Syndicate Accounts

Accounts disclaimer

Important information about Syndicate Reports and Accounts Access to this document is restricted to persons who have given the certification set forth below. If this document has been forwarded to you and you have not been asked to give the certification, please be aware that you are only permitted to access it if you are able to give the certification. The syndicate reports and accounts set forth in this section of the Lloyd’s website, which have been filed with Lloyd’s in accordance with the Syndicate Accounting Byelaw (No. 8 of 2005), are being provided for informational purposes only. The syndicate reports and accounts have not been prepared by Lloyd’s, and Lloyd’s has no responsibility for their accuracy or content. Access to the syndicate reports and accounts is not being provided for the purposes of soliciting membership in Lloyd’s or membership on any syndicate of Lloyd’s, and no offer to join Lloyd’s or any syndicate is being made hereby. Members of Lloyd’s are reminded that past performance of a syndicate in any syndicate year is not predictive of the related syndicate’s performance in any subsequent syndicate year. You acknowledge and agree to the foregoing as a condition of your accessing the syndicate reports and accounts. You also agree that you will not provide any person with a copy of any syndicate report and accounts without also providing them with a copy of this acknowledgment and agreement, by which they will also be bound.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Syndicate 2546

Annual report and accounts

For the year ended 31 December 2025

Apollo Syndicate 2546 | Annual Financial Statements 2025

Contents

Directors and administration...................................................................................................................3

Report of the directors of the managing agent……………………………………………………………….4

Statement of management responsibilities…………………………………………………………………..14

Statement of profit or loss and other comprehensive income……………………………………………..21

Balance sheet – Assets………………………………………………………………………………………..23

Balance sheet (cont’d) – Liabilities

………………………………………………………………………..….24

Statement of changes in members balances………………………………………………………………..25

Statement of cash flows………………………………………………………………………………………..26

Notes to the financial statements……………………………………………………………………………..27

Apollo Syndicate 2546 | Annual Financial Statements 2025

Directors and administration

Managing Agent

Apollo Syndicate Management Limited (“ASML” or “Managing Agent”)

Registered office

One Bishopsgate

London

EC2N 3AQ

Company registration number

09181578

Company secretary

PC Bowden

Directors

AC Winther(Non-Executive Chair)

FA Buckley(Non-Executive Director)

M Cramér Manhem(Non-Executive Director)

SE Hill(Non-Executive Director)

MCS Krefta(Non-Executive Director)

RD Littlemore(Non-Executive Director)

DCB Ibeson(Chief Executive Officer)

TL McHarg

VVV Mistry

JR Slaughter

Active underwriter

C Day

Bankers

Citibank

Registered auditor

Statutory Auditor

Deloitte LLP

2 New Street Square

London

EC4A 3BZ

Apollo Syndicate 2546 | Annual Financial Statements 2025

Report of the directors of the Managing Agent

The directors of the Managing Agent (together, “the Board”) present their annual report and audited financial statements, which incorporates the strategic review, for Syndicate 2546 (“the syndicate”) for the year ended 31 December 2025.

The financial statements are prepared using the annual basis of accounting as required by Statutory Instrument No. 1950 of 2008, The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 (“Lloyd’s Regulations 2008”) and applicable accounting standards in the United Kingdom and Republic of Ireland including Financial Reporting Standard 102 (“FRS102”) and Financial Reporting Standard 103 (“FRS103”) in relation to Insurance Contracts, and the Lloyd’s Syndicate Accounts Instructions Version 3.1 as modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s.

Principal activity

The Syndicate’s principal activity is to underwrite short-term credit insurance to approved counterparties focused on trade receivables. Premium is generated through the coverholder established in France, which is wholly owned by Compagnie Française d’Assurance pour le Commerce Extérieur (“Coface”), the sole corporate member.

Syndicate 2546 benefits from Lloyd’s worldwide licences and has the benefit of the Lloyd’s brand and rating. Lloyd’s has an A+ (Superior) rating from A.M. Best, AA- (Very Strong) from Standard & Poor’s and AA- (Very Strong) from Fitch.

The syndicate’s capacity for the 2025 year of account was £16.5m, (€19.3m at the Lloyd’s planning rate of €1.17). Stamp capacity for the 2026 year of account is £40.0m (€46.8M at the Lloyd’s planning rate of €1.17).

Apollo Syndicate Management Limited is approved as a managing agency at Lloyd’s and is authorised by the Prudential Regulation Authority (‘’PRA’’). ASML is regulated by the Financial Conduct Authority (‘’FCA’’) and the PRA.

Results

Notes:

The claims ratio is the ratio of net claims incurred to net premiums earned.

The expense ratio is the ratio of net operating expenses to net premiums earned.

The combined ratio is the sum of the claims and expense ratios.

The expense and combined ratios exclude investment return and foreign exchanges gains and losses.

ASML uses the key performance indicators shown in the table above to measure the performance of the syndicate against its objectives and overall strategy. These indicators are assessed against plan outcomes and are subject to regular review.

2025

Annual basis

€m

Gross premium written

8.8

Net premium written

4.1

Net premium earned

0.8

Loss for the financial year

(0.7)

Claims ratio

18.2%

Expense ratio

166.5%

Combined ratio

184.7%

Apollo Syndicate 2546 | Annual Financial Statements 2025

Report of the directors of the Managing Agent (continued)

Review of the business

Syndicate 2546 commenced underwriting for the 2025 year of account and has achieved gross written premium in 2025 of €8.8m, which was less than plan expectations. This is due to the syndicate commencing underwriting later than planned.

2025 calendar year result

The result for the 2025 calendar year is a loss of €0.7m with a net combined ratio of 184.7%. The 2025 calendar year result is the performance during the year of the 2025 open year of account. The 2025 calendar year result is less than plan expectations for the year, due to the impact of underwriting commencing later than planned, resulting in lower levels of earned premium offset by operating expenses incurred.

At this early stage of development of the 2025 year of account, we are optimistic that the forecast profit for the syndicate will be satisfactory.

Capital

One of the advantages of operating in the Lloyd’s market is the favourable capital ratios that are available due to the diversification of business written in Syndicate 2546 and in Lloyd’s as a whole. For Syndicate 2546, ASML assesses the syndicate’s capital using the Lloyd’s Standard Model (“LSM”). The ultimate Solvency Capital Requirement (“SCR”) is subject to an uplift determined by Lloyd’s based on their assessment of the economic capital requirements for the Lloyd’s market in total. The SCR, together with the Lloyd’s uplift, is referred to as the Economic Capital Assessment (“ECA”). Lloyd’s unique capital structure provides excellent financial security to policyholders and capital efficiency for members. The ECA for the 2025 underwriting year was set to 151.5% of capacity and for the 2026 underwriting year is 64.0% of capacity.

The Lloyd’s chain of security underlies the financial strength that ultimately backs insurance policies written at Lloyd’s and has three links:

1.All premiums received by syndicates are held in trust as the first resource for settling policyholders’ claims;

2.Every member is required to hold capital in trust funds at Lloyd’s which are known as Funds at Lloyd’s (“FAL”). FAL is intended primarily to cover circumstances where syndicate assets are insufficient to meet participating members underwriting liabilities. FAL is set with reference to the ECAs of the syndicates that the member participates on. Since member FAL is not under the control of the Managing Agent, it is not shown in the syndicate accounts. The Managing Agent is, however, able to make a call on members FAL to meet liquidity requirements or to settle underwriting losses if required; and

3.Lloyd’s central assets are available at the discretion of the Council of Lloyd’s to meet any valid claim that cannot be met through the resources of any member further up the chain. Lloyd’s also retains the right to request a callable contribution equal to 5% of members capacity on the syndicate.

Solvency UK reporting came into effect on 31 December 2024 replacing the Solvency II framework inherited when the UK left the European Union.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Report of the directors of the Managing Agent (continued)

Principal risks and uncertainties

ASML has an established Enterprise Risk Management (“ERM”) function for the syndicate with clear terms of reference from the ASML Board and its committees as part of a three lines of defence model. The ERM function works with the syndicate to identify any potential risks to the delivery of the syndicate plans. The ASML Board and its committees review and approve the risk management policies and meet regularly to approve any commercial, regulatory and organisational requirements of these policies.

The syndicate’s risk appetites are set annually as part of the syndicate business planning and solvency capital requirement setting process, within the context of the agreed agency-level appetites. The ERM function is also responsible for maintaining the syndicate’s Own Risk and Solvency Assessment (“ORSA”) processes and provides regular updates to the ASML Board. The syndicate ORSA report is approved by the ASML Board annually.

ASML recognises that the syndicate’s business is to accept risk which is appropriate to enable it to meet its objectives and that it is not realistic or possible to eliminate risk entirely. The principal risks and uncertainties facing the syndicate have been identified as strategic risk, insurance risk, regulatory risk, operational risk, and financial risk (comprising credit risk, liquidity risk and market risk). A risk owner has been assigned responsibility for each risk, and it is the responsibility of that individual periodically to assess the impact of the risk and to ensure appropriate risk mitigation procedures and controls are in place and operating effectively. External factors facing the business and the internal controls in place are routinely reassessed and changes made when necessary. The overarching risk framework is overseen by the ASML Risk Committee on behalf of the ASML Board. The risk culture of the business is Board led, with new initiatives requiring an objective risk assessment and opinion prior to approval.

Strategic risk is the risk that inadequate, ineffective, or inappropriate business decisions result in negative impacts on the ability to execute the syndicate’s business’ objectives/strategy, and hence on the profitability of the syndicate. The ASML Board has ultimate responsibility for overseeing the execution of the approved strategy and consequently the associated strategic risk. All areas of the business are encouraged to identify areas of potential uncertainty that could impact plan execution and to identify emerging risks.

Insurance risk refers to fluctuations in the timing, frequency and severity of insured events, relative to expectations at the time of underwriting. It comprises premium risk and reserving risk. The ASML Underwriting Committee oversees the management of premium risk and the implementation of a disciplined Underwriting Strategy with a robust control and governance framework that is focused on writing quality business at an acceptable price, and the purchase of a comprehensive outwards reinsurance programme. The ASML Board sets limits on the syndicate’s exposure to underwriting risk and accumulation events both on a gross and net of reinsurance basis and adherence to these limits is reported monthly to the ASML Underwriting Committee. The ASML Reserving Committee oversees the overall management of reserving risk. Reserving risk is managed using proprietary and standardised modelling techniques, internal and external benchmarking, review of claims development and the ongoing oversight from an independent external reserving process. An independent Statement of Actuarial Opinion is commissioned each year in line with Lloyd’s Valuation of Liabilities requirements. The reserving process is overseen by and reports through the ASML Audit Committee.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Report of the directors of the Managing Agent (continued)

Principal risks and uncertainties (continued)

Regulatory risk is the financial loss or inability to conduct normal business activities owing to a breach of regulatory requirements or failure to respond to regulatory change. ASML is a regulated entity and therefore is required to comply with the requirements of the PRA, FCA and Lloyd’s. Lloyd’s requirements include those imposed on the Lloyd’s market by overseas regulators. ASML ensures that there is an appropriate level of skilled resources in place to meet its regulatory obligations, including compliance, risk management and internal audit functions.

Operational risk is the risk of a loss resulting from inadequate or failed internal processes, people and systems or from external events. The syndicate is constantly exposed to operational risk as this covers the uncertainties and hazards of undertaking day-to-day business. Controls have been put in place and documented to try to ensure that these risks are managed on a proportionate basis and within risk appetite. As operational risks apply across the entire business, all committees have some level of oversight for operational risk. The ASML Board Risk Committee has oversight of any risk events which require escalation.

Financial risk for the syndicate covers all risks related to financial investment and the ability to pay creditors, and includes credit risk, liquidity risk and market risk.

Credit risk is the risk of financial loss to the syndicate if a counterparty to a financial instrument or a reinsurance agreement fails to discharge a contractual obligation. ASML manages credit risk by placing limits on exposure to a single counterparty by reference to the credit rating of the counterparty. On a quarterly basis the ASML Finance Committee reviews credit exposures, reinsurer security and counterparty limits, with further oversight provided by the ASML Board and Audit Committee.

Liquidity risk is the risk that the syndicate’s assets are insufficient to fund the obligations arising from its insurance contracts and financial liabilities as they fall due, or that they can only be met by incurring additional costs. ASML’s approach to managing liquidity risk includes use of daily liquidity monitoring, quarterly cash flow forecasts and management of asset duration. Contingency funding plans are in place to ensure that adequate liquid financial resources are available to meet obligations as they fall due in the event of reasonably foreseeable abnormal circumstances.

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, excluding those that are caused by credit downgrades which are included under credit risk. Market risk comprises three key components: interest rate risk, currency risk and investment risk.

For each of the major components of market risk the syndicate has policies and procedures in place which detail how each risk should be managed and monitored.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Report of the directors of the Managing Agent (continued)

Principal risks and uncertainties (continued)

The use of financial derivatives is governed by ASML’s risk management policies and ASML does not use such instruments for speculative purposes. The ASML Board has agreed key risk indicators and approved the corresponding risk appetite for each measure.

A quantitative analysis of the risks set out above is included in note 4 to the financial statements. A traffic light indicator is used for monitoring current levels of risk based upon agreed thresholds and tolerances.

Emerging risks

An emerging risk is defined as a risk that is new, unforeseen, or unfamiliar. It may result from new or increased exposure that could pose both as an opportunity or threat to the existing business risk appetite or tolerance.

The Emerging Risk Working Group is a cross-agency forum, that enables a diverse set of practitioners to review thematic risk considerations. The results of these reviews can lead to further deep dive assessments that in turn are reported through the governance structures to the ASML Board Risk Committee. Examples of deep dive reviews conducted during 2025 include:

Artificial Intelligence (“AI”) regulation

An assessment of the possible implications of new regulations on operations, including the EU AI Act and potential congressional changes in the US. This is important in the context of business operations (internal and external) continuing to seek opportunities to adopt AI related technology.

ASML has implemented several controls in appropriate use of AI within the business. This will continue to be reviewed and developed as ASML develops a better understanding of how to utilise this in the future.

Recession scenario analysis

This scenario coordinated between ERM, Finance, and Underwriting colleagues, assessed the potential qualitative impacts of a global recession caused by uncertainty resulting from the US’ new trade tariff regime. Consideration was given to a contraction in US gross domestic product causing global impacts, supply-chain volatility, and inflationary pressures. The impacts were investigated for several lines of business covered within the syndicate as well as implications for reserving, capital assessments, and reinsurance.

Trade tariffs

Following political changes in the US and the introduction of the widespread trade tariff policy earlier in 2025 the potential impacts to the syndicate were assessed. This focused on potential financial risks, including foreign exchange and inflationary pressures, underwriting landscape changes, supply-chain effects, and secondary geopolitical impacts. The increased volatility and uncertainty due to the tariff regime effects have been subject to regular monitoring by both first and second lines of defence. Additionally, policy implications upon surplus lines were investigated and determined not to be a material risk for syndicate business in-flows.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Report of the directors of the Managing Agent (continued)

Principal risks and uncertainties (continued)

Emerging risks (continued)

Corporate governance

The ASML Board is chaired by Angus Winther, who is supported by five further non-executive directors all are independent. Stuart Davies stepped down on 1 January 2026, Martin Hudson stepped down on 28 February 2025. Robert Littlemore and Michael Krefta were appointed as a Non-Executive Director on 28 February 2025 and 17 March 2025 respectively. David Ibeson is the Chief Executive Officer and there were three further executive directors as at 31 December 2025.

Defined operational and management structures are in place and terms of reference exist for the ASML Board and all Board and Management Committees.

The ASML Board meets at least four times a year and more frequently when business needs require. The ASML Board has a schedule of matters reserved for its decision and is supported by the Audit Committee, the Risk Committee and the Remuneration and Nominations Committee. These supporting

board committees are comprised of non-executive directors. At the date of this document, all members

of the Audit Committee, Risk Committee and Remuneration and Nominations Committee are independent. Stuart Davies, who was not independent, was a member of the Audit Committee until he

stepped down from the Board on 1 January 2026.

Section 172 statement

The directors adopt the responsibilities to promote the success of the syndicate as if s172 of the Companies Act 2006 were applicable and have acted in accordance with these responsibilities during the year. The ASML Board has identified the following key stakeholders: capital providers to the managed syndicates, employees, the shareholder of ASML, Lloyd’s, regulators, policyholders and brokers.

Throughout the year the ASML Board considered the wider impact of strategic and operational decisions on its stakeholders. Examples include the development and execution of the business plans for the syndicate; the assessment and raising of capital; communications with capital providers; and changes to Board composition. The ASML Board considers that the interests of all stakeholders were aligned for these decisions.

The support and engagement of capital providers of the syndicate is imperative to the future success of our business. There are regular meetings with capital providers and members agents throughout the year to discuss the performance and future prospects for the syndicate. Feedback received during these meetings enables the ASML Board to factor the views of these key stakeholders into the development of business plans for future years.

Developing and maintaining relationships with brokers and policyholders is central to the success of the syndicate. Underwriters travel widely with our broking partners to visit clients and attend industry events to promote the syndicates and the Lloyd’s brand and to ensure we continue to provide an excellent service to our policyholders. In developing insurance propositions, marketing them with our broking partners, and in settling claims, we always seek to ensure fair customer outcomes and provide products that deliver value.

ASML maintains open and transparent relationships with our regulators and Lloyd’s, with these relationships being managed through our compliance team. Regular meetings are held with representatives of Lloyd’s and the PRA and significant regulatory engagements are reported to the ASML Board.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Report of the directors of the managing agent (continued)

Section 172 statement (continued)

Apollo’s stated purpose is “Enabling a resilient and sustainable world”. Through 2025 we continued our work to develop and document our ESG principles and standards and assess our current business model against these standards. There is a defined referral process for underwriting risks to adhere to our ESG appetite and manage potential reputational risk. ESG considerations are integrated into the design of the investment strategy and asset allocation, and ongoing attention is given to staff engagement, particularly around Diversity, Equity & Inclusion (‘’DEI’’). Further work on ESG activities will continue through 2026.

ASML manages the risks and opportunities associated with the effects of climate change within its existing Enterprise Risk Management (ERM) framework and across all four risk pillars; Strategic, Insurance, Finance and Operational. Whilst the Chief Risk Officer retains overall accountability for coordinating the approach to managing this risk within ASML, the responsibility is allocated to relevant managers of each business area and specific risks and controls are reviewed with relevant owners on a quarterly basis. Climate Risk is considered across multiple potential future pathways and stress and scenario assessment covers Physical, Transition and Liability Risks. ASML meets the majority of the requirements outlined in SS5/25 and has designed an action plan for how it will meet the remaining requirements. The majority of those enhancements will be completed before YE 2026, but the management of climate risk is likely to be a continued area of enhancement beyond that as the risk continues to evolve.

Staff matters

Our business is built on the talent and dedication of our people. Attracting, retaining, and nurturing talent is essential to our success. We are committed to creating a work environment where employees feel engaged through communication, acknowledgment and ongoing growth opportunities. We promote diversity, equity, inclusion, and mental health and wellbeing so all staff feel valued, supported, and able to perform at their best.

We live our values by fostering collaboration, innovation, and ethical behaviour throughout. The Behaviours Framework embeds clear expectations for employees, managers, and leaders, ensuring alignment with our values in daily actions. The employee-led DEI Committee drives various initiatives which focused in 2025 on ethnicity and neurodiversity, alongside broader efforts to promote inclusion through awareness campaigns and employee discussions. Through hybrid working, regular engagement surveys, and open forums like town halls, we promote flexibility while maintaining strong connections across teams. This approach supports an inclusive culture built on trust, respect, and shared accountability.

ASML’s people practices remain highly competitive in the London insurance market, providing compensation, benefits, and terms designed to attract and retain diverse talent. A key focus is on ensuring our employees perform at their best with opportunities to enhance their skills, to develop capabilities and advance their careers within ASML. This is fundamental to our culture and business strategy.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Report of the directors of the managing agent (continued)

Business operations

ASML continues to strive to maintain a lean and efficient operating model by leveraging advanced technology and strategic outsourcing arrangements, ensuring flexibility and scalability to meet evolving business demands. In 2025, we welcomed a new Chief Information Officer to our executive team, further strengthening our leadership in driving innovation and operational excellence.

We have prioritised enhancements across claims, pricing, and underwriting, streamlining processes to boost efficiency and effectiveness while upholding the exceptional standards of service our stakeholders expect. Our hybrid working environment continues to thrive in 2025. Employees remain highly productive with seamless access to business systems both remotely and in-office.

Aligned with the FCA’s and PRA’s Operational Resilience policies, ASML has maintained its disciplined approach to ensuring robust plans are in place to prevent, respond to, and recover from operational disruptions. In 2025, we placed particular emphasis on enhancing cybersecurity measures as part of our broader commitment to protecting customers’ interests and safeguarding business integrity.

Environmental, Social and Governance

ASML’s Board-approved ESG strategy was reviewed in September 2025. The ASML Board drives the strategy, which is aligned with our vision, “Enabling a resilient and sustainable world”.

ASML’s ESG Committee reports directly to the Executive Committee and coordinates ESG-related activities within ASML. The ESG Committee’s mandate is set out within ASML’s ESG policy, but at a high-level seeks to identify areas of improvement and to ensure progress against the ESG strategy approved by the ASML Board.

ASML is committed to a long-term sustainable approach to protecting the environment, balancing environmental considerations and social responsibility within our overall business goals. ASML’s underwriting and investment practices are governed by ESG risk appetites that were originally implemented in 2022 and are reviewed at least annually. ASML is also working to identify new opportunities that support the transition to a low carbon sustainable economy.

The ESG strategy is reviewed by the ASML Board annually. During 2025, ASML’s key achievements have included:

•evolving ASML’s approach to managing ESG risks in the underwriting process through enhancements to the Contentious Risks Procedure,

•calculating ASML’s baseline insurance-associated emissions through partnership for carbon accounting financials,

•setting up a commuting survey to increase the accuracy of our GHG emission calculations,

•submitting our first energy savings opportunity scheme report and action plan, and

•continuing to ensure we avoid investing or underwriting in sectors that do not align with the ESG risk appetites.

At Apollo our people are at the heart of everything we do. We operate a zero-tolerance policy to bullying, harassment, and discrimination. This applies not only to the protected characteristics set out in the Equality Act of 2010, but also to neurodiversity, parental and caring responsibilities, socio-economic status, and working patterns.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Report of the directors of the Managing Agent (continued)

Environmental, Social and Governance (continued)

ASML is dedicated to fostering a diverse, equitable, and inclusive workplace, with a focus on inclusive hiring practices. We are proud sponsors and supporters of Lloyd’s market inclusion networks. We have implemented inclusion initiatives and have a comprehensive DEI strategy in place. Employees have access to mental health and wellbeing resources through independent partners, as well as additional support through private medical services.

ASML monitors gender and racial diversity metrics, employee satisfaction, and governance related metrics. This information is used by the ASML Board to track progress against the ESG strategy.

From an environmental perspective, Apollo Group’s carbon footprint is monitored across different types of emissions sources and we have separately aligned with greenhouse gas emissions (“GHG”) protocol scopes 1 and 2 and several scope 3 categories (which cover purchased goods and services, fuel and energy-related activities, waste generated in operations, employee commuting, and upstream leased assets). GHG emissions currently exclude our scope 3 underwriting emissions as we look to advance the accuracy of our calculations. Our Scope 1 and 2 GHG emissions are reported to UK Companies House under the Streamline Energy and Carbon Reporting framework in the Group’s Annual Rpoert and Consolidated Financial Statements.

Directors

The directors who held office at the date of signing this report are shown on page 3.

Annual general meeting

The directors do not propose to hold an Annual General Meeting for the syndicate.

Disclosure of information to the auditor

Each person who is a director of the Managing Agent at the date of approving this report confirms that:

•so far as the director is aware, there is no relevant audit information of which the syndicate's auditor is unaware; and

•each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the syndicate's auditor is aware of that information.

Auditor

Deloitte LLP has indicated its willingness to continue in office as the syndicate’s auditor. The Managing Agent hereby gives formal notification of the appointment of Deloitte LLP as auditor of syndicate 2546 for this year.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Report of the directors of the Managing Agent (continued)

Events after the balance sheet date

The Board has considered events after the balance sheet date which, by their nature, are material to the syndicate and no items have been identified for disclosure.

Future developments

To support the strategic growth of Syndicate 2546, Coface has established a wholly owned coverholder in France to underwrite via Lloyd’s Insurance Co. S.A. During 2026, Coface plans to expand its coverholder structure into core EEA markets and establish a wholly owned coverholder in the UK to underwrite directly for the syndicate. Coface, in collaboration with Lloyd’s, will continue to develop its longstanding business relationships with Financial Institutions. By leveraging Lloyd’s strong credit rating as a capital optimisation booster, the syndicate will focus on top-tier financial institutions, primarily banks, operating in receivables and payable financing activities across the EEA and UK. Additionally, following the approval of Syndicate 2546, significant interest has been generated within the specialty brokers community.

The 2026 Year of Account (“YOA”) reflects ambitious growth targets with an anticipated 100% uplift in premium compared to the 2025 YOA. The portfolio for 2026 includes:

•The renewal of the 2025 Short Term Credit book,

•Further migration of eligible portfolios from Coface Insurance into Syndicate 2546, and

•A small proportion of new business written directly into the syndicate.

These developments highlight Coface's commitment to expanding its operations through Syndicate 2546 while strengthening its position within key markets.

On 2 September 2025 AGHL announced is acquisition by Skyward Specialty Insurance Group (“Skyward”). The transaction completed on 1 January 2026, having received regulatory approval in late 2025.

Approved by the Board.

DCB Ibeson

Chief Executive Officer

18 February 2026

Apollo Syndicate 2546 | Annual Financial Statements 2025

Statement of managing agent’s responsibilities

The Managing Agent is responsible for preparing the syndicate financial statements in accordance with applicable law and regulations.

The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 require the Managing Agent to prepare syndicate financial statements as at 31 December each year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The syndicate financial statements are required by law to give a true and fair view of the state of affairs of the syndicate as at that date and of its profit or loss for that year.

In preparing the syndicate financial statements, the Managing Agent is required to:

•select suitable accounting policies and then apply them consistently;

•make judgements and estimates that are reasonable and prudent;

•state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the notes to the syndicate financial statements; and

•prepare the syndicate financial statements on the basis that the syndicate will continue to write future business unless it is inappropriate to presume that the syndicate will do so.

The Managing Agent is responsible for the preparation and review of the iXBRL tagging that has been applied to the Syndicate Accounts in accordance with the instructions issued by Lloyd’s, including designing, implementing, and maintaining systems, processes and internal controls to result in tagging that is free from material non-compliance with the instructions issued by Lloyd’s, whether due to fraud or error.

The Managing Agent is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the syndicate and enable it to ensure that the syndicate financial statements comply with the 2008 Regulations. It is also responsible for safeguarding the assets of the syndicate and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.

Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

We confirm that to the best of our knowledge the syndicate accounts, including the iXBRL tagging applied to these accounts, comply with the requirements of the Lloyd’s Syndicate Accounts Instructions version 3.1 as modified by the Frequently Asked Questions version 1.1 issued by Lloyd’s.

DCB Ibeson

Chief Executive Officer

18 February 2026

Apollo Syndicate 2546 | Annual Financial Statements 2025

Independent auditor’s report to the members of Syndicate 2546

Report on the audit of the syndicate annual financial statements

Opinion

In our opinion the syndicate annual financial statements of Syndicate 2546 (the ‘syndicate’):

•give a true and fair view of the state of the syndicate’s affairs as at 31 December 2025 and of its loss for the year then ended;

•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and

•have been prepared in accordance with the requirements of The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and sections 1 and 5 of the Syndicate Accounts Instructions Version 3.1 as modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s (the “Lloyd’s Syndicate Accounts Instructions”).

We have audited the syndicate annual financial statements which comprise:

•the statement of profit or loss and other comprehensive income;

•the balance sheet;

•the statement of changes in member’s balances;

•the statement of cash flows ; and

•the related notes 1 to 21.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)), applicable law and the Lloyd’s Syndicate Accounts Instructions. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the syndicate annual financial statements section of our report.

We are independent of the syndicate in accordance with the ethical requirements that are relevant to our audit of the syndicate annual financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the managing agent’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the syndicate’s ability to continue in operations for a period of at least twelve months from when the syndicate financial statements are authorised for issue.

Our responsibilities and the responsibilities of the managing agent with respect to going concern are described in the relevant sections of this report.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Independent auditor’s report to the members of Syndicate 2546 (continued)

Other information

The other information comprises the information included in the annual report and accounts, other than the syndicate annual financial statements and our auditor’s report thereon. The managing agent is responsible for the other information contained within the annual report and accounts. Our opinion on the syndicate annual financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the syndicate annual financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of managing agent

As explained more fully in the managing agent’s responsibilities statement, the managing agent is responsible for the preparation of the syndicate annual financial statements and for being satisfied that they give a true and fair view, and for such internal control as the managing agent determines is necessary to enable the preparation of syndicate annual financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the syndicate annual financial statements, the managing agent is responsible for assessing the syndicate’s ability to continue in operation, disclosing, as applicable, matters related to the syndicate’s ability to continue in operation and to use the going concern basis of accounting unless the managing agent intends to cease the syndicate’s operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the syndicate annual financial statements

Our objectives are to obtain reasonable assurance about whether the syndicate annual financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these syndicate annual financial statements.

A further description of our responsibilities for the audit of the syndicate annual financial statements is located on the FRC’s website at:

www.frc.org.uk/auditorsresponsibilities

. This description forms part

of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Independent auditor’s report to the members of Syndicate 2546 (continued)

We considered the nature of the syndicate and its control environment, and reviewed the syndicate’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management, internal audit and those charged with governance about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory frameworks that the syndicate operates in, and identified the key laws and regulations that:

•had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008, the Lloyd’s Syndicate Accounting Byelaw (no. 8 of 2005), and the Lloyd’s Syndicate Accounts Instructions; and

•do not have a direct effect on the financial statements but compliance with which may be fundamental to the syndicate’s ability to operate or to avoid a material penalty. These included Solvency UK.

We discussed among the audit engagement team including relevant internal specialists such as actuarial and IT specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our procedures performed to address them are described below:

•The syndicate is in its first year of account and has limited estimation in its gross written premium. We focused our work over the risk of fraud in revenue recognition to the gross written premium that had not yet been signed through to the syndicate as cash receipts. In response to the risk identified, we tested the unsigned policies, agreeing premium data used to underlying contracts, confirming that these are genuine contracts and have been accurately recorded in the correct reporting period.

•Valuation of technical provisions, and specifically IBNR, includes assumptions and methodology requiring significant management judgement and involves complex calculations, and therefore there is potential for management bias. There is also a risk of overriding controls by making late adjustments to the technical provisions.

In response to these risks, we performed the following:

oEngaged our actuarial specialists to:

oChallenge and assess the appropriateness of the methodology and assumptions used by the syndicate’s actuarial function;

oMake detailed assessments of the methodologies and assumptions used; and

oPerform benchmarking analysis for the development patterns used.

In support of the above work, we also tested the relevant controls around the data, models and assumptions used to determine the syndicate’s reserves and tested the integrity of the data used in the actuarial calculations by agreeing it to the underlying syndicate records. We additionally tested the late journal entries to technical provisions and premiums.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential

Apollo Syndicate 2546 | Annual Financial Statements 2025

Independent auditor’s report to the members of Syndicate 2546 (continued)

bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

•reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

•performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

•enquiring of management and internal audit concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

•reading minutes of meetings of those charged with governance, reviewing internal audit reports, and reviewing correspondence with Lloyd’s.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and the Lloyd’s Syndicate Accounts Instructions

In our opinion, based on the work undertaken in the course of the audit:

•the information given in the report of the directors of the managing agent for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•the managing agent’s report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the syndicate and its environment obtained in the course of the audit, we have not identified any material misstatements in the managing agent’s report.

Matters on which we are required to report by exception

Under The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 we are required to report in respect of the following matters if, in our opinion:

•the managing agent in respect of the syndicate has not kept adequate accounting records; or

•the syndicate annual financial statements are not in agreement with the accounting records; or

•we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of these matters.

Use of our report

This report is made solely to the syndicate’s members, as a body, in accordance with regulation 10 of The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008. Our audit work has been undertaken so that we might state to the syndicate’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the syndicate’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As required by the Lloyd’s Syndicate Accounts Instructions, these financial statements will form part of the Electronic Format Annual Syndicate Accounts filed with the Council of Lloyd’s and published on the Lloyd’s website.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Independent auditor’s report to the members of Syndicate 2546 (continued)

This auditors’ report provides no assurance over whether the Electronic Format Annual Syndicate Accounts have been prepared in compliance with Section 2 of the Lloyd’s Syndicate Accounts Instructions. We have been engaged to provide assurance on whether the Electronic Format Annual Syndicate Accounts has been prepared in compliance with Section 2 of the Lloyd’s Syndicate Accounts Instructions and will report privately to the directors of the managing agent and the Council of Lloyd’s on this.

Kirstie Hanley (Senior statutory auditor)

For and on behalf of Deloitte LLP

Statutory Auditor

London, United Kingdom

18 February 2026

Apollo Syndicate 2546 | Annual Financial Statements 2025

Statement of profit or loss and other comprehensive income

For the year ended 31 December 2025

Technical account – general business

Note

2025

€000

Gross premiums written

8,828

Outwards reinsurance premiums

(4,680)

Premiums written, net of reinsurance

4,148

Changes in unearned premium

Change in the gross provision for unearned premiums

(7,127)

Change in the provision for unearned premiums reinsurers’ share

3,791

Net change in provisions for unearned premiums

(3,336)

Earned premiums, net of reinsurance

812

Change in the provision for claims

Gross amount

(276)

Reinsurers’ share

128

Net change in provisions for claims

(148)

Claims incurred, net of reinsurance

(148)

Net operating expenses

(1,352)

Balance on the technical account – general business

(688)

Apollo Syndicate 2546 | Annual Financial Statements 2025

Statement of profit or loss and other comprehensive income (continued)

For the year ended 31 December 2025

The accompanying notes from page 26 to 49 form an integral part of these annual accounts. There were no amounts recognised in other comprehensive income in the current other than those included in the statement of profit or loss and other comprehensive income. All operations relate to continuing activities.

Non-technical account – general business

Note

2025€000

Balance on the technical account – general business

(688)

Loss on foreign exchange

(16)

Loss for the financial year

(704)

Total comprehensive loss for the year

(704)

Apollo Syndicate 2546 | Annual Financial Statements 2025

Balance sheet – Assets

As at

31 December 2025

Note

2025€000

Provision for unearned premiums

3,791

Claims outstanding

128

Reinsurers’ share of technical provisions

3,919

Debtors arising out of direct insurance operations

6,720

Other debtors

Debtors

6,746

Cash at bank and in hand

1,563

Other assets

1,563

Deferred acquisition costs

1,683

Prepayments and accrued income

1,683

Total assets

13,911

Apollo Syndicate 2546 | Annual Financial Statements 2025

Balance sheet (continued) – Liabilities

As at 31 December 2025

Note

2025€000

Member balances

(704)

Total capital and reserves

(704)

Provision for unearned premiums

7,127

Claims outstanding

276

Technical provisions

7,403

Creditors arising out of direct insurance operations

2,958

Other creditors including taxation and social security

2,781

Creditors

5,739

Accruals and deferred income

1,473

Total liabilities

14,615

Total liabilities, capital and reserves

13,911

The Syndicate annual accounts on pages 20 to 49 were approved by the board of Apollo Syndicate Management Limited on 18 February 2026 and were signed on its behalf by;

Taryn McHargChief Financial Officer

18 February 2026

Apollo Syndicate 2546 | Annual Financial Statements 2025

Statement of changes in member balances

For the year ended 31 December 2025

2025€000

Member balances brought forward at 1 January

Total comprehensive loss for the year

(704)

Member balances carried forward at 31 December

(704)

Apollo Syndicate 2546 | Annual Financial Statements 2025

Statement of cash flows

For the year ended 31 December 2025

Note

2025€000

Cash flows from operating activities

Loss for the financial year

(704)

Adjustments:

Increase in gross technical provisions

7,403

Increase in reinsurers’ share of gross

technical provisions

(3,919)

Increase in debtors

(6,746)

Increase in creditors

2,974

Movement in other assets/liabilities

(210)

Net cash flows from operating activities

(1,202)

Cash flows from financing activities

Capital contributions/open year cash calls made

2,765

Net cash flows from financing activities

2,765

Net increase in cash and cash equivalents

1,563

Cash and cash equivalents at the end of the year

1,563

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements

for the period ended 31 December 2025

1.Basis of preparation

Syndicate 2546 is supported by a single member of the Society of Lloyd’s that underwrites insurance business in the London Market. The address of the syndicate’s managing agent, Apollo Syndicate Management Limited, is One Bishopsgate, London EC2N 3AQ.

The financial statements have been prepared in accordance with The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and applicable accounting standards in the United Kingdom and the Republic of Ireland, including Financial Reporting Standard 102 (“FRS 102”) and Financial Reporting Standard 103 (“FRS 103”) in relation to insurance contracts, and the Lloyd’s Syndicate Accounts Instructions Version 3.1 as modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s.

The financial statements have been prepared on the historical cost basis, except for financial assets which are measured at fair value through profit or loss.

The financial statements are presented in Euros, which is also the syndicate’s functional currency. All amounts have been rounded to the nearest thousand and are stated in Euros unless otherwise indicated.

Going concern

The syndicate has financial resources to meet its financial needs and manage its portfolio of insurance risk. The directors have continued to review the business plans, liquidity and operational resilience of the syndicate and are satisfied that the syndicate is well positioned to manage its business risks in the current economic environment. The syndicate 2026 year of account has opened, and the directors have concluded that the syndicate has a reasonable expectation that it will open a 2027 year of account. The syndicate has sufficient capital for each year of account provided by the syndicate member as FAL. There is no intention to cease underwriting or cease the operations of the syndicate.

Accordingly, the directors of the Managing Agent continue to adopt the going concern basis in preparing the financial statements.

2.Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors of the Managing Agent have made judgements, estimates and assumptions that affect the application of the syndicate’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Several of the estimates are based on actuarial assumptions underpinned by historical experience, market data, and other factors that are considered to be relevant.

Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which they are identified where the revision affects only that period, and in future periods where the revision affects both current and future periods.

Critical judgements in applying the syndicate’s accounting policies

There are no critical judgements, apart from those involving estimations (which are dealt with separately below), in the process of applying the syndicate’s accounting policies.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

2. Critical accounting judgements and key sources of estimation uncertainty (continued)

Key sources of estimation uncertainty

The key assumptions and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate principally to gross written premium and claims outstanding, in particular the provision for claims that have been incurred at the reporting date but have not yet been reported and the accrual for pipeline premium respectively.

Gross written premium

Gross written premium comprises contractual amounts, underwriter estimates at a policy level reflecting guidance provided by clients and cover holders. These include amounts due to the syndicate not yet received or notified at a portfolio level based on historical experience.

The gross written premium payable on a policy is often variable, dependent on the volume of trading undertaken by the insured during a coverage period. Estimates of such additional premiums and premium refunds are included in premiums written but may have to be adjusted if economic conditions or other underlying trading factors differ from those expected. Gross premiums written are disclosed in note 5.

Claims outstanding

The measurement of the provision for claims outstanding and the related reinsurance recoveries requires assumptions to be made about the future that have a significant effect on the amounts recognised in the financial statements.

The provision for claims outstanding comprises the estimated cost of settling all claims incurred but unpaid at the balance sheet date and includes IBNR and a confidence margin. This is a complex area due to the subjectivity inherent in estimating the impact of claims events that have occurred but for which the eventual outcome remains uncertain. The estimate of IBNR is generally subject to a greater degree of uncertainty than that for reported claims.

The amount included in respect of IBNR is based on statistical techniques of estimation applied by the Managing Agent’s in-house actuaries. These techniques normally involve projecting based on past experience the development of claims over time, as adjusted for expected inflation, to form a view of the likely ultimate claims to be expected and, for more recent underwriting years, the use of industry benchmarks and initial expected loss ratios from business plans. Where there is limited prior experience of the specific business written considerable use is made of information obtained in the course of pricing individual risks accepted and experience of analogous business. Account is taken of variations in business accepted and the underlying terms and conditions. The provision for claims also includes amounts in respect of internal and external claims handling costs. Reserving at this early stage has taken regard, where deemed appropriate to do so, to indicative data from similar binders, where available.

Accordingly, the most critical assumptions as regards to claims provisions are that the past is a reasonable indicator of the likely level of claims development, that the notified claims estimates are reasonable and that the rating, inflation and other models used for current business are based on fair reflections of the likely level of ultimate claims to be incurred. The level of uncertainty with regard to the estimations within these provisions generally decreases with the length of time elapsed since the underlying contracts were on risk. The reserving uncertainty will be greatest for liability business which is described as long-tail, reflecting the time it takes for losses to be identified by claimants and settled.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

2. Critical accounting judgements and key sources of estimation uncertainty (continued)

Claims outstanding (continued)

The reserve setting process is integrated into Apollo’s governance framework. The proposed best estimate reserves are reviewed in detail by the Reserving Committee on a quarterly basis and specific

management margin added to increase the probability that the reserves are sufficient to meet liabilities so far as they can reasonably be foreseen. These reserves, including margins, are then subject to further review by the Audit Committee on behalf of the Board.

The directors consider that the provisions for gross claims and related reinsurance recoveries are fairly stated on the basis of the information currently available. The ultimate liability will vary as a result of subsequent information and events, which may result in significant adjustments to the amounts provided. The estimate of the provision for claims outstanding will develop over time and the estimated claims expense will continue to change until all the claims are paid.

The syndicate has a very limited amount of underwriting in its first year and underwrites a specific class of business that is relatively unique to the Lloyd’s market. For this reason, historical information is limited and there is no directly comparable Lloyd’s benchmark data. The uncertainty associated with the ultimate liability of business written to date and disclosed in these financial statement is therefore higher at this stage of the syndicate’s development. The historical development of claims incurred estimates is set out in the loss development triangles by year of account in note 12.

3.Significant accounting policies

The following significant accounting policies have been applied consistently in accounting for items which are considered material in relation to the syndicate’s financial statements.

Gross premiums written

Gross premiums written comprise premiums on contracts of insurance incepted during the financial year and estimates of premium received via coverholder arrangements.

Premiums are shown gross of brokerage payable and are exclusive of taxes and duties thereon.

Outwards reinsurance premiums

Written outwards reinsurance premiums comprise the estimated premiums payable for contracts entered into during the period. Non-proportional reinsurance contracts are recognised on the date on which the policy incepts, and proportional reinsurance is recognised when the underlying gross premium is written.

Under some policies, reinsurance premiums payable are adjusted retrospectively in the light of claims experience. Where written premiums are subject to an increase retrospectively, any potential increase is recognised as soon as there is an obligation to the reinsurer.

Provisions for unearned premiums

Written premiums are recognised as earned over the life of the policy. Unearned premiums represent the proportion of premiums written that relate to unexpired terms of policies in force at the balance sheet date, calculated on the basis of earnings patterns reflecting the risk profile of the underlying policies or time apportionment as appropriate.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

3.Significant accounting policies (continued)

Provisions for unearned premiums (continued)

Outwards reinsurance premiums are earned in the same accounting period as the premiums for the related direct or inwards business being reinsured.

Claims provisions and related reinsurance recoveries

Gross claims incurred comprise the estimated cost of all claims occurring during the year, whether reported or not, including related direct and indirect claims handling costs and adjustments to claims outstanding from previous years.

Incurred claims outstanding are reduced by anticipated salvage and other recoveries from third parties. The amount of any salvage and subrogation recoveries is separately identified and, where material, reported as a receivable.

The provision for claims outstanding is assessed on an individual case by case basis and is based on the estimated ultimate cost of all claims notified but not settled by the balance sheet date, together with the provision for related claims handling costs. The provision also includes the estimated cost of incurred but not reported (“IBNR”) claims as well as claims incurred but not enough reported (“IBNER”) and a confidence margin above best estimate.

The reinsurers’ share of provisions for claims is based on amounts of claims outstanding and projections for IBNR, net of estimated irrecoverable amounts, having regard to the reinsurance programme in place for the class of business, the claims experience for the year and the current security rating of the reinsurance companies involved.

Where the security rating provides an indication that the recoverable amount may be impaired a proportion of the balance will be provided for as a provision for bad debt by applying a percentage based on historical experience.

Adjustments to the amounts of claims provisions established in prior years are reflected in the financial statements for the period in which the adjustments are made. The provisions are not discounted for the investment earnings that may be expected to arise in the future on the funds retained to meet the future liabilities. The methods used, and the estimates made, are reviewed regularly.

Unexpired risks provision

A provision for unexpired risks is made where claims and related expenses likely to arise after the end of the financial period in respect of contracts concluded before that date are expected, in the normal course of events, to exceed the unearned premiums and premiums receivable under these contracts after the deduction of any acquisition costs deferred.

A provision for unexpired risks is calculated separately by reference to classes of business which are regarded as managed together after taking into account relevant investment return. All the classes of the syndicate are considered to be managed together.

Financial assets and liabilities

The syndicate has chosen to apply the provisions of Section 11 (Basic Financial Instruments) and Section 12 (Other Financial Instruments Issues) of FRS 102 for the treatment and disclosure of financial assets and liabilities.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

3. Significant accounting policies (continued)

Classification

The accounting classification of financial assets and liabilities determines the way in which they are measured and changes in those values are presented in the statement of profit or loss and other comprehensive income. Financial assets and liabilities are classified on their initial recognition.

The initial classification of a financial instrument takes into account contractual terms including those relating to future variations. Once the classification of a financial instrument is determined at initial recognition, re-assessment is only required when there has been a modification of contractual terms that is relevant to an assessment of the classification.

The syndicate does not hold any non-derivative financial assets or financial liabilities for trading purposes. When derivatives are determined to be liabilities, they are categorised as held for trading and reported within other creditors in the balance sheet.

Deposits with credit institutions, debtors, and accrued interest are classified as loans and receivables.

Recognition

Financial assets and liabilities are recognised when the syndicate becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities. The syndicate does not hold any equity instruments.

Measurements

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as held at fair value through profit or loss and so initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

Realised and unrealised gains and losses arising from changes in the fair value of investments are initially presented in the non-technical profit and loss account in the period in which they arise. Interest income is recognised as it accrues. Investment management and other related expenses are recognised when incurred. The overall investment return is subsequently transferred to the technical account to reflect the investment return on funds supporting the underwriting business.

Derecognition of financial assets and liabilities

Financial assets are derecognised when and only when:

•the contractual rights to the cash flows from the financial asset expire or are settled;

•the syndicate transfers to another party substantially all the risks and rewards of ownership of the financial asset; or

•the syndicate, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

3. Significant accounting policies (continued)

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the company estimates the fair value by using a valuation technique.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, yield curves, credit spreads, liquidity statistics and other factors.

The use of different valuation techniques could lead to different estimates of fair value. FRS 102 section 11.27 establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

Impairment of financial instruments measured at historic cost

For financial assets carried at historic cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at arm’s length on the reporting date.

Where indicators exist for a reversal in impairment loss, and the reversal can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. The amount of the reversal is recognised in profit and loss.

Off-setting

Financial assets and financial liabilities are off-set, and the net amount presented in the balance sheet when, and only when, the syndicate has a legal right to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

3. Significant accounting policies (continued)

Debtors and creditors

Debtors and creditors are recognised when due. These include amounts due to and from agents, brokers and insurance contract holders which are classified as insurance debtors and creditors as they are non-derivative financial assets with fixed or determinable payments that are not quoted on an active market. Insurance debtors are measured at amortised cost less any provision for impairments. Bad debts are provided for only where specific information is available to suggest a debtor may be unable or unwilling to settle its debt to the syndicate. The provision is calculated on a case-by-case basis. Insurance creditors are stated at amortised cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in fair value and are used by the syndicate in the management of its short-term commitments. Cash and cash equivalents are carried at amortised cost in the statement of financial position.

Bank overdrafts that are repayable on demand and form an integral part of the syndicate’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.

Investment return

Investment return comprises investment income, realised investment gains and losses, movements in unrealised gains and losses, investment expenses and charges and interest payable.

Realised gains and losses represent the difference between the net proceeds on disposal and the purchase price (net of transaction costs).

Unrealised gains and losses on investments represent the difference between the fair value at the balance sheet date and their net purchase price. Movements in unrealised investment gains and losses comprise the increase/decrease in the reporting period in the value of the investments held at the reporting date and the reversal of unrealised investment gains and losses recognised in earlier reporting periods in respect of investment disposals of the current period.

Investment return is initially recorded in the non-technical account and subsequently transferred to the technical account to reflect the investment return on funds supporting the underwriting business.

Net operating expenses

Net operating expenses include acquisition costs, administrative expenses and members standard personal expenses. Operating expenses are paid by ASML and recharged to the syndicate. No mark-up is applied.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

3. Significant accounting policies (continued)

Acquisition costs

Acquisition costs represent costs arising from the conclusion of insurance contracts. They include both direct costs such as brokerage and commission, and indirect costs such as administrative expenses connected with the processing of proposals and the issuing of policies. Acquisition costs include fees paid to consortium leaders in return for business written on behalf of the syndicate as a consortium member.

Acquisition costs are earned in line with the earning of the gross premiums to which they relate. The deferred acquisition cost asset represents the proportion of acquisition costs which corresponds to the proportion of gross premiums written that is unearned at the balance sheet date.

Managing Agent’s fees and profit commission

The Managing Agent charges a management fee of £250k. The Managing Agent has agreed contractual terms with the capital provider to the syndicate for the payment of profit commission based on the performance of the individual years of account of the syndicate.

Profit commission is accrued in line with the contractual terms and the development of the result of the underlying years of account which is reassessed regularly. Profit commission is charged by the Managing Agent at a rate of 2.5% of the pre-tax net profit on a year of account. This is charged to the syndicate as incurred but does not become payable until after the appropriate year of account closes, normally at 36 months, although the Managing Agent may receive payments on account of anticipated profit commission if interim profits are released to the member.

Foreign currencies

Transactions in foreign currencies are translated into Euro’s which is the functional and presentational currency of the syndicate. Transactions in foreign currencies are translated using the exchange rates at the date of the transaction. The syndicate’s monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rates of exchange at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items denominated in foreign currencies that are measured at historic cost are translated to the functional currency using the exchange rate at the date of the transaction. For the purposes of foreign currency translation, unearned premiums and deferred acquisition costs are treated as monetary items.

Foreign exchange differences arising on translation of foreign currency amounts are included in the non-technical account.

Pension costs

Apollo operates a defined contribution pension scheme. Pension contributions relating to managing agency staff working on behalf of the syndicate are charged to the syndicate and included within net operating expenses.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

3. Significant accounting policies (continued)

Taxation

Under Schedule 19 of the Finance Act 1993 Managing Agents are not required to deduct basic rate income tax from trading income. In addition, all UK basic rate income tax deducted from syndicate investment income is recoverable by Managing Agents and consequently the distribution made to members or their members agents is gross of tax. Capital appreciation falls within trading income and is also distributed gross of tax.

No provision has been made for any United States Federal Income Tax payable on underwriting results or investment earnings. Any payments on account made by the syndicate during the year on behalf of members have been included in the balance sheet under the heading ‘other debtors’.

No provision has been made for any other overseas tax payable by the member on underwriting results.

Other prepayment and accrued income

Other prepayments are recognised as assets when the payment is made and the syndicate expects to receive the economic benefit from the prepayment in future periods. They are initially recognised at cost and are amortised over the period in which the economic benefit is consumed.

Accrued income is recognised as assets for services received whether or not billed to the syndicate. They are initially recognised at fair value and subsequently measured at amortised cost.

Classification of insurance and reinsurance contracts

Insurance and reinsurance contracts are classified as insurance contracts where they transfer significant insurance risk. If a contract does not transfer significant insurance risk it is classified as a financial instrument. All of the syndicate’s written contracts and purchased reinsurance contracts transfer significant insurance risk and therefore are classified as insurance contracts.

4. Risk and capital management

Introduction and overview

This note presents information about the nature and extent of insurance and financial risks to which the syndicate is exposed, the Managing Agent’s objectives, policies and processes for measuring and managing insurance and financial risks, and for managing the syndicate’s solvency capital.

The nature of the syndicate’s exposures to risk and its objectives and policies for managing risk have not changed significantly from the prior year.

Enterprise risk management framework

The ASML ERM framework has been adopted and embedded by the syndicate. The primary objective of the ERM framework is to protect the syndicate’s member from events that could impede sustainable growth and achievement of consistent financial performance, including failing to maximise opportunities through informed and appropriate risk taking. All staff providing services to the syndicate are trained to recognise the critical importance of having efficient and effective ERM systems in place.

The ASML Board has overall responsibility for the establishment and oversight of the ERM framework. The ASML Board has established an Audit Committee and a Board Risk Committee which oversee the operation of the syndicate’s ERM framework and review and monitor the management of the risks to which the syndicate is exposed.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

4. Risk and capital management (continued)

Enterprise risk management framework (continued)

ASML has established an ERM function, together with terms of reference for the ASML Board, its committees and the associated Executive Management Committees which identify the risk management obligations of each. The function is supported by a clear organisational structure with documented authorities and responsibilities from the Board to Executive Management Committees and senior managers using a ‘three lines of defence’ model. The framework sets out the risk appetites for the syndicate and includes controls and business conduct standards.

Under the ERM framework, ASML’s Board Risk Committee oversees the first line ownership of risk at an executive level. The management of specific risk grouping is delegated to several executive committees: the Underwriting Committee and the Reserving Committee are responsible for developing and monitoring insurance risk management policies; the management of financial risks is the responsibility of the Finance Committee and the Investment and Treasury Oversight Group. In addition, the syndicate is exposed to consumer. Operational risk is managed across the Management Committees and the management of these risks is the responsibility of the Underwriting Committee.

Accordingly, the executive members responsible for these risks provide the Board Risk Committee with a first line view of the risk and the ERM function provides a second line challenge and oversight. ASML’s Internal Audit function provides assurance through their role as the third line of defence.

The ERM function reports quarterly to the ASML Board and Board Risk Committee on its activities and provides a forward-looking view of the upcoming assurance activities. The Reserving Committee, Underwriting Committee, Finance Committee, Investment and Treasury Oversight Group and Change Committee report regularly to the Executive Committee and work closely with the ERM function on their activities as well as reporting to the Board and the relevant Board committees.

Insurance risk

Insurance risk refers to fluctuations in the timing, frequency and severity of insured events, relative to expectations at the time of underwriting. It is comprised of premium risk and reserving risk and is the principal risk the syndicate faces in the writing of insurance contracts.

Underwriting risk

Underwriting risk is the risk that the insurance premium will not be sufficient to cover future insurance losses and associated expenses. This includes the risks that the premium is set too low, the contract provides inappropriate levels of cover, or that the actual frequency or severity of claims events will be significantly higher than was expected during the underwriting process.

Reserve risk

Reserve risk is the risk that the reserves established in respect of insurance claims incurred are insufficient to settle the claims and associated expenses in full.

Management of insurance risk

A key component of the management of insurance risk for the syndicate is a disciplined underwriting strategy that is focused on writing quality business and not writing for premium volume. Product pricing is designed to incorporate appropriate premiums for each type of assumed risk. The underwriting strategy includes underwriting limits on the syndicate’s total exposure to specific risks together with limits on geographical and industry exposures to ensure that a well-diversified book is maintained.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

4. Risk and capital management (continued)

Management of insurance risk (continued)

Contracts can contain several features which help to manage the insurance risk such as the use of deductibles, or capping the maximum permitted loss, or number of claims (subject to local regulatory and legislative requirements).

The syndicate makes use of reinsurance to mitigate the risk of incurring significant losses linked to a single or catastrophe event, including excess of loss and quota share reinsurance.

The Reserving Committee oversees the management of reserving risk. The use of proprietary and standardised modelling techniques, internal and external benchmarking and the review of claims development are all instrumental in mitigating reserving risk.

ASML actuaries perform a reserving analysis on a quarterly basis, liaising closely with underwriters, claims and reinsurance personnel. The aim of this exercise is to produce a probability-weighted average of the expected future cash outflows arising from the settlement of incurred claims and claims on unearned premium. These projections include an analysis of claims development compared to the previous ‘best estimate’ projections.

The Reserving Committee performs a comprehensive review of the projections, both gross and net of reinsurance. Following this review, the Reserving Committee makes recommendations to the Audit Committee and Board as to the claims provisions to be established.

In arriving at the level of claims provisions a margin is applied over and above the actuarial best estimate to increase the probability that the reserves are sufficient to meet liabilities.

The level of year end reserves is validated by external consulting actuaries through their report to management and their provision of a Statement of Actuarial Opinion to ASML and Lloyd’s on gross and net reserves by year of account as at 31 December 2025

The claims development table in note 12 shows the actual claims incurred to previous estimates for the last year.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

4. Risk and capital management (continued)

Sensitivity to insurance risk

The liabilities established could be significantly lower or higher than the ultimate cost of settling the claims arising. This level of uncertainty varies between the classes of business and the nature of the risk being underwritten and can arise from developments in case reserving for attritional losses, large losses and catastrophes, or from changes in estimates of IBNR claims.

The following table presents the sensitivity of the value of insurance liabilities disclosed in the accounts to potential movements in the assumptions applied within the technical provisions. A five percent increase or decrease in the ultimate cost of settling claims arising from a change in actuarial assumptions is considered reasonably possible at the reporting date. A five percent increase or decrease in total earned claims liabilities due to a change in assumptions would have the following effect on profit or loss and members balances.

General insurance business sensitivities as at 31 December 2025

Sensitivity

+5.0%€000

-5.0%€000

Claims outstanding – gross of reinsurance

(14)

Claims outstanding – net of reinsurance

(7)

Financial risk

The financial risk faced by the syndicate is managed by ensuring that its financial assets are sufficient to fund the obligations arising from its insurance contracts as they fall due. The primary objective of the investment management process is to maintain capital value, which is of particular importance in volatile financial market conditions. A secondary objective is to optimise the risk-adjusted total return whilst being constrained by capital preservation and liquidity requirements.

Credit risk

Credit risk is the risk of financial loss to the syndicate if a counterparty fails to discharge a contractual obligation.

The syndicate is exposed to credit risk in respect of the following:

•reinsurers’ share of insurance liabilities;

•amounts due from intermediaries;

•amounts due from reinsurers in respect of settled claims;

•cash and cash equivalents; and

•other debtors and accrued interest.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

4. Risk and capital management (continued)

Management of credit risk

ASML manages reinsurer credit risk through outwards reinsurance purchase guidelines. The guidelines place limits on exposure to a single counterparty based on the credit rating of the counterparty and the counterparty’s market reputation and recent performance. The syndicate’s exposure to reinsurance counterparties is monitored by the reinsurance team as part of their credit control processes. On a quarterly basis the Finance Committee reviews the credit exposures to reinsurance counterparties.

ASML assesses the creditworthiness of all reinsurers by reviewing public rating information and by internal investigations. The impact of reinsurer default is regularly assessed and managed accordingly.

ASML reviews intermediary performance against the terms of business agreements by the compliance function. The status of intermediary debt collection is reported to the Finance Committee.

Exposure to credit risk

The carrying amount of financial and reinsurance assets represents the maximum credit risk exposure.

The following table analyses the credit rating by investment grade of financial investments, reinsurers’ share of claims outstanding, debtors arising out of direct insurance and reinsurance operations, cash and cash equivalents and other debtors and accrued interest.

Debtors arising out of direct and reinsurance operations are comprised of pipeline premiums and balances relating to outstanding receipts from Lloyd’s Central Accounting. By their nature, it is not possible to classify these balances by credit rating and therefore they are included as not rated in the following tables.

2025

AAA€000

AA€000

A€000

BBB€000

Other€000

Not rated€000

Total€000

Reinsurers’ share of claims outstanding

128

Debtors arising out of direct insurance operations

6,720

Cash at bank and in hand

1,563

Other debtors and accrued interest

5,500

Total

1,563

12,348

13,911

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

4. Risk and capital management (continued)

Financial assets that are past due or impaired

The syndicate has debtors arising from direct insurance and reinsurance operations that are past due but not impaired at the reporting date. These debtors have been individually assessed for impairment by considering information such as the occurrence of significant changes in the counterparty’s financial position, patterns of historical payment information, disputes and compliance with ASML terms and conditions.

An analysis of the carrying amounts of past due or impaired assets is presented in the table below. There are no other financial assets that are considered past due or impaired. The table below sets out the age analysis of financial assets that are past due but not impaired at the balance sheet date:

Neither past due nor impaired assets

Past due but not impaired assets

Gross value of impaired assets

Impairment allowance

Total

2025

€000

Debtors arising out of direct insurance operations

6,720

Reinsurers’ share of claims outstanding

128

Other debtors and accrued interest

5,500

Cash at bank and in hand

1,563

Total

13,911

Liquidity risk

Liquidity risk is the risk that the syndicate’s assets are insufficient to fund the obligations arising from its insurance contracts and financial liabilities as they fall due or can only be met by incurring additional costs. The syndicate is exposed to daily calls on its available cash resources mainly from claims arising from insurance contracts and its ongoing expenses.

Management of liquidity risk

The syndicate’s approach to managing liquidity risk is to ensure, as far as is reasonable, that it will have sufficient liquidity to meet its liabilities when they fall due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the syndicate’s reputation.

ASML’s approach to managing liquidity risk is as follows:

•forecasts are prepared and revised on a regular basis to predict cash outflows from insurance contracts and overheads over the short, medium and long term;

•the syndicate purchases assets with durations not greater than its estimated insurance contract liabilities and expense outflows;

•assets purchased by the syndicate are required to satisfy specified marketability requirements;

•the syndicate maintains cash and liquid assets to meet daily outgoing payments;

•the syndicate regularly updates its contingency funding plans to ensure that adequate liquid financial resources are in place to meet obligations as they fall due in the event of reasonably foreseeable abnormal circumstances; and

•liquidity stress testing is performed for the syndicate, looking both at cash flow liquidity and shock loss scenarios.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

4. Risk and capital management (continued)

Management of liquidity risk (continued)

The syndicate holds sufficient premium trust funds in money market funds to meet daily liquidity. Holdings in money market funds are well diversified, very liquid and generally low risk. There is, however, a risk that the fund does not have sufficient liquidity to meet all redemptions in extreme conditions.

The syndicate is able to make cash calls from the member to fund losses in the event that funds are needed ahead of closing the year of account. In extreme circumstances, ASML syndicates could also apply to utilise the Lloyd’s Central Fund as a last resort to pay liabilities.

Maturity analysis of syndicate liabilities

The maturity analysis presented in the table below shows the remaining contractual maturities for the syndicate’s insurance contracts and financial instruments. For insurance and reinsurance contracts, the contractual maturity is the estimated date when the gross undiscounted contractually required cash flows will occur. For financial liabilities it is the earliest date on which the gross undiscounted cash flows (including contractual interest payments) could be paid assuming conditions are consistent with those at the reporting date.

000

Undiscounted net cash flows

2025

No maturity stated€000

0-1 yrs€000

1-3 yrs€000

3-5 yrs€000

>5 yrs€000

Total€000

Claims outstanding

276

Creditors

7,211

Total

7,487

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, excluding those that are caused by credit downgrades which are included under credit risk. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk.

The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk within the framework set by ASML’s investment policy.

Management of market risk

For each of the major components of market risk the syndicate has policies and procedures in place which detail how each risk should be managed and monitored. The management of each of these major components of market risk and the exposure of the syndicate at the reporting date to each major component are addressed below.

Interest rate risk

Interest rate risk arises primarily from the syndicate’s exposure to financial investments and overseas deposits.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

4. Risk and capital management (continued)

Currency risk

Currency risk is the risk that the fair value or future cash flows of the syndicate’s assets and liabilities will fluctuate because of changes in foreign exchange rates.

The syndicate writes business primarily in Sterling, Euros and US Dollars and is therefore exposed to currency risk arising from fluctuations in the exchange rates of its functional currency (Euros) against these currencies.

The foreign exchange policy is to maintain assets in the currency in which the cash flows from liabilities are to be settled in order to hedge the currency risk inherent in these contracts so far as is allowed by regulatory requirements and for any profit or loss to be reflected in the net assets of the functional currency.

Regulatory capital requirements and liquidity impact the ability to match in currency. Regulatory funding requirements are calculated based on gross data and as a result a net currency asset can arise. Net assets in currency are not a direct indication of the liquidity in a currency. The syndicate can undertake currency trades either to help match in currency or meet liquidity needs.

The table below summarises the carrying value of the syndicate’s assets and liabilities, at the reporting date:

Sterling

US dollar

Euro

Total

2025

€000

Reinsurers' share of technical provisions

3,919

Debtors

6,746

Other assets

1,563

Prepayments and accrued income

1,683

Total assets

13,911

Technical provisions

(7,403)

Creditors

(5,749)

(5,739)

Accruals and deferred income

(77)

(1,396)

(1,473)

Total liabilities

(77)

(14,548)

(14,615)

Total capital and reserves

(10)

637

704

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

4. Risk and capital management (continued)

Sensitivity analysis to market risks

An analysis of the syndicate’s sensitivity to currency risk is presented in the table below. The table shows the effect on profit or loss of reasonably possible changes in the relevant risk variable. The sensitivity analysis assumes that all other variables remain constant and that the exchange rate movement occurs at the end of the reporting period. The impact of exchange rate fluctuations could differ significantly over a longer period. The occurrence of a change in foreign exchange rates may lead to changes in other market factors because of correlations.

2025Impact on results before tax€000

2025Impact on

member

balances€000

Interest rate risk

+ 50 basis points shift in yield curves

- 50 basis points shift in yield curves

(4)

Capital management

Capital framework at Lloyd’s

Lloyd’s is a regulated undertaking and subject to supervision by the PRA under the Financial Services and Markets Act 2000, and in accordance with the Solvency UK Framework.

Within this supervisory framework, Lloyd’s applies capital requirements at member level and centrally to ensure that Lloyd’s complies with the Solvency UK requirements, and beyond that to meet its own financial strength, licence and ratings objectives.

Although, as described below, Lloyd’s capital setting processes use a capital requirement set at syndicate level as a starting point, the requirement to meet Solvency UK and Lloyd’s capital requirements apply respectively at overall and member level only, not at syndicate level. Accordingly, the capital requirement in respect of the syndicate’s member is not disclosed in these financial statements.

Lloyd’s capital setting process

To meet Lloyd’s requirements, each syndicate is required to calculate its SCR for the prospective underwriting year. This amount must be sufficient to cover a 1 in 200 year loss, reflecting uncertainty in the ultimate run-off of underwriting liabilities (SCR ‘to ultimate’). The syndicate must also calculate its SCR at the same confidence level but reflecting uncertainty over a one year time horizon (‘’one year’’ SCR) for Lloyd’s to use in meeting Solvency UK requirements. The SCRs of each syndicate are subject to review and approval by Lloyd’s.

Initially ASML calculates the syndicate’s SCR using the Lloyd’s Standard Model. Once a syndicate becomes sufficiently established ASML develops an internal model in house to calculate the SCR for the syndicate.

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

4. Risk and capital management (continued)

Provision of capital by members

Each member may provide capital to meet their ECA by assets held in trust by Lloyd’s specifically for that member’s FAL, or as the member’s share of the members balances on each syndicate on which they participate. Accordingly, all of the assets less liabilities of the syndicate, as represented in the members balances reported on the balance sheet, represent resources available to meet members and Lloyd’s capital requirements.

5. Analysis of underwriting result

An analysis of the underwriting result before investment return is presented in the table below:

2025

Gross premiums written€000

Gross premiums earned€000

Gross claims incurred€000

Gross operating expenses€000

Reinsurance balance€000

Underwriting result€000

Direct insurance

Credit and suretyship

8,828

1,701

(276)

(1,352)

(761)

(688)

Total direct insurance

8,828

1,701

(276)

(1,352)

(761)

(688)

Total

8,828

1,701

(276)

(1,352)

(761)

(688)

The syndicate does not write fire and damage to other property or third-party liability and has no reinsurance acceptances in 2025.

The gross premiums written for direct insurance by location (where the contracts were concluded) is presented in the table below:

2025€000

United Kingdom

8,828

Total gross premiums written

8,828

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

6. Net operating expenses

2025€000

Acquisition costs

387

Change in deferred acquisition costs

(288)

Administrative expenses

885

Member standard personal expenses

368

Net operating expenses

1,352

Total commissions for direct insurance business for the year amounted to:

2025€000

Total commission for direct insurance business

387

Administrative expenses include:

2025€000

Auditor’s remuneration:

Fees payable to the Syndicate’s auditor for the audit of these financial statements

104

Fees payable to the Syndicate’s auditor and its associates in respect of other services pursuant to legislation

101

ASML incurred audit fees payable to the syndicate’s auditors of €55k and other assurance services of nil.

7. Key management personel compensation

The directors of the Managing Agent received the following aggregate remuneration charged to the Syndicate:

2025€000

Directors’ emoluments

The active underwriter received the following aggregate remuneration charged to the syndicate.

2025€000

Emoluments

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

8. Staff numbers and costs

All staff are employed by a related company of ASML. The average monthly number of employees employed by the managing agency or related companies but working for the syndicate during the year, analysed by category, was as follows:

2025

Administration and finance

0.5

Total

0.5

The following amounts were recharged by the managing agency to the syndicate in respect of payroll costs:

2025€000

Wages and salaries

192

Total

192

9. Debtors arising out of direct insurance operations

2025€000

Due within one year

6,720

Total

6,720

10. Other debtors

2025€000

Other

Total

11. Deferred acquisition costs

The table below shows changes in deferred acquisition costs assets from the beginning of the period to the end of the period:

2025

Gross€000

Reinsurance€000

Net€000

Balance at 1 January

Incurred deferred acquisition costs

1,683

(1,394)

289

Balance at 31 December

1,683

(1,394)

289

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

12. Claims development

The following tables illustrate the development of the estimates of earned ultimate cumulative claims incurred, including claims notified and IBNR, for each successive underwriting year, illustrating how amounts estimated have changed from the first estimates made.

As these tables are on an underwriting year basis, there is an apparent large increase from amounts reported for the end of the underwriting year to one year later as a large proportion of premiums are earned in the year of account’s second year of development.

Balances have been translated at exchange rates prevailing at 31 December 2025 in all cases.

Gross claims development as at 31 December 2025:

2025

Total

Pure underwriting year

€000

Estimate of gross claims

at end of underwriting year

276

Estimate of gross claims reserve

276

Less gross claims paid

Gross claims reserve

276

Net claims development as at 31 December 2025:

2025

Total

Pure underwriting year

€000

Estimate of net claims

at end of underwriting year

148

Estimate of net claims reserves

148

Less net claims paid

Net claims reserve

148

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

13. Technical provisions

The table below shows changes in the insurance contract liabilities and assets from the beginning of the period to the end of the period.

2025

Gross provisions€000

Reinsurance

Assets€000

Net€000

Claims outstanding

Balance at 1 January

Claims paid during the year

Expected cost of current year claims

276

(128)

148

Balance at 31 December

276

(128)

148

2025

Gross provisions€000

Reinsurance

Assets€000

Net€000

Unearned premiums

Balance at 1 January

Premiums written during the year

8,828

(4,680)

4,148

Premiums earned during the year

(1,701)

889

(812)

Balance at 31 December

7,127

(3,791)

3,336

Refer to Note 4 for the sensitivity analysis performed over the value of insurance liabilities, disclosed in the accounts, to potential movements in the assumptions applied within the technical provisions.

14. Creditors arising out of direct insurance operations

2025€000

Due within one year

2,958

Total

2,958

15. Other creditors

2025€000

Other liabilities

2,781

Total

2,781

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

16. Cash and cash equivalents

2025€000

Cash at bank and in hand

1,563

Total cash and cash equivalents

1,563

17. Analysis of net debt

At 1 January 2025

Cash flows

Acquired

Fair value and exchange movements

Non-cash changes

At 31 December 2025

Cash and cash equivalents

1,563

Total

1,563

18. Related parties

All business with related parties is transacted on an arm’s length basis.

ASML is a wholly owned subsidiary of AGHL.

On 2 September 2025 it was announced that Skyward had agreed to purchase AGHL, the parent company of ASML. The transaction received regulatory approval late in 2025 and completed on 1 January 2026.

Apollo Partners LLP (“APL”), a wholly owned subsidiary of AGHL, employs all Apollo group staff, including underwriters, claims and reinsurance staff. APL provides the services of these staff to ASML to enable it to function as Managing Agent for the syndicate. APL is an appointed representative of ASML. APL also incurs a large proportion of the expenses in respect of operating the syndicate. The cost of these services and expenses is recharged to ASML which in turn recharges these to the syndicate on a basis that reflects its usage of resources, all recharges being without any mark up on cost.

The transactions and amounts outstanding at the balance sheet date are shown below:

2025

ASML

€000

Managing Agent’s fee

287

Expense recharges

974

Apollo Syndicate 2546 | Annual Financial Statements 2025

Notes to the financial statements (continued)

for the period ended 31 December 2025

19. Post balance sheet events

There were no known post balance sheet events at the reporting date.

20. Foreign exchange rates

The following currency exchange rates have been used for principal foreign currency transactions:

2025

Start of period rate

End of period

rate

Average

rate

Sterling

0.87

Euro

1.00

US dollar

1.17

Canadian dollar

1.49

1.61

1.57

Australian dollar

1.67

1.76

1.75

Japanese Yen

162.74

184.09

169.09

21. Funds at Lloyd’s

Every member is required to hold capital at Lloyd’s which is held in trust and known as Funds at Lloyd’s (‘FAL’). These funds are intended primarily to cover circumstances where syndicate assets prove insufficient to meet participating members underwriting liabilities. The level of FAL that Lloyd’s requires a member to maintain is determined by Lloyd’s based on Prudential Regulatory Authority requirements and resource criteria. The determination of FAL has regard to a number of factors including the nature and amount of risk to be underwritten by the member and the assessment of the reserving risk in respect of business that has been underwritten. Since FAL is not under the management of the Managing Agent, no amount has been shown in these Financial Statements by way of such capital resources. However, the Managing Agent is able to make a call on the Member’s FAL to meet liquidity requirements or to settle loss.