Board update

02 July 2026

Shearwater Group PLC

("Shearwater", the "Company" or the "Group")

Board Update

Shearwater Group plc, the cybersecurity, advisory and managed security services group, is pleased to announce the appointment of Jonathan Entract as Independent Non-Executive Director of the Company and Chair of the Audit Committee, effective from 01 July 2026.

Previously Partner at InfraRed Capital Partners, Jonathan is an ACA qualified chartered accountant who brings over 25 years' experience in M&A, across both buy-side and sell-side transactions, evaluating investment opportunities, and serving on the boards of multiple portfolio companies to support their strategic development and growth ambitions.

The Board believes that Jonathan's financial expertise, corporate governance experience and commercially focused mindset will strengthen the Board composition to support Shearwater's next phase of growth.

Robin Southwell OBE, Chair, commented: "We are delighted to welcome Jonathan to the Board. He brings a fresh perspective and a highly complementary set of skills and experience to support Shearwater as it continues to execute its strategy. We look forward to the contribution he will make both as an Independent Non-Executive Director and as Chair of the Audit Committee."

The following disclosures are required regarding Jonathan Entract's appointment pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies (the "AIM Rules"):

Jonathan Mark Entract (aged 53) is currently, or has during the past five years been, a director of the following companies:

The companies listed below, each of which Mr Jonathan Entract was a director of, formed part of the GFP Group (the "Group") and were subject to creditors' voluntary liquidations ("CVL") in connection with an investment by InfraRed Environmental Infrastructure Fund (the "Fund") (managed by InfraRed Capital Partners Limited). The Fund provided shareholder loans to the Group and, following the disposal of the underlying assets in each company, there were insufficient proceeds to repay those loans in full. All third‑party creditors were paid in full. The unsecured creditor balances reported in the liquidators' final accounts therefore relate solely to shareholder creditor claims (being amounts owed to the Fund), which were not fully recovered. The companies to which these CVLs applied are set out below:

· European Investments (GFP) Limited was dissolved on 21 January 2025 following a CVL, with unsecured shareholder creditor claims of approximately £63,087,999 and a nominal distribution of 0.01 pence in the pound.

· European Investments (GFP II) Limited was dissolved on 13 June 2024 following a CVL, with unsecured shareholder creditor claims of approximately £68,712 and no distribution due to insufficient realisations.

· GFPII Limited was dissolved on 10 November 2023 following a CVL, with unsecured shareholder creditor claims of approximately £64,421,248 and no distribution due to insufficient realisations.

· Viridis 178 Limited was dissolved on 30 September 2023 following a CVL, with unsecured shareholder creditor claims of approximately £41,188,189 and no distribution due to insufficient realisations.

· FPS11 Limited was dissolved on 27 September 2023 following a CVL, with unsecured shareholder creditor claims of approximately £884,638 and no distribution due to insufficient realisations.

· Mantella Power Ltd was dissolved on 27 September 2023 following a CVL, with unsecured shareholder creditor claims of approximately £119,278 and no distribution due to insufficient realisations.

· FPS13 Limited was dissolved on 27 September 2023 following a CVL, with unsecured shareholder creditor claims of approximately £496,713 and no distribution due to insufficient realisations.

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About Shearwater Group plc

Shearwater Group plc is an award-winning group providing cyber security, managed security and professional advisory solutions to create a safer online environment for organisations and their end users.

The Group's differentiated full service offering spans identity and access management and data security, cybersecurity solutions and managed security services, and security governance, risk and compliance. Its growth strategy is focused on building a scalable group that caters to the entire spectrum of cyber security and managed security needs, through a focused buy and build approach.

The Group is headquartered in the UK, serving customers globally across a broad spectrum of industries.

Shearwater shares are listed on the London Stock Exchange's AIM under the ticker "SWG". For more information, please visit www.shearwatergroup.com.