Record plcAnnual Report 2026

Record Financial Group

Delivering best-in-class solutions to

largeinstitutional investors

Annual Report 2026

recordfg.com

About us

Contents

Strategic report 1 to 37

About us 1

Chairman’s statement 2

Chief Executive Officer’s statement 4

Q&A: with Dr Othman Boukrami 6

Our business model 8

Q&A: with Andreas Dänzer 10

Our products 12

Q&A: with Nicolas Thomet 14

Our strategy 16

Key performance indicators 17

Business and financial review 18

Sustainability 22

Our stakeholders 28

Section 172 Companies Act 2006 30

Risk management 31

Viability statement 37

Governance 38 to 76

Chairman’s introduction 39

Board of Directors 40

Corporate governance report 42

Nomination Committee report 49

Audit Committee report 52

Remuneration report 56

Directors’ report 73

Directors’ responsibilities statement 76

Financial statements 77 to 122

Independent auditor’s report 78

Financial statements 88

Notes to the financial statements 95

Additional information 123 and 124

Five-year summary 123

Information for shareholders 124

Definitions IBC

Financial Highlights

Assets Under Management

(“AUM”)

$114.6bn +14%

FY25: $100.9bn

Revenue

£40.1m -4%

FY25: £41.6m

Operating profit

£10.0m -6%

FY25: £10.7m

Profit attributable to equity holders

£7.7m -21%

FY25: £9.7m

Earnings per share

3.92p -22%

FY25: 5.03p

Ordinary dividend per share

3.60p -22%

FY25: 4.65p

1. AUM managed by Record Financial Group as at 31 March 2026 is made up of

a combination of the notional value of currency Assets Under Management

through the Group’s currency products, and the total market value of other

assets managed by the Group. By convention this is quoted in US dollars.

Record plc Annual Report 2026

About us

Record Financial Group

The specialist asset manager

• Founded in 1983 and publicly listed on the LSE.

• Over $100 billion in Assets Under Management for institutional clients worldwide.

• Over 100 employees in offices in London, New York, Hamburg, Zürich and Zug.

• Regulated by the FCA in the UK, the SEC and CFTC in the US, and BaFin in Germany.

Our Purpose

To deliver best-in-class solutions to large

institutional investors

Our Approach Our Values

Our Locations

Our Business

Our bespoke currency and asset

management products are

organised into three pillars:

Risk Management

• Passive Hedging

• Enhanced Passive Hedging

• Dynamic Hedging

Absolute Return

• FX Alpha

• Custom Opportunities

Private Markets

• Solutions for Asset Managers

• EM Local Debt

• Infrastructure Equity

• Private Equity and Credit

Further details on our products

are provided on pages 12 and 13.

Listen

A client-focused approach

Understand

Using strengths and experience

developed over 40 years in business

Deliver

Unique, innovative and sustainable

solutions

Delivery

Client Service

Integrity

Collaboration

Innovation

The Group’s Head Office is in London,

UK, with additional offices in the USA,

Germany and Switzerland.

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

Since the foundation of Record over 40 years ago, the

Company has earned a reputation as a specialist with

its origins in currency risk management and providing

highlytailored hedging plans for institutional investors.

Fromthe outset, the focus was not on selling products,

buton providing solutions to specific risk exposures faced

byeach client.

This approach has enabled Record to grow alongside its

clients, building scale, operational strength and trust over

decades. The experience in currency risk management

and hedging provided not only a stable foundation for the

business, but also a deep understanding of risk, liquidity,

derivatives and portfolio construction. All capabilities that

continue to prove essential as the Group evolves.

Over the last four decades, as markets developed and

client needs became more complex, the solutions evolved

accordingly. The year under review has been one of further

evolution for the Group, as it continues to evolve from a focus

solely on currency risk management to an alternative asset

manager with several asset classes under management.

The transition from Risk Management solutions into FX Alpha

strategies over the years was a natural extension of the

Group’s hedging expertise. This reflected growing demand

from clients to move beyond pure risk mitigation to seeking

carefully controlled sources of active return, and so grew

thecurrent suite of Absolute Return strategies.

From this foundation, the more recent progression into

Private Markets was neither abrupt nor speculative. It has

been a considered next step, shaped by client demand and

enabled by the skills accumulated within the Company over

the years.

The Record EM Sustainable Finance Fund marked Record’s

first meaningful step into fund management beyond

traditional hedging mandates. Solutions for Asset Managers,

one of the more recent innovations, has seen considerable

demand from clients over the last two years and reflects the

understanding of client needs. Most recently, the expansion

into Private Equity and Private Credit has seen the launch

of the Record Infrastructure Equity Fund. Following the

completion of the first capital deployment in FY26, we

already have a further two deployments pledged and lined

upfor completion in early FY27.

These strategies have not been developed in isolation,

but in close collaboration with clients, tailored to specific

mandates, risk tolerances and governance requirements

and I continue to be enthusiastic about the continuing

development of this Private Markets pipeline and the traction

that the newer investment capabilities are gaining.

The growth opportunity in Private Markets looks particularly

interesting at present. However, it remains difficult to predict

the precise timing of future revenue contribution and growth

in AUM, given the nature of the clients with whom we are

in discussion and the need to shape products to fit their

specific requirements. In the short term, the predictability

of revenues is less certain. In the medium to long term,

however, these new products have the potential to generate

higher margins, are highly scalable and provide long-term,

consistent revenues.

“ As the Group continues to evolve, the Board

remains supportive of its direction through

disciplined capital allocation and measured

oversight.”

David Morrison |Chairman

Chairman’s statement

Earnings per share Ordinary dividend per share

3.92p -22% 3.60p -22%

FY25

5.03p

FY26

3.92p

FY25

4.65p

FY26

3.60p

Record plc Annual Report 2026

Capital allocation and dividends

In the interests of generating long-term growth in

shareholder value and reduction in risk associated with low

margins and customer concentration risk in the core currency

hedging business, our approach to capital allocation has

been to invest in and develop Record Asset Management

GmbH (“RAM”), with its focus on development of Private

Markets products. This has required meaningful investment,

as building and resourcing such solutions from scratch takes

time, capital and patience. As we continue to invest in these

strategic growth opportunities, this will continue to influence

the timing and level of capital required and, therefore, what is

available for distribution to shareholders.

As we begin to see evidence of our product pipeline

materialising, we remain focused on investing for future

growth, and strengthening the long-term position of

the business. Accordingly, appropriate capital allocation

continues to be a key area of focus for the Board.

In that context and in line with the movement in EPS,

the Board has made the decision to maintain the total

ordinary dividend payout ratio for the period at 92%

of earnings attributable to shareholders. The Board is

recommending a final ordinarydividend of 1.45 pence per

share (FY25:2.50pence) with thefull-year ordinary dividend

at 3.60pence per share (FY25:4.65 pence), to be paid on

27 July2026 to shareholderson the register at 3 July 2026,

subject to shareholder approval.

As we progress through key milestones in our asset

management business, the Board will be monitoring

the dividend policy to ensure that we continue to strike

the rightbalance between dividends, capital allocation,

balancesheet strength and liquidity.

Board composition and updates

Along with an evolution in the strategy of the Group, we have

also seen an evolution in the Record plc Board (the “Board”)

and the Group senior management team.

After joining the Board as a Non-executive Director in

July2024, Dr Othman Boukrami accepted an offer to join

Record Currency Management Limited (“RCML”) as its

ChiefExecutive Officer with effect from December 2025.

He brings with him decades of experience as a pioneer in

emerging and frontier market currencies. We are delighted

tohave him as part of the Executive team. His familiarity with

the Group has enabled a seamless transition, allowing him

to build quickly on existing knowledge of RCML’s operational

and client landscape.

In succession to Othman, Nick Adams joined the Board

in January 2026 as a Non-executive Director. He is also

a member of the Audit, Remuneration and Nomination

Committees. I would like to welcome Nick to the Board.

Hebrings extensive institutional asset management

experience, having most recently served as Global Head of

Institutional at Janus Henderson Investors. His insights will

be valuable as the Group continues to develop the strategic

initiatives discussed above.

Following the announcement of Richard Heading stepping

down as Chief Financial Officer, I am grateful for the role

that Samantha Dunn has played as Interim Chief Financial

Officer during the handover phase. Samantha brings financial

leadership experience in asset management, private markets

and regulated investment businesses, providing strong

continuity and discipline at an important point in the Group’s

evolution.

And lastly, Kevin Ayles, Chief of Staff and Head of Human

Resources, made the decision to stand down from the Board

with effect from 31 March 2026 for personal reasons, taking

on a slightly different role to facilitate a reduced working

pattern. Kevin has been an important and highly valued

member of the senior management team for several years,

and I am very pleased that we are able to retain his services

whilst accommodating his personal requirements.

The senior management team has undergone considerable

change over the last couple of years or so, which reflects a

combination of normal turnover and the development of the

activities of the Group. I am confident that these changes

have resulted in improved bench strength and a broader and

more balanced mix of experience, capability and leadership.

Looking ahead

The Board enters the next financial year with confidence in

the Group’s strategy, its people and its leadership. At the time

of writing this statement, the geopolitical and geoeconomic

global outlook is, at best, complicated. How energy prices and

stock and bond markets perform over the next few weeks,

let alone few months, is hard to predict, and such conditions

inevitably create uncertainty and some reluctance to commit

to new investment opportunities, however uncorrelated they

might be, and it would be foolish to consider that Record will

be immune to such developments that are wholly outside

ourcontrol.

However, the Board enters the current financial year

withconfidence in the Group’s strategy, its people and its

leadership. Against that backdrop I am increasingly confident

about the potential of the Group to attain its medium term

financial and strategic objectives.

David Morrison

Chairman

18 June 2026

Chairman’s statement

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

“ Focus remains on strengthening the

foundations of the business while

purposefully positioning it for sustainable

long-term growth.”

Jan Witte |Chief Executive Officer

The 2026 financial year has been a year focused on growth

prioritising investment in our capabilities, and ensuring we

are well positioned for the future. In a time where the market

environment is continuously characterised by ongoing

macroeconomic uncertainty, elevated geopolitical risk and

volatile currency markets, these conditions have reinforced

the importance placed by our clients on trusted partnerships,

specialist expertise and disciplined risk management. Against

this backdrop, we have remained focused on executing

our strategy and strengthening the foundations of the

businesswhile purposefully positioning it for sustainable

long-term growth.

Last year, I highlighted our three product categories designed

to reflect more clearly the unique capabilities of the Group:

• Risk Management;

• Absolute Return; and

• Private Markets.

RiskManagement houses our core FX risk management

products that have been at the foundation of our business

from its inception. Building on this expertise, the Absolute

Return product suite provides carefully structured

return-seeking strategies. Drawing on our experience in

structuring complex vehicles, managing risk and operating at

scale, Private Markets includes strategies across areas such

as Emerging Markets, Infrastructure Equity, Private Credit

and Private Debt, designed in close partnership with our

institutional clients.

Developed over the last four decades, each product

category builds on existing investment, risk and

operationalcapabilities of the Group, allowing us to solve

specific client challenges through bespoke design rather

than standardisedproducts. This is something our clients

recognise, and is illustrated by consistent revenue levels

and an ever-increasing AUM base, despite this year’s tough

market environment.

Strategic progress

When I first introduced our refined strategy at the start

of my time as CEO, it was important to define a plan that

was not a departure from our past, but a direct extension

of it. Now beginning its third year of execution, our three

strategic pillars continue to reflect our vision for growth of

the business and long-term value: Organic Growth driven

byclient needs, a specific focus on the Quality of Earnings,

and a commitment to Operational Excellence.

Organic Growth at Record has always been client

led. Fromour earliest hedging mandates to our latest

Infrastructure Equity fund capital deployment, our trajectory

has been defined by working directly with our clients to

solve a problem, rather than by pursuing products or scale

for their own sake. Our increased focus on opportunities

in Private Markets is not a departure from who we are at

our core. Thisexpansion has emerged directly from client

conversations where traditional solutions were inadequate,

and where our expertise, structuring capability and in-house

infrastructure allow us to deliver bespoke solutions that

clients could not achieve through conventional products.

Last year, we made meaningful progress with the launch of

our Record Infrastructure Equity fund, the co-investment

vehicle developed in partnership with our Swiss pension fund

clients. The most recent announcement of the investment

in NorthC Datacenters is the third transaction for this fund,

expanding the portfolio’s exposure to digital infrastructure,

and follows earlier commitments to Pattern Energy and

TenneT Germany. With two deployments scheduled for the

first half of FY27, 35% of initial committed capital is now

pledged. A pipeline of further investment targets is currently

under review.

Chief Executive Officer’s statement

Assets Under Management Revenue

$114.6bn +14% £40.1m -4%

FY25

$100.9bn

FY26

$114.6bn

FY25

£41.6m

FY26

£40.1m

Record plc Annual Report 2026

This client-centric evolution of our suite of investment

capabilities also directly supports our second pillar:

improving our Quality of Earnings. While our core

Risk Management business provides highly scalable

and capital-light revenues, we have been deliberate in

complementing this with investment into strategies that

offer greater longevity, scalability and margin potential.

RiskManagement products contribute 66% of our revenue

base, and are complemented by a further 6% from Absolute

Return products.

This year has been about refining our pipeline of products

to secure sustainable long-term earnings. Our focus has

been on our Private Markets strategies which involve a

combination of longer lock-up periods, higher margins, or

more predictable fee profiles, thereby improving earnings

visibility over time. These solutions now contribute 28% of

our revenue base.

Although the development of these Private Markets products

has required patience and will be coupled with uneven

revenue recognition in the early stages, this mix enhances

the resilience and sustainability of our earnings base, while

remaining aligned with our clients’ long-term objectives.

Solutions for Asset Managers is a prime example of this.

Firstintroduced as an extension of our hedging expertise,

thishas now evolved to include advanced liquidity and credit

management tools. Growth in this area over the year stems

from both winning new clients and growth in the fund base

of existing clients, and has resulted in a 39% increase in

revenue from only a 19% increase in AUM. An impressive

achievement by the team which highlights why we are

specifically targeting further development of our Private

Markets products.

None of this progress would be possible without our

commitment to Operational Excellence. Our foundations

in Risk Management products required us to build an

operational engine capable of managing complexity, scale

and precision. These capabilities have been translated

directly into our Absolute Return and Private Markets

strategies, and we continue to invest in the people and

technology that make them possible.

As mentioned by the Chairman, Dr Othman Boukrami has

joined the senior leadership team of the Group, as the CEO of

our currency management business. With his pre-existing

knowledge of Record and expansive industry experience,

his focus will be on the development of the core Risk

Management products, FX Alpha and Emerging Markets

strategies. His appointment reinforces our commitment to

operational excellence; enhancing accountability, governance

and execution, while still supporting the Group’s longer-term

strategic objectives.

We have also made some impressive advances in automation

this year, driven by the expertise and commitment of

our talented in-house teams. And with AI becoming an

increasingly integral part of the industry, the Group is

embracing its potential; carefully managing its challenges

while progressing with targeted implementation initiatives.

Taken together, our three strategic pillars build on

proven foundations and focus on investing for the

long term. Although the timing might still have some

uncertainty, ourclient-centric approach will always remain

constant: welisten carefully to our clients, invest time

in understandingtheir needs, and draw on experience to

deliverbest-in-class solutions.

Financial performance

While the timing of revenue growth continues to be

influenced by the pace of deployment, our revenue base

remains stable and well diversified. The performance

fees crystallised during the period continue to be a direct

reflection of the value-add that our bespoke products

provide for our clients. Cost discipline and operational

efficiency continue to be priorities, ensuring we protect

margins while investing selectively in those growth areas

aligned with our strategy.

Further information on financial results can be found in the

Business and financial review section on pages 18 to 21.

Outlook

Looking ahead, our priorities remain clear. We will continue

to focus on organic growth by deepening our existing client

relationships and pursuing new opportunities where our

capabilities provide a clear competitive advantage.

While short-term financial outcomes will continue to be

influenced by the timing of mandates, market conditions and

performance fees, the medium-term outlook is supported by

a growing AUM base with improved earnings quality. Private

Markets strategies, in particular, offer the potential for

longer-term, higher-margin and more scalable revenues as

they mature. This is where our priorities will be focused.

With a strong foundation, a clear strategy and exceptional

people, I am confident that Record is well positioned to

continue delivering bespoke, best-in-class solutions for

ourclients and sustainable value for our shareholders over

the long term.

Jan Witte

Chief Executive Officer

18 June 2026

Chief Executive Officer’s statement

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

Q&A: with Dr Othman Boukrami

1. You moved from the plc Board to take on the

executive leadership of RCML. What drew you to

making that move, and what have you learned?

While serving as a Non-executive Director on the Record plc

Board, I came to appreciate the unique position that RCML

holds within the industry. The firm combines deep specialist

expertise with a strong culture of innovation and client

focus, which made the opportunity to take on an executive

leadership role particularly compelling.

Since making the transition, I have gained an even deeper

appreciation for the quality of the team and the strength

of our client relationships. What stands out most is the

commitment across the organisation to delivering excellence

with integrity and consistency.

2. What do you believe differentiates Record

Financial Group fromits peers?

What differentiates the Group is the depth of its

specialisation in currency management and the quality of its

people. I have rarely seen such a focused and experienced

team, with every department operating with a strong sense

of integrity and a commitment to delivering beyond client

expectations.

Our culture is one of continuous innovation. We are

constantly developing new solutions and anticipating

clients’ evolving needs, while maintaining the disciplined

risk management and operational excellence that our

clientsexpect from us.

3. What have been your main priorities since joining

RCML, and where have you been most excited about

the growth opportunity?

My immediate priority has been ensuring the highest levels of

client satisfaction and protecting our existing revenue base.

In addition, succession planning is key in our industry; hence,

we created a talent pool from which we will select the future

leaders of the organisation. From there, the focus has been

on positioning RCML for the next phase of growth through

product innovation and geographic expansion.

One of the most exciting opportunities is the continued

development of our frontier market currency strategies.

RCML is uniquely positioned to source exposures through

our established network of banks and development finance

institutions, enabling us to deliver attractive opportunities

for private investors.

At the same time, we are expanding our geographic reach,

with increased focus on Switzerland, the US and Australia.

We are also launching a new product evolution tailored to

the Swiss market, designed to address the evolving needs of

asset owners in today’s rapidly changing global environment.

Our Solutions for Asset Managers product, which provides

tailored front-to-back currency solutions for Private

Credit institutions and other clients, has been an exciting

growth journey. We have built strong partnerships with our

clients, and we continue to see significant opportunities for

expansion within this segment.

4. You have spoken about further developing

RCML’s frontier market offering. What does that

opportunity look like, and why is RCML positioned

to succeed?

Over the past five years, we have successfully managed the

Record EM Sustainable Finance Fund, delivering a strong

track record relative to established benchmarks.

In addition, Record has built a highly respected reputation

within the development finance community for mobilising

private sector capital and managing frontier currency risk.

Our expertise in frontier markets, combined with our broader

currency management capabilities and state-of-the-art

operational platform, gives us a significant competitive

advantage as we scale these activities further.

5. What is the outlook for the Absolute Return

strategies?

We remain very positive on the outlook for our Absolute

Return strategies. Record has a strong long-term track

record in this area, supported by deep expertise in currency

markets and a culture of continuous innovation.

In today’s increasingly volatile environment, investors –

particularly pension funds – are under growing pressure

to achieve specific return targets while managing liquidity

carefully. In that context, specialised unfunded return

strategies can provide a highly complementary source

of return enhancement alongside traditional funded

investments.

Additionally, ongoing research in our Absolute Return

strategies continues to strengthen and broaden our

active hedging capabilities. By developing and testing new

systematic signals and models tailored to clients’ underlying

exposures, we are able to deliver more adaptive hedging

solutions. Reflecting this progress, we have recently

launched two new active hedging mandates.

Q&A: Dr Othman Boukrami, CEO of Group subsidiary Record Currency

Management Limited (“RCML”), discusses joining the executive team,

Record’s market differentiation, and strategic opportunities for RCML.

Record plc Annual Report 2026

Q&A: with Dr Othman Boukrami

Strategic reportRecord plc Annual Report 2026 Additional information

Financial statements

Governance

Our business model

Guided by our purpose:

What we do:

Our approach:

How we do it:

To deliver exceptional tailored solutions to

meet and exceed the individual needs of

eachof our clients.

Risk Management

• Passive Hedging

• Enhances Passive Hedging

• Dynamic Hedging

Absolute Return

• FX Alpha

• Custom Opportunities

Private Markets

• Solutions for Asset Managers

• EM Local Debt

• Infrastructure Equity

• Private Equity and Credit

See more on pages 12 and 13.

See more on page 16.

With over four decades of derivative hedging and risk management experience, ourproduct suite has evolved over time

in collaboration with our clients.

Our bespoke currency and asset management products are organised intothree pillars:

Our business methodology allows us to provide tailored solutions to

all our clients that lead to value creation for all our stakeholders.

Listen

A client-focused approach

Understand

Using strengths and experience

developed over 40 years in

business

Deliver

Unique, innovative and

sustainable solutions

Organic

Growth

Quality of

Earnings

Operational

Excellence

Inspired by our values:

Delivery Client Service Integrity Collaboration Innovation

Record plc Annual Report 2026

Our business model

The value we create:

Our environment and

community

We have committed to reduce our own

carbon emissions and to develop impactful

and sustainable investment solutions

alongside our clients and partners. We also

continue to provide ongoing support to local

community-led projects andcharitable

causes.

Our shareholders

We are able to ensure the long-term success

of the Group and to deliver enhanced

shareholder value through growth in financial

performance and capital distributions.

Our highly cash-generative business model

allows us to maintain a strong balance

sheet while investing for long-term value

creation and delivering attractive dividends

to shareholders.

Our clients

In all respects, we are a client-led business.

We listen to our clients, understand their

investment objectives and use our expertise

and relationships with partners to deliver

innovative and high-quality products and

services.

Our people

Our people make our business great and are

championed for their intellectual diversity,

passion and dynamism. We have ensured that

our culture extends across all offices, openly

reflecting our core values and creating the

best possible working environment where

our people can thrive.

Environmental, Social and Governance

Delivery Client Service Integrity Collaboration Innovation

Client retention

96%

Ordinary dividend per share

3.60p

Employees with equity interest:

64%

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

Q&A: with Andreas Dänzer

1. How would you describe FY26 from a market

perspective, and what were the defining themes

ofthe year?

Over the past twelve months, markets have increasingly

reflected the emergence of a new macroeconomic regime

rather than a continuation of the post-2010 environment.

Four themes, in particular, defined the year:

• a more uncertain path for global monetary policy, as

renewed energy-driven inflation raised the risk of further

policy tightening;

• a moderation in US exceptionalism, while the US remained

an important driver of global growth;

• heightened geopolitical tensions, particularly across trade

and energy markets; and

• a significant repricing in foreign exchange markets, driven

by diverging central bank policies.

As a result, markets are adjusting to structurally higher

inflation volatility, more activist fiscal policy, greater

geopolitical fragmentation, deglobalisation pressures and

less synchronised monetary policy frameworks. The pace

at which these structural shifts have unfolded has taken

many market participants by surprise and has contributed

toheightened volatility.

2. What is your view about the investment

implications of a more fragmented and

contestedglobal order?

Our outlook remains that the global system will continue

to rely on the US as the key absorber of excess savings and

external imbalances, but the environment around that role

is becoming more complex and less stable. The underlying

drivers of global surpluses are now more explicitly trade led,

particularly in East Asia, suggesting that tariffs alone are

unlikely to deliver meaningful rebalancing. Instead, we see

a higher probability of a more fragmented and mercantilist

global backdrop, with structurally elevated macro and FX

volatility as a result.

While the US dollar should continue to keep its reserve

currency status for the foreseeable future, we thinkthe

long-term durability of that privilege will increasingly be

tested. In this setting, investors should expect greater

dispersion in currency outcomes and place more emphasis

on diversification, hedging and active management of dollar

exposure. At the same time, although strategic decoupling

across trade, technology and finance is clearly progressing,

deep structural interdependence remains, limiting the case

for overly simplistic regime-change narratives.

Overall, my central view is not that the US-led order is ending

abruptly, but that it is entering a more contested phase, with

increasingly important implications for asset allocation, risk

premia and portfolio resilience.

3. How is the Group helping clients respond to

today’s more challenging market environment?

We help institutional investors navigate today’s more

challenging market environment by building more

resilient portfolios through specialist currency and asset

management capabilities tailored to complex, multi-asset

exposures. Drawing on more than four decades of

experience, the Group combines bespoke risk management,

disciplined implementation and transparent execution to help

clients manage risk more dynamically, preserve strategic

flexibility and protect long-term investment outcomes.

In practice, this means helping clients strengthen

diversification, actively manage currency and other risk

exposures, and broaden sources of return through solutions

such as infrastructure, private debt and uncorrelated alpha

strategies. Our role is not only to deliver tailored investment

solutions, but also to support stronger portfolio construction

and oversight so clients can make better decisions under

uncertainty and achieve more consistent outcomes across

market cycles.

4. You sit across all three product pillars

(RiskManagement, Absolute Return and Private

Markets). Where do you see the most valuable

cross-group synergies?

The most valuable synergies come from the increasing

collaboration across our three product pillars. Risk

Management, Absolute Return and Private Markets each

bring distinct capabilities, and there is growing value in

connecting those capabilities where it is relevant for clients

to deliver broader, more tailored solutions.

A shared operating infrastructure across legal, compliance,

finance and technology helps us scale efficiently and support

new initiatives while maintaining strong execution standards.

Most importantly, these synergies improve client outcomes.

By connecting expertise across teams, we can develop more

complete solutions – for example, portable alpha strategies

– that draw on multiple capabilities and can enhance capital

efficiency while delivering greater value thanany one product

could on its own.

Q&A: Andreas Danzer, Group CIO, discusses Group investment

strategy, market trends, cross-group synergies and ESG integration.

Record plc Annual Report 2026

Q&A: with Andreas Dänzer

5. How is the Group investing in technology,

automation and operational infrastructure?

Technology is a big enabler to constantly develop the whole

value chain of an investment process. This year, for example,

a major achievement is the end-to-end automation of our

FX Alpha multi-strategy solution, covering data ingestion,

modelling, reporting and monitoring with almost no manual

intervention. At the same time, a powerful internal Python

platform enables fast, advanced simulations and reduces

research time from hours or days to minutes.

The next phase focuses on scaling and standardisation,

introducing process monitoring tools for orchestration and

a monorepo structure to further increase speed of analysis

and development of new strategies. A key forward driver

is agentic coding (AI-supported development), expected to

more than double productivity and significantly increase

team capacity.

6. How does ESG integration fit within the Group’s

broader investment approach and decision-making?

Our approach to sustainability is closely aligned with the

evolving needs and objectives of our clients. We work

with investors to design solutions that integrate ESG

considerations in a way that is consistent with their broader

investment goals. This reflects Record’s broader philosophy:

to listen carefully, understand client priorities and deliver

tailored investment outcomes.

We believe ESG integration is not only an important

element of responsible investing, but also a valuable tool

for risk management. A deeper understanding of ESG

factors strengthens our assessment of long-term risks

and opportunities, supporting better-informed investment

decisions and stronger risk-adjusted returns. The Record

EM Sustainable Finance Fund is a successful example of this

approach, delivering strong risk-adjusted returns.

Strategic report

Record plc Annual Report 2026 Additional information

Financial statements

Governance

Our products

For over four decades, Record has partnered

with institutional investors to solve complex

challenges. Our foundations in currency risk

management established a collaborative

model: working closely with clients to

understand their objectives and deliver highly

tailored solutions.

Our foundations in Risk Management enabled

a natural progression into Absolute Return

strategies pursuing controlled returns

beyond hedging. The expansion into Private

Markets developed in response to client

demand and underpinned by longstanding

capabilities. Together, they combine to be

acomprehensive selection of bespoke

solutions for institutional investors.

Risk Management

Our Risk Management solutions are designed

tohelp clients navigate the complexities of

derivatives and foreign exchange fluctuations.

Passive Hedging

Passive Hedging aims to reduce portfolio volatility by

removing currency risk. This is achieved through symmetrical

elimination of currency exposure from clients’ international

portfolios.

Record’s approach combines investment efficiency with

operational excellence. Clients benefit from best execution,

custom benchmarks, optimised exposure capture,

management of cash flows and a complete reporting suite,

including regulatory reporting

Enhanced Passive Hedging

Enhanced Passive Hedging and Tenor Management builds

on Record’s core offering, aiming to add value by exploiting

market inefficiencies without affecting the consistent

protection against currency moves.

Our market-leading approach requires constant monitoring

and innovation from a specialist team, using bespoke

infrastructure to both identify and capture opportunities

within a robust risk management framework

Dynamic Hedging

Dynamic Hedging is an attractive alternative to Passive

Hedging and is designed to reduce currency risk, limit

negative cash flows from hedging, and generate value.

This product seeks to allow our clients to benefit from

foreigncurrency strength, while protecting them from

foreign currency weakness relative to their own base

currency. Value is generated through the systematic

adjustment of the hedge ratio producing an asymmetric

return, capturing gains when the base currency is strong

while limiting losses when the base currency is weak.

AUM Revenue

$92.8bn £26.6m

Record plc Annual Report 2026

Our products

Absolute Return Private Markets

Our Absolute Return products target delivering

consistent, positive returns regardless of

marketconditions.

FX Alpha

The FX Alpha product suite is a systematic multi-strategy

offering which combines multiple return drivers into a single

balanced portfolio that targets consistent returns in a variety

of market conditions.

FX Alpha targets risk premia and market inefficiencies within

the currency markets, combining a mix of fundamental and

quantitative models over short to long-term horizons.

These portfolios trade in both developed and emerging

markets, resulting in a diversified return stream for clients

which performs in a variety of market conditions with low

correlation to traditional assets.

Custom Opportunities

A range of bespoke strategies including interest rate swaps,

protected equities and tailored mandates that incorporate

both risk-reducing and return-seeking objectives tailored

toindividual client requirements.

Funds

Record Protected Equities Fund

Designed to target long-term capital appreciation

by investing in listed companies with favourable

characteristics(e.g. size, value and quality), whilst

maintaining continuous protection to mitigate the impact

ofsteep intermediate drawdowns.

The strategy maximises upside returns through global

broadly diversified equity exposure whilst minimising the

downside with a specialised risk mitigation strategy.

Our Private Markets offerings provide

clientswith access to high-quality, long-term

investment opportunities.

Solutions for Asset Managers

Initially developedas an extension of our Passive Hedging

experienceand expertise, these bespoke solutions are

tailored specifically to the individual asset manager’s

strategy and structure of their underlying investments with

afocus on liquidity management, efficient implementation

and granular reporting.

Funds

Record EM Sustainable Finance Fund

A sustainability-led fund offering investors higher yield,

carryand return opportunities relative to traditional

EMLocal Debt products. Alongside financial returns, the

strategy seeks to have a positive impact by mobilising

private capital for the development of Emerging Market

andDeveloping Economies.

Record Infrastructure Equity Fund

A portfolio of non-listed minority equity stakes of

infrastructure assets across renewable energy, data

infrastructure, transport and network utilities sectors.

Thefund seeks to identify high-potential opportunities that

target stable returns and a positive sustainable impact over

amulti-year horizon.

Record Diversified GP Stakes Fund

A portfolio of minority equity stakes in privately held

assetmanagers, varying in size, sector, geography and

vintage exposure. Thefund strategy is designed to preserve

capital in stressed markets and reduce drawdown risk.

Private Equity and Private Credit

A structured solutions space where we have the opportunity

to deliver impressive growth in profitability together with our

trusted partners, and where we are making fast progress.

AUM Revenue

$3.7bn £2.4m

AUM Revenue

$18.1bn £11.1m

1. Previously known as Hedging for Asset Managers under the Risk Management

(“RM”) pillar, Solutions for Asset Managers (“SAM”) has expanded its service

offering over the last year. As a result, SAM now falls under the Private Markets

(“PM”) pillar as the solution continues to grow and service clients in that space.

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

Q&A: with Nicolas Thomet

1. How do you reconcile bespoke design with

scalability, and where do you see the next leg

ofgrowth coming from?

It is helpful for the Group to have a long, proven track record

and history in delivering and managing bespoke institutional

mandates. Initially, these mandates were focused in

currency and currency risk-related strategies but have

now expanded to commodities, inflation, emerging market

bonds, infrastructure and credit. We like to take cues from

our core clients when we think about the next theme, and

we would like to think about themes that are related to our

currentactivity.

For example, the Group has a long history of delivering

Absolute Return mandates. It is a natural expansion of

thatactivity to offer the same across all liquid instruments.

It also makes sense to expand EM Local bonds to frontier

market bonds.

In Private Credit, we are currently focused on asset-backed

corporate lending; a natural expansion would be

asset-backed lending in related risks.

2. What approach is taken to identify, develop

anddeliver on Private Markets opportunities?

Most asset managers raise a fund and then lookfor deals.

RAM tends to start with an institutional client and a specific

problem, and design the vehicle around it.

We listen when clients tell us about the challenges they face

or the new opportunities they see emerging. We then design

products around that demand, which de-risks entry into new

asset classes. We typically initiate strategies only when an

anchor client commitment is secured, often partnering with

specialist teams who possess proven track records.

Ifaclient’s problem requires a highly specialised response,

we create bespoke solutions. However, if we identify a shared

challenge across multiple institutions, we engineer it as a

co-mingled fund.

3. How deep is the pipeline today, and what does

theconversion timeline typically look like from

thefirst conversation to anchor commitment?

We pursue a dual-track pipeline tailored to different

institutional needs.

Customised mandates are unique solutions tailored to

specific institutional criteria. They are substantial in scale

– often exceeding $1 billion – and generally have a longer

launch period.

Co-mingled funds are designed to address broader market

themes. They require a lower threshold to launch (typically

around $100 million) and convert much faster, allowing us

torapidly distribute to a wider institutional audience.

4. What does that progression tell us about

RAM’sPrivate Markets products scalability?

The Infrastructure Equity fund is a blueprint for our growth

model. We engineered the vehicle around the strict criteria

ofour four founding members, but crucially built the inclusion

and governance framework from day one to accommodate

subsequent institutional allocators.

In May 2026, we announced that the strategy had grown

from four Swiss pension fund investors to eight, and capital

deployment is proceeding in line with expectations. Doubling

our investor base to eight validates this scalable design.

Having proven that we can onboard new investors and deploy

capital, we now possess the operational track record to

replicate this model across other alternative asset classes.

5. Looking out three years, what does success in

Private Markets for RAM and the Group as a whole

look like?

We believe that we can further expand in Private Markets and

alternatives at RAM through a series of mandates and public

funds, and create a relevant track record and demonstrate

AUM growth.

These asset classes tend to be sticky and long term and

will diversify the current business. This business evolution

will allow us to bid for new and larger mandates and offer

credible solutions in related ideas. We already see similar

asks from our existing clients.

This growth is a natural evolution of our core Group identity.

For decades, institutional allocators – including pension

funds, endowments and foundations – have trusted us

to manage complex, long-term bespoke mandates to be

delivered with strong governance and the highest level of

customer service.

Private Markets require these same attributes: they are

illiquid, highly customised and structurally complex to

originate. Our clients increasingly view us as their primary

“solution finder”. When they face asset allocation challenges,

whether in EM Sustainable Finance or Infrastructure Private

Equity, they bring those to us.

This shift demonstrates that the Group growth engine is no

longer just currency; it is our ability to institutionalise and

scale complex alternative strategies.

Q&A: Nicolas Thomet, Managing Director of Group subsidiary

RecordAssetManagement GmbH (“RAM”), discusses growth

opportunities,product pipeline and Private Markets expansion.

Record plc Annual Report 2026

Q&A: with Nicolas Thomet

Strategic reportRecord plc Annual Report 2026 Additional information

Financial statements

Governance

Our strategy

Our strategy recognises the strengths and expertise of our people

andcombines this with the advanced capabilities of our operational

infrastructure. Our focus on collaboration ensures that we reach the

bestoutcomes for all our stakeholders.

This enables us to deliver on our three strategic priorities:

Progress

35% of $1.2bn

Record Infrastructure Equity fund

initial capital commitment pledged

Progress

New inflows

of revenue from the Record

Infrastructure Equity Fund which

has a 15-year lock-up period

Progress

Automation and

AI integration

at the forefront of operational

infrastructure improvements

Organic

Growth

Quality of

Earnings

Operational

Excellence

Our focus remains on continued

growthacross our product suite.

Ourtrajectory has been defined by

working directly with our clients to

solve their individual problems.

The three product pillars, Risk

Management, Absolute Return and

Private Markets, build on existing

investment, risk and operational

capabilities of the Group, allowing us to

fully understand the investment risks

and challenges faced by clients and to

respond with tailored solutions.

We have a keen focus on investing

in and developing products that

contribute to quality in the form of

higher margin, longer lock-up periods,

scalability, or a combination of the

three.

To this end, by investing in our people,

products and brand, we aim to grow the

business by ensuring the sustainability

of returns, the longevity of client

relationships, continued high cash

generation and innovative solutions

tomeet the demands of our clients.

Achieving operational excellence is the

key to ensuring our clients receive the

best experience and the highest levels

of operational risk control as efficiently

and cost-effectively as possible.

This is achieved by ensuring we

have the right people and the right

operational framework.

This framework lends itself to

improved operational efficiency and

performance, as well as an enhanced

client experience.

19% growth

in AUM of Solutions for Asset

Managers

39% increase

in revenue from Solutions for

Asset Managers

Executive team

strengthened as Dr Othman

Boukrami takes over as CEO of RCML

Record plc Annual Report 2026

Key performance indicators

The Board uses both financial and non-financial key performance

indicators (“KPIs”) to monitor and measure the performance of the

Group against its strategic priorities.

Some KPIs link to specific strategic areas, whilst others represent higher-level key metrics in terms of the Group’s business

andfinancial performance.

Financial KPIs

Why this is important

A key indicator of client experience,

product quality and growth, and a key

driver of profitability.

Link to strategy

Why this is important

Measures the overall effectiveness of

the business model, and drives both our

dividend policy and the value generated

for shareholders.

Link to strategy

Why this is important

An indicator of business growth.

Link to strategy

Why this is important

An alternative performance measure

that is a key driver of future revenue

andan indicator of business growth.

Link to strategy

Why this is important

Illustrating new client growth and the

longevity of qualityclient relationships

sustained through investment cycles.

Link to strategy

Why this is important

An indicator of the efficiency of the

business in turning revenue into profit

on an ongoing basis.

Link to strategy

Why this is important

Measures the value generated

forshareholders.

Link to strategy

Why this is important

Aligns employee interests with those

of our shareholders, ensuring the

longer-term success of our business.

Link to strategy

Revenue

Basic earnings

per share (“EPS”)

Average number

of employees

Assets Under Management

(“AUM”)

Client longevity

Operating profit margin

Ordinary dividend

per share

Employees with

equity interest

Non-financial KPIs

FY25FY25FY25FY25

FY25FY256-10 years FY25

FY24FY24FY24FY24

FY24FY243-6 years FY24

FY23FY23FY23FY23

FY23FY231-3 years FY23

FY22FY22FY22FY22

FY22FY220-1 year FY22

FY26FY26FY26FY26

FY26FY26>10 yearsFY26

£40.1m3.92p$114.6m103

25%3.60p21%64%

£41.6m5.03p$100.9m99

26%4.65p11%63%

£45.4m4.84p$102.2m96

28%4.60p16%66%

£44.7m5.95p$87.7m88

32%4.50p25%63%

£35.1m4.52p$83.1m82

31%3.60p27%61%

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

Overview

As Interim Chief Financial Officer, I am pleased to present anoverview of Record plc’s performance for the period. Despite

a challenging and evolving market backdrop, the Group has maintained operational consistency while continuing to invest

selectively in key areas that support itsstrategic objectives.

Throughout this period, the Board and management team have prioritised cost control and balance sheet strength, ensuring

that Record is well positioned to manage near-term uncertainty. These foundations support the Group’s ongoing commitment

to delivering value for clients and shareholders and to position the business for sustainable progress over the longer term.

This year has seen some exciting new client wins, further product developments and impressive growth in AUM, setting the

Group up well for the future.

AUM development

Assets Under Management (“AUM”) finished the year at $114.6billion (FY25: $100.9 billion), up $13.7 billion since the start

oftheperiod, an increase of 14%.

AUM is presented in our three product pillars: Risk Management, Absolute Return and Private Markets.

AUM movement analysis by product pillar

2026 2025

Risk

Management

$bn

Absolute

Return

$bn

Private

Markets

$bn

Total

$bn

Risk

Management

$bn

Absolute

Return

$bn

Private

Markets

$bn

Total

$bn

Opening balance 81.1 4.5 15.3 100.9 92.9 8.3 1.0 102.2

Net flows 3.2 (1.2) 2.8 4.8 0.5 (3.6) — (3.1)

Equity and other

marketimpacts 3.4 0.1 (0.1) 3.4 0.6 (1.0) — (0.4)

FX and scaling

adjustments 5.1 0.3 0.1 5.5 1.4 0.8 — 2.2

SAM transferred from

RMto PM

— — — — (14.3) — 14.3 —

Closing balance 92.8 3.7 18.1 114.6 81.1 4.5 15.3 100.9

1. Previously known as Hedging for Asset Managers under the Risk Management (“RM”) pillar, Solutions for Asset Managers (“SAM”) has expanded its service offering over the

last year. As a result, SAM now falls under the Private Markets (“PM”) pillar as they continue to grow and service clients in that space. For comparative purposes, we have

adjusted the FY25 closing balance to reflect this transfer.

Consistent positive net flows over the year due to new business wins was a prominent driver of AUM movement during the

period. This was further enhanced by the positive underlying asset and foreign exchange movements.

Business and financial review

“ Against a challenging market backdrop,

results reflect the Group repeatability of

revenue and operational consistency, with

EPS reflecting selective investment decisions

to support strategic objectives.”

Samantha Dunn |Interim Chief Financial Officer

Revenue Operating profit

£40.1m -4% £10.0m -6%

FY25

£41.6m

FY26

£40.1m

FY25

£10.7m

FY26

£10.0 m

Record plc Annual Report 2026

Risk Management

AUM in our core Risk Management products increased by 14% during the period to $92.8 billion (FY25: $81.1 billion).

RiskManagement products consist of Passive Hedging and Dynamic Hedging.

Passive Hedging AUM increased due to favourable exchange rate movements from weakening of the US dollar against the

Swiss franc, the currency in which the majority of Passive Hedging clients’ assets are denominated.

AUM of Dynamic Hedging clients is more heavily weighted to US dollars, and was therefore not impacted by foreign exchange

movements, but instead was driven by growth in the value of underlying assets.

Absolute Return

AUM for Absolute Return products tends to be more volatile as clients are more likely to move in and out of Absolute Return

strategies. The 18% decrease in AUM is as a result of the deferred impact of the wind-up of an FX Alpha client in late FY25.

Private Markets

Consisting of Solutions for Asset Managers, EM Local Debt, Infrastructure Equity, Private Equity and Private Credit,

PrivateMarkets saw an 18% increase in theyear.

Solutions for Asset Managers was the main driver of this as it continues to see strong inflows, with AUM up 19% for the year.

Growth in Solutions for Asset Managers is expected to continue by both winning new clients and growing alongside existing

clients as new funds launch.

In EM Local Debt, the AUM in the Record EM Sustainable Finance Fund continues to remain consistent year on year.

A further increase in Private Markets AUM was as a result of the first capital deployment for the Record Infrastructure

EquityFund which took place in FY26. While not yet reported as AUM, the remaining balance of commitments to the fund

totals$1.1billion, with two additional investment target closures already announced and expected to be deployed in the

firsthalf of FY27.

Financial performance

We ended FY26 with an operating profit of £10.0 million (FY25: £10.7 million), down 6%, driven by marginally lower revenues,

resulting in a decrease in operating margin from 25.6% to 25.0%. In a period of slower revenues, our focus on cost management

has reduced operating costs by 2%. The 23% decrease in profit after tax is primarily as a result of the absence of the high net

impact of deferred tax credits that occurred in the prior period. The net result is that EPS decreased 22% to 3.92 pence per

share, down from 5.03 pence per share last year although largely in line with market expectations.

2026

£’000

2025

£’000

Revenue 40,096 41,615

Cost of sales (186) (472)

Gross profit 39,910 41,143

Operating expenses (30,382) (30,845)

Share of profit/(loss) of joint venture 50 (4)

Other income 437 364

Operating profit 10,015 10,658

Operating margin 25.0% 25.6%

Profit after tax 7,026 9,105

Profit after tax for the year attributable to

Equity holders of Record plc 7,657 9,719

Non-controlling interest (631) (614)

Profit after tax 7,026 9,105

EPS 3.92p 5.03p

Business and financial review

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

Business and financial review continued

Financial performance continued

Revenue

Total revenue of £40.1 million (FY25: £41.6 million) was down 4%. Management fees of £35.4 million (FY25: £37.2 million) were

down 5% following the loss of a client with schemes across multiple products in late FY25, which was partly offset by new

growth. Performance fees of £2.8 million, while once again an important component of total revenue, were down against a

marginally stronger performance in FY25. Other services income, which comprises primarily distribution fees and the closing

fee for the first capital deployment from the Record Infrastructure Equity Fund, saw encouraging growth during the period.

2026 2025

Risk

Management

£’000

Absolute

Return

£’000

Private

Markets

£’000

Total

£’000

Risk

Management

£’000

Absolute

Return

£’000

Private

Markets

£’000

Total

£’000

Management fees 23,797 2,056 9,515 35,368 25,170 3,530 8,546 37,246

Performance fees 2,465 333 — 2,798 3,175 — — 3,175

Other services income 326 — 1,604 1,930 531 — 663 1,194

Total revenue 26,588 2,389 11,119 40,096 28,876 3,530 9,209 41,615

Risk Management

Revenue from Risk Management products decreased to £26.6 million (FY25: £28.9 million). The decrease was mainly attributed

to the decrease in Passive Hedging and Dynamic Hedging management fees, both largely due to the client loss already

mentioned at the end of the previous period, with some effects offset through growth in AUM. Despite this, Passive Hedging

products saw another year end with well-earned performance fees.

Absolute Return

The decrease in revenue from Absolute Return products is as a result of the remaining impact of the wind-up of the same

client in late FY25, with decreases in both AUM and management fees. Nevertheless, our FX Alpha products were also able

tocrystallise performance fees of £0.3 million (FY25: £nil) during the year.

Private Markets

Increased activity in our Private Markets products has been a key driver in revenue growth. As noted in the AUM development

section above, Solutions for Asset Managers now falls under the Private Markets pillar. For comparative purposes, the FY25

revenue allocation in the table above has been restated to reflect this. Solutions for Asset Managers saw 39% growth in

management fees as it continued to make good new business wins during the period. EM Debt, which comprises our EMSF

fund, generates high and consistent revenue from a stable AUM base. Following the firstRecord Infrastructure Equity

Fund deployment in FY26, and another two announced and expected for deployment in the first half ofFY27, increased

infrastructure revenues are expected to begin materialising.

Operating costs

Operating costs of £30.4 million (FY25: £30.8 million) were down 2%. This represents consistent progress in the restructuring

of our cost base and aligning investment to our strategic priorities.

2026

£’000

2025

£’000

Operating expenses

Staff costs 16,178 15,931

IT and technology 3,905 4,236

Professional fees 3,485 3,118

Occupancy 983 1,343

Depreciation and amortisation 1,309 758

Travel and marketing 947 831

Operating costs (excl. bonus) 26,807 26,217

Bonus 3,575 4,628

Operating costs 30,382 30,845

Headcount 103 99

Record plc Annual Report 2026

Business and financial review continued

Staff costs excluding bonuses increased in line with

average headcount during the year, which was up from

99 to 103, as we continue to invest in our talented team of

professionals to support our strategic objectives. Technology

fees for external services have decreased, driven by the

efficiencies gained through our in-house IT development

team, whose efforts continue to yield tangible cost savings

and operational improvements. Professional fees have

increased somewhat, as a result of continued investment

in the wider Group and supporting growth in our Private

Markets solutions. Since the closure of the Windsor office

in December2025, occupancy costs have now decreased,

although we are incurring higher depreciation relating

to the new London office, and increased amortisation of

the internally developed software that is now in use by

the business. Travel and marketing costs have increased

slightly, in line with our expanded presence in Germany

andSwitzerland.

For FY26 the Board approved a total bonus pool of

£3.6million (FY25: £4.6 million) for the year, down from

FY25, reflecting lower operating profits in the period. Further

information on bonuses can be found in the Remuneration

report on page 56.

Profit after tax and earnings per share

Profit after tax of £7.0 million (FY25: £9.1 million) was

down23%.

This decrease was partially due to the 4% lower revenues

seen this year, but largely driven by the increased tax

charge for the year to £2.8 million (FY25: £1.8 million), an

effective rate of 28% (FY25: 17%). The significantly lower

FY25 tax expense was due the deferred tax impact of a

once-off tax credit recognised in respect of cumulative tax

losses in Record Asset Management GmbH (“RAM”) and

RAM Strategies GmbH (“RAMS”), our German subsidiaries,

of £1.4million, recognised for the first time in FY25. In

comparison, only an additional £0.3 million was recognised

in the current period. The cumulative deferred tax credit of

£1.7 million will be available to be used to offset the future

taxable profits of RAM and RAMS.

When factoring in the non-controlling interests in the RAM

Group, profit after tax attributable to Record plc shareholders

is £7.7 million (FY25: £9.7 million). As a result, earnings per

share has decreased by 22% to 3.92 pence (FY25: 5.03 pence).

The decrease is largely in line with market expectations set

after the interim results.

Financial stability and capital management

Maintaining a strong balance sheet is a priority for Record

and we believe this is important to investors and clients alike.

At 31 March 2026, net assets were £27.8 million

(FY25:£29.1million) which is £19.2 million in excess of our

minimum regulatory capital requirement of £8.6 million

which we are required to maintain by the FCA in the UK

andBaFin inGermany.

The Board will continue to balance the expectations of

shareholders for dividends with the needs of the business

to maintain a healthy balance sheet and preserve capital

for future growth. The Group has no external debt and is

cash generative with capital and dividend policies aimed

at ensuring continued balance sheet strength to support

future growth. Included within net assets is £13.0 million

ofassets managed as cash (FY25: £13.3 million), indicating

aconsistently strong year-on-year cash position.

Dividends

An interim ordinary dividend of 2.15 pence per share

(FY25:2.15 pence) was paid to shareholders on

19December2025, equivalent to £4.1 million.

As disclosed in the Chairman’s statement on pages 2

and3, the Board is recommending a final ordinary dividend

of 1.45 pence per share (FY25: 2.50 pence), equivalent to

approximately £2.8 million, taking the overall ordinary

dividend for the financial year to 3.60 pence per share

(FY25:4.65 pence), maintaining the dividend payout ratio

at92% of total earnings pershare of 3.92 pence.

Outlook

The outlook for the short term remains highly dependent on

the timing of revenue recognition, with variability reflecting

the natural progression of projects currently in the pipeline.

FY27 has already started with some new client wins, and

we are anticipating healthy revenue growth, resulting in a

modest increase in earnings per share (“EPS”) year on year.

Over the medium term, we expect the deployment of new

products in the Private Markets space in particular to drive

revenue and EPSgrowth.

Recognising the importance of the dividend to investors,

and the uncertainty of timing of new revenue growth,

we remain aligned with the interests of investors while

alwaysbalancing that with the aim of maintaining a strong

balance sheet.

Samantha Dunn

Interim Chief Financial Officer

18 June 2026

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

Sustainability

Governance

The Record plc Board (“the Board”) retains overall

accountability for the Group’s sustainability strategy and

has delegated day-to-day oversight to the Sustainability

Committee. The Committee is comprised of senior leaders

from across the business who are responsible for setting the

sustainability strategy and embedding sustainable practices

throughout the Group.

The Sustainability Committee meets at least quarterly to

review performance, make decisions on key ESG matters,

and oversee progress against agreed goals and targets.

The Committee receives regular updates, analysis and

recommendations from the ESG and Impact Manager to

inform discussion and decision-making.

The Sustainability Committee maintains a direct reporting

line to the Board, ensuring they have oversight of material

sustainability issues, key decisions and progress against the

Group’s sustainability commitments.

The ESG and Impact Manager is responsible for driving

delivery of the sustainability strategy across the Group.

This includes developing recommendations and proposals

for consideration by the Sustainability Committee and

co-ordinating the implementation of approved actions.

Acting as a central point of co-ordination, the ESG and

Impact Manager works collaboratively across teams to

alignsustainability objectives with business priorities.

Sustainability organisational chart

Record plc Board

Sustainability Committee

The Board Chair

Chief Executive Officer,

RCML

Chief Executive Officer,

Record plc

ESG and Impact

Manager

Chief of Staff

Oversees Reports to

Director, Fixed Income

Sustainability

Sustainability touches every part of

our business, shaping our strategy,

investment decisions, operational

practices, community engagement

and the wellbeing of our workforce.

Sustainability pillars:

Responsible investment

See more on page 23

Our people

See more on pages 24 and 25

Climate action

See more on pages 26 and 27

Record plc Annual Report 2026

Sustainability

Responsible investment

Record has always prioritised sustainability and corporate

responsibility at its core. As a natural extension of this

philosophy, responsible investment is a fundamental pillar

of our sustainability strategy.

Philosophy

Our core business has traditionally been within the currency

management space, where Record has been a thought leader

in exploring the integration of Environmental, Social and

Governance (“ESG”) within currency markets.

Record Currency Management Limited (“RCML”), our main

trading subsidiary, is proud to have been a signatory to

the United Nations Principles for Responsible Investment

(“UN PRI”) since 2018, having been one of the first specialist

currency asset managers to sign up. More recently, Record

has upgraded this signatory scope to include all entities

within the Group. Our Group Responsible InvestmentPolicy

is written in line with the UN PRI and acts as a guide to

the investment teams and committees across Record’s

subsidiaries when considering their approach to ESG

integration in their investment activities, providing

Group-wide clarification on definitions and outlining our

ownoverarching set of principles for responsible investing.

Record Emerging Market Sustainable Finance Fund

(“EMSF”)

The launch of the flagship Record Emerging Market

Sustainable Finance strategy (“EMSF” or the “Strategy”) in

2021 was a pioneering step to design a sustainable finance

solution together with private sector investors that aims

to support the development of local currency markets in

Emerging Market and Developing Economies (“EMDEs”) to

promote the United Nations Sustainable Development Goal

(“UN SDG”) aligned socioeconomic growth.

EMSF takes active currency risk across a wide universe

of emerging and frontier currencies in pursuit of greater

currency stability, whilst also offering currency hedging

solutions in partnership with the development finance

community to encourage local currency funding.

Simultaneously, EMSF directly supports the financing of

development projects through its investments in bond

instruments issued by multilateral development banks

(“MDBs”) and other development finance institutions (“DFIs”)

with active operations in EMDE countries. This blended

impact-first investment strategy is underpinned by a holistic

pattern of continuous engagement that delivers impactful

investment opportunities and aims to promote improved

investment transparency and disclosure on use of proceeds

alongside better policies and practices among investees and

bank counterparties.

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

Sustainability continued

Workplace

Record’s working environment is designed to encourage

bright, dynamic and committed individuals to thrive. We

believe that investing in our staff and developing their

potential is key to the success of the business and our

policies and practices reflect this. We actively listen to our

employees to help us understand their opinions, ideas and

suggestions through ongoing employee engagement surveys.

In addition, the Group continues to provide a number of

other benefits to employees, including pension, private

medical cover, dental cover, life insurance, permanent

health insurance and subsidised gym membership. All

employees participate in the Group Bonus Scheme and have

the opportunity to acquire shares in Record plc through the

scheme, as well as through the Record plc Share Incentive

Plan. Our Employee Assistance Programme is available to

all employees, which provides 24/7 confidential telephone

support from qualified counsellors as well as online

computerised cognitive behavioural therapy, to support

with mental health issues. The Group also holds regular

team-building and other social events, enhancing interaction

between different departments within the business and

contributing to social inclusion.

Inclusive

workplace

Talent

development

Business

growth

Talent

pipeline

Staff retention

84%

FY26

FY25

84%

78%

FY24

81%

The FY26 increase in staff retention reflected the

implementation of business strategy, in particular our

succession planning, which saw lower levels of external

recruitment and more changes at senior levels within the

business filled through internal promotions.

Human rights

The Group’s policies and procedures are aligned with

internationally recognised human rights standards, including

the guidelines issued by the UN Global Compact, towhich

the Group is a signatory, as well as the International

Labour Organization’s core conventions and the Universal

Declaration of Human Rights. The Group is aligned to

upholding human rights across all jurisdictions in which we

operate and works to ensure that there are no instances

of modern slavery, human trafficking, child labour or other

forms of human rights abuse within our organisation. During

the reporting period, there were no identified instances of

non compliance with labour standards.

Each year, the Group publishes a Modern Slavery Act

statement in line with government guidance under the UK

Modern Slavery Act 2015. We recognise our responsibility

to assess and address the risk of modern slavery within

our operations, and our policy sets out the processes and

controls in place to identify, mitigate and prevent modern

slavery and human trafficking both in our own operations

andacross our supply chain.

Our people

Developing potential: driving our success forward.

Read more in our

Sustainability Report

at recordfg.com

Record plc Annual Report 2026

Sustainability continued

Diversity, Equity and Inclusion

The Group aims to ensure equal opportunities and foster a

workplace free from discrimination. Westrive to ensure that

all recruitment processes are fair, transparent and conducted

objectively, systematically and in full compliance with

employment legislation. OurDiversity, Equity and Inclusion

Policy sets clear expectations for all employees, making it

explicit that discrimination, harassment or victimisation of

any kind is unacceptable and will not be tolerated under any

circumstances.

We believe that valuing the unique qualities, perspectives

and experiences of individuals strengthens our culture and

enhances the way we operate as a business.

By attracting, recruiting and developing talent from

a diverse pool of candidates, the Group gains broader

insights into different markets and is better positioned to

support client needs through innovative and sustainable

investment solutions. Our aim is to cultivate a productive and

inclusive environment – one that represents a wide range

of backgrounds and perspectives – where everyone has an

equal opportunity to thrive and succeed.

The Group has made significant progress towards its

Diversity, Equity and Inclusion Action Plan, a summary of

which can be viewed in this year’s Sustainability Report

onpages 21 to 25.

Our employee-led Diversity, Equity and Inclusion Network

remains at the forefront of initiatives aligned with our

action plan, striving to raise awareness of the challenges

faced by underrepresented groups and celebrate individual

differences. This year, the Network organised several

inclusive events, including Deaf Awareness Week, Pride

Month, Black History Month and World Menopause Month.

Additionally, the Group is a member of the Diversity Project,

a cross-company organisation dedicated to promoting

inclusion and diversity within the UK investment and

savingsindustry.

The gender diversity within the Group is shown below:

Gender balance

as at 31 March 2026

Male Female

Number % Number %

Board Directors 5 83% 1 17%

Executive management 3 100% 0 0%

Senior management 30 79% 9 23%

Other staff 41 67% 20 33%

All employees

74 73% 29 27%

1. All employees figure excludes members of the Board.

See page 23 of our separate Sustainability Report for

our Gender Pay Gap and further diversity data and more

information on our diversity initiatives.

Community

Record recognises its obligations and responsibility to

contribute to the wider community outside of the firm. Over

the course of the year, the Group made charitable donations

totalling £28.5k. Our charitable giving is focused on employee

choice, with the Group matching employee donations and

sponsorship. The Group continues to encourage employees

to participate in fundraising activities for charitable causes,

and this year employees participated in a variety of events,

including charity lunches and fundraising competitions.

Charitable donations

£28,500

(£’000)

FY26

FY25

28.5

31.1

FY24

28.1

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

Net zero

We remain focused on taking the vital steps required to reach

net zero, reducing greenhouse gas emissions (“GHGs”) across

our operations and value chain. Wehave therefore set the

following targets:

• reach net zero greenhouse gas emissions in our operations

and value chain by 2050; and

• reduce Scope 3

emissions intensity

by 55% by 2030

against a 2019 baseline.

These targets were developed using science-based

methodology and are aligned with limiting global warming to

1.5ºC. When we first published this target in our FY22 Annual

Report, we had already reduced our Scope 2 emissions

significantly by becoming 100% renewable across our UK

operations. Ourinterim target therefore focuses solely on our

indirect Scope 3 emissions, which at the time made up 98% of

our carbon footprint.

1. Scope 3 emissions: business travel; premises waste, water and transmission and

distribution losses; outbound deliveries; commuting; other upstream emissions;

and home working.

2. Scope 3 emissions intensity is calculated as an absolute value of emissions

divided by revenue.

TCFD

We are pleased to report our climate-related financial

disclosures in accordance with guidance from the Task Force

on Climate-related Financial Disclosures (“TCFD”) as part of

the Group’s Annual Report and Accounts.

The following table provides our disclosure in response

tothe TCFD recommendations.

Climate Report

Certain detailed climate-related disclosures are presented in

the Group’s standalone Climate Report rather than within the

Annual Report. This reflects the technical and evolving nature

of climate-related metrics, methodologies and assumptions,

particularly in relation to Scope 3 and financed emissions,

which require more granular explanation than is appropriate

for inclusion in the Annual Report.

Sustainability continued

Climate action

Our alignment to net zero and reducing greenhouse gas emissions.

Read more in our

Climate Report

at recordfg.com

Governance

Recommendations

Current

status

Key areas

of progress Page

Describe Board-level oversight of climate-related

risks and opportunities.



• The Record plc Board is responsible for governing and

overseeing the Group’s business strategy, and providing

oversight, control and monitoring of its operations

and risks. As part of this function, the Board oversees

climate-related risks and opportunities.

• Other Board-level committees have oversight

responsibilities for climate-related risks and

opportunities.

• The Board has delegated responsibility for overseeing

the Group’s climate change strategy to the Board

Sustainability Committee.

See more on

pages 5 to 6

of the Climate

Report

Describe management’s role in assessing and

managing climate-related risks and opportunities.



Strategy

Recommendations

Current

status

Key areas

of progress Page

Describe the climate-related risks and

opportunitiesthe organisation has identified over

the short, medium and long term.



• We have identified potential climate-related risks and

opportunities which may arise over the short, medium

and long term, and use this assessment to inform our

strategy.

• We have undertaken a qualitative climate-scenario

analysis using the globally recognised Network for

Greening the Financial System (“NGFS”) – “Current

Policies”, “Net Zero 2050” and “Delayed Transition”.

See more on

pages 8 to 11

of the Climate

Report

Describe the impact of these climate-related risks

and opportunities on the organisation’s business,

strategy and financial planning.



Describe the resilience of the organisation’s strategy,

taking into account different climate-related

scenarios, including a 2°C or lower scenario.



Key

Compliant Partially compliant Not yet compliant

Record plc Annual Report 2026

Sustainability continued

Risk management

Recommendations

Current

status

Key areas

of progress Page

Describe the organisation’s processes for

identifyingand assessing climate-related risks.



• The process of identifying, assessing and managing

climate-related risks is embedded into our Group-wide

Business Risk Framework, which operates a two lines of

defence approach.

• Climate-related risks are considered within our existing

principal risk categories.

See more on

pages 12 to 15

of the Climate

Report

Describe the organisation’s processes for

managingclimate-related risks strategy and

financial planning.



Describe how processes for identifying, assessing

and managing climate-related risks are integrated

into the organisation’s overall risk management.



Metrics and targets

Recommendations

Current

status

Key areas

of progress Page

Disclose the metrics used by the organisation to

assess climate-related risks and opportunities in

line with its strategy and risk management process.



• We report Scope 1, 2 and 3 GHG emissions.

• We report progress against emissions reduction targets.

See more on

pages 17 to 19

of the Climate

Report

Disclose Scope 1, Scope 2 and, if appropriate,

Scope3greenhouse gas (“GHG”) emissions, and

therelated risks.



Describe the targets used by the organisation to

manage climate-related risks and opportunities

andperformance against targets.



Streamlined Energy and Carbon Reporting

Methodology

The method used to calculate GHG emissions is the GHG

Protocol Corporate Accounting and Reporting Standard

(revised edition), together with the latest emission factors

from recognised public sources including, but not limited

to, BEIS, the US Energy Information Administration, the US

Environmental Protection Agency and the Intergovernmental

Panel on Climate Change. The reported GHG emissions are

for our UK operations only. Scope 3 emissions are inherently

subject to a higher degree of estimation uncertainty than

Scope 1 and 2 emissions. While we have used the best

available data and methodologies, the resulting figures

should be interpreted as estimates and may be subject to

revision as data quality and availability improve over time.

Please refer to pages 20 and 21 in our Climate Report for

Group-level emissions.

Our emissions trend

In FY26, our organisation recorded total greenhouse gas

(“GHG”) emissions of 386.8 tCO₂e, representing a 9% increase

compared to FY25 on a market-based methodology. This

increase is considered moderate and was primarily driven by

higher Scope 2 emissions, reflecting operational changes and

the integration of a new office location. We remain focused

on achieving our long-term climate goals and continue

to explore opportunities across both our operations and

products to reduce our overall carbon footprint.

Summary of emissions (tCO

e) for FY26

1,2,3

Reporting category

Location-

based

methodology

UK &

offshore

Market-

based

methodology

UK &

offshore

Scope 1 3.72 3.72

Scope 2 30.97 73.59

Scope 3 211.36 211.36

Total 246.05 288.67

Scope 1, 2 and 3 CO

e intensity ratio:

tonnes CO

e/FTE 2.39 2.80

Energy consumption (kWh 000)

1,2,3

FY26

FY25

2617520

41 167 195

Location-based methodology (tonnes of CO

1,2,3

FY26

FY25

211.3630.973.72

7.50 34.61 282.24

Market-based methodology (tonnes of CO

1,2,3

FY26

FY25

211.3673.593.72

7.50 64.90 282.24

1. Scope 1 covers combustion of gas and combustion of fuel for heating purposes.

Scope 2 covers purchased electricity. Scope 3 covers premises waste;

transmission and distribution losses; business travel; outbound deliveries;

commuting; other upstream emissions; and homeworking.

2. Please note that rounding differences may exist.

3. Emissions data for financial year ending 31 March 2026. Visual only refers to UK

and offshore data.

Record plc Annual Report 2026

Additional informationGovernance

Financial statements

Strategic report

Our stakeholders

Clients Shareholders People

Environment

andcommunity

Suppliers Regulators

We are a client-led business.

Ourethos is to “Listen” to clients,

“Understand” their investment

objectives, and “Deliver”

sustainablesolutions.

We rely on support and engagement

with our shareholders to deliver

ourstrategic objectives and grow

the business.

Our people are central to the

ongoing success of the business

andwe aim to attract, retain,

develop and motivate the right

people for current and future

business success.

We recognise the responsibility

wehave to the environment, local

community and wider society.

We rely on external suppliers and

service providers to supplement

theGroup’s own infrastructure,

benefiting from the expertise

provided.

As a global business, we have

transparent and open relationships

with our regulators around the

world. Regulators provide

oversightto ensure our businesses

are operated within regulatory

parameters, thereby giving valuable

assurance to our stakeholders.

How we engage

Our operations are built around the

requirements of our clients, including

established systems and controls to reduce

risk. We manage each stage of the process

as efficiently as possible.

We build strong and trusted relationships

with clients by collaborating on new

developments and opportunities as they

evolve.

Regular client review meetings ensure

requirements are consistently monitored.

Clients receive regular reports on market

and investment performance.

How we engage

The Group CEO presents the full-year

and half-year results to investors, both

institutional and retail.

The primary means of communication

with shareholders are through the

AnnualGeneral Meeting, the Annual

Report and Accounts, half-year results

and related presentations. All of these

are made available on the Group’s website

www.recordfg.com. The website also

contains information on the business of the

Group, corporate governance, regulatory

announcements, key dates in the financial

calendar and other shareholder information.

How we engage

We engage with our employees through a

variety of channels including a Company

intranet, management briefings, employee

engagement surveys, e-mail updates and

Group-wide townhalls.

We encourage employees to develop and

advance their careers, offering assistance

in study support and the possibility of

secondments to overseas offices.

The Group’s remuneration framework aims

to align employees’ interests with those of

shareholders by offering the opportunity to

benefit from business growth through share

ownership.

How we engage

Record’s Sustainability Committee

ensures a focus on sustainability and ESG

factors across all aspects of our business,

including investment strategy, corporate

responsibility and risk management,

benefiting our clients and stakeholders.

We support the communities where we

operate by contributing through donations

and employee volunteer efforts.

Collaborating with like-minded partners,

we strive to meet the growing demand for

sustainable investment solutions.

Record has been a proud signatory to the

Principles for Responsible Investment since

June 2018.

How we engage

We work to ensure that our key suppliers

are engaged with our business and that a

mutual understanding and close working

relationship is maintained between us.

All material supplier contracts are subject

to due diligence checks and reviews and

include strict service level agreements for

all suppliers of business-critical services.

Record has a supplier payment policy which

ensures that all invoices are approved and

duly paid within agreed terms.

How we engage

The Group uses a combination of the

following:

• local legal advisers to call upon for new

activities;

• direct engagement with various industry

bodies with regulators and policymakers

across the Group, keeping up to date with

evolving regulatory requirements; and

• the Record plc Board receives regular

reports from each subsidiary to enable

oversight requirements.

We receive advice and updates on regulatory

matters from both our internal and external

auditors and our legal advisers.

Material interests

Our clients’ material interests are in the

performance of Record’s products, a robust

risk framework, transparency, value for

money, maintaining the high levels of

servicethey receive and the provision

of innovative products which meet their

investment objectives.

Material interests

Our shareholders want Record to succeed

as a long-term sustainable business which

delivers attractive returns through share

price growth and regular dividends.

Material interests

Our people’s material interests relate to

the work balance, physical and cultural

environment provided by Record. They want

to be fairly rewarded for their contribution

and have opportunities for learning,

growthand development whilst sharing

inbusiness success.

Material interests

We aim to manage the business in a

manner which minimises our impact on the

environment and helps to benefit society.

Material interests

Suppliers wish to develop mutually

beneficial working relationships with

growing and successful businesses over

thelong term.

Material interests

Regulators aim to ensure that our

regulatedsubsidiaries are run responsibly in

the best interests and safety of our clients

and other stakeholders. They seek to protect

the integrity of the financial systems they

supervise and promote fair competition for

the benefit of clients.

2026 highlights

Deployment of the first Record

Infrastructure Equity Fund investments,

with a further two deployments

confirmed for the first half of FY27.

Responsible investment initiatives,

including maintaining 100% allocation

to development finance institution

bonds and investing in our Emerging

Market Sustainable Finance strategy,

reinforcing our long-standing UN PRI

commitment.

2026 highlights

Succession planning changes: CFO

Richard Heading stepped down after the

appointment of Interim CFO Samantha

Dunn; Chief of Staff Kevin Ayles left the

Board and remains a senior executive;

and Dr Othman Boukrami transitioned

from plc NED to CFO of Group subsidiary

Record Currency Management Limited.

Nick Adams was appointed to the plc

Board as an independent NED and

member of the Audit, Remuneration and

Nomination Committees.

2026 highlights

Continued expansion of our employee

base to support growth across

infrastructure, private markets and

sustainable finance activities.

Implementation of Group-wide gender

diversity targets and membership of

the UK Disability Confident Scheme to

attract and retain diverse talent and

ensure inclusive recruitment.

Record is proud of our employee-led

Inclusion and Diversity Network which

runs staff events throughout the year.

2026 highlights

Employees helped to raise £28.5k for

local and national charities during

theyear.

Our Climate Report includes disclosure

against the TCFD’s recommendations

and outlines Record’s commitment and

action towards the Group’s net zero and

emissions reduction targets.

Further details on our focus and actions

on both sustainability and climate can

be found in our separate Sustainability

and Climate Reports on our website:

www.recordfg.com.

2026 highlights

The Supplier Code of Conduct is in

place to align suppliers and service

providers with Record’s own standards

on human rights, diversity and inclusion,

environmental policy and ethical

practice.

In line with the updated guidance

published by government to the

reporting expectations of the UK

Modern Slavery Act 2015, Record’s

current Modern Slavery Policy has been

updated to reflect policies and practices

across the Group.

2026 highlights

Record’s German subsidiary, approved

by BaFin as a MiFID firm, continues

to see growth in revenue as inflows

materialise.

Record is expanding and we are actively

pursuing regulatory licences in other

jurisdictions to facilitate our growth.

Our stakeholders, with whom we maintain

an ongoing dialogue, are detailed below.

Record plc Annual Report 2026

Our stakeholders

Clients Shareholders People

Environment

andcommunity

Suppliers Regulators

We are a client-led business.

Ourethos is to “Listen” to clients,

“Understand” their investment

objectives, and “Deliver”

sustainablesolutions.

We rely on support and engagement

with our shareholders to deliver

ourstrategic objectives and grow

the business.

Our people are central to the

ongoing success of the business

andwe aim to attract, retain,

develop and motivate the right

people for current and future

business success.

We recognise the responsibility

wehave to the environment, local

community and wider society.

We rely on external suppliers and

service providers to supplement

theGroup’s own infrastructure,

benefiting from the expertise

provided.

As a global business, we have

transparent and open relationships

with our regulators around the

world. Regulators provide

oversightto ensure our businesses

are operated within regulatory

parameters, thereby giving valuable

assurance to our stakeholders.

How we engage

Our operations are built around the

requirements of our clients, including

established systems and controls to reduce

risk. We manage each stage of the process

as efficiently as possible.

We build strong and trusted relationships

with clients by collaborating on new

developments and opportunities as they

evolve.

Regular client review meetings ensure

requirements are consistently monitored.

Clients receive regular reports on market

and investment performance.

How we engage

The Group CEO presents the full-year

and half-year results to investors, both

institutional and retail.

The primary means of communication

with shareholders are through the

AnnualGeneral Meeting, the Annual

Report and Accounts, half-year results

and related presentations. All of these

are made available on the Group’s website

www.recordfg.com. The website also

contains information on the business of the

Group, corporate governance, regulatory

announcements, key dates in the financial

calendar and other shareholder information.

How we engage

We engage with our employees through a

variety of channels including a Company

intranet, management briefings, employee

engagement surveys, e-mail updates and

Group-wide townhalls.

We encourage employees to develop and

advance their careers, offering assistance

in study support and the possibility of

secondments to overseas offices.

The Group’s remuneration framework aims

to align employees’ interests with those of

shareholders by offering the opportunity to

benefit from business growth through share

ownership.

How we engage

Record’s Sustainability Committee

ensures a focus on sustainability and ESG

factors across all aspects of our business,

including investment strategy, corporate

responsibility and risk management,

benefiting our clients and stakeholders.

We support the communities where we

operate by contributing through donations

and employee volunteer efforts.

Collaborating with like-minded partners,

we strive to meet the growing demand for

sustainable investment solutions.

Record has been a proud signatory to the

Principles for Responsible Investment since

June 2018.

How we engage

We work to ensure that our key suppliers

are engaged with our business and that a

mutual understanding and close working

relationship is maintained between us.

All material supplier contracts are subject

to due diligence checks and reviews and

include strict service level agreements for

all suppliers of business-critical services.

Record has a supplier payment policy which

ensures that all invoices are approved and

duly paid within agreed terms.

How we engage

The Group uses a combination of the

following:

• local legal advisers to call upon for new

activities;

• direct engagement with various industry

bodies with regulators and policymakers

across the Group, keeping up to date with

evolving regulatory requirements; and

• the Record plc Board receives regular

reports from each subsidiary to enable

oversight requirements.

We receive advice and updates on regulatory

matters from both our internal and external

auditors and our legal advisers.

Material interests

Our clients’ material interests are in the

performance of Record’s products, a robust

risk framework, transparency, value for

money, maintaining the high levels of

servicethey receive and the provision

of innovative products which meet their

investment objectives.

Material interests

Our shareholders want Record to succeed

as a long-term sustainable business which

delivers attractive returns through share

price growth and regular dividends.

Material interests

Our people’s material interests relate to

the work balance, physical and cultural

environment provided by Record. They want

to be fairly rewarded for their contribution

and have opportunities for learning,

growthand development whilst sharing

inbusiness success.

Material interests

We aim to manage the business in a

manner which minimises our impact on the

environment and helps to benefit society.

Material interests

Suppliers wish to develop mutually

beneficial working relationships with

growing and successful businesses over

thelong term.

Material interests

Regulators aim to ensure that our

regulatedsubsidiaries are run responsibly in

the best interests and safety of our clients

and other stakeholders. They seek to protect

the integrity of the financial systems they

supervise and promote fair competition for

the benefit of clients.

2026 highlights

Deployment of the first Record

Infrastructure Equity Fund investments,

with a further two deployments

confirmed for the first half of FY27.

Responsible investment initiatives,

including maintaining 100% allocation

to development finance institution

bonds and investing in our Emerging

Market Sustainable Finance strategy,

reinforcing our long-standing UN PRI

commitment.

2026 highlights

Succession planning changes: CFO

Richard Heading stepped down after the

appointment of Interim CFO Samantha

Dunn; Chief of Staff Kevin Ayles left the

Board and remains a senior executive;

and Dr Othman Boukrami transitioned

from plc NED to CFO of Group subsidiary

Record Currency Management Limited.

Nick Adams was appointed to the plc

Board as an independent NED and

member of the Audit, Remuneration and

Nomination Committees.

2026 highlights

Continued expansion of our employee

base to support growth across

infrastructure, private markets and

sustainable finance activities.

Implementation of Group-wide gender

diversity targets and membership of

the UK Disability Confident Scheme to

attract and retain diverse talent and

ensure inclusive recruitment.

Record is proud of our employee-led

Inclusion and Diversity Network which

runs staff events throughout the year.

2026 highlights

Employees helped to raise £28.5k for

local and national charities during

theyear.

Our Climate Report includes disclosure

against the TCFD’s recommendations

and outlines Record’s commitment and

action towards the Group’s net zero and

emissions reduction targets.

Further details on our focus and actions

on both sustainability and climate can

be found in our separate Sustainability

and Climate Reports on our website:

www.recordfg.com.

2026 highlights

The Supplier Code of Conduct is in

place to align suppliers and service

providers with Record’s own standards

on human rights, diversity and inclusion,

environmental policy and ethical

practice.

In line with the updated guidance

published by government to the

reporting expectations of the UK

Modern Slavery Act 2015, Record’s

current Modern Slavery Policy has been

updated to reflect policies and practices

across the Group.

2026 highlights

Record’s German subsidiary, approved

by BaFin as a MiFID firm, continues

to see growth in revenue as inflows

materialise.

Record is expanding and we are actively

pursuing regulatory licences in other

jurisdictions to facilitate our growth.

Record plc Annual Report 2026

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We believe that all stakeholders benefit from

environmentally friendly business practice and socially

responsible investment. Record is therefore committed to

fostering a culture which prioritises sustainability, corporate

responsibility and community engagement. In doing so, the

Directors recognise their duty to promote the success of

the Company for the benefit of its members as a whole, in

accordance with section 172 of the Companies Act 2006.

Section 172 Companies Act 2006 (the “Act”)

Our key stakeholder groups, their material issues and how

we engage with them are detailed on pages 28 and 29. Each

stakeholder group requires a tailored engagement approach

to foster effective and mutually beneficial relationships.

By understanding our stakeholders, boardroom discussions

explicitly factor in the potential impacts of decisions on each

stakeholder group to consider their needs and concerns, in

accordance with section 172 of the Act.

This approach ensures that we deliver solutions to

our clients that comply with regulatory requirements,

contributepositively to local communities, achieve long-term

sustainable returns for our investors and continue to

work effectively with our colleagues, suppliers and other

stakeholders.

Acting in a fair and responsible manner is a core element of

our business practice, more information on which can be

found in our separate Sustainability Report.

During FY26, the Board made decisions to deliver against our

strategy, whilst considering the different interests of each

stakeholder group. In each case, the Directors had regard

to the matters set out in section 172 of the Companies Act

2006. The following provides an overview of some of the

key decisions taken during the year and how integral our

stakeholders are in the Board’s decision-making process:

Interests of clients – decisions

• Implementation of the first Record Infrastructure Equity

Fund investments: the fund made its first deployment,

generating long-term recurring fees.

• Two additional deployments have been scheduled for

completion in the first half of FY27, broadening our

exposure to digital infrastructure and committing 35%

ofthe vehicle’s initial capital.

• Continued development of Sharia-compliant deep-tier

supply chain finance products, supporting small and

medium-sized enterprises in deeper tiers of global supply

chains.

• Responsible investment initiatives, including maintaining

100% allocation to development finance institution

bonds and investing $963 million in our Emerging

Market Sustainable Finance strategy, reinforcing our

long-standing UN PRI commitment.

Interests of employees – decisions

• Continued expansion of our employee base to support

growth across infrastructure, private markets and

sustainable finance activities.

• Implementation of Group-wide gender diversity targets

and membership of the UK Disability Confident Scheme

to attract and retain diverse talent and ensure inclusive

recruitment.

• Expansion of our employee-led Inclusion and Diversity

Network, delivering training and events, raising funds for

community causes and promoting a culture of continuous

learning and collaboration.

Interests of shareholders – decisions

• Appointment of Nick Adams to the Board as an

independent Non-executive Director and member of

the Audit, Remuneration and Nomination Committees,

bringingextensive institutional investment experience.

• Succession planning changes: Chief Financial Officer

Richard Heading stepped down after the appointment of

Interim CFO Samantha Dunn; Chief of Staff Kevin Ayles left

the Board and remains a senior executive; and Dr Othman

Boukrami transitioned from Non-executive Director to an

executive role at Record Currency Management Limited.

• The Sustainability Committee continued to provide

Board-level oversight of climate action, social impact

and responsible investment, including overseeing our

net zero strategy and integration of climate factors into

investment processes.

• Record delivered strong operational performance with

Assets Under Management reaching $114.6 billion and

positive net flows; the Board authorised reinvestment in

the business while maintaining robust capital returns to

shareholders.

The duties of the Directors – section 172

Under section 172 of the Companies Act 2006, a director of

a company must act in the way they consider, in good faith,

would be most likely to promote the success of the Company

for the benefit of its members as a whole, and in doing so

have regard (amongst other matters) to:

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

• the interests of the Company’s employees;

• the need to foster the Company’s business relationships

with suppliers, customers and others;

• the impact of the Company’s operations on the community

and the environment;

• the desirability of the Company maintaining a reputation

for high standards of business conduct; and

• the need to act fairly towards all members of

theCompany.

Section 172 Companies Act 2006

Record plc Annual Report 2026

Risk management

The Record plc Board (the “Board”) has ultimate responsibility

for risk and the oversight of the risk management process

within the business. Recognising that risk is inherent in all

of the Group’s business dealings, and in the markets and

instruments in which the Group operates and utilises, it

places a high priority on ensuring an integrated approach

and a strong risk management culture is embedded, with

accountability at all levels within the business. Effective

risk management and strong internal controls are integral

to the Group’s business model and are reflected in the risk

management framework adopted within the business.

Risk management framework

Risk appetite

As part of its responsibility for oversight of the risk

management process, the Board determines its appetite for

all significant risk categories identified across the business.

This defines the level of risk it is willing for the business to

take to support its strategic and business objectives and

encourages an appropriate balance between risk and benefit

in a controlled and regulatory compliant context, taking into

account the interests of clients, our people and shareholders

as well as any capital or other regulatory requirements.

The Group maintains a risk register, which identifies each

key risk and the corresponding risk appetite, with ongoing

assessment of the level of risk performed by the Group Risk

department.

The Board reviews and considers the principal and emerging

risks and corresponding risk appetites on a regular and

ongoing basis in light of its strategic plans. The Board

currently considers the following significant risk categories

indetermining the risk appetite of the Group:

Financial

Technology

Legal

People

Operational

Investment

Regulatory

Each of these are outlined

on pages 33 to 36.

Oversight

Oversight of the risk management framework is delegated

bythe Board to the Chief Risk Officer.

The Board provides oversight and independent challenge in

relation to internal controls, risk management systems and

procedures, and external financial reporting.

The Executive Risk Committee (“ERC”) is responsible for

overseeing and ensuring mitigation of risks across the Group.

Record Currency Management Limited (“RCML”) and Record

Asset Management GmbH (“RAM”) have delegated oversight

of risk to the ERC.

The Boards of RCML and RAM, being the regulated entities

within the Group, are the delegated decision-making bodies

for the day-to-day operations of the respective businesses

and include senior personnel within the business.

The RCML and RAM Boards have delegated authority to

the RCML Investment Committee and RAM Investment

Committee respectively to approve new and amended

investment processes and products, and establish and

maintain policies for these processes.

Record plc Board

Executive Risk

Committee

RCML Board RAM Board

RCML Investment

& EMF Committees

RAM Investment Committee

Record adopts a unified approach to risk management

which is fully embedded across the business.

Record plc Annual Report 2026

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Risk management continued

Risk management framework continued

Lines of defence

The Record culture is one of integrity and accountability;

core values that are embedded into the control environment

surrounding all areas of the business.

The overall risk management framework is underpinned by

three lines of defence and is overseen by the Board.

Within this framework, the first line of defence provides

management assurance and rests with departmental line

managers and with senior managers responsible for the

implementation and maintenance of higher-level controls

to ensure adherence to quality standards and regulatory

requirements.

Functions such as Front Office Risk Management,

Compliance,Business Risk and Legal provide the second

line of defence through the drafting, implementation and

monitoring of policies and procedures to align with best

practice, to ensure compliance and to provide assurance

andoversight for the Board.

The third line of defence is performed by internal audit,

which provides independent assurance on the adequacy

and effectiveness of the Group’s risk management, controls

and governance processes, alongside recommendations to

further improve the control environment. Internal audit is

provided by RSM UK Risk Assurance Services LLP (“RSM”),

anindependent third party.

The Group has commissioned RSM to perform the annual

service auditor’s report in respect of Record Currency

Management Limited under the International Standard on

Assurance Engagement (“ISAE”) 3402. In performing this

work, RSM reports its opinion on the description of internal

controls with respect to the investment management

and information technology activities, and the operating

effectiveness of specific controls for the period 1 April to

31March, in line with the Group’s financial year.

In addition to this, external independent assurance for

shareholders is gained through the statutory annual

external audit process run by BDO LLP (“BDO”), the Group’s

external auditor. It’s worth noting for RAM, that this audit

also includes an anti-money laundering audit, as well as a

separate securities audit under German rules performed

by BDO AG Wirtschaftsprüfungsgesellschaft. These audits

provide an additional layer of audit assurance over the

internal audit review procedures performed by RSMat a

RAMlevel.

The Group considers the conservative capital buffer and

the flexibility retained under the Capital and Dividend Policy

provides an effective additional line of defence in terms of

mitigation when considering its risks.

External independent assurance activity

Statutory

external audit

ISAE 3402 service

auditor’s report on

internal controls

Embedded culture of integrity and accountability

1st line

ofdefence:

Business

operations and

support

2nd line

ofdefence:

Control and

oversight

functions

3rd line

ofdefence:

Internal

audit

Emerging risks

Emerging risks are a key component of the Group’s

forward-looking approach to the identification and

management of known risks, which could become more likely

to materialise. We consider emerging risks in the context

of external shocks such as natural disasters, pandemics,

geopolitics, financial market disruption, changes in the

regulatory or competitive landscape, and developments

inkey areas such as cyber security and the role of AI.

These risks are proactively assessed by the ERC to identify

potential threats and opportunities at an early stage, with

the potential impact reviewed against the strategic targets

of the Group.

Record plc Annual Report 2026

Risk management continued

Risk management

at a glance

See more on pages 34 to 36.

These risks are proactively assessed by the ERC to identify

potential threats and opportunities at an early stage.

Key to risks

Link to strategy

Organic

Growth

Quality of

Earnings

Operational

Excellence

Trend

Increase No change Decrease

Risks to the business

The following section summarises the Board’s assessment

of the principal and emerging risks faced by the business,

including the risk appetite and the perceived risk outlook for

the upcoming period. These risks fall into a number of distinct

categories and the means to mitigate them are both diverse

and relevant to the nature of the risk concerned.

Financial risk can

materialise from

externalshocks or

revenuepressures

Legal

People are the Group’s

biggest asset; proactive

work is done to mitigate risk

and ensure quality of talent

remains high

People

We operate with a range

of in-house and third-party

critical systems to deliver

secure and robust services

to clients

Technology

Our clients pay us

fees to undertake high

operational risk on their

behalf given the trading

sizes and volumes we

execute

Operational

Product development

and diversification

processes must embrace

the risk of periods of

underperformance

Investment

Regulatory

Financial

The Group operates

in an increasing

number of global

jurisdictions with

diverse contractual

requirements

Regulatory risk and

obligations fall on the

Group in increasing

numbers of global

jurisdictions

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Principal business risks to Record Group

Risk category: Operational risk

Key sub-risks:

Trade execution;

Tradeconfiguration; Settlement;

Client reporting

Definition:

Our clients pay us fees to undertake high operational risk on their behalf given the trading sizes and

volumes we execute, particularly linked to our hedging products. We embrace this risk, recognising it

as a principal risk to the business reflected in our bespoke business model and risk framework, which

isdesigned to mitigate this risk to an acceptable level.

Risk appetite:

Medium

Mitigants:

Our business operates with a robust control framework, supported by long-standing and experienced

operational teams proactively reviewing, improving and communicating potential risk gaps while

striving for continuous improvement. The second-line-of-defence functions add direct visibility and

assurance oversight to operational processes, backed up with appropriate external insurance policies

as a final line of defence.

Risk level:

Within tolerance;

Trend:

Risk outlook:

The risk level may trend upwards in the upcoming period as we continue to expand product offerings

into new areas and jurisdictions across the Group. The intention of the Group is to realise technology

and process improvements over the same period to incrementally reduce the risk across all operational

processes and mitigate the risk of this transformation.

Risk category: Technology risk

Key sub-risks:

Third-party systems;

Internalsystems; Data security;

Cyber

Definition:

Along with all businesses in our sector, we are reliant on a range of in-house and third-party systems to

deliver our services, and all of these are susceptible to the risk of having downtime, bugs, redundancy,

integration issues and, of course, cyber-attacks.

Risk appetite:

Medium

Mitigants:

Our business has a robust set of systems and mitigating controls, providing visibility over all points of

failure, with a clear set of escalation procedures in place to highlight and resolve technology outages.

This is supported with a broader business continuity plan and disaster recovery mitigations, which are

reviewed and tested regularly to ensure the business is well placed to avoid material disruption.

Risk level:

Within tolerance;

Trend:

Risk outlook:

Technology risk is expected to remain at this level. The key building blocks in the firm’s core technology

improvements are beginning to revolutionise and reduce risk across the Group’s operational workflows.

Offsetting this, the implementation of AI within the firm will bring additional focus to data security, and

the Group continues to monitor the potential utilisation of AI by malicious parties in the context of cyber

very closely, alongside any outcomes of the Mythos model.

Risk category: Investment risk

Key sub-risks:

Product performance;

Marketliquidity;

Counterpartyrisks;

Concentrationrisks

Definition:

Any asset manager must embrace the risk of product underperformance, whether against their

benchmarks or indeed in absolute terms; we are no different. This is our key investment risk. Investment

risk also covers the research process and any potential impact on product development, which we see

as low risk given our highly qualified and experienced research colleagues.

Risk appetite:

Medium

Mitigants:

Record’s research philosophy ensures rigorous review, with ultimate sign-off on new strategies being

brought before both the Investment Committee and the Enterprise Risk Committee to ensure all risks

are proactively considered and mitigated. Record’s product type and client location continues to

diversify, adding additional resilience in the event of poor performance in one product.

Risk level:

Within tolerance;

Trend:

Risk outlook:

Investment products continue to grow in emerging and frontier markets, open to higher risks of

geopolitical instabilities, while providing opportunities for our Group and our client base. The Group

continues to diversify business lines and client revenue streams to mitigate this.

Risk management continued

Record plc Annual Report 2026

Risk category: Regulatory risk

Key sub-risks:

Regulatory trends;

Regulatoryapplicability;

Compliance oversight

Definition:

Regulatory risk falls on the Group in multiple jurisdictions and requirements will continue to diverge

between the regulated entities over time. There is a need for close attention and monitoring of all

regulations falling due not only on Group entities, but also on our clients as we continue to explore

newopportunities around the globe.

Risk appetite:

Medium

Mitigants:

Record operates within a strong compliance framework aligned with all relevant jurisdictions,

andincorporates regular staff training on regulatory obligations. Regulatory developments are

actively tracked across all operating regions and new market jurisdictions are investigated in detail

asopportunities arise.

Risk level:

Within tolerance;

Trend:

Risk outlook:

Regulatory risk is likely to be somewhat elevated as we continue to expand the Group product offerings

and target new jurisdictions, as reflected in the increase of Risk Appetite to medium. The continued

growth of RAM within the Group and continuing regulatory divergence between locations indicates that

this area will continue to evolve over time for the Group.

Risk category: Financial risk

Key sub-risks:

Liquidity; Fraud;

Financial error

Definition:

Financial risk refers to the potential for losses or adverse impacts on the firm’s earnings, capital or

liquidity arising from market movements, funding pressures or other uncertainties.

Risk appetite:

Low

Mitigants:

Record operates under a strong control framework across the business, and the Finance activities are

no different. A detailed ICARA is completed each year and monitored on an ongoing basis to ensure each

entity and the consolidated Group are able to function with sufficient capital. Record also maintains a

broad set of comprehensive insurance policies to cover the Group from all severe financial issues that

could be anticipated to arise.

Risk level:

Within tolerance;

Trend:

Risk outlook:

The Group remains conservative on the management of liquidity buffers across the entities, which

continues to be appropriate to maintain a stable revenue platform for the Group while revenue timing

within RAM opportunities remains difficult to predict.

Risk management continued

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Risk management continued

Risk category: People risk

Key sub-risks:

Key person risk; Succession;

Culture and engagement

Definition:

People are our biggest asset. We have worked hard to mitigate both key person and succession risks

while continuing to monitor risks such as conduct and conflicts of interest, aswell as staff engagement

and wellbeing.

Risk appetite:

Low

Mitigants:

Record continues to invest in key personnel around the business, utilising variable remuneration

policies and salaries that are benchmarked against industry peers on a regular basis. Employees are

given the opportunity to voice concerns and see them acted on within our culture.

Risk level:

Within tolerance;

Trend:

Risk outlook:

There has been a second year of turnover in the C-suite level roles across the Group, and the outlook

for the upcoming period will be directly related to a period of stability. Several steps to improve talent

retention and invest in key people across the firm have been undertaken and will continue to improve

the outlook of certain sub-risks in the upcoming period.

Risk category: Legal risk

Key sub-risks:

Contractual risks

Definition:

Legal risk may arise following the breach of laws or regulations, or with contractual disputes that could

ultimately impact the firm’s financial position or operations.

Risk appetite:

Low

Mitigants:

Record’s legal department is very experienced and ensures that the Company operates under a robust

set of contract documents with our clients, our counterparties and all third parties to ensure coverage

is complete. Any requirement for non-contracted activities is reviewed and approved by the relevant

entity Board prior to any undertaking.

Risk level:

Within tolerance;

Trend:

Risk outlook:

Legal risk is expected to remain low in the upcoming period, even in light of the expanding jurisdiction

targets and growth of new product lines across the Group.

Record plc Annual Report 2026

Viability statement

In accordance with the UK Corporate Governance Code,

the Directors have performed a robust assessment of the

viability of the Group considering the business model, the

Group’s expected financial position, Board strategy and risk

appetite, the Group’s solvency and liquidity and its principal

risks. Based on this assessment, the Directors have a current

and reasonable expectation that the Group will continue

to operate and meet its liabilities as they fall due for the

next three years to 31 March 2029. The Board considers a

three-year horizon to be an appropriate period to assess the

Group’s strategy and its capital requirements. This timeframe

allows for a sharper focus and a comprehensive assessment

of the Group’s investment needs, profitability, and the

potential risks that could impact the Group’s ability to meet

its strategic objectives.

The Directors review the financial forecasts and position

of the Group on an ongoing basis. The capital and dividend

policies reflect the stated objectives of maintaining a

strong balance sheet whilst allowing the Group flexibility

to adapt its products and services to market conditions, to

take advantage of emerging business opportunities, and to

make progressive and sustainable returns to shareholders.

The Group’s strategy and principal risks are assessed and

reviewed regularly at Board and Executive level, and by

operational subsidiaries within the Group. Further detail

on the Group’s strategy and principal risks is given in the

Strategic report on pages 16 to 17 and 34 to 36 respectively.

In assessing the viability of the Group, the Directors have

considered the principal risks affecting the Group, which

underpin the basis for the stress testing of the business plan

conducted under the Investment Firm Prudential Regime

(“IFPR”). This uses severe but plausible stress scenarios

assuming the crystallising of a number of these principal

risks to assess the options for mitigating the impact on the

Group, and for ensuring that the ongoing viability of the

Group is sustained.

The Board has considered the potential impact of the

following stress test scenarios, which cumulatively

represent a severe, remote but plausible scenario: product

performance and viability, economic downturn, people,

cyber-attack and operational error.

The scenarios then factor in the various mitigating actions

the Group has at its disposal, including the potential for

non-critical cost reductions and reassessing the Dividend

Policy. These mitigating actions can be reassessed

dependingon the specific circumstances and expected

duration of the factors affecting the business model at the

time. The possibility that the impact and timing of factors

potentially affecting the viability of the Group could be more

severe than assumed plausible for the above testing should

also be noted.

The results have confirmed that the Group would be able to

withstand the adverse financial impact of these scenarios

occurring over the three-year assessment period and will

continue to maintain its surplus financial resources over and

above its regulatory capital and liquidity requirements.

Changes in our industry such as the increase in demand

for sustainable investment products and advances in

technology provide both a challenge, but also an opportunity

to the Group, whilst economic uncertainty continues, linked

to heightened geopolitical instability. Through strategic

focus on Organic Growth, combined with the continued

enhancement of its products and services and in maintaining

its approach to Operational Excellence and Quality of

Earnings, the Directors believe the Company to be capable

ofmeeting such challenges, as evidenced by the maintenance

of high levels of revenue and profits, and the growth of AUM

seen over the last few years.

The Strategic report is set out on pages 1 to 37 of the Annual

Report and outlines our strategic objectives, performance

and financial position, as well as our outlook forthe future.

The Strategic report was approved by the Board on

18June2026 and signed on its behalf by:

Jan Witte

Chief Executive Officer

Record plc Annual Report 2026

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