EXHIBIT 31.1

CERTIFICATION PURSUANT TO SECTION 302

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Arthur H. Penn, Chief Executive Officer and Chairman of the Board of Directors of PennantPark Investment Corporation, certify that:

1. I have reviewed this Annual Report on Form 10-K/A of PennantPark Investment Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Richard T. Allorto, Jr., Chief Financial Officer of PennantPark Investment Corporation, certify that:

1. I have reviewed this Annual Report on Form 10-K/A of PennantPark Investment Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

In connection with the Annual Report on Form 10-K/A of PennantPark Investment Corporation for the annual period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Arthur H. Penn, as Chief Executive Officer of the Registrant hereby certify, to the best of my knowledge that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

In connection with the Annual Report on Form 10-K/A of PennantPark Investment Corporation for the annual period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard T. Allorto, Jr., as Chief Financial Officer of the Registrant hereby certify, to the best of my knowledge that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Exhibit 99.5

AKW Holdings Limited

Annual report and financial statements

31 December 2025

Contents

				KPMG Audit Limited Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda		Telephone   Fax   Internet		+1 441 295 5063 +1 441 295 9132 www.kpmg.bm

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors of AKW Holdings Limited

Opinion

We have audited the consolidated financial statements of AKW Holdings Limited and its subsidiaries (the “Company”), which comprise the consolidated balance sheet as of December 31, 2025, the consolidated statement of profit and loss account and other comprehensive income, consolidated statement of changes in equity and the consolidated cash flow statement, for the year then ended, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, the results of its operations and its cash flows for the year then ended in accordance with U.K. generally accepted accounting principles.

Basis for opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (“GAAS”). Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the consolidated financial statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of matter – Reconciliation between UK and US GAAP

Accounting principles generally accepted in the United Kingdom vary in certain significant respects from US generally accepted accounting principles. Information relating to the nature and effect of such differences is presented in Note 26 to the consolidated financial statements. Our opinion is not modified with respect to this matter.

Other matter – Unaudited prior year comparatives

The accompanying consolidated balance sheet of the Company as of December 31, 2024, and the related consolidated statement of profit and loss account and other comprehensive income, changes in equity, and consolidated cash statement for the years ended December 31, 2024 and 2023, were not audited, reviewed, or compiled by us and, accordingly, we express no opinion or any other form of assurance on them, and we assume no responsibility for them.

Responsibilities of management for the consolidated financial statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the consolidated financial statements are available to be issued.

^© 2026 KPMG Audit Limited, a Bermuda limited liability company and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Auditors’ responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with GAAS, we:

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

^© 2026 KPMG Audit Limited, a Bermuda limited liability company and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

AKW Holdings Limited

Annual report and financial statements

Consolidated Profit and Loss Account and Other Comprehensive Income

for the year ended 31 December 2025

Directors consider that all the results are derived from continuing activities, except activities detailed in note 6.

The notes on pages 7 to 31 form an integral part of the financial statements.

3

AKW Holdings Limited

Annual report and financial statements

Consolidated Balance Sheet

at 31 December 2025

The notes on pages 7 to 31 form an integral part of the financial statements.

These Consolidated financial statements were approved by the board of directors and authorised for issue on 19 June 2026, and are signed on behalf of the board by:

4

AKW Holdings Limited

Annual report and financial statements

Consolidated Statement of Changes in Equity

for the year ended 31 December 2025

The notes on pages 7 to 31 form an integral part of the financial statements.

For purposes of this report, the movements for 2025 have been audited, whereas the movements for 2024 and 2023 are unaudited.

5

AKW Holdings Limited

Annual report and financial statements

Consolidated Cash Flow Statement

for year ended 31 December 2025

The notes on pages 7 to 31 form an integral part of the financial statements.

6

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

AKW Holdings Limited (the “Company”) is a company limited by shares and incorporated and domiciled in the Isle of Man.

The principal activity of the Company and its subsidiaries (the “Group”) is the design, manufacture and sale of goods for the care market. Manufactured goods are sold to external parties through the Company’s subsidiaries AKW MediCare Limited, a company registered in the United Kingdom, Elfreed Limited, a company registered in the United Kingdom, AKW International SA, a company registered in Belgium and AKW Resource Centre Inc., a company registered in the United States of America (Note 6).

These financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), as applicable to an Isle of Man company. The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1,000. They also incorporate, in note 26, a summary of differences between accounting principles generally accepted in the United Kingdom and the United States of America

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

The financial statements are prepared under the historical cost convention, modified to include certain items at fair value.

Notwithstanding the fact that the Group has total net liabilities, as a result of its funding structure, it has substantial net current assets and after reviewing the Group’s forecasts and projections, the Directors have a reasonable expectation that the Group has adequate resources to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. These forecasts take into account the Parent Company, PennantPark Investment Corporation, providing further financial and other support to enable the Group to meet its existing and future liabilities. As part of this commitment, the existing loan facility agreement was amended in January 2023 to allow for incremental facilities of £10.25m (refer to note 21). The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. PennantPark Investment Corporation has undertaken that it will not require any repayment of the facility should the Group not have sufficient reserves to do so. This undertaking lasts for a period of at least 12 months from the date of signing these financial statements.

Other risks that the business faces include the impact of foreign currency exchange rate fluctuations and the business continuously monitors this risk. Furthermore, the higher potential costs of conducting cross border trade including tariffs and border delays have been analysed and plans to mitigate these costs have been reviewed by management. After reviewing the Group’s forecasts and projections, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

7

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings made up to 31 December 2025. A subsidiary is an entity that is controlled by the parent. The results of the subsidiary undertakings included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the Company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the group takes into consideration potential voting rights that are currently exercisable.

Transactions in foreign currencies are translated to the Group’s functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.

The assets and liabilities of overseas subsidiaries are translated at closing exchange rates. Profit and loss accounts of such undertakings are consolidated at the average rates of exchange during the year. Gains and losses arising on these translations are taken to reserves through other comprehensive income.

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost, less any impairment losses in the case of trade debtors.

Investments in subsidiaries

Investments in subsidiaries are carried at cost less any impairment, which is deemed by the Directors to be approximate to fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

8

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Software development

Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated:

Amortisation of development costs capitalised is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the useful economic lives at the rates below:

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

Research and development

Expenditure on research activities is recognised in the profit and loss account as an expense as incurred.

Expenditure on development activities may be capitalised if the product or process is technically and commercially feasible and the Company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials and an appropriate proportion of overheads. Other development expenditure is recognised in the profit and loss account as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.

Amortisation

Amortisation of development costs capitalised is charged to the profit or loss on a straight-line basis over the estimated useful lives of intangible assets. Intangible assets are amortised from the date they are available for use. The amortisation rates are as below:

The Company reviews the amortisation period and method when events and circumstances indicate that the useful life may have changed since the last reporting date.

9

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings.

The Company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. The estimated depreciation rates are as follows:

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the Company expects to consume an asset’s future economic benefits.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average method and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition.

Financial assets (including trade and other debtors)

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

10

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

Non-financial assets

The carrying amounts of the Company’s non-financial assets, other than stocks and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”).

An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.

An impairment loss is reversed if and only if the reasons for the impairment have ceased to apply.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

The Group classifies certain one-off charges or credits that have a material impact on the Group’s financial results as ‘other administrative expenses’. As prescribed by FRS 102, these costs are reflected within the operating results, and are disclosed separately to provide further understanding of the financial performance of the Group.

Defined contribution plans and other long term employee benefits

A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its Group, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee.

11

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

Operating leases

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.

Revenue from the sale of goods in the course of ordinary activities is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. Revenue is recognised when persuasive evidence exists, usually in the form of an executed sales agreement, that the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be reliably estimated, there is no continuing management involved with the goods, and the amount of revenue can be measured reliably. If it is probable that discounts will be granted and the amount can be measured reliably, then the discount is recognised as a reduction of revenue as the sales are recognised.

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amount that can be deducted or assessed for tax. Goodwill is adjusted by the amount of such deferred tax.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The preparation of consolidated financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

12

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

Goodwill

A key source of estimation uncertainty relates to the evaluation for impairment of the Company’s goodwill, accounted for at cost less accumulated amortisation and any impairment as described in note 3.17 to these financial statements.

Specific impairments are based on management’s latest estimate of the recoverable amount of the cash generating unit to which goodwill is allocated to, which is determined as the higher of its fair value less costs to sell and its value in use.

In determining the fair value less costs to sell, the Directors have taken the CGU’s average EBITDA performance and applied a multiplier to ascertain a fair value. The multiplier used was derived from analysis of those multipliers attributed to similar types of companies within the external market.

In assessing the CGU’s value in use, the Directors have calculated the present value of future cash flows expected to be derived from the CGU. An appropriate discount factor has been applied to the estimated cash flows to provide a present value.

The key assumptions in estimating the recoverable amount include but are not limited to the discount rate applied, cash flows growth rate and forecasting horizon for cash flow projections. The values assigned to key assumptions represent management assessment of future trends in the relevant industry and have been raised on the historical data from both external and internal sources.

Based on the calculation carried out, the Directors determined that the recoverable amount of the CGU exceeded its carrying value and that therefore no impairment is considered necessary.

Stock

The Group designs, manufactures and sells mobility products which are subject to changing consumer demands and fashion trends. As a result, it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required.

When calculating the inventory provision, management considers the nature and condition of the inventory as well as applying assumptions around the anticipated saleability of finished goods and future usage of raw materials. See note 15 for the net carrying amount of the inventory and associated provision.

Debtors

The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of the debtors and the historical experience. See note 16 for the net carrying amount of the trade debtors and the associated impairment provision

The actual amounts may differ from the assumptions made by the Directors.

Goodwill (representing the excess of the fair value of the consideration given over the fair value of the separable net assets acquired) arising on business combinations is capitalised and amortised by equal annual instalments and charged to the profit and loss account over its estimated useful life, being 10 years, in respect of the acquisition of DLP Limited and Elfreed Limited.

The following amendments to FRS 102 have been issued but have not been applied in these financial statements. Their adoption is not expected to have a material effect on the financial statements, unless otherwise indicated:

13

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

Turnover is wholly attributable to the principal activity of the Group and £61.1m (2024: £57.5m and 2023: £54.1m) arises within the United Kingdom. Additional group turnover is generated by international operations.

On 10 July 2024, the Board of Directors resolved to discontinue the operations of AKW Resource Centre Inc. during the year ended 31 December 2024. The decision was made due to deteriorating EBITDA and low stock turnover. During the year, AKW Resource Centre Inc. contributed revenue of £nil (2024: £996,379 and 2023: £984,554) and post-tax profits of £nil (2024: £383,992 and 2023: £202,231).

14

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

In accordance with UK Accounting Standards the deferred tax asset has been calculated using the rate of 25% (2024 and 2023: 25%). The Company is not in scope of Pillar Two legislation.

15

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

b) Analysis of current tax recognised in profit and loss

The Group’s Isle of Man taxable profits are subject to the standard 0% rate of Isle of Man corporate income tax. The taxable profits of the Group’s UK activities are subject to UK corporation tax – the effect of this is explained below:

c) Reconciliation of effective tax rate

The Group’s Isle of Man taxable profits are subject to the standard 0% rate of Isle of Man corporate income tax. The taxable profits of the group’s UK activities are subject to UK corporation tax – the effect of this is explained below:

16

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)

17

AKW Holdings Limited

Annual report and financial statements

Notes to the Financial Statements for the year ended 31 December 2025

(forming part of the financial statements)