Form 8.3 RICARDO PLC

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.

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FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR
MORE
Rule 8.3 of the Takeover Code (the "Code")
1.	KEY INFORMATION
(a)	Full name of discloser:			Barclays PLC.
(b)	Owner or controller of interest and short positions disclosed, if different from 1(a):
(c)	Name of offeror/offeree in relation to whose relevant securities this form relates:			RICARDO PLC
(d)	If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e)	Date position held/dealing undertaken:			02 Oct 2025
(f)	In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?			NO
2.	POSITIONS OF THE PERSON MAKING THE DISCLOSURE
(a)	Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing(if any)
Class of relevant security:				25p ordinary
				Interests		Short Positions
				Number	(%)	Number	(%)
(1) Relevant securities owned and/or controlled:				1,256,013	2.02%	83,467	0.13%
(2) Cash-settled derivatives:				83,467	0.13%	1,256,013	2.02%
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:				0	0.00%	0	0.00%
TOTAL:				1,339,480	2.15%	1,339,480	2.15%
(b)	Rights to subscribe for new securities (including directors and other executive options)
Class of relevant security in relation to which subscription right exists
Details, including nature of the rights concerned and relevant percentages:
3.	DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
(a)	Purchase and sales
Class of relevant security	Purchase/sale	Number of securities	Price per unit
25p ordinary	Purchase	6,773	4.2900 GBP
25p ordinary	Purchase	2,446	4.2904 GBP
25p ordinary	Sale	22,000	4.2978 GBP
25p ordinary	Sale	5,495	4.2900 GBP
25p ordinary	Sale	434	4.2909 GBP
(b)	Cash-settled derivative transactions
Class of relevant security	Product description	Nature of dealing	Number of reference securities	Price per unit
25p ordinary	SWAP	Decreasing Short	22,000	4.2978 GBP
25p ordinary	SWAP	Increasing Short	664	4.2900 GBP
25p ordinary	SWAP	Increasing Short	2,446	4.2904 GBP
25p ordinary	CFD	Increasing Short	180	4.2900 GBP

(c)	Stock-settled derivative transactions (including options)
(i)	Writing, selling, purchasing or varying
Class of relevant security	Product description	Writing, purchasing, selling, varying etc	Number of securities to which option relates	Exercise price per unit	Type	Expiry date	Option money paid/ received per unit


(ii)	Exercise
Class of relevant security	Product description	Exercising/ exercised against	Number of securities	Exercise price per unit


(d)	Other dealings (including subscribing for new securities)
Class of relevant security	Nature of Dealings	Details	Price per unit (if applicable)

4.	OTHER INFORMATION
(a)	Indemnity and other dealings arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
NONE
(b)	Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights of future acquisition or disposal of any relevant securities to which any derivative is referenced:
NONE
(c)	Attachments
Is a Supplemental Form 8 (Open Positions) attached?				NO
Date of disclosure:				03 Oct 2025
Contact name:				Large Holdings Regulatory Operations
Telephone number:				020 3134 7213

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