Northwind Group — 2025 Annual Report

NORTHWIND GROUP Annual Report 2025 Growth, resilience and responsibility — a review of our financial year and the year ahead. Northwind Group plc · For the year ended 31 December 2025

Contents Chairman's Statement ............................................................ 3 Financial Highlights ............................................................ 4 Operating Review ............................................................ 5 Sustainability ............................................................ 6 Governance ............................................................ 7 Outlook ............................................................ 8

Section 1 Chairman's Statement CHART — Chairman's Statement This has been a defining year for Northwind. Revenue grew to a record level, driven by disciplined execution across our energy, logistics and technology divisions. We enter 2026 with a stronger balance sheet and a clearer strategy than at any point in our history. Our people remain our greatest asset. I want to thank every colleague for their resilience and focus through a year of change in our markets.

Section 2 Financial Highlights CHART — Financial Highlights Group revenue rose 14% to £2.4 billion, with adjusted operating margin expanding to 18.6%. Free cash flow of £310 million funded both our progressive dividend and continued investment in automation. Net debt reduced to 1.1x EBITDA, comfortably within our target range, giving us headroom to pursue selective acquisitions in the coming year.

Section 3 Operating Review CHART — Operating Review The logistics division delivered its strongest performance to date, as demand for temperature-controlled freight accelerated. Investment in electric fleet and route optimisation reduced cost per mile while cutting emissions. In technology, recurring software revenue now represents over half of divisional turnover, improving both visibility and quality of earnings.

Section 4 Sustainability CHART — Sustainability We reduced Scope 1 and 2 emissions by 22% year on year and remain on track for net zero across our own operations by 2035. A science-based target covering our supply chain was validated during the year. Our community foundation supported 140 local projects, with colleagues contributing more than 9,000 volunteering hours.

Section 5 Governance CHART — Governance The Board strengthened its oversight of cyber resilience and climate risk, adding two non-executive directors with sector expertise. Executive remuneration remains firmly linked to long-term value creation and sustainability milestones. A full statement of directors' responsibilities and the report of the audit committee follow in the governance section.

Section 6 Outlook CHART — Outlook We expect continued profitable growth in 2026, underpinned by a record order book and the operational leverage of our automation programme. The Board views the future with confidence. Full financial statements and notes are available in the investor centre on our website.