KPI AND DEFINITION RELEVANCE TO STRATEGY PERFORMANCE COMMENT NAV divided by number of shares outstanding as at the year-end. The NAV per share reflects the value of the portfolio on a per share basis. 9.3 pence per share. (31 December 2024: 34.4 pence per share) (see Note 23). The NAV per share fell as a result of the decrease in the valuation in the year, and costs incurred including financing costs incurred for the Group’s RCF and VLN. 7. ONGOING CHARGES RATIO 2 Annualised ongoing charges are the Com- pany’s management fee and all other operating expenses (i.e. excluding acquisition costs and other non-recurring items) expressed as a percentage of the average published undiluted NAV in the period, calculated in accordance with Association of Investment Companies guidelines. Ongoing charges show the drag on performance caused by the operational expenses incurred by the Company. 2.4% for the period to 31 December 2025 (31 December 2024: 2.1%). The ongoing charges ratio has increased with the decrease in NAV. Total expenses in the year have decreased compared to the prior year, but the ratio as a percentage of the NAV increased. 1 Proceeds are disclosed net of transaction costs in-line with their corresponding RNS’ 2 Alternative Performance Measure (“APM”). Further information on APMs can be found on pages 93 to 94. 9 Strategic Report Governance Financial Statements Appendix Information

DEBT METRICS The below table shows the Group’s leverage position as at 31 December 2025. 31 December 2025 £’million 31 December 2024 £’million Total Portfolio Value 47.2 330.9 Subsidiary Cash & Equivalents 38.7 11.8 RCF – (53.3) D9 Holdco net liabilities (5.1) (3.3) Reconciled IFRS Valuation 1 80.8 286.1 PLC Other Current Liabilities (1.2) (1.0) PLC Cash 0.6 12.1 Total Assets 80.2 297.2 RCF 1 – 53.3 Adjusted GAV 3 80.2 350.5 £’million £’million RCF 2 – 53.3 Total Group Leverage – 53.3 Leverage / Adjusted GAV 2 N/A 15.2% 1 The Company’s fair value investment represents the valuation of its wholly owned direct subsidiary D9 Holdco, which in turn holds the investments in the underlying Portfolio Companies, and the shareholder loan between the Company and D9 Holdco. D9 Holdco also held the Group’s RCF before it was fully repaid during the year. 2 The impact of the VLN is excluded from this table. This is on the basis that the Arqiva investment value is nil as at 31 December 2025 and the VLN is non-recourse to the rest of the Group. 3 Gross Asset Value At 31 December 2025 £’million At 31 December 2024 £’million Net Debt / EBITDA Drawn RCF – 53.3 Group Cash & Equivalents (inc. restricted cash) (39.3) (23.9) Net (Cash) / Debt 1 (39.3) 29.4 Annualised Portfolio EBITDA 166.0 179.2 Net Debt / EBITDA (prorated for D9 ownership) 2 (0.24)x 0.16x Arqiva debt (prorated for D9 ownership) 2 718.1 746.6 Adjusted Net Debt / EBITDA 4.09x 4.33x 1 Excludes impact of VLN which is non-recourse to the rest of the group 2 This is D9’s share of Arqiva gross debt. It is not an Arqiva net debt figure and as a result does not include cash held by Arqiva; it is a more conservative approach and is in line with previously reported figures During the year ended 31 December 2025, the Company fully repaid the RCF, ending the year in a net cash position of £39.3 million (31 December 2024: net debt position of £29.4 million), excluding the VLN. 13 Strategic Report Governance Financial Statements Appendix Information

expanded mandatory metering. The subsequent Defra White Paper reaffirmed the Government’s intention to remove barriers to wider deployment. Arqiva secured several major contracts for the current regulatory period (“AMP8”), representing a substantial share of available opportunities. Delivery of these contracts is progressing well, with connection rates performing broadly to plan. Most remaining AMP8 tenders were awarded in 2025, and Arqiva will focus on delivering its contracted programmes while developing higher-value secondary services such as data analytics and sensor solutions. Market volumes for smart- meter deployments in AMP9 (from 2030) are expected to be similar to or greater than AMP8. VALUATION As part of the year-end valuation process, the Company reassessed Arqiva’s valuation taking into account both updated business planning and observable third-party transaction evidence, including minority transactions completed at arm’s length on equivalent economic terms. During the period, Macquarie-managed vehicles completed the sale of their minority interest in Arqiva, and subsequent to the year-end IFM entered into a binding agreement to sell their stake on equivalent economic terms. These two transactions represent recent, arm’s-length market datapoints and have been treated as the most reliable indicators of equity value at the measurement date. Consistent with the approach adopted by the Company’s auditors and the independent valuation expert, greater weight has been placed on these market transactions than on modelled valuation outputs where the two diverge. While discounted cash flow analysis continues to be prepared and reviewed, the implied equity values from the revised long-term plan sit below the outstanding VLN once leverage is taken into account. Accordingly, the Directors’ valuation reflects a nil equity value for accounting purposes at 31 December 2025. BUSINESS PLAN AND OUTLOOK During the second half of 2025, Arqiva undertook a comprehensive refresh of its long-term business plan. The revised plan adopts a deliberately conservative and prudent planning framework, designed to ensure resilience through refinancing and policy uncertainty rather than to forecast upside outcomes. In broadcast, the plan reflects a cautious approach to the evolution of the DTT platform and continued competitive pressure in capacity pricing. In utilities, the plan assumes a more measured growth trajectory following the conclusion of the majority of AMP8 tender activity, with increased focus on delivery, operational performance and the development of higher-value services. These assumptions do not reflect a deterioration in Arqiva’s operational performance or strategic positioning. Rather, they represent a disciplined approach to forecasting in the context of competitive, regulatory and financing uncertainty. CAPITAL STRUCTURE AND SENSITIVITY Arqiva operates within a highly leveraged capital structure, which materially amplifies the sensitivity of equity value to changes in cashflow, leverage and refinancing assumptions. As a result, relatively modest variations in outcomes can have a disproportionate impact on equity value, both negatively and positively. The Company continues to engage actively with Arqiva’s management team on capital structure, refinancing strategy and operational initiatives, with a focus on positioning the business to navigate upcoming refinancing milestones and policy developments effectively. UPSIDE POTENTIAL Notwithstanding the valuation outcome at the year-end, and consistent with the Company’s application of market-based valuation principles following recent minority shareholder transactions, credible upside scenarios remain. These include favourable policy outcomes for broadcasting, refinancing of the senior and junior debt tranches on improved terms, capital structure optimisation and further operational efficiencies. While such outcomes cannot be assumed for valuation purposes at 31 December 2025, the Investment Manager remains focused on supporting initiatives that could enable the Company to capture value as these uncertainties resolve over time. PROVISION IN RESPECT OF POTENTIAL ADDITIONAL VLNS Arqiva’s Bilsdale site returned to full operation in January 2024 following the 2021 fire. At acquisition, estimated restoration costs were adjusted for in the purchase price. Current estimates indicate that net restoration costs will be lower than originally forecast. Under the acquisition terms, additional VLNs are issued to the vendor equal to the amount by which actual restoration costs fall below the estimated costs at acquisition. A provision has been recognised at D9 HoldCo level in respect of this potential adjustment. The quantum of this provision is commercially sensitive and is therefore not disclosed, but the impact is reflected in the fair value of the HoldCo investment. No provision relating to this mechanism was originally recognised as at 1 January 2024. However, this is now reflected in the Prior Year Adjustment, with further details included in Note 25 of the financial statements. INFLATION LINKED SWAPS HELD BY ARQIVA Arqiva’s inflation-linked swaps led to an accretion payment by the Company of £43.2 million in 2025, reflecting January year-on-year RPI of 3.6%. For 2026, RPI is forecast at 3.25%, implying an accretion liability of £43.6 million, of which approximately £22.5 million relates to D9’s pro-rata interest. These accretion payments are funded entirely from Arqiva’s internal cash flows. As RPI is expected to remain within the collar range (2.5%–6.0%), no collar cash flows apply for the 2026 accretion year. 17 Strategic Report Governance Financial Statements Appendix Information

PRINCIPAL DECISIONS Principal decisions have been defined as those that have a material impact to the Group and its key stakeholders. In taking these decisions, the Directors considered their duties under section 172 of the Act. MANAGED WIND-DOWN In January 2024, following careful consideration of the options available to the Company and after consultation with its financial advisers, as well as taking into account feedback received from a large number of shareholders and institutional investors, the Board decided that it would be in the best interests of shareholders to put forward a proposal for a Managed Wind-Down of the Company. The implementation of the Managed Wind-Down required amendments to the Company’s investment objective and investment policy which was proposed to shareholders and overwhelmingly approved with over 99% of shareholders that voted, voting in favour of the resolution at the General Meeting on 25 March 2024. Following entering into the Managed Wind-Down, the Company entered into binding agreements to divest its stake in EMIC-1 and Aqua Comms. REPAYMENT AND CANCELLATION OF THE RCF In May 2025, the Group completed its divestment of its entire stake in EMIC-1, allowing the Group to repay c.£40 million of the RCF. The sale of the Group’s interest in SeaEdge UK1 was completed in June 2025, following receipt of the necessary regulatory approvals. After completion, and upon receipt of the sale proceeds and working capital surpluses, the Group’s RCF of approximately £13 million was fully repaid and cancelled. Why is it important to engage? How have the Investment Manager/Directors engaged? What were the key topics of engagement? What was the feedback obtained and the outcome of the engagement? STAKEHOLDER – REGULATORS Engagement with the regulator is imperative to the Company’s ability to operate. During the year, the Company has had to engage with various regulators (including the Financial Conduct Authority and Jersey Financial Services Commission) on a number of different matters. The key topics of engagement with regulators during the year related primarily to shareholder correspondence received by the Company. Such engagement has focused on ensuring that the Company continues to meet its regulatory obligations while progressing strategically important actions in an appropriate and compliant manner. Section 172(1) Statement continued 24 Digital 9 Infrastructure plc | Annual Report & Accounts 2025

Risk Management As an externally managed investment company, the Company outsources key services to the Investment Manager and other service providers and rely on their systems and controls. The Board has ultimate responsibility for risk management and internal controls within the Company and has convened a Risk Committee to assist it in these responsibilities. The Risk Committee undertakes a formal risk review twice a year to assess and challenge the effectiveness of our risk management and to help define risk appetite and controls to manage risks within that appetite, particularly those which would threaten its business model, future performance, solvency, valuation, liquidity or reputation. Further details of the Risk Committee’s activities can be found in the Risk Committee Report on page 50. The Investment Manager has responsibility for identifying potential risks at an early stage, escalating risks or changes to risk and relevant considerations and implementing appropriate mitigations which are recorded in the Group’s risk register. Where relevant, the financial model is stress tested to assess the potential impact of recorded risks against the likelihood of occurrence and graded suitably. In assessing risks, both internal controls and external factors that could mitigate the risk are considered. A post-mitigation risk score is then determined for each principal risk. The Board regularly reviews the risk register to ensure gradings and mitigating actions remain appropriate. RISK APPETITE STATEMENT Managing risk is fundamental to the delivery of the Company’s strategy, and this is achieved by defining risk appetite and managing risks within that appetite. Risk appetite is the level of risk the Company is willing to take to achieve its strategic objectives. The Board is responsible for setting the Company’s risk appetite and ensuring that the Company operates within these parameters. The Board defines its risk appetite using a category of risks inherent to the environment in which the Company operates. Risk appetite is set for each category of risk enabling the actual risks which are identified by management to be compared to the defined appetite, to identify where any additional mitigation activity is required. Any risks outside of tolerance are subject to additional oversight and action planning. The Board has reviewed the Company’s appetite for each of the principal risks set out below. The Board will review and monitor the Company’s risk appetite at least on an annual basis or when there is a material change in the internal or external environment, to ensure that it remains appropriate and consistent with the Investment Policy. FRAMEWORK The Board and the Investment Manager recognise that risk is inherent in the operation of the Company and are committed to effective risk management to ensure that shareholder value is protected and maximised. 25 Strategic Report Governance Financial Statements Appendix Information

Principal Risks and Uncertainties The table below sets out what the Board believes to be the principal risks and uncertainties facing the Group. The table does not cover all of the risks that the Group may face. The Board defines the Group’s risk appetite, enabling the Group to judge the level of risk it is prepared to take in achieving its overall objectives. Additional risks and uncertainties not presently known to management or deemed to be less material at the date of this report may also have an adverse effect on the Group. Risk Impact Risk Mitigation Impact, Likelihood, Control and Rating Post control 1. PERSISTENT, NEGATIVE MARKET SENTIMENT, LEADING TO INCREASED ACTIVISM The fund has suffered as a result of a lengthy period where share price has traded at a discount to NAV. There are a number of legacy drivers behind the market sentiment, which include: wider macroeconomic and market conditions, the Group’s leverage position, Investment Manager and Board personnel changes. Combined, these have led to a reduced level of shareholder confidence which has manifested in a continued level of complaints and increased Board engagements. The Board and Investment Manager have continued to maintain an open dialogue with shareholders and provided market updates on the execution of its strategy against the agreed Realisation Plan. On an ongoing basis, the Board and Investment Manager have sought appropriate corporate and legal advice to ensure the fund conducts itself appropriately and informed decisions and actions have been taken to deliver the best possible outcome to shareholders. Impact: Moderate to High Likelihood: Moderate Effectiveness of controls: Low to Moderate Rating: High 2. LIQUIDITY AND SOLVENCY RISK The Company made a full repayment of the RCF debt liability, following the successful sale of EMIC-1 in May and SeaEdge in June. The Company has also Completed the divestment of Aqua Comms, resulting in a further working capital inflow to the Company of net proceeds of £34.0 million. This provides more than sufficient working capital to the Company to conclude the orderly wind- down mandate over the coming 2-3 year forecast wind-down period. Following repayment of the Company’s RCF and receipt of Aqua Comms divestment proceeds, the Company has substantively mitigated any ongoing liquidity risks, with sufficient working capital to execute the remainder of the Realisation Plan over the foreseen 2-3 year divestment horizon, as well as surplus proceeds available for distribution to shareholders postimplementation of the capital redemption mechanism. Impact: Moderate Likelihood: Low Effectiveness of controls: High Rating: Low 26 Digital 9 Infrastructure plc | Annual Report & Accounts 2025

Principal Risks and Uncertainties continued Risk Impact Risk Mitigation Impact, Likelihood, Control and Rating Post control 6. DEPENDENCY ON INVESTMENT MANAGER The Company is heavily reliant on the full range of an Investment Manager’s services, their expertise and specific knowledge pursuant to the strategic direction of the fund. Successful execution of the strategy to manage a winddown of the fund, and maximise shareholder value, is dependent upon the appointment of an Investment Manager who has knowledge and experience of the individual dynamics of each individual Portfolio Company and the markets that they operate in, which can be leveraged to develop an approach which achieves the maximum for shareholders. InfraRed was formally appointed as Investment Manager and AIFM on 11 December 2024. As set out by the Company in its October 2024 announcement on the appointment of InfraRed, the Board has ensured that the terms of InfraRed’s appointment aligns their interests with those of investors with respect to the delivery of the new Investment Objective and in maximising value for shareholders. Impact: Moderate Likelihood: Moderate Effectiveness of controls: High to Moderate Rating: Low 7. REGULATORY RISK There are several regulatory stakeholders involved both at a Fund but also individual Portfolio Company level, including on executed divestments which are pending completion. The Board operates in an open and transparent manner and have external advisers appointed to support and ensure obligations are met. Breach of obligation and/or failure to maintain adequate engagement can lead to increased scrutiny, resulting in financial and/or reputational impacts. Compliance with regulatory expectations is a key focus of the Board. Relationships with the FCA and JFSC are supported through engagement with the Investment Manager InfraRed and corporate service providers such as Ocorian Fund Services (Jersey) Ltd and INDOS Financial Limited. Individual Portfolio Companies have direct engagement with their regulators and recruit staff that have experience and deep understanding of the obligations under which they operate. Impact: Moderate to High Likelihood: Low to Moderate Effectiveness of controls: Low to Moderate Rating: Medium EMERGING RISKS Changes to power supply and prices / Supply chain disruption As demonstrated by the geopolitical tension and conflict in the Middle East and Russia’s invasion of Ukraine, global conflicts can have significant disruption to both power supply and supply chains. The changing political landscape across the world and increased tensions are monitored by the Investment Manager. Scenario planning tools are used to understand the impacts and possible mitigation actions. Development of disruptive technology The digital infrastructure sector is constantly evolving. As a result, there is a risk that disruptive technology emerges which results in current digital infrastructure assets becoming obsolete. The Investment Manager constantly monitors the emerging technology trends with digital infrastructure to ensure Portfolio Companies evolve their business models where required and new investment opportunities are accurately assessed in order to protect the value of the business as the wind-down of the Company progresses. 28 Digital 9 Infrastructure plc | Annual Report & Accounts 2025

Directors’ Report The Directors are pleased to present the Annual Report, including the Company’s audited financial statements as at, and for the year ended 31 December 2025. The information that fulfils the requirements of the Corporate Governance statement in accordance with rule 7.2 of the DTR can be found in this Directors’ Report and in the Governance section on pages 32 to 60, all of which is incorporated into this Directors’ Report by reference. Details of significant events since the balance sheet date are contained in Note 17 to the financial statements. An indication of likely future developments of the Company and details of the outlook and pipeline are included in the Strategic Report. Information about the use of financial instruments by the Company and its subsidiaries is given in Note 20 to the financial statements. Principal Activity The Company is a close-ended UK investment trust that invests in Digital Infrastructure assets and entered into a Managed Wind-Down in March 2024. The Company is listed on the Main Market of the London Stock Exchange, and is domiciled in Jersey and is UK tax resident. The Directors do not anticipate any change in the principal activity of the Company in the foreseeable future. Directors The names of the Directors who served from 1 January 2025 to 31 December 2025 are set out on pages 34 to 35; the biographical details and principal external appointments of the current Directors are set out in the Board of Directors section on pages 34 to 35. Investment Manager and AIFM On 11 December 2024, InfraRed Capital Partners Limited were appointed as the Company’s new Investment Manager and AIFM. Prior to this Triple Point Investment Management LLP were the Company’s Investment Manager and AIFM. A summary of the principal contents of the Investment Management Agreements in place during the financial year are set out in the Management Engagement Committee report on page 46. Investment Trust Status The Company has been approved as an Investment Trust Company (“ITC”) under sections 1158 and 1159 of the Corporation Taxes Act 2010; the Company is Jersey resident and UK tax registered. The Company informed HMRC of its change in Investment Strategy to that of a Managed Wind-Down. HMRC has confirmed that the Company continues to be an approved ITC whilst it continues to meet the requirements of s1156 Corporation Taxes Act 2010 and the ongoing requirements for approved companies in Chapter 3 of Part 2 Investment Trust (Approved Company) (Tax) Regulations 2011 (Statutory Instrument 2011/2999). The Company must adhere to ongoing requirements to maintain its ITC status, including, but not limited to, retaining no more than 15% of its annual revenue profits (of which there were none in 2024 and 2025 and nor are there any expected to be in future years). The Company derives the majority of its returns via capital return, through the revaluation of its Investee Companies. As a result, the Company paid dividends from its stated capital in prior years, which it is entitled to do under the Companies (Jersey) Law 1991 (as amended). During the period, the Company has continued to conduct its affairs to ensure it complies with these requirements. The Board continues to monitor compliance with the ITC conditions. Financial Results and Dividends The financial results for the year can be found in the Company Statement of Comprehensive Income on page 68. The Company declared no interim dividends in respect of the year to 31 December 2025. Powers of the Directors The powers given to the Directors are contained within the current Articles of Association of the Company (the “Articles”), and are subject to relevant legislation and, in certain circumstances (including in relation to the issuing or buying back by the Company of its shares), are subject to the authority being given to the Directors by shareholders in general meetings. The Articles govern the appointment and replacement of Directors. Directors’ Indemnity Subject to the provisions of any relevant legislation, the Company has agreed to indemnify each Director against all liabilities which any Director may suffer or incur arising out of or in connection with any claim made, or proceedings taken against him/her, or any application made by him/her, on the grounds of his/her negligence, default, breach of duty or breach of trust in relation to the Company or any associated Company. This policy remained in force during the financial period and also at the date of approval of the financial statements. The Company maintains appropriate Directors’ and Officers’ liability insurance in respect of legal action against its Directors on an ongoing basis. 57 Strategic Report Governance Financial Statements Appendix Information

Financial Risk Management The information relating to the Company’s financial risk management and policies can be found in Note 19 of the financial statements. Post‑Balance Sheet Events Important events that have occurred since the end of the financial year can be found in Note 17 of the notes to the financial statements. Amendment to the Articles The Articles may only be amended with shareholders’ approval in accordance with the relevant legislation. Share Capital As at 31 December 2025, the Company had 865,174,954 Ordinary Shares. All of the Ordinary Shares are fully paid and carry one vote per share. There are no restrictions on the transfer of securities in the Company other than certain restrictions which may be impaired by law, for example, Market Abuse Regulations, and the Company’s Share Dealing Code. The Company is not aware of any agreements between shareholders that restrict the transfer of Ordinary Shares. The Directors are generally and unconditionally authorised, in accordance with the Articles and the Companies (Jersey) Law 1991 (as amended), to exercise all powers of the Company to allot Ordinary Shares up to a maximum number of 800,000,000 with the authority expiring on 7 March 2026 in respect of the Initial Issue, and authority to allot Ordinary Shares up to a maximum number of 5,000,000,000 in respect of any further share issuances with the authority expiring on 7 March 2026. Purchase of Own Ordinary Shares A special resolution was passed at the Company’s 2025 Annual General Meeting, granting the Directors authority to repurchase up to a maximum of 86,517,495 Ordinary Shares (representing 10% of the Company’s Ordinary Share capital as at 30 April 2025). The authority will expire immediately following the conclusion of the Company’s 2026 general meeting or on 10 September 2026, whichever is earlier. A resolution to renew the Company’s authority to purchase shares in accordance with the Notice of AGM will be put to shareholders at the Annual General Meeting expected to be held on 9 June 2026. The Company did not purchase any of its own shares during the period. Major Shareholdings In accordance with DTR 5, the Company was advised of the following significant direct and indirect interests through TR1 notifications in the issued Ordinary Share capital of the Company as at 31 December 2025: Fund Manager Number of Ordinary Shares held % of voting rights Schroders plc 76,285,165 8.82 Quai Investment Services 39,358,988 4.55 First Equity Limited 35,000,000 4.05 As at the date of this report, the Company has been notified of the following changes in the holding of voting rights in the Company: • First Equity Limited changed to 43,479,622 Ordinary Shares (5.03%) • Philip J Milton & Company PLC acquired 44,516,125 Ordinary Shares (5.15%) Disclosure of Information to the Auditors So far as the Directors are aware, there is no relevant audit information of which the auditors are unaware. The Directors have taken all the steps that they ought to have taken as Directors to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Directors’ Report continued 58 Digital 9 Infrastructure plc | Annual Report & Accounts 2025

Related Party Transactions Related party transactions for the year to 31 December 2025 can be found in Note 16 of the financial statements. Research and Development No expenditure on research and development was made during the period. Donations and Contributions No political or charitable donations were made during the period (2024: Nil). Branches outside the UK There are no branches of the business located outside the United Kingdom. Annual General Meeting The Annual General Meeting of the Company is expected to be held on Tuesday, 9 June 2026 and further details will be set out in the Notice of Meeting. Business Relationships The Company has a set of corporate providers that ensure the smooth running of the Group’s activities. The Group’s key service providers are listed on page 115 and the Management Engagement Committee annually reviews the effectiveness and performance of these service providers, taking into account any feedback received. Each of these relationships is critical to the long- term success of the business. Therefore, the Company and the Investment Manager maintain high standards of business conduct by acting in a collaborative and responsible manner with all its business partners that protects the reputation of the Group as a whole. Significant Agreements There are no significant agreements that take effect, alter or terminate on change of control of the Company following a takeover. Additionally, there are no agreements with the Company or a subsidiary in which a Director is or was materially interested or to which a controlling shareholder was a party. Employees The Company has no employees and accordingly there is no requirement to separately report on this area. The Investment Manager is an equal opportunities employer who respects and seeks to empower each individual and the diverse cultures, perspectives, skills and experiences within its workforce. The Investment Manager places great importance on company culture and the wellbeing of its employees and considers various initiatives and events to ensure a positive working environment. Anti‑Bribery Policy The Company has a zero-tolerance policy towards bribery and is committed to carrying out its business fairly, honestly and openly. The anti-bribery policies and procedures apply to all its officers and to those who represent the Company. Human Rights Issues The Company is not within the scope of the Modern Slavery Act 2015 because it has not exceeded the turnover threshold and is therefore not obliged to make a slavery and human trafficking statement. The majority of services supplied to or on behalf of the Company are from the financial services industries and other services associated with those industries, and as such, the Board believes the Company’s current procedures and ability to rely on regulatory oversight in relation to professional services are sufficient in this regard. Environmental issues The Company’s disclosures in response to the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) are set out on pages 95 to 102. Information included in the Strategic Report The information that fulfils the reporting requirements relating to the following matters can be found on the pages identified. Subject Matter Page Reference Likely future developments 2 to 5 On behalf of the Board: Eric Sanderson Chair 14 April 2026 59 Strategic Report Governance Financial Statements Appendix Information

60 Digital 9 Infrastructure plc | Annual Report & Accounts 2025 Statement of Directors’ responsibilities in respect of the financial statements The Directors are responsible for preparing the annual Directors’ confirmations report in accordance with applicable law and regulation. The Directors consider that the annual report and financial statements, taken as a whole, is fair, balanced and The Companies (Jersey) Law 1991 (“company law”) understandable and provides the information necessary requires the Directors to prepare financial statements for for shareholders to assess the Company’s position and each financial year. Under that law the Directors have performance, business model and strategy. elected to prepare the financial statements in accordance with International Financial Reporting Standards (“IFRSs”) Each of the Directors, whose details can be found as adopted in the European Union. on pages 34 and 35, confirm that to the best of their knowledge: The Directors must not approve the financial statements unless they are satisfied that they give a true and fair view • the Company financial statements, which have been of the state of affairs of the Company and of the profit or prepared in accordance with IFRSs as adopted in loss of the Company for that period, and that they comply the European Union, give a true and fair view of the with company law. In preparing the financial statements, assets, liabilities, financial position and loss of the the Directors are required to: Company; and • select suitable accounting policies and then apply • the Strategic Report includes a fair review of the them consistently; development and performance of the business and the position of the Company, together with a • state whether applicable IFRSs as adopted in the description of the principal risks and uncertainties that European Union have been followed, subject to any it faces. material departures disclosed and explained in the financial statements; Approval • make judgements and accounting estimates that are This Directors’ responsibilities statement and the financial reasonable and prudent; and statements on pages 68 to 92 were approved by the Board of Directors on 14 April 2026 and signed on its • prepare the financial statements on the going concern behalf by: basis unless it is inappropriate to presume that the Company will continue in business. The Directors confirm that they have complied with the above requirements in preparing the financial statements. Eric Sanderson The Directors are responsible for safeguarding the assets Chair of the Company and hence for taking reasonable steps 14 April 2026 for the prevention and detection of fraud and other irregularities. The Directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and to ensure that financial statements prepared by the Company comply with the requirements of company law. The Directors are responsible for the maintenance and integrity of the Company’s website. The Company’s financial statements are published on the Company’s website, www.d9infrastructure.com.

68Digital 9 Infrastructure plc | Annual Report & Accounts 2025 FINANCIAL STATEMENTS » Statement of Comprehensive Income For the year ended 31 December 2025 Year ended 31 December 2024 Year ended 31 December 2025 (Restated - see Note 25) Revenue Capital Total Revenue Capital Total Note £’000 £’000 £’000 £’000 £’000 £’000 Income Income from investments held at fair value 5 – – – – – – Losses on investments held at fair value 9 – (212,913) (212,913) – (270,082) (270,082) Other income 5 4,686 – 4,686 3,130 – 3,130 Total income/(loss) 4,686 (212,913) (208,227) 3,130 (270,082) (266,952) Expenses Investment management fees 6 (2,988) – (2,988) (5,210) (1,736) (6,946) Other operating expenses 7 (2,097) (3,725) (5,822) (3,650) – (3,650) Total operating expenses (5,085) (3,725) (8,810) (8,860) (1,736) (10,596) Loss on ordinary activities before taxation (399) (216,638) (217,037) (5,730) (271,818) (277,548) Taxation 8 – – – – – – Loss and total comprehensive expense attributable to shareholders (399) (216,638) (217,037) (5,730) (271,818) (277,548) Loss per Ordinary Share – basic and diluted (p) 22 (0.1p) (25.0p) (25.1p) (0.7p) (31.4p) (32.1p) The total column of this statement is the Statement of Comprehensive Income of Digital 9 Infrastructure Plc (“the Company”) prepared in accordance with International Financial Reporting Standards, as adopted by the European Union (“EU”). The supplementary revenue return and capital columns have been prepared in accordance with the Association of Investment Companies Statement of Recommended Practice (AIC SORP). All revenue and capital items in the above statement derive from continuing operations. The Company does not have any other income or expenses that are not included in the net loss for the year. The net loss for the year disclosed above represents the Company’s total comprehensive expense. This Statement of Comprehensive Income includes all recognised gains and losses. The accompanying notes below form part of these Financial Statements.

Strategic Report Governance Financial Statements Appendix Information 69Statement of Financial Position As at 31 December 2025 31 December 2025 31 December 2024 1 January 2024 (Restated - see Note 25) Note £’000 £’000 £’000 Non‑current assets Investments at fair value through profit or loss 9 80,768 286,181 564,562 Total non‑current assets 80,768 286,181 564,562 Current assets Trade and other receivables 10 6,182 3,251 1,471 Cash and cash equivalents 11 642 12,100 14,809 Total current assets 6,824 15,351 16,280 Total assets 87,592 301,532 580,842 Current liabilities Trade and other payables 12 (7,344) (4,247) (6,009) Total current liabilities (7,344) (4,247) (6,009) Total net assets 80,248 297,285 574,833 Equity attributable to equity holders Stated capital 13 793,286 793,286 793,286 Capital reserve (723,719) (507,081) (235,263) Revenue reserve 10,681 11,080 16,810 Total equity 80,248 297,285 574,833 Net asset value per Ordinary Share – basic and diluted 23 9.3p 34.4p 66.4p The Financial Statements set out on pages 68 to 92 were approved and authorised for issue by the Board on 14 April 2026 and signed on its behalf by: Eric Sanderson Chair 14 April 2026 The accompanying notes below form part of these Financial Statements.

70Digital 9 Infrastructure plc | Annual Report & Accounts 2025 Statement of Changes in Equity For the year ended 31 December 2025 Capital Total reserve equity Stated (Restated - see Revenue (Restated - see capital Note 25) reserve Note 25) Note £’000 £’000 £’000 £’000 Balance as at 1 January 2024 (as originally stated) 793,286 (123,765) 16,810 686,331 Prior year adjustment – (111,498) – (111,498) Balance as at 1 January 2024 (restated) 793,286 (235,263) 16,810 574,833 Transactions with owners Loss and total comprehensive expense for the period (restated) – (271,818) (5,730) (277,548) Balance as at 31 December 2024 793,286 (507,081) 11,080 297,285 Stated Capital Revenue Total capital reserve reserve equity Note £’000 £’000 £’000 £’000 Balance as at 1 January 2025 793,286 (507,081) 11,080 297,285 Transactions with owners Loss and total comprehensive expense for the period – (216,638) (399) (217,037) Balance as at 31 December 2025 793,286 (723,719) 10,681 80,248 The accompanying notes below form part of these Financial Statements.

Strategic Report Governance Financial Statements Appendix Information 71Statement of Cash Flows For the year ended 31 December 2025 Year ended Year ended 31 December 2024 31 December 2025 (Restated - see Note 25) Note £’000 £’000 Cash flows from operating activities Loss on ordinary activities before taxation (217,037) (277,548) Adjustments for: Losses on investments held at fair value 9 212,913 270,082 Cash flows used in operations (4,124) (7,466) Cash flows from operating activities Increase in trade and other receivables 10 (2,931) (1,779) Decrease in trade and other payables 12 3,097 (1,762) Net cash outflow from operating activities (3,958) (11,007) Cash flows from investing activities Loans to subsidiaries (7,500) (5,300) Loans repayment from subsidiaries – 13,598 Net cash flow (used in)/generated from investing activities (7,500) 8,298 Cash flows from financing activities Dividends paid 14 – – Net cash flow used in financing activities – – Net decrease in cash and cash equivalents (11,458) (2,709) Reconciliation of net cash flow to movements in cash and cash equivalents Cash and cash equivalents at the beginning of the year 12,100 14,809 Net decrease in cash and cash equivalents (11,458) (2,709) Cash and cash equivalents at the end of the year 11 642 12,100 The accompanying notes below form part of these Financial Statements.

72Digital 9 Infrastructure plc | Annual Report & Accounts 2025 Notes to the Financial Statements For the year ended 31 December 2025 1. CORPORATE INFORMATION Digital 9 Infrastructure plc (the “Company” or “D9”) is a Jersey registered alternative investment fund, and it is regulated by the Jersey Financial Services Commission as a “listed fund” under the Collective Investment Funds (Jersey) Law 1988 (the “Funds Law”) and the Jersey Listed Fund Guide published by the Jersey Financial Services Commission. The Company is registered with number 133380 under the Companies (Jersey) Law 1991. The Company is domiciled in Jersey and the address of its registered office, which is also its principal place of business, is 26 New Street, St Helier, Jersey, JE2 3RA. The Company is tax domiciled in the United Kingdom. The Company was incorporated on 8 January 2021 and is a public company and the ultimate controlling party of the Group. The Company’s Ordinary Shares were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange under the ticker DGI9 on 31 March 2021, following its IPO which raised gross proceeds of £300 million. A further £175 million was injected following the second equity raise on 10 June 2021 and a total of £155.2m injected following two further equity raises in 2022. It was admitted to the premium listing segment of the Official List of the Financial Conduct Authority and migrated to trading on the premium segment of the Main Market on 30 August 2022. The Company is listed on the closed-ended investment funds category of the FCA’s Official List and its Ordinary Shares are traded on the London Stock Exchange’s Main Market. Following the Strategic Review and shareholder vote in March 2024 for the Company to enter into a Managed Wind-Down, and which was reconfirmed by a Continuation Resolution in June 2025, the Company’s principal activity is to execute the Managed Wind-Down of the Company and realise all existing assets in the Company’s portfolio in an ordinary manner. These financial statements comprise only the results of the Company, as its investment in Digital 9 Holdco Limited (“D9 Holdco”) is measured at fair value through profit or loss. 2. BASIS OF PREPARATION These financial statements for the year ended 31 December 2025 have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union. Where presentational guidance set out in the AIC SORP is consistent with the requirements of IFRS as adopted by the EU, the Directors have sought to prepare the financial statements on a basis compliant with the recommendations of the AIC SORP. In particular, supplementary information which analyses the Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the total Statement of Comprehensive Income. The functional and reporting currency is sterling, reflecting the primary economic environment in which the Company operates. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling on the date of the transaction. Foreign currency monetary assets and liabilities are translated into sterling at the rates of exchange ruling at the balance sheet date. The financial statements have been prepared on a historical cost basis, except for the following: • Investments at fair value through profit or loss The accounting policies adopted are consistent with those of the previous financial year. The principal accounting policies to be adopted are set out below and will be consistently applied, subject to changes in accordance with any amendments in IFRS. IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). When measuring fair value, the Company takes into consideration the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date, including assumptions about risk. The Company accounts for its investment in its wholly-owned direct subsidiary D9 Holdco at fair value. The investment in D9 Holdco which will principally comprise working capital balances and investments in Digital Infrastructure Projects, are required to be included at fair value in the carrying value of investments. Consequently, the Company does not consolidate its subsidiaries or apply IFRS 3 business combinations when it obtains control of another entity as it is considered to be an investment entity under IFRS. Instead, the Company includes its investment in its subsidiary at fair value through profit or loss. The Company’s Investment Manager, and the Company’s Board are currently in the process of undertaking a Managed Wind-Down of the Company and realising all existing assets in the portfolio in an orderly manner. D9 Holdco is itself an investment entity. Consequently, the Company need not have an exit strategy for its investment in D9 Holdco.

Strategic Report Governance Financial Statements Appendix Information 73Notes to the Financial Statements For the year ended 31 December 2025 (a) Going Concern The Company’s business activities, together with the factors likely to affect its future development, performance and position, including its principal risks and uncertainties are set out in the Strategic Report starting on page 26. In addition, Notes 2 to 21 of the financial statements include: the Company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk. Following the shareholder vote at the General Meeting in early 2024, the Company is now in a Managed Wind-Down. This strategy was re-confirmed by a Continuation Resolution that passed at the June 2025 AGM. The Managed Wind-Down is anticipated to take several years to complete due to the expected timing associated with the divestment of Arqiva. The targeted completion of this Managed Wind-Down is circa 36 months. As such, the audited Financial Statements for the year ended 31 December 2025 continue to be prepared on a going concern basis. In adopting the appropriateness of the going concern basis of preparation, the Directors considered the fact that the Company is in Managed Wind-Down, the successful recent disposal activity (EMIC-1, SeaEdge UK1 and Aqua Comms, plus the Verne Global earn- out which settled in April 2026, for combined net proceeds of £86.3 million) during the year, the strong performance of one of the two remaining assets, Elio, and the disposal plans and timelines for Arqiva, which Directors still reasonably expect to be disposed of within a two to three-year timeframe, even considering the ongoing Arqiva related disposal activity by minority shareholders. In addition, the Directors considered the significantly improved liquidity position of the Company compared with 31 December 2024, with the previously noted full repayment of the RCF in May 2025 primarily using disposal proceeds, and the receipt of Aqua Comms disposal proceeds in December 2025, ensuring sufficient cash, post any distribution to shareholders, is available to meet the future liquidity 1 requirements of the fund until it is wound up . Although the Company is not reliant on distributions from Elio Networks from a going concern perspective, it is able to benefit from distributable free cash generated by the business. This position is further supported by the recently announced debt facility, which enables Elio to deliver its buy-and-build M&A strategy without reliance on its current free cash flows. Post the balance sheet date, the Board and the Investment Manager agreed binding terms for an early £10 million settlement of the Verne Global earn-out with Ardian. The settlement reflects the Board’s assessment of the uncertainty inherent in the contractual earn-out mechanism, including its dependence on future operating performance and run-rate EBITDA targets for the financial year ending 31 December 2026. The year-end valuation of the earn-out reflects the terms of the settlement and provides a clear and certain crystallisation of value for shareholders. No further amounts are expected to be received in respect of the Verne Global earn-out. The Directors have considered the cashflow assumptions for a period of 12 months following the approval of the financial statements, including the reduced liquidity requirements following the previously noted full repayment of the RCF, the available distribution options from performing assets, as well as the available cash balance following recent disposals. The Directors have also considered a number of severe, but plausible downside scenarios to these cashflow assumptions and the potential mitigating actions the Company has at its disposal to address these scenarios where required. Given these considerations, the Directors believe that the Company and the Group have adequate resources to continue to operate for a period of at least twelve months from the date of approval of the financial statements and therefore the Directors believe that it continues to be appropriate to prepare the financial statements on a going concern basis. (b) Investment entities The Directors have concluded that in accordance with IFRS 10, the Company meets the definition of an investment entity, having evaluated against the criteria presented below that needs to be met. Under IFRS 10, investment entities are required to hold financial investments at fair value through profit or loss rather than consolidate them on a line-by-line basis. There are three key conditions to be met by the Company for it to meet the definition of an investment entity. For each reporting period, the Directors will continue to assess whether the Company continues to meet these conditions: • It obtains funds from one or more investors for the purpose of providing these investors with professional investment management services; • It commits to its investors that its business purpose is to invest its funds solely for returns (including having an exit strategy for investments) from capital appreciation, investment income or both; and • It measures and evaluates the performance of substantially all its investments on a fair value basis. The Company satisfies the first criteria as it has multiple investors and has obtained funds from a diverse group of shareholders for the purpose of providing them with investment opportunities to invest in a large pool of digital infrastructure assets. 1 No provision has been made for the costs of winding up the Company as these will be charged to the Income Statement on an accruals basis as they are incurred or as the Company becomes obligated to make such payments in the future.

74Digital 9 Infrastructure plc | Annual Report & Accounts 2025 Notes to the Financial Statements For the year ended 31 December 2025 In satisfying the second criteria, the notion of an investment timeframe is critical. An investment entity should not hold its investments indefinitely but should have an exit strategy for their realisation. The Company is now in a Managed Wind-Down with the intention to sell all its investments and return capital to investors. In March 2024 the Company sold 100% of its ownership in the Verne Global group of companies. Following the year-end, the Company also concluded an early settlement of the residual Verne Global earn-out, completing the Company’s economic exit from the investment. During 2025, the Company completed the disposals of EMIC-1, SeaEdge UK1 and Aqua Comms. In addition, the early cash settlement of the Verne Global earn-out was agreed, and which is due to settle by end of April 2026. The Company held just two investments, Elio Networks and Arqiva, at the end of the year. After repaying the RCF, excess disposal proceeds are to be returned to shareholders. This disposal activity demonstrates the exit strategy being realised. The Company satisfies the third criteria as it measures and evaluates the performance of all of its investments on a fair value basis which is the most relevant for investors in the Company. Management use fair value information as a primary measurement to evaluate the performance of all of the investments and in decision making. In assessing whether it meets the definition, the Company shall also consider whether it has the following typical characteristics of an investment entity: a) it has more than one investment; b) it has more than one investor; c) it has investors that are not related parties of the entity; and d) it has ownership interests in the form of equity or similar interests. The absence of any of these typical characteristics does not necessarily disqualify an entity from being classified as an investment entity. As D9 Holdco divests its investments it is inevitable it will have only one investment at some point. As the aim will be to sell that investment to generate returns for investors, this will not change the analysis as to whether the Company meets the definition of an investment entity. As per IFRS 10, a parent investment entity is required to consolidate subsidiaries that are not themselves investment entities and whose main purpose is to provide services relating to the entity’s investment activities. The Directors have assessed whether D9 Holdco satisfies those conditions set above by considering the characteristics of the whole Group structure, rather than individual entities. The Directors have concluded that the Company and D9 Holdco are formed in connection with each other for business structure purposes. When considered together, both entities display the typical characteristics of an investment entity. The Company entering into a Managed Wind-Down, a decision which was made and voted on by shareholders in March 2024, and reconfirmed in June 2025, and the changes in the Group structure following the sale of Verne Global, EMIC-1, SeaEdge and Aqua Comms, have not impacted management’s judgement and conclusion over the IFRS 10 investment entity application and the Company has applied the same accounting policies described. The Directors are therefore of the opinion that the Company meets the criteria and characteristics of an investment entity and therefore, subsidiaries are measured at fair value through profit or loss, in accordance with IFRS 13 “Fair Value Measurement”, IFRS 10 “Consolidated Financial Statements” and IFRS 9 “Financial Instruments”. (c) New and amended standards adopted by the Company A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. Management do not expect the new or amended standards will have a material impact on the Company’s financial statements. The most significant of these standards are set out below:

Strategic Report Governance Financial Statements Appendix Information 75Notes to the Financial Statements For the year ended 31 December 2025 New standards and amendments – applicable 1 January 2025 (a) Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates titled Lack of Exchangeability (the Company has adopted the amendments to IAS 21 for the first time in the current year. The amendments specify how to assess whether a currency is exchangeable, and how to determine the exchange rate when it is not.) FORTHCOMING REQUIREMENTS The following standards and interpretations had been issued but were not in effect for annual reporting periods ending on 31 December 2025. (a) Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Amendments to the Classification and Measurement of Financial Instruments (effective date 1 January 2026). (b) Annual Improvements to IFRS Accounting Standards – Volume 11: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows (effective date 1 January 2026). (c) Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity (effective date 1 January 2026). (d) IFRS 18 Presentation and Disclosure in Financial Statements (effective date of 1 January 2027). (e) IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective date of 1 January 2027) The directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the group in future periods, except if indicated below: • IFRS 18 Presentation and Disclosure in Financial Statements (effective date of 1 January 2027). IFRS 18 introduces new requirement to: o present specified categories and defined subtotals in the statement of profit or loss o provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements o improve aggregation and disaggregation. The directors of the entity anticipate that the application of these amendments may have an impact on the group’s financial statements in future periods. IFRS 18 does not alter the measurement of financial performance, it significantly impacts how results are presented and structured, aiming to reduce the inconsistency in reported figures. 3. MATERIAL ACCOUNTING POLICIES (a) Financial Instruments Financial assets and financial liabilities are recognised on the Company’s Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. Financial assets are to be derecognised when the contractual rights to the cash flows from the instrument expire or the asset is transferred, and the transfer qualifies for de-recognition in accordance with IFRS 9 “Financial Instruments”. The Company did not use any derivative financial instruments during the period. (i) Financial assets The Company’s investment in D9 Holdco comprises both equity and debt. The Company classifies its financial assets as either investments at fair value through profit or loss or financial assets at amortised cost (e.g. cash and cash equivalents and trade and other receivables). The classification depends on the purpose for which the financial assets are acquired. Management determines the classification of its financial assets at initial recognition. (ii) Investments at fair value through profit or loss At initial recognition, the Company measures its investments through its investment in D9 Holdco, at fair value through profit or loss and any transaction costs are expensed to the Statement of Comprehensive Income. The Company will subsequently continue to measure all investments at fair value and any changes in the fair value are to be recognised as unrealised gains or losses through profit or loss within the capital column of the Statement of Comprehensive Income.

76Digital 9 Infrastructure plc | Annual Report & Accounts 2025 Notes to the Financial Statements For the year ended 31 December 2025 IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). When measuring fair value, the Company takes into consideration the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date, including assumptions about risk. (iii) Financial liabilities and equity Debt and equity instruments are measured at amortised cost and are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement. All financial liabilities are classified as at amortised cost. These liabilities are initially measured at fair value less transaction costs and subsequently using the effective interest method. (iv) Equity instruments The Company’s Ordinary Shares are classified as equity under stated capital and are not redeemable. Costs associated or directly attributable to the issue of new equity shares, including the costs incurred in relation to the Company’s IPO on 31 March 2021 and its subsequent equity raises, are recognised as a deduction in equity and are charged against stated capital. (b) Finance income Finance income is recognised using the effective interest method. This is calculated by applying the effective interest rate to the gross carrying amount of a financial asset unless the assets subsequently became credit impaired. In the latter case, the effective interest rate is applied to the amortised cost of the financial asset. Finance income is recognised on an accruals basis. (c) Finance expenses Borrowing costs are recognised in the Statement of Comprehensive Income in the period to which they relate on an accruals basis. (d) Fair value estimation for investments at fair value The fair value of financial investments at fair value through profit or loss is based on the valuation models adjusted in accordance with the IPEV (International Private Equity and Venture Capital) valuation guidelines December 2022 to comply with IFRS 13. Where applicable, investments are also referenced and considered against the external market information. The Company records the fair value of D9 Holdco by calculating and aggregating the fair value of each of the individual investments in which the Company holds an indirect investment. The total change in the fair value of the investment in D9 Holdco is recorded through profit and loss within the capital column of the Statement of Comprehensive Income. (e) Cash and cash equivalents Cash and cash equivalents comprise cash balances and deposits held on call with banks. Deposits to be held with original maturities of greater than three months are included in other financial assets. Cash and cash equivalents are measured at amortised cost using the effective interest method and assessed for expected credit losses at each reporting date. There are no material expected credit losses as the bank institution has high credit ratings assigned by international credit rating agencies. (f) Trade and other receivables Trade and other receivables are measured at amortised cost using the effective interest method, less any impairment. They are included in current assets, except where maturities are greater than 12 months after the reporting date, in which case they are to be classified as non-current assets. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the relevant asset’s carrying amount. Impairment provisions for all receivables are recognised based on a forward-looking expected credit loss model using the simplified approach. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, 12 month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised.

Strategic Report Governance Financial Statements Appendix Information 77Notes to the Financial Statements For the year ended 31 December 2025 (g) Amortised costs Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/ (losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss. (h) Trade and other payables Trade and other payables are classified as current liabilities if payment is due within one year or less from the end of the current accounting period. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method until settled. (i) Segmental reporting The Chief Operating Decision Maker (the “CODM”) being the Board of Directors, is of the opinion that the Company is engaged in a single segment of business, being investment in digital infrastructure projects. The internal financial information to be used by the CODM on a quarterly basis to allocate resources, assess performance and manage the Company will present the business as a single segment comprising the portfolio of investments in digital infrastructure assets. (j) Foreign currency transactions and balances Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Statement of Comprehensive Income as a revenue or capital item depending on the income or expense to which they relate. All exchange differences recognised in income or expenses, except for those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9, is on an aggregate net basis. The total amount of exchange differences recognised in income or expenses includes exchange differences recognised on subsequent settlement and re-translation to the closing rate on balances arising from foreign currency transactions. (k) Revenue recognition Gains and losses on fair value of investments in the Statement of Comprehensive Income will represent gains or losses that arise from the movement in the fair value of the Company’s investment in D9 Holdco. Investment income comprises dividend income received from the Company’s direct subsidiary, D9 Holdco. Interest income is recognised in the Statement of Comprehensive Income using the effective interest method. Other income is recognised to the extent that the economic benefits will flow to the Company and the income can be reliably measured. Income is measured as the fair value of consideration received or receivable, excluding discounts, rebates and value added tax. Other Income comprises fees charged to Investee Companies under a Management Services Agreement. Other Income is recognised 100% through revenue. Dividend income receivable on equity shares is recognised on the ex-dividend date. Dividend income on equity shares where no ex- dividend date is quoted is brought into account when the Company’s right to receive payment is established. (l) Dividends Dividends payable are recognised as distribution in the financial statements in the period in which they are paid or when the Company’s obligation to make payment has been established. (m) Expenses Expenses are accounted for on an accruals basis. Share issue costs of the Company directly attributable to the issue and listing of shares are charged to stated capital. The Company’s investment management fee, administration fees and all other expenses are charged through the Statement of Comprehensive Income. In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the AIC SORP, supplementary information which analyses the Statement of Comprehensive Income between items of a revenue and a capital nature has been presented alongside the Statement of Comprehensive Income.

78Digital 9 Infrastructure plc | Annual Report & Accounts 2025 Notes to the Financial Statements For the year ended 31 December 2025 Expenses have been charged wholly to the revenue column of the Statement of Comprehensive Income, except as follows: • expenses which are incidental to the acquisition or disposal of an investment are treated as capital; • expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments can be demonstrated; and • the investment management fee has been allocated 100% to revenue in 2025 (2024: 75% to revenue and 25% to capital) on the Statement of Comprehensive Income. The Board have decided to stop allocating indirect costs between capital and revenue as it is not a useful metric in a wind down scenario. (n) Acquisition costs and disposals In line with SORP, acquisition costs and disposals are expensed to the capital column of the Statement of Comprehensive Income as they are incurred for investments which are held at fair value through profit or loss. (o) Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Comprehensive Income because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that were applicable at the balance sheet date. Where expenses are allocated between the capital and revenue accounts, any tax relief in respect of expenses is allocated between capital and revenue returns on the marginal basis using the Company’s effective rate of corporation tax for the accounting period. Deferred taxation is recognised in respect of all temporary differences that have originated but not reversed at the financial reporting date, where transactions or events that result in an obligation to pay more taxation in the future or right to pay less taxation in the future have occurred at the financial reporting date. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the temporary differences can be deducted. Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. (p) Earnings per share The Company presents basic and diluted earnings per share (“EPS”). (i) Basic earnings per share Basic earnings per share is calculated by dividing: • the profit attributable to owners of the Company, excluding any costs of servicing equity other than Ordinary Shares; by • the weighted average number of Ordinary Shares outstanding during the financial year, adjusted for bonus elements in Ordinary Shares issued during the year and excluding treasury shares (ii) Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account: • the after-income tax effect of interest and other financing costs associated with dilutive potential Ordinary Shares, and • the weighted average number of additional Ordinary Shares that would have been outstanding assuming the conversion of all dilutive potential Ordinary Shares.

Strategic Report Governance Financial Statements Appendix Information 79Notes to the Financial Statements For the year ended 31 December 2025 4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS In the application of the Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. It is possible that actual results may differ from these estimates. (a) Significant accounting judgements (i) Investment entity As discussed above in Note 2(b), the Company meets the definition of an investment entity as defined in IFRS 10 and therefore its subsidiary entities have not been consolidated in these financial statements. (b) Key sources of estimation uncertainty The estimates and underlying assumptions underpinning our investments are reviewed on an ongoing basis by both the Board and the Investment Manager. Revisions to any accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. (i) Fair value measurement of investments at fair value through profit or loss The Company owns 100% of D9 Holdco, which through its wholly-owned subsidiaries invests in Digital Infrastructure projects. The fair value of investments in digital infrastructure projects is calculated by discounting at an appropriate discount rate future cash flows expected to be generated by the trading subsidiary companies and received by D9 Holdco, through dividend income, equity redemptions and Shareholder loan repayments or restructurings and adjusted in accordance with the IPEV (International Private Equity and Venture Capital) valuation guidelines, where appropriate, to comply with IFRS 13 and IFRS 9. For December 2025 the Board received and challenged an independent report and opinion on the Investment Manager’s valuation from a third-party valuation expert on Arqiva and Elio Networks. Estimates such as the forecasted cash flows from investments form the basis of making judgements about the fair value of assets, which is not readily available from other sources. The discounted cash flows from earnings are forecasted over a period of up to 25 years followed by a terminal value based on a long-term growth rate or exit multiple. Discount rates are arrived at via a bottom-up analysis of the weighted average cost of capital, using both observable and unobservable inputs, and calculation of the appropriate beta based on comparable listed companies where appropriate, a sense-check to the DCF analysis is compared to market multiples.To do this, implied multiples from the DCF analysis are calculated and considered against the multiples available for reasonably comparable quoted companies and any relevant recent sector transactions. It should be noted that finding directly comparable companies to Arqiva and Elio Networks is challenging and as a result no directly comparable companies have been identified. Similarly, there have been few recent transactions with publicly available information where the target is directly comparable to the businesses. As a result, whilst the market multiples approach is a useful crosscheck to the DCF analysis, less reliance should be placed upon it. A broad range of assumptions are used in the Company’s valuation models, which are arrived at by reviewing and challenging the business plans of the Investee Companies with their management. The Investment Manager exercises its judgement and uses its experience in assessing the expected future cash flows from each investment and long-term growth rates. The impact of changes in the key drivers of the valuation are set out below. The following significant unobservable inputs were used in the model, cash flows, terminal value and discount rates. The key area where estimates are significant to the financial statements and have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is in the valuation of the investment portfolio. The key risks to the portfolio are discussed in further detail in the Risk report. Arqiva and Elio Networks are valued on a discounted cash flow basis which requires assumptions to be made regarding future cash flows, terminal value and the discount rate to be applied to these cash flows. Where appropriate, relevant market transactions by other investors and transactions for comparable companies are also factored in. The discount rate applied to the cash flows in each investment portfolio company is a key source of estimation uncertainty. The acquisition discount rate is adjusted to reflect changes in company-specific risks to the deliverability of future cash flows and is calibrated against secondary market information and other available data points, including comparable transactions. The weighted average discount rate used in these valuations was 14.5%. The cash flows on which the discounted cash flow valuations are based are derived from detailed financial models. These incorporate a number of assumptions with respect to individual portfolio companies, including: forecast new business wins or new orders; cost- cutting initiatives; liquidity and timing of debtor payments; timing of non-committed capital expenditure and construction activity; the terms of future debt refinancing; and macroeconomic assumptions such as inflation and energy prices.

80Digital 9 Infrastructure plc | Annual Report & Accounts 2025 Notes to the Financial Statements For the year ended 31 December 2025 The terminal value attributes a residual value to the portfolio company at the end of the projected discrete cash flow period based on market comparables. The valuation of each asset has significant estimation in relation to asset-specific items but there is also consideration given to the impact of wider megatrends such as the transition to a lower-carbon economy and climate change. We note that the December 2023 valuations has been reviewed by an independent third-party valuation expert as discussed in the Chair’s Statement. A prior year adjustment has been accounted for in the financial statements as at 31 December 2023. Please refer to the Prior Year Adjustment Review subsection in the Chair’s Statement and see Note 25 of these accounts for more information. 5. INCOME FROM INVESTMENTS HELD AT FAIR VALUE AND OTHER INCOME

	Year ended 31 December 2025	Year ended 31 December 2024
	£’000	£’000
UK dividends	–	–
Loan interest income	2,842	2,545
Other income	1,844	585
	4,686	3,130

Dividends are under income from investments whist other Income comprises Management Services Fees charged to the Company’s subsidiaries. 6. INVESTMENT MANAGEMENT FEES

	Year ended 31 December 2025			Year ended 31 December 2024
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Management fees 1	2,988	–	2,988	5,209	1,736	6,945
Total management fees	2,988	–	2,988	5,209	1,736	6,945

1 The 2025 management fee includes a £0.8 million release of a previously accrued management fee payable to Triple Point. Of the management fee recognised in 2024, £6.1 million related to Triple Point and £0.8 million related to InfraRed for the period from 11 October 2024 to 31 December 2024. In 2024, management fees were allocated between revenue and capital on a 75/25 basis. Following the change in the Company’s strategy to a Managed Wind-Down in 2025, the Board determined that this allocation was no longer appropriate and, accordingly, all management fees were allocated to revenue in 2025. The Company entered into an Investment Management Agreement (“IMA”) with Triple Point on 8 March 2021. The Company served notice to terminate this agreement in March 2024. Under the terms of the IMA, Triple Point was entitled to a management fee calculated by reference to adjusted Net Asset Value. As at 31 December 2025, the amount invoiced by Triple Point and accrued was £2.0 million (2024: £2.8 million), reflecting Triple Point’s calculation of fees due for the period from 1 July 2024 to 31 March 2025 following certain adjustments. The Board remains in dispute with Triple Point regarding these fees. On 11 October 2024, the Company entered into a new Investment Management Agreement with InfraRed (the “New IMA”), which became effective on 11 December 2024, at which point Triple Point’s role as AIFM terminated. For the period from 11 October 2024 to 11 December 2024, the Company entered into an interim support services agreement with InfraRed, under which fees were charged at the same annual rate as under the New IMA. InfraRed is responsible, subject to the overall supervision of the Board, for portfolio management and risk management in accordance with the Company’s Investment Objective and Policy and acts as the Company’s AIFM. The exercise of discretion by InfraRed under the New IMA is subject to the Board’s oversight and to specific approval requirements where conflicts of interest arise.

Strategic Report Governance Financial Statements Appendix Information 81Notes to the Financial Statements For the year ended 31 December 2025 From 11 December 2024, the Investment Manager was InfraRed, and they were entitled to receive an annual management fee on the following basis: 1. InfraRed will receive a fixed annual management fee of £3.75 million for 36 months from 11 December 2024 and a reduced management fee of £1.75 million per annum thereafter until the Group’s last asset is sold. 2. 10% of the annual management fee (net of applicable taxes) will be used to acquire shares in the capital of D9 in the secondary market within a reasonable timeframe following receipt of the management fee and unless it would be unlawful to do so. These shares will be subject to lock-in and orderly market provisions. 3. Following the sale of the final asset, a fee of £100,000 per month will be payable until the earlier of a) the Company being delisted, and b) 6 months from the date of completion of the sale of the final asset. 4. To appropriately align InfraRed with shareholder outcomes, InfraRed will also be entitled to receive a performance fee based on distributions made to shareholders in excess of £225 million. InfraRed will be entitled to a performance fee of 3.5% of any distributions above £225 million, when aggregate distributions are in excess of £225 million but less than £300 million, and 4.75% of any distributions above £300 million when aggregate distributions are in excess of £300 million. Any distributions to shareholders will be assessed against any third-party financing and accrued liabilities of the Company. InfraRed will also be entitled to receive certain fees in the event of the termination of its appointment in prescribed circumstances. Any performance fee payable to InfraRed will not exceed, in aggregate, £15 million. The total amount accrued and due to InfraRed at the year-end was £0.9 million (2024: £0.8 million). InfraRed’s appointment is terminable by either party by serving 6 month’s notice, with such notice not to expire earlier than 24 months from the 11 December 2024. InfraRed were paid a pro rata fee of their annual management fee under an interim support services agreement from 11 October 2024 to 10 December 2024. 7. OTHER OPERATING EXPENSES

	Year ended 31 December 2025	Year ended 31 December 2024
	£’000	£’000
Legal and professional fees	543	557
Auditors’ fees – audit services 1	547	377
Auditors’ fees – non-audit services 2	–	102
Directors’ fees	260	242
Administration and company secretarial fees	191	300
Strategic review costs 3	–	1,631
Other administrative expenses	556	441
Advisory costs 4	3,725	–
	5,822	3,650

1 Excludes audit fees of the financial statements of subsidiaries totalling £224,438 (2024 - £467,000). £73,000 of current year fees relates to the prior year adjustment reflected in the 2025 Annual Report. 2 Fees for non-audit services relate to the review of interim financial statements. No such services were performed during 2025. 3 Strategic review costs relate to the Wind Down strategy of the Company and no such fees were incurred during 2025 after the strategy had been confirmed. Prior year strategic review costs were agreed by the previous Board and Investment Manager. 4 Success advisory fee (as agreed by the previous Board and Investment Manager) directly related to the completion of EMIC-1 and Aqua Comms disposals. All other disposal costs incurred have been accounted for within the subsidiary which held the relevant disposed of investment.

82Digital 9 Infrastructure plc | Annual Report & Accounts 2025 Notes to the Financial Statements For the year ended 31 December 2025 8. TAXATION The Company is registered in Jersey, Channel Islands but resident in the United Kingdom for taxation. The standard rate of corporate income tax currently applicable to the Company is 25% (2024: 25%). The financial statements do not directly include the tax charges for the Company’s intermediate holding company, as D9 Holdco is held at fair value. D9 Holdco is subject to taxation in the United Kingdom. The tax charge for the period is less than the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below.

	Year ended 31 December 2025			Year ended 31 December 2024 (Restated – see Note 25)
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Net loss before tax	(399)	(216,638)	(217,037)	(5,730)	(271,818)	(277,548)
Tax at UK corporation tax standard rate of 25% (2024: 25%)	(100)	(54,159)	(54,259)	(1,432)	(67,955)	(69,387)
Effects of:
Loss on financial assets not taxable	–	54,159	54,159	–	67,521	67,521
Exempt UK dividend income	–	–	–	–	–	–
Expenses not deductible for tax purposes	–	–	–	–	–	–
Excess of allowable expenses	100	–	100	1,432	434	1,866
Total tax charge	–	–	–	–	–	–

Investment companies which have been approved by HM Revenue & Customs under section 1158 of the Corporation Tax Act 2010 are exempt from tax on capital gains. The Directors are of the opinion that the Company has complied with the requirements for maintaining investment trust status for the purposes of section 1158 of the Corporation Tax Act 2010. The Company has not provided for deferred tax on any capital gains or losses arising on the revaluation of investments. The Company has unrelieved excess management expenses of £30 million (2024: £25 million). It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised. The unrecognised deferred tax asset calculated using a tax rate of 25% amounts £7 million (2024: to £6 million). 9. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS As set out in Note 2, the Company designates its interest in its wholly-owned direct subsidiary as a investment at fair value through profit or loss. Summary of the Company’s valuation:

	Total
	£’000
Year ending 31 December 2025:
Opening balance 1 January 2025	286,181
Equity investments addition in D9 Holdco	–
Debt investments addition in D9 Holdco	7,500
Change in fair value of investments	(212,913)
As at 31 December 2025	80,768
Year ending 31 December 2024:	Total (Restated – see Note 25)
Opening balance 1 January 2024 (restated)	564,562
Equity investments addition in D9 Holdco	–
Debt investments reduction in D9 Holdco	(8,299)
Change in fair value of investments (restated)	(270,082)
As at 31 December 2024	286,181

The Company views equity and debt instruments as one investment and measures the performance of these investments together. Therefore, the Company’s equity and debt investments are presented as investments at fair value through profit or loss in the Statement of Financial Position.