Tax Strategy

This document sets out the tax strategy for Bespak Limited and its subsidiaries (the “Group”), as required under the United Kingdom legislation referring to paragraph 19(2) Schedule 19 of Finance Act 2016. This tax strategy applies to the year ending 31 December 2025 and continues until superseded. It covers the Group’s approach to arranging its tax affairs.

About Bespak

Bespak Limited was incorporated on 2 February 2024 as a subsidiary within the Roar Holdco AB group. On 1 April 2024, in a re-organisation of the Roar Holdco AB Group, a Group of businesses were transferred under Bespak Limited (“the Group”) to create a focused, integrated CDMO for inhalation drug delivery. We employ around 1,200 people across 2 UK facilities in the United Kingdom, offering a focused inhalation solution.

Tax planning

The Group seeks to maximise shareholder return which includes efficiently managing the Group’s total tax liability while ensuring that all tax decisions taken by the Group consider relevant laws, regulations and the commercial substance of transactions. All tax planning must have a sound and genuine commercial rationale, and all business planning must take tax considerations into account.

Risk Management and Governance

The Group has a low tax risk appetite and is focused on compliance. It aims to maintain a low tax risk rating. It is committed to (a) comply with all tax legislation requirements, (b) file its returns in a timely and accurate manner and (c) pay the appropriate amount of tax at the right time. The Group’s tax strategy reflects its status as a leading CDMO which requires strong governance and consideration of its reputation, while delivering returns to its shareholders. As part of its controls, the Group seeks to identify, evaluate, monitor and manage tax risks to ensure it complies in full with its legal obligations and its strategy of being a responsible business. Where there is significant uncertainty or complexity in relation to a risk, the Group takes appropriate professional advice and/or discusses the matter with the relevant tax authority.

This tax strategy document applies to the Group and the document has been approved by the Board of Directors of Bespak Limited. The Board has ultimate responsibility for tax matters and fulfilling compliance requirements within the Group. The Finance teams of the Group are accountable for the implementation of the tax strategy and the management of tax and related risks.

Dealings with Tax Authorities

The Group engages with tax authorities openly and honestly and in a spirit of co-operative compliance. We regularly communicate with tax authorities to discuss business updates and any relevant tax issues that arise.