Annual Report

‌Eleco plc Annual Report

Creating certainty for the built environment

‌Eleco plc - Annual Report and Accounts 2025

Strategic Report

Governance

Financial Statements

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Eleco plc is a well-established and leading international software and services provider for the built environment, encompassing the building lifecycle from early planning and scheduling stages through to design and construction of all types, and to facilities management, operations and maintenance.

The Group's range of best-of-breed software capabilities covers both Contech (Construction Technology) for the building sector and Proptech (Property Technology) for the real estate sector.

A Read more onpage 2

Headquartered and listed in London, the Group has international operations in the UK, Ireland, Germany, Sweden, the Netherlands,

A Read more onpage 12

Download the digital version of this report: www.eleco.com

Romania, the USA and Australia. Other markets are also serviced through a network of channel partners.

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Strategic Report

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£38.8m +20%

£38.8m

+26%

£7.3m +35%

£16.3m

+16%

2025 £7.3m 2025 £16.3m

* For definitions please see note 26.

£24.9m

2024

£31.3m

2025

£32.4m

2024

£38.8m

2025

2024 £14.0m

2024 £5.4m

• Acquisition in January 2025 of Pemac, based in Ireland, a recognised leader in providing SaaS Computerised Maintenance and Management Software (CMMS), complementing the Group's existing ShireSystem CMMS software.

  Gross Margin			Adjusted EBITDA*
  89.6%	+30 basis points		£10.2m		+32%
  2025	89.6%		2025		£10.2m
  2024	89.3%		2024	£7.7m

• Acquisition post year end of Kivue Ltd, a leading UK-based provider of Project Portfolio Management (PPM) SaaS software and associated services, complementing the Group's PM3 PPM software.

• Post year end, disposal of Veeuze GmbH, a non-core, wholly owned German-based

  Visualisation business to a management buyout; reinforcing the Group's strategic focus on its higher growth Building Lifecycle businesses and continued emphasis on shareholder value.

  Technology

• Asta Powerproject awarded 'Project Management Software of the Year' at the UK Construction Computing Awards for the twelfth consecutive year, together with the prestigious 'Company of the Year' award, recognising Eleco's commitment to innovation and excellence in the construction industry.

• Release of Asta Vision PlusTM, a new extension to the Asta VisionTM platform, introducing

API-led capabilities that prepare customers for predictive, AI-driven planning. Asta Vision Plus provides customers with structured access

to project data, deep integration capability with third-party systems, including specialist construction content platforms as well as large language model-based AI systems.

• Post year end release of Asta EstimateTM in the UK, a software solution for construction and carbon estimating used for tenders, improving productivity and to reduce project risk. Asta Estimate is the only solution in the UK market that seamlessly integrates cost, carbon,

  and schedule data into a single workflow via direct links to Asta Powerproject. This unique integration enables users to manage estimates alongside project schedules and sustainability metrics from the outset.

• Advances in AI have enabled the Group to enhance its products, protect its installed customer base and reinforce its position in complex, highly regulated, human-led industries, while also accelerating rapid prototyping and innovation.

  Growth

• Record recurring revenue growth and record year-on-year software revenue growth.

• Onboarded high-profile retail property customers comprising one of the top ten UK supermarket retailers and two leading international fashion brands, marking continued momentum in expanding the

  Group's global and domestic market presence.

• Recertifications under the revised ISO 27001:2022 accreditations for Elecosoft UK Limited, BestOutcome Limited, and Pemac.

• Improved operational gearing and enhanced adjusted profitability, together with further increased interim and final dividends.

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Eleco offers a leading and comprehensive range of innovative

and award-winning digital construction software solutions for the built environment

Eleco's software solutions are trusted by international customers and used throughout the building lifecycle from early planning and

14

Serving Eleco's core regions: UK, Ireland, Germany, Sweden, Romania, the Netherlands, the USA and Australia.

316

Eleco is an expanding people business and the diversity, calibre of talent, alignment with management vision and cultural values remain hugely important to delivering the Group's strategic ambitions.

97%

Eleco's direct sales model accounts for more than 97 per cent of its total revenues, supplemented by established value-added resellers in territories that extend its reach further.

8%

47%

20%

18%

4%

design stages through to construction, interior fit out, asset management and facilities management to support project delivery, estimation, visualisation, Building Information Modelling (BIM) and property management.

Our products and services are designed to drive forward our purpose: solving the challenges of the built environment through digital transformation.

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Eleco's biggest market, this has a wide portfolio of solution offerings

(excluding Scandinavia and Germany)

We continue to expand our business operations across continental Europe including the Republic of Ireland

Scandinavia has a proud heritage with established solutions like Bidcon, Staircon and Asta Powerproject

Eleco operates in Europe's biggest single economy

The USA represents a large potential market

Strong growth with record recurring revenues

Mark Castle

Chairman

I am pleased to report another year of strong growth for Eleco. In 2025 we delivered growth ahead of market expectations while achieving record levels of recurring revenue.

The pace of change within the industries and markets we serve continues to accelerate, with our customers embracing greater use of technology. Within that they are adopting digital workflow solutions, while seeking meaningful efficiencies through the harnessing and joining up of data, and effective use of artificial intelligence. Eleco, with its proven, world-class and comprehensive portfolio of software solutions across the product lifecycle, is extremely well positioned to capitalise on these growth drivers. Whether it

be cost management, scheduling, project delivery or asset management and facilities, we have a solution and the industry-trusted experience to cater for our customers' needs.

Organically, we continue to make key senior strategic hires as Eleco scales. Structurally, we are moving to a business model that focuses the Group on verticals and sector knowledge. Internal resources, systems and reporting all align to this objective.

Alongside this organic growth we remain active in the M&A space. In January 2025, we acquired and successfully integrated the Pemac business in Ireland. With this broader Group geographic footprint, Pemac, alongside ShireSystem, creates a strengthened, market-leading offering to the Computerised Maintenance Management System ('CMMS') market globally.

Post year end, in February 2026, Eleco complemented its Project Portfolio Management ('PPM') software offering with the acquisition of Kivue Ltd, with its focus on larger enterprise projects and a senior management

and C-Suite audience. Integration of our two PPM businesses, Kivue and BestOutcome, into one is already underway. Following a comprehensive review, evaluation of strategic alternatives, and performance challenges, the Board has decided to strategically exit our Visualisation business, Veeuze, selling it to the current management team. This decision results in an impairment to the carrying value of this subsidiary, resulting in a non-cash charge to the income statement.

More generally, we continue to execute on our longer term strategy and identify and target potential M&A opportunities that meet our strategic objectives and deliver enhanced shareholder value.

The world is presently challenged with macroeconomic uncertainties and geopolitical headwinds. Despite this backdrop, the operational performance of the business continues to impress. Revenues, recurring revenues and operating profitability were all ahead of market forecasts.

Total revenue improved by 20 per cent to £38.8m (2024: £32.4m) (or 19 per cent on a constant currency basis to £38.4m). Following on from similar levels at the half year, yet with increased contribution from service revenues, total recurring revenues represented 81 per cent of total revenues (2024: 77 per cent). ARR (Annualised Recurring Revenue) was up 29 per cent to

£34.3m (2024: £26.6m). TRR (Total Recurring Revenue) increased by 26 per cent to £31.3m (2024: £24.9m). Details on these recurring revenue definitions are provided in note 26.

The 2025 results demonstrate improved returns to our shareholders through improved profitability from our increasing scale. Adjusted EBITDA was higher by 32 per cent to £10.2m (2024: £7.7m), Adjusted profit before taxation was up 35 per cent to £7.3m (2024: £5.4m), Adjusted profit after taxation increased by 24 per cent to £5.2m (2024: £4.2m) and Adjusted EPS rose by 24 per cent to 6.3 pence per share (2024: 5.1 pence per share). Statutory measures are impacted by the impairment discussed earlier and in the

CEO Report.

In uncertain macroeconomic and geopolitical times, Eleco's robust balance sheet derived from its cash and absence of gearing, provides resilience.

The Group also continues to enjoy a strong operating cash generation, notwithstanding the net cash requirements and related costs of the Pemac acquisition, totalling £4.6m, and an increased interim and final dividend payment to our shareholders. At 31 December 2025, cash was £16.3m (at 31 December 2024: £14.0m). After year end, the Kivue purchase led

to a consideration outflow in cash terms of £1.8m. The Group remains free of debt.

Continued

In 2025 Eleco delivered growth across all metrics, exceeding consensus market expectations for revenues, recurring revenues and operating profitability. We continue to deliver

on our strategic objectives to further scale and enhance the Group both organically and inorganically, and look forward to that fulfilment.

We remain on the concerted journey of investing in people, systems and governance for the Group. The quality of our teams and of their teamwork are fundamental to the future success and growth of our business. On behalf of the whole Board, I provide my sincere thanks for their continued efforts, dedication and success.

Eleco advocates a progressive and sustainable dividend policy. Continuing with returns commensurate with the ongoing improvement in underlying performance of the Group, the Board is proposing a final dividend of 0.85 pence per share (2024: 0.70 pence per share), which, with the interim dividend of 0.35 pence per share (2024: 0.30 pence per share), gives a combined total for the year of 1.20 pence per share, (2024: total of 1.00 pence per share), up 20 per cent.

The final dividend is payable on 3 July 2026 to shareholders on the Register on 19 June 2026. The ex-dividend date will be 18 June 2026.

In 2025 Eleco delivered growth across all metrics, exceeding consensus market expectations for revenues, recurring revenues and operating profitability. We continue to deliver on our strategic objectives to further scale and enhance the Group both organically and inorganically, and look forward to that fulfilment.

Eleco has a diversified product solution portfolio which, despite some ongoing challenging market conditions in some verticals and sectors, remains well positioned in its innovation, resilient high recurring revenue business model and customer centricity and domain experience. With this foundation and positive market drivers, the Board is confident of the financial outlook in 2026.

Mark Castle

Chairman

27 April 2026

Ahead of market expectations for revenue, operating profitability and cash

Jonathan Hunter

Chief Executive Officer

I am pleased to report that annual results for the full year ended 31 December 2025 are ahead of market expectations for revenue, operating profitability and cash generation.

Recurring revenues exceeded previous record levels and now account for 81 per cent of total revenues (2024: 77 per cent), further strengthening the quality and resilience of the Group's earnings.

This improved performance reflects the successful execution of our strategy, driven by our go-to-market initiatives (ARE: Attain new customers, Retain existing customers and Expand customer relationships); continued investment in technology and innovation, and a focused approach to M&A.

We are pleased with the acquisition and successful integration of PMI Software Limited, Ireland (trading as "Pemac") in January 2025; a recognised leader alongside ShireSystem, in the SaaS Computerised Maintenance and Management Software (CMMS) market. More recently, in February 2026,

we acquired Kivue Ltd, a UK-based project portfolio management (PPM) software business. Also in 2026, we have taken the difficult but necessary strategic decision to exit and impair our Visualisation business, allowing us to focus our capital and management attention on our higher-growth Building Lifecycle businesses going forward.

Group revenues increased by 20 per cent to £38.8m (2024: £32.4m), and by 19 per cent in constant currency terms to £38.4m. Organic growth was 11 per cent, excluding the impact of acquisitions.

Total Recurring Revenue ("TRR"), representing recurring revenues recognised across the year, increased by 26 per cent to £31.3m (2024: £24.9m), representing 81 per cent of total Group revenues (2024: 77 per cent).

Annualised Recurring Revenue ("ARR"), calculated as normalised recurring revenue for December 2025 multiplied by twelve, increased by 29 per cent, reaching a new record of £34.3m (2024: £26.6m).

Within total revenues, UK customer-generated revenue increased by 16 per cent to £18.4m (2024: £15.9m), representing 47 per cent of total Group revenues (2024: 49 per cent). Overseas revenues grew by 24 per cent to

£20.4m (2024: £16.5m), accounting for the remaining 53 per cent of total revenues (2024: 51 per cent). Despite ongoing macroeconomic challenges in the visualisation services sector in Germany, the overseas contribution was supported by improved trading in Sweden and the Rest of World, together with the contribution from the Pemac acquisition in Ireland.

Revenue growth, together with improved gross margins and control of overheads, including the absorption of additional acquisition cost bases, resulted in higher operating profitability. Adjusted Operating Profit (adjusted for non-recurring M&A costs, amortisation of acquired intangibles, share-based payments and before impairment) increased by 40 per cent to £7.3m (2024: £5.2m).

Adjusted EBITDA increased by 32 per cent to £10.2m (2024: £7.7m). Adjusted profit before taxation rose by 35 per cent to £7.3m (2024: £5.4m) while Adjusted profit after taxation increased by 24 per cent to £5.2m (2024:

£4.2m). Adjusted basic earnings per share increased to 6.3 pence per share, a 24 per cent increase over the prior year (2024: 5.1 pence per share).

Definitions of Adjusted performance measures are set out in note 26.

Statutory profitability measures include the impact of one-off items, most notably the impairment of the carrying value of assets relating to the Group's former Visualisation business, Veeuze GmbH of £2.3m (2024: £nil). As a result, statutory operating profit decreased by 32 per cent to £2.8m (2024:

£4.1m) and profit before taxation was 35 per cent lower at £2.8m (2024:

£4.3m). Profit after taxation decreased to £1.3m (2024: £3.3m). EBITDA, before impairment however, increased by 28 per cent to £9.2m (2024:

£7.2m). Statutory basic earnings per share decreased to 1.6 pence per share (2024: 4.0 pence per share).

The Group remains debt free and strongly cash generative. Cash at 31 December 2025 was £16.3m (at 31 December 2024: £14.0m).

The strong position was achieved despite £4.6m of consideration and associated costs, less cash acquired, relating to the Pemac acquisition, together with increased interim and final dividend payments totals in year

£0.9m (2024: £0.7m). Subsequent to the year end, cash reduced by £1.8m following the settlement of the cash consideration element of the Kivue acquisition, prior to acquisition-related expenses.

Continued

£38.8m

£32.4m

2024

£38.8m

2025

£31.3m

£24.9m

2024

£31.3m

2025

89.6%

89.3%

2024

89.6%

2025

* For definitions please see note 26.

Eleco's long-term vision is to strengthen its digital presence, deepen customer engagement and relationships, and expand its market reach through strategic investments, technological advancements and clear, consistent brand direction. Through this strategy, Eleco aims to lead in providing digitally transformative solutions for the built environment. Central to this strategy is our belief that technology should enhance, not replace, professional expertise. The built environment is characterised by complexity, regulation and human judgement, where outcomes depend on skilled decision making rather than automation alone. Our solutions are therefore designed to keep people firmly "in the loop", using digital tools and artificial intelligence to remove friction, improve insight and allow customers to apply their expertise more effectively.

The Group's established and robust Growth Platform is underpinned by three strategic pillars:

1

Go-to-Market

2

3

Technology and Innovation Mergers and Acquisitions (M&A)

1

We have continued to enhance sales and marketing techniques, improve sales forecasting and pipeline analysis and implement customer success initiatives such as premium support. This has once again resulted in an increase in the average Annualised Recurring Revenue (ARR) per customer and a higher average number of licences per customer.

In parallel, we have developed our branding strategy, strengthening the Eleco master brand while preserving the value of our established product brands. This initiative is intended to improve consistency across customer touchpoints, support clear market positioning and provide a scalable visual platform for future growth. Implementation is progressing in a measured manner and is already supporting improved brand recognition for our newly-acquired businesses.

Net Revenue Retention in 2025, which is defined as the percentage of recurring revenues retained from existing customers, was at 110 per cent, an advance over the 109 per cent in 2024. The number of net new licences, new licences per customer, and customer numbers for the Group increased once again in 2025 over 2024.

The Building Lifecycle operations delivered strong growth of 29 per cent in line with our aim to drive growth with existing customers and their digital transformation plans. This was especially evident with our UK, Irish, Swedish and Benelux operations.

Against an ongoing backdrop of the relatively stagnant German economy and budget constraints amongst our visualisation clients, trading conditions for Veeuze remained challenging. While there was a modest improvement in the second half of the year, performance continued to be volatile and loss-making. In addition, the visualisation sector is undergoing rapid technological change, with increasing requirements for agile developments in artificial intelligence to remain competitive. Reflecting these market conditions, an impairment of the business's carrying value has been recognised in the Group's 2025 financial results.

Accordingly, decisive action was taken to address the underperformance

of this non-core activity, with the divestment of the Veeuze business through a management buy-out. This transaction provides greater certainty for the business, its employees and its customers, and we wish them well in the next phase of their development. The transaction reinforces the Group's strategic focus on its higher-growth core Building Lifecycle businesses, releases valuable management capacity and supports improved organic growth, profitability and cash generation over time.

The US market continues to represent an attractive long-term opportunity, where we are steadily increasing brand penetration, albeit against strong incumbent competition. As explained at the half year, two sizeable service orders for an Asta customer and a Veeuze visualisation customer were not repeated in 2025, resulting in total US revenue being 6 per cent below that of 2024. Nevertheless, US recurring revenues advanced by 18 per cent

at $1.3m (2024: $1.1m), with customer numbers also increasing. We are encouraged by the uptake of Asta Vision and the expansion of Pemac in the USA.

2

Technology and innovation is embedded in the Group's DNA, and is reinforced by our deep domain expertise across our markets. The Group employs over 87 software engineers and reinvested 15 per cent of revenue in research and development during the year (2024: 17 per cent), focused on our core product solutions while delivering new customer-led functionality.

We continue to offer feature-rich, best-of-breed software that is highly valued by customers. Ongoing innovation initiatives are focused on artificial intelligence (AI), data accessibility and visibility, such

as cloud collaboration solutions, mobile applications, reporting and analytics. We are increasingly expanding our e-commerce solution, starting with Asta, to make our software more accessible to all.

During the year, Asta won the UK Construction Computing Project Management Software of the Year Award for the twelfth consecutive year and Eleco was named Company of the Year at the same awards.

2025 saw the continued strong interest and geographical uptake in our Asta Vision Live real-time collaboration platform that enables multiple planners and other stakeholders (including senior management) to actively monitor and improve project delivery, thereby providing more effective resource allocation and reducing delays, cost and wastage.

Notable product releases during the year included Asta Powerproject 2026.1, featuring enhanced 3D and 4D capabilities, as showcased at Digital Construction Week, and a substantially enhanced Pemac Assets 4.2 release, incorporating customisable dashboard, improved mobile functionality and user experience, and strengthened GxP asset compliance. Alongside delivery of its feature roadmap, Pemac Assets was upgraded to the latest version of Python, ensuring that it remains secure, reliable and

well-positioned for the future. BestOutcome PM3 releases included a new web-based Gantt chart with critical path analysis, together with multi-user and accessibility enhancements. Subsequent to the year end also saw the launch of Asta EstimateTM in the UK, bringing together Bidcon and Asta Powerproject in an offering that combines cost, carbon and scheduling into a single workflow.

In applying new technologies, particularly artificial intelligence, the Group remains focused on supporting human decision making rather than automating it away. In complex, safety critical and labour intensive environments such as construction, infrastructure and asset management, effective outcomes depend on experience, judgement and accountability. Our approach to AI is therefore centred on augmenting professional capability, improving visibility and reducing manual effort, while ensuring that customers retain control over critical decisions.

The Group continues to apply artificial intelligence to enhance both product capability and operational efficiency. AI is increasingly embedded within our software development processes, supporting faster iteration, improved reuse of existing code and the modernisation of legacy platforms, while maintaining product quality and security. Within our product portfolio, AI-enabled functionality is enhancing insight, accessibility and integration, particularly through Asta Vision PlusTM and Asta GPTTM, strengthening the value proposition for customers. AI is also being used selectively within our consultancy and support operations to improve onboarding efficiency and scalability, helping to reduce manual effort and support growth without proportionate increases in cost.

In March 2026, we released Asta Vision PlusTM, an extension to the Asta Vision platform that introduces API-led capabilities, providing customers with structured access to project data enabling deeper integration with third-party systems, including specialist construction platforms and large language model-based AI tools.

Continued

3

This improved performance reflects the successful execution of our strategy, driven by our goto-market initiatives (ARE: Attain new customers, Retain existing customers and Expand customer

relationships); continued investment in technology and innovation, and a focused approach to M&A.

The Group's M&A activities involve a considered evaluation of opportunities and potential targets that enhance shareholder value through the expansion of capabilities, profitability and geographic reach. Acquisitions are required to complement or extend the Group's solutions, while existing businesses are continually assessed against the same strategic growth and return criteria.

2025 was an active year for the Group's M&A programme, and at times it was appropriate to withdraw from marketed opportunities where assets were assessed as less attractive than initially anticipated, reflecting our continued commitment to disciplined capital allocation.

Equally, some businesses within the Group's portfolio may exhibit growth profiles that diverge from our longer-term strategic direction. As a result, and as stated earlier, following a careful review, the Board took the difficult decision to divest, subsequent to the year end, its German-based Visualisation business, Veeuze, through a management buy-out. The transaction releases valuable management capacity at Group level to support the execution of our core strategy and future acquisition activity.

The integration of the Pemac maintenance management business, acquired in January 2025, has been successful, and has expanded the Group's geographic footprint in Ireland and beyond. Together with our established ShireSystem and IconSystem products, which address complementary asset-intensive market segments, the Group has progressed towards a more unified Asset Management focus. It has been particularly encouraging to see improved alignment of customer verticals and propositions between Pemac and ShireSystem, alongside Pemac's early expansion into the US market.

In February 2026, the Group acquired Kivue Limited ("Kivue"), a UK-based provider of Project Portfolio Management ("PPM") SaaS software and associated services, for an enterprise value basis of £2.3m (comprising approximately £1.8m in cash and £0.5m in equity). Based in Reading, UK, Kivue with its Perform offering, complements the Group's existing PM3 solution from BestOutcome which is used to manage strategic programmes and multiple portfolio management projects by Project Management Offices and Project Managers. The addition of Kivue further extends our reach into senior manager and C-Suite users managing complex enterprise portfolios.

Our people are central to Eleco's success. Since 2023, we have published an internal Year in Review magazine to recognise and celebrate the dedication, achievements and contributions of colleagues across the Group, while providing a forum for sharing perspectives on topics that matter to them and to Eleco. This initiative supports our commitment to an inclusive culture and has helped raise awareness of the diversity of skills, experience and talent within the Group.

Sustainable growth remains a key priority which is embedded in the Group's environmental, social and governance (ESG) agenda. Further details are provided in the Sustainability and ESG Committee Reports.

Alongside our investment in people, we continue to progress our system strategy. During the year, our Nordics operations, BestOutcome in the UK and the US business adopted the Group's common ERP system, with additional modular enhancements deployed in Scandinavia. The Irish and Romanian operations are scheduled to follow in 2026, further improving consistency, scalability and control across the Group.

Societal, technological and macroeconomic trends including digitalisation, population growth, urbanisation and land-use pressure, and regulation, continue to shape the markets in which Eleco operates and provide significant long-term growth potential. Independent research by FMI estimates market opportunities of approximately US $1.9bn in construction project management software,

US $3.4bn in maintenance and facilities management, and around US $6bn in BIM software solutions, all growing at high single to mid double-digit rates. According to the United Nations, the global population is expected to increase from 8.3bn today to 9.7bn by 2050, urban populations rising

from 3.7bn to 6.5bn.

Organisations engaged in the design, construction and maintenance of buildings, infrastructure and industrial assets face mounting challenges including cost pressure, labour constraints, project complexity, safety and sustainability requirements and increasingly stringent legal and regulatory

frameworks. As a result, customers are increasingly turning to proven, trusted, best-of-breed software solutions such as those provided by Eleco to improve efficiency, visibility and control across the full building lifecycle.

Building further on our resilient business model with its high recurring revenues, the Group delivered impressive growth in revenues, adjusted operating profitability and cash in 2025. My sincere thanks to our employees and to our loyal customer base for getting us to where we are today, and for always challenging us to look towards tomorrow.

We continue to see a high rate of technological change in the marketplace driven by the population, urbanisation and complexity drivers outlined above. This digital transformation in the built environment presents a considerable organic opportunity for Eleco to attain new customers, retain existing ones and expand our customer relationships. Inorganically, we continue to explore strategic value-enhancing M&A activities for the Group and its shareholders.

The Board remains confident in Eleco's future and its ability to perform in line with market expectations for the coming financial year.

Jonathan Hunter Chief Executive Officer 27 April 2026

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The acquisition of Pemac in January 2025 expands and strengthens Eleco's position in Computerised Maintenance Management Systems (CMMS), complementing the Group's established ShireSystem offering.

The combined portfolio broadens the Group's addressable market within maintenance and asset management software, extends sector expertise, and increases opportunity to support customers across different levels of operational complexity, regulatory requirements and geographic footprint.

The Acquisition delivers on common customer needs, enhancing our Asset Management software offering and advancing Eleco's roadmap.

• It accelerates the ability to support our customers in solving the challenges they face when delivering their own digital transformation strategies and journeys in the Asset Management space.

• Eleco now offers a broader range of CMMS solutions.

• The acquisition provides a wider geographic footprint for Eleco in Ireland, Europe and the USA.

• It provides an experienced, capable and knowledgeable management team and workforce.

  Strategic fit

  The acquisition of Pemac met Eleco's M&A criteria as being a Type A acquisition: profitable revenue in complementary markets, together with Type B acquisition: technology business with proven skills and knowledge to advance our R&D and product roadmaps, including as part of a wider CMMS offer with ShireSystem.

  Key rationales for the acquisition of Pemac are strengthening the SaaS CMMS offering to our customers, including adding resources with industry and specific knowledge of verticals, the opportunity to scale our R&D resources, and expanding Eleco's geographic presence in Ireland.

  The Acquisition has added critical capabilities, including the ability to service and scale its customers by connecting systems and providing technical consulting, thus increasing

  the Group's product breadth and focus on customer centricity.

  Features of business

• Best in class CMMS software and services - user friendly, configurable 30+ modules and associated services.

• Experienced and passionate staff and management team over nearly four decades.

• Resilient SaaS revenue growth and value added services to regulated and asset-intensive industries - particularly where compliance, validation and audit traceability are key operational requirements.

• Cloud-based platform with quick deployment, data security, high performance and availability.

• Established long-term blue-chip customer base including Coca-Cola, Heineken, Kingspan, Gyproc, Bausch & Lomb and Stryker.

• Providing greater geographic presence in Ireland, the EU and USA.

• Market drivers include regulatory requirements, workforce safety, continuous production, complex supply chains, product quality and traceability, AI and machine learning, capital management and business intelligence and analytics.

  ‌Eleco plc - Annual Report and Accounts 2025

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  Investment Proposition

  We have set ambitious yet responsible targets to grow our business, seeking to create significant value for all of our stakeholders

  Strategic position

  • Established, trusted industry leader with best-of-breed software solutions

    
    
    

  • Well placed to address numerous international market drivers

  • Proven track record

  • Well placed to leverage Artificial Intelligence (AI) strategic opportunities

    Relationships

  • Trusted partner across the building lifecycle

    
    
    

  • High customer retention - growing presence across customer base

  • Growing diversity of customer base

    Fundamentals/ financials

  • Recurring revenue business model providing greater visibility, sustainability and predictability of revenues

  • Increasing prospects of operational gearing and expanding the opportunities to easily scale internationally

  • High gross margins

  • Increasing dividend and cash generation

  • Ease of software scalability (lack of production bottlenecks or constraints)

    ESG

  • Enabling customers to resource efficiently and deliver environmental performance tracking - increasingly key requirement

  • Delivering comprehensive ESG programme across the business - based on our internal materiality assessment

  • Societal delivery is a key part of employee retention and motivation

    Management

  • Long-established industry expertise

  • Depth of management team with excellent talent retention

  • Infrastructure in place to support growth

    Market approach

  • Exploit leading niche position

  • Address large and growing international markets

  • Opportunities for organic and inorganic growth

    Products/services

  • World-class, award-winning, building lifecycle solutions

  • Wide range of proprietary innovative products -not commoditised

  • Proven innovative and agile product development

  • Quality of solutions backed by established brands and reputation

    Market opportunity

  • Growing demand for digitalisation across the built environment

  • Increased use of data across the building lifecycle and harnessing of that data for and with Artificial Intelligence (AI)

  • High barriers to entry

  • Multiple international opportunities across widening customer base

    ‌Business Model and Strategy‌

    Our business model is all about embedding our purpose, mission and vision into everything that we do

    Our purpose

    To solve the challenges of the built environment through digital transformation.

    Our mission

    To provide best-of-breed software to companies in the built environment.

    Our vision

    To create certainty for the built environment.

    Our strategy Customer-centric growth:

    Eleco focuses on securing customers in both core and additional markets. This approach is informed by market insights and customer feedback, ensuring that the Company's offerings align with client needs and industry trends.

    
    
    

    Eleco's strategic objectives remain to continue to innovate and to grow, with the solid foundation of a stable and efficient organisation. These objectives are summarised as customer-centric growth, prioritised innovation and resilient operations which are further detailed on this page.

    Prioritised innovation:

    The Company is committed to developing NextGen customer solutions by leveraging its deep knowledge of its customer base. This involves identifying and addressing future needs through in-house development, partnerships, and acquisitions.

    
    
    

    Eleco continues to be well positioned in a very exciting and attractive market as technology is seen as the catalyst to meet the growing demands of the building industry. Eleco's customer base has been facing ongoing labour challenges and escalating materials costs.

    Our cultural values

    1. Be Open, Honest and Constructive

    2. Put Customers First

    3. Have a Growth Mindset

    4. Strive for Excellence

    5. Collaborate

    
    
    

    Eleco's software plays a crucial role in mitigating these issues, increasing productivity for our customers, and enabling them to better plan their resources. There is a drive for more efficient and sustainable building methodologies and techniques. Eleco's technology solutions are widely recognised for allowing better decision making and collaboration across our clients' projects, positioning us to benefit from increasing digitalisation trends in our core markets.

    Resilient operations:

    Eleco aims to maintain a stable and efficient organisation, enabling it to adapt to market changes and sustain growth. This includes streamlining operations and focusing on core business areas to enhance efficiency and effectiveness.

    
    
    

    As a result, the increasing digital transformation within the built environment is a significant opportunity for Eleco to leverage its position as a proven provider of software for the construction and built environment sectors, strengthen its platform, and continue to drive organic growth.

    ‌Focus areas

Shareholder value

• Profit margins

• Recurring revenue growth

• Progressive and sustainable dividend policy

  Society

• Employee turnover

• Employee and Customer satisfaction

• Volunteering and training

• Gender split

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• Financial indicators

• Customer satisfaction and Employee satisfaction

• Cost management, Productivity and Innovation

  Environment

• Energy consumption

• CO2 production

• Net Zero

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Growing in a customer-centric way

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Our shareholders

Providing a return on shareholder investment

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Creating an employer brand people want to work with and for

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Supporting our customers through our products and services

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‌Eleco plc - Annual Report and Accounts 2025

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DESIGN STANDARDS & DATA MANAGEMENT

PLANNING / SCHEDULING

PORTFOLIO PROJECT MANAGEMENT

CONSTRUCTION ESTIMATING

COMPUTERISED MAINTENANCE MANAGEMENT SYSTEM / COMPUTER-AIDED FACILITIES MANAGEMENT

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Product Insights

Pemac and ShireSystem

Customer Story

Wyke Farms, a family-owned business based in the heart of Somerset, and one of the largest independent cheesemakers in the UK, has been producing award-winning cheddar for

over 160 years.

Pemac CMMS has been fully implemented across two production sites, with plans for further expansion. The system's mobile functionality and real-time data access have empowered Wyke Farms' maintenance teams to make swift, informed decisions that support both efficiency

and sustainability.

The introduction of Pemac CMMS is supporting the advancement of Wyke Farms' 100% Green and Net Positive Farming programs, as well

as delivering major efficiency improvements and bottom-line benefits across the business.

Jason Fewell Engineering Director, Wyke Farms

Computerised Maintenance Management Systems (CMMS) serving a broader spectrum of asset-intensive organisations across both general and tightly regulated industries.

Scalable asset performance management

ShireSystem is a CMMS designed to support organisations throughout their maintenance maturity journey, across reactive, preventive and condition-based strategies. Enabling teams

to plan, schedule and track maintenance activities within a single, integrated platform reduces unplanned downtime, improves asset reliability and enhances operational control. Real-time dashboards, configurable workflows, mobile access and comprehensive reporting provide full visibility of asset performance and maintenance costs empowering

Read more

organisations across manufacturing, healthcare, utilities and facilities management to move towards a more proactive, data-driven maintenance culture.

Industrial and compliance-driven maintenance excellence

Customer Story

For more than 40 years, WC Rowe has delighted customers with its iconic Cornish pasties and savoury bakes. Like many long-established manufacturers, they had been making do with a legacy maintenance database, but made the bold decision to start fresh

by implementing ShireSystem, building a new asset register and maintenance process from the ground up.

The shift to ShireSystem didn't just improve how WC Rowe managed maintenance - it fundamentally changed how the business operated for the better.

We went from not knowing our downtime, to measuring it properly - and it's now just 2.6%. That's a massive win.

Graham Scamp Engineering Manager, WC Rowe

Pemac is a CMMS used by many businesses and organisations in their maintenance journey but is particularly suited to manufacturing and asset intensive industries, with particular strength in highly regulated and compliance-driven sectors such as life sciences, energy and utilities. Pemac's CMMS provides structured work order management, calibration tracking, spare parts and inventory control, and complete asset histories, all supported by robust audit

trails and electronic documentation. In environments where validation, inspection readiness and regulatory compliance are required, Pemac's CMMS supports organisations with documented control of maintenance operations and by digitising workflows and embedding compliance, which helps achieve higher levels of maintenance maturity while meeting stringent regulatory standards.

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Product Insights

IconSystem

A cloud-based collaborative platform designed to manage building and property data within a structured, secure digital environment.

Enabling digital control

Record, specify, design and control complex information across multiple sites and stakeholders. Project

and asset data is standardised and accessible in real time resulting in faster, better-informed decisions throughout the lifecycle of built assets.

Single source of truth Centralised, integrated database links design standards, specifications,

drawings and supporting documentation for geographically dispersed teams, contractors and supply chains.

For large property portfolios in sectors such as retail, hospitality, hotels and commercial property, this structured approach reduces duplication,

strengthens compliance and improves governance, ensuring brand standards, technical specifications and operational requirements are applied consistently across every location.

Integration and workflow efficiency

Built with open architecture and API capability, IconSystem integrates with procurement, cost management and project delivery systems, strengthening data visibility across workflows and connecting design intent with delivery and operational outcomes.

By reducing silos between departments and external partners, the platform supports more efficient collaboration and improves programme control across complex, multi-site developments.

Lifecycle data management and change control

Customer Story

Retail powerhouse Walgreens Boots Alliance has been using IconSystem for two decades to manage its extensive store estate and deliver consistent, compliant retail experiences UK-wide.

The software's role extends far beyond just document storage. All core information for Boots' property programmes comes from IconSystem, with thousands of projects set up and managed through the sophisticated platform.

Having one version of the truth is really important to us. With IconSystem, everyone sees the same information, and documents are easily accessible from anywhere.

It's crucial to have this consistency across our store network.

David Holt

Design Standards and Systems Development Manager, Walgreens Boots Alliance

As project information evolves, maintaining control over revisions and approvals becomes critical. IconSystem provides structured change management and audit capability, ensuring updates are tracked and that teams always work from the latest approved standards. This capability reduces risk whilst supporting long-term asset integrity and operational performance.

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Product Insights

Bidcon and Asta Estimate

Construction estimating software to reduce risk and increase productivity throughout the lifecycle of a project.

Material, time and cost

Pick components for an estimate from our extensive databases and reference books, which contain everything from material and resources to tasks or finished rooms.

Start an estimate from quantities Start an estimate using external quantity files rather than with a template or a blank sheet. The quantities can come from a provided bill of quantities (BOM) in an Excel file or text file. Quantities can also be downloaded in 2D (Bluebeam Revu) or 3D (BIM).

Once quantities have been imported from one of these sources, they can be costed using Bidcon's reference books to quickly create an estimate with the right cost and materials.

Planning

Use the estimate as the basis for a schedule. Export the estimate to the project planning software Asta Powerproject to create time, occupancy and payment plans.

Carbon estimating Automatically generate an estimate for climate impact alongside the cost estimate.

Reuse the estimation information for other purposes

Customer Story

Since the company's inception two years ago, the ambitious electrical installers at Ever EL have become well established in the Gothenburg region.

Niklas Calén, one of the company's founders and an estimation specialist, had good experience with Bidcon from previous workplaces, but the choice was not a given - until the alternatives were tested.

As Ever EL grows, so does the trust of its clients. Bidcon

contributes to these relationships by offering transparency into what is included, why the price ends up where it does, and how different choices will affect the project.

I wanted to get an idea of what was out there and also make sure that we landed on a joint decision that everyone was happy with. Structure and overview are the most important things and you really get that in Bidcon.

Niklas Calén

Founder and Estimation Specialist, Ever EL

Avoid duplication of work by reusing information in the estimate throughout the construction process. With the Bidcon REST API, everything registered in Bidcon is made available to

other software.

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Product Insights

Asta Powerproject and Asta Vision

Award-winning planning and project management software with intuitive scheduling, 4D BIM integration, a mobile app and resource management features to empower better outcomes for projects of all sizes.

Team buy-in

Real-time planning empowers project teams to collaborate seamlessly in real time, enhancing communication, reducing delays, and driving informed decision-making throughout the project lifecycle.

Interactive 4D

Read more

Integrated and collaborative model-based planning speeds up the planning process, ensuring accuracy of the schedule, adding significant data value for downstream uses. The 3D model is used as the basis for the schedule from the start and remains connected through the life of the project in a single tool.

Leading resource modelling Industry-developed capability for resource modelling and optimisation to efficiently manage people, plant, and materials across project programmes, and to maintain project schedules and budgets effectively.

Advanced project controls

Track and monitor project performance against key milestones and deliverables, enabling early identification of deviations and timely interventions to keep projects on track.

Integrated risk modelling

Built-in risk and opportunity analysis tools to proactively identify potential project risks, evaluate their impact on the project, and develop robust mitigation strategies.

Configurable compliance Incorporating features aligned with industry guidelines together with secure cloud storage to control schedule data in configurable governance workflows.

Customer Story

HG Construction is a leading UK contractor with more than 25 years of experience in delivering exceptional new build and refurbishment schemes across the country.

The scale and diversity of their projects demand robust planning and seamless communication to keep delivery on track, and Asta Powerproject now underpins

all programme management, transforming both on-site progress and business reporting.

We use Asta to track performance across all projects. On-time

delivery strengthens client relationships, improves cost certainty, enhances our reputation, and frees resources for future work.

Aldwyn Payne Planning Manager, HG Construction

Process innovation Supporting process innovation by providing maximum customisation

and capability options within the Asta ecosystem, enabling business process development as businesses grow and find their delivery edge.

Reducing our own environmental impact and maximising customer resource efficiency

Minimising our environmental impact and maximising customers' resource efficiency.

We are committed to minimising our environmental impact by focusing on our direct operational impact areas. These include energy and resource consumption, renewable electricity coverage, improving the accuracy and completeness of our Greenhouse Gas (GHG) reporting and transitioning our company fleet to electric vehicles.

With the construction industry responsible for over a third of global carbon emissions, we recognise that Eleco's greatest opportunity to drive environmental impact lies with our software solutions. Operating across the building lifecycle, our products can support customers to improve efficiency, reduce resource consumption and make more informed, sustainable decisions.

As a software provider, Eleco's direct environmental impact primarily arises from office-based operations and business travel. During the year, we continued to work with office providers and internal business units to improve the accuracy of utilities and transport data collection. This in turn supports more accurate GHG emissions reporting and allows us to set more targeted actions for improvement.

In 2025, we strengthened central ESG data collection through our ESG Implementation Team and the group-wide rollout of NetSuite, providing

The majority of entities are now onboarded, which will enable more consistent business travel data collection in 2026, and provide us with a comprehensive overview of our operational impacts.

Organisational changes during the year included the reduction to one office in Romania and the acquisition of Pemac, adding offices in Cork and Dublin. Vertical Digital and Sons of Coding (Romania) have been included for a full year of reporting, while Pemac has been included from its acquisition in January 2025.

During 2025, 57 per cent of our managed and serviced offices (8 of 14) were supplied by renewable electricity contracts, compared with 55 per cent in 2024. This change reflects the

inclusion of Pemac offices in our energy reporting, and the transition of our Haddenham UK office

to a 100 per cent renewable electricity contract. In the coming year, we will continue to explore renewable procurement options as energy contracts and office leases come up for renewal.

For 2025, total UK energy consumption was 220,736 kWh. Total UK GHG emissions were 50 tCO2e (market-based), compared with 62 tCO2e

in 2024, representing a year-on-year reduction.

This decrease was primarily driven by the absence of reported refrigerant leakages during the year and an increased proportion of electricity (kWh) supplied under renewable tariffs. Including reported Scope 3 emissions from fuel and energy-related activities and grey fleet mileage (35 tCO2e), UK emissions equated to an intensity ratio of 2.60 tCO e per £m revenue, compared with 3.76 tCO e

On a global basis, total energy consumption was 829,731 kWh, with associated gross GHG emissions of 178 tCO2e, compared with 229 tCO2e in 2024. The decrease in absolute

emissions reflects a significant change in reported travel from company vehicles and the grey fleet during the year, additionally compounded by the continued transition of the vehicle fleet towards electric and hybrid vehicles. The result leads to an improved emissions intensity of 4.60 tCO2e per

£m, compared with 7.06 tCO2e per £m in 2024.

This year we again took steps to mitigate our global carbon emissions through the purchase of 191 tCO2e of verified carbon offsets1 from the Maisa REDD+ project, which protects areas of the Brazilian Amazon rainforest while supporting local communities and sustainable livelihoods. All purchased offsets are retired at the point of acquisition, ensuring they cannot be resold or reused.

A detailed breakdown of energy consumption by category and business unit is included on page 57 of the ESG Committee Report.

Furthermore, we are completing Eleco's full corporate GHG inventory, including all relevant Scope 3 emission categories. This work will underpin future emission disclosures and inform the development of a formal carbon reduction plan aligned with global science-based targets.

We have also reviewed the energy performance of the majority of our office portfolio to inform future leasing decisions. Of the offices with known Energy Performance Certificate (EPC) ratings, all but one are rated C or above. Two site ratings remain unknown, and one is exempt. This

Our company vehicle fleet sits within our operational control and as such, remains an important area of focus. In 2025, Eleco operated 23 vehicles, of which 78 per cent were hybrid

or electric (2024: 71 per cent). This reflects a continued reduction in diesel vehicles, alongside transitioning to lower-emission options as leases are renewed. We are also exploring the installation of electric vehicle charging points at our locations in conjunction with our landlords to support and encourage employees adopting electric vehicles.

Beyond the company fleet, the integration of NetSuite is expected to significantly improve the quality and completeness of business travel and grey fleet data. While our immediate focus is on establishing a robust baseline, we are keen to explore further incentives to reduce travel-related emissions. We already have travel policies in place that prioritise lower-carbon travel options, and once data coverage is complete, we will use this to assess further opportunities for intervention.

Amidst increasing regulatory and climate pressures, the built environment industry faces growing demand to demonstrate sustainable practices often within tight margins. Through our software solutions, we help customers navigate these challenges through improved decision-making, enhanced resource efficiency, increased automation, and strengthened reporting - all of which ease the integration of sustainability into project management. Additionally, our products enable customers to calculate and manage embodied carbon emissions, helping them

a centralised system for data capture.

2

per £m revenue in 2024.

2

assessment will inform future decisions aimed at

improving energy efficiency.

advance their own sustainability journeys.

‌

Our commitment to social responsibility is reflected in our dedication to delivering service excellence to our customers and value to our shareholders, while fostering the development and wellbeing of our colleagues. We are dedicated to creating an inclusive and supportive workplace and contributing positively to our local communities.

The health, safety and wellbeing of our employees is fundamental to our culture and long-term success. We strive to create a supportive, inclusive and engaging workplace where colleagues feel valued, listened to and empowered to develop professionally.

We formally engage employees through annual anonymous surveys, providing an opportunity to share feedback on their experience and help shape our approach. We are Great Place to Work® certified in the UK, Ireland, Sweden, the Netherlands and Romania.

In 2025, our Trust Index score was 72 per cent, reflecting the impact of significant organisational change during the year, including the integration of Pemac and continued business unit consolidation. While this represents a decline from 74 per cent in 2024, we note that our score continues to exceed the 65 per cent threshold required for Great Place to Work® certification across all qualifying regions, and that our regretted turnover metric remained within target.

Improving employee satisfaction is a priority for 2026, and insights from our survey results are directly informing our people strategy.

Tracking key wellbeing performance

metrics also provides us with crucial insights into our workforce. In 2025, we introduced employee absenteeism as an additional internal KPI, enabling more effective monitoring of health and wellbeing over time.

We also see our culture reflected in strong employee retention. In 2025, regretted employee turnover was 8.68 per cent, a positive indication that colleagues want to stay with Eleco and grow alongside the business.

We remain committed to being an equal opportunities employer and to fostering an inclusive workplace. Employee surveys conducted during the year have helped us better understand workforce demographics and identify areas to inform future diversity and inclusion planning.

During the year, we continued embedding diversity, equity and inclusion (DEI) principles into our recruitment, promotion and people management processes, supported by targeted DEI awareness initiatives.

Women represented 33.5 per cent of our workforce at year end, compared with 34.9 per cent in 2024. This reflects in part the composition of the Pemac workforce acquired during the year. Improving female representation across the Group remains a target for 2026.

Our mission is to provide best-in-class software solutions to organisations across the built environment. Customer feedback plays a central role in measuring our performance and driving continuous improvement. We regularly engage with customers to understand their needs, challenges and expectations, using insights gathered to enhance our software, services and support. Our focus remains on solving customer challenges, improving decision-making and providing tools that deliver real operational value. Our CSAT score for 2025 was 81 per cent, indicating we continue to deliver on this focus.

Additionally, we are extremely proud to have been awarded 'Company of the Year' as well as 'Project Management Software of the Year' for the twelfth consecutive year at the 2025 UK Construction Computing Awards.

We recognise that social responsibility extends beyond our employees and customers to the communities in which we operate. We support the development of future talent in the built environment by providing over 10,500 (2024: over 8,500) free educational software licences to relevant institutions.

We encourage colleagues to give back by offering one paid volunteering day each year, enabling them to support causes that matter personally

to them. Activities during the year included sponsored swims, beach clean-ups, litter picking and providing support to local facilities. Across the Group, our colleagues contributed a total of 119 volunteering days, helping strengthen local communities and national causes important to our teams.

1 These offsets cover 2025 emissions from Scopes 1 and 2, as well as the reported Scope 3 categories of fuel- and energy-related activities, grey fleet business travel and downstream leased assets (sublet office). In addition, following the identification of a calculation error in 2024 emissions reporting, a further 9 tCO2e of offsets were purchased to cover the resulting restatement.

Continued

We are committed to building a resilient and ethical business through effective risk management, robust decision-making and strong governance frameworks. Eleco adheres to the Quoted Companies Alliance Corporate Governance Code for AIM-listed companies and continues to embed sustainability principles across all

levels of the organisation.

Strong governance underpins Eleco's approach to sustainability, risk management and longterm value creation. Our governance framework

supports accountability, transparency and effective decision-making across the Group.

The sustainability strategy is overseen by the ESG Committee and delivered through the ESG Implementation Team, drawing on representation from across the Group. This structure supports coordinated data collection, action planning

and performance tracking, while ensuring accountability at both operational and senior management levels.

On page 23 is our balanced ESG Scorecard, aimed at transparently reporting our progress against ESG Key Performance Indicators (KPIs).

We have documented a structured business integration approach, which has been tested through the onboarding of Pemac through 2025. Integration activity will continue in the coming year, with all remaining entities expected to be fully onboarded onto NetSuite in Q1 2026. This will ensure a consistent approach to ESG data capture and reporting across the Group.

We maintain open and constructive dialogue with shareholders on matters that are important to them, including strategy, performance and ESG priorities. Engagement activities include results presentations and investor roadshows, and shareholder feedback is actively considered

in informing strategic decision-making.

Effective risk management is integral to Eleco's governance framework. In Q1 2025, we completed and published an updated review of our principal risks, clearly setting out our risk appetite, alongside associated mitigation and monitoring practices.

We operate a moderate-to-high risk appetite

in areas that support strategic growth, including innovation in digital transformation, cloud-based solutions and market expansion. In contrast,

we maintain a very low tolerance for risks relating to regulatory compliance, data protection

and cybersecurity.

As part of our risk management approach, we conduct regular reviews of key suppliers to ensure alignment with our operational, quality and ESG standards.

Operating within the technology sector, we recognise the critical importance of cybersecurity and data protection. We maintain strong governance controls, supported by expert external advice and mandatory cybersecurity training for

all employees.

Elecosoft UK, BestOutcome and Pemac achieved recertification to ISO 27001, the international standard for Information Security Management. All key communications providers are also certified to ISO 27001 and SOC 2 standards.

We maintain a comprehensive suite of Group policies that are designed to support compliance, ethical conduct and effective business operations. Policies are reviewed regularly to ensure they remain current and aligned with applicable regulations and best practice.

All colleagues are required to read and confirm adherence to relevant policies through our human resources information system (HRIS), with new employees completing this process as part of onboarding. Policies are centrally managed, and colleagues are notified of updates to promote ongoing awareness and compliance.

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We are committed to measuring, monitoring and transparently disclosing our ESG performance over time through a defined set of Key Performance Indicators (KPIs). The ESG Scorecard provides a consistent framework to track progress, identify areas for improvement and support informed d1e7cdisaioysn-making across the Group.

We view ESG as a continuous journey. This scorecard presents a balanced and honest reflection of our performance during the year, highlighting both

areas of progress and those requiring increased focus. By maintaining integrity, accountability and consistency in our reporting, we aim to remain a trusted and responsible partner to our stakeholders.

During 2025, ESG Scorecard coverage was expanded to include additional offices following the acquisition of Pemac and the inclusion of Vertical Digital and Sons of Coding in Romania.

* Following the identification of an error in the market-based emissions calculations for 2024, the total carbon-equivalent emissions have been restated.

** Additional topics included on ESG Scorecard for 2025.

• Due to continued business growth through acquisitions, we have reported our emissions on an intensity basis relative to the number of Full-Time Equivalent (FTE) employees.

• The Employee Turnover - regretted metric refers to employees that have resigned and voluntarily chosen to leave.

Key considerations and decisions

Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the Company's success for the benefit of

its members as a whole. In doing this,

• likely consequences of any decisions in the long term (including on the environment - please see ESG section on page 54);

• interests of the Company's employees;

• need to foster the Company's business relationships with suppliers, customers, and others;

• impact of the Company's operations on the community and environment;

• desirability of the Company maintaining a reputation for high standards of business conduct; and

• need to act fairly as between members of the Company.

s.172 requires a director to have regard, amongst other matters, to the:

Eleco and the Board embrace and fully support these reporting requirements. The Board ensures that regular training is undertaken concerning directors' obligations and that directors have access to advice from the Company Secretary whenever necessary. By having a good governance framework and procedures in place, the Board aims to ensure that its decision-making is open and transparent. We feel that the new Non-Executive Directors in recent years have created a strong platform for good governance, and the balance of skills, experience and expertise of the Board suits the needs of Eleco.

We explain on the next page some of the key decisions taken by the Board and then outline in the form of a table how we engage with our stakeholders.

Continued

Monitoring and managing risks

A Risk Appetite Statement (RAS) defines the level and type of risk an organisation is willing to accept in pursuit of its strategic objectives. The Board approved the following overall Board Risk Appetite Statement on 22 January 2026:

"Eleco plc embraces a structured and disciplined approach to risk, balancing innovation, growth, and resilience while ensuring compliance with regulatory and security standards. We recognise that different risks require different levels of tolerance, and our risk appetite reflects our strategic priorities and operational commitments.

We have a moderate-to-high risk appetite for strategic growth and innovation in digital transformation, cloud-based solutions, and market expansion. However, we maintain a very low threshold for risks related to cybersecurity, legal and regulatory compliance, and reputational integrity, where strong controls and governance are essential.

Our risk appetite is guided by robust governance, regulatory alignment, and continuous risk monitoring to support sustainable long-term value for our shareholders and other stakeholders."

Monitoring and management of risks in 2025

During the year the evaluation of risks within the Group was significantly enhanced, with detailed bottom up and top down exercises undertaken and deeper formal monitoring processes implemented.

For example, information security is a key area of focus for any corporate, and even more so for a technology business such as Eleco. Alongside heightened internal security through the use of IT software applications and processes, the human firewall of regular information security training is undertaken for all staff through mandated online training with associated testing. Likewise, we actively use in-house phishing simulations and penetration testing. We are pleased to say we did not have any significant information breaches in the year and we actively seek to minimise exposure to third party information security risk.

The following are the principal risks identified, together with mitigating actions and controls and response strategies.