2025 Annual Report

Conten

s

Strategic report

Financial and operational highlights.................................... Chairman's statement. 2

Chief Exec ctive Officer's statement 4

Key performance indicators 8

Financial review 9

Our business model and strategy 1

Section 172 Statement 14

Risk management. 17

Board of Directors 22

Governance

Corporate governance. 24

Environment and social Responsibility report. 3

Directors' report 4J

Report of the Remuneration Committee 44

Audit Committee report 5

Anpario plc

Annual Report 20

Financial statements

Independent auditors' report. 54

Consolidated statement of comprehensive income 60

Consolidated statement of financial position. 61

Consolidated statement of changes in equity. 62

Consolidated statement of cash flows 63

Notes to the financial statements. 64

Company statement of financial position 96

Company statement of changes in equity. 97

Notes to the Company financial statements 98

Shareholder information

Company information 107

AGM. 108

Highlights

Anpario plc (AIM: ANP), the independent manufacturer of natural and sustainable feed additives for animal health, nutrition and biosecurity, is pleased to announce its full year audited results for the twelve months to 31 December 2025.

Financial highlights

'‹/' 24% increase in revenue to £47.2m (2024: £38.2 m).

'/' Improvement in gross margin to 50.9% (2024: 46.9%).

54% increase in profit before tax to £8.0m (2024: £5.2m). 38% increase in adjusted EBITDA' to £9.6m (2024: £7.0m). Basic earnings per share up 63% to 40.20p (2024: 24.66p).

Diluted adjusted earnings' per share up 33% to 39.49p (2024: 29.66p).

Governance

Increase of proposed final dividend to 8.90p (2024: 8.00p) per share, resulting in a total dividend for the year of 12.50p (2024: 11.25p) per share.

Cash and cash equivalents of £12.4m at the year-end (2024: £10.5m).

Operational highlights

Full year contribution from Bio-Vet Inc. ("Bio-Vet"), with integration progressing well and the business

delivering one of its strongest ever half-year sales performances in H2.

V' Like-for-like ("LFL") sales, excluding Bio-Vet, increased by 12%. V' Strong LFL growth in the Americas, Europe and Asia.

V' Continued high growth in premium product classes such as Orego-Stim^, Optomega^ Algae and the contribution from the Bio-Vet range have improved gross margins.

Outlook

Trading to date in the current year is in line with the strong Q1 performance in the prior year.

Continued growth in North America under the new organisational structure.

statements

Strong start and return to growth for the Middle-East region.

Our logistics teams are working with our customers to mitigate any impact resulting from the current conflict in Iran and the surrounding region.

Richard Edwards, Chief Executive, commented:

The Group delivered a strong performance in 2025, with momentum building through the second half of the year. This performance reflects the successful execution of our strategy, continued growth in demand for our natural feed-additive solutions and the operational leverage inherent in our business model. The Group had the benefit of a full-year contribution from Bio-Vet, which delivereda strong second-half performance. Integration of the business is progressing well.

On a like-for-like basis, excluding Bio-Vet, our performance was strong and broad-based across most territories. Clearly recent events in the Middle East will cause disruption, the impact of which it is too early to assess.

However, we have an experienced team who have managed through similar periods and our subsidiaries have the benefit of good local inventory with which to continue to service our customers. The Group maintains a strong balance sheet and there is a clear focus on driving long-term and sustained profitable growth.

Finally, this performance is the result of the efforts of Anpario staff across the globe who, through hard work and diligence, have delivered another set of excellent results."

Adjusted EBITDA and adjusted earnings are defined in note 6 of the ñnancial statements.

Chairman's statement

Anpario delivered a strong performance in 2025, reflecting the continued execution of the Group's strategy and the benefits of our focus on higher

value-add natural feed additive solutions. Momentum strengthened in the second half of the year, supported by the Group's operational leverage and disciplined commercial approach.

Financial performance

Revenue increased by 24% to £47.2m (2024: £38.2m), supported by the first full year contribution from the acquisition of Bio-Vet, which added E6.7m this year and £2.2m of revenue in 2024 in the three months post-acquisition. Excluding Bio-Vet, revenue increased by 12% on a like-for-like basis to £40.5m (2024:

£36.0m), reflecting strong demand across the Group's territories.

Profitability strengthened, with gross profit increasing by 34% to £24.0m (2024: E17.9m) and gross margin improving to 50.9% (2024: 46.9%). Adjusted EBITDA increased by 38% to £9.6m (2024: £7.0m) and profit before tax rose by 54% to £8.0m (2024: £5.2m), demonstrating the operational leverage in the business model. The balance sheet remained strong, with cash and cash equivalents of £12.4m at the year-end (2024:

£10.5m), after dividend payments of £2.1m and final payments related to the Bio-Vet acquisition of £1.0m, reflecting continued strong cash generation.

Strategic progress

The Board sees many long-term opportunities for the Group, supported by structural demand for sustainable and natural solutions in animal production. During the year, the Group continued to broaden its end-market exposure and enhance its portfolio through innovation and targeted commercial investment. Progress in higher growth segments and continued product development underpin our strategy to deliver resilient,

profitable growth over the medium term.

Bio-Vet

The acquisition of Bio-Vet, completed in late 2024, contributed for the full year in 2025 and performed strongly, with integration progressing well and in line with the Board's expectations undera new combined Americas management team. The acquisition supports the Group's strategic objectives of broadening species exposure and strengthening our presence in the US, which isa key agricultural market, while providing additional routes to market for both Bio-Vet and Anpario product ranges across the globe.

Dividend

The Board will recommend at the forthcoming Annual General Meeting ("AGM") a final dividend of 8.90 pence per share (2024: 8.00 pence) resulting in a total of

12.50 pence per share for the year (2024: 11.25 pence), an increase of 11o/a.This dividend, payable on 24 July 2026 to shareholders on the register on 10 July 2026 (ex-dividend date of 9 July 2026), reflects the Group's

ability to generate strong cashflows.

Governance, culture and people

During the year, the Board continued to focus on strong governance, effective risk oversight and the long-term sustainability of the Group. We further enhanced shareholder engagement through regular dialogue and continued to strengthen the clarity of risk ownership and internal control oversight across the Board, Audit Committee and Executive Management. The Board also progressed governance measures to address emerging areas such as the appropriate use of Al tools and data security and remains focused on Board effectiveness.

The Board thanks employees and partners for their continued commitment and contribution to the Group's success.

AGM

The Board plans to hold the AGM in London on Thursday 18 June 2026 providing an opportunity for shareholders to meet and ask questions of the Board.

Notice of the AGM has been sent to shareholders.

Outlook

We are monitoring the impact of the conflict in Iran, which has affected shipping and logistics into parts of the Persian Gulf region. The Group is well diversified across geographic regions and hasa proven track record of operating through periods of disruption and is working closely with customers and logistics partners to mitigate impacts and support continued product

availability.

While we remain mindful of ongoing macroeconomic and geopoliticaf uncertainty, the Group enters 2026 with a strengthened platform and a resilient balance sheet. We will continue to invest in innovation, deepen customer relationships and execute our strategy to deliver sustainable growth and shareholder value.

Piatthew Robinson

Chairman

30 March 2026

Governance

Anpario plc Report 2025

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Financial statements Shareholder inform t on

Chief Executive Officer's statement

Overview of the financial year

The Group delivered another strong performance in the twelve months to 31 December 2025, building on the recovery from the previous two years to achieve our best performance to date. These results reflect the benefits of our diversified product portfolio, global geographic footprint and continued focus

on developing and marketing high value-add feed additives, together with the addition of a premium product range and on farm sales channels acquired in Bio-Vet. Trading conditions across global agricultural markets remained mixed, with periods of volatility

in certain regions, but the Group delivereda

stronger performance in the second half of the year, underpinned by broad-based growth across most territories.

Group sales for the year increased by 24% to £47.2m (2024: £38.2m), with adjusted EBITDA growth benefiting from our operational gearing and increasing by 38% to £9.6m (2024: £7.0m). Net cash at the

year-end was £12.4m (2024: £10.5m), after the final contingent consideration payment relating to the Bio-Vet acquisition, reflecting continued strong cash generation.

The year benefited from a full-year contribution from Bio-Vet with revenue of £6.7m (2024 post-acquisition:

£2.2m), alongside strong underlying performance across the Group on a like-for-like basis, with sales increasing by 12% to £40.5m (2024: £36.0m). Excluding Bio-Vet, growth was delivered across all territories, except the Middle East and Brazil, demonstrating the resilience of the business model.

Operationally, we remain focused on maintaining service continuity, product quality and regulatory compliance, while continuing to invest selectively in people, systems and innovation. Progress made during the year further strengthened our capabilities across species, particularly in ruminants and aquaculture, supporting our long-term strategy of broadening the Group's exposure across all species.

Operational review

Americas

Overall, the Americas delivered a strong performance with sales growth of 58% in 2025, which included a full-year's contribution from Bio-Vet. On a like-for-like basis, the segment grew revenues by 20% benefiting from improved underlying trading across several territories, particularly the US.

Growth in the US was particularly strong, both as a result of the contribution from Bio-Vet, and on a like-

for-like basis, with sales recovering after a difficult prior year and increasing by 65% to a record performance for Anpario products, especially pHorce° and Orego-Stim°. Taken together, total sales in the USA have increased to

£10.7m, now accounting for 23% of Group sales, which is aligned with our strategic focus to deepen operations in key global agricultural markets.

A key focus during the year was the successful integration of Bio-Vet into the wider Group. Following the completion of the earnout period at the end of September, the commercial teams have now been combined into a single regional structure, enabling closer coordination of sales activity and technical support across species. Core IT systems have been transferred, and further work is ongoing to align business systems and ERP platforms, supporting improved visibility, control and scalability over time. These actions have already begun to strengthen collaboration and cross-selling opportunities.

Performance in Brazil remained weak, witha further decline of 22%. Brazil is one of the most competitive feed additive markets and is more heavily weighted towards lower value add alternatives. Competition for large integrator business is intense as our subsidiary competes with locally manufactured products which aren't subject to import tariffs and taxes. However, we remain confident and see opportunities to return this territory to growth by targeting attractive niche segments, especially with the Bio-Vet product range.

The rest of the Americas segment delivered sales growth of 8% collectively, with a majority of countries increasing revenue compared to the same period last year, with notably strong performances in Colombia,

Bolivia, Costa Rica and Ecuador, slightly tempered by a decline in Venezuela and Mexico. The phasing out of our distributor relationship at the end of the

period in Mexico and Central America, which included establishing a subsidiary in Panama, will support growth by offering the full range of Anpario's products and building stronger direct relationships with end users.

Overall, the Americas now benefits from a broader product range, deeper technical capability and a more integrated operating structure under a combined commercial team. The region is expected to benefit from Bio-Vet's dairy expertise, with the strengthened ruminant offering providing an important point of differentiation. This enhanced capability provides a stronger platform for sustainable growth and improved resilience, while creating opportunities with both existing and new customers.

Asia

Asia was the strongest growing region on a like-for-like basis during the year, with sales increasing by 22%, and remains a key driver of Group performance, accounting for 34% of Group sales. The performance reflected both a continued recovery in agricultural markets across the region, with most territories recording growth during the year. The Philippines delivered a particularly robust performance, doubling sales compared to the same period last year due to the increased use of Orego-Stim* in animal feed, which benefited farmers through improved animal performance.

Governance

Sales in Malaysia and South Korea declined and consolidated following an exceptionally strong prior year; however, this was more than offset by good growth in several other key territories, including China, Thailand, Indonesia and Australasia, where the Group has its own subsidiaries serving the local market directly.

Financial statements

Species diversification remains an important opportunity within Asia, particularly in aquaculture, where the relevance of natural solutions continues to increase as producers seek to improve performance and reduce reliance on less desirable practices. Red Lite is a natural insecticide which kills weevils, beetles and other insects in feed and grains stores, as well as red mites in poultry sheds. Red Lite is one such solution which is gaining interest in the region as the industry

looks to move away from harmful chemical alternatives. Supported by ongoing research and trial work, we continue to see encouraging adoption in this area.

Overall, Asia's diversity remains a strength. While individual markets can move at different speeds, the region continues to offer significant long-term growth potential, supported by population trends, evolving production systems and the Group's strong regional capabilities.

India, Middle East and Africa (IMEA)

Shareholder information

This segment overall delivered a decline in sales of 10%, with a mixed performance in which India saw strong growth, with sales more than doubling compared to

the same period last year. However, the Middle East and Africa region, which performed very strongly in the prior year, experienced some consolidation, as had been expected. A combination of the loss of some pellet binder business in Saudi Arabia, as well as a customer

experiencing credit issues, which are now resolved, both contributed to a decline in sales for the region of 29%.

Sales were also down in Turkey and Egypt. However, the UAE delivered a strong performance with sales growth of 95% making it the largest contributor in the Middle East region. Whilst overall the decline

is disappointing, there has still been strong growth overall in recent years, and long-term growth in demand across the region continues to be supported by structural drivers, including investment in local agriculture and an increasing focus on productivity and food security. These trends align well with the Group's value proposition, and we continued to work closely with customers and distributors to support adoption of natural feed additive solutions where they deliver clear economic and performance benefits.

Growth in India has been delivered through our previously announced partnership and increased sales of Orego-Stim^ to several different species. We are now working with our local partner to introduce additional Anpario products suCh as acid-based eubiotics and Credenceo, our long-acting effervescent tablet used for water sanitisation. We also recently recruited two additional technical salespeople in the

region to support our business in both agriculture and aquaculture.

Europe

Europe delivered safes growth of 10%, which isa good performance in what is generally regarded asa more mature market for our products, with high customer expectations and the presence of globally recognised competitors. As such, this performance demonstrates the strength of our product portfolio and the value placed by customers on efficacy, consistency and technical support.

The UK, our largest market in the region, also contributed the largest growth, with year-on-year sales growth of 13%, particularly in our premium Orego-Stim and Optomega Algae products. Elsewhere, growth in several territories such as Austria, Denmark, the Netherlands and Serbia more than offset slight declines in other smaller territories.

The region continues to be characterised by a high degree of fragmentation, both culturally and commercially, which reinforces the importance of

strong distributor partnerships and technical selling capability. Our strategy in Europe remains focused on strengthening route-to-market execution and supporting the adoption of higher value, branded solutions through enhanced technical engagement. As such, we were delighted to sign a European-wide distribution agreement with a large multi-national

supplier to the feed mill sector. Our partner will market several of our feed mill oriented products to their customers across specific territories in the region.

Europe continues to play a key role in the Group, not only as a market in its own right but also asa centre of regulatory, technical and sustainability leadership.

Chief Executive Officer's statement continued

We remain confident that disciplined execution and investment in capability will support continued longterm growth.

Innovation and development

Innovation remains central to the Group's strategy and a key differentiator in our markets. During the year, we continued to invest in development and trials to expand the application of our core technologies and strengthen the evidence base supporting customer adoption

across species. Publicly released studies and technical updates during the year reinforced the efficacy of

our products across multiple species and production systems, supporting our focus on natural, sustainable solutions.

Our approach to innovation is pragmatic and

customer-led, with a strong emphasis on demonstrable performance, regulatory compliance and return on investment. The expanded technical capabilities

within the Group, including those associated with Bio-Vet, continue to create opportunities to develop

new and complementary solutions across phytogenic and probiotic technologies. We are close to achieving product registration for Bio-Vet's calcium bolus range, QuadriCal°, in several new territories and have enhanced specific electrolyte formulations with the inclusion of Orego-Stim°.

AmpLlPhy, our recently developed lysophospholipid-based feed additive, which enhances the emulsification and subsequent utilisation of lipids and lipid soluble nutrients in the diet, was recently launched and has received an encouraging initial response and first commercial orders.

Alongside product innovation, we continued to invest in systems and processes to supporta more scalable and data-driven organisation. Further work on business systems and ERP alignment is ongoing, building on the successful transfer of core IT platforms following the Bio-Vet integration.

Outlook

Looking ahead, our focus is firmly on delivering on our business development initiatives and capitalising on the Bio-Vet acquisition by launching key product brands in new territories and leveraging their sales

channels in the US. The current year has started inline against a high comparator through Q1 last year, and we are confident of making good progress throughout the rest of the year as our pipeline is healthy and our business development initiatives come to fruition.

Our geographic, product and species diversity gives the Group resilience, however, we are not altogether immune from geopolitical events which can have unintended consequences.

We continue to operate in an environment shaped by geopolitical and macroeconomic uncertainty, and we remain vigilant to recent developments in the Middle East that may affect customer demand, logistics and supply chains. Drawing on our experience of operating through prior periods of disruption, our management teams across the Group are working proactively with customers, suppliers and logistics partners to maintain service levels and product availability, while managing risk in a disciplined manner.

Our priorities for the year ahead remain consistent: investing in innovation to strengthen our differentiated product portfolio, deepening customer relationships through technical engagement and service, and continuing to embed the operational improvements and systems enhancements made during 2025.

The progress achieved in integrating Bio-Vet has further strengthened our commercial and technical capabilities, and ongoing work to align business systems will support scalability and efficiency as the Group continues to grow.

With a strong financial position and an experienced global team, we are well placed to manage uncertainty while continuing to execute our strategy. The focus remains on delivering sustainable growth through disciplined decision-making and operational excellence, building long-term value for shareholders.

Richard Edwards Chief Executive Officer 30 March 2026

Governance

Anpario plc Report 2025

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Financial statements Shareholder inform t on

Key performance indicators

Financial

Includes both the interim dividend paid during the year and the proposed ñnal dividend which is subject to approv'a/ dy the shareholders at the AGM.

Non-financial

Scope 1 and 2 Carbon emissions as dehned by the GHG protocol, for more information see the Environment and Social Responsibility report.

Anpario has begun to monitor and report on Scope 1 and 2 carbon emissions as part of its goal to reduce carbon emissions. The Group therefore tracks two related performance indicators: total GHG emissions and carbon intensity, defined as carbon emissions divided by sales.

*In Q4 2024, the Group completed the acquisition of Bio-Vet, a US based business. Asa result, the prior year comparative has been restated to include the three-month post-acquisition period, with the current year including a full twelve months of emissions from the enlarged Group. This expansion in the Group's operational footprint has led to a significant increase in reported total GHG emissions and carbon intensity, reflecting the inclusion

of additional manufacturing and distribution activities rather than a deterioration in underlying environmental performance.

Anpario expects to continue to grow as a business and, as such, absolute carbon emissions may increase as the Group expands. Carbon intensity therefore remains a key metric in assessing progress towards the Group's net-zero objectives, allowing performance to be monitored on a consistent, relative basis over time as integration and efficiency initiatives are implemented across the enlarged Group.

Financial review

Revenue and gross profit

Revenue for the year increased by 24% to £47.2m (2024: £38.2m), reflecting a strong performance across the Group and a particularly robust second half of the year. The result includes a full-year contribution from Bio-Vet, which was acquired on 30 September 2024, compared with three months' contribution in the prior year. Excluding Bio-Vet, revenue ona like-for-like ("LFL") basis increased by 12% to £40.5m (2024: E36.0m).

By operating segment, the IMEA region experienced a consolidation in performance, with revenue declining by 10% following exceptional growth in the prior

year, although sales in India continued to perform exceptionally well. All other operating segments delivered strong growth. The Americas segment increased sales by 58%, including the additional contribution from Bio-Vet post-acquisition, and by 20% on a LFL basis. The Asia segment also recorded a notably strong performance, with sales increasing by 22%, while Europe grew by 10%. A full analysis of the sales performance is included in the Chief Executive Officer Statement.

In product class terms, we have again continued to see high levels of growth in our market-leading products Orego-Stim'^ and Optomega'^. Combined with a

full-year contribution from Bio-Vet's product range, the growth in these premium products has driven an increase in gross margins to 50.9% (2024: 46.9o/a). As a result of both increased revenues and gross margins, gross profit increased by 34% to £24.0m (2024:

£17.9m).

Administrative expenses

Administrative expenses were 24% higher, increasing to

£16.2m (2024: £13.0m). Ona LFL basis, excluding the addition of Bio-Vet operations, administrative expenses increased by 11% to £12.9m (2024: £11.6m).

This LFL increase was largely driven by an increase in employment costs through a combination of wage inflation, higher national insurance for UK employees and performance related bonuses as a result of the strong revenue and profit performance. In addition there was an increase in headcount, particularly in sales and technical positions through the second half of the year to support further sales growth.

Most other costs were stable on a LFL basis compared with the prior year. The only notable increase related to travel costs, driven by inflationary impacts and increased utilisation as business activity levels rose.

Acquisition

As previously announced, the Group acquired Bio-Vet Inc. on 30 September 2024 for total consideration of

£5.8m (USD 7.4m), including contingent consideration of £0.8m (USD 1.0m). The contingent consideration was linked to Bio-Vet's achievement of adjusted EBITDA targets over the 12 month post-acquisition period.

Following an exceptionally strong trading performance in the final quarter of 2024, Bio-Vet's revenues moderated slightly during the first half of 2025.

Notwithstanding this, operating performance

Governance

remained ahead of the level required to achieve the full contingent consideration and accordingly payment of the full USD 1.0m was made during the second-half

of the year. Bio-Vet revenues increased in the final six months of the year and the business delivered one of its strongest ever half-year performances.

Taxation

Financial statements

The effective corporation tax charge equates to 15.4% (2024: 20.6%) of the estimated assessable profit for the year. The prior year charge was elevated due to some non-recurring factors such as non-deductible expenses, including acquisition related costs. In addition, profits attributable to the Group's patented products, and therefore eligible for Patent Box tax benefits, saw strong growth during the year.

Profitability and earnings per share

Adjusted EBITDA in 2024 matched prior peak levels of performance and, due to the above factors, the current year materially surpasses those levels, increasing by 38% to £9.6m (2024: £7.0m). Diluted adjusted earnings per share increased by 33% to 39.49p per share (2024: 29.66p).

Profit before tax growth was 54% to £8.0m (2024:

Shareholder information

£5.2m), which, as well as the increased level of performance, benefited from the non-recurrence of acquisition costs suffered in the prior year (£0.6m), which were excluded from adjusted measures. Basic earnings per share increased by 63% to 40.20p (2024: 24.66p).

Cash flows and balances

Operating cash flows before changes in working capital increased to £9.4m (2024: £6.3m), largely as a result of increased operating profit for the year. Working capital levels increased in the year by £2.2m, with a small release of cash through movements in receivables

Financial revieW continued

and payables, the absorption of cash was wholly attributable to higher inventory levels.

The increase in inventory largely occurred during the first half of the year and was primarily attributable to a normalisation of raw material and finished goods

levels following the exceptionally high rate of sales and input utilisation at the end of the prior year. During the second half of the year, total raw material levels showed no change, bringing year-end raw material days closer in line with the prior year, and as such the year-on-year increase was largely proportionate to the change in cost of sales resulting from increased revenues.

In respect of finished goods, the £1.4m increase during the year was attributable to both volume-related growth arising from higher trading performance and an expansion in finished goods days. While finished goods days increased during the year, they remain materially below 2023 levels and are currently elevated as part of a planned inventory build in certain subsidiary entities in anticipation of future growth.

During the year, corporation tax payments of £1.3m (2024: £1.2m) were made, with a net current income tax asset at the end of the year of £0.2m. After which, net cash from operating activities were £5.9m (2024:

£5.8m), with the prior year benefitting from a £0.7m working capital reduction compared with the current year's £2.2m absorption of cash.

Net cash used in investing activities reduced to £1.5m (2024: £4.2m). This was largely due to the acquisition of Bio-Vet in the prior year of £2.5m, net of cash acquired, and the purchase of the land and buildings from

which Bio-Vet operates of an additional £1.8m. In the current year, £1.0m was paid out related to the closing adjustment and the achievement and payment of the contingent consideration related to the acquisition.

Net cash used in financing activities increased to £2.3m (2024: £1.5m). This increase was partly due to the

prior year benefitting from the cash receipts from the exercise of employee share options of £0.4m. In the current year, dividend payments increased to £2.1m (2024: £1.8m) due to the increase in the per share amount. Additionally, £0.1m was paid to purchase 29,000 treasury shares at a volume weighted average price of 336 pence per share.

Overall, cash and cash equivalents grew by E1.9m

to £12.4m (2024: £10.5m). The primary purpose of holding these resources is to fund future acquisitions and we continue to explore suitable opportunities.

Dividends

The Board is recommending a final dividend of 8.90 pence per share (2024: 8.00 pence) payable on 24 July 2026 to shareholders on the register on 10 July 2026 (ex-dividend date of 9 July 2026). In addition to the interim dividend already paid, this represents an increase to the total dividend for the year of 11% to

12.50 pence per share (2024: 11.25 pence).

Marc Wilson

Group Finance Director 30 March 2026

Our business model and strategy

Business model Our business model is based on:

Anpario is an independent manufacturer of natural and

sustainable animal feed additives for health, nutrition • Products- High quality efficacious products

and biosecurity. Our products work in harmony with the presented well that meet the needs of our customers natural aspects of the animal's biology and Anpario's both now and through changes in the regulatory expertise is focused on intestinal and animal health, environment.

and utilising this understanding to improve animal

performance and customer profitability.

Anpario supplies its customers with quality-assured products manufactured in the United Kingdom and has

• Story - Powerful value add proposition demonstrating the financial, performance and sustainability benefits of our product solutions.

  an established global sales and distribution network in • quality - Quality in both manufacturing processes

  over 70 countries. and through the supply chain to provide consistent

  Governance

  Anpario was built up througha combination of products that perform in a reliable manner. acquisitions and organic growth by establishing

  wholly owned subsidiaries in a number of key meat- • Branding -Build an impeccable Anpario brand, which

  producing countries. The portfolio of products has been global customers can trust as having innovative, high developed with the customer and the animal in mind, quality and effective solutions for their businesses. taking into account the life stages of the animal and the

  periods when they will be more challenged.

  Anpario is well positioned to benefit from the trends in growth of the world's population, the increasing demand for meat and fish protein in developing

  countries and the tightening of global regulation which favours more natural feed additive solutions. Seizing these opportunities is how Anpario intends to deliver long-term shareholder value.

  Shareholder information

  Anpario acknowledges the challenges facing livestock producers in meeting environment and sustainability targets. Anpario is contributing to the research and development progress that the agricultural livestock industry is achieving in improving its carbon footprint and GHG emissions. Anpario prides itself on beinga low carbon manufacturer of animal feed additives, with two thirds of sales from products which can be described as from sustainable sources and from non-carbon derived raw materials.

• Channel - Control the sales channel to ensure

  we develop strong technical and commercial relationships with the end users of Anpario products.

• Efficiency -Efficient automated production and effective operations that can meet the service level requirements of our customers.

  Financial statements

• Sustainability- Our natural products help to reduce our customers' carbon footprint by improving animal feed conversion rates, and we also havea focus on reducing our own environmental impact.

Our business model and strategy continued

Strategy

Developing local commercial and technical relationships across the world. Delivered through: " Actions in 2025:

» regional sales structure;

» local language speakers;

resource that understands local market needs & challenges; and closer relationships with key end customers.

Future plans:

We now have operations and personnel in our key target markets, and as such the focus now is on developinga stronger market position through increased resource and presence

in these territories.

» integrated the Bio-Vet team intoa combined Americas commercial team, which is already

leading to cross-selling of product fines to new and existing customers in the region;

increased sales staff around the world to support future growth and customer support; and continued rollout of a new CRM system to increase and improve customer engagement and communication;

Add value by developing products that help overcome the challenges of modern-day farming.

Delivered through:

» scientific research and development, working closely with the end customers' meat protein operations, to help improve gut function leading to improved animal performance;

» support the producer through prevention rather than treatment; and

» help the customer meet disease and regulatory challenges.

Future plans:

» continue to retain and recruit technical and animal production experts;

» continued investment in research and development working closely with key global customers and respected institutions; and

» look for product opportunities which broaden our range and species opportunities.

Actions in 2025:

» continued R&D efforts to combine Anpario and Bio-Vet product technologies;

prioritised and initiated projects to expand sales of existing Bio-Vet products through Anpario sales channels; and

continued development of new applications and presentations of our products to expand market opportunities.

Growth through complementary and earnings enhancing acquisitions.

Delivered through:

» successful integration to derive both operational and financial synergies;

specific searches to identify suitable targets in the specialty feed additive market; and

» applying strict acquisition and valuation criteria; targets must either complement our current product range, offer market consolidation opportunities, or strengthen our sales and distribution channels.

Future plans:

» continued active search for acquisition opportunities within defined criteria.

Actions in 2025:

» integration of Bio-Vet operations into a

combined commercial and administrative function for the Americas;

integration projects, some of which have already been completed, related to products, production and IT systems;

High quality, consistent and efficient manufacturing.

Delivered through:

» further automation of production facilities;

» key industry quality accreditations; and quality supply partners.

Future plans:

Continue to evaluate and respond to the operational needs of the combined Anpario and Bio-Vet operations to ensure efficient and flexible processes that can respond to the needs of the business.

Actions in 2025:

› continued refinements to operational practices and procedures;

» UK operations and production teams working closely with Bio-Vet to share expertise and operational insight;

collaboration has supported short-term efficiency improvements and informed longer-term production growth planning at the US site; and

Governance

work undertaken to enable US site to manufacture selected Anpario products, supporting cross-selling and improved SKU management.

Anpario seeks to ensure a sustainable future, conducting business ina socially, ethically and environmentally responsible manner engaging with all our key stakeholders, including the communities in which we operate.

Delivered through:

» our three-pillar framework,'People; Planet; and Promise'; robust governance structures appropriate for our business SizC'; and

» engagement with our stakeholders.

Future plans:

» continued evaluation of ways to reduce our carbon emissions; continue steps towards implementation of TCFD framework; and

Shareholder information

» work with our staff chosen Charity of the year, Children with Cancer UK.

Actions in 2025:

Financial statements

» through various activities with employees, we raised money and awareness for the staff chosen charity of the year, Prostate Cancer UK

Section 172 Statement

Introduction

As a Board, collectively and as individual Directors, we recognise our obligations and our duties as Directors. Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, each Director has regard, amongst other matters to:

the likely consequences of any decision in the long term;

• the interests of the Company's employees;

  the need to foster the Company's business relationships with suppliers, customers and others; the impact of the Company's operation on the community and the environment;

• the desirability of the Company maintaining a reputation for high standard of business conduct; and the need to act fairly as between members of the Company.

  How the Board fulfils its Section 172 duties

  We ensure that the requirements of section 172 are met and the interest of our stakeholder groups are considered through, amongst other means, a combination of the following:

  review of strategic objectives and achievement thereof;

  annual budgets and review of resource allocations; results presentations to shareholders and staff;

  audit and risk management processes conducted through the year;

• health and safety reports;

• reviews of employee matters;

  annual performance appraisals for all staff including personal development reviews;

• consideration of these matters in relation to major decisions made within the year; regular meetings with customers and key suppliers; and

• other ad-hoc engagement with stakeholders.

Stakeholders and their key interests

The section below outlines the key stakeholders the Company has identified, their key interests and where in this annual report that further details on matters such as engagement and key decisions made in the year in relation to each stakeholder group can be found.

Shareholders: Anpario recognises the importance of engaging with existing and potential investors to understand their views and objectives. This can enhance strategic and governance decision making processes of the Board. We welcome investor contact and those wishing to engage with us can email on investor@anpario.com.

Key interests

» Delivering sustainable, profitable growth over the long-term.

» Robust governance and appropriate controls to mitigate risk.

» ESG initiatives and responsible management practices.

Key actions and decisions in the year relevant to this stakeholder group

» Increase in dividend per share proposed (see Chairman's statement).

Held the 2025 AGM in London, varying venues from our UK headquarters, to make it more accessible to shareholders.

» Continued to hold Investor Meet Company presentations, following their success, enabling shareholders to join a live presentation and Q&A session with Executive Directors; further increasing shareholder engagement.

Customers: Anpario values our customers and has extensive long-term relationships across the world. Our network of local and regional account management teams are in place to understand the needs and challenges faced by our customers so that we asa Group can deliver the product and service solutions that they require.

Key interests

Innovative, high-quality products that help overcome the challenges of modern-day farming.

» Reliable logistics networks with good stock availability and timely delivery.

Key actions and decisions in the year relevant to this stakeholder group

» Continued to engage directly with customers to better understand changing needs and challenges, leading to several innovations in both presentation of products and further trial activity on new appliCations.

Governance

Employees: Following the Bio-Vet acquisition, Anpario now has over 150 employees across the world in a range of different roles. All staff are key to delivering on the strategiC plans and success of the Group and we continue to develop our HR strategy and policies.

Key interests Key actions and decisions in the year relevant to this stakeholder group

» Fair and equitable recruitment » Regular company newsletters and company updates distributed to keep all staff well and remuneration practices informed.

and poliCies. » Regular onsite meetings across management groups and departments to facilitate

» Safe working environments. communication and decision making at all levels.

» The opportunity for personal » Continued to support staff training programmes and the internal coaching

growth and career progression. programme, we now have several qualified coaches and continually seek to encourage

new coaching relationships for staff.

Financial statements

» Participation encouraged in SAYE awards scheme.

Community and Environment: Anpario seeks to ensure a sustainable future, conducting business ina socially, ethically, and environmentally responsible manner. Anpario's team seek to meet environmental challenges with sustainability at their heart and progressing ona journey of continuous evolution and progression. Further information on the matters below can be found in the Environment and Social Responsibility Report.

Key interests

» Conducting business in an ethically and environmentally responsible manner.

Key actions and decisions in the year relevant to this stakeholder group

» Publication of the Sustainability Report with climate related reporting and disclosures also made in this Report.

» Internal fundraising events for our selected charities including an annual charity of the year chosen by staff.

For 2025, the Charity chosen by staff was Prostate Cancer UK.

» Staff are encouraged to volunteer and offered one paid daya year to supporta charity of their choice.

Shareholder information

» ISO14001 accreditation maintained.

» Membership of SEDEX to enable sharing of workplace standards, environmental practice and business ethics across global supply Chains.

Suppliers: Our external supply Chains are critical to the success of the business and integral in our ability to deliver high-quality and consistent products to our customers.

Key interests

Mutually beneficial relationships with fair business practices.

» Supply chain resilience.

» Prompt payment.

Key actions and decisions in the year relevant to this stakeholder group

» Ensuring that in the current diGcult economiC conditions we have continued to support our supply chain by making prompt payment for supplies to ease any working capital pressure on our suppliers.

» Held regular review meetings with key suppliers and Anpario management to discuss and review matters such as pricing, supply and service levels.

Section 172 Statement continued

Key decisions affecting multiple stakeholders

The section below outlines the key decision which affect more than one stakeholder group and outlines the actions taken and the groups considered as part of the decision-making process.

Acquisition of Bio-Vet Inc.

Actions taken

Continued engagement and working closely with the former owners and management to successfully

deliver forecast earnout period returns and completion consideration.

Key stakeholder groups considered

All stakeholder groups were impacted by the positive returns generated from the acquisition and future growth expectations.

» Commenced planning for integration of operations across UK and US teams.

» Integrated and restructured teams in Americas to optimise management and resource utilisation. Undertook a strategic review of cross selling

opportunities and future branding strategy.

Identified and started to implement changes to business administration, finance and systems to maximise efficiencies and benefits and consolidate resources.

Risk management

Risk Register and I"1anagement Process

We continually examine in detail the key risks facing our business in the context of our overall business strategy and evaluate their likelihood and potential impact. The risks we have examined are the most significant but not necessarily the only ones associated with the Group and its businesses. In common with

all businesses, we face risks of a generic nature for example failure of projects, foreign exchange impacts and the recruitment, development and retention of employees. In considering our risks during the year we have performed detailed assessments ata global and regional level. We assess the likelihood of their occurrence and potential impact and implement appropriate and proportionate risk mitigation measures.

As part of our continual risk management process, we consider new and emerging risks. As highlighted last year, economic uncertainty is still prevalent and further exacerbated by political uncertainty in respect of trade and tariff imposition and foreign exchange controls creating concern in various markets. However, across our key geographic sectors and product sectors we have seen a continued recovery in performance which increases our resilience against any potential impacts. The further expansion of sales into aquaculture and ruminant markets, organically and from Bio-Vet acquisition is generating further species diversification.

The explosion of Artificial Intelligence with enormous potential impacts is a relatively unknown factor under consideration with focus on potential opportunities and efficiencies for the business and clear strategy and guidance for our employees.

We remain committed to our focus on sustainability and climate change related issues which command attention across all stakeholder groups. We continue to consider global meat consumption patterns as opportunities as Anpario's products which utilise ethically sourced raw materials, and offer solutions to minimise carbon intensity of livestock production continue to be recognised as viable solutions by producers.

Stock market impacts are recognised, in particular the poor liquidity of Aim and small cap stocks arising from lack of appetite from larger fund holders, and whilst attractive to smaller retail investors this creates some volatility in our share price.

The Group's risk management process through engagement of the Executive Management team and global management team is conducted on at least an annual basis and reviewed by the Board, as follows:

1. identify the risk and likelihood for each function and regional operation;

   Strategic report

1. analyse and assess the risk, its potential severity and the impact and priority for the business;

2. consider risk rating and trends on a low to high scale;

3. plan to mitigate or treat the risk and identify resources or investment required;

4. implement mitigation procedures by obtaining resources and approvals necessary and put in place necessary actions; and

   Governance

5. monitor, measure and control the risk and its likely impacts which will change and evolve so that we can respond and react in a timely efficient manner.

   The Risk Framework below shows those risks that are more specific to our business together with details

   of the controls and mitigation in place to manage our exposure. More information on our approach to effective risk management can be found in the Corporate Governance section, Principle 4.

   Risk management actions taken in

   the year

   Financial statements

   Some of the key risk management actions taken in the year include:

   • The earn-out structure for the Bio-Vet acquisition mitigated valuation risk, with performance exceeding targets and the contingent consideration paid in the year.

   • Increased operational resilience through combined US operations including the ability to produce some key Anpario products in this territory, reducing reliance on single production site.

   • Integration of Bio-Vet onto Anpario IT systems and security practices to improve cyber security.

     Shareholder information

   • Management consideration of emerging risks, such as Al, leading to increased staff communication and refreshing of related policies.

   • Continued diversification of the Group's product portfolio, through both the development and trials of 2 new products for launch in 2026 and expansion of Bio-Vet products internationally.

     Risk management continued

     Risk framework

     1. Market Risk

Risks

Gaining market entry for products and access to end users.

Risks

Likelihood: Nedium

Impact: I'ledium

Reducing

Likelihood: High Impact: l*ledium

Increasing

Risk management continued

Risks

Lack of Board approved strategy to meet our specific challenges.

Risks

Likelihood P'ledlum Impact High

Increasing

Likelihood Medium Impact ¥"ledIum

No change §•••g'

The strategic report was approved by the board and signed on its behalf by:

Richard Edwards Chief Executive Officer 30 March 2026

Board of Directors | Non-Executive Directors

I'ñatthew Robinson, nA,ACA.

Non-Executive Chairman (A, N, R)

Matthew Robinson was appointed to the Board in January 2021 and became Chair on 29 June 2023. Matthew has spent much of his career working with and advising growth companies and was formerly Non-Executive Chairman of AIM listed Goldplat plc and Inland Homes plc. Matthew started his career asa Chartered Accountant and was previouslya Corporate Finance Director at finnCap and Panmure Gordon.

Tim Pollock

Non-Executive Director (A, N, R)

Tim Pollock was appointed to the Board in August 2023. Tim has an extensive track record at executive director level for several multi-national groups covering agriculture, animal nutrition, soft commodities, and the food ingredient sector. These roles include Director of Strategic Development and M&A for Lallemand Animal Nutrition, a leading global producer of specialty feed additives and as the Food & Agriculture Investment Director for British International Investment, the development finance institution of the British Government. He founded AgCap in 2018, which provides consultancy advice to the food and agribusiness sectors.

Tim also brings public markets experience from his time as a Non-Executive Director and Interim Group Managing Director of London Stock Exchange AIM quoted Zambeef Products plc, the largest vertically integrated food retailing brand in Zambia.

Board of Directors | Executive Directors

Richard Edwards, B Eng (Hons), C Eng, MBA.

Chief Executive Officer (N)

Richard Edwards joined the Board in November 2006 as Chief Executive following the acquisition of Agil. He was appointed Executive Vice-Chairman in April 2011 with specific responsibility for implementing acquisition strategy. In January 2016, Richard was appointed to the position of CEO.

Richard has extensive general management and corporate strategy experience gained in the sales and distribution sector both in the UK and internationally. Previously he was Director and General Manager of WF Electrical, a E140 million turnover division of Hagemeyer

(UK) plc, a distributor of industrial products, and gained significant experience in corporate development at Saint Gobain UK building materials business.

Governance

I'ñarc Wilson, BA (Hons), ACMA.

Group Finance Director

Marc Wilson has been with Anpario since 2010 and was appointed Group Finance Director in 2021. He has played a key role in supporting the Group's long-term growth and managing the increasing complexity of its global operations. Marc has been closely involved in M&A strategy and integration, including the Bio-Vet acquisition, as well

as significant capital initiatives such as the 2023 Tender Offer. He also supported the business through a multi-year period of restructuring and cost management during challenging market conditions. Marc has extensive experience in foreign exchange risk management, capital allocation and strategic financial planning.

statements

Karen Prior, BSc (Hons), FCA.

Corporate Responsibility Director & Company Secretary

Karen joined the board in 2009, originally as Group Finance Director until 2021 when she relinquished the role and became Corporate Responsibility Director. Previously, Karen has had roles as Finance Director of Town Centre Securities PLC, a listed property group and UK Finance Director of Q-Park.

Shareholder information

Karen spent 10 years of her early career with Ernst and Young specialising in providing audit and business services to entrepreneurialbusinesses.

Key

A: Audit Committee N: Nomination Committee R: Remuneration Committee

The Terms of Reference of the Audit, Nomination and Remuneration Committees are available on the Company's website:

https://www.anpario.com/aim-26/.

Corporate governance

Chairman's introduction

The Company's shares are traded on the Alternative Investment Market ("AIM") of the London Stock Exchange. Anpario applies the Quoted Companies Alliance Corporate Governance Code ("QCA Code").

Anpario offers natural solutions to the food farming industry which work in harmony with the natural aspects of an animal's biology to promote healthy growth at the least cost to the environment and the producer. Our products enable the production of top-quality protein that supports future farming practice around the world. This objective and our engagement with stakeholders ensure that we act in a manner that is responsible and beneficial to all.

The board and staff at the Company are committed to behaving professionally and responsibly to ensure that the highest standards of honesty, integrity and

corporate governance are maintained. Enshrining these values through the Company's culture, objectives and processes is essential to support the success of the Company in creating long-term shareholder value.

Anpario is committed to conducting business ina socially, ethically and environmentally responsible manner. We do this by focusing on a 3 Pillars framework: 'People; Planet; and Promise' More detail is provided in our Environmental and Social Responsibility Report.

Principle 1: Our strategy and business model to promote long-term value for shareholders

Anpario is well positioned to benefit from the trends in growth of the world's population, the increasing demand for meat and fish protein in developing countries and the tightening of global regulation favouring more natural feed additive solutions. Seizing these opportunities is how Anpario intends to deliver long-term shareholder value. More information is included in the Strategic Report.

Anpario has specific resource and processes in place to proactively identify and manage risk to protect the

continued growth and long-term future that is possible as outlined above and acquisitions remain a key part of our strategy. Our annual report details specific financial and non-financial risks and uncertainties facing the business and measures in place to mitigate them.

Principle 2: Understanding and meeting shareholder needs and expectation

Communications with shareholders are given high

priority and Anpario recognises the importance and value in reciprocal and open communication with its many investors. This is key to ensure alignment between the motivations and expectations of our shareholders and our strategy and business model.

This communication takes place in many forms to serve different purposes. Our Interim Statements and Annual Reports contain detailed information for shareholders to understand our performance, strategy and future plans. Between these disclosures, the Company also issues RNS announcements, as required, which serve to keep shareholders updated about regulatory matters or changes that they should be notified of. These RNS announcements, as well as wider news articles about the Company, are available on our website: https://www.anpario.com/investors

Anpario engages in the Investor Meet platform following interim and final results to provide meaningful engagement and a Q & A forum for shareholders and prospective investors.

The Annual General Meeting ("AGM") is the main opportunity for all shareholders to engage with Anpario. Shareholders are notified in advance of the date and location of the meeting as well as the resolutions that are to be voted on. A presentation about the most recent published results and our

strategy is also made available and shareholders are invited to send questions in advance or in person at the meeting.

The Directors actively seek to build strong relationships with institutional investors and investment analysts with meetings and presentations given to larger shareholders and brokers following Interim Statement and Annual Report announcements. Feedback is then sought and provided to the Board via the Company's advisers after these meetings reflecting shareholder views and perspectives and any specific concerns. A number of UK stockbrokers also prepare analysist reports and results forecasts.

Shareholders are encouraged to contact the Company directly should they have any questions or concerns and can do so using a dedicated email address: investor@anpario.com. This is actively used by our shareholders and successfully enables them to engage with the Board in addition to attaining assistance on individual shareholder specific matters with which we may be able to help. The Chairman and other Directors will meet or have contact with major shareholders

as necessary. Where appropriate on specific matters the Board or its Committees will conduct shareholder consultations.

All Directors have personal shareholdings and

their interests are fully aligned with those of other shareholders.Executive Directors, management and staff participate in incentive plans also aligned with shareholder interests in the Company as appropriate.

Principle 3: Corporate social

responsibilities and wider stakeholders

Anpario seeks to ensurea sustainable business, behaving with social, ethical and environmental responsibility and engaging with all of its key stakeholders, including the communities in which the Group operates, its people and the environment. The 3 Pillars:'People, Planet and Promise' isa framework

extensively utilised to focus behaviours with respect to sustainability and our ESG objectives. This commitment is led by the Board, ensuring that responsible practices are embedded throughout the organisation. Full details of the Group's approach are outlined in the Environmental and Social Responsibility Report later

in this annual report; fully set out in the Company's Sustainability Report; and on the website: https://www.anpario.com/about/sustainability/.

Principle 4: Effective risk management

Anpario has specific resources and processes in place to proactively identify and manage risk to protect its continued growth and long-term future. However, any such system of internal control can provide only

reasonable, but not absolute, assurance against material misstatement or loss. The Board considers that the internal controls in place are appropriate for the size, complexity and risk profile of the Company and that they balance exploiting opportunities and protecting against threats. The Risk Management section of this annual report details specific financial and non-financial risks and uncertainties facing the business and where possible the measures in place to mitigate them.

Risk management and control

Effective risk analysis is fundamental to the execution of Anpario's business strategy and objectives and our risk management and control processes are designed to make management of risk an integrated part of the organisation. The framework is used to identify, evaluate, mitigate and monitor significant risks and to provide reasonable but not absolute assurance that

the Group will be successful in achieving its objectives. The focus is on significant risks that, if they materialise, could substantially and adversely affect the Group's business, viability, prospects and share price.

A formal Internal Audit function is not felt to be

suitable for the Group at the current time due to its size, however this is kept under review alongside an appropriately robust internal control system.

Strategic report

Risk management process

We recognise that a level of risk taking is inherent within a commercial business. Our risk management process is designed to identify, evaluate and mitigate the risks and uncertainties we face.

Governance

The CEO is the ultimate Risk Manager. The Board establishes our risk appetite, oversees the risk management and internal control framework and monitors the Group's exposure to principal risks.

The Executive Management Board (EMB) owns the risk management process and is responsible for managing specific risks. The EMB members are also responsible for embedding rigorous risk management in operational processes and performance management and review.

They also have responsibility for preparing risk analysis, controls and mitigation plans for their individual section of the business.

The Audit Committee reviews the effectiveness of the risk management process and the internal

control framework and ensures appropriate executive ownership for all key risks.

Financial statements

These processes ensure that all Directors receive detailed reports from management and are able to discuss the risks, controls and mitigations in place and therefore satisfy themselves that key risks are being effectively managed.

Internal control framework

Anpario's internal control framework is designed to ensure the:

effectiveness and efficiency of business operations;

• reliability of financial reporting;

  Shareholder information

• compliance with all applicable laws and regulations; and

• assignment of authority and responsibility.

  Anpario's values underpin the control framework and it is the Board's aim that these values drive the behaviours and actions of all employees. The key elements of the control framework are:

  Management structure

  The Board sets formal authorisation levels and controls that allow it to delegate authority to the EMB and other Managers in the Group. The management structure has clearly defined reporting lines and operating standards.

  Corporate governance continued

  Strategy and business planning

• Anpario has a strategic plan which is developed by the EMB and endorsed by the Board;

• Business objectives and performance measures are defined annually, together with budgets and forecasts; and

• Monthly business performance reviews are conducted at both Group and business unit levels.

  Policies and procedures

  Our key financial, legal and compliance policies and procedures that apply across the Group are:

• Code of Conduct;

• Designated authorities and approvals;

• ISO 14001 Environmental Management Systems;

• Anti-Bribery and Anti-Corruption Policy; Modern Slavery Policy;

• GDPR and Privacy Policy;

• Due diligence processes including rigorous sanctions

  checks;

• Use of AI software and

• All other legislated policy requirements within the UK, such as: whistleblowing policies, health and safety, Equality, Diversity and Inclusion.

  Technical standards and operational controls Our operational control processes include:

• Product pipeline review: product pipeline is reviewed regularly to consider new product ideas and determine the fit with our product portfolio. We assess if the products in development are progressing according to plan and evaluate the expected commercial return on new products;

• Product Lifecycle management: lifecycle management activities are managed and reviewed for our key products to meet the changing needs of our customers, environmental and regulatory standards;

• Quality assurance: a manufacturing facility with an established Quality Management System operating under FEMAS and UFAS and designed to ensure that all products are manufactured to a consistently high standard in compliance with all relevant regulatory requirements;

• Product registration: a robust system operated by our regulatory team to ensure all products are

  correctly registered within the jurisdiction in which they are sold; and

• Pricing: a pricing structure which is managed

  and monitored to provide equitable pricing for all customer groups and compliance with regulatory authorities.

  Financial controls

  Our financial controls are designed to prevent and detect financial misstatement or fraud. This provides reasonable, but not absolute, assurance against material misstatement or loss. They include:

• a formalised reporting structure which incorporates the setting of detailed annual budgets and key performance indicators which are updated ona regular basis to form forecasts;

• management and Board meetings where all key aspects of the business are presented, reviewed and discussed including comparison of current and historical performance as well as budgets and forecasts;

• defined authorisation levels for expenditure; the placing of orders and contracts; and signing authorities;

• transactional level controls operated on a day-to-day basis;

• daily reconciliation and monitoring of cash movements by the finance department and the Group's cash flow is monitored;

• segregation of accounting duties;

• reconciliation and review of financial statements and judgements;

• internal and external training to ensure staff are aware of the latest standards and best practice; and

• membership of professional bodies and compliance with associated code of ethics.

Principle 5: The Board

The Board of Directors is collectively responsible and accountable to shareholders for the long-term success of the Company. The Board provides leadership withina framework of prudent and effective controls designed to ensure strong corporate governance and enable risk to be assessed and managed.

The Board regularly reviews the operational performance and plans of the Company and determines the Company's strategy, ensuring that the necessary financial and human resources are in place in order to meet the Company's objectives. The Board also sets the Company's values and standards, mindful of its obligations to shareholders and other stakeholders.

Strategic report

Full details and biographies of the Board are available on our website. The Board comprises two independent

Non-Executive Directors and three Executive Directors. The Board acknowledges the Code's guidance on achieving appropriate board balance and continues to seek the appointment of an additional independent Non-Executive Director. Any such appointment will only be made where it is considered capable of making a meaningful and valuable contribution to the Group's business and overall performance.

Executive Directors

Name Role Qualifications

Richard Edwards Chief Executive Officer B Eng (Hons), C Eng, MBA.

Marc Wilson Group Finance Director BA (Hons), ACMA.

Karen Prior Corporate Responsibility Director BSc (Hons}, FCA.

Independent Non-Executive Directors

Key Committees Audit Nom. Rem.

Governance

Key Committees

Name Role

Matthew Robinson Non-Executive Chair Tim Pollock Non-Executive Director

Qualifications

MA, ACA.

Audit Nom. Rem.

Audit -- Audit Committee, Nom. -- Nomination Committee, Rem. -- Remuneration Committee, C -- Chair, M -- Member

The Board considers that the Non-Executive Directors are independent.

All Directors are subject to reappointment by shareholders at the first AGM following their appointment and thereafter by rotation.

The Board delegates its authority for detailed consideration of certain matters to its Audit, Remuneration and g Nomination Committees. The Board approves and reviews the terms of reference of each of the Committees which

statements

are available on the Company's website, https://www.anpario.com/aim-26/.

The Board meets formally at least four times per annum. All Board members receive agendas and comprehensive papers prior to each Board meeting. The Corporate Responsibility Director is also the Company Secretary and is responsible to the Board for ensuring that Board procedures are followed and that applicable rules and regulations are adhered to.

In addition to formal Board and Committee meetings, ad hoc decisions of the Board and Committees are taken after discussion throughout the financial year as necessary through the form of written resolutions.

Shareholder information

All Directors in office at the time of the various committee meetings were in attendance for all of the meetings convened during 2025. A list of the meetings convened during the year is set out below.

Number of meetings Full attendance of convened meeting

Board meetings

Audit Committee meetings Remuneration Committee meetings Nomination Committee meetings

6 Yes

2 Yes

2 Yes

1 Yes

The Chief Executive Officer and Group Finance Director work full time for the Group. The Corporate Responsibility Director works part-time and ensures the roles and responsibilities of the position are fully met. The Non-executive Directors have commitments outside of Anpario plc. They are summarised on the Board biographies available from https://www.anpario.com/investor/aim-26/. All the Non-Executive Directors give the appropriate amount of time required to fulfil their responsibilities to Anpario.

Corporate governance continued

Principle 6: Ensuring Directors have between them the necessary up-to-date experience, skills and capabilities

The Nomination Committee aims to ensure that composition of the Board reflects appropriate balance of skills and experience required to ensure long-term shareholder value and manage risk. Details of the role of the Nomination Committee and the activities it performs in relation to these matters is included in the "Maintaining governance structures" section later on in this document.

The Board biographies available on the website give an indication of their breadth of skills and experience.

Each member of the Board takes responsibility for maintaining their own skill set, which includes roles and experience with other boards and organisations as well as continuing professional development, formal training and seminars.

Principle 7: Evaluating board performance

The performance of the Board is evaluated formally on an annual basis. The Chairman leads this process

which looks at the effectiveness of both the Board as a unit and its individual members. The Board considers annually whether an externally facilitated evaluation would be beneficial; however, given the current size and structure of both the Board and the Group, it has concluded that an internal review remains appropriate at this time.

When addressing overall Board performance the factors considered include, but are not limited to, underlying group financial performance, the success of new strategy implementation and the effectiveness of risk and control measures. This process further looks at the performance of each member and considers their individual successes, commitment and alignment to the overall Group strategy. As appropriate, it will also look to confirm that members have maintained their independence.

The Nomination Committee is responsible for determining Board level appointments, details of its role and terms of reference are provided later in this document. The Executive Board members determine the appointments to the Executive Management team, in line with Board approval procedures.

Succession planning is a key part in ensuring the longterm success of the Company. The Executive team ensure that potential successors are in place within the business and are given the required support and guidance to develop further. At the required time, it is

the Nomination Committee's role to make decisions about future appointments to the Board.

Principle 8: Promotinga corporate culture based on ethical values and behaviours

Anpario hasa strong ethical culture, the Board is responsible for setting and promoting this throughout our processes and behaviours. The policies related to these matters are regularly reviewed and updated and distributed to employees and other stakeholders as appropriate. Further, specific training is given to keep staff updated on relevant changes, these sessions

are often recorded for future reference and new staff induction.

A copy of our Code of Conduct is available on our website: https://www.anpario.com/code-of-conduct/. Anpario has written policies and training for all employees on Anti-Bribery and Anti-Corruption, Modern Slavery, Sexual Harassment and Whistfebfowing. Where applicable these are extended to other workers, suppliers and those providing services to our organisation.

Anpario is alsoa member of the SEDEX (Supplier Ethical Data Exchange) platform, with all scoring available to view by suppliers and customers. The Company has also achieved ISO 14001 standard on Environmental Management Systems accreditation along with a qualified internal audit function.

Anpario's Sustainability Report and accompanying video is available on the website: https://www.anpario.com/about/sustainability/.

Principle 9: I"Iaintaining governance structures

Anpario is confident that the governance structures in place in the Company are appropriate for its size and individual circumstances whilst ensuring they are fit for purpose and support good decision making by the Board.

The Board defines a series of matters reserved for its decision. These include strategy, finance, corporate governance, approval of significant capital expenditure, appointment of key personnel and compliance with legal and regulatory requirements.

There is clear segregation of responsibility within the Board. The Non-Executive Chairman is responsible for providing leadership to and managing the business

of the Board, in particular ensuring strong corporate governance policies and values. The role of Chief

Executive Officer is concerned with the formulation and implementation of the strategy of the Company and is responsible for all operational aspects of the business. The role of the Group Finance Director is to provide strategic and financial guidance and to develop the necessary policies and procedures to

ensure sound financial management and control of the Company. The Corporate Responsibility Director also acts as Company Secretary and is further responsible for advising on corporate governance matters and ensuring compliance with relevant legislative and legal requirements.

Details of the key committees are set out below, the terms of reference for each are available on our

website as part of the committee section of the AIM 26 disclosures https://www.anpario.com/aim-76/.

Audit Committee

Details are contained within the Audit Committee Report section of this Annual Report.

Remuneration Committee

Details are contained within the Remuneration Committee Report section of this Annual Report.

Nomination Committee

The Nomination Committee is comprised of the two Non-Executive Directors and the Chief Executive Officer and it meets as required by the Chair, Matthew Robinson. The role of the committee is as follows:

• regularly review the structure, size and composition (including the skills, knowledge, experience and diversity) of the Board and make recommendations to the Board with regard to any changes;

• give full consideration to succession planning for Directors and other senior executives taking into account the challenges and opportunities facing the Company, and the skills and expertise needed on the Board in the future;

• keep under review the leadership needs of the organisation, both executive and non-executive, with a view to ensuring the continued ability of the organisation to compete effectively in the marketplace;

• keep up to date and informed about strategic issues and commercial changes affecting the Company and the market in which it operates;

• review and approve selection procedures for potential Board members, whether executive or non-executive, whether for immediate appointment to

  the Board or after a probationary period;

  Strategic report

• be responsible for identifying and nominating for approval of the Board, candidates to fill Board vacancies as they arise;

• ensure that on appointment to the Board, non-executive Directors receivea formal letter of appointment setting out clearly what is expected of them in terms of time commitment, committee service and involvement outside Board meetings;

  Governance

• ensure that following appointment to the Board, Directors undergo an appropriate induction programme; and

• make recommendations to the Board on membership of the Board's committees, in consultation with the chair of such committees, the reappointment of any non-executive at the conclusion of their specified term of office, the reappointment by shareholders of Directors under the Company's rotation requirements taking into account the need for progressive refreshing of

  the Board.

  Financial statements

  Before any appointment is made by the Board, evaluate the balance of skills, knowledge, experience and diversity on the Board, and, in the light of this evaluation, prepare a description of the role and capabilities required fora particular appointment.

  For the appointment of a Chairman or other Non-Executive, the committee shall producea job specification, including the time commitment expected. A proposed Non-Executive's other significant commitments should be disclosed to the Board before appointment and any changes to commitments should be reported to the Board as they arise.

  Shareholder information

  Prior to the appointment of a Director, the proposed appointee should be required to disclose any other business interests that may result ina conflict of interests and be required to report any future business interests that could result in a conflict of interest. The Company and NOMAD undertake due diligence to satisfy that the individual is suitable to be a director of an AIM listed company.

  No new appointments have been made in the year.

  Corporate governance continued

  Principle 1O: Communicating governance and performance matters with shareholders and wider stakeholders

  Communications with shareholders are given high priority and we proactively promote engagement through a range of measures. More details of these measures are provided earlier in this document about how Anpario seek to engage with and understand Shareholders and wider Stakeholders.

  The most recent AGM took place on 19 June 2025, the results of the AGM are set out below. 47% of voting capital was instructed. None of the resolutions had a significant number of votes cast against it.

  Ordinary resolutions
  No. Resolution	Votes in favour	% Votes in favour
  1 To receive the accounts for the year ended 31 December 2024, together with the reports of the Directors, the strategic report, and the report of the auditors thereon.	9,345,975	99.96%
  2 To declarea final dividend for the year ended 31 December 2024 of 8.0p per Ordinary share payable on 25 July 2025 to shareholders on the register at close of business on 11 July 2025.	9,690,856	100.00%
  3 To re-elect Karen Prior as a Director, who retires by rotation.	9,646,072	99.85%
  4 To re-appoint BDO LLP as auditors.	9,665,307	99.81%
  5 To authorise the Directors to agree the auditors' remuneration.	9,686,544	99.99%
  6 To grant the Directors' authority to allot shares or grant rights to subscribe or convert any security into shares in the Company pursuant to Section 551 of the Companies Act 2006.	9,639,725	99.64%

  Special resolutions
  No. Resolution	Votes in favour	% Votes in favour
  7 To authorise the Directors to allot equity securities for cash as if Section 561(1) of the Companies Act 2006 did not apply to any such allotment.	9,613,890	99.24%
  8 To issue shares for cash, otherwise than in connection with a pre-emptive offer, up to 10% of a company's issued share capital together with an additional 10%.	9,192,358	95.08%
  9 To grant to the Company authority to exercise its power to purchase its own shares.	9,661,140	99.89%

  Our Company website includes historical Annual Reports and Interim Statements; both in RNS format as part of its News section, and the published documents are available from https://www.anpario.com/investor/annual-reports/. ncluded within these documents are the notices of previous AGMs, the results of which are released as RNS announcements and can be found in the News Releases section of our website https://www.anpario.com/investor/.

  Environment and Social Responsibility Report

  Environmental responsibility

  Anpario seeks to ensure a sustainable future, conducting business in a socially, ethically and environmentally responsible manner engaging with all our key stakeholders, including the communities in which we operate. The key issue of climate change has highlighted the critical part played by agriculture and food production and the necessity for collective action to achieve a net-zero emissions economy fora world that prioritises the health of people and our planet.

  Anpario's team seek to meet environmental challenges with sustainability at their heart and pursuing a journey of continuous evolution and progression. We recognise that it is our responsibility to identify problems faced by producers globally and find effective sustainable solutions and as we continue to grow on the strong foundations built over past decades. We aim to be a leading light now and in the future.

  We are leaders in the field of speciality feed additives, our products capture the ingenuity of nature and work in harmony with the animals' biology to deliver sustainable and natural solutions. It is through our products that we can have the greatest positive impact, empowering global animal protein producers to produce more from less, preserving vital resources,

  safeguarding food production and human health, whilst protecting the planet. We promise to seek new ways of operating that protect valuable resources and remain committed to high environmental standards and robust health and safety measures.

  We believe that through our product innovation, management of our operations and aligning with stakeholders who share our values and sustainability objectives, we can help our global customers to achieve their own sustainable goals faster.

  UN Sustainable Development Goals

  The UN Sustainable Development Goals (SDG's) provide a globally accepted roadmap for addressing many of the most urgent global, economic, environmental and social challenges. Agreed at international level in September 2015, the achievement of these 17 goals by 2030 requires extensive participation and createsa key role for businesses in delivering entrepreneurialsolutions that can help meet these challenges. Anpario aligns with several SDG's and the goals highlighted below are those where we recognise that we can play our part in creating positive impact for people and the planet, now and into the future.

  SDG 2: Zero hunger - end hunger, achieve food security and improved nutrition and promote sustainable agriculture

  
  
  

  Strategic report

  Agriculture and fisheries can provide nutritious food for all and generate decent incomes, while supporting people-centred rural development and protecting the environment. Anpario's products work in tune with nature's inherent processes within each of the animal species to support production of safe and affordable food for a growing population and can help to:

• conserve, protect and enhance natural resources;

  Governance

• improve rural livelihood, equity and social well-being through productive farming; and

• enhance resilience of people, communities and ecosystems.

  
  
  

  SDG 3: Good heath and well-being

  - ensure healthy lives and promote wellbeing for all at all ages

  Financial statements

  We are leading work in collaboration with major feed producers to successfully reduce the unnecessary use of antibiotics and other substances such as zinc oxide and urea-formaldehyde. The misuse of antibiotics in agricultural production is a significant threat to animal and human health. Anpario provides products and guidance to support farmers to:

• improve animal gut health;

• defend against mycotoxins;

• reduce and where possible remove the unnecessary use of antibiotics; and

  safeguard the use of antibiotics for effective treatment of sick animals and humans.

  
  
  

  Shareholder information

  SDG 12: Responsible consumption and production - ensure sustainable consumption and production patterns

  Anpario's phytogenic and organic acid products help improve biosecurity and prevent animal diseases, which can eliminate significant animal populations,

  leading to devastating losses of food producing animals (e.g. Coccidiosis, Necrotic Enteritis, Porcine Epidemic Diarrhoea (PEDv), and African Swine Fever (ASF).

  Anpario's products are proven to work effectively alongside vaccines to aid in disease control.

  Environment and Social Responsibility R

  
  
  

  SDG 13: Cimate action: take urgent action to combat climate change and its impacts

  Anpario is tackling climate change through establishing energy reduction initiatives and renewable energy investments and targets

  commitments. Our products help farmers to feed more nutritious diets with a lower environmental footprint to their animals which reduces negative environmental impacts such as:

• nutrient loss;

  greenhouse gas and ammonia emissions; and

• degradation of ecosystems.

  
  
  

  SDG 14: Life below water - conserve and sustainabfy use the oceans, seas and marine resources for sustainable development

  Anpario works to protect and enhance marine life by working with aquaculture producers globally to

  improve production systems, sourcing responsibly and reducing marine waste. Our 100% natural, aquaculture products work on the same principles as for land animals and are effective for shrimp and other farmed fish such as salmon and tilapia. We have developed new formulations to support both sustainable and antibiotic free, production in this sector.

  
  
  

  SDG 17: Partnerships for the Goals: strengthen the means of implementation and revitalise the global partnership for sustainable development

  Anpario works collaboratively with other organisations and stakeholders with the common goal of sustainable food production. To achieve optimal circular sustainability means educating distribution networks, employees, partners and working with customers, our supply chain and leading global universities who share our goals to lead initiatives to replace unsustainable practices. It means leading by example and actively demonstrating how we apply and achieve sustainable objectives to our partners to inspire positive change.

  Our Commitment and 3 Pillars

  Anpario is committed to conducting business in a socially, ethically and environmentally responsible manner. We will do this by focusing on 3 Pillars: 'People; Planet; and Promise'.

  Sustainability isa core focus for Anpario and is driven by our people, delivery of leading product innovations, operational excellence and engagement with key stakeholders. We are building on strong foundations and are committed to continuous responsible

  development t and for future we work respo protein produc leading indust sustainable so

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  Environment and Social Responsibility Report continued

  Gender and diversity

  162 employees work for Anpario in the UK and its global operations. Employees are recruited from local communities which has helped us build a very

  ethnically diverse team of which we are very proud. The team includes 24 nationalities speaking 23 languages. Females represent 2 out of 6 of the Executive Management team. Specific training is given to all employees in respect of key policies including online training videos and in-person equal opportunities and diversity and health and safety training. An analysis of Directors, managers and other employees by gender as at 31 December 2025 is as follows:

  	Male	Female
  Directors	4
  Group Management	21	12
  Production	39	2
  Administration	6	16
  Sales and Technical	31	30
  Total	101	61

  Equal opportunities

  Anpario is committed to equality of opportunity for all of its current and prospective employees, and we ensure that we treat people ina fair and equitable manner.

  The Group considers applications for employment from disabled persons equally with those of other

  applicants having regard to their ability, experience, and the requirements of the job. Where existing employees become disabled, appropriate efforts are made to provide them with continuing suitable work within the Group and to provide retraining if necessary.

  Training and development

  Anpario supporta motivated and highly skilled workforce, where talent is nurtured, and opportunities created for all. Our belief in solving problems from new perspectives using science, experience and technology continues to drive positive change to our ways of working.

  We recognise the importance of developing talent within our business through continuous learning and development. This is a key part of our succession planning and preparing our business for the future

  to ensure that we retain key individuals, develop high potential and future business leaders. We aim to develop and promote from within where possible and three members of our Executive team commenced at Anpario straight from school or university.

  Employees are encouraged to further develop their skills, and we provide appropriate training to support our people and grow our organisational capabilities. Anpario currently:

• recruits graduates and doctorates in disciplines such as biosciences, accountancy, law and HR;

• works closely with several global universities on joint scientific initiatives.

• sponsorship of prestigious Nuffield training for technical and sales staff.

• provides ongoing professional training support, extensive coaching and management development programmes.

• provides financial and study leave for professional and work related qualifications; and

• has several apprentice places.

We value long service and retaining staff is fundamental to our success and the creation of a strong, robust business. Anpario has a wealth of long serving employees across its global operation, these key staff continue to advance and develop within the business and play a major part in nurturing future Anpario talent.

Percentage of Employees with Extended Length of Service:

Length of Service

5 years + 30

10 years + 15

15 years + 10

Staff and Community Engagement

We believe in contributing and enriching the communities in which we operate by employing and offering development opportunities to local people. We encourage active participation by our employees in initiatives that support our local communities, through social, educational, and charitable contributions.

Anpario supports charities and local communities through donations and volunteering. We believe it is important to give back and serve local people and their

communities, contributing to positive and measurable social change.

Our chosen charity of the year for 2025 was Prostate Cancer UK, an organisation that funds vital research, raises awareness, and provides support to those affected by prostate cancer and their families.

Throughout the year, our staff took part in several fundraising activities, including bake sales and raffles. From June to September, Anpario employees also participated in Anpario's Distance Challenge, aiming to reach monthly distance goals through walking, cycling, and swimming. Thanks to everyone's enthusiasm and generosity, we raised a combined total of £1,031 for Prostate Cancer UK.

Our Charity of the year for 2026 chosen by staff nomination and voting is Children With Cancer UK. In addition, all employees are entitled to one paid day release a year to volunteer ata charity of their choice as part of the Give Something Back Volunteer Days Scheme.

Anpario launcheda new initiative in January 2026 to support charities and sports sponsorship opportunities nominated by employees. Each quarter, employees

can nominatea charity they would like the company to support. In addition, every six months, employees may propose sports sponsorship opportunities. Approved nominations will be entered into a random ballot, and the selected causes will receive company funding.

Anpario welcomes ideas and initiatives from all staff to improve our ways of working and protect the planet.

We encourage participation and raise awareness

across our entire workforce to initiate more sustainable ways of working throughout the business. Through ongoing commitment of our team and cross functional projects we aim to improve our sustainable practice with current objectives, including: production efficiency improvements, identification of new"Ways of Working" to reduce waste in the manufacture of our products and office wastage reduction.

Planet

In aligning with UN SDG's Anpario is committed to:

• driving global protein production and support our customers to build strong

sustainable businesses, without negatively impacting future generations;

• minimise impact of our global operations on the environment;

  continuous product innovation; and

• improving our supply chain's environmental, social and ethical practices.

Governance

Strategic report

Anpario seeks to optimise animal protein production by using sustainable natural resources for the benefit of animals, our customers and human health. Our ongoing commitment is to support, influence, and assist farmers and food chain producers to switch to healthier, more sustainable feed ingredients which will in turn deliver greater global food security and a reduction in feed poverty. Our partnerships include government, industry and leading research bodies globally. Together we advance product innovation and create long-term sustainable solutions, helping to maintain animal health and optimise nutrition throughout the supply chain.

Combatting diseases that can destroy animals, impact welfare and livelihoods, without negatively impacting the environment, is key to our approach.

Our innovative products work harmoniously with the animals' biology to promote healthy growth and demonstrate value to the animals fed directly throughout all life stages and indirectly to their progeny; and ultimately within the human food chain. This contributes to the more efficient use of

feed ingredients, reduces environmental impact and supports responsibly produced food-all of which are key to Anpario's commitments.

Financial statements

Underpinning Planet objectives isa core strategy. "Anpario's 4R's" isa programme to reduce antibiotic use in animal production through the principles of"Review, Reduce, Replace, Responsibly". These principles support our customers to reduce reliance on antibiotics, whilst maintaining efficient production using natural sustainable solutions. Our products can replace harmful and outmoded technologies such as formaldehyde and zinc oxide used for antimicrobial control in the feed, in addition to helping to reduce the reliance on antibiotic use in animal production. Thus, improving and safeguarding both animal and human health.

Shareholder information

Demonstrable of how Anpario is providing environmentally safe and sustainable solutions for the world's population include the patent attained for Orego-Stim in reducing the proportion of bacteria resistant to 4th generation cephalosporins antimicrobials that are listed as"highest priority

critically important Antimicrobials (WHO, 2017) - hence reducing the risk of antimicrobial resistance when added to the diets of young cattle. Additionally, the patent of our flagship toxin-binder product, Anpro^,

for its composition for use in the management of mycotoxin challenges is another example of Anpario's commitment.

Environment and Social Responsibility Report continued

Helping Customers to Reduce Carbon Footprint

Anpario is one of the leading companies helping global livestock producers to meet environmental and sustainability challenges and contributing to the research and development progress that the

agricultural livestock industry is achieving in improving its carbon footprint and greenhouse gas emissions (GHG's). Anpario prides itself on being a low carbon manufacturer of animal feed additives, with two

thirds of sales from products which can be described as from sustainable sources. These products are also the Group's fastest growing product categories.

Furthermore, our products help producers to be more efficient in the resources they use by improving feed efficiency through the support of gut health. This process aids the optimisation of nutrient utilisation.

Anpario's data includes product carbon footprint which it is collating across the portfolio and making available to customers and suppliers.

Anpario's 100% natural oregano essential oil product, Orego-Stim°, has shown to support greener egg production by improving overall egg production, hen liveability and feed efficiency. Meta-analysis from global trials shows on average '8 Extra Eggs' per hen improvement (2.2% per hen) when fed Orego-Stim .

Uses of Orego-Stim in chicken meat production have shown on average a 7% improvement in feed conversion efficiency.

Anpario is collaborating with a long-standing customer in Asia, where Orego-Stim° is recognised as a leading phytogenic solution in the market to enable them

to blend Orego-Stim° locally under licence. This collaboration, whilst helping to speed up sales growth in the region and offer greater access to new market segments reduces transportation requirements.

Orego-Stim° Forte is a water-soluble proprietary blend of active ingredients including Orego-Stim*, for use in aquaculture. It has been shown to benefit producers

of both shrimp and fish through improvement of gut health and reduction in pathogens, leading to improved liveability and growth performance. Orego-Stim° Forte is proven to support producers seeking to reduce their reliance on antibiotics in production.

Optomega° Algae is a micro-algae derived, Docosahexaenoic acid (DHA) supplement for use in all species including aquaculture, targeted at breeding animals and producers supplying enriched meat,

milk and eggs containing higher levels of omega-3 fatty acids. The product is 100% natural and from a sustainable source. Data from an in vitro study at the University of Reading suggests that dairy cows fed

Optomega° Algae can reduce methane output by 7% in a 24-hour period. It is well known that supplementing dairy rations with DHA supports cow fertility, reducing replacement frequency in the dairy herd supporting lifelong milk production and contributing to carbon footprint reduction.

Partnerships and Accreditations

Anpario partners with organisations that work to inspire and enable cutting edge science and sustainable farming that is prosperous, enriches the environment and engages communities. These partnerships help

to assist with our goals and work with our customers to achieve optimum animal performance through sustainable, natural solutions.

In 2023, Anpario was honoured with the first ever King's Award for Enterprise, being recognised for excellence in Sustainable Development. The King's Award for Enterprise is the UK's most prestigious business accolade, designed to recognise and encourage the achievements of UK businesses.

We retain key industry quality accreditations, such as UFAS and FEMAS certifications which are subject to rigorous independent audits. These accreditations provide assurance through the meeting of stringent

requirements for the highest quality products, supply chain partners and operational processes.

We hold organic farming approvals in numerous global territories, required by regional certifying bodies to permit the use of several of our key products in organic production systems.

Work is progressing alongside industry bodies and peers to enable us to seek a recognised measure of product carbon footprint. We are a member of Agritech UK, a collaboration of major research and industry players in livestock production.

Anpario continues to support Vision 365, which is the new 10-year plan for the International Egg Commission (IEC) and supported by the United Nations and

aligned with SDG's. Eggs are an affordable, nutritious, and low impact food source and the plan aims to develop the nutritional reputation of the egg on an international scale and to accelerate global average egg consumption per capita to 365 eggs per annum, up from 165 presently.

We work with suppliers who share our aspiration to deliver high quality, economic products without exploiting or damaging the environment. Our key partners share the same ethos and commitment to

natural based farming solutions, including circularity in production with no use of external resources except

rainwater, green energy and zero use of chemical pesticides. Anpario's ambition is to cease to consume finite materials that cannot be renewed or replenished, using only raw materials from common minerals and plants with plentiful natural resources. For example:

• Oregano oil used in the production of Orego-Stim° is unique to Anpario and grown using organic, pesticide-free principles.

• Microalgae used in the production of Optomega° Algae is grown using sustainable principles from natural waste of existing sugarcane production processes. The waste sugarcane is also used to produce energy to power the factory.

Anpario has ISO14001 certification, an internationally recognised standard for Environmental Management Systems which provides a framework to identify, manage, monitor and control environmental processes. Our membership of Supplier Ethical Database (SEDEX) providesa high-level transparency of operational standards, employment practices and corporate ethics.

Anpario will only engage with suppliers operating within international regulations who are capable of meeting our high specification and operate rigorous quality standards. Due diligence is undertaken for assurance that all applicable ethical labour, trade laws and regulations are complied with including the requirements of the UK Bribery and Modern Slavery Acts. Anpario's employees and partners are contractually bound by its Code of Conduct.

Operational Impact

We are focused on minimising the impact of our operations on the Planet and aim to reduce our own carbon emissions, whilst also helping our stakeholders to do the same. Working with the UK Government and the Environment Agency our industry trade association,

Agricultural Industries Confederation (AIC), has set outa road map for a sustainable food chain and an open partnership across the industry to achieve the transition to Net Zero Carbon (NZC) by 2050.

Operational practices are kept under continuous review to drive further improvements in efficiency, to eliminate waste, reduce energy consumption and our carbon footprint. Examples include:

solar panels generate electricity for use at our plant in Nottinghamshire which reduces our reliance upon fossil fuels and also feeds back into the grid;

almost all of our carrier materials are supplied in bulk and directly added from silos to minimise

packaging waste;

Strategic report

• liquid ingredients are stored in bunded storage silos;

• pre-used reconditioned and cleaned intermediate bulk containers (IBC's) used for packaging and supply of bulk liquids;

• product and material waste is collected by a waste contractor and environmentally recycled;

• our bottling plant produces liquids in 100% recyclable plastic bottles;

  Governance

• packaging design is constantly reviewed resulting in improvements to optimise sustainable packing options.

• dust extraction and recycling system minimises dust in the production area and prevents emission into the environment;

• automated pafleting system has reduced forklift movements; and

• investment in additional warehousing on site to reduce packaged raw material movements in and out of third-party storage.

Financial statements

We are dedicated to driving continuous improvement and targeting operational efficiency though our production facility and committed to developing and monitoring carbon reducing measures throughout our operations, benchmarking to reduce waste, and

Shareholder information

emissions to land, air and water. Positive environmental impact assessments are expected for any new operational investments submitted for approval and alignment with our clear goals and ESG strategy.

Environment and Social Responsibility Report continued

Energy Consumption & Carbon Emissions

The energy consumption and carbon emissions data below are reported on a consistent Group basis and include the operations of Bio-Vet Inc., which was acquired during the prior year. The prior year comparative has been restated to include the three-month post-acquisition period, with the current year reflecting a full twelve months of emissions from the enlarged Group. This ensures comparability of reporting periods following the acquisition.

The baseline year of 2019 excludes the operations of Bio-Vet Inc. and therefore is not directly comparable to the current Group structure following the acquisition. The baseline year is retained to illustrate the Group's historical emissions trajectory; however, year-on-year movements should be interpreted primarily by reference to the 2025 which representsa full year of the combined operations.

The inclusion of Bio-Vet has resulted in a significant increase in reported total GHG emissions and carbon intensity compared with the prior year, reflecting the expansion of the Group's operational footprint, including additional manufacturing, warehousing and distribution activities, rather than a deterioration in underlying environmental performance. The increase in emissions per Em of sales also reflects the change in geographic mix and energy profile following the acquisition, together with the effect of including a full year of emissions from the acquired operations.

On a comparable operational basis, excluding the impact of the Bio-Vet acquisition, the Group has achieved a reduction of approximately 61% in total Scope 1 and Scope 2 emissions and a reduction of approximately 71% in carbon intensity between the 2019 baseline year and 2025, reflecting ongoing efficiency improvements and disciplined growth.

As the Group continues to grow, absolute emissions may increase. Carbon intensity therefore remains a key metric in assessing progress towards the Group's net-zero carbon objective, enabling performance to be monitored on

a relative and comparable basis over time as integration and efficiency initiatives are implemented across the enlarged Group.

Measurement of energy consumption and carbon emissions is undertaken in accordance with the Greenhouse Gas ("GHG") Protocol, which categorises emissions into three scopes:

Scope 1- This relates to emissions relating to: stationary consumption i.e. fuel consumption used in our operations (to produce electricity, steam, heat or power) and mobile consumption by our own vehicles, and emissions to the air.

Scope 2- These are the emissions we create indirectly - like the electricity or energy use for heating and cooling buildings, being produced on our behalf by energy suppliers.

Scope 3- In this category go all the emissions associated, not within the business itself, but those emissions for which the organisation is indirectly responsible in its supply chain. e.g., associated with the products from our suppliers and to the use of our products by our customers. This is an area in which we are in the process of gathering data and setting targets in collaboration with our stakeholders.