Notification of major holdings

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NOTIFICATION OF MAJOR HOLDINGS

1a. Identity of the issuer or the underlying issuer of existing shares:			Shearwater Group PLC
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an "X")
An acquisition or disposal of shares					X
An acquisition or disposal of financial instruments
An event changing the breakdown of shares outstanding
Other (please specify):
3. Details of person subject to the notification obligation
Name			Schroders PLC
City and country of registered office (if applicable)			London, United Kingdom
4. Full name of shareholder(s) (if different from 3.)
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached:			25/03/2026
6. Date on which issuer notified (DD/MM/YYYY):			26/03/2026
7. Total positions of person(s) subject to the notification obligation
	% of shares outstanding (total of 8. A)	% of shares outstanding through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of shares outstanding held in issuer
Resulting situation on the date on which threshold was crossed or reached	4.951801%			4.951801%	1,180,000.00
Position of previous notification (if applicable)	9.653166%			9.653166%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^v
A: Shares
Class/type of shares ISIN code (if possible)	Number of shares outstanding		% of shares outstanding
	Direct	Indirect	Direct	Indirect
Equity: GB00BKT6VH21		1,180,000.00		4.951801%

SUBTOTAL 8. A	1,180,000.00		4.951801%

B 1: Financial Instruments as an entitlement to acquire
Type of financial instrument	Expiration date	Exercise/ Conversion Period	Number shares that may be acquired if the instrument is exercised/converted.	% of shares outstanding

		SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect
Type of financial instrument	Expiration date	Exercise/ Conversion Period	Physical or cash settlement	Number of shares	% of shares outstanding

			SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X")
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer
Full chain of controlled undertakings through which the shares and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity(please add additional rows as necessary)				X
Name	% of shares outstanding if it equals or is higher than the notifiable threshold	% of shares outstanding through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Schroders PLC
Schroder Administration Limited
Schroder International Holdings Limited
Schroder Investment Management Limited






10. Additional information

Summary by AI ^BETAClose X

Companies

UK 100

Latest directors dealings

Place of completion	London
Date of completion	26/03/2026

Notification of major holdings

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X