Applied Nutrition plc Annual Report 2025

INNOVATE.

DELIVER.

SCALE.

OUR VISION

TO BECOME THE WORLD’S

MOST TRUSTED AND

INNOVATIVE SPORTS

NUTRITION, HEALTH

AND WELLNESS BRAND.

WHO WE ARE

OUR PURPOSE

HIGHLIGHTS

Applied Nutrition is a leading sports nutrition,

health and wellness brand, which formulates

and creates nutrition products targeted at

a wide range of consumers and sold in over

85countries worldwide.

We develop innovative supplements,

establishing a widely available range of

trusted products that meets the evolving

needs of a growing global market.

Backed by industry-leading in-house R&D,

ourtesting and manufacturing standards

setus apart from the competition and reflect

our passion for innovation.

We Fuel Your Moment™

Whether that’s to

Fuel your healthier lifestyle,

Fuel your workout or

Fuel your elite level performance,

We’re here to Fuel Your Moment.

FY25 revenue

£107.1M

FY24: £86.2M (+24.2%)

FY25 adjusted EBITDA

£30.9M

FY24: £26.0M (+18.7%)

Operating profit

£28.1M

FY24: £23.7M (+18.6%)

FY25 free cash flow

£16.5M

FY24: £7.1M (+132.4%)

Global market expected to grow by

8.1%

Expected CAGR to 2028

Global market opportunity

£279BN

Forecast value in 2028

STRATEGIC REPORT

Highlights 1

Introducing Applied Nutrition plc 2

Q&A with Thomas Ryder, Chief Executive 4

Chair's statement 6

Chief Executive Officer's review 8

Investment case 12

Our business model and strategy 14

Strategic growth 16

Sustainability 18

Task Force on Climate‑related

Financial Disclosures 24

Stakeholder engagement and s172 32

Group financial review 38

Risk management 42

CORPORATE GOVERNANCE

Governance at a glance 50

Board of Directors 52

Corporate governance report 55

Nomination Committee report 60

Audit and Risk Committee report 63

Remuneration Committee report 66

Directors’ report 82

Statement of Directors’ responsibilities 85

FINANCIAL STATEMENTS

Independent auditors’ report 86

Group financial statements 94

Notes to the Group financial statements 98

Parent company financial statements 123

Notes to the parent company

financial statements 125

ADDITIONAL INFORMATION

Glossary 134

Professional advisers 135

Alternative performance measures 136

1. Please see pages 39 and 41 for calculations.

2. Euromonitor International Consumer Health Passport 2024 Edition.

Applied Nutrition plc Annual Report 2025

INTRODUCING

APPLIED

NUTRITION

PLC

LOCAL PRIDE

• UK company – from a shop in Liverpool in 2014 to an IPO on

the London Stock Exchange in 2024

• Predominantly UK manufacturing – in‑house in Knowsley

GLOBAL FOOTPRINT

• Global sales presence

• Complementary US presence

• Leveraging local marketing expertise

globally through distributors

250+

Locally created jobs

85+

Sold in over 85 countries

FUTURE AMBITIONS

Our vision is to be the world’s most trusted and innovative

sports nutrition, health and wellness brand.

We’re a UK company and are proud to be a home‑grown

brandnow selling all over the world.

WITH SOLID PROGRESS BEHIND US

AND ENCOURAGING TRADING TRENDS

CONTINUING, WE ARE FOCUSED ON

KEY OPPORTUNITIES WITH A VIEW

TO CONTINUING OUR AMBITION TO

BECOME THE WORLD’S MOST TRUSTED

AND INNOVATIVE SPORTS NUTRITION,

HEALTH AND WELLNESS BRAND.”

Thomas Ryder

Founder and CEO of Applied Nutrition

Applied Nutrition plc Annual Report 2025

OUR RANGES

We have developed four product ranges which target a wide

range of consumers: professional athletes who use sports

nutrition products daily, serious gym‑goers, fitness enthusiasts,

and everyday health‑conscious consumers looking to improve

their health or manage their weight.

Each range targets a different consumer group and ensures

that the Group continues to appeal to a broad and diversified

customer base.

PERFORMANCE

& ELITE ATHLETE

Professional athletes

who use sports nutrition

products daily

SERIOUS

GYM-GOER

Serious gym‑goers with

the goal to improve

performance

FITNESS

ENTHUSIASTS

Exercise regularly

and require full range

of sports nutrition

products

HEALTH

CONSCIOUS

Everyday consumers

looking to improve

theirhealth and manage

their vitality

APPLIED NUTRITION

Our original range which comprises our broadest

product offering

60%

Revenue

ALL BLACK EVERYTHING (ABE)

A highly formulated premium range targeted at

serious gym‑goers

24%

Revenue

BODYFUEL

An entry‑level range aimed at the consumer who is

price conscious or starting their supplement journey

Revenue

ENDURANCE

A specialist range aimed at enduranceathletes

Revenue

Note: The additional 6% of revenue is derived from products manufactured on behalf of third parties.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Q&A

WITH

THOMAS RYDER,

CHIEF EXECUTIVE

OUR

HISTORY

2014

• Formed, launching

with Critical Mass

product

2016

• Launched

ABErange

2017

• Products sold in

15 countries and

entry into the

Middle East with

Dr Nutrition

2018

• Range grows to

>30 products

• First grab‑and‑go

products launched

2015

• Received Informed

Sport certification

• In‑house NPD and

manufacturing

established

• Entry into Europe

OUR VISION IS TO

BECOME THE WORLD’S

MOST INNOVATIVE

AND TRUSTED SPORTS

NUTRITION, HEALTH

AND WELLNESS BRAND,

AND BEING LISTED

GIVES YOU THAT

ADDEDCREDIBILITY.”

APPLIED NUTRITION’S STORY SO FAR

Why and how did you get into

supplements and nutrition?

A. Supplements and nutrition have been

my life since I left school. They are

probably boring to 99% of people, but I

absolutely love it. I love the ingredients,

I love researching what dosages of what

ingredients are good and what benefits

that you get from them, and it just grew

from there.

I opened up a small supplements store,

called BodyFuel, when I was 18 and

we stocked lots of different brands and

products. At this time, I was still working

another job though. I started wholesaling

a bit, selling products on.

Back in those days, sports nutrition

products were mainly used by

bodybuilders. I wasn’t really interested

in that, but I always thought there was

awider market for sports nutrition.

What happened next to start

Applied Nutrition?

A. I started Applied Nutrition in 2014.

Atthe time it was already a small brand

I was stocking, but it was in decline.

Critical Mass was their main product

but I believed it was marketed wrong.

Itook over the brand and started fresh,

knuckled down with rebranding and

redevelopment, moved production

to a new manufacturer in Belgium

and worked with them on product

development.

Applied Nutrition plc Annual Report 2025

2019

• International

growth stretches

into APAC

2020

• Moved to the new

HQ in Knowsley,

with 44k sq. ft.

capacity

2021

• JD Sports

acquired 32%

stake in the

Company

2022

• Launched in

theUS

• Addition of second

UK warehouse

(47k sq. ft.)

• Launched the

range focused on

endurance sports

community, such as

running, cycling

and swimming

2023

• Collaborated with

Swizzels and

Millions

• Launched into

Walmart in US

• Introduced

automation within

manufacturing

facility

2024

• Company

celebrated its 10th

anniversary and

underwent an IPO

on the London

Stock Exchange

• US CEO Aaron

Heidebreicht

recruited

• Launched with

several UK grocers

• Expansion of

manufacturing

capacity

SCAN ME!

Watch Thomas’s story on

the LSE website.

I was learning on the job. In early 2016,

we made the decision to put in our own

manufacturing facility as the pound was

dropping against the euro, and we were

being caught out on the exchange rate.

We made room for manufacturing in

my warehouse, and these were my first

employees. The most pivotal point in

our journey was bringing manufacturing

in‑house. That was the game changer for

us. It allowed us to be in control of our

destiny, our product range and what we

put out to the end consumer.

This taught me how to take a product

to market. It gave me a lot of insight.

In those days we were mainly selling

through the speciality stores I had a

relationship with. It grew organically.

We didn’t have a lot of money, and

everything went back into product

development.

The rest is history!

Why did you choose to IPO?

A. Over the years, we looked at our

options. Private equity and trade were

interested, but after taking advice from

numerous experienced people, we felt

the IPO route was the best option for us.

I love working in the business and the

IPO allowed us to keep control of our

own destiny. Other companies in our

industry that are listed seemed to be in a

different league. Our vision is to become

the world’s most innovative and trusted

sports nutrition, health and wellness

brand, and being listed gives you that

added credibility. Ringing the bell was a

massive moment for us, a real milestone.

FIND OUT MORE PAGE 8

Which products do you use?

A. I use a range of products based

upon general health and wellness

and performance. My everyday

non‑negotiables are Collagen, Critical

Whey Protein and Greens Powder.

Ondays that I exercise, I also take ABE.

Supplements and nutrition are now

part of everyday life aren’t they?

A. Yes, the general public is a lot

more aware and conscious. There is

an understanding that it is not just

for bodybuilders, but now health and

wellness is for everyone and, as a

result, our products cater to all types

ofconsumers.

This isn’t just focused on the male

demographic anymore is it?

A. Not at all. One of the biggest trends

we’ve seen across our business is

the increase in women wanting to be

healthy, fit and strong. Two years ago

we were still male dominated, but the

number of female customers has now

increased from 20% to 40%. Broadening

our product range to include things

likeCollagen has helped us tap into

thismarket.

This all sounds incredibly

excitingwith more and more

peoplefocusing on this lifestyle.

What excites you for the future?

A. We are incredibly excited for the

future. Whilst we have had success, we

have only scratched the surface of what

we can achieve. The market is growing

extremely quickly and we are focused

on taking our brand and products to

more customers across the globe, whilst

expanding our offering with existing

customers.

FIND OUT MORE PAGE 8

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

A year of delivery following our

successful IPO with growth across both

existing and new customers, supported

by a continuous focus on new product

development.

I am delighted to be reporting on

our maiden results following our

IPO in October 2024. The successful

IPO represented the next step

in Applied Nutrition’s journey to

becoming the world’s most trusted

and innovative sports nutrition, health

andwellnessbrand.

The IPO enabled us to welcome new

shareholders as we pursue significant

opportunities in growing end markets.

This builds on a track record of consistent

execution and impressive growth.

The Group’s strong performance in

the period has been driven by growth

across both existing and new customers,

supported by a continuous focus on new

product development (NPD).

Our growth strategy is centred around

existing customers through increasing

shelf space and increasing distribution

end points whilst winning new customers

in new geographies and channels. The

successful execution of our strategy has

delivered a FY25 performance ahead of

market expectations.

Our people and the culture we have

built lie at the heart of Applied Nutrition.

With a team of over 270 passionate and

committed individuals, we continue to

build on our strong culture and deliver

results. I would like to thank them for

their hard work and dedication; without

their efforts our results would not be

possible. Alongside this, we have a Board

that has significant experience in both

retail and capital markets to ensure

that there is appropriate guidance and

oversight.

As a Board, we recognise that effective

governance is vital for maintaining trust

in our ability to deliver long‑term value

for shareholders.

Since IPO we have continued to build

on our established robust governance

framework that facilitates and supports

the Company’s growth ambitions,

underpinned by strong risk management

and independent oversight.

Looking ahead, FY26 has continued in the

same strong vein as FY25.

We look forward to bringing all

stakeholders on the journey with us as

we take advantage of the opportunities

togrow with new and existing customers,

whilst bringing innovative new products

to market.

Andy Bell

Independent Non‑Executive Chair

7 November 2025

DELIVERING ON

OUR PROMISES

Andy Bell

Independent Non-Executive Chair

CHAIR’S

STATEMENT

INTRODUCING OUR BOARD

In our first corporate governance

report, we outline how the

Directors contribute to the delivery

of our strategy through high

standards of corporate governance,

approaching the Corporate

Governance Code with a comply

orexplain approach.

READ MORE IN CORPORATE GOVERNANCE

SEE PAGE 55

Corporate Governance

Code 2024

• Board leadership and

companypurpose

• Division of responsibilities

• Composition, succession

andevaluation

• Audit, risk and internal control

• Remuneration

Applied Nutrition plc Annual Report 2025

WE ARE CONFIDENT OUR IPO

IN OCTOBER 2024 HAS

ALREADY DELIVERED THE

INCREASE IN PROFILE,

AWARENESS AND

CREDIBILITY WE HAD

ANTICIPATED.”

Thomas Ryder

Founder and CEO of Applied Nutrition

YEAR IN REVIEW

Key

1. Coffee & Vibes event

2. Northwest Business of the Year Awards

2025 – Fast Growth Award

3. Our manufacturing facility

4. Manchester half marathon sponsor

5. Dubai Muscle Show with NPD cherry

proteinwater

6. Endurance collaboration with Vimto

7. Our global distribution centre

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Introduction and overview

Our first year as a listed company on

the Main Market of the London Stock

Exchange has once again demonstrated

our ability to deliver, with a year of

continued momentum and opportunity.

We are pleased strong trading has

enabled us to deliver full‑year results

ahead of initial market expectations,

with performance having been driven by

the successful execution of our growth

strategy. We are also confident our IPO

in October 2024 has already delivered

the increase in profile, awareness and

credibility we had anticipated.

Our business‑to‑business (B2B) model

remains our chosen route to market

which enables a low‑risk, highly

cost‑effective go‑to‑market strategy

which has allowed us to leverage local

knowledge in international markets.

Additionally, ourdirect‑to‑consumer

channel, thoughasmaller component

of the Group, continues to deliver

complementary growth.

Our vision to become the world’s most

trusted and innovative sports nutrition,

health and wellness brand continues

to fuel our ambition, and this year has

further demonstrated both the scale of

the opportunity that lies ahead and our

ability to deliver against it.

Market and opportunity

Since founding the business in 2014,

thesports nutrition, health and wellness

market has changed dramatically.

WhenIstarted in the industry,

supplements were thought of just for

bodybuilders, but now consumers

across all demographics are becoming

ever‑increasingly health conscious.

Health and wellness is for everyone

and, as a result, our products cater

to all types of consumers, from elite

performers to everyday consumers

looking to make more health‑conscious

decisions.

Our opportunity is presently underpinned

by the industry’s strong growth

projections. The global sports nutrition,

health and wellness market is projected

to grow to £279 billion by the end of 2028

at a CAGR of c.8%

EVERYTHING WE DO IS TO RESONATE TRUST

WITH THE END CONSUMER AND BEING A LISTED

BUSINESS DRIVES THAT MESSAGE.”

INTRODUCTION

FROM THOMAS RYDER,

CHIEF EXECUTIVE

Thomas Ryder

Founder and CEO of Applied Nutrition

CHIEF

EXECUTIVE

OFFICER’S

REVIEW

1. Euromonitor International Consumer Health

Passport 2024 Edition.

Applied Nutrition plc Annual Report 2025

Recent consumer research reinforces

the structural tailwinds across the sports

nutrition, health and wellness market.

In a survey we conducted of 2,000 UK

consumers aged 18‑65, health and

wellness emerged as the second‑highest

personal priority, marginally behind

family, emphasising the increasing

societal focus on everyday wellbeing.

Building on this, 64% said that they had

reduced spending on social activities

to invest in their health over the last

twelve months. Notably, over 80% of

respondents now view supplements as

a necessity rather than a luxury, with

protein, vitamins, creatine, pre‑workout,

hydration and recovery products proving

the most popular offerings for survey

respondents. These trends in consumer

behaviour align directly with Applied

Nutrition’s focus on delivering trusted,

high‑quality products that support

healthier lifestyles and sustained

wellbeing as part of daily routines.

Sports nutrition and health and wellness

products are increasingly becoming

a mainstay on retailer websites and

shelves globally and these supportive

market dynamics provide us with strong

confidence for the future success of the

Group. While we remain a relatively

small player in the global market,

our constant innovation, growth and

expanding distribution provides a clear

platform to continue taking share in our

growing markets.

Performance review

FY25 performance was ahead of market

expectations as we grew revenues by

c.24% and adjusted EBITDA by c.19%

with profit before tax increasing by

c.17%. Wewant to thank our partners,

customers and staff in helping us

achievethis. Notwithstanding the

additional costs of being a listed

business, we have delivered the same

underlying profit margins as in FY24.

FY25 has seen us once again deliver

against our multi‑pillar, global growth

strategy: deepening relationships with

existing customers through increased

shelf space and distribution end points

as well as securing new customers

and channels across both existing and

new geographies, all while continuing

to deliver a consistent pipeline of new

product development (NPD), expanding

our ranges, formats and flavours.

READ MORE, SEE STRATEGIC GROWTH PAGE 16

Existing customers

Existing customer growth is achieved

through our focus on increased shelf

space which is achieved by increased

SKUs within existing product offerings,

the expansion of our existing product

range, as well as expanded rollout of

distribution end points and achieving

deeper penetration across all available

channels.

Strengthening our relationships with

existing customers has been one of the

most important drivers of performance

in FY25. In the UK, revenue from existing

customers grew significantly, supported

by deeper engagement with major

retail partners, where our previously

announced joint business plan (JBP)

has unlocked additional shelf space in a

national retailer with a broader range of

listings in new and existing categories,

in addition to deeper distribution within

their estate. The JBP has provided the

retailer with early access to new product

development, allowing them to take new

products to market quickly.

A key success of the JBP has been our

ability to appeal to consumers across

the breadth of the retailer’s category

offering and deliver new products in line

with consumer demands. These products

showcase our ability to innovate in an

agile way, such as with popular offerings

in a new format, new products based on

consumer demand, new innovation, as

well as growing classic sports nutrition

products.

We have continued to see excellent

progress in UK retail, with both

additional listings and deeper

penetration. Taking into account recent

data, total product placements across

grocery and high street increased by

over 95% in 2025 compared to 2024

In Europe, existing customer growth

was supported by the strength of our

long‑standing distributor relationships

and the increasing recognition of the

Applied Nutrition brand. Performance

has been driven by expanded listings in

discount retail and specialist channels,

as well as ongoing growth at gyms and

sports clubs.

Existing customer growth in international

markets was more measured, reflecting

the previously announced exit from an

agreement with a distributor. Excluding

the sales made to that distributor,

international sales grew by 13% between

FY24 and FY25 and we have a clear

pathway to accelerated growth across

the region in FY26.

While the US business remains in its

infancy, we have continued to develop

relationships with key retail and certain

distribution partners, as well as launch

tailored products catered towards US

consumers.

New customers and channels

Leveraging our proven internationally

successful B2B model, new customer

relationships are established within both

existing and new channels, including

entry into new geographies.

We made good progress in winning

listings with new retailers and expanding

into additional channels during the year.

In the UK, significant new wins included

several major multiples, positioning our

products alongside everyday consumer

staples and significantly broadening

our reach. Being present in mainstream

grocery enhances brand visibility and

ensures that our products are accessible

to a wide consumer base.

Internationally, we extended our

global footprint and entered numerous

new geographies in eastern Europe,

Latin America and Asia. As previously

announced, we also made encouraging

progress in Latin America, where we

have entered new geographies in the

region and we are benefitting from

growing consumer demand. We also

continue to explore opportunities with

local partners in new markets, which will

allow the brand to grow in markets that

are difficult to access because of trade

barriers.

In the US, we have continued to build

our presence across both specialist and

grocery channels. Key progress includes

our launch of the AN Performance range

with The Vitamin Shoppe as well as the

previously announced listings with three

major new partners: GNC Corporate,

Hy‑Vee and H‑E‑B.

2. Source: Circana – Major Multiples (moving annual), store count where scanned (week ending 4 October 2025).

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CHIEF EXECUTIVE

OFFICER’S REVIEW

CONTINUED

Performance review continued

Innovation and NPD

NPD allows us to expand our existing

ranges, products and flavours, and

therefore help support further growth

across existing customers, new

customers and direct to consumer

(D2C). Innovation is at our core and is

enabled by our in-house manufacturing

capability. Ourcommitment to NPD fuels

customer engagement, drives consumer

demand, and helps us remain agile in

the rapidly evolving sports nutrition,

health and wellness market.

In the year we released a series of

new products that have been very

well‑received across our customer and

consumer base. These new products

have been developed in line with our

three‑pronged approach to NPD:

• Fill opportunity gaps: In late 2024 we

launched a Sparkling Collagen Protein

Water, tapping into consumer demand

for refreshing, low‑calorie ways to

hydrate and hit protein goals.

• Keeping products fresh: Across the

market, there had been a lack of

innovation in the range of products

marketed to endurance athletes;

therefore, in early 2025 we launched

a collaboration with Vimto in our

Endurance range offering products

such as gels and effervescent tablets

tointroduce new flavours in the

category. The partnership with Vimto

has driven our Endurance range to

be the fastest‑growing Energy and

Hydration brand in the UK grocery

andhigh street

• Access emerging trends: In 2025 we

launched specific ranges of products

in different formats, which allows

them to appeal to broader audiences.

For example, we introduced creatine

in a gummy format to make it more

accessible and convenient for

consumers who are starting to use

creatine for benefits beyond sports

performance. We also began offering

health and wellness products such

as collagen in stick‑packs, which are

preferred by some consumers for their

convenience.

In addition to the examples above,

wecontinued to build out our product

portfolio, especially in more recently

developed ranges, such as the launch of

protein offerings and wellbeing products

in the BodyFuel range.

D2C growth

Our D2C strategy will continue to

complement our B2B strategy in certain

geographies, whilst simultaneously

building Applied Nutrition’s brand

awareness with consumers. Our D2C

channel remains a smaller part of the

business but continues to grow steadily

and plays an important complementary

role alongside our B2B model.

Overall D2C sales were aided by

improvement in the customer experience

with the launch of the Applied Nutrition

app and enablement of subscription

options via our app and website, amongst

other incremental improvements to our

D2C offering.

Capital allocation and investing

forgrowth

Future investment

We continue to follow a disciplined

approach to capital allocation, with

a focus on investing in growth while

maintaining a strong financial position.

Our priority remains reinvesting in the

business to support future expansion

while ensuring we have the capability to

pursue opportunities that can enhance

shareholder returns.

As announced at the time of IPO, we had

completed a manufacturing extension,

increasing production capacity to

c.£160 million of revenue in early FY25.

Throughout the year, we focused on

driving efficiencies in our manufacturing

processes and, as a result, we are now

comfortable that the capacity of our

current facility now allows the Group’s

revenues to be increased to c.£200 million.

Taking into account current trading and the

lead time required to plan and execute

further manufacturing capacity projects,

we have begun to execute our latest

phase of investment to ensure we can

continue to expand and deliver in line

with the growth opportunity we see.

This includes further automation,

specialist production (which is currently

outsourced), additional storage capacity

(where third‑party warehousing is

currently being utilised) and additional

office space.

The following capital projects will

support the current trajectory of

theGroup:

Production expansion

Over the next 18‑24 months we

intend to invest approximately £2.0 to

£2.5million to ensure the business has

the operations to support its continued

expansion, drive efficiencies and reduce

reliance on outsourced providers. This

investment is expected to increase

capacity to c.£300 million of revenue

andwillinclude:

• Additional automated packaging lines

adding capacity and efficiency. This

will benefit margins as less labour

hours are needed to produce the same

volumes.

• A new gel machine, as a result of the

continued growth of the Company’s gel

products. There has been a significant

increase in the demand for products

from the Company in gel format in

recent years: in existing products;

newproducts brought to market (such

as the Vimto gel collaboration); and

extension of other products into a gel

format as a new option.

In addition, the Company is considering

an investment into machinery that will

allow us to produce one of our

fastest‑growing products in‑house.

Thisis a more expensive addition, with a

potential cost of approximately £2.5million

to install. However, the Company

estimates that based on current volumes

the payback period would be in the

region of four years. This would be

reduced if our volumes increase, or the

Company is able to secure contracts to

produce on a white label basis, resulting

in increased utilisation.

Further investment will be assessed

on a case‑by‑case basis where volume

requirements and payback meet our

criteria.

3. Source: Circana – Major Multiples (value % growth L12wks), Brands with 52 week sales of >£1 million (week ending 6 September 2025).

Applied Nutrition plc Annual Report 2025

New global distribution facility

and head office

We intend to enter a lease for a newly

purpose‑built warehouse adjacent to our

current location which will provide the

following benefits:

• increase storage capacity by an

estimated 180% and improve margins

by eliminating the need for use of

several external third‑party warehouses

and reduce inefficiencies resulting from

these multiple locations of stock;

• additional single‑site office space which

will allow all non‑manufacturing teams

to work on the same site and increase

collaboration; and

• provide a new headquarters to host our

existing and potential global partners

While the purchase of the land and

construction of the building will be borne

by the landlord, we will incur the normal

costs of fit‑out and associated equipment

which may be required. Thecurrent

estimate for this is £3.5 to £4.0 million.

Weexpect to sign the lease beforethe

end of2025, and any agreement will

be subject to planning permission

and completed construction. The

landlord expects to be granted planning

permission in late 2025 and construction

to be finished in early FY27, although

these approximate timings are subject

tochange.

After the move is complete, our current

warehouses will be repurposed for

expanded production and for raw

materials and packaging storage,

respectively, while the new warehouse

will be dedicated to finished goods

storage and distribution.

Marketing activities

We continue to build out our brand

strategy, designed to deliver a strong,

trusted brand that drives demand and

makes us the product of choice for

consumers. In our model, the focus is

not only on reaching end users but also

on equipping distributors with the tools,

messaging and brand equity needed to

accelerate sell‑through. By investing in

consistent branding, targeted marketing

campaigns and clear product positioning,

we enhance visibility and credibility

across the globe. We have multiple

avenues of achieving this by interacting

with customers, whether that be

through partnerships and collaborations,

attending exhibitions andother

promotional activity.

Within the period, we have made

significant progress with our marketing

activities. We signed several brand

ambassadors and influencers and

launched our first TV advert to promote

our products.

Post period, we appointed a Chief

Marketing Officer with extensive industry

experience to lead the marketing team

and support our global growth.

Leveraging our strong, trusted brand

and consumer recognition, we are

progressing opportunities, both internally

and through partnerships, toexpand into

adjacent growth markets and capitalise

on the consumer trends we benefit from.

Current trading and outlook

The positive momentum experienced in

the final quarter of FY25 has continued

into the opening months of the new

financial year, supported by strong

consumer demand across our core

categories and growing recognition

of our brands both in the UK and

internationally. Early FY26 trading trends

reflect a continuation of the progress

made in market share through deeper

distribution, increased shelf space and

an expanding product range.

Our investment in additional capacity,

automation and new product formats

positions the Group to deliver sustained

growth over the medium term.

We remain confident that our core

strengths: our B2B‑focused model,

breadth of high‑quality products and

industry‑leading innovation will continue

to underpin strong revenue growth and

profitability over the long term.

While the trajectory of the business

remains encouraging with a strong Q1

FY26, it is still early in the financial year;

therefore, our full‑year expectations for

FY26 remain unchanged at this stage.

Thomas Ryder

Founder and CEO of Applied Nutrition

7 November 2025

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

INVESTMENT

CASE

SIGNIFICANT MARKET

OPPORTUNITY

£279BN

The global sports nutrition, health and wellness

market is projected to grow to over £279 billion

bythe end of 2028 at a CAGR of c.8%

The number of consumers taking protein

supplements for their general health almost

doubledin 2024 when compared with 2021.

SUCCESSFUL B2B BUSINESS MODEL

91% OF REVENUE IS B2B

B2B business model with a low-risk, highly

cost‑effective go‑to‑market strategy which has

allowed the Group to leverage local knowledge

ininternational markets.

Broad range of routes‑to‑market, ensuring that

Applied Nutrition products are highly accessible

by its diversified consumer base through

multiplechannels.

READ MORE, SEE OUR BUSINESS MODEL AND STRATEGY PAGE 14

TRUSTED BRAND WITH

BROAD CONSUMER APPEAL

TRUSTED BY ATHLETES

Multiple site accreditations from professional

bodies, including the BRC‑GS Global Food Safety

certification.

Collaborations and partnerships with professional

athletes and sports clubs.

READ MORE, SEE CEO Q&A PAGE 4

MULTIPLE PILLARS OF GROWTH

Multi‑pillar growth strategy underpinned

byglobalmegatrends.

• Existing customers: grow shelf space

anddistribution end points.

• New customers: enter new geographies

andthrough new channels.

• NPD: capabilities drive growth by expanding

ranges,products, formats and flavours.

READ MORE, SEE OUR BUSINESS MODEL AND STRATEGY PAGE 14

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR BUSINESS

MODEL AND

STRATEGY

OUR PURPOSE

We Fuel Your Moment™. Whether that’s to Fuel your healthier lifestyle, Fuel your workout or

Fuel your elite performance, We’re here to Fuel Your Moment.

INNOVATE

WHAT DRIVES AND SUPPORTS US

DELIVER

Agility and speed

f In‑house, UK‑based

manufacturing.

f Speed to market.

f Ability to scale rapidly.

f Expert Board and

managementteam.

f In‑house new product development.

OUR MARKETS OUR GOVERNANCE AND RISK MANAGEMENT

f £279 billion total addressablemarket

f Increased focus on health andwellness.

f Drive for accessibility andconvenience.

Our primarily B2B model is low‑cost and

low‑risk – allowing distributors to leverage

their local knowledge of international markets.

Trusted for quality

f Informed Sport certification.

f Accredited to the highest worldwide

standards including BRC AA+ grade,

US Federal Drug Administration

(FDA), Good Manufacturing

Practices (GMP) and ISO 22000.

f Trusted partnerships with

worldwide recognised brands

suchas Chiquita.

Financial strength

f Strong revenue growth driven by a

global B2B business model.

f High margin profile and cash flow

generation.

f Cash‑flow focused philosophy with

carefully considered investment in

capital expenditure to support growth.

f Multiple levers of sustainable

long‑term growth.

f Net cash position.

SEE PAGES 42 TO 51

Continuous NPD

B2B

91%

D2C

Distributor

Retailer

Gym/

Sports

Club

Online

1. Euromonitor International Consumer Health Passport 2024 Edition.

Applied Nutrition plc Annual Report 2025

OUR VISION

To become the world’s most trusted and innovative

sports nutrition, health and wellness brand.

SCALE ACHIEVEMENTS

OUR VALUES

Our values drive the culture that is the glue holding everything together – it’s what we stand for and what defines who we are.

Agility and speed

85+

Countries

New products such as creatine

gummies and Sparkling Collagen

Protein Water.

READ MORE PAGE 10

Our strategy is built to

maximise massive and

growing market potential

through leveraging our

strengths and relationships.

Trusted for quality

Available in leading retailers such as

Walmart, GNC, Holland & Barrett and

allmajor UK grocery chains.

NPD

Nominated as NPD partner

forHolland& Barrett.

AA+

Quality rating renewed BRC audit.

Financial strength

£200M

Completed manufacturing extension,

increasing production capacity to

allow revenue growth to c.£200 million.

29%

Adjusted EBITDA margin.

Family – One team.

We look after each

other, celebrate

success and pull

together when

it’stough.

Agility – We’re a

big, small company!

We remain agile

and entrepreneurial

which allows us to

act at pace.

Customer first –

Weobsess over

quality, safety and

innovation – because

our customers expect

the best. Sodo we.

Trust – We do things

right. Open, honest,

no shortcuts. Our

customers can rely

on us.

Originality – Welead

through bold ideas

and constant

innovation. Staying

still isn’t an option.

Respect – Every

person matters,

regardless of title.

Every voice is heard.

Continuous NPD

B2B

Existing customers:

• Expand shelf space.

• Increase end points.

New customers:

• New geographies.

• New customers.

• New channels.

D2C

• Continues to

complement B2B and

build brand awareness.

Retailer

Consumers

Gym/

Sports

Club

appliednutrition.uk ansupps.com

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

As a leading sports nutrition, health

and wellness brand, we recognise the

importance of having a clear strategy

for growth in place to focus our

intentions and enable us to maintain

our market position.

Given our largely B2B business

model, we have several key strategic

growth areas, focused on existing

and new customers, with a further

complementary pillar for our growing

D2C channel.

With our products now available in over

85 countries worldwide, we continue

to see strong returns on our strategic

growth objectives through ongoing

execution to help further expand our

reach, grow our revenues and further

cement our position as a leading

company in the nutrition, health and

wellness market.

Our growth strategy is to deepen our

relationships with existing customers

through increased shelf space and

distribution, whilst also securing new

customers and channels across both

existing and new geographies. We will

do this while continuing to deliver a

consistent pipeline of new product

development, expanding our ranges,

formats and flavours.

The below summarises our key strategic

pillars and our progress in the year.

STRATEGIC

GROWTH

PROGRESS IN THE YEAR LOOKING AHEAD

By engaging with our existing

suppliers and strengthening our

relationships, we can further

build on our presence in stores.

These relationships help us

deliver new products that meet

customer demands.

• Joint business plan (JBP) with Holland & Barrett

increased the range of products available and helped

bring new products to market quickly.

• Expanded presence in discount retail in UK and

internationally, with dedicated product lines for

this channel.

• Additional listings in specialist channels

across Europe.

• Continued innovation

with new products to

match changing customer

demands and market

trends.

• Build further expansion

with these key strategic

partners.

PROGRESS IN THE YEAR LOOKING AHEAD

Expanding product rollout and

deepening our penetration

across all channels to help raise

brand awareness and making

it even easier for consumers to

find our products.

• Through the JBP with Holland & Barrett we have

increased distribution within their estate.

• Strengthened presence at gyms and sports clubs

tomake it even easier for consumers to access our

products and increase brand awareness.

• Growth delivered in year through distribution partners.

• Building on distribution

relationships to equip

partners with tools and

materials needed to

deliver growth.

• Further integration with

newer partners to help

extend our footprint.

EXISTING CUSTOMERS

INCREASE SHELF SPACE

INCREASE DISTRIBUTION END POINTS

Applied Nutrition plc Annual Report 2025

NEW CUSTOMERS

NEW GEOGRAPHIES

PROGRESS IN THE YEAR LOOKING AHEAD

Building on our proven

international success to

capitalise on significant market

opportunities globally.

• Extended our global footprint by entering new

geographies across eastern Europe, Latin America

and Asia.

• Entry into Canada, working alongside one of the largest

distributors, represents scalability of B2B strategy.

• Developing relationships

with new distributors to

aid growth internationally.

• Expand tailored products

for specific geographies

in recognition of different

tastes and trends.

NEW CUSTOMERS AND CHANNELS

PROGRESS IN THE YEAR LOOKING AHEAD

Establishing new customer

relationships and exploring new

channels to market to make our

products readily available to a

wider audience.

• Greater presence in mainstream stores, positioning

products alongside everyday staples to help increase

our brand visibility and make products available to

a wider consumer base.

• Continued growth across

new channels, partnering

with new retailers to

expand presence further.

PROGRESS IN THE YEAR LOOKING AHEAD

Help deliver this growth by

continuing to innovate with

new products, expanding brand

partnerships, new formats

and new flavours with a view

to fill opportunity gaps, keep

productsfresh and access

emerging trends.

• Launched a Sparkling Collagen Protein Water, tapping

into consumer demand for refreshing, low‑calorie ways

to hydrate and hit protein goals.

• Delivered a collaboration with Vimto in our Endurance

range offering products such as gels and effervescent

tablets to introduce new flavours in the category.

• Launched specific ranges of products in different

formats, which allows them to appeal to a broader

audience.

Ongoing commitment to new

product development to fuel

further customer demand

and respond quickly to

an ever‑evolving market.

INNOVATION AND NPD

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

SUSTAINABILITY

We recognise that we are at the

beginning of our journey and are taking

a holistic approach to ensure that

responsible practices are integrated

across our business. Our sustainability

commitments extend to our people

andcustomers, our products and

our partnerships. We consider

climate‑related matters in any major

strategic decisions, including budgeting,

capital expenditure and expansion

into new territories. We are eager to

learn from industry leaders, set clear

expectations for our suppliers and

partners, and develop a robust strategy

with measurable targets.

At Board level, to support our

ambitions, Tony Buffin is responsible for

sustainability and Deepti Velury Bakhshi

is the designated Non‑Executive Director

for workforce engagement.

The Group has not included a

Non‑Financial and Sustainability

Information Statement under section

414CB asweare not in scope of this

atthecurrenttime.

STRATEGIC

PILLARS

PRODUCT

PEOPLE

PARTNERSHIPS

Applied Nutrition plc Annual Report 2025

As a recently listed company, we recognise

the importance of sustainability and are

committed to creating value with a sense

ofresponsibility towards the wider society,

environment and communities around us.

PEOPLE

As a founder-led business, we

take great pride in our strong team

culture, where every employee is

valued and empowered. Together,

we are building a healthier, stronger

community.

Staff engagement

Our people are the foundation of our

success. We support in their professional

growth, ensuring they develop the

skills and expertise essential for our

long‑term vision and strategic goals.

By fostering a supportive and dynamic

work environment, we empower our

employees to thrive and perform at

theirbest.

To deliver employee engagement, it’s

important that we nurture a culture of

diversity, inclusivity, open communication

and continuous development. Employees

have direct access to leadership, including

our CEO, through day‑to‑day interaction

and open channels like WhatsApp,

ensuring their voices are heard.

We have also recently introduced regular

employee net promoter surveys to help

us monitor our staff engagement levels.

This allows us to see what contributes

positively to our employees’ view of

working at Applied Nutrition and to

ensure we are quick to address any

drop in engagement.

We prioritise fair pay and strong working

conditions, with our lowest‑paid staff

earning 10% above the UK minimum

wage, increasing to 16% after six months.

We offer competitive compensation,

avoid zero‑hour contracts and ensure

overtime is paid at a premium.

All employees participated in an

exceptional annual bonus scheme

awarded in the year, rewarding the hard

work, dedication and support towards

our exceptional growth and milestone

achievements in our tenth year.

Diversity and inclusion

Our goal is to cultivate a highly skilled

and diverse workforce that enhances

our understanding of customers and

markets. A wide range of perspectives

and experiences strengthens our ability

to innovate, make informed decisions

and consistently exceed customer

expectations. We are committed to

providing an inclusive environment

where diversity is embraced, and every

individual is supported in reaching their

full potential.

This commitment is reflected in our

workforce, which includes employees

from 13 different nationalities.

We provide support to non‑native

English speakers, ensuring company

communications are available in multiple

languages. Werecognise that our gender

diversity could be improved and, while

it reflects the systemic challenges the

manufacturing industry faces, we are

first focused on ensuring we have a

diverse Board.

10% RISING TO 16%

Our lowest‑paid staff earn 10% above the

UK minimum wage on joining, rising to

16% after six months of employment

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Health and safety

Health and safety are paramount, and

this is overseen by our health and safety

manager. We encourage all employees

to report hazards via QR code‑enabled

posters, with incidents, near‑misses and

health and safety initiatives reported to

the Board monthly.

Our ISO 45001 certification demonstrates

our dedication to a safe working

environment, and in the year we had no

serious injuries. However, it is important

that we continue to reduce the actual

number of incidents through better

awareness across the business.

In addition to compliance with all

relevant legislation, we continuously

improve safety awareness through

regular training and toolbox talks.

Through our HR software, we record

all training received to ensure the

appropriate refreshers are rolled

outwhen required.

We believe in promoting healthier

lifestyles and ensuring our products

support people in their health and

wellness journey, whether they

are a professional athlete or a

health‑conscious employee. With this

in mind, we provide staff discount to

help our employees, and their families,

achieve their wellness goals. This year

we will be rolling out annual hearing

tests for all our production staff.

Supporting our community

We seek to recruit from our local

community and many of our employees

live within a few miles of our facilities.

We are also proud to offer short‑term

work experience opportunities for young

people in the local area, and this has

been well supported.

Beyond our workplace there are

several ways we give back to our local

community. We have strong links

with Knowsley Council and Alder Hey

Children’s Hospital, raising £165,000

for Alder Hey in the past year. We

contributed towards the extension and

improvement of the facilities at Acorn

Community Farm, which is just up the

road from our manufacturing facilities.

Also in the year, we sponsored new

football kits for the local high school

to help empower young athletes and

encourage their health and fitness

journey.

Human rights and modern slavery

We are committed to a zero‑tolerance

policy on modern slavery, and we

expect both those who work within our

organisation and our external partners to

adhere to and respect the highest ethical

standards in working conditions. We are

dedicated in our efforts to uphold human

rights across our business and regularly

review our policies and systems to

ensure they align with the highest

standards.

Our Ethical Trading and Modern Slavery

Policy is available to all employees

and, as part of our comprehensive

assessment for new suppliers, we must

see evidence of similar policies from

any of the partners we choose to work

with. Our Modern Slavery and Human

Trafficking Statement is reviewed

annually and is available on our website.

Our Whistleblowing Policy encourages

employees to report any wrongdoings

within the business. Translations of these

documents are also readily available.

Data protection, data privacy

anddata security

We maintain a comprehensive privacy

framework that outlines our approach

to managing personal data, and this is

detailed on our website with statements

for both consumers and businesses.

Where relevant, employees are required

to complete mandatory data protection

training.

To ensure compliance with the European

GDPR, UK GDPR and other relevant

privacy regulations in the regions in

which we operate, we collaborate closely

with legal experts. We have strong

security measures and internal controls

in place, reinforcing our commitment to

responsible data management.

SUSTAINABILITY

CONTINUED

Applied Nutrition plc Annual Report 2025

We are dedicated to providing

high-quality, safe and accessible

products, leveraging our scaled in-house

manufacturing and newproduct delivery

engine to adapt quickly to market needs.

Manufactured in our state‑of‑the‑art,

AA+ BRC‑certified facility, our products

cater to a wide range of consumers,

including those with specific dietary

needs. Our range includes vegan,

lactose‑free, Halal‑certified, and Informed

Sport‑tested products, ensuring

inclusivity and compliance with the

highest industry standards.

We cater to a wide range of consumers,

from elite athletes and serious

gym‑goers wanting to prioritise their

performance and recovery, to those

simply looking to support their wellbeing.

We have a diverse product range to

cater for all needs and price points. Our

products are all low‑sugar formulations

with better alternative sweeteners to

support balanced nutrition.

Our in‑house manufacturing and

R&D capabilities enable us to quickly

respond to better meet changing health

challenges. An example of this is our

Complete Protein product that has been

formulated to specifically meet the

needs of the over 50s and the increasing

number of people on weight‑loss drugs

containing GLP‑1.

We are continuously working to

minimise our packaging materials

while maintaining product integrity,

with strategies in place to reduce

environmental impact across the

packaging lifecycle. The majority of our

packaging is fully recyclable, and we are

actively exploring further sustainable

alternatives with our suppliers.

Where possible, we use local sourcing

initiatives to reduce emissions and

ecological impact. We ensure that we

have full traceability throughout our

ethical ingredient sourcing, and we don’t

use palm oil in any of our formulations.

As we expand, we remain committed to

sourcing sustainable ingredients and

packaging solutions where possible.

As a producer and distributor of food

products, we adhere to strict regulations

on manufacturing, ingredients, labelling,

packaging and safety. As a registered

food business operator in the UK, we

ensure that any non‑food products we

distribute meet general safety standards

under UK and EU law. While no specific

licences or registrations are required

in the UK, we collaborate with local

specialists in other markets to maintain

compliance.

Environment

Applied Nutrition operates with a

relatively low environmental impact,

including a modest carbon footprint,

minimal chemicals, and no water

usage within our in‑house production

processes. However, we recognise that

all businesses have a responsibility to

consider their effects on climate change

and the broader environment. We do

notoperate in any areas of high or

extremely high levels of water stress,

and do not see water as a material

risk tothe business due to the low

consumption rates.

All of our in‑house production processes

are based in Knowsley, Liverpool

where we operate a modern, efficient

manufacturing facility designed to

minimise waste and energy consumption.

We have introduced LED lighting and

automatic sensors to optimise energy

use and are seeking the provision of

renewable power as a key consideration

in the renewal of our energy contracts

for our site. We are actively monitoring

our environmental impact, working

to establish baseline data for Scope 1

and 2 emissions, and have embedded

climate‑related risk reporting into our

overall business strategy. Details of

our Scope 1, 2 and 3 emissions can be

found within our SECR disclosure on

thefollowing page.

PRODUCT

WE ARE DEDICATED TO

PROVIDING HIGH-QUALITY,

SAFE AND ACCESSIBLE

PRODUCTS. OUR IN-HOUSE

MANUFACTURING AND R&D

CAPABILITIES ENABLE US TO

QUICKLY RESPOND TO BETTER

MEET CHANGING HEALTH

CHALLENGES.”

Thomas Ryder

Founder and CEO of Applied Nutrition

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Environment continued

We are ISO 14001:2015 certified,

underscoring our commitment to

environmental management. Our waste

reduction initiatives include maximising

recycling and minimising landfill

contributions, andwe are proactively

identifying ways to enhance efficiency

further.

We currently do not have any

climate‑related targets. In preparation for

listing publicly, our initial focus was on

establishing our Scope 1 and 2 footprint

in order to comply with SECR reporting

requirements. Weare now focusing on

establishing our wider Scope3 footprint,

after which we will be able to consider

establishing climate‑related targets.

Streamlined Energy

andCarbonReporting

Our Streamlined Energy and Carbon

Reporting (SECR) disclosure includes

all emissions sources required under

the 2019 regulations for the financial

year ended 31 July 2025. The Company

maintains an internal document to

enable it to calculate energy usage and

emissions. Energy usage is obtained

from a variety of sources including

external invoices and internal meter

readings.

We have outlined our emissions and

energy usage across all our UK‑based

operations. As we have limited sales

operations in the US and no in‑house

manufacturing there, we do not consider

the emissions here to be material to our

reporting at this stage and therefore

have excluded them.

SUSTAINABILITY

CONTINUED

PRODUCT CONTINUED

The following emissions are covered

in the scope of this report:

• Scope 1 – These include direct

emissions released from owned

Company vehicles;

• Scope 2 – These are indirect emissions

produced off‑site when generating

electricity and gas directly consumed

by the Company; and

• Scope 3 – These are emissions

from fuel purchased or mileage

for employee‑owned vehicles.

Nodisclosure is made for indirect

emissions which the Company does

notown or control (such as outsourced

manufacturing and distribution).

Scope 1 and 2 emissions increased to

230.2

tCO

e in 2025 from 131.5 tCO

in2024.

There are a number of contributing

factors to this increase, not just the

growth in business. We now have better

systems in place to ensure a more

accurate measure of our emissions.

Alsoin the year, we added a new truck

toour fleet and expanded our facilities

with a new warehouse.

We report our emissions and energy

intensity as tonnes CO

e/£m revenue and

kWh/£m revenue. Emissions intensity

has increased by 40.5% this year, while

energy intensity has increased by 37.8%.

2025 2024

kWh tC0

e kWh tC0

Emissions from combustion of gas and pool

or leased vehicles Scope 1 70,800 30.6 54,541 15.7

Emissions from purchased electricity Scope 2 802,963 166.3 543,103 112.5

Emissions from purchased gas Scope 2 182,159 33.3 18,171 3.3

Total Scope 1 and 2 emissions 1,055,922 230.2 615,815 131.5

Emissions from business travel from

employee‑owned vehicles Scope 3 20,137 5.7 8,795 2.5

Total Scope 1, 2 and 3 emissions 1,076,059 235.9 624,610 134.0

Intensity ratios

Emissions intensity ratio per £m revenue 2.15 1.53

Energy intensity ratio per £m revenue 9,859 7,144

Applied Nutrition plc Annual Report 2025

Strong, responsible partnerships

underpin our approach. We work

closely with trusted suppliers to source

high-quality ingredients while ensuring

ethical practices throughout our supply

chain.

Our relationships with long‑standing

partners can de‑risk our supply chain

and allow us the flexibility to purchase

raw materials efficiently at optimal price

points, to help fuel our new product

development and meet market demand.

Our partnerships extend beyond

sourcing. We collaborate with key

distributors and retailers in the UK and

internationally to ensure our products

meet local regulatory standards. We are

committed to maintaining fair labour

practices and high ethical sourcing

standards, including undertaking

audits and due diligence to prevent

modern slavery.

We undertake extensive due diligence

when selecting any new partner,

providing, with expectation of adherence

to, our Code of Conduct, which outlines

the standards we hold ourselves and

our partners to. This includes our

commitment to preventing modern

slavery, servitude, forced or compulsory

labour and human trafficking within our

operations and supply chain.

Looking ahead

We are at the early stages of our

sustainability efforts and recognise the

need to build upon the foundations we

have established. We will formalise

our sustainability strategy, set clear

KPIs and further integrate responsible

practices across our operations. We are

committed to continuous improvement,

transparency and collaboration as we

work towards a more sustainable future.

By leveraging our passion, expertise

and partnerships, we aim to make a

lasting positive impact on our people,

our products, our environment and the

communities we serve.

PARTNERSHIPS

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Climate change provides us with both risks and opportunities

as a business. We recognise the importance of our response to

this and the impact it has on our long-term success.

We are committed to identifying, assessing and responding

effectively to these issues with transparency and ongoing

improvement.

We have provided information to stakeholders on the potential

climate‑related risks and opportunities for our business and

value chains, and our relevant governance structures related

to our climate ambition, in turn helping them to make informed

decisions.

While this is our first year reporting against the Task Force

on Climate‑related Financial Disclosures (TCFD), we will

continue to deepen our analysis and disclosures in the years

ahead as our data, scenario modelling and risk management

approachesdevelop.

In line with UK Listing Rules (LR 9.8.6R) we disclose our first

TCFD report. This report is consistent with the four TCFD

pillars and outlines our initial disclosures and compliance

under the TCFD framework, as set out below.

TASK FORCE ON CLIMATE-RELATED

FINANCIALDISCLOSURES

RECOMMENDATION RECOMMENDED DISCLOSURES COMPLIANCE REFERENCE

GOVERNANCE

Disclose the organisation’s

governance around

climate‑related risks

and opportunities.

a) Describe the Board’s oversight of climate‑related

risks and opportunities

Compliant Page 25

b) Describe management’s role in assessing and

managing climate‑related risks and opportunities

Compliant Page 25

STRATEGY

Disclose the actual and

potential impacts of

climate‑related risks

and opportunities on the

organisation’s businesses,

strategy and financial

planning where such

information is material.

a) Describe the climate‑related risks and

opportunities the organisation has identified over

the short, medium and long term

Compliant Pages 27 to 29

b) Describe the impact of climate‑related risks and

opportunities on the organisation’s businesses,

strategy and financial planning

Compliant Page 27

c) Describe the resilience of the organisation’s

strategy, taking into consideration different

climate‑related scenarios, including a 2°C

or lower scenario

Compliant Page 27

RISK MANAGEMENT

Disclose how the

organisation identifies,

assesses and manages

climate‑related risks.

a) Describe the organisation’s processes for

identifying and assessingclimate‑related risks

Compliant Page 26

b) Describe the organisation’s processes for

managing climate‑relatedrisks

Non‑compliant

Processes to be

reviewed and

developed over

theyear ahead.

Page 26

c) Describe how processes for identifying, assessing

and managing climate‑related risks are integrated

into the organisation’s overall risk management

Compliant Page 26

METRICS AND TARGETS

Disclose the metrics and

targets used to assess

and manage relevant

climate‑related risks and

opportunities where such

information is material.

a) Disclose the metrics used by the organisation to

assess climate‑related risks and opportunities

in line with its strategy andrisk management

process

Partially compliant

Metrics have been

identified but not all

were measured in

the year.

Page 31

b) Disclose Scope 1, Scope 2 and, if appropriate,

Scope 3 greenhouse gas (GHG) emissions, and the

related risks

Compliant Page 31

c) Describe the targets used by the organisation to

manage climate‑related risks and opportunities

and performance againsttargets

Non‑compliant

Targets will be set

once all measures

are in place.

Page 31

Applied Nutrition plc Annual Report 2025

GOVERNANCE

The Board’s oversight of

climate‑related risks and

opportunities

The Group’s Audit and Risk Committee

(ARC) has overall responsibility for

climate‑related matters, receiving

annual updates each October on risks,

opportunities, emission metrics and draft

TCFD disclosures for approval. Climate

considerations are also embedded into

major strategic decisions by the Board,

including budgeting, capital expenditure

and expansion into new territories, and

Board papers include a dedicated section

on climate‑related matters.

Management’s role in assessing

and managing climate‑related risks

and opportunities

Our Executive Committee, comprising

the CEO, COO and CFO, holds day‑to‑day

responsibility for managing all

climate‑related risks and opportunities.

Meeting biannually, the Committee

reviews the risk register, engaging

with senior departmental managers to

capture and report their risk updates to

the ARC.

In addition, the Executive Committee is

responsible for implementation of our

climate change strategy, focusing on

risk mitigations, opportunity realisation

and the measuring and monitoring of

the Group’s emissions. The Executive

Committee communicates with staff

on a daily basis to ensure that, where

necessary, climate‑related opportunities

are being pursued.

Our climate‑related governance structure

is summarised in the graphic below.

BOARD LEVEL

THROUGH ARC

MANAGEMENT LEVEL

THROUGH EXECUTIVE

COMMITTEE

OPERATIONAL

LEVEL

Overall

climate change

responsibility

Day-to-day management of

climate-related risks and opportunities

Responsible for adopting and implementing

climate-related strategy and targets

Risks, Progress and Metrics

Operations/Strategy

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

TASK FORCE ON CLIMATE-RELATED FINANCIALDISCLOSURES

CONTINUED

RISK MANAGEMENT

Our processes to identify, assess

and manage climate‑related risks

and opportunities

We continue to develop our risk

management process and how we

identify principal risks to include in our

risk register. The initial risk register

categorises all existing and emerging

risks, including climate change, with

the register covering the probability of

the risk occurring and the degree of the

potential impact.

The risk register also identifies an

owner for each risk, any current risk

management or mitigation steps, and

outlines proposed further actions.

All risks are assessed on a 5x4 matrix

incorporating an assessment of the

likelihood of occurrence and the potential

financial impact, based on a missed

opportunity, profit or liability impact,

aswell as the extent to which they are

being addressed and mitigated.

In combination, this information enables

the identification of principal risks, which

allows the Board to identify and monitor

risks in the context of overall strategy.

In addition, it helps in the determination

of the management treatment of

risks, and helps prioritise resources

in managing the most material

climate‑related risks.

Risks are subject to continual refinement

and quantification over time, which

assists in any required incorporation of

climate‑related risks into the Group’s

overall budgeting, strategy and financial

statements.

Potential financial impacts associated

with the risk impacts are defined as

follows:

SCORE 1 2 3 4

Impact Minor Significant Major Critical

Financial measure

Impact or lost

opportunity of

<£0.5m

Impact or lost

opportunity of

£0.5m‑£1.0m

Impact or lost

opportunity of

£1.0m‑£2.0m

Impact or lost

opportunity

of >£2m

Risk likelihood of occurrence is defined under five categories:

RATING 1 2 3 4 5

Criteria Remote Unlikely Possible Likely Highly likely

Probability <1% 1% ‑ 5% 5% ‑ 25% 25% ‑ 50% >50%

The risks are then ranked and classified according to a multiple of the impact score and the likelihood of occurrence. Risks with an

overall score greater than twelve are classified as red risks and are to be reported twice a year to the Audit and Risk Committee.

Thetotal of all red risks scores is also to be tracked and reported twice a year to the Audit and Risk Committee.

Climate‑related risk management is incorporated in our Group risk management process, details for which can be found on

page42.

Climate‑related risk assessment

With support from a sustainability

consultant, we have conducted a

Company‑wide assessment of both

physical and transition risks and

opportunities, considering all TCFD

categories and their potential impacts

on our revenue, assets, supply chain and

other costs. These assessments cover

AppliedNutrition’s UK and USsites.

• A bottom‑up, site‑level analysis

of physical risks was undertaken

using the Munich Re Location Risk

Intelligence Tool to map and identify

current and projected exposure to

physical climate‑related risks such as

flooding, sea level rise and tropical

cyclones.

• A top‑down, strategic risk

assessment approach was taken to

identify transition risks. This was

undertaken via engagement with

management, desktop research

including consideration of existing and

proposed legislation and regulatory

requirements, and comparison against

nutritional supplement industry peers.

The identified risks and opportunities

were then assessed using the 5x4

matrix outlined above to align with the

Company’s overall risk management

framework and will be reviewed each

year in preparation for our TCFD

reporting requirements. Risks are

reported to the Audit and Risk Committee

on an annual basis at the October

meeting, with a focus on approving the

annual TCFD disclosures. A thorough

reassessment of climate‑related risks

and opportunities will be completed at

least once every three years.

Managing and monitoring

climate‑related risks and

opportunities

As we have only started work on our

climate‑related strategy we recognise

that there is more to do to evolve

and refine our approach. Our focus

will now be on fully embedding the

climate‑related risks and opportunities

we have identified into our emerging

risk management process. For each

risk and opportunity we have outlined

the initial steps we will take to mitigate

or capitalise on them and have defined

metrics that will enable us to track

progress. Over the coming year, we

will deepen our analysis and refine our

actions to ensure effective management.

Applied Nutrition plc Annual Report 2025

STRATEGY

Our approach to scenario analysis

We have assessed climate‑related risks

and opportunities against a variety

of scenarios. This has shown that, in

aggregate across all scenarios assessed,

the overall climate risk exposure is low,

and that we are financially resilient

and strategically robust to climate

change. The current understanding of

climate‑related risks is that any impacts

on assets is limited, and risks can be

accommodated within business‑as‑usual

activity considering existing and planned

mitigation strategies.

Risks are subject to ongoing refinement

and quantification over time, which allow

us to build a complete picture, enabling

the management of any climate‑related

risks to be incorporated into the ongoing

strategy. Analysis will continue to evolve

as new data becomes available, both

internally and externally, and we will

continue to monitor its climate exposures

and action plans through our risk

management framework.

Within our financial planning

process, weseek to comply with all

climate‑related regulatory requirements

through a materiality lens, ensuring

cost of compliance is kept under control.

Thisfinancial planning process also

identifies opportunities to reduce our

climate‑related impact.

The limitations and assumptions

ofscenario analysis are:

1. Scenarios often only provide

high‑level global and regional

forecasts.

2. Not all risks are easily subject to

scenario analysis.

3. Scenario analysis requires analysis

ofspecific factors and modelling them

with fixed assumptions.

4. It is assumed Applied Nutrition will

have the same carbon footprint and

the same business activities in the

future as are in place today.

5. Impacts should be considered in

the context of the current financial

performance and prices.

6. Impacts are assumed to occur without

responding with any mitigation

actions, which would reduce the

impact of risks.

7. Impacts are modelled to occur in

a linear fashion, when in practice

dramatic climate‑related impacts may

occur suddenly after tipping points

are breached.

8. The analysis considered each risk

and scenario in isolation, when in

practice climate‑related risks may

occur in parallel as part of wider set

of potential global impacts.

9. Carbon pricing was informed by the

Global Energy Outlook 2023 report

from the International Energy Agency

(IEA).

10. There will be opportunities in future

years to increase the sophistication

of modelling as new data is made

available both internally and

externally to support a meaningful

quantitative assessment.

Physical risks

We currently have two sites: our

headquarters and manufacturing facility

in Liverpool, UK, and our sales office in

the US. Recognising that rising global

temperatures and extreme weather

events may disrupt operations and

supply chains, we have used the Munich

Re Location Risk Intelligence Toolto

assess current and potential future

physical climate‑related risks at both

sites.

Three climate scenarios were selected

to provide a range of situations which

may impact the Group. The scenarios

are based on the IPCC’s Representative

Concentration Pathways (RCPs) mapped

to the latest IPCC AR6 report’s Shared

Socioeconomic Pathways (SSPs).

• ‘Net Zero 2050 Scenario’ RCP

2.6/ IPCC SSP1: which is associated

with a c.1.5°C temperature rise from

pre‑industrial times by the end of

thecentury;

• ‘Middle of the Road’ RCP 4.5/IPCC

SSP2: which is associated with a 2‑3°C

temperature rise from pre‑industrial

times by the end of the century; and

• ‘Hothouse World’ RCP 8.5/IPCC

SSP5: which is associated with a >4°C

temperature rise from pre‑industrial

times by the end of the century.

Based on a combination of event

likelihood, location materiality and

the potential financial impact, it

was concluded that there are no

climate‑related physical risks that are

material. However, to account for future

business growth, potential location

changes and climate projection models

uncertainty, a general risk of ‘damage

or disruption caused by physical climate

events’ has been included in our analysis.

On this basis, a low likelihood and a low

financial impact is assumed.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

TASK FORCE ON CLIMATE-RELATED FINANCIALDISCLOSURES

CONTINUED

STRATEGY CONTINUED

Physical risks continued

Risk TCFD category Area Potential financial impact

Time

horizon Likelihood

Magnitude

of impact

Scenario

with largest

potential

impact

Damage or

disruption

caused by

physical

climate

events

Physical

(chronic

or acute)

Own

operations,

upstream or

downstream

• Cost of asset damages

• Increased insurance costs

associated with higher

exposure

• Revenue losses from

disrupted operations

and downtime

Medium‑

Long

Remote Minor RCP 8.5

Transition risks and opportunities

The Group is exposed to risks and opportunities that result from the global transition to a low‑carbon economy. The speed of

this transition will determine the severity and impact of climate transition risks and opportunities. The TCFD defines transition

risks in four categories (Policy and Legal, Market, Technology, and Reputation) and transition opportunities in five categories

(ResourceEfficiency, Energy Source, Products and Services, Markets, and Resilience). The risks and opportunities have been

assessed at a gross level, meaning the impacts of the risks and opportunities assumed no mitigating actions are already in place.

Transitional climate‑related risks and opportunities were identified and assessed over the following time horizons to capture

the potentially longer timeframes in which they may manifest, the lifespan of our assets, as well as any longer‑term regulatory

changes.

Time horizons

Short (2024‑2027) Medium (2028‑2035) Long (2035‑2050)

Rationale In line with specific business

plan forecasting.

General intermediate time horizon

between short and long time

horizons in line with broader

market practices.

Long enough to encompass

long‑term industry and policy

trends, such as UK Net Zero 2050,

and for climate‑related risks

to manifest.

The following IEA climate‑related scenarios, looking forward to 2050, were applied to assess the behaviour of climate‑related

transition risks and opportunities. The IEA scenarios are far more descriptive and useful for modelling more positive climate

outcomes, so are appropriate for modelling transition risks.

• Net Zero 2050 (NZE): an ambitious scenario which sets out a narrow but achievable pathway for the global energy sector to

achieve net zero CO

emissions by 2050, aligned with the TCFD’s ‘below 2°C’ requirement. It also informs the Science Based

Targets initiative (SBTi) pathways used to validate corporate net zero targets and ambition.

• Stated Policies Scenario (STEPS): a scenario reflecting current policy measures, projecting a 2.5°C temperature rise by 2100

with a 50% probability. It outlines a combination of physical and transition risks and represents a base case pathway with a

trajectory implied by today’s policy settings.

Applied Nutrition plc Annual Report 2025

Transition risks

Five key transition risks have been identified.

Risk TCFD category Area Potential financial impact

Time

horizon Likelihood

Magnitude

of impact

Scenario

with largest

potential

impact Mitigating actions

Carbon

pricing

exposure in

the value

chain

Regulation Upstream Price of carbon

related to GHG

emissions associated

with upstream value

chain increases

OPEX (manufacturing

of raw materials

and shipping).

Medium‑

Long

Likely Significant NZE Engage with

suppliers to

reduce Scope 3

emissions.

Virgin

plastic tax

schemes/

plastic

reduction

initiatives

Regulation Upstream Government

schemes to tax and

reduce virgin plastic

use will increase

costs associated with

continued use of

plastics or switching

to more sustainable

alternatives.

Medium‑

Long

Possible Minor NZE Minimise virgin

plastic usage

in packaging.

Changing

customer/

consumer

behaviour

Market Downstream Increasing demand

for non‑dairy

alternatives results

in reduced sales and

revenue from core

product offering.

Short‑

Medium

Possible Minor NZE Monitor market

trends and

consumer

preferences.

Increase range

of non‑dairy

alternatives to

meet changing

demand.

Shifting

customer/

investor

requirements

Reputation Own

operations/

downstream

Increasing

attention on climate

change drives up

spending required

to reduce impact

on environment.

Medium‑

Long

Possible Minor NZE Engage with

relevant

stakeholders

to understand

expectations.

Regulatory

compliance

Policy Own

operations

Incoming

sustainability

regulation will result

in additional costs

to remain compliant.

Medium‑

Long

Likely Minor NZE Monitor changes

to regulatory

landscape.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

STRATEGY CONTINUED

Transition opportunities

Four key transition opportunities have been identified.

Opportunity TCFD category Area Potential financial impact

Time

horizon Likelihood

Magnitude

of impact

Scenario

with largest

potential

impact Mitigating actions

Energy

efficiency

Resource

Efficiency

Own

operations

Increased CAPEX

to implement

energy efficiency

improvements across

manufacturing,

warehousing and

office facilities.

Potential to reduce

long‑term OPEX.

Short‑

Medium

Likely Minor NZE Upgrading

to more

energy‑efficient

manufacturing

equipment.

LED lighting

improvements.

Higher efficiency

heating and

cooling systems.

Waste

efficiency

Resource

Efficiency

Own

operations

Increased CAPEX

and OPEX to

implement waste

improvement

initiatives.

Potentialto reduce

long‑term OPEX.

Medium‑

Long

Moderate Minor NZE Develop

lower waste

manufacturing

processes.

Introduce

office waste

reduction/

recycling

programmes.

Low‑carbon

energy

alternatives

Energy

Source

Own

operations

Increased OPEX to

source energy from

low‑carbon energy

sources.

Short‑

Medium

Likely Minor NZE Renewable

energy

installations.

Source

renewable

grid energy.

Low‑carbon

products

Products

and Services

Markets

Own

operations/

downstream

Increased costs

to develop and

manufacture

low‑carbon products.

Potential to increase

revenue from

new markets.

Medium‑

Long

Likely Major STEPS Develop

low‑carbon

product lines.

TASK FORCE ON CLIMATE-RELATED FINANCIALDISCLOSURES

CONTINUED

Applied Nutrition plc Annual Report 2025

METRICS AND TARGETS

In line with the Streamlined Energy and Carbon Reporting (SECR) reporting requirements, we have reported our Scope 1

and2 greenhouse gas emissions, Scope 1 and 2 intensity, and energy consumption on page 22. Greenhouse gas emissions are

calculated and reported in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.

Having identified the key climate‑related risks and opportunities, we have identified the following metrics against each risk and

opportunity, which will allow us to track and monitor our exposure, ensuring risks do not exceed acceptable levels and that

opportunities are appropriately capitalised upon.

Ahead of our first year of reporting, our initial focus has been on establishing our Scope 1 and 2 footprint in order to comply with

SECR requirements. We will now focus on establishing our Scope 3 footprint, after which we will be able to consider establishing

climate‑related targets. We will also focus on measuring against all the metrics detailed below to enhance future reporting.

Against each of the identified risks, we intend to monitor the following metrics:

RISK METRIC TO TRACK

Carbon pricing exposure in the value chain • Cost of carbon prices paid

Virgin plastic tax • Virgin plastic consumption

• Cost of virgin plastic taxes paid

Changing customer/consumer behaviour • Sales of dairy and non‑dairy,

and other low‑carbon productlines

• Scope 1 and 2 emissions

Shifting customer/investor requirements • Scope 1 and 2 emissions

• ESG rating agency scores

Regulatory compliance • Compliance costs associated with

sustainability‑focusedregulation

Against each of the identified opportunities, we intend to monitor the following metrics:

OPPORTUNITY METRIC TO TRACK

Energy efficiency • Total energy consumption

• Energy intensity (per £m revenue)

• Scope 1 and 2 emissions

Waste efficiency • Waste disposal to landfill and recycling

Low‑carbon energy alternatives • Scope 1 and 2 emissions

Low‑carbon products • Sales of dairy and non‑dairy,

and other low‑carbon product lines

Applied Nutrition does not currently have any climate‑related targets.

READ MORE ON SECR ON PAGE 22

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

ENGAGING WITH STAKEHOLDERS

TODELIVER OUR VISION

STAKEHOLDER

ENGAGEMENT

AND S172

Section 172 (1) statement

The Directors of Applied Nutrition plc (the “Group”) recognise

that the success of the Group is dependent on its rich network

of stakeholders, each of which is critical to the business’s

ability to deliver on its strategy. The Directors confirm that,

in accordance with section 172 (1) of the Companies Act 2006

(the “Act”), they have discharged their duty to act in the way

they consider, in good faith, to be most likely to promote the

success of the Group for the benefit of shareholders while

also having regard to these key stakeholder groups and other

considerations. These are set out in the Act as:

• the likely consequence of any decision in the long term;

• the interest of the Group’s employees;

• the need to foster the Group’s business relationships with

suppliers, customers and others;

• the impact of the Group’s operations on the community and

the environment;

• the desirability of the Group maintaining a reputation for high

standards of business conduct; and

• the need to act fairly between members of the Group.

The Board’s understanding of the interests of the Group’s

stakeholders is informed by the programme of stakeholder

engagement described on pages 32 to 37. Examples of how

theDirectors have discharged their section 172 duty when

taking principal decisions during the year are set out on pages

36 and 37.

Engaging with stakeholders to deliver our vision

Our long‑term relationships with stakeholders are

fundamentalto delivering our vision to become the

world’s mosttrusted and innovative sports nutrition,

healthandwellness brand.

We have identified six major stakeholder groups and

understandthe importance of regular engagement with

thesegroups to ensure their needs and interests are

considered in the Board’s key decision‑making.

Information

gathering stage

pre decision

BOARD

DECISION

STAKEHOLDER

FEEDBACK

Pre decision, considering

stakeholder interests

Post decision,

monitoring outcomes

Stakeholder symbols Section 172 considerations

Consumers

Likely long‑term

consequences

Customers

Employee

interests

Suppliers

Relationships with customers,

suppliers and others

Employees

Impact on the community

and environment

Investors

Maintaining a reputation for high

standards of business conduct

Community

Acting fairly between

members of the Group

Applied Nutrition plc Annual Report 2025

OUR STAKEHOLDERS

Consumers

We have developed four product

ranges which target a wide range of

consumers: professional athletes who

use sports nutrition products daily,

serious gym-goers, fitness enthusiasts,

and everyday health-conscious

consumers looking to improve their

health or manage their weight.

Why we engage

• To ensure that we understand the

end consumers’ evolving needs and

deliver on our purpose to continually

develop trusted products and respond

to new trends through innovation.

What matters to them

• Trusted, innovative and high‑quality

products which support their

day‑to‑day nutritional, wellness,

health and performance needs.

How we engage

• Attendance at worldwide exhibitions to

showcase product range and engage

directly with the end consumer.

• Use of social media channels

toinform and engage with the

endconsumer.

• Review of relevant market insights,

data and analysis to understand

consumer trends and inform new

product development.

• Direct engagement with the end

consumer through gym visits and

sampling events.

Outcomes of engagement

• Continued development of new

product innovations to meet existing

and new consumer needs.

Customers

Our primarily B2B model is

underpinned by long-term strategic

relationships with grocers, specialty

retailers, international distributors,

gyms and sports clubs.

Why we engage

• To develop and maintain long‑term

strategic relationships through

ongoing engagement, investment

andsharing of information.

What matters to them

• Innovative and high‑quality products

that meet required technical and food

safety standards, delivered with high

levels of service.

How we engage

• CEO and COO manage the relationship

and regularly engage with key

customers and report back to the

Board in terms of progress, outcomes

and opportunities.

• Day‑to‑day collaborative engagement

across Sales, Marketing, Admin and

R&D teams.

• Sampling events to showcase our

product range and engage directly

with retail teams.

• Attendance at worldwide exhibitions

to meet existing distributors and

showcase the Group to potential

newcustomers.

• Compliance with customer audits,

where required.

• Maintenance of the highest standards

of manufacturing and quality such

as BRC‑GS Global Food Safety

certification, the HACCP Food Safety

certification, the GMP certification,

FDA accreditation and ISO 22000:

2018 – Food Safety Management.

Outcomes of engagement

• Investment in a manufacturing

extension, increasing capacity to

grow revenues to over £200 million.

• High standards of production

maintained

as evidenced by

BRC AA+ rating.

Suppliers

We have a well-established and

trusted network of global suppliers,

with whom we partner to ensure safe,

reliable and responsible sourcing.

Why we engage

• To maintain high supplier standards,

continuity of supply and competitive

pricing whilst seeking new ways to

collaborate and innovate, and ensure

suppliers conduct their business in an

ethical and responsible manner.

What matters to them

• Collaborations underpinned by

fairness, trust and transparency

which create further opportunities

togrow our businesses together.

• Prompt payment, in line with

agreedterms.

How we engage

• Regular on‑site meetings are held

with key suppliers.

• Supplier feedback is monitored and

provided to the Executive Directors

who update the Board at regular

intervals.

• Set expectations through use

of comprehensive on‑boarding

assessment for new suppliers, which

includes audit of our suppliers’ ethical

and environmental policies.

• Sharing of policies such as our

Ethical Trading and Modern Slavery

statement to ensure transparency

ofexpectations.

• Open, direct dialogue regarding

invoice queries and payment practices

reporting submitted in line with

requirements.

Outcomes of engagement

• Sourcing of safe, quality raw materials

that meet our high standards of food

safety, technical compliance and

support product innovations.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

STAKEHOLDER ENGAGEMENT AND S172

CONTINUED

OUR STAKEHOLDERS CONTINUED

Employees

Applied Nutrition has over 250

employees, representing a multitude

of nationalities, each of whom play a

critical role in delivering our vision.

• Throughout the IPO process,

employees were kept informed of

the Group’s plans and progress

through a series of business‑wide

communications.

• All employees were invited to

participate in the IPO and become

shareholders in Applied Nutrition plc.

Outcomes of engagement

• The Group does not make use

of zero‑hour contracts and the

lowest‑earning staff are paid 10%

above minimum wage, increasing

to16% after six months of service.

• Non‑management staff are paid an

enhanced rate for all overtime work.

• Taking account of the fact that

Portuguese is the native language

for over 50% of our employees, all

Group‑wide announcements are

made in English and Portuguese

to ensure important messaging is

communicated and understood by all.

Why we engage

• To ensure all employees feel valued,

are given an opportunity to provide

feedback and play a part in shaping

the future of the Group.

What matters to them

• Fair salary and benefits, against a

backdrop of cost‑of‑living pressures.

• An inclusive and diverse workplace

where everyone’s views are listened

to and are of equal importance.

• Job security and satisfaction, provided

in a safe working environment.

How we engage

• Our ‘Applied Nutrition Team’

WhatsApp group allows immediate

communication between all

employees and acts as a mechanism

for direct feedback between staff

and the Executive Directors.

• All‑employee surveys undertaken

to gauge employee engagement.

• Designated Non‑Executive Director

for workforce engagement.

• Development of a Culture Dashboard

in order for the Board to monitor

employee culture and engagement.

• On‑site presence; our head

office, manufacturing facility and

warehousing are all at one location

in Knowsley and our Executive

Directors are on site five days a

week, regularly walking the site

andengaging directly with staff.

Investors

Our investor community consists of

existing and prospective institutional/

retail shareholders, research analysts,

investment banks, ratings agencies

and employees.

Why we engage

• To provide a transparent, clear and

consistent explanation of how we aim

to deliver growth and create value.

What matters to them

• Clearly articulated growth strategy.

• Responsible and sustainable value

creation.

• Transparent communication from an

experienced Board of Directors with

the opportunity fordirect, personal

contact on a regular basis.

How we engage

• Multiple opportunities for investors

and analysts to engage directly

withExecutive Directors throughout

IPO process.

• Investor roadshows twice a year

following the Group’s half‑year

andyear‑end results, including site

visits and tours at the headquarters.

• Recorded webcast presentations

ofthe half‑year and year‑end results

made available.

• Regular attendance at conferences to

meet new and prospective investors.

• Access to Annual Report and

Accounts, presentations and all IPO

documents via the Investors section

ofthe Group’s PLC website.

• Meetings held in multiple cities in

the US and Europe to ensure we are

engaging with international investors.

Outcomes of engagement

• Engagement with investors pre and

post IPO has influenced our capital

allocation policy.

Applied Nutrition plc Annual Report 2025

Community

We are a global business with a strong

sense of local pride; forging close ties

with the council, charities, schools and

community projects in the Knowsley

region.

Outcomes of engagement

• During the last twelve months,

our charitable efforts have raised

£165,000 for Alder Hey Children’s

Hospital, Liverpool.

• Over 25% of our employees have

taken part in charitable events

orchallenges over the last

twelvemonths.

• Recognition through Knowsley

Business Awards since 2018,

reflecting contributions made to the

local economy and the rapid growth of

the Group: Small Business of the Year

(2018), High Growth Business of the

Year (2019), Medium Business of the

Year (2022) and International Trade

Award (2024).

• We contributed towards the extension

and improvement of the facilities at

Acorn Community Farm, which is just

up the road from our manufacturing

facilities.

Why we engage

• To build strong relationships which

result in a positive impact on local

people’s lives, the economy and

environment.

What matters to them

• Partnerships with local businesses

who make meaningful contributions

towards their goals for a better

society; through creation of job

opportunities, support for community

initiatives and local charities.

How we engage

• Providing opportunities for employees

to take part in charitable events,

including the Coniston Challenge,

Tough Mudder, Manchester Half

Marathon and Oli’s Safari Walk in

Knowsley.

• Key sponsor of the Manchester

Half Marathon, attended by 24,000

participants with 1,000s of free

samples handed out on the day.

• Sponsorship of new sports kits for

a local school in Kirkby, presented

in person by our CEO and COO;

supporting young athletes to

achieve their goals and investing

in the future of our local community.

GROWING APPLIED

NUTRITION FROM

OUR ROOTS IN THIS

AMAZING COMMUNITY

HAS BEEN A PRIVILEGE,

AND OUR SUCCESS IS

DEEPLY CONNECTED

TO THE DEDICATION

AND TALENT OF THE

LOCAL PEOPLE WHO

HELP BRING OUR

VISION TO LIFE.”

Thomas Ryder

Founder and CEO of Applied Nutrition

Fundraising for Alder Hey.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

STAKEHOLDER ENGAGEMENT AND S172

CONTINUED

KEY BOARD DECISIONS IN FY25

THE IPO SIGNIFICANTLY

ENHANCES THE FUTURE

PROSPECTS OF THE

BUSINESS.”

LISTING APPLIED NUTRITION

ON THE LONDON STOCK EXCHANGE

During 2024, the Board took the decision to pursue a stock

exchange listing through an Initial Public Offering (IPO).

This process concluded on 24 October 2024 when Applied

Nutrition plc was admitted to the Main Market of the London

Stock Exchange and new shareholders were welcomed

to thebusiness.

STAKEHOLDERS IMPACTED

Investors Employees Customers

Consumers Suppliers

SECTION 172 CONSIDERATIONS

– The Board believes that the

public listing provides a platform for

the long‑term growth aspirations of

the Group by elevating the profile of

Applied Nutrition and our recognition

within the industry. The IPO gave

us the opportunity to become one

of the leading, publicly listed sports

nutrition, health and wellness brands

and significantly enhances the future

prospects of the business.

– The IPO presented an exciting and

unique opportunity to strengthen our

relationship with key customers and

the end consumer; giving them the

chance to buy into a brand that they

love and become truly invested in our

future success together.

– The Board considered how

employees might react to this

significant change in the Group’s

ownership. Employees were kept

informed through Group‑wide

communications at key points in the

journey to listing and ultimately invited

to participate in the IPO. This exciting

milestone in the Group’s journey was

shared with employees, giving the

opportunity to reflect and celebrate our

growth over the last ten years and look

forward to an exciting future for all.

– The IPO opened up the Group

to a programme of due diligence as

part of the IPO process, in addition to

significant ongoing public disclosure

scrutiny and requirements. The Board

considers and recognises that this is

a positive for the Group as a whole to

have met, and continue to meet, these

high standards of business.

– The Board considered the impact

on the wider business community in

the North‑West and recognised the

positive impact a stock exchange

listing would have on the profile of all

local enterprise, reflecting the high

standards of business and drive for

growth in the region.

Thomas Ryder

Founder and CEO of Applied Nutrition

Section 172 considerations

Likely long‑term consequences

Employee interests

Relationships with customers,

suppliers and others

Impact on the community

and environment

Maintaining a reputation for high

standards of business conduct

Acting fairly between

members of the Group

Applied Nutrition plc Annual Report 2025

APPOINTMENT OF

NON-EXECUTIVE

DIRECTORS

In June 2025, two further independent

Non‑Executive Directors were appointed

to the Board:

Peter Cowgill – A distinguished business

leader with a proven track record in the

retail and consumer sectors, Peter joined

the Board to help drive commercial

performance and provide the Board with

additional experience of operating in a

plc environment; and

Deepti Velury Bakhshi – A seasoned

transformation leader with a strong track

record driving profitability, Deepti joined

the Board to help guide the Group in

leadership, marketing and AI. In addition,

Deepti was appointed as the member

of the Board with responsibility for

workforce engagement.

STAKEHOLDERS IMPACTED

Investors Employees Customers

SECTION 172 CONSIDERATIONS

– The Board believes that the

appointments of Peter and Deepti bring

a wealth of additional experience to the

Board in several areas, both traditionally

important (commercial improvement,

operating in a plc environment), in

addition to emerging areas (data, AI).

Asa result of these appointments, the

Board considers that long‑term growth

and shareholder value will be delivered.

– The Board believes that our

employees are critical in delivering the

vision of the Group and therefore want

to ensure that employees are happy,

engaged and motivated to deliver

growth. As a result, the Board has asked

Deepti to take the lead in monitoring

workforce engagement. The Board

believes Deepti’s appointment will serve

to improve employee engagement.

– The appointment of these two

Directors moves the Group closer to

fully complying (without the need for

explanations) with the requirements of

the Corporate Governance Code in the

following ways:

• the number of independent

Non‑Executive Directors now means

that at least half the Board, excluding

the Chair, are Non‑Executive Directors

whom the Board considers to be

independent;

• a new Non‑Executive Director

appointedfor workforce engagement

with extensive experience in the

relevant area;

• the appointments mean that an

increased proportion of the Board

is made up of women (in addition to the

fact that a senior Board position is held

by a woman); and

• the Group now meets the requirement

for a member of the Board to be of an

ethnic minority background.

I AM DELIGHTED TO

WELCOME DEEPTI AND

PETER TO THE BOARD.

IT IS TESTAMENT TO

THE STRENGTH OF THE

APPLIED NUTRITION

BRAND THAT WE HAVE

BEEN ABLE TO SECURE

TWO APPOINTMENTS

OF THIS STATURE.”

Andy Bell

Chair of Applied Nutrition plc

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

GROUP FINANCIAL

REVIEW

The Group’s financial performance for the year ended 31 July 2025 is reported in accordance with UK‑adopted international

accounting standards and applicable law.

Group results overview

The Board measures and judges the financial performance of the Group predominantly on the following key performance

indicators which cover both profitability and cash generation

FY25 FY24 Change

Revenue (£m) 107.1 86.2 24.2%

Gross profit (£m) 49.3 41.3 19.4%

Adjusted EBITDA (£m) 30.9 26.0 18.8%

Adjusted profit before tax (£m) 30.2 25.7 17.5%

Adjusted basic and diluted EPS (p) 9.1 8.0 13.8%

Free cash flow (£m) 16.5 7.1 132.4%

Free cash flow conversion 72.4% 35.3% 105.1%

Statutory results

Operating profit (£m) 28.1 23.7 18.6%

Profit before taxation (£m) 28.5 24.3 17.3%

Basic and diluted EPS (p) 8.4 7.5 12.0%

Calculations for adjusted measures are shown on pages 39, 41 and 108.

Revenue

FY25 revenue has been driven by growth across each of our key regions, and we continue to benefit from our B2B business model

as well as continued growth of our D2C offering.

Geography FY25 FY24 Change

UK £48.4m £33.6m +44.0%

Europe £15.6m £10.7m +45.8%

International £43.1m £41.9m +2.9%

Group revenue increased 24.2% to £107.1 million (FY24: £86.2 million). The Company did not make any acquisitions or disposals

during the period and therefore all revenue growth is organic. H2 FY25 delivered approximately £60 million of revenue, reflecting

timing of customer orders (H2 FY24: £40.8 million).

THE PERFORMANCE REFLECTS

THE STRENGTH OF OUR STRATEGY,

DISCIPLINED EXECUTION AND GROWING

TRACTION IN THE MARKET.”

Joe Pollard

Chief Financial Officer

1. The financial information included in this review includes alternative performance measures (APMs) that are not recognised under IFRS and are unaudited. The Directors

believe that these non‑IFRS measures provide useful information with respect to the performance of the Group’s business and operations.

Applied Nutrition plc Annual Report 2025

All geographies saw an increase in sales

during the year. UK sales grew by 44%

aswe continued to see exciting growth

as a result of the strategy to diversify

channels, invest in relationships with

key customers, and work to increase

the penetration of the BodyFuel and

Endurance ranges as they mature.

Europe grew by 46% in the year as

we invested in growing partnerships

with retailers and distributors in key

countries such as France, Spain, the

Netherlands andGermany. International

sales grew 3%; however, now the Group

has emerged from distributor and

registration changes in the Middle East,

this geography is expected to grow more

in FY26. International sales in the second

half of the financial year were 19% higher

than the first half, and excluding the

sales made to the distributor who we

exited a partnership with, sales grew

by13% between FY24 and FY25.

Gross profit

Gross profit increased 19.1% to

£49.2million (FY24: £41.3 million).

All adjustments noted by the Group

within the financial statements were

in administrative expenses and

therefore noadjustment to gross

profitisnecessary.

Total gross margin was down 190bps

at 46.0% (FY24: 47.9%) with the decline

reflecting a small non‑structural change

in the product mix of the Group, along

with high raw material prices in the whey

protein category. Whey protein continues

to be a relatively small part of the

Group’s revenue (FY25: 19%).

However, the average price of whey

protein purchased by the Company in

FY25 was c.30% higher than purchased

in FY24. At the end of FY25 whey prices

were generally considered to have been

at historically high levels.

While the Group purchases a significant

number of raw materials outside of

whey protein, none are considered to be

particularly volatile, which has meant

that movement in gross margin has been

relatively small, and even smaller with

whey price changes excluded.

The Group benefitted from a 70bps

reduction in direct staff costs as a

percentage of revenue. This was driven

by the new manufacturing extension

completed during the year which

increased manufacturing efficiency.

Thebenefit of these efficiencies was after

the effect of an increase in direct staff

hourly rates.

Administrative expenses adjusted

for exceptional and non‑underlying

items

In FY25 total administrative expenses

adjusted for exceptional and

non‑underlying items were 18.2% of

revenue (FY24: 18.8%) showing an increase

of 20.4% against an increase in revenue of

24.2% highlighting benefits in two areas:

• increased general efficiencies as we

become a larger business and continue

to ensure we drive value for money

across the business, including in the

overhead base, while still investing in

key areas; and

• as a result of preparing to IPO the

business, we made various investments

in the overhead base to ensure it was

robust to withstand being a listed

business ahead of time, therefore the

growth in cost in certain areas was not

as significant.

Offset against these were the additional

ongoing costs of being a listed business,

for which we saw almost a full year of

impact in FY25. These costs have been

well managed and the proforma impact

as we move into FY26 is not expected to

be significant.

Spend on marketing, advertising and

partner incentives, which are recognised

as an expense in the accounts rather

than being netted off revenue, was the

same percentage of revenue as in FY24.

Adjusted EBITDA and adjusted

EBITDA margin

A reconciliation between operating

profit and adjusted EBITDA is shown

below. Adjusted EBITDA rose in the

period by 18.8% to £30.9 million

(FY24:£26.0million). EBITDA margin

of29% for FY25 (FY24: 30%) was in line

withguidance at the time of IPO, where

we noted a small reduction expected as

a result of the additional costs of being a

listed business.

Exceptional and

non‑underlying items

Exceptional and non‑underlying items

forthe period resulted in a charge of

£1.7million (FY24: charge of £1.4million).

These items in FY25 all related to the

costs of the IPO of the Group. There

are not expected to be any charges in

relation to the IPO inFY26.

EBITDA and EBITDA margin

Year ended

31 July 2025

£m

Year ended

31 July 2024

£m

Operating profit 28.1 23.7

Costs relating to IPO 1.7 1.2

Share‑based payment expense — 0.2

Adjusted operating profit 29.8 25.1

Depreciation and amortisation 1.1 0.9

Adjusted EBITDA 30.9 26.0

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

GROUP FINANCIAL

REVIEW

CONTINUED

Items between adjusted EBITDA and profit before tax

Year ended

31 July 2025

£m

Year ended

31 July 2024

£m

Adjusted EBITDA 30.9 26.0

Costs relating to IPO (1.7) (1.2)

Share‑based payment expense — (0.2)

Presented EBITDA 29.2 24.6

Depreciation and amortisation (1.1) (0.9)

Finance income 0.5 0.7

Finance expense (0.1) (0.1)

Profit before tax 28.5 24.3

The following items affected the profit

before tax figures but not EBITDA:

• depreciation and amortisation rose

compared to FY24 as a result of the

additional fixed assets;

• interest income relates to cash the

Group holds on deposit. In FY25 it

declined by £0.2 million to £0.5 million

as a result of reduced interest rates

in FY25 compared to FY24, and also

a lower average cash balance after

the dividend declared in October2024

(£14.7million); and

• interest expense.

Tax

The Group’s main tax exposure is to the

UK, which has a general corporation tax

rate of 25%. The Group’s effective rate

of taxation during the year was 26.0%

(FY24: 23.0%), higher than the standard

rate of corporation tax predominantly as

a result of costs relating to the IPO that

are not deductible for tax in the UK.

Cash flow and cash flow conversion

Net cash generated from operations

increased by 33.5% to £21.9 million

(FY24: £16.4 million). The Group’s

working capital usage (defined as

inventories, plus trade and other

receivables, less trade and other

payables) at the end of the year was

£33.1million (FY24: £27.3million).

This increase of 21.2% was slightly below

the increase in revenue as a result of

careful working capital management

in comparison to the growth of the

business. Management continue to

manage capital expenditure, balancing:

• the need to ensure we have a good

supply of raw materials on hand so

that disruptions in global shipping

(e.g. the ‘Red Sea Crisis’) to not disrupt

production and that the Company has

adequate stocks of raw materials in

order to ensure it is able to quickly

react to customer orders;

• assisting our customers and

distribution partners to grow by

ensuring we enable them to keep a

sensible supply of our products in

stock, and we do not restrict our own

growth with restrictive credit terms,

sensibly balanced against the credit

risk to the Group; and

• appropriate payment terms of

suppliers, ensuring that we drive

the best value we can to maximise

marginssince the Group is in a net

cash position.

Other material cash flow items

Income tax paid

The tax paid in FY25 reduced to

£6.3million compared to £9.7million in

FY24. The Group became a ‘very large’

company in relation to corporation

tax in the UK for the first time in the

FY24 financial period. This meant that

tax paid during FY24 incorporated the

estimate of all corporation tax due for

FY24 in addition to any amounts due for

FY23 that were paid in FY24 when the

Company was notdeemed to be ‘very

large’ for corporation tax.

For FY25, the Company continued to be a

‘very large’ company for the purposes of

corporation tax and is therefore required

to pay its estimated corporation tax bill

for the relevant financial year wholly

within the said financial year.

Purchase of tangible fixed assets

As indicated at IPO, the Company

spent approximately £1.0million on

capital expenditure during FY25 (FY24:

£1.0million) as we continued to expand

our capabilities and certain specialist

capacity. The most significant areas of

spend in FY25 were:

• investment in a new stick packaging

machine; as a result of the successful

launch of products in more convenient

formats such as stick packs and

increased consumer demand in this

area, the Company purchased a

machine which allows stick packaging

in this format. Currently, the Company

produces the powder and then sends

it to third‑party service providers to

place in stick packs; bringing this

service in‑house will increase margins,

reduce reliance on third‑party service

providers, and allow us to bring

products in this format to market

quicker. This machinery was purchased

in FY25, but will be delivered and

commissioned in FY26; and

• towards the end of FY25, as a result

of the increased demand for capsules

and tablets, the Company invested in a

new filling machine in order to ensure

capacity would meet expected future

demand. In early FY26 this machinery

was commissioned and completed,

although the capital expenditure was

accounted for in FY25.

Applied Nutrition plc Annual Report 2025

As outlined in the Chief Executive

Officer’s review, over the next

18months the Group intends to invest

approximately £2.0‑£2.5 million to

ensure the business has the operations

to support its continued expansion,

drive efficiencies within the business,

in addition to bringing in‑house some

currently outsourced production and

services which will also enhance margin

and reduce reliance on outsourced

providers.

In addition, the Company is considering

an investment into machinery that

will allow us to produce one of our

fastest‑growing products in‑house.

Thisis a more expensive addition

with apotential cost of approximately

£2.5million to install.

Also as outlined in the Chief Executive

Officer’s review, in early FY27 we expect

to be able to move into a new global

distribution facility and head office.

Itisexpected that the Company will lease

this property from the landlord, which

will be a corporate entity controlled by

the Chief Executive Officer and Chief

Operating Officer. The Board considered

whether it would have been better for

the Company to have purchased the land

and construct the proposed new building.

However, given the risks associated with

such a capital undertaking, and these

risks being outside of the interests of

the Company’s shareholders, the Board

believes a long‑lease of such a building,

with an appropriate break‑clause in

favour of the Company, will provide

the Company more flexibility, but with

an adequate level of security to plan

for future years, and is therefore more

appropriate. To avoid any perceived

conflict of interest, the Company is being

advised by an independent law firm and

independent Chartered Surveyor with no

connection to the Chief Executive Officer

or Chief Operating Officer. In addition, the

Chief Executive Officer or Chief Operating

Officer will not vote on approval of the

lease when it is finalised and the Chief

Financial Officer will sign the lease on

behalf of the Company with approval of

the Board. In October 2025, the Board

approved in principle the proposed

transaction and associated capital spend,

subject to appropriate review of final

documentation.

This constitutes a related party

transaction as defined by the UK Listing

Rules and the Company will provide

further details once the transaction is

finalised.

Dividend

The dividend during the year of

£14.7million (FY24: £nil) was declared

in October 2024 prior to the IPO of

the Company. The Company does not

anticipate declaring afurther dividend

before FY27, thereby retaining cash for

investment in capacity, efficiency and

potential M&A opportunities.

Free cash flow and free cash

flowconversion

The following is a reconciliation

between net increase in cash and

cash equivalents as presented in the

consolidated statement of cash flows of

the Group and free cash flow/free cash

flow conversion:

Year ended

31 July 2025

£m

Year ended

31 July 2024

£m

Net increase in

cash and cash

equivalents 0.1 5.9

IPO costs 1.7 1.2

Dividends 14.7 —

Free cash flow 16.5 7.1

Free cash flow

conversion 72.4% 35.3%

Free cash flow conversion measures free

cash flow as a percentage of adjusted

profit after tax, which is calculated as:

Year ended

31 July 2025

£m

Year ended

31 July 2024

£m

Statutory

profit after tax 21.1 18.7

Costs relating

to IPO 1.7 1.2

Share‑based

payment

expense — 0.2

Adjusted profit

after tax 22.8 20.1

Liquidity and banking facilities

The Group continues to hold a

£10.0million revolving cash facility

withits main bankers (The Royal Bank

of Scotland plc). While the Group

currently has no need to draw down on

the facility, should there be a significant

cash requirement (e.g. in the event of

M&A), it would allow the business to

deploy cash quickly. However, given

the Group’scontinued cash generation,

thecost/benefit of such a facility will be

reviewed in FY26.

Cash within the Company’s main GBP

bank account earns interest at a rate

management believe is a reasonable

return for the flexibility of not having

cash on term deposits. Generally, the

Company does not hold significant

amounts of cash in currencies other than

GBP, except for USD, which is generally

not more than 20% of the total cash the

Company holds at any one time.

Joe Pollard

Chief Financial Officer

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

RISK

MANAGEMENT

PRINCIPAL RISKS AND

UNCERTAINTIES

Governance

The Board has overall responsibility for

oversight of risk and for maintaining

a robust risk management system.

The Group’s Audit and Risk Committee

(ARC) supports the Board with the

management of risk, with the day‑to‑day

management delegated by the Board to

the Executive Committee. The Executive

Committee meets biannually to review

the risk register, engaging with senior

departmental managers to capture and

report their risk updates to the ARC.

Our governance structure is

summarisedbelow.

Given the Company’s continued growth,

an external provider was appointed to

provide an outsourced internal audit

function during the financial year.

Further information on this can be found

in the ARC report on page 65.

Risk management policy objectives

Our risk management policy objectives

are to:

• embed risk management into the

culture of the Company;

• raise awareness and work with

partners, suppliers, customers and staff

to develop a common understanding

of the Company’s expectations on risk

management;

• integrate risk management into policy,

planning and decision‑making; and

• enable the Company to anticipate

and respond to changing social,

environmental and legislative

conditions.

These objectives will be achieved by:

• identifying, assessing and effectively

managing strategic and operational

risks across the Company;

• establishing clear roles, responsibilities

and reporting lines for risk

management across the Company;

• incorporating the assessment of

risk into all key decision‑making and

planning processes of the Company;

and

• using appropriate software and

reporting for recording, assessment,

monitoring of controls and reporting

ofrisks.

Risk management process

1. Risk identification in line with

strategic objectives: considering any

factors that could have a significant

effect on the Company’s ability to

deliver its strategy.

2. Risk assessment and evaluation:

considering all situations where

a principal risk could occur, the

potential impact it could have and the

likelihood of it occurring.

3. Risk mitigation: detailing any actions

undertaken or controls that have

been established and implemented to

manage the principal risks identified.

The ARC monitors and challenges

progress against risks, recommending

further mitigation actions where

appropriate.

4. Risk monitoring and review: regular

assessments undertaken by risk

owners to update the risk register for

any changes. Risk register is reviewed

at each ARC meeting with an annual

discussion and review at Board level.

EFFECTIVE RISK MANAGEMENT IS

KEY TO RUNNING OUR BUSINESS.

OUR RISK APPETITE DRIVES OUR

DECISION-MAKING, ENSURING OUR

REPUTATION, ASSETS AND STAFF ARE

PROTECTED, WHILE ALLOWING US

TO CONTINUE DELIVERING AGAINST

OUR STRATEGY.”

Joe Pollard

Chief Financial Officer

BOARD LEVEL

Overall responsibility for establishing the degree of risk the Company is

willing to take to deliver its strategic objectives

AUDIT AND RISK COMMITTEE

Monitors and challenges progress against risks, guiding on mitigating actions

EXECUTIVE COMMITTEE

Responsible for the day‑to‑day management of risks and opportunities

OPERATIONAL LEVEL

Senior departmental managers, responsible for adopting and implementing

risk mitigation measures

Operations/strategy

Risks, progress and metrics

Applied Nutrition plc Annual Report 2025

Identification of risks

The Group operates in an environment that is exposed to a wide range of internal and external risks that could have a material

impact on our strategy, operations, financial performance and reputation.

We continue to develop our risk management process and how we identify principal risks to include in our risk register. The initial

risk register categorises all existing and emerging risks, with the register covering the probability of the risk occurring and the

degree of the potential impact.

The risk register also identifies an owner for each risk, any current risk management or mitigation steps, and outlines proposed

further actions. This process has been in place throughout the year and is subject to an annual review by the Board to ensure that

risks are appropriately mitigated and aligned with risk appetite. In respect of the year ended 31 July 2025, the Board considered

that these processes remained effective.

Evaluation of risks

The Board and ARC consider all risks that may impede the achievement of the Company’s strategic objectives. The risk register is

maintained and reviewed as a standing item at each ARC meeting and is formally presented to the Board for review annually.

Risk appetite

The Board recognises the need to take informed risks to enable sustainable and profitable growth. The Board has reviewed the

overall approach to establishing risk appetite and has considered it for each risk. The risk appetite for the Company informs the

risk management process and its day‑to‑day activities.

Principal risks and uncertainties

All risks are assessed on a 5x4 matrix incorporating an assessment of the likelihood of occurrence and the potential impact on the

business were they to occur, as well as the extent to which they are being addressed and mitigated.

In combination, this information enables the identification of principal risks, which allows the Board to identify and monitor risks in

the context of overall strategy. In addition, it helps in the determination of the management treatment of risks and helps prioritise

resources in managing the most material climate‑related risks. Risks are subject to continual refinement and quantification over

time, which assists in any required incorporation of risks into the Group’s overall budgeting, strategy and financial statements.

Risk likelihood of occurrence is defined under five categories:

RATING 1 2 3 4 5

Criteria Remote Unlikely Possible Likely Highly likely

Probability <1% 1% – 5% 5% – 25% 25% – 50% >50%

Potential financial impacts (based on a profit or liability impact) associated with the risk impacts are defined as follows:

SCORE 1 2 3 4

Impact Minor Significant Major Critical

Financial measure

Impact or

lost opportunity

of <£0.5m

Impact or

lost opportunity

of £0.5m‑£1.0m

Impact or

lost opportunity

of £1.0m‑£2.0m

Impact or

lost opportunity

of >£2m

The risks are then ranked and classified according to a multiple of the impact score and the likelihood of occurrence. The ARC

actively discusses the red risks twice per year in more detail.

On the following pages is the Board’s view of the current risks to the Company and the impact they may have, as well as how

these risks are being managed. The Board has undertaken a robust assessment of the current risk register and no new principal

risks have been identified in the year.

The Board recognises the Group is exposed to wider risks than those listed, but has disclosed those that are likely to have the

biggest impact on the delivery of the Company’s strategic objectives. The risk factors described below are not an exhaustive list

or explanation of all risks relating to the Group and should be used as guidance only. Additional risks and uncertainties relating

to the Group that are not currently known to the Directors, or that the Directors currently deem immaterial, may individually or

cumulatively also have a material adverse impact on the Group’s business, results of operations, financial condition or prospects.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Principal risks and uncertainties continued

PRODUCT SAFETY AND QUALITY

Risk description

Unidentified quality issues

with raw materials or a

failure to follow appropriate

manufacturing processes may

result in inferior, harmful or

non-compliant products being

supplied to our customers.

Potential impact

Any product quality issues or product non‑

compliance with accreditation standards could

be damaging to the Group’s reputation and could

impact its ability to provide certain products to

customers. In turn, this could adversely impact the

Group’s business and financial position.

Mitigation

• The majority of products are designed,

formulated, blended and packaged at the Group’s

own state‑of‑the‑art manufacturing facility in

Knowsley. A team of experts and accomplished

sports nutritionists leads thisprocess.

• Products which have outsourced or elements

of outsourced production are performed by

suppliers who have been vetted as satisfactory

and meeting any required regulatory or

certification standards.

• A strong regime of food safety and quality

checks are adhered to as part of internal

control processes. These are aligned to the

Group’s accreditations including BRC‑GS Global

Food Safety certification, the HACCP Food

Safety certification, the GMP certification, FDA

accreditation and ISO22000: 2018 – Food Safety

Management.

• Comprehensive on‑boarding assessment for new

suppliers, which includes audit of our suppliers’

standards and supply chain.

• The Group has an independent internal

Qualityand Technical team who report directly

tothe COO.

• All materials go through food safety, chemical

and analytical testing to ensure they are of the

highest quality.

DAMAGE OR DISRUPTION TO MANUFACTURING FACILITIES

Risk description

All of the Group’s manufacturing

operations and the majority of

its warehousing are housed

over two buildings on a single

site. Extraordinary events such

as fire, structural collapse,

machinery or mechanical

failure, closures of primary

access routes, flooding or other

severe weather conditions could

adversely affect the Group.

Potential impact

Any major event could result in significant

manufacturing downtime or extensive damage to

manufacturing facilities. This in turn will affect the

Group’s ability to fulfil orders, adversely impacting

its financial situation.

Mitigation

• The Group takes precautions against such issues

such as with fire detection systems, sprinklers,

security alarms and ensures these are tested

regularly.

• The Group is insured against business

interruption.

• The manufacture of certain product ranges are

outsourced to third parties.

• In addition, as a short‑term measure, products

currently manufactured in‑house could be

outsourced to third‑party manufacturers to

ensure continuity of supply, recognising that this

would only partially protect profitability.

RISK MANAGEMENT

CONTINUED

Risk trend:

Increased risk No change Decreased risk Slight increase Slight decrease

Applied Nutrition plc Annual Report 2025

LOSS OF KEY MEMBERS OF MANAGEMENT

Risk description

The Group’s performance

relies heavily on the efforts

and abilities of its Directors

and senior management team,

with whom a substantial

amount of business knowledge

is concentrated. Given the

Group’s LSE listing, this risk

is particularly relevant to

the retention of high-quality

personnel, with teams of

sufficient size, depth and

experience and an appropriate

level of functional expertise.

Potential impact

If any of the key members leave, they will take

considerable knowledge with them, which will take

time to rebuild in new team members.

Mitigation

• The packages of Directors and senior

management now have a level of independent

oversight via the RemunerationCommittee.

• Post year end, the Group prepared draft

short‑term and long‑term succession plans for

the Executive Directors and senior management

and began exploring how best to develop the

talent pipeline. The Nomination Committee will

beoverseeing this process.

RELIANCE ON KEY CUSTOMER RELATIONSHIPS

Risk description

The Group’s main route to

market is through B2B sales to

distributors and retailers.

Potential impact

The loss of a significant customer relationship

could have an adverse effect on the Group’s

business and financial condition.

Mitigation

• Each of the largest customers have appropriate

lines of communication to the business and are

known to the CEO personally. In addition, each

has a Sales Manager for day‑to‑day contact.

• All other customers are dealt with based on size

(e.g. significant attention from salesteam).

• In FY25, no single customer contributed greater

than 10% of the Group’s revenue.

• The Group continues to develop relationships

with new customers on an ongoing basis as a key

part of its multi‑pillar growth strategy which will

further diversify the revenue base.

HEALTH AND SAFETY INCIDENTS

Risk description

The nature of the Group’s

operations across

manufacturing and warehousing

results in an elevated risk of

health and safety incidents.

Potential impact

Failure to implement, and adhere to, appropriate

health and safety policies and procedures could

result in accident, serious injury or loss of life.

Enforcement action by HSE (Health & Safety

Executive) following a major incident could result

in financial penalties and reputational damage.

Mitigation

• Formal health and safety (H&S) policies and

procedures are in place and we have a full‑time

Health and Safety manager who reports directly

to the COO.

• These are communicated to employees via

induction training, employee noticeboards and

ToolTalks led byour H&S manager.

• Adherence to procedures is monitored via

external audits and a zero‑tolerance approach

toH&S breaches is well established.

• A culture of safety is promoted through

encouragement of near‑miss reporting by all

employees (via QR codes located around the site).

• Accidents, injuries and near‑misses are reported

at main Board level alongside current H&S

actions and proposed initiatives.

IMPLEMENTATION OF GROWTH STRATEGY

Risk description

There is a risk that factors

beyond the Group’s control will

limit the Group’s ability to enact

and deliver all elements of its

growth strategy to enter new

geographies and increase sales

to new and existing customers.

Potential impact

If unable to deliver on the growth strategy, the

results of the Group in the future may fall below

that expected by shareholders.

Mitigation

• The Group has appropriate oversight via the

Board of Directors regarding the ongoing

progress made against strategy, which is

regularly reviewed and challenged.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

RISK MANAGEMENT

CONTINUED

Principal risks and uncertainties continued

GLOBAL POLITICAL AND ECONOMIC UNCERTAINTY

Risk description

As a global business, the

Group is exposed to a range of

economic conditions in certain

markets, as well as broader

macroeconomic factors and

potential instability in the

geopolitical environment.

Potential impact

Macroeconomic or political factors which result

in a reduction in disposable incomes and overall

downturn in economic spending could negatively

impact the Group’s sales, meaning the Group

fails to grow sales in line with forecast and

underperforming against market expectations.

Mitigation

• The Group has employees in only two

jurisdictions (the UK and US), legal entities in

only three jurisdictions (UK, US and Colombia

– with Colombia being a dormant entity), and

the Group does not currently hold material cash

balances outside of the UK.

• The Group has a high level of brand and product

loyalty which provides some protection against

an economic downturn, with products seen as

‘essential’ rather than ‘luxury’ items.

• The Group’s products cover a range of price

points from elite and premium offerings through

to a dedicated discount line.

• The Group performs regular reforecasting and

monitors the orderbook frequently, and the

market for its products is growing.

• The Group has a sale in a significant number of

countries, and while it has high exposure to some

countries (such as the UK), more geographically

local political and economic issues are less likely

to have a more material impact on the Group.

NON-COMPLIANCE WITH LAWS, REGULATIONS AND BEST PRACTICES INCLUDING CORPORATE

SOCIAL RESPONSIBILITY AND ETHICAL SOURCING

Risk description

Following its Main Market LSE

listing, the Group is subject

to increased compliance

from a legal andregulatory

perspective. A Main Market

listing has also exposed the

Group to a new level of scrutiny

from the public, shareholders

andregulators.

Furthermore, the Group’s

growth strategy includes

expansion into new markets and

territories which will expose

it to regulatory and legislative

requirements beyond its current

experience and knowledge

base. For example, US tax laws

are complex, with differing

requirements from a state and

federal perspective.

The Group’s products are

subject to a range of regulations

in the UK, Europe and other

territories concerning product

liability/safety and, in certain

markets, the Group places

reliance on the market expertise

and local knowledge of the

relevant customer in that

territory.

Potential impact

As the Group grows in size there will be increasing

requirements across many areas such as gender

pay reporting, Senior Accounting Officer, SECR

etc. This creates a risk of non‑compliance, with

the ongoing challenge of keeping existing and

new employees appraised and compliant with new

legislation. Any failure, or perceived failure, by

the Group to comply with any regulations could

result in potential litigation, damage to the Group’s

reputation and a loss of revenue.

Growth into new territories with different

regulations and legislations creates an elevated

risk of non‑compliance, with associated fines/

penalties or loss of reputation.

Failure to meet the Group’s ethical sourcing

standards may adversely affect its brand

reputation and customer demand for its products.

There is increased risk in this respect arising out of

the Group’s use of suppliers in other jurisdictions,

including EastAsia.

Mitigation

• The Board has undertaken training regarding

responsibilities and obligations oflisted company

directors. Additionally, theBoard has four

Non‑Executive Directors who have significant

experience in executive and non‑executive roles

in listed businesses.

• The Group makes increasing use of external

advisers where appropriate, in particular in

relation to overseas regulation, and listed

company requirements.

• The Finance function is led by a CFO, supported

by a Group Financial Controller (GFC), both of

whom are qualified Accountants and therefore

obliged to remain up to date with all aspects of

financial reporting and regulation.

• Customers in high‑risk markets are required to

pay at least part or all of their order in advance,

before goods will ship.

• The Company generally does not take

responsibility for importation of products outside

the UK and EU, this is the responsibility of

overseas distributors. All overseas distributors

are vetted to ensure management believe they

understand their local regulatory framework,

and will represent the Applied Nutrition brand

appropriately.

• While the reliance on partners presents a risk to

the Group, although the Directors consider the

risk of a partner or customer bringing a lawsuit

to the UK to be low. Where the Directors believe

it is prudent to do so, or there is an elevated risk

of legal action, the Group consults local experts

such as lawyers and accountants.

Applied Nutrition plc Annual Report 2025

RELIANCE ON IT SYSTEMS AND RISK OF CYBER BREACH

Risk description

The Group’s operational and

financial management are

dependent on third-party and

‘cloud-based’ IT systems. Any

significant disruption in service,

whether malicious or otherwise,

could have a considerable

impact on thebusiness.

Potential impact

Significant IT downtime or breach of systems

through inappropriate cyber security could result

in significant financial loss, severe business

interruption from an operational perspective

andthe threat of reputational damage.

Mitigation

• The Group does not maintain any ‘on‑premise’

IT systems and all key systems are cloud‑based.

The Group’s software vendors selection process

requires only using providers with reliable

systems and documented backup policies.

• IT support is fully outsourced to a reputable third

party covered by an SLA.

CREDIT RISK

Risk description

The Group offers credit terms

to some customers which might

not be repaid.

Potential impact

The Group maintains a significant trade debtor

value on the balance sheet, creating a risk of

default and financial losses.

Credit risk increases as the volume of trade,

with a related risk of default, increases.

Mitigation

• The Group has a comprehensive credit check

process taking into account numerous factors

such as trading history, reputation and credit

checks.

• Major accounts are managed by a team of

Account Managers, with Finance completing a

weekly review of overdue debt and working with

the relevant sales lead to chase the debt.

• All customers have a credit limit which can only

be exceeded with approval from the CFO or CEO.

• Customers in high‑risk markets are required to

pay at least part or all of their order in advance,

before goods will ship.

NEW PRODUCT DEVELOPMENT

Risk description

Product innovation/NPD and

speed to market underpin the

Group’s success and represents

a key differentiator versus our

competitors. This reflects our

ability to anticipate, gauge and

react in a timely and cost-

effective manner to changes

in consumer preferences and

trends. If consumer sentiment or

preferences change materially

in a way which is adverse to

Applied Nutrition, it could impact

the Group’s performance.

Potential impact

Achieving growth through new products is a

key part of the Group’s strategic pillars and

therefore failure to capitalise on trends/consumer

preferences could result in the Group not achieving

its revenue targets and lead to a decrease in

profitability.

Mitigation

• Members of the sales team and management

have regular conversations with customers and

other people in the industry to ensure latest

trends are being taken into account.

• The Company has several members of staff who

have all or most of their time dedicated to NPD.

• Analytics reports (e.g. from Amazon, Google data)

are regularly reviewed to ensure the results are

being taken into account.

Risk trend:

Increased risk No change Decreased risk Slight increase Slight decrease

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

RISK MANAGEMENT

CONTINUED

Going concern

The Directors have considered the

business activities as described in

the Strategic Report on pages 1 to 49,

including the organisation’s principal

risks and uncertainties disclosed on

pages 42 to 48. With due consideration

and review, the Directors have a

reasonable expectation that the Group

has adequate resources to operate over

the assessment period, being the twelve

months from the date of these financial

statements.

In addition, the Directors are not aware

of any material uncertainties that may

cast significant doubt upon the Company

or Group to continue as a going concern.

Consequently, the financial statements

have been prepared on a going concern

basis for the Group and the Company.

The Directors have assessed the

ability of the Company and the Group

to continue as a going concern using

three‑year cash flow forecasts prepared

from 31 July 2025 to 31 July 2028.

This is the timeframe of the Group’s

most recently approved strategic plan,

as approved by the Board and in addition

exceeds the period over which the Group

can reasonably plan capital investment

with certainty given the rapid growth of

the Group and change in investment that

may be required to meet such growth.

The Directors have considered forecast

expectations of performance, based

on historic data, along with available

funding options in case of unexpected,

contingent requirements.

GOING CONCERN AND VIABILITY STATEMENT

Pages 1 to 49 form part of the Strategic Report, which has been reviewed and approved by the Board.

Joe Pollard

Chief Financial Officer

7 November 2025

RAW MATERIAL PRICING AND AVAILABILITY

Risk description

External factors may result in

the Group being vulnerable to

fluctuations in the pricing and

availability of raw materials.

Such factors include natural

disasters, global conflicts,

political instability, inflation

and changes in the supply and

demand of commodities, fuel

prices and freight costs.

Potential impact

Major fluctuations in pricing could result in

increasing input costs, which negatively impact

product margin and result in the Group not

achieving its financial targets. Any changes to raw

material availability could have an adverse impact

on production schedules and the continued supply

of products to customers.

Mitigation

• Key commodities have been identified and are

regularly monitored in terms of availability and

pricing. In some cases, future supply contracts

have been put in place for up to twelve months’

cover. Generally, the only commodity that sees

significant fluctuation is whey protein and

therefore this is closely monitored.

• Purchase orders are monitored and pricing of key

commodities is reported monthly to the Board,

including the impact of new purchase orders on

current average costs of key raw materials.

• Where price increases are anticipated, on site

warehouse space is maximised to build a greater

stock of raw material and future order prices

areagreed.

• Where price decreases are anticipated, raw

materials stockholdings are reduced and a

movement towards spot purchasing is prioritised.

• Regular sales meetings with suppliers are held

to discuss future movements in availability

andprice.

• Regular reforecasting exercises are undertaken.

Principal risks and uncertainties continued

Applied Nutrition plc Annual Report 2025

The market in which the organisation

operates is forecast to grow annually

inthe region of 8% or better.

The forecasts included several scenarios

including a base case and downside

case. The base case assumed revenue

growth during the next twelve months

on a customer‑by‑customer base for

the top ten customers, and then applied

a standard rate of growth in line with

market dynamics for the remainder of

the customer base and new potential

customers. Profitability and cash flow

assumptions were in line with recent

experience.

In the event of no further growth in the

business, it would remain profitable

and cash generative in the view of

management and therefore while

downside scenarios with no further

growth were considered, they did not

alter the view of management in terms

ofgoing concern. Nor did scenarios

where the working capital requirement

ofthe business increased.

When conducting this assessment, the

Directors also considered the principal

risks and uncertainties that the Group’s

risk management process had identified.

This risk management process and an

assessment of the principal risks and

uncertainties are detailed in the risk

management report. This assessment

considered the risks themselves in

addition to mitigating actions. Of the

principal risks and uncertainties, the

effect of a product safety event or

significant damage/disruption to the

Group’s manufacturing facilities were

considered in detail. These are the

key risks that are believed to present

a risk to the going concern view of

management.

The successful initial public offering

(IPO) of the organisation on the London

Stock Exchange in late 2024 has provided

access to potential additional funding

streams and acts as a catalyst for further

controlled enhancement of the product

range with expansion across multiple

geographic locations. On14October

2024, the Company entered into a

sterling revolving credit facility (RCF)

agreement with The Royal Bank

ofScotland plc.

The purpose of the RCF is for general

corporate and working capital purposes

of the Group as well as to finance

permitted acquisitions and capital

expenditure of the Group. The quantum

of the RCF is £10,000,000 with an

uncommitted accordion option for up

to £10,000,000. The terms of the RCF

include: (i) the Company as initial

borrower; (ii) a term of 36 months;

(iii)the margin being 1.7% above SONIA;

(iv) the provision of quarterly financial

information and an annual budget;

(v)anet leverage covenant set at 2:1

(total debt to adjusted EBITDA) and

interest cover (EBITDA to net finance

charges) set at 3:1; (vi) the provision of

guarantees by certain Group companies

that become material from time to time

in respect of the obligations under

the RCF; and (vii) secured by all asset

security granted by the Company and

certain other material Group companies.

The Company can terminate the RCF; at

any time without penalty and therefore,

if other forms of debt finance are more

commercially beneficial, the Company

can do so and utilise those other forms

without charge.

Based on the assessment performed,

and with no additional knowledge of

any material uncertainty that may affect

this assessment, the Directors believe

it is appropriate to prepare the financial

statements of the Group on a going

concern basis.

Viability statement

The Directors have adopted the UK

Corporate Governance Code, in which

the Directors are required to issue a

Viability Statement declaring whether

they believe the Group is able to continue

to operate and meet its liabilities for

the period to 31 July 2028 taking into

account its current position and principal

risks. This timeframe aligns with its most

recently Board‑approved forecast period

and strategic plan. The Directors have

assessed the prospects of the Group

by reference to the current financial

position, recent and historic financial

performance, the three‑year forecast,

its business model on pages 14 and

15, strategy on pages 16 and 17 and its

principal risks and mitigating factors on

pages 44 to 48.

Viability assessment period

The Directors considered an appropriate

viability assessment period to be the

three‑year period from 31 July 2025

to 31 July 2028. This is the timeframe

of the Group’s most recently approved

strategic plan, as approved by the

Board. The Group has applied extensive

financial modelling in arriving at the

assessment of going concern and

viability. Due consideration is given to

both micro and macro factors; covering

matters including health and safety, staff

management, quality raw materials and

supplier relations, through to geopolitical

and geoeconomic events. Such matters

are further considered with regard to

the material judgements and estimates

made in the preparation of the financial

statements and application of accounting

policies.

Assessment of viability

The Directors’ assessment of the Group’s

viability took into consideration the

current financial year’s performance,

forecast performance per the three‑year

plan to 2028, and the principal risks

and uncertainties of the Group. The

latter were considered with regard to

the Board’s risk appetite as detailed on

pages 42 to 48.

The Board reviewed the viability

assessment, which covered:

• the planning process: strategic plan,

three‑year forecast;

• annual strategy review;

• review of assumptions; and

• review of principal risks and

uncertainties, detailed on pages 42 to

48, and their potential impact on the

Group’s performance.

Conclusion

Based upon the viability assessment

performed, as noted above, the

Board assessed the prospects and

viability of the Group in accordance

with the UK Corporate Governance

Code requirements. The Board has a

reasonable expectation that the Group

will be able to continue in operation and

meet its liabilities as they fall due over

the period of the assessment.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Dear shareholder

I am pleased to present our first annual

statement on the corporate governance

of Applied Nutrition plc. As a Board, we

recognise that effective governance is

vital for maintaining trust in our ability to

deliver long‑term value for shareholders,

and during the time since IPO we have

established and embedded a sound

governance framework that facilitates

and supports the delivery of the

Company’s growth ambitions within an

environment of robust risk management

and independent oversight. The following

pages describe how this has been

achieved.

In preparation for our admission to

the Main Market of the London Stock

Exchange in October 2024, we assembled

a team of expert Board members, the

collective strength of which meant we

were able to add value from day one.

During this crucial time post IPO, the

Board has remained keenly focused on

monitoring performance against our

agreed objectives while also challenging

and refining our longer‑term strategy.

Concurrently, we have further developed

our risk management framework and our

internal controls monitoring policies and

procedures, including the establishment

of an internal audit function.

In the interests of continual

improvement, we conducted a Board

performance review in April 2025,

which confirmed that the Board was

operating effectively and constructively,

whilst also identifying opportunities for

improvement. Members of the Board

were asked to consider effectiveness

against the guidance of best practice

to ensure that there were no material

weaknesses and identify these areas for

potential improvement. The chair of each

Committee was responsible for reviewing

the effectiveness of that Committee

and I took overall responsibility for the

Board as a whole. We also reviewed

our compliance with the UK Corporate

Governance Code and agreed actions

to achieve compliance with certain

provisions where needed.

A key area of focus in this regard was

Board composition. As set out in the IPO

prospectus, it was our intention from the

outset to achieve compliance with the

Code’s provisions in this regard – plus, it

is my firm belief that Board performance

is dependent on having an optimal mix of

skills, experience and diversity of thought

to support effective decision‑making,

especially given the increasing

complexity of the global macroeconomic

environment within which the Company

operates.

With this in mind, we embarked on a

thorough and methodical search for

additional independent Non‑Executive

Directors to further strengthen the

team, and were delighted to welcome

Deepti Velury Bakhshi and Peter Cowgill

to the Board on 2 June 2025. Deepti

was also appointed as the designated

Non‑Executive Director for workforce

engagement, which brings us a step

closer to full alignment with the Code,

and I look forward to reporting to

shareholders next year on the insights

and impacts resulting from this initiative.

CHAIR’S GOVERNANCE OVERVIEW

ROBUST CORPORATE

GOVERNANCE

WE RECOGNISE

THAT EFFECTIVE

GOVERNANCE IS VITAL

FOR MAINTAINING

TRUST IN THE BOARD’S

ABILITY TO DELIVER

LONG-TERM VALUE TO

OUR SHAREHOLDERS.”

Andy Bell

Independent Non‑Executive Chair

GOVERNANCE

AT A GLANCE

Applied Nutrition plc Annual Report 2025

I would like to thank my fellow Board

members for their commitment and

diligence over the past year. Their

independent judgement and diversity of

approach are central to the resilience of

our governance framework. I also thank

our shareholders for their continued

engagement and support.

The Board is committed to driving and

safeguarding the long‑term sustainable

success of the Company and value

generation for its members through

robust corporate governance. The

report that follows describes our work

in pursuit of this aim and demonstrates

ouraccountability to you.

Andy Bell

Independent Non‑Executive Chair

7 November 2025

SKILLS, EXPERIENCE AND KNOWLEDGE OF OUR BOARD

Summary of the skills and experience held by our Directors

BOARD AND COMMITTEE MEETING ATTENDANCE

BOARD COMPOSITION

As at 31 July 2025

Meetings attended

Meetings eligible to attend

Independent 57%

Non‑independent 43%

Male 75%

Female 25%

White 87.5%

Minority ethnic 12.5%

Independence (excluding the Chair)

Gender

Ethnicity

5+ years 1

4‑5 years 2

2‑3 years 0

1‑2 years 3

Less than 1 year 2

Tenure

Director Board Nomination Audit and Risk Remuneration

Andy Bell           — 

Tony Buffin           

Peter Cowgill  — —

Steven Granite

        — — —

Marnie Millard

          

Joe Pollard         — — —

Thomas Ryder

        — — —

Deepti Velury Bakhshi

 — —

Notes

1. Steven Granite was unable to attend the Board meetings on 22 November 2024 and 27 March 2025 due to other

commitments to the Company.

2. Marnie Millard was unable to attend the Board meeting on 23 January 2025 due to an existing commitment.

3. This table does not include former directors Alun Peacock or Dominic Platt, both of whom attended and were

eligible to attend one Board meeting in FY25.

4. In addition to the above ‘full’ Board meetings, there were six Board meetings called at short notice to approve

transactional matters relating to the IPO. These were attended by all Directors with the exception of one absence

each from Thomas Ryder, Tony Buffin and Marnie Millard due to existing commitments.

Core industry

M&A, Capital Markets

Risk

Corporate governance

Logistics

Remuneration

Strategy

Legal and compliance

Marketing

Financial

People

Key

Subject matter expert

Significant experience

Good working knowledge

6 5

2 1

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Appointed: 20 February 2024

Skills, experience and

contribution to strategy

Andy was appointed Non‑Executive

Chair of Applied Nutrition in February

2024. After several years in the financial

services sector, Andy co‑founded AJ

Bell in 1995. Having graduated from

Nottingham University in 1987 with a

first‑class degree in Mathematics, he

qualified as a Fellow of the Institute of

Actuaries in 1993 and built AJ Bell into

one of the UK’s largest online investment

platforms. Andy stepped down as Chief

Executive Officer of AJ Bell PLC in 2022

and has continued as a consultant. A

defining feature of Andy’s tenure as

Chief Executive Officer was a focus on

ensuring that AJ Bell’s primary purpose,

vision and culture were engrained in the

business. Andy believes that a strong

and effective governance framework is

one of the most important foundations on

which to successfully grow a business.

This approach to governance has stood

the test of time as AJ Bell has grown

from being a small enterprise to a FTSE

250 listed company. This invaluable

experience and deep commitment to

purpose‑led leadership and robust

governance makes Andy a highly

effective Chair and a strategic asset

tothe Applied Nutrition Board.

Previous roles

• Chief Executive Officer of AJ Bell PLC

Other appointments: Andy has no

significant external appointments.

Appointed: 15 July 2014

Skills, experience and

contribution to strategy

Thomas is the Founder and Chief

Executive Officer of Applied Nutrition.

Thomas has been involved in the sports

nutrition, health and wellness market

since his early twenties, as a keen

gym‑goer with a passion for nutrition and

supplements. He started his professional

career in sports nutrition, health and

wellness with a supplements retail

store in Liverpool, which led him into

the wholesaling market and ultimately

to acquiring the Applied Nutrition brand.

Thomas started to manufacture his own

products for Applied Nutrition in 2016,

providing him with valuable experience

across retailing, wholesaling and

manufacturing, as well as managing his

own brand. This vertical experience has

helped Thomas build Applied Nutrition

into one of the fastest‑growing sports

nutrition, health and wellness brands in

the UK and Europe. Thomas’ hands‑on

experience across the entire value chain,

coupled with his entrepreneurial drive

and visionary leadership skills, make him

exceptionally well equipped to continue

to drive the Company forward in its

growth journey.

Other appointments: Thomas has no

significant external appointments.

Appointed: 6 April 2021

Skills, experience and

contribution to strategy

Steven is the Chief Operating Officer

(COO) of Applied Nutrition and was

appointed in April 2021. He is a qualified

Chartered Management Accountant and

a fellow of the Chartered Institute of

Logistics & Transport. Steven previously

led a private equity‑backed food logistics

company, Abbey Logistics Group Limited,

in roles as Finance Director, Managing

Director, Chief Executive Officer and

Executive Chairman, until October 2023,

when he led the sale of the business

to a European competitor (Sitra NV).

From 2012 to 2023, Steven founded

and chaired a multi‑award‑winning

not‑for‑profit initiative, Think Logistics,

which seeks to help young people

from disadvantaged backgrounds gain

opportunities within the logistics sector.

He was also previously a director of

Logistics UK, the UK’s largest logistics

trade body association, from 2019 to

2022. Steven’s strong combination of

financial, operational and leadership

expertise, with particular depth in

logistics and supply chain strategy, is

key to driving Applied Nutrition’s global

growth plans at pace.

Previous roles

• Multiple roles at Abbey Logistics Group

• Chair of Think Logistics

• Director of Logistics UK

Other appointments: Steven has no

significant external appointments.

BOARD OF

DIRECTORS

OUR EXPERIENCED TEAM

ANDY BELL

INDEPENDENT

NON-EXECUTIVE CHAIR

THOMAS RYDER

FOUNDER AND

CHIEF EXECUTIVE OFFICER

STEVEN GRANITE

CHIEF OPERATING OFFICER

Applied Nutrition plc Annual Report 2025

Appointed: 4 May 2021

Skills, experience and

contribution to strategy

Joe joined the Group as CFO in May

2021 and was appointed to the Board

of Directors at the same time. He

is a Chartered Accountant, having

qualified while working for Deloitte. He

previously worked at Grant Thornton in

its Corporate Finance practice advising

on M&A activity for entrepreneurs,

corporate entities and private equity

investors. He has extensive experience

leading complex transactions in multiple

jurisdictions. In 2021, Joe led the team

that advised on JD Sports taking a 32%

ownership interest in the Group. Prior

to joining Grant Thornton, Joe worked

at Deloitte where he spent time in both

the Audit and Equity Capital Markets

advisory teams. Joe also holds a

first‑class honours degree in Artificial

Intelligence from the University of

Liverpool. Joe brings a strong blend

of financial, transactional and strategic

expertise to the Board and his proven

ability to lead complex, cross‑border

transactions makes him a valuable

contributor to shaping the Company’s

growth strategy.

Previous roles

• Director, Corporate Finance at

GrantThornton

• Manager, Equity Capital Markets

atDeloitte

Other appointments: Joe has no

significant external appointments.

Appointed: 22 May 2024

Skills, experience and

contribution to strategy

Marnie was previously Group Chief

Executive for Nichols plc, the home of

Vimto. She now chairs the boards of

UA92, Kitwave Group PLC and Marks

Electrical PLC. Previously, she was chair

of Kidly Ltd and Mypura. com Group

Limited, and a Non‑Executive Director of

Finsbury Food Group PLC. Marnie held

the chair for the CBI in the North West

ofEngland for three years and was an

adviser to the Board of International

Trade. She was awarded an OBE in 2018

for her contributions to international

trade business in the North West of

England. Marnie brings critical insight

into brand building and international

growth, drawing on her extensive

experience in fast‑growing consumer

businesses to support Applied Nutrition’s

strategic ambitions.

Previous roles

• Group Chief Executive of Nichols plc

• Chair of Mypura.com Group Limited

• Chair of Kidly Ltd

• Non‑Executive Director of Finsbury

Food Group PLC

• Non‑Executive Director of Belvoir

FruitFarms

• Chair of the CBI, North West

• Advisor to the Board of International Trade

Other appointments

• Chair of Marks Electrical PLC

• Chair of Kitwave Group PLC

• Chair of UA92

JOE POLLARD

CHIEF FINANCIAL OFFICER

MARNIE MILLARD

SENIOR

INDEPENDENT DIRECTOR

Committee key:

Nomination Committee

Audit and Risk Committee

Remuneration Committee

Disclosure Committee

Committee chair

Appointed: 20 February 2024

Skills, experience and

contribution to strategy

Tony is the Executive Chair of Tecsa,

a software and consumer analytics

provider, which he founded in 2019.

Prior to founding Tecsa, Tony was CEO

of Holland & Barrett, the UK’s leading

alternative health and beauty retailer, the

former Chief Operating Officer and CFO of

Travis Perkins PLC, and prior to that was

CFO of Coles Group, a top 25 ASX listed

retailer. Tony spent his earlier career at

Boots and Loyalty Management Group

where he led the successful sale of the

business to Canadian‑listed Aimia Inc. He

is a fellow of the ICAEW and graduated

from Cambridge University with a first

class degree in Geography. He is chair

of Highbourne Group and Nobia AB.

Tony’s background in driving business

transformation and applying data‑led

consumer insights enables him to play a

key role in shaping the Board’s strategic

priorities and market positioning.

Previous roles

• Chief Executive Officer of Holland

&Barrett

• Chief Operating Officer and Chief

Financial Officer of Travis Perkins PLC

• Chief Financial Officer of Coles Group

Other appointments

• Chair of Highbourne Group

• Chair of Nobia AB

• Non‑Executive Director of DFS

Furniture plc

TONY BUFFIN

INDEPENDENT

NON-EXECUTIVE DIRECTOR

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BOARD OF DIRECTORS

CONTINUED

Appointed: 2 June 2025

Skills, experience and

contribution to strategy

Peter is a distinguished business

leader with a proven track record in

the retail and consumer sectors. He

is best known for his 18‑year tenure

as Executive Chairman of JD Sports

Fashion plc, during which he oversaw

the significant growth and international

expansion of the business, transforming

it from a small UK retailer to a member

of the FTSE 100 with more than 3,400

stores across 27 territories worldwide

and revenues of over £10 billion. In

2021, Peter led JD Sports Fashion

plc’s acquisition of a minority holding

in Applied Nutrition and subsequently

became a personal investor in the Group

ahead of its IPO. Peter currently serves

as Non‑Executive Chair of The Fragrance

Shop and is a Fellow Chartered

Accountant. His proven ability to scale

operations globally, execute high‑value

acquisitions and drive outstanding

shareholder value make him well placed

to help shape the Company’s strategy.

Previous roles

• Executive Chairman of JD Sports

Fashion plc

Other appointments

Chair of The Fragrance Shop

Appointed: 2 June 2025

Skills, experience and

contribution to strategy

Deepti is currently the CEO of Publicis

Production. Prior to this, she was

Chief Technology and Transformation

Officer at Epsilon, Publicis where she

led transformation initiatives focused

on data, AI and scalable marketing

technology. Before joining Epsilon,

Deepti served as Chair of Tag Worldwide,

following her tenure as Global Chief

Operating Officer where she led the

company’s transformation agenda –

modernising operations, technology

and workforce strategy. Earlier in her

career, she led global transformation

at Cushman & Wakefield and began

her career in consulting at Accenture.

Deepti’s extensive leadership background

in global operations, marketing and

driving transformational change

positions her as a key contributor

tostrategic planning.

Previous roles

• Chief Technology and Transformation

Officer at Epsilon, Publicis

• Global Chief Operating Officer and later

Chair of Tag Worldwide

• Head of EMEA Business Transformation

and Change at Cushman & Wakefield

• Senior Manager at Accenture

Other appointments

CEO of Publicis Production

PETER COWGILL

INDEPENDENT

NON-EXECUTIVE DIRECTOR

DEEPTI VELURY BAKHSHI

INDEPENDENT

NON-EXECUTIVE DIRECTOR

Committee key:

Nomination Committee

Audit and Risk Committee

Remuneration Committee

Disclosure Committee

Committee chair

1. The Board approved significant external

appointments and confirmed it believed that suitable

time was available for the Director to discharge their

duties for Applied Nutrition.

Applied Nutrition plc Annual Report 2025

CORPORATE

GOVERNANCE

REPORT

Purpose

The Board is collectively responsible for

the leadership, oversight and control of

the Company’s business. Fundamental

to this is defining and establishing the

Company’s purpose and ensuring that

strategy is aligned with it – and that

both are underpinned by the values and

culture required for them to succeed.

The Board has agreed the Company’s

purpose: We Fuel Your Moment™.

We have also agreed the Company’s

strategic growth pillars, which are

discussed in detail in the Strategic

Report on pages 16 and 17. Purpose,

vision and values were explored in depth

at the Board’s inaugural Strategy Day

in May 2025 and agreed collectively by

theBoard.

Culture

The Board sets the Company’s culture

primarily by setting the organisation’s

key policies, such as the Whistleblowing

Policy, Ethical Trading and Modern

Slavery Policy, Health and Safety Policy,

and Charitable and Political Donations

Policy. The Board is also responsible

for assessing and monitoring culture

and ensuring that any misalignment is

addressed. During our first year post

IPO, we explored how this might most

effectively be achieved and landed on a

Culture Dashboard, which is currently

being progressed.

Should a member of staff feel the need

to raise concerns in confidence, the

Group’s Whistleblowing Policy provides

direct contact details of the CEO and

CFO in addition to an independent

whistleblowing charity.

Should an issue be raised, it will be

investigated and dealt with by the

Company’s whistleblowing office (the

CFO). In the event the concern is raised

about the CFO, it would be investigated

by another member of the Board.

Workforce engagement

In accordance with the UK Corporate

Governance Code, Deepti Velury Bakhshi

was appointed as the designated

Non‑Executive Director for workforce

engagement upon joining the Board on

2June 2025. The Board is developing

formal terms of reference for the role

during FY26.

MORE ABOUT ENGAGEMENT WITH EMPLOYEES

ANDOTHER STAKEHOLDERS CAN BE FOUND

IN THE S172 STATEMENT IN THE STRATEGIC

REPORT – PAGES 32 TO 37

OUR PURPOSE

OUR VALUES

OUR VISION

The Board has agreed the Company’s

purpose, vision and values as follows:

We Fuel Your Moment™

Whether that’s to

Fuel your healthier lifestyle,

Fuel your workout or

Fuel your elite performance,

We’re here to Fuel Your

Moment.

To become the world’s

most trusted and innovative

sports nutrition, health and

wellness brand.

• Family

• Agility

• Customer first

• Trust

• Originality

• Respect

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CORPORATE GOVERNANCE REPORT

CONTINUED

BOARD LEADERSHIP

AND COMPANY PURPOSE

UK CORPORATE GOVERNANCE

CODE 2024 STATEMENT OF

COMPLIANCE

In accordance with the UK Listing

Rules, the Company is subject to the

UK Corporate Governance Code (the

“Code”) which is available on the

FinancialReporting Council website at

www.frc.org.uk. The Board has chosen

to early adopt the 2024 version of the

Code and we are proud of the fact that

we have achieved compliance with all

but two of the provisions in the short

time since becoming a listed company.

How we comply with the Code is set

out on the pages referenced below.

Where we are not yet compliant, or did

not comply during any part of the year,

anexplanation is provided.

How we comply with the Code

1. BOARD LEADERSHIP

AND COMPANY PURPOSE

Our Board of Directors Pages 52 to 54

Board activities during FY25 Page 57

Business model and strategy Pages 14 and 15

2. DIVISION OF RESPONSIBILITIES

Division of responsibilities Page 58

3. COMPOSITION, SUCCESSION

AND EVALUATION

Board performance review

and effectiveness Page 62

Nomination Committee report Pages 60 to 62

4. AUDIT, RISK AND INTERNAL CONTROL

Audit and Risk

Committee report Pages 63 to 65

5. REMUNERATION

Remuneration

Committee report Pages 66 to 81

Exceptions to compliance

PROVISION 2

The Board should assess and monitor

culture and how the desired culture

hasbeen embedded.

This was a key agenda item at the

Board’s Strategy Day in May 2025

and the Board has now agreed how

best to develop its culture monitoring

capabilities. This will include analysis

of available data sets with a view to the

creation of a Culture Dashboard. We look

forward to updating shareholders on

progress next year.

PROVISION 11

At least half the Board, excluding

the Chair, should be Non‑Executive

Directors whom the Board considers

tobe independent.

For the period from IPO to 1 June 2025,

there were three Executive Directors

and two independent Non‑Executive

Directors (excluding the Chair) on the

Board, meaning that fewer than half

the Directors (excluding the Chair)

were independent. As stated in the IPO

prospectus, whilst not in full alignment

with the Code’s recommendations, the

Directors agreed that this composition

represented an appropriate mix of skills,

experience and knowledge to take the

business forward at that stage and that

the overall balance was such that no

one individual or group of individuals

were able to dominate decision‑making.

During the year, the Directors resolved

to further strengthen the collective

expertise of the Board, resulting in

the appointment of two independent

Non‑Executive Directors on 2 June

2025, thereby bringing the Company

into compliance with Provision 11 of

the Code for the last two months of the

year. Please refer to the Nomination

Committee report on pages 60 to 62 for

more details.

How the Board discharges

itsresponsibilities

The Board of Directors is responsible for

the long‑term success of the Company

and is committed to upholding high

standards of corporate governance in

line with the principles and provisions

of the Code. During the period since

IPO, we have focused on laying strong

foundations to support the Company’s

growth plans and embed responsible

leadership.

The Board provides effective leadership

within a robust framework of oversight

and control. It sets the Company’s

strategic aims and ensures that the

necessary financial, operational and

human resources are in place to

deliver on those aims. While day‑to‑day

management is delegated to the

executive leadership team, the Board

retains responsibility for significant

matters and decisions, guided by a

formal schedule of matters reserved

forits consideration.

Our Board is composed of individuals

with abroad range of experience, skills

and perspectives, including a majority

of independent Non‑Executive Directors.

This balance supports constructive

challenge, accountability and strategic

oversight. The roles of Chair and Chief

Executive Officer are clearly defined and

separated to ensure effective governance

and independent leadership. These roles

are discussed further on page 58.

BOARD PERFORMANCE IS

DEPENDENT ON HAVING

AN OPTIMAL MIX OF

SKILLS, EXPERIENCE AND

DIVERSITY OF THOUGHT

TO SUPPORT EFFECTIVE

DECISION-MAKING.”

Andy Bell

Independent Non‑Executive Chair

Applied Nutrition plc Annual Report 2025

BOARD ACTIVITIES

Below is a summary of the Board’s key activities undertaken during the period from IPO to 31 July 2025.

PERFORMANCE MONITORING FINANCIALS AND AUDIT GOVERNANCE STAKEHOLDER ENGAGEMENT

• Received and discussed

regular Business Reviews

from management covering

strategy, financials, legal

matters, performance

against market

expectations, new product

development, people, and

health and safety.

• Received reports from the

Committee chairs at each

Board meeting.

• Approved the FY25

unaudited interim accounts.

• Approved the auditors’

engagement letter.

• Approved the FY26 budget.

• Approved periodic trading

updates to the market.

• Appointed an external firm

of Internal Auditors and

agreed an Internal Audit

Charter and agreed a plan

of activities to be performed

in FY25 and FY26.

• Reviewed regular reports

from the Company

Secretary on the Company’s

application of the principles

and provisions of the UK

Corporate Governance Code

and conducted an in‑depth

review at the Strategy Day.

• Approved the appointments

of Deepti Velury Bakhshi

and Peter Cowgill.

• Received corporate

governance and compliance

updates from the Company

Secretary at each meeting.

• Approved the FY26 agenda

cycle and deep dive

schedule.

• Agreed the structure,

content and frequency of

management reports to the

Board.

• Discussed the results of

the Board performance

review and agreed

requiredactions.

• Received bi‑monthly

presentations from our

corporate brokers on

share price performance

and investor feedback and

sentiment.

• Agreed on the method of

the Board’s engagement

with the workforce and

appointed Deepti Velury

Bakhshi as the designated

Non‑Executive Director for

workforce engagement.

STRATEGY

Approved the

Company’s FY26

strategy, including

M&A and capital

allocation

strategy

Approved the

Company’s

purpose, vision

and values

Approved Key

Performance

Indicators

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CORPORATE GOVERNANCE REPORT

CONTINUED

DIVISION OF RESPONSIBILITIES

The Board is comprised of the independent Non‑Executive Chair, four independent Non‑Executive Directors and three Executive

Directors. Each cohort has a particular role to play and it is vital that there is a clear division of responsibilities between the Chair

and CEO in particular. These are summarisedbelow.

CHAIR

CHIEF EXECUTIVE

OFFICER (CEO)

INDEPENDENT

NON-EXECUTIVE DIRECTORS

SENIOR INDEPENDENT

DIRECTOR (SID)

• The Chair’s principal

responsibility is the

effective running of the

Board.

• The Chair is responsible

for ensuring that the

Board: (i) as a whole, plays

a full and constructive

part in the development

and determination of

the Company’s strategy

and overall commercial

objectives; and (ii)

determines the nature, and

extent, of the significant

risks the Company is

willing to embrace in the

implementation of its

strategy.

• The Chair is the guardian of

the Board’s decision‑making

processes.

• The Chair is also

responsible for engagement

with shareholders to

understand their views

on governance and

performance against

strategy and ensure that

the Board as a whole has a

clear understanding of the

views of shareholders.

• The CEO’s principal

responsibility is running the

Company’s business.

• The CEO is responsible for

proposing and developing

strategy and overall

commercial objectives,

to be done in close

consultation with the Chair

and the Board.

• The CEO is responsible,

with the executive team,

for implementing the

decisions of the Board and

its Committees.

• The primary role of the

independent Non‑Executive

Directors is to assess,

challenge and monitor

the Executive Directors’

delivery of strategy within

the risk and governance

structure agreed by the

Board.

• Non‑Executive Directors

bring a collective wealth

of experience to Board

discussions, ensuring

that decisions are taken

in view of a wide range of

perspectives.

• The Board’s primary

Committees are composed

of a majority of (or

entirely of) independent

Non‑Executive Directors,

which is key to ensuring

independent oversight.

In accordance with the

provisions of the UK

Corporate Governance

Code, the Board has elected

one of its non‑executives,

Marnie Millard, as the Senior

Independent Director, the

role of which is as follows:

• The SID’s principal

responsibility is acting as

a sounding board for the

Chair and serving as an

intermediary for the other

Directors and shareholders.

• The SID assists in the

maintenance of the stability

of the Board and Company,

particularly during periods

of stress. This will involve

working with the Chair,

Directors and shareholders

to resolve significant or

sensitive issues.

• The SID takes responsibility

for an orderly succession

process for the Chair,

working closely with the

Nomination Committee.

Applied Nutrition plc Annual Report 2025

THE BOARD

COMMITTEES

The role of the Board of Directors is to lead the Company, setting its purpose, values, strategy and culture. The Board is also

responsible for monitoring performance and ensuring the necessary resources are in place to achieve the Company’s objectives and

to achieve long‑term value for the benefit of shareholders and other stakeholders.

In accordance with the recommendations of the UK Corporate Governance Code and best practice, the Board delegates certain

activities to its Committees, the roles and responsibilities of which are set out in formal terms of reference agreed by the Board.

Please see the Committees’ terms of reference on the website: https://www.appliednutritionplc.com/governance/

EXECUTIVE TEAM

Thomas Ryder,

CEO

Steven Granite,

COO

Joe Pollard,

CFO

SEE BIO PAGE 52 SEE BIO PAGE 52

SEE BIO PAGE 53

AUDIT AND RISK

COMMITTEE

Chair: Tony Buffin

Additional members:

Peter Cowgill

The Audit and Risk

Committee is comprised

entirely of independent

Non‑Executive Directors.

The role of the Audit and

Risk Committee is to assist

the Board in fulfilling its

oversight responsibilities by

reviewing and monitoring:

• the integrity of the

Company’s financial and

narrative information

provided to shareholders;

• the Company’s internal

controls and risk

management systems;

• internal and external audit

process and auditors; and

• the processes for

compliance with financial

laws, regulations and

ethical codes of practice.

NOMINATION

COMMITTEE

Chair: Andy Bell

Additional members:

Tony Buffin, Peter Cowgill,

Marnie Millard, Deepti

Velury Bakhshi

The Nomination Committee

is comprised of a majority of

independent Non‑Executive

Directors.

The role of the Nomination

Committee is to:

• ensure there is a formal,

rigorous and transparent

procedure for the

appointment of new

Directors to the Board

and senior management

(being the first layer of

management below Board

level);

• lead the process for Board

and senior management

appointments and to make

its recommendations to

the Board;

• oversee the development

of a diverse pipeline for

succession; and

• assist the Board in

ensuring its composition

is regularly reviewed and

refreshed.

REMUNERATION

COMMITTEE

Chair: Marnie Millard

Additional members:

Andy Bell, Deepti Velury

Bakhshi

The Remuneration

Committee is comprised of

a majority of independent

Non‑Executive Directors.

The role of the

Remuneration Committee

is to assist the Board in

fulfilling its responsibility to

shareholders to ensure that:

• remuneration policy and

practices of the Company

are designed to support

strategy and promote

long‑term sustainable

success, reward fairly

and responsibly, with a

clear link to corporate and

individual performance,

having regard to

statutory and regulatory

requirements; and

• remuneration of the Chair

of the Board, Executive

Directors and senior

management is aligned

with the Company’s

purpose and values and

linked to the delivery of

the Company’s long‑term

strategy.

DISCLOSURE

COMMITTEE

Chair: Tony Buffin

Additional members:

Joe Pollard, Thomas Ryder

The role of the Disclosure

Committee is to assist

the Board in maintaining

compliance with its

obligations around the

identification, management,

control and disclosure of

inside information. This

includes:

• determining whether

information meets the

definition of ‘inside

information’ as defined

in the UK Market Abuse

Regulation (MAR) and the

Disclosure Guidance and

Transparency Rules (DTR);

• ensuring that access

to inside information is

strictly controlled and

insider lists maintained in

accordance with MAR; and

• determining whether

inside information must

be announced without

delay or whether there

are grounds for delaying

disclosure to protect the

Company’s legitimate

interests.

REMUNERATION COMMITTEE

REPORT PAGES 66 TO 81

NOMINATION COMMITTEE

REPORT PAGES 60 TO 62

AUDIT AND RISK COMMITTEE

REPORT PAGES 63 TO 65

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOMINATION

COMMITTEE REPORT

Introduction

As chair of the Nomination Committee,

Ipresent the Committee’s report on

our activities during the year and the

progress made towards achieving our

objectives. The role of the Committee is

summarised on page 59 and I describe

below our key activities and areas of

focus during the year.

Composition

The Committee has met the composition

requirements of the UK Corporate

Governance Code throughout the

year, being comprised of a majority of

independent Non‑Executive Directors.

There are no Executive Directors on the

Committee.

Board appointments

Appointment of Deepti Velury Bakhshi

As set out in the IPO prospectus, the

Company listed with a strong Board in

October 2024. However, we recognised

that it would be beneficial to broaden

the range of skills, experience and

backgrounds around the table; plus,

it was always our intention to meet

the UK Corporate Governance Code’s

expectation that the Board be comprised

of a majority of independent Directors

excluding the Chair. We also are

committed to pursuing our gender and

ethnicity diversity targets as set out

in our Diversity Policy on page 61 and

were intent on diversifying not only the

professional skills and experience of the

Board but also its collective mix of social

backgrounds and lived experiences.

The Committee agreed in January

2025 to commence a search for

oneor more additional Directors.

We carefully considered our search

methodology, including whether it

met the UK Corporate Governance

Code’s requirement that appointments

be subject to a ‘formal, rigorous

and transparent procedure’, ‘based

on merit and objective criteria’, and

‘promote diversity, inclusion and equal

opportunity’, and concluded that tapping

into the Directors’ extensive professional

networks, as well as seeking assistance

from a number of well‑connected

professionals, was in alignment with

these aims. We also considered the

Code’s expectation that ‘open advertising

and/or an external search consultancy

should generally be used’ and concluded

that it would not be the best use of

shareholders’ funds to engage an

external search firm, particularly

given the strength of the Directors’

professional networks. However, in order

to cast the net as widely as possible, we

also conducted open advertising through

appropriate channels.

To help guide the search, and to support

the Committee’s role in monitoring the

composition of the Board generally, a

Board skills matrix was drawn up which

ranked each current Director against

twelve different skills areas using

a points system indicating whether

they had ‘good working knowledge’,

‘significant experience’, or were a ‘subject

matter expert’. All Directors fed into

the exercise and it proved effective,

highlighting the Board’s skills gaps. Most

notably, the Committee identified that the

Board would benefit from more ‘people’

experience, i.e. in HR or workforce

engagement, and it was agreed that the

successful candidate would ideally be

appointed as the Board’s designated

Non‑Executive Director for workforce

engagement.

WE ARE PLEASED WITH THE RESULTS OF

OURCONCERTED EFFORTS TO FURTHER

STRENGTHEN AND DIVERSIFY THE BOARD.”

Andy Bell

Chair of the Nomination Committee

PRIORITIES DURING THE YEAR

• Leading the search for additional

independent Non‑Executive

Directors, resulting in the

appointments of Deepti Velury

Bakhshi and Peter Cowgill.

• Positive progress towards

the Board’s agreed diversity

objectives.

• Conducting our first Board and

Committee performance review.

MEMBERS AND ATTENDANCE

Committee member Position Attendance

Andy Bell Chair 3/3

Tony Buffin Member 3/3

Peter Cowgill

Member —

Marnie Millard Member 3/3

Deepti Velury

Bakhshi

Member —

Notes

1. Peter Cowgill and Deepti Velury Bakhshi

joined the Committee upon their appointment

to the Board on 2 June 2025.

Applied Nutrition plc Annual Report 2025

The Committee approved a written

role brief setting out the qualifications

and experience sought. The brief also

confirmed that the selection process

would take into account wider elements

of diversity to ensure the composition

of the Board is appropriately balanced

to support the strategic direction of

the Company, and that applications

were invited from both experienced

Non‑Executive Directors as well as those

seeking their first non‑executive role.

The search resulted in the Committee

reviewing a shortlist of ten applicants.

Following a series of interviews by

Committee members and meetings

with the Executive Directors and key

stakeholders, the Committee agreed

unanimously that Deepti Velury

Bakhshi’s skills, experience and personal

characteristics made her ideally suited

to the needs of the Board and to the role

of designated Non‑Executive Director for

workforce engagement.

Appointment of Peter Cowgill

During the year, the Committee also led

the appointment of Peter Cowgill as an

additional independent Non‑Executive

Director. Peter was already known to

the Company and was identified as

a potentially valuable addition to the

Board on the basis of his formidable

experience in leading and executing

UKand international growth strategies,

both organically and through M&A,

aswell as his expertise in appealing

tohealth‑conscious consumers.

The Committee gave serious

consideration to Peter’s independence

given he had previously served as

Executive Chairman of JD Sports

Fashion plc, a major shareholder of

the Company, and had also served as

a Director of the Company for just over

a year. Both appointments had ceased

in June 2022. Following discussion,

and having taken external advice, the

Committee agreed that Peter should

be deemed as independent given

the time that had since passed. The

Committee also engaged with the

Company’s largest shareholders on the

matter (representing approximately

two‑thirds of its share capital), all of

whom expressed strong support for the

appointment.

Recommendations to the Board

As a result of the work outlined above,

the Committee resolved to recommend

to the Board that both Deepti Velury

Bakhshi and Peter Cowgill be appointed

as Non‑Executive Directors of the

Company and that both be deemed to be

independent. The Committee also agreed,

in discussion with the Board, that the

appointments provided an opportunity

to rationalise the membership of the

Board’s Committees. The Board accepted

the Committee’s recommendations and

appointed Deepti and Peter effective

2June 2025, at which point Deepti joined

the Remuneration Committee and Peter

joined the Audit and Risk Committee,

with Tony Buffin and Marnie Millard

stepping down from those committees,

respectively. Both new Directors were

also appointed to the Nomination

Committee.

Board diversity

The Board agreed its Board Diversity

Policy at IPO, including specific targets

that the Committee will report against

each year in the Annual Report.

Policy statement

The Board believes that diversity

is critical to providing the range of

perspectives, insights and challenge

needed to promote innovation and

support sound, well‑informed decision‑

making at Board level. Diversity in the

context of this policy includes, but is

not limited to, consideration of race

and ethnicity, age and generation,

gender and gender identity, sexual

orientation, religious and spiritual beliefs,

disability, and socioeconomic status and

background.

The Directors have a duty to promote

the long‑term sustainable success of

the Company and appointments to the

Board must therefore be made with

this objective in mind. To this end, the

Directors will select candidates on merit

and objective criteria and, in doing so,

will consider the diversity that each

individual will bring to the Board as

well as their specific skills, knowledge

and sector expertise as applicable to

the Company’s business and strategic

objectives.

Diversity principles

The Board, through the authority

delegated to the Nomination Committee,

will apply the following principles to

promote diversity at Board level:

• Where appropriate, engage only

executive search firms who have signed

up to the voluntary Code of Conduct on

gender diversity and best practice.

• Ensure potential Board candidates are

drawn from a broad and diverse range

of candidates including those who

may not have previous listed company

experience but who possess suitable

skills or qualities.

Specific diversity targets

The Directors are committed to

increasing Board diversity over a

sensible period of time and have agreed

a timeframe within which to achieve

the targets set out in UK Listing Rule

9.8.6R(9). These are set out below,

together with a report on progress.

Objective: At least 40% of Directors to be

women by 30 July 2027.

We started the year with one female

Director, equating to 17% of the Board.

We are pleased to have made progress

against this objective during the year

with the appointment of Deepti Velury

Bakhshi. Notwithstanding that Peter

Cowgill was also appointed, female

representation on the Board has

increased from 17% (one out of six) to

25% (two out of eight), which brings us

closer to our goal.

Objective: Continue to have at least one

of the position of Chair, CEO, Senior

Independent Director or CFO held by

awoman.

Marnie Millard was appointed as

Senior Independent Director at IPO and

continues to hold this position. This

objective has therefore been achieved

and maintained.

Objective: At least one Director to be

from a minority ethnic background by

30July2027.

This objective was achieved ahead of

target following the appointment of

Indian‑born Deepti Velury Bakhshi to

theBoard.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Succession planning

Given the Committee’s other priorities

during the Company’s first year

postIPO, succession planning was not

an immediate focus. We have, however,

begun laying the foundations. Post year

end, we reviewed draft short‑termand

long‑term succession plans for

the Executive Directors and senior

management and began exploring how

best to develop the talent pipeline. We

will report more on this next year.

Board performance review

The Board conducted its first

performance review in April 2025.

Although the Board was only six months

into the role postIPO, we felt it was

worthwhile reviewing performance

to date. The process kicked off with

a questionnaire prepared with input

from the Company Secretary, with a

mix of multiple choice and open‑ended

questions covering the performance of

the Board, its Committees and individual

Directors. I collected the data and

prepared a written report for discussion

at the Board’s Strategy Day in May,

followed by a final report which was

noted at the next Board meeting.

The findings were reassuringly

positive and we also identified certain

improvements and initiatives which

wereput into action immediately:

• make certain enhancements to

management reports to the Board with

an increased focus on growth pillars;

• arrange one Board meeting in London

each year, to include a store or

customer visit;

• agree and schedule a programme of

deep dives at each Board meeting with

presentations from senior colleagues;

and

• establish formal terms of reference for

the designated Director for workforce

engagement.

GENDER

Number of

Board members

Percentage of

the Board

Number of

senior positions

on the Board

(CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage of

executive

management

Female 2 25% 1 4 31%

Male 6 75% 3 9 69%

Not specified/prefer not to say — — — — —

ETHNIC BACKGROUND

Number of

Board members

Percentage of

the Board

Number of

senior positions

on the Board

(CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage of

executive

management

White British or other White 7 87.5% 4 11 85%

Mixed/Multiple ethnic groups — — — — —

Asian/Asian British 1 12.5% — — —

Black/African/Caribbean /

Black British — — — — —

Other ethnic group

(including Arab) — — — 2 15%

Not specified/prefer not to say — — — — —

NOMINATION COMMITTEE REPORT

CONTINUED

1. Executive management is defined above using the prescribed definition in the Listing Rules. This is defined as the most senior executive or managerial body below the Board,

including the Company Secretary. At Applied Nutrition, this is the senior leadership team, which has day‑to‑day responsibility for the operation of the business (including

Executive Directors), and the Company Secretary.

Applied Nutrition plc Annual Report 2025

Committee overview

Introduction

As chair of the Audit and Risk Committee,

I am pleased to report to shareholders

on the work we’ve carried out during

the Company’s first financial period

postIPO. The role of the Committee is

summarisedon page 59 and I describe

below our key activities and areas of

focus during the year.

Composition and attendance

At IPO the Committee comprised

TonyBuffin (chair) and Marnie

Millard. On 2June 2025, Peter

Cowgill was appointed as a member

of the Committeeand Marnie Millard

stepped down. All three individuals are

independent Non‑Executive Directors

and the Committee has therefore met

the composition requirements of the UK

Corporate Governance Code throughout

the year. Committee meetings are

routinely attended by the Chief Financial

Officer and the external auditor, and

all Directors have an open invitation

to attend Committee meetings should

theywish.

How the Committee discharges its

responsibilities

The Committee has unrestricted access

to documents and information as well

as to employees of the Group, the

external auditor and the internal auditor.

TheCommittee chair meets regularly

with the Chief Financial Officer. Members

of the Committee may, in pursuit of

their duties, take independent financial

advice on any matter, at the Group’s

expense. The Committee chair reports

the outcome of Audit and Risk Committee

meetings to the Board. The Committee

meets at least three times a year and

has an agenda linked to the events in the

Group’s financial calendar.

Financial reporting oversight

Review of interim and annual accounts

In March 2025, the Committee reviewed

the Company’s draft interim results

for the six months to 31 January

2025. In October 2025, the Committee

reviewed the Company’s draft Annual

Report and Accounts for the year

ended 31July2025. In particular,

the Committee reviewed disclosures

regarding risk and internal controls.

The Committee also concluded that

the Annual Report and Accounts, taken

as a whole, were fair, balanced and

understandable, and reported this

assessment to the Board.

Significant issues

In reviewing the accounts – and at its

meetings throughout the year – the

Committee assessed whether suitable

accounting policies had been adopted

and whether management had made

appropriate judgements and estimates.

The following significant issues were

addressed by the Committee in relation

to the Company’s FY25 interim and

annual accounts.

Share-based payments

The Committee considered the

accounting treatment of share awards

granted to the US CEO. On the advice of

the Company’s accounting advisers, it

was concluded that the valuation showed

a resulting impact that was immaterial

and there was no proposal to change any

accounting policies.

THE COMMITTEE PROVIDES INDEPENDENT,

RIGOROUS OVERSIGHT TO SAFEGUARD THE

INTEGRITY OF THE COMPANY’S FINANCIAL

REPORTING AND RISK MANAGEMENT.”

Tony Buffin

Chair of the Audit and Risk Committee

MEMBERS AND ATTENDANCE

Committee member Position Attendance

Tony Buffin Chair 2/2

Peter Cowgill Member

1/1

Marnie Millard Member

1/1

Notes

1. Peter Cowgill joined the Committee upon his

appointment to the Board on 2 June 2025.

2. Marnie Millard stepped down from the

Committee on 2 June 2025.

PRIORITIES DURING THE YEAR

• Review and recommendation

ofthe FY25 interim accounts

tothe Board.

• Review and recommendation

of the FY25 Annual Report and

Accounts to the Board (post

yearend).

• Reviews of the Group risk

anduncertainties.

• Review and oversee the TCFD

implementation plan.

AUDIT AND RISK

COMMITTEE REPORT

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

AUDIT AND RISK

COMMITTEE REPORT

CONTINUED

Financial reporting oversight

continued

Significant issues continued

Impact of FX on intercompany loan

The Committee reviewed reports from

management analysing the impact

of foreign exchange fluctuations on

the accounting of the intercompany

loan between the Company and its US

subsidiary. In prior years these impacts

had been immaterial and recognised in

the income statement within overheads.

However, given the increased volatility

in exchange rates, management had

deemed it appropriate to review the

details of the relevant accounting

standard. Management’s review of the

appropriate IFRS standards resulted in

such gains/losses being recognised in

other comprehensive income instead.

It was agreed to seek external advice

on the matter and, following review of

the accounting advisers’ external report

validating management’s analysis, the

Committee agreed that management’s

treatment was appropriate.

Stock valuation

The auditors highlighted a risk around

provisioning for aged inventory, which

was considered heightened as a result

of its size and judgemental nature.

Asa result, management reviewed its

internal processes for reviewing aged

inventory and ensured that members

of staff independent to the finance team

(such as the buying and quality teams)

were involved with the internal work

and discussions with auditors. The audit

approach involved auditor checks on

use‑by dates, reviews of all unprovided

SKUs for potential obsolescence, and

analysis of sales data. Following review,

the Committee satisfied itself that the

risks around incorrect provisioning of

aged inventory were sufficient and it was

noted that the auditors had not proposed

any adjustments (factual or judgemental)

to the stock provision within the accounts.

Going concern

The Committee reviewed management’s

assessment of the Company’s ability to

continue as a going concern. This review

considered the Group’s current financial

position, its projected cash flows and

liquidity requirements, the availability

of committed financing facilities, and the

potential impact of macroeconomic and

operational risks.

The Group ended the financial year

with astrong balance sheet, positive

operating cash flow and sufficient

liquidity headroom. The Committee noted

that the Group has no debt and that

available cash resources and banking

facilities are expected to be more than

adequate to meet forecast requirements

for the period.

Based on these considerations, and

having made appropriate enquiries, the

Committee is satisfied that the going

concern basis of accounting remains

appropriate. The Board has accordingly

adopted the going concern basis in

preparing the financial statements.

Viability statement

In accordance with Provision 31

of the UK Corporate Governance

Code, the Committee reviewed the

Group’s longer‑term viability over a

period of three years, consistent with

management’s strategic planning

horizon. The assessment considered

the Group’s current financial position,

business model, and principal risks and

uncertainties, including potential effects

of adverse scenarios on liquidity and

solvency.

Stress testing and sensitivity analysis

were performed on key assumptions

relating to revenue, margins and capital

expenditure under a range of plausible

downside scenarios. The Committee

also reviewed the adequacy of available

financing facilities under these conditions

and management’s contingency planning

for mitigating adverse impacts.

Based on this assessment, the

Committee has a reasonable expectation

that the Group will be able to continue in

operation and meet its liabilities as they

fall due over the three‑year period of

assessment.

Risk and internal controls

Group risk reviews

The Committee reviews the Group risk

its meetings. Alongside the review of

the interim and annual accounts, the

Committee also reviewed the Company’s

principal risks and uncertainties,

supporting materials from management

and the auditors. The Committee worked

with management throughout the year

to hone the register and to ensure

that gross and net risks were clearly

delineated and the greatest net risks

were prioritised for review appropriately.

As part of its reviews, the Committee

monitored and challenged progress

against the risks and recommended

mitigating actions identified by the

Company’s lawyers at the time of IPO.

Inparticular, the Committee discussed

the Company’s risks around data

protection and internal controls and the

mitigating actions taken. The Committee

satisfied itself that both risks had been

sufficiently mitigated.

Applied Nutrition plc Annual Report 2025

Internal controls and internal audit

function

During the year the Committee

agreed that the Company’s continued

growth and complexity warranted

consideration of an internal audit

function. Management were tasked with

researching potential external providers

and RSM was appointed to provide this

on an outsourced basis. Following this

appointment, the Committee approved

a programme of internal reviews

and satisfied itself that the plan was

appropriately aligned with the Company’s

immediate risks and its longer‑term

strategic and operational goals. It was

agreed to begin with a review of Cash

and Banking Management, which was

concluded during the year.

As the internal audit function was only

established mid‑year, the effectiveness

of the function was first assessed by the

Committee post year end at its October

2025 meeting. The Committee reviewed

the quality, clarity and usefulness of

the Cash and Banking Management

report and agreed that the internal audit

function was operating effectively.

In addition to the appointment of an

internal auditor, the Committee worked

with management to ensure that there

was a plan for constant monitoring and

improvement of the Company’s internal

controls focused on areas which were

considered to be higher risk.

Climate and governance

TCFD monitoring

The Committee is responsible

for overseeing the integrity and

effectiveness of the Company’s

climate‑related disclosures in line with

the recommendations of the Task Force

on Climate‑related Financial Disclosures

(TCFD) and the UK Listing Rules.

The Company’s TCFD monitoring plan

was established in advance of its IPO

to ensure that appropriate governance,

risk management and disclosure

processes were in place from the point

of listing. Throughout the year, the

Committee revisited this plan to assess

its continuing suitability in light of the

Group’s evolving business strategy. A full

review of the framework was undertaken

in October 2025.

Following its October 2025 review,

the Committee concluded that the

Company’s approach to TCFD monitoring

and disclosure remained robust and

proportionate, and that the disclosures

in the Annual Report were consistent

with the TCFD framework and the

requirements of the UK Listing Rules.

Corporate Governance Code compliance

At each of its meetings, the Committee

reviewed a status update on the

Company’s compliance with the

principles and provisions of the UK

Corporate Governance Code, prepared

by the Company Secretary. Areas

of potential non‑compliance were

addressed accordingly.

Policies and compliance

Whistleblowing

The Committee reviews any

whistleblowing reports received at each

meeting. To date, no such reports have

been received.

Policy reviews

During the year the Committee reviewed

all key Group policies with a risk or audit

element, including the Whistleblowing

Policy, Non‑Audit Services Policy

and Anti‑Money Laundering Policy.

At the Committee’s suggestion,

enhancements were introduced to the

Treasury Management Policy and Risk

Management Policy.

External audit

Audit team

The Company’s external auditor is BDO

LLP and the lead audit engagement

partner is Gareth Singleton. The firm was

formally appointed just prior to IPO in

September 2024 in respect of the FY24

audit. Gareth Singleton became lead

audit engagement partner in respect of

these FY25 reports and accounts. This

is therefore the Company’s second year

of audit by the firm and the first year of

audit by the lead audit partner.

Auditor independence

The Board has established a Non‑Audit

Services Policy to preserve the

independence and objectivity of the

external auditor by restricting its

involvement in the provision of non‑audit

services when a conflict of interest, real

or perceived, may exist. The Committee

reviews this policy annually. BDO LLP

does not have any connections with

any of the Committee’s members.

During the IPO of the Company, BDO

performed certain non‑audit services to

the Company acting as the ‘Reporting

Accountant’. Taking into account the

nature of these services, and mitigations

put in place by BDO at the time of the

services, the Committee is satisfied

that the requirements for auditor

independence are met. The auditor has

also formally confirmed its independence

to the Committee.

Audit effectiveness

The Committee reviewed the

effectiveness of the external audit

process through discussions with senior

management and key members of

the Finance team, without the auditor

present. The Committee concluded that

the audit process was effective.

Committee effectiveness

Performance evaluation

The Committee evaluated its

performance as part of the Board

performance review conducted in

April 2025 and discussed on page 50.

The Committee concluded that it was

operating effectively.

Tony Buffin

Chair of the Audit and Risk Committee

7 November 2025

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION

COMMITTEE REPORT

THE COMMITTEE LOOKS FORWARD TO ENGAGING

WITH SHAREHOLDERS AND STAKEHOLDERS

ON AN ONGOING BASIS AND WELCOMES ANY

FEEDBACK OR COMMENTS ON THE DIRECTORS’

REMUNERATION REPORT. I LOOK FORWARD TO

SEEING SHAREHOLDERS AT THE UPCOMING AGM.”

Marnie Millard

Chair of the Remuneration Committee

Introduction

Dear shareholder,

On behalf of the Remuneration

Committee (the “Committee”), I am

pleased to present Applied Nutrition’s

first Directors’ Remuneration Report

(the “Report”) as a listed company

for theperiod from Admission on

29October2024 until 31 July 2025.

The Report is in three sections:

SECTION PAGES

Chair’s letter to shareholders 66 and 67

Directors’ Remuneration Policy 68 to 76

Annual Report on Remuneration 77 to 81

Directors’ Remuneration Policy

On behalf of the Board, I am pleased

to present Applied Nutrition plc’s first

Directors’ Remuneration Report following

our admission to the London Stock

Exchange in October 2024.

Thisrepresents an important milestone

in the Company’s journey as a newly

listed business, and the Remuneration

Committee has been focused on

transitioning effectively into the listed

environment.

As a growth‑focused consumer

brand with a strong commitment to

performance and innovation, it is vital

that our remuneration arrangements

enable us to attract, motivate and

retain the right leadership team.

TheCommittee has therefore developed

a policy that is aligned with UK corporate

governance expectations, while also

reflecting the founder‑led nature of

Applied Nutrition.

As such, we have designed the

Remuneration Policy having regard

to the substantial shareholdings of

the existing Executive Directors, but

also with a view to designing a flexible

policy which, in the future, enables the

Company to attract new executives with

a competitive package.

We recognise that remuneration

will continue to be an area of focus

for investors and stakeholders.

TheCommittee is committed to ongoing

engagement, ensuring that our policy

remains fair, competitive and responsive

as the Company evolves. I look forward

to updating you in future years on how

our remuneration framework continues

to support the execution of our growth

strategy and the creation of long‑term

value for all stakeholders.

Performance in 2025

The business performed strongly

throughout FY25, driven by strong

second‑half trading performance, with

Group revenue being ahead of market

expectations at £107.1 million (FY24:

£86.2 million), and adjusted EBITDA up

approximately 18.7% year‑on‑year at

£30.9 million. These outcomes reflect

the successful delivery of the Group’s

multi‑pillar, global growth strategy

and mark a strong first year as a listed

company, with performance exceeding

the guidance provided at IPO.

PRIORITIES DURING THE YEAR

During the year, the Committee’s

key activities included:

• Approval of annual bonus

targetsand payouts for FY25.

• Finalisation of the Directors’

Remuneration Policy ahead of

the first shareholder vote at the

2026AGM.

• Review of annual bonus

metricsfor FY26.

MEMBERS AND ATTENDANCE

Committee member Position Attendance

Marnie Millard Chair 2/2

Andy Bell Member 2/2

Tony Buffin

Member 1/1

Deepti Velury

Bakhshi

Member 1/1

Notes

1. Stepped down from the Committee on

2June2025.

2. Joined the Committee on 2 June 2025.

Applied Nutrition plc Annual Report 2025

Remuneration Committee

principalresponsibilities

The Committee’s principal

responsibilities are to recommend

the Group’s policy on executive

remuneration, determine the levels of

remuneration for Executive Directors and

the Chair of the Board and prepare an

annual remuneration report for approval

by the shareholders at the AGM.

The Chair, and the Executive Directors

asnecessary, are invited to attend

meetings of the Committee, except

when their own remuneration is being

directly discussed. The Committee met

twice during the year and the table on

page66details attendance of members

at these meetings.

FY25 remuneration

Prior to Admission, the Remuneration

Committee undertook a market review

of salaries in UK‑listed businesses

of equivalent size and complexity to

Applied Nutrition. As set out in the

Prospectus, the base salary with effect

from Admission for Thomas Ryder was

£350,000, and for Joe Pollard and Steven

Granite this was £250,000. Despite

their pre‑IPO salary levels being below

typical pay levels for equivalently sized

listed companies, both Thomas and

Steven waived their right to this base

salary increase on Admission, with the

base salary changes for both being

effective for the next financial year

(starting1August2025).

For FY25 the Company operated an

annual bonus scheme. Both Thomas

Ryder and Steven Granite also waived

their right to participate in the bonus

for FY25, recognising their substantial

shareholdings and existing strong

alignment with shareholders.

The maximum opportunity for Joe

Pollard under the bonus scheme was

200% of salary. The annual bonus for

Executive Directors was based solely

on adjusted EBITDA performance. The

Company delivered an adjusted EBITDA

(before executive bonus) of £31.0 million,

which corresponded to an outcome

equivalent to 21.7% of the annual bonus.

The Committee carefully considered the

performance outcomes under variable

pay schemes for FY25. TheCommittee

strongly believes that the incentive

outcome appropriately reflectsthe

performance of the business. Overall,

theCommittee concluded that the

outcomes were appropriate and did

not apply discretion to adjust the

remuneration outcomes.

Implementation of our

Remuneration Policy in FY26

Base salary

The CEO’s and COO’s salaries that were

agreed on IPO, being £350,000 and

£250,000 respectively, are effective from

1 August 2025. The CFO’s salary has not

been increased and remains at £250,000.

Applied Nutrition Incentive Plan

The maximum opportunity for Executive

Directors will be 100% of salary (below

the 200% of salary maximum under

the proposed Directors’ Remuneration

Policy), with one‑third of awards

delivered in cash and the remaining

two‑thirds delivered in shares, vesting in

equal annual tranches over the two‑year

period following grant.

The performance measures and

weightings for FY26 will remain

measured solely on financial

performance of the Group during the

financial year and will be weighted:

• 70% adjusted EBITDA; and

• 30% revenue.

Closing remarks

The Committee looks forward to

engaging with shareholders and

stakeholders on an ongoing basis and

welcomes any feedback or comments

on the Directors’ Remuneration Report.

I look forward to seeing shareholders at

the upcoming AGM.

Marnie Millard

Chair of the Remuneration Committee

7 November 2025

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION COMMITTEE REPORT

CONTINUED

DIRECTORS’

REMUNERATION POLICY

This Directors’ Remuneration Policy

(the “Remuneration Policy”) will govern

Applied Nutrition’s future remuneration

for Executive and Non‑Executive

Directors, and is intended to apply for

up to three years from the date of the

2026 Annual General Meeting, subject to

approval by shareholders.

Committee process to determine

Remuneration Policy

The Committee designed the

Remuneration Policy around the

following key considerations:

• forward‑looking remuneration

arrangements should be simple,

facilitating greater transparency and

alignment with shareholders’ interests

over the longer term;

• alignment with standard market

practice and compliance with the UK

Corporate Governance Code;

• the ability to attract, retain and

motivate Executive Directors of the

right calibre to ensure the continued

success of the business, in what is a

highly competitive environment, whilst

ensuring that the level and form of

remuneration is appropriate; and

• remuneration should be aligned with

the key corporate metrics that drive

growth and increased shareholder

value with significant emphasis on

variable pay.

The role of the Committee and the

formulation of the Remuneration Policy

is undertaken in a way that ensures

remuneration decisions are undertaken

in a manner that prevents and manages

any potential conflicts of interest.

Should any conflicts arise, these will

be alerted to the Committee who will

determine appropriate decisions in the

best interests of Applied Nutrition’s

stakeholders.

In addition, the Committee has ensured

that the Directors’ Remuneration Policy

and practices are consistent with the

six factors set out in Provision 40 of the

Corporate Governance Code:

Clarity – Our Directors’ Remuneration

Policy is well understood by our senior

executive team and has been clearly

articulated to our shareholders and

representative bodies (both on an

ongoing basis and during consultation

when changes are being made).

Simplicity – The Committee is mindful

of the need to avoid overly complex

remuneration structures which can be

misunderstood and deliver unintended

outcomes. Therefore, a key objective

of the Committee is to ensure that

our Directors’ Remuneration Policy

and practices are straightforward to

communicate and operate.

Risk – Our Directors’ Remuneration

Policy has been designed to ensure that

inappropriate risk‑taking is discouraged

and will not be rewarded, via: (i) the

balanced use of performance measures

in the Applied Nutrition Incentive Plan

which employs an adjusted EBITDA

weighting; (ii) the significant role

played by shares in our incentive

plans (together with shareholding

requirements during, and after,

employment); and (iii) malus/clawback

provisions within all our incentive plans.

Predictability – Our Incentive Plan is

subject to individual caps, with our

share plans also subject to market

standard dilution limits. At the time of

approving the Remuneration Policy, full

information on the potential values of

the annual Applied Nutrition Incentive

Plan are provided, with strict maximum

opportunities and minimum, target and

maximum performance scenarios.

Proportionality – There is a clear link

between individual awards, delivery of

strategy and our long‑term performance.

In addition, the significant role played

by incentive/‘at‑risk’ pay, together with

the structure of the Executive Directors’

service contracts, ensures that poor

performance is not rewarded.

Alignment to culture – Our executive

pay policies are fully aligned to Applied

Nutrition’s culture through the use of

metrics in the Applied Nutrition Incentive

Plan that measures how we perform

against key aspects of our strategy,

which has the objective of delivering

sustainable growth. The Committee

oversees consistent workforce reward

principles and is satisfied that these

policies drive the right behaviours and

reinforce the Group’s values, which in

turn promote an appropriate culture.

The use of deferral in shares under

the Applied Nutrition Incentive Plan,

holding periods and our shareholding

requirements strengthen the focus on

our strategic aims and ensure alignment

with the interests and experiences of

shareholders, both during and after

employment.

Applied Nutrition plc Annual Report 2025

ELEMENT, PURPOSE AND

LINK TO STRATEGY OPERATION

MAXIMUM

OPPORTUNITY

PERFORMANCE CONDITIONS

AND ASSESSMENT

Base salary

This is the core element

of pay and reflects the

individual’s role and

position within the Group

with some adjustment

to reflect their capability

and contribution.

Base salary is paid in twelve equal monthly

instalments during the year.

Base salaries are reviewed annually with any

changes normally effective from 1 August each

year, and also (where relevant) to reflect changes

in the responsibilities of each individual.

The base salary levels set on IPO for Thomas

Ryder and Steven Granite were below typical

salary levels for listed businesses of equivalent

size and complexity as a result of their substantial

shareholdings. As such, the Committee reserves

the right to review the appropriateness of these

throughout the life of the Remuneration Policy.

Whilst there is not a set

maximum, increases will

normally be in line with the

range of increases awarded

to other employees.

Salary increases above this

level may be awarded in

appropriate circumstances,

including, but not limited to,

the following:

• to reflect any change in

the level of responsibility

of the individual (whether

through a change in role

or an increase in the

scale and/or scope of the

activities carried out by

the Company); and

• an increase in experience

and knowledge of the

Company and its markets.

n/a

Benefits

To provide a

comprehensive and

competitive benefits

package which is valued

by recipients.

Executive Directors receive benefits set at

an appropriate level taking into account total

remuneration, market practice, the benefits

provided to other employees in the Group and

individual circumstances.

Executive Directors will be eligible for a range

of benefits, which may include, but is not limited

to, travel, car allowance, staff discount and

relocation expenses.

The Committee reserves the right to introduce

other benefits, for example in the case that this is

necessary to attract and/or retain key Executive

Directors.

Whilst the Committee

has not set an absolute

maximum on the level

of benefits Executive

Directors may receive,

the value of benefits is

set at a level which the

Committee considers to be

appropriately positioned

taking into account relevant

market levels based on

the nature and location

of the role, the level of

benefits provided for other

employees in the Group and

individual circumstances.

n/a

Pension

To provide a competitive

remuneration package

and to encourage

retirement planning

and retain flexibility for

individuals.

A defined contribution pension scheme is open to

all employees and Executive Directors.

In appropriate circumstances, such as where

contributions exceed the annual or lifetime

allowance, Executive Directors may take a taxable

cash supplement instead of contributions to a

pension plan.

The percentage level of

pension provision (or cash

allowance equivalent) for

Executive Directors will

not exceed the highest

percentage contribution

rate available to a majority

of employees.

The current pension

contribution is 3% of salary

between the lower and

upper earnings threshold.

n/a

Policy table

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION COMMITTEE REPORT

CONTINUED

ELEMENT, PURPOSE AND

LINK TO STRATEGY OPERATION

MAXIMUM

OPPORTUNITY

PERFORMANCE CONDITIONS

AND ASSESSMENT

Applied Nutrition

Incentive Plan

To incentivise the

delivery of financial

and strategic priorities

and directly align the

Directors’ interests with

those of shareholders.

Awards under the Incentive Plan are dependent

on the achievement of performance measures.

Normally, up to one‑third of the award earned is

paid in cash following the end of the performance

period.

The balance is deferred in the form of a nil cost

option, conditional share award or restricted

share which vests in equal annual tranches

over the subsequent two years and is thereafter

subject to a further two‑year post‑vesting holding

period.

A discretionary underpin will apply over the

deferral period. The underpin may also apply over

the performance period.

Malus applies to cash awards prior to payment

and Deferred Share Awards prior to vesting.

Cash payments are subject to clawback

provisions for up to two years following payment.

Deferred Share Awards are subject to clawback

provisions in the two‑year period following

vesting.

Malus and clawback may apply in the following

circumstances:

• a material misstatement of the Company’s

results, assessment of a performance target

or the number of deferred shares granted was

based on error, or inaccurate or misleading

information;

• gross misconduct or fraud on the part of the

Participant;

• reputational damage to the Company;

• a material failure of risk management;

• insolvency or corporate failure.

Up to 200% of base salary. Performance measures

may be based on financial

and non‑financial metrics

(including corporate,

divisional or individual

measures), but at least 50%

of awards will be based on

financial measures.

Where a sliding scale of

targets is used, attaining

the threshold level of

performance for any

measure will not typically

produce a payout of more

than 25% of the maximum

portion of overall annual

bonus attributable to that

measure, with a sliding scale

to full payout for maximum

performance.

In accordance with the

Code, the Remuneration

Committee will retain overall

discretion to adjust awards

if they are not believed to be

in line with overall Company

performance.

Policy table continued

Applied Nutrition plc Annual Report 2025

ELEMENT, PURPOSE AND

LINK TO STRATEGY OPERATION

MAXIMUM

OPPORTUNITY

PERFORMANCE CONDITIONS

AND ASSESSMENT

Share ownership

guidelines

To further align the

interests of Executive

Directors with those of

shareholders.

Executive Directors are expected to build up a

prescribed level of shareholding equal to 150%

ofsalary.

To the extent that the prescribed level has

not been reached, Executive Directors will be

expected to retain a proportion of the shares

vesting under the Company’s share plans until

the guideline is met. For the purpose of assessing

the shareholder versus the prescribed level, any

vested awards subject to a holding period and

unvested awards not subject to performance

conditions will be included (discounted for

anticipated tax liabilities).

In addition to the shareholding guideline above,

Executive Directors will be expected to retain

the lower of actual shares held at cessation and

shares equal to 150% of salary for two years

postcessation. The Committee may disapply this

requirement and/or permit earlier sale of shares

in exceptional circumstances.

n/a n/a

Chair and Non‑Executive

Director remuneration

To enable the Company

to recruit and retain

Company Chairs and

Non‑Executive Directors

of the highest calibre, at

the appropriate cost.

The fees paid to the Chair of the Board and

Non‑Executive Directors are intended to be

competitive with other fully listed companies of

equivalent size and complexity. The fees for the

Chair of the Board and Non‑Executive Directors

may include a basic fee and additional fees

for further responsibilities (for example, when

chairing Board Committees or holding the office

of Senior Independent Director).

The fees payable to the Non‑Executive Directors

are determined by the Board. The fee for

the Chair of the Board is determined by the

Remuneration Committee.

Directors do not participate in decisions regarding

their own fees.

Reasonable expenses and other benefits may also

be provided (such as travel expenses and office

support).

Non‑Executive Directors’

remuneration will not be set

outside the parameters of

prevailing market rates for

similarly sized companies of

comparable complexity.

n/a

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Assumptions used in the scenario chart

REMUNERATION ELEMENT POLICY AND OPERATION

Fixed pay

• The base salary levels reflect those effective from 1 August 2025.

• Fixed elements comprise of base salary, pension and other benefits.

• Pension is 3% of salary between the lower and upper earnings threshold.

• Benefit levels are assumed to be the same level as in FY25.

On‑target

• The on‑target performance scenario assumes an Incentive Plan payout of 50% of maximum

(i.e. 50% of base salary).

Maximum

• The maximum performance scenario assumes an Incentive Plan payout of 100% of maximum

(i.e. 100% of base salary).

Maximum + 50% share price

growth

• This scenario illustrates the impact of 50% share price appreciation which applies to the share

element of the Incentive Plan award.

REMUNERATION COMMITTEE REPORT

CONTINUED

Illustrations of the application of the Remuneration Policy

CEO

Fixed (£357,321)

(%) 100

On‑target (£532,321)

(%) 67 11 22

Maximum (£707,321)

(%) 51 16 33

Maximum +50% SP appreciation

(£823,988)

(%) 44 14 28 14

C0O

Fixed (£257,321)

(%) 100

On‑target (£382,321)

(%) 67 11 22

Maximum (£507,321)

(%) 51 16 33

Maximum +50% SP appreciation

(£590,654)

(%) 44 14 28 14

CFO

Fixed (£257,321)

(%) 100

On‑target (£382,321)

(%) 67 11 22

Maximum (£507,321)

(%) 51 16 33

Maximum +50% SP appreciation

(£590,654)

(%) 44 14 28 14

Fixed pay

Incentive Plan (cash)

Incentive Plan (shares)

Incentive Plan with 50% share appreciation

Applied Nutrition plc Annual Report 2025

Recruitment policy

In the event that a new Executive Director (whether this is an external recruit or internal promotion) or Non‑Executive Director

was to be appointed, remuneration would be determined consistent with the Policy table, paying no more than necessary.

Thetable below sets out the additional elements of remuneration that would be considered for the appointment of a new

Executive Director.

REMUNERATION ELEMENT POLICY AND OPERATION

Buy‑out awards

• If it were necessary to attract the right candidate, due consideration would be given to

makingawards necessary to compensate for forfeited awards in a previous employment.

• In making any such award, the Committee will take into account any performance conditions

attached to the forfeited awards, the form in which they were granted and the timeframe

ofthe forfeited awards.

• The value of any such award will be capped to be no higher on recruitment than the

forfeitedawards and will not be pensionable nor count for the purposes of calculating

Incentive Plan awards.

• Any such award would be in addition to the normal Incentive Plan awards set out in the

Policytable.

One‑off recruitment award

• In exceptional recruitment circumstances, the Remuneration Committee retains the ability

togrant a one‑off award of up to 200% of salary in addition to any normal incentive award.

• The proportion that is split between cash and shares would be determined by the

Remuneration Committee at the time; however, it is anticipated that the significant majority

would be settled in shares.

In respect of an internal promotion to the Board, any commitments made before the promotion will continue to be honoured, even

if they would otherwise be inconsistent with the Remuneration Policy prevailing when the commitment is fulfilled.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Service contracts

The Executive Directors are each engaged under a rolling contract of service requiring twelve months’ notice of termination

on either side for Thomas Ryder, and six months for Joe Pollard and Steven Granite respectively. The dates of the Executive

Directors’ service agreements are as follows:

Date of service agreement

Thomas Ryder 15 October 2024

Joe Pollard 15 October 2024

Steven Granite 15 October 2024

All Non‑Executive Directors are subject to re‑election at each AGM. The appointment of the Non‑Executive Directors may be

terminated on either side on one month’s notice. The dates of each Non‑Executive Director’s appointment are as follows:

Date of service agreement Expiry of current term

Andy Bell 15 October 2024 3 years following appointment

Tony Buffin 15 October 2024 3 years following appointment

Peter Cowgill 2 June 2025 3 years following appointment

Marnie Millard 15 October 2024 3 years following appointment

Deepti Velury Bakhshi 2 June 2025 3 years following appointment

Copies of the service contracts and letters of appointment are held at the Company’s registered office and will be available for

inspection within normal business hours/at the Annual General Meeting.

Malus and clawback

The following table illustrates the time periods during which malus and clawback provisions may apply for each element of

remuneration:

REMUNERATION ELEMENT MALUS

CLAWBACK

Incentive Plan (cash element) Up to the date of the cash payment. Up to two years post the date of any cash payment.

Incentive Plan (deferred

shares)

To the end of the two‑year vesting period. Up to two years post vesting.

Conditions under which malus and clawback may apply include:

• the discovery of a material misstatement resulting in an adjustment in the audited consolidated accounts of Applied Nutrition plc

or the audited accounts of a Group company;

• the assessment of any performance target in respect of an Incentive Award was based on error, or inaccurate or misleading

information;

• the discovery that any information used to determine the number of shares subject to a Deferred Share Award was based on

error, or inaccurate or misleading information;

• action or conduct of a Participant which, in the reasonable opinion of the Board, amounts to fraud or gross misconduct;

• events or behaviour of a Participant have led to the censure of a Group company by a regulatory authority or have had a

significant detrimental impact on the reputation of any Group company provided that the Board is satisfied that the relevant

Participant was responsible for the censure or reputational damage and that the censure or reputational damage is attributable

to them;

• a serious failure of risk management of Applied Nutrition plc, a Group company or a business unit of the Group; and/or

• Applied Nutrition plc or any Group company or business of the Group becomes insolvent or otherwise suffers a corporate

failure so that the value of shares is materially reduced, provided that the Board determines following an appropriate review

ofaccountability that the Participant should be held responsible (in whole or in part) for that insolvency or corporate failure.

REMUNERATION COMMITTEE REPORT

CONTINUED

Applied Nutrition plc Annual Report 2025

Payments for loss of office

When assessing whether payments will be made in respect of loss of office, the Committee will take into account individual

circumstances including the reason for the loss of office, Applied Nutrition and individual performance up to the loss of office and

any contractual obligations of both parties.

Contractual payments

In the event of early termination, the Company may make a payment in lieu of notice up to a maximum of twelve months’ salary

for Thomas Ryder and six months’ salary for Joe Pollard and Steven Granite. Any payment is subject to phasing and mitigation

requirements.

In the event of gross misconduct, the Company may terminate the service contract of an Executive Director immediately and with

no liability to make further payments other than in respect of amounts accrued at the date of termination.

The current Executive Director service contracts permit the Company to put an Executive Director on garden leave for some or all

of the duration of the notice period.

Incentive Plan

The treatment of awards under the Incentive Plan for leavers will depend on whether or not they are classified as a Good Leaver.

A Good Leaver is defined as a Director leaving due to the following reasons:

• death;

• ill‑health, injury or disability;

• transfer of a Participant’s relevant employment outside of the Group; or

• in any other circumstances at the Remuneration Committee’s discretion (except for gross misconduct).

For other leavers, the Committee will take into account individual circumstances, contractual terms, circumstances of the

termination and the commercial interests of the Group to determine whether or not to treat a leaver as a Good Leaver.

The table below sets out the leaver treatment for awards under the Incentive Plan.

REMUNERATION

ELEMENT

TREATMENT FOR

GOOD LEAVER

TREATMENT FOR

OTHER LEAVER

REMUNERATION

COMMITTEE DISCRETION

Incentive Plan

• Eligible for an Incentive

Plan award, taking into

account performance

conditions and/or

underpins.

• Normally, any cash value

which becomes payable

under the Incentive Plan or

shares which vest under

the Deferred Share Award

will be time pro‑rated to

reflect the number of whole

months from the beginning

of the performance period

or deferral period until the

date of leaving employment

as a proportion of the

relevant performance

period or deferral period as

relevant.

• A Deferred Share Award

will ordinarily lapse if it

has not been exercised

within six months of

cessation of employment

or, if later, when it becomes

exercisable.

• If a Participant ceases to

be employed within the

Group for any reason before

an Incentive Plan award

is determined, or during

the deferral period of a

Deferred Share Award, then

such award will normally

lapse.

• It is at the discretion of the

Committee as to whether

departing Directors would

be entitled to the Incentive

Plan award. In exercising its

discretion on determining

the amount payable and

the timing of payment to

an Executive Director on

termination of employment,

the Committee would

consider each instance

on an individual basis,

taking account of factors

such as performance

and circumstances of

thetermination.

• When determining whether

any value becomes payable

to a departing Director, the

Committee will ensure that

no ‘reward for failure’ is

made.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Payments in the event of a change of control

The treatment of each element of remuneration under a change of control is set out in the table below.

REMUNERATION ELEMENT REMUNERATION POLICY AND OPERATION

Incentive Plan

• An Incentive Award or a Deferred Share Award will vest immediately in such proportion as

is determined by the Committee in its absolute discretion taking into account any factors it

considers relevant, including, but not limited to, the assessment of any performance targets

applying to the Incentive Award or any performance underpins or other conditions applying

tothe Deferred Share Award as at the date of the change of control.

• Unless the Committee agrees to exchange outstanding Deferred Share Awards into awards in

the acquiring company, any outstanding deferred shares will ordinarily vest in full at the date

of change of control (other than in respect of an internal reorganisation).

Consideration of employee conditions elsewhere in the Group

The Committee considers pay levels across the organisation when setting remuneration for all Directors (both Executive and

Non‑Executive). However, this review is undertaken against a background of ensuring that the prevailing market rates for all

levels of employee in the organisation are taken into account in order to attract, retain and motivate the best employees at each

level. In relation to Directors, specific account is taken of any change in the level of responsibility of the Director (whether through

a change in role or the increased size of the Company) or an increase in experience and knowledge of the Company and its

markets which may not be relevant to roles elsewhere in the Company.

The Company does not deem it appropriate to formally consult with employees regarding the determination of the Directors’

Remuneration Policy. However, employees have the opportunity to make comments on any aspect of the Company’s activities

through an employee survey and any comments made which are relevant to Directors’ remuneration would be considered by

theCommittee.

Consideration of shareholder views

Prior to Admission, the views of the major shareholders were considered when determining the Policy. If the Committee was to

consider changes to the Policy, it would be subject to prior consultation with major shareholders as appropriate.

The Committee takes the views of the shareholders seriously and these views will be taken into account in shaping remuneration

policy and practice. Shareholder views will be considered when evaluating and setting remuneration strategy and the Committee

welcomes an open dialogue with its shareholders on all aspects of remuneration.

REMUNERATION COMMITTEE REPORT

CONTINUED

Applied Nutrition plc Annual Report 2025

ANNUAL REPORT ON REMUNERATION

Introduction

This section of the report sets out how Applied Nutrition has implemented its proposed Policy and legacy arrangements for

Executive Directors since Admission in October 2024. This is in accordance with the requirements of the Large and Medium‑sized

Companies and Groups (Accounts and Reports) Regulations 2008 (as amended).

Single total figures of remuneration (audited)

(£) Salary/fees

Taxable

benefits Pension

Total

fixed pay

Incentive

Plan/bonus

Total

variable pay

Total

remuneration

Thomas Ryder (2025) 166,667 6,000 5,642 178,309 — — 178,309

Thomas Ryder (2024) 150,000 6,000 12,000 168,000 60,000 60,000 228,000

Joe Pollard (2025) 215,000 6,000 4,842 225,842 108,506 108,506 334,348

Joe Pollard (2024) 110,000 6,000 17,600 133,600 22,000 22,000 155,600

Steven Granite (2025) 101,999 4,800 — 106,799 — — 106,799

Steven Granite (2024) 97,000 4,400 — 101,400 40,000 40,000 141,400

Andy Bell (2025) 85,000 — — 85,000 — — 85,000

Andy Bell (2024)

17,896 — — 17,896 — — 17,896

Tony Buffin (2025) 55,000 — — 55,000 — — 55,000

Tony Buffin (2024)

39,999 — — 39,999 — — 39,999

Peter Cowgill (2025) 10,000 — — 10,000 — — 10,000

Peter Cowgill (2024) — — — — — — —

Marnie Millard (2025) 55,000 — — 55,000 — — 55,000

Marnie Millard (2024)

7,846 — — 7,846 — — 7,846

Deepti Velury Bakhshi (2025) 10,000 — — 10,000 — — 10,000

Deepti Velury Bakhshi (2024) — — — — — — —

1. These individuals only served part of the financial year ended 31 July 2024 and therefore the amounts disclosed above are in respect of the period from their respective

appointment date to 31 July 2024.

FY25 annual bonus

For FY25, the Company operated an annual cash bonus scheme with a maximum opportunity for Executive Directors of 200% of

salary. Asset out in the Chair’s letter, Thomas Ryder and Steven Granite waived their entitlement to the annual bonus for FY25

andtherefore only Joe Pollard participated in the scheme.

For FY25, the annual bonus was based solely on adjusted EBITDA performance as set out below.

Measure Weighting

Threshold

(0%)

Maximum

(100%)

FY25

performance

Outcome

(% of max)

Outcome

(£)

Adjusted EBITDA

(before executive

bonuses) 100% £29.3m £37.0m £31.0m 21.7% £108,506

1. Adjusted EBITDA is defined as an alternative performance measure, please see page 105.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION COMMITTEE REPORT

CONTINUED

Statement of Directors’ shareholding and share interests (audited)

Director

Ordinary shares as at

31 July 2025

Awards subject

to continued employment

Vested but

unexercised options

Total shareholding

and share interests

Shareholding

requirement met?Incentive Plan

Executive Directors

Thomas Ryder 85,662,494 — — 85,662,494 Y

Joe Pollard 1,195,704 — — 1,195,704 Y

Steven Granite 14,507,601 — — 14,507,601 Y

Chair and Non‑Executive Directors

Andy Bell 5,922,484 — — 5,922,484 —

Tony Buffin 950,000 — — 950,000 —

Marnie Millard — — — — —

Peter Cowgill 5,000,000 — — 5,000,000 —

Deepti Velury

Bakhshi — — — — —

There have been no movements in the Directors’ share interests between the financial year end to the date of this report.

Directors’ share ownership guidelines (audited)

Director

Shareholding requirement

(% of salary)

Shareholding as at 31 July 2025

(% of salary)

Shareholding

requirement met?

Thomas Ryder 150% 32,064% Yes

Joe Pollard 150% 627% Yes

Steven Granite 150% 7,602% Yes

1. Based on the closing share price of £1.31 on 31 July 2025.

All share options which existed at the start of the year to 31 July 2025 were exercised during the year and there were no share

options issued but unexercised as at 31 July 2025.

Payments to past Directors (audited)

There were no payments to past Directors in the financial year.

Payments for loss of office (audited)

There were no payments for loss of office in the financial year.

Performance graph

The graph below shows the value of £100 invested in the Company’s shares since listing compared to the FTSE All‑Share index.

This index was chosen as the Group has been a constituent since the IPO in 2024. Thegraph shows the Total Shareholder Return

generated by both the movement in share value and the reinvestment over the same period of dividend income. It should be noted

that the Company listed on 29 October 2024 and, therefore, only has a listed share price for the period from 29 October 2024 to

31July2025.

100

150

Applied NutritionFTSE All-Share

31 July 2025

TSR (rebased to 100)

29 October 2024

113.438

95.0625

Applied Nutrition plc Annual Report 2025

Chief Executive Officer historic remuneration

The table below outlines the Group CEO’s single figure for total remuneration, and annual bonus and LTIP outcomes as a

percentage of maximum opportunity, and will be built up over a period of ten years:

2025 (Thomas Ryder)

Incentive Plan payout (% of maximum opportunity) —

CEO single figure of remuneration (£’000) 178

Annual percentage change in remuneration of Directors and employees

Thomas Ryder, Joe Pollard and Steven Granite were the only individuals to serve as a Director for the whole of the financial years

to 31 July 2024 and 2025 respectively. As the other Directors did not serve for the whole of both years they have been excluded

from this table, but will be included going forward. The change in the salaries, bonus and benefits compared to those of the wider

workforce is set out below.

Salary/fees

2024 to 2025

Benefits

2024 to 2025

Bonus

2024 to 2025

Executive Directors

Thomas Ryder +6% 0% ‑100%

Joe Pollard +72% 0% +393%

Steven Granite +5% +9.0% ‑100%

Wider workforce +4% — +36,554%

1. Employer contributions to pensions have been included in the salary/fees column.

2. Thomas Ryder and Steven Granite waived their right to participate in the Incentive Plan for 2025, meaning that no bonus was paid for the financial year.

CEO to employee pay ratio

The table below shows how the CEO’s single figure remuneration (as taken from the single figure remuneration table on page

77) compares to equivalent single figure remuneration for full‑time equivalent UK employees, ranked at the 25th, 50th and 75th

percentile. We report this under the ‘Option A’ methodology as we believe this is the most robust and accurate approach, and in

line with shareholder expectations.

Year Methodology 25th percentile pay ratio Median pay ratio 75th percentile pay ratio

2025 Option A 6:1 5:1 5:1

The total pay and benefits and the salary component of total pay and benefits for the 2025 pay and benefits of the employees at

each of the 25th percentile, the median and the 75th percentile are shown below:

25th percentile 50th percentile 75th percentile

Salary

Total pay

and benefits Salary

Total pay

and benefits Salary

Total pay

and benefits

2025 £28,922 £30,983 £32,420 £35,276 £36,363 £40,683

Base salaries of all employees, including the Executive Directors, are set with reference to a range of factors including market

practice, experience and performance in role. The Committee also notes that the CEO’s remuneration package is weighted more

heavily towards variable pay (combined Incentive Plan) than those of the wider workforce due to the nature of the role, and this

means the ratio is likely to fluctuate depending on the performance of the business and associated outcomes of incentive plans in

each year.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Relative importance of spend on pay

The following table sets out the amounts paid in share buybacks and dividends, and total remuneration paid to all employees:

Payouts

2025 (£)

Dividends 14,700,000

Share buybacks —

Total employee remuneration 8,004,442

Summary of shareholder voting

There is no historical voting to disclose on Directors’ remuneration as the 2026 AGM will be the Company’s first as a publicly listed

company. AGM voting outcomes will be disclosed in future Reports.

Adviser to the Remuneration Committee

Prior to Admission, the Company appointed PricewaterhouseCoopers LLP (PwC) to provide advice on executive remuneration

matters and views on shareholder perspectives as part of the review of its Remuneration Policy for senior employees, including

Executive Directors. The Committee regularly reviews and satisfies itself that the advice received is independent and objective.

PwC is a member of the Remuneration Consultants Group and the voluntary Code of Conduct of that body is designed to ensure

objective and independent advice is given to remuneration committees. There are processes in place to ensure the advice

received by the Committee is independent of any support provided to management. The Committee is therefore of the view that

PwC provided independent remuneration advice to the Committee and does not have any connections with the Group or any

Director that may impair their independence.

During the year, PwC were paid £47,400 for their advice to the Company and the Committee on these matters. Fees were charged

on atime‑spent plus expenses basis.

REMUNERATION COMMITTEE REPORT

CONTINUED

Applied Nutrition plc Annual Report 2025

Implementation of Policy for FY26

The implementation of the Policy will be consistent with that outlined in the Policy table on pages 69 to 71.

KEY FEATURE

IMPLEMENTATION IN FY26

Base salary

• Normally reviewed annually.

• The Committee considers a range of factors when

determining salaries, including pay increases throughout the

Group, responsibilities of the role, individual performance

and market data.

• The CEO’s and COO’s salaries that were agreed on IPO

have been put into effect, being £350,000 and £250,000

respectively, effective from 1 August 2025. This follows their

waiving of the increase that was proposed on IPO during

FY25.

• The CFO’s salary has not been increased and remains at

£250,000.

Pensions

• Pension contributions are paid only in respect of base salary.

• The Executive Directors’ pensions are set in line with the

pension level received by the majority of the employee

population.

• The CEO and CFO maximum pension contribution is up to 3%

of salary between the lower and upper earnings threshold

(in line with the wider workforce) respectively.

• The COO has opted out of receiving a pension contribution.

Incentive Plan

• Maximum opportunity of 200% of salary for the CEO, CFO

and COO.

• Malus and clawback provisions apply.

• For FY26, the maximum incentive opportunity for the CEO,

CFO and COO is 100% of salary.

• The performance measures for the FY26 Incentive Plan are

as follows:

• adjusted EBITDA (70%); and

• revenue (30%).

• The performance targets will be set following the usual

process, considering internal and consensus forecasts and

the key strategic priorities for the Group in FY26.

• The performance targets are considered commercially

sensitive and will therefore be disclosed in next year’s

Report.

• The Committee has discretion to amend the formulaic

outcome under the Incentive Plan to ensure that outcomes

are reflective of business performance, including, but not

limited to, assessing whether there has been sufficient

progress on delivering the governance transformation

programme.

For FY26, the Chair of the Board and Non‑Executive Director fees remain unchanged at £100,000 and £60,000 respectively.

On behalf of the Remuneration Committee

Marnie Millard

Chair of the Remuneration Committee

7 November 2025

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

The information required to be disclosed under UK Listing Rule 6.6.1R, where applicable to the Company, can be found in this

Annual Report and Accounts on the pages set out below.

UKLR 6.6.1R subsection Description Section Pages

1 Interest capitalised Not applicable Not applicable

2 Publication of unaudited financial information Not applicable Not applicable

3 Details of long‑term incentive schemes Remuneration report 70

4 Waiver of emoluments by Directors Remuneration report 67

5 Waiver of future emoluments by Directors Not applicable Not applicable

6 Non‑pre‑emptive allotments for cash Not applicable Not applicable

7 Non‑pre‑emptive allotments for cash (subsidiaries) Not applicable Not applicable

8 Disclosures re any parent of the Company Not applicable Not applicable

9 Contracts of significance Directors’ report

(thissection)

Not applicable

10 Provision of services by controlling shareholder Not applicable Not applicable

11 Dividend waivers Not applicable Not applicable

12 Agreements to waive future dividends Not applicable Not applicable

13 Independence from controlling shareholder Not applicable Not applicable

The Directors hereby present their

report, together with the audited

financial statements, for the year ended

31July2025.

Applied Nutrition plc is incorporated

as a public company limited by shares

and is registered in England and Wales

with the registered number 09131749.

Its registered office is 2 Acornfield Road,

Knowsley Industrial Park, Liverpool

L337UG.

This report contains the additional

information the Directors are required

to include in the Annual Report and

Accounts in accordance with the

Companies Act 2006 and the Listing

Rules.

As permitted by s.414C(11) of the

Large and Medium‑sized Companies

and Groups (Accounts and Reports)

Regulations 2008, the following

disclosures have been included in the

Strategic Report on pages 8 to 17, rather

than in this Directors’ report:

Disclosure

LIKELY FUTURE DEVELOPMENTS

OFTHEBUSINESS

Strategic Report Pages 16 and 17

INFORMATION ON RESEARCH AND

DEVELOPMENT ACTIVITIES

Strategic Report Page 10

DIRECTORS’

REPORT

Directors

The Directors of the Company who

served throughout the period from

1August 2024 to 31 July 2025 (the

“year”) and up to the signing of this

report (or such shorter time as indicated)

are set out below.

Andy Bell

Tony Buffin

Peter Cowgill (appointed 2 June 2025)

Steven Granite

Marnie Millard

Alun Peacock (resigned

26September2024)

Dominic Platt (resigned

26September2024)

Joe Pollard

Thomas Ryder

Deepti Velury Bakhshi (appointed

2June2025)

Appointment and removal

ofDirectors

The rules about the appointment and

removal of Directors are contained in the

Company’s articles of association (the

“Articles”). Directors may be appointed

by a resolution of the Board or by

ordinary resolution of the shareholders.

Shareholders also have the power to

remove Directors by special resolution or

by ordinary resolution of which special

notice has been given in accordance with

the Companies Act 2006.

The Articles also stipulate that all

Directors appointed by Board resolution

be subject to election by ordinary

resolution of the shareholders at the next

Annual General Meeting of the Company.

All Directors will be seeking election by

shareholders at the Company’s inaugural

AGM to be held in January 2026. In line

with the UK Corporate Governance Code

and best practice, all Directors will seek

election or re‑election by shareholders at

each AGM.

Applied Nutrition plc Annual Report 2025

Powers of the Directors

General

The Directors may exercise all the

powers of the Company save for those

required to be done by the Company

in general meeting and subject to any

direction that the Company gives to the

Board by passing a special resolution

and any other restrictions imposed by

relevant law including the Companies

Act2006.

Share buybacks

Subject to the prior approval of

shareholders in a general meeting, the

Directors may exercise the Company’s

power to purchase its own shares in

accordance with the Companies Act 2006.

There were no share buybacks in FY25

or FY24.

Directors’ indemnities

The Company has granted qualifying

third‑party indemnity provisions to each

of its Directors under section 234 of the

Companies Act 2006. These indemnities

were in force throughout the financial

year and remain in force as at the

date of this report. These indemnities

provide the Directors with protection

against certain liabilities incurred

in the execution of their duties as

Directors of the Company, to the extent

permitted by law. The Company also

maintains Directors’ and officers’ liability

insurancecover.

Amendments to the Articles

The Company’s articles of association

may only be amended by a special

resolution of the shareholders in

accordance with the Companies Act 2006.

Dividend

The Directors are not recommending

a final dividend in respect of the year

(FY24: £nil). A dividend of £14.7 million

was paid during FY25 prior to the listing

on the London Stock Exchange.

Political donations

The Company did not make any political

donations, incur any political expenditure,

or make any contributions to any non‑UK

political party during the year.

Financial instruments

An analysis of the Company’s financial

instruments, risk management objectives

and its exposure to credit and liquidity

risk are disclosed in note 23 to the

consolidated financial statements on

pages 118 to 121.

Branches outside the UK

The Company has a United States

office. This was based in Dallas, Texas

throughout the year and relocated to

Nashville, Tennessee in August 2025.

Relationships with customers

and suppliers

The Directors acknowledge their

responsibility to have regard to the

need to foster the Company’s business

relationships with suppliers, customers

and others. The Board exercises this

responsibility through its leadership of

the Company and the establishment of

its values and culture, and takes this into

account as relevant when taking material

decisions. More information about how

the Company has regard for stakeholder

views in its decision‑making is provided

in the s172 statement on pages 32 to 35.

Share capital

The Company has one class of shares

in issue and as at 31 July 2025, the

Company’s issued share capital

consisted of 250,000,000 ordinary shares

of .02 pence each. The rights attached

to each share are identical and each

share carries equal rights to dividends,

return of capital on the winding up of

the Company and one vote on a poll at

general meetings of the Company. There

are no securities carrying special rights.

Restrictions on transfer

For a twelve‑month lock‑in period

from the date of admission to trading

on the London Stock Exchange (being

24October 2024), each of the Directors

at the time of IPO has agreed that,

subject to certain customary exceptions,

they will not dispose of any of the

Company’s shares that they may hold.

For the twelve‑month period thereafter,

they have each agreed not to make

any disposals other than through

the Company’s broker, with a view to

maintaining an orderly market in the

Company’s securities. Peter Cowgill has

also undertaken not to dispose of any

shares he owns in the Company prior to

24 October 2025 other than through the

Company’s broker.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

DIRECTORS’ REPORT

CONTINUED

Share capital continued

Significant shareholdings

As at 31 July 2025 and up to 6 November 2025

, being the latest practicable date prior to the signing of this report, the Company

hadbeen notified of the following disclosable interests of 3% or more in the Company’s ordinary share capital in accordance with

DTR 5.

Shareholder Number of shares

Percentage of issued

share capital

Thomas Ryder 85,662,494 34.26%

JD Sports Fashion plc 24,445,905 9.77%

Steven Granite 14,507,601 5.80%

Pentwater Capital Management LP

12,512,336 5.00%

Notes

1. The Company has also been notified of several movements in UBS Group AG’s notifiable indirect interests in the Company’s shares during the period from 2 June 2025

onwards. These interests have fluctuated from over 6% to under 5%. Please refer to the Company’s website or the London Stock Exchange for the latest position and

historical movements.

2. Pentwater’s voting rights are held indirectly through financial instruments as disclosed via RNS on 31 March 2025. All other significant interests are via direct shareholdings

in the Company’s ordinary shares.

Streamlined Energy and Carbon

Reporting (SECR)

SEE THE SECR REPORT WITHIN OUR

SUSTAINABILITY SECTION – PAGE 22

Significant agreements

On 14 October 2024, the Company

entered into a sterling Revolving Credit

Facility (RCF) agreement with The Royal

Bank of Scotland plc. The purpose of the

RCF is for general corporate and working

capital purposes of the Group, as well

as to finance permitted acquisitions

and capital expenditure of the Group.

The quantum of the RCF is £10,000,000

with an uncommitted accordion option

for up to £10,000,000. The terms of the

RCF include: (i) the Company as initial

borrower; (ii) a term of 36 months; (iii)

the margin being 1.7% above SONIA;

(iv) the provision of quarterly financial

information and an annual budget; (v) a

net leverage covenant set at 2:1 (total

debt to adjusted EBITDA) and interest

cover (EBITDA to net finance charges) set

at 3:1; (vi) the provision of guarantees by

certain Group companies that become

material from time to time in respect of

the obligations under the RCF; and (vii)

secured by all asset security granted by

the Company and certain other material

Group companies. The Company can

terminate the RCF at any time without

penalty and therefore, if other forms

of debt finance are more commercially

beneficial, the Company can do so and

utilise those other forms without charge.

The RCF was not utilised during FY25.

Information provided to the auditor

The Directors hereby confirm that:

• so far as the Directors are aware, there

is no relevant audit information of

which the auditor is unaware; and

• the Directors have taken all the steps

that they ought to have taken as

Directors to make themselves aware of

any relevant audit information and to

establish that the auditor is aware of

that information.

Annual General Meeting

The Company’s inaugural Annual

General Meeting will be held at 11.00am

on 8 January 2026 at the Company’s

registered office. Further details,

including the resolutions to be proposed

at the meeting, are set out in the Notice

of Meeting which is provided to all

shareholders within the prescribed

timescales.

Independent auditor

The Company’s auditor, BDO LLP, has

indicated its willingness to continue in

office and a resolution to reappoint BDO

LLP as auditor of the Company will be

proposed at the 2026 AGM.

This Directors’ report was approved

by the Board of Directors on

7November2025 and signed on

itsbehalf by:

Joe Pollard

Chief Financial Officer

Applied Nutrition plc Annual Report 2025

STATEMENT OF DIRECTORS’

RESPONSIBILITIES

Directors’ responsibilities

The Directors are responsible for

preparing the Annual Report and the

financial statements in accordance

withapplicable law and regulations.

Company law requires the Directors

to prepare financial statements for

each financial year. Under that law the

Directors are required to prepare the

Group financial statements in accordance

with UK‑adopted international accounting

standards and have elected to prepare

the Company financial statements

in accordance with United Kingdom

Generally Accepted Accounting Practice

(United Kingdom Accounting Standards

and applicable law). Under company

law the Directors must not approve the

financial statements unless they are

satisfied that they give a true and fair

view of the state of affairs of the Group

and Company and of the profit or loss for

the Group for that period.

In preparing these financial statements,

the Directors are required to:

• select suitable accounting policies

andthen apply them consistently;

• make judgements and accounting

estimates that are reasonable and

prudent;

• state whether they have been prepared

in accordance with UK‑adopted

international accounting standards,

subject to any material departures

disclosed and explained in the financial

statements;

• prepare the financial statements on

the going concern basis unless it is

inappropriate to presume that the

Group and the Company will continue

inbusiness; and

• prepare a Directors’ report, a strategic

report and Directors’ remuneration

report which comply with the

requirements of the Companies

Act2006.

The Directors are responsible for

keeping adequate accounting records

that are sufficient to show and explain

the Company’s transactions and disclose

with reasonable accuracy at any time the

financial position of the Company and

enable them to ensure that the financial

statements comply with the Companies

Act 2006.

They are also responsible for

safeguarding the assets of the Company

and hence for taking reasonable steps

for the prevention and detection of

fraud and other irregularities. The

Directors are responsible for ensuring

that the Annual Report and Accounts,

taken as a whole, are fair, balanced

and understandable and provides the

information necessary for shareholders

to assess the Group’s performance,

business model and strategy.

Website publication

The Directors are responsible for

ensuring the Annual Report and the

financial statements are made available

on a website. Financial statements are

published on the Company’s website in

accordance with legislation in the United

Kingdom governing the preparation and

dissemination of financial statements,

which may vary from legislation in other

jurisdictions. The maintenance and

integrity of the Company’s website is

the responsibility of the Directors. The

Directors’ responsibility also extends

to the ongoing integrity of the financial

statements contained therein.

Directors’ responsibilities pursuant

to DTR4

The Directors confirm that to the best of

their knowledge:

• the financial statements have been

prepared in accordance with the

applicable set of accounting standards,

give a true and fair view of the assets,

liabilities, financial position and profit

and loss of the Group; and

• the Annual Report includes a fair review

of the development and performance of

the business and the financial position

of the Group and Company, together

with a description of the principal risks

and uncertainties that they face.

Thomas Ryder

Chief Executive Officer

7 November 2025

Joe Pollard

Chief Financial Officer

7 November 2025

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF APPLIED NUTRITION PLC

Opinion on the financial statements

In our opinion:

• the financial statements give a true and

fair view of the state of the Group’s and

of the Parent Company’s affairs as at

31 July 2025 and of the Group’s profit

and cash flows for the year then ended;

• the Group financial statements have

been properly prepared in accordance

with UK adopted international

accounting standards

• the Parent Company financial

statements have been properly

prepared in accordance with United

Kingdom Generally Accepted

Accounting Practice and as applied in

accordance with the provisions of the

Companies Act 2006, and

• the financial statements have been

prepared in accordance with the

requirements of the Companies

Act 2006.

We have audited the financial statements

of Applied Nutrition plc (the ‘Parent

Company’) and its subsidiaries (the

‘Group’) for the year ended 31 July2025

which comprise the Consolidated

Statement of Comprehensive Income,

Consolidated Statement of Financial

Position, Consolidated Statement

of Changes in Equity, Consolidated

Statement of Cash Flows, Parent

Company Statement of Financial Position

and Parent Company Statement of

Changes in Equity and notes to the

financial statements, including material

accounting policy information.

The financial reporting framework that

has been applied in the preparation

of the Group financial statements

is applicable law and UK adopted

international accounting standards.

Thefinancial reporting framework that

has been applied in the preparation

of the Parent Company financial

statements is applicable law and

United Kingdom Accounting Standards,

including Financial Reporting Standard

101 Reduced Disclosure Framework

(UnitedKingdom Generally Accepted

Accounting Practice).

Basis for opinion

We conducted our audit in accordance

with International Standards on Auditing

(UK) (ISAs (UK)) and applicable law. Our

responsibilities under those standards

are further described in the Auditor’s

responsibilities for the audit of the

financial statements section of our

report. We believe that the audit evidence

we have obtained is sufficient and

appropriate to provide a basis for our

opinion. Our audit opinion is consistent

with the additional report to the Audit

and Risk Committee.

Independence

Following the recommendation of the

Audit and Risk Committee, we were

appointed by the members on 31July2024

to audit the financial statements for the

year ended 31July2024 and subsequent

financial periods. The period of total

uninterrupted engagement including

retenders and reappointments is two

years, covering the years ended

31July2024 to 31July2025. We remain

independent of the Group and the Parent

Company in accordance with the ethical

requirements that are relevant to our

audit of the financial statements in the

UK, including the FRC’s Ethical Standard

as applied to listed public interest

entities, and we have fulfilled our other

ethical responsibilities in accordance

with these requirements. The non‑audit

services prohibited by that standard

were not provided to the Group or the

Parent Company.

Conclusions relating to

goingconcern

In auditing the financial statements,

wehave concluded that the Directors’

use of the going concern basis of

accounting in the preparation of the

financial statements is appropriate. Our

evaluation of the Directors’ assessment

of the Group and the Parent Company’s

ability to continue to adopt the going

concern basis of accounting included:

• Challenging the assumptions used in

the Directors’ cash flow forecasts, using

our knowledge of the business and the

sector;

• Testing the mathematical accuracy

of the Directors’ forecasts, assessing

historical forecasting accuracy

and understanding the Directors’

consideration of downside sensitivity

analysis and reverse stress testing;

• Reperforming sensitivity analysis on the

Directors’ base case and stressed case

scenarios, considering the likelihood

of downside scenarios occurring, and

understanding and challenging the

mitigating actions the Directors’ would

take under these scenarios; and

• Assessing the going concern

disclosures against the requirements of

the accounting standards and assessing

the consistency of the disclosures

with the Directors’ forecasts and

assessment.

Based on the work we have performed,

we have not identified any material

uncertainties relating to events

or conditions that, individually or

collectively, may cast significant doubt

on the Group and the Parent Company’s

ability to continue as a going concern

for a period of at least twelve months

from when the financial statements are

authorised for issue.

In relation to the Parent Company’s

reporting on how it has applied the UK

Corporate Governance Code, we have

nothing material to add or draw attention

to in relation to the Directors’ statement

in the financial statements about whether

the Directors considered it appropriate

to adopt the going concern basis of

accounting.

Our responsibilities and the

responsibilities of the Directors with

respect to going concern are described

inthe relevant sections of this report.

Overview

Key audit

matters

2025

Revenue recognition

2025 is the first year in which

the independent auditor’s report

has included reporting of Key

Audit Matters, as such the Key

Audit Matter reported above

was not reported in 2024.

Materiality

Group financial statements

as a whole

£1.4 million based on 5% of

profit before tax.

Applied Nutrition plc Annual Report 2025

An overview of the scope

ofouraudit

Our Group audit was scoped by obtaining

an understanding of the Group and its

environment, the applicable financial

reporting framework and the Group’s

system of internal control. On the basis

of this, we identified and assessed the

risks of material misstatement of the

Group financial statements including

withrespect to the consolidation

process. We then applied professional

judgement to focus our audit procedures

on the areas that posed the greatest

risks to the group financial statements.

Wecontinually assessed risks

throughout our audit, revising the

risks where necessary, with the aim

of reducing the group risk of material

misstatement to an acceptable level, in

order to provide abasis for our opinion.

Components in scope

The Group consists of three active

legal entities, including the Parent

Company. Based on the nature and

the different locations of the entities,

as part of performing our Group audit,

we have determined there to be three

components in scope. The nature of the

entities in the Group are as follows:

• Applied Nutrition plc is the Parent

Company, which is the main trading

entity and holds the investment in the

other companies in the group

• AN USA Holdings Inc is a trading entity

operating in different jurisdiction

• Applied Nutrition Colombia SAS

is a non‑trading entity set up in a

differentjurisdiction

For components in scope, we used

a combination of risk assessment

procedures and further audit procedures

to obtain sufficient appropriate evidence.

These further audit procedures included:

• procedures on the entire financial

information of the component, including

performing substantive procedures

• procedures on one or more classes

of transactions, account balances or

disclosures

Procedures performed at the componentlevel

We performed procedures to respond to group risks of material misstatement at the

component level that included the following.

Component Component Name Entity Group Audit Scope

1 Applied

Nutrition plc

Applied

Nutrition plc

Statutory audit procedures on the entire

financial information of the component

2 AN USA

Holdings Inc

AN USA

Holdings Inc

Procedures on one or more classes

of transactions, account balances or

disclosures

3 Applied

Nutrition

Colombia SAS

Applied

Nutrition

Colombia SAS

Risk assessment procedures

The Group engagement team has

performed all procedures directly, and

has not involved component auditors

in the Group audit, except for carrying

out audit procedures during the stock

take for AN USA Holdings Inc where

individuals from the BDO US member

firm attended.

Procedures performed centrally

We considered there to be a high degree

of centralisation of financial reporting

and commonality of controls in relation

to all financial statement areas. We

therefore designed and performed

procedures centrally.

The group operates a centralised IT

function that supports IT processes for

certain components. This IT function is

subject to specified risk‑focused audit

procedures, predominantly the testing of

the relevant IT general controls and IT

application controls.

Locations

Applied Nutrition plc’s operations are

spread over a number of different

geographical locations. We visited two

out of a total of three locations. Our

teams conducted procedures in Applied

Nutrition plc’s locations in the UK,

physically attended a local stock take,

and carried out verification work at AN

USA Holdings Inc in the US, in addition

to holding video conferences with senior

management of AN USA Holdings Inc.

Climate change

Our work on the assessment of potential

impacts on climate‑related risks on

the Group’s operations and financial

statements included:

• Enquiries and challenge of

management to understand the actions

they have taken to identify climate‑

related risks and their potential

impacts on the financial statements

and adequately disclose climate‑related

risks within the annual report;

• Our own qualitative risk assessment

taking into consideration the sector

in which the Group operates and how

climate change affects this particular

sector; and

• Review of the minutes of Board and

Audit and Risk Committee meeting and

other papers related to climate change.

We challenged the extent to which

climate‑related considerations, including

the expected cash flows from the

initiatives and commitments have

been reflected, where appropriate,

in management’s going concern

assessment.

We also assessed the consistency of

management’s disclosures included

as ‘Other Information’ on page 24 with

the financial statements and with our

knowledge obtained from the audit.

Based on our risk assessment

procedures, we did not identify there

to be any Key Audit Matters that were

materially affected by climate‑related

risks.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF APPLIED NUTRITION PLC

CONTINUED

An overview of the scope of ouraudit continued

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial

statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to

fraud) that we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources

in the audit, and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the

financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter How the scope of our audit addressed the key audit matter

Revenue Recognition

Refer to Note 2.5 (Group’s

accounting policy in respect of

revenue) and Note 4 (Group’s

revenue related disclosures)

All Group revenue is

generated from the sale of

goods and is recognised at a

point of time, as detailed at

Note 2.5.

Revenue is initially recognised

on despatch and management

then process an adjustment to

adjust the revenue recognised

based on terms of trade to

reflect when control has

passed to the customer.

We assessed that material

misstatement could arise

from improper revenue

recognition either through

error or manipulation of the

adjustment processed by

management resulting in

revenue being recognised

before control of goods has

passed to the customer.

We therefore identified the

revenue recognised before

the year end as an area with

significant risk of material

misstatement, and a Key

AuditMatter.

The audit procedures included the following:

• Testing whether samples of UK, Europe and worldwide sales

despatched in pre year end risk periods were recognised in

line with the point at which control passed to the customer.

Risk periods were defined as 5 days for sales to UK customers

and 14 days for sales to International customers. This included

reviewing third party documentation, such as delivery notes, and

terms and conditions relating to the sale and checking whether

the sale was included in management’s adjustment for revenue

that should not be recognised on despatch.

Key observations:

Based on the procedures performed, we found management’s

revenue recognition policy to be in line with the requirements

of applicable accounting standards and we did not identify

inappropriate recognition of revenue in the year.

Applied Nutrition plc Annual Report 2025

Our application of materiality

We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements.

Weconsider materiality to be the magnitude by which misstatements, including omissions, could influence the economic

decisionsof reasonable users that are taken on the basis of the financial statements.

In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower

materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these

levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and

theparticular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements as a whole and performance

materiality as follows:

Group financial statements Parent company financial statements

2025

£m

2025

£m

Materiality 1.4 1.1

Basis for determining materiality Set based on 5% of profit before tax Set based on 5% of profit before tax,

capped at 95% of group materiality

Rationale for the benchmark applied We consider profit before tax to be the

most relevant measure for users of the

financial statements given the group is

publicly listed

We consider profit before tax to be the

most relevant measure for users of the

financial statements given the group is

publicly listed

Performance materiality 1.1 0.8

Basis for determining performance

materiality

75% of materiality 75% of materiality

Rationale for the percentage applied

forperformance materiality

This was considered appropriate

based on our cumulative knowledge

of the Group, the degree of estimation

in financial statements, the historic

misstatement levels, and the trade

of the Group being contained in two

principal trading companies.

This was considered appropriate based

on our cumulative knowledge of the

Company, the degree of estimation in

financial statements, and the historic

misstatement levels.

Component performance materiality

For the purposes of our Group audit opinion, we set performance materiality for each component of the Group, apart from the

Parent Company whose materiality and performance materiality are set out above, based on a percentage of between 60% and

65% of Group performance materiality dependent on size and our assessment of the risk of material misstatement of those

components. Component performance materiality ranged from £0.6 million to £0.7 million.

Reporting threshold

We agreed with the Audit and Risk Committee that we would report to them all individual audit differences in excess of £49,000.

We also agreed to report differences below this threshold that, in our view, warranted reporting on qualitative grounds.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF APPLIED NUTRITION PLC

CONTINUED

Other information

The directors are responsible for the other information. The other information comprises the information included in the

document entitled ‘annual report’ other than the financial statements and our auditor’s report thereon. Our opinion on the financial

statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not

express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider

whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course

of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material

misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements

themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information,

we are required to report that fact.

We have nothing to report in this regard.

Corporate governance statement

The UK Listing Rules require us to review the Directors’ statement in relation to going concern, longer‑term viability and that part

of the Corporate Governance Statement relating to the Parent Company’s compliance with the provisions of the UK Corporate

Governance Code specified for our review.

Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate

Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit.

Going concern and

longer‑term viability

• The Directors’ statement with regards to the appropriateness of adopting the going

concern basis of accounting and any material uncertainties identified set out on

page 48;

• The Directors’ explanation as to their assessment of the Group’s prospects, the

period this assessment covers and why the period is appropriate set out on page 48;

and

• The Directors’ statement on whether they have a reasonable expectation that the

group will be able to continue in operation and meet its liabilities set out on page 48.

Other Code provisions • Directors’ statement on fair, balanced and understandable set out on page 85;

• Board’s confirmation that it has carried out a robust assessment of the emerging

and principal risks set out on page 43;

• The section of the annual report that describes the review of effectiveness of risk

management and internal control systems set out on page 42; and

• The section describing the work of the Audit and Risk Committee set out on page 59.

Applied Nutrition plc Annual Report 2025

Other Companies Act 2006 reporting

Based on the responsibilities described below and our work performed during the course of the audit, we are required by the

Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below.

Strategic report and Directors’ report In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic report and the Directors’ report for the

financial year for which the financial statements are prepared is consistent with

thefinancial statements; and

• the Strategic report and the Directors’ report have been prepared in accordance

with applicable legal requirements.

In the light of the knowledge and understanding of the Group and Parent Company

and its environment obtained in the course of the audit, we have not identified

material misstatements in the strategic report or the Directors’ report.

Directors’ remuneration In our opinion, the part of the Directors’ remuneration report to be audited has been

properly prepared in accordance with the Companies Act 2006.

Corporate governance statement In our opinion, based on the work undertaken in the course of the audit the

information about internal control and risk management systems in relation to

financial reporting processes and about share capital structures, given in compliance

with rules 7.2.5 and 7.2.6 in the Disclosure Guidance and Transparency Rules

sourcebook made by the Financial Conduct Authority (the “FCA Rules”), is consistent

with the financial statements and has been prepared in accordance with applicable

legal requirements.

In the light of the knowledge and understanding of the Group and the Parent

Company and its environment obtained in the course of the audit, we have not

identified material misstatements in this information.

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

about the Parent Company’s corporate governance code and practices and about its

administrative, management and supervisory bodies and their committees complies

with rules 7.2.2, 7.2.3 and 7.2.7 of the FCA Rules.

We have nothing to report arising from our responsibility to report if a corporate

governance statement has not been prepared by the Parent Company.

Matters on which we are required

to report by exception

We have nothing to report in respect of the following matters in relation to which the

Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the Parent Company, or returns

adequate for our audit have not been received from branches not visited by us; or

• the Parent Company financial statements and the part of the Directors’

remunerationreport to be audited are not in agreement with the accounting

recordsand returns; or

• certain disclosures of Directors’ remuneration specified by law are not made; or

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

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF APPLIED NUTRITION PLC

CONTINUED

Responsibilities of Directors

As explained more fully in the Statement

of Directors’ responsibilities, the

Directors are responsible for the

preparation of the financial statements

and for being satisfied that they give a

true and fair view, and for such internal

control as the Directors determine is

necessary to enable the preparation of

financial statements that are free from

material misstatement, whether due to

fraud or error.

In preparing the financial statements, the

Directors are responsible for assessing

the Group’s and the Parent Company’s

ability to continue as a going concern,

disclosing, as applicable, matters related

to going concern and using the going

concern basis of accounting unless the

Directors either intend to liquidate the

Group or the Parent Company or to

cease operations, or have no realistic

alternative but to do so.

Auditor’s responsibilities for the

audit of the financial statements

Our objectives are to obtain reasonable

assurance about whether the financial

statements as a whole are free from

material misstatement, whether due to

fraud or error, and to issue an auditor’s

report that includes our opinion.

Reasonable assurance is a high level

of assurance, but is not a guarantee

that an audit conducted in accordance

with ISAs (UK) will always detect a

material misstatement when it exists.

Misstatements can arise from fraud

or error and are considered material

if, individually or in the aggregate,

they could reasonably be expected

to influence the economic decisions

of userstaken on the basis of these

financial statements.

Extent to which the audit was capable of

detecting irregularities, including fraud

Irregularities, including fraud, are

instances of non‑compliance with laws

and regulations. We design procedures

in line with our responsibilities, outlined

above, to detect material misstatements

in respect of irregularities, including

fraud. The extent to which our

procedures are capable of detecting

irregularities, including fraud is

detailedbelow:

Non-compliance with laws and

regulations

Based on:

• Our understanding of the Group and the

industry in which it operates;

• Discussion with management and those

charged with governance; and

• Obtaining an understanding of the

Group’s policies and procedures

regarding compliance with laws and

regulations.

we considered the significant laws and

regulations to be:

• UK adopted international accounting

standards;

• United Kingdom Accounting Standards,

including Financial Reporting Standard

101 (The Financial Reporting Standard

in the United Kingdom and Republic

of Ireland) (United Kingdom Generally

Accepted Accounting Practice);

• Companies Act 2006;

• UK tax legislation; and

• UK listing Rules

The Group is also subject to laws and

regulations where the consequence of

non‑compliance could have a material

effect on the amount or disclosures in

the financial statements, for example

through the imposition of fines or

litigations. We identified such laws and

regulations to be:

• health and safety legislation;

• GDPR and data protection legislation

• Bribery Act 2010; and

• Employment legislation.

Our procedures in respect of the above

included:

• Review of minutes of meetings of

those charged with governance for any

instances of non‑compliance with laws

and regulations;

• Review of correspondence with

regulatory and tax authorities for any

instances of non‑compliance with laws

and regulations;

• Review of financial statement

disclosures and agreeing to supporting

documentation;

• Involvement of tax specialists in the

audit; and

• Obtain an understanding of the control

environment in monitoring compliance

with laws and regulations.

Fraud

We assessed the susceptibility of

the financial statements to material

misstatement, including fraud. Our risk

assessment procedures included:

• Enquiry with management and those

charged with governance, including

theAudit and Risk Committee regarding

any known or suspected instances

offraud;

• Obtaining an understanding of the

Group’s policies and procedures

relating to:

• Detecting and responding to the risks

of fraud; and

• Internal controls established to

mitigate risks related to fraud.

• Review of minutes of meetings of

those charged with governance for any

known or suspected instances of fraud;

• Discussion amongst the engagement

team as to how and where fraud might

occur in the financial statements; and

• Performing analytical procedures to

identify any unusual or unexpected

relationships that may indicate risks

ofmaterial misstatement due to fraud.

Applied Nutrition plc Annual Report 2025

Based on our risk assessment, we

considered the areas most susceptible

to fraud to be management override of

controls and revenue recognition in the

period running up to the year end.

Our procedures in respect of the above

included:

• Testing a sample of journal entries

throughout the year, which met defined

risk criteria, by agreeing to supporting

documentation;

• Performing sample testing to address

unpredictability in fraud on areas such

as directors expenses and review of

supplier payment details; and

• The procedures described in the

revenue recognition key audit matter,

described above.

We also communicated relevant

identified laws and regulations and

potential fraud risks to all engagement

team members who were all deemed

to have appropriate competence and

capabilities and remained alert to any

indications of fraud or non‑compliance

with laws and regulations throughout

theaudit.

Our audit procedures were designed

to respond to risks of material

misstatement in the financial statements,

recognising that the risk of not detecting

a material misstatement due to fraud

is higher than the risk of not detecting

one resulting from error, as fraud may

involve deliberate concealment by, for

example, forgery, misrepresentations or

through collusion. There are inherent

limitations in the audit procedures

performed and the further removed

non‑compliance with laws and

regulations is from the events and

transactions reflected in the financial

statements, the less likely we are to

become aware of it.

A further description of our

responsibilities is available on

the Financial Reporting Council’s

website at: www.frc.org.uk/

auditorsresponsibilities. This description

forms part of our auditor’s report.

Use of our report

This report is made solely to the Parent

Company’s members, as a body, in

accordance with Chapter 3 of Part 16 of

the Companies Act 2006. Our audit work

has been undertaken so that we might

state to the Parent Company’s members

those matters we are required to state

to them in an auditor’s report and for

no other purpose. To the fullest extent

permitted by law, we do not accept or

assume responsibility to anyone other

than the Parent Company and the Parent

Company’s members as a body, for our

audit work, for this report, or for the

opinions we have formed.

Gareth Singleton

(Senior Statutory Auditor)

For and on behalf of BDO LLP, Statutory

Auditor

Leeds, UK

Date: 7 November 2025

BDO LLP is a limited liability partnership

registered in England and Wales (with

registered number OC305127).

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2025

		Year ended	Year ended
		31 Jul	31 Jul
		2025	2024
	Note	£m	£m
Revenue	4	107 .1	86.2
Cost of sales		(57 .8)	(44.9)
Gross profit		49.3	41.3
Administrative expenses		(21.2)	(17.6)
Adjusted operating profit 1		29.8	25.1
Costs relating to Initial Public Offering		(1.7)	(1.2)
Share‑based payment expense		—	(0.2)
Operating profit		28.1	23.7
Finance income	9	0.5	0.7
Finance expense	9	(0.1)	(0.1)
Profit before taxation		28.5	24.3
Taxation	10	(7 .4)	(5.6)
Profit for the year attributable to equity shareholders		21.1	18.7
Earnings per share for profit attributable to the owners of the parent
Basic and diluted (pence)	11	8.4	7. 5
Other comprehensive income:
Exchange losses arising on translation of foreign operations		(0.4)	—
Deferred tax	10	(0.4)	0.4
Total comprehensive income for the period		20.3	19.1
1. Adjusted operating profit is a non‑IFRS financial measure and is defined as statutory operating profit of £28.1 million (FY24: £23.7 million) before £1.7 million

(FY24:£1.4million) of costs related to the Group’s Initial Public Offering and share‑based payment for schemes closed pre‑IPO.

The results relate to continuing operations (2024: continuing operations).

The notes on pages 98 to 122 form part of these Group financial statements.

Applied Nutrition plc Annual Report 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2025

		31 Jul	31 Jul
		2025	2024
	Note	£m	£m
Non‑current assets
Property, plant and equipment	13	2.0	1.7
Right‑of‑use assets	14	3.0	1.8
Intangible assets	15	0.1	—
Deferred tax assets	10	1.2	0.6
		6.3	4.1
Current assets
Inventories	16	22.8	19.5
Trade and other receivables	17	27 .4	17.3
Cash and cash equivalents	18	18.5	18.7
		68.7	55.5
Total assets		75.0	59.6
Current liabilities
Lease liabilities	14	(0.6)	(0.3)
Trade and other payables	19	(17 .1)	(9.5)
		(17 .7)	(9.8)
Non‑current liabilities
Deferred tax liabilities	10	(0.3)	—
Lease liabilities	14	(2.4)	(1.5)
Provision for liabilities	20	(0.3)	(0.2)
		(3.0)	(1.7)
Total liabilities		(20.7)	(11.5)
Net assets		54.3	48.1
Equity
Share capital	21	0.1	—
Share‑based payment reserve		0.2	0.2
Foreign exchange reserve		0.2	0.1
Retained earnings		53.8	47.8
Total equity		54.3	48.1

Applied Nutrition plc is registered in England and Wales (company number: 09131749).

The Group financial statements on pages 94 to 122 were approved and authorised for issue by the Board of Directors on

7 November 2025 and were signed on its behalf by:

Thomas Ryder Joe Pollard

Director Director

The notes on pages 98 to 122 form part of these Group financial statements.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

		Share‑based	Foreign
	Share	payment	exchange	Retained	Total
	capital	reserve	reserve	earnings	equity
	£m	£m	£m	£m	£m
As at 1 August 2023	—	—	0.1	28.7	28.8
Comprehensive income:
Profit for the year	—	—	—	18.7	18.7
Share‑based payments	—	—	—	0.4	0.4
Transactions with owners:
Share‑based payments	—	0.2	—	—	0.2
Balance at 31 July 2024	—	0.2	0.1	47.8	48.1
Comprehensive income:
Profit for the year	—	—	—	21.1	21.1
Other comprehensive income/(loss)	—	—	0.1	(0.9)	(0.8)
Transactions with owners:
Bonus share issue	0.1	—	—	(0.1)	—
Dividends paid	—	—	—	(14.7)	(14.7)
Tax included directly in equity	—	—	—	0.6	0.6
Balance at 31 July 2025	0.1	0.2	0.2	53.8	54.3

The notes on pages 98 to 122 form part of these Group financial statements.

Applied Nutrition plc Annual Report 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

		Year ended	Year ended
		31 Jul 2025	31 Jul 2024
	Note	£m	£m
Cash flows from operating activities
Operating profit		28.1	23.7
Adjustments for:
Depreciation and amortisation charges	13 & 14	1.1	0.9
Share‑based payment expense	22	—	0.2
Operating cash flows before movements in working capital		29.2	24.8
Increase in inventories		(3.4)	(6.5)
Increase in trade and other receivables		(10.9)	(6.0)
Increase in trade and other payables		7. 0	4.1
Net cash generated from operations		21.9	16.4
Income tax paid		(6.3)	(9.7)
Net cash inflow from operating activities		15.6	6.7
Cash flows from investing activities
Purchase of tangible fixed assets	13	(1.0)	(1.0)
Interest received		0.6	0.6
Net cash outflow from investing activities		(0.4)	(0.4)
Cash flows from financing activities
Dividends paid	12	(14.7)	—
Principal paid on lease liability	14	(0.3)	(0.3)
Interest paid on lease liability	14	(0.1)	(0.1)
Net cash outflow from financing activities		(15.1)	(0.4)
Net increase in cash and cash equivalents		0.1	5.9
Cash and cash equivalents at beginning of period		18.7	12.7
Effect of foreign exchange differences		(0.3)	0.1
Cash and cash equivalents at end of period	18	18.5	18.7

The notes on pages 98 to 122 form part of these Group financial statements.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1 GENERAL INFORMATION

Applied Nutrition plc (the “Company”)

is a public company limited by shares,

registered and incorporated in England

and Wales under the Companies Act 2006

(registered company number 09131749).

The Company re‑registered as a public

limited company on 1 October 2024

and its ordinary share capital was listed

on the Main Market of the London Stock

Exchange on 24 October 2024.

The address of the Company’s registered

office is 2 Acornfield Road, Knowsley

Industrial Park, Liverpool, England,

L33 7UG. The Company is the parent

and ultimate parent of the Group;

the financial statements comprise

the results of the Company and its

subsidiary undertakings (the “Group”).

The principal activities of the Group are

the formulation, manufacture, wholesale

and retail of sports nutrition, health and

wellness products.

The Group financial statements were

approved by the Board for issue on

7 November 2025.

2 SUMMARY OF THE GROUP’S

MATERIAL ACCOUNTING POLICIES

The Group’s material accounting policies

are set out below.

2.1 Basis of preparation

The Group financial statements have

been prepared in accordance with

UK adopted International Accounting

Standards (IFRS) and with the

requirements of the Companies Act 2006

applicable to companies reporting under

those standards. The Group financial

statements have been prepared on

a going concern basis and under the

historical cost convention. The Directors

consider it appropriate to adopt the going

concern basis of accounting in preparing

these financial statements.

The preparation of financial statements

in conformity with IFRS requires the use

of certain critical accounting estimates,

which are outlined in the critical

accounting estimates and judgements

section of these accounting policies.

It also requires management to

exercise its judgement in the process

of applying the Group’s accounting

policies. The accounting policies have

been applied consistently to all periods

presented, other than where new policies

have been adopted.

The consolidated financial statements

are prepared in GBP. Amounts are

rounded to the nearest million, unless

otherwise stated.

2.2 Going concern

The Group’s profit before taxation for the

period amounted to £28.5 million (2024:

£24.3 million). The Group has net assets

of £54.3 million (2024: £48.1 million),

including cash and cash equivalents of

£18.5 million (being after the payment

of a pre‑IPO dividend to shareholders)

compared to £18.7 million at 31 July 2024

(where there was no dividend paid).

As at 31 July 2025, the Group also has

£10.0 million available loan finance in the

form of a Revolving Credit Facility (RCF)

which has not been drawn down.

The Directors have considered the

business activities as described in

the Strategic Report on pages 1 to 49,

including the organisation’s principal

risks and uncertainties disclosed on

pages 42 to 48. With due consideration

and review, the Directors have a

reasonable expectation that the Group

has adequate resources to operate over

the assessment period, being the twelve

months from the date of these financial

statements. In addition, the Directors are

not aware of any material uncertainties

that may cast significant doubt upon the

Company or Group to continue as a going

concern. Consequently, the financial

statements have been prepared on a

going concern basis for the Group and

the Company.

The Directors have assessed the

ability of the Company and the Group

to continue as a going concern using

three‑year cash flow forecasts prepared

from 31 July 2025 to 31 July 2028. This

is the timeframe of the Group’s most

recently approved strategic plan, as

approved by the Board and in addition

exceeds the period over which the Group

can reasonably plan capital investment

with certainty given the rapid growth of

the Group and change in investment that

may be required to meet such growth.

The Directors have considered forecast

expectations of performance, based

on historic data, along with available

funding options in case of unexpected,

contingent requirements.

The market in which the organisation

operates is forecast to grow annually

in the region of 8% or better.

The forecasts included several scenarios

including a base case and downside

case. The base case assumed revenue

growth during the next twelve months

on a customer‑by‑customer base for

the top ten customers, and then applied

a standard rate of growth in line with

market dynamics for the remainder of

the customer base and new potential

customers. Profitability and cash flow

assumptions were in line with recent

experience.

In the event of no further growth in the

business, it would remain profitable

and cash generative in the view of

management and therefore while

downside scenarios with no further

growth were considered, they did not

alter the view of management in terms

of going concern. Nor did scenarios

where the working capital requirement

of the business increased.

When conducting this assessment, the

Directors also considered the principal

risks and uncertainties that the Group’s

risk management process had identified.

This risk management process and an

assessment of the principal risks and

uncertainties are detailed in the risk

management report. This assessment

considered the risks themselves in

addition to mitigating actions. Of the

principal risks and uncertainties, the

effect of a product safety event or

significant damage/disruption to the

Group’s manufacturing facilities were

considered in detail. These are the

key risks that are believed to present

a risk to the going concern view of

management.

The successful initial public offering

(IPO) of the organisation on the London

Stock Exchange in late 2024 has provided

access to potential additional funding

streams and acts as a catalyst for further

controlled enhancement of the product

range with expansion across multiple

geographic locations. On 14 October

2024, the Company entered into a

sterling revolving credit facility (RCF)

agreement with The Royal Bank

of Scotland plc.

The purpose of the RCF is for general

corporate and working capital purposes

of the Group as well as to finance

permitted acquisitions and capital

expenditure of the Group.

Applied Nutrition plc Annual Report 2025

The quantum of the RCF is £10,000,000

with an uncommitted accordion option

for up to £10,000,000. The terms of the

RCF include: (i) the Company as initial

borrower; (ii) a term of 36 months;

(iii) the margin being 1.7% above SONIA;

(iv) the provision of quarterly financial

information and an annual budget;

(v) a net leverage covenant set at 2:1 (total

debt to adjusted EBITDA) and interest

cover (EBITDA to net finance charges) set

at 3:1; (vi) the provision of guarantees by

certain Group companies that become

material from time to time in respect of

the obligations under the RCF; and (vii)

secured by all asset security granted by

the Company and certain other material

Group companies. The Company can

terminate the RCF at any time without

penalty and therefore, if other forms

of debt finance are more commercially

beneficial, the Company can do so and

utilise those other forms without charge.

Based on the assessment performed,

and with no additional knowledge of

any material uncertainty that may affect

this assessment, the Directors believe

it is appropriate to prepare the financial

statements of the Group on a going

concern basis.

2.3 New standards, amendments

and interpretations not yet adopted

The following standards and

interpretations apply for the first time to

financial reporting periods commencing

on or after 1 January 2024, and became

effective for the Group’s consolidated

financial statements for the year ended

31 July 2025, none of which have a

material impact on the Group:

• Non‑current Liabilities with Covenants

(Amendments to IAS 1);

• Amendments to IAS 1 Presentation of

Financial Statements: Classification of

Liabilities as Current or Non‑current;

• Amendments to IFRS 16 – Lease

Liability in Sale and Leaseback; and

• Supplier Finance Arrangements

(Amendments to IAS 7 and IFRS 7).

The following standards, amendments

and interpretations are not yet effective

and have not been early adopted by the

Group:

• Amendments to IAS 21 Lack of

Exchangeability;

• IFRS 18 Presentation and Disclosure in

Financial Statements;

• IFRS 19 Subsidiaries without Public

Accountability: Disclosures; and

• Amendments to IFRS 9 and IFRS 7

Classification and Measurement of

Financial Instruments.

Certain new standards, amendments

to standards, and interpretations

have been issued by the IASB that are

effective in future accounting periods

that the Group has decided not to adopt

early. These standards, amendments or

interpretations are not expected to have

a material impact on the Group.

While IFRS 18 Presentation and

Disclosure in Financial Statements will

not have any effect on the recognition

and measurement of items in the

consolidated financial statements, it

is expected to have a significant effect

on the presentation and disclosure of

certain items. These effects include

changes to categorisation and

sub‑totals in the statement of profit or

loss, aggregation/disaggregation and

labelling of information, and disclosure

of management‑defined performance

measures. The Group is currently

assessing the impact of these changes.

2.4 Basis of consolidation

Subsidiaries

The Group financial statements

incorporate the financial statements

of Applied Nutrition plc and entities

controlled by the Company (its

“subsidiaries”) made up to 31 July each

year. Control is achieved where the

Company has the power to govern the

financial and operating policies of an

investee entity so as to obtain benefits

from its activities.

Subsidiaries are fully consolidated from

the date on which control is transferred

to the Group until the date that control

ceases.

Intercompany transactions, balances

and unrealised gains (or losses) on

transactions between Group companies

are eliminated in preparing the

consolidated accounts. Accounting

policies of subsidiaries are consistent

with those policies adopted by the Group.

The Group includes foreign entities

whose functional currencies are not GBP.

On consolidation, the assets and liabilities

of those entities are translated at the

exchange rates at the reporting date and

income and expenses are translated at the

weighted average rates during the period.

Classification of costs

Allocations of costs presented

in the consolidated statement of

comprehensive income are allocated

to cost of sales when management

deem costs are directly associated with

fulfilling performance obligations under

IFRS 15, including the creation of those

products sold by the Group. Those costs

which fall outside of these allocations,

which includes all sales and marketing

associated costs, are presented within

administrative expenses, excluding

finance expenses and taxation,

in the consolidated statement of

comprehensive income.

2.5 Revenue recognition

Revenue comprises the fair value of the

consideration received, or receivable, for

the sale of goods in the ordinary course

of the Group’s activities. Revenue is

shown net of value added tax, estimated

returns, rebates and discounts, and after

eliminating sales within the Group.

IFRS 15 Revenue from Contracts with

Customers is a principle‑based model of

recognising revenue from contracts with

customers. It has a five‑step model that

requires revenue to be recognised when

control over goods are transferred to the

customer.

Revenue represents amounts chargeable

in respect of the manufacture,

wholesale and retail of products.

The Group operates through a

range of business‑to‑business and

direct‑to‑consumer channels, with all

revenue recognised at a point of time,

being when control has passed to the

customer under Incoterms®. Payment of

the transaction price is due immediately

when the customer purchases the

product, or in the case of certain trade

transactions, payable on set credit terms.

Rebates are volume based and are

established on management’s best

estimate of the amounts necessary to

meet claims by customers in respect of

these rebates. A liability is calculated at

the time of sale and updated at the end

of each reporting period for changes in

circumstances. Volume‑based rebates

represent variable consideration

for which the estimated variable

consideration is constrained to ensure

that it is highly probable that a significant

reversal in the amount of cumulative

revenue recognised will not occur when

the rebate amount is realised.

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

2 SUMMARY OF THE GROUP’S

MATERIAL ACCOUNTING POLICIES

CONTINUED

2.6 Net finance costs

Finance income

Finance income comprises interest on

bank deposits and is recognised on a

time proportion basis using the effective

interest rate method.

Finance expense

Finance expense comprises of interest

payable and lease interest which are

expensed in the period in which they are

incurred.

2.7 Current and deferred taxation

The tax expense for the period comprises

current and deferred tax. The current

income tax charge is calculated on the

basis of tax rates and laws that have

been enacted or substantively enacted

by the reporting date in the UK and US,

where the Group operates and generates

taxable income and expenses.

Deferred tax balances are recognised in

respect of all temporary differences that

have originated but not reversed by the

reporting date, except:

• the recognition of deferred tax assets is

limited to the extent that it is probable

that they will be recovered against the

reversal of deferred tax liabilities or

other future taxable profits;

• any deferred tax balances are reversed

if and when all conditions for retaining

associated tax allowances have been

met; and

• where timing differences relate to

interests in subsidiaries, the Group can

control their reversal and such reversal

is not considered probable in the

foreseeable future.

Deferred income tax is determined

using tax rates and laws that have

been enacted or substantively enacted

by the reporting date. Deferred tax is

charged or credited to the statement

of comprehensive income, except when

it relates to items charged or credited

directly to equity, in which case the

deferred tax is also dealt with in equity.

Where applicable, the Group claims

R&D tax reliefs in the UK in accordance

with schemes set out by HM Revenue

and Customs. Projects are assessed by

management to ensure the claims made

fit the criteria and definitions set out by

HM Revenue and Customs.

2.8 Foreign currency translation

Transactions in foreign currencies are

recorded at the rate ruling at the date

of the transaction. Monetary assets

and liabilities denominated in foreign

currencies are retranslated at the rate

of exchange ruling at the end of the

reporting period. All differences are

taken to the consolidated statement

of comprehensive income.

Details of how the Group accounts

for subsidiaries operating in foreign

currencies on consolidation is given

in note 2.4.

2.9 Inventories

Inventories are stated at the lower

of cost and net realisable value. Cost

comprises direct materials and, where

applicable, direct labour costs and an

allocation of those overheads that have

been incurred in bringing the inventories

to their present location and condition.

Cost is calculated on a weighted average

cost basis. Net realisable value is the

amount that can be realised from the

sale of the inventory in the normal

course of business after allowing for the

costs of realisation. Provision is made for

obsolete, slow‑moving or defective items

where appropriate.

2.10 Property, plant and equipment

All property, plant and equipment is

stated at historical cost less accumulated

depreciation. Historical cost includes

expenditure that is directly related to

the acquisition of the items. Depreciation

is charged to allocate the cost of

assets less their residual value over

their estimated useful lives, using the

straight‑line method. Depreciation is

provided on the following basis:

• Plant and machinery 20%

straight line

• Fixtures and fittings 33%

straight line

• Motor vehicles 20%

straight line

• Computer equipment 33%

straight line

At each reporting period end date, the

Group reviews the carrying amounts of

its tangible assets to determine whether

there is any indication that those assets

have suffered an impairment loss. There

have been no impairment indications;

however, if any such indication exists,

the recoverable amount of the asset

is estimated in order to determine the

extent of the impairment loss.

Gains and losses on disposals

are determined by comparing the

proceeds with the carrying amount

and are recognised in the statement

of comprehensive income.

Assets under construction are

not depreciated until they are put

into use. All other repairs and

maintenance expenditure is charged

to the consolidated statement of

comprehensive income during the

financial period in which it is incurred.

2.11 Exceptional and

adjusting items

Exceptional and adjusting items

are material items of income and

expense which, because of the nature

and expected infrequency of events

giving rise to them, merit separate

presentation to allow shareholders

to understand better the elements of

financial performance in the year, so

as to facilitate comparison with prior

years and to assess better trends in

financial performance. Generally, the

business is managed on a day‑to‑day

basis on adjusted EBITDA and therefore

these financial accounts provide an

explanation of what management

consider to be adjusted EBITDA and a

reconciliation to statutory measures of

profit performance.

2.12 Research and development

Research and development expenditure

that does not meet the criteria of an

intangible asset is expensed as incurred.

2.13 Cash and cash equivalents

Cash and cash equivalents are basic

financial assets and comprise cash at

bank and in hand and short‑term highly

liquid deposits which are subject to an

insignificant risk of changes in value.

The Group recognises cash when it is

within its control and, in accordance with

IFRS 9, when it has the contractual right

to obtain cash from the bank.

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Applied Nutrition plc Annual Report 2025

Cash in transit between Group

companies at a period end is recognised

within the receiving company’s statement

of financial position. Cash in transit to or

from external entities at a period end is

not recognised where the Group does

not have the contractual right to obtain

the cash and is therefore not deemed to

exercise control over it.

The Group’s cash recognition policies

are aligned with IFRS 9 as follows:

in respect of incoming receipts via

electronic transfer, the Group recognises

cash as a financial asset on the transfer

settlement date, and not before. In

respect of cheques received, the Group

classifies these as ‘promissory notes’

and recognises within cash equivalents

all cheques dated and deposited with the

bank up to and including the reporting

period end. In respect of card receipts,

the Group recognises a cash equivalent

on the transaction date as they are

readily convertible to cash and the credit

risk is deemed very low.

In respect of outgoing electronic

payments, where there is often a delay

between the remittance date and the

transfer settlement date, the Group

de‑recognises the cash from financial

assets (and de‑recognises the associated

financial liability) on the transfer

remittance date, and not after, when the

following conditions exist:

• there is no practical ability to withdraw,

stop or cancel the payment instruction;

• there is no practical ability to access

the cash to be used for settlement as a

result of the payment instruction; and

• the settlement risk associated with

the electronic payment system is

insignificant.

2.14 Financial assets

The Group classifies its financial

assets at amortised cost. Management

determines the classification of its

financial assets at initial recognition.

The Group’s financial assets held

at amortised cost comprise trade

and other receivables and cash and

cash equivalents in the consolidated

statement of financial position.

These assets are non‑derivative financial

assets with fixed or determinable

payments that are not quoted in an

active market.

They arise principally through the

provision of goods and services to

customers (e.g. trade receivables),

but also incorporate other types of

financial assets where the objective

is to hold their assets in order to

collect contractual cash flows and

the contractual cash flows are solely

payments of the principal and interest.

They are initially recognised at fair value

plus transaction costs that are directly

attributable to their acquisition or issue

and are subsequently carried at amortised

cost using the effective interest rate

method, less provision for impairment.

2.15 Financial liabilities

The Group measures its financial

liabilities at amortised cost. All financial

liabilities are recognised in the statement

of financial position when the Group

becomes a party to the contractual

provision of the instrument.

The Group’s financial liabilities held at

amortised cost comprise trade and other

payables and other short‑dated monetary

liabilities in the consolidated statement

of financial position. Trade payables and

other short‑dated monetary liabilities

are initially recognised at fair value and

subsequently carried at amortised cost

using the effective interest rate method.

Unless otherwise indicated, the carrying

values of the Group’s financial liabilities

measured at amortised cost represents

a reasonable approximation of their fair

values.

2.16 Impairment of assets

Carrying values of assets that are subject

to depreciation or amortisation are

periodically reviewed for any indicators

of impairment.

If an impairment indicator is identified,

the carrying value of the asset (or

cash‑generating units to which the

asset has been allocated) is tested

for impairment. An impairment loss

is recognised for the amount by which

the asset’s carrying amount exceeds

its recoverable amount.

The recoverable amount is the higher

of an asset’s fair value less costs to sell

and value in use. Non‑financial assets

that have been previously impaired

are reviewed at each reporting date to

assess whether there is any indication

that the impairment losses recognised in

prior periods may no longer exist or may

have decreased.

Impairment provisions for trade

receivables are recognised based on

the simplified approach within IFRS 9

using the lifetime expected credit losses.

During this process the probability of the

non‑payment of the trade receivables

is assessed. This probability is then

multiplied by the amount of the expected

loss arising from default to determine

the lifetime expected credit loss for the

trade receivables.

2.17 Equity instruments

Equity is the residual interest in the

assets of the Company after deducting

all liabilities and comprises the following:

• ‘share capital’ represents the nominal

value of equity shares;

• ‘share‑based payment reserve’

represents the cumulative fair value

of options charged to the statement of

profit or loss;

• ‘foreign exchange reserve’ represents

the cumulative value of foreign

currency translation differences; and

• ‘retained earnings’ represents retained

earnings less retained losses net of

dividends and other adjustments.

2.18 Employee benefits

The costs of short‑term employee

benefits are recognised as a liability

and an expense unless those costs are

required to be recognised as part of the

cost of inventory or fixed assets. The

cost of any unused holiday entitlement

is recognised in the period in which

the employee’s services are received.

Termination benefits are recognised

immediately as an expense when the

Group is demonstrably committed

to terminate the employment of an

employee or to provide termination

benefits.

2.19 Retirement benefit plans

The Group operates a defined

contribution pension scheme.

Contributions to the scheme are charged

to the statement of profit or loss and

other comprehensive income in the

period to which the contributions relate.

The assets of the scheme are held

separately from those of the Group.

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STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

2 SUMMARY OF THE GROUP’S

MATERIAL ACCOUNTING POLICIES

CONTINUED

2.20 Provisions

Provisions are recognised when the

Group has a present or legal constructive

obligation as a result of past events, it is

probable that an outflow of resources will

be required to settle the obligation and

the amount can be reliably estimated.

Provisions are recorded for the estimated

ultimate liability that is expected to arise,

taking into account the time value of money.

A provision against lease dilapidations

has been made based on senior

management’s assessment of likely costs

after assessing historical expenditure.

The amount recognised as a provision

is the best estimate of the consideration

required to settle the present obligation

at the reporting end date, taking into

account the risks and uncertainties

surrounding the obligation.

Where the effect of the time value of

money is material, the amount expected

to be required to settle the obligation

is recognised at present value. When

a provision is measured at present

value, the unwinding of the discount is

recognised as a finance cost in profit or

loss in the period in which it arises.

2.21 Leased assets

At inception of a contract, the Group

assesses whether a contract is, or

contains, a lease. A contract is, or

contains, a lease if the contract conveys

the right to control the use of an

identified asset for a period of time in

exchange for consideration.

To assess whether a contract conveys

the right to control the use of an

identified asset, the Group assesses

whether: an identified physically distinct

asset can be identified; and the Group

has the right to obtain substantially all

of the economic benefits from the asset

throughout the period of use and has the

ability to direct the use of the asset over

the lease term being able to restrict the

usage of third parties as applicable.

All leases are accounted for by

recognising a right‑of‑use asset and a

lease liability except for:

• leases of low‑value assets; and

• leases with a duration of twelve months

or less.

Lease liabilities are measured at

the present value of the contractual

payments due to the lessor over the

lease term, with the discount rate

determined by reference to the rate

inherent in the lease unless (as is

typically the case) this is not readily

determinable, in which case the

Group’s incremental borrowing rate on

commencement of the lease is used.

On initial recognition, the carrying value

of the lease liability also includes:

• amounts expected to be payable under

any residual value guarantee;

• the exercise price of any purchase

option granted in favour of the Group if

it is reasonably certain to access that

option; and

• any penalties payable for terminating

the lease, if the term of the lease has

been estimated on the basis of the

termination option being exercised.

Right‑of‑use assets are initially

measured at the amount of the lease

liability, reduced for any lease incentives

received, and increased for:

• lease payments made at or before

commencement of the lease;

• initial direct costs incurred; and

• the amount of any provision recognised

where the Group is contractually

required to dismantle, remove or

restore the leased asset.

Subsequent to initial measurement lease

liabilities increase as a result of interest

charged at a constant rate on the balance

outstanding and are reduced for lease

payments made. Right‑of‑use assets are

amortised on a straight‑line basis over

the remaining term of the lease or over

the remaining economic life of the asset

if, rarely, this is judged to be shorter than

the lease term. When the Group revises

its estimate of the term of any lease

(because, for example, it re‑assesses

the probability of a lessee extension

or termination option being exercised),

it adjusts the carrying amount of the

lease liability to reflect the payments

to make over the revised term, which

are discounted at the revised discount

rate applicable at the date of estimation.

An equivalent adjustment is made to the

carrying value of the right‑of‑use asset,

with the revised carrying amount being

amortised over the remaining (revised)

lease term.

Where the Group’s property leases

contain variable payment terms,

payments determined as variable are

treated as a charge to the consolidated

statement of comprehensive income and

not capitalised. Variable lease payments

are only included in the measurement

of the lease liability if they depend

on an index or rate. In such cases,

the initial measurement of the lease

liability assumes the variable element

will remain unchanged throughout the

lease term.

2.22 Share‑based payments

Details of the share‑based payment

schemes the Group operated in the year

can be found in note 22 of the Group

financial statements.

The fair value of employee services

received in exchange for the grant

of share awards is recognised as an

expense. Equity‑settled share‑based

payments are measured at fair value

at the date of grant and expensed on

a straight‑line basis over the vesting

period, based on the Group’s calculation

of the value of shares that will vest.

Cash‑settled share‑based payments

are measured at fair value at each

reporting period end and expensed on

a straight‑line basis over the vesting

period. The fair value of the cash‑settled

share‑based payments is measured

using a Probability‑Weighted Expected

Return Method (PWERM) model.

Employer social security contributions

payable in connection with the grant of

share awards are considered an integral

part of the grant itself and the charge is

treated as a cash‑settled transaction.

2.23 Segmental reporting

Operating segments are reported in

a manner consistent with the internal

reporting provided to the Chief Operating

Decision Maker (CODM). The CODM, who

is responsible for allocating resources

and assessing performance of the

operating segments, has been identified

as the Board of Directors of the Group.

The CODM has determined that there

is one single operating segment, the

manufacture and sale of sports nutrition

products.

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

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3 CRITICAL ACCOUNTING

ESTIMATES AND JUDGEMENTS

The preparation of the financial

information in compliance with IFRS

requires the use of certain critical

accounting estimates. It also requires

the Group management to exercise

judgement and use assumptions in

applying the Group’s accounting policies.

The resulting accounting estimates

calculated using these judgements and

assumptions may, by definition, not equal

the related actual results but are based

on historical experience and expectations

of future events. Management believe

that the estimates utilised in preparing

the financial information are reasonable

and prudent.

Estimates and judgements are

continually evaluated based on historical

experience and other factors, including

expectations of future events that are

believed to be reasonable under the

circumstances. In the future, actual

experience may differ from these

estimates and assumptions.

The judgements and key sources

of estimation uncertainty that have

a significant effect on the amounts

recognised in the financial information

are discussed below:

Share‑based payments

In order to calculate the value of

employee share options as required

by IFRS 2, the Group makes estimates

principally relating to the assumptions

used in its option‑pricing model. This is

a key estimate used to value the share

options in issue both at grant date and

at the balance sheet date.

Deferred tax assets

Deferred tax assets are recognised if

sufficient taxable income is likely to

be available in the future based on

management estimates and judgements.

Among other factors, the forecast results

from operating activities are taken into

account and the Group assesses the

recoverability of deferred tax assets at

each balance sheet date. Since future

business developments are uncertain

and partly beyond the Group’s control,

assumptions are required to estimate

future taxable income and the timing of

the realisation of deferred tax assets.

Estimates are adjusted in the period in

which there are sufficient indications for

an adjustment.

Discount rates

IFRS 16 states that the lease payments

shall be discounted using the lessee’s

incremental borrowing rate where the

rate implicit in the lease cannot be

readily determined. Accordingly, all

lease payments have been discounted

using the incremental borrowing rate

(IBR). The IBR has been determined

by management using a range of data

including current economic and market

conditions, review of current debt and

capital within the Group, lease length and

comparisons against seasoned corporate

bond rates and other relevant data

points.

The Group makes judgements to

estimate the IBR used to measure lease

liabilities based on expected third‑party

financing costs when the interest

rate implicit in the lease cannot be

readily determined. The IBR has been

determined by management using a

range of data including current economic

and market conditions, review of current

debt and capital within the Group, lease

length and comparisons against other

relevant data points. Significant changes

in IBR would cause changes to both

the value of the right‑of‑use assets and

corresponding lease liabilities. Sensitivity

analysis on the IBR, along with lease

liabilities, are detailed in note 14.

Carrying value of trade receivables

The Group holds material trade

receivable balances and the calculations

of provisions for impairment are

estimates of future events and therefore

uncertain. IFRS 9 requires the Group to

consider forward‑looking information

and the probability of default when

calculating expected credit losses.

The Group considers reasonable and

supportable customer‑specific and

market information about past events,

current conditions and forecasts of future

economic conditions when measuring

expected credit losses.

The key areas of judgement are below:

Allocation of licensing, selling and

marketing costs

The Group allocates licensing, selling

and marketing costs to administrative

expenses rather than cost of sales, as

these are not costs directly associated

with fulfilling performance obligations

under IFRS 15. This is a key area

of judgement in the presentation of

costs in the consolidated statement

of comprehensive income. If this was

changed, the cost of sales figure would

be higher and overheads costs would be

lower (although the impact would not

be material), and there would be no net

impact on the profit of the Group.

4 REVENUE

All Group revenue was generated from

the sale of goods and recognised at a

point of time, being when control has

passed to the customer. Management

considers that revenue derives from one

business stream, being the manufacture,

wholesale and retail of sports nutrition,

health and wellness products.

Volume‑based rebates are estimated

at each period end based on variable

consideration and recognised within

revenue. The Group anticipates all

rebates recognised will be payable

at the end of each financial year.

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STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

4 REVENUE CONTINUED

Revenue by geography

	2025	2024
	£m	£m
United Kingdom	48.4	33.6
Europe	15.6	10.7
Rest of the World	43.1	41.9
	107.1	86.2

Within the Group’s single business stream, revenue can be disaggregated across six product categories for the purpose

of alignment with the Directors’ internal reporting, being: protein, pre‑workout, grab‑and‑go, health and wellness, weight

management, and intra‑workout. An additional category is presented, being ‘other’, which includes sales of raw materials, white

label packaging and rebates where certain amounts are shown separately as they are unable to be allocated against specific

product ranges.

Revenue by product offering

	2025	2024
	£m	£m
Protein	32.0	26.1
Pre‑workout	18.6	19.6
Grab‑and‑go	18.7	12.8
Health and wellness	18.2	9.7
Weight management	5.8	7.4
Intra‑workout	13.2	10.4
Other	0.6	0.2
	107.1	86.2

The following table provides information about contract liabilities with customers. There were no contract assets as at

31 July 2025 and 31 July 2024.

	2025	2024
	£m	£m
Deferred income	0.2	0.1
	0.2	0.1

Revenue recognised in the year that was deferred from the previous year was £0.1 million in year ended 31 July 2025

(31 July 2024: £0.1 million). The contract liabilities relate to the deferred income in respect of the wholesale and retail of

sports nutritional, health and wellness products. Revenue is being recognised on the transfer of control to the customer.

The Group has taken the practical expedient under IFRS 15 to not disclose further details in respect of remaining revenue

performance obligations at each period end presented in the financial information, as all obligations are fulfilled within one year

or less.

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

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5 SEGMENTAL REPORTING

The Chief Operating Decision Maker (CODM) has been identified as the Board of Directors. The CODM reviews the Group’s internal

reporting in order to assess performance and allocate resources. The CODM has determined that there is one single operating

segment, the manufacture and sale of sports nutrition products.

Revenue by geography and products is set out in note 4, as required under entity‑wide disclosures when there is one single

operating segment. Assets held by the Company’s foreign subsidiary AN USA Holdings Inc. are immaterial to be disclosed

separately.

6 PROFIT BEFORE TAXATION

Profit before taxation is stated after charging:

	2025	2024
	£m	£m
Depreciation of owned property, plant and equipment	0.8	0.6
Depreciation of right‑of‑use assets	0.3	0.3

In reporting financial information, the Group presents alternative performance measures (APMs), which are not defined or

specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for

or superior to IFRS measures, provide depth and understanding to the users of the financial statements to allow for further

assessment of the underlying performance of the Group.

The Board considers that adjusted EBITDA is the most appropriate profit measure by which users of the financial statements

can assess the ongoing performance of the Group. EBITDA is a commonly used measure in which earnings are stated before net

finance income, amortisation and depreciation. The Group makes further adjustments to remove items that are exceptional or are

not reflective of the underlying operational performance either due to their nature or level of volatility.

Adjusting items and reconciliation of operating profit (an IFRS measure) to adjusted EBITDA:

	2025	2024
	£m	£m
Operating profit	28.1	23.7
Adjusting items:
Costs relating to Initial Public Offering	1.7	1.2
Share‑based payment expense	—	0.2
Adjusted operating profit	29.8	25.1
Depreciation and amortisation	1.1	0.9
Adjusted EBITDA	30.9	26.0

As a result of its admission to the London Stock Exchange, the Group incurred a total of £2.9 million of costs associated with

the Initial Public Offering, of which £1.2 million were recognised in the year ended 31 July 2024 and the remainder, £1.7 million,

in the year ended 31 July 2025. These costs are considered exceptional in nature as a result of relating to a one‑off transaction.

In accordance with IFRS 2, a share‑based payment expense of £nil was recognised in the year ended 31 July 2025

(2024: £0.2 million) in respect of a Director Share Option Plan created in FY21. There is not expected to be further costs in

relation to this scheme.

All adjusting items were recognised within administrative expenses.

Services provided by the Company’s auditors

During the year, the Group obtained the following services from the Company’s auditors:

	2025	2024
	£m	£m
Fees payable to the Company’s auditors for the audit of the Company and consolidated financial statements	0.3	0.1
Fees payable to the Company’s auditors for other services:
– IPO‑related services	—	0.6
Total auditors’ remuneration	0.3	0.7

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7 STAFF COSTS

The average monthly number of persons (including Directors) employed by the Group during the year was:

	2025	2024
	No.	No.
Directors	6	4
Warehouse/production	150	147
Office	51	44
	207	195

Staff costs (including Directors) are outlined below.

	2025	2024
	£m	£m
Wages and salaries	9.7	7.8
Social security contributions and similar taxes	0.9	0.8
Share‑based payment expense (note 22)	—	0.2
Other pension costs	0.2	0.1
	10.8	8.9

8 DIRECTOR REMUNERATION

Director remuneration comprised:

	2025	2024
	£m	£m
Wages and salaries	0.8	0.6
Gains on exercise of share options	2.8	—
	3.6	0.6

There were two Directors participating in money purchase pension schemes as at the year ended 31 July 2025 (2024: two).

Key management personnel include all of the Directors, who together have authority and responsibility for planning, directing and

controlling the activities of the Group’s business. There are no key management personnel other than the Directors of the Group.

Directors’ remuneration is also set out in the Directors’ remuneration report on pages 66 to 81.

9 FINANCE INCOME AND EXPENSE

	2025	2024
	£m	£m
Finance income
Interest receivable	0.5	0.7
	0.5	0.7
Finance expense
Interest on lease liabilities and dilapidations	0.1	0.1
	0.1	0.1

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

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10 TAXATION

Analysis of charge in year

	2025	2024
	£m	£m
Total current tax	8.0	6.4
Adjustments in respect of prior periods	0.1	(0.2)
Total current tax	8.1	6.2
Deferred tax credit
Origination and reversal of timing differences	(0.6)	(0.3)
Adjustment in respect of prior periods	(0.1)	(0.3)
Total deferred tax	(0.7)	(0.6)
Tax charge per statement of comprehensive income	7.4	5.6
Deferred tax charge/(credit) on share‑based payments	0.4	(0.4)
Tax charge/(credit) per statement of other comprehensive income	0.4	(0.4)
Tax credit on share‑based payments	(0.6)	—
Tax credit recognised directly in equity	(0.6)	—

The tax charges for the years presented differ from the standard rate of corporation tax in the UK. The differences are

explained below:

	2025	2024
	£m	£m
Profit on ordinary activities before tax	28.5	24.3
Tax using the Group’s domestic tax rates	7.1	6.1
Effects of:
Expenses not deductible for tax purposes	0.3	0.3
Movement on unrecognised deferred tax	—	(0.1)
R&D tax claim	0.1	(0.3)
Effect of tax rates in foreign jurisdictions	0.1	—
Adjustments in respect of prior periods to current tax	0.1	(0.2)
Adjustments in respect of prior periods to deferred tax	(0.1)	(0.2)
Income not taxable	(0.1)	—
Other differences	(0.1)	—
Total tax charge	7.4	5.6

The applicable standard rate of corporation tax in the UK in the year ended 31 July 2025 was 25% (2024: 25%). The tax charge in

the current year is higher than (2024: lower than) the standard tax charge.

Deferred taxation assets and liabilities

Deferred taxation is calculated in full using a tax rate of 25% (2024: 25%). The following are the principal categories of deferred

taxation assets and liabilities recognised by the Group and the movements thereon during the current and prior year.

	2025	2024
	£m	£m
Opening balance	0.6	(0.3)
Adjustments in respect of prior periods	0.1	—
Credited to the income statement	0.6	0.5
(Charged)/credited in other comprehensive income	(0.4)	0.4
	0.9	0.6

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10 TAXATION CONTINUED

Deferred taxation assets and liabilities continued

	2025	2024
	£m	£m
Accelerated capital allowances	(0.3)	(0.4)
Share‑based payment timing differences (note 22)	—	0.5
Tax losses	1.0	0.5
Other differences	0.2	—
	0.9	0.6

The net position of £0.9 million (2024: £0.6 million) is reflected in the statement of financial position as:

	2025	2024
	£m	£m
Deferred tax assets	1.2	0.6
Deferred tax liabilities	(0.3)	—
	0.9	0.6

As permitted by IAS 12, deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current

taxation assets against current taxation liabilities and when the deferred taxes relate to the same fiscal authority. The deferred

taxation assets disclosed above are deemed to be recoverable.

The majority of the deferred taxation balance is expected to reverse after more than twelve months.

11 EARNINGS PER SHARE

Basic and diluted

	2025	2024
Earnings
Earnings for the purposes of basic and diluted earnings per share, being profit
for the year attributable to equity shareholders (£m)	21.1	18.7
Number of shares
Weighted average number of shares (No. of shares) 1	250,000,000	250,000,000
Basic and diluted earnings per share (pence)	8.4	7.5

1. As a result of the sub‑division and re‑designation of ordinary shares which took place on 23 October 2024, immediately prior to the Company’s admission to the Main Market

of the London Stock Exchange, the basic and diluted earnings per share have been calculated based on a total of 250 million ordinary shares.

The calculation of adjusted basic and diluted EPS is based on the following:

	2025	2024
Profit for the period (£m)	21.1	18.7
Adjusted for:
Costs relating to Initial Public Offering (£m)	1.7	1.2
Share‑based payment expense (£m)	—	0.2
Tax effect of the above (£m)	(0.2)	(0.1)
Adjusted earnings (£m)	22.6	20.0
Adjusted basic and diluted earnings per share (pence)	9.1	8.0

12 DIVIDENDS

	2025	2024
	£m	£m
Dividend declared before admission to the Main Market of the London Stock Exchange	14.7	—
	14.7	—

There is no final dividend for the year ended 31 July 2025 (2024: £nil).

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

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Applied Nutrition plc Annual Report 2025

13 PROPERTY, PLANT AND EQUIPMENT

	Plant and	Fixtures and	Motor	Computer
	machinery	fittings	vehicles	equipment	Total
	£m	£m	£m	£m	£m
Cost
At 1 August 2023	1.2	0.7	0.1	0.2	2.2
Additions	0.8	0.2	—	—	1.0
At 31 July 2024	2.0	0.9	0.1	0.2	3.2
Depreciation
At 1 August 2023	0.6	0.3	—	—	0.9
Charge for the year	0.3	0.2	—	0.1	0.6
At 31 July 2024	0.9	0.5	—	0.1	1.5
Net book amount
At 31 July 2024	1.1	0.4	0.1	0.1	1.7
Cost
At 1 August 2024	2.0	0.9	0.1	0.2	3.2
Additions	0.8	0.1	—	0.1	1.0
FX differences	(0.1)	—	—	—	(0.1)
At 31 July 2025	2.7	1.0	0.1	0.3	4.1
Depreciation
At 1 August 2024	0.9	0.5	—	0.1	1.5
Charge for the year	0.4	0.2	0.1	0.1	0.8
FX differences	(0.1)	(0.1)	—	—	(0.2)
At 31 July 2025	1.2	0.6	0.1	0.2	2.1
Net book amount
At 31 July 2025	1.5	0.4	—	0.1	2.0

Depreciation charges are recognised in administrative expenses in the consolidated statement of comprehensive income.

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14 LEASED ASSETS

	2025	2024
Number of active leases	3	3

The Group’s leases include leasehold properties for commercial and head office use.

Extension, termination and break options

The Group sometimes negotiates extension, termination or break clauses in its leases. In determining the lease term,

management consider all facts and circumstances that create an economic incentive to exercise an extension option, or not

exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the

lease is reasonably certain to be extended (or not terminated).

On a case‑by‑case basis, the Group will consider whether the absence of a break clause would expose the Group to excessive risk.

Typically, factors considered in deciding to negotiate a break clause include:

• the length of the lease term;

• the economic stability of the environment in which the property is located; and

• whether the location represents a new area of operations for the Group.

Incremental borrowing rate

The Group has adopted a rate with a range of 3.25% to 5.00% as its incremental borrowing rate (IBR), being the rate that the

individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right‑of‑use asset in

a similar economic environment with similar terms, security and conditions. This rate is used to reflect the risk premium over the

borrowing cost of the Group measured by reference to the Group’s facilities.

Sensitivity analysis has been performed that shows that the effect of a 1% decrease in the IBR used will cause an increase in

lease liabilities of below £0.1 million as at 31 July 2025 (2024: £0.1 million) and an increase in right‑of‑use assets of £0.1 million

(2024: £0.1 million). An increase of 1% in the IBR used will cause a decrease in lease liabilities of below £0.1 million as at

31 July 2025 (2024: same) and a decrease in right‑of‑use assets of £0.1 million (2024: £0.1 million).

Right‑of‑use assets

	Leasehold
	property	Total
	£m	£m
Cost
At 1 August 2023	2.5	2.5
At 31 July 2024	2.5	2.5
Depreciation
At 1 August 2023	0.4	0.4
Charge for the period	0.3	0.3
At 31 July 2024	0.7	0.7
Net book amount
At 31 July 2024	1.8	1.8
Cost
At 1 August 2024	2.5	2.5
Addition – rent modification	1.5	1.5
At 31 July 2025	4.0	4.0
Depreciation
At 1 August 2024	0.7	0.7
Charge for the period	0.3	0.3
At 31 July 2025	1.0	1.0
Net book amount
At 31 July 2025	3.0	3.0

Depreciation charges are recognised in administrative expenses in the consolidated statement of comprehensive income.

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

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Lease liabilities

	Leasehold
	property	Total
	£m	£m
At 1 August 2023	2.1	2.1
Lease payments	(0.3)	(0.3)
At 31 July 2024	1.8	1.8
At 1 August 2024	1.8	1.8
Addition – rent modification	1.5	1.5
Interest expense	0.1	0.1
Lease payments	(0.4)	(0.4)
At 31 July 2025	3.0	3.0

The Group recognises non‑current provisions for dilapidations in respect of leased properties, details of which are shown in note

20. Movement on the provisions for dilapidations has been recognised in the consolidated statement of comprehensive income.

Lease liabilities are as follows:

	2025	2024
	£m	£m
Within one year	0.7	0.4
Later than one year and less than five years	2.6	1.3
After five years	—	0.3
Total including interest cash flows	3.3	2.0
Less: interest cash flows	(0.3)	(0.2)
Total principal cash flows	3.0	1.8

Lease liabilities are comprised of the following current and non‑current amounts:

	2025	2024
	£m	£m
Current
Amounts due within one year	0.6	0.3
Non‑current
Amounts due after more than one year	2.4	1.5
Total lease liability	3.0	1.8

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STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

15 INTANGIBLE ASSETS

All values (cost, amortisation and net book) relating to intangible assets for the current and prior reporting year were below

£0.1 million.

Addition of costs relating to intangible assets during 2025 was below £0.1 million, but taken together with the brought‑forward

costs of intangible assets as at 1 August 2024, the closing cost of intangible assets was £0.1 million.

Amortisation as at 1 August 2024 and charged during 2025 totals less than £0.1 million.

All intangible assets during the current and prior periods related to patents and licences.

16 INVENTORIES

	2025	2024
	£m	£m
Raw materials	12.8	10.7
Finished goods and goods for resale	10.0	8.8
	22.8	19.5

The cost of Group inventories recognised as an expense in year to 31 July 2025 amounted to £51.4 million (2024: £40.7 million).

This is included in cost of sales. Inventory write‑offs and inventory provisions netted from gross inventory were £0.4 million for

the year to 31 July 2025 (2024: £0.9 million).

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

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17 TRADE AND OTHER RECEIVABLES

	2025	2024
	£m	£m
Amounts falling due within one year:
Trade receivables	26.4	17.1
Less: provision for impairment	(0.7)	(0.8)
Trade receivables – net	25.7	16.3
Corporation tax	—	0.5
Prepayments	1.7	0.5
	27.4	17.3

Trade receivables are amounts due from customers for goods sold in the ordinary course of business. They are generally due

for settlement within 30 to 60 days for certain credit customers and therefore are all classified as current. Trade receivables are

non‑interest bearing. The fair value of trade and other receivables is equivalent to their carrying amount.

Under IFRS 9, the Group is required to utilise objective evidence as well as consider forward‑looking information and the

probability of default when calculating expected credit losses. The maturity of assets and history of write‑offs is therefore used as

an indicator as to the probability of default. Trade receivables are written off if the customer has entered into insolvency, or in the

view of management there is no expectation of recovery.

The loss allowance as at 31 July 2025 and 31 July 2024 was determined as follows for trade receivables:

	Current	<30 days	31‑60 days	61+ days	Total
As at 31 July 2024	£m	£m	£m	£m	£m
Expected credit loss rate	—	4.8%	10.3%	29.2%	4.8%
Total gross carrying amount	10.1	3.7	1.7	1.6	17.1
Expected credit loss	—	(0.2)	(0.2)	(0.4)	(0.8)
Total	10.1	3.5	1.5	1.2	16.3

	Current	<30 days	31‑60 days	61+ days	Total
As at 31 July 2025	£m	£m	£m	£m	£m
Expected credit loss rate	—	5.8%	14.0%	12.2%	2.7%
Total gross carrying amount	19.4	2.9	1.0	3.1	26.4
Expected credit loss	—	(0.2)	(0.1)	(0.4)	(0.7)
Total	19.4	2.7	0.9	2.7	25.7

18 CASH AND CASH EQUIVALENTS

	2025	2024
	£m	£m
Cash and cash equivalents	18.5	18.7
	18.5	18.7

The fair value of cash and cash equivalents is equivalent to their carrying amount.

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19 TRADE AND OTHER PAYABLES

	2025	2024
	£m	£m
Amounts falling due within one year:
Trade payables	10.6	3.8
Corporation tax	0.5	—
Social security and other taxes	0.3	0.2
VAT	0.5	0.6
Deferred income	0.2	0.1
Accruals	5.0	4.8
	17.1	9.5

Trade payables are non‑interest bearing and are normally settled monthly. The fair value of trade and other payables is equivalent

to their carrying amount.

20 PROVISIONS

Non‑current

	Leasehold
	property
	dilapidations	Total
	£m	£m
At 1 August 2023	0.2	0.2
At 31 July 2024	0.2	0.2
At 1 August 2024	0.2	0.2
Interest expense	0.1	0.1
At 31 July 2025	0.3	0.3

As part of the Group’s property leasing arrangements there is an obligation to repair damage which occurs during the life of

the lease, such as wear and tear. These costs have been shown separately to the lease obligation liability as detailed in note 14.

The provisions are expected to be utilised by 2030 as the leases terminate. The dilapidations provision is considered a source

of estimation. The provision has been calculated using historical experience of actual expenditure incurred on dilapidations and

estimated lease termination dates.

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

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21 SHARE CAPITAL

Allotted, called up and fully paid

	2025	2024
	Shares	Shares
Ordinary shares of £0.0002 each Opening number of ordinary shares	—	—
Sub‑division and re‑designation of shares	250,000,000	—
Closing number of ordinary shares	250,000,000	—
A1 ordinary shares of £0.01 each Opening number of A1 ordinary shares	5,433	5,800
Bonus issue	2,711,067	—
Re‑designation of shares	(2,716,500)	(367)
Closing number of A1 ordinary shares	—	5,433
A2 ordinary shares of £0.01 each Opening number of A2 ordinary shares	943	1,000
Bonus issue	470,557	—
Re‑designation of shares	(471,500)	(57)
Closing number of A2 ordinary shares	—	943
B ordinary shares of £0.01 each Opening number of B ordinary shares	3,136	3,200
Bonus issue	1,564,864	—
Re‑designation of shares	(1,568,000)	(64)
Closing number of B ordinary shares	—	3,136
D ordinary shares of £0.01 each Opening number of D ordinary shares	488	—
Bonus issue	243,512	—
Re‑designation of shares	(244,000)	488
Closing number of D ordinary shares	—	488
Closing number of shares	250,000,000	10,000

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21 SHARE CAPITAL CONTINUED

Allotted, called up and fully paid continued

	2025	2024
	£	£
Ordinary shares of £0.0002 each Opening value of ordinary shares	—	—
Sub‑division and re‑designation of shares	50,000.00	—
Closing value of ordinary shares	50,000.00	—
A1 ordinary shares of £0.01 each Opening value of A1 ordinary shares	54.33	58.00
Bonus issue	27,110.67	—
Re‑designation of shares	(27,165.00)	(3.67)
Closing value of A1 ordinary shares	—	54.33
A2 ordinary shares of £0.01 each Opening value of A2 ordinary shares	9.43	10.00
Bonus issue	4,705.57	—
Re‑designation of shares	(4,715.00)	(0.57)
Closing value of A2 ordinary shares	—	9.43
B ordinary shares of £0.01 each Opening value of B ordinary shares	31.36	32.00
Bonus issue	15,648.64	—
Re‑designation of shares	(15,680.00)	(0.64)
Closing value of B ordinary shares	—	31.36
D ordinary shares of £0.01 each Opening value of D ordinary shares	4.88	—
Bonus issue	2,435.12	—
Re‑designation of shares	(2,440.00)	4.88
Closing value of D ordinary shares	—	4.88
Closing value of share capital	50,000.00	100.00

There is a single class of ordinary shares in issue. There are no restrictions on dividends or the repayment of capital.

Shareholders are entitled to one voting right per share.

Re‑designation of shares

On 31 January 2024, 116 A1 ordinary shares, 20 A2 ordinary shares and 64 B ordinary shares were re‑designated into

200 D ordinary shares of £0.01 each.

On 18 April 2024, 171 A1 ordinary shares and 29 A2 ordinary shares were re‑designated into 200 D shares of £0.01 each.

On 6 June 2024, 42 A1 ordinary shares and 8 A2 ordinary shares were re‑designated into 50 D ordinary shares of £0.01 each.

On 7 June 2024, 38 A1 ordinary shares were re‑designated into 38 D ordinary shares of £0.01 each.

On 24 September 2024, a shareholders’ resolution was passed in respect of a bonus issue of 4,990,000 new ordinary shares.

A sum of £49,900 was capitalised from the Company’s distributable reserves and appropriated to the shareholders of the

Company in proportion to the number of ordinary shares (A1, A2, B and D) in the Company held by them respectively. As a result

of the bonus issue, the total number of ordinary shares in issue increased to 5,000,000 and the resultant share capital increased

to £50,000. This transaction was required to facilitate the Company’s re‑registration as a PLC.

On 23 October 2024, immediately prior to the Company’s admission to the Main Market of the London Stock Exchange, each of the

2,716,500 A1 ordinary shares of £0.01 each, 471,500 A2 ordinary shares of £0.01 each, 1,568,000 B ordinary shares of £0.01 each

and 244,000 D ordinary shares of £0.01 each in the capital of the Company were sub‑divided and re‑designated as 250,000,000

ordinary shares of £0.0002 each in the capital of the Company.

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

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22 SHARE-BASED PAYMENTS

In the year ended 31 July 2025, the Group operated one equity‑settled share‑based payment plan established following the

Company’s admission to the London Stock Exchange and described below. In the year ended 31 July 2024, the Group operated one

equity‑settled share‑based payment plan, all open options of which were exercised in the year to 31 July 2025 and the scheme is

now closed. The Group recognised a total charge of £0.2 million in respect of the equity‑settled share‑based payment transactions

in the year ended 31 July 2024. As a result of the exercise and closing of the scheme, there are no outstanding share options at

31 July 2025.

In the year ended 31 July 2025, the Group operated one cash‑settled share‑based payment plan (2024: one).

The Group recognised a total charge of £nil in respect of the cash‑settled share‑based payment transactions in the year ended

31 July 2025 (2024: £nil). The fair value of the cash‑settled share‑based payments is measured using a Probability‑Weighted

Expected Return Method (PWERM) model which resulted in an outcome that was deemed not material. As at 31 July 2025,

AN USA Holdings Inc.’s CEO owned 10% of the shares in issue of AN USA Holdings Inc. as the shares held no rights to vote,

or receive dividends, and could only be bought back by AN USA Holdings Inc. at a predetermined formulaic price and is therefore

treated as a cash‑settled share‑based payment scheme.

Long‑term Incentive Plan (LTIP)

In the year ended 31 July 2025, the Group established an equity‑settled LTIP which forms a key component of the overall

remuneration package for Executive Directors, further details of which can be found in the Directors’ Remuneration Report.

The scheme will apply from the year ending 31 July 2026 and therefore in the year to 31 July 2025, no share awards were

made and the Group recognised a total charge of £nil in respect of the LTIP’s equity‑settled share‑based payment transactions

(2024: £nil).

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23 FINANCIAL INSTRUMENTS

Financial assets

The Group’s financial instruments comprise cash and cash equivalents, lease liabilities and items such as trade and other

receivables and trade and other payables, which arise from its operations. The carrying amounts of all of the Group’s financial

instruments are measured at amortised cost. Financial assets do not include prepayments. Financial liabilities do not include

deferred income and other taxation and social security.

	2025	2024
	£m	£m
Trade receivables	25.7	16.3
Cash and cash equivalents	18.5	18.7
	44.2	35.0

Financial liabilities

Financial liabilities measured at amortised cost comprise trade payables, other payables, and accruals. It does not include

deferred income and other taxation and social security.

	2025	2024
	£m	£m
Trade payables	10.6	3.8
Accruals	5.0	4.8
Lease liabilities	3.0	1.8
	18.6	10.4

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

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Financial risk management

The Group is exposed through its

operation to the following financial

risks: credit risk, interest rate risk,

foreign exchange risk and liquidity

risk. Risk management is carried

out by the Directors. The Group uses

financial instruments to provide

flexibility regarding its working capital

requirements and to enable it to manage

specific financial risks to which it is

exposed.

The Group finances its operations

through cash and liquid resources and

various items such as trade debtors and

trade payables which arise directly from

the Group’s operations.

Credit risk

Credit risk is the risk of financial loss to

the Group if a customer or counterparty

to a financial instrument fails to meet

its contractual obligations. In order to

minimise the risk, the Group endeavours

only to deal with companies which are

demonstrably creditworthy and this,

together with the aggregate financial

exposure, is continuously monitored. The

Group’s review includes external ratings,

where available, and purchase limits are

established for each customer, which

represents the maximum open amount

without requiring approval from the

Group’s finance function. The maximum

exposure to credit risk is the carrying

value of its financial receivables, trade

and other receivables and cash and cash

equivalents as disclosed in the notes to

the Group financial statements.

The aged receivables analysis is

evaluated on a regular basis for potential

doubtful debts, considering historic,

current and forward‑looking information.

No impairments to trade receivables

have been made to date. Further

disclosures regarding trade and other

receivables are provided within the notes

to the Group financial statements.

Credit risk also arises on cash and cash

equivalents and deposits with banks

and financial institutions. For banks and

financial institutions, only independently

rated parties with minimum rating ‘B+’

are accepted. Currently, the financial

institution where the Group holds

significant levels of cash is The Royal

Bank of Scotland plc, which is rated

higher than B+ by all four major credit

reference agencies.

Interest and market rate risk

As at 31 July 2025, the Group had no

current borrowings and used no finance

facilities or debt structures to co‑ordinate

business. Therefore, interest and market

rate risk exposure for the Group is

minimal. The Group’s policy aims to

manage the interest cost of the Group

within the constraints of its financial

borrowings.

The Group has entered into significant

leases for assets, namely leasehold

properties, under fixed interest rate

terms. This means that the interest rate

charged on these leases is fixed for the

entire term of the lease, regardless of

changes in market interest rates.

If market interest rates rise, the Group’s

fixed‑rate leases will become less

attractive to potential lessors, as they

would be able to obtain better rates

elsewhere. On renewal of these leases,

this could result in the Group having to

renew or renegotiate these leases at

higher rates, which would increase its

operating costs and potentially reduce

its profitability.

The Group looks to mitigate this risk

by committing to lease agreements

in respect of leasehold properties in

advance of the end of lease terms,

ensuring management can manage

and plan for interest rate change.

Foreign exchange risk

Foreign exchange risk arises when

the Group enters into transactions in

a currency other than their functional

currency. The Group’s policy is, where

possible, to settle liabilities denominated

in a currency other than its functional

currency with cash already denominated

in that currency. Where Group entities

have liabilities denominated in a

currency other than their functional

currency (and have insufficient reserves

of that currency to settle them), cash

already denominated in that currency

will, where possible, be transferred from

elsewhere in the Group.

119

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STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

23 FINANCIAL INSTRUMENTS CONTINUED

Financial risk management continued

Foreign exchange risk continued

The Group’s exposure to foreign currency risk at the end of the respective reporting period was as follows:

	2025	2024
	£m	£m
Cash
USD	0.5	0.3
Total cash	0.5	0.3
Trade receivables
USD	0.8	0.5
Total trade receivables	0.8	0.5
Trade payables
USD	0.6	0.3
Total trade payables	0.6	0.3

The effect of a 10% strengthening and 10% weakening of the US dollar against sterling would result in the following impact to the

consolidated statement of profit or loss and other comprehensive income:

	2025	2024
	£m	£m
10% strengthening	(0.1)	(0.1)
10% weakening	0.1	0.1

Liquidity risk

Liquidity risk arises from the Group’s management of working capital and the finance charges and repayments of its financial

liabilities. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group seeks

to maintain sufficient cash balances and management review cash flow forecasts on a regular basis to determine whether the

Group has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities.

A maturity analysis of the Group’s financial liabilities and lease liabilities is shown below:

	2025	2024
	£m	£m
Less than one year:
Trade and other payables	10.6	3.8
Accruals	5.0	4.8
Lease liability	0.7	0.4
	16.3	9.0
Later than one year and less than five years:
Lease liability	2.6	1.3
After five years:
Lease liability	—	0.3
	18.9	10.6
Less: interest cash flows:
Lease liability	(0.3)	(0.2)
Total less interest cash flows	18.6	10.4

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

120

Applied Nutrition plc Annual Report 2025

Capital risk management

The capital structure of the business consists of cash and cash equivalents and equity. Equity comprises share capital and

retained earnings and is equal to the amount shown as ‘Equity’ in the balance sheet.

The Group’s current objectives when maintaining capital are to:

• safeguard the Group’s ability as a going concern so that it can continue to pursue its growth plans;

• provide a reasonable expectation of future returns to shareholders; and

• maintain adequate financial flexibility to preserve its ability to meet financial obligations, both current and long term.

The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and adjusts it in the

light of changes in economic conditions and the risk characteristics of underlying assets. In order to maintain or adjust the capital

structure, the Group may issue new shares or sell assets.

24 INVESTMENTS IN SUBSIDIARIES

The subsidiaries of the Group, all of which have been included in these consolidated financial statements, are as follows:

			Percentage of voting	Proportion of ordinary shares
Subsidiary	Principal activity	Country of incorporation	rights held	held by Group
AN USA Holdings Inc.	Sale of sports	United States of America	2025: 100%	2025: 90%
	nutrition products	(2024:	100%)	(2024: 90%)
Applied Nutrition	Dormant		Colombia, South America 2025: 100%	2025: 100%
Colombia SAS		(2024:	100%)	(2024: 100%)

The Group holds direct investments in all subsidiaries.

On 4 June 2024, AN USA Holdings Inc.’s CEO was issued 10,000 class A shares. The shares held required employment of the

individual in years one, two and three, with a further option contained with the ability to sell one‑third of the shares per annum,

starting from the fourth year of service thereafter to AN USA Holdings Inc. at a set predetermined formulaic price (based on the

financial performance/a financial metric rather than equity value). The class A shareholders held no rights to vote, nor receive

dividends.

The A shares represent a long‑term employment benefit under IAS 19 across the service of employment. As at 31 July 2025,

the employee benefit expense accrued was £nil, as the potential liability was immaterial.

As at 31 July 2025, AN USA Holdings Inc.’s CEO owned 10% of the shares in issue of AN USA Holdings Inc.; as the shares held no

rights to vote, or receive dividends, and could only be bought back by AN USA Holdings Inc. at a predetermined formulaic price,

it is concluded the AN USA Holdings Inc.’s CEO held no rights to AN USA Holdings Inc.’s equity outside of the predetermined

formula, and thus no non‑controlling interest (NCI) existed. No recognition of NCI was recognised as at 31 July 2025, nor was

any recognised as at 31 July 2024.

25 RELATED PARTY TRANSACTIONS

The Group’s related parties include its subsidiary undertakings, key management personnel (comprising the Executive and

Non‑Executive Directors), their closely related family members and shareholders with significant influence. Transactions and

balances between the parent and its subsidiaries have been eliminated upon consolidation and are not disclosed.

Key management compensation

The remuneration of key management personnel, comprising the Executive and Non‑Executive Directors of the Company, is set

out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures:

	2025	2024
	£m	£m
Short‑term employee benefits (salary and bonus)	0.9	0.6
Share‑based payment expense	—	0.2
	0.9	0.8

Further information on remuneration of Directors can be found in the Directors’ Remuneration Report.

121

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STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

25 RELATED PARTY TRANSACTIONS CONTINUED

Dividend

The following dividends were paid to Directors of the Company during their term of office, or other related party:

	2025	2024
	£m	£m
Thomas Ryder	7.9	—
Steven Granite	1.4	—
Blythe Investments	0.3	—
Scate Limited	0.1	—
Joe Pollard	0.1	—
JD Sports Fashion plc	4.6	—

Blythe Investments and Scate Limited are related parties by virtue of the fact they are considered to be controlled by Directors of

the Company.

Shareholders with significant influence

As a result of the Group’s IPO on 24 October 2024, JD Sports Fashion plc reduced its shareholding from 31.36% to less than 10%

of the issued shared capital of Applied Nutrition plc. As such, the entity no longer meets the definition of an associate company as

described by IAS 28 Investments in Associates and Joint Ventures. Similarly, JD Sports Fashion plc no longer meets the definition

of related party, as described by IAS 24 Related Party Disclosures.

Other related party transactions

	2025	2024
	£m	£m
Sales (during the period of being a related party)	0.3	1.2
Amount due at period end	n/a	0.1

The above transactions were with JD Sports Gyms Limited, which was considered a related party by virtue of its ownership via JD

Sports Fashion plc. This ceased to be the case after the IPO of the Group and therefore the above disclosure relates only to the

period it was considered to be a related party.

There were no other amounts due to or from related parties as at 31 July 2025 (2024: none). The Group has not made any

allowance for bad or doubtful debts in respect of related party debtors nor has any guarantee been given or received during the

historical financial period regarding related party transactions.

26 RETIREMENT BENEFIT PLANS

The Group operates a defined contribution retirement benefit plan for all qualifying employees. The assets of the plan are held

separately from those of the Group in funds under the control of trustees. The total expense recognised in the statement of profit

or loss and other comprehensive income of £0.2 million (2024: £0.1 million) represents contributions payable to this plan by

the Group at rates specified in the rules of the plan. Amounts totalling less than £0.1 million (2024: less than £0.1 million) were

outstanding at the balance sheet date.

27 CHANGES IN LIABILITIES FROM FINANCING ACTIVITIES

		Financing		New borrowings	Non‑cash
	2023	cash flows	Interest	non‑cash	changes	2024
	£m	£m	£m	£m	£m	£m
Lease liabilities	2.1	(0.3)	—	—	—	1.8
Total liabilities from financing activities	2.1	(0.3)	—	—	—	1.8

		Financing		New borrowings	Non‑cash
	2024	cash flows	Interest	non‑cash	changes	2025
	£m	£m	£m	£m	£m	£m
Lease liabilities	1.8	(0.4)	0.1	—	1.5	3.0
Total liabilities from financing activities	1.8	(0.4)	0.1	—	1.5	3.0

28 POST BALANCE SHEET EVENTS

There have been no material post balance sheet events that would require disclosure or adjustment to these financial statements.

NOTES TO THE GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

122

Applied Nutrition plc Annual Report 2025

Note

2025

£m

2024

£m

Non‑current assets

Intangible assets 0.1 —

Property, plant and equipment 3 1.9 1.7

Right‑of‑use assets 4 3.0 1.8

Deferred tax assets 5 — 0.1

Intercompany loans 8 8.8 5.1

13.8 8.7

Current assets

Inventories 6 20.3 18.3

Trade and other receivables 7 26.6 16.9

Cash and cash equivalents 9 18.1 18.4

65.0 53.6

Total assets 78.8 62.3

Current liabilities

Lease liabilities 11 (0.6) (0.3)

Trade and other payables 10 (16.4) (9.8)

(17.0) (10.1)

Non‑current liabilities

Deferred tax liabilities 5 (0.4) —

Lease liabilities 11 (2.4) (1.5)

Provision for liabilities 12 (0.3) (0.2)

(3.1) (1.7)

Total liabilities (20.1) (11.8)

Net assets 58.7 50.5

Equity

Share capital 13 0.1 —

Share‑based payment reserve 0.2 0.2

Retained earnings 58.4 50.3

Total equity 58.7 50.5

The accompanying notes form an integral part of the parent company financial statements. Applied Nutrition plc is registered in

England and Wales (company number: 09131749).

As permitted by section 408 of the Companies Act 2006, the Company’s statement of profit or loss has not been included in these

financial statements.

The Company generated a profit for the year to 31 July 2025 of £22.7 million (2024: £19.4 million).

The notes on pages 125 to 133 are an integral part of these financial statements.

The financial statements on pages 123 to 133 were approved and authorised for issue by the Board of Directors on 7 November

and signed on its behalfby:

Thomas Ryder Joe Pollard

Chief Executive Officer Chief Financial Officer

PARENT COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2025

123

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

capital

£m

Share‑based

payment

reserve

£m

Retained

earnings

£m

Total

equity

£m

As at 1 August 2023 — — 30.5 30.5

Comprehensive income:

Profit for the year — — 19.4 19.4

Share‑based payments — — 0.4 0.4

Transactions with owners:

Share‑based payments — 0.2 — 0.2

Balance at 31 July 2024 — 0.2 50.3 50.5

Comprehensive income:

Profit for the year — — 22.7 22.7

Other comprehensive loss — — (0.4) (0.4)

Transactions with owners:

Bonus share issue 0.1 — (0.1) —

Dividends paid — — (14.7) (14.7)

Tax recognised directly in equity — — 0.6 0.6

Balance at 31 July 2025 0.1 0.2 58.4 58.7

The accompanying notes form an integral part of the parent company financial statements.

PARENT COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

124

Applied Nutrition plc Annual Report 2025

1 SUMMARY OF PARENT

COMPANY’S ACCOUNTING

POLICIES

1.1 Basis of preparation

The Company is a public limited company

registered and incorporated in England

and Wales under the Companies Act 2006

(registered company number 09131749).

The address of the Company’s registered

office is 2 Acornfield Road, Knowsley

Industrial Park, Liverpool, England,

L337UG.

The separate financial statements of

the Company have been prepared in

accordance with the Financial Reporting

Standard 101 ‘Reduced Disclosure

Framework’ (FRS 101), on the going

concern basis and under the historical

cost convention and applicable

accounting standards in the UK, and

in accordance with the Companies Act

2006. The material accounting policies,

which have been applied consistently

to all the years presented, are set out

below. These financial statements

and accompanying notes have been

prepared in accordance with the reduced

disclosure framework for all years

presented. These financial statements

are prepared in GBP. Amounts are

rounded to the nearest million, unless

otherwise stated.

The following exemptions from the

requirements of IFRS have been applied

in the preparation of these financial

statements, inaccordance with FRS 101:

• the following paragraphs of IAS 1

Presentation of Financial Statements:

• 10(d) (statement of cash flows);

• 10(f) (a statement of financial position

as at the beginning of the preceding

period when an entity applies an

accounting policy retrospectively or

makes a retrospective restatement

of items in its financial statements,

or when it reclassifies items in its

financial statements);

• 16 (a statement of compliance with all

IFRS);

• 38A (requirement for minimum of two

primary statements, including cash

flow statements);

• 38B‑D (additional comparative

information);

• 40A‑D (requirement for a third

statement of financial position);

• 111 (cash flow statement information);

and

• 134‑136 (capital management

disclosures);

• IFRS 7 Financial Instruments:

Disclosures;

• IAS 7 Statement of Cash Flows;

• IAS 24 Related Party Disclosures – the

requirement to disclose related party

transactions between two or more

members of agroup;

• IAS 24 (paragraphs 17 and 18a) Related

Party Disclosures (key management

compensation);

• paragraphs 91 to 99 of IFRS 13 Fair

Value Measurement (disclosure of

valuation techniques and inputs used

for fair value measurement of assets or

liabilities);

• paragraph 38 of IAS 1 Presentation

of Financial Statements, comparative

information in respect of:

• paragraph 79(a)(iv) of IAS 1;

• paragraph 73 (e) of IAS 16 Property,

Plant and Equipment; and

• paragraph 118(e) of IAS 38 Intangible

Assets (reconciliations between the

carrying amount at the beginning and

end of the period);

• paragraphs 30 and 31 of IAS 8

Accounting Policies, Changes in

Accounting Estimates and Errors

(requirement for the disclosure of

information when an entity has not

applied a new IFRS that has been

issued but is not yet effective); and

• paragraphs 130(f)(ii) (iii), 134(d)–(f)

and 135(c)–(e) of IAS 36 Impairment

ofAssets.

As the Group financial statements include

the equivalent disclosures, the Company

has taken the exemptions available

under FRS101 in respect of the following

disclosures:

• IFRS 2 Share‑based Payments in

respect of Group equity‑settled

share‑based payments; and

• certain disclosures required by IAS

12 Income Taxes, IFRS 13 Fair Value

Measurement and disclosures required

by IFRS 7 Financial Instruments:

Disclosures.

1.2 Adoption of new and revised

standards

The following standards and

interpretations apply for the first time to

financial reporting periods commencing

on or after 1January 2024, and became

effective for the parent company

financial statements for the year ended

31July2025, noneofwhich have a

material impact on the Group:

• Non‑current Liabilities with Covenants

(Amendments to IAS 1);

• Amendments to IAS 1 Presentation of

Financial Statements: Classification of

Liabilities as Current or Non‑current;

• Amendments to IFRS 16 – Lease

Liability in Sale and Leaseback; and

• Supplier Finance Arrangements

(Amendments to IAS 7 and IFRS 7).

The following standards, amendments

and interpretations are not yet effective

and have not been early adopted by the

Company:

• Amendments to IAS 21 Lack of

Exchangeability;

• IFRS 18 Presentation and Disclosure

inFinancial Statements;

• IFRS 19 Subsidiaries without Public

Accountability: Disclosures; and

• Amendments to IFRS 9 and IFRS 7

Classification and Measurement of

Financial Instruments.

Certain new standards, amendments

to standards, and interpretationshave

been issued by the IASB that are

effective in future accounting periods

that the Group has decided not to adopt

early. These standards, amendments or

interpretations are not expected to have

a material impact on the Group.

While IFRS 18 Presentation and

Disclosure in Financial Statements will

not have any effect on the recognition

and measurement of items in the

separate financial statements of the

Company, it is expected to have a

significant effect on the presentation and

disclosure of certain items. These effects

include changes to categorisation and

sub‑totals in the statement of profit or

loss, aggregation/disaggregation and

labelling of information and disclosure

of management‑defined performance

measures. The Company is currently

assessing the impact of these changes.

NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

125

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STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

1 SUMMARY OF PARENT

COMPANY’S ACCOUNTING

POLICIES CONTINUED

1.3 Parent company income

statement

The Company has not presented its

own income statement as permitted

by section 408 of the Companies Act

2006. TheCompany’s profit for the year

was £22.7 million (2024: £19.4 million).

The profit for the year is shown in the

statement of changes in equity. There

are no material differences between the

profit for the year in the current period

and the prior year and its historical

cost equivalent. Accordingly, no note

of historical cost profits and losses

hasbeen presented.

1.4 Going concern

Details of the Company’s going concern

status are disclosed within note 2 of the

Consolidated Financial Statements.

1.5 Property, plant and equipment

All property, plant and equipment is

stated at historical cost less accumulated

depreciation. Historical cost includes

expenditure that is directly related to

the acquisition of the items. Depreciation

is charged to allocate the cost of

assets less their residual value over

their estimated useful lives, using the

straight‑line method. Depreciation is

provided on the following basis:

• Plant and machinery 20%

straight line

• Fixtures and fittings 33%

straight line

• Motor vehicles 20%

straight line

• Computer equipment 33%

straight line

At each reporting period end date, the

Company reviews the carrying amounts

of its tangible assets to determine

whether there is any indication

that those assets have suffered an

impairment loss. There have been no

impairment indications; however, if any

such indication exists, the recoverable

amountof the asset is estimated in

order to determine the extent of the

impairment loss.

Gains and losses on disposals

are determined by comparing the

proceeds with the carrying amount

and are recognised in the statement

ofcomprehensive income.

Assets under construction are not

depreciated until they are put into use.

All other repairs and maintenance

expenditure is charged to the income

statement during the financial period

inwhich it is incurred.

1.6 Foreign currency translation

Transactions in foreign currencies are

recorded at the exchange rate ruling at

the date of the transaction. Monetary

assets and liabilities denominated in

foreign currencies are retranslated at

the rate of exchange ruling at the end of

the reporting period. All differences are

taken to the statement of profit or loss

and other comprehensive income.

1.7 Intercompany loans

Intercompany loans are initially

recognised at fair value plus transaction

costs that are directly attributable to

the acquisition of the financial asset.

They are subsequently measured at

amortised cost using the effective

interest rate method, less any provision

for impairment. IFRS 9 requires the

Company to consider forward‑looking

information and the probability of default

when calculating expected credit losses

on intercompany loans. The Company

considers reasonable and supportable

forecasts and market information about

past events, current conditions and

forecasts of future economic conditions

when measuring expected credit losses.

2 REMUNERATION OF DIRECTORS

AND AUDITORS

Details of the Directors’ remuneration are

shown in the Directors’ Remuneration

Report on pages 66 to 81. Details of

auditors’ remuneration are shown in

note8 of the Group financial statements.

NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

126

Applied Nutrition plc Annual Report 2025

3 PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£m

Fixtures and

fittings

£m

Motor

vehicles

£m

Computer

equipment

£m

Total

£m

Cost

At 1 August 2023 1.2 0.7 0.1 0.2 2.2

Additions 0.8 0.2 — — 1.0

At 31 July 2024 2.0 0.9 0.1 0.2 3.2

Additions 0.8 — — 0.1 0.9

At 31 July 2025 2.8 0.9 0.1 0.3 4.1

Accumulated depreciation

At 1 August 2023 0.6 0.3 — 0.1 1.0

Charge for the year 0.3 0.2 — — 0.5

At 31 July 2024 0.9 0.5 — 0.1 1.5

Charge for the year 0.4 0.2 — 0.1 0.7

At 31 July 2025 1.3 0.7 — 0.2 2.2

Carrying amount

At 31 July 2025 1.5 0.2 0.1 0.1 1.9

At 31 July 2024 1.1 0.4 0.1 0.1 1.7

4 RIGHT-OF-USE ASSETS

Leasehold

property

£m

Total

£m

Cost

At 31 July 2024 2.4 2.4

Additions 1.5 1.5

At 31 July 2025 3.9 3.9

Accumulated depreciation

At 31 July 2024 0.6 0.6

Charge for the year 0.3 0.3

At 31 July 2025 0.9 0.9

Carrying amount

At 31 July 2025 3.0 3.0

At 31 July 2024 1.8 1.8

127

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STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

5 DEFERRED TAXATION ASSETS AND LIABILITIES

Deferred taxation is calculated in full using a tax rate of 25% (2024: 25%). The following are the principal categories of deferred

taxation assets and liabilities recognised by the Company and the movements thereon during the current and prior year.

Accelerated

tax

depreciation

£m

Share‑based

payment

timing

differences

£m

Total

£m

Deferred taxation liability/(asset) at 1 August 2023 0.3 — 0.3

Charged/(credited) to the income statement 0.1 (0.1) —

Recognised through equity — (0.4) (0.4)

Deferred taxation liability/(asset) at 31 July 2024 0.4 (0.5) (0.1)

Set‑off of tax (0.4) 0.4 —

Assets — (0.1) (0.1)

Deferred taxation liability/(asset) at 1 August 2024 0.4 (0.5) (0.1)

Recognised through other comprehensive income — 0.5 0.5

Deferred taxation liability/(asset) at 31 July 2025 0.4 — 0.4

Liabilities 0.4 — 0.4

As permitted by IAS 12, deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current

taxation assets against current taxation liabilities and when the deferred taxes relate to the same fiscal authority. The deferred

taxation assets disclosed above are deemed to be recoverable.

The majority of the deferred taxation balance is expected to reverse after more than twelve months.

6 INVENTORIES

2025

£m

2024

£m

Raw materials 12.4 10.7

Finished goods and goods for resale 7.9 7.6

20.3 18.3

Inventory write‑offs and inventory provisions netted from gross inventory were £0.3 million for the year to 31 July 2025

(2024:£0.7million).

128

Applied Nutrition plc Annual Report 2025

7 TRADE AND OTHER RECEIVABLES

2025

£m

2024

£m

Trade receivables 25.7 16.5

Less: provision for impairment (0.7) (0.8)

Trade receivables – net 25.0 15.7

Corporation tax — 0.5

Prepayments 1.6 0.7

26.6 16.9

Trade receivables are amounts due from customers for goods sold in the ordinary course of business. They are generally due

for settlement within 30 to 60 days for certain credit customers and therefore are all classified as current. Trade receivables are

non‑interest bearing. The fair value of trade and other receivables is equivalent to their carrying amount.

Under IFRS 9, the Group is required to utilise objective evidence as well as consider forward‑looking information and the

probability of default when calculating expected credit losses. The maturity of assets and history of write‑offs is therefore used

asan indicator as to the probability of default. Trade receivables are written off if they have been overdue for a number of years

orif a customer has entered into insolvency and there is no expectation of recovery.

The loss allowance as at 31 July 2025 and 31 July 2024 was determined as follows for trade receivables:

Current

£m

<30 days

£m

31‑60 days

£m

61+ days

£m

Total

£m

At 31 July 2024

Expected credit loss rate — 5.0% 10.3% 29.1% 5.0%

Total gross carrying amount 9.6 3.6 1.7 1.6 16.5

Expected credit loss — (0.2) (0.2) (0.4) (0.8)

Total 9.6 3.4 1.5 1.2 15.7

Current

£m

<30 days

£m

31‑60 days

£m

61+ days

£m

Total

£m

At 31 July 2025

Expected credit loss rate — 6.0% 14.4% 12.8% 2.7%

Total gross carrying amount 19.0 2.8 1.0 2.9 25.7

Expected credit loss — (0.2) (0.1) (0.4) (0.7)

Total 19.0 2.6 0.9 2.5 25.0

The other classes of receivables do not contain impaired assets.

8 INTERCOMPANY LOANS

Intercompany loans are repayable on demand and interest is charged at a rate of 2.0% above SONIA (Sterling Overnight Index

Average). Interest is calculated monthly. The balance at 31 July 2025 was £8.8 million (2024: £5.1 million). Management has

assessed the likelihood of the balance being repaid within the next year and has concluded that this is unlikely. As such, the

balance has been classed as non‑current.

9 CASH AND CASH EQUIVALENTS

2025

£m

2024

£m

Cash and cash equivalents 18.1 18.4

18.1 18.4

The fair value of cash and cash equivalents is equivalent to their carrying amount.

129

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

10 TRADE AND OTHER PAYABLES

2025

£m

2024

£m

Trade payables 10.1 3.4

Amounts owed to Group undertakings — 0.7

Social security and other taxes 0.3 0.2

VAT 0.5 0.6

Deferred income 0.2 0.1

Corporation tax 0.5 —

Accruals 4.8 4.8

16.4 9.8

Trade payables are non‑interest bearing and are normally settled monthly. The fair value of trade and other payables is equivalent

to their carrying amount.

11 LEASE LIABILITIES

Leasehold

property

£m

Total

£m

At 1 August 2023 2.0 2.0

Lease liability payments (0.3) (0.3)

Finance costs 0.1 0.1

At 31 July 2024 1.8 1.8

Addition – rent modification 1.5 1.5

Lease liability payments (0.3) (0.3)

At 31 July 2025 3.0 3.0

Lease liabilities are comprised of the following current and non‑current amounts:

2025

£m

2024

£m

Current

Amounts due within one year 0.6 0.3

Non‑current

Amounts due after more than one year 2.4 1.5

3.0 1.8

Lease liabilities are as follows:

2025

£m

2024

£m

Within one year 0.7 0.3

Later than one year and less than five years 2.6 1.4

After five years — 0.3

Total including interest cash flows 3.3 2.0

Less: interest cash flows (0.3) (0.2)

Total principal cash flows 3.0 1.8

130

Applied Nutrition plc Annual Report 2025

12 PROVISION FOR LIABILITIES

2025

£m

2024

£m

Non‑current

Provision for lease dilapidations 0.3 0.2

0.3 0.2

The Company recognises non‑current provisions for dilapidations totalling £0.3 million (2024: £0.2 million) in respect of leased

properties. Movement on the provisions for dilapidations has been recognised in the income statement.

13 SHARE CAPITAL

Allotted, called up and fully paid

2025

No. of shares

2024

No. of shares

Ordinary shares of £0.0002 each

Opening number of ordinary shares at 1 August — —

Sub‑division and re‑designation of shares 250,000,000 —

Closing number of ordinary shares at 31 July 250,000,000 —

A1 ordinary shares of £0.01 each

Opening number of A1 ordinary shares at 1 August 5,433 5,800

Bonus issue 2,711,067 —

Re‑designation of shares (2,716,500) (367)

Closing number of A1 ordinary shares at 31 July — 5,433

A2 ordinary shares of £0.01 each

Opening number of A2 ordinary shares at 1 August 943 1,000

Bonus issue 470,557 —

Re‑designation of shares (471,500) (57)

Closing number of A2 ordinary shares at 31 July — 943

B ordinary shares of £0.01 each

Opening number of B ordinary shares at 1 August 3,136 3,200

Bonus issue 1,564,864 —

Re‑designation of shares (1,568,000) (64)

Closing number of B ordinary shares at 31 July — 3,136

D ordinary shares of £0.01 each

Opening number of D ordinary shares at 1 August 488 —

Bonus issue 243,512 —

Re‑designation of shares (244,000) 488

Closing number of D ordinary shares at 31 July — 488

Closing number of shares 250,000,000 10,000

131

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTINUED

13 SHARE CAPITAL CONTINUED

Allotted, called up and fully paid continued

2025

2024

Ordinary shares of £0.0002 each

Opening value of ordinary shares — —

Sub‑division and re‑designation of shares 50,000.00 —

Closing value of ordinary shares 50,000.00 —

A1 ordinary shares of £0.01 each

Opening value of A1 ordinary shares 54.33 58.00

Bonus issue 27,110.67 —

Re‑designation of shares (27,165.00) (3.67)

Closing value of A1 ordinary shares — 54.33

A2 ordinary shares of £0.01 each

Opening value of A2 ordinary shares 9.43 10.00

Bonus issue 4,705.57 —

Re‑designation of shares (4,715.00) (0.57)

Closing value of A2 ordinary shares — 9.43

B ordinary shares of £0.01 each

Opening value of B ordinary shares 31.36 32.00

Bonus issue 15,648.64 —

Re‑designation of shares (15,680.00) (0.64)

Closing value of B ordinary shares — 31.36

D ordinary shares of £0.01 each

Opening value of D ordinary shares 4.88 —

Bonus issue 2,435.12 —

Re‑designation of shares (2,440.00) 4.88

Closing value of D ordinary shares — 4.88

Closing value of share capital 50,000.00 100.00

There is a single class of ordinary shares in issue. There are no restrictions on dividends or the repayment of capital.

Shareholders are entitled to one voting right per share.

Re‑designation of shares

On 31 January 2024, 116 A1 ordinary shares, 20 A2 ordinary shares and 64 B ordinary shares were re‑designated into 200 D

ordinary shares of £0.01 each.

On 18 April 2024, 171 A1 ordinary shares and 29 A2 ordinary shares were re‑designated into 200 D shares of £0.01 each.

On6June 2024, 42 A1 ordinary shares and 8 A2 ordinary shares were re‑designated into 50 D ordinary shares of £0.01 each.

On 7 June 2024, 38 A1 ordinary shares were re‑designated into 38 D ordinary shares of £0.01 each.

On 24 September 2024, a shareholders’ resolution was passed in respect of a bonus issue of 4,990,000 new ordinary shares.

Asumof £49,900 was capitalised from the Company’s distributable reserves and appropriated to the shareholders of the

Company in proportion to the number of ordinary shares (A1, A2, B and D) in the Company held by them respectively. As a result

of the bonus issue,the total number of ordinary shares in issue increased to 5,000,000 and the resultant share capital increased to

£50,000. Thistransaction was required to facilitate the Company’s re‑registration as a PLC.

On 23 October 2024, immediately prior to the Company’s admission to the Main Market of the London Stock Exchange, each of the

2,716,500 A1 ordinary shares of £0.01 each, 471,500 A2 ordinary shares of £0.01 each, 1,568,000 B ordinary shares of £0.01 each

and 244,000 D ordinary shares of £0.01 each in the capital of the Company were sub‑divided and re‑designated as 250,000,000

ordinary shares of £0.0002 each in the capital of the Company.

132

Applied Nutrition plc Annual Report 2025

14 EMPLOYEE BENEFIT EXPENSE

Staff costs (including Directors) are outlined below.

2025

£m

2024

£m

Wages and salaries 7.2 6.9

Social security costs 0.8 0.7

Share‑based payments — 0.2

Other pension costs 0.1 0.1

8.1 7.9

The average monthly number of persons (including Directors) employed in the Company during the year was 196 (2024: 186).

15 RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption included in IAS 24 Related Party Disclosures to not disclose details of

transactions with Group undertakings, on the grounds that it is the parent company of a Group whose financial statements are

publicly available.

Details of the Directors’ interests in the ordinary share capital of the Company are provided in the Directors’ report.

16 RETIREMENT BENEFIT PLANS

The Company operates a defined contribution retirement benefit plan for qualifying employees. The total expense recognised in

the income statement in the year ended 31 July 2025 was £0.1 million (2024: £0.1 million) and represents contributions payable to

the plan by the Group at rates specified in the rules of the plan. Amounts totalling less than £0.1 million were outstanding at the

balance sheet date (2024: less than £0.1 million).

17 EVENTS AFTER THE REPORTING PERIOD

There have been no material post balance sheet events that would require disclosure or adjustment to these financial statements.

133

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

ABE All Black Everything

APMs alternative performance measures

ARC Audit and Risk Committee

B2B business to business

BRC British Retail Consortium

CAGR compound annual growth rate

CODM Chief Operating Decision Maker

D2C direct to consumer

DDP delivered duty paid

DTR Disclosure Guidance and

Transparency Rules

EBITDA earnings before interest, taxes,

depreciation and amortisation

ECL expected credit losses

EHS environmental and health and safety

EPS earnings per share

FDA US Federal Drug Administration

FMCG fast‑moving consumer goods

FY24 the financial year from 1 August 2023 to

31July 2024

FY25 the financial year from 1 August 2024 to

31 July 2025

FY26 the financial year from 1 August 2025 to

31July 2026

GFC Group Financial Controller

GHG greenhouse gas

GMP Good Manufacturing Practice

H&S health and safety

HSE Health & Safety Executive

IBR incremental borrowing rate

IEA International Energy Agency

IFRS International Financial Reporting Standards

IPO initial public offering (on the London

StockExchange)

ISO 22000 International Organization for

Standardization certification for food

safetymanagement systems

JBP joint business plan

KPIs key performance indicators

MAR UK Market Abuse Regulation

NCI non‑controlling interest

NPD new product development

PWERM Probability‑Weighted Expected

ReturnMethod

R&D research and development

RCF revolving credit facility

RCPs Representative Concentration Pathways

RTD ready‑to‑drink

SBTi Science Based Targets initiative

SECR Streamlined Energy and Carbon Reporting

SID senior independent director

SKU stock keeping unit

SME Small‑Medium Enterprise

SSPs Shared Socioeconomic Pathways

TCFD Task Force on Climate‑related Financial

Disclosures

GLOSSARY

134

Applied Nutrition plc Annual Report 2025

PROFESSIONAL ADVISERS

Company Secretary

One Advisory Limited

Joint brokers

Deutsche Numis

45 Gresham Street

London

EC2V 7BF

+44 (0) 207 260 1000

Goodbody

13th Floor

70 St. Mary Axe

London

EC3A 8BE

+44 (0) 203 841 6220

Financial PR

Alma Strategic

appliednutrition@almastrategic.com

Auditors

BDO LLP

55 Baker Street

London

W1U 7EU

Registrars

MUFG Corporate Markets

Central Square

29 Wellington Street

Leeds

LS1 4DL

Bankers

Royal Bank of Scotland plc

1 Spinningfields Square

Manchester

M3 3AP

Solicitors

Addleshaw Goddard LLP

One St Peter’s Square

Manchester

M2 3DE

135

Applied Nutrition plc Annual Report 2025

STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

ALTERNATIVE PERFORMANCE MEASURES

The financial information included in this document includes alternative performance measures (APMs) that are not recognised

under IFRS and are unaudited. The Directors believe that these non‑IFRS measures provide useful information with respect to the

performance of the Group’s business and operations. Prospective investors should not consider such non‑IFRS measures as an

alternative to the IFRS measures included in the financial statements.

Adjusted EBITDA

Adjusted EBITDA is calculated as the Group’s operating profit before interest, taxes, depreciation and amortisation and excludes

the impact of exceptional items, share‑based payments and significant non‑underlying items. A reconciliation is presented in note

6 of the Group financial statements.

Adjusted EBITDA margin

Adjusted EBITDA margin is calculated as the Group’s adjusted EBITDA (as defined above) expressed as a percentage of revenue

ofthe Group.

Adjusted basic and diluted earnings per share (EPS)

Adjusted basic and diluted EPS is calculated as adjusting the Group’s earnings per share for the impact of exceptional

items,share‑based payments and significant non‑underlying items, and also takes into account the taxation effect thereon.

Areconciliation is presented in note 11 of the Group financial statements.

Free cash flow

Free cash flow is calculated as the Group’s net cash from operating activities, less capital expenditure, plus/minus net interest,

less lease payments, adjusted for exceptional items, share‑based payments and significant non‑underlying items.

Free cash flow conversion

Free cash flow conversion is calculated as the Group’s free cash flow (as defined above) measured as a percentage of adjusted

profit after tax.

136

Applied Nutrition plc Annual Report 2025

The paper used in this report is produced using virgin wood fibre from

well‑managed, FSC

‑certified forests and other controlled sources. Allpulps

usedare elemental chlorine free and manufactured at a mill that has been awarded

the ISO 14001 and EMAS certificates for environmental management. The use of

the FSC

logo identifies products which contain wood from well‑managed forests

and other controlled sources certified in accordance with the rules of the Forest

Stewardship Council

Printed by an FSC

and ISO 14001 certified company.

www.lyonsbennett.com

Applied Nutrition plc

Trio, Acornfield Road

Knowsley

Liverpool L33 7UG

0300 303 5344