Annual Report 2026

for the year ended 31 March 2026

Recover,

Rebuild,

Resilience

Trifast plc Annual Report 2026 for the year ended 31 March 2026

Contents Highlights

Strategic report

Highlights IFC

Our value proposition 1

Business at a glance 2

Chair’s welcome 3

CEO review 4

Our markets 6

Our business model 7

Our strategic focus and progress 8

Key performance indicators 10

Section 172 statement 11

Stakeholder engagement 12

Financial review 15

Being a responsible business 20

Our people 21

Our planet 26

Our principles 32

Climate‑related financial disclosures 34

Non‑financial and sustainability

information statement 37

Risk framework 38

Our principal risks 39

Viability statement 44

Governance

Introduction togovernance 46

Governance at a glance 47

The Board 48

Corporate governance report 49

Nomination Committee report 54

Responsible Business

Committee report 57

Audit & Risk Committee report 60

Directors’ remuneration report 66

Directors’ report 81

Statement of Directors’ responsibilities 83

Financial statements

Independent auditor’s report 84

Consolidated income statement 90

Consolidated statement of

comprehensiveincome/expense 91

Consolidated statement

of changes in equity 92

Company statement of

changes in equity 93

Statements of financial position 94

Statements of cash flows 95

Notes to the financial statements 97

Additional information

Glossary of terms 150

Five‑year history 152

Company and advisers 153

Financial calendar 154

Financial highlights Non‑financial highlights

Revenue

£208.4m

FY26

£208.4m

FY25

£223.5m

FY24

£233.7m

Lost time incident rate

1.06

FY26

1.06

FY25

1.33

FY24

0.27

Underlying EBIT margin

7.9%

FY26

7.9%

FY25

6.7%

FY24

5.1%

e reduction (FY19 baseline)

(36.9)%

FY26

(36.9)%

FY25

(33.1)%

FY24

(21.0)%

Profit/(loss) before tax

£0.1m

FY26

FY25

£4.9m

FY24

Employee engagement survey

7.0

FY25

7.0

FY24

6.7

Working capital as a % of revenue

42.2%

FY26

42.2%

FY25

41.4%

FY24

40.8%

Supply chain (% of spend

)

90%

FY26

90%

FY25

82.8%

FY24

82.3%

Read more on pages 15 to 19 Read more on pages 20 to 33

1. See notes 2 and 31 for further details

2. Average score out of ten for each question. The next engagement survey is scheduled in 2026

3. Percentage of spend signed up to Slavery and Human Trafficking Statement

www.trifast.com

Catch up with our latest news

andlearn more about Trifast

onourcorporate website

£(0.8)m

£0.1m

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Strategic ReportTrifast plc Annual Report 2026

Our value proposition

Our purpose and vision

is to sustainably drive our

customers’ success by

simplifying their fastener

supply chain and supporting

them in their technical

requirements through our

world‑class engineering and

manufacturing capabilities.

Trifast is a global leader in the design,

engineering, manufacture and supply of

fastenings and Category ‘C’ components.

Supplying major assembly industries, we

deliver innovative solutions that enhance

efficiency and performance.

Our ambition is to create a high‑performing

Trifast that is safe, inclusive, and enjoyable

for our employees, while operating

resiliently at the upper quartile of industry

peer performance.

Discover our TR value proposition

interactive animation

Our strategic framework

We have three key sectors

Read more on pages 6 to 9

Revenue by region

16% North America

30% UK & Ireland

36% Europe

18% Asia

Revenue by sector

38% Automotive

17% Smart

infrastructure

15% Distributors

1% Medical

equipment

29% Other

1. Number does not include SFE and Lancaster Fastener Co customers

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Trifast plc Annual Report 2026

Chair’s welcome

Rebuilding our business

The Rebuild phase of our strategy is very much in progress and despite

economic and geopolitical headwinds, the Board and ELT are dedicated

to executing our strategy and value proposition to shareholders

Serena Lang

Chair

Welcome to the Trifast plc 2025/26

Annual Report and Accounts.

FY performance

I am delighted to report a robust full‑year

performance by the Group. Led by our

committed Executive Leadership Team

(ELT), Trifast continues to build on the

strategy, enabling strengthfor further

success.

Governance

The Board remains focused on ensuring

that the applicable Principles of the UK

Corporate Governance Code are applied.

My introduction to the governance report

onpages 46 to 53 sets out how the Board

has complied with the applicable Principles

of the UK Corporate Governance Code

2024 throughout the financial year ended

31March 2026.

I want to make shareholders aware of the

UK government consultation underway

currently regarding the dematerialisation

of UK company shares. The consultation

proposes to remove paper share certificates

and seeks companies to create a fully digital

proposals being consulted on into 2029.

We will of course keep our shareholders

informed of changes impacting Trifast plc,

but it is certainly worth keeping abreast of

this as a shareholder.

Our people

The Board would like to thank all Trifast

employees for their continued commitment

to ensuring we meet our customer

requirements and their relentless drive to

innovate and adapt to changing customer

needs. Our ELT and management teams

have demonstrated an outstanding ability

tocombine market knowledge with

customer engagement and innovation

toconsistently deliver high‑quality

productsand services to the market.

Engaging with our employees is one of the

most valuable aspects of the Board’s work.

During the year, Board Directors visited our

operations in Italy, Hungary, North America,

Taiwan, China and Singapore, touring the

facilities and spending time with the local

teams, including safety teams and frontline

leadership. The site visits and discussion

sessions gave us each a candid awareness

of lived experiences of our colleagues.

Those we met shared practical and

sometimes very personal insights about

what helps our people to do their best

work and demonstrated clearly the impact

and importance of inclusion on everyday

activities.

The Group has a clear strategy and

a direct line of sight for further value

creation opportunities. I look forward to

our future with confidence as we continue

to build on the significant progress of our

strategy and the continued transformation

of this Company as part of our Rebuild

andResilience journey.

Dividend

The Board is recommending a final dividend

for the year ended 31 March 2026 of 1.30p.

Our continued focus on growth through the

transformation process allows the Board

to monitor our dividend policy and adjust

where it is prudent to do so.

We continue to encourage shareholders to

elect for the Dividend Reinvestment Plan,

which we launched last year and is proving

asuccess with many shareholders.

Annual General Meeting (AGM)

The 2026 AGM will be held at OSiT,

46NewBroad Street, London, EC2M 1JH

on 8 September 2026 at 1200noon. The

Board looks forward to seeing many of

ourshareholders at the AGM.

Finally, on behalf of the Board, I would

like to thank our colleagues, suppliers,

customers and investors for their continued

support. Your Board has the right balance

ofskills and expertise to continue to

supportand challenge management

asweprogress forward.

We can also confirm that this Annual

Report, taken as a whole, is fair, balanced

and understandable and provides the

information necessary to assess the

Company’s position, performance,

businessmodel and strategy.

Serena Lang

Chair

1 July 2026

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Trifast plc Annual Report 2026

CEO review

Striving to deliver performance

for our employees, customers

andshareholders

Iain Percival

Chief Executive Officer

I am delighted to report on a year of further

successful execution of our ‘Recover,

Rebuild, Resilience’ strategy and want

to start with offering my thanks to the

employees of Trifast for the progress

and results in what was undoubtedly

another challenging year from an external

environment and markets perspective.

Last year, I was able to report that we

delivered the first step of our strategy,

‘Recover,’ implementing our new purpose,

vision, values and business strategy

and achieving the positive change in

performance. This year, we have been

able to drive on with momentum and

deliver the first year of our second

phase ‘Rebuild’, where we are striving to

deliver performance for our employees,

customersand shareholders in line with

ourhistoric best.

Starting with our people, I am really pleased

to see a significant positive step change in

the engagement of our teams on safety.

Our goal remains that “we all go home

safe every day” and whilst we had ten lost

time accidents this year, the severity and

impact on our people in terms of physical

impact and lost days was reduced by 64%.

More positively, our proactive engagement

from our teams into raising and recording

safety observations more than doubled

to 2,355 reported, with all TR locations

demonstrating year‑on‑year progress.

Ournewly implemented EHS framework

and‘Golden Safety Rules’ have been

received well and further demonstrate the

ambition and commitment we collectively

have to making Trifast a safer and more

responsible place to work.

I have enjoyed getting out to our

sites and engaging with the teams

personally, and this year, we added to

these executive engagements a Board

Employee Engagement approach, with

Louis Eperjesispending time in Asia,

Laura Whyte spending time in the UK

and Europe, and Clive Watson visiting our

NorthAmerican locations in June 2026.

This demonstrates the commitment

that both the Board and the ELT have to

ensure we are listening and addressing

improvements at site level, through these

Workforce Engagement Groups, making

Trifast a better place to work. We know from

the last employee survey that there are still

significant areas to improve to achieve this

ambition and our work therefore continues

in FY27, with more details contained in the

people section on pages 21 to 25.

I strengthened the Executive Leadership

Team again this year with the appointment

of Eva Pitts as North American Managing

Director in July 2025, and then Randy

Guzman as Asia and Middle East Managing

Director who joined in November 2025.

Both have significant general and

commercial management experience

in large industrial corporates and are

contributing not only in their regional roles

but also as broader members of my team.

Moving on to business performance, FY26

was characterised by a swathe of external

market factors: US trade tariffs in April 2025

and changes thereafter impacted demand,

as customers on both sides of the Atlantic

tried to adapt their supply chains; and the

removal of government incentives on EV

vehicles in several countries, coupled with

the accelerating share gain of Chinese

manufactured EVs, created disruption and

programme changes in the automotive

sector. In addition, general market

uncertainty and volatility held industrial

PMI and consumer spending down, and of

course at the end of our financial year, the

Middle East conflict added to the economic

and geopolitical uncertainty.

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Trifast plc Annual Report 2026

CEO review continued

Against this extraordinary backdrop, I am

pleased with our focus and execution of

our strategic initiatives, which collectively

delivered further improvement in EBIT

margins of 1.2% reaching 7.9% for FY26,

the second year of significant progress,

whilst also delivering meaningful progress

in cash generation, especially from working

capital and inventory actions. Collectively,

we have delivered a strong set of financial

results and, importantly, have momentum

as we move into FY27. Our leverage ratio

remains low at 0.75x and we have plenty

ofheadroom on our banking covenants and

arrangements. We have made significant

investments under our Organisation

Effectiveness strategic driver, both in people

and capability especially in our commercial

function with new Commercial Directors

in UK&I, Asia & ME and NA regions as well

as increasing and strengthening our Sales

teams in all regions, and in technology as

we roll out Microsoft Dynamics 365 ERP into

our core markets under Project Ignite. Given

the nature of our business and criticality

of having high quality data, standardised

and efficient processes and a platform

providing enhanced controls, transparency,

consistency and speed of data analysis and

faster decision making, this technology

investment we are making through Project

Ignite sets us up to deliver the next phase

of our financial delivery and growth. We

have seen and continue to see benefits

across our business from these investments,

enabling greater transparency and

decision making on commercial margins,

operational efficiencies and working capital

improvements. The business processes

underpinned by our D365 technology,

have been strengthened, commercially,

operationally and financially and we find

ourselves with positive momentum as

we seek to deliver a third straight year

offinancial improvement with a particular

focus this year of adding a return to

profitable top‑line growth.

I am encouraged by this last point: to see

that we have the strongest pipeline of

commercial opportunities since I started at

Trifast. Our focus is therefore on applying

our differentiated value proposition and

particularly moving ourselves strategically

up the value curve by delivering on the

supply chain simplification solutions

approach.

We have taken a more strategic view on

being a Responsible Business in FY26, and

with Louis Eperjesi as Responsible Business

Committee Chair, we have defined a clear

set of targets, metrics and plans that deliver

them with the timeline reset to 2030, to

align with the business strategy cycle and

end of our ‘Resilience’ phase. Structuring

the approach around ‘people, planet,

principles’ has enabled greater alignment,

engagement and integration with the

business.

Looking ahead to FY27

As we start FY27, the external market

environment is no less challenging and

appears to be the new normal. Our focus

is on controlling what we can control, and

driving positively forward in customer

engagement, around our core value

propositions of supply chain simplification

solutions, engineering expertise and

manufacturing excellence, which will ensure

that we deliver a year of further progress

and positive results. I am confident that we

can and will demonstrate to our employees,

customers and shareholders that Trifast

is well on track to complete the second

phase of our ‘Recover, Rebuild, Resilience’

strategy. I am also looking forward to

engaging with our shareholders again

atourAGM inSeptember.

Iain Percival

Chief Executive Officer

1 July 2026

TR’s Virtual Innovation Centre

Immersive Digital Innovation Hub

Visit our Virtual Innovation Centre, anext‑generationdigital platform offering

an immersive, interactive view of our engineering, product innovation and

operationalexpertise.

Users can explore 360° environments, application teardowns and designs,

sector‑specificinsights and sustainability initiatives.

Start the 360° experience here

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Trifast plc Annual Report 2026

Our markets

Future growth potential

Building on our strategic sector focus, we have continued our investments in infrastructure, systems and our people, and have

created agility and an ecosystem for sharing opportunities and best practice

Geographic

Even with our well‑established footprint

across key global industrial regions, we

find opportunities to drill specifically into

targeted development – North America,

India, Southern Asia and Central and

Eastern Europe; all have exciting upside

pipeline opportunities of significance.

Customer focused

We have created and are investing

in a customer‑centric experience,

aimed at a core group of key global

customers across our target markets.

Driving and delivering value creation

in customer engagement through

our three‑way propositions of supply

chain simplification, engineering and

manufacturing.

Future‑proofed

Our target sectors are fundamental

components of society, and their

developing technologies provide many

opportunities for us, with these regions

of focus all central contributors to the

world’s GDP.

See more on our website

Automotive Medical equipmentSmart infrastructure

While this sector is well represented across

all TR regions, further development with the

world’s leading automotive Tier 1 and 2 system

suppliers is evident through engineering

engagement as new technologies are

introduced. This growth potential allows the

opportunity to drive a more risk‑managed

contractual relationship as we partner

meaningfully on technologies and systems

which will be applied to future vehicle platforms.

The fastest‑growing sector in our business

today, as data centres, smarter power grids

and interconnected cities drive demand.

This increased demand is augmented by

our deliberate partnering with key smart

infrastructure customers, providing engineering,

manufacturing and simplified supply chain

solutions. Our focus on five subsegments of

growth (lighting, HVAC, water, power and data,

communication and connectivity) has global

appeal to our customer base, driving home the

key tenets of consistent quality, global reach

and application solutions.

Investment in new technologies to address

emerging and developing health needs

around the world has seen increased customer

engagement across key geographies. Our

medical customers are often entrepreneurial

science‑based startups or leading global

brands, both typically served locally. As we

invest in our team structures and quality

systems to support with increasing regulatory

requirements, we are driving a global approach

that delivers through our value proposition, and

we remain focused on the mid‑term upside from

this key sector.

Revenue

£78.3m | 8.3%

Expected medium‑term

market growth

c.2%

Revenue

£35.6m | 0.9%

Expected medium‑term

market growth

c.4.1%

Revenue

£3.1m | 19.2%

Expected medium‑term

market growth

c.3.2%

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Trifast plc Annual Report 2026

Our business model

Delivering growth

What sets us apart The value we createHow we do it

Underpinned by our values

Strong design and technical capability

Our engineering team can assist with an

enhanced level of technical and design support

to meet your specific needs and can offer

constructive solutions

High‑quality manufacturing

andproducts

Our manufacturing capabilities across Asia and

Europe continue to evolve as we add capacity

and investment to support the needs of our

global customers

Trusted partner

We have a trusted network of global supplier

partners with strong relationships and clear

expectations of aligned high‑integrity and

responsible supply chain

Proactive end‑to‑end

customersupport

Recognising and focusing on our core

competitive strengths and value proposition

allows us to engage in long‑term, more focused

customer relationships, creating mutual and

sustainable value through which we deliver

on our purpose of sustainably driving our

customers’ success

Loyal, skilled and experienced team

Our people bring our strategy and purpose to

life. We aim to deliver our growth ambitions

through consistently driving the right

behaviours and creating an environment that

promotes positivity, wellbeing and high levels

ofemployee engagement

People

We prioritise attracting and retaining top talent,

ensuring asafe, inclusive and high‑performing working

environment. Our focus on employee health, safety and

wellbeing enables a culture that supports personal growth

andfulfilment

Customers

We simplify supply chains for customers, offering

engineering and manufacturing capabilities to solve

application problems and support new product

development. We focus on long‑term relationships

anddelivering sustainable success

Suppliers

We work closely with suppliers to create long‑term value,

supporting growth opportunities and developing a

high‑integrity, responsible supply chain

Shareholders

We aim to deliver long‑term and sustainable shareholder

value through strategic growth, operational efficiency

andmaintaining a strong Statement of Financial Position

Communities

We are committed to supporting local communities

through responsible operations and employee

engagement, ensuring their activities contribute positively

to the socioeconomic environment

Environment

We focus on improving sustainable performance,

managing environmental impacts through ISO 14001

certified systems and innovating to deliver products

withenhanced sustainability

Regulators

We ensure compliance with all relevant laws and

regulations, maintaining high ethical standards and

adapting to regulatory changes to mitigate risks and

seizeopportunities

See more on our website

Engineering

Our early involvement

in design and strong

technical knowledge

allow us to offer

significant engineering

capability and

innovation to help

drive value, solve

application problems

and support new

product development

Supply chain

simplification

We offer our

customers supply chain

simplification and

deliver a solution that

removes administration,

engineering and supply

chain complexity,

allowing our customers

to focus on their own

core competence,

technology and

higher‑value

components

Manufacturing

With our

manufacturing

capacities and

capabilities, we offer

the confidence and

know‑how of threaded

fastener technology

and a high‑quality

supply chain that

is capable of

manufacturing critical

components in‑house

We work with

integrity

We respect

everyone

We care

about the

environment

We’re agile

and forward

thinking

We’re

passionate and

courageous

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Trifast plc Annual Report 2026

Strategy in action

Scaling smart infrastructure growth

Smart infrastructure is a key TR growth vertical, driven by expansion in data centres and power

distribution. Our strategy converts deep technical engagement into scalable, multi‑regional

business, increasing share of wallet.

Danfoss demonstrates this. The relationship began in Europe through RFQs,

establishing TR as a partner for C‑class components and engineered solutions.

Technical audits – supported by TR Italy’s manufacturing validation –built

credibility within Danfoss Drives.

Our engineering‑led approach differentiates

us. In early 2026, TR delivered

an Engineering Technical Day with Danfoss India, demonstrating

problem‑solving while we manage design and sourcing.

We then localised in India, securing production and expanding RFQs.

This Europe–India model now delivers profitable growth.

Our strategic focus and progress

Margin management

Focused growth

Strategic focus

• Pricing increases with low‑margin

customers/products

• Procurement savings

What we’ve achieved

• Gross margin has increased by c.170bps

• Strong focus on Cost‑to‑Serve model, known

as TRuProfit™, that willcontinue to grow

in sophistication, enabling our commercial

teams to have better data to craft excellent

deals and challenge areas of margin leakage

• New tools implemented with our global sales

teams using Power BI and data from D365 to

better track margin at a customer level

• Commercial Excellence Director recruited

to work on commercial efficiency, as pricing

methods, controls and governance for

sustainable margin growth

• Record commercial upside achieved through

supplier rebates

• Increase in intercompany sourcing utilising

ourown global manufacturing capability

Our future focus

• As more of our regions move to D365, wider

roll‑out of margin tools to identify wins for

margin improvement

• A modern procurement function delivering

savings in direct and indirect spend

• Rapid sustainable and scalable quotation

process to ensure governance, efficiency

andclarity, delivering customer solutions

Strategic focus

• Profitable expansion of share of wallet with

existing growth customers

• Target customer acquisitions in chosen

market sectors

What we’ve achieved

• Appointed regional Commercial Directors

tosupport operations

• Further developed sales force topivot from

product selling to solution selling

• Secured a major long‑term supply

agreement with leading smart infrastructure

equipment customer

• Growth in markets such as India where

weare positioned to winnew business

• Winning business through our engineering

strength, solving problems for our customers,

resulting in high‑margin contracts

Our future focus

• Open a new facility in Saudi Arabia to

maximise new business and growth

• Accelerate initiatives to standardise global

sales processes in readiness for a future

CRMstrategy

• Focus on development of our market share

inkey strategic markets and geographies

• Growth through acquisitions

Strategy in action

Driving localised sustainable growth

The automotive sector continues to evolve in response to increasingly stringent

environmental regulation, including CBAM, safety requirements, higher quality

requirements and ongoing cost pressures.

In this context, TR has worked in

partnership

with our European‑based customers to

support the transition from

a predominantly Asia‑based supply chain to a more localised

supply base for

Europe. A key enabler to this strategy is our manufacturing facility in Italy,

where we have made significant investment to expand capacity, enhance

competitiveness and support long‑term growth and value for our facility

and our customers. These investments have included the TR Italy

solar capabilities, developing our quality certifications and workplace

safety. These initiatives all combine to enhance margin management

improvements and partnerships with customers and suppliers.

Read more on

our website:

Our strategy

In FY26, we have continued our transformation journey and made progress against all our key strategic initiatives of margin management, focused growth, operational efficiency and

organisational effectiveness, further streamlining our organisation and setting it up for growth in our targeted sectors.

FY26 has also seen the launch of Project Ignite, tasked with the implementation of D365 as our standard ERP into regions that were not covered by Project Atlas. In FY26, Ignite achieved

implementations in Malaysia, India and the US, and in FY27, will go into Sweden, Italy and China. This project is significant and has meant that from a transformation perspective, we

have entered fewer but bigger projects, with the exception of Project Palm which will see us set up a location in Saudi Arabia in support of our growth in smart infrastructure. Our

transformation is maturing and delivering the changes that have been needed to modernise Trifast.

The following provides more detail of progress against each of our key strategic initiatives.

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Trifast plc Annual Report 2026

Our strategic focus and progress continued

Strategy in action

Transforming our

global HR capability

The development of Trifast’s global HR system is key to

supporting ourorganisational effectiveness, by creating

a more consistent, reliable and scalable people

focused infrastructure across the Company. The new

system will manage employee data, standardise

workflows and improve IT system governance,

which will facilitate better decision‑making,

employee engagement and compliance.

The new system will support managers

with real‑time insight, and reduce manual

administration in aspects of performance

management, succession planning and

broader workforce planning across

our global operations. We expect the

system to beoperational in 2026.

Strategy in action

TwinBin Live solutions

Grant Engineering has partnered with TR to introduce a new

line‑side inventory

management solution designed to improve

efficiency, reduce stock shortages, increase

visibility and

streamline production processes. Following detailed

evaluation of potential solutions, TR and Grant agreed

upon TwinBin the solution most appropriate to drive the

most significant

benefits. Moving from a largely manual

stock

management system to a more automated,

data‑driven approach initially focused on fasteners

and consumable components, the system

will provide greater stock visibility, regular

replenishment, and improved responsiveness

tochanging production demands.

Building on a successful ten‑year

relationship with TR, the project reflects

Grant Engineering’s ongoing commitment

to innovation, continuous improvement,

and operational excellence.

Read more on our

website: Supply

chain solutions

Organisational effectiveness Operational efficiency

Strategic focus

• Health and safety environment and

performance change

• Engagement, performance management,

talent management andOneTR culture

change

• Technology enablement

• Financial controls standardisation and

bestpractice

What we’ve achieved

• A restructure of our UK business, moving key

operational roles to the NDC in the Midlands

• The closure of our long‑standing office in

Uckfield in the UK and a move to new offices

in East Grinstead

• The implementation of a shared service

centre in Hungary creating global

communities, sharing best practice and

building our OneTR approach

• The launch of Project Ignite, implementing

D365 globally as our single ERP with go‑lives

in Malaysia, India and the US

• Further progression on our health and safety

focus with more protocols implemented to

safeguard our people

Our future focus

• The completion of Project Ignite inFY27

• Further development of our Shared Service

Centre

• The implementation of a new globalHR

system that gives us betterdata on our

people and provides a foundation for

building apeople culture

Strategic focus

• Supply chain optimisation

• Distribution and manufacturing efficiencies

What we’ve achieved

• Adoption of supply chain solutions to boost

our offering to our customers as a core part

of our value proposition

• Creation of Power BI tools to create self‑

service approach to gather insights on

business and commercial performance

• OEE improvements in our TR Italy location

• New tools developed and implemented to

track and monitor quality issues in real time,

allowing forspeedier mitigation

• Optimisation of our inbound freight,

resulting in cost savings

Our future focus

• Utilising our data, powered by Ignite,

toshare information across departments

andidentify areas of efficiency.

• Making TR a more agile and profitable

organisation and more customer centric

• Expand our range of supply chain solutions

available to customers and to further pivot

from product selling to solution selling

• Gain further commercial upside through

ourown manufacturing

• Review of our global footprint

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Key performance indicators

These metrics are aligned to

our strategic framework and

the majority link to executive

remuneration

In FY26, 80% of executive annual bonus

wasdirectly linked to financial KPIs.

Forfurther details, please see the

Directors’remuneration report on

pages 68 and 69

Underlying profit before tax (%)

FY26

5.9%

FY25

4.6%

FY24

2.8%

Why we measure it

Our aspiration is to become a more profitable

company. Underlying profit before tax margin

enhancement is expected to come from margin

management, focused growth, organisational

effectiveness and operational efficiencies

Our progress in FY26

Underlying profit before tax has increased by

130bps primarily due to the margin management

initiatives driven from the new strategy and

reduced interest costs

e reduction from FY19 baseline (%)

FY26

(36.9)%

FY25

(33.1)%

FY24

(31.8)%

Why we measure it

We continue to be committed to maintaining

high levels of environmental management.

We align our data with Science Based

Targets initiative (SBTi) to ensure meaningful

measurements and targets

Our progress in FY26

Our overall scope 1 and 2 emissions for FY26

were 5,149 tonnes against a target of 5,761,

giving us a 36.9% reduction from our baseline

year (FY19)

Working capital as a percentage

ofrevenue(%)

FY26

42.2%

FY25

41.4%

FY24

40.8%

Why we measure it

An efficient allocation of capital on the Statement

of Financial Position drives improved quality of

earnings and reduces the additional investment

needed to support organic growth. Working

capital efficiency remains an ongoing focus

Our progress in FY26

Working capital as a percentage of revenue saw

a marginal 80bps adverse movement compared

to FY25. We remain focused on driving

improvements in working capital efficiency, with

ongoing initiatives aimed at enhancing debtor

collections and optimising inventory levels

Lost time incident rate

FY26

1.06

FY25

1.33

FY24

0.27

Why we measure it

LTI is an industry‑wide metric indicating the

number of incidents resulting in time away

from work. Tracking LTI rates helps measure

workplace safety trends and identifies areas

forimprovement

Our progress in FY26

The LTI rate was 1.06, which is a decrease from

FY25. This is a positive result. Our target remains

to be below 1.0

Underlying ROCE (%)

FY26

8.5%

FY25

8.1%

FY24

5.7%

Why we measure it

ROCE looks beyond profit to measure how

efficiently we are able to generate a return on

investment. Enhancing this metric continues to

be a focus and our strategic priorities have been

set to reinforce this

Our progress in FY26

The increase in ROCE reflects higher profit

performance combined with reduced average

debt resulting in 40bps improvement to 8.5%

Employee engagement survey

Average score out of ten for each question

FY25

7.0

FY24

6.7

Why we measure it

We continue our commitment to employee

engagement, to assess and improve a healthy

and enjoyable workplace

Our progress in FY26

We have acted on the feedback from the

engagement survey conducted in FY25, and are

scheduled to conduct the follow up survey in 2026

1. See notes 2 and 31

Additional InformationFinancial StatementsGovernance

Strategic ReportTrifast plc Annual Report 2026

Section 172 statement

We are committed to building and

maintaining strong relationships with

all our stakeholders, recognising

that these connections are essential

to delivering long‑term, sustainable

success and fulfilling our purpose

In accordance with Section 172 of the

Companies Act 2006, the Directors of

Trifast plc are committed to acting in

a manner that promotes the long‑term

success of the Company for the benefit of

its shareholders, while having regard to the

interests of a broad range of stakeholders.

This includes employees, shareholders,

customers, suppliers and the wider

community, as well as the impact of the

Company’s operations on the environment

and its reputation for high standards of

business conduct.

Throughout the financial year ended

31 March 2026, the Board has carefully

considered these factors in its

decision‑making processes. This statement

outlines how the Directors have discharged

their duties under Section 172(1), providing

examples of key decisions made during the

year and how stakeholder interests and

other relevant matters were considered.

Principal decisions

We define principal decisions as those

that are not only material to the Group’s

operations and performance but also

significant to one or more of our key

stakeholder groups.

When making these decisions, the Board

carefully considers the long‑term success

of the Group, guided by insights gained

through stakeholder engagement.

The Board also considers the importance

of maintaining high standards of business

conduct, strong corporate governance and

acting fairly between all shareholders.

The Directors recognise that not every

decision will benefit all stakeholders equally.

However, by aligning decisions with the

Group’s purpose, values and strategic

priorities, the Board aims to ensure that its

actions are consistent, well reasoned and

support the Group’s sustainable growth

over time.

No material issues or controversies were

reported with any stakeholder group during

the year.

Read more about

Our strategy and strategic progress

on pages 7 to 9

Stakeholder engagement

on pages 12 to 14

Our employee and workforce

engagement activity on page 22

Improving our safety

on pages 23 to 25

TR Italy investment in cleaner

technology on page 26

Additional InformationFinancial StatementsGovernance

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Trifast plc Annual Report 2026

Stakeholder engagement

Our people Shareholders

Why we engage

Our success depends on a skilled and

motivated workforce. We are committed

to a safe, inclusive environment that

supports physical and mental wellbeing.

A positive culture and strong

engagement enable our people to

contribute meaningfully to the business.

How we engage

We continue to focus on improving

communication across the Group through

monthly interactive calls with the Senior

Leadership Team and CEO video updates

on strategy and performance, which is

accessible to all employees.

In accordance with Provision 5 of

the 2024 UK Corporate Governance

Code, Laura Whyte is the designated

Non‑Executive Director for employee

engagement, having been appointed

in 2024. Laura has engaged across

employee groups for the financial year

under review, leading engagement

sessions across the Group, supported

byher non‑executive colleagues.

Engagement during FY26

During the year, the Board collectively

and independently visited the Group’s

operations in Italy, United Kingdom,

Hungary, USA, Singapore, Taiwan,

Malaysia and China to spend time

with the employees. Engaging with

colleagues, both formally and informally,

is a priority for the Board to ensure

that we are aware of the views of the

workforce and can address any concerns

they may have.

The annual employee engagement

survey saw a rise in participation to 89%

and a positive upward trend in overall

engagement and satisfaction scores, and

a further engagement survey is planned

for later in 2026.

In May 2025, we held a Senior Leadership

meeting in Birmingham, UK, where

50 global employees attended and

participated in a review of strategy,

markets, customers and training. Four

employees received long‑service awards

during the event for service of between

ten and 25 years with the Company.

The CEO, Iain Percival, presents a

monthly communication video, available

to all employees, to update them on

various aspects of the business. These

videos are also translated into local

languages to ensure all employees can

listen to Iain’s updates. In addition, we

continue to have the ‘ask Iain’ email to

facilitate a direct communication to

the CEO, which is proving increasingly

popular as a communication channel.

Last year, we launched the Future

Leadership Programme, and we can

report that this programme continued

with those involved presenting

the results of their projects to the

Executive Leadership Team and are now

proceeding with project implementation.

Read more about our people

on pages 21 to 25

Why we engage

The Board is committed to strong

shareholder relationships, providing

clear, balanced updates to ensure

understanding of our purpose, values,

strategy and long‑term goals.

How we engage

We run a structured year‑round

programme giving all shareholders

access to management through the AGM,

presentations and roadshows, which

are also available via the Investor Meet

Company and BRR Media platforms.

Non‑Executive Directors are available to

meet shareholders as needed. We also

share updates through regulatory news,

our website, the Annual Report and

investor ESG questionnaires.

Engagement during FY26

We shared website updates during FY26,

including trading updates, the Board

Fellow appointment and PDMR activity

to ensure all stakeholders, including

shareholders, are fully aware of the

activities of the Group.

Serena Lang as Chair and Clive Watson

as Senior Independent Director engaged

with key shareholders regarding the

Company, which included a written

correspondence, meetings and calls.

Annual results were announced on

10July 2025 and Interim results were

announced on 18 November 2025; both

were presented in person and via the

IMCand BRR platforms.

The AGM was held on 11 September2025

at Peel Hunt’s office in London, where

shareholders attended in person

and online. The AGM remains a key

shareholder engagement forum.

Shareholder and investor visits were also

organised at our UK National Distribution

Centre, which were well attended and

offered attendees an insight into our UK

& Ireland operations and development as

well as strategy execution.

Find details of our AGM

on page 154

Additional InformationFinancial StatementsGovernance

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Trifast plc Annual Report 2026

Stakeholder engagement continued

Customers Suppliers

Why we engage

Strong, trusting relationships create

mutual value, helping us understand

customer needs to deliver value, drive

growth and support our commitment

tomeeting sustainability expectations.

How we engage

We build long‑term customer

partnerships through technical support

and innovative solutions aligned with

emerging technologies and regulations.

Our online platforms, including digital

marketing and our website, complement

this effort with virtual training and

product videos, along with workshops to

help customers select the right fasteners.

We also gather ESG feedback via SAQ.4,

JOSCAR, EcoVadis and CDP. We attend

our customers’ conferences and technical

workshops to ensure that we continue

to develop that strong understanding

oftheir future needs.

We also engage directly with our

customers through regular Business

Reviews that allow us to discuss our

continued partnership as well as how

wecan improve, striving to create

the best long‑term relationships and

creatingvalue for our customers with

ourteams expertise.

Engagement during FY26

Workshop sessions with key customers

generated positive feedback and new

opportunities. These included meetings

with customers in Asia, Europe and North

America as well as our new market in the

Kingdom of Saudi Arabia.

We exhibited our products at:

• Fastener Fair Global (Germany)

• Electronics Live (UK)

• International Fastener Show (Taiwan)

• Elmia Subcontractor (Sweden)

• NEAA Expo (UK)

We were awarded first place for

Supplier Sustainability by our

customer Flex for successfully

achieving GHG reduction targets

and supporting their value chain

sustainability targets.

Why we engage

As evolving legislation and climate

risks impact supply chains, we value

strong supplier relationships, goodwill,

high standards and engagement in

technology, innovation and compliance.

How we engage

Our Supplier Code of Conduct sets

expectations on quality, sustainability,

and compliance, with all approved

suppliers required to meet our standards.

We hold regular meetings, reviews

and audits to ensure adherence and

encourage reporting of non‑compliance.

Engagement during FY26

We attended the Fastener Fair in

Stuttgart, Germany, where we also

held a total of 52 supplier meetings.

During a visit to Taiwan, over 20 meetings

were held with our suppliers with a fixed

agenda to reiterate the importance

of ESG, CBAM, quality and ongoing

competitiveness in the marketplace.

The US Procurement and Sourcing team

attended the Las Vegas Fastener Fair

conducting numerous meetings and visits

to strengthen our supplier relationship

and pave the way to increased onshoring

in 2026/27.

We appointed new insurance brokers,

Lockton, following a comprehensive

tender and review of our insurance

andrisk profile.

We remained committed to compliance:

• Quality and Sustainability Agreement

signed by 94% of suppliers

• Slavery and Human Trafficking

Statement completed by 100%

ofsuppliers

• ESG Compliance Assessment

completed by 98% of suppliers

We continued to work with our supply

chain to ensure compliance with the

EU CBAM (Carbon Border Adjustment

Mechanism).

Our Slavery and Human Trafficking

Statement is available on our website

atwww.trifast.com

Additional InformationFinancial StatementsGovernance

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Trifast plc Annual Report 2026

Stakeholder engagement continued

Community Regulators, governments and NGOs

Why we engage

We recognise our impact on local

communities and are committed to

responsible engagement, supporting

initiatives and creating positive benefits

in the regions where we operate.

How we engage

We support our employees’ global

charitable activities and maintain strong

relationships with neighbours through

site visits to manage environmental

impacts. Feedback and complaints are

handled through our ISO 14001 system,

and we work with small suppliers to

enhance local economies and skills in

compliance, efficiency and quality.

Engagement during FY26

A new corporate volunteering day was

launched during 2024 for employees to

give back to their local communities and

has proved to be successful and popular

throughout FY26.

• TR Italy employees donated an

automated external defibrillator

(AED) for outdoor installation to

the Municipality of Fossato di Vico,

intended to improve the safety and

health of its residents

• The Company celebrated International

Women’s Day in March 2026 and

the incredible women shaping the

fasteners industry, driving innovation,

progress and a more inclusive future

in TR

• The TR team in Ireland marked

World Environment Day 2025 with

a hands‑on initiative that brought

environmental values to life, with

employees taking part in a local litter

pick to help clean up their surrounding

community. Employees were also

engaged to reduce waste, including

swapping out single‑use plastic

bottles and coffee cups for reusable

alternatives

• TR Charlotte, North America,

continued to show their support with

Samaritan’s Purse. Employees filled

shoe boxes with toys, stationery and

other essentials to gift to children in

need at Thanksgiving andChristmas

Read more about our community

events on our website at

www. trifast. com

Why we engage

Policy and regulatory changes, including

global politics and trade laws, bring

both opportunities and risks. Locally,

weengage on environmental, safety

andethical standards.

How we engage

We engage with government bodies via

public disclosures (e.g. Annual Report,

AGM) and submissions on packaging

and controlled materials. Trifast is active

in EFDA and TR UK supports over 100

fastener distributors through BIAFD.

Ourglobal teams also engage with

regional associations.

Engagement during FY26

We continued submitting the required

compliance declarations, including RNS

announcements, packaging, emissions

and controlled materials (SCIP, RoHS,

REACH) disclosures.

We engage with EFDA to streamline

the EU CBAM reporting and with BIAFD

for the UK CBAM legislation, being

introduced in 2027.

Trifast is an active member of EFDA

(European Fastener Distributor

Association) and TR UK is involved with

the British & Irish Association of Fastener

Distributors (BIAFD), supporting over

100 fastener distributors across the UK

and Ireland.

Our global subsidiaries also engage with

their regional associations.

TR Italy received the ISO 37101

certification for Sustainable Community

Management.

This international standard recognises

commitment to environmental,

social and economic sustainability,

empowering communities to build

resilience, adaptability and continuous

improvement within the local area.

TR Thailand received their ISO 9001

certification, TR Italy successfully

obtained ISO 45001 certification for

their health and safety management

system, and our technology group has

been certified against ISO 27001, an

internationally recognised standard

for information security management

systems.

Trifast continues to work with the

Kingdom of Saudi Arabia Ministry

ofInvestment and other government

departments regarding our investment

into the region.

Read more about our governance

andpolicies on pages 32 and 33

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Strategic Report

Trifast plc Annual Report 2026

Financial review

Strong focus on margin management,

operational efficiency and enhanced

financial controls

Kate Ferguson

Chief Financial Officer

Delivering disciplined progress

FY26 marked the first full year of execution

within the Rebuild phase of our Recover,

Rebuild, Resilience strategy. During the

year, we maintained a strong focus on

margin management, operational efficiency,

disciplined capital allocation and enhanced

financial controls, with self‑help actions

continuing to deliver tangible benefits.

While demand conditions remained mixed

across certain end markets, improved cash

generation and lower leverage strengthened

the Group’s financial position. These actions

have further positioned the business to

progress towards the Resilience phase

with growing confidence, supporting our

mid‑term margin and returns ambitions and

our commitment to sustainable, responsible

investment.

Key financials

Unless stated otherwise, current year

comparisons with prior year are calculated

at constant exchange rates (CER) and where

we refer to ‘underlying,’ this is defined as

being before separately disclosed items.

CER calculations have been calculated by

translating the FY26 figures by the average

FY25 exchange rate.

Underlying measures

CER

FY26

CER

change

AER

FY26

AER

change

AER

FY25

Revenue £207.1m (7.3)% £208.4m (6.7)% £223.5m

Gross profit margin % 30.0% 170bps 30.0% 170bps 28.3%

Underlying EBIT

1, 4

£16.3m 9.4% £16.5m 10.7% £14.9m

Underlying EBIT margin

1, 4

% 7.8% 110bps 7.9% 120bps 6.7%

Underlying Profit before tax

£12.3m 18.3% £12.3m 18.3% £10.4m

Underlying Diluted earnings per share

— — 6.46p 49.9% 4.31p

GAAP measures

EBIT £4.2m (55.3)% £4.2m (55.3)% £9.4m

EBIT margin % 2.0% (220)bps 2.0% (220)bps 4.2%

Profit before tax — — £0.1m (98.0)% £4.9m

Diluted earnings per share — — (0.73)p (1.56)p 0.8p

Dividend per share — — 1.90p 0.10p 1.80p

Adjusted leverage ratio

— — 0.75x (0.22) 0.97x

Adjusted net debt — — £(16.0)m (8.0)% £( 17.4)m

Return on capital employed (ROCE) — — 8.5% 40bps 8.1%

1. Before separately disclosed items (see notes 2 and 31)

2. CER is constant exchange rate, calculated by translating the FY26 figures by the average FY25 exchange rate, and AER is actual exchange rate

3. Adjusted leverage ratio is calculated using adjusted net debt against adjusted underlying EBITDA. Adjusted metrics exclude the impact of IFRS 16 Leases (see note 31)

4. Earnings before interest and tax (EBIT)

Additional InformationFinancial StatementsGovernance

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Trifast plc Annual Report 2026

Financial review continued

Constant currency comparison

During FY26, Sterling movements were

mixed. The British Pound strengthened

against the Taiwanese Dollar and, to a lesser

extent, the Swedish Krona. Against the US

Dollar, Sterling experienced short‑term

strength in early 2026 followed by

pullbacks, with no sustained weakening or

strengthening trend over the year. Sterling

was broadly stable against the Euro over

the year, trading within a relatively narrow

range. In contrast, Sterling weakened

against the Singapore Dollar, Chinese

Renminbi and Malaysian Ringgit over

theyear.

This resulted in a decrease in the value of

AER revenue by £1.3m and AER underlying

EBIT by £0.2m on translation into British

Pounds.

Dividend policy

As a Board, we are proposing a final

dividend for FY26 of 1.30p per qualifying

ordinary share (FY25: 1.20p). This,

togetherwith the interim dividend of

0.60ppaid on 10 April 2025, brings the

totaldividend for the year to 1.90p per

share(FY25:1.80p). The final dividend

is subject to shareholder approval at the

AGM.Based onunderlying diluted EPS,

dividend cover isapproximately3.8x.

Group performance

Group performance (£m) CER FY26 CER change AER FY26 AER FY25 AER change

UK & Ireland Revenue 64.2 (11.1)% 64.3 72.2 (11.0)%

uEBIT

4.5 55.2% 4.5 2.9 55.2%

uEBIT % 7.0% 290bps 7.0% 4.1% 290bps

Europe Revenue 72.9 (7. 5)% 75.8 78.8 (3.8)%

uEBIT 8.1 17.4% 8.6 6.9 24.6%

uEBIT % 11.1% 230bps 11.3% 8.8% 250bps

Asia Revenue 46.4 (9.9)% 46.3 51.5 (10.1)%

uEBIT 5.1 (42.0)% 5.0 8.8 (43. 2)%

uEBIT % 11.0% (620)bps 10.9% 17. 2% (630)bps

North America Revenue 35.1 6.0% 33.6 33.1 1.5%

uEBIT 3.3 10.0% 3.1 3.0 3.3%

uEBIT % 9.5% 40bps 9.3% 9.1% 20bps

Central costs Revenue (11.5) (5.0)% (11.5) (12.1) (5.0)%

uEBIT (4.7) (30.9)% (4.7) (6.8) (30.9)%

Group Revenue 207.1 (7. 3 )% 208.4 223.5 (6.8)%

uEBIT 16.3 9.3% 16.5 14.9 10.7%

uEBIT % 7. 8% 110bps 7.9% 6.7% 120bps

Despite lower revenue and a significant

increase in separately disclosed

transformation costs, the Group delivered

a clear improvement in underlying

profitability, earnings per share, return

on capital employed, gross margin, cash

generation and working capital efficiency,

while maintaining a resilient balance sheet

and continuing dividend payments.

Revenue (CER) reduced to £207.1m

(FY25:£223.5m); however, underlying

performance improved strongly. Gross

margin increased to 30.0% (FY25: 28.3%),

representing a 170bps improvement.

Underlying EBIT (CER) rose to £16.3m

(FY25: £14.9m), with the margin improving

to 7.8% (FY25: 6.7%).

This improvement was supported by

disciplined cost management across

theGroup.

Cost of sales reduced by £14.2m,

distribution expenses by £1.1m and

administrative expenses before separately

disclosed items by £1.6m. Total payroll costs

reduced to £45.8m from £49.0m, alongside

a reduction in average headcount to 1,020

from 1,176.

Underlying profit before tax increased

to £12.3m (FY25: £10.4m), supported by

improved trading performance and lower

net financing costs of £4.2m (FY25: £4.5m).

These gains were achieved despite a

substantial increase in separately disclosed

items of £12.3m (FY25: £5.4m), primarily

relating to Project Ignite, restructuring and

transformation activity, impairment charges

and the Malaysia manufacturing write‑off.

As a result, statutory profit before tax

reduced to £0.1m (FY25: £4.9m).

UK & Ireland

Revenue (CER) was £64.2m, an 11.1%

decline from last year (FY25: £72.2m).

Automotive customer demand weakened

during the year, including disruption arising

from the cybersecurity incident at a key

OEM, which had a material short‑term

impact on volumes but stabilised as

the yearprogressed. Performance

across Tier1and Tier 2 customers

wascomparatively more resilient.

While volumes declined across smart

infrastructure and medical equipment

customers, both segments delivered

improvements in gross margin, reflecting

favourable mix, pricing discipline and cost

recovery actions.

1. Underlying Earnings before interest and tax

(UEBIT). See notes 2 and 31

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Trifast plc Annual Report 2026

Financial review continued

UK & Ireland continued

The region’s uEBIT increased to £4.5m

(FY25: £2.9m), with margin improving

to 7.0%, up 290bps. This improvement

reflects disciplined margin management,

cost control and operating efficiencies,

which more than offset lower revenues

andtemporary customer‑specific

disruptionearlier in the year.

Europe

Revenue (CER) declined to £72.9m, a

7.5% decrease from last year. Trading

conditions across the eurozone remained

challenging, particularly in automotive,

where customer demand was softer

across several markets. Revenue in smart

infrastructure proved more resilient, helping

to partially offset automotive and broader

industrial weakness. Other end markets

alsoexperienced lower volumes, reflecting

continued uncertainty across European

manufacturing sectors.

Despite the lower revenue base, the region

delivered an improved profitability outcome.

uEBIT increased to £8.1m (FY25: £6.9m),

with uEBIT margin improving to 11.1%.

This represented margin improvement of

230bps, reflecting disciplined cost control,

operational efficiency measures and

continued focus on margin management

and pricing discipline.

Asia

The Asia region reported lower revenue

and profitability in FY26. Revenue (CER)

reduced to £46.4m, a 9.9% decrease year

on year, while reported revenue reduced to

£46.3m at AER. Demand was mixed across

automotive and other sectors. Automotive

volumes were impacted by increased

competition, particularly from electric

vehicle manufacturers in China, which

intensified pricing pressure and delayed

customer ordering patterns.

uEBIT decreased to £5.1m at CER, a 42.0%

reduction year on year, with uEBIT margin

reducing to 11.0%, down 620bps. The

reduction in margin reflects lower operating

leverage arising from reduced volumes,

together with increased competitive

pressure in selected markets. During the

year, the region was also impacted by

currency volatility, with a weakening of the

US Dollar following Liberation Day resulting

in unrealised foreign exchange losses, which

subsequently reversed later in the year.

Despite the near term challenges, the region

remains focused on disciplined margin

management, cost control and selective

growth opportunities.

North America

North America delivered a resilient

performance in FY26, with CER revenue

increasing by 6.0% to £35.1m. Growth was

supported by continued demand in smart

infrastructure, alongside stable performance

in automotive, despite a more competitive

market backdrop. The region continued

to benefit from prior year new business

wins and a focus on higher‑quality revenue

across targeted customer segments.

uEBIT increased to £3.3m at CER, up

10.0% year on year, with uEBIT margin

improving to 9.5%, up 40bps. Margin

progression reflects ongoing cost discipline

and operational efficiencies delivered

across the region, enabling effective uEBIT

drop‑through from incremental revenue

growth while maintaining a disciplined

approach to pricing and mix.

Investment in the region continued during

FY26 to strengthen capability and resilience

in support of future growth.

Central

Central reported a uEBIT loss of £4.7m

(FY25: £6.8m), representing a £2.1m

improvement year on year. The reduction in

losses reflects continued overhead savings

delivered through prior restructuring

programmes, together with ongoing cost

discipline across central functions.

Central results were also impacted by

foreign exchange movements, with a lower

net exchange gain compared with the prior

year. Overall, Central costs remained well

controlled, reflecting a continued focus on

maintaining a disciplined Group cost base

while ensuring appropriate investment

in governance, leadership and strategic

initiatives to support execution of the

Recover, Rebuild, Resilience strategy.

Implementation costs of cloud

computing SaaS arrangements

During the year, we identified an error in

the accounting treatment of certain costs

incurred in implementing cloud‑based

Software as a Service (SaaS) arrangements,

following consideration of the April 2021

IFRIC agenda decision on configuration

and customisation costs. These costs,

which primarily related to the Group’s ERP

implementation (Microsoft Dynamics 365)

under ‘Project Atlas’, had previously been

capitalised.

In line with IAS 8, the error has been

corrected retrospectively. The IFRIC

agenda decision clarified that such costs

should be expensed unless they give rise

to a separately identifiable intangible asset

controlled by the Group; as this was not the

case, the costs have been recognised in the

income statement.

Separately disclosed items

Separately disclosed items (£m) FY26 FY25

Acquired intangible amortisation (1.6) (1.7)

Restructuring and transformation costs (2.4) (2.6)

Project Ignite (6.0) —

Impairment of non‑current assets (0.9) —

Impairment of customer receivable on administration — (1.0)

Malaysia manufacturing write‑off (1.4) —

Recovery of prior year fraud loss 0.2 —

Facilitation payment fraud (0.2) (0.4)

Profit on disposal of a subsidiary — 0.2

Total (12.3) (5.5)

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Financial review continued

Separately disclosed items continued

• Amortisation charges on intangible

assets acquired in previous years of

£1.6m (FY25: £1.7m) are shown as

separately disclosed items, consistent

with prior years.

• A Malaysia manufacturing write‑off of

£1.4m was recognised in FY26 following

the Board‑approved decision under

Project Tiger to exit manufacturing

operations.

• Restructuring and transformation

costs of £2.4m (FY25: £2.6m) relate

to transformation initiatives approved

by management following the launch

of the Group’s strategy at the end of

FY24. These costs primarily comprise

transformation‑related implementation

costs, redundancy expenses and

other costs directly attributable to the

execution of these initiatives.

• Project Ignite costs of £6.0m relate

to the implementation of the Group’s

cloud‑based ERP system, Microsoft

Dynamics 365. In accordance with the

IFRIC agenda decision on configuration

and customisation costs in cloud

computing SaaS arrangements and

IAS38, these costs have been expensed

as incurred.

• Impairment of non‑current assets of

£0.9m comprised £0.5m relating to

TRFastenings Inc. (Houston), including

right‑of‑use assets and property, plant

and equipment, and £0.4m relating

to goodwill associated with Precision

Technology Supplies.

• Facilitation payment fraud comprises

a £0.2m charge in FY26 (FY25:£0.4m

charge). Separately, the Group

recognised a £0.2m insurance recovery

relating to a prior‑year fraud loss; this

has been presented separately and not

netted against the current‑year charge.

• There was no profit on disposal of

a subsidiary recognised in FY26

(FY25:£0.2m), following the disposal

ofthe Group’s Norway operations in

theprioryear.

• There were no impairments of customer

receivables recognised in FY26

(FY25:£1.0m), compared with the prior

year charge following the administration

of acustomer.

Net finance costs

Net finance costs were £4.2m

(FY25:£4.5m), reflecting interest expense

of £4.3m partially offset by interest income

of £0.2m. Interest continues to be incurred

at an aggregate rate based on EURIBOR,

SONIA or SOFR, plus a margin ranging from

2.10% to 3.60%, depending on the Group’s

leverage.

IFRS 16 lease‑related interest contributed

£1.2m to total finance expense in FY26

(FY25: £1.0m).

Profit before tax

Statutory profit before tax was £0.1m

(FY25:£4.9m). The reduction reflects

the impact of separately disclosed items

of £12.3m, including Project Ignite,

restructuring and transformation costs,

impairment charges and the Malaysia

manufacturing write‑off, partly offset

byimproved underlying profitability.

Operating cash flow (AER)

Operating cash flows before working capital

movements were £15.9m (FY25: £18.7m),

a decrease of £2.8m year on year. The

reduction was primarily driven by lower

statutory profitability, which reflects the

impact of separately disclosed items in the

year, including £6.0m of Project Ignite costs

associated with the Group’s strategic ERP

transformation programme.

£17.4m

£(21.9)m

£(4.3)m

£6.0m

£4.3m

£3.5m

£3.3m

£2.4m

£2.2m

£(0.3)m

£16.0m

Opening

net debt

2025

(AER)

LFL

Underlying

operating

cashflow

Change

working

capital

Project

Ignite

Interest

paid

Ta x

paid

Capex Dividends

paid

ROU

liabilities

paid

OtherFX on

cash and

bank

loans

Closing

net debt

2026

(AER)

Increase Decrease Total

Adjusted net debt bridge

The reduction also reflects an unrealised

foreign exchange gain, a lower taxation

expense add‑back, lower finance cost

add‑backs, and reduced depreciation

and amortisation, partly offset by higher

non‑cash share‑based payment charges

andimpairment‑related adjustments.

Cash generated from operations was £20.2m

(FY25: £19.1m), reflecting continued working

capital discipline and improved cash collection

during the year. This included a £1.8m inflow

from trade and other receivables and a

£8.1m inflow from inventories, partially

offset by a £4.3m outflow from trade and

other payables. This strong working capital

performance helped fund the Group’s

strategic investment in Project Ignite while

maintaining balance sheet strength.

Banking facilities

The Group maintains a core £70.0m

committed Revolving Credit Facility (RCF)

utilisable in EUR, GBP or USD with no pre

determined currency limits.

Our lending group is comprised of four key

banking partners, HSBC, Citi, NatWest and

KBC Bank NV. The group executed a plus

one application in February 2026 extending

the RCF to June 2028, both available

extensions have now been utilised. The

RCF is drawn to £28.6m (€32.75m) as at

31 March 2026 under leverage and interest

cover covenants. In addition to the RCF, the

Group benefits from EDG UKEF funding of

£50.0m, maturing in 2028 with a three year

availability period, as at 31 March this facility

is drawn to £20.6m (€17.1m and $7.5m).

The EDG availability period closes mid FY27,

the group believes there is still meaningful

unused capacity on the loan and will apply

for a new UKEF product under the same

terms to complete by June 26.

The Group will begin the refinancing

process for the RCF in June 2027,

oneyearprior to the facility’s maturity.

Additional InformationFinancial StatementsGovernance

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Trifast plc Annual Report 2026

Financial review continued

Adjusted net debt bridge continued

At 31 March 2026, Group adjusted net

debt reduced to £16.0m (FY25: £17.4m),

reflecting continued cash generation and

disciplined financial management. Cash

andcash equivalents at the year end

increased to £32.4m (FY25: £24.3m).

A continued focus on working capital

efficiency and inventory discipline

supported the further reduction in net

debtduring the year. As a result, the

Group’sbanking covenant position

strengthened, with adjusted leverage

improving to 0.75x (FY25: 0.97x),

providingsignificant headroom against

thecovenant limit of 3.0x.

The statutory effective tax rate was

1,823% (FY25: 79%), reflecting the very

low level of statutory profit before

tax after separately disclosed items,

together with the geographic mix of

taxable profits and losses and taxes

arising in jurisdictions where profits were

generated. The underlying effective tax

rate reduced to 29.2% (FY25: 44.0%),

based on underlying profit before tax of

£12.3m (FY25: £10.4m) and an underlying

tax charge of £3.6m (FY25: £4.6m).

Underlying diluted earnings

per share (AER)

Reflecting the improved underlying

performance in the year, underlying profit

before tax increased to £12.3m (FY25:

£10.4m). This, together with the reduction

in the underlying effective tax rate, resulted

in underlying diluted earnings per share

increasing by 49.9% to 6.46p at AER

(FY25:4.31p).

Return on capital employed (at AER)

The Group’s ROCE increased by 40bps

to 8.5% (FY25: 8.1%), reflecting improved

underlying operating performance and

disciplined capital allocation during the year.

As at 31 March 2026, the Group’s shareholders’

equity was £115.6m (FY25:£115.7m, restated).

The movement in equity during the year

primarily reflects the loss for the year,

dividends paid and foreign exchange

translation movements, partly offset

byshare‑based payment credits.

At 31 March 2026, the number of ordinary

shares held by the Employee Benefit

Trust (EBT) to satisfy future equity award

commitments was 1,145,315 (FY25: 1,145,315

shares). Shares in issue at the year end were

136,188,663 (excluding EBT: 135,043,348).

Outlook

Trading headwinds have persisted into early

FY27, reflecting ongoing macroeconomic

uncertainty, continued softness in the

automotive sector, the impact of US

tariffs on steel and aluminium, and foreign

exchange volatility, particularly in relation

to the US Dollar. In addition, the Group

continues to closely monitor the direct and

indirect impacts of the ongoing Middle East

conflict, including any associated effects on

the Group’s supply chains.

The Group has continued to develop an

increasingly agile operating and commercial

model, enabling it to respond effectively

to market and operational shocks. Where

appropriate, the Group will seek to pass

increased costs through pricing in line with

its established commercial discipline. The

Group’s diversified geographic footprint,

broad supplier base and pricing capability

provide resilience in managing volatility

andsupport its competitive advantage

inservice delivery.

The Group enters FY27 from a position of

improved operational and financial strength,

underpinned by the progress delivered

through its transformation programme,

stronger margins and disciplined cost

control.

Having refined its commercial focus and

target markets, it is encouraging that the

Group is seeing its strongest commercial

pipeline since we implemented our strategy,

as customers place increased emphasis

on supply chain resilience, engineered

solutions, quality of service, reliability

andcontinuity.

The Board remains confident in achieving

the Group’s medium‑term EBIT margin

target of greater than 10%, supported

by the progress delivered through the

transformation programme, stronger

margins, disciplined cost control and

continued focus on margin management.

Kate Ferguson

Chief Financial Officer

1 July 2026

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Being a responsible business

Trifast is committed

to securing a

sustainable future.

Our sustainability strategy is

helping us to play our part in

shaping a sustainable economy.

Our people

Our planet

Our principles

Our people bring our strategy

and purpose to life. We aim to

deliver our growth ambitions

through consistently driving the

right behaviours and creating

an environment that promotes

positivity, wellbeing and high

levels of employee engagement

We are dedicated to minimising

our environmental impact,

and through our sustainability

strategy, we are exploring

innovative methods to support

usin accomplishing this goal

The Company maintains a strong

commitment to governance,

with the Board fully aware of

the ongoing importance our

stakeholders place on robust

andtransparent practices

Sustainability accreditation

Learn more about Trifast’s

approach to sustainability online

www.trifast.com

Key metrics

See more on pages 21 to 25

See more on pages 26 to 31

See more on pages 32 to 33

Gender diversity (all employees)

FY26

53.5% 24.4% 22.1%

FY25

66% 31% 3%

Total carbon emissions (tCO

FY26

426,972

FY25

140,515

Supply chain (percentage of spend)

FY26

90%

FY25

82.8%

Lost time injury rate

FY26

1.06

FY25

1.33

Total water consumption (m

)

FY26

18,409

FY25

17,724

E‑learning training courses completed

FY26

3,600

FY25

3,063

2. Percentage of spend signed up to Slavery and Human Trafficking Statement

3. Includes various training courses including for compliance, products and awareness

1. Includes scope 1, 2, and 3 emissions

Male Female Undisclosed

Additional InformationFinancial StatementsGovernance

Strategic ReportTrifast plc Annual Report 2026

Being a responsible business continued

Our people

Trifast has more than 1,000 employees

around the world, and we recognise the

important contributions and expertise each

person brings to our Group’s success.

Our people are at the heart of our business

and the key drivers of our success, and as

such, our growth strategy is underpinned

by the continuous focus on our people and

on making sure that they are empowered to

drive progress and add value through their

contributions.

During FY26, we laid the foundations for

our HR strategy, placing focus on talent

acquisition, leadership development,

employee engagement and performance

management. We continue to invest in

developing our workforce through the

implementation and strengthening of

ourstrategic people programmes.

Leadership

Talent acquisition remains a strategic

priority at leadership level. Recruitment

processes are designed to identify and

appoint high‑potential individuals who can

fulfil both current and future key leadership

roles within the organisation. We recruit

from the widest possible talent pool, and

over the past 12 months, 13 new leaders have

joined the business, further strengthening

our global leadership team.

At the start of FY26, we hosted our first

global leadership conference, ‘Rebuild’,

bringing together more than 50 leaders to

launch the FY26 plan and outline priority

actions aligned with our strategy. The

event featured multiple workshops and

interactive sessions designed to facilitate

effective planning and collaboration. At the

event, weacknowledged individuals whose

everyday actions reflected our Company

values. These principles shape the standards

and priorities of our business, influencing

our behaviour and how we are viewed

within and outside the organisation. They

demonstrate our dedication to cultivating

a respectful, positive and high‑performing

workplace aligned with our Company’s

vision and strategy.

Throughout the year, 12 individuals

successfully completed the Future Leaders

Training (FLT) programme, adevelopment

initiative aimed at nurturing high‑potential

talent within the Group. The programme

was designed to identify and cultivate

emerging leaders from across the

organisation and offered participants

opportunities to establish professional

relationships, engage in peer‑to‑peer

learning, and acquire valuable knowledge

through a focused leadership curriculum.

With sponsorship from the Executive

Leadership Team and facilitation by an

external provider, this programme has made

a significant contribution to strengthening

our leadership pipeline and preparing

the organisation to address forthcoming

challenges and opportunities.

Talent and succession planning

The development of senior leadership and

the implementation of effective succession

planning are essential for the Group’s

long‑term success. Accordingly, annual

assessments are conducted to evaluate

the bench strength, performance, and

developmental potential of executives

and senior leaders. These evaluations

also identify key attributes and personal

strengths, as well as assess the impact of

any skills gaps on the Group’s sustained

success.

The ‘9‑box’ talent identification method,

which assesses both performance and

potential, was employed to evaluate all

senior leaders. Following the process,

actions were taken, such as conducting

additional development assessments for

individuals recognised as emerging talent

who could grow into wider roles or higher

positions. These individuals now have

development plans in place, including

coaching and 360‑degree feedback.

Furthermore, this process has enhanced

the talent pipeline for senior positions,

andsuccessors have been identified for

most members of the Executive Leadership

Team, including critical roles such as the

CEO and CFO.

Our people in action

Nathan – Graduate

Accountant

After completing my year in industry

with Trifast as a finance student in

2023, I returned to Loughborough

University to finish my BSc in Business

Management – Trifast supporting me

through part‑time work until graduation.

Joining full‑time as a Financial

Planning Analyst, Trifast are now

sponsoring my CIMA CGMA Level7

qualification as well as gaining

operational experience. I have grown

from an assistant role into having

my own responsibilities, business

partnering with regional operations

directors to consolidate forecasts and

ensuring accurate weekly reporting

across the business.

Read more on

our website:

Our people

Trifast plc Annual Report 2026

Additional InformationFinancial StatementsGovernance

Strategic Report

Being a responsible business continued

Our people

continued

Employee communication and

engagement

As part of our ongoing commitment to

organisational improvement and sustainable

business growth, we are focused on

enhancing employee engagement. Our

strategy focuses on three main areas:

• Global Employee Engagement Survey

• Workforce Engagement Groups

• Board Workforce Engagement Sessions

Giving employees the opportunity to

voice their opinions on things that matter

to them is a priority as their feedback is

critical to improving our business. The

annual employee engagement survey was

conducted in 2025 with an overall response

rate of 89% and an overall engagement

score of 7.0.

Following the annual engagement

survey, each location has established a

Workforce Engagement Group to help

identify and execute relevant action

plans, thus supporting the Company’s

dedication to hearing employees’ feedback

and motivating them to participate

actively in improving their workplace.

The Board’s Workforce Engagement strategy

includes yearly sessions with employees.

Each region has a designated Board member

who hosts the sessions. During FY26,

Workforce Engagement Sessions were held

in the UK at the National Distribution Centre,

Asia, in Singapore, Taiwan, Malaysia, China

and in Europe at the Italian site. In each

session, Board members met with a

cross‑section of employees from the site or

with the Workforce Engagement Groups.

To support the sessions, Board members

received an information pack containing

essential details specific to the site,

including results from the employee

engagement surveys and local teams,

whoalso received session support materials.

The approach aims for consistency but

allows flexibility for cultural differences,

language barriers and local team ownership.

In all cases, the process and access to

the Board was welcomed by employees,

and the open communication, including

understanding more about the business

from the Board’s perspective, was

appreciated. Throughout discussions,

employees offered suggestions to

improvement areas, and a summary

of actions was also shared with local

management teams. In meetings with

the Workforce Engagement Groups,

updates were provided on the action

plansdeveloped in response to the

internalEmployee Engagement Survey.

We are continuing to enhance

communication throughout the Group

by holding interactive monthly Senior

Leadership calls that feature keynote

speakers from various parts of the

organisation. Each month, CEO Iain

Percival shares a business update by

video – accessible to all employees – which

focuses on strategy, key achievements

and performance. Employees are invited

to send in questions through a dedicated

link, helping to maintain an open dialogue

between senior leadership and the broader

workforce.

Performance management

We are committed to achieving high

performance by establishing and evaluating

both individual and collective objectives

aligned with the Company’s strategic goals.

Throughout the year, we further enhanced

our internal performance review process

by implementing it for all leaders and

managers within the business, ensuring that

objectives corresponded with key strategic

initiatives: margin management, focused

growth, organisational effectiveness, and

operational efficiency. This development

represents a significant advancement in

aligning leadership performance with our

overarching business strategy.

• Participants received support throughout

each stage of the process via toolkits,

structured training sessions and

informativewebinars

• Setting clear goals and promoting

accountability fosters an environment

focused on ongoing improvement.

In addition, this approach highlights

areas for growth, making sure that

senior leaders and managers receive

the necessary support to advance their

skills, which boosts both personal and

organisational effectiveness

Employee development

The breadth of the Group provides exciting

opportunities for people, and we remain

committed to investing in the development

of our workforce through multiple

channels,including our global online

learning platform.

Our approach encompasses not only

technical and job‑specific training, but also

comprehensive leadership development.

To address the varied needs of our

international team, we diligently select

relevant, engaging and accessible training

resources for all employees.

Investing in the growth of our people

through learning and development is a key

part of our long‑term strategy to build a

skilled, flexible and motivated workforce.

We are enthusiastic about supporting

employees in their educational journeys and

anticipate that these new skills will positively

influence our business. Prioritising internal

development helps keep our team prepared

for industry changes, ensuring we remain

competitive and innovative in a constantly

shifting market.

We understand that effective compliance

training plays a key role in building a strong,

ethical workplace culture. By keeping

our employees informed about relevant

laws and regulations, we lower the risk of

legal issues and encourage integrity and

accountability throughout our organisation.

As part of onboarding, every new team

member completes necessary compliance

training. We make sure to regularly update

this training to reflect current industry

standards so our staff stay knowledgeable

about all legal and regulatory requirements.

To further strengthen our commitment to

talent and development, we have appointed

a Group Head of Talent who joined the

business in February 2026.

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Being a responsible business continued

Our people — health and safety

Strategic intent

We have continued to place a strong

focus and momentum on delivering our

environmental, health and safety strategy

through a mix of equipment, process and

behavioural improvements. This is the

continuation of our three‑year plan aligned

with our transformation strategy of Recover,

Rebuild, Resilience.

Our intent is to build strong programmes of

safety systems, processes and engagement

through data‑led targeted risk reduction

activities, increasing engagement and

ownership, and strong and consistent

‘OneTR’ processes.

Progress update

Our strategic actions are starting to take

effect, with progress being achieved across

our key performance indicators. We have

also seen a maturing of our reporting

process with a broader range of locations

now actively reporting incidents, providing

confidence that our reporting criteria are

being embedded across our operations

andsupport functions.

As part of our continual improvement

programme, we analyse our performance

and update our H&S strategic plan where

necessary. Our incident analysis supports our

health and safety strategy, identifying that

cuts and abrasions, ergonomics and manual

handling, and slips and trips are causal areas

behind 74% of our injuries. We also continue

to see near misses predominantly associated

with workplace transport and vehicle

movements, supporting the need for ongoing

action to target risk reduction and process

and behavioural improvement in these areas.

A proactive mindset…

Improvement and progression

Throughout the last financial year, our

businesses have been driving continuous

improvement in our safety performance.

This is through:

1. Engaging our team in hazard reporting,

providing recognition and developing

ourbehavioural standards

2. Data‑led risk reduction activities on our

high‑risk and high‑frequency hazards

3. Improved standards, systems and

processes with our assessments,

processes and procedures

High‑risk potential activities

Reducing working at height: Another

strategic focus area is reducing our risk

with picking activities at height. We have

invested in new ‘platform order pickers’

across three of our regions to eliminate

the use of ladders, improving both safety

and efficiency. This removes the need to

carry products up and down the stairs

and reduces the risk of trip and fall injuries

colleagues due to not being able to hold

the handrail when ascending or descending

equipment. It also avoids the need to take

multiple trips up and down steps, improving

efficiency.

We have also invested in autoloading

equipment in our Taiwan operations to

reduce the need for manually loading

hoppers, using an overhead crane. This

removes another working‑at‑height activity

and helps to modernise and improve

efficiency of our operations.

Our strategic plan has led to improvements with our key performance indicators

Lagging:

Leading:

Lost Time Accident Rate (LTAR)

FY26

1.06

FY25

1.33

20%

reduction

achieved

Safety observations reporting

FY26

2,335

FY25

1,006

132%

increase

achieved

First aid accidents

FY26

FY25

32%

reduction

achieved

Near misses

FY26

FY25

41%

reduction

achieved

EHS framework compliance

FY26

16%

FY26 target

10%

Days lost

FY26

FY25

270

64%

reduction

achieved

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Being a responsible business continued

Our people — health and safety

continued

High‑risk potential activities continued

Safer operational spaces: We have

continued to invest in safety through the

introduction of protective barriers to clearly

separate our workforce and vehicles,

alongside clear floor markings, walkways

and workplace organisation. This has been

completed across several locations and

will continue as part of our improvement

roadmap.

For locations where physical separation

is more difficult, we have trialled modern

proximity sensor technology in our TR

Holland warehouse, which greatly reduces

the risk of contact with pedestrians. The

intent for FY27 is to roll out this more widely

across our warehousing operations.

Increased machinery safety: In our

manufacturing sites, we continue to invest

in both machinery improvements, such as

improved guarding, additional interlocks,

and replacement or upgrades of equipment.

Our TR Italy site has undertaken a

comprehensive review of all machinery,

systematically evaluating safety standards,

and taken broad action to upgrade

guards and covers, improving control

panel capability and installing additional

interlocks.

Upgraded standards: Mandatory Personal

Protective Equipment (PPE) standards have

been implemented across all our locations,

which have had a significant impact on

reducing the number of cuts and abrasions

experienced by our teams.

One key aspect of this is the introduction of

protective gloves to support safe handling

across all our warehousing operations

and the phasing out of sharp tools and

equipment, such as metal‑bladed knives

and unguarded tape dispensers. Cuts and

abrasions were a significant cause of first

aid accidents, and we are proud of the team

for their support in driving a step change

in standards, which has delivered a 38%

reduction in hand and finger injuries.

Process

All our sites and locations have been

working on embedding our EHS

framework. The first part of the framework

was launched in FY25, with progress

against the first eight standards that

are applicable to our operations.

This has involved implementing consistent

risk assessments, delivering new onboarding

practices, implementing new equipment,

and establishing new standard operating

procedures and work practices. Throughout

FY26, quarterly reviews have taken place for

all sites to review performance, review and

track improvement progress, and provide

targeted support for process improvements

and system development. All but one

site exceeded their specific improvement

‘Rebuild’ target, with three locations – TR

Italy, TR Singapore and Lancaster Fasteners

– achieving our ‘Resilience level’ of 95%

compliance.

In FY26 Q4, we introduced the second and

final ‘One TR’ global Environmental, Health

and Safety framework. This includes an

additional ten standards, including hazards

such as Working at Height, Cuts and

Abrasions, Lock Out Tag Out, and Driver

and Travel Safety. A glidepath, along with

site‑specific and regional targets, has been

mapped, and over the next two years, sites

will continue on this improvement journey

with the target of achieving 95% compliance

by FY28.

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Being a responsible business continued

Our people — health and safety

continued

People‑related programmes:

Our leadership Safety Cultural workshops

have been undertaken with Part 2

leadership programmes for the ELT and

SLT population. Our SLT Part 2 programme

commenced with our Asia SLT for FY26,

with other regions due to follow in FY27.

This included content on:

• Recognising progress – what has

changed since Part 1?

• OneTR behaviours – what behaviours are

essential to drive forward H&S culture?

• H&S conversations – are they regular

andimpactful?

• Understanding Big Risk – what risks

should be focused on?

To support workforce culture change

and safety improvement, Trifast’s Golden

Safety Rules have been developed and

cascaded across the business. This

includes four ‘I Never’ rules relating to

high‑risk activities and five ‘I Always’ rules

relating to the high‑frequency activities

we regularly complete. These rules have

been communicated and will feature as

part of future training and communication

programmes.

Safety observations reporting:

Following the launch of our safety

observation programme in FY25, which saw

1,000 observations reported, we saw the

significant expansion of reporting with 2,355

observations reported in FY26. This is due

to additional action to cascade and embed

reporting expectations across our business

with a far wider range of employees

contributing to reports, all which help us

to remove risk from our operations and

provide positive recognition to our team.

Wellness at Trifast:

Q4 saw the development of our Trifast

wellness strategy, which outlines our

roadmap to Resilience in how we intend

to support the wellness of our team. This

includes developing the knowledge and

an understanding of wellness throughout

the organisation, supporting our workforce

with Mental Health First Aid and delivering

wellness initiatives to support team

engagement and understanding.

Safety observations reported

North

America

FY26

201

FY25

UK &

Ireland

FY26

897

FY25

328

Europe

FY26

304

FY25

Asia

FY26

953

FY25

210

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Being a responsible business continued

Our planet

Our planet strategy

Within our Company Rebuild programme,

we have reviewed and revised our

environmental objectives and commitments.

This involved reviewing our historical

approach to strategic planning and aligning

our activities and timescales with Recover,

Rebuild, Resilience.

Our planet key strategic objectives taking

usto FY30 are:

1. Continuing our carbon transition plan

aligned to SBTi net zero, with a 50%

reduction inCO

2. Achieving EcoVadis Silver

3. Achieving a CDP ‘B’ rating

A roadmap to meet these objectives has

been developed, with action underway to

support the achievement of these goals.

Total water consumption

FY26

18,409.14m

FY25

17,724.13m

FY24

22,195.28m

All water supplied from mains supply

Total water discharge

FY26

17,131.77m

FY25

16,861.09m

FY24

22,345.91m

All water discharged in municipal sewer

0%water is reused or recycled

ISO 14001

Our waste, water, and energy management

is governed by our ISO 14001 certification,

with significant progress made in extending

scope to cover all our TR operations,

with just TR India and TR Thailand being

the remaining locations not included in

our Company certification. During FY26,

Charlotte (US), Louisville (US), NDC (UK)

and Spain (Europe) were all audited as

an extension of scope of the certificate.

TR Ireland and TR Sweden (Europe) both

received a surveillance audit, and the

Head Office Group certificate successfully

completed arecertification audit.

During FY27, our intent is to update our

certificate from TR to Trifast, with the

intention to bring all brands under one PLC

certificate, with objectives and targets for

our significant environmental aspects.

Total waste created

FY26

1,832T

FY25 Not reported

FY24 Not reported

Non‑hazardous 1,459T

Hazardous 373T

Waste disposal

Waste recycled 1,336T | 73%

Waste recovered 301T | 16%

Waste to landfill 195T | 11%

Our planet in action

TR Italy ISO 37101 certification

In FY26, TR Italy supported ‘Confindustria Umbria’ certification to ISO 37101:2016.

This standard establishes requirements for a management system for sustainable

development in communities, using a holistic approach, with a view to ensuring

consistency with the sustainable development policy of communities. TR Italy

participation supports sustainable development through the exchange of know‑how

and the implementation of best practice and is an activity contributor to sustainability

in the Umbria region.

1. FY26 marked the first year of site‑based waste reporting to allow monitoring, tracking and measurement of

the type and quantity of waste generated, and evaluate the waste disposal route. Our target is to maintain

or reduce the volume and environmental impact of our waste created. A re‑baseline of waste data will be

completed once reporting fully matures

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Being a responsible business continued

Our planet continued

SDG

Why this goal matters

to our business

FY26 focus

and contribution

SDG 3

Good Health

and Well‑being

Protecting the health,

safety and wellbeing of

colleagues is fundamental

to responsible operations

and long‑term business

resilience.

Maintaining a strong safety

culture, focusing on hazard

identification, incident

prevention and continuous

improvement in occupational

health and wellbeing practices.

SDG 5

Gender

Equality

Creating a diverse

and inclusive working

environment supports

talent attraction,

engagement and

long‑term performance.

Promoting equal opportunities,

fair treatment and inclusive

workplace practices, supported

by policies and initiatives

aimed at fostering diversity

andrespect across Trifast.

SDG 8

Decent Work

and Economic

Growth

Responsible employment

practices and respect for

labour standards underpin

sustainable growth and

stakeholder trust.

Supporting fair working

conditions, skills development

and ethical labour practices

within our business and across

our supply chain.

SDG 12

Responsible

Consumption

andProduction

Our operations and supply

chain influence resource

use, waste generation and

environmental impact.

Strengthening management

of waste, water and materials,

promoting responsible sourcing

and improving supply chain

transparency.

SDG 13

Climate

Action

Climate‑related risks and

opportunities affect our

operations, costs and

value chain resilience.

Progressing our carbon

transition through emissions

measurement, efficiency

initiatives and alignment with

recognised climate‑related

protocols and frameworks.

SDG 16

Peace, Justice

and Strong

Institutions

Strong governance and

ethical conduct are critical

to sustainable growth and

effective risk management.

Upholding high standards of

business integrity, transparency,

anti‑corruption and compliance,

supported by effective

governance and internal

controls.

United Nations Global Compact

andSDGalignment (FY26)

During FY26, the Group became a

participant in the United Nations Global

Compact, reinforcing our commitment to

responsible business conduct across human

rights, labour standards, the environment

and anti‑corruption. Participation in

the UN Global Compact also provides

a recognised framework for aligning

our activities with the United Nations

Sustainable Development Goals (SDGs),

supporting long‑term value creation for

our stakeholders and wider society.

Role of the SDGs in strategy

The Sustainable Development Goals

provide a common global framework for

addressing social, environmental and

economic challenges. While governments

lead delivery of the Goals, business has a

critical role to play through responsible

operations, innovation and collaboration

across value chains. We use the SDGs as a

reference point to guide decision‑making,

prioritise action and frame our contribution

to sustainable development.

Prioritisation approach

Given the breadth of the 17 SDGs, we

focus on those goals where our activities,

products and supply chains have the

greatest potential influence. Many of these

priorities are already embedded within our

existing policies, targets and programmes.

During FY26, we commenced a structured

review of our operations to assess alignment

with relevant SDGs and to identify areas for

strengthened integration over time.

Integration with existing objectives

Our approach to SDG alignment is

integrated into our existing sustainability

and risk management processes, rather

than treated as a standalone initiative.

This includes alignment with our climate

transition objectives, responsible supply

chain management, health and safety

culture, and ethical business practices.

Weconsider SDG alignment an enabler

of long‑term resilience and improved

operational performance.

Over the coming reporting periods, we

intend to further embed the SDGs into

our strategy, performance measurement

and external reporting, building on the

foundations established in FY26.

This will enhance internal awareness and

governance, and transparent reporting on

progress in line with the UN Global Compact

communication of progress.

CDP and EcoVadis: FY26 has seen progress

with both sustainability platforms.

EcoVadis has progressed from ‘Committed’

to ‘Bronze’, with action planning underway

to progress to Silver status.

CDP rate of ‘C’ has been achieved, with

all sections achieving an overall C rating.

Progress work has been undertaken in

FY26to help strengthen co‑ordinated

actionon environmental issues including

thecapture reporting and targeting for

waste data, and ongoing reporting of

waterdata.

Additional InformationFinancial StatementsGovernance

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Trifast plc Annual Report 2026

Being a responsible business continued

Our planet continued

Packaging raw materials and waste

To support more sustainable packaging

options, we are actively working to reduce

the reliance on virgin plastic materials.

Activity is underway to reduce our

purchased plastic bags and pallet wrap,

with a view to increase our use of recycled

materials and reduce the CO

e from our

purchased packaging materials. The action

is targeted to the packaging materials we

directly purchase from packaging suppliers.

The overall waste created by our operations

is 1,832T

. It is expected that our reporting

process will continue to mature inFY27

Our objectives and targets for FY27 are to

maintain or reduce existing levels of waste

creation

, and we will continually explore

opportunities to reduce waste to landfill.

Targets will be included in our ISO 14001

programme.

Water

We monitor our water use, sources and

discharge routes, collating and evaluating

the data to allow us to set a meaningful

water strategy. Water consumption across

the Group has shown an overall increase of

841.01m

when compared to the previous

year

. We do not consume significant

quantities of water in our direct operations

but recognise that the steel and metal

industry has a heavy reliance on water. Due

to this, our target for FY27 is to maintain

or reduce water consumption at or below

18,409.14m

. We actively evaluate water

stress for our site locations and continually

explore opportunities to reduce our water

footprint.

Environmental controversies, pollution

prevention and incidents

During FY26, we had zero environmental

controversies or incidents and also had no

direct or accidental oil spillages. Through

our ISO 14001, we continually strengthen

legal compliance evaluations and improve

spill emergency preparedness. We have

controls in place to ensure we comply with

all obligations in relation to water quality

and pollution prevention. These include

appropriate training, risk assessment and

management processes, monitoring and

emergency response procedures.

ESOS

The Company is required to comply with

the Energy Savings Opportunities Scheme

(ESOS); assessments were completed

during FY23 by third parties at selected

business premises in the UK. In FY26,

we provided an update of ESOS actions

progress to the Environment Agency in

the UK. Energy audits have also been

completed in our TR Italy location.

Energy

Manufacturing continues to be the sizeable

portion of energy use, representing the

majority of scope 1 and 2 CO

e emissions.

Our total electricity use in FY26 was

12,190,384 kWh and natural gas consumption

was 4,226,544 kWh. Other fuels and

referent gases losses make up the remaining

energy contributing to our overall scope 1

and 2 emissions of 5,149T of market‑based

e emissions.

We continue to prioritise carbon transition

as part of our strategy aims with reducing

gas use from heating and switching to

renewable alternatives for electricity.

Thetotal amount of renewable energy

consumed in FY26 is 3,952,542 kWh, with

1,579,780 kWh generated through on‑site

solar. Our carbon‑reduction targets are

stated further on in this report.

Our planet in action

Lancaster Fastener

packaging

optimisation

To support proactive risk reduction

and our environmental programmes,

Lancaster Fastener completed a

packaging review to reduce box

weights and introduce a safer, more

ergonomic and sustainable solution.

Previously, box weights could exceed

20 kg, presenting manual handling

risks for Lancaster employees,

customers and other Trifast businesses

downstream. The review considered

alternative packaging options and

branding to reduce weight and

improve handling.

What was the outcome?

The new packaging uses smaller,

lighter boxes with a maximum weight

of 13 kg. This significantly reduces

the risk of musculoskeletal injuries,

complies with global manual handling

requirements and offers a more

practical solution for customers. The

boxes also stack more efficiently on

pallets and eliminate the need for

plastic inner bags, reducing overall

packaging across the value chain.

Our planet in action

Trifast clean‑up day

In FY26, we instigated Trifast

clean‑up day to coincide with World

Cleanup day. Thiswas a voluntary

opportunity for sites toconduct

clean‑up activities on site or in

local communities. A number of

locations took this opportunity to

support proactive clean‑up activities,

such as beach cleans, community

clean‑ups, or site clean‑ups.

1. FY26 marked the first year of site‑based waste reporting to allow monitoring, tracking and measurement

ofthe type and quantity of waste generated, and evaluate the waste disposal route

2. A re‑baseline of waste data will be completed once reporting fully matures

3. Our target is to maintain or reduce the volume and environmental impact of our waste created

4. A review has been completed of best practice reporting. Where data is unavailable, an estimate has been

applied based on a mature dataset for the reporting location

5. FY27 water target: to maintain or reduce total water consumption below FY26 levels of18,409.14m

Additional InformationFinancial StatementsGovernance

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Trifast plc Annual Report 2026

Being a responsible business continued

Our planet continued

Monitoring our GHG emissions

We have provided below our GHG emissions

as required under the Companies Act 2006

(Strategic Report & Directors’ Report)

Regulations 2013 and have reported the

requirements of the Streamlined Energy

&Carbon Reporting (SECR) framework.

InFY26, we increased the regularity of

location reporting to monthly to allow

increased and improved tracking of our

energy and GHG performance.

We continue to monitor scope 3 purchased

goods and services, employee commuting

and our joint venture investment emissions

in‑house. Our reporting methodology

is aligned with the guidance in the GHG

Protocol.

We have worked closely with the Carbon

Trust to embed best practice into our

scope1, 2 and 3 emissions reporting.

Intensity factors:

We measure the energy/emissions intensity

of our operations using an intensity metric

against our scope 1 and 2 emissions.

Revenue

(kgs CO

e/£1k)

FY26 24.71

FY25 24.40

FY24 23.85

Note: Our emissions data includes all material

emissions of the six Kyoto gases from direct

sources and from purchased electricity, heat and

steam and cooling where applicable. No direct

source material emissions have been omitted.

Figures are reported in tonnes of CO

e (carbon

dioxide equivalent), unless stated otherwise.

Carbon emissions

FY26 FY25 FY24 FY23

Total scope 1 emissions 1,287. 89 1 ,447. 35 1,578.39 1,723.20

Purchased fuels 797.47 955.68 1,053.96 1,127.39

Company vehicle use 460.94 485.99 524.43 595.81

Fugitive emissions 29.48 5.68 — —

Total scope 2 emissions 3,861.00 4,012.16 3,985.86 3,963.08

Purchased electricity 3,861.00 4,012.16 3,985.86 3,963.08

Total scope 1 & 2 5,148.89 5,459.51 5,564.25 5,686.28

Total scope 3 emissions 478,474.40 135,055.05 122,630.60 153,159.66

Purchased goods and services 475,986.00 134,050.43 121,513.04 152,835.05

Fuel and energy‑related activities (transport and distribution loss electricity) 1,336.00 155.38 — —

Business travel 499.40 344.36 446.75 324.61

Air 454.19 326.46 269.02 314.90

Road 45.04 17. 8 1 17 7.41 9.23

Rail 0.17 0.09 0.32 0.48

Employee commuting 634.00 449.19 662.00 —

Investment – joint venture (40%) 19.00 55.69 8.81 —

Total emissions 483,623.29 140,514.56 128,194.85 158,845.94

As we progress towards target setting for scope 3 emissions in future reporting years, a revised calculation methodology has been applied to our FY26 data in line with best practice and

emission factors supplied by the Carbon Trust. Key notes are as follows:

• Scope 1 and 2 emissions are broadly in line with our expectations and below our stated improvement targets. A revised methodology has been applied for refrigerant emissions using

actual data where available, a standard loss calculation for all other equipment

• Scope 3 emissions have increased across most categories:

• Category 1 Purchased goods and services: A far wider range of data points have been included resulting in more goods and services included in the calculations, and an EEIO

emissions factor has been applied for purchased goods representing a higher emissions factor than previously applied

• Category 3 Fuel and energy‑related activities: A full account of all activities has been applied to the calculations

• Category 6 Business Travel: Data has been expanded, and emissions are expected to grow in future as available business data further increases

• Category 7 Employee commuting: The commuter survey has been a standard dataset that has been extrapolated across the full Trifast headcount

Additional InformationFinancial StatementsGovernance

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Trifast plc Annual Report 2026

Being a responsible business continued

Our planet continued

Net zero ambition

Our definition of net zero is where GHGs

from human activity are in balance with

emission reductions. We set our reduction

target during FY23, which took into account

the Science Based Targets initiative.

Although those emissions are still generated,

an equal amount is removed from the

atmosphere. Meeting these targets will be

achieved by energy and carbon reduction

within our own operations, indirect

emissions from travel and logistics and our

supply chain. This aims to reduce our scope

1 and 2 GHG emissions by 67.2% by 2035

(with a rolling target of 4.2% reduction p.a.)

using a baseline of 2019 with a footprint of

8,160 tonnes CO

e, with our end target for

FY35 being 2,676 tonnes CO

Our target for FY26 was 5,761 tonnes CO

which we achieved with our result of

5,148.89 tonnes of CO

e for the year. The

reporting boundary of this metric includes

the scope 1 and 2 emissions of all active

companies within the Trifast plc Group. We

have revised our calculation methodology

that has been applied to FY26 data. This

methodology is based on best practice

fromthe Carbon Trust, and includes a

broader range of data, and calculations

andestimates for data that is unavailable.

The change has been implemented in

preparation for scope 1 and 2 data

verification in future reporting years. These

changes have led to an increase in scope 1

and 2 reported emissions, but our result

continues to be below our SBTi target.

As we work through our carbon transition

plan, we continue to make progress with

reduction in our emissions. We have

significantly strengthened our solar

generation capability in TR Italy, with solar

generation on the factory roof as well as the

adjacent land. Our green energy sourcing

strategy has continued, with additional

locations now consuming green energy.

The total amount of renewable energy

consumed in FY26 is 3,952,542 kWh, with

1,579,780 kWh generated through on‑site

solar. In FY27, we intend to continue with

our carbon transition plan and will continue

to increase the quantity of green energy

purchased to support a lower carbon

footprint of our organisation.

We have also strengthened our scope 3

reporting methodology to allow accurate

target setting for future reporting years.

Once we have more comparable figures

from the increased scope 3 emissions

reporting, itwill enable us to begin to

develop scope 3 reduction targets.

We will continue to review and measure

our progress on a periodic basis at entity

and business level, and apply resource

and budgets, agreed through our budget

planning process, to support dedicated

actions for reducing GHG emissions.

FY19 – baseline FY20 FY21 FY22 FY23 FY24 FY25 FY26

Target Actual Target Actual Target Actual Target Actual Target Actual Target Actual Target Actual Target Actual

Scope 1 1,732 1,732 1,659 1,891 1,587 1,761 1,514 1,964 1,441 1,723 1,368 1,578 1,296 1,447 1,223 1,288

% (reduction) from

FY19baseline 9.18% 1.67% 13.39% (0.52)% (8.89)% (16.43)%

(25.64)%

Scope 2 6,428 6,428 6,158 5,774 5,888 4,499 5,618 3,943 5,348 3,963 5,078 3,986 4,808 4,012 4,538 3,861

% (reduction) from

FY19baseline (10.17)% (30.01)% (3.66)%

(38.35)% (38.35)%

(37.58)%

(39.93)%

Overall scope1and2 8,160 8,160 7,817 7,665 7,475 6,260 7,132 5,907 6,789 5,686 6,446 5,564 6,104 5,460 5,761 5,149

% (reduction) from

FY19baseline (6.07)%

(23.28)%

(27.61)%

(30.32)% (31.81)% (33.09)%

(36.90)%

target % reduction

from baseline

(21.00)% (25.20)%

(29.40)%

Future targets FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35

Scope 1 1,150 1,077 1,005 932 859 786 714 641 568

Scope 2 4,268 3,998 3,728 3,458 3,188 2,918 2,648 2,378 2,108

Scope 1 and 2 5,418 5,075 4,733 4,390 4,047 3,704 3,362 3,019 2,676

% (reduction) from FY19baseline (33.60)% (37.80)% (42.0 0)% (46. 20)% (50.40)% (54.60)% (58.80)% (63.00)% (67. 20)%

Additional InformationFinancial StatementsGovernance

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Trifast plc Annual Report 2026

Being a responsible business continued

Our planet continued

Supply chains

At Trifast, transparency and a deep

understanding of our global supply chain

remain fundamental to how we operate.

Ethical and responsible procurement is

central to our culture, and we continue to

embed these principles across every stage

of our value chain. As legislation evolves

and global market dynamics become

increasingly complex, we remain focused on

building a supply chain that is both resilient

and future ready.

Our procurement transformation plan,

launched in FY26, plays a pivotal role in this

shift. It strengthens our operating model,

enhances data‑driven decision‑making and

positions procurement as a strategic enabler

of sustainable growth. This programme

also accelerates our nearshoring agenda,

reducing risk exposure, shortening lead

times and improving environmental

performance across our own manufacturing

footprint and broader supplier base.

We continue to align our sustainability

agenda with the United Nations Global

Compact (UNGC) principles and the UN

Sustainable Development Goals (SDGs).

Ourfocus areas including responsible

sourcing, reduced environmental impact,

safe and ethical labour practices, and

stronger governance directly support

priority goals such as SDG 8 (Decent

Work and Economic Growth), SDG 12

(Responsible Consumption and Production)

and SDG 13 (Climate Action).

Through the roll‑out of our new

procurement transformation programme,

enhanced supply chain transparency and

strengthened supplier assurance processes,

we are embedding these principles into

everyday decision‑making. This alignment

ensures that our long‑term strategy

contributes to a more sustainable, resilient

and ethically driven value chain.

To reinforce responsible sourcing, our

efforts focus on our strategic and critical

Approved Vendor List (AVL) suppliers who

represent the largest impact to our business

(84% of total spend and 297 suppliers).

To date, 100% of those suppliers have

signed our Slavery and human trafficking

Statement, our Environmental, Social and

Governance compliance stands at 98%, and

our Quality and Sustainability Agreement

has been signed by 94% of suppliers.

Clear expectations are set for all suppliers

across quality, environmental impact, social

responsibility and governance. Our supplier

quality team conducts both desktop

assessments and on‑site audits to ensure

alignment with our standards and values,

supported by continuous development

programmes. To uphold performance

and compliance, AVL suppliers undergo

formal re‑audits every two years through

structured reviews and site visits.

Paving the way for fair climate trade

Our European operations remain fully

compliant with the EU Carbon Border

Adjustment Mechanism (CBAM),

a cornerstone of the EU’s broader

decarbonisation strategy.

The CBAM transitional phase, which ran

from 1 October 2023 to 31 December 2025,

focused on monitoring and reporting

embedded emissions in imported goods.

On 1 January 2026, CBAM entered its

definitive period, marking the shift from a

reporting‑only regime to a fully operational

financial compliance mechanism.

From the start of 2026, only authorised

CBAM declarants are permitted to import

goods covered by the mechanism into

the European Union. The only exemption

applies to import volumes below 50 tonnes

within any rolling 12‑month period, which

falls beneath the regulatory threshold.

In December 2025, the European

Commission released a series of key

regulatory documents, including the

benchmark and default values that must

be applied when calculating embedded

emissions in the absence of verified supplier

data. These values are now central to

determining CBAM obligations during the

initial years of the definitive period.

Verification of supplier‑level emissions

data under EU rules cannot begin before

late 2026 or early 2027, resulting in a

compressed timeframe of approximately

nine months to secure verified emissions

from a broad supplier base. In anticipation

of this requirement, a major focus for FY27

will be supporting our strategic suppliers

in preparing for audits aligned with the EU

Emissions Trading System (ETS), ensuring

they can provide verified emissions data

within the mandated timelines.

Through proactive preparation, ongoing

supplier engagement and robust internal

governance, we are well positioned to

maintain full compliance with CBAM while

supporting the transition to lower‑carbon

global supply chains.

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Trifast plc Annual Report 2026

Being a responsible business continued

Our principles

The Company maintains a strong

commitment to governance, with

the Board fully aware of the ongoing

importance our stakeholders place

on robust and transparent practices

Ethical business practices

We are committed to conduct our business

in a fair and ethical manner and comply

with all relevant laws and regulations.

Werecognise our operations’ activities

may impact on the regions we operate in

and we are committed to ensuring we act

responsibly within those communities.

As a global business, we bring together

people from a variety of backgrounds,

origins, experiences and cultures. It is our

responsibility to respect and value others

and maintain high ethical standards.

Our reputation is critical to our success,

and we therefore ask all employees to

read, understand and adhere to the Code

of Business Conduct. We also ask that a

responsible business approach is fulfilled

throughout our supply chain. We expect

customers, suppliers, distributors and

contractors around the world to observe all

relevant laws and regulations as well as the

conditions of our Code of Business Conduct.

See our principal risks

Non‑compliance with legal or

regulatory requirements on page 40

Code of Business Conduct

Our comprehensive Code of Business

Conduct sets out our purpose, vision and

core values, alongside the policies and

guidance that ensure ethical business

practices.

• Anti‑Bribery Policy

• Business Ethics and Responsible

Behaviour Policy

• Charitable and Political Donations Policy

• Environmental Policy

• Equality, Diversity and Inclusion Policy

• Fair Competition and Anti‑Trust Policy

• Freedom of Association Policy

• Health and Safety at Work Policy

• Trade Compliance and Sanctions Policy

• Whistleblowing Policy

• Working Conditions and Human Rights

Policy

Also included in our Code of Business

Conduct:

• Slavery and Human Trafficking Statement

Conflicts of interest

The Board has robust processes in place

to avoid and manage conflicts of interest

which might distort decision‑making.

At all Board and Committee meetings,

Directors are asked to declare if they have

conflicts of interest with any of the agenda

points. If the Chair determines a conflict is

material, that Director would be excluded

from discussions or decisions for that

subject. The Chair would ensure there is

aquorum for the meeting to continue.

Conflict minerals

We continue to gather information from our

current suppliers concerning the origin of

the metals that are used in the manufacture

of products. Based on information provided

by our suppliers to this point, we do not

supply products containing metals derived

from a specified conflict region.

Human and labour rights

Trifast is committed to the highest

standards in human and labour rights,

employee conduct and compliance with

all applicable legislation, as set out in our

Code of Business Conduct, our HR policies

and our Business Ethics and Responsible

Behaviour Policy. It also sets out our

commitment to ensuring employees have

the freedom to associate without fear of

discrimination against the exercise of such

freedoms.

Bribery and corruption

The Company will not tolerate any form

of bribery or corruption by, or of, its

employees, agents or consultants or any

person or body acting on its behalf. In

addition, we will uphold all laws relevant

to countering bribery and corruption in all

jurisdictions in which we operate.

Whistleblowing

In today’s workplace, employees should

feel safe and supported, especially when

it comes to raising concerns or reporting

wrongdoing. We understand the importance

of creating a trusted environment where

every team member can confidently voice

their concerns without fear of retaliation.

In 2025, we relaunched our whistleblowing

awareness and support to all employees.

The relaunch ensured that all employees

are aware of the leading independent

organisation committed to providing a

secure and confidential reporting platform

for employees to voice any concerns they

may have about their workplace, which is

available in any language.

During the year being reported, and up to

the date of this publication, three reports

have been submitted to the hotline relating

to working environment, and workplace

bullying, for which all matters were

investigated and concluded. Remedial

actions were taken in each case where

required to address concerns and reports.

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Trifast plc Annual Report 2026

Being a responsible business continued

Our principles continued

Modern slavery

Our 2025 Slavery and Human Trafficking

Statement outlines our zero‑tolerance

approach to all forms of unacceptable

behaviour. With the risk of modern slavery

becoming increasingly prevalent around

the world, Trifast remains committed to

eradicating all forms of slavery or human

trafficking and expect the same standards

from our suppliers, customers, distributors,

contractors and other suppliers of goods

and services around the world.

We monitor suppliers by performing

regular assessments to assure ourselves

ofeach supplier’s commitment in this area.

Givenoursupply chain includes a wide

range of manufacturing activities across

a number of emerging economies, the

business ethics of suppliers are assessed

as part of the procurement process and

through site audits.

Trifast’s full statement on slavery and

human trafficking can be found on the

Company’s website at www.trifast.com

Compliance training

During FY26 business compliance training

for modern slavery, anti‑bribery and

whistleblowing became mandatory for all

computer user employees to complete.

We continue to assess future training needs

based on job roles.

Cybersecurity

Strengthening resilience in a complex

andevolving threat landscape

Cybersecurity is a foundational pillar of our

resilience, digital assurance and operational

continuity. Over the past year, we have

accelerated our efforts to address a rapidly

evolving cyber threat landscape, driven by

increasingly sophisticated tactics, including

the emergence of AI‑powered attack methods

and more persistent, targeted threats.

This environment challenges all organisations

to respond in real time and reinforces the

importance of continuous vigilance, rapid

detection and response readiness. We are

actively investing in the upskilling of our

workforce through role‑specific training,

simulated threat exercises and enhanced

awareness campaigns to build a strong,

security‑conscious culture across the

organisation.

Recognising the increasing complexity

of our global operations and legacy

infrastructure, including the fact that the

Company was subject to two isolated

facilitation fraud incidents last year (which

were reported at the time), we have

launched a series of strategic initiatives

aimed at enhancing standardisation,

visibility and control across our global

technology estate. Theseprogrammes

are delivering near‑term risk reduction

and supporting our long‑term ambition

to operate within a more secure and

well‑governed digital framework.

Key initiatives include the adoption of zero

trust security principles, reinforcement

of cloud and endpoint defences and the

implementation of centralised threat

detection and response capabilities.

Cybersecurity governance has been

embedded into our enterprise risk

management framework, with regular

oversight and reporting at Executive

andBoard levels.

The Directors have also committed their

alignment with the UK Cyber Resilience

Pledge and the NCSC’s Cyber Governance

Training.

As we continue to mature our capabilities,

we remain committed to ensuring our

platforms, people and processes evolve in

step with the changing threat landscape,

enabling secure growth and sustainable

innovation with a strong foundation of

digitalassurance.

See our principal risks

Cybersecurity and data protection

onpage41

Privacy and data protection

We process sensitive and personal

information and have robust processes in

place to ensure it is kept securely. We have

data protection and information security

policies in place and ensure the Group’s

compliance with all relevant local laws.

We can confirm that for the financial year

reported, there have been no complaints or

prosecutions relating to data loss or theft.

It should be noted that this year, there

have been no controversies with regard to

anti‑competition, business ethics, bribery

and corruption, taxfraud, responsible

marketing, privacy orwages and working

conditions during thefinancialyear.

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Climate‑related financial disclosures

We recognise climate change as a major risk to communities, ecosystems and economies,

and are committed to operating responsibly

In accordance with the requirements of Listing Rule 6.6.6(8), this section of the report includes climate‑related financial disclosures, consistent with the TCFD recommendations

anddisclosures, including the level of compliance.

In making our disclosures, we have stated that we are compliant in all areas.

Climate‑related risks and opportunities

Time horizon Type Impact Metrics and targets

Short

(0 ‑3 years)

Medium

(3‑15 years)

Long

(15‑25+ years)

Risk

Opportunity

Transition

Physical

Site

Region

Group

Revenue

Profit

Overheads

Operational

area

Geographic

area

Metric

Target

Extreme weather

Extreme weather events resulting in loss

ofanoperating site

D All

None n/a

Energy security andcosts

Energy restrictions or blackouts resulting in reduced

site productivity and/or higher energyprices

Opportunity from sites suited to solar panel benefits

D All

Scope 1:

purchased fuels

Scope 2:

purchased

electricity

Scope 1 and 2

reduction target

from 2019

baseline

Carbon Border Adjustment Mechanism (CBAM)

A significant supply chain reporting obligation,

anadditional tax on importedgoods and the need

topurchase carbon credits

EU,

UK,

Scope 3:

purchased

goods and

services

None

Cost of climate change compliance

Increasing corporate reporting requirements,

associated data collection and analysis,

and the risk of fines and penalties

D All

None n/a

Water dependency

Water restrictions through rationing or drought

resulting in reduced site productivity and/or

higherwater costs

AS,

Total water

consumption

and total water

discharge

Maintain or

reduce

consumption at

FY26 levels

M = Manufacturing D = Distribution

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Climate‑related financial disclosures continued

Governance

Disclose the Company’s governance around

climate‑related risks and opportunities

a) Describe the Board’s oversight of

climate‑related risks and opportunities

Compliance level – Full

The Board retains overall responsibility for

climate‑related risks and opportunities and

is supported by the Responsible Business

Committee (RBC) and the Audit & Risk

Committee (ARC), both of which meet

three times per year and receive reports of

climate‑related risks and opportunities from

management.

Climate‑related risks and opportunities

have been considered by the Board when

reviewing and guiding strategy and major

plans of action, particularly investment in

manufacturing facilities and equipment

to recycle solvents used in degreasing

processes, the creation of a micro‑factory

in Asia and commitments to solar energy

contracts in Europe.

Climate‑related issues have been considered

by the Board when reviewing and guiding

risk management policies, including the

time horizon during which those issues are

expected to be material, the availability of

data relating to those issues and the need for

supply chain engagement in obtaining data

required for compliance with the EU and UK

Carbon Border Adjustment Mechanisms.

The Board have also considered

climate‑related issues in relation to budgets

and capital expenditures, particularly in

relation to the investment in land to extend

the use of solar panels at our manufacturing

plant in Italy.

The Board, through the Remuneration

Committee, sets and monitors performance

objectives which consider climate‑related

issues and the completion of projects which

demonstrate a commitment to net zero.

The Board, through the RBC, monitors existing

performance targets relating to scope 1 and

2 emissions and intensity factors and considers

the need to extend target setting to include

both scope 3 and water usage metrics.

b) Describe management’s role in

assessing and managing climate‑related

risks and opportunities

Compliance level – Full

The Responsible Business Steering

Committee (RBSC) is responsible for the

design, implementation and execution of the

responsible business strategies and policies

of the Group.

The RBSC is chaired by the CEO and

includes the following roles:

• Chief People & Transformation Officer

• Company Secretary

• Environmental, Health & Safety Director

• Global Procurement Director

• Director of Innovation & Engineering

• Head of Risk & Internal Audit

• Head of Tax

The RBSC is responsible for ensuring that

climate‑related issues are assessed and

managed by the appropriate business

teams and for reporting the results to the

RBC. The EHS Director is the owner of the

environmental sustainability and climate

change principal risk.

See our Board and Committee framework

on page 50.

Our global teams are supported by the

central enabling functions, who identify and

manage climate‑related risks and provide

updates to the RBSC.

This is clearly evidenced in relation to

transition risks such as CBAM and green

energy contracts. Our functional and

regional teams also participate in risk

reviews, which include identifying physical

or transition‑based climate risks and

opportunities.

Strategy

Disclose the actual and potential impacts

of climate‑related risks and opportunities

on the Company’s businesses, strategy

and financial planning where such

information is material

a) Describe the climate‑related risks and

opportunities the Company has identified

over the short, medium and long term

Compliance level – Full

The timeline associated with our material

climate‑related risks are as follows:

Short‑term risk horizon (0‑3 years) which

aligns to our FY30 strategic objectives and

‘Our Planet Strategy’ see page 26.

Medium‑term risk horizon (3‑15 years) which

allows us to consider established climate

scenarios, but also reflects the level of

uncertainty particularly around anticipated

customer and market changes.

Long‑term risk horizon (15‑25+ years) which

allows us to consider risks and opportunities

up to and beyond 2050.

Our material climate‑related risks and

opportunities are described in the table on

page 34. These risks are taken from a data

set of site, region and function‑specific

climate‑related risks and are considered to

be the most significant contributors to our

climate‑change principal risk.

b) Describe the impact of climate‑related

risks and opportunities on the Company’s

businesses, strategy and financial

planning

Compliance level – Full

Our products are subject to Carbon Border

Adjustment Mechanism (CBAM) controls

when imported into Europe, and next year,

the UK CBAM implementation will impact

the import of fasteners into the UK.

These and other future climate transition

regulations, such as steel import quotas, are

expected to increase the level of planning

and the cost associated with procurement

activities and are already driving change as

we look for opportunities in regional supply

networks.

Our teams continue to investigate

opportunities to increase the recycled

content of our packaging and the elimination

of single‑use plastics, with a specific focus

on our sites in Europe for FY27.

Our strategic market sectors (smart

infrastructure, medical equipment and

automotive) are considered to be more

resilient to climate change and our smart

infrastructure customers are driving

sustainability reporting throughout their

supply chain.

Our financial modelling covers a much

shorter time horizon than our risk time

horizon, which we believe is appropriate due

to the level of uncertainty in the climate data.

c) Describe the resilience of the Company’s

strategy, taking into consideration

different climate‑related scenarios,

including a 2°C or lower scenario

Compliance level – Full

Our climate‑related risk scenarios were

originally developed using the NGFS climate

scenarios database to understand where

climate change would be expected to have

a material impact on our operational sites,

based on net zero 2050, divergent net zero

and nationally determined contributions.

During FY26 we reviewed these impacts

using the NGFS short‑term scenarios, with

respect to carbon pricing and temperature

increase.

Our core value proposition of supply chain

simplification and our ability to follow

customers into new geographies increases

our resilience against physical climate

change impacts.

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Climate‑related financial disclosures continued

Risk Management

Disclose how the Company

identifies, assesses and manages

climate‑relatedrisks

a) Describe the Company’s processes

for identifying and assessing

climate‑relatedrisks

Compliance level – Full

Our location teams are responsible for

identifying, assessing and managing

specific climate‑related risks as part of

their ISO14001 and ISO 9001 management

standards. In addition to the work of

our location teams, the central enabling

functions provide support and guidance

for local teams and take ownership of

functional or Group climate‑related risks.

Stakeholder requests for information

and reporting portals provide additional

information on changing stakeholder needs

and expectations. Quarterly risk reviews for

environmental sustainability are chaired by

the Head of Risk, and the climate‑change

principal risk is reviewed 3 times per year,

discussed by the Responsible Business

Steering Group, and updates provided to

theResponsible Business Committee.

In understanding our risk scenarios and

evaluating the impact of our risks we have

considered potential loss of income,

rectification costs, and fines or penalties

related to the risk in the context of the sites

affected, and where the impact could be

considered to impact an entire region, or the

Trifast group as a whole. We have worked with

our insurance broker to obtain a report on the

potential impact to our sites based on currently

available statistical analysis for events, hazards,

and vulnerability from climate‑related physical

impacts including windstorms and floods.

The information available shows the

potential impact of scenarios ranging from

1 in 100‑year events, to 1 in 10,000‑year

events and helps us understand where key

operational sites might be affected.

b) Describe the organisation’s processes

for managing climate‑related risks

Compliance level – Full

Climate‑related risks are owned by the

Global Environmental Health and Safety

Director, who establishes plans to address

the risks and cascades actions to functional,

regional, site, and project teams in line

with the Company strategy. Action plans

are prioritised based on risk appetite and

wherever possible, linked to the timing

of our transformation projects and any

strategic investment. Where risks cannot be

managed within the established appetite,

risks may be tolerated for a period or

transferred through insurance.

In FY26 we have updated our environmental

commitments and joined the United Nations

Global Compact (see page 27).

Our supply chain sustainability is a key

part of our risk management strategy

and is supported by our Procurement

Transformation Plan’ (see page 31).

Our net zero ambition continues to drive

a reduction in energy usage and carbon

emissions within our own operations, and

we continue to strengthen our scope 3

reporting in order to develop scope 3

reduction targets (see page 29).

We are actively working to reduce our

reliance on virgin packaging materials and

increase our use of recycled materials, and

we have set targets for water consumption

in FY27 (see page 28).

c) Describe how processes for

identifying, assessing and managing

climate‑related risks are integrated into

the Company’s overall risk management

Compliance level – Full

We continue to manage climate‑related

risks and opportunities within our enterprise

risk management (ERM) framework, which

provides consistency across all business areas.

Environmental sustainability and climate

change is considered one of our principal

risks and encompasses both the impact of

climate change on our operations and our

ability to respond positively to opportunities

that arise because of climate change.

Principal risks are subject to additional

reporting to the Audit and Risk Committee,

further information about our ERM

framework and governance can be found

onpage 38.

Metrics and targets

Disclose the metrics and targets

used to assess and manage relevant

climate‑related risks and opportunities

where such information is material

a) Disclose the metrics used by the

Company to assess climate‑related risks

and opportunities in line with its strategy

and risk management process

Compliance level – Full

The metrics associated with our

climate‑related risks and opportunities are

shown in the risk table on page 34.

We have monitored and measured our

water usage throughout FY26 and have

set a target based on our consumption to

maintain consumption levels and reduce

them wherever possible.

We are reviewing our metrics and targets

relating to the recycled content of our

plastic packaging and intend to set a target

once we have collated sufficient data.

The metrics associated with climate‑related

risks and opportunities are not incorporated

into remuneration policies.

b) Disclose scope 1, scope 2 and, if

appropriate, scope 3 greenhouse gas

(GHG) emissions and the related risks

Compliance level – Full

Our scope 1, 2 and 3 greenhouse gas (GHG)

emissions are shown on pages 29 to 30 and

our scope 3 emissions report includes data

for five out of the 15 reporting categories.

This year, we were able to include scope

3 data relating to Category 3: Fuel and

energy‑related activities for the first time.

All our GHG emissions have been calculated

in line with the GHG Protocol methodology.

We use GHG efficiency ratios for our scope

1 and 2 emissions, which we refer to as

‘intensity’. The following intensity metric

isincluded on page 29:

• kg CO

e per £1k turnover

Previously, we have reported GHG emissions

and intensity metrics for two years in our

Annual Reports; this year we have extended

that to include metrics for three years. For

FY26 scope 1, 2 and 3 emissions, we have

undertaken a review with the Carbon Trust

and revised our reporting methodology

inline with best practice.

c) Describe the targets used by the

Company to manage climate‑related

risks and opportunities and performance

against targets

Compliance level – Full

Our key climate‑related target remains:

67.2% reduction in scope 1 and 2 GHG

emissions by 2035 against the 2019

baseline, which equates to a 4.2% annual

reduction.

In FY26 we continued to collect water

data and established targets; we also

commenced the collection of waste data,

which will be analysed to improve our

environmental waste performance and

setappropriate targets.

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Non‑financial and sustainability information statement

This statement, prepared in accordance with Sections 414CA and 414CB of the Companies Act 2006, outlines how the Group addresses non‑financial matters including environmental,

social and employee matters, respect for human rights and anti‑corruption and bribery.

Reporting matter Policy/disclosure summary Reference points

Environmental matters • Climate‑related financial disclosure

• Environmental Policy

Pages 34 to 36

Page 26

Employees • Our people

• Code of Business Conduct

• Equality, Diversity and Inclusion Policy

• Whistleblowing Policy

• Health and Safety at Work Policy

• Privacy Notice

• Freedom of Association Policy

Pages 21 to 25 and 32 to 33

Social matters • Supporting charities

• Charitable and Political Donations Policy

Pages 14 and 22

Respect for human rights • Slavery and Human Trafficking Statement

• Supplier Code of Conduct

• Working Conditions and Human Rights Policy

Pages 32 to 33

Anti‑corruption and anti‑bribery matters • Anti‑Bribery Policy

• Fair Competition and Anti‑Trust Policy

• Whistleblowing Policy

• Trade Compliance and Sanctions Policy

Page 32

Business model Page 7

Principal risks and impact on business activity Pages 39 to 43

Non‑financial KPIs Page 10

Additional InformationFinancial StatementsGovernance

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Trifast plc Annual Report 2026

Risk framework

We use our enterprise risk management framework to support the delivery of our strategy

and longer‑term business sustainability

Governance and process

The Board of Directors, through the Audit

& Risk Committee (ARC), has overall

responsibility for ensuring that Trifast has an

appropriate and effective risk management

and controls framework in place. The

framework includes how we describe risks,

how we respond to risks, and the use of risk

appetite to determine the nature and extent

of the risks the Company is willing to take to

achieve its strategic objectives.

Our Enterprise Risk Management

Framework (ERM) supports the

identification, assessment, and management

of risks throughout the organisation and

helps us understand the interrelation of

those risks across our functions and regions.

We review risks on a functional, regional

and thematic basis, and our principal and

emerging risks are reviewed by the Group

Risk Committee (GRC), which is chaired

by the Company Secretary and attended

by the Chief Executive Officer, Chief

Financial Officer and Head of Risk. TheGRC

is convened three times per year and is

aligned to the ARC.

We have extended our use of the four lines

of defence model as a tool for mapping our

controls and providing a clear link between

our risks, controls and internal audit

activities.

Our internal audit plan is linked to our

principal risks.

The nature of our risks

Our definition of risk is based on the ISO

31000 standard which is ‘the effect of

uncertainty on our objectives’.

We continue to work with internal and

external subject matter experts to review

risk and identify emerging and accelerating

risks which may impact our objectives, and

through this process, we have continued to

refine the descriptions of our principal risks.

In addition to the information provided

within our principal risk disclosures,

our climate‑related principal risk is also

supported by our climate‑related financial

disclosures, which can be found on pages

34 to 36.

Our approach to risk management

Our ERM framework enables us to use a

common risk taxonomy across all areas of

the business; our management teams assess

the likelihood and potential impact of key

risks and, once identified and assessed,

principal and emerging risks are assigned

to a member of the Senior or Executive

Leadership Teams, who is accountable

for ensuring that the risk is managed

appropriately within the appetite set

bytheBoard.

Our risk management software allows us

to link risks and controls to our internal

audits, and our three‑year plan for risk

management includes a full review of

our controls environment and focused

workshops to review fraud‑related controls.

We are also improving the format of

our risk reviews to keep pace with the

implementation of our Rebuild strategy.

During FY26, we joined the Lockton Risk

Essentials programme to facilitate a review

of the effectiveness of both our ERM

framework and our Business Continuity

Planning (BCP) activities. We will extend

our activities during FY27 to formalise our

business impact analysis statements and to

prioritise scenarios for BCP testing at key

locations.

Emerging and accelerating risks

Our emerging risks reflect risks which, in

their very nature, are constantly changing

or evolving and the way in which they could

impact the business is varied.

Emerging risks typically connect to one

or more existing principal risks; however,

they may also result in the identification of

additional principal risks as they are more

fully understood. This relationship is shown

in the table on page 43.

Emerging risks are identified through

our standard risk review and reporting

processes; often, these risks are seen to

becontinually evolving and developing

andtheir specific impact on the business

ismore challenging to define.

These risks include:

• AI and disruptive technology: improved

data analysis and data management

benefits vs increased risk from

sophisticated cyber attacks and fraud

attempts. Advances in manufacturing

technology vs increased risk through

internet connectivity and loss of

segregation

• Our agility and speed of adaptation to

issues, which may impact our ability to

deliver supply chain solutions and impact

our inventory management

• Business continuity planning

• The availability of sustainable materials

for fastener applications

• The outbreak of war in the Middle East

and its impact on regional business

as well as increases in global shipping

costs, fuel costs, additional surcharges

and subsequent manufacturing price

increases

Read more about our risk

scenarios and viability

assessment on pages 44 to 45

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Our principal risks

Trade in a volatile macroenvironment

Link to strategy: Owner: Regional Commercial Directors

There is a risk that we will fail to take advantage of new business opportunities that come

from economic contraction and geopolitical instability

Business transformation

Link to strategy: Owner: Chief Executive Officer

There is a risk that we will fail to achieve our planned business transformation activities

and their associated reduction in costs and efficiency improvements

Key to risks:

Increase from 2025 No change Decrease from 2025 Link to viability

Link to strategy:

Margin management Focused growth Organisational effectiveness Operational efficiency

Materiality Risk appetite

Low Medium High Low Medium High

Likelihood Impact

Possible Likely Very likely

Almost

certain Individual Function Site Region Group

Materiality Risk appetite

Low Medium High Low Medium High

Likelihood Impact

Possible Likely Very likely

Almost

certain Individual Function Site Region Group

Why we think it’s important

Geopolitical instability and trade disruption continue to impact customer demand and supply chain

stability across all our trading regions, including:

• The removal of government incentives on EV vehicles

• Increased competition from China in EV manufacturing

• Reduced consumer spending

• The Middle East conflict

How we are mitigating the risk

• Focus on growth within our strategic market sectors

• Development of long‑term customer partnerships through technical support and innovative solutions

aligned with emerging technologies and regulations

• Appointment of new Commercial Directors in Asia, North America and the UK & Ireland, and

investment in regional commercial team development

• Strategic transformation projects to support growth markets

• Development of in‑house data tools to support commercial data analysis

What’s changed

We are developing stronger regional supply networks to reduce our dependency on single geographic

locations.

We are moving towards flexible sourcing strategies and strategic inventory buffers to absorb shocks

without compromising service levels.

Why we think it’s important

Our three‑stage business strategy of ‘Recover, Rebuild, Resilience’ is fundamental to the ongoing

success ofthe Group in delivering value for our customers and stakeholders and relies on key growth

infrastructure development projects and the cultural alignment of all our teams around the world.

How we are mitigating the risk

We have established monthly transformation initiative reviews to identify and manage execution risk

andweekly calls with the Executive Leadership Team (ELT) to ensure timely decision‑making.

Our data analytics projects are supporting our understanding of key business metrics and the

opportunities for growth and improvement that are available to us.

Our infrastructure projects are enabling improvements in our agile planning and speed of adaptation,

and our growth projects ensure that we support our customers in our chosen markets, protecting and

enhancing our business relationships, which are integral to our ability to profitably grow as we prioritise

on deliverables at this stage of our ‘Rebuild’ strategy.

What’s changed

The ELT and their Senior Leadership Teams (SLT) are key to the implementation of our transformation

across the business; however, delivering change whilst also navigating the ongoing geopolitical and

economic volatility, market uncertainty and resulting customer demand changes represents a significant

challenge. The transformation projects that we have already implemented are helping us navigate these

new challenges.

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Our principal risks continued

Non‑compliance with legal

or regulatory requirements

Link to strategy: Owner: Company Secretary

There is a risk of unintentional failure to comply with international and local legal and

regulatory requirements

Environmental sustainability

and climate change

Link to strategy: Owner: EHS Director

There is a risk that environmental sustainability and climate change risks will impact the

profitability of the business and that we will fail to take advantage of any associated

opportunities

Materiality Risk appetite

Low Medium High Low Medium High

Likelihood Impact

Possible Likely Very likely

Almost

certain Individual Function Site Region Group

Materiality Risk appetite

Low Medium High Low Medium High

Likelihood Impact

Possible Likely Very likely

Almost

certain Individual Function Site Region Group

Why we think it’s important

Our global footprint requires us to comply with differing laws and regulations across our sites, and

our customers require us to maintain certification against global quality management standards

(includingISO 9001, IATF 16949, ISO 14001, ISO 45001, ISO 27001 and Cyber Essentials).

We expect all areas of our business to fully comply with applicable laws and regulations and the Trifast

Code of Conduct.

How we are mitigating the risk

Our Code of Conduct, along with our Group policies, compliance‑based training modules, quarterly

legal and commercial newsletters and our corporate values, guides our business operations and our

employees actions, and through regular training, we continually monitor their effectiveness.

Our internal audit function is supported by our legal and compliance framework to target specific areas

and is guided by our Whistleblowing Policy, which has been rolled out globally using QR codes in both

digital and printed format and using local languages. Our ethics hotline is available to all staff, with

information and reports submitted to the Board.

What’s changed

The increasingly challenging geopolitical and regulatory environment continues to evolve, presenting a

range of compliance expectations across the regions and markets in which we operate, including tariffs,

Carbon Border Adjustment Mechanisms (CBAM) and employment/labour laws.

Why we think it’s important

Fasteners are produced using energy‑intensive processes and are shipped around the world in

protective packaging to meet customer demand, resulting in a significant carbon footprint.

Climate change transition effects, including Carbon Border Adjustment Mechanisms (CBAM) and steel

import quotas, increase costs, which must be addressed through our margin management objective,

and future opportunities to reduce climate change impacts through product engineering may require

investment in new technology.

How we are mitigating the risk

We have identified specific climate‑related risks, see page 34, which are owned by our EHS team and we

have established strategic objectives for FY30; see page 26. We have developed a roadmap to support

these objectives, and progress is reported three times per year through our Responsible Business

Steering Group to our Responsible Business Committee.

What’s changed

We have expanded the scope of our Group ISO 14001 certification to include more of our sites

across Europe, the US and the UK, and our TR Italy site has been certified to ISO 37101 (sustainable

development in communities) as part of a regional development initiative in Umbria.

We are working to increase the recycled content of our plastic packaging materials and we have joined

the United Nations Global Compact Agreement and aligned to appropriate Sustainable Development

Goals (SDGs); we have also introduced site‑based waste reporting and targets.

Key to risks:

Increase from 2025 No change Decrease from 2025 Link to viability

Link to strategy:

Margin management Focused growth Organisational effectiveness Operational efficiency

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Our principal risks continued

Cybersecurity and data protection

Link to strategy: Owner: Chief Information Officer

There is a risk that we fail to adequately protect the Group against cyber fraud,

information security threats and data governance failures across our global operations,

including risks arising from AI‑enabled attacks

Supply chain resilience

Link to strategy: Owner: Global Procurement Director

There is a risk that our supply chain is not resilient enough to support growth and maintain

compliance within an increasingly demanding geopolitical environment

Materiality Risk appetite

Low Medium High Low Medium High

Likelihood Impact

Possible Likely Very likely

Almost

certain Individual Function Site Region Group

Materiality Risk appetite

Low Medium High Low Medium High

Likelihood Impact

Possible Likely Very likely

Almost

certain Individual Function Site Region Group

Why we think it’s important

Cyber intrusion and information security failure pose significant risks of operational disruption,

reputational damage, regulatory enforcement and financial loss. The global nature of our operations

exposes the Group to a constantly evolving geopolitical landscape, which continues to elevate the threat

of state‑sponsored and financially motivated attacks.

How we are mitigating the risk

• Investment in infrastructure transformation, including office and network environments across all sites,

and the migration of site‑based servers to cloud‑based systems where appropriate

• Maintenance of Cyber Essentials certification

• In‑house security function including vulnerability testing, threat monitoring and incident response,

supported by external specialists where required

• Role‑based cybersecurity training to all employees, including Board Directors & ELT engaged in cyber

incident simulation exercises

• Company alignment with UK Cyber Resilience Pledge and NCSC’s Cyber Governance Training modules

for Directors

• Strengthened third‑party risk management, including security due diligence over key suppliers and

critical service providers

• Governance over the adoption of AI and disruptive technologies through defined access and data handling

What’s changed

AI‑enabled attacks and the use of generative AI are now a routine feature of the threat landscape as

operational technology converges with our information technology environment increasing the potential

impact of an incident.

Why we think it’s important

Increasing supply chain costs, tariffs, Carbon Border Adjustment Mechanisms, import tariffs and the

ongoing disruption of established customer demand continue to increase the stress on the supply chain.

How we are mitigating the risk

We are investing in resilience as a strategic capability, focusing on:

• Regional Balance: Developing stronger regional supply networks to reduce dependency on single

geographies while maintaining global reach and investing in regional subject matter experts to

provide regulatory and compliance support,.

• Collaborative Supplier Networks: Deepening partnerships with SMEs and local suppliers, ensuring

they have the support and resources to remain compliant and thrive in volatile conditions.

• ESG Integration: Embedding environmental, social, and governance assessments into supplier

selection and performance reviews to align with sustainability goals.

• Resilience by Design: Moving toward flexible sourcing strategies and strategic inventory buffers

toabsorb shocks without compromising service levels.

What’s changed

Today, global trade instability, tariff escalations, and regional conflicts have made resilience a strategic

imperative. Our work focuses on building proactive and inclusive supply chains that are intelligent,

collaborative, and capable of thriving in a world where volatility is permanent. This means not only

protecting our business but enabling our partners, from global manufacturers to local SMEs, to

succeedtogether.

Key to risks:

Increase from 2025 No change Decrease from 2025 Link to viability

Link to strategy:

Margin management Focused growth Organisational effectiveness Operational efficiency

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Our principal risks continued

Failure to attract, engage and retain talent

Link to strategy: Owner: Chief Transformation & People Officer

There is a risk of failure to attract, engage and retain people with the skills required for

future growth at each stage of our strategy implementation

Failure to prevent harm to our people

Link to strategy: Owner: EHS Director

There is a risk of failure to protect our employees, resulting in personal injuries/death,

reputational harm, increased insurance premiums and other financial penalties and costs

Materiality Risk appetite

Low Medium High Low Medium High

Likelihood Impact

Possible Likely Very likely

Almost

certain Individual Function Site Region Group

Materiality Risk appetite

Low Medium High Low Medium High

Likelihood Impact

Possible Likely Very likely

Almost

certain Individual Function Site Region Group

Why we think it’s important

Our success depends on a diverse, motivated workforce with the specific skills required to deliver our

transformation projects and business strategy. Failure to identify the skills required at each stage will

reduce the effectiveness of those projects.

How we are mitigating the risk

We are implementing a global HR information system, and we have carried out a review of our workforce

capability to identify gaps against our strategic objectives.

We have recruited a Head of Talent & Development as a key enabler for our organisational

transformation, and our talent identification programme supports succession planning beyond our

Board, Executive Leadership Team, and Senior Leadership team, building a strong and sustainable

pipeline of leaders.

Our objective‑setting process is aligned to our strategic priorities as well as personal development

objectives, and we are recruiting a Head of Reward to develop our remuneration, benchmarking,

incentives and benefits across the Group.

We have reviewed our policies in line with changes to regional compliance obligations and our

established workforce engagement activities across our operational sites are supported by our

Non‑Executive Directors. We are refreshing our engagement survey to ensure that we increase

thelevelof substance within the survey.

What’s changed

As we continue our transformation journey, we are focusing on the IT systems and software that will help

us bring greater depth and increased substance to our engagement surveys, performance management

and succession planning across the organisation.

Why we think it’s important

Preventing harm to our team is a moral obligation and a legal requirement. Process safety and personal

injury incidents at our sites can impact our capability to service our internal and external customers,

reducing our organisational effectiveness and weakening our operational efficiency.

How we are mitigating the risk

We have mandatory personal protective equipment (PPE) standards across the business.

We are focused on the reduction of picking at height in our warehouses.

We have monthly leadership calls promoting safety best practice, accountability and data integrity.

We have established clear objectives and targets for safety. We engage with our operational teams

onhazard reporting, provide recognition and develop behavioural standards.

We carry out data‑led risk‑reduction activities on our high‑risk and high‑frequency hazards.

What’s changed

Supporting the health, safety and wellbeing of our team continues to be a core priority for our business.

New corporate standards have been introduced across the business, and we continue to develop our

EHS framework.

We have invested in autoloading equipment at our manufacturing site in Taiwan.

We have continued to invest in safety through the introduction of protective barriers to separate our

workforce and vehicles, and we have trialled modern proximity sensor technology at our TR Holland site,

where separation is more challenging.

A comprehensive review of machinery safety standards has been conducted at our factory in Italy,

resulting in a range of improvement actions.

Key to risks:

Increase from 2025 No change Decrease from 2025 Link to viability

Link to strategy:

Margin management Focused growth Organisational effectiveness Operational efficiency

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Our principal risks continued

Product failure

Link to strategy: Owner: Global Head of Operational Quality

There is a risk of product failure in customer applications resulting in non‑compliance with

standards, financial loss and reputational damage

Materiality Risk appetite

Low Medium High Low Medium High

Likelihood Impact

Possible Likely Very likely

Almost

certain Individual Function Site Region Group

Why we think it’s important

The safe use of fasteners based on sound design, material selection and reliable manufacturing

processes is fundamental to the industry in which we operate.

How we are mitigating the risk

We promote best practice in fastener selection through our customer‑facing teams and look for

opportunities to provide engineering support for customer projects.

We track customer satisfaction across the business.

We have established best practice for product approval activities for our distribution sites through

ourcentral PPAP team, including annual revalidation activities.

We have reviewed our insurance cover for product failure based on specific scenario analysis.

Our Virtual Innovation Centre allows internal and external stakeholders to engage with our engineering

expertise and innovation capabilities.

What’s changed

The implementation of our transformation projects provides a mechanism for reviewing and

standardising our product data and customer technical specifications.

Our TR Hungary operational process has been aligned to ISO 13485 for medical devices in order

tosupport our commercial activity in this market sector.

Emerging and accelerating risks data

The emerging and accelerating risks data shows the links between areas of emerging risk

and our existing principal risks.

Emerging and accelerating risks

AI &

disruptive

technology

Agility &

speed of

adaptation

Inventory

management

Business

continuity

management

Product

development

& changing

customer

requirements

Middle East

conflict

& regional

instability

Principal risks

Trade in a volatile

macroenvironment

     

Business

transformation

     

Non‑compliance

with legal or

regulatory

requirements

    

Environmental

sustainability and

climate change

   

Cybersecurity and

data protection

   

Supply chain

resilience

     

Failure to attract,

engage and retain

talent

  

Failure to prevent

harm to our people

  

Product failure

   

Key to risks:

Increase from 2025 No change Decrease from 2025 Link to viability

Link to strategy:

Margin management Focused growth Organisational effectiveness Operational efficiency

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Viability statement

Assessment of prospects and viability

In accordance with the 2024 UK Corporate Governance Code, the Directors have assessed

the viability of the Group over a three year period to March 2029. This assessment

considers the Group’s current position, its Growth+ strategy, and the potential impact

ofitsprincipal and emerging risks.

While the Board has no reason to believe that the Group will not remain viable over a

longerperiod, three years is considered an appropriate timeframe as it aligns with the

Group’s strategic planning horizon, detailed forecasts, and the duration of its committed

financing facilities.

The purpose of this assessment is to determine whether there is a reasonable expectation

that the Group will be able to continue in operation and meet its liabilities as they fall due

over the assessment period.

Assessment approach

In undertaking this assessment, the Directors performed a robust review of the principal

risks facing the Group, both individually and in combination, and considered their potential

impact in severe but plausible scenarios.

The assessment included consideration of:

• The Group’s prospects, including the impact of key risks and uncertainties

• The Group’s current financial position, including cash flow, liquidity, debt facilities

andcovenant headroom

• The Group’s strategy and transformation programmes, including delivery of margin

improvement and operational efficiency initiatives

• The impact of climate‑related risks, including CBAM and broader sustainability

considerations

• The external environment, including geopolitical instability, tariff developments,

inflationary pressures and supply chain disruption

This assessment was supported by detailed financial modelling and Board review

ofbudgets, forecasts and risk scenarios.

Viability assessment period

The three‑year assessment period aligns with:

• The Group’s approved financial forecasts and planning cycle

• The maturity profile and availability of the Group’s RCF and UKEF – EDG facilities,

including extension options

• The period regularly reviewed by the Board as part of its strategic planning process

Base case projections

The viability assessment is based on the Group’s approved budget for FY26 and forecast

progression thereafter.

This base case:

• Reflects a bottom‑up consolidation of revenue, profit, working capital and cash flow

forecasts across all operating entities

• Incorporates key risk assumptions and current trading conditions

• Assumes moderate revenue growth, with management focus on EBIT margin

improvement and delivery of strategic transformation programmes

Under this base case, the Group is forecast to:

• Maintain strong liquidity and cash generation

• Reduce net debt and leverage over time

• Increase covenant headroom across the assessment period

Financial resilience and covenants

The Group’s financial resilience has been assessed against its key banking covenants,

including:

• Leverage (net debt to adjusted EBITDA)

• Interest cover (adjusted EBITDA to interest)

The Group monitors these covenants on a regular basis and maintains significant headroom

under the base case, supported by improving profitability, disciplined working capital

management and debt reduction.

Scenario modelling and stress testing

The base case has been subjected to a range of severe but plausible downside scenarios,

reflecting both enterprise risks and external market factors.

These scenarios include:

• Reduction in trading levels (including loss of key customers or regional downturns)

• Margin compression in key sectors

• Supply chain disruption, including increased inventory levels

• Product‑related or compliance‑related events, resulting in one‑off costs

• Macroeconomic and geopolitical shocks, including tariffs and protectionism

• Climate‑related risks, including the impact of CBAM

Scenario testing incorporates both:

• Single‑factor stresses, and

• Combined downside scenarios, reflecting concurrent risk crystallisation

Reverse stress testing has also been performed to determine the level of downside required

to breach covenants or liquidity thresholds.

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Viability statement continued

Scenario Description

What could drive

such impact?

Link to

principal risks

Link to Climate

–related risks

Revenue

decline

10% reduction

of a specific

revenue stream

Reduced volume

/ loss of a key

customer

• Volatile

macroenvironment

• Sustainability and

climate change

• Supply chain

resilience

• Supply chain

disruption

• Carbon footprint

of products

• Market sector

changes

Supply chain

issues

10% reduction

of trading in key

region with 10%

higher stock

holding

Reduction in

trading levels

across and higher

Group stock

holdings as a

result of supply

chain issues

• Volatile

macroenvironment

• Sustainability and

climate change

• Supply chain

resilience

• Carbon footprint

of manufacturing

processes

• Carbon footprint

of products

Margin

decline

10% margin

reduction in our

largest sector

Reduced margins

in a key sector

• Volatile

macroenvironment

• Sustainability and

climate change

• Supply chain

resilience

• Product failure

• Carbon border

adjustment

mechanism

• Supply chain

disruption

• Carbon footprint

of manufacturing

processes

• Carbon footprint

of products

Significant

one‑off

expenditure

£10m in

Separately

Disclosed costs,

with £10m

increase in net

debt

Line stop or

product failure

• Volatile

macroenvironment

• Sustainability and

climate change

• Compliance

• Product failure

• Supply chain

disruption

• Carbon footprint

of manufacturing

processes

• Carbon footprint

of products

The Directors have considered a range of management actions available to mitigate

downside impacts and preserve liquidity, including:

• Reduction in discretionary costs, including bonuses, travel and recruitment

• Headcount and operational cost adjustments

• Pricing and commercial actions

• Reduction or deferral of capital expenditure

• Active management of working capital

• Engagement with lenders, including covenant amendments or waivers if required

• Maintenance of appropriate insurance coverage to mitigate the financial impact of insurable

events, including operational disruption (e.g. line stoppages) and cyber incidents

During the year, the Group undertook a review of its insurance arrangements, including the

appointment of a new broker, to ensure that coverage remains appropriate and aligned to

the Group’s risk profile.

In addition, the Group retains a range of self help levers to respond to potential demand

shocks (including tariff impacts). However, the Directors expect that the successful delivery

of the Group’s transformation programmes will be the primary driver of resilience and

performance over the medium term, reducing reliance on such measures.

Overall assessment

The Board has assessed the impact of these scenarios on the Group’s:

• Solvency

• Liquidity

• Financial covenant compliance

• Ability to continue operating its business model

Based on this analysis, and taking into account the availability and effectiveness of

mitigating actions, the Board expects the Group to retain sufficient liquidity and covenant

headroom throughout the assessment period.

Conclusion

The Directors have reviewed the Company’s and the Group’s forecasts and projections,

including consideration of the principal risks and relevant downside scenarios.

These forecasts indicate that the Group is expected to maintain sufficient headroom on its

banking facilities for the foreseeable future and that the likelihood of breaching the related

covenants is remote.

Based on this assessment, and taking into account the Group’s financial position and

available mitigating actions, the Directors have a reasonable expectation that the Group

willcontinue in operation and meet its liabilities as they fall due.

This assessment underpins the Directors’ confirmation of the Group’s viability over the

three year period assessed and supports the going concern statement, which covers

a period of at least 12 months from the date of approval of the financial statements,

inaccordance with the UK Corporate Governance Code and FRC guidance.

Accordingly, the Directors continue to adopt the going concern basis in preparing the

Annual Financial Statements.

This strategic report was approved by the Board of Directors on 1 July 2026 and signed

on its behalf by:

Serena Lang

Non‑Executive Chair

Trifast plc, National Distribution Centre

Reedswood Park Road, Walsall WS2 8DQ

Company registration number: 01919797

Additional InformationFinancial StatementsGovernance

Strategic Report

Trifast plc Annual Report 2026

Introduction to governance

Our governance framework

underpins robust corporate

governance processes

Serena Lang

Chair

Dear shareholder,

On behalf of the Board, I am pleased to

present the corporate governance report

for the year ended 31 March 2026 and to

update you on the work of the Board and its

Committees, and how we have discharged

our responsibilities during the year.

2024 updated UK Corporate

GovernanceCode

The changes introduced by the updated

2024 Corporate Governance Code

complement our governance framework,

which is designed to be both robust and

adaptable and are evidenced throughout

this Annual Report. Our internal processes

were ready to meet the new requirements

of the updated Corporate Governance

Code, with the exception of Provision 29

of the 2024 UK Corporate Governance

Code, which applies to the Company from

1 April 2027. Throughout the year, the

Board, supported by the Audit Committee,

received regular updates on the progress of

designing material controls and developing

the assurance approach to ensure readiness

for implementation of Provision 29 in 2027.

This work is ongoing in preparation for

next year, but I am pleased to inform

stakeholders that we remain focused on

strong governance at all times, and in light

of the new requirement, we will make the

new internal control effectiveness statement

in 2027, covering our 2026 Annual Report.

The table on page 49 provides details of

our compliance with the 2024 Code for the

financial year under review.

Strategic focus and our

governanceframework

This report sets out details of the Board

and its Committees, highlighting our

commitment to guiding the management

team in delivering the Group’s strategic plan

and business model to drive growth and

secure long‑term success. Our governance

framework, described on page50,

underpins robust corporate governance

processes and ensures the Group has the

resources required to meet its objectives

and measure performance effectively. Key

Board decisions taken during FY26 are

outlined on page 53.

Stakeholder engagement

The Board remains committed to

understanding the views of our stakeholders

to inform decision‑making and outcomes.

During the year, we held a range of investor

and shareholder meetings on diverse

topics and look forward to continuing this

dialogue at our Annual General Meeting

on 8September 2026. We also maintain

effective engagement channels with

employees globally, as detailed on page 22,

and have engaged with other stakeholders

across our business. Further information on

stakeholder engagement, and how it shaped

decisions in FY26, can befound on pages 12

to 14.

Board changes and composition

We successfully appointed Pooja Bagga

as a Board Fellow, with the assistance

of the EPOC Network. This Network is a

not‑for‑profit professional network that

connects accomplished leaders of colour

with Board‑level opportunities, helping

organisations like Trifast plc to access

high‑calibre talent and diverse perspectives.

The role of Board Fellow is a non‑statutory

role, and whilst more akin to a Board

observer, Pooja is invited to all Board and

Committee meetings and her expertise

in technology and cyber has already

supported the Company this year. You can

read her biography on page 56. With the

exception of the Board Fellow, I am pleased

to report that there were no significant

changes to the Board composition during

the year.

Board effectiveness

I am also responsible for leading the annual

evaluation of the effectiveness of the Board,

Committees and individual Directors. The

2025 evaluation was undertaken internally

by way of a questionnaire, a method

appropriate and proportionate to the

Company, which yields useful results.

The evaluation considered the composition,

balance of skills, experience, knowledge and

collaboration of the Board, as well as other

factors including diversity, ethnicity, and

environmental, social and governance

factors and also referenced the prior year

external evaluation conclusions. Results of

the evaluation were prepared by the Company

Secretary and provided to me for analysis.

Ipresented my findings to the March 2026

Board, including individual recommendations

made by Directors. These results were then

followed up by Committee Chairs to ensure

that change and improvements become

embedded into our governance.

My performance was appraised by the

Independent Non‑Executive Directors under

the leadership of the Senior Independent

Director.

Details of the performance review process,

progress against FY26 objectives and

priorities for the year ahead are then set out.

Board leadership

As Chair, I am responsible for leading and

ensuring an effective Board in delivering

the long‑term success of the Company.

In fulfilling this role, I seek to ensure that

the Board proceedings are conducted in

a way that allows all Directors to have the

opportunity to express their views openly

and that all Non‑Executive Directors can

provide support and constructive challenge

to the Executive Leadership Team.

On behalf of the Board, I confirm that we

consider that this Annual Report, taken as a

whole, is fair, balanced and understandable

and provides the information necessary

to assess the Company’s position,

performance, business model and strategy.

Serena Lang

Chair

1 July 2026

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Governance at a glance

Board composition

as at 31 March 2026 (data includes Board Fellow appointment)

Board skills matrix

Summary of the skills, experience and knowledge held by our Directors

(including Board Fellow):

Board and Committee meeting attendance

The Company’s Board Diversity Policy is to ensure a diverse and inclusive membership

with the skills, expertise and experience to guide the business and strategy for the

benefit of its shareholders, having regard to the interests of all its stakeholders.

UK Corporate Governance

Code 2024 compliance

The Board is pleased to report that the Company

has applied the applicable principles and

compliedwith the provisions of the UK Corporate

Governance Code 2024 for its financial year ended

31 March 2026.

The Company’s auditor is required to review

whether this statement reflects the Company’s

compliance with those provisions of the Code

specified for their review by the Financial Conduct

Authority’s Listing Rules and to report if it does

notreflect such compliance. No such report has

been made.

See page 49 for further details

Senior roles

(Chair, SID, CEO, CFO)

Gender Composition Board tenure Board age

Female 50%

Male 50%

Female 50%

Male 50%

Chair 12.5%

Executive 25%

Independent

NED 37.5%

NED 12.5%

Fellow 12.5%

<2 years 37.5%

2–3 years 37.5%

>3 years 25%

<40 12.5%

40–50 0%

51–60 50%

>60 37.5%

Independence

62.5%

Leadership

75%

Industrial/engineering

62.5%

International

87.5%

Distribution

operating model

50%

People/HR

62.5%

ESG

75%

Business transformation

100%

Finance, risk

& banking

75%

Cyber, digital & technology

37. 5%

Mergers & acquisitions

100%

Director Board Nomination

Audit

& Risk Remuneration

Responsible

Business

Serena Lang 8/8 3/3 — — 2/3

Iain Percival 8/8 — — — 3/3

Kate Ferguson 8/8 — — — —

Clive Watson 6/8

2/3

3/3 3/4

2/3

Louis Eperjesi 8/8 3/3 3/3 4/4 3/3

Laura Whyte 8/8 3/3 3/3 4/4 3/3

Nicholas Mills 8/8 — — — —

1. Clive Watson was unable to attend the Board & Remuneration Committee meetings in May 2025, Board

and Nomination Committee meetings in February 2026 and July 2025 Responsible Business Committee

meeting due to personal circumstances

2. Serena Lang was unable to attend the Responsible Business Committee meeting in March 2026 due to

personal circumstances

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

The Board

Serena is an experienced FTSE Chair and Board

member. Her executive career, spanning more than

20 years across multi‑sector industries both in

the UK and internationally, has allowed Serena to

develop her skills and understanding of commercial

business, at varying stages of growth covering

strategy, transformation and M&A.

Length of service: 2.5 years

Other Directorships: Senior Independent

Non‑Executive Director at Henry Boot PLC,

Non‑Executive Director at Ainscough CraneHire

Limited and Non‑Executive Director at Gooch and

Housego Plc.

Louis has had an executive career within the

building industry both in the UK and internationally.

He has significant commercial knowledge of

manufacturing and supply, strategic planning and

M&A. Louis was previously CEO at Tyman plc, and

prior to that, he held senior management roles with

Kingspan Group plc, Baxi Group Ltd, Lafarge SA

and Caradon plc.

Length of service: 3 years

Other Directorships: Non‑Executive Director at

Accys Technologies plc, Ibstock plc and Howden

Joinery Group plc.

Iain holds a BSc (Hons) Mechanical Engineering

degree and, over a 30‑year career, has worked in

divisional leadership positions within a number

of international manufacturing businesses. An

experienced industrialist, Iain has also gained

significant experience within transformational

change environments with a key focus on cost

down, supply chain productivity initiatives.

Length of service: 2.5 years

Laura, having worked in a number of organisations

within the listed, private and charitable sectors,

is an experienced operational and Non‑Executive

Director with a strong focus on brand, customer

and workforce engagement and responsible

business.

Length of service: 2 years

Other Directorships: Non‑Executive Director at

Macfarlane Group plc.

Kate holds a business degree gained in Australia

where she majored in accountancy, business law

and taxation. She qualified as an accountant in

1996 (Australia) and 2008 respectively (England

& Wales). Over a 20‑year career, she has held a

number of senior financial roles across a variety of

industries, both private and plc entities. She also

has knowledge of IT and administration.

Length of service: <2 years

Nicholas worked at New York‑based Gabelli Asset

Management from 2014‑2019 where he focused

on equity research, investments, merger arbitrage

strategies and marketing closed‑end funds. In

2019, Nicholas returned to the UK to join Harwood

Capital LLP.

Length of service: 2 years

Other Directorships: Fund Manager and Director

of Harwood Capital LLP, which is a current

shareholder in Trifast. Non‑Executive Director

at Hargreaves Servicesplc, NIOX Group plc and

eEnergy plc.

Appointed a Board Fellow with effect from

12September 2025 for a period of 12 months,

Poojais the CIO at the Guardian Media Group.

The Board Fellow programme aims to build a

pipeline of diverse Board talent through inviting

individuals to sit on the Board for a period of time

in a voluntary capacity, experiencing boardroom

discussion and receiving mentoring from

Non‑Executive Directors.

Length of service: <1 year

1. Board Fellow is not a statutory director

Clive is a Chartered Accountant with extensive

experience in industry both in the UK and

internationally. He retired in 2019 as Group Finance

Director at Spectris plc.

Length of service: 6 years

Other Directorships: Senior Independent

Non‑Executive Director at Breedon Group plc

(Audit & Risk Chair), Non‑Executive Director at

discoverIE Group plc (Audit&Risk Chair) and Kier

Group plc (Audit & Risk Chair).

Serena Lang

Independent

Non‑Executive

Chair(55)

Louis Eperjesi

Independent

Non‑Executive

Director (64)

Iain Percival

Chief Executive

Officer (58)

Laura Whyte

Independent

Non‑Executive

Director (67)

Kate Ferguson

Chief Financial

Officer(53)

Nicholas Mills

Non‑Executive

Director (35)

Pooja Bagga

Board Fellow (55)

Clive Watson

Senior Independent

Non‑Executive

Director (68)

See the full

Board bios online

Committee memberships: Nomination Committee Audit & Risk Committee Remuneration Committee Responsible Business Committee

Committee Chair

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Corporate governance report

Compliance with the UK Corporate

Governance Code 2024

The Board is pleased to report that the

Company has applied the principles and

complied with the provisions of the UK

Corporate Governance Code 2024 for

itsfinancial year ended 31 March 2026.

The table provides a guide to the most

relevant explanations for how the Company

has complied with each Principle.

The Company’s auditor is required to

review whether this statement reflects

the Company’s compliance with those

provisions of the Code specified for their

review by the Financial Conduct Authority’s

Listing Rules and to report if it does not

reflect such compliance. No such report

hasbeen made.

Board leadership and Company purpose

A An effective and entrepreneurial Board promotes the long‑term sustainable success of the Company,

generating value for shareholders and contributing to wider society

Pages 46 to 53

B Purpose, values and strategy are set and align with culture, which is promoted by the Board Pages 46 to 53

C Resources allow the Company to focus on Board decisions and outcomes in the context of the Company

strategy and objectives. A framework of controls enables assessment and management of risk

Pages 46 to 53

D Engagement with shareholders and stakeholders is effective and encourages their participation Pages 12 to 14 and 46 to 53

E Oversight of workforce policies and practices ensures consistency with values and supports long‑term

sustainable success. Theworkforce is able to raise matters of concern

Pages 46 to 53

Division of responsibilities

F The Chair is objective and leads an effective Board with constructive relations Page 51

G The Board comprises an appropriate combination of Non‑Executive and Executive Directors, with a clear

division ofresponsibilities

Pages 46 to 53

H Non‑Executive Directors commit appropriate time in line with their role Pages 46 to 53

I The Company Secretary and the correct policies, processes, information, time and resources support

theBoardfunctioning effectively and efficiently

Page 51

Composition, succession & evaluation

J There is a procedure for Board appointments and succession plans for Board and Senior Management

which recognise merit and promote diversity, inclusion and equal opportunity

Pages 54 to 56

K There is a combination of skills, experience and knowledge across the Board and its Committees.

Tenure and membership are considered regularly

Pages 47 to 48 and 54 to 56

L Annual evaluation of the Board and Directors considers overall composition, diversity, effectiveness

andcontribution

Pages 46 and 54 to 56

Audit, risk & internal control

M Policies and procedures ensure the independence and effectiveness of internal and external audit functions.

The Board satisfies itself of the integrity of financial and narrative statements

Pages 60 to 65

N A fair, balanced and understandable assessment of the Company’s position and prospects is presented Pages 60 to 65

O Procedures manage and oversee risk, the internal control framework and the extent of principal risks the

Company is willing to take toachieve its long‑term strategic goals

Pages 38 to 43 and 60 to 65

Remuneration

P Remuneration policies and practices are designed to support strategy and promote long‑term sustainable

success, with executive remuneration aligned to Company purpose, values and strategic delivery

Pages 66 to 80

Q A transparent and formal procedure is used to develop policy and agree Executive and Senior Management

remuneration

Pages 66 to 80

R Independent judgement and discretion are exercised over remuneration outcomes taking account of the

relevant wider context

Pages 66 to 80

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Corporate governance report continued

Introduction

In this Annual Report, we report on how we

have applied the main Principles of the 2024

Code and followed its recommendations.

A cross‑referencing table to each Code

Principle can be found on page 49.

The governance report complements the

strategic report and explains how the

Board operates within a robust governance

framework, which underlies the work of the

Directors, to ensure that the Company’s

purpose, values, strategy and culture are

aligned. The Board’s role is promoting

the Group’s long‑term success; setting

its strategic aims and values; supporting

leadership on the operational running

of the business; ensuring a framework

of prudent and effective controls; and

reporting to shareholders on the Board’s

stewardship. We trust that the strategic

andgovernance reports together enable

ourstakeholders to assess the effectiveness

of those frameworks and thequality of

theiroutcomes.

Business model, strategy and risks

Good progress has been made in

implementing the transformation

programme during the year, which

continued to drive improvements in

the areas of focused growth, margin

management, organisational effectiveness

and operational efficiency.

The transformation programme is central to

the Company’s Recover, Rebuild, Resilience

journey and also to achieving the strategic

objectives and ensuring sustained margin

improvement and revenue growth.

As a Board, we reviewed the strategic

direction of each region during the year.

The review again confirmed that

the OneTR approach – the singular

vision, withthe four‑region structure,

engineering, manufacturing and supply

chain simplification and the focus on three

key markets remains the right one and

continues to align with the objectives of the

Group. Onpages 20 to 33, we explain our

approach to enhancing the sustainability

of our business, whilst outlining some of

the key initiatives we are taking to create

value for our customers, employees,

shareholders and society. Further details

on strategic topics assessed by the Board

during the year can be found on page 53.

Purpose, values and culture

Trifast’s purpose, values and culture are at

the foundation of the OneTR transformation

plan to return the Company to sustained

profitable growth within a safe and engaged

environment.

The three‑phase growth plan: Recover,

Rebuild, Resilience ensures we have

focused profitable and sustainable growth,

supported by the effective execution and

strong OneTR culture to provide strategic

direction in achieving that long‑term

success. As explained in the strategic

report, to fulfil our commitment to our

stakeholders to govern responsibly, we need

to ensure that we have a full understanding

of the impact of our products and the way

we conduct business on people and the

environment.

Trifast continues to encourage a sense

of belonging and employee engagement

to ensure a motivated and productive

workforce. We are continuing to focus on

promoting a diverse and inclusive culture.

The measure the Board uses to evaluate

culture continues to evolve and includes

employee engagement surveys, employee

development programmes, reviewing HR

statistics, looking at employee turnover,

learning and development completion rates

and health and safety incidents. Some of

these are already part of our non‑financial

KPIs as set out in the strategic report on

page 10.

The Board

The Board has collective responsibility

for leading the Group and promoting its

long‑term success. It has the prime role of

confirming the Group’s purpose and vision

and agreeing the strategy that supports

its purpose. It is responsible for setting

cultural expectations that drive ethical and

responsible business conduct.

As at 31 March 2026, the Board of Directors

comprised the Non‑Executive Chair, three

Independent Non‑Executive Directors,

one further Non‑Executive Director

and two Executive Directors. Additional

responsibilities assigned to certain

Non‑Executive Directors are explained on

page 51 (roles of the Board description).

The composition of the Board is subject to

review and is a responsibility delegated to

the Nomination Committee. Details of the

tenure, gender, nationality and relevant

experience of Board members are set out

on page 47.

Board Committees

The Board has established four Committees

which directly assist in the discharge of

its duties; the Nomination, Responsible

Business, Audit & Risk and Remuneration

Committees. The remit, authority and

composition of the Committees are

monitored to ensure effective Board

support.

Each Committee provides dedicated focus

to a defined area of responsibility with the

nature of delegated work ranging from a

recommendation being made to the Board

or, if within its agreed authority, a final

decision being taken on behalf of the Board.

Further information on the specific role of

each Committee is set out in their respective

reports on pages 54 to 56, 57 to 59, 60 to

65 and 66 to 80.

Board and Committee framework

The Board

Nomination

Committee

Responsible

Business Steering

Committee

Audit & Risk

Committee

Executive

Leadership

Team

Remuneration

Committee

Responsible

Business

Committee

Risk

Committee

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Corporate governance report continued

Roles within the Board

The roles of the Chair and the Chief

Executive Officer are separate and there is

a clear division of responsibility between

executive and non‑executive members of

the Board. Details of these responsibilities

are set out below:

Chair

Responsible for:

• Overall leadership and governance of the

Board, ensuring it operates effectively

in terms of agenda setting, information

management, induction, development

and performance review

• Maintaining a focus on strategy,

performance and value creation and

theassessment of significant risks in

theimplementation of strategy

• Ensuring the Board, as a whole, has

aclear understanding of shareholder,

customer and employee views

• Promoting a healthy culture of challenge

and debate at Board and Committee

meetings and encouraging constructive

debate and decision‑making

• Fostering effective relationships and open

communication between all Directors

• Ensuring both Board and shareholder

meetings are properly conducted

• Developing a supportive working

relationship with the Chief Executive

Officer

Senior Independent Director

Responsible for:

• Providing a sounding board for the Chair

and acting as an intermediary between

other Directors when necessary

• Evaluating the performance of the Chair

on behalf of the Directors

• Being available to shareholders, where

contact through the Chair or Executive

Directors is not appropriate

Non‑Executive Directors

Responsible for:

• Providing the skills, experience and

knowledge to assist the Board’s

decision‑making

• Challenging and assisting with

developing and establishing objectives

and monitoring the Group’s business

model and strategy

• Measuring and reviewing the

performance of the Executive Directors

• Providing independent insight and

support and advice to the Executive

Directors

• Reviewing Group financial information

and overseeing the effectiveness of the

Company’s internal controls

• Reviewing succession plans for Board

Directors and Senior Management and

supporting inclusion and diversity

• Setting policy in respect of Executive

Director remuneration

Chief Executive Officer

Responsible for:

• Effective leadership and development

of the Executive Leadership Team and

operational running of the Group

• Developing and implementing the

Group’s business model and strategy

• Effectively communicating the Group’s

strategy and performance

• Building positive relationships by

engaging appropriately with all internal

and external stakeholders

Chief Financial Officer

Responsible for:

• Deputising for the Chief Executive Officer

• Proposing policy and actions to support

sound financial management, including

inrelation to funding and net debt

• Leading finance, tax, treasury and

supporting the risk function

• Supporting on mergers and acquisitions

• Overseeing the pension scheme

Company Secretary

Responsible for:

• Compliance with Board procedures and

supporting the Chair of the Board

• Ensuring the Board has high‑quality

information, adequate reading time and

appropriate resources

• Advising and keeping the Board updated

on corporate governance developments

• Considering Board effectiveness in

conjunction with the Chair

• Facilitating the Directors induction

programme and assisting with

professional development

• Providing advice, services and support

toDirectors as and when required

Operational management

The day‑to‑day management and global

governance of the business is delegated to

members of the Executive Leadership Team

(ELT). As at 31 March 2026, the membership

of the ELT comprised the Chief Executive

Officer, the Chief Financial Officer, the Chief

Commercial Officer, the Chief People and

Transformation Officer, Regional Managing

Directors for Asia, Europe, UK & Ireland and

North America, the Chief Information Officer

and the Company Secretary.

See the full ELT details online

How the Board operates

Boardroom culture

The Board recognises the importance of

establishing the right culture and values and

communicating this message consistently

throughout the Group. It is important that

the Board provides strong and effective

leadership, constructive challenge and

accepts collective accountability for the

long‑term sustainable success of the

Company. In doing so, it will continue to

drive and deliver the strategy in the best

interests of all our stakeholders.

A strong feature of the Board’s effectiveness

in delivering the strategy is our inclusive

and open style of interaction which benefits

from a free flow of information between

Executive and Non‑Executive Directors.

The size of the Board encourages Directors

to discuss matters openly and freely and

to make individual contributions through

the exercise of their personal skills and

expertise. No individual has free powers

ofdecision‑making.

All Directors communicate with each other

on a regular basis and contact with the

Company’s senior managers is sought and

encouraged. In‑person Board meetings have

been held at various site locations during FY26.

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Corporate governance report continued

How the Board operates continued

Independence and conflicts of interest

All Non‑Executive Directors have been

appointed for their specific areas of

knowledge and expertise. They are

independent of management and exercise

their duties in good faith based on

judgements informed by their personal

experience. This ensures that matters can

be debated constructively in relation to

both the development of strategy and

assessment of performance against the

objectives of the Board. The balance

between non‑executive and executive

representation continues to encourage

healthy independent challenge.

The Company has a formal procedure

in place to manage the disclosure,

consideration and authorisation of potential

conflicts of interest. Each Director is aware

of the requirement to notify the Board, via

the Company Secretary, as soon as they

become aware of any potential conflicts of

interest or material change of a pre‑existing

authorisation.

The Board considers each conflict situation

separately on its particular facts, in

conjunction with any other potentially

conflicted Director’s duties under the

Companies Act 2006.

Nicholas Mills has declared his conflict on

the basis of his role at Harwood Capital

Management, a material shareholder in

the Company. As such, the Company

does not consider Nicholas Mills to be an

Independent Non‑Executive Director, and

he has agreed to recuse himself from any

discussion concerning the relationship

between the Company and Harwood

Capital Management. None of the other

Non‑Executive Directors have any material

business or other relationships with the

Company or its management.

Powers of Directors

The powers of the Directors are determined

by the Articles of Association, UK legislation,

including the Companies Act 2006, and any

directions given by the Company in a

General Meeting. The Directors are

authorised by the Company’s Articles to

issue and allot ordinary shares and to make

market purchases of the Company’s own

shares. These powers are referred to

shareholders for renewal at each AGM.

The appointment and replacement of

Directors is governed by the Company’s

Articles, the 2024 Code, the Companies

Act2006 and related legislation.

Any amendments to the Articles can only

be made by special resolution at a General

Meeting of shareholders.

Subject to the Articles and the Companies

Act 2006 and any directions given by

special resolution, the business of the

Company is managed by the Board who

may exercise all the powers of the Company.

Election and re‑election of Directors

The Board is satisfied that all Directors

standing for election and re‑election

perform effectively and demonstrate

commitment to their roles. This has been

demonstrated during the year by the

willingness of the Directors to attend

additional meetings, as well as from

the general support they have given

to the Executive Directors and Senior

Management. When appropriate, any

changes to the commitment of any Director

are considered in advance by the Board to

ensure they are still able to fulfil their duties

satisfactorily.

All Directors of the Board are subject to

election by the shareholders at the first

AGM following their appointment by the

Board and all Directors will also stand for

re‑election annually at the AGM.

The biographies for each Director are set

out on page 48. The Board, its Committees

and the individual Directors participate in

an annual performance evaluation. Further

details of the process can be found in the

Nomination Committee report on page 56.

Policies

Whilst the Board takes overall responsibility

for approving Company policies, including

those relating to business ethics, health and

safety, environmental matters, anti‑bribery

and corruption and whistleblowing, their

implementation is delegated to the Chief

Executive Officer and cascaded throughout

the organisation via the Executive and

Senior Leadership Teams.

Time commitment

The expected time commitment of the

Chair and Non‑Executive Directors is

agreed and set out in writing in the letters

of appointment confirming their position.

The existing demands of a Non‑Executive

Director’s time are assessed on appointment

to confirm their capacity to take on the

role. The Nomination Committee reviews

Directors’ external commitments annually

to ensure they still have sufficient capacity

to fulfil their role. Further appointments

which could impair their ability to meet

these arrangements can only be accepted

following the approval by the Board. The

taking on of any external appointment

by an Executive Director is subject to

Boardconsent.

There were eight scheduled meetings

in theyear to 31 March 2026. Scheduled

meetings of the Board follow an agreed

format, with agendas developed by the

Chair, Chief Executive Officer and Company

Secretary, who consider the Board’s annual

plan of business and the current status

of projects, strategic and transformation

workstreams, and other operational and

functional updates.

Adequate time is allocated to support

effective and constructive discussion of

each item. An electronic resources portal

allows efficient navigation of Board and

Committee papers.

Board and other meetings

Board papers are prepared and issued prior

to each Board meeting to allow Directors

sufficient time to give due consideration

to all matters. Directors are able to take

independent professional advice, if

necessary, at the Company’s expense.

The Board holds a minimum of eight

meetings per year at regular intervals.

Additional meetings are convened as

required.

From time to time, the Board authorises the

establishment of an additional committee or

sub‑committee to consider and, if thought

fit, approve certain items of business.

During the year, the Non‑Executive

Directors have met without Executive

Directors being present. The Senior

Independent Director and Non‑Executive

Directors have also met without the

presence of the Chair as part of the Board

performance review.

The table on page 47 shows the attendance

at the Board and Committee meetings

during the year to 31 March 2026.

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Corporate governance report continued

Board activity in 2025/26

This table is a non‑exhaustive list of areas of focus, actions and decisions taken by the Board during the year. The Board’s focus has principally been on (a) governance and risk;

(b)macroeconomic environment; (c) trading, financial and operational performance; (d) strategy and transformation execution; and (e) training.

Matters considered

Governance

&risk

• Approved Annual Report and Accounts

• Approved the business to be considered at the AGM

• Shareholder discussion and feedback

• Received updates from the Audit & Risk Committee,

Nomination Committee, Remuneration Committee and

Responsible Business Committee

• Approved Committee Terms of Reference

• Corporate policies review and approval

• Insurance programme renewal

• Corporate governance horizon scanning

• Health & safety updates

• Litigation and legal matters updates

• Approved the Internal Audit Charter and three‑year IA plan

• Received updates on the three‑year plan for the risk and

internal controls framework

• Considered facilitation fraud incidents, response and actions

Macroeconomic

environment

• Market and customer development updates

• Competitor activity analysis

• Inventory status and logistics updates

• Economic and market updates, including inflation, tariff,

FXand interest rates implications

• Sales and pricing activity reviews

• Purchasing performance and forecasts

Matters considered

Performance • Financial management and performance

• Banking, tax, treasury strategy and policy reviews

• Review and approval of budget and capex plans

• Review on margin management and focused growth

initiatives, and manufacturing performance

• Regional performance reviews

• Approval of full‑year, half‑year and other trading updates

• Annual Report and Accounts review and approval

• Consideration of shareholder views and analyst expectations

• Consideration of share price performance

• Review of employee engagement survey

Strategy &

transformation

execution

• Review of strategy delivery, execution and implementation

• Key operational project progress reviews, including major

capital expenditure investment proposals

• Transformation programme

• M&A opportunities

• Talent strategy, succession plans and future leaders

programme

• Regulatory affairs updates

• Engineering workshop and future product review

Training • Fraud awareness and fraud management

• Cyber awareness training

• Modern slavery and human trafficking training

• Anti‑bribery and corruption training

• UK Corporate Governance Code

• Carbon Border Adjustment Mechanism awareness training

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Stakeholder engagement

• Committee members met internal

and external stakeholders in the year,

including corporate brokers and

advisers

• Attended the AGM in September

2025 and discussed the Committee’s

activities with shareholders

FY26 highlights

• Led process for the appointment of

the Board Fellow

• Supported the appointment of two

Regional Managing Directors and

Chief Information Officer

• Endorsed and approved the Board

Diversity & Inclusion Statement

andPolicy

• Reviewed Senior Leadership Group

talent pipeline and development

Role of the Committee

The Committee is responsible for considering the size, structure and composition

of the Board, reviewing succession planning for Directors and Senior Management,

including overseeing the development of a diverse talent pipeline, making appropriate

recommendations to the Board on candidates, and ensuring a balance of skills,

experience and knowledge is maintained on the Board.

During 2026, the Nomination Committee carried out an annual review of its Terms

ofReference. Read more about the full responsibilities of the Committee at

https://www.trfastenings.com/Investors/Governance/Committees

Serena Lang

Chair of the Nomination Committee

A key focus for the Committee

this year has been on people

andsuccession planning

Dear shareholder,

I am pleased to present an overview of

the Nomination Committee’s work during

the year ended 31 March 2026. Much like

last year, this has been a busy year for the

Committee, but I can report we have made

some very good progress particularly

in succession planning, talent and

development and diversity.

The Committee was very pleased to confirm

the appointment of Pooja Bagga as Board

Fellow in September 2025. The thorough

appointment process was supported by

the EPOC Network and executive search

specialists Heidrick & Struggles and

is set out in the table on page56. The

appointment is a non‑statutory position

and for the term of 12 months. As ever,

the Nomination Committee remains

dedicated to recruiting globally recognised,

industry‑leading talent so that Trifast

colleagues see strong diverse leaders,

bothat Board and Senior Management

level,and that also reflects the diversity

ofour customers and communities.

Other than the formal appointment of

Pooja as a Board Fellow, I am pleased to

confirm that the Board membership has

been stable in the year, which has been of

great importance to the Company through

this ongoing business transformation.

The Committee has therefore had the

bandwidth to review talent development

and succession plans for the Executive

Leadership Team and their direct reports,

ensuring robust leadership continuity as

well as identifying emerging talent across

the organisation.

We continue to meet the objectives set out

in our Board Diversity and Inclusion Policy

and comply with gender targets under the

UK Listing Rules and Disclosure Guidance

&Transparency Rules.

If you wish to discuss any aspects of

the Nomination Committee report, or

our activities generally, then please join

our AGM on 8 September 2026 at OSiT,

46New Broad Street, London. You will

also have the opportunity to join via the

BRR Media platform or send any questions

for me to our dedicated email address:

companysecretariat@trifast.com.

Serena Lang

Chair of the Nomination Committee

1 July 2026

Nomination Committee report

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Nomination Committee report continued

Board composition, skills and attributes

At Trifast, we recognise the importance

of the Board and its Committees having

a combination of skills, experience and

knowledge to ensure we have an effective

Board, which is well placed to promote

the long‑term sustainable success of

the Company, particularly as we enter

the Rebuild phase of our strategy and

transformation.

The Committee reviews the skills, attributes

and diversity represented by the Directors

on the Board to determine whether the

existing composition remains appropriate

to support and deliver on the Company’s

purpose and strategic objectives. The skills

matrix enables the Committee to review

the current skills and assess what is needed

in the future. The matrix is then reviewed

with individual Director’s tenure to assist

in future recruitment considerations and

succession planning.

The Nomination Committee is satisfied that

the Board and its Committees have the

right combination of skills, experience and

knowledge amongst a group of individuals

that embody many aspects of diversity.

See our Board skills matrix on page 47.

Board diversity statement

We are pleased to report that 50% of

our Board members identify as female,

reflecting our ongoing commitment to

gender diversity at the highest level of

governance. We are also proud to have

two women in senior Board positions,

serving as Chair and Chief Financial Officer,

respectively.

Whilst we acknowledge that we have not

yet met the FCA’s target of having at least

one Board member from a minority ethnic

background, we have appointed a Board

Fellow who defines herself as being from

anAsian/Asian British ethnicity group.

The Company continues to remain

committed to improving representation and

is actively working to broaden the diversity

of its Board through inclusive recruitment

practices and succession planning.

Our approach to data collection

Gender and ethnicity data relating to the

Board and Executive Leadership Team

are collected on an annual basis applying

a process managed by the Company

Secretary in conjunction with the HR

function.

Each individual is requested to complete

an identical questionnaire on a strictly

confidential and voluntary basis, through

which the individual self‑reports on their

ethnicity and gender identity or states

that they do not wish to report such data.

Consent is provided for data collection and

processing of that data in accordance with

the Company’s data protection policy.

The criteria of the standard form

questionnaire are fully aligned to the

definitions specified in the UK Listing

Rules,with individuals required to specify:

a. Self‑reported gender identity – selection

from the following categories (i) man;

(ii) woman; (iii) other category (please

specify); and (iv) not specified/prefer not

to say

b. Self‑reported ethnic background –

selection from the following categories as

designated by the UK Office of National

Statistics: (i) White British or other White;

(ii) Mixed/Multiple ethnic groups; (iii)

Asian/Asian British; (iv) Black/African/

Caribbean/Black British; (v) other ethnic

group, including Arab; and (vi) not

specified/prefer not to say

Board and Executive Leadership gender and ethnic representation as at 1 April 2026

The chart details the Board and Executive Leadership Team’s self‑identified gender status and ethnicity diversity, as required by UK

Listing Rules

Board (Includes Board Fellow) ELT

Number of

Board members

Percentage of

the Board

Number of

senior positions

on the Board

(CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage of

executive

management

Gender

Women 4 50% 2 3 43%

Men 4 50% 2 3 43%

Other categories

Not specified/prefer not to say 1 14%

Ethnicity

White British or other White (including

minority‑white groups) 7 87. 5% 4 5 72%

Mixed/Multiple ethnic groups

Asian/Asian British 1 12.5% 1 14%

Black/African/Caribbean/Black British

Other ethnic group, including Arab

Not specified/prefer not to say 1 14%

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Nomination Committee report continued

Election and re‑election of Directors

The Company will submit all eligible

Directors for re‑election at the Company’s

Annual General Meeting inSeptember 2026.

As part of making any recommendations

to the Board in respect of elections, the

Nomination Committee assesses each

Director, including considering their

performance on the Board and Committees.

This includes reviewing attendance during

the year, their contribution to the long‑term

sustainable success of the Company and

their overall engagement and contribution

as a Director. For Non‑Executive Directors,

the Committee also considers whether

each Director continues to be considered

independent for the purposes of the UK

Corporate Governance Code.

Nomination Committee effectiveness

The Nomination Committee’s performance

was reviewed in 2026 as part of the Board

performance review process. This evaluation

was conducted internally and is detailed on

page 46.

The Committee continues to fulfil its

responsibilities effectively and will continue

to focus on talent development and

organisational effectiveness in 2026/27.

Board Fellow appointment process

Candidate

specification

The Nomination Committee commenced the search by articulating the key qualities for a Board

Fellow at Trifast. The specification considered the Board skills matrix as well as reflecting the personal

attributes needed

Engagement of

professional advisers and

candidate review process

The Nomination Committee engaged the Empowering People of Colour Network (EPOC) to assist

with the evaluation process and then engaged Heidrick & Struggles (H&S) to support the recruitment

process. Support from H&S was provided on a pro‑bono basis. They provided support to the Board

in profiling candidates. Neither the EPOC Network nor H&S has any connection with Trifast plc or

individual Directors

Longlist and

shortlist review

H&S provided an initial longlist that was presented to the Committee in May 2025, encompassing a

range of potential candidates from diverse personal and professional backgrounds. The Committee,

with the support of EPOC, was able to create a shortlist of candidates shortly after this review

Interviews Initial interviews were led by the Chair and Chief People and Transformation Officer. Preferred

candidates then met another Non‑Executive Director and the CEO. The process spanned the summer

months with regular Board communication during this period

Recommendation

and approval

Following a robust and rigorous process, the Nomination Committee unanimously decided to

recommend Pooja Bagga to the Board for the non‑statutory appointment of Board Fellow for

approval in September 2025 for a period of 12 months. Pooja was selected due to her strong

technology, IT and operational CIO experience

Induction Following her appointment as Board Fellow, Pooja undertook a comprehensive and tailored induction

programme

Board Fellow Biography Pooja is an accomplished senior technology leader, CIO at Guardian Media Group, with over two

decades of experience driving enterprise‑scale change across complex, regulated organisations.

Asthe Board Fellow, she provides oversight on technology strategy, digital investment, cyber

securityand AI governance, to deliver sustainable growth and long‑term value at Trifast.

Pooja’s executive career includes senior leadership roles at British Airways, IAG, Royal Mail and

Transport for London. Pooja is an ardent advocate for Diversity, Equity and Inclusion and actively

mentors future leaders, championing gender equality in STEM

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Introduction

We have continued our positive delivery

on the ESG strategy, first introduced in the

Company in 2021, and despite commercial

and political headwinds, the team involved,

and the Committee, remained focused on

delivering where it offered best value for

our customers, communities and supply

chain partners. This year, we revisited

the Responsible Business strategy to

continue this positive work and ensure

the commitments were fully aligned with

both the Company’s strategic purpose and

direction. The Committee was therefore

very pleased to approve the planet,

people and principles strategy in January

2026, which builds on the excellent ESG

achievements to date and sets clear

goals to FY30. I am therefore pleased to

share details of our updated ESG strategy

ensuring we continue our path to being

aResponsible Business.

This report highlights the importance of

responsible business practices and their role

in sustainable growth, stakeholder trust and

risk management.

When we introduced our sustainability

roadmap in 2021, the goal was to support

and enhance our environmental, social

and governance efforts across all Trifast

operations. We intentionally chose not to

address every ESG metric or report on all

aspects; instead, we have focused on the

strategic areas that are most important

to our stakeholders and where we can

make the greatest positive impact. We

have successfully achieved many of the

commitments outlined in our strategy.

One of our main priorities continues to

be reducing carbon emissions across our

facilities, and the Committee remains

confident that we can achieve our carbon

reduction goals.

Our planet, people and principles

strategy was launched to

further our commitment to

reduce environmental impact,

strengthenethical conduct and

enhance the OneTR culture

Louis Eperjesi

Chair of the Responsible Business Committee

FY26 highlights

• Additional solar panels fitted at our

TRItaly manufacturing site, now

making it 100% green powered

• Approved FY30 planet, people and

principles strategy

• Human Rights Policy approved

• Global Safety Framework and Golden

Safety Rules launched with significant

improved metrics on all safety

KPIsYoY

• Introduced a range of nylon fastening

products made from recycled

materials, including waste textiles,

fishing nets and automotive air bags

• Successes in ESG accreditations:

EcoVadis Bronze, CDP; UN Global

Compact; Schneider & Integrity Next

• Climate‑related risks and opportunities

review for extreme weather, water

dependency, energy costs increase

andnatural disasters

Role of the Committee

The role of the Committee is to ensure the understanding and effective implementation

of the ESG strategy and how it relates to the broader corporate purpose and vision,

aswell as forming part of the Group’s culture. The Committee also works and liaises

withother Board Committees to integrate sustainability and a responsible business

culture in everything we do.

During 2026, the Responsible Business Committee carried out an annual review of its

Terms of Reference. Read more about the full responsibilities of the Committee at

https://www.trfastenings.com/Investors/Governance/

Areas of focus for FY27

• Deliver KPIs for FY30 planet, people

andprinciples strategy

• Expand ISO 14001 certification for

global coverage

• Continue to develop a sustainable

supply chain strategy

• Enhance the supplier sustainability

riskregister

Responsible Business Committee report

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Responsible Business Committee report continued

Planet, people and principles strategy

Our focused 2030 targets are:

Our planet:

• CO

reduction of 50% (vs our 2019

baseline)

• EcoVadis Silver Accreditation

• CDP B Score

Our people:

• ED&I – 50% female representation across

leadership roles

• Safety – 10% reduction in LTAR annually

vs FY25 baseline

• Wellbeing – 100% of locations participate

in wellbeing initiatives/Mental Health

First Aiders at every location

• Engagement score ranked at upper

quartile for industrials

• Community – employees using

community day allocation

Our principles:

• Suppliers – 100% suppliers (strategic/

critical) signed up/demonstrate

compliance to our Supplier Code of

Conduct

• Suppliers – 80% (by revenue value)

Approved Supplier List (and all strategic/

critical suppliers) actively risk managed

• Compliance training completion rate to

95% of employees

FY26 highlights

During FY26, several key initiatives were

undertaken to strengthen our commitment

to reduce environmental impact, strengthen

ethical conduct and enhance organisational

culture.

Our Human Rights Policy was formally

approved by the Board in January 2026,

underscoring our dedication to fostering a

more inclusive workplace and recognising

the Company’s position on entitlements

and freedoms that apply to every individual,

irrespective of nationality, gender, ethnicity,

religion or other status.

As part of our commitment to sustainability,

TR is actively trialling a range of nylon

fastening products made from recycled

materials, including waste textiles, fishing

nets and automotive air bags. These

products are manufactured from 100%

recycled content, provide a 90% reduction

in CO

e and currently have a similar

performance versus non‑sustainable plastic.

Until now, recycled plastics have rarely met

the requirements of functional, load‑bearing

components, but this breakthrough

demonstrates that sustainability and

engineering performance can co‑exist. The

Company has tested these products across

a range of customers’ needs including Cable

ties; Snap and drive rivets; Fir tree clips;

Threaded spacers and Wire clips.

The Company are now developing

renewable, plant‑based plastics and even

a unique material made from unsorted

household waste for testing in FY27/28.

With the engineering sector facing a

continued skills shortage, the Committee

was pleased to support the Company’s

contribution to capability‑building

initiatives through education and hands‑on

experience. Our continued sponsorship of

the KTH Formula Student Stockholm team

equips young engineers to apply theory to

real‑world challenges, from lightweighting

and structural fasteners to high‑voltage

cabling and advanced materials. This

investment supports the people aspect of

our strategy ensuring that the engineering

talent of tomorrow enters our industry with

strong practical foundations.

Recognised on the United Nations

calendar, World Cleanup Day took place in

September, uniting millions of volunteers,

communities, and organisations across the

globe to take collective action for a cleaner,

healthier planet.

This year, TR teams across the UK, Malaysia

and Germany proudly joined the movement,

dedicating time and effort to clean up

local areas and contribute meaningfully to

environmental preservation. TR Malaysia

organised a beach clean‑up at Pantai Remis,

Selangor – a popular local destination for a

community of nearly 30,000 residents; the

TR Germany team rolled up their sleeves to

collect litter in their local community; and

the team in Lancaster, England took part in

a beach clean‑up on Morecambe Bay.

In terms of compliance, we continue

to mandate specific employee training

programmes covering modern slavery,

anti‑bribery and corruption, and

whistleblowing to reinforce our ethical

standards across the Company. In addition,

whistleblowing awareness and training

was relaunched to ensure continued

transparency and trust across the Group.

Finally, we expanded our assessment of

risks and opportunities, placing a stronger

emphasis on environmental, social and

governance factors in our strategic

planning.

Looking ahead to FY27

As we look ahead to FY27, we will

principally be focused on the delivery of the

key deliverables for our planet, people and

principles strategy to drive our sustainability

and operational goals.

Developing a carbon transition plan will be

a key priority, helping us move towards a

more sustainable future. We will continue to

expand our ISO 14001 certification to ensure

we have global coverage for environmental

management. Progress continues with

the development of a sustainable product

offering to meet evolving customer

expectations. Alongside this, we continue to

develop a sustainable supply chain strategy.

A supplier sustainability risk register has

been initiated to strengthen procurement

practices and will be further enhanced in

FY27. We will continue to review and update

our Code of Conduct policies, ensuring

they align with our Integrated Management

System (IMS).

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Responsible Business Committee report continued

Governance framework

Our governance framework is designed

to ensure effective oversight and

implementation of responsible business

practices across the Group.

The Responsible Business Committee

supports the Board in providing strategic

direction on key initiatives. The Responsible

Business Steering Committee plays a

crucial role in supporting the Committee’s

decisions and co‑ordinating efforts across

the business. The Executive Leadership

Team is integral to driving these initiatives,

ensuring alignment with our broader

business goals. Additionally, a network of

champions, with representatives from all

sites, further strengthens our governance

framework by ensuring local engagement

and accountability, helping to bring

responsible business practices to life

atevery level of the Company.

The Responsible Business Committee

met three times in FY26 to review the

progress of our ESG initiatives. These

meetings provide a platform to assess

the effectiveness of ongoing projects,

evaluate strategic decisions and align next

steps. Regular meetings of the Steering

Committee help to keep key priorities

ontrack and ensure timely adjustments.

They also allow the team to address

emerging challenges, share insights

and maintain momentum in driving our

responsible business objectives forward.

Collaboration

It is crucial for the Responsible Business

Committee to collaborate closely with

other Board Committees. Climate change

risks, safety and governance issues are

addressed by the Audit & Risk Committee;

diversity, equity and inclusion, along with

employee engagement, are overseen

by the Nomination Committee; and the

Remuneration Committee ensures that

executive compensation and incentives

are directly linked to sustainability targets.

Additionally, sustainability is a core

focus of the Company’s strategic plan,

reinforcing its importance. These examples

demonstrate that our Committee’s work is

closely integrated with other key areas of

the business, ensuring that the Company,

through this Committee, effectively

connects these vital elements of the

roadmap.

The Committee is confident that enhancing

sustainable performance not only drives

long‑term value creation but also ensures

the Company remains a responsible

business.

Read more on

our website:

Sustainability

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Dear shareholder,

I am pleased to present our report for the

year ended 31 March 2026, which outlines

how the Committee has fulfilled its key

objective of providing effective governance

over the Company’s financial reporting

during the year and highlighting the key

priorities for FY27.

Main activities of the Audit & Risk

Committee

The main activities of the Audit & Risk

Committee during the year are set out

in the table below and are in accordance

with the Committee’s Terms of Reference

which define the requisite experience and

requirements of the Committee members.

We met three times during the year,

with each Committee meeting normally

occurring prior to a Board meeting at

which an update on Committee business is

provided. The Committee meetings are held

to coincide with key financial reporting and

audit cycle dates.

We have the ability to call on employees

to assist in our work and obtain any

information required from the Executive

Directors in order to carry out our roles and

responsibilities. As Chair, I also meet with

the Chief Financial Officer, Head of Risk

and Internal Audit and other members of

the Group Finance team. We are also able

to obtain external legal or independent

professional advice if required.

The Committee considers the FY26

Annual Report as fair, balanced and

understandable, with appropriate and

required references being made throughout

the various sections.

Clive Watson

Chair of the Audit & Risk Committee

1 July 2026

The Committee has fulfilled a key

objective of providing effective

governance over the Company’s

financial reporting during the

year and highlighting the key

priorities for FY27

Clive Watson

Chair of the Audit & Risk Committee

FY26 highlights

In addition to our routine business we:

• Actively monitored progress and

preparedness for Provision 29 on

material controls, where a new

requirement to make a declaration

onthe operating effectiveness of

material controls became effective

on1 April 2026

• Reviewed ongoing transformation

across Finance, assessing impacts on

financial reporting, audit scope and

opportunities for improvement

• Continued to review the ESG

assurance roadmap, updating it where

appropriate with new regulatory

requirements and emerging areas

offocus

• Reviewed risk management

capabilities across the Company,

assessing risk appetite

Role of the Committee

The Committee is responsible for providing effective governance over the Group’s

financial reporting and making appropriate recommendations to the Board. This includes

reviewing the effectiveness of the risk management and internal control frameworks,

reviewing significant financial reporting judgements and reviewing the activities of

internal audit. The Committee is also responsible for appointing the external auditor,

approving fees and assessing audit quality and independence. Christopher Morgan acted

as Secretary to the Committee throughout FY26. Members have been selected with the

aim of providing the wide range of financial and commercial expertise necessary to fulfil

Committee responsibilities.

During 2026, the Audit and Risk Committee carried out an annual review of its

TermsofReference. Read more about the full responsibilities of the Committee at

https://www.trfastenings.com/Investors/Governance/Committees

Stakeholder engagement

• Close oversight of the implementation

of the selected material controls and

assurance framework, ensuring the

Board receives sufficient comfort to

provide its first annual declaration on

the effectiveness of material controls

as at the FY27 Statement of Financial

Position date

• Detailed review of internal controls

based on application of the four lines

of defence model, with particular

focus on fraud‑related controls and

delegation of authority

• Consider the Company’s ESG

assurance plan, ensuring that it meets

emerging regulatory requirements and

enhanced governance of ESG metrics

Audit & Risk Committee report

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Audit & Risk Committee report continued

Audit & Risk Committee meeting calendar

This sets out the matters discussed at each of our meetings during FY26.

• External audit report from RSM UK

Audit LLP

• Review of auditor independence and

non‑audit fees (including non‑audit

services policy review)

• Approval of auditor’s report

• Review of critical accounting policies

and judgements, litigation risks,

Grouptax policies and arrangements

• Review of Committee report,

agreeingrecommendations for

approvalto the Board

• Risk review on effectiveness of risk

management, TCFD and internal

controls

• Whistleblowing update

• Internal audit plan review and audit

report feedback

• Review of Committee Terms of

Reference and Committee forward

planner

• Private discussion with external auditors

• Received update on preparations

for compliance with Provision 29 by

reviewing Group’s material controls,

assurance approach and design. This

incorporated an update on the Group’s

overall risk management processes.

• Review of HY1 financial statements,

witha focus on disclosures to

judgementalissues

• Internal audit deep dive, reviewing

climate and ESG assurance and risks,

risk policy and whistleblowing matters

• Internal audit reports and audit

effectiveness reviewed and confirmed

• Approved FY26 audit timetable and

structure, including RSM audit plan

presentation

• Review of viability

• Received updates in relation

toTreasuryStrategy & Tax

• Private discussion with Head

ofInternalAudit

• Received update on preparations for

compliance with Provision 29

• Reviewed the Committee’s Terms of

Reference and agreed to recommend

approval of the updated terms to

theBoard

• Risk management update and principal

risks reviewed

• Reviewed the Responsible Business

strategic roadmap and received update

on ESG‑related assurance activity.

• Internal audit update – FY27 internal

audit plan approved; Internal Audit

Charter reviewed and review of audits

conducted

• Group tax strategy update and review

• Group treasury update and review

• Private discussion with Head of

InternalAudit

July 2025

November 2025

January 2026

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Audit & Risk Committee report continued

Audit Committee and the external audit:

minimum standard

The Company and its Audit Committee

apply the ‘minimum standard’ published

by the FRC in 2023. This Committee report

describes how and the extent to which the

Company has complied with the provisions

of the standard during FY26. There were

no shareholder requests for certain matters

to be covered in the audit during the year,

and there were no regulatory inspections

of the quality of the Company’s audit. An

explanation of the application of the Group’s

accounting policies is provided in note 1 to

the financial statements.

Financial reporting

Our principal responsibility in this area is

the review and challenge of the actions and

judgements of management in relation to

the interim and annual financial statements

before submission to the Board, paying

particular attention to:

• Critical accounting policies and practices

and relevant changes

• Decisions requiring significant

judgements or estimates or where there

is a discussion with the external auditor

• The existence of errors, adjusted or

unadjusted, resulting from the audit

• The clarity of the disclosures and

compliance with accounting standards

and relevant financial and governance

reporting requirements

• Considered and approved the process of

re‑tendering for an external auditor and

made recommendations to the Board

• An assessment of the adoption of the

going concern basis of accounting and

a review of the process and financial

modelling underpinning the Company’s

viability statement

• How the impact of climate change is

considered and reflected in the financial

statements and related assessments

• The processes surrounding the Annual

Report and financial statements with

regard to presenting a fair, balanced

and understandable assessment of the

Company’s position and prospects

Internal control and risk management

During FY26, the Committee was updated

on the work to promote the ethics and

governance including the whistleblowing

channel. This included reporting on the

whistleblowing hotline cases, compliance

training monitoring, the update of the

Company’s Code of Conduct, improvements

in supply chain audits and rolling out fraud

prevention training to ‘at‑risk’ employees.

The Committee’s work in this area is

supported by reporting from the Head of

Internal Audit and Company Secretary.

The Head of Internal Audit updates on

audit reports, her assessment of the

internal control environment, and on any

investigations being conducted into known

or suspected fraudulent or inappropriate

activities.

An ongoing area of focus for the Committee

is in relation to the strength and depth of

the Finance team’s capability, the quality

and efficiency of responses to findings

of internal audit visits, including whether

learning has been shared more widely

across the Company to mitigate the risk

of recurrence and to share good practice

and the quality of the discussions around

regional risks and progress against strategic

and transformation initiatives.

The Committee also received annual

updates on tax and treasury strategies

and monitor regular IT and technology

presentations to the Board from the Chief

Information Officer. The Committee was

also updated throughout the year on the

preparations to ensure compliance with the

UK Corporate Governance Code 2024 and

Business Continuity Planning.

Internal audit

The Committee has a responsibility to

monitor the effectiveness of the Company’s

internal audit function. The Committee

continues to recognise that this function is

in its infancy but is a critical component in

monitoring the control environment in the

Company. Throughout the year, the Head of

Internal Audit keeps the Committee Chair

abreast of her work and reviews. The results

of the audits and progress against the audit

plan are reported to the Committee, with

particular focus on high priority findings

and management responses.

In FY26, seven internal audits were

undertaken (FY25: five audits were

undertaken), with results continuing to

be largely positive and constructive to

the Company, which provides comfort

to the Committee on the overall control

environment. The internal audit has also

taken on an additional auditor resource,

located in Asia, and will support internal

audit activities both in the region and across

the Group. Private discussions between the

Committee and Head of Internal Audit are

held during the year.

The IIA Global Internal Audit Standard

(2024) was adopted as the basis for the

internal audit framework, along with the

IIA Code of Conduct, both of these being

used to establish the Internal Audit Charter,

which was considered and approved by the

Committee.

External audit

The Committee is responsible for

recommending to the Board the

appointment, re‑appointment, remuneration

(including non‑audit services) and removal

of the external auditor. When considering

whether to recommend the re‑appointment

of the external auditor, the Committee

considers a range of factors, including

the effectiveness of the external audit,

the period since the last audit tender was

conducted, and the ongoing independence

and objectivity of the external auditor.

Having appointed RSM UK Audit LLP in

November 2024, following a successful

tender process, the Committee monitored

the onboarding of the newly appointed

auditor, ensuring that the process was well

structured and balanced and provided them

with the appropriate level of information

required to perform their role effectively.

Shareholder approval will be sought for the

re‑appointment of RSM UK Audit LLP at the

AGM in September 2026.

Viability and going concern statement

The Committee is responsible for approving

the going concern assessment and viability

statement. The Company’s going concern

assessment is to provide assurance that the

Company is a going concern and capable

of funding its subsidiaries for a minimum

of 12 months from the date of signing the

accounts. The viability statement assesses

the long‑term viability of the Company over

a three‑year period.

Both assessments require consideration of:

1. The Company’s future and strategy

2. The Company’s current financial position

3. Financial projections including cash

flow forecasts, use of debt facilities and

associated covenants

4. The impact of climate‑related risks

including the Carbon Border Adjustment

Mechanism (CBAM)

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Audit & Risk Committee report continued

Viability and going concern statement

continued

These assessments rely on the outputs from

the budgets and forecasts prepared by

management.

The Committee engages in the approval of

these budgets and forecasts and challenges

management to ensure key risks and

uncertainties (including climate and ESG

risks) have been appropriately considered.

To further determine the level of downside

before the Company would be at risk of

breaching its debt covenants, management

applied reverse stress testing to our viability

case. After considering the risks and

assessments, the Board and the Committee

believe there is a reasonable expectation the

Company will be able to continue to operate

and meet its liabilities as they fall due over

the foreseeable future and it is appropriate

to continue to adopt the going concern

basis in preparing the Group financial

statements. More information concerning

the viability and going concern statements

and the TCFD reporting can be found on

pages 44 to 45 and 34 to 36 and within the

principal and emerging risks on pages 39

to43.

Recoverability of customer‑specific

inventory

The Group has bespoke customer‑specific

products for which there is a risk over

recoverability if any contractual obligations

to acquire outstanding stock are waived.

Given the size of the customer‑specific

inventory balance and the complexity

involved in estimating customers’ changes

in future demand, there is a risk that the

valuation of the inventory provision is

inappropriate.

The Committee is satisfied that sufficient

focus is given to this whole area and that

provisions made for customer‑specific

inventory are adequate.

Goodwill impairment

Goodwill in the Group Statement of

Financial Position is significant and

subject to an annual impairment test and

ongoing reviews to identify indicators of

impairment. The recoverability of goodwill

is dependent on estimating both cash flows

and appropriate discount rates to apply in

a value in use calculation. Given the size of

the goodwill balance, and the complexity

of estimating both cash flows and discount

rates, the Committee considers goodwill

impairment to be an area of material

estimation.

Hence there is a risk that the valuation of

goodwill is inappropriate. The Committee

has reviewed the projected cash flows and

discount rates used in the valuation model

and the disclosures provided in note 13 of

the financial statements. The Committee is

satisfied that the year‑end goodwill balance

is appropriately valued.

Separately disclosed items

The Board exercises judgement in

classifying items as separately disclosed,

applying quantitative and qualitative

criteria, with oversight from the Committee.

Items are considered where they are

material by size or nature, or non‑recurring.

The Board assesses whether the item is

material, outside the normal course of

business, or not expected to recur routinely.

Where these criteria are met, further

judgement is applied, including

consideration of consistency with prior

periods and the need to provide clear,

decision‑useful information.

Separate disclosure supports fair, balanced

and understandable reporting by improving

transparency over underlying performance

and highlighting material, unusual or

non‑recurring items. The Board and

Committee review performance on this

underlying basis to assess operating results.

Non‑financial reporting

The Committee continues to review ESG

and sustainability matters and reporting.

In November 2025 and January 2026, the

Committee was presented with a general

progress update around ESG assurance

activities. This provided the Committee with

an overview of this work, which is supported

by the Responsible Business Committee,

and how it will be monitored over time as

new requirements emerge.

Implementation costs of cloud

computing SaaS arrangements

During the year, an error was identified in

the accounting treatment of certain costs

incurred in implementing cloud‑based

Software‑as‑a‑Service (SaaS) arrangements,

following consideration of the April 2021

IFRIC agenda decision on configuration

and customisation costs. The costs

previously capitalised primarily related to

the Group’s ERP implementation (Microsoft

Dynamics 365) under ‘Project Atlas’.

The Committee reviewed the treatment

of this correction and in accordance with

IAS8, approved that the error be corrected

retrospectively. The IFRIC agenda decision

clarified that such costs should be expensed

unless they create a separately identifiable

intangible asset controlled by the Group.

Asthis criterion was not met, the costs

havebeen expensed.

The restatement is non‑cash and results in

a £5.4m reduction in both retained earnings

at 1 April 2024 and total assets, with prior

year comparatives restated accordingly.

In the current year, £6.0m of ERP

implementation costs have been expensed

as incurred, consistent with IAS 38 and the

IFRIC guidance. These costs, relating to

design, configuration and implementation

activities, have been recognised in the

income statement as the Group does not

control the underlying software.

Given the scale and strategic importance

of the ERP transformation, the Committee

reviewed these costs which are presented

asseparately disclosed items. The

Committee continues to monitor this

programme (‘Project Ignite’) which is

expected to complete in FY27 at an

estimated further cost of £3.2m.

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Audit & Risk Committee report continued

Internal controls and risk management

Committee activity during FY26

During the financial year, the Committee was updated

regularly on the work performed by the Head of Risk

and the Group Risk Committee, including:

• Summary reports of deep dive reviews of principal

and emerging risks

• Changes to the risk and controls framework in line

with Corporate Governance Code changes

• Three‑year plan for risk

• External review of risk management and insurance

The Group Risk Committee is made up of the Chief

Executive, Chief Financial Officer, the Company

Secretary and co‑ordinated by the Head of Risk.

TheGroup Risk Committee meet three times a year

to review the Company’s principal and emerging

risks and also discuss risk scoring, risk appetite and

mitigations, which is then reported to theAudit & Risk

Committee by the Headof Risk

A three‑year plan for risk was established, including

a timeline for using business scenario workshops, to

challenge existing controls and support development

of controls documentation, particularly with regard

to fraud‑related controls. The Committee also

established ‘controls effectiveness’ as a standing

agenda item

In response to incidents of fraud, the Group initiated

a thorough review of internal controls and took

immediate action to enhance communication and

fraud awareness across the business

The Committee also received updates on tax and

treasury strategy and risk management

Internal audit

Committee activity during FY26

Internal audit has a key role to play in protecting value

across the organisation, and its role and mandate is

reviewed annually by the Committee

The Committee reviewed and approved the Internal

Audit Charter, which includes a timetable for an

external review of internal audit effectiveness, and

theinternal audit plan, which is aligned to the financial

controls manual and the principal risks

The Committee also received reports regarding the

effectiveness of the internal audit

Internal audit plan

Committee activity during FY26

The three‑year internal audit plan is based on the

12sections of the Company’s financial controls manual

and considers the links to the principal risks in each

section. Within the three‑year plan, four assurance

audits are scheduled each financial year and additional

audits are conducted to support the business as the need

arises, particularly in relation to whistleblowing matters

The areas covered by the FY26 scheduled audits are:

• Leadership and strategy (including financial

planning, budgets, forecasts and management

charges)

• Suppliers and purchasing (including supplier

assessment and approval, product sourcing,

payments, supplier data management and review

ofPPAP effectiveness)

• Cash (including expenses, payroll, scrap/recycling,

bank accounts, covenants)

• Intercompany (including product sales, transfer

pricing, service levels and management re‑charges)

• D365 Controls Audit (business processes, customer

orders, data management, order planning and

inbound receipts)

Financial reporting

Committee activity during FY26

During the year, the Committee reviewed the integrity

of the financial statements (including the Annual

Report and Half‑year Report) and announcements

related to financial performance

The Committee advised the Board whether, in the

ARC’s view, the Annual Report taken as a whole is

fair, balanced and understandable and provides the

information necessary for shareholders to assess the

Company’s position and performance, business model

and strategy

The Committee reviewed and discussed with

management the key assumptions, judgements

and estimates as detailed in note 29 ofthe financial

statements

The Committee reviewed the appropriateness of

transactions presented in the Alternative Performance

Measures (APMs) to compare relevant results for the

period presented in the financial statements

Non‑financial reporting

Committee activity during FY26

The Committee continues to receive updates on

ESG assurance and climate‑related risks and TCFD.

The objective of these updates is to provide the

Committee with an overview of the current and

anticipated regulatory landscape, its impact on Trifast

and how the Company will meet these requirements

A three‑year ESG roadmap was approved by the

Responsible Business Committee and Board in

February 2026, and the ARC will monitor the KPI

metrics, deliverables and risk of this plan over

itsduration

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Audit & Risk Committee report continued

Auditor effectiveness

Committee activity during FY26

The Committee recognises that the

effectiveness of the external audit

depends on robust risk identification and

high‑quality planning. RSM UK Audit LLP

presented their audit plan in January

2026 setting out their risk assessment

and proposed approach

Our evaluation of audit effectiveness

considered the quality of auditor

judgement, sector knowledge, challenge

to management and the clarity of

communication. Feedback was also

obtained from management and

internal audit, alongside a review of

thelatest FRC Audit Quality Inspection

&Supervision Report

The Committee was satisfied that

RSM focused appropriately on key

risk areas and demonstrated a strong

understanding of the Group and its

operations. The hybrid audit approach

(remote and on‑site) was well managed

and efficient

The Committee held two private

meetings with the external auditor RSM

UK Audit LLP in the financial year. This

provided opportunity for open dialogue

and feedback to the Committee and the

auditor, without executive management

Matters discussed included the auditor’s

assessment of the business risks and

management activity, the quality of the

audit process, the transparency and

openness of management interactions,

confirmation that there had been no

restriction in scope placed on them by

management and how they exercised

professional scepticism and challenged

management assumptions

In addition, the Chair of the Audit & Risk

Committee maintained regular contact

with the RSM Engagement Leader

outside of formal meetings, supporting

continued oversight and responsiveness

to emerging matters throughout the

audit cycle

Based on the work undertaken and

feedback received, the Committee is

satisfied with the effectiveness and

quality of the FY26 external audit

Independence policy and non‑audit services

Committee activity during FY26

A formal policy exists which provides

guidelines on any non‑audit services

which may be provided and ensures that

the nature of the advice to be provided

cannot impair the objectivity of the

auditor’s opinion on the Group’s financial

statements

The policy makes it clear that only certain

types of services are permitted to be

carried out by the auditors. The policy

also establishes a formal authorisation

process, including either the tendering

for non‑audit services or pre‑approval by

the Committee, for allowable non‑audit

work. Where the expected cost of the

service is in excess of 70% of the average

of the statutory audit fee for the last

three years, the approval of the Audit

&Risk Committee Chair is required

The auditor confirms their independence

annually. The independence rules allow a

maximum of five years for the lead audit

partner of the Group. Ian Wall is in his

second year as RSM Group audit partner

Fees payable to RSM UK Audit LLP in

respect of audit services, as set out

in note 5 of the Annual Report, were

approved by the Committee after a

review of the level and nature of work to

be performed and after being satisfied

that the fees were appropriate for the

scope of work required

During FY26, RSM UK Audit LLP provided

no non‑audit services to theGroup

Having considered the relationship with

RSM UK Audit LLP, their qualifications,

expertise, resources and effectiveness,

the Committee concluded that they

remained independent and effective

for the purpose of FY26. As a result,

the Committee recommended to the

Board that RSM UK Audit LLP should be

re‑appointed as auditor at the next AGM

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Introduction

On behalf of the Remuneration Committee

(the ‘Committee’), I am pleased to present

the Directors’ remuneration report for the

year ended 31 March 2026. This report

sets out how we have implemented our

Directors’ Remuneration Policy (the

‘Policy’), which was last approved at the

2024 AGM, and the other key decisions

taken by the Committee in FY26.

The sections contained in this report are:

• The annual statement from the Chair

ofthe Remuneration Committee

• The annual report on remuneration

This report has been prepared by the

Committee in accordance with the relevant

legal and accounting regulations and has

been approved by the Board.

Role and activities of the Committee

The primary role of the Committee is

unchanged, which is to provide our

Executive Directors with remuneration that

motivates and aligns them with delivery of

our strategy and creates shareholder value

in a sustainable manner.

In addition, it is our duty to ensure

that the remuneration received by the

Executive Directors is proportionate to

the performance achieved and the returns

received by shareholders. The main

activities of the Committee were as follows:

• Implementation of the Policy

• Determination of the final remuneration

outcomes for FY26

• Determining the appropriate FY27 annual

bonus targets

• Oversight of the remuneration aspects of

Senior Management and wider workforce

pay and policies

• Review the Remuneration Committee’s

Terms of Reference

FY26 Company performance

The Group reported FY26 underlying EBIT

of £16.5m, reflecting continued margin

improvement from delivery of our strategic

self‑help initiatives, against a challenging

macroeconomic and geopolitical backdrop.

Revenues for FY26 declined by

approximately 7% year on year to £208.4m,

driven primarily by lower volumes and exit

of low‑margin customers.

This reflects subdued demand in a number

of markets, caused by tariff disruption

as well as ongoing weakness in the

automotivesector.

Despite this challenging backdrop, the

Group has improved gross profit margins

by a further c.170bps, to c.30%, alongside

operational improvements in both

productivity and cost efficiency. Group EBIT

margins improved to 7.9% (2025: 6.7%),

reflecting the ongoing impact of self‑help

actions, including inventory discipline and

the sale of excess and obsolete stock.

The Group’s Statement of Financial Position

remains robust with leverage remaining

below 1.0x, supported by disciplined cash

management and a continued focus on

working capital.

While the external environment remains

challenging, we are encouraged by the

Company’s strongest commercial pipeline

for two years, as customers in our focus

markets place increased emphasis on

quality of service and reliability. We remain

confident in our medium‑term prospects

and above 10% EBIT margin target driven

by the continued successful delivery of our

Recover, Rebuild, Resilience strategy.

The Committee’s focus this

year has been on implementing

the intent of our Directors’

Remuneration Policy,

approvedby shareholders

atthe 2024 AGM

Laura Whyte

Chair of the Remuneration Committee

FY26 highlights

• Continued implementation of the

Directors’ Remuneration Policy

ensuring that it continues to support

our strategy and creation of long‑term

shareholder value

• Continued engagement with wider

workforce remuneration activities

• Ensuring compliance with the revised

UK Corporate Governance Code

• Consideration of emergent market

practice and executive Remuneration

Policy guidance

Role of the Committee

To set the remuneration of the Executive Directors such that it attracts talented

individuals and is fair in rewarding progress against the Company’s strategic plan

andperformance.

During 2025, the Remuneration Committee carried out an annual review of its

Terms of Reference. Read more about the full responsibilities of the Committee at

https://www.trfastenings.com/Investors/Governance/Committees

Areas of focus for FY27

• Continued oversight of wider

workforce fair reward themes,

having consideration of global pay

transparency and any impact of the

EU Pay Transparency Directive focus

on pay for performance

• Continued simplification of the

strategic and ESG measures, which

align to our ESG roadmap and form

part of the annual bonus

• Review of remuneration advisers

through a tender process

Directors’ remuneration report

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

FY26 remuneration outcomes

Annual bonus

Given the Company’s performance set

out above, threshold performance was

not achieved against the underlying profit

before tax target. In line with the Policy, the

Committee was unable to consider payment

of any bonus from the average working

capital % and strategic and operational

elements as threshold performance was not

met for the profit‑based measure. Therefore,

no FY26 annual bonus is payable to the

Executive Directors and the Committee

noted that the outcome reflected underlying

Company performance.

Long‑Term Incentive Plan (LTIP)

Vesting

Iain Percival and Kate Ferguson (before she

was appointed onto the Board) were granted

a FY24 LTIP award on 28November2023,

the performance period of which ended on

31 March 2026. The award was assessed

against relative TSR (75% weighting) and

underlying operating margin (UOM) (25%

weighting) targets.

Trifast’s performance was below the

threshold level for each of these, which

resulted in nil vesting. The Committee noted

that the FY24 LTIP vesting outcome was

aligned with Company performance as well

as shareholders’ experience.

Full details of Trifast’s performance against

the FY24 LTIP targets is provided on

page76.

As set out in last year’s remuneration

report, Iain Percival and Kate Ferguson were

granted awards under the FY25 LTIP. The

Committee notes that as at 31 March 2026,

the awards had not achieved the minimum

share price vesting hurdle of 90p.

Grant of awards

Given the one‑off nature of the option

awards granted to the Executive Directors

in FY25, no LTIP awards were granted to the

Executive Directors during FY26.

Overall

The Committee is comfortable that the

Policy operated as intended and that the

overall FY26 remuneration paid to Executive

Directors was appropriate. Therefore, the

Committee did not exercise any discretion.

Wider workforce considerations

In terms of the wider workforce, and to

reflect the need to ensure our rates of

pay keep track with inflation, an average

increase of 3% will be applied in the UK

from 1 July 2026. In line with the Executive

Directors, as a result of missing the Group

underlying profit before tax threshold,

no annual bonus was payable to eligible

employees for FY26.

The current focus in relation to

engagement has continued to centre

around communicating regularly with our

employees and conducting employee

surveys. Our surveys focus on our culture

and the wellbeing of employees.

We have continued to engage with our

workforce to get open and engaging

feedback. The engagement survey

results were presented to the Nomination

Committee to ensure the Non‑Executive

Directors get a true and direct view on

key topics across the Company. As set

out in last year’s report, we refreshed the

engagement process to ensure we took

a structured approach to gain insights

into leadership, capacity, communication,

work/life balance and the culture within

the business. We are keen as a wider Board

to ensure that our values continue to be

truly brought to life in how we support our

colleagues and operate as a business.

This approach has helped us measure

the adoption of the values in daily

working. Read more about our employee

engagement on page 22.

We also continue to be committed to creating

an inclusive working environment and to

rewarding all our employees in a fair manner

and believe they should be able to share in the

success of the Company. We are proud that we

have bonus schemes covering a significant

number of our employees. In addition, we

operate a Save As You Earn (SAYE) share

plan, which is open to all UK employees.

Implementation of Policy for FY27

We set out the proposed implementation of

the Policy for FY27 below:

Salary

The Committee has determined that, in line

with the wider UK workforce, the CEO and

CFO will receive a 3% increase in base salary

for F Y27.

Pension

The pension contribution for FY27 for the

CEO and CFO will continue to be 5% of

salary, in line with the rate available to the

majority of the workforce.

Annual bonus

The Committee determined the maximum

annual bonus opportunity at 150% of

salary for the CEO and the CFO. In line

with standard market practice, the Policy

provides the Committee with the flexibility

to determine the appropriate bonus

measures, weightings and targets each

year. The performance measures for the

FY27 annual bonus will be 60% based on

underlying profit before tax (UPBT) targets,

20% on average working capital percentage

targets and 20% based on strategic and

operational targets, which will be linked to

the execution of the transformation plan and

include specific sustainability objectives.

Additionally, no bonus payment can be

made unless threshold UPBT performance

has been achieved. Performance targets

set by the Committee will be challenging

but with an appropriate probability of

payout and disclosed in detail in next year’s

remuneration report. In line with the Policy,

50% of any bonus payable will be deferred

into shares for three years.

LTIP

As noted above, given the one‑off nature of

the option awards granted to the Executive

Directors in FY25, there will be no LTIP

awards granted to the Executive Directors

in FY27.

Non‑Executive Chair and Director fees

In line with the approach for the Executive

Directors and wider UK workforce, there will

be a 3% increase to Non‑Executive Chair

and Non‑Executive Director fees for FY27.

Conclusion

The Committee is comfortable that the

operation of the Policy in FY26 was in line

with the best interests of the Group and will

incentivise those who are critical in driving

the long‑term value for shareholders. We

look forward to your support at the AGM.

Finally, I would like to recognise the

contribution of all colleagues this year.

Theirefforts have been instrumental in

positioning the Group for future growth.

Iam extremely grateful for their hard work.

Laura Whyte

Chair of the Remuneration Committee

1 July 2026

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration

This section of the remuneration report

contains details as to how the Policy was

implemented during FY26 and also covers

how it will be operated in FY27. In the

first part of this report, we have also set

out information with regard to our wider

workforce and pay fairness.

Pay at Trifast

To attract and retain high‑calibre

individuals, we aspire to become an

employer of choice within our sector,

maintaining a competitive reward package

that balances fairness to our colleagues

as well as responsible use of shareholders’

funds. Our pay principles are as follows:

• Support the recruitment and retention

ofhigh‑quality colleagues

• Enable us to recognise and reward

colleagues appropriate to their contribution

and achievement of objectives

• Help to ensure that decisions on pay are

managed in a fair, just and transparent way

• Create a direct alignment between our

company culture and our reward strategy

Through the application of these principles,

the Company has continued to attract

industry specialists with global experience

at senior levels.

Summary of the Directors’

RemunerationPolicy

The current Directors’ Remuneration Policy

was approved by shareholders at the AGM

on 10 September 2024. A copy of the full

Remuneration Policy can be found in the

Company’s 2024 Annual Report and Accounts

on pages 131 to 146. It can be found on the

Company website at www. trifast.com.

Thekey elements from the Directors’

Remuneration Policy, and how it will be

implemented for FY27, are summarised in

the adjacent table. The Committee does not

intend to deviate from the Policy in FY27.

Element Policy summary Implementation for FY27

Base salary Base salary is reviewed annually by the Committee and determined

on 1 July each year. The Committee will target median salaries within

FTSE SmallCap Index companies. Salary increases for Executive

Directors will not normally exceed the average increase which applies

across the wider Trifast UK employee population

Larger increases may be awarded in certain circumstances, including

where strategic imperatives have progressed, a material change in

the role and responsibilities and when an Executive Director has been

appointed either internally or externally at below the market level to

reflect experience

The Committee also considers the impact of any base salary increase

on the total remuneration package

The Committee has determined that the CEO and CFO will

receive an increase in base salary of 3% for FY27, in line with

the increase for the wider UKworkforce

Iain Percival – £422,300

Kate Ferguson – £285,053

Pension and

benefits

Executive Directors will receive a pension contribution, in line with the

rate available to the majority of the workforce

The Company will provide market‑competitive benefits to

ExecutiveDirectors and reimburse any necessary and reasonable

business expenses

The pension contribution for FY27 for the CEO and CFO will

be 5% of salary, in line with the rate available to the majority

of the workforce

No change to benefit provision

Annual bonus Maximum opportunity of 150% of salary. 50% of any bonus earned will

be paid in shares deferred for three years

Performance measures, weightings and targets will be set by the

Committee each year

Payout for threshold performance at 25% of maximum, and payout

foron‑target performance at 50% of maximum

Malus and clawback provisions apply. Dividend equivalents may

bepayable on deferred shares

The Committee has overriding discretion to change the formulaic

outcome (both downwards and upwards) if it is out of line with

underlying performance of the Company

The Committee awarded a FY27 bonus with a maximum

opportunity of 150% of salary tothe CEO and the CFO

The Committee determined that the performance measures

and weightings will be asfollows:

• 60% based on underlying profit before tax (UPBT)

targets

• 20% based on average working capital % targets

• 20% based on strategic and operational targets based

on the execution of the transformational plan, and

include specific sustainability objectives

• No bonus payment can be made under the average

working capital % element orthe strategic and

operational element unless threshold UPBT performance

has beenachieved

Targets are deemed commercially sensitive and will be

disclosed in the FY27 AnnualReport

In line with the Policy, payout for threshold performance

is25% of maximum, and payout for on‑target performance

is 50% of maximum

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Element Policy summary Implementation for FY27

FY25 LTIP One‑off grant of a fixed number of market‑priced options, where the exercise price is set equal

to Trifast’s share price shortly before the date of grant. These awards were granted on 10

September2024 and will be the only long‑term incentive award granted to the Executive Directors

over the three‑year Policy period

The options will vest when share price hurdles have been met during a five‑year period beginning

on the date of grant

The CEO and CFO will have a maximum award of market‑priced options which is equivalent to 2.2%

and 1.3% of the issued share capital (ISC) respectively

Any options that have met a share price hurdle, although vested, will be subject to a continued

employment condition

A performance underpin will apply to the awards such that the Committee will be required to assess

underlying corporate performance ahead of the exercise of any options

Options will become exercisable as follows:

• Options that vest before the third anniversary of grant: One‑third of these vested options will

become exercisable on the third, fourth and fifth anniversary of grant

• Any further options that vest between the third and fourth anniversary of grant: Half of these

vested options will become exercisable on the fourth and fifth anniversary of grant

• Any further options that vest between the fourth and fifth anniversary of grant: These vested

options will become exercisable on the fifth anniversary of grant

A holding period will apply such that the executives cannot sell any shares until the fifth anniversary

of grant, albeit they will be able to sell shares to cover any tax falling due on exercise

Malus and clawback provisions apply

Overriding discretion in line with annual bonus

Given the one‑off nature of the option awards granted to the Executive Directors in

FY25, there will be no LTIP awards granted to the Executive Directors in FY27

Minimum

shareholding

requirements

Shareholding requirement of 250% of salary over five years from Policy adoption while in

employment. Additionally, there is a requirement to continue to hold shares equivalent to the

minimum of actual shareholding on cessation of employment and the in‑employment shareholding

requirement for a period of two years following termination of employment

The shareholding requirement in FY27 will be 250% of salary

Post‑employment shareholding requirement will also apply where applicable

Non‑Executive

Director fees

It is anticipated that increases to Chair and NED fee levels will typically be in line with market levels

of fee inflation and the increase awarded to the wider Trifast UK employee population. Larger

increases above this may be awarded in certain circumstances, for example a material change in

the time commitment or responsibilities of the Non‑Executive Director. Additional fees may be

payable in instances where work performed is outside of the scope of the individual’s role and

responsibilities

The Company targets FTSE SmallCap median fees

In line with the approach for the Executive Directors and the wider UK workforce,

there will be an increase to Non‑Executive Director fees of 3% for FY27

• Chair: £142,526

• NED: £47,509

• SID: £6,000

• Committee Chair: £8,000

• Committee membership: £5,000

Executive Directors are also entitled to participate in the Company’s all employee share plan (SAYE) operated in the UK

Annual report on remuneration continued

Summary of the Directors’ RemunerationPolicy continued

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration continued

Linking our Remuneration Policy with our business strategy

Our Policy has been designed to align with the Group’s strategy. Below we have set out how each performance measure within our incentive structure links back to our key objectives.

Note: Given the one‑off nature of the option awards granted to the Executive Directors in FY25, there will be no LTIP awards granted to the Executive Directors in FY27.

Our key objectives

Margin

management

Focused

growth

Operational

efficiency

Organisational

effectiveness

Read more on page 8 Read more on page 8 Read more on page 9 Read more on page 9

KPIs

Margin

management

Focused

growth

Organisational

effectiveness

Operational

efficiency

Underlying profit before

tax(%)

Working capital as a

percentage of revenue (%)

Underlying ROCE (%)

e reduction

Lost time incident rate

Employee engagement

Underlying PBT

Link to strategy, focused on:

• Margin management

• Focused growth

Average working capital %

Link to strategy, focused on:

• Margin management

• Operational efficiency

Strategic/operational

Link to strategy, focused on:

• People, culture and safety

• Sustainability

• Innovation

• Technology

• Commercial excellence

Share price hurdles

Link to strategy, focused on:

• Shareholder value

• Focus on performance

Shareholding guidelines

Link to strategy, focused on:

• Shareholder value

Corporate performance underpin

Link to strategy, focused on:

• Margin management

• Operational efficiency

• Organic growth

Margin management Focused growth

Organisational effectiveness Operational efficiency

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration continued

How the Committee is informed on wider workforce pay

To build the Remuneration Committee’s understanding of reward arrangements applicable to the wider workforce, the Committee is provided with data on the remuneration structure

for management‑level tiers below the Executive Directors and pay outcomes for these roles. The Committee has developed a process whereby it will be provided with feedback from

the Company’s various engagement tools, such that it has access to further context in making decisions on future pay outcomes. This information is combined with the insights the

Committee gains during site visits led by Laura Whyte, who is the Designated Non‑Executive Director for employee engagement. The Committee uses this information to ensure

consistency and fairness of approach throughout the Company in relation to remuneration.

Alignment between wider workforce pay and Directors’ Remuneration Policy

Trifast aims to provide a remuneration package for all employees which is market competitive and operates a similar structure as for the Executive Directors. The Company’s remuneration

philosophy for all employees from the Executive Directors downwards is that they should have a meaningful element of performance‑based pay. For Executive Directors, the FY25 LTIP

and 50% of the annual bonus is provided in shares to ensure a focus on long‑term sustainable value creation and to align their experience with that of shareholders. The Company’s FY25

LTIP extends to the Executive Leadership Team and the majority of the wider workforce participates in a performance‑based discretionary bonus. The Company also has a Save As You

Earn scheme (SAYE) for all UK employees in order to increase levels of share ownership throughout the Company and allow employees to share in its success.

The table below illustrates the cascade of our reward structure from Executive Directors to the wider employee population.

Fixed

remuneration

Annual bonus

– cash

Annual bonus

– deferral

FY25

LTIP

UK employee

share scheme

(SAYE)

Executive Directors Y Y Y Y Y

Executive Leadership Team Y Y N Y Y

Senior Management Y Y N N Y

Wider workforce Y Y N N Y

The Committee is satisfied that the approach to remuneration across the Company is consistent with the Company’s principles of remuneration. In the Committee’s opinion, the approach

to executive remuneration aligns with the wider Company pay policy and there are no anomalies specific to the Executive Directors.

CEO pay ratio

The table below sets out the ratios of the CEO single total figure of remuneration to the equivalent pay for the lower quartile, median and upper quartile of UK employees.

Pay ratio

Year Method 25th percentile 50th percentile 75th percentile

FY26 Option C 15:1 14:1 9:1

FY25 Option A 29:1 24:1 15:1

FY24 Option A 15:1 13:1 8:1

FY23 Option A 19:1 15:1 10:1

FY22 Option A 24:1 19:1 13:1

FY21 Option A 17:1 14:1 9:1

FY20 Option A 18:1 14:1 10:1

The CEO remuneration figure is as shown in the single total figure for Executive Directors’ remuneration table on page 75. The remuneration figures for the employee at each quartile

were determined as at 31 March 2026. Each employee’s pay and benefits were calculated using each element of employee remuneration, consistent with the CEO, on a full‑time equivalent

basis. No adjustments (other than to achieve full‑time equivalent rates through simple proration) were made and no components of pay, except SAYE awards consistent with FY25, have

been omitted.

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on

remuneration

continued

CEO pay ratio continued

Bonus payments included in total pay and

benefits for below Board employees are

those paid in the year to 31 March 2026

rather than those earned in the same period.

The salary and total pay and benefits for the

employee at each of the 25th, 50th and 75th

percentiles are as shown in the table below:

Pay data

Base

salary

£000

Total pay

and benefits

£000

CEO 408 450

Employee at

25th percentile 27 29

Employee at

50th percentile 31 33

Employee at

75th percentile 47 51

For FY26, we have chosen methodology

Option C for the calculation to identify

the three UK employees at each of the

quartiles as at 31 March 2026. In line with

the regulations, all employees across our

four subsidiaries were considered in the

calculation. We identified the three UK

employees at each quartile by comparing

annual salary data already held by the

Company, as at 31 March 2026. Once

we identified each employee, we then

calculated their total pay and benefits in

line with the methodology set out on page

71. Option C ensures that the employees

identified at each quartile are representative

of the current UK workforce, providing

a meaningful basis for the pay ratio

disclosure.

The ratios will be used as part of the

Committee’s remuneration decision‑making

process regarding broader employee pay

policies as well as remuneration policies for

the Executive Directors.

The ratios reflect the difference

in remuneration arrangements as

responsibility increases for more senior

roleswithin the Company. There may

therefore be significant volatility in this

ratio, caused by the following:

• Our CEO pay is made up of a higher

proportion of incentive pay than that

of our employees, in line with the

expectations of our shareholders, which

introduces a higher degree of variability

in their pay each year versus that of our

employees

• The FY26 CEO pay ratios at the 25th,

50th and 75th percentiles are lower

than the equivalent FY25 ratios. This is

primarily a reflection of the decrease in

the CEO’s single figure of remuneration

due to the lower annual bonus earned in

FY26. The Committee is comfortable that

the median ratio is consistent with the

Company’s pay and progression policies

• A significant proportion of our CEO’s

pay is provided in shares, and their value

reflects the movement in share price over

the period prior to vesting. This can add

significant volatility to the CEO’s pay

and may be reflected in the ratio if the

Company meets the respective targets

How executive remuneration is

communicated with stakeholders,

shareholders and employees

As part of our last Policy review, the

Committee had extensive dialogue with

investors. With neither a new Policy nor any

significant matters to consider this year, the

Committee has not felt the need to actively

consult on remuneration, but it continues

to keep in mind the views expressed by

investors in previous discussions. Please

see details of our engagement with

shareholders during FY26 in the section

onstakeholder engagement on page 12

andthe Chair’s introduction to governance

on page 46.

As outlined, the Company and the Board

seek to engage with employees utilising

a number of communication channels.

Inthe engagement process, remuneration

is covered as a specific topic and is a

primary focus when the Non‑Executive

Directors engage with employees on site.

Employees are asked about their own

remuneration, overall reward package and

how they view other engagement topics

such as communication, work‑life balance

and culture. The feedback on remuneration

is reviewed by the Committee to ensure

that we have a watching brief on fairness

and transparency on the overarching

reward strategy. See page 22 for further

information on employee engagement.

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration continued

Performance and pay

Total shareholder return

The graph below sets out the total shareholder return performance of the Company compared to the FTSE All‑Share Industrial Engineering Index, FTSE SmallCap Index and FTSE All‑Share

Index over a ten‑year period from 31 March 2016. The Remuneration Committee believes it is appropriate to monitor the Company’s performance against these indices as they best reflect

the Company’s peer group and industrial sectors.

Ten‑year TSR graph

2016

250

200

150

100

TSR rebased to 100 on 31 March 2016

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Trifast FTSE All-Share Industrial Engineering Index FTSE SmallCap Index FTSE All-Share Index

The table below shows the single figure of remuneration and levels of bonus and equity payouts for the Group CEO during the past ten years:

Financial year

Total single

figure of

remuneration

£000

Annual bonus

payout against

maximum

Equity award

payout against

maximum

2026 450 0% 0%

2025 756 52.3% 0%

2024 432

0% 0%

2023 445

0% 0%

2022 505 23.7% 0%

2021 366 n/a 0%

2020 383 0% 0%

2019 367 0% n/a

2018 629 70% n/a

2017 811 100% 100%

1. Includes a full year of CEO remuneration; including remuneration paid to Scott Mac Meekin (interim CEO) from 1 April 2023 to 19 September 2023 and remuneration for Iain Percival from 20 September 2023 to 31 March 2024

2. Includes a full year of CEO remuneration; including remuneration paid to Mark Belton from 1 April 2022 to 18 February 2023 and remuneration for Scott Mac Meekin (interim CEO) from 20 February 2023 to 31 March 2023

3. This is the vesting of the deferred equity awards under a previous policy

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration continued

Percentage change in Directors’ remuneration compared to employees

The table below compares the percentage increase in each Director’s pay with the average pay of the Company’s colleagues in the listed entity where possible (see note 7 for details) on

afull‑time equivalent basis. Please note that given the significant changes in Board roles over the period covered by the table, there are a number of significant increases/decreases as a

result ofthis, which are fully explained in the notes below. It should be noted that percentage change is calculated on actual pay received in the year rather than annual salary and benefits.

% change from FY25 to FY26 % change from FY24 to FY25 % change from FY23 to FY24 % change from FY22 to FY23 % change from FY21 to FY22

Salary/

fees

Taxable

benefits

Annual

bonus

Salary/

fees

Taxable

benefits

Annual

bonus

Salary/

fees

Taxable

benefits

Annual

bonus

Salary/

fees

Taxable

benefits

Annual

bonus

Salary/

fees

Taxable

benefits

Annual

bonus

Iain Percival (CEO)

1.9% 0.5% (100.0)% 88.7% 100.0% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Kate Ferguson (CFO)

76.3% 113% (100.0)% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Serena Lang

(NED and Chair)

1.9% n/a n/a 55.2% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Clive Watson

(Senior Independent NED) 1.3% n/a n/a 0.0% n/a n/a 0.0% n/a n/a 3.2% n/a n/a 55.0% n/a n/a

Louis Eperjesi (NED)

1.5% n/a n/a 0.0% n/a n/a 346.2% n/a n/a n/a n/a n/a n/a n/a n/a

Laura Whyte (NED)

1.5% n/a n/a 1,833.3% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Nicholas Mills (NED)

1.9% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Average employee

4.5% 11.3% n/a (33.0)% (10.1)% n/a 12.0% 22.2% (98.3)% 17.9% 35.0% 396.5% (5.6)% 12.0% (39.5)%

1. Iain Percival was appointed CEO on 20 September 2023

2. Kate Ferguson was appointed to the Board as the CFO on a permanent basis on 10 September 2024

3. Serena Lang was appointed to the Board on 10 August 2023 and was then appointed as Chair on 14 September 2023

4. Louis Eperjesi was appointed to the Board on 3 January 2023

5. Laura Whyte was appointed to the Board on 11 March 2024

6. Nicholas Mills was appointed to the Board on 20 October 2023 and waived his fee until 1 April 2024

7. In line with the regulations, the average employee percentage changes for FY25 and FY26 include only employees of Trifast Overseas Holdings Ltd (“TOSH”), excluding Directors (69 employees as at 31 March 2026). Prior to

FY25, the average employee percentage changes included only employees of Trifast plc (30 employees as at 31 March 2024). However, on 1 April 2024, all Trifast plc employees transferred to TOSH along with employees in

central services, and Trifast plc no longer has any employees. For TOSH employees, the annual bonus percentage change has been calculated by reference to bonuses paid during the year rather than those earned in respect

of the same period; given that current TOSH employees did not receive any bonus in FY25, this figure is shown as ‘n/a’ for FY26

8. Annual bonus increase is n/a due to Executive Directors not receiving a bonus or not being in office at the start or end of the period

Relative importance of spend on pay

The following table shows the relative spend on pay during the past two financial years when compared to other disbursements from profit:

Year to

31 March

2026

Year to

31 March

2025 Change

Dividend distributions £2.43m £2.43m 0.0%

Group spend on pay (including Directors) £37.74m £41.84m (9.8)%

Other pay £6.81m £6.72m 1.3%

Total remuneration

£44.55m £48.56m (8.5)%

1. Total remuneration excludes IFRS 2 share‑based payments charge of £1.2m (FY25: £0.4m). Including this, total remuneration would be £45.8m (FY25: £49.0m)

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration continued

Remuneration justification

The Committee is comfortable that the internal and external pay relativity reference points set out provide justification that the remuneration arrangements for Executive Directors are

appropriate and illustrate the suitability of the changes which were made to the Policy at the 2024 AGM.

The following section, until page 78, is auditable.

Executive Director remuneration for the year ended 31 March 2026

Executive Director single figure of remuneration

Annual bonus

Salary/fees

£000

Taxable

benefits

£000

Cash

£000

LTIP

£000

Pensions

£000

Other

£000

Total

£000

Total

fixed

£000

Total

variable

£000

Iain Percival 407 22 — — — 20 — 449 449 —

Prior year 400 22 157 157 — 20 — 756 442 314

Kate Ferguson

275 15 — — — 14 — 304 304 —

Prior year 156 7 61 61 — 8 — 293 171 122

Totals 683 37 — — — 34 — 753 753 —

Prior year totals 556 29 218 218 — 28 — 1,049 613 436

1. Kate Ferguson was appointed to the role of interim CFO on 22 February 2024 and was appointed to the Board as the CFO on a permanent basis on 10 September 2024. Her remuneration for FY25 represents the portion paid

in respect of her time on the Board

2. Taxable benefits included the cost of providing a company car (or car allowance), private medical insurance and critical illness cover. Upon reconciliation, it was identified that Kate Ferguson had not received her full car

allowance entitlement during FY25 and FY26. The taxable benefits figures reported for those years reflect only the car allowance actually received in each period. A backdated payment in respect of the outstanding car

allowance will be made inFY27, and Kate’s FY27 taxable benefits will be uplifted accordingly to reflect this additional amount

3. No annual bonus was earned for FY26. For FY25, the bonus paid out at 52.3% of maximum. The portion of the bonus paid in shares is deferred for three years. For the CFO, the FY25 bonus figure has been pro‑rated to reflect

the proportion of time that Kate Ferguson has served on the Board. See the FY25 Annual Report for additional details in relation to the FY25 annual bonus element of remuneration

4. The performance period of the FY24 LTIP award granted on 28 November 2023 ended on 31 March 2026. Neither of the performance conditions attached to this award were met and therefore its value (£nil) is included in the

LTIP column for FY26. See additional details on the performance outcomes of the FY24 LTIP below on page 76

5. Iain Percival and Kate Ferguson were members of the Company’s non‑contributory pension plan in FY26. This is an HMRC‑approved defined contribution scheme. The rate of Company contribution to this scheme is 5% of

base salary. The Executive Directors are also provided with the option to take pension payments in the form of a cash allowance, after a deduction for Employer’s National Insurance. In FY26, Iain Percival chose to take a

proportion of his pension as a cash allowance. No Executive Directors participate in a defined benefit scheme

(i) Annual bonus for year ended 31 March 2026

Iain Percival and Kate Ferguson had a maximum annual bonus opportunity of 150% of salary. The annual bonus measures were based 60% on underlying profit before tax targets,

20%onaverage working capital percentage targets and 20% on strategic/operational targets based on the execution of the transformational plan and also included specific

sustainabilityobjectives.

The underlying profit before tax threshold level of performance was not achieved; therefore, in line with policy, no payment could be made under the average working capital percentage

and strategic and operational elements. As a result, the annual bonus outcome for both the CEO and CFO for the year ended 31 March 2026 was nil. The table below provides information

on the targets for each measure, actual performance and resulting bonus payments.

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration continued

Executive Director remuneration for the year ended 31 March 2026 continued

(i) Annual bonus for year ended 31 March 2026 continued

Performance required Actual performance Iain Percival Kate Ferguson

Measure Weighting Threshold On target Maximum Actual

% of element

payable

Achievement

as % salary

Bonus value

£000

Achievement

as % salary

Bonus value

£000

Underlying profit before tax 60% £14.0m £15.6m £ 17. 2m £12.3m nil nil nil nil nil

Average working capital percentage 20% n/a n/a 37. 2 % 42.2% nil nil nil nil nil

Strategic/operational targets 20%

Objectives based on

strategic/operational See below n/a nil nil nil nil nil

Total bonus achieved in FY26 nil nil nil nil

FY26 annual bonus outcomes: strategic/operational objectives

Given that the threshold target under the underlying profit before tax measure was not achieved, the payout from the strategic and operational measures is also automatically set at nil,

such that the Remuneration Committee was not required to test the achievement of these targets for FY26.

Overall, there is no FY26 annual bonus payable for the CEO and CFO, which the Committee noted was in line with the underlying performance of the Company.

(ii) LTIP performance for the year ended 31 March 2026

Iain Percival and Kate Ferguson (prior to her appointment to the Board) were granted a FY24 LTIP award on 28 November 2023. The three‑year performance period for these awards

ended on 31 March 2026 and they were granted subject to theachievement of certain relative TSR (75% weighting) and underlying operating margin (UOM) (25% weighting) performance

targets. We set out the targets and outcomes in the table below:

UOM in FY26

(25% weighting)

TSR

vs FTSE All‑Share

(75% weighting)

Trifast UOM

UOM required

for 25%

vesting

UOM required

for 50%

vesting

UOM required

for 75%

vesting

UOM required

for 100%

vesting Vesting

Trifast

TSR

Index TSR

required for

25% vesting

Index TSR + 8%

p.a. required for

100% vesting Vesting

Overall

vesting

7.9% 8.2% 9.1% 10.0% 11.0% nil% 5.6% 45.5% 69.5% nil% nil%

1. TSR for Trifast and the FTSE All Share Index was measured using a three‑month average prior to the start and the end of the three‑year performance period

No FY24 LTIP awards will vest on 28 November 2026 based on the assessment of the performance conditions and there is no vesting amount attributable to share price appreciation.

TheCommittee acknowledged that the FY24 LTIP outcome was aligned with Company performance as well as shareholders’ experience and hence no discretion was exercised.

The Committee is comfortable that the current Policy operated as intended.

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration continued

Executive Director remuneration for the year ended 31 March 2026 continued

(iii) Deferred bonus awards granted in the year ended 31 March 2026

The table below sets out the deferred bonus awards in respect of 50% of the FY25 bonuses that were granted to the Executive Directors on 18 August 2025. The awards will vest after

three years and are not subject to performance conditions.

Date of grant

Number of

awards granted

during the year

Face value

of award

Vesting

period

Iain Percival 18 August 2025 201,937 £156,945 3 years

Kate Ferguson 18 August 2025 128,088 £99,550 3 years

1. The face value of award is calculated as the number of shares multiplied by the average share price over the one‑week period prior to the grant date of £0.7772

(iv) LTIP awards granted in the year ended 31 March 2026

Given the one‑off nature of the option awards granted to the Executive Directors in FY25, no LTIP awards were granted to the Executive Directors in FY26.

Non‑Executive Director single figure of remuneration

Base fee

£000

Chairing of

Audit & Risk,

Remuneration

or Responsible

Business

Committee

£000

Committee

membership

£000

Senior

Independent

Director

£000

Total

£000

Clive Watson 46 8 5 6 65

Prior year 45 8 5 6 64

Louis Eperjesi 46 8 5 — 59

Prior year 45 8 5 — 58

Serena Lang 138 n/a n/a n/a 138

Prior year 135 n/a n/a n/a 135

Laura Whyte 46 8 5 — 59

Prior year 45 8 5 — 58

Nicholas Mills 46 — — — 46

Prior year 45 n/a n/a n/a 45

Totals 322 24 15 6 367

Prior year totals 315 24 15 6 360

Payments to past Directors

As set out in the FY24 remuneration report, Darren Hayes‑Powell’s in‑flight FY24 LTIP awards were pro‑rated for time served during the vesting period and their vesting was subject

to the achievement of the attaching performance targets. As set out on page 76, none of the FY24 LTIP awards will vest and Darren’s awards will lapse in full on 28 November 2026.

Therefore, there were no payments to past Directors in FY26.

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration continued

Payment for loss of office

There were no payments for loss of office to Directors in FY26.

Statement of Directors’ shareholdings

In‑employment

shareholding

requirement

Current

beneficial

holding

Vested but

unexercised

options

LTIP awards

subject to

performance

conditions

(in form

of options)

Deferred

bonus awards

not subject to

performance

conditions

(in form

of options)

SAYE

options

Total of all

interests on

31 March

2026

Current shares

which count

towards

in‑employment

shareholding

requirements

In‑employment

shareholding

requirement

met?

Executive Directors

Iain Percival 1,525,298 521,031 — 2,994,522 201,937 — 3,7 17,490 628,058 no

Kate Ferguson 1,029,576 12,774 — 1,769,490 128,088 — 1,910,352 80,661 no

Non‑Executive Directors

Clive Watson n/a 116,478 n/a n/a n/a n/a 116,478 n/a n/a

Louis Eperjesi n/a 13,000 n/a n/a n/a n/a 13,000 n/a n/a

Laura Whyte n/a 30,500 n/a n/a n/a n/a 30,500 n/a n/a

Nicholas Mills n/a 40,000 n/a n/a n/a n/a 40,000 n/a n/a

Serena Lang n/a 133,248 n/a n/a n/a n/a 133,248 n/a n/a

1. Under the Policy, there is a 250% of salary in‑employment shareholding requirement for Executive Directors. This is to be built up over five years from 10 September 2024, the date the Policy was approved by shareholders,

orthe date of joining/promotion if later. The number of shares shown is based on the 31 March 2026 share price of £0.672

2. Total of current beneficial holding and SAYE options, plus vested but unexercised options and deferred bonus awards (on a net‑of‑tax basis)

3. No Executive Director exercised an option during the year

4. Does not include FY24 LTIP awards which have not met the performance targets. Full details of the performance targets for the FY25 LTIP awards can be found in the Company’s 2025 Annual Report and Accounts

Between 31 March 2026 and 1 July 2026, Iain Percival’s shareholding increased to 525,652 and Clive Watson’s increased to 117,451, as a result of both participating in the Company’s

Dividend Reinvestment Plan. There were no further movements in the Directors’ shareholdings from those disclosed in the table above between these dates.

Service contracts for Executive Directors

The service contracts for Iain Percival and Kate Ferguson are not fixed term. The service contracts are terminable by either the Company or the Directors on the following bases:

Notice period Date of signing

Iain Percival 12 months 12 September 2023

Kate Ferguson 12 months 9 September 2024

The Directors’ contracts are kept and can be viewed at the Company’s registered office. Executive Directors are subject to annual re‑election at the Company’s Annual General Meeting.

Although signing contracts prior to the appointment, Iain Percival was appointed as Chief Executive Officer on 20 September 2023 and Kate Ferguson was appointed as Chief Financial

Officer on 10 September 2024.

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration continued

Non‑Executive Directors’ letters of appointment

The Non‑Executive Directors do not have service contracts but are appointed under letters of appointment. Clive Watson was appointed on 30 July 2020, Louis Eperjesi was appointed

on 3 January 2023, Serena Lang was appointed on 10 August 2023, Nicholas Mills was appointed 20 October 2023 and Laura Whyte was appointed on 11 March 2024. All Non‑Executive

Directors are subject to annual re‑election at the Company’s AGM.

The table below sets out the date that each Non‑Executive Director signed their current letter of appointment and the notice period by which their appointment may be terminated early

by either party. For new appointments, the notice period is three months and in line with the existing Non‑Executive Directors’ arrangements, set out in the 2014 Directors’ Remuneration

Policy, this will be extended to 12 months on a change of control. The Directors’ letters of appointment are kept and can be viewed at the Company’s registered office.

Notice period Date of signing

Clive Watson 3 months 20 April 2020

Louis Eperjesi 3 months 22 November 2022

Serena Lang 3 months 7 August 2023

Nicholas Mills 3 months 16 October 2023

Laura Whyte 3 months 11 March 2024

Functioning of Remuneration Committee

The role of the Committee is to ensure that the remuneration arrangements for Executive Directors provide them with the motivation to deliver our strategy and create shareholder

value in a sustainable manner. In addition, it is our task to ensure that the remuneration received by the Executive Directors is proportionate to the performance achieved and the returns

received by you as shareholders.

The Committee is composed entirely of Non‑Executive Directors. Members have no day‑to‑day involvement in the running of the business. No Executive Director sits on the Committee.

The Remuneration Committee is formally constituted with written Terms of Reference. A copy of the Terms of Reference is available to shareholders on the website

https://www.trfastenings.com/Investors/Governance/Committees or by writing to the Company Secretary, whose details are set out on page 153 of this publication.

Alongside conference calls and meetings with advisers, the Committee had four formal meetings during the year. Clive Watson was unable to attend the meeting held in May 2025 due to

personal circumstances; however, all other Committee meetings were fully attended by members in appointment at the time of the meeting. The key activities the Committee undertook

during the year can be seen on page 66.

On most occasions, the CEO and CFO were invited to attend to ensure the Committee was in possession of all the relevant facts. The Committee consults with the Company Secretary and

Chief People and Transformation Officer regarding remuneration and corporate governance issues. With regard to the Senior Management in the Company (excluding Board Directors),

the Committee also takes advice from the Executive Directors and the Executive Leadership Team.

During the year, the Committee received independent advice from PwC in relation to general remuneration matters. PwC was appointed by the Committee and the fees paid by the

Company to PwC for services provided during the financial year were £25,750 (excluding VAT). The fees were charged on a fixed time and materials basis. The Group also retains PwC

regarding taxation services and consulting services in the ordinary course of business. The Committee believes that this does not create a conflict of interest and the advice they receive

is independent and objective. PwC is a signatory to the Remuneration Consultants’ Code of Conduct which requires its advice to be objective and impartial. PwC does not have any other

connections with the Company or its Directors.

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ remuneration report continued

Annual report on remuneration continued

Statement of AGM voting

The table below shows the actual voting on the 2025 remuneration report at the AGM held on 11 September 2025 and the 2024 Remuneration Policy at the AGM held on 10September2024:

Votes

for %

Votes

against %

Votes

withheld

2025 remuneration report 96,232,602 96.43% 3,561,563 3.57% 10,513

2024 Remuneration Policy 95,724,721 91.88% 8,462,058 8.12% 9,221

This report was approved by the Board of Directors and signed on its behalf by:

Laura Whyte

Chair of the Remuneration Committee

1 July 2026

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Directors’ report

The Directors present their report on the Group’s performance

for the year ended 31 March 2026, with the financial statements

and auditor’s report

Company Number

Trifast plc is registered in England under company number 0919797 with its registered

address at National Distribution Centre, Reedswood Park Road, Walsall, WS2 8DQ England.

Strategy and Purpose

The Company’s strategy, vision and purpose are set out in pages 6 to 9 in this report.

Results and proposed dividend

Group revenue from continuing operations was £208.4m (FY25: £233.5m), with a profit

before tax of £0.1m (FY25: profit of £4.9m). Underlying profit before tax was £12.3m

(FY25:£12.1m); see note 2 for details.

The Directors recommend a final dividend of 1.30p (FY25: 1.20p) per share, payable on

9October 2026 to shareholders registered by the close of business on 11 September 2026.

Combined with the interim dividend of 0.60p (paid on 10 April 2025) (FY25: 0.60p), the

total dividend for the year is 1.90p (FY25: 1.80p). The proposed final dividend has not been

included in creditors as it was not approved before year end, and the interim declared

during the year is included as a liability in other payables in the financial statements.

The strategic report provides a detailed analysis of the results and future developments.

Annual General Meeting

The Annual General Meeting will be held at 12.00noon on 8 September 2026 at OSiT,

46New Broad Street, London, EC2M 1JH. Further details can be found in the Notice

ofMeeting.

Director insurance

The Company maintains Directors’ and Officers’ insurance as allowed under its Articles

of Association and the Companies Act 2006. This cover does not extend to cases of

dishonesty or fraud.

Directors and Directors’ interests

Details of Directors’ remuneration and share interests are in the remuneration report on

pages 66 to 80. All Directors are subject to annual re‑election, as outlined in the corporate

governance report on page 52.

Biographies of the Directors are on page 48 and also on www.trifast.com.

Employee Benefit Trust (EBT)

As at 31 March 2026, the Trifast EBT held 1,145,315 ordinary shares, which represented

0.8% of issued share capital (FY25: 1,145,315 and 0.8% respectively). During the year, no

shares were used to meet employee share obligations (FY25: 228,348), with no new shares

acquired (FY24: nil). These are recorded in the own shares held in reserve within equity.

Substantial shareholdings

Details of the share structure of the Company are disclosed in note 24.

The Company was aware of the following material interests, representing 3% or more of the

issued share capital of the Company.

As at 1 April 2026

No. of

shares held

% of

shareholding

Harwood Capital LLP 23,670,000 17.38

Slater Investments Ltd 11,929,776 8.76

Schroder Investment Management Ltd 11,732,657 8.62

Huntington Management LLC 10,989,831 8.07

Ruffer LLP 10,500,000 7.7 1

Mr. Michael Timms 9,032,583 6.63

Threadneedle Asset Management Ltd 8,414,732 6.18

As at 1 June 2026

No. of

shares held

% of

shareholding

Harwood Capital LLP 23,670,000 17.38

Slater Investments Ltd 13,774,498 10.11

Schroder Investment Management Ltd 11,989,161 8.80

Huntington Management LLC 10,989,831 8.07

Ruffer LLP 10,500,000 7.7 1

Mr. Michael Timms 9,133,073 6.71

Threadneedle Asset Management Ltd 7,240,901 5.32

No Director holds >5% shares in the Company.

Additional InformationFinancial Statements

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Strategic Report

Trifast plc Annual Report 2026

Directors’ report continued

Financial instruments

Details on the Group’s financial risk

management, including credit, liquidity and

currency risks, as well as capital structure,

can be found in note 26 to the financial

statements.

Corporate governance

The corporate governance statement on

pages 49 to 53 should be read as forming

part of the Directors’ report.

Takeover Directive

Where not covered elsewhere in this report,

the following disclosures are made in

accordance with the requirements of the

Takeover Directive.

There are no restrictions on the transfer

of the Company’s ordinary shares other

than those imposed by law, such as insider

trading regulations. In line with the Listing

Rules of the Financial Conduct Authority,

certain employees must seek approval from

the Company before dealing in its shares.

The Company is not aware of any

agreements between shareholders that

could restrict the transfer of shares or the

exercise of voting rights.

No person holds any special rights

of control over the Company’s share

capital, and all shares are fully paid. The

rules governing the appointment and

replacement of Directors are set out in the

corporate governance section of this report

on pages 49 to 53.

The Company’s Articles of Association

may only be amended by a special

resolution passed at a General Meeting

ofshareholders.

Some of the Company’s banking

agreements contain provisions that could

allow termination in the event of a change

ofcontrol. Other than certain rolling

contract and notice period extensions for

Directors, there are no agreements in place

between the Company and its Directors or

employees that provide for compensation

if their employment ends as a result of a

takeover bid.

The Company is not aware of any

contractual or other agreements essential

to its business that require disclosure in

thisreport.

Donations

The Group made no political donations

in the year (FY25: £nil). The Group made

£1,900 of charitable donations in the year

(FY25: £7,000).

Trade associations

We are a member of the British & Irish

Association of Fastener Distributors

(BIAFD), which supports and represents

industrial fastener distributors throughout

the UK & the ROI, and also of the European

Fastener Distribution Association (EFDA)

which represents the interests of fastener

distributors at European and global level.

Research and development

The Group had a spend of £169,300 on

research and development in the year

(FY25: £162,800).

Employees

The Group is committed to equal

opportunities for all employees and

supports training and employment for

people with disabilities, including those who

become disabled during their employment.

More on our ESG approach is available at

www.trifast.com and in the strategic report

and Responsible Business sections of this

Annual Report.

We regularly engage with employees at

all levels through meetings and internal

communications to share updates and

address concerns.

For more information on employee

engagement see page 22.

Energy and carbon reporting

For information on our energy use and

carbon emissions see pages 26 to 30.

Disclosure of information to auditor

Each of the Directors who held office at the

date of approval of this Directors’ report

confirm that, so far as they are each aware,

there is no relevant audit information of

which the Company’s auditor is unaware;

and each Director has taken all the steps

that they ought to have taken as a Director

to make themselves aware of any relevant

audit information and to establish that

the Company’s auditor is aware of that

information.

On behalf of the Board

Serena Lang

Chair

1 July 2026

National Distribution Centre

Reedswood Park Road

Walsall WS2 8DQ

Company registration number: 01919797

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Statement of Directors’ responsibilities

in respect of the Annual Report and the financial statements

The Directors are responsible for preparing

the Annual Report and the financial

statements in accordance with UK‑adopted

International Accounting Standards and

applicable law and regulations.

Company law requires the Directors to

prepare financial statements for each

financial year. The Directors have elected

under company law, and are required under

the Listing Rules of the Financial Conduct

Authority, to prepare the Group financial

statements in accordance with UK‑adopted

International Accounting Standards.

The Group and Company financial

statements are required, by law and

UK‑adopted International Accounting

Standards, to present fairly the financial

position of the Group and the Company and

the financial performance of the Group; the

Companies Act 2006 provides in relation to

such financial statements, that references

in the relevant part of that Act to financial

statements giving a true and fair view,

are references to their achieving a fair

presentation.

Under company law the Directors must not

approve the financial statements unless they

are satisfied that they give a true and fair

view of the state of affairs of the Group and

Company and of the profit or loss for the

Group for that period.

In preparing these financial statements,

theDirectors are required to:

• Select suitable accounting policies and

then apply them consistently

• Make judgements and accounting

estimates that are reasonable and

prudent

• State whether they have been prepared

in accordance with UK‑adopted

International Accounting Standards,

subject to any material departures

disclosed and explained in the financial

statements

• Prepare the financial statements on

the going concern basis unless it is

inappropriate to presume that the

Group and the Company will continue

inbusiness

• Prepare a Directors’ report, a strategic

report and Directors’ remuneration

report which comply with the

requirements of the Companies Act 2006

The Directors are responsible for keeping

adequate accounting records that are

sufficient to show and explain the Group’s

and the Company’s transactions and

disclose with reasonable accuracy at any

time the financial position of the Group and

the Company and enable them to ensure

that the financial statements comply with

the Companies Act 2006. They are also

responsible for safeguarding the assets

of the Company and hence for taking

reasonable steps for the prevention and

detection of fraud and other irregularities.

The Directors are responsible for ensuring

that the Annual Report and the financial

statements, taken as a whole, are fair,

balanced and understandable and provide

the information necessary for shareholders

to assess the Group’s performance, business

model and strategy.

The Directors are responsible for ensuring

the Annual Report and the financial

statements are made available on a website.

Financial statements are published on the

Company’s website in accordance with

legislation in the United Kingdom governing

the preparation and dissemination of

financial statements.

The maintenance and integrity of the

Company’s website is the responsibility of

the Directors. The Directors’ responsibility

also extends to the ongoing integrity of the

financial statements contained therein.

Responsibility statement of the Directors

in respect of the annual financial report

We confirm that to the best of our

knowledge:

• The financial statements have been

prepared in accordance with the

applicable set of accounting standards,

give a true and fair view of the assets,

liabilities, financial position and Income

Statement of the Group and Company

• The Annual Report includes a fair review

of the development and performance of

the business and the financial position of

the Group and Company, together with

a description of the principal risks and

uncertainties that they face

We consider the Annual Report and the

financial statements, taken as a whole,

are fair, balanced and understandable

and provide the information necessary for

shareholders to assess the Group’s position

and performance, business model and

strategy.

On behalf of the Board

Iain Percival

Chief Executive Officer

1 July 2026

Additional InformationFinancial Statements

Governance

Strategic Report

Trifast plc Annual Report 2026

Independent auditor’s report

to the members of Trifast plc

Opinion

We have audited the financial statements of Trifast PLC (the ‘parent company’) and

its subsidiaries (the ‘group’) for the year ended 31 March 2026 which comprise the

Consolidated income statement, Consolidated statement of comprehensive income,

Consolidated statement of changes in equity, Company statement of changes in equity,

Statements of financial position, Statements of cash flows and Notes to the financial

statements, including significant accounting policies. The financial reporting framework

that has been applied in the preparation of the group financial statements is applicable law

and UK‑adopted International Accounting Standards. The financial reporting framework

that has been applied in the preparation of the parent company financial statements is

applicable law and UK‑adopted International Accounting Standards and, as regards the

parent company financial statements, as applied in accordance with the provisions of the

Companies Act 2006.

In our opinion:

• the financial statements give a true and fair view of the state of the group’s and of

the parent company’s affairs as at 31 March 2026 and of the group’s loss for the year

then ended;

• the group financial statements have been properly prepared in accordance with

UK‑adopted International Accounting Standards;

• the parent company financial statements have been properly prepared in accordance

with UK‑adopted International Accounting Standards and as applied in accordance with

the Companies Act 2006; and

• the financial statements have been prepared in accordance with the requirements of the

Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK)

(ISAs (UK)) and applicable law. Our responsibilities under those standards are further

described in the Auditor’s responsibilities for the audit of the financial statements section

of our report. We are independent of the group and parent company in accordance with

the ethical requirements that are relevant to our audit of the financial statements in the UK,

including the FRC’s Ethical Standard as applied to listed public interest entities and we have

fulfilled our other ethical responsibilities in accordance with these requirements. We believe

that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our opinion.

Summary of our audit approach

Key audit matters Group

• Carrying value of inventory

• Goodwill impairment

• Treatment of IT implementation costs

Parent Company

• Treatment of IT implementation costs

Materiality Group

• Overall materiality: £1,640,000 (2025: £1,780,000)

• Performance materiality: £1,148,000 (2025: £1,160,000)

Parent Company

• Overall materiality: £1,930,000 (2025: £1,900,000)

• Performance materiality: £1,351,000 (2025: £1,235,000)

Scope Our audit procedures covered 89% of revenue, 95% of total assets

and 97% of absolute profit before tax.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most

significance in our audit of the group financial statements of the current period and include

the most significant assessed risks of material misstatement (whether or not due to fraud)

we identified, including those which had the greatest effect on the overall audit strategy,

the allocation of resources in the audit and directing the efforts of the engagement team.

These matters were addressed in the context of our audit of the group financial statements

as a whole, and in forming our opinion thereon, and we do not provide a separate opinion

on these matters.

Additional Information

Financial Statements

GovernanceStrategic Report

Trifast plc Annual Report 2026

Independent auditor’s report continued

to the members of Trifast plc

Carrying value of inventory

Key audit matter

description

Refer to accounting policies in note 1, Material accounting policies together with

Note29 Accounting estimates and judgements and Note 18 Inventories – Group.

The group holds a material value of inventory, which can be categorised as either

bespoke or non‑bespoke.

Bespoke products are designed for specific customer applications. There is a risk

over the recoverability of the inventory if there are any significant changes to demand

from certain customers at the volumes anticipated or if products are discontinued.

These bespoke parts often cannot be sold to other customers or used in alternative

applications. As a result of long lead times on these products and customer

requirements, there is a material value of inventory of this nature held by the group.

Given the significant amount of the customer specific inventory, and the significant

level of judgement involved in estimating customers’ future demand, there is a risk

thatthe valuation of the inventory provision is inappropriate.

Non‑bespoke products may be sold to a wider range of customers and therefore

carry a lower risk of obsolescence. As a result, these products may be held within the

group for longer periods and judgement is required as to whether the carrying value

ofinventory is impaired.

We have therefore determined this to be a key audit matter.

How the matter

wasaddressed

intheaudit

We obtained management’s inventory provisioning assessment, and the underlying

calculations prepared to support the estimates and performed work as follows:

• Reviewed the overall provisioning policy for this inventory and considered this in

the context of the business model and customer profile.

• Assessed the application of the provisioning methodology through reperformance

of the calculations, including consideration and recalculation of “stand back”

adjustments, specific to each location, applied based on verifiable data.

• Analytically reviewed provision data and percentages across the group to identify

and understand differences driven by varying business models and locations.

• Challenged assumptions made in management’s provisioning policy, including via a

review of historic sales data and inventory movement records for both bespoke and

non‑bespoke inventory.

• Performed reliability of data testing to verify the ageing of the inventory

wascorrect.

• Performed reliability of data testing to verify the inventory was correctly classified

as bespoke or non‑bespoke using historic sales data.

• Critically challenged significant overrides made to the model, including

challenge of the commercial rationale and verification of certain explanations

tosupportingevidence.

• On a sample basis, tested the net realisable value of inventory by agreeing to sales

documentation, including post year‑end sales documentation where available.

We considered the adequacy of the disclosures and whether they were in accordance

with the applicable financial reporting framework.

Key observations Based on the procedures performed we concluded that the inventory value is not

materially misstated and consider that the group’s related disclosures are appropriate.

Goodwill impairment

Key audit matter

description

Refer to accounting policies in note 1, Material accounting policies together with

note13, Intangible assets – Group.

The goodwill balance of £22.1m is allocated across a number of Cash Generating

Units(CGUs).

In the current year management has assessed that an impairment is required in

respect of one cash generating unit.

As part of our risk assessment, we determined that the impairment assessment

has a high degree of estimation uncertainty as it is sensitive to forecast cashflow

assumptions and the discount rate.

Due to the level of estimation uncertainty this was determined to be a key audit matter.

How the matter

was addressed

inthe audit

We obtained management’s goodwill impairment assessment, and the underlying

calculations prepared to support the assessment and performed work as follows:

• Analysed the structure and integrity of the model and the mathematical accuracy.

• Performed sensitivity analysis in assessing the risks of impairment.

• Used our valuation specialists to critically assess the discount rate calculation.

• Challenged the main forecasting assumptions used which included short and long

term revenue growth, EBIT margin and the discount rate.

• Corroborated forecasting assumptions through discussions with operational

management and obtaining further evidence to support expected customer

activity and resulting revenues and margins.

We considered the adequacy of the disclosures and whether they were in accordance

with the applicable financial reporting framework.

Key observations Based on the procedures performed we consider that the group’s conclusions are

reasonable and that the related disclosures are appropriate.

Additional Information

Financial Statements

GovernanceStrategic Report

Trifast plc Annual Report 2026

Independent auditor’s report continued

to the members of Trifast plc

Treatment of IT implementation costs

Key audit matter

description

Refer to accounting policies in note 1, Material accounting policies together with note 2

and note 36.

The group and company have undertaken major multi‑year group‑wide IT

implementation projects.

This has resulted in material expenditure during the year (Project Ignite).

There was also material historical expenditure relating to the initial implementation of

the same IT system across a number of locations which was capitalised between 2019

and 2023 (Project Atlas).

As part of our risk assessment, we determined there to be a high level of judgement in

determining whether the costs incurred meet the criteria in IAS 38 taking into account

the 2021 IFRIC Agenda decision – Configuration or Customisation Costs in a Cloud

Computing Arrangement.

Due to the material level of expenditure and the judgment involved, this was

determined to be a key audit matter.

How the matter

was addressed in

the audit

We undertook the following in consideration of the appropriate accounting

treatment.We:

• In consultation with our IT specialist, understood and verified the nature of the ERP

system implemented in previous years and in the current year as being the same

Software as a Service (SaaS) arrangement.

• Challenged management’s assessment of the current year expenditure against the

requirements of IAS 38 and the 2021 IFRIC Agenda decision.

• Checked the accuracy and nature of the expenditure in the year through checks to

source documents and agreements.

• Assessed whether the requirements of IAS 38 and the 2021 IFRIC Agenda decision

had been fully considered in previous periods.

• Considered management’s final conclusions that the current year expense did not

meet the requirements of IAS 38 to be capitalised and that the amounts capitalised

in previous periods should have been expensed.

• Reviewed the proposed entries to correct the previous periods in accordance with

IAS 8 and the associated disclosures.

• Considered the disclosure of the current year expenditure as a ‘separately

discloseditem’.

Key observations Based on the procedures performed we consider that the group’s and company’s

conclusions are reasonable and that the related disclosures are appropriate.

Our application of materiality

When establishing our overall audit strategy, we set certain thresholds which help us to

determine the nature, timing and extent of our audit procedures. When evaluating whether

the effects of misstatements, both individually and on the financial statements as a whole,

could reasonably influence the economic decisions of the users we take into account the

qualitative nature and the size of the misstatements.

Based on our professional judgement, we determined materiality as follows:

Group Parent company

Overall materiality £1,640,000

(2025: £1,780,000)

£1,930,000

(2025: £1,900,000)

Basis for determining

overall materiality

0.8% of Revenue 1.8% of total assets as a

standaloneentity.

For the purposes of the group

audit which excludes items which

eliminate on consolidation, the

parent company materiality was

restricted to £340,000

(2025: £440,000)

Rationale for

benchmark

applied

Revenue is deemed to be the

primary performance measure for

the users of the financial statements

to review the financial performance

of the group.

Total assets is considered to be the

most appropriate benchmark for

the parent company.

Performance materiality £1,148,000

(2025: £1,160,000)

£1,351,000

(2025: £1,235,000)

Basis for determining

performance materiality

70% of overall materiality

(2025: 65%)

70% of overall materiality

(2025: 65%)

Reporting of misstatements

to the Audit Committee

Misstatements in excess of

£82,000 and misstatements below

that threshold that, in our view,

warranted reporting on qualitative

grounds.

Misstatements in excess of

£82,000 and misstatements below

that threshold that, in our view,

warranted reporting on qualitative

grounds.

An overview of the scope of our audit

The group consists of 26 components, located in the following countries; United Kingdom,

Italy, Germany, Sweden, Hungary, Netherlands, Poland, Spain, USA, Ireland, Singapore,

Malaysia, Taiwan, China, India and Thailand.

The coverage achieved by our audit procedures was:

Number

of components Revenue

Total

assets

Absolute

Profit

before

tax

Full scope audit 14 89% 89% 97%

Specific Audit Procedures 1 — 2% —

Total 15 89% 91% 97%

Of the above full scope audits, seven component audits were undertaken by RSM

component auditors in Germany, Hungary, Italy, Netherlands, Sweden, Singapore and

Taiwan. The remaining full scope audits were undertaken by RSM UK Audit LLP. The

specified procedures were performed by component auditors in Malaysia.

Additional Information

Financial Statements

GovernanceStrategic Report

Trifast plc Annual Report 2026

Independent auditor’s report continued

to the members of Trifast plc

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going

concern basis of accounting in the preparation of the financial statements is appropriate.

Our evaluation of the directors’ assessment of the group’s and parent company’s ability to

continue to adopt the going concern basis of accounting included:

• Review of management’s approved board paper which set out the going concern basis,

key forecasting assumptions, sensitivities and conclusion;

• Obtained copies of management’s forecasts and sensitivity analysis for the Group and

checked the mathematical accuracy of the forecasts;

• Compared the forecasts to historical trading results and the key assumptions for

expected growth, margin improvement and capital expenditure plans;

• Undertook our own stress test to consider circumstances under which covenant and

cash headroom would be eroded;

• Verified the committed funding and associated covenants available to the group

and parent company for the forecast period and the recalculated the headroom this

provided;

• Compared the forecast assumptions with other forward‑looking information considered

during the audit; and

• Reviewed the going concern disclosures to ensure that these were consistent with

management’s paper, other areas of narrative reporting and our findings.

Based on the work we have performed, we have not identified any material uncertainties

relating to events or conditions that, individually or collectively, may cast significant doubt

on the group’s or the parent company’s ability to continue as a going concern for a period

of at least twelve months from when the financial statements are authorised for issue.

In relation to the entity reporting on how they have applied the UK Corporate Governance

Code, we have nothing material to add or draw attention to in relation to the directors’

statement in the financial statements about whether the directors considered it appropriate

to adopt the going concern basis of accounting.

Our responsibilities and the responsibilities of the directors with respect to going concern

are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than

the financial statements and our auditor’s report thereon. The directors are responsible

for the other information contained within the annual report. Our opinion on the financial

statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the

other information is materially inconsistent with the financial statements or our knowledge

obtained in the course of the audit, or otherwise appears to be materially misstated. If we

identify such material inconsistencies or apparent material misstatements, we are required

to determine whether this gives rise to a material misstatement in the financial statements

themselves.

If, based on the work we have performed, we conclude that there is a material misstatement

of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

properly prepared in accordance with the Companies Act 2006.

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

• the information given in the Strategic Report and the Directors’ Report for the financial

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

statements and those reports have been prepared in accordance with applicable legal

requirements;

• the information about internal control and risk management systems in relation to

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

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

made by the Financial Conduct Authority (the FCA Rules), is consistent with the financial

statements and has been prepared in accordance with applicable legal requirements; and

• information about the company’s corporate governance code and practices and about

its administrative, management and supervisory bodies and their committees complies

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company

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

misstatements in:

• the Strategic Report or the Directors’ Report; or

• the information about internal control and risk management systems in relation to

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

with rules 7.2.5 and 7.2.6 of the FCA Rules

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

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

• adequate accounting records have not been kept by the parent company, or returns

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

• the parent company financial statements and the part of the directors’ remuneration

report to be audited are not in agreement with the accounting records and returns; or

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

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

• a corporate governance statement has not been prepared by the parent company.

Additional Information

Financial Statements

GovernanceStrategic Report

Trifast plc Annual Report 2026

Independent auditor’s report continued

to the members of Trifast plc

Corporate governance statement

We have reviewed the directors’ statement in relation to going concern, longer‑term

viability and that part of the Corporate Governance Statement relating to the parent

company’s compliance with the provisions of the UK Corporate Governance Code

specifiedfor our review by the Listing Rules.

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

following elements of the Corporate Governance Statement is materially consistent with

thefinancial statements and our knowledge obtained during the audit:

• Directors’ statement with regards the appropriateness of adopting the going concern

basis of accounting and any material uncertainties identified set out on page 45;

• Directors’ explanation as to their assessment of the group’s prospects, the period this

assessment covers and why the period is appropriate set out on pages 44 and 45;

• Directors’ statement on whether it has a reasonable expectation that the group will be

able to continue in operation and meets its liabilities set out on page 45;

• Directors’ statement on fair, balanced and understandable set out on page 83;

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

principal risks set out on pages 38 to 45;

• Section of the annual report that describes the review of effectiveness of risk

management and internal control systems set out on pages 62 and 63; and,

• Section describing the work of the audit committee set out on pages 60 to 65.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 83,

the directors are responsible for the preparation of the financial statements and for being

satisfied that they give a true and fair view, and for such internal control as the directors

determine is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s

and the parent company’s ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern basis of accounting unless

the directors either intend to liquidate the group or the parent company or to cease

operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements

as a whole are free from material misstatement, whether due to fraud or error, and to

issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of

assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will

always detect a material misstatement when it exists. Misstatements can arise from fraud or

error and are considered material if, individually or in the aggregate, they could reasonably

be expected to influence the economic decisions of users taken on the basis of these

financial statements.

The extent to which the audit was considered capable of detecting irregularities,

including fraud

Irregularities are instances of non‑compliance with laws and regulations. The objectives

of our audit are to obtain sufficient appropriate audit evidence regarding compliance with

laws and regulations that have a direct effect on the determination of material amounts

and disclosures in the financial statements, to perform audit procedures to help identify

instances of non‑compliance with other laws and regulations that may have a material

effect on the financial statements, and to respond appropriately to identified or suspected

non‑compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material

misstatement of the financial statements due to fraud, to obtain sufficient appropriate

audit evidence regarding the assessed risks of material misstatement due to fraud through

designing and implementing appropriate responses and to respond appropriately to fraud

or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those

charged with governance, to ensure that the entity’s operations are conducted in

accordance with the provisions of laws and regulations and for the prevention and

detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities,

including fraud, the group audit engagement team and component auditors:

• obtained an understanding of the nature of the industry and sector, including the legal

and regulatory frameworks that the group and parent company operate in and how the

group and parent company are complying with the legal and regulatory frameworks;

• inquired of management, and those charged with governance, about their own

identification and assessment of the risks of irregularities, including any known actual,

suspected or alleged instances of fraud;

• discussed matters about non‑compliance with laws and regulations and how fraud

might occur including assessment of how and where the financial statements may be

susceptible to fraud for regulated entities, as defined in ISA 250B: having obtained an

understanding of the overall control environment.

All relevant laws and regulations identified at a Group level and areas susceptible to fraud

that could have a material effect on the financial statements were communicated to

component auditors. Any instances of non‑compliance with laws and regulations identified

and communicated by a component auditor were considered in our audit approach.

Additional Information

Financial Statements

GovernanceStrategic Report

Trifast plc Annual Report 2026

Independent auditor’s report continued

to the members of Trifast plc

The extent to which the audit was considered capable of detecting irregularities,

including fraud continued

The most significant laws and regulations were determined as follows:

Legislation/

Regulation

Additional audit procedures performed by the Group audit

engagement team and component auditors included:

UK‑adopted IAS and

Companies Act 2006

Review of the financial statement disclosures and testing to supporting

documentation;

Completion of disclosure checklists to identify areas of non‑compliance

Tax compliance

regulations

Inspection of advice received from internal tax advisors

Consideration of whether any matter identified during the audit required

reporting to an appropriate authority outside the entity

Health and safety

regulations

ISAs limit the required audit procedures to identify non‑compliance with

these laws and regulations to inquiry of management and where appropriate,

those charged with governance (as noted above) and inspection of legal and

regulatory correspondence, if any. We have completed these procedures

which included discussions with the group’s legal counsel.

The areas that we identified as being susceptible to material misstatement due to fraud were:

Risk Audit procedures performed by the audit engagement team:

Revenue recognition For a sample of transactions accounted pre and post year end, tested whether

revenue was recognised in the correct accounting period in line with the

group’s accounting policy;

Determined whether management’s assessment and adjustment undertaken

at group level to establish appropriate cut‑off in accordance with Incoterms

was reasonable; and

Transactions posted to nominal ledger codes outside of the normal revenue

cycle were identified using a data analytic tool and investigated.

Management override

ofcontrols

Tested the appropriateness of journal entries and other adjustments;

Assessed whether the conclusions reached by management in making

judgements and accounting estimates were indicative of a potential bias; and

Evaluated the business rationale of any significant transactions that were

unusual or outside the normal course of business.

Facilitation payment

fraud

Discussed our proposed approach with our forensics specialists;

Selected a sample of payments above a predetermined threshold directly

fromthe group’s bank statements throughout the period; and

Considered the nature of these payments to evaluate if there was a risk

offraud.

A further description of our responsibilities for the audit of the financial statements

islocated on the Financial Reporting Council’s website at:

http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our

auditor’sreport.

Other matters which we are required to address

Following the recommendation of the audit committee, we were appointed by the board

of directors on 29 November 2024 to audit the financial statements for the year ending

31March 2025 and subsequent financial periods.

The period of total uninterrupted consecutive appointment is two years, covering the years

ending 31 March 2025 and 31 March 2026.

The non‑audit services prohibited by the FRC’s Ethical Standard were not provided to the

group or the parent company and we remain independent of the group and the parent

company in conducting our audit.

Our audit opinion is consistent with the additional report to the audit committee in

accordance with ISAs (UK).

Use of our report

This report is made solely to the company’s members, as a body, in accordance with

Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so

that we might state to the company’s members those matters we are required to state to

them in an auditor’s report and for no other purpose. To the fullest extent permitted by

law, we do not accept or assume responsibility to anyone other than the company and the

company’s members as a body, for our audit work, for this report, or for the opinions we

have formed.

As required by the Financial Conduct Authority (FCA) Disclosure Guidance and

Transparency Rules, these financial statements will form part of the Annual Financial Report

prepared in Extensible Hypertext Markup Language (XHTML) format and filed on the

National Storage Mechanism of the UK FCA. This auditor’s report provides no assurance

over whether the annual financial report has been prepared in XHTML format.

Ian Wall (Senior Statutory Auditor)

For and on behalf of RSM UK Audit LLP, Statutory Auditor

Chartered Accountants

103 Colmore Row

Birmingham

B3 3AG

1 July 2026

Additional Information

Financial Statements

GovernanceStrategic Report

Trifast plc Annual Report 2026

Consolidated income statement

for the year ended 31 March 2026

		2026	2025
	Note	£000	£000
Continuing operations
Revenue	3, 34	2 0 8 , 3 74	223 ,466
Cost of sales		(145 ,8 88)	(1 6 0,1 1 4)
Gross profit		62,486	6 3, 352
Other operating income	4	792	76 6
Distribution expenses		(6 ,76 3)	( 7, 8 6 9)
Administrative expenses before separately disclosed items		(4 0 , 0 2 0)	(41, 572)
Acquired intangible amortisation	2, 13	(1 , 5 50)	(1 ,73 1)
Restructuring and transformation costs	2	(2 ,427)	(2 ,5 75)
Project Ignite	2	(5 , 976)	—
Impairment of non‑current assets	2, 13	(89 9)	—
Profit on disposal of a subsidiary	2	—	247
Malaysia manufacturing write‑off	2	(1,390)	—
Recovery of prior year fraud loss	2	190	—
Facilitation payment fraud	2	(211)	(3 8 4)
Impairment of customer receivable upon administration	2	—	(1 ,00 6)
Total administrative expenses		(52 , 28 3)	(4 7, 0 2 1)
Share of gain of associate accounted for using the equity method	35	6	199
Operating profit	5, 6, 7	4, 238	9 ,427
Financial income	8	160	275
Financial expenses	8	(4 , 3 4 1)	(4 , 7 74)
Net financing costs		(4 , 1 8 1)	(4 , 4 9 9)
Profit before taxation	3	57	4, 928
Taxation	9	(1 ,039)	(3 ,888)
(Loss)/profit for the year
attributable to equity shareholders of the Parent Company		(9 82)	1 ,040
(Loss)/profit per share
Basic	25	(0 .7 3)p	0 .7 7p
Diluted	25	(0 .7 3)p	0. 77p

The notes on pages 97 to 149 form part of these financial statements.

Additional Information

Financial Statements

GovernanceStrategic Report

Trifast plc Annual Report 2026

Consolidated statement of comprehensive income/expense

for the year ended 31 March 2026

	2026	2025
	£000	£000
(Loss)/profit for the year	(98 2)	1,0 40
Other comprehensive income/(expense) for the year:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 1	3, 299	(2 , 024)
(Loss)/gain on a hedge of a net investment taken to equity	(1 , 34 9)	675
Other comprehensive income/(expense)	1, 950	(1,349)
Total comprehensive income/(expense) recognised for the year
attributable to the equity shareholders of the Parent Company	968	(30 9)

1. Net of cumulative foreign exchange loss of £nil (FY25: loss of £0.1m) previously recognised in the foreign currency translation reserve reclassified to profit or loss on disposal of a subsidiary. See note 2 for further details

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Trifast plc Annual Report 2026

Consolidated statement of changes in equity

for the year ended 31 March 2026

				Own
	Share	Share	Merger	shares	Translation	Retained	Total
	capital	premium	reserve	held	reserve	earnings	equity
	£000	£000	£000	£000	£000	£000	£000
Balance at 31 March 2025 (restated) 1	6,806	2 2,5 37	16, 328	(1, 833)	9 ,1 47	62 ,73 6	115 ,721
Total comprehensive income for the year:
Loss for the year	—	—	—	—	—	(9 82)	(9 82)
Other comprehensive income for the year	—	—	—	—	1,9 50	—	1,9 50
Total comprehensive income/(expense) recognised for the year	—	—	—	—	1,9 50	(9 82)	9 68
Issue of share capital (note 24)	4	50	—	—	—	—	54
Share‑based payment transactions (net of tax) (note 22)	—	—	—	—	—	1, 265	1, 265
Other tax‑related equity movements	—	—	—	—	—	27	27
Dividends (note 24)	—	—	—	—	—	(2, 413)	(2 ,41 3)
Total transactions with owners	4	50	—	—	—	(1 ,12 1)	(1,0 67)
Balance at 31 March 2026	6,810	22 , 587	1 6,32 8	(1 ,833)	1 1, 097	60,633	1 15,62 2

				Own
	Share	Share	Merger	shares	Translation	Retained	Total
	capital	premium	reserve	held	reserve	earnings	equity
	£000	£000	£000	£000	£000	£000	£000
Balance at 31 March 2024 (previously stated) 1	6,806	22, 537	16 ,328	(2 ,1 9 4)	1 0,496	70 , 20 5	1 24,1 78
Reversal of previously capitalised SaaS implementation costs 1	—	—	—	—	—	(5 , 3 59)	(5, 3 5 9)
Balance at 31 March 2024 (restated) 1	6,806	22, 537	16 ,328	(2 ,1 9 4)	1 0,496	64, 846	118, 819
Total comprehensive income/(expense) for the year:
Profit for the year	—	—	—	—	—	1 ,040	1,0 40
Other comprehensive expense for the year	—	—	—	—	(1,34 9)	—	(1,349)
Total comprehensive (expense)/income recognised for the year	—	—	—	—	(1,349)	1 ,040	(30 9)
Issue of share capital (note 24)	—	—	—	—	—	—	—
Share‑based payment transactions (net of tax) (note 22)	—	—	—	—	—	446	446
Movement in own shares held (note 24)	—	—	—	361	—	(361)	—
Dividends (note 24)	—	—	—	—	—	(3,235)	(3,235)
Total transactions with owners	—	—	—	361	—	(3 , 1 5 0)	(2 ,78 9)
Balance at 31 March 2025 (restated) 1	6,806	22, 537	16 ,328	(1,833)	9,1 47	62, 736	11 5,7 21

1. The prior year comparatives have been restated to reflect the correction of an error relating to the accounting for IT implementation costs in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and

Errors. Refer to note 1 and note 36

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Financial Statements

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Trifast plc Annual Report 2026

Company statement of changes in equity

for the year ended 31 March 2026

capital

£000

premium

£000

Merger

reserve

£000

Own

held

£000

Retained

earnings

£000

Total

equity

£000

Balance at 31 March 2025 (restated)

6,806 22,537 16,328 (1,833) 8,531 52,369

Total comprehensive expense for the year:

Loss for the year — — — — (4,509) (4,509)

Total comprehensive expense recognised for the year — — — — (4,509) (4,509)

Issue of share capital (note 24) 4 50 — — — 54

Share‑based payment transactions (net of tax) (note 22) — — — — 1,265 1,265

Dividends (note 24) — — — — (2,413) (2,413)

Total transactions with owners 4 50 — — (1,148) (1,094)

Balance at 31 March 2026 6,810 22,587 16,328 (1,833) 2,874 46,766

capital

£000

premium

£000

Merger

reserve

£000

Own

held

£000

Retained

earnings

£000

Total

equity

£000

Balance at 31 March 2024 (previously stated)

6,806 22,537 16,328 (2,194) 19,998 63,475

Reversal of previously capitalised SaaS implementation costs

— — — — (5,359) (5,359)

Balance at 31 March 2024 (restated)

6,806 22,537 16,328 (2,194) 14,639 58,116

Total comprehensive expense for the year:

Loss for the year — — — — (2,940) (2,940)

Total comprehensive expense recognised for the year — — — — (2,940) (2,940)

Issue of share capital (note 24) — — — — — —

Share‑based payment transactions (net of tax) (note 22) — — — — 428 428

Movement in own shares held (note 24) — — — 361 (361) —

Dividends (note 24) — — — — (3,235) (3,235)

Total transactions with owners — — — 361 (3,168) (2,807)

Balance at 31 March 2025 (restated)

6,806 22,537 16,328 (1,833) 8,531 52,369

Errors. Refer to note 1 and note 36

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Trifast plc Annual Report 2026

Statements of financial position

at 31 March 2026

		Group		Company
			2025		2025
		2026	£000	2026	£000
	Note	£000	(restated) 1	£000	(restated) 1
Non‑current assets
Property, plant and equipment	10, 11	18 ,9 02	18 ,593	3	6
Right‑of‑use assets	12	1 8 ,15 9	20, 283	1	30
Intangible assets	13, 14	2 7, 1 5 9	28,03 8	—	—
Equity investments	15, 35	259	353	42,018	42,186
Non‑current trade and other receivables	19	—	—	63,578	56,837
Deferred tax assets	16, 17	7, 2 9 0	5,919	—	—
Total non‑current assets		7 1, 769	7 3,1 8 6	105,600	99,059
Current assets
Inventories	18	6 4,142	70, 9 12	—	—
Trade and other receivables	19	54, 914	55 ,288	2,241	2,077
Cash and cash equivalents	26	32 ,425	24 , 2 58	1,792	590
Total current assets		151,4 81	150,45 8	4,033	2,667
Total assets	3	223,2 50	2 23,64 4	109,633	101,726
Current liabilities
Trade and other payables	21	3 1,1 73	34,589	2,742	3,081
Right‑of‑use liabilities	12, 20, 26	2, 934	2,805	1	102
Other interest‑bearing loans
and borrowings	20, 26	—	—	11,749	4,547
Provisions	23	—	1, 328	—	—
Tax payable		2,050	2,443	—	—
Total current liabilities		36 ,15 7	41 ,1 65	14,492	7,730

		Group		Company
			2025		2025
		2026	£000	2026	£000
	Note	£000	(restated) 1	£000	(restated) 1
Non‑current liabilities
Other interest‑bearing loans
and borrowings	20, 26	4 8, 375	41, 627	48,375	41,627
Right‑of‑use liabilities	12, 20, 26	1 7, 0 1 5	18 ,513	—	—
Other payables	21	578	543	—	—
Provisions	23	1,600	1 ,623	—	—
Deferred tax liabilities	16, 17	3, 903	4,452	—	—
Total non‑current liabilities		71, 4 71	6 6,75 8	48,375	41,627
Total liabilities	3	1 0 7, 6 2 8	1 0 7, 9 2 3	62,867	49,357
Net assets		115 ,622	11 5 ,721	46,766	52,369
Equity
Share capital		6,810	6,806	6,810	6,806
Share premium		22 , 587	2 2,537	22,587	22,537
Merger reserve		16, 328	1 6, 328	16,328	16,328
Own shares held		(1, 833)	(1,833)	(1,833)	(1,833)
Translation reserves		11 ,0 97	9, 147	—	—
Retained earnings		60,633	62,736	2,874	8,531
Total equity		1 15,62 2	115 ,72 1	46,766	52,369

1. The prior year comparatives have been restated to reflect the correction of an error relating to the

accounting for IT implementation costs in accordance with IAS 8 Accounting Policies, Changes in

Accounting Estimates and Errors. Refer to note 1 and note 36

The loss after tax for the Company is £4. 5m (FY25: loss after tax £2. 9m).

The notes on pages 97 to 149 form part of these financial statements.

These financial statements were approved by the Board of Directors on 1 July 2026 and

were signed on its behalf by:

Iain Percival Kate Ferguson

Director Director

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Trifast plc Annual Report 2026

Statements of cash flows

for the year ended 31 March 2026

		Group		Company
		2026	2025	2026	2025
	Note	£000	£000	£000	£000
Cash flows from operating activities
(Loss)/profit for the year		(9 82)	1 ,040	(4,509)	(2,938)
Adjustments for:
Depreciation and amortisation	10, 11, 13, 14	4,453	5,38 6	3	724
Right‑of‑use asset depreciation	12	3,660	3, 487	29	26
Unrealised foreign currency loss/(gain)		1,4 22	90	38	(9)
Financial income	8	(1 6 0)	(275)	(791)	(1,084)
Financial expense (excluding right‑of‑use liabilities)	8	3,180	3 ,758	3,604	4,211
Right‑of‑use liabilities’ financial expense	8, 12	1 ,1 61	1 ,016	—	5
Share of gain/(loss) of associate accounted for using the equity method		6	(1 99)	—	—
Loss on sale of property, plant and equipment, intangibles and investments		(56)	(2 6)	—	—
Dividends received		—	—	(2,584)	(7,082)
Equity settled share‑based payment charge		1 , 244	42 6	827	428
Impairment of goodwill and intangible assets	2, 3, 13	370	—	—	—
Gain on termination of right‑of‑use liabilities and expense on lease back		(1 01)	—	(101)	—
Recovery of prior year fraud loss	2	(1 9 0)	—	—	—
Facilitation payment fraud	2	211	384	—	—
Investments and loans/debtors due from subsidiaries written off		—	—	168	—
Gain on sale of disposal of a subsidiary	2	—	(2 47)	—	—
Impairment of right‑of‑use assets and property, plant and equipment	2, 10, 11, 12	529	—	—	—
Non‑cash tax appropriations		143	—	—	—
Taxation expense	9	1, 039	3, 888	25	66
Operating cash inflow/(outflow) before changes in working capital and provisions		15, 929	1 8,7 28	(3,291)	(5,653)
Change in trade and other receivables 1		1,816	(313)	660	1,731
Change in inventories		8 , 07 7	1 ,629	—	—
Change in trade and other payables		(4 , 2 6 4)	49	(309)	801
Change in provisions		(1 ,3 26)	(1 , 03 0)	—	(609)
Cash generated from/(used in) operations		20, 232	1 9,06 3	(2,940)	(3,730)
Tax paid		(3, 495)	(2 ,1 68)	—	(3)
Net cash generated from/(used in) operating activities		16 ,737	1 6,895	(2,940)	(3,733)

1. The Company movement in working capital excludes the impact of a loan novation undertaken during the year as part of the Group's strategy to better manage foreign exchange risk. The transaction was non‑cash in nature

and is disclosed in note 19

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Trifast plc Annual Report 2026

Statements of cash flows continued

for the year ended 31 March 2026

		Group		Company
		2026	2025	2026	2025
	Note	£000	£000	£000	£000
Cash flows from investing activities
Proceeds from sale of property, plant and equipment		52	292	—	—
Proceeds from sale of assets classified as held for sale	10	—	632	—	—
Interest received		5 47	283	899	877
Investment in an associate		(6 0)	—	—	—
Acquisition of property, plant and equipment and intangibles	10, 11, 13, 14	(3 ,483)	(3 ,42 2)	—	12
Lending to subsidiary undertakings		—	—	(1,239)	(2,192)
Repayment by subsidiary undertakings		—	—	2,859	4,709
Dividends received		163	—	2,584	7,082
Net cash generated (used in)/from investing activities		(2 ,781)	(2 , 21 5)	5,103	10,488
Cash flows from financing activities
Proceeds from the issue of share capital	24	54	—	54	—
Repayment of external loans	32	(2, 180)	—	(2,180)	—
Proceeds from external loans	32	6 ,915	62 9	6,915	629
Proceeds from loans from subsidiaries		—	—	3,265	1,484
Repayment of loans from subsidiaries		—	—	(3,000)	(2,566)
Repayment of right‑of‑use liabilities	12	(3 ,305)	(4 , 4 0 4)	—	(11)
Dividends paid	24	(2 ,4 3 0)	(2 ,426)	(2,430)	(2,426)
Interest paid		(4 , 3 2 5)	(4,672)	(3,585)	(4,185)
Net cash used in financing activities		(5, 27 1)	(10,873)	(961)	(7,075)
Net change in cash and cash equivalents		8,68 5	3 , 8 07	1,202	(320)
Cash and cash equivalents at 1 April		24, 25 8	20, 8 84	590	910
Effect of exchange rate fluctuations on cash held		(51 8)	(433)	—	—
Cash and cash equivalents at 31 March		32 ,42 5	24 , 2 58	1,792	590

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Trifast plc Annual Report 2026

Notes to the financial statements

for the year ended 31 March 2026

1 Material accounting policies

a) Material accounting policies

Trifast plc (the ‘Company’) is a public company, limited by shares, incorporated in the

United Kingdom. The registered office details are on page 153.

The consolidated financial statements consolidate those of the Company and its

subsidiaries (together referred to as the ‘Group’). The Company financial statements

present information about the Company as a separate entity and not about its Group.

Statement of compliance

Both the Company financial statements and the consolidated financial statements have

been prepared and approved by the Directors in accordance with UK‑adopted International

Accounting Standards and in conformity with the requirements of the Companies Act 2006

applicable to companies reporting under those standards.

On publishing the Company financial statements here, together with the consolidated

financial statements, the Company is taking advantage of the exemption in S408 of the

Companies Act 2006 not to present its individual income statement and related notes that

form a part of these approved financial statements.

The material accounting policies set out below have, unless otherwise stated, been

applied consistently to all periods presented in these consolidated and Company financial

statements.

The following standards, amendments to standards and interpretations have been issued

by the IASB but not yet effective:

• Amendment to IFRS 9 and IFRS 7 – Classification and Measurement of Financial

Instruments (effective 1 January 2026)

• IFRS 10 Consolidated Financial Statements – Determination of ‘de facto agent’ (effective

1 January 2026)

• Annual improvements to IFRS Accounting Standards – Volume 11 (effective 1 January 2026)

• IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027)

• IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027)

• IAS 21 The Effects of Changes in Foreign Exchange Rates (effective 1 January 2027)

• IFRS 20 Regulatory Assets and Regulatory Liabilities (effective 1 January 2029)

The Group has not decided to adopt these early and is currently assessing the impact

of these accounting standards, amendments to the standards and interpretations.

b) Basis of preparation

The financial statements are prepared in Sterling (which is also the functional currency of

the Parent Company), rounded to the nearest thousand. They are prepared on the historical

cost basis with the exception of certain items which are measured at fair value as disclosed

in the accounting policies below.

The preparation of the financial statements requires management to make judgements,

estimates and assumptions that affect the application of policies and reported amounts of

assets and liabilities, income and expenses. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the

revision affects only that period or in the period of the revision and future periods if the

revision affects current and future periods.

Judgements made by management in the application of UK‑adopted International

Accounting Standards that have a significant effect on the financial statements, and

estimates with a significant risk of material adjustment in the next financial year, if any,

are discussed in note 29.

Going concern

A review of the business activity and future prospects of the Group is covered in the

accompanying strategic report. The financial position of the Group, its cash flows, liquidity

position and borrowing facilities are specifically described in the financial review on pages

15 to 19. Detailed information regarding the Group’s current facility levels, liquidity, credit,

interest and foreign exchange risk is provided in note 26.

Current trading and forecasts show that the Group will continue to generate positive EBITDA

and generate cash. The banking facilities and covenants (leverage and interest cover) that

are in place provide appropriate headroom against forecasts based on the current outlook.

There are some headwinds in the global economic environment including the impact of the

tariffs and the elevated interest rate environment; however, should there be adverse factors

beyond expectation, the Directors are confident, given the low levels of leverage within the

business and the expectation that this will reduce further, that these would be mitigated.

As such, the Directors do not consider there to be material uncertainties relating to

events or conditions that may be relevant to the next 12 months from signing of the

annual financial statements, which cast doubt on the going concern status. This is also

the case after performing sensitivity analysis, reverse stress testing scenarios to break

point for the covenants and understanding what this would equate to either increasing

net debt or reducing EBITDA, the key inputs of which have been disclosed on pages 44

and 45. Thus, based on the stress testing performed (excluding the impact of potential

mitigating actions), a breach of the Group’s covenants is considered unlikely. The Group

has substantial headroom against its banking covenants and is not considered sensitive

to reasonably foreseeable changes in trading performance or financing costs. Based on

this analysis, the Directors have a reasonable expectation that the Group has adequate

resources to continue in operational existence for the foreseeable future and therefore

continue to adopt the going concern basis of accounting in preparing the annual financial

statements.

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

1 Material accounting policies continued

b) Basis of preparation continued

Climate change

Management has assessed the potential impact of CBAM on future cash flows. Based on

historical experience with similar regulatory changes, including the successful pass‑through

of US tariff increases, the Group expects to recover CBAM‑related costs through pricing

adjustments. Accordingly, CBAM does not represent a net incremental cash outflow

and has not been separately reflected in forecast cash flows, which already incorporate

market‑based pricing assumptions. In respect of decarbonisation capital expenditure, only

committed and necessary expenditure is included within the Group’s forecasts. Planned

decarbonisation initiatives are discretionary in nature, with timing and scope subject to

ongoing review, and are therefore not considered unavoidable costs required to maintain

current asset performance under IAS 36. Consequently, such expenditure has not been

included in base case cash flow projections used for impairment testing. Sensitivity analysis

has been performed considering scenarios where cost recovery is partially constrained and

where additional capital expenditure is required. These scenarios do not result in a material

impact on impairment conclusions or going concern assessments.

c) Basis of consolidation

i) Subsidiaries

Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed,

or has rights, to variable returns from its involvement with the investee and has the ability

to affect those returns through its power over the investee. The financial statements of

subsidiaries are included in the consolidated financial statements of the Group from the

date that control commences until the date that control ceases.

Non‑controlling interests (NCI) are measured at their proportionate share of the investee’s

identifiable net assets at the date of acquisition.

ii) Transactions eliminated on consolidation

Intra‑Group balances, and any unrealised gains and losses or income and expenses arising

from intra‑Group transactions, are eliminated in preparing the consolidated financial

statements.

d) Foreign currency

i) Foreign currency transactions

Transactions in foreign currencies are translated at the foreign exchange rate ruling at the

date of the transaction. Monetary assets and liabilities denominated in foreign currencies at

the end of the reporting date are translated to functional currencies at the foreign exchange

rate ruling at that date. Foreign exchange differences arising on translation are recognised

in the consolidated income statement. Non‑monetary assets and liabilities that are

measured in terms of historical cost in a foreign currency are translated using the exchange

rate at the date of the transaction.

ii) Financial statements of foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value

adjustments arising on consolidation, are translated to Sterling at foreign exchange rates

ruling at the end of the reporting date. The revenues and expenses of foreign operations

are translated to Sterling at average rates of exchange for the period, where this rate

approximates to the foreign exchange rates ruling at the dates of the transactions.

Foreign exchange differences arising on retranslation are recognised in a separate

component of equity, the translation reserve, through other comprehensive income.

They are released into the income statement as part of the gain or loss on disposal.

e) Hedge of net investment in foreign operations

The portion of the gain or loss on an instrument used to hedge a net investment in a foreign

operation that is determined to be an effective hedge is recognised in OCI and presented

in the translation reserve within equity. The ineffective portion is recognised immediately

in the income statement. The effective portion is recycled and recognised in the income

statement upon disposal of the operation.

f) Property, plant and equipment

i) Owned assets

Property, plant and equipment are stated at cost or deemed cost less accumulated

depreciation (see below) and impairment losses (see accounting policy (j)).

ii) Depreciation

Depreciation is charged to the income statement on a straight‑line basis over the

estimated useful lives of each part of an item of property, plant and equipment. Land is not

depreciated. The depreciation rates are as follows:

Freehold and long leasehold buildings — 2% per annum on a straight‑line basis or the

period of the lease

Short leasehold properties — period of the lease

Leasehold improvements — period of the lease

Motor vehicles — 20–25% per annum on a straight‑line basis

Plant and machinery — 10–20% per annum on a straight‑line basis

Fixtures, fittings and office equipment — 10–25% per annum on a straight‑line basis

When parts of an item of property, plant and equipment have different useful lives, those

components are accounted for as separate items of property, plant and equipment. Where

relevant, residual values are reassessed annually.

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

1 Material accounting policies continued

f) Property, plant and equipment continued

iii) Right‑of‑use leases

The Group’s leases primarily comprise right‑of‑use assets regarding land and buildings,

motor vehicles and equipment which it uses for its daily operations. Short‑term leases (<12

months) and leases for which the underlying asset is of a low value (<£4,000) are excluded.

The Group recognises a right‑of‑use asset and a lease liability at the lease commencement

date. The right‑of‑use asset is initially measured at cost, and subsequently at cost less any

accumulated depreciation and impairment losses. The right‑of‑use asset is subsequently

depreciated using the straight‑line method from the lease commencement date to the end

of the lease term. In addition, the right‑of‑use asset is periodically reduced by impairment

losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments (excluding

non‑lease components) that are not paid at the commencement date, discounted using the

interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee’s

incremental borrowing rate. Generally, the Group uses its incremental borrowing rate.

The lease liabilities are subsequently increased by the interest cost on the lease liability and

decreased by lease payments made. The liability will be remeasured if there is a change in

the future lease payments or if there are changes in the estimated length of the lease.

The lease period is established as the non‑cancellable period together with the opportunity

to extend the lease if the lessee is reasonably certain to utilise that option, and periods

covered by an opportunity to terminate the lease if the lessee is reasonably certain not to

utilise that option.

When the Group renegotiates the contractual terms of a lease with the lessor, the

accounting depends on the nature of the modification:

If the renegotiation results in one or more additional assets being leased for an amount

commensurate with the standalone price for the additional rights‑of‑use obtained, the

modification is accounted for as a separate lease in accordance with the above policy.

In all other cases where the renegotiation increases the scope of the lease (whether that

is an extension to the lease term, or one or more additional assets being leased), the lease

liability is remeasured using the discount rate applicable on the modification date, with the

right‑of‑use asset being adjusted by the same amount.

If the renegotiation results in a decrease in the scope of the lease, both the carrying

amount of the lease liability and right‑of‑use asset are reduced by the same proportion to

reflect the partial or full termination of the lease, with any difference recognised in profit

or loss. The lease liability is then further adjusted to ensure its carrying amount reflects the

amount of the renegotiated payments over the renegotiated term, with the modified lease

payments discounted at the rate applicable on the modification date. The right‑of‑use asset

is adjusted by the same amount.

The Group sometimes negotiates break clauses in its property leases. On a case‑by‑case

basis, the Group will consider whether the absence of a break clause would expose the

Group to excessive risk.

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

• The length of the lease term

• The economic stability of the environment in which the property is located

• Whether the location represents a new area of operations for the Group

iv) Subsequent costs

The Group recognises in the carrying amount of an item of property, plant and equipment

the cost of replacing part of such an item when that cost is incurred, if it is probable that

the future economic benefits embodied within the item will flow to the Group and the

cost of the item can be measured reliably. All other costs are recognised in the income

statement as an expense as incurred.

g) Intangible assets

i) On business combinations

All business combinations are accounted for by applying the acquisition method. In respect

of business combinations that have occurred since 1 April 2004, goodwill represents the

difference between the fair value of the consideration transferred and the fair value of

the net identifiable assets acquired. Identifiable intangibles are those which can be sold

separately or which arise from legal rights regardless of whether those rights are separable.

Costs related to the acquisition, other than those associated with the issue of debt or equity

securities, are expensed as incurred. Any contingent consideration payable is recognised at

fair value at the acquisition date. For non‑equity amounts, any subsequent changes to the

fair value are recognised in the profit and loss.

Positive goodwill arising on acquisitions is stated at cost less any accumulated impairment

losses. Goodwill is allocated to cash generating units and is not amortised but is tested

annually for impairment (see accounting policy (j)).

ii) Other intangible assets

The expenditure capitalised as software is directly attributable to the design, configuration

and build of systems controlled by the Group and includes the cost of materials and external

consultants, together with an appropriate allocation of directly attributable overheads. In

assessing whether configuration and customisation costs incurred in cloud computing or

Software‑as‑a‑Service (SaaS) arrangements are eligible for capitalisation, the Group assesses

whether it controls a separately identifiable software asset. Costs are capitalised only where the

Group controls the underlying asset and it is probable that future economic benefits attributable

to the asset will flow to the Group. Where the Group does not control the underlying software

application, such costs are recognised in the income statement as the related services are received.

Other development expenditure is recognised in the income statement as an expense as incurred.

Capitalised development expenditure is stated at cost less accumulated amortisation and

accumulated impairment losses.

Intangible assets other than goodwill that are acquired by the Group are stated at cost less

accumulated amortisation and impairment losses (see accounting policy (j)).

Expenditure on internally generated goodwill and brands is recognised in the income

statement as an expense as incurred.

Additional Information

Financial Statements

GovernanceStrategic Report

Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

1 Material accounting policies continued

g) Intangible assets continued

iii) Subsequent expenditure

Subsequent expenditure on capitalised intangible assets is capitalised only when it

increases the future economic benefits embodied in the specific asset to which it relates.

All other expenditure is expensed as incurred.

iv) Amortisation

Amortisation is charged to the consolidated income statement in administrative expenses

on a straight‑line basis over the estimated useful lives of intangible assets, unless such

lives are indefinite. Goodwill and intangible assets with an indefinite useful life are tested

systematically for impairment at each annual end of reporting date. The amortisation rates

of other intangible assets per annum are as follows:

Customer relationships — 6.7% to 12.5%

Technology — 6.7% to 10%

Marketing – related — 8.3% to 20%

Other — 20% to 33%

h) Non‑derivative financial instruments

i) Investments in subsidiaries and associates

Investments in subsidiaries and associates are held in the Company statement of financial

position at historic cost net of any impairment (see accounting policy (j)).

ii) Trade and other receivables

Trade and other receivables are recognised initially at the transaction price when they

originated and subsequently at amortised cost less impairment losses (see accounting

policy (j)). Interest income, foreign exchange gains and losses and impairment are

recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

iii) Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits with an original

maturity of three months or less. Bank overdrafts that are repayable on demand and form

an integral part of the Group’s cash management are included as a component of cash and

cash equivalents only for the purpose of the statements of cash flows.

iv) Interest‑bearing borrowings

Interest‑bearing borrowings are recognised initially at fair value net of any transaction

costs. Subsequent to initial recognition, interest‑bearing borrowings are stated at amortised

cost using the effective interest method. Interest expense and foreign exchange gains and

losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised

in profit or loss.

v) Trade and other payables

Trade and other payables are recognised initially at fair value. Subsequently, they are

measured at amortised cost using the effective interest method. Interest expense and

foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on

derecognition is also recognised in profit or loss.

i) Inventories

Inventories are stated at the lower of cost and net realisable value with provision being

made for obsolete and slow‑moving items. This policy is applied consistently across the

Group; however, the estimation techniques used by the subsidiaries vary depending on the

underlying data available. In determining the cost of raw materials, consumables and goods

purchased for resale, a first‑in first‑out purchase price is used and includes expenditure

incurred in acquiring the inventories and bringing them to their existing location and

condition. For a small number of locations, weighted average purchase price is used where

this is suitable for the business, the nature of the inventory and is calculated on a consistent

basis year on year. For work in progress and finished goods manufactured by the Group,

cost is taken as production cost, which includes an appropriate proportion of attributable

overheads based on normal operating capacity. See note 29 for the Group’s inventory

provisioning policy.

j) Impairment

The carrying amounts of the Group’s assets, other than inventories (see accounting policy

(i)) and deferred tax assets (see accounting policy (p)), are reviewed at each end of

reporting date to determine whether there is any indication of impairment.

Financial assets measured at amortised cost and contract assets (as defined in IFRS 15) are

considered to be credit impaired if evidence indicates that one or more events has had a

negative effect on the estimated future cash flows of that asset.

When determining whether evidence indicates there is a negative effect on estimated

future cash flows, the Company considers reasonable and supportable information that

is relevant and available without undue cost or effort. This includes both quantitative and

qualitative information and analysis, based on the Company’s historical experience and

informed credit assessment and including forward‑looking information.

Loss allowances for expected credit losses (ECLs) are recognised when they are expected

to arise as the present value of all cash shortfalls (i.e. the difference between the cash flows

due to the entity in accordance with the contract and the cash flows that the Company

expects to receive). ECLs are discounted at the effective interest rate of the financial asset

where appropriate. The Company measures loss allowances at an amount equal to lifetime

ECL, except for other debt securities and bank balances for which credit risk (i.e. the risk

of default occurring over the expected life of the financial instrument) has not increased

significantly since initial recognition, which are measured as 12‑month ECL.

The Group uses a simplified approach and practical expedients such as ageing buckets

and uses historical loss rates adjusted for current and forward‑looking information.

Additional Information

Financial Statements

GovernanceStrategic Report

100

Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

1 Material accounting policies continued

j) Impairment continued

Lifetime ECLs are the ECLs that result from all possible default events over the expected

life of a financial instrument. 12‑month ECLs are the portion of ECLs that result from default

events that are possible within the 12 months after the reporting date (or a shorter period if

the expected life of the instrument is less than 12 months).

The gross carrying amount of a financial asset is written off (either partially or in full) to the

extent that there is no realistic prospect of recovery.

For goodwill and other intangible assets that have an indefinite useful life, the recoverable

amount is estimated at each annual end of reporting date.

An impairment loss is recognised whenever the carrying amount of an asset or its cash

generating unit exceeds its recoverable amount. Impairment losses are recognised in the

consolidated income statement unless the asset is recorded at a revalued amount, in which

case it is treated as a revaluation decrease.

Impairment losses recognised in respect of cash generating units are allocated first to

reduce the carrying amount of any goodwill allocated to cash generating units and then

to reduce the carrying amount of the other assets in the unit on a pro‑rata basis. A cash

generating unit is the smallest identifiable group of assets that generates cash inflows that

are largely independent of the cash inflows from other assets or groups of assets.

i) Calculation of recoverable amount

The recoverable amount is the greater of net selling price and value in use. In assessing

value in use, the estimated future cash flows are discounted to their present value using a

pre‑tax discount rate that reflects current market assessments of the time value of money

and the risks specific to the asset. For an asset that does not generate largely independent

cash inflows, the recoverable amount is determined for the cash generating unit to which

the asset belongs.

ii) Reversals of impairment

An impairment loss in respect of goodwill is not reversed. An impairment loss on any other

asset is assessed at each reporting date and is reversed only to the extent that the asset’s

carrying amount does not exceed the carrying amount that would have been determined,

net of depreciation or amortisation, if no impairment loss had been recognised.

k) Dividends

Dividends to the Company’s shareholders are recognised as a liability and deducted from

shareholders’ equity in the period in which the shareholders’ right to receive payment is

established.

l) Employee benefits

i) Defined contribution plans

The Group operates defined contribution pension schemes, which include stakeholder

pension plans. The assets of these schemes are held separately from those of the Group

in independently administered funds. The amount charged against profits represents the

contributions payable to the schemes in respect of the accounting period. The Group pays

fixed contributions and will have no legal or constructive obligation to pay further amounts.

ii) Share‑based payment transactions

The grant date fair value of equity settled share‑based payment arrangements granted to

employees is generally recognised as an expense, with a corresponding increase in equity,

over the vesting period of the awards.

The amount recognised as an expense is adjusted to reflect the number of awards for

which the related service and non‑market performance conditions are expected to be

met, such that the amount ultimately recognised is based on the number of awards that

meet the related service and non‑market performance conditions at the vesting date.

For share‑based payment awards with non‑vesting conditions and market performance

conditions, the grant date fair value of the share‑based payment is measured to reflect such

conditions and there is no true‑up for differences between expected and actual outcomes.

The fair value of the amount payable to employees in respect of cash settled awards

is recognised as an expense with a corresponding increase in liabilities over the period

during which the employees become unconditionally entitled to payment. The liability is

remeasured at each reporting date and at settlement date based on the fair value of the

award. Any changes in the liability are recognised in profit or loss.

Where the Company grants awards over its own shares to the employees of its subsidiaries,

it recognises, in its individual financial statements, an amount owed by subsidiary

undertakings if the cost will be recharged. If the cost is not recharged, it is recognised as

an increase in the cost of investment in its subsidiaries. In both cases, the corresponding

balance is recognised in equity or liabilities depending on the method of settlement. The

amount recognised is equivalent to the share‑based payment charge recognised in its

consolidated financial statements.

iii) Termination benefits

Termination benefits are recognised as an expense when the Group is demonstrably

committed, without realistic possibility of withdrawal, to a formal plan to terminate

employment before the normal retirement date.

Additional Information

Financial Statements

GovernanceStrategic Report

101

Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

1 Material accounting policies continued

m) Provisions

A provision is recognised in the statement of financial position when the Group has a

present legal or constructive obligation as a result of a past event, and it is probable that

an outflow of economic benefits will be required to settle the obligation. If the effect is

material, provisions are determined by discounting the expected future cash flows at a

pre‑tax rate that reflects current market assessments of the time value of money and,

when appropriate, the risks specific to the liability.

n) Revenue

Revenue from the sale of goods rendered is recognised net of VAT in the consolidated

income statement when the performance obligation is satisfied and the customer obtains

control which is based on customer agreements. In accordance with normal practice,

there is a single performance obligation, which is on dispatch of goods or at the point of

customer acceptance where appropriate, in accordance with the incoterms agreed with the

customers. The transaction price is determined by the invoice amount with adjustments

made for variable consideration (i.e. rebates) where applicable.

Payment terms across the Group vary depending on the geographic location of each

operating company. Payment is typically due between 30 and 90 days after the invoice

is issued.

Variable consideration relating to volume rebates has been constrained in estimating

revenue in order that it is highly probable that there will not be a future reversal in the

amount of revenue recognised when the amount of volume rebates has been determined.

o) Expenses

i) Repayment of right‑of‑use liabilities

Minimum lease payments are apportioned between the finance charge and the reduction

of the outstanding liability. The finance charge is allocated to each period during the lease

term so as to produce a constant periodic rate of interest on the remaining balance of

the liability.

ii) Net financing costs

Net financing costs comprise interest payable on borrowings and right‑of‑use liabilities

calculated using the effective interest rate method and interest receivable on funds

invested.

Interest income is recognised in the consolidated income statement as it accrues, using the

effective interest method. Net finance costs also include the amortisation of arrangement

fees and related costs.

p) Taxation

Tax on the profit or loss for the period presented comprises current and deferred tax.

Tax is recognised in the consolidated income statement except to the extent that it relates

to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates

enacted or substantively enacted at the end of the reporting date, and any adjustment to

tax payable in respect of previous years.

Deferred tax is provided using the balance sheet liability method, providing for temporary

differences between the carrying amounts of assets and liabilities for financial reporting

purposes and the amounts used for taxation purposes. The following temporary differences

are not provided for: the initial recognition of goodwill not deductible for tax purposes, the

initial recognition of assets or liabilities that affect neither accounting nor taxable profit

(applicable for all transactions other than business combinations), and differences relating

to investments in subsidiaries to the extent that they will probably not reverse in the

foreseeable future. The amount of deferred tax provided is based on the expected manner

of realisation or settlement of the carrying amount of assets and liabilities, using tax rates

enacted or substantively enacted at the end of the reporting date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable

profits will be available against which the asset can be utilised. Deferred tax assets are

reduced to the extent that it is no longer probable that the related tax benefit will be

realised.

Deferred tax assets and liabilities are offset when the Group has a legally enforceable right

to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to

taxes levied by the same tax authority on either:

• The same taxable Group company

• Different Group entities which intend either to settle current tax assets and liabilities on

a net basis, or to realise the assets and settle the liabilities simultaneously, in each future

period in which significant amounts of deferred tax assets or liabilities are expected to

be settled or recovered

Additional income taxes that arise from the distribution of dividends are recognised at the

same time as the liability to pay the related dividend. Information as to the calculation of

income tax on the profit or loss for the period presented is included in note 9.

q) Operating segment reporting

A segment is a distinguishable component of the Group that engages in business activities

from which it may earn revenues and incur expenditure (including revenues and expenses

relating to transactions with other components of the same entity), whose operating results

are regularly reviewed by the Group’s Chief Operating Decision Maker (the Executive

Leadership Team) in order to make decisions about allocating resources and to assess

its performance, and for which discrete financial information is available.

The Group operates in a number of geographical economic environments. The Company

only operates in one business segment, being the manufacture and logistical supply of

industrial fasteners and Category ‘C’ components.

Additional Information

Financial Statements

GovernanceStrategic Report

102

Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

1 Material accounting policies continued

r) Earnings per share

The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.

Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of

the Company by the weighted average number of ordinary shares outstanding during the

period. Diluted EPS is determined by adjusting the weighted average number of ordinary

shares outstanding for the effects of all dilutive potential ordinary shares, which comprise

share options and deferred equity awards granted to employees.

s) Underlying measure of profits and losses

The Group believes that underlying operating profit and underlying profit before tax

provide additional guidance to statutory measures to help understand the underlying

performance of the business during the financial period. The term ‘underlying’ is not

defined under Adopted IFRS. It is a measure that is used by management to assess the

underlying performance of the business internally and is not intended to be a substitute

measure for adopted IFRS GAAP measures.

The Group defines these underlying measures as follows:

• Underlying profit before tax is profit before taxation and separately disclosed items

(see note 2)

• Underlying profit after tax is profit after taxation but before separately disclosed items

(see note 2) and is used in the calculation of underlying earnings per share

• Underlying operating and segment results (see note 3) are operating and segment profit

before separately disclosed items

It should be noted that the definitions of underlying items being used in these financial

statements are those used by the Group and may not be comparable with the term

‘underlying’ as defined by other companies within the same sector or elsewhere.

Separately disclosed items are included within the income statement caption to which

they relate.

t) Separately disclosed items (see note 2)

The Board exercises judgement in determining the classification of certain items as

‘separately disclosed items’ using quantitative and qualitative factors. In determining

whether an item should be presented as a separately disclosed item, the Group considers

items which are significant either because of their size or their nature, and which may be

non‑recurring. For an item to be considered as a separately disclosed item, it must initially

meet at least one of the following criteria:

• Its size is significant in the context of the element of the results or balance it relates to

• The nature of the item is outside the normal or core business activities

• It may span accounting periods but is not expected to recur routinely in future periods

If an item meets at least one of the criteria, the Board then exercises judgement as

to whether the item should be classified as a separately disclosed item. In exercising

this judgement, the Board also takes into account consistency with any disclosures in

prior periods.

Separate presentation of ‘separately disclosed items’ is intended to enhance full

understanding of the financial performance of the Group in the particular year under review

and the extent to which results are influenced by material unusual and/or non‑recurring

items. The Directors review segmental results under an underlying basis before these

‘separately disclosed items’ to analyse the performance of operating segments.

u) Own shares acquired by Employee Benefit Trust

The Employee Benefit Trust (EBT) provides for the issue of shares to Group employees

under share‑based payment arrangements. The Company is the sole funder of the EBT,

and all shares and assets held by the EBT are held under a trust arrangement for the

benefit of Group employees and the Company, and the Company therefore accounts

for the EBT as an extension to the Company in the financial statements.

Repurchased shares (classified as own shares acquired) are recognised at the amount

of consideration paid, which includes directly attributable costs, as a deduction from

equity. They are presented separately in equity as own shares held. When the shares are

subsequently sold or used to settle future equity award commitments, the amount received

is recognised as an increase in equity.

v) Other operating income

Other operating income comprises rental income, manufacturing investment tax credits

and research and development (R&D) income arising in the normal course of business.

Rental income is recognised on a straight‑line basis over the lease term. Manufacturing

investment tax credits and R&D income are recognised where there is reasonable assurance

that the income will be received and all related conditions will be complied with, and are

recognised on a systematic basis over the periods in which the related costs are recognised.

w) Prior year restatement for implementation costs of cloud computing

SaaS arrangements

During the year, the Group identified an error in the accounting treatment applied to

certain costs incurred in implementing cloud computing Software‑as‑a‑Service (SaaS)

arrangements following consideration of the April 2021 International Financial Reporting

Interpretations Committee (IFRIC) agenda decision relating to configuration and

customisation costs in a cloud computing arrangement. The costs previously capitalised

primarily related to the implementation of the Group’s cloud‑based Enterprise Resource

Planning (ERP) system (Microsoft Dynamics 365) under ‘Project Atlas’.

Under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the Group

has corrected the prior period error retrospectively. Configuration and customisation costs

incurred in SaaS arrangements are expensed where they do not give rise to an identifiable

intangible asset controlled by the Group. See note 36 for the impact of the restatement.

The restatement represents a non‑cash adjustment. The Group consolidated prior year

comparatives have been restated to derecognise previously capitalised SaaS‑related costs

amounting to £5.4m in the year ended 31 March 2024. The impact of the restatement

reduced Group and Company retained earnings at 1 April 2024 by £5.4m and reduced

Group and Company assets on the prior year statement of financial position by £5.4m.

Additional Information

Financial Statements

GovernanceStrategic Report

103

Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

2 Underlying profit before tax and separately disclosed items

		2026	2025
	Note	£000	£000
Underlying profit before tax		12,320	10,377
Separately disclosed items within
administrative expenses
Acquired intangible amortisation	13	(1,550)	(1,731)
Restructuring and transformation costs		(2,427)	(2,575)
Project Ignite		(5,976)	—
Impairment of non‑current assets	13	(899)	—
Impairment of customer receivable
on administration		—	(1,006)
Malaysia manufacturing write‑off		(1,390)	—
Recovery of prior year fraud loss		190	—
Facilitation payment fraud		(211)	(384)
Profit on disposal of a subsidiary		—	247
Profit before tax		57	4,928

		2026	2025
	Note	£000	£000
Underlying EBITDA	31	23,064	22,018
Separately disclosed items within
administrative expenses
Restructuring and transformation costs		(2,427)	(2,575)
Project Ignite		(5,976)	—
Impairment of non‑current assets	13	(899)	—
Impairment of customer receivable
on administration		—	(1,006)
Malaysia manufacturing write‑off		(1,390)	—
Recovery of prior year fraud loss		190	—
Facilitation payment fraud		(211)	(384)
Profit on disposal of a subsidiary		—	247
EBITDA		12,351	18,300
Acquired intangible amortisation	13	(1,550)	(1,731)
Depreciation, right‑of‑use assets and non‑acquired amortisation		(6,563)	(7,142)
Operating profit		4,238	9,427

Recurring items

Intangible amortisation relating to acquisitions has been separately disclosed so as to

present the trading performance of the respective entities with a charge on a comparable

basis to other entities in the Group.

Event‑driven items

Restructuring and transformation costs

Restructuring and transformation costs of £2.4m (FY25: £2.6m) comprise costs incurred in

connection with transformation initiatives approved by management following the launch of

the Group’s strategy at the end of FY24. These initiatives are focused on margin management,

focused growth, operational efficiency and organisational effectiveness. The costs primarily

include transformation‑related implementation costs, redundancy expenses and other costs

directly attributable to the execution of these initiatives. While transformation activity forms

part of the ongoing management of the business, the scale and concentration of these costs

in the period are not considered representative of the Group’s ongoing operating cost base.

Project Ignite

During the year, the Group incurred costs of £6.0m in relation to the implementation of

its cloud‑based Enterprise Resource Planning (ERP) system (Microsoft Dynamics 365).

In accordance with the IFRIC agenda decision on configuration and customisation costs

in cloud computing SaaS arrangements and the requirements of IAS 38 Intangible Assets,

these costs have been expensed as incurred as the Group does not control the underlying

software and the expenditure does not give rise to a separately identifiable intangible asset.

Accordingly, costs relating to the design, configuration, customisation and implementation

have been recognised in the income statement. Given the scale and strategic nature of the

ERP transformation programme, these costs have been presented as separately disclosed

items. Project Ignite is expected to conclude in FY27 at an estimated further cost of £3.2m.

Malaysia manufacturing write‑off

During the year, the Group recognised exceptional inventory and tooling write‑offs

in Malaysia following the Board‑approved decision under Project Tiger to exit

manufacturing operations. An exceptional inventory provision of £0.5m was recorded for

programme‑specific materials rendered unrecoverable following end‑of‑production notices

and the removal of future consumption routes. In addition, existing tooling balances of

£0.9m were written off due to the short remaining manufacturing horizon.

Impairment of non‑current assets

Impairment of non‑current assets in FY26 of £0.9m comprised £0.5m relating to TR

Fastenings Inc. (Houston), including £0.4m in respect of right‑of‑use assets and £0.1m of

property, plant and equipment, and £0.4m relating to goodwill associated with Precision

Technology Solutions (PTS). The impairments reflect a reassessment of the recoverable

amount of the respective cash‑generating units based on updated assumptions regarding

future performance and market conditions. The charges are non‑cash in nature and arise

from valuation adjustments. Accordingly, management has excluded these impairments

from underlying performance measures used internally to assess period‑on‑period

operating performance. Further details are provided in note 13.

Additional Information

Financial Statements

GovernanceStrategic Report

104

Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

2 Underlying profit before tax and separately disclosed items continued

Event‑driven items continued

Impairment of customers receivable on administration

On 27 June 2024, one of the Group’s customers entered into administration. As a result,

an impairment charge of £1.0m was recognised in respect of the outstanding receivable

balance at the date of administration. This impairment relates to a specific counterparty

credit event and does not reflect a broader deterioration in the Group’s underlying credit

risk profile. The charge has therefore been presented as a separately disclosed item.

Recovery of prior year fraud loss

During the year, the Group recognised an insurance recovery of £0.2m relating to a prior

year facilitation payment fraud incident involving an impersonation scam, for which a

£0.4m provision was recognised in FY25. The income has been presented separately and

not netted against the current year loss, as it relates to a different reporting period and

does not meet the IFRS criteria for offsetting. No further recoveries are expected.

Facilitation payment fraud

During the year, the Group identified an incident of external fraud in an overseas jurisdiction

involving an impersonation scam, resulting in an unauthorised payment of £0.2m. The

Group maintains insurance coverage for such events; however, as the loss fell below the

applicable policy excess, no recovery has been recognised. This matter was previously

disclosed as a subsequent event in the Group’s prior year Annual Report. In addition,

separately disclosed items in FY25 included a provision of £0.4m in respect of a similar

facilitation payment fraud incident, for which an insurance recovery has been recognised

in the current year as disclosed above.

Profit on disposal of a subsidiary

The profit on disposal of a subsidiary of £0.2m relates to the sale of TR Norge AS to Otto

Olsen on 3 April 2024. The subsidiary was disposed of for consideration of £0.7m, net of

direct disposal costs. This resulted in a profit of £0.2m after taking into account the net assets

disposed of £0.4m and the recycling of a cumulative translation reserve loss of £0.1m.

Management uses underlying performance measures to assist users of the financial

statements in understanding the Group’s period‑on‑period trading performance. These

measures exclude items that are significant in size or volatility, or which primarily relate

to valuation, structural changes or discrete events rather than the underlying operational

performance of the Group during the period. The Group’s statutory results prepared in

accordance with IFRS remain the primary measure of financial performance. Reconciliations

between underlying and statutory measures are provided in note 31. Underlying measures

are not defined by IFRS and therefore may not be directly comparable with similar

measures presented by other companies. The exclusion of separately disclosed items may

result in underlying measures being either higher or lower than the corresponding statutory

measures for the period.

3 Operating segmental analysis

Segment information, as discussed in note 1(q), is presented in the consolidated financial

statements in respect of the Group’s geographical segments. This reflects the Group’s

management and internal reporting structure, and the operating basis on which individual

operations are reviewed by the Chief Operating Decision Maker (the Executive Leadership

Team). Performance is measured based on each segment’s underlying operating result

as included in the internal management reports that are reviewed by the Chief Operating

Decision Maker. This is used to measure performance as management believes that such

information is the most relevant in evaluating the results of certain segments relative to

other entities that operate within the industry.

Inter‑segment pricing is determined on an arm’s length basis. Segment results, assets

and liabilities include items directly attributable to a segment as well as those that can

be allocated on a reasonable basis.

Goodwill and intangible assets acquired on business combinations are included in the

region to which they relate.

Geographical operating segments

The Group is comprised of the following main geographical operating segments:

• UK & Ireland

• Europe: includes Sweden, Hungary, Holland, Italy, Germany and Spain

• North America

• Asia: includes Malaysia, China, Singapore, Taiwan, Thailand and India

In presenting information on the basis of geographical operating segments, segment

revenue and segment assets are based on the geographical location of our entities across

the world and are consolidated into the four distinct geographical regions, which the

Executive Leadership Team (the ‘ELT’) uses to monitor and assess the Group. Interest

is reported on a net basis rather than gross as this is how it is presented to the Chief

Operating Decision Maker. All material non‑current assets are located in the country

the relevant Group entity is incorporated in.

Additional Information

Financial Statements

GovernanceStrategic Report

105

Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

3 Operating segmental analysis continued

Geographical operating segments continued

			North		Common
	UK & Ireland	Europe	America	Asia	amounts	Total
March 2026	£000	£000	£000	£000	£000	£000
Revenue
Revenue from external customers	61,580	74,196	32,685	39,913	—	208,374
Inter‑segment revenue (eliminated on consolidation)	2,678	1,594	866	6,359	—	11,497
Total revenue	64,258	75,790	33,551	46,272	—	219,871
Underlying operating result	4,475	8,593	3,130	5,043	(4,740)	16,501
Net financing costs	(463)	(699)	(671)	400	(2,748)	(4,181)
Underlying segment result	4,012	7,894	2,459	5,443	(7,488)	12,320
Separately disclosed items (see note 2)	(899)	(3,035)	(2,461)	(4,591)	(1,277)	(12,263)
Profit/(loss) before tax	3,113	4,859	(2)	852	(8,765)	57
Specific disclosure items
Depreciation and amortisation	2,529	3,174	805	1,497	108	8,113
Assets and liabilities
Non‑current asset additions	983	1,450	223	2,969	814	6,439
Non‑current assets 1	24,810	13,827	3,120	21,824	898	64,479
Segment assets	67,492	67, 877	25,545	56,695	5,641	223,250
Segment liabilities	(21,476)	(19,054)	(3,312)	(10,004)	(53,782)	(107,628)

1. Non‑current assets exclude financial instruments and deferred tax

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for the year ended 31 March 2026

3 Operating segmental analysis continued

Geographical operating segments continued

			North		Common
	UK & Ireland	Europe	America	Asia	amounts	Total
March 2025	£000	£000	£000	£000	£000	£000
Revenue
Revenue from external customers	69,126	77,171	32,978	44,191	—	223,466
Inter‑segment revenue (eliminated on consolidation)	3,036	1,659	131	7,356	—	12,182
Total revenue	72,162	78,830	33,109	51,547	—	235,648
Underlying operating result	2,927	6,926	3,008	8,846	(6,831)	14,876
Net financing costs	(65)	(916)	(873)	462	(3,107)	(4,499)
Underlying segment result	2,862	6,010	2,135	9,308	(9,938)	10,377
Separately disclosed items (see note 2)	(1,201)	(2,060)	(381)	(432)	(1,375)	(5,449)
Profit/(loss) before tax	1,661	3,950	1,754	8,876	(11,313)	4,928
Specific disclosure items
Depreciation and amortisation	(2,357)	(3,287)	(840)	(1,552)	(837)	(8,873)
Assets and liabilities
Non‑current asset additions	6,046	4,695	198	863	—	11,802
Non‑current assets 1	26,768	16,317	4,297	19,733	5,510	72,626
Segment assets	71,186	69,946	24,322	56,468	7,081	229,003
Segment liabilities	(22,454)	(20,041)	(4,282)	(10,497)	(50,586)	(107,860)

1. Non‑current assets exclude financial instruments and deferred tax

There were no material differences in North America between the external revenue based on location of the entities and the location of the customers. Of the UK & Ireland external

revenue, £8.6m (FY25: £6.2m) was sold into the European market. Of the Asian external revenue, £3.8m (FY25: £4.4m) was sold into the North American market and £3.5m (FY25: £3.2m)

was sold into the European market.

Within UK & Ireland, TR Fastenings Ltd has revenue of £44.6m (FY25: £53.1m) and non‑current assets of £3.1m (FY25: £2.9m).

Within Europe, TR Italy has revenue of £23.6m (FY25: £27.0m) and non‑current assets of £7.7m (FY25: £8.0m).

Within Asia, TR Formac Singapore has revenue of £17.0m (FY25: £19.9m) and non‑current assets of £4.4m (FY25: £4.2m).

Revenue is derived solely from the manufacture and logistical supply of industrial fasteners and Category ‘C’ components.

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

4 Other operating income

	2026	2025
	£000	£000
Rental income received from freehold properties	102	20
Other income	690	746
	792	766

Other income primarily includes tax credits for manufacturing investments in Industry 4.0

at TR Italy of £0.3m (FY25: £0.4m).

Included within other income is <£0.1m (FY25: <£0.1m) of R&D tax credits.

5 Expenses and auditor’s remuneration

Included in profit for the year are the following:

		2026	2025
	Note	£000	£000
Depreciation and non‑acquired
amortisation	10, 13	2,903	3,655
Right‑of‑use assets depreciation	12	3,660	3,487
Amortisation of acquired intangibles	13	1,550	1,731
Short‑term/low‑value lease expense	12	325	309
Net foreign exchange loss/(gain)		673	(198)
Profit on disposal of fixed assets		(50)	(26)

The employee benefit expense recognised in the year is disclosed in note 22.

Auditor’s remuneration:

	2026	2025
	£000	£000
Audit of these financial statements	433	439
Audit of financial statements of subsidiaries pursuant
to legislation	570	531
Total	1,003	970

6 Staff numbers and costs

The average number of people employed by the Group (including Directors) during the

year, analysed by category, was as follows:

	Group		Company
	Number of employees		Number of employees
	2026	2025	2026	2025
Office and management	93	107	—	—
Manufacturing	269	310	—	—
Sales	155	178	—	—
Operations	503	581	—	—
	1,02 0	1,176	—	—

The aggregate payroll costs of these people were as follows:

	Group		Company
	£000		£000
	2026	2025	2026	2025
Wages and salaries
(including accrued bonus)	37,737	41,844	—	—
Share‑based payments	1,244	426	1,244	428
Social security costs	4,979	4,544	—	—
Contributions to defined
contribution plans (see
note 22)	1,831	2,176	—	—
	45,791	48,990	1,244	428

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

7 Directors’ emoluments

	2026	2025
	£000	£000
Directors’ emoluments	1,086	945
Compensation for loss of office	—	—
Company contributions to money purchase pension plans	15	12
Pension cash payments	15	20
	1,116	977

The emoluments of individual Directors are shown in the remuneration report on pages 66

to 80.

The aggregate emoluments of the highest paid Director excluding pensions was £0.43m

(FY25: £0.44m), which included no vested LTIP or deferred equity award (FY25: £nil),

Company pension contributions of £nil (FY25: £nil) made to a money purchase scheme on

his behalf and pension cash payments of £20,000 (FY25: £20,000). During the year, no

SAYE share options were exercised by the highest paid Director (FY25: nil) and no deferred

equity shares were exercised by the highest paid Director (FY25: nil).

The annual IFRS 2 charges relating to Board share option schemes was £0.7m

(FY25: £0.3m). The highest paid Director’s element of this charge was £0.4m

(FY25: £0.2m).

	Number of Directors
	2026	2025
Retirement benefits are accruing to the following number
of Directors under money purchase schemes	1	1
The number of Directors who exercised share options was	—	—

See pages 66 to 80 of the remuneration report for more details.

Directors’ rights to subscribe for shares in the Company are also set out in the

remuneration report.

8 Financial income and expense

	2026	2025
	£000	£000
Financial income
Interest income on financial assets	160	275
Financial expenses
Interest payable on bank loans, IFRS 16 right‑of‑use
liabilities	4,341	4,774

FY26 includes £1.2m of interest on the right‑of‑use liabilities in compliance with IFRS 16, see

note 12 (FY25: £1.0m).

9 Taxation

	2026	2025
Recognised in the income statement	£000	£000
Current UK tax expense:
Current year	518	65
Adjustments for prior years	—	2
	518	67
Current foreign tax expense:
Current year	2,192	3,259
Adjustments for prior years	36	(91)
	2,228	3,168
Total current tax	2,746	3,235
Deferred tax expense (note 16):
Origination and reversal of temporary differences	(1,687)	1,248
Adjustments for prior years	(20)	(595)
Deferred tax income	(1,707)	653
Tax in income statement	1,039	3,888

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

9 Taxation continued

	2026	2025
	£000	£000
Deferred tax recognised directly in equity	(213)	31
Total tax recognised in equity	(213)	31

	2026	ETR	2025	ETR
Reconciliation of effective tax rate (ETR) and tax expense	£000	%	£000	%
(Loss)/profit for the period	(982)		1,040
Tax from continuing operations	1,039		3,888
Profit before tax	57		4,928
Tax using the UK corporation tax rate of 25% (FY25: 25%)	14	25	1,232	25
Tax suffered on dividends	698	1,225	203	4
Non‑deductible expenses	423	742	1,917	38
Non‑taxable receipts	(92)	(161)	(391)	(7)
IFRS 2 share option charge	302	530	(16)	—
Deferred tax assets not recognised	(134)	(235)	2,247	45
Different tax rates on overseas earnings	(208)	(365)	(619)	(12)
Adjustments in respect of prior years	36	63	(685)	(13)
Total tax in income statement	1,039	1,824	3,888	80

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

10 Property, plant and equipment – Group

	Land and	Leasehold	Plant and	Fixtures and	Motor
	buildings	improvements	equipment	fittings	vehicles	Total
	£000	£000	£000	£000	£000	£000
Cost
Balance at 1 April 2024	13,572	4,478	38,435	8,918	1,050	66,453
Additions	76	518	1,246	1,030	—	2,870
Assets classified as held for sale	—	—	—	—	—	—
Disposals	—	(14)	(4,526)	(932)	(13)	(5,485)
Transfers/reallocations	—	—	(4)	(24)	—	(28)
Effect of movements in foreign exchange	(162)	(34)	(517)	(79)	(24)	(816)
Balance at 31 March 2025	13,486	4,948	34,634	8,913	1,013	62,994
Balance at 1 April 2025	13,486	4,948	34,634	8,913	1,013	62,994
Additions	34	407	1,173	1,146	28	2,788
Disposals	—	(152)	(991)	(1,454)	(109)	(2,706)
Transfers/reallocations	—	75	30	(154)	(24)	(73)
Effect of movements in foreign exchange	624	47	1,423	143	26	2,263
Balance at 31 March 2026	14,144	5,325	36,269	8,594	934	65,266
Depreciation and impairment
Balance at 1 April 2024	5,167	1,611	32,276	7,511	818	47,383
Depreciation charge for the year	214	358	1,793	455	69	2,889
Assets classified as held for sale	—	—	—	—	—	—
Disposals	—	(14)	(4,525)	(694)	(13)	(5,246)
Transfers/reallocations	—	—	(4)	(24)	—	(28)
Impairment loss	—	—	—	—	—	—
Effect of movements in foreign exchange	(96)	(23)	(398)	(61)	(19)	(597)
Balance at 31 March 2025	5,285	1,932	29,142	7,1 87	855	44,401

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

	Land and	Leasehold	Plant and	Fixtures and	Motor
	buildings	improvements	equipment	fittings	vehicles	Total
	£000	£000	£000	£000	£000	£000
Balance at 1 April 2025	5,285	1,932	29,142	7,187	855	44,401
Depreciation charge for the year	211	435	1,639	515	87	2,887
Disposals	—	(152)	(987)	(1,437)	(92)	(2,668)
Transfers/reallocations	—	26	22	(48)	—	—
Impairment loss 1	—	21	61	49	5	136
Effect of movements in foreign exchange	229	34	1,204	119	22	1,608
Balance at 31 March 2026	5,725	2,296	31,081	6,385	877	46,364
Net book value
At 31 March 2024	8,405	2,867	6,159	1,407	232	19,070
At 31 March 2025	8,201	3,016	5,492	1,726	158	18,593
At 31 March 2026	8,419	3,029	5,188	2,209	57	18,902

1. An impairment charge was recognised in respect of TR Fastenings Inc. (Houston); see note 13 for further details

Included in the net book value of land and buildings is £7.4m (FY25: £8.2m) of freehold land and buildings. Within this figure, there is £1.5m (FY25: £1.6m) of buildings that are on long

leasehold land.

The Group had commitments for future capital expenditure not provided for in the accounts of £nil (FY25: £0.2m).

10 Property, plant and equipment – Group continued

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

11 Property, plant and equipment – Company

	Plant and	Fixtures and
	machinery	fittings	Total
	£000	£000	£000
Cost
Balance at 1 April 2024	13	582	595
Additions	—	3	3
Balance at 31 March 2025	13	585	598
Balance at 1 April 2025	13	585	598
Additions	—	—	—
Balance at 31 March 2026	13	585	598
Depreciation and impairment
Balance at 1 April 2024	12	578	590
Depreciation charge for the year	1	1	2
Balance at 31 March 2025	13	579	592
Balance at 1 April 2025	13	579	592
Depreciation charge for the year	—	3	3
Balance at 31 March 2026	13	582	595
Net book value
At 1 April 2024	1	4	5
At 31 March 2025	—	6	6
At 31 March 2026	—	3	3

12 IFRS 16 – Group

All leases are accounted for by recognising a right‑of‑use asset and a lease liability

except for:

• Leases of low‑value assets

• Leases with a duration of 12 months or less

Lease liabilities are measured at the present value of the contractual payments due to

the lessor over the lease term, with the discount rate determined by reference to the rate

inherent in the lease unless (as is typically the case) this is not readily determinable, in

which case the lessee’s incremental borrowing rate on commencement of the lease is used.

Variable lease payments are only included in the measurement of the lease liability if they

depend on an index or rate. In such cases, the initial measurement of the lease liability

assumes the variable element will remain unchanged throughout the lease term. Other

variable lease payments are expensed in the period to which they relate.

On initial recognition, the carrying value of the lease liability also includes:

• Amounts expected to be payable under any residual value guarantee

• The exercise price of any purchase option granted in favour of the Group if it is

reasonably certain to access that option

• Any penalties payable for terminating the lease, if the term of the lease has been

estimated on the basis of termination option being exercised

Right‑of‑use assets are initially measured at the amount of the lease liability, reduced

for any lease incentives received, and increased for:

• Lease payments made at or before commencement of the lease

• Initial direct costs incurred

• The amount of any provision recognised where the Group is contractually required

to dismantle, remove or restore the leased asset

Subsequent to initial measurement, lease liabilities increase as a result of interest charged

at a constant rate on the balance outstanding and are reduced for lease payments made.

Right‑of‑use assets are depreciated on a straight‑line basis over the remaining term of

the lease.

When the Group revises its estimate of the term of any lease (because, for example,

it re‑assesses the probability of a lessee extension or termination option being exercised),

it adjusts the carrying amount of the lease liability to reflect the payments to make over the

revised term, which are discounted using a revised discount rate. The carrying value of lease

liabilities is similarly revised when the variable element of future lease payments dependent

on a rate or index is revised, which are discounted at the same discount rate that applied

on lease commencement. In both cases, an equivalent adjustment is made to the carrying

value of the right‑of‑use asset, with the revised carrying amount being amortised over the

remaining (revised) lease term.

At 31 March 2026, the carrying amounts of lease liabilities are not reduced by the amount of

payments that would be avoided from exercising break clauses because it was considered

reasonably certain that the Group would not exercise any right to break these leases.

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

12 IFRS 16 – Group continued

Right‑of‑use assets (Group)

	Land and	Motor
	buildings	vehicles	Equipment	Total
	£000	£000	£000	£000
At 1 April 2024	15,227	1,153	70	16,450
Lease extensions	488	—	—	488
New leases	4,684	172	18	4,874
Rent review	2,322	262	1,005	3,589
Depreciation	(2,850)	(545)	(92)	(3,487)
Disposals	(1,501)	—	—	(1,501)
Impairment	34	—	—	34
Foreign exchange
movements	(150)	(8)	(6)	(164)
At 1 April 2025	18,254	1,034	995	20,283
Lease extensions	300	—	—	300
New leases	98	423	476	997
Rent review	400	3	(3)	400
Depreciation	(2,915)	(574)	(171)	(3,660)
Disposals	—	—	—	—
Impairment 1	(393)	—	—	(393)
Foreign exchange
movements	164	24	44	232
At 31 March 2026	15,908	910	1,341	18,159

1. An impairment charge was recognised in respect of TR Fastenings Inc. (Houston); see note 13 for

further details

Right‑of‑use assets and liabilities disposal of £1.5m and £1.7m respectively in FY25 relates

to PTS early exit of lease during the year.

Right‑of‑use liabilities (Group)

	Land and	Motor
	buildings	vehicles	Equipment	Total
	£000	£000	£000	£000
At 1 April 2024	17,058	1,295	70	18,423
Lease extensions	488	—	—	488
New leases	4,231	172	18	4,421
Rent review	2,322	262	1,005	3,589
Lease payments	(3,915)	(703)	(115)	(4,733)
Interest	912	70	34	1,016
Disposals	(1,701)	—	—	(1,701)
Foreign exchange
movements	(182)	(4)	1	(185)
At 1 April 2025	19,213	1,092	1,013	21,318
Lease extensions	300	—	—	300
New leases	98	423	476	997
Rent review	400	3	(3)	400
Lease payments	(3,549)	(708)	(209)	(4,466)
Interest	1,012	75	74	1,161
Disposals	(101)	—	—	(101)
Foreign exchange
movements	271	27	42	340
At 31 March 2026	17,644	912	1,393	19,949

	2026	2025
	£000	£000
Short‑term lease expense	304	265
Low‑value lease expense	21	44
Aggregate undiscounted future commitments
for short‑term and low‑value leases	2	13

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

12 IFRS 16 – Group continued

Right‑of‑use liabilities (Group) continued

	Under	Between 1	Between 2	Over
	1 year	and 2 years	and 5 years	5 years	Total
	£000	£000	£000	£000	£000
At 31 March 2026
Right‑of‑use liabilities	2,934	2,822	5,422	8,771	19,949

	Under	Between 1	Between 2	Over
	1 year	and 2 years	and 5 years	5 years	Total
	£000	£000	£000	£000	£000
At 31 March 2025
Right‑of‑use liabilities	2,805	2,293	7,257	8,963	21,318

Nature of leasing activities (in the capacity as lessee)

The Group leases several properties in the jurisdictions from which it operates. In some

jurisdictions, it is customary for lease contracts to provide for payments to increase each

year by inflation and in others to be reset periodically to market rental rates. For some of

the Group’s property leases the periodic rent is fixed over the lease term.

The Group also leases certain items of plant and equipment and vehicles, which comprise

only fixed payments over the lease terms.

The percentages in the table below reflect the current proportions of total lease payments

that are either fixed or variable. The sensitivity reflects the impact on the carrying amount

of lease liabilities and right‑of‑use total assets if there was an uplift of 1% on payments that

are variable at the end of the reporting date.

	Lease	Fixed	Variable
	contracts	payments	payments	Sensitivity
	(number)	%	%	£000
Property leases with periodic uplifts to market
rentals or inflation	5	—	3	5
Property leases with fixed payments	95	86	—	—
Leases of equipment
and vehicles	147	11	—	—
At 31 March 2026	247	97	3	5

	Lease	Fixed	Variable
	contracts	payments	payments	Sensitivity
	(number)	%	%	£000
Property leases with periodic uplifts to market
rentals or inflation	6	—	3	7
Property leases with fixed payments	33	88	—	—
Leases of equipment
and vehicles	119	9	—	—
At 31 March 2025	158	97	3	7

Additional Information

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for the year ended 31 March 2026

13 Intangible assets – Group

	Assets under
	course of
	construction	Software			Total
	£000	£000	Goodwill	Other	£000
	(restated) 1	(restated) 1	£000	£000	(restated) 1
Cost
Balance at 1 April 2024	—	1,262	47,454	23,327	72,043
Additions	—	—	—	74	74
Transfers	—	—	—	(12)	(12)
Effect of movements in foreign exchange	—	—	(609)	(399)	(1,008)
Balance at 31 March 2025	—	1,262	46,845	22,990	71,097
Balance at 1 April 2025	—	1,262	46,845	22,990	71,097
Additions	382	207	—	106	695
Transfers 2	—	41	—	—	41
Effect of movements in foreign exchange	—	—	893	515	1,408
Balance at 31 March 2026	382	1,510	47,738	23,611	73,241
Amortisation and impairment
Balance at 1 April 2024	—	541	24,999	15,604	41,144
Amortisation for the year	—	721	—	1,776	2,497
Disposals	—	—	—	12	12
Effect of movements in foreign exchange	—	—	(299)	(293)	(592)
Balance at 31 March 2025	—	1,262	24,700	17,09 9	43,061
Balance at 1 April 2025	—	1,262	24,700	17,099	43,061
Amortisation for the year	—	—	—	1,566	1,566
Impairment 3	—	—	370	—	370
Effect of movements in foreign exchange	—	—	586	499	1,085
Balance at 31 March 2026	—	1,262	25,656	19,164	46,082
Net book value
At 31 March 2024	—	721	22,455	7,723	30,899
At 31 March 2025	—	—	22,145	5,891	28,036
At 31 March 2026	382	248	22,082	4,447	27,159

Errors. Refer to note 1 and note 36

2. Includes transfers from property, plant and equipment following reclassification

3. Goodwill impairment of £0.4m was recognised against Precision Technology Supplies Ltd (PTS)

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

13 Intangible assets – Group continued

The amortisation charge is recognised in administrative expenses in the income statement.

The £1.6m relates to amortisation on acquired intangibles. Other intangible assets are made

up of:

• Customer relationships, technology know‑how and technology patents acquired as part

of the acquisition of TR Italy SPA. The average remaining amortisation period on these

assets is 3.2 years and NBV is £0.8m

• Customer relationships and marketing‑related intangibles acquired as part of the

acquisition of Precision Technology Supplies Ltd. The average remaining amortisation

period on these assets is 6.5 years and NBV is £2.1m

• Customer relationships, marketing‑related and contract‑based intangibles acquired as

part of the acquisition of TR Falcon Fastenings Inc. The average remaining amortisation

period on these assets is 7.2 years and NBV is £1.3m

• The remaining balance of £0.3m, split between TR Hungary Kft <£0.1m, Precision

Technology Supplies Ltd <£0.1m and TR Germany GmbH <£0.1m is not material to

the Group

The following cash generating units have carrying amounts of goodwill:

	2026	2025
	£000	£000
Special Fasteners Engineering Co. Ltd (SFE Taiwan)	11,135	10,890
TR Fastenings AB (Sweden)	1,063	1,063
Lancaster Fastener Company Ltd	1,245	1,245
TR Fastenings Ltd (TR UK)	4,083	4,083
TR Germany GmbH (Germany)	1,531	1,463
TR Falcon Fastenings Inc (Charlotte)	1,247	1,253
Precision Technology Supplies Ltd (PTS)	1,673	2,043
Other	105	105
	22,082	22,145

The changes in goodwill for SFE Taiwan, Germany and Charlotte relate to foreign exchange

gains or losses, as these investments are held in Singaporean Dollars, Euros and US Dollars

respectively.

Annual impairment testing

The Group tests goodwill annually for impairment. The recoverable amount of cash

generating units is determined from value in use calculations.

Value in use was determined by discounting the future cash flows generated from the

continuing use of the unit. In this method, the free cash flows after funding internal needs of

the subject company are forecast for a finite period of five years based on actual operating

results, budgets and economic market research. Cash flow projections of five years use

the Board‑approved annual budget for the first year and subsequent years based on

management’s best estimates based on past performance, budgets and its expectation

of market developments. Beyond the finite period, a terminal (residual) value is estimated

using an assumed stable cash flow figure.

The values assigned to the key assumptions represent management’s assessment of

future trends in the fastenings market and are based on both external and internal sources

of historical data. Further information on sources of data used can be found in each

description of the key assumptions below.

The recoverable amounts of TR UK, Precision Technology Supplies Ltd (PTS) and Special

Fasteners Engineering Co. Ltd (SFE) have been calculated with reference to the key

assumptions shown below:

	TR UK		PTS		SFE
	2026	2025	2026	2025	2026	2025
Long‑term revenue growth rate	2.0%	2.3%	2.0%	2.3%	4.0%	2.3%
Discount rate – post‑tax	11.3%	10.9%	11.3%	10.9%	10.4%	10.6%
Discount rate – pre‑tax	15.1%	14.6%	15.1%	14.6%	13.0%	13.3%
Terminal EBIT margin	7.5%	6.1%	13.8%	16.8%	12.0%	17.0%

Key assumptions are not disclosed for the remaining CGUs as reasonable possible changes

in the assumptions would not result in impairment. The Group evaluates annually all

CGUs for any indicators of impairment or impairment reversal. The Group considers the

relationship between its market capitalisation and the net assets value, among other

factors, when reviewing the indicators of impairment. As at 31 March 2026, the market

capitalisation of the Group was lower than the net assets of the Group of £115.6m, indicating

a potential impairment. Management has performed value in use calculations for all CGUs

with goodwill balances and for those CGUs where indicators of impairment are identified

and no impairment was noted.

Additional Information

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

13 Intangible assets – Group continued

Long‑term revenue growth rate

Growth beyond the explicit forecast period reflects a gradual convergence from recent

segment performance to long‑term macroeconomic assumptions. Long‑term growth rates

are externally anchored and applied consistently across segments. No minimum growth

rates have been applied for segments exhibiting recent declines.

Post‑tax risk adjusted discount rate

The discount rate applied to the cash flows of each of the Group’s operations is based on

the weighted average cost of capital (WACC) (using post‑tax numbers). The cost of equity

is determined using the relevant ten‑year government bond risk‑free rate, adjusted for an

equity market risk premium and a risk adjustment (beta) to reflect the systemic risk of the

specific Group operating company relative to the market as a whole.

Betas are derived from averages of comparable listed fastener distribution and

manufacturing companies and, where appropriate, territory‑specific data. The equity

market risk premium applied reflects independent academic studies, historical market data

and market assumptions commonly used by investment banks in acquisition valuations.

Pre‑tax discount rates have been derived from the post‑tax rates by dividing by one minus

the applicable tax rate. Management considers this to be an appropriate approximation

of the pre‑tax discount rate as there are no significant timing differences between tax

cash flows and tax charges. The table in ‘Annual impairment testing’, on the previous

page, discloses discount rates on both a post‑tax and pre‑tax basis, taking into account

region‑specific risk premiums and applicable tax rates.

The Board considers that the discount rates applied appropriately reflect market conditions

at the reporting date and the risks inherent in the Group’s operations, and the methodology

and assumptions adopted, are in accordance with IAS 36.

Terminal EBIT margin

The margins used in the value in use calculations are based on historic performance,

adjusted for known or reasonably expected changes to existing operations reflected in

approved management plans. Adjustments reflect expected operational efficiencies,

including cost reductions and volume‑related effects, arising from restructuring and

operational initiatives that are either implemented or contractually committed.

Sensitivity analysis

The impairment assessment requires management to make estimates and assumptions

regarding future cash flows, profitability, growth rates and discount rates. Changes in these

assumptions could result in changes to the recoverable amounts of cash‑generating units

and therefore the level of impairment recognised. Management has performed sensitivity

analyses using reasonably possible changes in key assumptions and concluded that, while

adverse movements would reduce recoverable amounts and could increase impairment

charges, the assumptions applied represent management’s best estimate of future trading

performance and market conditions at the reporting date.

The impairment assessment for the Precision Technology Supplies Ltd (PTS)

cash‑generating unit is most sensitive to the forecast EBIT margin assumption.

A reasonably possible reduction of 0.5% in forecast EBIT margins, with no corresponding

change to other key assumptions, would increase the impairment charge recognised by

approximately £0.7m. This sensitivity has been determined in isolation and does not reflect

management’s expectation of future trading performance.

Impairment in FY26

In FY26, the Group identified indicators of impairment in relation to the TR Fastenings Inc.

(Houston) cash generating unit (CGU). In April 2025, the US administration announced

the introduction of additional import tariffs on a range of industrial goods, including steel,

aluminium and certain engineered components. At the same time, the US automotive

industry was adversely affected by these tariffs and by the introduction of legislative

measures, including ‘Trump’s Big Beautiful Bill’, which removed incentives for the

production of electric vehicles. Together, these developments resulted in higher input costs,

reduced demand across key end markets and increased pricing uncertainty for customers.

Following these changes, the Houston business experienced reduced order volumes,

margin compression and delays in customer purchasing decisions, which adversely

impacted financial performance during FY26.

As a result of these factors, the Group performed value in use calculations for the

TR Fastenings Inc. (Houston) CGU. The recoverable amount was determined based

on discounted cash flow projections derived from the Group’s latest Board‑approved

forecasts.

The key assumptions used in the value in use calculations were:

• A post‑tax discount rate of 10.60%

• A terminal EBIT margin of 2%

• A long‑term revenue growth rate of 2%

These assumptions reflect management’s assessment of current market conditions in the

US, the anticipated medium‑term impact of tariff‑related cost pressures, and the long‑term

outlook for the industrial fastener market.

Additional Information

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

13 Intangible assets – Group continued

Impairment in FY26 continued

Based on the impairment analysis performed, an impairment loss of £0.5m was recognised

in the consolidated income statement within administrative expenses in FY26 and classified

as a ‘separately disclosed item’. The impairment loss has been allocated to the following

assets within the CGU:

• Right‑of‑use assets: £0.4m

• Property, plant and equipment: £0.1m

During FY26, the Group recognised an impairment of £0.4m relating to goodwill

associated with Precision Technology Supplies Ltd (PTS). The impairment reflects

weaker‑than‑expected trading performance and a reassessment of the recoverable amount,

including the impact of higher discount rates applied at the reporting date. These higher

rates were driven by increased market volatility following heightened geopolitical tensions,

including the escalation of conflict involving Iran, which contributed to an increase in equity

market risk premiums and updated market‑based assumptions.

14 Intangible assets – Company

	Assets under
	course of
	construction	Software		Total
	£000	£000	Other	£000
	(restated) 1	(restated) 1	£000	(restated) 1
Cost
Balance at 1 April 2024	—	1,262	62	1,324
Disposals	—	—	—	—
Transfers	—	—	—	—
Balance at 31 March 2025	—	1,262	62	1,324
Balance at 1 April 2025	—	1,262	62	1,324
Disposals	—	—	—	—
Transfers	—	—	—	—
Balance at 31 March 2026	—	1,262	62	1,324
Amortisation and impairment
Balance at 1 April 2024	—	541	62	603
Amortisation for the year	—	721	—	721
Impairment	—	—	—	—
Balance at 31 March 2025	—	1,262	62	1,324
Balance at 1 April 2025	—	1,262	62	1,324
Amortisation for the year	—	—	—	—
Impairment	—	—	—	—
Balance at 31 March 2026	—	—	—	—
Net book value
At 1 April 2024	—	721	—	721
At 31 March 2025	—	—	—	—
At 31 March 2026	—	—	—	—

1. The prior year comparatives have been restated to reflect the correction of an error relating to the

accounting for IT implementation costs in accordance with IAS 8 Accounting Policies, Changes in

Accounting Estimates and Errors. Refer to note 1 and note 36

Additional Information

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

15 Equity investments – Company

Investments in subsidiaries

	Total
	£000
Cost
Balance at 1 April 2024 and 1 April 2025	43,331
Investments written off	(1,100)
Balance at 31 March 2026	42,231
Impairment losses recognised
Balance at 1 April 2024 and 1 April 2025	1,145
Investments written off	(932)
Balance at 31 March 2026	213
Net book value
Balance at 1 April 2025	42,186
Balance at 31 March 2026	42,018

Details of principal subsidiary undertakings, country of registration and principal activity are included in note 30.

All subsidiaries have a reporting date concurrent with Trifast plc, except TR Formac (Shanghai) Pte Ltd and VIC SP Zoo, both of which have a reporting date of 31 December due to local

regulatory requirements.

Impairment losses are recognised where the carrying amount of an investment exceeds its recoverable amount. Recoverable amount is determined based on value in use or fair value

less costs of disposal. The impairments recognised during the year primarily relate to dormant subsidiaries with no expected future cash flows. Subsequently, during FY26 the following

dormant company investments were written off: TR Fastenings Poland SP. Zoo <£0.1m, Trifast Holdings <£0.1m, Rollthread <£0.1m, Trifix <£0.1m and Fastener Techniques £0.2m.

16 Deferred tax assets and liabilities – Group

Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

	Assets		Liabilities		Net
	2026	2025	2026	2025	2026	2025
	£000	£000	£000	£000	£000	£000
Property, plant and equipment	—	—	1,342	1,343	1,342	1,343
IFRS 16 Leases	(2,007)	(1,930)	1,797	1,761	(210)	(169)
Intangible assets	(170)	(188)	812	1,115	642	927
Provision on inventories	(874)	(842)	—	—	(874)	(842)
Provisions/accruals	(2,994)	(2,423)	1,272	1,133	(1,722)	(1,290)
IFRS 2 Share‑based Payments	(19)	(67)	1	—	(18)	(67)
Tax losses	(2,547)	(1,369)	—	—	(2,547)	(1,369)
Tax (assets)/liabilities	(8,611)	(6,819)	5,224	5,352	(3,387)	(1,467)
Tax set‑off	1,321	900	(1,321)	(900)	—	—
Net tax (assets)/liabilities	(7,290)	(5,919)	3,903	4,452	(3,387)	(1,467)

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

16 Deferred tax assets and liabilities – Group continued

Recognised deferred tax assets and liabilities continued

A deferred tax asset of £11.1m (FY25: £7.7m), arising on carried forward losses for UK companies, has not been recognised due to uncertainty that the asset will be utilised in the

foreseeable future.

A potential £2.6m (FY25: £2.4m) deferred tax liability relating to the temporary differences amounting to £38.4m (FY25: £33.8m) associated with undistributed profits in subsidiaries

has not been recognised. This is on the grounds that management is able to control the timing of these reversals and it is not considered probable that these amounts will reverse in the

foreseeable future.

Movement in deferred tax during the year

	1 April	Recognised	Recognised	31 March
	2025	in income	in equity 1
	£000	£000	£000	£000
Property, plant and equipment	1,343	(69)	68	1,342
IFRS 16 Leases	(169)	(51)	10	(210)
Intangible assets	927	(160)	(125)	642
Provision on inventories	(842)	(50)	18	(874)
Provisions/accruals	(1,290)	(304)	(128)	(1,722)
IFRS 2 Share‑based Payments	(67)	6	43	(18)
Tax losses	(1,369)	(1,079)	(99)	(2,547)
	(1,467)	(1,707)	(213)	(3,387)

2026

1. Amounts recognised in equity include the deferred tax on IFRS 2 Share‑based Payments of £43,000 (FY25: £(17,000)) and the equity element of foreign exchange differences taken to reserves

Movement in deferred tax during the prior year

	1 April	Recognised	Recognised	31 March
	2024	in income	in equity 1
	£000	£000	£000	£000
Property, plant and equipment	1,794	(452)	1	1,343
IFRS 16 Leases	(188)	19	—	(169)
Intangible assets	1,135	(199)	(9)	927
Provision on inventories	(865)	17	6	(842)
Provisions/accruals	(1,381)	76	15	(1,290)
IFRS 2 Share‑based Payments	(197)	147	(17)	(67)
Tax losses	(2,446)	1,042	35	(1,369)
Reclassified to assets held for sale	(3)	3	—	—
	(2,151)	653	31	(1,467)

2025

1. Amounts recognised in equity include the deferred tax on IFRS 2 Share‑based Payments of £(17,000) (FY24: £21,000) and the equity element of foreign exchange differences taken to reserves

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

17 Deferred tax assets and liabilities – Company

Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

	Assets		Liabilities		Net
	2026	2025	2026	2025	2026	2025
	£000	£000	£000	£000	£000	£000
Property, plant and equipment	—	—	—	41	—	41
Provisions/accruals	—	—	—	—	—	—
IFRS 2 Share‑based Payments	—	—	—	—	—	—
Tax losses	—	(41)	—	—	—	(41)
Tax (assets)/liabilities	—	(41)	—	41	—	—
Tax set‑off	—	41	—	(41)	—	—
Net tax assets	—	—	—	—	—	—

A deferred tax asset of £9.2m (2025: £8.0m), arising on the Company’s carried forward losses, has not been recognised due to uncertainty that the asset will be utilised in the foreseeable

future. Included in this is £2.7m (2025: £2.7m) related to pre‑2017 losses which cannot be group relieved.

Movement in deferred tax during the year

	1 April	Recognised	Recognised		31 March
	2025	in income	in equity 2026
	£000	£000	£000	£000
Property, plant and equipment	41	(41)	—	—
Provisions/accruals	—	—	—	—
IFRS 2 Share‑based Payments	—	—	—	—
Tax losses	(41)	41	—	—
	—	—	—	—

Movement in deferred tax during the prior year

	1 April	Recognised	Recognised		31 March
	2024	in income	in equity 2025
	£000	£000	£000	£000
Property, plant and equipment	51	(10)	—	41
Provisions/accruals	(42)	42	—	—
IFRS 2 Share‑based Payments	(72)	72	—	—
Tax losses	—	(41)	—	(41)
	(63)	63	—	—

Additional Information

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

18 Inventories – Group

	2026	2025
	£000	£000
Raw materials and consumables	1,937	3,095
Work in progress	2,670	2,743
Finished goods and goods for resale	59,535	65,074
	64,142	70,912

In FY26, inventories of £100.8m (FY25: £107.7m) were recognised as an expense during

the year and included in cost of sales. In the year, the Group recognised a net write‑back of

£0.2m in respect of inventory provisions (FY25: £0.9m net write‑down), consistent with the

Group’s stock provisioning policy. The write‑back was recognised as a reduction in cost of

sales during FY26.

Inventories in the UK amounting to £22.3m (FY25: £23.0m) are pledged as security for

the Group borrowings.

Within the £64.1m (FY25: £70.9m) carrying amount of inventories above, £2.0m

(FY25: £1.6m) is carried at net realisable value.

19 Trade and other receivables

Current

	Group		Company
	2026	2025	2026	2025
	£000	£000	£000	£000
Gross trade receivables	50,905	51,312	—	—
Expected credit loss
provision	(537)	(736)	—	—
Non‑trade receivables
and prepayments	4,546	4,712	209	347
Amounts owed by subsidiary undertakings	—	—	2,032	1,730
	54,914	55,288	2,241	2,077

All contracts with customers do not contain a significant financing component. Expected

credit losses are measured using a provision matrix approach. Trade receivables are

grouped based on shared credit risk characteristics, including entity, customer type and

ageing profile, and historical credit loss rates are calculated over an appropriate period.

These rates are adjusted to reflect current conditions and forward‑looking information,

including macroeconomic factors, as well as specific assessments of overdue balances

and customer‑level credit risk. See note 26 for further details.

Expected credit losses for the Company were assessed at the reporting date, with no

significant increase in credit risk identified. The Company’s financial assets primarily

comprise amounts owed by subsidiary undertakings. These intercompany balances are

assessed for impairment under IFRS 9, with consideration given to the financial position

and cash flow generation of the subsidiaries. No expected credit loss provision has been

recognised (FY25: £nil).

Non‑trade receivables and prepayments primarily consist of prepaid expenses, amount

due from tax authorities in relation to certain industry inventive schemes and advances to

suppliers. Management has assessed the credit risk associated with these receivables and

concluded that there is no significant expected credit loss as of the reporting date. The

conclusion is based on the consideration that historical data indicates that there have been

no defaults or significant delays in payments from these counterparties. In addition, no

adverse changes in economic conditions or business operations of the counterparties are

anticipated that would impact their ability to settle the receivables.

Non‑current

	Group		Company
	2026	2025	2026	2025
	£000	£000	£000	£000
Amounts owed by subsidiary undertakings	—	—	63,578	56,837

The increase in amounts owed by subsidiary undertakings is primarily to fund the global

roll‑out of a new ERP system (‘Project Ignite’). Related drawdowns were made centrally,

with recovery of the cash expected from the regions into which the ERP system has

been deployed. In addition, due to the impact of tariffs in the US, the Group drew down

additional short‑term borrowings to support liquidity requirements. During the year, a loan

between Special Fasteners Engineering Co Ltd and TR Fastenings (Inc). was novated to

the Company as part of the Group’s strategy to better manage foreign exchange risk. The

carrying value of the loan at the date of novation was £5.4m. Interest rates are charged on

an arm’s length basis and are linked to movements in SONIA, EURIBOR and SOFR, together

with a leverage margin applied to the Group’s external borrowings. During the period,

interest rates ranged from 4.26% to 7.97%. The loans are structured as revolving credit

facilities and may be repaid by the borrower at any time during the term of the facility.

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

20 Other interest‑bearing loans and borrowings

This note provides information about the Group and Company’s existing interest‑bearing loans and borrowings as at 31 March 2026.

For more information about the security provided by the Group and Company over loans or the Group and Company’s exposure to interest rate, foreign currency and liquidity risk,

and covenants, see note 26.

			Current		Non‑current
			2026	2025	2026	2025
Initial loan value	Rate	Maturity	£000	£000	£000	£000
Group (excluding Company)
Right‑of‑use liabilities	Various	2026–2050	2,933	2,703	17,015	18,512
Company
Revolving Credit Facility 1	SONIA/SOFR/EURIBOR	2027	—	—	28,596	22,752
	+ 2.10% to 3.60% 2
Export Development Guarantee Facility 1	SONIA/SOFR/EURIBOR	2028	—	—	20,625	20,074
	+ 2.10% to 2.32%
Prepaid arrangement fees 3			—	—	(846)	(1,199)
Loans from subsidiaries	SONIA/SOFR/EURIBOR	2025	11,749	4,547	—	—
	+ 1.61% to 3.60%
Right‑of‑use liabilities	Various	2026	1	102	—	1
Total Group (excluding loans from subsidiaries)			2,934	2,805	65,390	60,140
Total Company (including loans from subsidiaries)			11,750	4,649	48,375	41,628

1. Also, see note 26b(i) for further details about the facilities

2. Subject to leverage ratchet mechanism from <1.0x to >2.5x, current interest margin of 2.10% (based on leverage of <1)

3. Prepaid arrangement fees comprise the unamortised balance at 31 March 2026 of fees that are directly attributable to obtaining financing arrangements. These include upfront fees incurred on the execution banking facilities

with a combined commitment of £120m entered in a prior year, together with covenant amendment fees and Revolving Credit Facility extension fees. Such fees are capitalised and amortised over the term of the related loan

facilities as an adjustment to the effective interest rate. See note 26 for further details

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

21 Trade and other payables

Current

	Group		Company
	2026	2025	2026	2025
	£000	£000	£000	£000
Trade payables	14,606	17,026	—	—
Amounts payable to subsidiary undertakings	—	—	742	725
Other payables and accrued expenses	15,831	15,517	1,852	2,221
Other taxes and social security	736	2,046	148	135
	31,173	34,589	2,742	3,081

Other Group payables and accrued expenses also include stock accruals and accruals for expenses as at 31 March 2026. Company and Group other payables and accrued expenses

include an interim dividend of 0.60p per qualifying ordinary share (FY25: 0.60p), which was paid in April 2026. As the interim dividend was approved by the Board prior to 31 March 2026,

it is included as a liability in other payables in the financial statements.

Non‑current

	Group		Company
	2026	2025	2026	2025
	£000	£000	£000	£000
Other payables	578	543	—	—

Other payables pertains to deferred income related to certain industry incentive schemes.

22 Employee benefits

Pension plans

Defined contribution plans

The Group operates a number of defined contribution pension plans, which include stakeholder pension plans whose assets are held separately from those of the Group, in independently

administered funds.

The total expense relating to these plans in the current year was £1.8m (FY25: £2.2m) and represents contributions payable by the Group to the funds.

At the end of the financial year, there were outstanding pension contributions of <£0.1m (FY25: <£0.1m), which are included in other payables and accrued expenses.

Share‑based payments

SAYE share options

The Group share options (including SAYE plans) provide for an exercise price equal to the average quoted market price of the Group shares on the date of grant. In the case of SAYE,

this price is discounted in line with HMRC limits. The vesting period is generally three or five years. The options expire if they remain unexercised after the exercise period has lapsed.

Furthermore, options are forfeited if the employee leaves the Group before the options vest, unless for retirement, redundancy or health reasons. The options are equity settled.

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

22 Employee benefits continued

Share‑based payments continued

SAYE share options continued

The number and weighted average exercise prices of share options are as follows:

	2026		2025
		Weighted		Weighted
		average		average
		exercise		exercise
	Options	price	Options	price
Outstanding at beginning of year	1,843,789	0.69	2,174,100	0.76
Granted during the year	239,508	0.64	1,024,585	0.64
Forfeited/lapsed during the year	(209,138)	0.68	(1,349,595)	0.76
Exercised during the year	—	—	—	—
Vested early during the year 1	(68,687)	0.73	(5,301)	0.74
Outstanding at the end of the year	1,805,472	0.69	1,843,789	0.69
Exercisable at the end of the year	70,873	0.86	1,710	1.05

1. Shares that vested early in the year were also exercised

The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 1.9 years (FY25: 2.9 years) and exercise prices ranging from £0.64 to £1.05 (FY25: £0.64 to

£1.05). Shares vested early relates to the FY22, FY23 and FY24 SAYE of employees who were classed as good leavers. The weighted average share price at the date of exercise for share

options that vested early in 2026 was £0.80 (FY25: £0.83).

The number of forfeited shares in the period includes 196,974 (FY25: 988,329) cancellations.

The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the services

received is measured based on the Black‑Scholes model.

The contractual life of the option is used as an input into this model.

Board deferred equity bonus shares

The Board deferred equity bonus shares have been discussed in more detail in the remuneration report (pages 66 to 80). The number of deferred equity bonus shares are as follows:

	2026	2025
Outstanding at beginning of year	—	—
Granted during the year	330,025	—
Forfeited/lapsed during the year	—	—
Exercised during the year	—	—
Vested early during the year	—	—
Outstanding at the end of the year	330,025	—
Exercisable at the end of the year	—	—

These nil‑cost options are subject to a three‑year service period and the fair value has been calculated using the discounted dividend model (DDM). This is based on expected dividends

over the three‑year term. They are equity settled shares.

The weighted average share price at the date of exercise for share options exercised in FY26 was £nil (FY25: £nil).

There were no outstanding options as at 31 March 2026.

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Notes to the financial statements continued

for the year ended 31 March 2026

22 Employee benefits continued

Senior Manager (SM), Operational Executive Board (OEB) and Executive Leadership Team (ELT) LTIP shares

The number of SM LTIP shares is as follows:

	2026	2025
Outstanding at beginning of year	4,482,001	6,938,250
Granted during the year	—	—
Forfeited during the year	(2,282,310)	(2, 227, 9 01)
Vested early during the year	—	—
Exercised during the year	—	(228,348)
Outstanding at end of year	2,199,691	4,482,001
Exercisable at end of year	—	—

The awards granted in FY23 are subject to a non‑market performance condition of underlying EPS growth for a three‑year period starting on 1 April 2022. The awards granted in FY24

are subject to a non‑market‑based performance condition of underlying operating margin (UOM) (weighted 25%) and a market‑based performance condition based on relative TSR

(weighted 75%) for a three‑year period starting on 1 April 2023 (see below for details of the performance conditions). The method of settlement for these shares is a mixture of equity and

cash settled. The fair value for the UOM element has been calculated using the DDM, whilst the fair value for the TSR element has been calculated using the Monte Carlo simulation model.

This was at grant date for the equity settled awards.

The FY23 non‑market performance condition requires underlying EPS to grow by 9% per annum for a 25% payout, 29% per annum for a 100% payout, with straight‑line vesting in between

these points. As set out in the remuneration report on page 76, this performance condition was not met and therefore the awards will lapse.

The FY24 non‑market performance condition requires UOM in FY26 to be 8.2% for 25% vesting, 9.1% for 50% vesting, 10% for 75% vesting and 11% or above for maximum vesting, with

straight‑line vesting in between these points. The FY24 market‑based performance condition requires Trifast’s TSR to be equal to the FTSE All‑Share Index’s TSR for 25% vesting and 8%

p.a. or above outperformance of the FTSE All‑Share Index’s TSR for 100% vesting, with straight‑line vesting in between these points.

The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 5.7 years (FY25: 6.0 years).

Board LTIP shares

The Board LTIP shares are part of the Remuneration Policy approved at the 2023 AGM and have been discussed in more detail in the remuneration report (pages 66 to 80). The maximum

number of Board LTIP shares are as follows:

	2026	2025
Outstanding at beginning of year	856,978	981,758
Granted during the year	—	—
Forfeited/lapsed during the year	(42,425)	(124,780)
Exercised during the year	—	—
Vested early during the year	—	—
Outstanding at end of year	814,553	856,978
Exercisable at end of year	—	—

Additional Information

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

22 Employee benefits continued

Board LTIP shares continued

42,425 shares are for D Hayes‑Powell relating to his former appointment as a Board Director. He left the Company on 21 February 2024.

Nil‑cost options awarded in FY23 are subject to performance (EPS growth and TSR performance) and service conditions over a three‑year period which resulted in nil vesting. Nil‑cost

options awarded during FY24 are subject to a non‑market‑based performance condition based on underlying operating margin (UOM) (weighted 25%) and a market‑based performance

condition based on relative TSR (weighted 75%) for a three‑year period starting on 1 April 2023. The fair values for the EPS element and the UOM element have been calculated using

the DDM, whilst the fair value for the TSR element has been calculated using the Monte Carlo simulation. They are equity settled shares. In line with IFRS 2, the amount recognised as an

expense has been adjusted to reflect the number of awards for which the service and non‑market performance conditions are expected to be met.

The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 5.7 years (FY25: 6.7 years).

Board and ELT FY25 LTIP shares

The Board and ELT LTIP shares are a one‑off grant of a fixed number of market priced options where the exercise price is set equal to Trifast’s share price shortly before the date of grant.

The Policy period is three years. The Monte Carlo simulation was used to calculate the fair value on the basis that the share price hurdles are market‑based performance conditions. Full

details of the awards granted are set out on pages 76 and 77 of this report.

The maximum number of Board and ELT LTIP shares are as follows:

	2026	2025
Outstanding at beginning of year	9,430,800	10,208,598
Granted during the year	2,074,128	—
Forfeited/lapsed during the year	(2,333,394)	(777,798)
Exercised during the year	—	—
Vested early during the year	—	—
Outstanding at end of year	9,171,534	9,430,800
Exercisable at end of year	—	—

The options will vest when share price hurdles have been met during a five‑year period beginning on the date of grant and become exercisable on completion of a service period and

subject to a performance underpin. The options outstanding at 31 March 2026 had a weighted average remaining contractual life of 8.5 years.

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

22 Employee benefits continued

SAYE share options

			Number	Share price						Expected
			outstanding on	on date	Exercise	Expected	Vesting	Expected	Risk‑free	annual	Fair
	Type of	Valuation	31 March	of grant	price	volatility	period	life	rate	dividend	value
Date of grant	instrument	model	2026	(£)	(£)	%	(years)	(years)	%	%	(£)
15/09/2020	SAYE 5 Year	Black‑Scholes	70,873	0.98	0.86	33.1	5.13	5.13	(0.06)	1.22	0.29
10/08/2021	SAYE 5 Year	Black‑Scholes	19,951	1.44	1.05	35.0	5.23	5.23	0.34	1.11	0.55
15/09/2022	SAYE 3 Year	Black‑Scholes	117,573	0.84	0.77	43.3	3.13	3.13	3.06	2.50	0.26
15/09/2022	SAYE 5 Year	Black‑Scholes	66,231	0.84	0.77	38.1	5.13	5.13	3.04	2.50	0.28
15/09/2023	SAYE 3 Year	Black‑Scholes	611,312	0.81	0.69	47.8	3.13	3.13	4.47	2.79	0.29
15/09/2023	SAYE 5 Year	Black‑Scholes	99,832	0.81	0.69	44.2	5.13	5.13	4.27	2.79	0.32
04/10/2024	SAYE 3 Year	Black‑Scholes	430,974	0.79	0.64	48.9	3.07	3.07	3.88	2.29	0.31
04/10/2024	SAYE 5 Year	Black‑Scholes	214,586	0.79	0.64	48.9	5.08	5.08	3.87	2.29	0.35
12/09/2025	SAYE 3 Year	Black‑Scholes	174,140	0.82	0.64	49.3	3.14	3.14	3.84	2.20	0.34
Total SAYE share options			1,805,472

Share options

			Number	Share price						Expected
			outstanding on	on date	Exercise	Expected	Vesting	Expected	Risk‑free	annual	Fair
	Type of	Valuation	31 March	of grant	price	volatility	period	life	rate	dividend	value
Date of grant	instrument	model	2026	(£)	(£)	%	(years)	(years)	%	%	(£)
28/11/2023	Board LTIP – relative TSR	Monte Carlo	610,915	0.76	n/a	48.3	3.00	3.00	4.20	2.77	0.44
28/11/2023	Board LTIP – UOM	DDM	203,638	0.76	n/a	n/a	3.00	3.00	4.20	2.77	0.70
28/11/2023	ELT LTIP – TSR equity	Monte Carlo	407, 276	0.76	n/a	48.3	3.00	3.00	4.20	2.77	0.44
28/11/2023	ELT LTIP – UOM – equity	DDM	135,759	0.76	n/a	n/a	3.00	3.00	4.20	2.77	0.70
28/11/2023	SM LTIP – TSR – equity	Monte Carlo	1,084,001	0.76	n/a	48.3	3.00	3.00	4.20	2.77	0.44
28/11/2023	SM LTIP – UOM – equity	DDM	361,334	0.76	n/a	n/a	3.00	3.00	n/a	2.77	0.70
28/11/2023	SM LTIP – TSR – cash 1	Monte Carlo	158,492	0.67 1	n/a	48.0	3.00	1.66	3.96	2.71	0.34
28/11/2023	SM LTIP – UOM – cash 1	DDM	52,829	0.67 1	n/a	n/a	3.00	1.66	n/a	2.71	0.64
10/09/2024	Board/ELT LTIP 3yr – equity	Monte Carlo	2,106,536	0.80	0.81	48.00	3.00	3.00	3.56	2.25	0.30
10/09/2024	Board/ELT LTIP 4yr – equity	Monte Carlo	2,106,536	0.80	0.81	48.00	4.00	4.00	3.56	2.25	0.30
10/09/2024	Board/ELT LTIP 5yr – equity	Monte Carlo	2,106,536	0.80	0.81	48.00	5.00	5.00	3.56	2.25	0.30
23/09/2024	Board/ELT LTIP 3yr – equity	Monte Carlo	259,266	0.79	0.79	48.00	2.96	2.96	3.64	2.27	0.30
23/09/2024	Board/ELT LTIP 4yr – equity	Monte Carlo	259,266	0.79	0.79	48.00	3.96	3.96	3.64	2.27	0.30
23/09/2024	Board/ELT LTIP 5yr – equity	Monte Carlo	259,266	0.79	0.79	48.00	4.96	4.96	3.64	2.27	0.30
19/11/2024	Board/ELT LTIP 3yr – equity	Monte Carlo	259,266	0.80	0.79	48.50	2.81	2.81	4.17	2.26	0.30

1. The share price used to determine the fair value at FY26 was 67.2p (FY25: 66.5p)

Additional Information

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

			Number	Share price						Expected
			outstanding on	on date	Exercise	Expected	Vesting	Expected	Risk‑free	annual	Fair
	Type of	Valuation	31 March	of grant	price	volatility	period	life	rate	dividend	value
Date of grant	instrument	model	2026	(£)	(£)	%	(years)	(years)	%	%	(£)
19/11/2024	Board/ELT LTIP 4yr – equity	Monte Carlo	259,266	0.80	0.79	48.50	3.81	3.81	4.17	2.26	0.30
19/11/2024	Board/ELT LTIP 5yr – equity	Monte Carlo	259,266	0.80	0.79	48.50	4.81	4.81	4.17	2.26	0.30
17/11/2025	Board/ELT LTIP 3yr – equity	Monte Carlo	259,266	0.73	0.76	48.50	1.81	1.81	3.81	2.47	0.24
17/11/2025	Board/ELT LTIP 4yr – equity	Monte Carlo	259,266	0.73	0.76	48.50	2.81	2.81	3.81	2.47	0.24
17/11/2025	Board/ELT LTIP 5yr – equity	Monte Carlo	259,266	0.73	0.76	48.50	3.81	3.81	3.81	2.47	0.24
08/12/2025	Board/ELT LTIP 3yr – equity	Monte Carlo	172,844	0.72	0.72	48.50	1.76	1.76	3.85	2.49	0.23
08/12/2025	Board/ELT LTIP 4yr – equity	Monte Carlo	172,844	0.72	0.72	48.50	2.76	2.76	3.85	2.49	0.23
08/12/2025	Board/ELT LTIP 5yr – equity	Monte Carlo	172,844	0.72	0.72	48.50	3.76	3.76	3.85	2.49	0.23
18/08/2025	FY25 Board deferred equity	DDM	330,025	0.67	n/a	n/a	3.00	3.00	n/a	2.68	0.62
Total share options (inc. SAYE)			14,321,275

Expected volatility was determined by calculating the historical volatility of the Group’s share price over a period commensurate with the expected life or the remaining TSR performance

period of the award as at the date of grant. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non‑transferability, exercise

restrictions and behavioural considerations.

The exercise price used is in line with the appropriate award documentation. In the case of SAYE awards, this price is discounted in line with HMRC limits. For Board, Operational Executive

Board, Executive Leadership Team and Senior Manager LTIP awards granted in the form of nil‑cost options, the exercise price is nil.

The exercise price for the Board/ELT LTIP granted in FY26 is set equal to Trifast’s share price shortly before the date of grant.

SAYE share options

The risk‑free rate has been set as the continuously compounded yield as at the grant date on zero coupon government bonds of a term commensurate with the expected life assumption.

The dividend yield has been set equal to the historic dividend yield as at the date of grant.

The Group recognised total charge of £1.2m (FY25: charge of £0.4m) in relation to share‑based payment transactions in the year. Of this, a charge of £<0.1m (FY25: £0.2m) relates to cash

settled awards to which a liability is recognised on the statement of financial position in trade and other payables. The remaining amount relates to equity settled awards.

22 Employee benefits continued

Share options continued

Additional Information

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130

Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

22 Employee benefits continued

SAYE share options continued

As at 31 March 2026, outstanding options to subscribe for ordinary shares of 5p were

as follows:

	Number of			Contractual life
Grant date/employees entitled	instruments			of options
15/09/20 SAYE	70,873			Apr 2026
10/08/21 SAYE	19,951	Apr	2	025, Apr 2027
15/09/22 SAYE	183,804	Apr	2	026, Apr 2028
15/09/23 SAYE	711,144	Apr		2027	, Apr 2029
04/10/24 SAYE	645,560	Apr		2028	, Apr 2030
12/09/25 SAYE	174,140				Apr 2029
Total outstanding options	1,805,472
Senior Manager, OEB and ELT LTIP shares	2,199,691				Nov 2031
Board LTIP shares	814,553				Nov 2031
Board/ELT LTIP shares	9,171,534				Sep 2034
Board deferred equity	330,025				Sep 2034
Total	14,321,275

23 Provisions

	Restructuring	Dilapidations	Total
Group	£000	£000	£000
Balance at 31 March 2025	875	2,075	2,950
Utilised during the year 1	(875)	(451)	(1,326)
Released during the year	—	(24)	(24)
Balance at 31 March 2026	—	1,600	1,600

1. The restructuring provision was utilised during the year in respect of transformation initiatives approved by

management following the launch of the Group’s strategy at the end of FY24. These initiatives focused on

margin management, targeted growth, operational efficiency and organisational effectiveness. Dilapidations

provisions were utilised during the year as the Group exited leased sites in Manchester and Scotland, with

costs incurred in restoring these properties to the condition required under the lease agreements. The

remaining provision at 31 March 2026 relates to other leased properties where obligations are expected to

crystallise on exit

Restructuring

The restructuring provision related to a formal restructuring plan approved and

communicated to affected parties prior to 31 March 2025. As at 31 March 2026, the

restructuring plan has been completed and the provision has been fully utilised, with

no further obligations remaining.

Dilapidations

Dilapidations provisions relate to the Group’s obligation to restore leased properties to their

required condition at the end of the lease terms. External advisers are engaged to assess

and estimate the expected costs of dilapidation works based on lease conditions, property

condition and market rates. The expenditure is expected to be incurred on exit from the

relevant properties.

Measurement and uncertainties

Provisions represent management’s best estimate of the expenditure required to settle the

present obligations at the reporting date. Estimates are inherently uncertain and actual

costs may differ from those estimated, principally due to variations in the timing of lease

exits, the scope of remedial works required, and prevailing construction and labour costs

at the time the work is performed.

	2026	2025
Group	£000	£000
Non‑current (greater than one year) 1	1,600	1,622
Current (less than one year)	—	1,328
Balance at 31 March	1,600	2,950

1. Provisions greater than one year relate to dilapidations for leases with end dates between 2027 and 2034

In respect of the Company, there are £nil provisions (FY25: £nil) related to restructuring.

During the year, £nil (FY25: £0.6m) was utilised and £nil (FY25: £nil) was provided.

24 Capital and reserves

Capital and reserves – Group and Company

See statements of changes in equity on pages 92 to 93.

Share capital

	Number of ordinary shares
Group	2026	2025
In issue at 1 April	136,119,976	136,114,675
Shares issued	68,687	5,301
In issue at 31 March – fully paid	136,188,663	136,119,976

The total number of shares issued during the year was 68,687 for a consideration of <£0.1m

(FY25: 5,301 shares for <£0.1m). In FY26 and FY25, all shares were issued for cash.

	2026	2025
Group	£000	£000
Allotted, called up and fully paid
Ordinary shares of 5p each	6,810	6,806

The holders of ordinary shares (excluding own shares held) are entitled to receive dividends as

declared from time to time and are entitled to one vote per share at meetings of the Company.

Additional Information

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131

Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

24 Capital and reserves continued

Reserves

Share premium represents the amount subscribed for share capital in excess of

nominal value.

The merger reserve has arisen under Section 612 of the Companies Act 2006 and is a

non‑distributable reserve. In June 2020, the Company successfully completed placings

of shares which increased the merger reserve by £14.8m.

During the year, nil shares (FY25: 228,348) were transferred out of the own shares held

reserve (FY25: weighted average cost of £1.58, total cost £0.4m) to fulfil all of the exercise

of awards in the year, excluding SAYE. The number of ordinary shares held at 31 March 2026

was 1,145,315 (FY25: 1,145,315). These shares are in the own shares held reserve and are to

help meet future employee share plan obligations.

The translation reserve comprises all foreign exchange differences arising from the

translation of foreign operations, as well as from the translation of liabilities that hedge

the Group’s net investment in foreign subsidiaries.

Dividends

During the year, the following dividends were recognised and paid by the Group:

	2026	2025
	£000	£000
Final paid 2025 – 1 . 20p (FY24: 1. 20p)
per qualifying ordinary share	1,620	1,618
Interim paid 2025 – 0.60p (FY24: 0.60p)
per qualifying ordinary share	810	808
Total	2,430	2,426

After the end of the reporting date, and subject to shareholder approval at the Annual

General Meeting which is to be held on 8 September 2026, a final dividend of 1 . 30p per

qualifying ordinary share (FY25: 1.20p) was proposed by the Directors. An interim dividend

of 0.60p per qualifying ordinary share (FY25: 0.60p) was paid in April 2026. The dividend

had been approved by the Board prior to 31 March 2026 and no further approvals were

required. Management therefore concluded that the dividend represented an obligation

of the Group at the reporting date and recognised a liability within other payables. The

dividend was subsequently paid in accordance with the Board approval.

	2026	2025
	£000	£000
Final proposed 2026 – 1.30p (FY25: 1.20p)
per qualifying ordinary share 1	1,756	1,620
Interim paid 2026 – 0.60p (FY25: 0.60p)
per qualifying ordinary share	810	809
Total	2,566	2,429

1. Amount calculated using the number of ordinary shares in issue less the number of shares in the own shares

held reserve at the end of each period

25 Earnings per share

Basic (loss)/profit per share

The calculation of basic loss per share at 31 March 2026 was based on the loss attributable

to ordinary shareholders of £1.0m (FY25: profit of £1.0m) and a weighted average number

of ordinary shares outstanding during the year ended 31 March 2026 (net of own shares

held) of 134,988,895 (FY25: 134,858,708), calculated as follows:

Weighted average number of ordinary shares

	2026	2025
Issued ordinary shares at 1 April	136,119,976	136,114,675
Net effect of shares issued and own shares held	(1,131,081)	(1,255,967)
Weighted average number of ordinary shares at 31 March	134,988,895	134,858,708

Diluted earnings per share

The calculation of diluted earnings per share at 31 March 2026 was based on the loss

attributable to ordinary shareholders of £1.0m (FY25: profit of £1.0m) and a weighted

average number of ordinary shares outstanding during the year ended 31 March 2026

(net of own shares held) of 134,988,895 (FY25: 134,858,708), calculated as follows:

Weighted average number of ordinary shares (diluted)

	2026	2025
Weighted average number of ordinary shares at 31 March	134,988,895	134,858,708
Effect of share options on issue	—	—
Weighted average number of ordinary shares (diluted)
at 31 March	134,988,895	134,858,708

The average market value of the Company’s shares for the purposes of calculating the

dilutive effect of share options was based on quoted market prices for the period that the

options and deferred equity awards were outstanding.

Additional Information

Financial Statements

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132

Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

25 Earnings per share continued

Underlying earnings per share

		2026	EPS			2025	EPS
	Earnings				Earnings
EPS (total)	£000		Basic	Diluted	£000		Basic	Diluted
(Loss)/profit after tax for the financial year	(982)		(0.73)p	(0.73)p	1,040		0.77p	0.77p
Separately disclosed items:
Acquired intangible amortisation	1,550		1.15p	1.15p	1,731		1.28p	1.28p
Restructuring and transformation costs	2,427		1.80p	1.80p	2,575		1.91p	1.91p
Impairment of non‑current assets	899		0.67p	0.67p	—		—	—
Impairment of customer receivable on administration	—		—	—	1,006		0.75p	0.75p
Malaysia manufacturing write‑off	1,390		1.03p	1.03p	—		—	—
Project Ignite	5,976		4.43p	4.43p	—		—	—
Profit on disposal of a subsidiary	—		—	—	(247)		(0.18)p	(0.18)p
Recovery of prior year fraud loss	(190)		(0.14)p	(0.14)p	—		—	—
Facilitation payment fraud	211		0.16p	0.16p	384		0.28p	0.28p
Tax charge on adjusted items above	(2,559)		(1.91)p	(1.91)p	(678)		(0.50)p	(0.50)p
Underlying profit after tax	8,722		6.46p	6.46p	5,811		4.31p	4.31p

The ‘underlying diluted’ earnings per share is detailed in the above tables. In the Directors’ opinion, this reflects the underlying trading performance of the Group and assists in the

comparison with the results of earlier years (see note 2).

Additional Information

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

26 Financial instruments

(a) Fair values of financial instruments

There is no material difference between the fair values and the carrying values shown in the

statement of financial position.

(b) Financial instruments risks

Exposure to credit, liquidity, interest rate and currency risks arise in the normal course

of the Group’s business, and the Group continues to monitor and reduce any exposure

accordingly. Information has been disclosed relating to the individual Company only where

a material risk exists.

(i) Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial

instrument fails to meet its contractual obligations. The maximum exposure with respect to

credit risk is represented by the carrying amount on the statement of financial position.

Cash and cash equivalents includes cash equivalents amounting to £0.6m (FY25: £1.0m).

These are term deposits which are presented as cash equivalents if they have maturity of

three months or less and subject to insignificant risk of changes in value.

Cash and cash equivalents are with approved counterparty banks and other financial

institutions which have a rating for their long‑term unsecured and non‑credit‑enhanced

debt obligations of A– or higher by Standard & Poor’s Rating Services or Fitch Ratings

Ltd, or A3 or higher by Moody’s Investors Service Limited, or a comparable rating from an

internationally recognised credit rating agency. Exceptions to this eligibility are approved

by the CFO. Counterparty banks are assessed prior to opening bank accounts and on an

ongoing basis to ensure exposure to credit risk is at an acceptable level.

Management considers credit risks arise principally from the Group’s receivables from

customers. A credit policy is in place and the exposure to credit risk is monitored on an

ongoing basis.

Credit evaluations are performed on all customers requiring credit over a predetermined

amount. All overdue debts are monitored regularly and customers are put on credit

hold if payments are not received on time as appropriate. The carrying amount of trade

receivables represents the maximum credit exposure for the Group. These procedures were

further enhanced as a result of macro‑level uncertainties. The maximum exposure to credit

risk at the end of the reporting date was £50.4m (FY25: £50.6m), being the total carrying

amount of trade receivables net of an allowance. Management does not consider there

to be any significant unimpaired credit risk in the year‑end statement of financial position

(FY25: £nil), and to date, has not seen a significant increase in risk as a result of macro‑level

uncertainties.

There have been no significant changes to estimation techniques or significant assumptions

made during the reporting period.

At the end of the reporting date, there were no significant geographic or sector‑specific

concentrations of credit risk, although we continue to monitor the light and heavy vehicle

sectors closely due to the ongoing challenges in these specific end markets.

Trade receivables are assessed for impairment at the reporting date in accordance with

IFRS 9 Financial Instruments using the simplified approach, whereby an allowance is

recognised at an amount equal to lifetime expected credit losses. For the purposes of

assessing expected credit losses, external trade receivables are grouped based on similar

credit risk characteristics, primarily by revenue stream, comprising automotive, distribution,

smart infrastructure, medical equipment, other revenue streams, and tariff‑related

receivables.

Management performs a collective assessment of credit risk for customers within each

revenue stream, taking into account current ageing profiles, historical credit loss experience

and reasonable and supportable forward‑looking information, including relevant

macroeconomic and sector‑specific factors. Expected credit loss rates are applied to each

group based on these inputs. Significant customers are monitored on an individual basis,

and where there is objective evidence of a significant increase in credit risk or where default

is considered probable, a specific impairment is recognised. The expected credit loss

assumptions and segmentation are reviewed regularly and updated where necessary to

ensure they continue to reflect the Group’s exposure to credit risk in accordance with IFRS 9.

The ageing analysis of gross trade receivables balances as at 31 March 2026 is as follows:

	2026	2025
	£000	£000
0‑90 days	48,742	49,368
90‑120 days	315	1,153
120‑360 days	1,444	741
360 days+	404	101
Total	50,905	51,363

The combined specific and expected credit loss impairment of trade receivables was £0.5m

(FY25: £0.7m). The analysis of combined impairment based on the underlying receivables is

as follows:

	2026	2025
0‑90 days	0.8%	0.9%
90‑120 days	12.2%	10.0%
120‑360 days	4.6%	17.1%
360 days+	22.2%	48.6%
Total	1.1%	1.4%

Additional Information

Financial Statements

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

26 Financial instruments continued

(b) Financial instruments risks continued

(i) Credit risk continued

Impairment losses

The movement in the allowance for impairment in respect of trade receivables and contract

assets during the year was as follows:

	2026	2025
	£000	£000
Balance at 1 April	(736)	(1,108)
Impairment reversal movement	199	372
Balance at 31 March	(537)	(736)

The allowance account for trade receivables is used to record impairment losses where a

credit risk has been identified, unless the Group is satisfied that no recovery of the amount

owing is possible; at that point, the amounts considered irrecoverable are written off

against the trade receivables directly.

(ii) Liquidity and interest risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as

they fall due.

The Group holds debt and hence its main interest and liquidity risks are associated with the

maturity of its facilities against cash inflows from around the Group. The Group’s objective

is to maintain a balance of continuity of funding and flexibility through the use of banking

facilities as applicable.

The Group maintains two debt facilities with a banking group comprised of HSBC, Citi,

NatWest and KBC allowing a combined facility limit of £120m, in the form of:

1. Revolving Credit Facility (£70m)

The facility had an initial term of three years with two possible one‑year extensions

(i.e. potential term of five years). The facility can be utilised in either USD, EUR or GBP

and there are no pre‑determined currency limits. Interest is charged at the aggregate

rate of SONIA/SOFR/EURIBOR plus margin within a range of 2.10–3.60% depending

on the leverage. The Group successfully executed a one‑year extension to this facility

in February 2026, extending the maturity to June 2028; both available extensions have

now been executed.

2. UK Export Finance (UKEF) Export Development Guarantee (EDG) Facility

(£50m Sterling equivalent)

The facility has a term of five years to 2028 with a three‑year availability period and is

split between a USD facility ($31m), a EUR facility (€17m) and a GBP facility (£10m) with

UK Export Finance providing an 80% guarantee. Interest is charged at SONIA/SOFR/

six‑month EURIBOR with a margin of 2.32% on the USD loan and 2.10% on both the EUR

and GBP loans.

Covenant headroom – at 31 March 2026

The Group facilities are subject to the following quarterly covenant testing:

Interest cover: Underlying EBITDA

to net interest

to exceed a ratio of four. However,

on 2 May 2024, the Group agreed to amend the interest cover covenant in the RCF and

UKEF EDG term loan facilities agreements. This applied from the 30 June 2024 quarterly

covenant calculation as follows:

1. Each relevant period from 30 June 2024, ending on 30 September 2025: 3.25x

2. Each relevant period from 31 December 2025, ending on 30 September 2026: 3.50x

3. Each relevant period from 31 December 2026, thereafter: 4.00x

Adjusted leverage: Total net debt

to underlying EBITDA

not to exceed a ratio of three.

The actual interest cover was 7.04x (FY25: 5.14x) and adjusted leverage was 0.75x

(FY25: 0.97x) as at 31 March 2026.

1. As defined in the facility agreement

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Notes to the financial statements continued

for the year ended 31 March 2026

26 Financial instruments continued

(b) Financial instruments risks continued

(ii) Liquidity and interest risk continued

Liquidity tables

The following are the contractual maturities of the existing financial liabilities, excluding trade and other payables, as the contractual cash flows are equal to carrying amount and cash

flows within one year:

			2026
	Carrying	Contractual	Less than	1 to 2	2 to 5	Over
	amount	cash flows 1	1 year	years	years	5 years
	£000	£000	£000	£000	£000	£000
Non‑derivative financial liabilities
Group and Company
Revolving Credit Facility (see note 20)	27,8 89	28,596	—	—	28,596	—
Export Development Guarantee Facility (see note 20)	20,486	20,625	—	2,063	18,563	—
Right‑of‑use liabilities (see note 12)	19,949	33,884	5,535	5,108	10,305	12,936
Total Group and Company	68,324	83,105	5,535	7,171	57,464	12,936

1. In addition to the above, there are interest charges of £3.2m in FY26 relating to the Revolving Credit and Export Development Guarantee Facilities. Future interest charges are based on a leverage ratchet mechanism;

see note 20

			2025
	Carrying	Contractual	Less than	1 to 2	2 to 5	Over
	amount	cash flows 1	1 year	years	years	5 years
	£000	£000	£000	£000	£000	£000
Non‑derivative financial liabilities
Group and Company
Revolving Credit Facility (see note 20)	21,992	22,752	—	—	22,752	—
Export Development Guarantee Facility (see note 20)	19,635	20,074	—	—	20,074	—
Right‑of‑use liabilities (see note 12)	21,318	39,186	5,138	5,011	11,533	17,504
Total Group and Company	62,945	82,012	5,138	5,011	54,359	17,50 4

1. In addition to the above, there are interest charges of £3.7m in FY25 relating to the Revolving Credit Facility. Future interest charges are based on a leverage ratchet mechanism; see note 20

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

26 Financial instruments continued

(b) Financial instruments risks continued

(ii) Liquidity and interest risk continued

Liquidity headroom

Trading forecasts show that the facilities in place at 31 March 2026 provided sufficient liquidity headroom. The Group continues to maintain positive relationships with a number of banks

and the Directors believe that appropriate facilities will continue to be made available to the Group as and when they are required.

Facilities that were available at 31 March 2026 (excluding bank overdrafts and lease liabilities):

		2026			2025
	Available	Utilised	Unutilised	Available	Utilised	Unutilised
	facilities	facilities	facilities	facilities	facilities	facilities
	£000	£000	£000	£000	£000	£000
Group and Company
Revolving Credit Facility	70,000	28,596	41,404	70,000	22,752	47, 248
Export Development Guarantee Facility	50,000	20,625	29,375	50,000	20,074	29,926
Total Group and Company	120,000	49,221	70,779	120,000	42,826	77,174

In addition, there is an accordion facility of £40.0m as part of the RCF agreement, which provides potential additional finance under current agreed terms subject to credit approval.

Interest risk

The Group monitors closely all loans outstanding which currently incur interest at floating rates. If appropriate, the Group may make use of derivative financial instruments, including

interest rate swaps and caps. The Group will continue to review this position going forward.

In respect of income‑earning financial assets and interest‑bearing financial liabilities, the following table indicates the split between fixed and variable interest rates at the end of the

reporting date.

Further details of the rates applicable on interest‑bearing loans and borrowings are given in note 20.

All assets and liabilities in place at year end bear interest at a floating rate and therefore may change within one year.

Interest rate table

	Group		Company
	2026	2025	2026	2025
	£000	£000	£000	£000
Variable rate instruments
Financial assets	32,425	24,258	1,792	590
Financial liabilities 1	(48,375)	(41,627)	(48,375)	(41,627)
Adjusted net debt	(15,950)	( 17,369)	(46,583)	(41,037)

1. Net of prepaid arrangement fee of £0.9m (FY25: £1.2m)

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Notes to the financial statements continued

for the year ended 31 March 2026

26 Financial instruments continued

(b) Financial instruments risks continued

(ii) Liquidity and interest risk continued

Sensitivity analysis

A change of one percentage point in interest rates (using the net amount in the table above) at the end of the reporting date would change equity and profit and loss by £0.2m

(FY25: £0.2m). This calculation has been applied to risk exposures existing at the end of the reporting date.

This analysis assumes that all other variables, in particular foreign currency rates, remain consistent and considers the effect of financial instruments with variable interest rates.

The analysis is performed on the same basis for the comparative period.

(iii) Foreign currency risk

The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than local functional currency. The Group faces additional currency risks

arising from monetary financial instruments held in non‑functional local currencies.

Operational foreign exchange exposure

Where possible, the Group tries to invoice in the local currency of the respective entity. If this is not possible, then to mitigate any exposure, the Group tries to buy from suppliers and sell

to customers in the same currency to create a natural hedge.

The Group aims to hold the majority of its cash and cash equivalent balances in the local currency of the respective entity to minimise revaluation volatility risk.

Monetary assets/liabilities

The Group continues to monitor exchange rates and buy or sell currencies in order to minimise open exposure to foreign exchange risk. The Group does not speculate on exchange rates.

No foreign exchange derivative financial instruments are held at the end of the reporting date.

The Euro‑denominated RCF and EDG utilised facilities (‘combined facilities’) of €42.1m (£36.8m) is net investment hedged against the net asset value of TR Italy, TR Germany, TR Spain

and TR Holland. The USD‑denominated combined facilities of $1.7m (£1.3m) is net investment hedged against the net asset value of Falcon and TR Fastenings (Inc). Therefore, all foreign

exchange movements that are being hedged are taken to the translation reserve. The remaining Euro and US Dollar‑denominated combined facilities of €7.7m and $5.8m respectively

(£6.8m and £4.4m respectively) is naturally hedged by equivalent intercompany debtor assets in the Company.

There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on

the USD and EUR borrowings. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge

ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing. The balances outstanding as at

31 March 2026 for these combined facilities is included within other interest‑bearing loans and borrowings in the statement of financial position.

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

26 Financial instruments continued

(b) Financial instruments risks continued

(iii) Foreign currency risk continued

Monetary assets/liabilities continued

The impact of the hedged item on the statement of financial position is, as follows:

	Change in fair value	Change in fair value
	used for measuring	used for measuring
	ineffectiveness for	ineffectiveness for	Foreign currency
	the hedged item	the hedged instrument	translation reserve
Net investment in foreign subsidiaries	£000	£000	£000
EUR borrowings	(1,389)	1,389	3,350
USD borrowings	40	(40)	1,154

The hedging gain recognised in Other Comprehensive Income (OCI) before tax is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness in the

statement of profit or loss.

The Group’s exposure to foreign currency risk is as follows (based on the carrying amount for cash and cash equivalents held in non‑functional currencies):

				Singapore	Japanese
	Sterling	Euro	US Dollar	Dollar	Yen	Total
31 March 2026	£000	£000	£000	£000	£000	£000
Cash and cash equivalents exposure	1,692	3,889	4,268	—	86	9,935

				Singapore	Japanese
	Sterling	Euro	US Dollar	Dollar	Yen	Total
31 March 2025	£000	£000	£000	£000	£000	£000
Cash and cash equivalents exposure	673	3,720	4,931	9	172	9,505

Group

A 1% change in significant foreign currency balances against local functional currency at 31 March 2026 would have changed equity and profit and loss by the amount shown below.

This calculation assumes that the change occurred at the end of the reporting date and had been applied to risk exposures existing at that date.

This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis is performed on the same basis for the

comparative period.

	Equity and profit or loss
		2026	2025
Foreign currency	Local currency	£000	£000
Euro	Sterling	(11)	(9)
US Dollar	Singapore Dollar	(18)	(21)
US Dollar	Taiwanese Dollar	(18)	(21)
Euro	Taiwanese Dollar	(16)	(17)

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Notes to the financial statements continued

for the year ended 31 March 2026

26 Financial instruments continued

It is the Board’s desire to maximise long‑term returns. As such, the generation and

disciplined deployment of free cash is a core aspect of Trifast’s strategy. The following

framework and priorities have been established and these are refreshed as part of our

annual budgeting process.

Capital allocation priorities

The Board’s key capital allocation priorities are as follows:

• Continue to maintain adequate working capital as required to support organic growth

in the short term

• Strategic and targeted investments to drive sustainable long‑term organic growth

• Realise acquisitions in line with our acquisition strategy

• A progressive dividend policy, maintaining a medium‑term target dividend cover range

at the top end of between 3.0x to 4.0x

Special dividends and share buybacks, having been considered, do not currently form part

of our capital allocation framework.

Cash conversion

The Group has been, and continues to expect to be, consistently cash generative. In the

longer term, the Board continues to target normalised cash conversion of 70% to 80%,

as we invest in the statement of financial position to support our ongoing organic growth.

	2023	2024	2025	2026
Net debt to
underlying EBITDA	2.2x	1.3x	0.97x	0.64x

Calculated in line with the banking agreement.

Maximum adjusted leverage covenant for FY26 was 3.0x. See note 26 (b) (ii) for details.

The Board has determined that in the current macroeconomic and shareholder

environment, it is appropriate to adopt a prudent but flexible capital structure and will

seek to operate in certain circumstances, e.g. non‑organic investment, with leverage of

up to 2.0x adjusted net debt (before IFRS 16): underlying EBITDA.

The Group has various borrowings and available facilities (see section (b) (ii) Liquidity

and interest risk) that contain certain external capital requirements (‘covenants’) that

are considered normal for these types of arrangements. As discussed above, we remain

comfortably within all such covenants.

The capital structure of the Group is provided below:

		2025
	2026	£000
	£000	(restated) 1
Borrowings (note 20)	68,324	62,945
Equity	115,622	115,721
Capital employed	183,946	178,666

1. The prior year comparatives have been restated to reflect the correction of an error relating to the

accounting for IT implementation costs in accordance with IAS 8 Accounting Policies, Changes in

Accounting Estimates and Errors. Refer to note 1 and note 36

27 Cross guarantee contracts

Company

The Company has a guarantee with HSBC, involving the UK trading subsidiaries, for a Group

Class Guarantee facility of £2.0m (FY25: £2.0m).

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

28 Related parties

Group and Company

Compensation of key management personnel of the Group

The below table shows compensation for key management personnel, which comprises the Board and the ELT.

Full details of compensation of the Board are given in the Directors’ remuneration report on pages 66 to 80.

	2026	2025
	£000	£000
Short‑term employee benefits	2,464	2,330
Compensation for loss of office	—	30
Company contributions to money purchase plans	101	105
Share‑based payments	—	—
	2,565	2,465

Transactions with Directors and Directors’ close family relatives

There were no related party transactions with Directors, or Directors’ close family members, in the year (FY25: £nil).

Details of principal subsidiary undertakings, country of registration and principal activities are included in note 30.

Company‑related party transactions with subsidiaries – income/expenditure FY26

		Income	Loan		Expenditure	Loan
	Rent	management	interest	Total	management	interest	Total
	income	fees	receivable	income	fees	payable	expense
	£000	£000	£000	£000	£000	£000	£000
Subsidiaries	90	—	1,061	1,151	1,960	713	2,673

Company‑related party transactions with subsidiaries – income/expenditure FY25

		Income	Loan		Expenditure	Loan
	Rent	management	interest	Total	management	interest	Total
	income	fees	receivable	income	fees	payable	expense
	£000	£000	£000	£000	£000	£000	£000
Subsidiaries	180	163	1,060	1,403	2,850	520	3,370

Related party transactions

Company‑related party balances

	2026		2025
	Balances	Balances	Balances	Balances
	receivables	payables	receivables	payables
	£000	£000	£000	£000
Subsidiaries	65,610	12,491	58,567	5,272

All related party transactions are on an arm’s length basis.

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Notes to the financial statements continued

for the year ended 31 March 2026

29 Accounting estimates and judgements

The preparation of financial statements in conformity with adopted IFRS requires

management to make judgements, estimates and assumptions that affect the application

of policies and reported annual amounts of assets and liabilities, income and expenses.

Actual results may differ from these estimates. The estimates and underlying assumptions

are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in

the period in which the estimate is revised if the revision affects only that period, or in the

period of the revision and future periods if the revision affects both current and future

periods.

Sources of estimation uncertainty

The sources of estimation uncertainty that management have identified, which may result

in a material adjustment to the carrying amount of assets and liabilities in the next financial

year, are inventory valuation and recoverability of goodwill.

Inventories are stated at the lower of cost and net realisable value with a provision being

made for obsolete and slow‑moving items. Initially, management makes a judgement

on whether an item of inventory should be classified as standard or customer specific.

Inventory which are custom made for specific customers are classified as customer

specific and remaining inventory are classed as standard stock. This classification then

largely determines when a provision is recognised. Predominantly across the Group for

customer‑specific inventory, 50% provision is made for inventories more than 12 months old

and provided at 100% for inventories more than 18 months old. Management then estimates

the net realisable value of the stock for each individual classification. There has been no

change in the past assumptions. In most circumstances, a provision is made earlier for

customer‑specific stock (compared to standard) because it generally carries a greater risk

of becoming obsolete or slow moving given the fastenings are designed specifically for an

individual customer. The amount of write‑downs recognised as an expense in the period

relating to this estimate is detailed in note 18.

The carrying amount of inventory at year end was £64.1m, of which £34.8m related to

customer‑specific stock (FY25: carrying value £70.9m, customer‑specific stock £42.3m).

The key sensitivity to the carrying amount of customer‑specific inventory relates to the

future demand levels for specific products stocked for individual customers. In the event

that an individual customer’s demand for products specific to them unexpectedly reduced,

the Company might be required to increase the inventory provision. Although one customer

taking such action is unlikely to result in a material adjustment, multiple customers taking

such action over a short timescale could result in a material adjustment. The range of

possible outcomes includes a write‑back of the customer‑specific inventory provision,

to a write‑off at the year end of £3.4m (FY25: £5.6m).

The carrying amount of goodwill at the year end was £21.9m (FY25: £22.1m). Value in use

calculations have been performed and no impairment noted. Sensitivity analysis has been

performed. See note 13 for further details.

Key judgements

The following are the critical judgements, apart from those involving estimates (which

we have dealt with separately above), that the Directors have made in applying the

Group accounting policies and that have had the most significant effect on the amounts

recognised in the financial statements. No judgements have been made that have a

significant effect on the amounts recognised in the financial statements.

Separately disclosed items:

• Determination of items to be disclosed as separately disclosed items. See note 2 for

further details

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

30 Trifast plc subsidiaries

Percentage of

ordinary shares held

Country of

Issued and

incorporation

fully paid

Principal

or registration

share capital

activity

Company

Group

Office address

Europe

Trifast Overseas Holdings Ltd

United Kingdom

£112

Holding Company

100%

National Distribution Centre,

Reedswood Park Road, Walsall WS2 8DQ, UK

Trifast Holdings B.V.

Netherlands

€18,427

Holding Company

—

100%

KVK

332

836,

Vestigingsnr. 000018832806,

Kelvinstratt 5, 7575 AS Oldenzaal, Netherlands

TR Fastenings Ltd

United Kingdom

£10,200

Manufacture and

—

100%

National Distribution Centre,

distribution of fastenings

Reedswood Park Road, Walsall WS2 8DQ, UK

TR Southern Fasteners Limited

Republic of

€254

Distribution of fastenings

—

100%

Mallow Business & Technology Park,

Ireland

Mallow, Co. Cork, P51 HV12, Republic of Ireland

TR Holland B.V.

Netherlands

€45,378

Distribution of fastenings

—

100%

Kelvinstraat 5, 7575 AS, Oldenzaal, Netherlands

Lancaster Fastener Company Ltd

United Kingdom

£40,000

Distribution of fastenings

—

100%

Stevant Way Northgate, White Lund Industrial

Estate, Morecambe LA3 3PU, England

TR Fastenings AB

Sweden

SEK 1,500,000

Distribution of fastenings

—

100%

Box

413

3, Smedjegatan 6, 7tr,

SE‑131 04 Nacka, Sweden

TR Hungary Kft

Hungary

HUF

68,257,300

Distribution of fastenings

—

100%

Szigetszentmiklós, Diósgyőri utca 2, 2310 Hungary

TR Italy SPA

Italy

€ 1 87,200

Manufacture and

—

100%

Via Giuseppe Costantini, 19,

distribution of fastenings

06022

Fossato Di Vico (PG), Italy

VIC Sp. Z o.o.

Poland

PLN 50,000

Distribution of fastenings

—

100%

Wroclaw, ul Wiosenna 14/2, Poland

TR Germany GmbH

Germany

€25,000

Distribution of fastenings

—

100%

Lerchenweg 99, 33415 Verl, Germany

Precision Technology Supplies Ltd

United Kingdom

£10,000

Distribution of fastenings

—

100%

Precision Technology Supplies, The Birches

Industrial Estate, East Grinstead, West Sussex

RH19 1XZ, England

TR Fastenings España – Ingeniería

Spain

€3,085

Distribution of fastenings

—

100%

Calle de la Ciencia 43, Viladecans Barcelona,

Industrial, S.L.

840, Spain

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Notes to the financial statements continued

for the year ended 31 March 2026

						Percentage of
					ordinary shares held
	Country of		Issued and
	incorporation		fully paid	Principal
	or registration		share capital	activity	Company	Group				Office address
Asia
TR Asia Investment Holdings Pte Ltd	Singapore		S$4	Holding Company	—	100%				57 Senoko Road, Singapore 758121
TR Formac Pte Ltd	Singapore		S$315,000	Manufacture and	—	100%				57 Senoko Road, Singapore 758121
				distribution of fastenings
TR Formac (Shanghai) Pte Ltd	China		US$200,000	Distribution of fastenings	—	100%				Room D, 1F, Building 2, No 390 Ai Du Road,
										China (Shanghai) Pilot Free Trade Zone, Shanghai
Special Fasteners Engineering Co. Ltd	Taiwan		TW$100,000,000	Manufacture and	—	100%				9F.‑3 No. 366, Bo Ai 2nd Rd.
				distribution of fastenings						Kaohsiung 81358, Taiwan, R.O.C.
TR Formac Fastenings Private Ltd	India	INR	18,850,000	Distribution of fastenings	—	100%				Door No:6, 05th Cross Street,
										Mangala Nagar, Porur, Chennai‑600 116, India
Power Steel & Electro‑Plating Works	Malaysia	MYR 4,586,523		Manufacture and	—	100%	Suite	16		09, Tingkat 16, Plaza Pengkalan,
SDN Bhd				distribution of fastenings						Batu 3 Jalan Sultan Azlan Shah 51200
										Kuala Lumpur, Malaysia
TR Formac Co. Ltd	Thailand	THB	60,000,000	Distribution of fastenings	—	100%				28, 3rd Floor Motorway Road,
										Prawet, Bangkok 10,250, Thailand
Trifast KSA Ltd	Saudi Arabia	SAR	100,000	Distribution of fastenings	—	100%		7		160, King Khaled Branch Road,
										Al Asemah Dist., Saudi Arabia
(Shanghai) Precision Machinery	China		RMB 5,000,000	Manufacture and	—	100%				Area A, 1st Floor, Building 6,
Manufacturing Co Ltd 1				distribution of fastenings						No. 38 Dong Sheng Road, Pudong, Shanghai
Americas
TR Fastenings (Inc).	USA		US$20,000	Distribution of fastenings	—	100%		10811		Vine Crest Drive, Suite 190,
										Houston, Texas 77086, USA
TR Falcon Fastening Solutions	USA		US$1,000	Distribution of fastenings	—	100%			10715	John Proce Road,
										Charlotte, North Carolina, 28273, USA
Trifast Holdings (US) Inc.	USA		US$1	Holding Company	—	100%			251	Little Falls Drive,
										Wilmington, Delaware, 19808, USA
Dormant
TR Europe Ltd	United Kingdom		£2,500	Dormant	100%	100%				National Distribution Centre,
										Reedswood Park Road, Walsall WS2 8DQ, UK
TR Fastenings Poland Sp. Z o.o	Poland		PLN 50,000	Distribution of fastenings	100%	100%				Al Jerozolimskie 56c, 00‑803 Warszawa, Poland

All of the above subsidiaries have been included in the Group’s financial statements.

30 Trifast plc subsidiaries continued

Additional Information

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Notes to the financial statements continued

for the year ended 31 March 2026

31 Alternative Performance Measures

The Annual Report includes both GAAP measures and Alternative Performance Measures (APMs), the latter of which are considered by management to allow the readers of the accounts

to understand the underlying trading performance of the Group. A number of these APMs are used by management to measure the KPIs of the business (see page 10 for key performance

indicators) and are therefore aligned to the Group’s strategic aims. They are also used at Board level to monitor financial performance throughout the year.

The APMs used in the Annual Report (including the basis of calculation, assumptions, use and relevance) are detailed in note 2 (underlying profit before tax, EBITDA and underlying

EBITDA) and below.

Constant exchange rate (CER) figures

These are used predominantly in the financial review and give the readers a better understanding of the performance of the Group, regions and entities from a trading perspective.

They have been calculated by translating the FY26 income statement results (of subsidiaries whose presentational currency is not Sterling) using FY25 average annual exchange rates

to provide a comparison which removes the foreign currency translational impact. The impacts of translational gains and losses made on non‑functional currency net assets held around

the Group have not been removed.

Underlying operating margin/EBIT margin

Underlying operating margin is used in the financial review to give the reader an understanding of the performance of the Group and regions. It is calculated by dividing underlying

operating profit (see return on capital employed section for reconciliation to operating profit) by revenue in the year. The underlying EBIT margin achieved was 7.9% (FY25: 6.7%).

Underlying effective tax rate

This is used in the underlying diluted EPS calculation. It removes the tax impact of separately disclosed items in the year to arrive at a tax rate based on the underlying profit before tax.

		2026			2025
	Profit	Tax		Profit	Tax
	impact	impact	ETR	impact	impact	ETR
	£000	£000	%	£000	£000	%
Profit before tax	57	(1,039)	(1,823)%	4,928	(3,888)	(78.9)%
Separately disclosed items	12,263	(2,559)	(20.9)%	5,449	(678)	(12.4)%
Underlying profit before tax	12,320	(3,598)	29.2%	10,377	(4,566)	(44.0)%

Underlying diluted EPS

A key measure for the Group to understand the underlying earnings per share. The calculation has been disclosed in note 25.

Underlying profit before tax

A key measure for the Group, as it is one of the measures used to set the Directors’ variable remuneration, as disclosed in the Directors’ remuneration report. The calculation has been

disclosed in note 2. The underlying profit before tax percentage achieved was 5.9% (FY25: 4.6%).

Additional Information

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

31 Alternative Performance Measures continued

Underlying cash conversion as a percentage of underlying EBITDA

This is another key metric used by investors to understand how effective the Group was at

converting profit into cash. The adjustments made to arrive at underlying cash conversion

from cash generated from operations are detailed below. To reconcile operating profit to

underlying EBITDA, see note 2.

	2026	2025
	£000	£000
Underlying cash conversion	23,160	22,059
Restructuring and transformation costs	(2,907)	(2,859)
Recovery of prior year fraud loss	190	—
Fraud incident loss	(211)	(384)
Profit on disposal of a subsidiary	—	247
Cash generated from operations after working capital
and before taxation	20,232	19,063

Adjusted net debt to adjusted underlying EBITDA (adjusted leverage) ratio

This removes the impact of IFRS 16 Leases from both net debt and underlying EBITDA and

IFRS 2 Share‑based Payments from underlying EBITDA to better reflect the banking facility

covenant calculations. Underlying EBITDA is reconciled to operating profit in note 2.

	2026	2025
	£000	£000
Net debt	(35,899)	(38,687)
Right‑of‑use lease liabilities	19,949	21,318
Adjusted net debt	(15,950)	( 17,369)

	2026	2025
	£000	£000
Underlying EBITDA	23,064	22,018
IFRS 2 Share‑based Payment charge
and other related costs	(1,244)	(426)
Operating lease payments	(3,660)	(4,404)
Adjusted underlying EBITDA	18,160	17,188

Adjusted interest cover

This is adjusted EBITDA to adjusted net interest to better reflect the banking facility

covenant calculations, removing the impact of IFRS 16 Leases. Underlying EBITDA has IFRS

16 Leases and IFRS 2 Share‑based Payments removed above and is reconciled to operating

profit in note 2.

	2026	2025
	£000	£000
Net interest	(4,181)	(4,498)
Right‑of‑use liability interest	1,161	1,016
Adjusted net interest	(3,020)	(3,482)

Underlying return on capital employed (ROCE)

ROCE is a key metric used by investors to understand how efficient the Group is with its

capital employed. The calculation is detailed in the glossary on page 151. The numerator is

underlying EBIT which has been reconciled to operating profit below. Note 2 explains why

the separately disclosed items have been removed to aid understanding of the underlying

performance of the Group. The underlying ROCE achieved was 8.5% (FY25: 8.1%).

	2026	2025
	£000	£000
Underlying EBIT/underlying operating profit	16,501	14,876
Separately disclosed items within administrative expenses 1	(12,263)	(5,449)
Operating profit	4,238	9,427

1. See note 2 for further details

Working capital as a percentage of revenue

This is calculated as current assets excluding cash and assets held for sale, less current

liabilities excluding liabilities held for sale, restructuring provisions and tax payable as a

percentage of Group revenue. It is a KPI for the Group as it remains a key focus to ensure

efficient allocation of capital on the statement of financial position to improve quality of

earnings and reduce the additional investment needed to support organic growth. The

ratio increased to 42.2% in 2026 from 41.0% in 2025, representing a modest deterioration

in working capital efficiency year‑on‑year.

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

32 Reconciliation of net cash flow to movement in net debt

	2026	2025
	£000	£000
Net change in cash and cash equivalents	8,685	3,809
Repayment of external loan	2,180	—
Proceeds from external loan	(6,915)	—
Net decrease/(increase) in right‑of‑use liabilities	1,369	(2,694)
Net proceeds from borrowings	(3,365)	(2,694)
Increase in net debt before exchange rate differences	5,509	1,115
Movement in prepaid arrangement fees	(353)	(214)
Exchange rate differences	(2,558)	(200)
Increase in net debt	2,788	701
Opening net debt	(38,687)	(39,388)
Closing net debt	(35,899)	(38,687)

Net debt is reconciled to the statement of financial position as follows:

	2026	2025
	£000	£000
Cash and cash equivalents	32,425	24,258
Other interest‑bearing loans and borrowings	(48,375)	(41,627)
Right‑of‑use liabilities	(19,949)	(21,318)
Closing net debt	(35,899)	(38,687)

33 Changes in financial liabilities including both cash flows and non‑cash changes

	2026	2025
	£000	£000
Group
Finance liabilities at 1 April	62,945	60,271
Cash flow changes	1,430	(3,776)
Foreign exchange on financial liabilities	2,000	(863)
Arrangement fees unwinding	353	215
Right‑of‑use liabilities additions	1,697	8,799
Right‑of‑use liabilities derecognition on termination	(101)	(1,701)
Finance liabilities at 31 March	68,324	62,945

The financial liabilities have an interest expense which was fully paid at the year end.

See statement of cash flows on pages 95 and 96.

	2026	2025
	£000	£000
Company
Finance liabilities at 1 April	46,277	48,405
Cash flow changes	5,000	(1,284)
Loan novation 1	5,622	—
Foreign exchange on financial liabilities	2,974	(1,059)
Arrangement fees unwinding	353	215
Right‑of‑use liabilities disposals	(101)	—
Finance liabilities at 31 March	60,125	46,277

1. During the period, a loan between TR Fastenings Inc. (Houston) and Special Fasteners Engineering Co. Ltd

(SFE) was novated to Trifast plc to more effectively manage foreign exchange risk

The financial liabilities have an interest expense which was fully paid at the year end.

See statement of cash flows on pages 95 and 96.

Liabilities arising from financing activities include other interest‑bearing loans and

borrowings and right‑of‑use liabilities.

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

34 Revenue from Contracts with Customers

In line with IFRS 15 Revenue from Contracts with Customers, we have included the disaggregation of external revenue by sector, breaking this down by our geographical

operating segments.

March 2026	UK & Ireland	Europe	North America	Asia	Total
Automotive	7%	18%	7%	6%	38%
Distributors	8%	2%	1%	4%	15%
Medical equipment	1%	—	—	—	1%
Smart infrastructure	6%	4%	6%	1%	17%
Other	8%	12%	2%	7%	29%
Revenue from external customers (AER)	30%	36%	16%	18%	100%

March 2025	UK & Ireland	Europe	North America	Asia	Total
Automotive	9%	16%	7%	6%	38%
Distributors	7%	2%	1%	4%	14%
Medical equipment	1%	—	—	—	1%
Smart infrastructure	6%	3%	5%	2%	16%
Other	8%	13%	2%	8%	31%
Revenue from external customers (AER)	31%	34%	15%	20%	100%

35 Equity‑accounted investments

The Group holds an interest in TR Chia Yi Precision Fastenings Manufacturing (Dongguan) Co. Ltd (‘TR Chia’), an individually immaterial associate accounted for using the equity method.

On 25 September 2023, the Group entered into an agreement to form this associate, with a 40% equity interest. Under the terms of the agreement, the Group was committed to invest

US$0.4m in share capital, to be paid in three instalments. As at 31 March 2026, US$0.4m has been invested with no further payments to be made. As at the reporting date, the Group’s

carrying value of the investment in TR Chia was £0.3m (2025: £0.4m).

The Group’s share of the associate’s profit for the year was £<0.1m (FY25: £0.2m), after eliminating unrealised profit on inventory purchased from TR Chia and still held by the Group at the

year end. TR Chia had no other items of comprehensive income during the year.

36 Prior year restatements for implementation costs of cloud computing SaaS arrangements

The below tables show the impact of restating the prior year consolidated and Company financial statements to correct an error, in accordance with IAS 8, relating to the derecognition

of previously capitalised SaaS‑related costs and associated amortisation which did not meet the criteria for recognition as an asset, following the April 2021 IFRIC agenda decision

on configuration and customisation costs incurred in implementing cloud computing SaaS arrangements, as disclosed in note 1. The restatement has no impact on the FY24 income

statement or cash flow statement.

Additional Information

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Trifast plc Annual Report 2026

Notes to the financial statements continued

for the year ended 31 March 2026

36 Prior year restatements for implementation costs of cloud

computingSaaSarrangements continued

Selected extracts from the consolidated statement of financial position

for the prior year ended 31 March 2025

	Previously
	reported		Restated
	31 March		31 March
	2025	Restatement	2025
	£000	£000	£000
Intangible assets	33,397	(5,359)	28,038
Total non‑current assets	78,545	(5,359)	73,186
Total assets	229,003	(5,359)	223,644
Net assets	121,080	(5,359)	115,721
Retained earnings	68,095	(5,359)	62,736

Selected extracts from the Company statement of financial position

for the prior year ended 31 March 2025

	Previously
	reported		Restated
	31 March		31 March
	2025	Restatement	2025
	£000	£000	£000
Intangible assets	5,359	(5,359)	—
Total non‑current assets	104,418	(5,359)	99,059
Total assets	107,085	(5,359)	101,726
Net assets	57,728	(5,359)	52,369
Retained earnings	13,890	(5,359)	8,531

Restated statement of financial position as at 31 March 2024

	Group	Company
	2024	2024
	£000	£000
	(restated)	(restated)
Non‑current assets
Property, plant and equipment	19,070	5
Right‑of‑use assets	16,450	55
Intangible assets	30,916	738
Equity investments	159	42,186
Non‑current trade and other receivables	—	61,208
Deferred tax assets	4,256	63
Total non‑current assets	70,851	104,255

	Group	Company
	2024	2024
	£000	£000
	(restated)	(restated)
Current assets
Inventories	73,403	—
Trade and other receivables	59.039	3,623
Assets classified as held for sale	623	—
Cash and cash equivalents	20,884	910
Total current assets	153,949	4,533
Total assets	224,800	108,788
Current liabilities
Trade and other payables	36,218	1,660
Right‑of‑use liabilities	3,392	11
Other interest‑bearing loans and borrowings	—	6,447
Provisions	2,432	607
Liabilities classified as held for sale	348	—
Tax payable	2,167	—
Total current liabilities	44,557	8,725
Non‑current liabilities
Other interest‑bearing loans and borrowings	41,848	41,848
Right‑of‑use liabilities	15,031	99
Other payables	892	—
Provisions	1,548	—
Deferred tax liabilities	2,105	—
Total non‑current liabilities	61,424	41,947
Total liabilities	105,981	50,672
Net assets	118,819	58,116
Equity
Share capital	6,806	6,806
Share premium	22,537	22,537
Merger reserve	16,328	16,328
Own shares held	(2,194)	(2,194)
Translation reserves	10,496	—
Retained earnings	64,846	14,639
Total equity	118,819	58,116

Additional Information

Financial Statements

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Trifast plc Annual Report 2026

Glossary of terms

AER

Actual exchange rate.

AGM

Annual General Meeting.

Assets

Anything owned by the Company having a

monetary value; e.g. fixed assets such as buildings,

plant and machinery, vehicles (these are not assets

if rented and not owned) and potentially including

intangibles such as trademarks and brand names,

and current assets, such as inventory, debtors

andcash.

Board

The Board of Directors of Trifast plc.

Capex

Capital Expenditure.

Cash flow

The movement of cash in and out of a business

from day‑to‑day direct trading and other

non‑trading effects, such as capital expenditure,

tax and dividend payments.

Category ‘C’ components

Low‑value components that are wrapped up into

our supply proposition for a customer.

CBAM

Carbon Border Adjustment Mechanism.

CER

Constant exchange rate.

Company

Trifast plc.

Current assets

Cash and anything that is expected to be

converted into cash within 12 months of the

endofthe reporting date.

Current liabilities

Money owed by the business that is generally

duefor payment within 12 months of the end

ofthereportingdate.

Depreciation

The proportion of cost relating to a capital item,

over an agreed period (based on the useful life

ofthe asset).

Director

A Director of Trifast plc.

Dividend

A dividend is a payment made per share to a

company’s shareholders and is based on the profits

of the year, but not necessarily all the profits.

Dividend cover

Underlying diluted earnings per share over

proposed dividend per share in the year.

Earnings before

There are several ‘Earnings before…’ ratios.

Thekeyones being:

• PBT: Profit/earnings before tax

• EBIT/Operating profit: Earnings before interest

and tax

• EBITDA amortisation: Earnings before interest,

taxes, depreciation and amortisation

• Underlying profit before separately disclosed

items (see note 2)

EDG

Export Development Guarantee.

EHS

Environment, Health & Safety.

External auditor

RSM UK Audit LLP.

GAAP

Generally Accepted Accounting Practice.

GHG

Greenhouse Gases.

Gearing

The ratio of debt to equity, usually the relationship

between long‑term borrowings and shareholders’

funds.

Goodwill

Any surplus money paid to acquire a company that

exceeds its net assets fair value.

Group

The Company together with its subsidiaries.

IAS

International Accounting Standards.

IFRS

International Financial Reporting Standards.

IMS

Our Integrated Management System for the

publication and communication of our policies,

procedures, process documentation, forms

andtemplates.

Intellectual Property (IP)

Intangible asset such as a trademark or patent.

ISO

International Organisation for Standardisation.

KPI

Key performance indicator.

LTIP

Long‑Term Incentive Plan.

Legal entity identifier (LEI)

A unique identifier for persons that are legal

entities or structures including companies,

charities, and trusts.

NCSC

The National Cyber Security Centre.

NGFS

The Network of Central Banks and Supervisors for

Greening the Financial System.

NGO

Non‑governmental organisation.

Non‑pre‑emptive rights

This term refers to an issue or sale of any equity

securities by a company to which pre‑emptive

rights do not apply.

OEE

Overall Equipment Effectiveness.

OEM

Original equipment manufacturers.

Ordinary shares

The ordinary shares in the capital of the Company

of 5p each.

PDMR

This term stands for Persons Discharging

Managerial Responsibility. These relate to people

who are Board Directors or Senior Management,

who have access to price‑sensitive information on

a regular basis.

P/E ratio (price per earnings)

The P/E ratio is an important indicator as to

how the investing market views the health,

performance, prospects and investment risk of a

plc. The P/E ratio is arrived at by dividing the share

price by the underlying diluted earnings per share.

PPE

Personal Protective Equipment and includes items

such as masks, helmets, gloves, eye protection

andhigh‑visibility clothing, all designed to keep

people safe.

Additional Information

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Trifast plc Annual Report 2026

Glossary of terms continued

Pre‑emptive rights

Pre‑emptive rights are a clause in an option,

security or merger agreement that gives

the investor the right to maintain his or her

percentageownership of a company by buying

aproportionate number of shares of any future

issue of the security.

Profit

The surplus remaining after total costs are

deducted from total revenue.

Profit and loss account (P&L)

(or income statement)

The P&L shows how well the Company has

performed in its trading activities and would

covera trading account for a period.

RCF

Revolving Credit Facility.

R&D

Research and development.

Reserves

The accumulated and retained difference

between profits and losses year on year since

theCompany’s formation.

Retained profit/earnings

Business profit which is after tax and dividend

payments to shareholders; retained by the business

and used for reinvestment.

Return on capital employed (ROCE)

A fundamental financial performance measure.

Apercentage figure representing earnings before

interest and tax against the money that is invested

in the business.

Underlying EBIT ÷ average capital employed (net

assets + gross debt) × 100 = ROCE.

Rights issue

When a company offers more of its ordinary shares

to current shareholders, commonly to raise extra

capital for the business.

Scope 1 emissions

Direct GHG emissions from sources that are

owned or controlled by the Company, for example,

emissions from combustion in owned or controlled

machinery, vehicles or process emissions.

Scope 2 emissions

Indirect GHG emissions. Scope 2 accounts for

GHG emissions from the generation of purchased

electricity, heat or steam consumed by the

Company and is purchased or otherwise brought

into the organisational boundary of the Company.

Scope 3 emissions

Other indirect GHG emissions across the value

chain. Scope 3 emissions are a consequence of the

activities of the Company but occur from sources

not owned or controlled by the Company. Some

examples of scope 3 activities are extraction or

production of purchased materials, transportation

of purchased fuels and use of sold products

andservices.

Share capital

The statement of financial position nominal value

paid into the Company by shareholders at the

time(s) shares were issued.

Shareholders’ funds

A measure of the shareholders’ total interest in the

Company, represented by the total share capital

plus reserves.

Statements of cash flow

The statements of cash flow show the movement

and availability of cash through and to the business

over a given period.

Statements of financial position

These provide a ‘snapshot’ at a date in time of who

owns what in the Company, and what assets and

debts represent the value of the Company.

The statement of financial position is where

to look for information about short‑term and

long‑term debts, gearing (the ratio of debt to

equity), reserves, inventory values (materials

and finished goods), capital assets, cash and the

value of shareholders’ funds. The statement of

financial position equation is Capital + Liabilities

(where themoney came from) = Assets (where

themoneyis now).

Stock code

A stock code is used to find a listing on the

regulatory market such as the London Stock

Exchange. Trifast plc stock code is TRI.

Subsidiary

An entity that is controlled, either directly or

indirectly by the Company.

Third‑party logistics (3PL)

3PL in logistics and supply chain management is

an organisation’s use of third‑party businesses to

outsource elements of its distribution, warehousing

and fulfilment services.

Tier 1

A subcontractor to the OEM.

TSR

Total Shareholder Return comprising dividends

paid on ordinary shares and the increase or

decrease in the market price of ordinary shares.

UKEF

UK Export Finance.

WACC

Weighted average cost of capital.

Working capital

Current assets excluding cash, less current

liabilities excluding debt‑like items representing

the required investment, continually circulating,

tofinance inventory, debtors and work in progress.

Additional Information

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Trifast plc Annual Report 2026

Five‑year history

2022 2023 2024 2025 2026

Revenue £218.6m £244.4m £233.7m £223.4m £208.4m

GP margin

26.7% 25.3% 25.4% 28.3% 30.0%

Underlying operating profit

1, 2

£14.7m £12.0m £11.9m £14.9m £16.5m

Underlying operating profit margin

1, 2

6.7% 4.9% 5.1% 6.7% 7.9%

Operating profit/(loss)

£11.6m £(8.0)k £4.6m £9.8m £4.2m

Operating profit margin

5.3% 0.0% 2.0% 4.4% 2.0%

Underlying EBITDA

1, 2

£20.4m £19.3m £19.8m £22.0m £23.1m

Underlying PBT

1, 2

£13.8m £9.3m £6.5m £10.4m £12.3m

PBT/(LBT)

£10.6m £(2.7)m £(0.8)m £4.9m £0.1m

ROCE %

1, 2

8.3% 5.4% 5.7% 8.1% 8.5%

Total dividend per share 2.10p 2.25p 1.80p 1.80p 1.90p

Dividend increase/(decrease) % 31.3% 7.1% (20.0)% — 4.3%

Underlying dividend cover 3.9x 2.3x 0.9x 2.4x 3.77x

Underlying diluted EPS

1, 2

8.13p 5.13p 1.62p 4.31p 6.46p

Diluted EPS/(LPS)

6.56p (2.12)p (3.29)p 0.77p (0.73)p

Adjusted net debt

£23.8m £38.0m £21.0m £17.4m £16.0m

Cash conversion % of underlying EBITDA

1, 2

(66.8)% 48.9% 173.0% 100.2% 94.1%

Share price at 31 March 115p 78p 75p 77p 67p

1. Before separately disclosed items, see note 2

2. Presented after adoption of IFRS 16 Leases from FY20

3. Adjusted (cash)/net debt is excluding the impact of IFRS 16 Leases

Additional Information

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Trifast plc Annual Report 2026

Company and advisers

Company

Trifast plc

Incorporated in England

Registered number: 01919797

LSE Premium Listing

Ticker: TRI

LEI Reference: 213800WFIVE6RWK3CR22

Registered office

National Distribution Centre

Reedswood Park Road

Walsall WS2 8DQ

Company Secretary

Christopher Morgan (FCG)

Email: [email protected]

Advisers

Registered auditor

RSM UK Audit LLP

10th Floor

103 Colmore Row

Birmingham B3 3AG

Brokers

Joh. Berenberg, Gossler & Co KG

60 Threadneedle Street

London EC2R 8HP

Singer Capital Markets

1 Bartholomew Lane

London EC2N 2AX

Solicitor

CMS LLP

78 Cannon Street

London EC4N 6AF

Registrar

Computershare Investor Services plc

The Pavilions

Bridgwater Road

Bristol BS13 8AE

Financial PR

h2Radnor Limited

68 King William Street

London EC4N 7HR

Additional Information

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Trifast plc Annual Report 2026

Financial calendar

AGM 12.00noon, 8 September 2026

Half‑yearly results

17 November 2026

Quarterly Trading updates

20 October 2026 & 11 February 2027

Financial year end

31 March 2027

Pre‑close trading update

28 April 2027

Preliminary results

June 2027

1. Dates are provisional and subject to change

Details of the Company’s up‑to‑date financial reporting calendar can be found on our

website at www.trifast.com/investors/financial‑information/financial‑calendar

Dividend calendar

Proposed final dividend 1.30p

Ex‑dividend date 10 September 2026

Final dividend record date 11 September 2026

Last date for DRIP elections 18 September 2026

Final dividend payment date 9 October 2026

DRIP document mailing date 19 October 2026

Annual General Meeting (AGM)

The Annual General Meeting will be held at 12.00noon on 8 September 2026 at OSIT,

46New Broad Street, London EC2M 1JH.

The Notice of Meeting, which includes special business to be transacted at the AGM

together with an explanation of the resolutions to be considered at the meeting, is made

available on the Company’s website and communicated directly to shareholders.

Registrar

Trifast’s Registrar is Computershare Investor Services. They can be contacted for any

matters relating to your shareholding, including notification of change in name and address;

enquiries about dividend payments; and submission of proxy form for voting at the Annual

General Meeting.

Shareholders who receive duplicate sets of Company mailings because they have multiple

accounts should contact Computershare to have their accounts amalgamated.

Computershare offers a facility whereby shareholders can access their shareholdings in

Trifast via their website.

Please have your Shareholder Reference Number to hand whenever you contact the

Registrar www.computershare.com/uk

Additional Information

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154

Trifast plc Annual Report 2026

This report is printed on Nautilus Superwhite

100% recycled.

Printed in the UK by Scantech LithographicLtd.

www.lyonsbennett.com

CBP019655

National Distribution Centre

Reedswood Park Road

Walsall

WS2 8DQ

Tel: +44 (0)8454 811 800

Our website: www.trifast.com

LinkedIn: linkedin.com/company/tr‑fastenings

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Trifast plc Annual Report 2026 for the year ended 31 March 2026