Concurrent Technologies : 2025 Annual Report and Accounts

About this update from Concurrent Technologies Plc

Driving innovation Delivering reliability Concurrent Technologies plc Annual Report and Accounts 2025 Strategic Report Governance Financial Statements Our Purpose To provide powerful processing solutions for our critical applications. Our Culture We're successful because of the quality of our people and the culture we build around them. We invest in high-quality work environments and a high-performance, 'get things done' culture, so teams can make decisions quickly, execute well, and deliver for customers. Our Ambition Striving to be first to market with the Culture15 is our engagement survey and culture analytics platform. It helps us measure progress over time by focusing on behaviours: how we work together, make decisions and get work done - so we can strengthen what's working and stay aligned with our strategy as we grow. Read more, see page 11 latest technology. Strategic Report 2025 highlights Company at a glance 04 Chairman's Statement 06 Chief Executive Officer's Statement 09 Market overview 10 What sets us apart 12 Business model 13 Strategic framework 14 Strategy in action 17 Chief Financial Officer's Statement 19 ESG Report 24 Section 172 Statement 25 Principle risks and uncertainties Governance Report 26 Board of Directors 27 Corporate Governance Statement 31 Remuneration Report 35 Audit and Risk Committee Report 36 Directors' Report 38 Independent Auditor's Report Financial Statements Consolidated Statement of Comprehensive Income Consolidated statement of financial position Company Statement of Financial Position Consolidated Cash Flow Statement Consolidated Statement of Changes in Equity Company Statement of Changes in Equity Notes to the financial statements Concurrent Technologies plc Annual Report and Accounts 2025 Strategic Report ‌01 Governance Financial Statements Financial highlights Operational highlights Revenue Profit before tax Strengthening our foundations for long-term success. £45.9m +14% EBITDA £10.1m +29% Shareholders' funds £44.8m FY24: £38.9m Dividend per share 1.155p FY24: 1.1p £6.5m +25% Gross profit £24.5m +23% Earnings per share 5.86p FY24: 5.49p Total assets £59.8m Record order intake and enhanced visibility Order intake reached a record level in FY25, reflecting the strength of our relationships with leading global defence primes and the increasing relevance of our technology to next-generation programmes. The growing portfolio of long-lifecycle design wins provides enhanced multi-year revenue visibility, with several programmes expected to transition into sustained production from FY26 onwards. Advancing technology leadership Strengthening reputation as a first-to-market innovator in high-performance, rugged computing through the launch of differentiated new products and expanded capabilities aligned with open standards such as Sensor Open Systems Architecture (SOSA) and VPX. Continued investment in research and development underpins our ability to maintain performance leadership in mission-critical applications. Concurrent Technologies plc Expanding systems and design services capability The Systems business is continuing to mature, supported by strategic investment in facilities and leadership. Design Services gained early validation through the award and expansion of our largest single contract to date, highlighting the opportunity to broaden Concurrent's role within customer programmes and deepen longterm engagement. Investing for scale Operational capacity was expanded in both the UK and the United States to support future growth, including enhanced manufacturing capability in Colchester and the new state-of-the-art facility in Los Angeles. Positioned for the next phase of growth With record order momentum, an expanding pipeline of design wins, strengthened operational infrastructure and supportive structural defence market dynamics, we believe that Concurrent Technologies plc (Concurrent) is well positioned to build a business of greater scale and strategic importance in the years ahead. Annual Report and Accounts 2025 ‌02 Strategic Report Governance Financial Statements Embedded computing that Company at a glance What we do We design and manufacture high-performance embedded computing solutions for some of the world's largest OEMs (Original Equipment Manufacturers). From vehicle-mounted countermeasures Our solutions: Embedded processing boards: powerful circuit boards that serve as the brains inside advanced machines and equipment. Systems: complete computing units designed for high- drives performance and resilience to sensor integration and secure communications, our technology supports some of the most demanding mission profiles across the globe. performance, reliability, and long lifecycle operation. Design solutions: end-to-end design services, we develop custom products for clients to manufacture based on Concurrent's design. What it means to be Concurrent, what we offer 183 employees across UK and US design and manufacturing sites. Strong multi-year track record of double-digit growth . Concurrent Technologies plc Annual Report and Accounts 2025 Global network of sales partners. Prestige member of the Intel ® Partner Alliance , providing early chipset access and deep technical collaboration. Four decades of embedded computing expertise. Active member of the VITA and SOSA ® standards bodies shaping the next generation of modular computing. Longstanding relationships built on quality, reliability and delivery. Dedicated to making end-users' lives safer, easier and more productive. Company at a glance continued Revenue by market Defence £41.2m 89.9% Industrial and scientific £2.9m 6.2% Communications, medical and other £1.8m £45.9m 3.9% Total Revenue by geography USA £23.7m +30% 2024: £18.3m United Kingdom £4.2m +45% 2024: £2.9m Rest of Europe £5.9m 2024: £8.1m Rest of World £6.0m 2024: £7.3m Italy £6.1m +65% 2024: £3.7m ‌Chairman's Statement Delivering another record year FY25 has been another year of strong progress for Concurrent, marked by sustained growth, record order intake and the continued execution of our long-term strategy. The Group delivered further revenue and profit growth on the prior year, strengthened its market position and continued to invest in the capabilities required to support future scale. The Board remains confident that the strategic decisions taken over recent years, to accelerate innovation, broaden our offering and deepen relationships with global customers, are now establishing a platform from which to deliver solid growth as design wins begin to translate into sustained production revenues from FY26 onwards. The year in review The Group delivered FY25 revenue and profit growth in line with market expectations, which were upgraded in at the interim results in September 2025, with revenue increasing by more than 14% year on year and profit before tax rising by over 25%. This performance reflects the continued momentum across both the Products and Systems business units, underpinned by disciplined execution and an increasing contribution from higher-value programmes. Order intake reached a record level during the year, providing strong multi-year visibility and reinforcing the quality of Concurrent's customer relationships. Demand was particularly strong across Europe and Asia-Pacific, highlighting the Group's increasingly international footprint and reputation among leading global primes. Cash at year end was £14.4m, providing the financial resilience and flexibility required to continue investing in growth, while navigating short-term uncertainties such as delays to US Department of Defense budget approvals and wider supply chain considerations. Design wins secured in prior years are beginning to transition into production, while new wins achieved during FY25 further extend the pipeline of long-term opportunities. These programmes typically span many years, offering attractive lifetime value and reinforcing the importance of sustained investment in research and development. The Systems business continued to gain momentum during the year, further building on the successful US acquisition of Philips Aerospace in 2023, with design services emerging as an increasingly important growth vector. The announcement of the Group's largest single order to date, including an expanded scope covering Automatic Test Equipment, is clear validation of this capability and highlights the opportunity to continue to broaden Concurrent's role within customer programmes. Operationally, the Group has continued to invest in capacity and infrastructure to support future growth, including the completion of new facilities in Los Angeles and expansion of our existing UK manufacturing in Colchester with the relocation of engineering and support functions to an adjacent facility. These investments are strategic, ensuring Concurrent is well positioned to meet increasing customer demand in the years ahead. Board, governance and people The Board continues to focus on maintaining strong corporate governance, clear strategic oversight and an appropriate balance between growth investment and financial discipline. During the year, the Board has remained actively engaged with management as the business scales. The senior leadership team appointments post-year end, including Jon Jayal as Managing Director of Products and Cody Cox as Director of Embedded Technology, reinforce the breadth of Concurrent's leadership expertise and position the business well for continued success. 05 Strategic Report Governance Financial Statements Chairman's Statement continued Order intake reached a record level during the year, providing strong multi-year visibility. Dividend The Board recognises the importance of delivering sustainable shareholder returns alongside continued investment in the business. The Board proposes, subject to shareholder approval at the Company's AGM on 10 June 2026, a final dividend of 1.155p, (FY24: 1.1p) to be paid on 3 July 2026 to shareholders on the register on 19 June 2026, reflecting the Group's strong performance during FY25, while retaining sufficient capital to fund future growth opportunities. The Board remains committed to maintaining an appropriate balance between reinvestment and returns. Outlook Building on the momentum from FY25, Concurrent has entered FY26 with a strong pipeline, record order intake and a growing number of design wins, many of which reflect programmes where the Group has already been down selected, providing good visibility on future revenue. While cognisant of the macroeconomic environment, underlying market dynamics remain supportive, and alongside the resilience of the Products business, the Systems unit offers additional long-term upside. With a strong balance sheet and a proven strategy, the Board believes Concurrent is well placed to build a business of greater scale and strategic importance in the years ahead. Mark Cubitt Chairman Concurrent Technologies plc Annual Report and Accounts 2025 ‌Chief Executive Officer's Statement Delivering against our strategy It's been another successful year for Concurrent, marked by continued growth and disciplined execution of our strategy, as we accelerate innovation and strengthen the foundations for long-term growth. Overview We are increasingly recognised as a leading high-performance partner in mission-critical defence computing, benefiting from rising defence investment, the adoption of open standards such as SOSA, and a clear industry shift toward outsourced hardware development. Financial performance We delivered a robust financial performance for FY25, with revenue of £45.9m (FY24: £40.3m) and profit before tax of £6.5m (FY24: £5.2m). This performance represents strong double-digit growth, driven by continued momentum in the Products and Systems business units, achieved despite delays to US Department of Defense budget approvals and the recent US government shutdown. Underpinned by particularly strong demand from customers in Europe and the Asia-Pacific region, order intake for FY25 was at a record level of approximately £47 million (FY24: £41 million). This reflects the continued strengthening of Concurrent's reputation among leading global defence primes and the increasing relevance of our technology to next generation defence programmes, as we are increasingly selected for larger, higher value contracts. The Group continues to secure design wins across both the Products and Systems business units, underpinning confidence in its medium and long-term growth prospects. These wins typically convert to purchase orders within two to three years and generate revenue over a seven-to ten-year period. Pleasingly, design wins secured in FY25 have an estimated lifetime value of £145m, providing strong visibility over future revenues and reinforcing the Group's focus on long-term customer engagement. The Group ended FY25 with a £14.4 million cash position (FY24: £13.7 million), giving us the flexibility to continue investing in growth and capabilities. Products The Products division had another successful year, reinforcing our position at the cutting edge of rugged computing. We combined early access to next-generation technologies with disciplined execution to bring differentiated capability to market ahead of our peers. The launch of Kratos in March 2025 marked a step-change in performance, more than doubling the computing power of our previous generation. Securing early access to Intel's Xeon 6516P-B processor, six months ahead of general availability, enabled us to be among the first to market and underlines the strategic value of our Prestige Partner status. This momentum continued with the introduction of Bragi, which significantly enhances our ability to support data-intensive, AI-enabled defence applications and strengthens our broader systems offering. Bragi is our first NVIDIA-enabled graphics solution, developed with EIZO Rugged Solutions and the first 3U VPX PIC to incorporate the NVIDIA Blackwell architecture. We also made encouraging progress in Design Services, securing and subsequently expanding a $6.2 million programme with a major US defence prime, our largest single order to date. Beyond its immediate commercial value, this engagement validates our technical capability, demonstrates growing customer trust, and is accelerating the development of engineering expertise that will benefit both our Products and Systems units over time. Customer feedback on the programme has been very positive to date, with Concurrent meeting all milestone delivery dates during 2025. Since the period end, we have continued to build on this momentum. The launch of Kratos (32 Core) further extends our performance leadership, while a new family of rugged embedded computing products based on Intel's latest Core ™ Ultra architecture, including Eir, Hermes II, Magni II and Caelus, broadens our portfolio with enhanced processing capability, security features and long-term lifecycle support. Together, these developments expand our addressable market and position us strongly to support next-generation mission-critical applications. Chief Executive Officer's Statement continued People spotlight Kate Lomas Gutierrez, Project Manager Delivery discipline in action: balancing cost, schedule, resources and risk to keep Systems programmes moving forward. "I'm happiest in my role when projects are flowing according to plan, key project milestones are being achieved, and when stakeholders feel informed and confident." Partnerships continue to play a critical role in expanding Concurrent's capabilities and product offerings. Systems Our Systems business is in its early stages but is gaining real momentum. While the division's performance was lower than we had expected in FY25 due to delays to customer ordering following the US government shutdown, we remain confident the business can achieve sustainable profitability as order flow normalises. During the year we launched Apollo, a compact, rugged, rapidly deployable computing system that integrates expertise from both our Products and Systems teams. This is strategically important, as it demonstrates our ability to deliver complete, integrated solutions rather than standalone components. The growth and ambition of the Systems business unit has been reinforced by the successful move into its new state-of the-art facility in Los Angeles. This marks an important milestone for the Group, strengthening our presence in the USA and positioning it for continued growth. The pipeline of opportunities continues to grow and we are confident that the momentum built will continue throughout the year ahead. Partners Partnerships continue to play a critical role in expanding Concurrent's capabilities and product offerings. Further to strengthening our relationship with EIZO, through Bragi, we also signed an agreement with New Wave, a leading designer of cutting-edge FPGA products using AMD's latest Xilinx chips. This partnership allows us to market New Wave's full product portfolio outside the USA, providing access to innovative technology and broadening our international reach. In addition, we partnered with Amphenol to incorporate their high-quality switches into our systems, further enhancing the breadth and flexibility of our solutions. These collaborations strengthen our ability to offer comprehensive, integrated solutions to our customers and position the business to deliver on the launch of several new products in 2026. Markets Concurrent is well positioned at the intersection of a structural defence spending upcycle and the ongoing digital transformation of military platforms, both of which are driving sustained demand for rugged, high-performance computing. Defence budgets across NATO are rising, and the shift toward open standards such as VPX and SOSA is deliberately designed to reduce vendor lock-in and encourage competition, advantaging agile, specialist suppliers like Concurrent over larger incumbents. At the same time, a number of competitors have stepped back from legacy VME architectures, creating a clear opportunity for us to gain share in markets that remain large relative to its current scale. Chief Executive Officer's Statement continued People spotlight James Reilly Thermal/Mechanical Lead People who scale the business; leadership that turns technical excellence into repeatable execution. "Leadership for me is about follow-through; listening properly, committing to actions, and creating a clear path forward for each person. That's how we scale capability as the business grows." We delivered a robust financial performance for FY25, with revenue of £45.9m (FY24: £40.3m) These trends are reinforced by a broader industry move toward outsourced hardware design and modular architectures, which plays directly to Concurrent's strengths in speed to market, technical differentiation and vertical integration. Against this backdrop, the Group's growing portfolio of long-visibility design wins, increasing traction in Systems, and expanded manufacturing capacity provide strong leverage to what remains a supportive and expanding end market. People Everything we do at Concurrent is underpinned by a strong culture focused on technical excellence, collaboration and ambition, enabling us to attract and retain the best talent needed to drive our growth. During the year, the Group's headcount increased by 15.6% in the UK to 148 and by 9.4% in the US to 35. Employee engagement remains strong, with a Trust survey score of 80%, placing the Group in the upper quartile of comparable organisations. Post-period end, we strengthened our leadership team with the appointment of Jon Jayal as Managing Director of Products. Jon previously served as CEO of Nexteq plc and brings deep senior leadership experience and strong product knowledge aligned with Concurrent's technology and market focus. We also welcomed Cody Cox as Director of Embedded Technology, whose expertise in Modular Open Systems Architecture and SOSA aligned platforms will be invaluable as we scale our defence offerings. M&A In September 2023, we acquired California based Phillips Aerospace and, two and half years on, we are delighted with the strategic progress made. As well as expanding our US presence, the acquisition has added specialist engineering talent, strengthened customer relationships, and significantly contributed to our growing orderbook. We continue to actively evaluate disciplined M&A opportunities that enhance our geographic footprint and end-market capabilities, prioritising acquisitions with strong strategic fit, clear operational synergies, and alignment with our product platform and long-term growth roadmap. Summary and outlook We have entered FY26 with encouraging momentum, supported by record order intake and a substantial pipeline of opportunities, the majority of which relate to programmes where we have already been selected and are awaiting contract award. While cognisant of the broader macro-economic environment, underlying market dynamics remain supportive and the strength of the Company's pipeline, our robust balance sheet and disciplined supply chain management mean that the Board is confident of delivering results for FY26 in line with market expectations. Miles Adcock Chief Executive Officer ‌09 Strategic Report Governance Financial Statements Concurrent's strategy to be first to market with modular open standards based products that align to the needs of the US Department of Defense (DoD) is starting to pay dividends. Market overview The strategic nature and life-time revenue of the programmes that we're engaged with is an order of magnitude larger than previously handled. Most of our growth has come from these types of opportunity, many of which have yet to progress from low-rate production because of the time it takes to qualify and field products. In the UK, the publication of the Strategic Defence Review and the Defence Industrial Strategy set the expectation that defence will become an engine for growth and that there will be a transformation in procurement pace. The Company welcomes this new approach and will encourage further progress. As examples, the Company is engaged with the CBI Central Council and Defence & Economic Working Group and is a founder member of the East Regional Defence and Security Cluster, designed to open communication directly between the Ministry of Defence (MoD) and the triumvirate of industry, academia and local authorities. Strategic, but limited, investment into the Company's legacy product ranges is continuing to maintain a profitable revenue stream. The ongoing situation in Ukraine has generated an uptick in multi-year supply opportunities from UK and European prime contractors who are accelerating their production of sensor-based equipment used in this type of critical environment. Concurrent Technologies plc Annual Report and Accounts 2025 Strategic Report ‌10 Governance Financial Statements What sets us apart Leader in specialist computing design We have over four decades of experience in designing and manufacturing a range of computing used in some of the toughest and most critical embedded applications in the world. For more information, visit: https://www.concurrent.tech Successful acquisition strategy We aim to accelerate growth through selective acquisitions in our home markets: the US and UK. The acquisition of Philips Aerospace has significantly strengthened our in-house capability, adding key systems expertise and deeper client relationships. Trusted by some of the world's largest businesses We have high-quality relationships with some of the world's leading OEMs in defence, including companies such as Boeing, Raytheon, MBDA, BAE Systems and many more. Major runway for growth Our target market is valued at over $100bn , providing significant runway for growth as we expand with new major clients, release new products, win new long-term programmes, penetrate further into new markets and accelerate through acquisition. Scalable financial model We have significant order book visibility and can generate manufacturing capacity to deliver multiples of current revenues which, together with optimising all our processes, can deliver cash-backed profit margins of 15-20% . Ambitious leadership team We have strengthened our leadership across all functions and have the right team in place with the track record, ambition and plan to build on our reputation and transform our growth potential. For more information, visit: https://www.concurrent.tech/directors Concurrent Technologies plc Annual Report and Accounts 2025 ‌What sets us apart continued Investing in our team F culture Our people and culture drive our success. We attract top talent by investing in high-quality work environments and a high-performance culture. Through regular engagement surveys, we measure our progress, ensuring our team has the tools and space to perform at their best. Investing in our ' get things done ' culture Investing in the quality of our people & their development In FY25, we sharpened decision-making to accelerate time-to-market. Our 'Culture15' survey shows rising trust and engagement, supported by quarterly 'Evolve Weeks' and leadership offsites. We ensure every year is developmental by providing targeted training and stretch assignments aligned with business needs. We also strategically upgraded our offices to increase capacity and wellbeing. Our new Los Angeles facility has already optimised workflows and reduced operational risk. In FY26, we will expand our Colchester footprint with a state-of-the-art factory to double capacity, alongside a dedicated engineering hub. We are also planning upgrades for our Woburn sales and technical support facility to further attract and retain premier talent. We continue to strengthen leadership and technical capabilities to support our next growth phase. In FY25, we made two critical leadership and technical capability hires: Jon Jayal as MD Products, bringing extensive rugged computing expertise, and Cody Cox as Director of Embedded Technology to lead our SOSA compliance. Our focus remains on robust succession planning for the Executive Committee and securing 'hard-to-fill' technical skill sets, such as BIOS engineering. By prioritising internal mobility and leadership development, we ensure our workforce remains agile and equipped to meet evolving market demands while maintaining the high standards our customers and investors expect. "Our commitment to our people is that every year should be the most developmental year of their career." Victoria Flynn Vice President People Engagement score 8.7 Trust score 80% Survey participation 80%+ Headcount growth FY25 14.4% Promotions or moves 10% ‌Business model Our business model is built on securing long-term design wins with OEM customers and converting these into sustained, multi-year revenue streams through the supply of ruggedised products and bespoke systems over the life of each programme. By focusing on high-reliability applications with long lifecycles and strong technical barriers to entry, we build durable customer relationships, repeat business and resilient margins. Our approach Customers are typically Tier-1 OEMs, prime contractors, and system integrators, with products designed into platforms at an early stage. Design-win approach results in multi-year contracts, strong order visibility, and repeat revenues over extended periods. Increasingly moving up the value chain by supplying full systems rather than individual components, increasing the value captured per programme. Who we do it for Defence Aerospace Communications Industrial Scientific Transport What we deliver The value we bring Embedded processing boards: Systems: Design solutions: Proven supplier to leading OEMs globally with manufacturing across both the US and UK. Longstanding relationships built on quality, reliability and delivery. Active member of the VITA and SOSA standards bodies shaping the next generation of modular computing. Prestige member of the Intel ® Partner Alliance, providing early chipset access and deep technical collaboration. The business model is underpinned by continued investment in research and development to accelerate our time to market, robust supply-chain partnerships, and high-quality manufacturing and certification standards. ‌13 Strategic Report Governance Financial Statements Strategic framework Concurrent's strategic focus remains on delivering cutting-edge technology to the defence industry at pace. Innovation Rapid market entry with innovative products Talent Investing in our people Growth Exploring acquisition opportunities By investing in R&D, partnerships and innovative design, we aim to cut time to market and, where possible, be first. We'll move up the value chain by selling complete systems, helping us scale and capture more profit. Attracting and retaining the right talent is essential for maintaining innovation and supporting long-term growth. We see opportunities to expand our capabilities, customer base, and market presence through acquisition in the medium term. Read more, see page 14 Read more, see page 15 Read more, see page 16 Concurrent Technologies plc Annual Report and Accounts 2025 ‌14 Strategic Report Financial Statements Innovation In defence computing, programmes are selected early and lifecycles are long. Design wins at inception drive lifetime value, visibility and margin durability, making speed to market and early access to leading-edge silicon key differentiators. Strategy in action FY25 progress: Launched Kratos, delivering more than 2x the performance of prior-generation products. Secured early access to Intel ® Xeon ® 6516P-B processors, six months ahead of general availability. Launched Bragi, the first 3U VPX PIC incorporating NVIDIA's Blackwell processor. Secured a $6.2m Design Services contract with a major US defence prime. The largest single order in our history. Innovation extends beyond boards into integrated systems and design services. Complete solutions increase programme value, strengthen switching barriers and improve revenue visibility. As design wins move into production from FY26, this strategy will drive revenue growth and operating leverage. Record order intake in FY25 £47m 2024: £41m Concurrent Technologies plc Annual Report and Accounts 2025 ‌15 Strategic Report Governance Financial Statements Talent Strategy in action continued Concurrent operates in highly specialised defence computing, where engineering expertise, program knowledge and long-term customer relationships are critical. Recruiting and retaining skilled people enables rapid, scalable delivery for programmes. FY25 progress: Total headcount increased by 15.6% in the UK to 148 and 9.4% in the US to 35 Expanded engineering capacity, with 14 engineers recruited in Products and Systems in 2025. Operations team growth of 13.02%, adding seven people across Products and Systems. Employee engagement remains strong, with a Trust survey score of 80%, placing the Group in the upper quartile of comparable organisations. Investing in talent ensures Concurrent maintains the technical expertise required to support long lifecycle defence programmes, deliver innovation at pace and scale the business as demand continues to grow. Engineering team growth in FY25 12.5% 2024: 6.9% Concurrent Technologies plc Annual Report and Accounts 2025 16 Strategic Report Governance Financial Statements Strategy in action continued Growth Selective acquisitions can accelerate scale, strengthen customer relationships and enhance technical breadth, particularly in a defence market increasingly favouring modular architectures and outsourced development. Year-end cash to support strategic flexibility £14.4m 2024: £13.7m FY25 progress: Continued strategic progress from the acquisition of Philips Aerospace which has strengthened our presence in the US and contributed to a growing order book. Ongoing evaluation of disciplined acquisition opportunities that enhance scale, capabilities and longterm strategic positioning. Our M&A approach remains selective, and value driven. We prioritise transactions that deepen programme engagement, accelerate Systems capability and strengthen our competitive position in mission-critical defence computing. Concurrent Technologies plc Annual Report and Accounts 2025 ‌17 Strategic Report Governance Financial Statements Chief Financial Officer's Statement A year of significant growth FY25 was another year of significant progress for Concurrent, delivering double-digit growth in both revenue and profit, alongside a strengthened closing cash position. This performance was achieved despite a challenging environment in the US, our largest geographic customer-base. FY25 represents another important milestone in our journey to significant growth from design wins." Kim Garrod Chief Financial Officer Financial key performance indicators Revenue 2025 2024 2023 4 40.3m 31.7m £45.9m +14% 5.9m Gross profit 2025 2024 2023 20.0m 15.6m £24.5m +23% 24.5m % Gross margin 2025 2024 2023 53 49.5% 49.0% 53.3% +8% .3% Profit before tax 2025 2024 2023 5.2m 3.7m £6.5m +25% 6.5m Earnings per share Dividend per share EBITDA Closing cash 2025 2024 2023 5.86p 5.49p 4.06p 5.86p +7% 1.155p 1.155p 1.1p £10.1m +29% 10.1m £14.4m +5% 4m 2025 2024 2023 1.0p 2025 2024 2023 14. 13.7m 11.21m 2025 2024 2023 7.8m 6.0m Development Costs Total assets Shareholders' funds 2025 2024 2023 3.9 3.0m 3.8m 2025 2024 2023 4 38.9m 34.3m £3.9m +30% 59.8m 2025 2024 2023 59 50.8m 46.7m m +18% .8m £44.8m +15% 4.8m Strategic Report 18 Governance Financial Statements Chief Financial Officer's Statement continued Geographical split 2025 2024 45% (USA: 0-60% scale) USA 2025 9% 2024 7% 2025 13% 2024 9% (Other geographies: 0-25% scale) UK Italy 2025 2024 13% Rest of Europe 2025 2024 13% Rest of World 52% 20% 18% Systems delivered significant growth in revenue to £5.4m v £2.1m in FY24, representing growth of 157%. While this is encouraging, we believe this performance was slowed by the difficult US environment with delayed approval of the Defense budget and the US government shutdown. We expect a pickup in momentum in FY26, as conditions normalise and as design wins convert into higher-volume production orders. Gross Profit Gross profit increased to £24.5m Capitalisation of product development increased by £0.8m compared with FY24, reducing the net profit and loss (P&L) charge. A further £0.7m capitalised related to the implementation of a new enterprise resource planning (ERP) system, to be amortised over 5 years. Amortisation increased by £0.8m as newly developed products completed their engineering phase. We expect amortisation to continue increasing as more complex and higher-value development programmes reach maturity, partially offset by older, This represents a profit margin of 14% (FY24: 13%). The Systems business reported a loss in FY25 of -£0.3m (FY24: -£1.1m), due to the level of revenue received in a difficult year. We expect this to achieve breakeven or beyond in FY26, subject to external factors in the US. This demonstrates the strength of the core business - the products, which delivered a 17% profit margin. Cash Net cash closed at £14.4m (FY24: £13.7m), in line with the table below: £m Note: USA and Other geographies are shown on different scales. Use labels to compare between them. Customer split 0% 2% 4% 6% 8% 10% 12% 14% 16% 1 13% Revenue Group revenue for FY25 increased to £45.9m (FY24: £40.3m), generated from the sale of products, services and systems. Our established Products business delivered £40m of revenue, comprising £37m of product revenue (up 6% on FY24) and £3.2m of project revenue, (flat on FY24). Concurrent sales to the US grew by 30%, with Systems accounting for most of this (23%). The US now accounts for more than half of Concurrent's revenue at 52% (FY24: 45%). The UK, a focus home market, grew by 45% to £4.2m (FY24: £2.9m). (FY24: £20m), resulting in a gross margin of 53.3% (FY24: 49.4%). This was predominantly driven by excellent procurement management, and the 2 6% were kept at a minimal level. 3 6% The Group kept price increases to a 4 5% minimal level, to retain its attractive 5 4% customer proposition while also 6 4% achieving strong gross margins. 7 4% Concurrent Products business achieved 8 3% a gross margin of 57% (FY24: 50%), and 9 3% Systems made a 16% gross margin 10 3% (FY24: -7%). Systems is a project-based business, so the gross profit includes the increased buying power that Concurrent is experiencing as it scales. Price increases cost of manpower to deliver the customer design projects, hence is lower. Systems is at a point in its journey where the revenue is dominated by custom design contracts, with greater production orders to come in future periods. Cost Base The cost base increased by £3.2m from FY24 to £18.0m (FY24: £14.8m). This is driven by several factors including: - Salaries increased by £2.4m, reflecting pay increases and headcount growth (closing headcount: 183 (FY24: 155)). lower-value products reaching the end of their life cycle. The US dollar (USD) has been a challenge in FY25 with major movements in the rate, peaking at $1.38 to £1 towards the end of the year. We are managing currency movements more proactively, with hedging major contracts, and transacting sales of currency at various points, but we will always have a risk as a UK, pounds sterling company, company, with large amounts of customer payments in USD. We do have a natural hedge as well with many of our suppliers in USD, but timing is always key. The cost base will continue to develop across the business. Systems remains in the early phase of its journey, and will require continued investment in people and infrastructure as it grows. Across the Group, growth will drive further investment in engineering capability, functional support and a new facility planned for FY26. Profit Concurrent delivered profit before tax of £6.5m in FY25 (FY24: £5.2m), an increase of 25%. This was driven by increased gross profit, net of increased costs. Opening cash 13.7 Cash generated from operations 7.0 Cash used in investing activities (5.3) Cash from financing activities (1.0) Closing cash 14.4 Cash generated in the year was £0.7m, with strong cash generation from Operations but significant investment in Product development, property improvements and equipment (e.g. the new facility in US for Systems), and dividend payment of c. £1m We have developed a renewed banking relationship and a Rolling Credit Facility (RCF) which provides Concurrent with more flexibility in regards to its cash generation and investments. FY26 will see considerable investment in our new and refreshed facility in Colchester, and a significant increase generated in capacity, to support our future growth plans. Kim Garrod Chief Financial Officer Strategic Report ‌19 Governance Financial Statements Our ESG strategy ESG Report Our Environmental, Social, and Governance (ESG) strategy and long-term vision are dependent on four key areas: delivering safe, high-quality products; developing an inclusive, safe and engaged workforce; creating energy-efficient operations; and underpinning the organisation with a robust governance and control framework. Products People Governance Operations Our People: We place a strong focus on our people. Creating a safe, inclusive and engaging workplace to attract and retain talented people remains a top priority. Our Products: We are committed to safe, high-quality products, supported by AS9100 certification in the US and UK and strong supply-chain controls. Concurrent Technologies plc Annual Report and Accounts 2025 Our Operations: We are focused on reducing environmental impact through energy-efficient operations, renewable electricity, and sustainable site design. We also support low-carbon transport, efficient manufacturing, and strong waste and recycling programmes. Our Governance: We have a focus on strong governance and responsible business practices, underpinned by robust cyber and information security, effective risk management, ethical operations, and accountable leadership. Strategic Report 20 Governance Financial Statements ESG Report continued Progress against our pillars Priorities Highlights 2026 plan Our products Our people Product quality, health & safety Raw materials sourcing Supply chain management Assured quality management - AS9100 (US and UK) - UK certified in 2025 Hazardous substance compliant - RoHS, REACH & COSHH Supplier due diligence, audits and traceability Conflict minerals management Upgraded supply chain (ERP) tool Continued enhancement of ERP system Fully leverage global supply chain buying power Continuous improvement in our AS9100 management systems in US & UK Inclusive culture and engaged workforce Employee wellbeing Training and development Competitive, benchmarked benefits Bespoke professional and technical development Comprehensive Health, Safety and Wellbeing framework 80%+ response rate and 80% trust rating in culture survey (upper quartile against those surveyed) 33% female representation on board Implemented applicant tracking system for recruitment to support Diversity, Equity & Inclusion (DEI), fair hiring, transparency, controls, risk management, and efficiency gains. Partnered with pay benchmarking company to boost pay equity, fairness and wellbeing Partnering with a company for strategic workforce planning to ensure workforce stability, equity and future skills for our fast-changing workforce. Introduction of share benefits for all employees Focus on Neurodiversity in the workplace Continuous improvement on inclusive culture and engaged workforce Concurrent Technologies plc Annual Report and Accounts 2025 Strategic Report 21 Governance Financial Statements ESG Report continued Our operations Our Governance Waste, recycling and reuse No environmental incidents in 2025 Use 99% recycled packaging; reduced paper in marketing Appropriate waste management and auditing Wastewater monitoring Investing in energy efficient manufacturing equipment Calculated and published second carbon footprint, evidencing our low UK operating emissions 66tCO 2 e and 1.34tCO 2 e/£million revenue Investing in a third Surface Mount line with modern, more energy-efficient machines Create a US support centre of excellence, requiring technical support employees Continuous improvement to reduce impact on nature with waste and recycling initiatives Cyber and information security Systemic risk management Ethical business Leadership and corporate governance Robust risk management framework, Extensive information and data security controls NIST compliant (US)/Cyber Essentials Plus accredited (UK) IT security partner in US Strengthened business continuity and disaster recovery plans QCA code Continuous improvement in risk management and cyber control frameworks Establish a Mission Assurance function to enhance enterprise resilience governance, business resilience and operating principles Concurrent Technologies plc Annual Report and Accounts 2025 Strategic Report 22 Governance Financial Statements ESG Report continued Concurrent Streamlined Energy and Carbon fieporting ('SECfi') FY25 is the second year that Concurrent is reporting in accordance with the Streamlined Energy & Carbon Reporting (SECR) framework. As a large, unquoted company, we are only required to report on the energy use and greenhouse gas (GHG) emissions resulting from our UK operations. We are providing this data in line with our reporting period of 1 January to 31 December 2025. In line with the requirements of SECR, we have calculated and reported the following metrics. All emissions have been calculated in line with The GHG Protocol Corporate Accounting and Reporting Standard methodology: UK energy use UK Scope 1 (direct) and 2 (indirect) GHG emissions UK grey fleet energy usage and emissions (Scope 3) Calculation methodology Responsibilities Concurrent was responsible for collection and aggregation of the data, which includes the associated kWh readings from gas and electricity bills for FY25. Our ESG consultant, Addidat was responsible for the GHG calculation. The UK Government GHG Conversion Factors for Company Reporting 2025 were used to calculate emissions of CO , NO and GHG sources & assumptions Scope 1 covers the Greenhouse Gas (GHG) emissions directly associated with Concurrent through the combustion of fuels in our offices, namely natural gas. Scope 2 emissions are those indirectly generated through the consumption of electricity on our sites. The location-based values indicate Concurrent's emissions using a UK grid emissions factor. The market-based values use supplier specific Understanding our emissions This year, we have restated our 2024 Scope 1 emissions to account for the use of more accurate emissions factors. This has led to a 2.35 tCO 2 e reduction in total emissions for FY24. In 2025, Concurrent's total (SECR) location-based emissions have decreased by 12.66 tCO 2 e compared to 2024 emissions, predominantly due to: 2 2 emissions factors, therefore providing - A decrease in gas consumption in our Intensity metric(s). Last year, we chose tCO 2 e per £million revenue as the most appropriate intensity metric for Concurrent's business model as this reflects Concurrent's business activities and allows us to show progress with growth, year-on-year. CH 4 , which are ultimately expressed in a combined format as tonnes of carbon dioxide equivalent (tCO 2 e). a more accurate representation of Concurrent's actual emissions. Grey fleet emissions relate to emissions produced by the use of fuel in personal and hire cars in the UK, in line with the SECR regulation. offices (5,419 kWh) A decrease in electricity usage in our Colchester office (1,232 kWh) A decrease in the UK grid electricity emissions factors. Concurrent Technologies plc Annual Report and Accounts 2025 Strategic Report 23 Governance Financial Statements ESG Report continued Our total market-based emissions have increased by 26.01 tCO 2 e due to a change in electricity contract and provider at our Colchester office. UK Energy Use kWh FY25 FY24 Scope 1 - Gas 103,947 109,366 Scope 2 - Electricity 398,661 398,637 Scope 3 - Grey fleet 62,496 62,582 1 Total 565,104 570,585 1 Grey Fleet mileage kWh included for FY25 and retrospectively for FY24, in line with SECR guidelines. UK Emissions tCO 2 e FY25 FY24 Scope 1 Combustion of gas 19.22 20.00 2 Scope 2 Purchased electricity (location-based) 70.56 82.54 Purchased electricity (market-based) 31.73 5.03 Total Scope 1 and 2 (location-based) 89.79 102.54 Total Scope 1 and 2 (market-based) 50.95 25.03 Scope 3 - Partial Grey fleet 15.20 15.10 Total Scope 1, 2 + grey fleet (location-based) 104.98 117.64 Total Scope 1, 2 + grey fleet (market-based) 66.15 40.13 2 FY24 Scope 1 emissions have been restated this year from 22.35 to 20.00, to account for the use of more accurate emissions factor. Energy efficiency action We have continued to take steps to reduce our carbon footprint and environmental impact. Key points are summarised below: Waste in operations We use 99% recycled packaging and reduced paper use in marketing Appropriate waste management and auditing is carried out, and effort is made to recycle and reuse where possible We auction old IT hardware for reuse. Energy use in operations We are investing in modern, energy efficient manufacturing equipment, such as a third Surface Mount line Hybrid working has been implemented, to support the reduction of travel in the UK. Our products Inherently low-energy component products Long life of products (15-20 years). UK GHG Emission Intensity Ratio tCO 2 e/£million revenue FY25 49.50 FY24 40.32 Total Scope 1, 2 + grey fleet (location-based) 2.12 2.98 Total Scope 1, 2 + grey fleet (market-based) 1.34 1.05 Concurrent Technologies plc Annual Report and Accounts 2025 ‌24 Strategic Report Governance Financial Statements Section 172 Statement The Directors have acted in a way that 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 line with Section 172 of the Companies Act 2006. The Strategic Report describes how the Directors continue to have regard for: the likely consequences of any decision in the long term; the interests of the Group's employees; the need to foster the Group's business relationships with suppliers, customers and others; the impact of the Group's operations on the community and the environment; the desirability of the Group maintaining a reputation for high standards of business conduct; and the need to act fairly as between members of the Group. In discharging its Section 172 duties, the Board has considered the factors set out above and the views of key stakeholders as described below. The Board identifies the Group's key stakeholders as shareholders, employees, customers, suppliers and advisors, and it is committed to effective engagement with these stakeholders. Further information on our stakeholder engagement, including how the Board stays informed of stakeholder views, can be found in the corporate governance disclosures on pages 27 to 30. Concurrent Technologies plc Annual Report and Accounts 2025 Strategic Report ‌25 Governance Financial Statements Principal risks and uncertainties Concurrent's approach is built on careful risk management, while actively looking for new opportunities to grow. The risks listed below are not exhaustive but are intended to represent the key uncertainties currently facing the business. Geopolitical environment and trade tensions Customer risk Export and conflict risks Foreign exchange rates Attracting talent A significant proportion of our revenue and activity comes from outside the UK. That means we operate in a trading environment that can change quickly, for example due to tariffs, bilateral disputes, a shift towards more nationalist policies, or the potential for further US government shutdowns. We monitor these uncertainties closely and regularly review both short-term and longer-term mitigation plans. Our revenue is spread across multiple jurisdictions, which provides some protection. In the specific case of US government shutdowns, the impact is typically delays to order intake and revenue, which requires additional management. Our revenue depends on our customers' ability to develop, manufacture and sell products that include Concurrent technology. There is always a risk that a customer could face financial, technical or other difficulties, which could affect sales and overall performance. Defence is our largest market, and our customer base includes major, long-established prime defence contractors with strong track records. This provides a natural buffer. We will continue our business development activities to broaden our customer base. Some of our advanced technology is subject to export control legislation. As governments increase scrutiny around controlled technology, there is a risk that export approvals could take longer in some jurisdictions. Our export compliance function manages this through close liaison with export authorities, and we continuously monitor and manage the risk. A significant portion of our revenue and activity is exposed to foreign exchange movements. Many purchases are made in the same currency US dollars as our sales, providing a natural hedge. Our US entities operate in local currency, but we still have some translation exposure. We monitor this regularly, reduce the impact where possible, and use hedging facilities when needed. Attracting and retaining the right people remains a key priority. If we cannot retain existing talent, or attract the right people at the right time, it could impact the business. We believe we offer a strong overall package, including good working conditions, development and training opportunities, and a flexible, modern approach. ‌Board of Directors Dr Miles Adcock (age 52) Chief Executive Officer Brent Salgat (age 60) Chief Revenue Officer Kim Garrod (age 59) Chief Financial Officer Mark Cubitt (age 63) Chairman Nat Edington (age 56) Non-Executive Director Issy Urquhart (age 57) Non-Executive Director Miles joined Concurrent as CEO in June 2021 and brings a wealth of technical and senior business management experience to the Board. Before this, he served as President of Space Imaging at Teledyne Technologies, Inc. His earlier career includes leadership roles at QinetiQ, where he was Managing Director and a member of the Group Executive Committee after serving as Group Engineering Director. He also held senior positions at BAE Systems and GEC-Marconi. Brent joined the Company as President of Concurrent Technologies Inc. in 2008 and was appointed Director of the Company in May 2020, before being promoted to Chief Revenue Officer in 2024. He previously held sales management roles at SBS Technologies and GE Intelligent Platforms, giving him extensive insight into the markets in which Concurrent sells its products. Kim was appointed as a Director and CFO of Concurrent in May 2022. Kim brings extensive strategic planning and financial management and oversight experience from various senior financial roles at QinetiQ Group plc and its predecessor organisations, including five years as Finance Director for the international business. Kim brings strong commercial insight and a proven track record in driving financial performance. Mark has been the Chairman of Concurrent since March 2020. He has experience leading AIM-listed companies, serving as Executive Chairman of IQE plc from November 2024 and as a Non-Executive Director of Beeks Financial Group, where he was Chairman from 2016 to 2024. A chartered accountant until 2023, he held senior roles including CFO of Wolfson Microelectronics, Non-Executive Chairman of Superglass Holdings, VP of Finance at Jacobs Engineering, and Finance Director of Babtie Group. Nat joined Concurrent in September 2021 and provides the Board with a strong technical and business transformation skillset. Nat is the CEO of Filtronic plc, and the former CEO of Dukosi, where he led the company's transformation into a technology leader in battery systems. Before Dukosi, he was CEO at Cambridge CMOS Sensors, playing a key role in the company's sale to AMS AG and held senior positions at Wolfson Microelectronics plc Issy joined Concurrent in February 2024. She is a seasoned international business leader, including of AIM-listed companies, with over 30 years of strategic and operational global HR experience. Issy is the Chief People Officer and a Director at Craneware plc, a global AIM-listed SaaS company. Issy has held senior roles at CommScope, Wolfson Microelectronics plc, and Convergys. Her expertise spans a wide range of sectors, including technology, business process outsourcing, financial services, and fast-moving consumer goods. Audit and Risk Committee Remuneration Committee Member Nomination Committee Member ‌Corporate Governance Statement As Chairman of the Board, it is my responsibility to ensure the highest standard of corporate governance is upheld across Concurrent, as this is essential to delivering long-term shareholder value. The Board has adopted the Quoted Companies Alliance (QCA) Corporate Governance Code on the basis that it remains the most appropriate for Concurrent, in terms of size and structure. The QCA Code is constructed around ten principles. It states what it considers to be appropriate arrangements for small and mid-size companies and asks companies to explain how they meet the principles through the prescribed disclosures. Recognising the significant impact of its strategic and risk decisions on Concurrent's culture and performance, the Board emphasises transparent engagement with both individual and corporate investors. Ethical values and behaviours are fundamental to achieving corporate objectives, a commitment the Board maintains across all activities. The Board understands that good corporate governance is an important factor in creating a sustainable and efficient business and works hard to ensure that it does not depart from any of the principles of the QCA Code. The Board is confident that our approach to corporate governance will underpin the development of Concurrent and successfully position the business for its next stage of growth. A summary of how we comply with the QCA Code is set out below, and additional information can be found on our website. Principle 1: Establish a purpose, strategy and business model which promote long-term value for shareholders Concurrent designs and manufactures high-performance embedded computer products and systems for demanding applications, primarily for the defence and aerospace markets. It looks to be first-to-market with high quality products and systems that can be relied upon in all conditions and is forming valuable partnerships, including in the US with major defence contractors. Part of Concurrent's strategy is to grow through acquiring businesses that align with our offering, whilst remaining agile to the changing market conditions and growing organically. Our business model is designed to promote long-term profitable growth and cash generation, and our dividend policy and total shareholder return in recent years are indicators of long-term value for our shareholders. Concurrent's purpose is on the inside front cover, business model is on page 12 and the strategic framework follows from pages 13 to 16. The key risks and uncertainties faced by Concurrent are set out on page 25. Principle 2: Promote a corporate culture that is based on ethical values and behaviours Concurrent's vision is to excite our customers, colleagues and communities. The Board is committed to supporting and promoting the strong ethical and values-driven culture that is embedded throughout Concurrent. Our values and culture are integral to our identity and operations and are clearly communicated to all new employees through induction sessions and training. Regular discussions are held across teams and business units, to openly explore ways employees can contribute to and embody Concurrent's culture. This effort is further supported by an internal handbook and policies, such as the anti-bribery policy, whistleblowing policy and share dealing policies, designed to reinforce consistent and meaningful cultural alignment. There are regular inter-company events, which the Board considers increasingly important to embedding the values-driven culture it aspires to achieve as Concurrent grows. Concurrent continues to utilise Culture15 to assess its alignment with the target culture through comprehensive surveys. This process is supported by action tracking and ensuring that managers take ownership to actively drive the desired cultural transformations. Concurrent has also retained a working relationship with Coode Associates, a consultancy associated with Culture15, to carry out leadership training linked to its culture. Corporate Governance Statement continued Principle 3: Seek to understand and meet shareholder needs and expectations Led by the Chairman, the Board engages with shareholders directly through meetings, stock exchange announcements and at the Annual General Meeting (AGM). At the AGM, the CEO provides a business update, and shareholders are given the opportunity to ask questions of the Board. The CEO and CFO also meet shareholders and equity researchers at least twice yearly, and shareholder presentations are hosted on the Investor Meet Company platform, usually after the interim and full-year results announcements. These presentations include updates on major projects, financial highlights and results, and are also used to seek feedback directly from shareholders. Understanding what analysts and investors think about the business is critical for driving our business forward. Where significant feedback is provided, it is discussed by the Board and addressed appropriately. Quantitative and quantitative reporting of Concurrent's environmental and social matters are provided in the ESG Report on pages 19 to 23. Principle 4: Take into account wider stakeholder interests, including social and environmental responsibilities, and their implications for longterm success The Board as a whole is responsible for identifying the key resources and relationships on which Concurrent relies. The Board undertakes horizon scanning to identify its key stakeholder relationships, and makes sure that it has in place mechanisms to engage with its key stakeholders. Further details on how Concurrent interacts with its key stakeholders is detailed in the Strategic Report. Details of the environment and social issues that the Board has identified as being material to Concurrent are set out in the ESG Report on pages 19 to 23. Concurrent has partnered with Addidat, a leading ESG data and advisory provider, to provide analytics on its ESG performance and to support with its forward-looking targets and ambitions. Further information can be found in the ESG Report. Principle 5: Embed effective risk management, internal controls and assurance activities, considering both opportunities and threats, throughout the organisation Concurrent's approach to risk management is to ensure there are appropriate safeguards in place whilst proactively seeking new opportunities to grow. The Board is responsible for determining Concurrent's risk appetite as part of its strategic planning, and regularly reviews the risks that have been identified by the Executive Directors, which is supported by regular risk horizon scanning across Concurrent's operations and geographies. Details of Concurrent's principal risks and uncertainties are set out on page 25. Concurrent's overall control environment, as well as the risk management procedures, are also regularly reviewed by the Audit and Risk Committee. The principal elements of our internal control system include: close management of the day-to-day activities by the Executive Directors, ensuring information flow is constant and any emergent risks are flagged as early as possible; a well-defined, robust organisational structure, promoting ambitious and timely decision making; a comprehensive annual budgeting process, including a detailed profit and loss (P&L) account, and associated statements of financial positions, all of which are prepared under the oversight of the Board; detailed monthly reporting of Concurrent's financial performance, including revenue, profit, working capital, capital investment and quality, and the reasons if and where these figures deviate from the budget; strict controls over central finance, including capital expenditure and banking facilities; and an extensive ISO 9001 quality system. Despite considerable growth, the Board has determined that an internal audit function is not required due to the size of Concurrent's administrative function, the high level of Executive Director review and authorisation of transactions, and the close attention given to Concurrent's risk and control environment by the Board. The Board will continue to keep this matter under review. Details of Concurrent's governance of climate-related risks and opportunities, including how these are integrated into the overall governance framework, are set out in the ESG Report on pages 19 to 23. The Audit and Risk Committee, on behalf of the Board, reviews on an annual basis the independence of Concurrent's auditors, HaysMac LLP, who have held the position since 2023, taking into account their tenure, relationships with Concurrent and the wider group companies, and level of non-audit services provided. Corporate Governance Statement continued Principle 6: Establish and maintain the board as a well-functioning, balanced team led by the chair Concurrent's Board is made up of six Directors, led by the Chairman, each of whom brings relevant skills and experience to their role. Details of each of the Directors, including their relevant experience, skills and capabilities is set out on page 26. The Board considers that Mark Cubitt (Chairman), Issy Urquhart and Nat Edington are all independent. Apart from receiving directors' remuneration as disclosed in the Remuneration Report, none receive performance-related remuneration nor are entitled to participate in any share option scheme. The Board is satisfied that it has a suitable balance between independence and knowledge of the business to allow it to discharge its duties and responsibilities effectively. The Board is comprised of 33% women, with Directors from a broad range of backgrounds and experiences, and as such is able to efficiently inform and direct Concurrent's strategy for the benefit of its shareholders and other stakeholders. All Non-Executive Directors have confirmed and demonstrated that they have adequate time available to meet the requirements of the role and that they have no conflicts of interest. Non-Executive Directors are expected to devote such time as is necessary for the proper performance of their duties, including preparation for and attendance at board, committee, and shareholder meetings. Executive Directors work full time in the business and have no other outside business commitments. In line with best practice, each Director resigns and stands for reappointment at each Annual General Meeting (AGM). Principle 7: Maintain appropriate governance structures and ensure that individually and collectively the directors have the necessary up-to-date experience, skills and capabilities The Board is supported by the Audit and Risk, Remuneration and Nomination Committees. All of the Committees are made up of exclusively independent Non-Executive Directors, although Executive Directors are often invited to attend to present and provide relevant information or reports. Audit and Risk Committee The Audit and Risk Committee is chaired by Mark Cubitt, whom the Board views as having the significant financial experience needed for the role. Its other members are Issy Urquhart and Nat Edington. The Audit and Risk Committee reviews the audited financial statements and independent report of Concurrent's auditors, and oversees the risk management procedures. Further details Remuneration Committee The Remuneration Committee is chaired by Issy Urquhart, and its other members are Mark Cubitt and Nat Edington. It reviews and makes decisions on remuneration for the Executive Directors and other members of senior management, including bonuses, share schemes and long-term incentive plans. The Remuneration Committee has sought benchmarking data in order to ensure that remuneration is competitive and fair, whilst maintaining good value for shareholders. Further details on the activities of the Remuneration Committee can be found in the Remuneration Report on pages 31 to 34. Nomination Committee The Nomination Committee is chaired by Mark Cubitt, and its other members are Issy Urquhart and Nat Edington. Its function is to review and, where appropriate, recommend changes to the composition and membership of the Board and its committees, as well as to oversee the succession planning of the Board Audit and Risk Committee Remuneration Committee Nomination Committee Mark Cubitt 10 3 3 1 Nat Edington 10 3 3 1 Issy Urquhart 10 3 3 1 Miles Adcock 10 1* 3* 1* Kim Garrod 10 3* 3* n/a Brent Salgat 10 n/a n/a n/a Total meetings 10 3 3 1 * by invitation Throughout 2025, the Board met formally on 10 occasions, and other such times as necessary. Details of attendance at the Board and Committee meetings is as follows: on the activities of the Audit and Risk Committee can be found in the Audit and Risk Committee Report on page 35. senior management. The Company Secretary is responsible for providing a clear and timely information flow to the Board and its committees, and supports the Board on matters of corporate governance. The Company Secretary is responsible for ensuring that procedures are followed, and applicable rules and regulations are complied with. In addition, the Company Secretary supports the Board with the evolution of its governance framework in line with Concurrent's strategy. Corporate Governance Statement continued Principle 8: Evaluate board performance based on clear and relevant objectives, seeking continuous improvement The Board considers the measure of its effectiveness to be Concurrent's progress against the long-term strategy and aims of the business. This progress is reviewed in board meetings and takes into consideration various criteria such as the effectiveness of the composition of the Board, the approach to its work, the culture and dynamics, the structure and processes, the accessibility to information, the success in achieving its goals, and the need for succession planning. Due to its size, the Board did not undertake a formal performance review in 2025, and instead undertook ongoing assessment of all members of the Board, which included ensuring that each Director: is committed to the progress and long-term success of Concurrent; contributes in a meaningful and effective way; progresses within their role; adheres to the high standards of ethics and compliance within the regulatory framework; and maintains independence, where relevant. The Board will keep under review the need to undertake a formal performance review exercise. Succession planning is a matter considered by the whole board from their various points of view (risk, experience, incentivisation etc.). Primary responsibility for developing a succession planning approach currently rests with the Board but is undertaken on its behalf by the Nomination Committee. Concurrent seeks to promote staff internally but where internal promotion is not possible, Concurrent uses external advisors to seek appropriately qualified candidates. Principle 9: Establish a remuneration policy which is supportive of long-term value creation and the company's purpose, strategy and culture The Board has established a remuneration structure that provides an appropriate balance of fixed salary and benefits, annual bonuses for achieving specific targets that are set by the Board, and long-term share incentive plans to incentivise growth and shareholder value, aligning remuneration to shareholder interests. Targets for the Executive Directors are set by the Remuneration Committee on an annual basis to align to the execution and delivery of Concurrent's strategy, and to ensure its fairness, equity and alignment with Concurrent's pay principles. Further details of the remuneration arrangements can be found in the Remuneration Report on pages 31 to 34. In line with best practice, the Remuneration Policy and Report were put to shareholder votes at the AGM held in 2025, both receiving overwhelming shareholder support. The Remuneration Report will be put to a shareholder vote at the AGM to be held in 2026. Principle 10: Communicate how the company is governed and is performing by maintaining a dialogue with shareholders and other key stakeholders Concurrent places a strong emphasis on the standards of good corporate governance and maintaining effective engagement with its shareholders and key stakeholders. This is considered to be integral to longer-term growth and success and aims to ensure that all communications concerning Concurrent's activities are fair, balanced and understandable. The Board takes engagement and dialogue with its shareholders and stakeholders seriously, and has set out as part of the disclosures under Principles 3 and 4 of the QCA Code how it has taken steps to engage with these groups. In formally adopting the QCA Code as its chosen corporate governance code, the Board has reviewed all aspects of its compliance and has set out in these disclosures where the Board has taken the decision not to implement specific provisions of the QCA Code. People spotlight Ben Archer, Lead Applications Engineer Good governance in practice: disciplined decisions that protect outcomes. "I take extra care to validate requirements early, ask the right questions up front, and document constraints clearly. In mission-critical systems, finding a working solution isn't optional; the impact can reach all the way to the end user." Further information on Concurrent's compliance with the QCA Code can be found on the website at: https:// concurrent.tech/investors/corporate-governance. ‌Remuneration Report Concurrent is committed to attracting and retaining talented people who help turn strategy into action and deliver the Company's ambitious growth objectives. Introduction Attracting and retaining brilliant people is essential to delivering our strategy and meeting our growth ambitions. We know our success depends on the calibre of our teams, so we focus on building and keeping a workforce capable of executing our plans. We offer a compelling employee proposition, combining competitive remuneration with a culture that values innovation, inclusion, and excellence. This helps us stay attractive to prospective talent, while also fostering an environment where current employees feel valued and motivated to contribute to our success. For Executive Directors, Concurrent's strategic direction and growth plans require people with deep market expertise and exceptional leadership capability. The Remuneration Committee reflects these requirements when setting Executive Director compensation, while ensuring alignment with the wider employee population, and reinforcing our commitment to fairness. Executive Director Remuneration This report outlines the remuneration and benefits provided to Directors of Concurrent Technologies plc for the year ending 31 December 2025. As an AIM-listed company, Concurrent is not required to follow Directors' Remuneration Report regulations under Main Market UK Listing Rules or certain Companies Act 2006 provisions for listed companies. The Board has adopted the QCA Corporate Governance Code, with details of compliance explained in the Corporate Governance Report on pages 27 to 30. Further information on how we apply the QCA Remuneration provisions is included in this Remuneration Committee report. Remuneration Committee The Remuneration Committee operates under agreed terms of reference. It evaluates the performance of Executive Directors and the Executive Committee, and makes recommendations to the Board on remuneration, share awards, and terms of service, as appropriate. The committee also reviews the Company's pay practices to ensure they remain fair, equitable and consistent with Concurrent's compensation principles. The Remuneration Committee is chaired by Issy Urquhart and includes Mark Cubitt, Chair of the Board, and Nat Edington, Non-Executive Director. Remuneration Committee report During FY25, the Remuneration Committee met three times. Remuneration Policy Our Remuneration Policy is designed to reward Executive Directors fairly for their unique contribution to the Group's strategy and long-term success, while also taking market benchmarks into account. We consider the QCA Corporate Governance Code and relevant best-practice guidance, including adherence to plan rules such as the Long-Term Incentive Plan. A substantial portion of Executive Directors' pay is linked to performance. This supports our ability to attract and retain talented leaders with the skills and experience needed to manage the Group effectively in shareholders' interests. Each year, within the Remuneration Policy, the Remuneration Committee sets individual Executive Directors pay packages, which generally include: Base salary Annual bonus Long-term incentive plan (LTIP) awards Retirement benefits Healthcare Remuneration Report continued Base salary At the start of each financial year, the Remuneration Committee recommends base salaries for Directors. These are based on external benchmarks, individual performance and Company affordability. A market analysis exercise is also carried out for other members of the Executive Committee. The same approach is applied to the annual salary review for the wider employee base. Concurrent remains committed to ensuring all employees are paid at least the Real Living Wage. Annual Bonus Structure The Chief Executive Officer's annual bonus target is 100% of base salary. For FY25, the performance criteria were revised so that the entire bonus is determined by the Company's pre-tax profit performance. Under this approach, delivering on-target pre-tax profit performance results in an award of 50% of the total bonus, and achieving the stretch pre-tax profit target results in an award of 100% of the total bonus. Other Directors follow the same bonus structure, with their annual bonus target set at 66.7% of base salary. The Executive Committee (direct reports to the CEO) also follow this bonus structure, with an annual bonus target of 33.3% of base salary. Direct reports to the Executive Committee who hold key roles (the "Leadership Team") participate on the same basis, with a target of 15% of annual base salary. All of these roles use the same pre-tax profit performance criteria described above. All other employees remain eligible for the All-Employee Bonus Plan, which is also based on pre-tax profit, and uses the same on-target and stretch thresholds. This approach aligns performance measures across the Company. The wider sales team has its own bonus plans, based on regional targets, and is therefore excluded from the All-Employee Bonus Plan. This structure reflects our continued focus on profit performance: individual contributions (such as skills, capability and performance) are recognised through base salary, and collective performance is rewarded through incentives. Long-term incentive plan (LTIP) The Remuneration Committee, as a duly authorised committee of the Board, is responsible for setting policies for the Plan's operation and administration. This includes determining eligible employees, maximum share values for awards, performance targets, and grant conditions. The Plan limits the total number of shares allocated under it, together with any other Company Share Scheme, to not exceed 10% of the Company's issued share capital over a ten-year period. Individual awards are typically limited to 100% of salary, with possible exceptions up to 300% in any one year in exceptional circumstances. Where the Committee considers a one-off award above 100% of salary to be appropriate for retaining key talent, it will consult with the Company's largest shareholders before making any award. Any such award would include challenging performance conditions aligned with shareholder interests. Annual LTIP awards have a three-year vesting period and are linked to EPS growth. Awards vest at 25% for 5% annual compound EPS growth (gate) and at 100% for 10% annual growth (target), with vesting on a straight-line basis between gate and target. Awards lapse if performance falls below the gate, subject to the Remuneration Committee's discretion. EPS growth targets are reviewed annually for future awards. Annual LTIP awards are set as a percentage of base salary as follows: CEO - 100% Other Executive Directors - 66.7% Executive Committee and one additional employee - 33.3% Leadership Team - 15% Retirement benefits UK-based Executive Directors are eligible to participate in the Company's defined contribution pension plan, as outlined in Note 22 of the financial statements. The CEO has opted out of the Company's pension plan and instead receives an alternative payment, which is cost-neutral for the Company. This payment is excluded from base salary when calculating bonuses and share-based awards. US-based Executive Directors are eligible to participate in the Company's 401(k) retirement plan. Actual Performance bonus Remuneration Report continued The table below outlines the structure of actual bonus payments awarded to Executive Directors for FY25. Personal Objectives £ Pre-tax profit £ 2025 £ 2025 as % of base % Miles Adcock 70,874 212,621 283,495 100 Kim Garrod 28,364 85,090 113,454 67 Brent Salgat 27,428 82,284 109,712 67 Total 126,666 379,995 506,661 Each Director has an employment contract, with the CEO and CRO's contracts stipulating a nine-month notice period, while the CFO is on a six-month notice period. The Non-Executive Directors' service contracts have a three-month notice period and offer a base fee structure without additional benefits or participation in the Company's bonus plans or share scheme. Director's emoluments during the year ended 31 December 2025 were: Directors emoluments Fees/basic salary Objective bonus Performance bonus Pension Benefits in Kind 2025 Total 2024 Total £ £ £ £ £ £ £ Executive Miles Adcock 300,000 70,874 212,621 27,000 1,522 612,017 614,719 Kim Garrod 190,000 28,364 85,090 19,000 1,712 324,166 277,966 Brent Salgat 170,134 27,428 82,284 0 0 279,846 292,567 Non-Executive Mark Cubitt 59,000 0 0 0 0 59,000 57,900 Nat Edington 35,000 0 0 0 0 35,000 34,059 Issy Urquhart 35,000 0 0 0 0 35,000 35,000 Total 789,134 126,666 379,995 46,000 3,234 1,345,029 1,312,211 Share options Remuneration Report continued The Company operates both a legacy Enterprise Management Incentive (EMI) scheme and a more recent LTIP. While overall responsibility for these plans sits with the Board, their management is delegated to the Remuneration Committee. The Remuneration Committee also determines which employees are invited to participate in the schemes, extending options to a select group based on defined criteria. Details of the Directors' outstanding share awards are below. No. of shares under option 31.12.24 New awards Options exercised Lapsed No. of shares under option 31.12.25 Exercise price Date from which share option is exercisable Share option expiry date Miles Adcock 267,379 0 267,379 0 0 93.5p 2-Jun-24 21-Jun-31 Miles Adcock 288,235 0 288,235 0 0 1.0p 1-Jan-25 23-Nov-31 Miles Adcock 326,136 0 0 0 326,136 1.0p 1-Jan-26 27-Oct-32 Miles Adcock 393,306 0 0 0 393,306 1.0p 31-Dec-26 22-Oct-33 Miles Adcock 245,365 0 0 0 245,365 1.0p 31-Dec-27 24-Sep-34 Miles Adcock 0 134,228 0 0 134,228 1.0p 31-Dec-28 29-Sep-35 Brent Salgat 100,000 0 100,000 0 0 101.5p 14-Oct-23 14-Oct-30 Brent Salgat 82,789 0 82,789 0 0 1.0p 1-Jan-25 21-Nov-31 Brent Salgat 114,377 0 0 0 114,377 1.0p 1-Jan-26 27-Oct-32 Brent Salgat 127,858 0 0 0 127,858 1.0p 31-Dec-26 22-Oct-33 Brent Salgat 100,938 0 0 0 100,938 1.0p 31-Dec-27 24-Sep-34 Brent Salgat 0 52,931 0 0 52,931 1.0p 31-Dec-28 29-Sep-35 Kim Garrod 153,061 0 153,061 0 0 1.0p 1-Jan-25 19-May-32 Kim Garrod 97,403 0 0 0 97,403 1.0p 1-Jan-26 27-Oct-32 Kim Garrod 117,463 0 0 0 117,463 1.0p 31-Dec-26 22-Oct-33 Kim Garrod 98,195 0 0 0 98,195 1.0p 31-Dec-27 24-Sep-34 Kim Garrod 0 56,957 0 0 56,957 1.0p 31-Dec-28 29-Sep-35 The market price of the Company's shares at the end of FY25 was 221.5p and the range of published market prices during the year was 136.5p to 264.0p. Chair of Remuneration Committee Issy Urquhart ‌Audit and Risk Committee Report The Audit and Risk Committee is responsible for reviewing and scrutinising Concurrent's financial statements and risk and control environment. The Audit and Risk Committee is chaired by Mark Cubitt and includes Nat Edington and Issy Urquhart as the other members. The Committee met three times in FY25 to review progress on the audit and approve the annual accounts, and to review Concurrent's risk and control processes. In addition to standing items on the agenda, during FY25 the Committee also: Further details on Concurrent's risk management approach can be found in the corporate governance disclosures found on pages 27 to 30. The principal risks and uncertainties facing Concurrent are set out on page 25. Independence and objectivity of the auditor The Committee is responsible for Reporting responsibilities The Committee provides recommendations to the Board on areas within its remit requiring action or improvement, ensuring compliance with relevant laws, the AIM Rules for Companies, the QCA Corporate Governance Code, and other applicable regulations. It oversees investigations within its scope and operates under agreed terms of reference aligned with the Group's financial position and objectives. The Group has a Whistleblowing Policy in place, outlining a formal process for employees to confidentially raise concerns about potential misconduct, including issues related to financial reporting and other areas. Reviewed reports from the auditor as part of the annual financial statement evaluation, including the: audit plan and scope for the year; key areas of focus and conclusions; auditor's materiality assessments; terms of engagement with the auditor; and ongoing impact of future accounting developments on the Group. Assessed the annual report and accounts to ensure they are fair, balanced, and understandable. Evaluated the effectiveness and independence of the external audit process. Reviewed the Auditor's Report. Reviewed the effectiveness of internal controls, risk assessment processes, monitoring the auditor's work to ensure their objectivity and independence are not compromised by inappropriate non-audit activities. In doing so, the Committee assesses the auditor's performance, considering key factors such as key personnel and tenure. Based on this assessment, the Committee recommends the re-appointment of HaysMac LLP as the Company's external auditors at the next AGM. Non-audit fees HaysMac did not provide any non-audit services during FY25. In FY25, the fees paid to the auditor were £183,500 for Group and subsidiary audit. Other matters Capitalisation and impairment of research and development During 2025, the Committee considered the capitalisation of R&D and the impairment assessment prepared by management. It critically assessed the inputs, such as consideration of the reasonableness of discount rates applied and of reviewing forecasts into individual R&D product projections. Review of acquired intangibles The intangibles and goodwill recognised on the FY23 acquisition of Phillips Aerospace were reviewed for impairment. Whilst Systems was loss making in FY25, this was expected and the outlook and pipeline for FY26 is encouraging. Review of inventory provisioning The Committee reviewed the levels of stock, ageing and projected usage to determine the level of provisioning required. Revenue recognition As Systems revenues expand, the timing of revenue recognition will be an increasing area of significance. Revenue recognition has been identified as an area of increased focus with the auditors and has been discussed in both audit planning and closing meetings. The Committee is empowered to request information from any Group employee Significant areas considered by the Committee concerning the FY25 financial statements are set out below: Areas estimates Matters considered and the role of the Audit and Risk Committee assurance mechanisms, and changes in significant risks. Undertook a detailed review of the risk register with input from across Concurrent. and may call staff for questioning during meetings as needed. It can also obtain external legal or professional advice, at the Group's expense, on matters within its remit. ‌Directors' Report The Directors have pleasure in presenting the Annual Report and Accounts for FY25. Results and dividends The profit on ordinary activities after taxation for FY25 was £5.1m (FY24: £4.7m). The proposed dividend per share is 1.1p (FY24: 1.1p) Research and development Concurrent recognises the critical importance of investing in R&D to drive both technical innovation and commercial competitiveness. Expenditure on R&D was £3.9m (FY24: £3.0m). The drop from FY24 was predominantly due to a mix of customer-funded activities and internal product development. Donations The Group made no donations this year or up to the date of signing this Directors' Report. Substantial shareholders As of 31 December 2025, the following entities or individuals held an interest of 3% or more in the Company's Ordinary Shares. Shareholder Quantity Percentage Charles Stanley 9,853,649 11.33% Hargreaves Lansdown Asset Management 6,741,502 7.75% Interactive Investor 5,943,835 6.83% Premier Milton UK Multi Cap Income Fund 4,266,431 4.90% EFG Harris Allday 4,033,661 4.64% Rathbone Investment Management 3,422,294 3.93% AJ Bell Securities 2,635,616 3.03% Seguro Nominees Ltd 2,615,489 3.01% Directors' interests The Directors listed below have held office throughout the period from 1 January 2025 to 31 December 2025. Their beneficial interests in the Company's Ordinary Share Capital as of 31 December 2025 are detailed below: 31/12/2025 31/12/2024 Mark Cubitt 70,000 70,000 Nat Edington 30,000 30,000 Miles Adcock 315,431 61,538 Brent Salgat 201,555 150,000 Kim Garrod 95,368 15,000 Streamlined energy and carbon reporting (SECR) Concurrent is only required to report on the energy use and greenhouse gas (GHG) emissions resulting from our UK operations, which can be found in the ESG report on pages 19 to 23. Employee and stakeholder engagement Details of our engagement with Concurrent's employees is included in the ESG report on pages 19 to 23. Our engagement with suppliers, customers and others with business relationships is set out in the corporate governance disclosures on pages 27 to 30. Principal risks and uncertainties The Directors' assessment of the principal risks and uncertainties facing the Group is discussed on page 25 under the Principal Risks and Uncertainties section. Officers' insurance Concurrent has purchased and maintains insurance to cover its officers against liabilities in relation to their duties to the Group. Post-balance sheet events There were no post-balance sheet events to report. Equal opportunities Directors' Report continued The Directors are responsible for safeguarding the assets of the Group and Company Our equal opportunities policy demonstrates our commitment to providing equal opportunities through employment, training, career development and promotion to all colleagues, irrespective of age, disability (including colleagues who may have become disabled during service and prospective employees), gender, marriage and civil partnership, pregnancy or maternity, race, religion or sexual orientation. We support managers and colleagues in creating a diverse and inclusive culture where everyone is given fair and equal opportunities. Auditor Concurrent's auditor, HaysMac LLP, has expressed its willingness to continue in office and a resolution will be proposed at the next AGM for its reappointment as auditor. Each of the Directors has confirmed that: so far as the Director is aware, there is no relevant audit information of which the Company and Concurrent's auditor is unaware; and the Director has taken all the steps that he/she ought to have taken as a Director in order to be aware of any relevant audit information and to establish that Concurrent's auditor is aware of that information. Directors' responsibility statement In accordance with applicable law and regulation, company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with UK-adopted international accounting standards and the Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law). Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period. In preparing the financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This Directors' report was approved by the Board of Directors on 11 April 2026. Mark Cubitt Chairman People spotlight Astrid Igot, Internal Sales Manager state whether applicable UK-adopted international accounting standards have been followed for the Group financial statements and United Kingdom Accounting Standards, comprising FRS 101 have been followed for the Company financial statements, subject to any material departures disclosed and explained in the financial statements; make judgements and accounting estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business. An inclusive culture in practice: support, learning and progression, so people can thrive as they build expertise. "Don't be afraid to ask questions and reach out for help… We are lucky enough at Concurrent to have very knowledgeable and helpful people." ‌Opinion Independent Auditor's Report To the directors of Concurrent Technologies plc We are independent of the group and the parent company in accordance with the We have audited the financial statements of Concurrent Technologies PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise: Group Company - the Consolidated Statement of Comprehensive Income; - the Company Statement of Financial Position; ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the FRC's) Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. An overview of the scope of our audit As the group comprises the parent company and two trading subsidiaries, the scope - the Consolidated Statement of Changes in Equity; - and related notes to the financial statements the Consolidated Statement of Financial Position; the Consolidated Statement of Cash flows; the Company Statement of Changes in Equity; of our work was the audit of the financial statements of the group, with full scope audit procedures performed on Concurrent Technologies PLC and Concurrent Technologies Inc, which were identified as the most significant components of the group compared to our materiality benchmark and risk assessment. Specific scope procedures - and related notes to the financial statements were performed in relation to Phillips Aerospace, focusing on specific balances and classes of transactions which were identified as being most relevant to our group risk assessment. The scope of the audit and our audit strategy were developed using our audit planning process to obtain and update our understanding of the group, its activities, its internal control environment, and, where relevant to our audit, likely future developments, in order to identify and assess the risks of material misstatement of the group financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom adopted International Financial Reporting Standards (IFRSs). In our opinion: the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended; the group financial statements have been properly prepared in accordance with UK adopted International Financial Reporting Standards (IFRS). the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. Our audit testing was informed by this understanding of the group and accordingly was designed to focus on areas where we assessed there to be significant risks of material misstatement. Audit work to respond to the assessed risks was performed directly by the audit engagement team. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the group's and parent company's ability to continue to adopt the going concern basis of accounting included: Discussing management's assessment of the group's ability to remain a going concern; Obtaining an understanding of relevant controls relating to the assessment of going concern models, including the review of the inputs and assumptions used in those models;

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