UNIVERSAL PARTNERS LIMITED - Summarised audited financial statements for the year ended 30 June 2026

Summarised audited financial statements for the year ended 30 June 2026

UNIVERSAL PARTNERS LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: 138035 C1/GBL)
SEM share code: UPL.N0000
JSE share code: UPL
ISIN: MU0526N00007
(“Universal Partners” or “UPL” or “the Company”)


SUMMARISED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026

                                                                                     Year ended                   Year ended
                                                                                   30 June 2026                 30 June 2025
 Net asset value per share (“NAV”)                  GBP                                   1.158                        1.176
 Loss for the year                                  GBP                             (1 338 363)                  (8 415 538)
 Loss per share                                     pence                               (1.835)                     (11.545)
 Headline loss per share                            pence                               (1.835)                     (11.545)

Universal Partners has a primary listing on the Official Market of the Stock Exchange of Mauritius Ltd (“SEM”) and a secondary
listing on the Alternative Exchange (“AltX”) of the JSE Limited (“JSE”).

PRINCIPAL ACTIVITY

The principal activity of the Company is to hold investments in high quality, growth businesses across Europe, with a focus on the
United Kingdom (“UK”). The Company’s investment mandate also allows up to 20% of total funds at the time an investment is
made to be invested outside the UK and Europe.

BUSINESS REVIEW

Since its listing on the SEM and the JSE, the Company has worked closely with its investment advisor, Argo Investment Managers
(“Argo”), to identify potential investments that meet its investment criteria.

The Company has made six investments since listing and successfully concluded two exits.

An update on investments held at the reporting date is presented below.

Workwell Group (“WW”)
www.workwellsolutions.com

WW is a leading provider of global employment, engagement, outsourcing and compliance solutions, supporting businesses in
accessing talent across the US, UK, Europe, Canada and Australia. Its international footprint enables organisations to hire and
manage contingent workers across multiple jurisdictions through Employer of Record (EOR), Agent of Record (AOR) and
contractor management services.

The positive trading momentum mentioned in previous periods has continued, with the business delivering ahead of expectations in
its international operations. North America has once again been the standout region, with Eastridge generating new client wins and
growing cross-selling opportunities. Together with the Oncore acquisition in Australia, completed in August 2025, WW now has a
truly global footprint, with international (non-UK) operations accounting for roughly 60% of revenue and 70% of EBITDA.

In the UK umbrella payroll sector, regulatory reforms placing joint and several liability on agencies and end hirers for underpaid
worker tax became effective on 6 April 2026. This is resulting in market consolidation as customers shift towards compliant EOR
providers and reduce the number of providers that are approved in terms of their preferred supplier lists. WW’s consistent focus on
compliance has positioned the business well for this shift and has translated into sustained revenue growth in this sector.

The successful integration of acquisitions and continued investment in technology have further strengthened the business's
competitive position. Management continues to evaluate a pipeline of bolt-on acquisitions, although no acquisitions were made
during the year.

The valuation of UPL's investment in WW remains unchanged from the prior reporting period.

PortmanDentex (“PD”)
https://www.portmandentex.com

PD is one of Europe's largest dental care platforms, with more than 400 practices across the UK, Ireland, the Nordics, Benelux, and
France. UPL has held a minority shareholding in PD since its merger with Dentex in 2023.

The tough trading conditions mentioned in previous periods have persisted in PD’s core UK market, with revenue and EBITDA for
the ten months ended July 2026 marginally behind plan. The shortfall has largely been driven by two factors: macroeconomic
pressures, which have softened consumer demand and led patients to prioritise hygiene and essential treatments over higher-value
discretionary procedures; and challenges in recruiting and onboarding new clinicians to replace experienced dentists who have
completed their earn-out periods, resulting in lower margins and fewer billable hours. Good progress has been made being made
with recruitment, resulting in increased clinical capacity.

Following key new appointments to the senior leadership team, the focus is on operational excellence, cultural alignment and
practice-level incentivisation and performance. A detailed business improvement plan is being implemented, and PD expects to see
improved results in the coming months, while establishing a stronger platform for long-term value creation.

The valuation of UPL’s investment in PD remains unchanged from the prior period. UPL continues to monitor the investment and
will reassess the valuation at the next reporting date following receipt of an annual independent valuation.

SC Lowy Partners (“SC Lowy”)
www.sclowy.com

SC Lowy is a leading investment management group focused on credit investing and lending in Asia, Europe and the Middle East.
The business comprises an asset management division that specialises in private credit, along with Solution Bank in Italy and Choeun
Savings Bank in South Korea.

In November 2025, UPL agreed to dispose of its equity interest through a share repurchase transaction undertaken by SC Lowy.
The transaction, valued at USD13.68 million, converted the Company’s shareholding into a combination of cash proceeds and
interest-bearing loan notes, providing greater certainty around future cash flows while facilitating an orderly exit from this
investment. Interest at a rate of 7% per annum is payable on the loan notes. UPL expects to receive total proceeds of more than
USD15 million, being the initial cost of this investment. In addition, UPL also retains a pro-rata entitlement to any upside arising
from the realisation of certain assets within the group.

To date, UPL has received cash proceeds of USD 5.42 million in terms of the agreement, which have been used to reduce the term
loan facility provided by RMB. A further minimum payment of USD 2.17 million is due by 31 August 2027, with the full outstanding
balance including accumulated interest due by 31 August 2028.

Xcede Group (“Xcede”)
www.xcede.com

Xcede is a global recruitment specialist operating in the UK, Europe and North America. It operates under two brands: Xcede and
EarthStream. Xcede provides recruitment services in the data, software, cloud infrastructure, and cybersecurity markets, while
EarthStream is a global energy recruitment specialist.

Following a successful senior leadership change in January, the new financial year to December 2026 started with encouraging
momentum: trading in the first 7 months was ahead of expectations, supported by a resilient contractor base and a stronger-than-
anticipated contribution from permanent fees. Xcede UK performed well during this period, offsetting softer performances in other
parts of the group. The strategic focus on contract recruitment, together with growing exposure to sectors such as data, cloud
infrastructure and energy, positions the business well for future growth when market conditions improve. The business has also
deliberately reduced its exposure to lower-skilled IT recruitment roles that are more susceptible to disruption from artificial
intelligence, focusing instead on higher-skilled, harder-to-automate niches.

The valuation of UPL's investment in Xcede remains unchanged from the prior reporting period.

FINANCIAL REVIEW

During the year, the Company generated interest income of £7,349 on cash deposits.

The Company recognised a fair value gain of £623,508 on investments measured at fair value through profit or loss. This gain
reflects the movement in the value of the Company’s underlying investment in the SC Lowy Loan Notes, arising from the accrual
of interest on the Loan Notes together with foreign exchange movements, as the Loan Notes are denominated in US Dollars. There
were no changes in the fair values of the Company’s other underlying investments during the year.

The Company incurred interest expense of £472,285 during the year on the RMB term loan facility. Under the terms of the facility,
proceeds received from the disposal of investments are required to be applied towards the repayment of outstanding debt.
Accordingly, the initial proceeds received from the sale of the SC Lowy shares were applied towards a partial repayment of the
facility during the year.

Management fees of £1,827,340 were paid during the year in accordance with the investment management agreement between the
Company and Argo, while general and administrative expenses totalled £426,554. The Company also recognised a £791,925 reversal
in the provision for performance fees linked to the fair value of its investments. Performance fees are recalculated quarterly based
on the fair value of the investments but become payable to Argo only upon the realisation of profits from the disposal of investments.
Accordingly, no performance fees are currently payable.

Short-form announcement

The summarised audited financial statements for the year ended 30 June 2026 (“summarised 2026 AFS”) was published
on SENS on 9 September 2026, and can be found on the Company’s website www.universalpartners.mu and can be
accessed using the following JSE link https://senspdf.jse.co.za/documents/2026/JSE/ISSE/UPLE/FY26Result.pdf.

This announcement is the responsibility of the directors and is only a summary of the information in the summarised
2026 AFS and accordingly does not contain full or complete details. Any investment decisions by shareholders and/or
investors should be based on the summarised 2026 AFS released on SENS and published on the Company’s website.
Nexia Baker & Arenson, the external auditors, have issued an unmodified audit opinion on the Company’s audited
financial statements for the year ended 30 June 2026.

Copies of this report are available to the public, free of charge, at the registered office of the Company, c/o
Intercontinental Trust Limited, Level 3 Alexander House, 35 Cybercity, Ebene 72201, Mauritius.

Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule 8(2)(m) of
the Securities (Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public upon request to
the Company Secretary at the Registered Office of the Company at c/o Intercontinental Trust Limited, Level 3 Alexander
House, 35 Cybercity, Ebene 72201, Mauritius. The Board of Universal Partners accepts full responsibility for the
accuracy of the information in this communique.

In line with the Company’s strategy to maximise the value of the investments and return surplus cash flow from the sale
of investments in the future, dividends are not declared on a regular basis. Accordingly, no dividend has been declared
for the year under review.

The Board of Universal Partners accepts full responsibility for the accuracy of the information contained in this
announcement.

By order of the Board
Mauritius – 9 September 2026

Company Secretary
Intercontinental Trust Limited

For further information please contact:

South African corporate advisor          SEM authorised representative
and JSE sponsor                          and sponsor                                 Company Secretary

Java Capital                             Perigeum Capital                            Intercontinental Trust Ltd
Tel: +27 (0)60 572 2299                  Tel: +230 402 0890                          Tel: +230 403 0800
Date: 09/09/2026 09:00:00
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