ESCP EURO BUSINESS S HO Annu State ep.ort and Fi ts ancial 31 December 2025 ESCP BUSINESS SCHOOL IT ALL STARTS HERE BEfiLIN I LONIX)N I MADRID I PARIS I TURIN I WARSAW Contents Introduction Company Information Trustees, Report, including Strategic Report Trustees, responsibilities statement .Independent auditors, report to the members of ESCF) Europe Business School Consolidated and School Statement of Comprehensive Income Consolidated and School Statement of Changes in Reserves Consolidated and School Statement of Financial Position Consolidated statement of Cash Flows Statement of Principal Accounting Policies Notes to the Financial Statements 19 20 24 25 26 27 32 rj Introduction This report and financial statements reflect the activities of ESCP Europe Business School, the London Campus of ESCP. ESCP Europe Business School legally refers to the company registered at Companies House under company number1876779 and the name"ESCP Europe-Business School". The commercial name of the entity is ESCP Business School since late 2019. The ESCP London Campus lor the'ChariWI is a part of EESC ESCP Europe Ithe"Parent School- and/ or~EESC"I, which is both a leading school of international rnanagement and a major European Higher Education institution. EESC ESCP Europe was founded in Paris in 1819 and has since educated generations of leaders. contributing to its fine reputation today. Six campuses in Berlin. London. Madrid. Paris,Turin and Warsaw are the stepping stones that allowstudents to experience this European approach to management. Over the past 200years. generations of entrepreneurs and managers have been trained in the firm belief that the business world can positively feed into society. This conviction and EESC ESCP Europe's values- excellence. singularity, creativity and plurality- guide the Parent School's mission and build its pedagogical vision daily. Each year, EESC ESCP Europe welcomes over 11.000 students and 6,000 managers from 136 d ifferent nationalities. Its strength lies in its many business training programmes, both general and specialised (Bachelor. Master. M8A, Executive MB PhD and Executive Education). all of which include a multi-campus experience. EESC ESCP Europe is multi-accredited. with AACSB, EQUIS, EFMD MBA, EFMD EMBA. and five European Higher Education accreditations. The Parent School goes through numerous accreditation processes each year, guaranteeing the quality of its programmes and sUPPOrting its commitment to continuous improvement. In 2019. the Charity was registered as a Higher Education provider in the Office for Students F2egister of Higher Education Providers_ Since then, the charity ha5 been following the Ots Accounts Direction. setting out the information that providers are required to include in their audited financial statements. In May 2024, ESCP London Campus was granted the authority by the Office for Students IOfSI to confer Taught awards for an initial period of three years. effective on 2 September 2024. The portfolio of educational offerings includes the following programme& Idaster in Management IMIMI Specialised Masters Imultiple full-time programmesl MBA in International Management EMBA Programme (Executive MBA) Bachelor18Sc.l in Management Bachelor IBSC.) in Management l ] Annual Report and Flnaneial Statements for the year ending 31 December 2025 Introduction EESC ESCP Europe is committed to providing executive education alongside its degree programme5, offering custom and open-enrolment programmes annually across its campuses. The Parent School's excellence in higher education 15 conslstently recognised in internation81 rarnkings. The Financial Times ranks flagship programmes such as the Master in Management IMIMI and Master in Finance IMIFI among rhe top six globally. while EESC ESCP Europe is among the top five business schools across its six campus countries. In the 2025 rankings. EESC ESCP Europe further strengthened its p051tion in the UK, placing first for the EM84 MIF and MIM. Additionally. the Financial Times European Business Schools Rankings placed the Parent School second in the UK in December 2025. The Msc in Nlarketing and Creativity IMMK) rose to third worldwide in the QS Business Master5 Rankings 2026 (Marketing categoryl, and has spent six consecutive years in the top five. In 2025, ESCP London Campus was nominated in two categories at the Independent Higher Education IIH El Awards. Outstanding Collaboration and Inspiring Course, winning the latter. The Campus wa5 also shortlisted in two categories at the Times Higher Education ITHEI Awards, Outstanding Estates Team and Most Innovative Teacher of the Year. The Parent School has over ISO academic alliances in Europe and the world in So countries. There are more than 90,000 alumni active in over193 countries. Research is a major priority at EESC ESCP Europe. The team of 200 international Faculty members are constantly striving to create new knowled9e. The aim 15 to bring new insights to the global academic community and provide innovative content for teaching and business practice. Until 31 December 2017, EESC ESCP Europe was part ofthe Chambre of Commerce and d'lndu5trie of Paris Region Ile-de-France (the CCIRI- From January 2018, the parent company and sole member of the Charity is the EESC ESCP Europe. EESC ESCP Europe Ilocated at 2, rue Armand Moisant- 75015- Paris- France), is an institution with a specific legal status and form named EESC IEtablissement d'Enseignement Supérieur Consulairel since the Ist of January, 2018. EESC ESCP Europe is a French autonomous non-profit legal person, subsidiary of the CCIR which is its shareholder at 99.99% and which controls the majority ofthe voting rights at EESC ESCP Europe's soard. Therefore, CCIR remains the ultimate parent entity. The CCIR itself is a French administrative public body. 2] Annual Rèport and Kinancial Statèments for the year ending 31 December 2025 Company Information Trustees Lord Gold (Chairmanl I'l Leon Laulusa Cecile Andre-Leruste Joelle Lellouche Hobilalaina Buvat I'l (appointed on 1.7.251 Laurence Milsted ("} Ire5igned on 1.7.251 Julia Clarke (appointed on l.7.251 Nicolas Motelay (appointed on 1.7.251 Rodney Eastwood Iresigned on 1.7.251 Nathalie Pierre11 Damien Savary Laurent Feniou Iresigned on l.7.251 Thomas Jeanjean (") Member of the Audit & Risk Committee The Etablissement d'Enseignement Superieur Consulaire ESCP Europe ((( EESC ESCP Europei>l is the sole member ofthe Charity. Membership is explained in note 20 to the financial statements. Registered office: Registration number. Website: 527 Finchley Road, Hampstead. London NW3 7BG SI RET 824 644 587 00027 .eu Principal professional advisers Bankers Barclays Bank Plc. Oxford City Office, PO Box 333. Oxford OXI 3HS Solicitors Beaehcroft LLP.100 Fetter Lane. London EC4AIBN Insurer Zurich Municipal, Zurich House. 2 Gladiator Way. Farnborough. Hampshire GU14 6GB Independent auditors Pricewaterhousecoopers LLP, l Embankment Place, London, WC2N 6RH 3] Annual Report and Financial Statements for the year ending 31 December 2025 Trustees, Report, including Strategic Report The Trustees present their Trustees report, which incorrK)rates the requirements ofthe Directors, report and Strategic Report forthe yeai ended 31 December 2025, together with the audited financial sratements ofthe group for the year. Pages 4t0 9 incorporate the requirements ofthe strategic report. Reference and administrative information The Charity, a company limited by guarantee, was founded in 1985 and is registered with the Charity Commission in England and Wales under Charity number 293027. The Trustee5 and address of the Charity are listed on page 3. Particulars of the Charity's professional advisers are also given on page 3. The Charity was established in the UK with the support ofthe CCIR in pursuit of its mission of providing education and training in Business Managemenr. It 15 the London Campus of a six-campus school, with the other centres being Berlin, Nladrid, Pari5. Torino and Warsaw. Since 2 January 2018. the immediate parent company and Sole member of the Charity is the EE5C ESCP Europe. owned bythe Charity's ultimate parent company, the Chambre de Commerce et d'lndustrie Paris Region Ile-de-France Ithe "CCIR"l- The EESC ESCP Europe provides rent-free facilities to the Charity. Structurei governance and management This section of the Trustees, report, along with the responsibilities statement on page 79, incorporates the requirements of the statements of corporate governance and intern31 ontrols required by the Ofs Accounts Direction. This covers theyear covered by the financial statements and the period up to the date of approval of the audited financial Statements. Governing Document The Charity Is governed by its Memorandum and Articles ofAssociation. Governing Body The Charity is governed by its Trustees. Recruitment of Trustees The Charity's Trustees are appointed following a Trustees. recruitment policy defined by the Charity's Governance Committee. Trustees are selected based on their knowledge in a specific field, ar)d the Trustee skill register is reviewed on a regular bas15. Organisational Management The Trustees ofthe Charity are legally responsible for the overall management and control of the Charity. The Trustees hold Board meetings four times a year and an Annual General Meeting to approve the annual report and financial statements. ESCP Europe Corporate Services Limited Ithe'Trading"I holds separate Board meeting5 three times a year. The Audit and Flisk Committee meets at leasi twice a year to reviewthe annual report and financial statements, the accounting systems, internal contTo15, and audits thereof. as well as other significant issues. 41 Annual Report and Financial Statements fi)rthe year ending 31 December 2025 Trustees, Report including Strategie Report The Fleward and Remuneration Committee meets annually to reviewthe framework for the remuneration and terms and conditions of employment of the Charity's key management personnel. In line with good practice. a range of benchmarking assesses the current positioning of our key management's pay in the market, including independent higher education institutions and business schools. It ensures that the Charity's reward policy is appropriate to attract and motivate individuals to achieve the long-term targets of the Charity. The Governance Committee meets twice a year to discuss any governance-related matters and to ensure Board effectivene55_ The Charity operates within the national IUKI framework for higher education provision. Prior to 2019, regulatory control was exercised bythe Quality Assurance Agency IQMI. The Charity successfully met all QAA requirements as an alternative/private provider and. in 2019, registered as a higher education provider with the newly established Office for Students lo￿) under the new regulatory framework for higher education management in the UK. In 2020, the Charity undertook the initial stage5 ofthe Full Degree Awarding Powers IDAPI review process. which was granted in May 2024 for an initial period ofthree years, effective on 2 September 2024 and extended for a further three years.. The ESCP London Campus has a Senior Management Board I'SMB"), led by the Campus Dean, which provides strategic and operational control of the busine￿ and administrative aspects of the Campus within the parameters of the EESC ESCP Europe governance model. SMB is supported byseveral subsidiary committees and local governance mechanisms. some ofwhich are subsidiary committees to federal organs. With respect to supervisory control and governance. the London Board of Trustees (with EESC representationl operates with the support of a Corporate SeNices Board, an Audit & Risk Committee, a Reward & Remuneration Committee and a Governance Committee (see above). Principal Risks and Risk Management The Trustees of the Charity are responsible for managing the principal risks facing the Charity, with particular regard to the ongoing conditions of registration set by the Office for Students IOfSI. The Trustees recognise that effective risk management is essential to protecting the interests of students, ensuring the Charity's financial sustainability, and maintaining its ability to deliver its charitable objectives. Responsibility for the identification, assessment. and oversight of risk management is delegated to the Audit and Fiisk Committee. supported by the senior management team. The Charity operates a structured, risk-based approach to governance, throLJgh which risks are identified. evaluated, and monitored throughout the year. A formal review of the principa5 risks and mitigating actions is undertaken termly by the Trustees and in greater detail at least twice 3 year bythe Audit and Risk Committee. The Trustees acknowledge that systems of internal control can provide reasonable, but not absolute, assurance that major ris￿ have been adequately managed. 5] Annual Report and Financial Statements for the year ending 31 December 2025 Trustees, Report including Strategic Report The Trustees consider the Charit￿5 principal risks and uncertainties to be those that could adversely affect- the qualityof the student academic experience and outcomes- the Charity's financial sustainability and liquidity. compliance with regulatory and statutoryobligations; and the effectiveness of governance. management, and internal control. In particular, the Trustees focus on risks relating to Student recruitment and retention, delivery of coursesto an appropriate academic standard, staff capacity and capability. and the maintenance of a safe. compliant, and sustainable estate. The Trustees also recognise the importance of realistic financial planning and achieving agreed-upon budgets and performance targets in supporting the Charity's ongoing viability. These risks are mitigated through regular and systematic oversight by senior management and the Trustees, informed bytimely management information and performance reporting. This includes monitoring student experience and satlsfaction. recruitment and enrolment against plan, stafffing requirements. financial performance against budget, and the condition and development of the estate. The Charit￿5 risk management framework is embedded within its governance and operational proce55es and includes". the integration of strategic planning. financial forecasting, risk assessment. and key performance indicators.. management of risk at both operational and strategic levels. with escalation of significant risks where appropriate- business continuity and emergency planning designed to safeguard students. staff, and assets,. and clear allocation of risk ownership to ensure accountability and effective mitigation. The Audit and Risk Committee reports to the Board at least twice a year on the effectiveness ofthe Charity's risk management and internal control arrangements, providing assurance that the principal risks to the Chariws ongoing compliance with Ofs requirements and its financial sustainability are being appropriately identified and managed. System of internal control and financial statements In accordance with the Scheme of Reserved and Delegated Matters, the Board is responsible for the administration and management ofthe Charity. including maintaining an effective system of internal control and approving the audited financial statements for each financial year. The Board is responsible for maintaining proper accounting records that disclose, with reasonable accuracy, the Charity's financial position at any given time, enabling the preparation of financial statements in accordance with applicable accounting srandards. 6] Annual Report and Flnancial Ststements for the year wding 31 Decembèr 202S Trustees. Report including Strategic Report The Charity's System of internal control is based on an ongoing process designed to identify, assess, and manage the principal business, operational. compliance, and financial risks faced by the Charity. This process was in place throughout the financial year ended 31 December 2025 and up to the date of approval of the financial statemernts. In accordance with Office for Students IOfSI guidance, no significant internal control weaknesses requiring disclosure were identified during this period. The key elements of the Charit￿5 system of internal control include.. short-term and medium-term planning processes. supported by detailed annual income, expenditure. capital. and cash flow budgets: regular review of financial performance. including variance analysis and updates to forecast outturns- attendance of the CharIt￿S external auditors at meetings of the Audit and Risk Committee, where they provide observations and recommendations arising from their audit work., clearly defined approval limits and controls over expenditure, with capital and significant revenue investments subject to appraisal and review in accordance with Board-approved thresholds,. and an internal financial control manual. reviewed and updated annually, which sets out the Charity's financial controls and procedures. Anysystem of internal control or risk management is designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide reasonable, but not absolute. assurance against material misstatement or loss. Based on their review ofthe system of internal control and the available evidence. the Trustees consider that the Charity maintained an adequate and effective system of internal control for the period from l January 2025 to the date of approval ofthe financial statements. Charitable Objects The Charity's Objects. as set out in its Memorandum and Articles of Association, arethe advancement of education in the science and practice of professional management in a European context. The Charity seeks to provide education and research in professional management and related subjects and to publish the useful results of such activity for public benefit. The Charitywholly owns ESCP Europe Corporate Services Limited, the objects of which are to Carry on business as providers of executive education and training. The subsidiary's performance for 2025 15 given in note 3 to the financial statements. Strategy Following completion of the 2022-2025"Choices and Experiences" plan, a new federal strategic plan for the period 202&2030. entitled 'Bold & United" was adopted. The plan builds on prior achievements and sets the direction for the Parent School's development in response to change5 in the global higher education environment. It reafffirms the group's mission and supports the Parent School's ambirion to evolve into a European Univorsity of Management, structured around complementary academic pillars spanning Business. Technology. and Governance. The plan also emphasises the group's positioning across three core dimensions.. international outreach, academic excellence, and comrrunity. 7] Annual Report and Financial Statements for the yèar ending 31 December 2025 Trustees, Report, including Strategie Report With the ambition to support this federal strategic direction. the London Campus has been developing its strategic plan for the period 202&2030, focused on strengthening its positior) within the UK market while maintaining academic standards, supporting the student experience. and operating within a sustainable resourcing model. The London Campus strategy is organised around the following priorities.. Stabilised andsustainable Growth Stabilised growth remains a core strategic priority, with an increased emphasis on quality. capacity management and financial sustainability. The Campus aims to achieve steady growth in student numbers and activity. aligned with estate development, Student experience priorities and quality assurance requirements. Progres5 will be monitored through clearer performance indicators across market positioning, recruitment and retention, and talent attraction and development. This approach 15 complemented by a stronger focus on long-term engagement with students and alumni, 5UPPOrting employability outcomes. institutional reputation. and the development of more diversified and sustainable income streams. Embedment into the UK Business Ecosystem Embedding ESCP London within the UK academic and business ecosystem remains core strategic priority. The granting of UK Degree Awarding Powers in 2024 marks a significant milestone under this priority. providing a platform for further development and credibility within the UK higher education landscape. 8uilding on this, the Campus will strengthen its participation in UK rankings and further develop Executive Education. Corporate Relations and Career Services as key enablers of deeper engagement with the UK professional ecosystem. This integrated approach aimsto enhance career readiness and access to professional opportunities for students, deeperi partnerships with UK-based organisations, and reinforce ESCP London's visibility, reputation. and long-term position as a recognised contributor to UK and global business education. Creation ofSocia/ and Environmental Impact The London Campus strategy encompasses initiatives designed to deliver a positive social and environmental impact, aligning with the Charity's objectives and the EESC'S mission. Oversight of this agenda is supported by the Charity's Sustainability Committee, which identifies and monitors sustainability-related opportunities and challenges. The Campus will build on existing initiatives and partnerships to strengthen its social impact ecosystem, engaging students, alumni, faculty, corporate partners and community stakèholders. Strategic priorities include embedd ing sustainability and ESG literacy across teaching, research and professional practice., supporting research, scholarships and entreprerieurial activity with societal impact", and aligr)ing internal processes with environmental and social objective5. This ir)cludes contributing to institutional commitments such as a 55% reduction in carbon emissions by 2030, based on external carbon a￿esSMents, alongside continued commitments to social diversity and inclusion. 8] Annual Report arKI financial Statements for thè year ending 31 December 2025 Trustees, Repo￿ including Strategic Report Strategic Delivery Pillars The London Campus strategywill be delivered through the following strategic delivery pillars.. Programme Innovation.. Develop and redefine innovative. interdisciplinary programmes preparing students for future market needs. Thought Leadership. Establish areas of expertise through impactful research and the development of business and knowledge ecosystems. Student Experience.. Elevate student experience based on responsiveness, care. well-being and personalised support across the entire student journey with and on the London Campus. Specialisations Within the context ofthe ESCP system of campuses, awards and specialisations, the London Campus will continue to offer specialisations in.. Marketing & Creativity., Digital Transformation.. Banking, Finance & Investment,. Economics and Policy for Business Responsible Leadership; Luxury Management., Energy Transition,. Consultancy & Professional SeNices,' and Healthcare and Pharma Principal activities of the year During the year ended 31 December 2025. the principal activities of the London Campus, undertaken in furtherance of its charitable objectives. were as follows.. Appointment of Professor Marie Taillard as new UKDean Professor Marie Taillard wa5 appointed on 19 December 2025 as Dean of the London Campus of ESCP Business School for a three-yearterm, having previously served as Interim Dean since I September 2025. She succeeds Professor Kamran Razmdoost. Professor Taillard joined ESCP Business School in 2006_ In addition to her teaching and research role as Professor of Marketing, she has held several senior leadership roles, including UK Associate Dean of Executive Education. London Campus Head of Faculty, and Director and Founder ofthe Msc in Marketing & Creativity. She holds the L'oréal Professorship in Creativity Marketing. Her appointment ensure5 continuity of leadership and rnanagement oversight at the London Campus. Full- Iiine Degree Education In 2025. the London Campus successfully delivered face-to-face teaching as part of12 full-time degree awards to-1,400 students. 91 Annual Report and Financial Statements for the ￿ar endin9 31 December 2025 Trustees, Report, including Strategic Report The programmes included.. the MBA, 8Sc. and Msc in Management las Federal rotational programmesl., the Msc in Marketing and Creativity, Msc in Energy Management and Msc in Digital Transformation Management and Leadership las local Msc programmes with one term or semester on a sister campus); and the Msc in Finance, MSC in International Business Law and Management, and MSC in Biopharmaceutical Management. plus three additional visiting Masters. Part-Time Degree Education During 2025, the provision of Executive Masters part-time degree education continued to be driven by the EMBA programme. The year also benefited from the continued delivery ofthe London-based online and blended Executive Master in the Future of Energies IEMFEI, as well as the launch ofthe Executive Master in LuxuryTransformation & Leadership IEMluxl. The campus also launched its newoperations Manager (Level 51 Apprenticeship Programme. In addition to Charity's degree-based education, Charity and its Trading subsidiary delivered customised educational programmes. responded to a number of RFPS, and company consultancy projects. External links In theyear 2025, the School has been an active memberofthe UK'S Chartered Association of Business Schools ICABSI, the French Chamber ofcommerce in Great Britain ICCFGBI and Independent Higher Educarion IIHEI. The London campus is a150 home to two busine55-facing research centreslinstitute5 receiving external support and ftjnding from companies, including L'oréal. These are the Creativity Marketing Centre ICMCI and the Energy Management Centre IEMCI. >ese8rch As an educational charity and an academic institution, the London Campus endeavours to publish books. academic articles and case studies that receive attention from academics, practirioners and the general public_ Highlights for 2025 include.. Publications in listed Peer-Reviewed Journals- 14 publications in world-leading journals- 26 articles in internationally excellent journals. Several articles in professional and academic magazines le.g.. CIPD, World Economic Forum, LSE Business Review, The European.. Climate Change fleviewl. Additionally, over 35 conference and workshop presentations by London faculty members took place in 2025 at national and international academic conference5. Other research-related outpurs include. 6 book chapter publications- 8 impact papers., Guest editorships and positions on editorial boards- rieviews and service to scientific communities- Numerous appearances in media and posts in blogs and social media. and awards. 101 Annual Report and Financial Statemènts for the year ending 31 December 2025 Trustees. Report, including Strategic Report Sustainability The London Campus continues to strengthen its sustainability, social impact and literacy agenda with the strong 5UPPOrt of the Social Impact and Sustainability IESGI Committee, which includes student representation from AGORA Delivery is coordinated through the Green & Impact Office, which acts as the Committee's operational arm and communicates activity through articles, social media and a Sustainability Spotlight Video showcasing the London Campus. work. The Green & Impact Office supports both Federal and London Estates in quantifying and reducing greenhouse gas emissions for reporting purFX)ses, including refining data collection and discovery methodologies to improve the accuracy of sustainability di5c105ures. It also assesses merchandise suppliers through a sustainability lens and has developed a sustainable travel policy. To progress sustainability literacy, the Office delivered Climate Pitch Induction Sessions to 170 Mim students and worked closelywith Federal teams to refine Al GPT tools designed to support faculty ir) embedding sustainability topics into curricula. It also supported faculty recruitment and faculty-led sustainability initiative5. Looking ahead, the Office will co-host the Social Impact Festival Imarch 20261 and support student-led initiatives such as AGORA'5 Green IAI Hackathon. The Office also developed strategic partnerships with multiple community organisations. such as Camden Good Life. Hampstead Theatre and London Zoo or Living Centre and Somers Town Community Association. Local resource Since 2004, the operations ofthe London Campus have been concentrated on a site in North West London. providing -4,500 sq.m. The EESC ESCP Europe holds the building freehold. Over the years, the site has undergone several developments, including two exten5ion5, the addition of a new student wing. and the installation of two temporary classrooms. In recent years, additional capacity wa5 created by converting the former library into a classroom and reconfiguring an exi51ing teaching space. resulting in approximately130 additional seats. In 2025, further estate development planning progressed with the launch of the'space Mountain" project. which aims to secure and refurbish the main building roof and faGades, while creating additional classrooms and break-out spaces. This project is expected to deliver approximately 125 additional seats, with completion targeted for August 2026. A London Estate Masterplan has been produced, setting out a phased programme of investment to increase teaching and stvdycapacity. upgrade infrastructure, and ensure compliance with relevant safety and security standards, with delivery planr)ed through to 2030. The Charity's voorkforce has expanded progressivelyto reflect and support its growth. At the end of 2025, the full-time faculty number is 28, providing the core of academic support to students. This group is supplemented by over 90 affiliates and visiting faculty. More details on staffing increases are provided in Note 6. Profe￿i0nal services, comprising 68 staff members, provide resource sUPPOrt and leadership across finance, H R, marketing. data planning, IT, student setvice5, communications, and events. 11] Annual Report and Financial Statements for the year ending 31 December 202S Trustees, Repo￿ including Strategic Report With respect to its financial resource5. the Charity generated in 2025 annual consolidated revenues of c. ￿7.3Ml2024.. £17.Iml without any annual operating subsidy received from the EESC ESCP Europe (excluding rent-free subsidy). While the Charity la rgely self-funded its operations during the year, it also received a short-term cash advance ofllsm from EESC ESCP Europe (repaid byyear-endl to address a cyclical shortfall. The Charity reported a consolidated loss of £0.2m12024.' £0.4m lossl for the year. At year-end, the Charity closes with con501idated negative funds of £O.Im12024'. positive fund5 of£02ml. More information is provided in rhe going concern statement. Public benefit statement The Trustees have considered the Charity Commission'sguidance on public benefit. The Trustee5 believe that increasing the skills, knowledge and understanding ofgood busines5 management practices provide5 public benefit since the subject itself is of educational merit, and its dissemination through the student body will then enhance society as a whole. The Trustees have considered ensuring that ongoing public benefit is part ofthe Charity's work and recognise that scholarship awards are essential to helping students who would otherwise not be able to afford the fees access to the education offered by the Charity. Student applications for scholarship awards are available to all who meet the EESC'S general entry requirements and are awarded on the basis of means and academic excellence. Scholarships are available on the EESC'S website. The great majority of scholarships are offered to students at Group level. Those in the Charity's financial statements as a scholarship expenditure are for those scholarships granted by the Londol) entity12025'. £216k12024'. ￿66k1. The London Campus offer5 a number of access Opportunity scholafship5 as well as various financial discounts, payment plans and other commercial incentives, allowing students to access higher education at a lower cost and to spread the payment oftheir tuition fees in exceptional circumstances. This year, ESCP London Campus also became part ofThe UAE Government Scholarship list for UAE nationals and The British Columbia Icanadal Government Scholarship list. In 2025, the donation from the EESC ESCP Europe to the Charitywa5 limited to providing rent-free facilities. allowing the Charity to provide education at a lower cost than would otherwise be possible. This has been shown a5 a donation and derailed in note 3. The Charity welcomes students from all backgrounds. Entrance interviews are undertaken to ensure that students can cope with the pace of learning and benefit from the education provided. An individual's gender, ethnicity, race. religion or disability is not part ofthe recruitment process. The Charity acts as an equal opportunity organisation and is committed to a working environment free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation. or disability. London Campus students regularly engage with local charities and businesses to support various causes (environmentally friendly sustainability initiatives, the provision of clothing and food to local homeless shelters), seeking to increase the Charitys impact on its neighbouring community. I2] Annual Report and Financlal Staternents forthe year ending 31 December 2025 Trustees. Report including Strategic Report The Charity will make reasonable adjustments to meet the needs ofstaff or students who are or become disabled. The Charity is committed to safeguarding and promoting tho welfare of its students and expects all staff to share this commitment. Public Events In 2025, ESCP London Campus organised and participated in a range of high-calibre events open to the School's students, alumni community and external guests. These included-. Flagship events Annual London Campus Student Gala1400+ guests) Class of 2024 Msc Graduation Ceremony1430+ guests, largest to dare) Social Impact Festival TEDxESCPLondon Student Speaker Contest Student life and community IO0+ events organised bythe School and student societies (online and in person), including Finance Banking Trek. Alumnights. LUSL Crypto Society events. cultural and religious celebrations, and social activities Student challenges and competitions. including the L'oréal Big Picture Project and #GetActive BUCS initiatives Student Societies Fair and themed welcome events Corporate Partnerships & Alumni Alumni webinars and events. including the Alumni Summer Soiree and Winter Party Campus-based Campus-based Careers Fair and employer engagement activities Guest speakers H igh-profile speakers including Mario Monti Iformer Prime Minister of Italy), Andrea5 Utermann (Chairman ofvontobel, former CEO of Allianz Global Investors}. and Pedro Serrano IEU Ambassador to the UK) Staff and faculty Annual London Together Day and Christmas Party Blue Factory Start-up Incubator In 2025, the Blue Factory at ESCP London Campu5 entered a transformative phase, reflecting significant progress in student enrrepreneurship. strategic partnerships, alumni engagement, arid integration within the wider London ecosystem. The year saw the strengthening of flagship external partnerships with Camden Council, Related Argent and Camden GoodLife, enabling students to work on real-world challenges linked to SU5tainability, community engagement and urban innovation. The Blue Factory was also strategically aligned with our local MDT programme, onsuring stronger institutional coherence, cross-departmental collaboration and increased visi bility of entrepreneurial activity across the London Campus. 13] Annual Report and Financial Statèments for the year ending 31 De¢•mbÈr 2025 Trustees, Report, including Strategic Report Alumni engagement wa5 revitalised throL(gh a renewed Scrategy that brought high- profile founders back to campus as mentors. speakers and contributors. A total of30 alumni mentors were onboarded, and seven external events were delivered, attended by alumni, industry innovators and Camden-based businesses, further embedding the Blue Factory within the local entrepreneurial ecosystem. Student entrepreneurship activity expanded significantly through the delivery of the Start and Launch Programmes. with participation 9rowing from 24 start-ups in 2024to 60 in 2025, representing ISO% year-on-year growth. Student engagement was further strengthened through the Blue Bridge Student Society (Blue Factory Societyl, which was awarded Society of the Year. reflecting its impact and visibilitywithin the student comrnunity. At an institutional level, the Blue Factory led the London Campu5, successful journey towards Small Business Charter accreditation, evidencing strong engagement with SMES, effective student entrepreneurial development and meaningful corporate collaboration. This work also received national recognition. with the Charity being 5hortlisted for the Independent Higher Education IIHEI Awards 202S in the Outstandir)g Collaboration category. Cooperation with external organisations In 2025, ESCP London Campus continued to partner with a number of recognised bodie5, including.. City St George's Universityof London; Cranfield University, Frankfurt School of Finance and Management: The Industry and Parliament Trust- The Chartered Association of Busines5 Schools., The French Chamber of Commerce in Great Britain- and The Franco-Britlsh Council. Related Parties Related parties include ESCP Europe Corporate Setvices Limited Iihe Yrading'l, the EESC ESCP Europe, and the other ESCP campuses. In 2025, the Charity paid c. £i.2m in costs pertaining to the Federal centre (Accreditations, Corporate Relations & Executive Education, Profit-sharingl 12024.. ￿.2M). These costs are integrated into the company's statement of comprehensive income and are not recharged to the EESC ESCP Europe. The statement of comprehensive income showing the local performance is presented on page 23. In addition to the related parties mentioned above. there are two further related parties. ESCP Europe Foundation The ESCP Europe Foundation was created by ESCP Alumni in 2005 and is a French- registered charity. The Foundation supports the EESC in sustaining its academi excellence and leadership, particularly in key strategic areas such as promoting social diverslty and entrepreneurship. developing projects aiming at increasing competitiveness and innovation in France and abroad and implementing innovative teaching methods. 14] Annual Rèport and FIna￿la1 Statèments forthe year ending 31 December 202S Trustees. Repo¢ including Strategic Report To achieve its ambitions and financial targets, the Foundation seeks to raise contributions from corporate sources and Alumni via Several fundraising campaigns. In 2025, the Foundation raised over £275k12024= £249k I through the Charity or) behalfof other campuses. All sums not specifically attributed to the London Campus were paid back to the Foundation in late December 2025. These sums are not recognised in the finance statements as the Charity acts as an agent. The ESCP Europe Alumni Association The ESCP Europe Alumni Association is a separate legal entity from the London Campus itself. It is independent of the Charity and therefore is not consolidated into these financial statements. From a global population of c. 60.000 aSumni in 200+ countries, there are some 2,600+ alumni in the UK. The London Campus engages with them regularly through receptions. conferences, invitations to speakto students. and support in finding interr)ships and company projects. Performance of the Charity The quality of the School's higher education is recognised annually in the Financial Times 8usiness Education Rankings. with strong performance across all programme categories and an overall ranking of 4th in the 2025 Eufopean Business School league table. Capitalising on the improved rankings ofthe School in Europe during the year, the Charity consolidated its growth in terms of academic and financial perforrrance, with London Campus remaining one of the favoured destination campuses of ESCP students. The European Bachelor in Management was taught on Campus from the beginning of the new academic year with a strong cohort hitting our grounds, on a full-time basis, from early September 2025 with 462 students12024.. 502 students). all being taught face-to-face. with combined revenues of £4.8m12024: £4.2ml. Executive Masters and Bespoke Executive Education. following the reposltioning of the portfolio of Executive Masters and new contracts from returning clients, brought their combined annual income to £2.Im12024: £2.4ml. The Charity's Trading subsidiary. ESCP Europe Corporate Services Limited, produced an operating surplus for the year of EO.Im12024.' EO.4ml before a gift-aided donation ofthe same amount to the Charity at year end. The Trustees have considered the consolidated financial10s5 derived bythe Charity of £0.2m12024'. £0.4m lossl and the negative equity of £O.Im12024'. positive equity of £0.2ml at the ond ofthe year. The negative equity POSltion arises primarily from long term loans due to EESC ESCP Europe that are not repayable byJLJly 2027. The Trustees will rely on a deed from the EESC ESCP Europe to conclude that the Charity is a goirng concern for the period of12 months after the date of signing of the financial Statements. The Trustees remain satisfied with the results of the Charity in 2025 in that context and upon consideration of the levels of free cash flows for at least 12 months from signing of the financial statements as well as the ongoing possibility for the Charity to access financing from the Federal Centre to meet its liabilities should the need arise. ISI Annual Report and FKnanclal Statemènts for the year ending 31 Deeèmber 2025 Trustees, Report including Strategic Report Development objectives In line with the strategic priorities outlined above and the London Campus strategy for the period 202&-2030, the Charity will continue to develop and execute its academic and business plans. Key development objectives for 2026 include.. the implementation and early delivery ofthe London Campus Strategic plan for 202&2030, aligned with the Parent School's federal strategy Bold & United,. further embedment of the London Campus within the UK higher education, academic and business ecosystem. building on the granting of UK Degree Award ing Powers.. the launch of a new Master in Economics & Policyfor Business IMEPI, expanding the Campus's academic portfolio in line with market demand and identified areas of expertise., the continued Strengthening and diversification of Executive Education and corporate-related activities, delivered through the Charity and its trading subsidiary, in support of sustainable income generation.. and the modernisation and extension of Campus facilities. together with significant estate maintenance activities commissioned by the EESC, to support planned growth, studernr experience and operational resilience. In support of these objectives, the Charity continues to aim to.. strengthen student recruitment acr055 its full portfolio of degree and executive education programmes,. ttract, develop and retain a high-quality Faculty and Affiliate Faculty to support academic excellence and research output", consolidate and further develop the London Campus's areas of research expertise, aligned with its strategic academic pillars and specialisations,. encourage new areas of enquiry and programme development closely linked to its degree and specialisation offering", and promote and advance teaching excellence in alignment with the learnir)g goals, academic standards and mission of the School. Reserves policy Since the end of2015, the Charity has not held any restricted funds in its financial statements. Total uniestTlCted funds at the end of the current year were £-O.Im12024'. £0.2ml. As at 31 December 2025, the level of financial support from the EESC remains limited to the provision of a free-rent facility valued at £565k per annum, consistent with the site's rateable value. In 2025, further assurance that the Charity is a going concern was provided to the Board of Trustees. which assessed forecast5. the availability of financing and projected cash flows for the next 12 months. In addition, a five-year financial plan covering the period 202&2030, providing a longitudinal view of expected cash flows, indicates an improvement in operating results and a srrengthening of the funds position over the period. This is driver) by sustained student demand for the London Campus and the planned expansion of the academic portfolio through the introduction of new specialisations. 16] Annual Report and Financial Statements ft>r the year ending 51 December 2025 Trustees, Report. including Strategic Report Key management personnel and remuneration policy The SM8 constitutes the grouping of key management personnel of the London Campus. This group comprises the Dean of Campus, Directors and Heads of Professional Services, and a Senior Faculty Representative. The number of people included within key management in 2025 was 812024". 51. Within this group, Directors and Heads are subject to annual pay reviewvia the Charity's Reward and Remuneration Committee IRRCI. A number of criteria are used for setting or revising compensation. including the nature of the role and respor)sibilities of each individual, average salaries for comparable positions acros5 the sector, and recent pay trends. Annual performance reviews may result in the award of performance-based bonuses. salary increments. ar)d/or grade modifications. Note 6 provicles details of the remuneration components of the UK Dean. The senior faculty representatives are subject to the faculty performance evaluations applicable to all faculty. except the Campus Dean. This process is governed locally bythe Campus Faculty Advisory Committee ICFACI. Financial review and results for the year On a consolidated basis. total revenues increased from £17.Im in 2024 to £17.3m in 2025. This increase was primarily driven by growth in BIM and part-time Executive Education revenues, which rose by£O.2m to ￿.4MI2024.. ￿.2rnI. The level of operational donation from the EESC. excluding rent, amounted to £nil, with the provision of rent-free premises from the EESC recognised as a gift-in-kind of£565k 12024". £565kl. The evolution of EESC subsidies from 2024 to 202S is reported in note 3 to the finar)cial statements. The expenditure for 2025 totalled £17.5m12024- ￿7.4M1- The keydrivers ofthis increase are the development of new activities, notably part-time Executive Education, alongside inflationary increases primarily affecting operational costs, and the enhancement of the premises and facilities to maximise site capacity. These activities will continue strengthening the London campu5'5 Position in supporting higher student numbers with excellence_ The net consolidated result for the year is a1055 of £0.2m12024'. £0.4ml. ESCP Europe Corporate Services Limited generated a surplus of £O.Im12024'. £0.4ml, which was then transferred as a gift-aided donation to the Charity. Going concern The Board has carefully assessed whether the Charity is a going concern, based on its I nancial position, performance, and the availability of financing, as outlined in the fi nancial review. Pa rticular note has been taken to ensure the assessment is proportionate to the organisation's size, level of financial risk, and complexity. IT Annual Report and Financial Statements ft*rthe year ending 31 Dècèmber 2025 Trustees, Repo￿ including strategic Report In addition to analy5ing the current financial position. the Charity prepared a S-year plan 12026-20301 highlighting the progressive growth in funds, using realistic headcount and investment a55umptions for the period. The Trustees, position also relies on the existence of a deed formalising financial support provided by the EESC. As of 31 December 2025, the Charity has net consolidated current liabilities of £2.7m 12024.. £2.6ml. a positive balance of cash of £ISm12024.. £23ml and a level of borrowing from EESC ESCP Europe of ll3m for previous estate development activity. which is repayable after more than 12 months. Long-term liabilities are nil. other than borrowing. The Charity benefited of a llsm cash-advance in QI 2025, which was fully recovered by Q4 2025. Sources of income forthe year ahead will be secured through lla growing flow of students recruited at the Federal level and sent to the London Campus, 21a sustained recruitment of students for the local master's programs, including a new master's program, and 31 an increased activity ofthe executive education. Further developments are planned in future years once the'space Mountain. project is completed. This investment in the estate will be funded by the EESC. On that basi5. the cash flow forecast for the next 12 months shows positive cash balances throughout. The statement of the Board's responsibilities, the description of the organisation's management, and the reviewof internal controls summarise the arrangements the Charity has in place for identifying and managing risk Taking the above into account, the Trustee5 have a reasonable expectation that adequate resources exist to continue operations for the foreseeable future. and the going concern basis cor)tinues to be appropriate for preparing the annual financial statements. Independent Auditors Each ofthe persons who is a trustee at the dare of approval of this report confirm that: so far as the trustee is aware, there is no relevant audit information ofwhich the charitable company's auditors are unaware,. and the trustee has taken all the steps that he/she ought to have taken a5 a trustee in order to make himself/herself aware of any relevant audit information and to establish that the charttable companys auditors are aware of that information. Thi5 confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. Approved by the Board ofTrustees on 24th March 2026 and signed on behalf of the Board. Lord old Chairman ofthe Board o Trustees 4June 2026 18] Annual Report and financial Statements for the year ending 31 December 2025 Trustees, responsibilities statement The Trustees Iwho are also directors of ESCP Europe-Business School for the purposes of company lawl are responsible for preparing the Trustees, Report lincluding the Strategic Report) and the financial statements in accordance with applicable law and regulation. Company law require5 the Trustees to prepare financial Statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising F￿s 102"Tre Financial Reporting Standard applicable in the UK and Republic of I reland" and applicable law Iunited Kingdom Generally Accepted Accounting Practice). Under company lawthe Trustees musr not approve the financial statements unlessthey are satisfied that they give a true and fair view of the state of the affair5 of the charitable company and the group and ofthe incoming resources and application of resources, including the income and the expenditure. of the Charity and the group and oftheir income and expenditure, gains and losses, and changes in reserves for that period. In preparin9 these financial statements. the TrusLees are required to.. select suitable accounting policies and then appty them consistently, observe the methods and principles in the Statement of Recommended Practice.. Accounting for Further and Higher Education12019 edition)., make judgments and estimates that are reasonable and pruden¢ state whether applicable UK Accounting Standards, comprising Fris 102, have been followed, subject to any material departure5 disclosed and explained in the financial statements., and prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charitable companywill continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable companys transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensurethat the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets ofthe charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity ofthe charitable company's web51te. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisd ictions. 19] Annual Report and financial Statements for the year ending 31 Dècember 202$ Independent auditors, report to the members of ESCP Europe-Business School (the'school") Report #n the audsi of thefsrbancial statements Opinl•n In our opinion. ESCP Éurope-BuynesSkho￿Sg[QuP fir￿ncIal Statements and School financial Slatements Ithe'financial 5tatementg'l'. 9ive a Irue and fair vrew of the state of the groups and of the kFthl'5 affair5asat 31 Decembpr 2025 and of Ehe group'53nd of the ￿h0o1.$ Incorn* and expendilure. gainsand b55e4 changes in re5erve& and of the group'5 cash flowsfor theyear then endecl". have been properly pfepafed in aCCtsrdar￿e wth United Kingdorn GeneraltyAccepted Accountir)g Practice Iuriited Kingdom Accouniing Stan(lards. comprwng FF15102The Financial Reporting Standard applicable in the UK and Republic of Ireland-. and appliCa￿e lawl". have been properly prepared in aCcordanCev￿ the requirements rltl*Office for Students. ￿¢￿JnIS Direction Iofs 2019.411". and have been prepared in accordancewth the requirement50fthe Cornpanies Act 2(K)6. We have audited the financial statements. inclu¢Yed wthin the Annual Rewn and Financial Statement5 Ithe-Annual Fleport"l.which comprise the Cor￿l￿ated and School Statement of Financial PO￿ll0￿ as at 31 December 2025." the Consolidated and School Statement of ComprehensNe Income. the Consolidated and khool Stattment of Changes in eserrfes and the Consolidaied Staternent of Cash Flows fortheyear then ended.. Ihe Statement of Principal Accounting Policies and the notes to the financial siatement* Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKJ ri￿ IUK)'l ana applicable law. Our responsibilities under ISAS IUKI are further described in iheAudiiors' rewnsibilifies for the audit of the financial statements section of our report. We believe that the au¢Jit ewdence we have obtained ￿ sufficieni and appropriate to provide a ba95 for our opintorL Ind*Kenden¢e We remained independentof rhe group in accordanTrwih the ethical Tequirements that are relwant to our audit of the financial statemeT)ts in the UK whrh Inclvdesthe F%ICs Ethical Standardandwe haVefutfiI￿ OUT Other ethical re5pon5ibilities in accordancewih these reouiremenrs Conclusions ￿latIng to goin9 Based on the workwe have performed. we have not identified any material uncertainties relating to eveDts orcondition5 that, Individual￿ oi collectplely, maycast significant doubt on the9roup's and *hool's abilityto continue as 8 going concein for a ptrriod of at least twe￿ rnonthsfrorn the date on vknich [hefina￿lal s¢aiements are authorise(J for tssue. In èuditing thefinancial statements.we ha￿ concluded that theTrusiees' use of the gtyng concem ty￿$ of accounting Iri the preparaiion of the financial statements is 8ppropriate_ owever, because not all future e￿n￿Or conditions can be predrted. thscOnclLs￿n ts not a guarantee asto the 9rtsup's and Schotsfs abilrytocontinue asa going concern. Our responsibilities and the responsibilitiesof rheTrusteeswith iespect togoing concern art tlescribEd in the relevant sectlQT15 of thi5 rewrt. Rgporting on other iThformat5on The other information comprises all of the information in theAnnu31 ReportoiheT than thefinaricia5 statements and our auditors, report thereon. TheTrustees are respongble for the Oiher information. Our opinion on the financial statements oes not cover the other informarion and. accordingty. we do notexpress an audit opinon or. except to the extent ¢thetwise exp51cit￿S¢Jted in this rewri anyform of assurance thefeon. In connection with ouraudit ofthe financial statements our responsibility S to read the other information and. in doin9 so, consider whether the oiher inforMat￿n is materialty inconsistent with thefinancial SEatements or our knowledge obtained In the audiL or othermse appears to be m3terialty misstated. If we identify an apparent rnaterial irnconsi5tency or malerial m155tatemenL we are required to perform procedvresio conclude wheiF¥er there is a material misstatement ofthe financial slatementsor a material misstatement of the other information. If. based on thework we have Ftrformed, we conclvde that there isa material misstatement of Lhis other information.we are required ro report that fact. We have nothing to rewrt based on these rewn5ibiliiies With respect to the Trustees. rewrt and Strategic rerK)ffj a150considered whether the disclosures required bythe CompaniesAct 2006 have been included. Based on ihe responsibilitiesdescribed atx>ve and our work undertaker) in the course o¢the audit. the CompaniesAct 2006 requires us also to report certain opinions and matters asde5cril>ed bebw. 201 Annual Report and Financial Ststements for the year ending 31 Decernber 2025 rru5rees'l￿￿clTa￿d5trateg￿wrt In our opinion. based on the vx)rk undertaken in the course of Ihe a￿j¢the informatK)n gwen in theTTUStees' Rewrt and the Strategic ReporLfor the￿rende￿ 31 Decernber 2025 are ¢or)ststentwth the financi31 statements and have bÈen prepared In accordance wirh ap￿￿abie ￿gaI requ1￿MentS In light of the knowledge and tsndetstandin9 of thegroup and *hool and their enwronment obtained in the courseof the audit. we did not identify anyrnaterial misstatements in theTrtsstees' Rerx)rt and the Straiegic Report R•sponsibilities forth•financial statwngnts and the audit ResponSibilit￿SUfthe TrusteesfortheffnanckT15tarements As explained more fulty in the Trustees, resrA)n￿b111ties statement set oui on page19. the Trustees Iwtho are èlsothe directors of the school for Ihe pvrposes of company lawl is re5pon5its￿ forthe preparation of the financial SL3tements in accordance with the applicable frarneworkand for beiry satisfied thai theygNe a trveand fairview_The Trustees are also res￿nsibl& for such Internal control ès they deiermine [% necessaryio enable ihe preparation of financi31 statements that are free from material misstatemenLwhether due ro traud or error. In preparing the financial statements th2Trusteesare res￿n￿ble forassessing the group's and Schod's ability to continue ès è going concern. disclo>ng as applicable. matters related to going concern and using the going concern basisof accounting unless the Trusteeseither intends 10 I￿Uldate thegroup and khool or to cease operations.or has no alisiic alternatwe but to doso. Al￿{tO￿.re5p¢nSbil￿t￿$f0￿rheOud1r0￿thefi￿8rtC￿1$r8{ernents Our objectives are to obtain reasonab￿ assurance aL￿ul ￿ether the finar*ial Stat￿)ents35 a vthole are free frorn material mi55tatemeni,wherher dueto fraud of error. ar￿ to ityje an auditors. report rhat Include5 OUT opiriion Reasonable a*uraDce is a high knl of assurance. but s rK*t aguarantee that an auditconducted in accordance with Is￿ IUKI will a￿ky$ deiecr a material misstatementwhert it existg Misstatementscan arise from fraud or error and are considered mtterial it. indivkyuallyor in the aggregate. theycoukl reasonab￿ be expected to influence iheeconomic decisions of userstaken on the ba9s of these fina￿la1 statemen Irregularities inclu¢Ying fraud. are instances of non(Jeration of any known or suspected instances of non-compliance with laws and regulationsand frèud.. Identification and testingiournal entyies meetin9 certain ii5k cfiteria. in particulaf any journal entries postecj With unusual account cOrnbinat￿rn￿ Challenging assumptions and juclgemenrs made Iw management in ygnificant accountlng estimate% Design of audit protrdures to Incoff[￿rate unpredictability intoourtesting.. and Rewewof financial 5tatefneni di5c105uresand testing to supporting tjocumentation to as5esscornplianeÈwth applicable la￿￿ and regularK) There are Inherent limirarions In Lhe audit procedures described aiKNe We are le55 likely 10 become aware of instances of noD-compliance with laws and regulations that arè not Close￿ related to eventsand transacrions reflected in the financial SLatements.Aso. the r15k of not detectin9 a material misstaternent due to fraud is higher than the risk of not detectin9 one resulting frorn erior. asfraud may invO￿e deliberate conctalmerit by. for example, forgery or intentiorial misrepre5eritaiions. orthrou9h collvsK)n. A further description of our responsibil￿leS for the audit ofthe financial statements ig locared on the Financial Reportin9 Council's website at".bvwN.frcnr9.uklauditorsre¥M)n9biltfies Thsdescription forms part of our auditOTS' rewrL Use off thsreport Thi5 report, Including the opinion& ha5 beeri wepaTed fo¢ and on]yfor theTrusteesof ESCP Europe-Busine55Sthool. in accordaDctr with Chapter 3 of Part16 of theCompaniesAct 2006 and for no other purpose. We do not in gMDg these opinions. accept or assume respongbility for any other pursxise orto anyother person rowhom this report isshown OT into wh￿e hands it maycome save where expresslyagreed byour prK)r conseni in writing. 21] Annual Report and Financial Statements for the year endin9 31 December 2025 oth*r required reporting Opink)ns on other maryws pr•s¢rtbed In the Offic*f•r Stud•nW Accountsoirection {OIS 2019AII In our opinion. in all maierial respect& funds from whaieversource administered by the School for specific ptyrposes have bpen property applied to those purposesand. if relevanL managed inaccordancevitth relevant legslaiK)n. Under the Office for Studens'Accounrs Direction.N%p are required to re￿rt toyou. rf we have aryrhing to report in respect of thefollowing rnatter. The 5ch(K)I's granr and fee inctsme. asdixlosed in note S to the financial starements has been materially misstated. We have no matter5to rewjrt ari9ng from thi5 re5PDngbility. Compani*s A¢t 2006 exception reporring Un#erihe Compafties Act 2006 we are required to rew)rt 105rv if. in our opinK)n." we have not recerved all the infijrmationand explanations requireforovr audit", OT adequate accounting records have not b*n kept bythe khoolor returr6adeouate for our audit have not been recen/ed from ￿ancheS notwsited by us certain disclosures ofdirÈctors' remuneratk)n speofied Ly laware not made.. or the School finarcial statements are not in agree￿nI with the accounting recordsand retuTns. We have no exeeptions to report arising from ihis Te¥x)nsTbility. David Hagger (Senior StatutoryAuditorl for and on behalf of Pricewaterhousecoorers LLP Chartered Accountants and stat￿oryAu￿1torS London 4June 2026 22] Annual Report and Financial Statements for thè yèar ending 51 December 2025 Consolidated and School Statement of Comprehensive Income For theyear ended37 December2025 2025 No-. C4¥nsolldated School ConsU￿dated School Ineom* Tuiticlb lee5 ayd vJuEdtton ¢or.Irac )WW IS40&2TI 16.741.490 1/1.7111/190 F4JYding 9Taf.ts Fteseatch ¥rants dnd contracts 3*121 3&121 OTher 1r.rome IWOi.6ll iW.6 Z2519Tr 1531.YTr2 ?m 742 31419 1.6253 Total inctsm* 1739W8 14Y19X16 ri.074.7n i&7Yt.056 Expenditww• 8217.473 &217.473 839Z9r7 &392.917 o-.￿,￿1 UFeratJn9 exper.5es 8541O76 83U6FI 8352.053 8.Cg.)331 67T.788 6Tr.788 538.135 538.135 rr ￿1￿.a-C2 Cas'.5 90.￿0 90.167 i58.oe2 Il*8.0è9 Total •xpèndr(urè T1￿27￿ I72￿0$$ 17./rft?.187 17.120/.72 Deficit before lax P29.Y891 P29.7891 Defitit aft•r tax 12U7891 PU7891 13f&4T61 1366 /*161 Total comprehonsi￿￿￿￿* lor the yeaf IZU7891 12U789) 13t46161 1366.4161 Represented W. Vnrestrirted comprehgn5ivg ?xpEnse for th•y*ar 12U7891 1229.7891 All items of income and expenditure re13te to continuin notes andpolicies on pages27 to 46 form part of these activities. The 3ccompanying n3ncialstatements. 23] Annual Report and Financial Statements for the year ending 31 December 2025 Consolidated and School Statement of Changes in Reserves Consolidated Income and expenditure r¢ser¥e Gener•1 fund Totsl Balance at l January 2024 528.804 528.804 Deficit for the year 1366,416) 1366.4161 Total comprehensive expen$* for the year 1366.416) 66,4161 Balanc• at 31 December 2024 161388 Deficit for the year 1229,7891 I229,7￿> Total comprehensive vxpense f•rthe year 1229,7891 1229.7891 Balan¢• at M D¢¢•mber 2025 167hOiI Seht)ol Income and expenditure reserve General fvnd Total Balanc¢ at i January2024 528.803 528.803 Deficit ftrr the year 1366.4161 1366,4161 Total comprehensive expense ftsr the year (366,4161 1366,4161 Balan¢* at 37 December 2024 lQ387 162387 Oeficii for the year 1229,7891 (229.7891 Total comprehensive expens¢ for the year 1229,7891 1229,7891 Balance at 31 D¢cembet 2025 {￿.402) (67h021 24] Annual Report and Financial Statements tor the year ènding 31 DeCeM￿r 2025 Consolidated and School Statement of Financial Position As •131 Oe¢emkn 202S CoThsolid•i*d School S¢ Flz•d asset$ Tèn9ble assrfs 189S.713 3.89S.713 1238 4J3BM 3Ag&713 3J96.711 4.)3$￿1 culle￿ asseis T¢•d*￿￿¢th* r•¢en14bl*s 1633.088 2.#n.071 l47Q131 CathJfvJ¢ash¢*thv*ffjs 1521.445 1645.779 4.154.533 4J116.895 4.6￿.￿9> 4,115.9 Less..Cr*Oiots.. Arnol￿t55a￿gth*￿A￿￿QntIe¥ (6.82L32D) 16.684.6841 203* 1&7V207J Nrt curr*nl ti•bilili&S 11667.7871 (1667.7891 116012921 (2.6012941 Toi¥ ass•is less liabifili*$ 1229.92$ L220J25 l737288 L737387 Crediitrs. Imwslamn9due altèr MrethanofteyÈ¥ 11.29g.327) 11.29È.3271 I￿75.0￿) 1157&000) Tolal hei Iliabiliiiesll•ssrts (S7.4011 1$7.4021 Uni*siiieied Reseives In¢om? 3ndexp+h4￿￿1èr￿erVe-Ur￿èAit¢ied 167.4011 1$7.lOZJ 162.387 Toial Reseiv*s (67.4 167.402J The financial statements of ESCP Europe Business School. registered number 1876779, on pages 23 to 46, were approved and authorised for issue by the Directors on 24th of March 202& s19n￿ on behalf of the Board of Dlrectors Truste irector te rector Lord old 4JuDe 2026 Leo 4 lune a￿lUS3 26 25] Annual Report and financial Statements forthè year ending 31 D￿ernber 2025 Consolidated Statement of Cash Flows For theyear ended37 D￿ember2025 Note5 2025 2024 Cash flow from operating activities Deficit for theyear before tax P29,789) 1366,4161 Adjustmentfor non-cash items Depreciation 6T7.788 538.135 Ilncreaselldecrease in debtors Ilncreaselldecrease in creditors Adjustment for Investlng or financlng activities 1350.834) 141,872 12 1334iX) 1.332,923 Investment income 133,142) 146,2531 Interest payable 65,952 64,907 Cash flows from operating activities 1204146} 1,665,168 Taxation Net ¢a5h oufflow from operating activities PO4146) 1,665,169 Cash flows from investing activities Investment income 53,142 46,253 Payments madeto acquire tangible assets 123S823) 12,391,693) POl681) 12,345,440) Cash flov¥s from financing activities Interest paid (6&952) 164,9)71 Receipts from loan facility 950,000 Repayments of loan facility (326,1171 1239,9501 (392,069) 645.143 Decrease in cash and cash equivalents in the year Cash and cash equivalents at beginning of the year 15 1798096) 135,1291 15 2J2034I 2,355,470 Cash and cash equivalents at end oftheyear 15 2,320.341 26] Annual Report and Financial Statements forthe yeai endin9 31 Decernber 2025 Statement of Principal Accounting Policies ESCP Europe Business School is a private company limited by guarantee. It was incorporated on 11 January1985 and registered with the Charity Commission in England and Wales under Charity number 293027. The registered address ofthe School is listed on page 3. Basis of preparation The Consolidated and School financial statements have been prepared in accordance with the United Kingdom Accounting Standards, including Financial Reporting Standard 102 IFRS 1021 and the Statement of Recommended Practice ISORPI= Accour)ting for Further and Higher Education12019 editionl- They have also been prepared in accordance with the current Accounts Direction issued by the Office for Students IOfSI, the Terms and Conditions of Funding for Higher Education Institutions issued by the Office for Students (Ofs 2019.411, and and the Companies Act 2006. The Charity 15 a public benefit entity as defined by FFiSIO2. The functional currency of the chaiity is considered to be pounds sterling because that is the currency ofthe primary economic environment in which the Company operates. The presentation currency is pounds sterling. ESCP Evrope Business School meetsthe definition of a qualifying entity under FR5102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. which are presented alongside the con501idated financial statements. In parficular, no School Statement of Cash Flows 15 presented. Basis of Consolidation The group financial statements consolidate the financial statements of the Charity ar)d its subsidiary undertaking. ESCP Europe Corporate Services Limited drawn up to 31 December everyyear. Where necessary, adjustments are made to the subsidiary's financial statements to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances. income, and expenses are eliminated d uring consolidation. These financial statements include the results ofthe subsidiary ESCP Europe Corporate Services Limited. The results of this subsidiary are con501idated on a line-by-line basis. Going Concern After making enquiries, the Trustees have a reasonable expectation that the Charity has acce5S to adequate resource5 to continue its activity for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements for the period of 12 month5 after the date of signing of the financial statements. The Trustees, posltiorn relies on the existence of a deed regarding loan facility provided by the EESC ESCP Europe at the time ofthe sign-off of the statutory Inancial statements. More information on the going concern assumption is given on page5 17 and 18 in the Trustees. report. 27] Annual Report and Financial Statements for the year ending 51 December 2025 statement of Principal Accounting Policies New accounting standards issued not yet effective In March 2024, the Financial Reporting Council IFRCI issued amendments to FRS 102 (the Financial Reporting Standard applicable in the UK and Qepublic of Irelandl. The new Statement of Recommended Practice for Further & Higher Education IFEHE SORPI was published in November 2025. These amendments will be effective for accounting periods beginning on or after I January 2026. The amendments amongst other things, particularly in relation to revenue recognition and lease accounting. The School will assess the impact of these amendments in the upcoming months and intends to apply them for the financial year commencing l January 2026. Income Recognition Tuition fees and education contracts income Fees receivable and charges for setvices are accounted for in the period in which the service is provided. Income is defeired when it is received in advance for services to be provided in following periods. Other income Other income regroup5 the income pertaining to our trading entityfor £725k12024'. £1,168kl, rent-free donation and incomes. In 2025, the EESC donation was limited to providing rent-free faciliries to the Charity, where the trustees use the rateable value determined by the Valuation Office Agency. In 2025, this was estimated at £565k12024'. £565kl and recorded a5 a donation in rhe Statement of comprehensive income (Note 31, with a marching expenditure recorded within other operating expenses. Expenditure Expenditure is accounted for on an accrual basis. Other expenses encompass Costs rnot directly attributable to particular functional activity categories and are apportioned over the relevant categories based on management estimates ofthe amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element ofVAT is included with the item ofexpense to wh ich it relates. Foreign currency translation Foreign currency exchange conversion is made at the rate ruling at the time ofthe transaction, or for balance sheet items at the average rate ofrhe previous month using HMRC'S website. Employment benefits Short-term employment benefits, such as salaries and compensated absences. are recognised as expenses in the year in which employees render service to the School. Any unused benefits are accrued and measured as the additional amount that the School expects to pay as a result of the unused entitlement. 28J Annual Report and Financlal Statements for the year ènding 31 Decernber 2025 Statement of Principal Accounting Policies Pension scheme The Charity participates in the Universities Superannuation Scheme. The scheme is hybrid pension scheme, providing defined benefits (for all members). as well as defined contribution benefits. The assets ofthe scheme are held in a separate trustee- administered fund. Because ofthe mutual nature ofthe scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The Charity is therefore exposed to actuarial risks associated with other institutions. employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. A5 required by Section 28 of FRS 102 "Employee benefits" the Charity, therefore, accounts for the scheme as if it were a defined contribution scheme. As a result. the amount charged to the profit and loss account represents the contributions payable to the scheme. The latest actuarial valuation was carried out as at March 2023 and was completed in December 2023 forthe scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. It did not include deficit recoverycontributions from l January 2024. The next triennial valuation would start 31 March 2026 with results announced in 2027. At 31 December 2025, the Charity had 123 active institutional members participating in the scheme12024.. 1231. The contribution rate payable bythe institution was 14.S%. Tangible fixed assets The freehold ofthe premises occupied by the Charity is owned by the EESC-ESCP Europe. Tangible fixed assets are stated at cost less depreciation. The rates of depreciation of capital assets are as follows.. Building Improvements Building improvements stiaight line over ten years for fixtures and fittings straighi-line over ￿enty-fiVe years or remaining life of the lease. whichever is shorter. for structural upgrade Iroofs. facadesl IT equipment straight-line over three to five years Office furniture and equipment straight-line over five years The Charity performs impairment review5 of its assets annually. An impairment loss is recognised when the recoverable amount of an asset. which is the higher of the asset's fair value less costs to sell and its value in use. is less than its carrying amount. Operating leases Rentals applicable to operating leases where substantially all the benefits and risks of ownersh ip remain with the lessor are charged to the statement of financial activities on a straight-line basis. See note 18. 29] Annual Report and Financial Statements for the year endin9 31 December 2025 Statement of Principal Accounting Policies Tax As a registered charity, the Charity is exempt from corporation tax underthe Corporation Tax Act 2010 or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes. No corporation tax charge has arisen in the CharIt￿S subsidiary due to its ability to off-set its liability against previous year1055es12024'. £nill. Financial assets Basic financial assets include trade and other recetvables. as well as cash and cash equivalents. These assets are initially recognised at transaction price. Trade and other receivable5 are subsequently carried at amortised c05[ using the effective interest rate method, which is the transaction price less for any amounts settled and any impairment losses. These assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment. an impairment Ioss is recognised in rhe statement of comprehensive income. Financial liabilities Basic financial liabi lities include trade and other payables and intra-group loans. These liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured ar the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amort15ed cost using the effective interest rate method. Trade payables are obligations to payfor goods and services acquired in the ordinary course of business from supplier& Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. Financial liabilities are derecognised when the liability is discharged, cancelled, or expires. Accounting judgement In applying the Group's accounting policies, the Trusteesaie required to make judgements, estimates and assumptions about the carrying amounts of a55ets and lia bilities that are not readily apparent from other source5. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to 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 in future periods if the revision affects both current and future periods. Income recognition The Trustees acknowledgo that the Charity derives the great majority of its income from student fees for courses and from the donation from the EESC ESCP Europe. In doing so, the main judgement regarding income recognition concerns the cut-off date, specifically for students whose programme5 span two calendaryears. In making this judgement, management uses the student course timetable to allocate revenue5 to the appropriate accounting period. 301 Annual Report and Winancial Statements for the year ènding 31 DecernbÈr 2025 Statement of Principal Accounting PolicÉes Valuation of donated rent-free facilities With regard to the valuation of the donated gift in kind for the site rent, the Trustees use the ratoable value ofthe site, as defined by the Valuation Office Agency. as the best estimate ofwhat they would be willing to pay for the use of the site. USS retirement benefit obligation The USS scheme is a multi-employef scheme. There is insufficient information to allow the Charity to identify the scheme'5 share of assets and liabilities, 50 it is accounted for as a defined contribution scheme. Accounting estimates Ye3r-end Federalprofit-sharing estimate For the first time in 2022, the Charity paid Group profit-sharing bonuses to all staff in permanent employment for more than 3 months at the end of 2027. The principles of this payment are determined at the Federal level, including the parameters ofthe bonus calculation. As part of the 2025 closing, the Federal team instructed the Charityto process a 2025- related profit-sharing accrval for each permanent employee who had been employed by the Charity for more than 3 months at the end of 2025. The value of the 2025 accrual at year-end amounted to £459k12024= £688kl. The amount that will be paid will be communicated by the EESC in June 2026. 31] Annual Report and Financial Statements forthe year ending 31 December 2025 Notes to the Financial Statements 1. Tuition fees and education contracts 2025 2024 Consolidated Consolidated School M35¢ers' qualifications 9221670 9334,210 9,334.210 Bachelor in Management 4T19A69 4,207,972 4,207.572 Exeeutrlie educ3tion Ipart-timel Ih06.I38 Ih06.138 1.193.708 1,199,708 I&408.Tn 14408m 14,741,4 14,741,4￿) 2. Research grants and contracts 2025 2024 Consolldatèd School Consolidated School Research grants and coniracts 35,121 35.lJ 35,127 35,121 3. Other income 202S 2024 Consolidated hool Corwlidared School executive education Icustoml 1.168.472 Seminars and conferÉn¢es 70.604 Fiecharges to other ESCP campuses 278.651 341297 248.643 echargesto Trading 8A63 613,895 Rent-free donation $65.000 565,000 Gift aid donation 91801 401.656 Other income 168298 1682Y8 105,574 102.748 i.8￿￿32 Ih83.6 Z25I,907 1,931,942 32] Annual Report and Financial Statements for the year ending 31 December 2025 Notes to the financial statements 4. Investment income 2025 2024 School Consolidated School Other investment income 142 31419 4fi2S3 4Q253 45,503 142 31419 45,S03 5. Grant and Fee income 2024 CorGoli(kt￿l lTh)ol F￿ irton* from mn-qualfyirg cour 1,239,076 F* incomefor tsujht awards 14,741,4 14.741,4 I54C4Zn is,￿0.5￿ 14,741.4 6. Staff costs 2024 Consolidated School Corlsolidated School Staff Costs.. Salaries 6￿0￿￿75 6JOh75 6,875,035 875.035 Social security costs Other pension costs Total 961.1 9ffl,i 814.T29 814,729 74W+7 74W7 703.153 703,153 8217h73 8217h73 8,392.917 8,392,917 Professor Kamran Razmdoost 2024 Total remunerati¢)n of the DeaTh 8asic salary 107.833 Ad¢iilOP.al dull 756 46.807 Pe..ormance-relatec pay artt c=her oonuses P*-.sicr, coY:riau:'o?s 13J12 15.T6 1*.747 In 2025, Professor Kamran Razmdoost's remur)eration is for the period l January 2025 to IS October 2025. He was registered as Head of Provider with the Office for Students for the period l January 2025 to 31 August 2025. 33] Annual Report and Financial Statements for the year endin9 31 December 2025 Notes to the Financial Statements ol•ssor MarktrTalllard Basicsalary 4S6H> Additional dLrtles %743 Perf(xmart&%retated pay and other b)nuses F>enson ￿trIbutIOnS In 2025, Professor Maries Taillard's remuneration is for the period from I September 2025 to 31 December 2025, which is the period she was registered as Head of Provider with the Office for Students. Performance-related pay and other bonuse5 related to 2025 performance will be disclosed in the 2026 financial statements as the Accounts Direction requires disclosure in theyear that the bonus is awarded. Salaries are stated gro￿ before deductions of pension contributions made under the Charity's pension plan. The amounts disclosed for Professor Marie Taillard cover the period 1st September 2025 to 31st December 2025. A short overlap of one and a half months berween Professor Kamran Razmdoost and Professor Marie Taillard's Deanship was approved to ensure a suitable exchange was provided for handover. The UK Dean's complex set of responsibilities calls for a particular combination of qualities, including strategic thinking and leadership. people management, problem- solving and decision-making. These demonstrated competencies and the Dean'5 effective market value as an experienced HE leader with both U.K. and European experience are factors in determining the UK Dean's ongoing remuneration. The UK Dean's performance objectives for the year are set by the Executive Presider)t of the ESCP Group on the advice of the remuneration committee of the Charity at the beginning ofthe calendaryear. The Chair of the Board of Trustees and the Executive President ofthe ESCP Group undertake an annual performance review of the UK Dean against the objectives, the results of which are reported to the Remuneration Committee. The Committee uses this information to asse￿ progress against agreed outcomes at the end of theyear. Professor Kamran Razmdoost served as the School's UK Dean until 15th October 2025.. and Professor Marie Taillard served as the School's UK Dean since Isr of September 2025 (first on an interim basis). Professor Marie Taillard holds an MBA from Columbia Business School and a PhD from the University of London. A dual citizen of France and the United States, she brings a strong i nternational profile. with academic and professional experience across Europe, North America and the Asia-pacific region, including extensive experience in the United Kingdom. Sincejoining ESCP'S permanent faculty in 2007, she has held several 5ernior leadersh i p positions, including UK Associate Dean of Executive Education, London Campus Head of Faculty, and Director of the Msc in Marketing & Creativity. a programme she founded in 2009 and which is currently ranked 3, worldwide by QS. Her research focus2s on marketing management and consumer behaviour, with particular attention to communication between firms and consumers and the ways in wh ich consumers contribute to value creation with brands, including through her recent book on consumer creativity. Her research also explores digital transformarion, organ isational change and evolving stakeholder relationships. 34] Annual Report and Financial Statements for the year ending 31 December 2025 Notes to the Winancial Statements Ofspay ratios for the UK Dean, Professor Kamran Razmdoost The Dean's basic salary is 2.11 times12024.' 2.25 times) the median pay of staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff. The Dean'stotal remuneration, including the taxable and non-taxable benefits noted above, is 3.18 times12024'. 4.14 times) the median total pay of staff. This has been calculated including the midpoint of the non-taxable benefits noted above and the median total remuneration is calculated on a full-time equivalent basis for the total remuneration paid to its staff. 06payratios for the UK Dean, Professor Marie Tail/ard The Dean's basic salary is 258 time512024- n/al the median pay of staff. where the median pay is calculated on a full-time equivalent basis for the salarie5 paid by the provider to its staff. The Dean's total remuneration, including the taxable and non-taxable benefits noted above, is 3.13 times12024'. nil) the median total pay of staff. This has been calculated including the midpoint ofthe non-taxable benefits noted above and the mediarn total remuneration is calculated on a full-time equivalent basis for the total remuneration paid to its staff. Senior staff pay Senior staff pay includes the full-time equivalent basic salary of all staff earning in excess of HOO,000, including the UK Dean's salary. It doe5 not include compensation for teaching addirional loads. pensions or staff who were employed for part ofthe year but would have received a salary in these bands in a full year. 2025 2024 Consolidated School Consolidated School B•sl¢ $01ory per •nnum No. No. £100.000- £104.999 05,000- £109.999 a75.000- 019,999 20.000- ￿24.999 55.0Th)- J59.999 70,000- U7L999 Avera9e staff numbers (full time equivaknt) by major ategory: 2025 2024 No. Academic 47 Adminisiraiion 70 67 Total number of staff 117 35] Annual Report and financial Statements for the year ending 31 December 2025 Notes to the Financial Statements Key management pay Key management personnel are members of the Senior Management Team who have the authority and responsibility for planning. directing and controlling the activities of the School. Staff costs includes compensation paid to key management personnel 2025 2024 Key management personnel compensation 1,198,749 1,043,261 2025 2024 No. No. Key management personnel numbers Ifull-time equwalentl The Trustees did not receive any remuneration during the year,. however, reimbursed expenses for £805 were paid in respect of costs incurred wholly and exclusively in the performance of their duties12024'. £nill. 7. Interest and other finance costs 202S 3)24 Consolidated ool Congjlidated hool Loan interest 64,￿7 64,907 Exchange differences 24718 24215 9&175 ,i82 90,ff70 9).I67 ISS082 148,089 8. Other operating expenses 2025 2024 COr￿011dated S¢hool Consolidated School Academic and related exF)enditure 3,190503 1871,452 2,730,T76 2.477.170 Bought in teaching 808.948 797,327 Premises lincluding cateringl I44S613 I￿615 2,564,069 2.532.300 Marketing I.¢Y70227 1.070 1.189,822 1,185,637 Technology 343,179 343,179 Other expenses 671PT7 666,789 5,259 705.718 8￿7￿76 4246FI 8.352.053 8,041,331 361 Annual Report and Financial Statements for the year ending 31 December 202S Notes to the Financial Statements Con￿lidated CorwlthLCtI S¢hool Other Dperaiing expvtses includf. Operatin9 leaseientals Land and burldings 14?hSI 147hSI 16&7C6 16&706 OLher 51266 51266 Fees payaèleto the aLbdr:01sfot theaudiL oEth School4 financial scèiemerlls 9.540 49.540 Feespayableto theaudit015 for theauch oFthe Scliool¥ Subsidiary Tax COm￿lanceSer￿1ceS i¢)0 9. Tangible Assets euidi IT equiwner)I Totsi A• l )Jnuary 202S 82Q728 1841 233.992 IiOYJi 14J991 P670201 39,89S 1412 S700MS l )Jnuaty 2025 951.G38 2.84& ¥J270 75?S2 Chtsigc fot ihoytat 1É6536 IG.485 677.788 pyAI- iiooi 12ffi 4121 14J961 At511)•¢•mb•r 202S 1.44439S At 31 O•wthr 2025 33￿ 4J330 29.883 A894713 A: 31 (>.rLryrnb*w 202 403.004 4&370 4JM680 37] Annual Report and financial Statements tor the year ending 31 December 2025 Notes to the Financial Statements 10. Investment in subsidiary 2025 2024 School School Investment in trading subsidiary The CharitgsTrading subsidiary. ESCP Europe Corporate Services Limited, conducts executive education and funded studies. Its company number is 07468929 and it is incorporated in the United Kingdom. The Compan￿5 objects are.. to carry on business in executive education, training and conductors and commissioners of research. to make donations Iwhethei byway of gift aid or otherwisel. and/or to provide other forms of support to the Charity.. and to promote the interests ofthe Charity in the global corporate business environment. 11. Trade and other receivables 2024 Consolid&ed School Consolidated School Amounts falling due within one year. Trade receivables Ih4S175 Ih23.174 1,268.859 915,576 pre￿yrnents and accrued income 474712 465712 597.260 s￿,610 Other receivables 90,633 51161 154,35S 47.973 Amounts owed by subsidiary undertaknngs 219.655 323,8 Donation gift-aided by sut6idiary undertalong Amounts owed by group undertakings 91801 401.￿6 621568 621￿8 261,778 185,423 1631088 2,282,252 2,470,134 38] Annual Report and Financial Statements for the year ènding 31 December 2025 Notes to the Financial Statements 12. Creditor&' amounts falling due within one year 202S 2024 Consolldated School Con501idaied School Trade crEd..tors 124,102 589.083 /+84.082 rdX¢l4iori a."Id ￿la* securil>' ISlh47 ISlh47 203.IYt3 203.0/13 0..￿.el credi'.or W•,636 194.436 i88.W 12>2 Loan repaymer.: 299292 299292 Yi6.736 3/A736 JKccrvals ar)d delerrea 1r.cowe 4.980,716 4954900 5.333.032 S016.792 Amcun.:S OWEd io arouo u.'ILer'.d*iriG I06&127 996.086 S/*i294 Yti291. 6.822J20 &6￿686 7203.e85 6.717207 Amounts owed to and from 9roup undertakings relate to normal trading activities and consist of supplier and client invoices. These balances are unsecured, interest-free, and are settled under normal commercial terms. 391 Annual Report and Financial Statements for the year ending 31 December 202S Notes to the Financial Statements 13. Creditors . amounts falling due after more than one year In October 2023, the Charity requested a seven-year Loan Financing Agreement from its parent company to finance the residential wing refit and roof repairs during the summer of 2023. The loan amount was agreed to be ￿.200.000, bearing an interest of 4%. At the end of the year, repayments of £177,429 for the principal ofthe loan and of £55,000 for the 202S related interests were made. bringing the balance ofthe loan to £828,571 at year-end. In June 2024, the Charity embarked on further development by converting the former library into a classroom and reconfiguring an existing classroom. A 5even-ye3r Loan Financing Agreement was agreed with its parent company to assist with financing. The loan amount was agreed to be £950,000. bearing an interest of3.8Yo. At the end ofthe year, repayments ofalS,09S for the principal of the loan and of£29,452 for the 2025 related interests were made, bringing the balance ofthe loan to £767,048 at year-end. 2￿4 Cong)lidat￿l hcol CLEtÈtw/een oneand tw)years 307,143 3cr/,143 21.429 21,429 ELe in fiveyears or rn)re 346,428 54fi428 I.S7&0CK) Totsl IOEY 15956 155619 1.921,756 i.gJ,736 14. Loans 21r24 CorEoldat£ hDoI 299W2 ￿736 34fi736 Due trEtwEen oreand twoyears Due Iktvfftn two andfiveyfyirs Duein fiveyears or rmre 3CV,143 307,143 921,4 921,429 7￿0 34&428 34&428 IW I2%3Z7 I,S750(Kl 1,575,1]X) 1595619 1￿56]9 I,92i.736 1,921,736 Totsl loar 40] Annual Report and Financial Statements foi the year ending 31 December 2025 Notes to the Financial Statements 15. Consolidated reconciliation of net debt 2025 Net debt l January 2025 Movement in cash and cash equivalents Movementon loan 398,605 1798,896) 326,117 (74,174) {472,779} Net debt 31 December 2025 Change in net debt Analysis of net debt: 2025 2024 Cash and cash equivalents Borrowinqs.. amountsfallinq due within one year Unsecured loans 1￿27￿45 2,320,341 1299,2921 (299292) 1346.7361 (346,7361 Borrowings: amounts falling due after more Unsecured loans 0.296.327) (1296327) (74174) 0,575,000) 11,575,000) 398,605 Net debt 16. Capital and other commitments The consolidated ESCP Europe 8usiness School group and the ESCP Europe Business School had no capital commitments as of 31 December 202512024.. £ nill. 17. Contingent liabilities The School has no contingent liabilities as of 31 December 202512024: £ nill. 41] Annual Report and Flnancial Statements for the year ènding 31 December 2025 Notes to the Financial Statements 18. Lease obligations Total rentals payable under opw*ing 24 LWKI and ilthrKJs Other Total Total Payable thrirvj the y Future minimum lease payr￿nts Not later than l year Later than l sear and not laterthan 5years Later than5 ars Total lease pay￿￿1￿ due 147h51 TIIY70 5,6n w597 264,474 220515 ￿7,ry 19. Pension Schemes The School participates in the Universities, Superannuation Scheme IUSSI. The schemes was defined-benefit schemes contracted out of the State Second Pension IS2PI until 31 March 2016. With effect from l October 2016. the USS changed from a defined benefit only scheme to a hybrid pension scheme. providing defined benefits Ifor all membersl, as well as defined contribution benefits. The assets of both schemes are held in separate trustee administered funds. The total cost charged to the income and expenditure account in respect of USS scheme is £746K12024.' £703kl. The latest available complete actuarial valuation of the Fletirement Income Builder (defined benefit) component of USS is at 31st March 2023 Ithe valuation datel, which was carried out using the projected unit method. The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004. which require5 schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was E73.I billion, and the value of the scheme's technical provisions was £65.7 billion. indicating a surplus of £7.4 billion and a funding ratio of Ill%. The key financial assumptions used in the 2023 valuation are as follows.. CPI assumption.. Term dependent rates in line with the difference between the Fixed Interest and I ndex Linked yield curves less.. l.oyo p.a. to 2030. reducing linearly by 0.1% p a. from 2030., Pernsion increases (subject to a floor ofO%I'. Benefits with no cap.. CPI assumption plus 3bps. Benefits subject to a.soft cap, of 5% Iproviding inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum oflOD/ol'. CPI assumption minus 3bps- Discount rate Iforward rates).. Fixed interest gilt yield curve plus Pre-retirement.. 2.5% p.a and Post retirement: 0.09% p.a. The main demographic assumptions used relate to the mortality a￿uMptiOnS. These assumptions are based on an analysis ofthe scheme's experience carried out as part c>f rhe 2023 actuarial valuation. 421 Annual Report and financial Statements for the year ending 31 December 2025 Notes to the Financial Statements The mortality assumptions used in these figures are as follows.. Mortality base table.. IOI% of $2PMA"light" for males and 95% of S3PFA for females- and Future improvementsto mortality. CMI2021 with a smoothing parameter of7.5. an initial addition of 0.4% pa, IO% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females. A change in contributions was applied from 2024 (Employer= 14.5%- Member.. 6.1%) with enhanced benefits. 20. Membership liability Ir) accordance with Clause171 of the Charity's Memorandum of Association. every member of the Charity undertakes to contribute to the assets ofthe Charity in the event ofthe Same being wound up while he, she or it remains a member or within 12 months afterNards, to pay one pound towards the costs of dissolution and the liabilities incurred by the Charitywhile he, she or it was a member. The sole member of the Charity is the EESC ESCP Europe on 31 December 2025. 43] Annual Report and Financial s&￿ements for the year ending 31 December 202S Notes to the Financial Statements 21. Related party transactions 202$ Llpenthuv Ejpendilu'e Scho >rty Jfly £ESC£SCP EurioTr£ 9TlmJ ISW24 •.93Z21S ECSCL￿ I659￿) 159x619 rscfr EvnopÉmJdr￿* 781 (SCDCU￿0c0￿T'. F.7901 tscpcvwpcr(YillQ 2£* ?¢ D3Jts71 EscfJÉVtrJDCFDuvdaLon i¢ TrK63 CSCPCVQOTrE Coryoral SeTVrty idJtvJ w*l £EK ESCP EUTrQP£ J8ox)Ji 70•.7151 1247h?¥l EL￿ LOJ 7.l21.73G ESCfrEvnoK IJJO. 228.rn It72891 •99G i17 n.1921 ESCTrEunopE QrP.'I n.750 12a7 ESCTrEUQODE TtrityJ £Jcf. EUKPE Ftsdt.dJlu toÉs 10.6W36 T7JO£Tr 1?46 1261.77È1 EESC ESCP EUFIOPE, ESCP EUROPE Madrid, ESCP EUROPE 8erlin, ESCP EUFIOPE Corporate Services Limited and ESCP EUFIOPE Torino are related by virtue of being part of the same group, headed by EESC ESCP Europe. ESCP EufiopE Foundation is related by virtue of common directorsnrustees. EESC ESCP Europe is the sole member of each ESCP Europe campus. 441 Annual Report and Financial Statements for the year ending 31 December 2025 Notes to the Financial Statements Donations and fees. lincl. the provision of rent-free premises} were received from EESC ESCP Europe during the year as follows.. ' This does not include recharges of costs or teaching. 2025 2024 Provision of rent-fr￿ premises Undergraduate programmef income Postgraduate programmes- Full- time Masters fee income Executive education Ipart-timel 56SOOO 565,000 4779h69 4.207,572 5.198h17 5.351,197 196294 157.158 22. Ultimate parent undertaking The parent undertaking ofthe smallest group which includes the Company, and for which group financial statements are prepared. is EESC ESCP Europe, which is also the immediate parent undertaking ofthe Charity. The registered address of the EESC ESCP Europe is 3 rue Armand Moi5ant. Paris 75015, France_ The parent undertaking ofthe largest group which includes the Company and for which group financial statements are prepared is CCIR, which is also the ultimate controlling entity ofthe Charity. The registered address ofthe ccir4 is 27Avenue De Friedland, Paris, France, 75008. 45] Annual Report and Financial Statemènts for the year endin9 51 December 2025 Notes to the Financial Statements 23. Alternative performance measures 2025 Consolidated Federal Local Performance In¢ome Tuition fee5 and education contracts 15.4082TI ￿￿earch grants and contracts $4967 Other income IW.632 7.801,632 Invesrment income 33.142 33.142 Total income Yl298.018 17298.018 Expenditure Staff costs 8217.473 7J94669 Other operating expenses 390.005 Depreciation 6T1.788 Intere5r and other finance Costs 90ffl0 90,670 Total expenditu 17521.8 i￿￿09 16J14,998 (Deficit) I Surplus before tax (229.789) D211809} 983.020 The Cha rity presents below the results on a statutory and adjusted basis as it believes it will provide useful supplemental information about the local financial performance of the Charity, and enable comparison of financial results between periods where certain items may vary independent of business performance. Although the board believes the adjusted basis is important in evaluating the Group, it is not intended to be considered in isolation or as a substitute for, or a5 superior to, financial information on a statutory basis. Items are adjusted on the basis that they distort the underlying performance ofthe Charity where they relate to costs pertaining to the Federal centre (defined as costs incurred locally for the benefit of all campuses). Consolidated and school statement of comprehensive income (including consolidated income and expenditure account. 46] Annual Report and Financial Statements foi the year ending 31 Dèeember 2025