Consolidated report on payments to governments

05 June 2026

Cadogan Energy Solutions plc (the "Company")

Consolidated report on payments to governments

Cadogan Energy Solutions plc presents below its consolidated report on payments to governments for the year ended 31 December 2025, for activities related to exploration, development and extraction of oil and gas resources.

The Company has prepared the following consolidated report in accordance with DTR 4.3A of the Financial Conduct Authority Disclosure and Transparency Rules and in compliance with the Reports on Payments to Governments Regulations 2014 (SI 2014/3209), as amended by the Reports on Payments to Governments (Amendment) Regulations 2015 (SI 2015/1928).

Basis of preparation

The Company discloses below payments made to governments by the Group's subsidiaries involved in extractive activities. The term 'government' includes a department, agency or entity that is controlled by the government authority.

Reporting currency

Where payments have been made in currencies other than the reporting currency (USD), the exchange rate existing at the time the payment is made has been used.                             

Payment types disclosed at project level

"Project" is defined as "operational activities governed by a single contract, license, lease, concession or similar legal agreement, and forms the basis for payment liabilities with a government". Where multiple such agreements are substantially interconnected, this was considered a project for the purpose of this report.

The payments are presented on a cash basis, net of any interest and penalties on late tax payments or on underpaid tax.

There were no payments in kind made to a government during the year.

The following payment types are disclosed for legal entities involved in extractive activities for the year ended 31 December 2025:

Production taxes

Payments to governments in relation to revenue or production generated under hydrocarbon (oil) production license agreements.   

Profit taxes ( corporate income tax)

Payments to governments in relation to taxable profits generated under Ukrainian corporate income tax regulations. This includes corporate income tax liabilities arising on distributed profits, where the tax is effectively prepaid at the time of dividend distribution in accordance with Ukrainian tax legislation.

Withholding tax on dividends

Payments to governments in relation to withholding taxes levied on dividend distributions made under Ukrainian applicable tax legislation.

Excluded amounts

Taxes levied on consumption such as value added taxes, personal income taxes, sales taxes, property and environmental taxes have not been included in this report.

Payments summary

	Payments to governments made during the year ended 31 December 202 5 :
		Production taxes	Profit taxes	Withholding tax on dividends	Total
Governments		$'000	$'000	$'000	$'000
Ukraine
State treasury: State budget		2,280	382	106	2,768
Total Ukraine		2,280	382	106	2,768
Grand Total		2,280	382	106	2,768
	Payments to governments by project type made during the year ended 31 December 202 5 :
		Production taxes	Profit taxes	Withholding tax on dividends	Total
		$'000	$'000	$'000	$'000
Ukraine
Blazhivske licen s e area		2,280	382	106	2,768
Total Ukraine		2,280	382	106	2,768
Grand Total		2,280	382	106	2,768

ENDS

A bout

Cadogan is an independent multi-energy group, listed on the Main Market of the London Stock Exchange, operating an exploration and production license in Ukraine, with two gas exploration licenses in Northern Italy. Cadogan is now an investor and operator in the power generation sector. The Company's goal is to expand its investments across the energy value chain with a focus on energy solutions and services with a reduced environmental footprint.

For further information, please contact:

Cadogan Energy Solutions plc
Fady Khallouf                 Chief Executive Officer                [e-mail]
Ben Harber                       Company Secretary                       [phone]

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