2025 Interim Report

Unaudited Interim Condensed Group Financial Statements 31st October 2025

Michael Bell Michael O'Connell Nicholas Bell Shelley Ashcroft John Meldrum

Roger Lane-Smith David Hansell

Shelley Ashcroft

Balby Carr Bank Doncaster DN4 8DH

England

'Defence and Security' 'Forgings'

'Petrol Station Superstructures and Branding'

This is the first occasion, in recent times, that we have published our interim results in January. The change from an early December date allows more time for the preparation of results, given the Company's significant growth in recent years and ensures that my statement reflects the latest trading position in a world where business events and markets change rapidly.

In that regard I am delighted to tell shareholders that I believe our medium to long term prospects are better than at any time in the Company's history.

Before reporting our interim figures in detail, it is important to cover some significant developments, particularly as last year also saw several new institutional shareholders invest in the business.

2025 was arguably the most significant year for the business since its formation. It saw the conclusion of a two-year internal review resulting in the decision to focus on the 'Defence and Security' division and dispose of our non-core divisions. We also reshaped and strengthened our management team.

Last Spring, we tested market interest in the non-core activities of 'Forgings', 'Petrol Station Superstructures' and 'Corporate Branding'. We received encouraging interest, but mainly from financial buyers. We will continue our dialogue with those but, in addition, our objective this calendar year, is to explore potential trade buyers' interest in these very successful businesses.

We enter 2026 with an enhanced and younger Board. In January 2025 Shelley Ashcroft (40) joined the Board as Finance Director and, in August, John Meldrum (57), the CEO of our 'Defence and Security' division, also moved onto the Board. Both have already made considerable contributions in their new capacities. I continue as Executive Chairman and Michael O'Connell, our former Finance Director, is now Managing Director and we continue to jointly manage our group of companies.

All three divisions continued to perform well during the half year ended 31st October 2025 although, as I guided to in last June's full year announcement, we are experiencing a slower current financial year, mainly owing to timing issues with defence orders and that revenue is only recognised when performance obligations are satisfied.

As expected, our overall performance has been relatively flat with profit before tax amounting to £8.47m (2024 - £8.77m) on revenue of £55.81m (2024 - £54.72m). However, after removing the impact of derivative gains and losses (note 15), profit on a like for like basis of £9.28m was up on the prior year (2024 - £7.98m).

Basic earnings per share were 38.5p (2024 - 39.8p).

The balance sheet remains strong with cash and cash equivalents of £35.73m (2024 -

£32.02m).

'Defence and Security' - Political uncertainty and increasing volatility throughout the world is such that many countries now recognise the importance of a significant defence budget. Many have set a target of a minimum spend of 2.5% of GDP. Yet some governments are struggling to make decisions as to what they need, how quickly they need it and how to fund their requirements. Despite these challenges the division continues to perform well and is positioned to react to the industry's ever-changing demands.

In my year end statement, I informed shareholders that we had received a 'Request for Purchase' from the US Navy for another year's procurement programme of our MSI-DS 30mm naval weapon system. I am most delighted to confirm that we were successful in being awarded a further one year's contract, as we announced on 1st October 2025.

The investment we are making in the USA and Europe (Poland), will make a significant difference to how we operate going forward. Having a footprint in the UK, USA and Europe will allow us to trade better in these regions and, potentially, open up financial support for customers looking to buy our defence equipment. Establishing our support and maintenance facility within the US has created greater opportunities for product support contracts within the US Navy. Moreover, this success within the 'US Naval' market gives us excellent foundations to develop significant growth opportunities within the 'US Land Defence' market.

We continue to invest in our capabilities so that we can meet anticipated increases in demand. In addition to our support and maintenance facility, we are also strengthening our USA team, particularly with the appointment of our new VP of Business Development. This brings us a highly experienced and well-connected individual who has an excellent track record of delivering success in the 'Land Defence' market. We are now better placed than ever with a higher profile and enhanced opportunities to provide our customers with a better service worldwide.

At the major London Defence Exhibition (DSEI) in September, we were pleased to welcome more potential customers to our stand than at any previous exhibition. We have also participated in a number of weapon system demonstrations and I am pleased to report that, in every case, our products have performed extremely well and, particularly pleasingly, better than our competitors.

In summary, we are enjoying great success in the 'Naval Systems' market with the US Navy and other navies, as well as opening up opportunities in the much larger market for our 'Land Systems'. The MSI profile continues to grow and, combined with the considerable investment we have made in the global defence market, it augers well for our future.

'Forgings' - Market conditions remain mixed across the division. The UK and US businesses continue to experience soft demand, primarily driven by uncertainty surrounding US trade policy and the evolving tariff environment. Many customers remain cautious, slowing purchasing activity as they reassess sourcing strategies. Despite this,

quoting activity remains elevated, particularly in the US, where the medium-term outlook is increasingly positive. Brazil continues to perform well, contributing steady levels of sales and margin. The operation remains efficient and cash-generative, requiring minimal oversight.

A major development in the period has been the start of deliveries in the USA to Mitsubishi Logisnext America (MLA), a major lift-truck and material handling manufacturer. Initial volumes have now commenced and customer engagement remains strong. The message from MLA is consistent-they are keen to accelerate volumes and expand the relationship further. In parallel, we are now actively quoting for programmes with other major lift-truck and material handling manufacturers in the USA. Should these opportunities convert, the scale of potential business is substantial.

While short-term demand in the UK and US remains subdued, the pipeline of opportunity in America is strong. With MLA deliveries underway and potential awards from other major OEMs, we are well positioned to scale up rapidly. Our production model, cost discipline and system integration give us the flexibility to respond to market volatility and customer requirements as conditions evolve.

'Petrol Station Superstructures and Branding' - Last autumn, we committed to merge our 'Branding' business with our 'Petrol Station Superstructures' business. This process is now operationally complete and the combined division is led by Martin Steggles (58), who was previously CEO of our 'Petrol Station Superstructures' business.

The strong performance demonstrated last year by the Group's petrol station 'Petrol Station Superstructures' and 'Branding' divisions, has carried forward into the current trading period, driven by large-scale service station transformation, modernisation and re-imaging programmes by large, well-disciplined independent forecourt retailers.

The recent trend towards the development of large new multi-purpose fuel hubs containing traditional fossil fuels, EV charging, retail offerings and 'Food-To-Go' outlets has accelerated with several high-quality projects either completed or under construction at the half-year.

The integration of our 'Petrol Station Superstructures' and our 'Branding' divisions has been positively recognised by the larger fuel retailers who increasingly accept the value in placing structures and branding contracts with the Group's closely aligned forecourt businesses.

As market-leading specialists in the design, manufacture, installation, maintenance, repair, branding and re-styling of fuel forecourts, with unique in-house capability across all functions, we are well positioned to capitalise on many exciting opportunities for existing customers and new market entrants.

Plans are underway to increase manufacturing capacity in the 'Branding' business as it continues to increase market share and widen its customer base. Similarly, the 'Petrol Station Superstructures' business is seeing greater demand for its services from customers adding 'Food-To-Go' and 'Drive-Thru' food & drink outlets to fuel forecourts.

By offering a comprehensive, high-quality and increasingly wide suite of services, the 'Petrol Station Superstructures' and 'Branding' businesses are, together, forging long-term 'prime supplier' relationships with major forecourt retailers seeking rapid, quality, innovative solutions to increasingly complex forecourt schemes.

I was pleased to welcome a record number of attendees at our AGM in August, which was testimony to the wider interest in the Group and the recent share price performance. It was significant that almost all the questions focussed on the future of our 'Defence and Security' business.

Shore Capital, our broker, has given the Company invaluable support for several years especially as our 'nomad'. I am pleased to say that Shore Capital has now been given a more extensive and proactive brief to reflect the increased investor interest in MS INTERNATIONAL plc.

They have helped plan institutional investor visits to our impressive 'Defence and Security' division in Norwich. The feedback from these visits has been very encouraging. As interest in MSI increases, we will look to expand our liaison with existing and potential investors.

We enter another significant calendar year for the business as we look to focus on the 'Defence and Security' division. In an increasingly uncertain world, it is difficult to predict our pace of growth, but I cannot remember a time when we have had so much interest in our products.

Many of the world's economies are challenged so, whilst a desire to increase defence spending remains high, the ability to do so quickly will vary by country. I believe we are very well placed to benefit once this desire is converted into a firm commitment to spend. This benefit will accrue over the many years to come. As I stated earlier, our medium to long term prospects are better than at any time in the Company's history.

I would like to thank all our shareholders for their continued support and interest in the business. The Board recommends payment of an increased interim dividend of 6p (2024 -5p) per share to be paid on 20th February 2026 to those shareholders on the register of members at the close of business on 23rd January 2026.

Conclusion

We have been engaged by MS INTERNATIONAL plc (the 'company') to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 October 2025 which comprises the Interim condensed consolidated income statement, Interim condensed consolidated statement of comprehensive income, Interim condensed consolidated statement of financial position, interim consolidated statement of changes in equity, Interim consolidated cash flow statement and Notes to the interim consolidated financial statements. We have read the other information contained in the half-yearly financial report which comprises only the the Chairman's statement and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 October 2025 is not prepared, in all material respects, in accordance with UK-adopted International Accounting Standard (IAS) 34, 'Interim Financial Reporting' and the AIM rules for Companies.

Basis for conclusion

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

As disclosed in note 2, the annual financial statements of the group are prepared in accordance with UK-adopted international accounting standards. The condensed set of financial statements included in this half yearly financial report has been prepared in accordance with UK- adopted International Accounting Standard 34, 'Interim Financial Reporting'.

Conclusions relating to going concern

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

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

In our evaluation of the directors' conclusions, we considered the inherent risks associated with the group's business model including effects arising from macro-economic uncertainties such as high interest and inflation rates, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the group's financial resources or ability to continue operations over the going concern period.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with UK-adopted International Accounting Standard (IAS) 34, 'Interim Financial Reporting' and the AIM rules for Companies.

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

Auditor's responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report.

Our conclusion, including our Conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report.

Use of our report

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

Grant Thornton UK LLP

Statutory Auditor, Chartered Accountants LEEDS

13th January 2026

Half-year to Half-year to

31st October 31st October

ASSETS

Equity

The interim condensed consolidated financial statements of the Group for the six months ended 31st October 2025 were authorised for issue in accordance with a resolution of the directors on 13th January 2026 and signed on their behalf by:

Shelley Ashcroft Finance Director

Half-year to Half-year to 31st October 31st October 2025 2024

unaudited unaudited

£'000 £'000

Profit before taxation 8,472 8,772

Adjustments to reconcile profit before taxation to cash generated from operating activates:

Depreciation charge of owned and right-of-use assets 1,327 1,232 Amortisation charge 42 45

Profit on disposal of property, plant and equipment (49) (121)

Net finance income (628) (748)

Equity settled share-based payment expense 36 36

Foreign exchange (gains)/losses (876) 266

Decrease/(increase) in inventories 5,397 (12,379)

Decrease in receivables 6,031 670

Decrease/(increase) in derivatives 806 (788)

11111

Decrease in payables (1,855) (3,698)

(Decrease)/increase in contract liabilities

111111111111111111111111111111

11(16,10912) 8,545

11111

Cash generated from operating activities 12,611 1,832 Net interest received 634 761

Taxation paid

111111111111111111111111111111

111(11819) (4,301)

N1e1t c1a1sh1in1fl1ow1/(1ou1tf1low1)1fr1om11op1er1at1ing1a1ct1iv1iti1es111111 11113,10516 Investing activities

(1,708)

11111

Purchase of property, plant and equipment (2,061) (1,974)

Purchase of intangible assets (304) -

Proceeds on disposal of property, plant and equipment 73 173

2,635

Decrease in restricted cash held in Escrow maturing in

more than 90 days

111111111111111111111111111111 11111

N1e1t c1a1sh1in1fl1ow1f1ro1m1in1ve1st1in1g a1c1tiv1iti1es11111111111 11113413 Financing activities

3,000

11111

1,199

11111

Buy back of own shares - (4,483)

Proceeds from exercise of employee share options 270 333

Lease payments (202) (198)

(2,937)

Dividend paid (2,703)

111111111111111111111111111111 11111 11111

N1e1t c1a1sh1o1utf1lo1w1fr1om1f1in1an1ci1ng1a1ct1ivi1tie1s1111111111 11(12,18619)

(7,051)

11111

Increase in cash and cash equivalents 10,530 (7,560)

48

Opening cash and cash equivalents 23,745 35,509 Exchange differences on cash and cash equivalents (96)

111111111111111111111111111111 11111 11111

11111

C1lo1si1ng1c1as1h1an1d1c1as1h 1eq1ui1va1le1nts11111111111111 11314,13213 27,853

1. Corporate information

   MS INTERNATIONAL plc is a public limited company incorporated and domiciled in England and Wales. The Company's ordinary shares are traded on the Alternative Investment Market (AIM) market of the London Stock Exchange. The principal activities of the Company and its subsidiaries ("the Group") are the design, manufacture, construction, and servicing of a range of engineering products and structures. These activities are grouped into the following divisions:

   'Defence and Security'- the design, manufacture, and service of defence equipment. 'Forging'- the manufacture of fork-arms and open die forgings.

   'Petrol Station Superstructures and Branding' - the design, manufacture, construction, and maintenance of petrol station superstructures and the design, manufacture, installation, and service of corporate brandings, including media facades, way-finding signage, public illumination, creative lighting solutions, and the complete appearance of petrol station superstructures and forecourts.

2. Basis of preparation and accounting policies

   The consolidated condensed interim financial statements included in this half-yearly financial report have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting". They do not include all the information and disclosures required in annual financial statements, and should therefore be read in conjunction with the Group's Annual Report for the year ended 30th April 2025 and any public announcements made by MS INTERNATIONAL plc during the interim reporting period. The financial statements for the year ended 30th April 2025 have been filed with the Registrar of Companies. The auditor's report on these financial statements was unmodified and did not contain statements under sections 498 (2) or (3) of the Companies Act 2006.

   The interim financial information has been reviewed but not audited by the Group's auditor, Grant Thornton UK LLP. The interim financial information does not constitute full financial information within the meaning of section 434 of the Companies Act 2006. The auditor's report is included on pages 5-6.

   The accounting policies are consistent with those applied in the financial statements of the Annual Report for year ended 30th April 2025. The Group has not early adopted any standard, interpretation, or amendment that has been issued but is not yet effective.

   The assets and liabilities of the overseas subsidiaries are translated into the presentational currency of the Group at the rate of exchange ruling at the statement of financial position date and their income statements are translated at the weighted average exchange rates for the year. The exchange differences arising on the translation are taken directly to a separate component of equity.

3. Principal risks and uncertainties

   The principal risks and uncertainties facing the Group for the remaining six months of the financial year are discussed below. Further details of the Group's risks and uncertainties can be found on page 10 of the Annual Report for the year ended 30th April 2025, which is available from MS INTERNATIONAL plc's website: https://www.msiplc.com.

   One of the Group's principal risks and uncertainties continues to be the impact of foreign exchange fluctuations. A number of international contracts in the 'Defence and Security' division are denominated in USD. Management have taken steps to mitigate the risk of currency exposures on these contracts by taking out various forward contracts (note 15). As the Group has chosen not to adopt hedge accounting, the derivative gains and losses arising from the change in the fair value of the forward contracts are included within operating profit.

   As the group's performance is largely dependent on the retention of key members of staff, including senior management, technical staff and product development teams, this is another key risk for the Group. Given the growth of the Group, particularly in the 'Defence and Security' division, recruitment and training of employees with the right skills is key to driving value.

   Another risk and uncertainty for the Group is general economic and political conditions, which can potentially impact customer demand. Significant investment into production facilities and product development continues, which places the Group in a strong position to be able to maintain competitive advantage and exploit new opportunities.

4. Going concern

   The condensed interim financial statements included in this report have been prepared on a going concern basis. Forecasts have been made up to 30th April 2027, which the Directors believe to be a reasonable expectation based on the information available at the time of signing these accounts. The forecasts have been assessed for the impact of potential sensitivities, including delays in progress payments across the Group. In all scenarios, the Group has sufficient headroom to meet its liabilities as they fall due.

   In addition, management have carried out reverse stress tests to 30th April 2027 under various scenarios, all of which are considered implausible by management. In all plausible scenarios, the Group would continue as a going concern for at least the next 12 months.

   As a result, in making the going concern assessment the Directors believe there to be no material uncertainties that could cast significant doubt on the Group's ability to continue operating as a going concern. The Group has sufficient financial resources with a healthy order book to continue operating for the foreseeable future, being at least to 30th April 2027. As a result, the Directors continue to adopt the going concern basis of accounting in preparation of this report.

   Notes to the interim consolidated financial statements (continued)

5. Revenue

   The Group's revenue disaggregated by pattern of revenue recognition is as follows:

   Half-year to Half-year to

   31st October 31st October

   2025 2024

   unaudited unaudited

   £'000 £'000

   Revenue recognised at a point in time 52,415 52,597

   2Re2ve2nu2e2re2co2gn2is2ed2ov2er2t2im2e 22222222222222222222 223,23929

   T2o2tal2r2ev2en2ue2222222222222222222222222222 2525,28124

6. Segment information

   222,21221

   25242,7128

   The following table presents segmental revenue and operating profit/(loss) as well as segmental assets and liabilities of the Group's divisions for the half-year periods ended 31st October 2025 and 31st October 2024. This includes 'Defence and Security', 'Forgings' and 'Petrol Station Superstructures and Branding'. Following a restructure of the Group during the period, the previously reported 'Corporate Branding' segment now forms part of the 'Petrol Station Superstructures and Branding' division. The prior year has also been restated for comparative purposes.

   These divisions are the basis on which the Group reports its primary business segment information. The Board, which includes the chief operating decision maker, considers each trading division as a separate operating segment and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Group financing (including finance costs and finance income) and income taxes are managed on a group basis and are therefore not allocated to operating segments.

   'Defence and Security'		'Petrol Station Superstructures 'Forgings' and Branding'					Total
   2025 £'000	2024 £'000	2025 £'000	2024 £'000	2025 £'000	2024 £'000	2025 unaudited £'000	2024 unaudited £'000
   31,223	35,261	6,882 7,664		17,891	12,069	55,996	54,994

   Segmental revenue Total revenue Revenue from other

   s2eg2m2en2ts 2222222 222-

   2312,2223	2352,2261	262,8822	272,6264	2172,7029	2112,7293	2552,8124	2542,7128
   27,824	33,140	6,882	7,664	17,709	11,793	52,415	52,597

   Revenue from external

   c2us2to2me2rs2222222

   Revenue recognised at a point in time

   Revenue recognised

   o2ve2r t2im2e 2222222 232,3929

   2312,2223	2352,2261	262,8822	272,6264	2172,7029	2112,7293	2552,8124	2542,7218
   6,557	6,664	(183)	344	1,470	1,016	7,844	8,024
   91,547	81,684	5,887	6,314	13,923	16,033	111,357	104,031
   						2192,6024	2282,6729
   						12302,9621	12322,7120
   55,918	67,541	853	1,668	5,918	6,522	62,689	75,731
   						232,4928	242,2520
   						2662,1827	2792,9821
   1,932	1,373	19	258	110	343	2,061	1,974
   579	459	270	292	478	481	1,327	1,232
   22221	22223	222-	222-	22221	22222	22422	22425

   Revenue from external c2us2to2me2rs2222222

   Segment result

   Operating profit/(loss)

   Segmental assets Assets attributable to segments

   U2n2all2oc2ate2d 2ass2et2s*2222 T2ot2al2as2set2s 2222222 Segmental liabilities

   Liabilities attributable to

   segments

   U2n2all2oc2ate2d 2lia2bil2iti2es*222 T2ot2al2lia2bi2liti2es222222

   Other segmental information Capital expenditure Depreciation A2m2or2tis2at2ion2222222

   222-

   222,1221

   222-

   222-

   222-

   222-

   22(1822)

   222-

   22(2276)

   222-

   22(1822)

   232,3929

   22(2276)

   222,1221

   * Unallocated assets include certain fixed assets (including all UK properties), current assets, and deferred income tax assets. Unallocated liabilities include the defined benefit pension scheme liability, the deferred income tax liability, and certain current liabilities.

   Assets and liabilities attributable to segments comprise the assets and liabilities of each segment adjusted to reflect the elimination of the cost of investment in subsidiaries and the provision of financing loans provided by MS INTERNATIONAL plc.

   Revenue between segments is determined on an arm's length basis. Segment results, assets, and liabilities include items directly attributable to the segment as well as those that can be allocated on a reasonable basis.

   The segment information for 'Petrol Station Superstructures and Branding' now includes the previously reported 'Corporate Branding' division. This follows a group restructure during the period.

   (continued)

7. Tax expense

   The income tax expense is recognised in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.

   The major components of the tax expense in the consolidated income statement are:

   	Half-year to 31st October	Half-year to 31st October
   	2025 unaudited £'000	2024 unaudited £'000
   Current tax expense	2,251	2,259
   2De2fe2rre2d2ta2x 2(in2co2m2e)2/ex2pe2n2se22222222222222222222	222(429)	222627
   Total tax expense reported in the Interim condensed consolidated
   22in2com2e2s2ta2tem2e2nt2222222222222222222222222	222,22022	222,23226
   Tax relating to items charged directly to equity:

   Half-year to Half-year to

   31st October 31st October

   2025 2024

   unaudited unaudited

   £'000 £'000

   2De2fe2rre2d2ta2x 2on2s2ha2re2op2ti2on2r2eli2ef222222222222222222 22(24727)

   Deferred tax in the Interim condensed consolidated statement of

   22co2mp2re2h2en2siv2e2in2co2m2e 2222222222222222222222 22(24727)

   2222-

   2222-

8. Earnings per share

   The calculation of basic earnings per share of 38.5p (2024 - 39.8p) is based on the profit for the period attributable to equity holders of the parent of £6,270,000 (2024 - £6,446,000) and on a weighted average number of ordinary shares in issue of 16,393,825 (2024 - 16,177,305). At 31st October 2025 there were 487,214 (2024 - 820,020) potentially dilutive shares on option with a weighted average effect of 397,441 (2024 - 636,234) giving a diluted earnings per share of 37.6p (2024 - 38.3p).

   	Half-year to 31st October	Half-year to 31st October
   	2025 unaudited	2024 unaudited
   Weighted average number of shares in issue	17,841,073	17,841,073
   Less weighted average number of shared held in the ESOT	(5,317)	(32,093)
   2Le2ss2w2eig2h2te2d a2v2era2g2e n2u2mb2er2o2f s2ha2re2s2pu2rc2ha2se2d2by2t2he2C2om2p2an2y22	2(12,5421,29321)	2(12,63212,6725)
   Weighted average number of shares to be used in basic EPS calculation	16,293,825	16,177,305
   Weighted average number of the 487,214 (2024 - 820,020) potentially
   2d2ilu2ti2ve2sh2a2re2s 22222222222222222222222222	223927,24421	2263262,2324
   W2e2ig2ht2ed2a2ve2ra2ge2d2ilu2te2d 2sh2ar2es2222222222222222222	1262,6921,22626	1262,81232,5329
   Profit for the period attributable to equity holders to the parent in £	6,270,000	6,446,000
   Basic earnings per share	38.5p	39.8p
   Diluted earnings per share	37.6p	38.3p

   (continued)

9. Dividends paid and proposed

   Declared and paid during the six month period

   Half-year to Half-year to

   31st October 31st October

   2025 2024

   unaudited unaudited

   £'000 £'000

   2Fin2a2l d2iv2id2en2d 2on2or2di2na2ry2s2ha2re2s 2for22202252- 2182p 2(202224 -2126.25p2) 2222 2222,29328

   Proposed for approval

   I2nt2er2im2d2iv2id2en2d 2on2o2rd2in2ar2y s2ha2re2s 2fo2r 2202262- 26p2(2202252-25p2) 22222 22229824

   22222,7023

   22228024

   The interim dividend will be payable on 20th February 2026 to those shareholders on the register at the close of business on 23rd January 2026, with the ex-dividend date being 22nd January 2026.

10. Property, plant and equipment

    At 31st October 2025 (unaudited)

    Cost or valuation

    Freehold Plant and

    property equipment Total

    £'000 £'000 £'000

    At 30th April 2025 23,933 21,787 45,720

    Additions 966 1,095 2,061

    Disposals - (165) (165)

    Exchange differences 166 131 297

    2222222222222222222222222 2222 2222 2222

    At 31st October 2025 25,065 22,848 47,913

    2222222222222222222222222 2222 2222 2222

    Accumulated depreciation

    At 30th April 2025 - 15,463 15,463

    Depreciation charge for the period 114 1,030 1,144

    Disposals - (141) (141)

    Exchange differences 2 118 120

    2222222222222222222222222 2222 2222 2222

    At 31st October 2025 116 16,470 16,586

    2222222222222222222222222 2222 2222 2222

    Net book value at 31st October 2025 24,949 6,378 31,327

    2222222222222222222222222 2222 2222 2222

    Analysis of cost or valuation

    At professional valuation 24,099 - 24,099

    At cost 966 22,848 23,814

    2222222222222222222222222 2222 2222 2222

    At 31st October 2025 25,065 22,848 47,913

    2222222222222222222222222 2222 2222 2222

    (continued)

    10 Property, plant and equipment (continued) At 31st October 2024 (unaudited)	Freehold	Plant and
    Cost or valuation	property £'000	equipment £'000	Total £'000
    At 30th April 2024	23,387	20,090	43,477
    Additions	808	1,166	1,974
    Disposals	-	(595)	(595)
    E2x2ch2an2g2e d2if2fer2en2ce2s 222222222222222	22(21824)	22(21326)	22(23220)
    A2t2312st2O2ct2ob2er2202224 222222222222222	2224,20121	2220,25225	2424,25326
    Accumulated depreciation At 30th April 2024	805	14,719	15,524
    Depreciation charge for the period	217	835	1,052
    Disposals	-	(543)	(543)
    E2x2ch2an2g2e d2if2fer2en2ce2s 222222222222222	222(121)	222(1124)	22(21225)
    A2t2312st2O2ct2ob2er2202224 222222222222222	221,20121	2124,28927	2125,29028
    N2e2t b2oo2k2va2lu2e 2at2312st2O2ct2ob2er2202224 22222222	2223,20020	225,26228	2228,26228
    Analysis of cost or valuation At professional valuation	21,377	-	21,377

    2222,6324	22202,5225	22232,1529
    2224,20121	2220,25225	2424,25326

    2At2co2st2222222222222222222222

    A2t2312st2O2ct2ob2er2202224 222222222222222

    At 30th April 2025 (audited)	Freehold property	Plant and equipment	Total
    Cost or valuation	£'000	£'000	£'000
    At 30th April 2024	23,387	20,090	43,477
    Additions	1,303	2,430	3,733
    Disposals	-	(944)	(944)
    Revaluation	(136)	-	(136)
    Reclassification	(360)	360	-
    E2x2ch2an2g2e d2if2fer2en2ce2s 222222222222222	22(22621)	22(21429)	22(24120)
    A2t2302th2A2pr2il 22022522222222222222222	2223,29323	2221,27827	2425,27220
    Accumulated depreciation At 30th April 2024	805	14,719	15,524
    Depreciation charge for the year	437	1,720	2,157
    Disposals	-	(857)	(857)
    Revaluation	(1,216)	-	(1,216)
    Reclassification	(3)	3	-
    E2x2ch2an2g2e d2if2fer2en2ce2s 222222222222222	222(223)	22(21221)	22(21424)
    A2t2302th2A2pr2il 22022522222222222222222	2222-	2125,24623	2125,24623
    N2e2t b2oo2k2va2lu2e 2at2302th2A2pr2il 2202252222222222	2223,29323	226,23224	2320,22527
    Analysis of cost or valuation At professional valuation	23,933	-	23,933
    A2t2co2st2222222222222222222222	2222-	22212,7827	2221,27827
    A2t2302th2A2pr2il 22022522222222222222222	2223,29323	2221,27827	2425,27220

    The last formal valuation of the Group's land and buildings, which consists of manufacturing and office facilities in the UK, the USA and Poland, was carried out in March 2025 by Dove Haigh Phillips (UK), Integra Realty Resources (USA), and KonSolid-Nieruchomosci (Poland). Management determined that these constitute one class of asset under IFRS 13 (designated as level 3 fair value assets), based on the nature, characteristics and risks of the properties.

    The properties in the UK were valued on the basis of an existing use value in accordance with the Appraisal and Valuation Standards (5th Edition) published by the Royal Institution of Chartered Surveyors. The Polish property was valued based on the income approach, converting anticipated future benefits in the form of rental income into present value. The US property was valued on an income and market value basis. For all properties, there is no difference between current use and highest and best use.

    (continued)

11. Right-of-use assets

    At 31st October 2025 (unaudited)

    Cost or valuation

    Property Total

    £'000 £'000

    At 30th April 2025 2,196 2,196

    Exchange differences 82 82

    2222222222222222222222222 2222 2222

    At 31st October 2025 2,278 2,278

    2222222222222222222222222 2222 2222

    Accumulated depreciation

    At 30th April 2025 1,811 1,811

    Depreciation charge for the period 183 183

    Exchange differences 71 71

    2222222222222222222222222 2222 2222

    At 31st October 2025 2,065 2,065

    2222222222222222222222222 2222 2222

    Net book value at 31st October 2025 213 213

    2222222222222222222222222 2222 2222

    At 31st October 2024 (unaudited)

    Cost or valuation

    Property Total

    £'000 £'000

    At 30th April 2024 2,243 2,243

    Exchange differences (68) (68)

    2222222222222222222222222 2222 2222

    At 31st October 2024 2,175 2,175

    2222222222222222222222222 2222 2222

    Accumulated depreciation

    At 30th April 2024 1,483 1,483

    Depreciation charge for the period 180 180

    Exchange differences (48) (48)

    2222222222222222222222222 2222 2222

    At 31st October 2024 1,615 1,615

    2222222222222222222222222 2222 2222

    Net book value at 31st October 2024 560 560

    2222222222222222222222222 2222 2222

    At 30th April 2025 (audited)

    Cost or valuation

    Property Total

    £'000 £'000

    At 30th April 2024 2,243 2,243

    Exchange differences (47) (47)

    2222222222222222222222222 2222 2222

    At 30th April 2025 2,196 2,196

    2222222222222222222222222 2222 2222

    Accumulated depreciation

    At 30th April 2024 1,483 1,483

    Depreciation charge for the year 357 357

    Exchange differences (29) (29)

    2222222222222222222222222 2222 2222

    At 30th April 2025 1,811 1,811

    2222222222222222222222222 2222 2222

    Net book value at 30th April 2025 385 385

    2222222222222222222222222 2222 2222

    (continued)

12. Cash and cash equivalents

    31st October 31st October 30th April

    2025 2024 2025

    unaudited unaudited audited

    £'000 £'000 £'000

    Cash and cash equivalents 34,323 27,853 23,745 Restricted cash held in Escrow - maturing in

    more than 90 days (note 14) 1,403 4,170 4,038

    2222222222222222222222222 2222 2222 2222

    Total cash 35,726 32,023 27,783

    2222222222222222222222222 2222 2222 2222

    The restricted cash balance held in Escrow provides security to both Lloyds Bank plc and Barclays Bank plc in respect of certain guarantees, indemnities, and performance bonds given by the Group in the ordinary course of business (note 14).

13. Pension liability

    The Company operates an employee pension scheme called the MS INTERNATIONAL plc Retirement and Death Benefits Scheme ("the Scheme"). IAS 19 requires disclosure of certain information about the Scheme as follows:

    • Until 5th April 1997, the Scheme provided defined benefits and these liabilities remain in respect of service prior to 6th April 1997. From 6th April 1997 until 31st May 2007 the Scheme provided future service benefits on a defined contribution basis.

    • From 1st June 2007 the Company has operated a defined contribution scheme for its UK employees which is administered by a UK pension provider.

    • The last formal valuation of the Scheme was performed at 5th April 2023 by a professionally qualified actuary.

    • The Company directly pays the expenses of the Scheme. The total pension scheme expenses incurred by the Company during the period were £153,000 (2024 - £109,000).

    • Due to improved funding of the Scheme on a Technical Provisions basis, the last quarterly deficit contribution was made in April 2024. The current Schedule of Contributions requires no further deficit reduction payments to be made and therefore no payments have been made during the period (2024 - £nil).

    • At 31st October 2025 the present value of the contracted future deficit reduction contributions was £nil (2024 - £nil), which was less than (2024 - less than) the net scheme surplus of £153,000 (2024 - £544,000). As the Company does not have an unconditional right to the economic benefits arising from this surplus, no liability has been recognised within the financial statements in accordance with IFRIC 14.

      (continued)

14. Commitments and contingencies

The Group is contingently liable in respect of guarantees, indemnities and performance bonds given in the ordinary course of business amounting to £1,403,000 at 31st October 2025 (2024 - £4,170,000). Performance bonds are all within the 'Defence and Security' division and are linked to performance activities such as factory acceptance tests, shipping or delivery of hardware, sea/site acceptance tests, or warranty activities. The cash held in Escrow of

£1,403,000 (2024 - £4,170,000) provides security to both Lloyds Bank plc and Barclays Bank plc in respect of these guarantees, indemnities and performance bonds.

In the opinion of the Directors, no material loss will arise in connection with the above matters.

The Group and certain of its subsidiary undertakings are parties to legal actions and claims which have arisen in the normal course of business. The results of actions and claims cannot be forecast with certainty, but the directors believe that they will be concluded without any material effect on the net assets of the Group.

1. Derivative financial instruments

   The Group has in place a number of forward currency contracts in respect of USD denominated cash inflows in the 'Defence and Security' division. During the period, forward currency contracts totalling $28,250,000 at an average exchange rate of 1.3195 have been taken out.

   The Group has chosen not to adopt hedge accounting with respect to forward exchange contracts and as a result the loss of £806,000 (2024 - profit of £788,000) arising from the change in the fair value during the period has been included within operating profit.

   At 31st October 2025 (unaudited) Average

   US Dollar Sterling forward rate Fair value

   $'000 £'000 £'000

   Current derivative asset 10,000 8,052 1.2420 435

   Current derivative liability 16,531 12,538 1.3185 (49)

   Non-current derivative liability 11,719 8,872 1.3209 (58)

   22222222222222222 22222 22222 22222 22222

   Total 38,250 29,462 1.2983 328

   22222222222222222 22222 22222 22222 22222

   At 31st October 2024 (unaudited) Average

   US Dollar Sterling forward rate Fair value

   $'000 £'000 £'000

   Non-current derivative asset 10,000 8,052 1.2420 293

   Current derivative asset 47,500 38,629 1.2296 1,702

   22222222222222222 22222 22222 22222 22222

   Total 57,500 46,681 1.2330 1,995

   22222222222222222 22222 22222 22222 22222

   At 30th April 2025 (audited) Average

   US Dollar Sterling forward rate Fair value

   $'000 £'000 £'000

   Non-current derivative asset - - - -Current derivative asset 28,400 22,412 1.2672 1,134

   22222222222222222 22222 22222 22222 22222

   Total 28,400 22,412 1.2312 1,134

   22222222222222222 22222 22222 22222 22222

   (continued)

2. Share-based payments

   During the period, no share options have been granted to employees under the MS INTERNATIONAL plc Company Share Option Plan.

   Share options totalling 233,656 have been exercised during the period. This includes 50,000 options exercised under the MS INTERNATIONAL plc Long Term Incentive Plan at an exercise price of £0 per share, and a further 183,656 options exercised under the MS INTERNATIONAL Plc Company Share Option Scheme, of which 176,988 were at an exercise price of £1.41 per share and 6,668 were at an exercise price of £3.00 per share.

   231,656 of the options were satisfied by transferring shares from treasury and the remaining 2,000 options were satisfied by transferring shares from The Employee Share Ownership Trust ("ESOT").

   The following table illustrate the number and weighted average exercise prices (WAEP) of share options during the year:

   Long Term Incentive Plan			Company Share Option Plan		Total
   	Number	WAEP	Number	WAEP	Number	WAEP
   Outstanding at
   30th April 2024	150,000	£0.00	918,693	£2.21	1,068,693	£1.90
   Granted in period	-	-	12,000	£9.90	12,000	£9.90
   Exercised in period	(25,000)	£0.00	(235,673)	£1.41	(260,673)	£1.27
   22222222222	22222	22222	22222	22222	22222 22222
   Outstanding at
   31st October 2024	125,000	£0.00	695,020	£2.62	820,020	£2.22
   Cancelled in year	-	£0.00	(10,816)	£1.41	(10,816)	£1.41

   Exercised in period (75,000) £0.00 (13,334) £1.41 (88,334) £0.21

   22222222222 22222 22222 22222 22222 22222 22222

   Outstanding at

   30th April 2025 50,000 £0.00 670,870 £2.63 720,870 £2.44

   Restated in period - - 10,816 £1.41 10,816 £1.41 Cancelled in period - - (10,816) £4.61 (10,816) £4.61 Exercised in period (50,000) £0.00 (183,656) £1.47 (233,656) £1.15

   22222222222 22222 22222 22222 22222 22222 22222

   Outstanding at

   31st October 2025 - - 487,214 £2.99 487,214 £2.99

   22222222222 22222 22222 22222 22222 22222 22222

   The Group recognised a total charge during the period of £36,000 (2024 - £36,000) in relation to equity-settled share-based payment transactions. At 31st October 2025 there were no exercisable LTIP share options (2024 -125,000) and 354,148 (2024 - 207,004) share options exercisable under the CSOP share option scheme.

3. Prior Year Adjustment

During the prior year management identified that the Company had not accounted for Part 12 tax relief with respect of share based payments in prior years and the associated deferred tax. The tax relief is equal to the difference between the market value of shares on the date of acquisition less the price paid for the share options. Where the amount any tax deduction, or estimated future tax deduction, exceeds the cumulative equity settled share-based payment charge expense, the current or deferred tax associated with the excess is recognised directly in equity.

As a result, the current tax adjustment of £577,000 and the deferred tax adjustment of £1,086,000 in respect of 30th April 2024 have been recognised directly within equity, increasing retained earnings by £1,663,000.

The table below shows the impact of the prior year adjustment on the statement of financial position for the year ended 30th April 2024 and the period ending 31st October 2024. There is no impact on the consolidated income statement, the consolidated statement of comprehensive income, or the earnings per share for the year ended 30th April 2024 and the period ended 31st October 2024.