, another global cost-saving plan resulted in the elimination of approximately 30 additional positions worldwide. The Group is focusing on key teams and personnel to enhance agility and ensure access to appropriately adapted resources. However, the Group competes with other companies to retain such talents and may not be able to do so. This inability could limit or delay the operation of its technological platform, or hinder the development or commercialization of

its products, which could have a significant adverse effect on the Group, its business, results, prospects, ability to achieve its objectives, financial position and/or development.

Risks linked to inflation

The global environment shaped by the COVID-19 pandemic in 2020/2021 and the conflict in Ukraine since 2022 has significantly altered economic and social conditions, impacting both consumer and professional demand, and contributing to a lasting decline in asset values. Inflation may erode the real value of cash flows and investment returns due to reduced purchasing power, while also driving up the Group's operating costs.

‌Section 172 Statement

In accordance with the Companies Act 2006 (Act), the Directors are required by law to act in good faith to promote the success of the Group for the benefit of the shareholders as a whole and are also required to have regard to the following:

The likely long-term consequences of any decision:

• Strategic Report: Recent events and outlook, pages 4 to 6; The interests of the Group's employees:

• The Board has a good relationship with the Group's employees and maintains constructive dialogue

  through members of the executive team. Appropriate remuneration and incentive schemes are maintained to align employees' objectives with those of the Group. The Group's first commitment in its Corporate Social Responsibility action plan is to care about employees' well-being and be aligned with values such as team spirit, agility and passion.

  The need to foster the Group's business relationships with suppliers, customers and others:

• Strategic Report: Procurement Risks, page 15;

  The Group endeavours to maintain good relationships with its suppliers and customers by contracting on fair business terms and responding promptly to inquiries. One of the Group's values is also to remain customer-centric in order to deliver on time and on cost. Furthermore, customers and suppliers were involved in the Group's CSR consultation. The Group's CSR team, upon decision of the Board, takes it upon itself to contact employees but also suppliers and customers (stakeholders) for a CSR evaluation, the aim being to ensure that the Group's commitments on the CSR strategy are well known and respected: (1) promote the well-being of employees, (2) improve the environmental impact of our value chain, (3) federate and engage responsibly and ethically with stakeholders, and (4) facilitate professionals' lives in the field by offering innovative solutions. Feedback from stakeholders enables the Board to set up a materiality matrix, a tool that makes it possible to identify and prioritize the issues that are most important to and will benefit the Group and its stakeholders.

• The impact of the Group's operations on the community and the environment:

  The Group's commitment to its stakeholders has been fairly taken into account with a determined "raison d'être" (purpose) centred on stakeholders and the environment "Enhance professionals' life while preserving the planet". Since 2021, the Group also has been taking part in a carbon footprint assessment which was a starting point to build our climate strategy. Therefore, the Group commits, through the recognised framework Science Based Targets, to reduce CO2 emissions from scope 1 and 2 by 42% by 2030. This is in line with the Paris Agreement that 175 countries signed with the aim of maintaining the world temperatures under 1.5°C. Finally, one of the aims of the XpertEye solution is to allow stakeholders to reduce their carbon footprint by avoiding excess travel. The Group's CSR actions and engagements can be found on the website: https://www.amaxperteye.com/csr/

• The desirability of the Group to maintain a reputation for high standards of business conduct:

  The Board recognises the importance of maintaining high standards of business conduct. The Group operates a Code of Conduct applicable to its employees, suppliers and customers, directors and executive officers. The Group also ensures its suppliers' ethical and fair practices.

• The need to act fairly between shareholders of the Group:

The Board endeavours to treat its shareholders equally and to make significant efforts to ensure effective engagement with both institutional and private shareholders.

By order of the board

Christian Guillemot

Director 28 April 2025

‌Directors' report

The Board of Directors present their directors' report and the financial statements of the Group for the year ended 31 December 2024.

‌Proposed dividend

No dividends were distributed in 2024 (2023: €0k). The Strategic Report provides details of the Group's performance in the year 2024.

‌Directors

The directors who held office during the whole year were Christian Guillemot, Etienne Guillemot, Claude Guillemot, Gerard Guillemot, Michel Guillemot, Yves Guillemot, Pascale Laverriere, Nami Itoh and Christine Chan.

‌Going Concern

The financial statements have been prepared on a going concern basis. In adopting the going concern basis, the directors have considered the business activities as set out in the Strategic report on pages 4 to 12, the financial position of the Group, its cash flows, liquidity position and borrowing facilities as set out in the Consolidated Financial Statements on pages 37 to 91, the Group's principal risks and uncertainties as set out on pages 15 to 21.

At the end of December 2024, the Group had available liquidity of €5.8m and undrawn credit lines of €11m in April 2025.

After making different scenario and forecasts on the level of activity and revenues due to the uncertainties linked to the risks described on pages 15 to 21, and especially the technological risk, the directors believe that the Group is well placed to manage its financing and other significant risks satisfactorily and that the Group will be able to operate within the level of its facilities for the foreseeable future, being a period of at least 12 months from the approval of the financial statements.

In addition to the base case scenario, the directors reviewed two further scenarios as part of its going concern assessment.

The first scenario would assume that the Group wouldn't succeed in renewing growth, and would just maintain the same level of booking for 2024 at about €2.2 m.

The least favourable second case scenario, which is not considered likely but however included in the assessment, assumes revenue for 2025 and 2026 equivalent to the backlog known at the year-end date of some € 1.6 m. In this scenario, recruitment would be frozen and would also lead to other operational costs savings of 10% allowing the Group to continue its business for at least the next 12 months from the approval of the financial statements with its financial resources (cash and credit lines).

Given the availability of credit facilities, which are not subject to covenants and are guaranteed by Guillemot Brothers Ltd or secured by the pledge of Guillemot Corporation SAS shares, the directors have determined it to be appropriate for the Group to prepare its financial statements on a going concern basis.

In the longer term, in the base case scenario; the Group forecasts anticipate generating the first positive cashflows and estimates negative cash-flows over the medium term. To support this requirement, the objective of the Group is to maintain the level of credit lines around €11 m, guaranteed by Guillemot Brothers Ltd or pledged securities from Guillemot Corporation, all three of these companies being related parties. Furthermore, the Group intends to investigate in a few years, the use of factoring of trade receivables, or will potentially look to raise funds via convertible bonds or an increase in capital.

‌Future developments and Research and Development Activities

Future developments and the Group's approach on research and development activities are discussed in the Strategic Report on pages 4 to 23.

‌Financial Instruments

Details of the use of financial instruments by the Group are contained in note 21 of the consolidated financial statements.

‌Post Balance Sheet Events

In March 2023, the company established a stock option plan that represented 3% of AMA's share capital at the time. These stock options had a six-year lifespan and were exercisable at a price of €0.35 two years after their issuance, contingent upon meeting a condition of ongoing employment.

In February 2025, the Board of Directors, acting in accordance with section 16.2 of the plan, ratified a revision of the stock options' pricing and approved the grant of additional stock options.

This adjustment involved issuing new options to supersede the original ones, aimed at maintaining their motivational value by lowering the exercise price from €0.35 to €0.17. This pricing revision affected 794 000 stock options, which accounted for 1.49% of AMA's share capital. The supplementary allocation covers 667,000 options, corresponding to 1.25% of the share capital. The financial impact recognized in the first quarter under IFRS 2 for this revision is estimated to be approximately €40 k.

This is a non-adjusting subsequent event in accordance with IAS 10, as the requirements of IFRS 2 states that the modification of the share option plan should only be accounted for at the date of the modification, which was subsequent to year-end.

In January 2025, AMA Corporation Plc's wholly-owned Romanian subsidiary, AMA Xperteye SRL, underwent liquidation. This action was carried out as part of the group's restructuring strategy initiated in 2022 and had no notable impact on the Group's consolidated financial position.

‌Disclosure of information to auditors

Macalvins LLP was appointed as the statutory auditor during the year. The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Group's auditor is unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information.

By order of the board, 28 April 2025

Christian Guillemot Director

‌Statement of directors' responsibilities in respect of the annual report and the financial statements

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the UK.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company and of their profit or loss for that period. In preparing each of the group and parent company financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable, relevant and reliable;

• state whether they have been prepared in accordance with IFRSs as adopted by the UK;

• assess the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the group or the parent company or to cease operations or have no realistic alternative but to do so.

  The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company's transactions and disclose with reasonable accuracy at any time the financial position of the parent company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities.

  ‌Independent auditor's report to the members of AMA CORPORATION Plc

  Opinion

  We have audited the financial statements of AMA Corporation PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash-flow statement, the parent company statement of financial position, the parent company statement of changes in equity and notes to the financial statements including a summary of significant accounting policies.

  The financial reporting framework that has been applied in the preparation of the group financial statement is applicable law and UK-adopted International Financial Reporting Standards. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom Accounting Standards, including FRS 101 "Reduced Disclosure Framework" (United Kingdom Generally Accepted Accounting Practice) and as applied in accordance with the provisions of the Companies Act 2006.

  In our opinion:

• the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended;

• the group financial statements have been properly prepared in accordance with UK-adopted International Financial Reporting Standards;

• the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice as applied in accordance with the provisions of the Companies Act 2006; and

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

  Basis for opinion

  We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the group and the parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, as applied to SME listed entities and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

  Conclusions relating to going concern

  In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

  Our audit procedures to evaluate the directors' assessment of the group's and the parent company's ability to continue to adopt the going concern basis of accounting included but were not limited to:

• Undertaking an initial assessment at the planning stage of the audit to identify events or conditions that may cast significant doubt on the group's and the parent company's ability to continue as a going concern;

• Evaluating the directors' method to assess the group's and the parent company's ability to continue as a going concern;

• Reviewing the directors' going concern assessment, which incorporated severe but plausible scenarios;

• Evaluating the key assumptions used and judgements applied by the directors in forming their conclusions on going concern including the review of the cashflow forecasts prepared and obtaining the supporting documentation on credit lines available; and

• Reviewing the appropriateness of the directors' disclosures in the financial statements

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

We have reviewed the statement in respect of Going Concern in the Directors' Report on page 24. The Group has multiple credit facilities available to it in addition to existing cash reserves and accordingly we consider the going concern basis to be appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and an overview of the scope of our audit

The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:

firoup materiality

Parent company materiality

As part of designing our audit, we assessed the risk of material misstatement in the financial statements, whether due to fraud or error, and then designed and performed audit procedures responsive to those risks. In particular, we looked at where the directors made subjective judgements, such as assumptions on significant accounting estimates.

We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial statements as a whole. We used the outputs of our risk assessment, our understanding of the group and the parent company, their environment, controls, and critical business processes, to consider qualitative factors to ensure that we obtained sufficient coverage across all financial statement line items.

Our group audit scope included an audit of the group and the parent company financial statements. Based on our risk assessment, AMA Corporation PLC, AMA Inc and AMA GMBH, were subject to either full scope audit or specific audit procedures performed by the group audit team. AMA SA, AMA China and AMA HK were subject to full scope audits performed by local auditors. Entities subject to analytical review procedures were determined to be quantitatively and qualitatively immaterial to the group audit.

The table below summarizes the group audit scope:

At the parent company level, the group audit team tested the consolidation process and carried out analytical procedures to confirm our conclusion that there were no significant risks of material misstatement of the aggregated financial information.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors' remuneration specified by law are not made; or

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

  Responsibilities of Directors

  As explained more fully in the directors' responsibilities statement set out on page 27, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

  Auditor's responsibilities for the audit of the financial statements

  Our objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

  Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

  The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

  Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

  Based on our understanding of the group and the parent company and their industry, we considered that noncompliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, anti-money laundering regulation and Euronext Growth Market regulation.

  To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

• Inquiring of management and, where appropriate, those charged with governance, as to whether the group and the parent company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

• Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

• Considering the risk of acts by the group and the parent company which were contrary to applicable laws and regulations, including fraud.

  We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation and the Companies Act 2006.

  In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to research and development costs capitalized and to impairment of non-current assets, revenue recognition (which we pinpointed to the cut-off) and significant one-off or unusual transactions.

  Our audit procedures in relation to fraud included but were not limited to:

• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

• Gaining an understanding of the internal controls established to mitigate risks related to fraud;

• Discussing amongst the engagement team the risks of fraud; and

• Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

The risks of material misstatement that had the greatest effect on our audit are discussed in the "Key audit matters" section of this report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor's report.

Use of the audit report

This report is made solely to the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body for our audit work, for this report, or for the opinions we have formed.

Pankaj Ranjani (Senior Statutory Auditor) for and on behalf of Macalvins Limited Chartered Accountants

And Statutory Auditors 7 St John's Road Harrow

Middlesex HA1 2EY

28 April 2025

‌CONSOLIDATED FINANCIAL STATEMENTS

‌Income statement

The notes on pages 43 to 91 form an integral part of the financial statements.

‌Consolidated Statement of Comprehensive Income

The notes on pages 43 to 91 form an integral part of the financial statements.

‌Consolidated Balance Sheet

The notes page 43 to 91 form part of these financial statements.

These financial statements were approved and authorised for issue by the board of directors on 28 April 2025, and were signed by:

Christian Guillemot Director

AMA Corporation Plc Company No. 10341359