NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CODE.

FOR IMMEDIATE RELEASE

13 February 2026

Statement regarding Pinewood Technologies Group PLC ("Pinewood.AI" or the "Company")

On 29 January 2026, Pinewood.AI announced a possible cash offer for Pinewood.AI by Apax Partners LLP ("Apax").

In light of the prevailing challenging market conditions, Apax confirms that it does not intend to make an offer for the Company. Accordingly, Apax and any person acting in concert with it, except with the consent of the Panel on Takeovers and Mergers (the "Panel"), is bound by the restrictions under Rule 2.8 of the Code.

Apax, and any person acting in concert with Apax, reserves the right to announce an offer or possible offer for the Company or make or participate in an offer or possible offer for the Company and/or take any other action otherwise precluded under Rule 2.8 of the Code within six months of the date of this announcement in the following circumstances:

(i)    with the agreement of the Board of Pinewood.AI;

(ii)   if a third party announces a firm intention to make an offer for Pinewood.AI;

(iii)  if Pinewood.AI announces a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); and/or

(iv)  if there has been a material change of circumstances (as determined by the Takeover Panel).

Enquiries:

Rule 26.1 Disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.apax.com, by no later than 12 noon (London time) on the business day following this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Further Information

This communication is not intended to and does not constitute an offer to buy or the solicitation of an offer to subscribe for or sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction. The release, publication or distribution of this communication in whole or in part, directly or indirectly, in, into or from certain jurisdictions may be restricted by law and therefore persons in such jurisdictions should inform themselves about and observe such restrictions.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdictions.