NORTHERN BEAR PLC

Interim / Quarterly Report • Nov 19, 2025

National Storage Mechanism | Additional information

RNS Number : 0504I

Northern Bear Plc

19 November 2025

19 November 2025

Northern Bear plc

("Northern Bear" or the "Company")

Interim results for the six month period ended 30 September 2025

Northern Bear (LSE:NTBR), the AIM quoted holding company of the group of companies providing specialist building and support services headquartered in Northern England and serving customers across the UK, is pleased to announce its unaudited interim results for the Company and its subsidiaries (together the "Group") for the six months to 30 September 2025 (the "Period" or "H1 FY26").

Financial Summary

·      Revenue of £49.4m (H1 FY25: £37.6m).

·      Gross profit of £12.2m (H1 FY25: £8.9m).

·      Gross margin improved to 24.7% (H1 FY25: 23.8%).

·      Operating profit of £4.1m (H1 FY25: £1.7m).

·      Adjusted operating profit £4.1m (H1 FY25: £1.7m1).

·      EBITDA of £4.9m (H1 FY25: £2.5m).

·      Basic earnings per share of 21.9p (H1 FY25: 8.4p).

·      Adjusted basic earnings per share 21.9p (H1 FY25: 8.4p1).

·      Cash generated from operations £3.1m (H1 FY25: £2.2m).

·      Equity dividends paid in the Period of £0.5m (H1 FY25: £0.3m).

·      £1.45m Virgin Money term loan fully repaid in September 2025 following strong cash generation.

Note 1: Includes H Peel & Sons Limited operating losses of £0.2m in H1 FY25.

Non-recurring operating profit

·      As stated in the Trading Update issued on 1 October 2025, during the Period, the Group recognised a non-recurring operating profit of £1.3 million. This non-recurring profit arose from the Group's normal trading activities, but is not expected to recur in future periods. While one-off in nature, it forms part of the Group's underlying trading activities and has therefore been presented within operating profit in accordance with Financial Reporting Council guidance and IAS 1.

·      Had this non-recurring operating profit been excluded, operating profit, EBITDA and Basic earnings per share for the Period would have been £2.8 million, £3.6 million, and 15.0 pence per share, respectively.

H Peel & Sons Limited trading losses

·      The results for H1 FY25 include trading losses of £0.2m in H Peel & Sons Limited which was a discontinued operation from 31 March 2025.

Operational and Commercial Summary

·      The Board of Directors of Northern Bear (the "Board") is pleased with the Group's performance in the Period. Both revenue and profits were ahead of management expectations.

·      As previously announced, we have continued to invest in our operations to support future revenue growth, including:

o  Jennings Roofing Limited - will utilise the site previously used by H Peel & Sons Limited where a fitout is planned to be completed by 31 December 2025.

o  Wensley Roofing Limited - has completed its move into new premises which will facilitate growth in the solar panel installation sector.

o  Isoler Limited - investment in its highly experienced compliance team which will enable a wider offering to be provided to their clients.

o  Alcor Handling Solutions Limited - continued investment in its materials handling fleet.

·      As always, the trading performance in the Period is a testament to the hard work and commitment of the Group's employees.

Outlook

·      The Group has again traded very well during the first half of FY26 with strong underlying trading performance across all divisions.  In addition, the Group has already benefited from a significant non-recurring operating profit, as set out above, which has contributed £1.3m in the Period.

·      Market conditions are largely flat within our major regions and we are finding market pressures starting to affect some of our businesses, specifically at Arcas Building Solutions Limited and Jennings Roofing Limited. We do not envisage any market uplift in the coming 12 months.

·      The Trading Update on 1 October 2025 outlined the positive underlying performance during H1 FY26 and the Group continues to trade slightly ahead of current market expectations.   In addition, the full year outcome for FY26 is expected to be broadly consistent with the strong underlying profit performance for FY25 after adjusting for the non-recurring operating profit referred to above and trading losses and related closure costs in H Peel & Sons Limited (in FY25).  This is on the assumption, inter alia, that current market conditions do not worsen, there are no further one-off non-recurring losses, the additional investment in operations continues to meet revenue expectations and that there is no major weather-related disruption. 

·      Our forward order book remains stable and should support our trading performance in the coming months. 

Simon Carr CBE, Non-Executive Chairman of Northern Bear, commented:

"I am pleased to report that the Group's financial position remains robust, with continued progress being achieved toward our medium-term goals. The current performance reflects the benefits of ongoing investment, an element of organic growth, and disciplined cash management, all of which have contributed to a solid set of results for the period.

"I would also like to echo our CEO's appreciation for the dedication and effort of our employees, and to thank our shareholders and other key stakeholders for their continued confidence and support."

For further information please contact:

Northern Bear plc John Davies - Chief Executive Officer	+44 (0) 166 182 0369
Strand Hanson Limited (Nominated Adviser) James Harris James Bellman	+44 (0) 20 7409 3494

Hybridan LLP (Nominated Broker) Claire Louise Noyce	+44 (0) 20 3764 2341

Chief Executive Officer's report

Introduction

I am delighted to report the unaudited interim results for the Company and its subsidiaries (together the "Group") for the six months ended 30 September 2025 (the "Period" or "H1 FY26").

Trading

The Group produced a resilient set of results in the Period which has also seen continued investment in our operations with a view to supporting future growth. 

Revenue increased to £49.4m (H1 FY25: £37.6m) with strong performances across all operating divisions.

Gross margin increased to 24.7% (H1 FY25: 23.8%), due to a continued growth in higher-margin areas of the Group's businesses and continued careful contract selection and management.

A stable trading performance, together with a non-recurring operating profit, has offset the impact of the increased investment in administrative expenses, resulting in an operating profit of £4.1m (H1 FY25: £1.7m, including the impact of the operating losses of H Peel & Sons Limited in H1 FY25)). 

Earnings per share for the Period was 21.9p (H1 FY25: 8.4p) and adjusted earnings per share was 21.9p (H1 FY25: 8.4p, including the impact of the operating losses of H Peel & Sons Limited in H1 FY25).

Non-recurring operating profit

During the Period, the Group generated a non-recurring operating profit of £1.3m. Although the operating profit is non-recurring in nature and not expected to recur in future periods, it arose from activity consistent with the Group's normal trading risk profile.

In accordance with FRC guidance, the non-recurring profit has not been excluded from statutory performance measures. Further disclosure has been provided in Note 7 to the financial statements.

Investment in operations

We have continued to invest in operations during the period with a view to generating future growth. This resulted in an increase in administrative expenses to £8.1m (H1 FY25: £7.2m). 

Isoler Limited ("Isoler"), our fire protection business, has continued to perform positively as a result of strong market conditions in the sector.  The new compliance team has established itself within Isoler and, as a result, should be well placed to create opportunities and broaden the offering to Isoler's customer base.

Wensley Roofing Limited ('Wensley') has relocated into a new, larger office/depot in Team Valley.  This investment has been necessary to facilitate Wensley's continued expansion into solar panel installation with its new build housing clients.  This will allow Wensley to handle bulk deliveries of solar panels to enable a more efficient factory to roof offering to clients.

In FY25, we opened a new division of MGM Limited, trading as Callisto Glass Facades, and recruited a team to provide bespoke design, manufacture and installation of architectural glass facades. This business generated a small operating profit in H1 FY26 thus making a return on the investment made during FY25. Profitability in Callisto should continue to increase in H2 FY26.

Other commentary on trading

Despite changing dynamics of the fleet hire sector and a challenging market, our materials handing business, Alcor Handling Solutions Limited ("Alcor"), continues to perform satisfactorily. With continued investment in the fleet in H1 FY26, the Board believes that Alcor is well placed to weather any market uncertainty and is mindful of the threats presented by the growth in market share of cheaper Chinese imports.

As in prior years, we have included a calculation of adjusted Operating Profit, adjusted EBITDA, and adjusted earnings per share in notes 4 and 5 to these interim results as supplemental measures of the Group's profitability, in addition to the statutory measures defined under IFRS.

Cash flow and bank loans

The strong operating cash flows enabled the Group to fully repay the outstanding balance on the Virgin Money term loan on 30 September 2025.

The Group was in a net cash position at 30 September 2025 of £3.8m.  At 30 September 2024, the Group had a net bank debt position, based on cash balances of £1.4m less the outstanding term loan balance of £2.8m.  (31 March 2025: net cash balance of £2.5m). 

During the Period, the Company paid an ordinary dividend of 2.5p per ordinary share (H1 FY25: 2.0p) and a special dividend of 1.0p per ordinary share (H1 FY25: £nil). 

As we have emphasised in prior results, our net cash (or net bank debt) position represents a snapshot at a particular point in time and can move by up to £1.5m in a matter of days, given the nature, size and variety of contracts that we work on and the related working capital balances. The lowest position in the Period was £0.6m net cash, the highest position was £4.7m net cash, and the average was £2.7m net cash. 

People and Board changes

Julian Davis, who joined as Group CFO in May 2025, agreed with the Board in late October 2025 that he would step down from his role as Chief Financial Officer and as a Director of the Company with immediate effect.  The Board has commenced a process to review the role and identify a suitable successor.

Steve Roberts, who rejoined the Board on 18 January 2024 following the retirement of Keith Soulsby, stepped down from the Board as an Executive Director of the Company.  Steve has continued in his day-to-day capacity as a non-plc Board Director and part of the Senior Leadership Team.

The Board would like to thank Julian and Steve for their contributions to the Company and ongoing support.

Josh Watson has taken over as sole Managing Director of Isoler, following the retirement of John Gilstin.  I would like to congratulate Josh on his promotion and look forward to supporting him in his new role. 

As always, our loyal, dedicated, and skilled workforce is a key part of our success and we make every effort to support them, including through continued training and health and safety compliance. 

Outlook

In line with the commentary in our Trading Update on 1 October 2025, should current market conditions not deteriorate and additional investment in our operations meet expectations, the Group has the potential to trade slightly ahead of current market expectations for FY26. Such performance would be broadly consistent with the strong underlying profit performance for FY25 after adjusting for the non-recurring profit referred to above and trading losses and related closure costs in H Peel & Sons Limited in FY25. This of course, as in prior years, is subject to winter weather conditions where sustained heavy rain can have a material effect on our operations.

The Group's forward order book remains stable.

Conclusion

Once again, I would like to thank all our employees for their hard work and commitment, and our shareholders for their continued support. 

John Davies

Chief Executive Officer

19 November 2025

Consolidated statement of comprehensive income

for the six month period ended 30 September 2025

	6 months ended		6 months ended		Year ended
	30 September 2025		30 September 2024		31 March 2025
	Unaudited		Unaudited		Audited
	£'000		£'000		£'000
Revenue	49,376		37,578		78,110
Cost of sales	(37,162)		(28,638)		(58,892)
Gross profit	12,214		8,940		19,218
Other operating income	10		16		32
Administrative expenses	(8,135)		(7,214)		(15,865)
Operating profit	4,089		1,742		3,385
Finance income	60		-		53
Finance costs	(138)		(206)		(386)
Profit before income tax	4,011		1,536		3,052
Income tax expense	(1,003)		(385)		(747)
Profit for the period	3,008		1,151		2,305
Total comprehensive income attributable to equity holders of the parent	3,008		1,151		2,305
Earnings per share from continuing operations
Basic earnings per share	21.9p		8.4p		16.8p
Diluted earnings per share	21.3p		8.4p		16.7p

Consolidated balance sheet

at 30 September 2025

	30 September 2025		30 September 2024		31 March 2025
	Unaudited		Unaudited		Audited
	£'000		£'000		£'000
Assets
Property, plant and equipment	6,196		5,931		6,008
Right of use asset	1,753		1,278		1,343
Intangible assets	15,384		15,389		15,384
Trade and other receivables	1,405		1,003		1,046
Total non-current assets	24,738		23,601		23,781
Inventories	1,678		1,434		1,521
Trade and other receivables	16,948		14,143		13,282
Cash and cash equivalents	3,827		1,444		3,974
Total current assets	22,453		17,021		18,777
Total assets	47,191		40,622		42,558
Equity
Share capital	190		190		190
Capital redemption reserve	6		6		6
Share premium	5,174		5,169		5,174
Merger reserve	9,703		9,703		9,703
Retained earnings	9,766		6,070		7,240
Total equity attributable to equity holders of the Company	24,839		21,138		22,313
Liabilities
Loans and borrowings	-		2,100		750
Trade and other payables	-		47		-
Lease liabilities	1,281		1,214		1,056
Deferred tax liabilities	1,264		1,229		1,269
Total non-current liabilities	2,545		4,590		3,075
Loans and borrowings	41		747		700
Trade and other payables	16,841		12,573		14,344
Provisions	466		-		644
Lease liabilities	742		728		727
Current tax payable	1,717		846		755
Total current liabilities	19,807		14,894		17,170
Total liabilities	22,352		19,484		20,245
Total equity and liabilities	47,191		40,622		42,558

Consolidated statement of changes in equity

for the six month period ended 30 September 2025

		Share capital	Capital redemption reserve	Share premium	Merger reserve	Retained earnings	Total equity
		£'000	£'000	£'000	£'000	£'000	£'000
At 1 April 2024		190	6	5,169	9,703	5,194	20,262
Total comprehensive income for the period
Profit for the period		-	-	-	-	1,151	1,151
Transactions with owners, recorded directly in equity
Equity dividends paid		-	-	-	-	(275)	(275)
At 30 September 2024		190	6	5,169	9,703	6,070	21,138
At 1 April 2024		190	6	5,169	9,703	5,194	20,262
Total comprehensive income for the year
Profit for the year		-	-	-	-	2,305	2,305
Transactions with owners, recorded directly in equity
Exercise of share options		-	-	5	-	-	5
Share-based payment expense		-	-	-	-	16	16
Equity dividends paid		-	-	-	-	(275)	(275)
At 31 March 2025		190	6	5,174	9,703	7,240	22,313
At 1 April 2025		190	6	5,174	9,703	7,240	22,313
Total comprehensive income for the period
Profit for the period		-	-	-	-	3,008	3,008
Transactions with owners, recorded directly in equity
Equity dividends paid		-	-	-	-	(482)	(482)
At 30 September 2025		190	6	5,174	9,703	9,766	24,839

Consolidated statement of cash flows

for the six month period ended 30 September 2025

	6 months ended		6 months ended		Year ended
	30 September 2025		30 September 2024		31 March 2025
	Unaudited		Unaudited		Audited
	£'000		£'000		£'000
Cash flows from operating activities
Operating profit for the period	4,089		1,742		3,385
Adjustments for:
Depreciation of property, plant and equipment	495		478		1,003
Depreciation of lease asset	293		256		527
Amortisation	-		5		10
Share-based payment expense	20		-		16
Increase in provisions	-		-		644
Profit/(loss) on sale of property, plant and equipment	4		(19)		(10)
	4,901		2,462		5,575
Change in inventories	(157)		62		(25)
Change in trade and other receivables	(3,847)		(580)		238
Change in provisions	(178)		-		-
Change in trade and other payables	2,360		286		1,944
Cash generated from/(used in) operations	3,079		2,230		7,732
Tax received/(paid)	(46)		115		(298)
Net cash flow from operating activities	3,033		2,345		7,434
Cash flows from investing activities
Interest received	60		-		53
Proceeds from sale of property, plant and equipment	442		387		478
Acquisition of property, plant and equipment	(1,129)		(1,020)		(1,937)
Net cash from investing activities	(627)		(633)		(1,406)
Cash flows from financing activities
Repayment of borrowings	(1,471)		(367)		(1,700)
Repayment of other loans	-		-		(64)
Repayment of lease liabilities	(502)		(438)		(612)
Proceeds from the exercise of share options	-		-		5
Interest paid	(98)		(166)		(386)
Equity dividends paid	(482)		(275)		(275)
Net cash from financing activities	(2,553)		(1,246)		(3,032)
Net increase/(decrease) in cash and cash equivalents	(147)		466		2,996
Cash and cash equivalents at start of period	3,974		978		978
Cash and cash equivalents at end of period	3,827		1,444		3,974

Notes

1.   Basis of preparation

These interim consolidated financial statements have been prepared using accounting policies based on International Financial Reporting Standards (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the UK. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 31 March 2025 Annual Report and Financial Statements. The financial information for the half years ended 30 September 2025 and 30 September 2024 does not constitute statutory accounts within the meaning of Section 434 (3) of the Companies Act 2006 and both periods are unaudited.  The financial information has not been prepared (and is not required to be prepared) in accordance with IAS 34 Interim Financial Reporting.

The annual consolidated financial statements of Northern Bear plc (the "Company", or, together with its subsidiaries, the "Group") are prepared in accordance with the requirements of the Companies Act 2006 and UK adopted International Accounting Standards.  The comparative financial information for the year ended 31 March 2025 included within this report does not constitute the full statutory Annual Report for that period. The statutory Annual Report and Financial Statements for the year ended 31 March 2025 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for the year ended 31 March 2025 was i) unqualified, ii) did not draw attention to any matters by way of emphasis, and iii) did not contain a statement under 498(2) - (3) of the Companies Act 2006.

2.    Accounting policies

The Group has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2025 annual financial statements, as set out in Notes 2 and 3 of that document, except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 April 2025, and will be adopted in the 2026 financial statements. The accounting policies applied are based on the recognition and measurement principles of IFRS in issue as adopted by the UK and are effective at 31 March 2026 or are expected to be adopted and effective at 31 March 2026.

The Group's next annual financial statements for the year ending 31 March 2026 will, for the first time, apply the following new amendment to IFRS Accounting Standards (as adopted in the UK):

IAS 21 - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments to IAS 21)

·      In August 2023, the IASB issued amendments to IAS 21 that (i) specify how an entity assesses whether a currency is exchangeable into another currency and (ii) require an entity to estimate the spot exchange rate when a currency lacks exchangeability, together with new disclosures (IAS 21 paras. 8A-8B, 19A, 57A-57B and Appendix A). The amendments are effective for annual periods beginning on or after 1 January 2025 and have been endorsed in the UK.

·      The Group has assessed the amendments and does not expect a material impact on the consolidated financial statements, as the Group does not operate in jurisdictions where local currency exchangeability is currently restricted. The Group will provide the required disclosures should any lack of exchangeability arise.

Standards issued but not yet effective (not applicable until the year beginning 1 April 2026)

·      For completeness, the IASB's Amendments to the Classification and Measurement of Financial Instruments (amending IFRS 9 and IFRS 7) are effective for annual periods beginning on or after 1 January 2026 (UK-endorsed). These address (a) assessment of contractual cash flow characteristics (including certain ESG-linked features), (b) settlement by electronic payment systems for financial liabilities, and (c) related disclosures. The Group is evaluating these amendments; they are not expected to affect the next annual financial statements for the year ending 31 March 2026.

3.    Taxation

The taxation charge for the six months ended 30 September 2025 is calculated by applying the Directors' best estimate of the annual effective tax rate to the profit for the period.

4.    Alternative performance measures

The Group uses Adjusted Operating Profit, Adjusted EBITDA, and Adjusted earnings per share as supplemental measures of the Group's profitability, in addition to measures defined under IFRS.  The directors consider these useful due to the exclusion of specific items that could impact a comparison of the Group's underlying profitability and are aware that shareholders use these measures to assist in evaluating performance. 

The adjusting items for the alternative measures of profit are either recurring but non-cash charges (amortisation of acquired intangible assets), one-off non-cash items (impairment charges), or one-off exceptional items (non-recurring closure costs or non-recurring profits). 

Adjusted operating profit is calculated as below:

					6 months ended		6 months ended		Year ended
					30 September 2025		30 September 2024		31 March 2025
					Unaudited		Unaudited		Audited
					£'000		£'000		£'000
Operating profit (as reported)					4,089		1,742		3,385
Amortisation of intangible assets arising on acquisitions					-		5		10
Costs associated with the closure of H Peel & Sons Limited					-		-		444
Adjusted operating profit for the period					4,089		1,747		3,839

Adjusted EBITDA is calculated as below:

					6 months ended		6 months ended		Year ended
					30 September 2025		30 September 2024		31 March 2025
					Unaudited		Unaudited		Audited
					£'000		£'000		£'000
Adjusted operating profit (as above)					4,089		1,747		3,839
Depreciation of property, plant and equipment					495		478		1,003
Depreciation of lease assets					293		256		527
Adjusted EBITDA					4,877		2,481		5,369

Adjusted basic and diluted earnings per share is presented in note 5 below. 

5.    Earnings per share

Basic earnings per share is the profit or loss for the period divided by the weighted average number of ordinary shares outstanding, excluding those held in treasury, calculated as follows:

					6 months ended		6 months ended		Year ended
					30 September 2025		30 September 2024		31 March 2025
					Unaudited		Unaudited		Audited
Profit for the period (£'000)					3,008		1,151		2,305
Weighted average number of ordinary shares excluding shares held in treasury for the proportion of the year held in treasury ('000)					13,760		13,750		13,751
Basic earnings per share					21.9p		8.4p		16.8p

The calculation of diluted earnings per share is the profit or loss for the period divided by the weighted average number of ordinary shares outstanding, after adjustment for the effects of all potential dilutive ordinary shares, excluding those in treasury, calculated as follows:

		6 months ended		6 months ended		Year ended
		30 September 2025		30 September 2024		31 March 2025
		Unaudited		Unaudited		Audited
Profit for the period (£'000)		3,008		1,151		2,305
Weighted average number of ordinary shares excluding shares held in treasury for the proportion of the year held in treasury ('000)		13,760		13,750		13,751
Effect of potential dilutive ordinary shares ('000)		337		3		41
Diluted weighted average number of ordinary shares excluding shares held in treasury for the proportion of the year held in treasury ('000)		14,097		13,753		13,792
Diluted earnings per share		21.3p		8.4p		16.7p

5.    Earnings per share (continued)

The following additional earnings per share figures are presented as the Directors believe they provide a better understanding of the trading performance of the Group.

Adjusted basic and diluted earnings per share is the profit or loss for the period, adjusted for recurring but non-cash charges (amortisation of acquired intangible assets), one-off non-cash items (impairment charges), or one-off exceptional items (non-recurring closure costs or one-off contract profits), divided by the weighted average number of ordinary shares outstanding as presented above.

Adjusted earnings per share is calculated as follows:

					6 months ended		6 months ended		Year ended
					30 September 2025		30 September 2024		31 March 2025
					Unaudited		Unaudited		Audited
Profit for the period (£'000)					3,008		1,151		2,305
Amortisation of intangible assets arising on acquisitions					-		5		10
Costs associated with the closure of the H Peel & Sons Limited					-		-		444
Corporation tax effect of above items					-		-		(111)
Adjusted profit for the period (£'000)					3,008		1,156		2,648
Weighted average number of ordinary shares excluding shares held in treasury for the proportion of the year held in treasury ('000)					13,760		13,750		13,751
Adjusted basic earnings per share					21.9p		8.4p		19.3p
Adjusted diluted earnings per share					21.3p		8.4p		19.2p

6.    Finance income and costs

					6 months ended		6 months ended		Year ended
					30 September 2025		30 September 2024		31 March 2025
					Unaudited		Unaudited		Audited
					£'000		£'000		£'000
Finance income:
Bank interest					60		-		53
Finance costs:
On bank loans and overdrafts					94		148		256
Finance charges on lease liabilities					44		58		130
Total finance costs					138		206		386

7. Operating gains and losses

During the period, the Group recognised a non-recurring operating profit. This was non-recurring within the Group's normal trading activities and not expected to recur in future periods. While one-off in nature, it forms part of the Group's underlying trading activities and has therefore been presented within operating profit in accordance with FRC guidance and IAS 1.

Had this non-recurring profit been excluded, operating profit, EBITDA and EPS would each have been £2.8 million, £3.6 million, and 15.0 pence per share, respectively.

In addition, the results of the Group for H1 FY25 includes trading losses of £0.2m in H Peel & Sons Limited which was a discontinued operation at 31 March 2025.  In the year ended 31 March 2025 H Peel & Sons Limited incurred trading losses of £0.5m in addition to the costs associated with its closure.

8.    Principal risks and uncertainties

The Directors consider that the principal risks and uncertainties which could have a material impact on the Group's performance in the remaining six months of the financial year remain the same as those stated on page 10 to 11, and 74 to 75 of our Annual Report and Financial Statements for the year ended 31 March 2025, which are available on the Company's website, www.northernbearplc.com.

9.    Half year report

The condensed financial statements were approved by the Board of Directors on 19 November 2025 and are available on the Company's website, www.northernbearplc.com.  Copies will be sent to shareholders and are available on application to the Company's registered office.

For and on behalf of the Board of Directors

John Davies

Chief Executive Officer

19 November 2025

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