Announcement PDF RNS Number : 1893R BSF Enterprise PLC 02 February 2026 30 January 2026 BSF Enterprise PLC ("BSF" or the "Company") Publication of Annual Report and Accounts BSF Enterprise PLC (LSE: BSFA), a leading innovator in tissue-engineered materials, is pleased to announce that its Annual Report and Consolidated Financial Statements for the year ended 30 September 2025 have been published. The Annual Report is now available to view on the Company's website at: https://bsfenterprise.com/reports- documents-and-presentations#reports In accordance with Listing Rule requirements, copies of the Annual Report will be submitted to the National Storage Mechanism and will shortly be available for inspection. Highlights from the period include: · Significant commercial and technical progress across core subsidiaries: 3D Bio-Tissues Limited (3DBT), Lab-Grown Leather Limited (LGL), and Kerato Limited · Launch of CytoBoost™ bioactive media additive and continued expansion of City-Mix™ for cost- effective cultivated meat production · Major breakthrough with the world's first 2mm-thick scaffold-free leather; ongoing collaborations with luxury fashion brands and advancement toward commercial production of T-Rex derived leather product · Key licensing agreement secured with the University of Montreal for liquid cornea technology, supporting in-situ corneal repair; veterinary clinical trials planned for 2026 and human trials in 2027 · Strategic fundraising initiatives, including shareholder approval for up to £15 million via warrants, to support commercialisation, spin-outs, Greater China expansion, and potential acquisitions · Reduced net loss to £1,013,527 (2024: £1,672,291) reflecting careful cost control and increased grant income Engage with the BSF Enterprise management team directly by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor website here: For further enquiries, please visit www.bsfenterprise.com or contact: BSF Enterprise PLC Geoff Baker - Chairman Che Connon - CEO & Director We encourage all investors to share questions on this announcement via our investor website. https://bsfenterprise.com/link/P7b6or Shard Capital (Broker) Damon Heath Isabella Pierre 0207 186 9000 0207 186 9927 AlbR Capital Limited (Broker) Colin Rowbury Jon Belliss +44 (0)20 7469 0930 ISIN of the Ordinary Shares is GB00BHNBDQ51. SEDOL Code is BHNBDQ5. Subscribe to our news alert service: https://bsfenterprise.com/s/bb9f43 About BSF Enterprise PLC BSF Enterprise PLC (BSF) develops and commercialises cutting-edge tissue-engineered solutions, including lab-grown leather, cultivated meat, and corneal repair technologies. By leveraging its proprietary scaffold-free platform, BSF aims to deliver sustainable alternatives to traditional materials and meet global demand for environmentally responsible innovations. Registered number: 11554014 BSF Enterprise Plc Annual Report and Consolidated Financial Statements for the year ended 30 September 2025 Company Information Directors Geoffrey Baker (Chairman) Dennis Kian Jing Ow (Non-Executive Director) Dr Che Connon (Chief Executive Officer) Company Secretary Orana Corporate LLP Registered Office 2 Portman Street London W1H 6DU Registered Number 11554014 Auditors PKF Littlejohn LLP Statutory Auditor 15 Westferry Circus Canary Wharf London E14 4HD Legal Advisers Reynolds Porter Chamberlain LLP Tower Bridge House St Katharine's Way London E1W 1AA Principal Bankers Bank of China (UK) Limited 1 Lothbury London, EC2R 7DB Registrars Share Registrars Limited The Courtyard 17 West Street Farnham Surrey GU9 7DR Contents Page Chairman's statement 4 Chief Executive's Report 6 Strategic Report 10 Directors' Report 21 Directors' remuneration Report 37 Directors' responsibilities 41 Independent auditor's Report 43 Consolidated statement of comprehensive income 51 Consolidated statement of financial position 52 Consolidated statement of changes in equity 53 Consolidated statement of cash flows 54 Notes to the consolidated financial statements Company statement of financial position Company statement of changes in equity Notes to the Company financial statements 55 90 91 92 Chairman's Statement On behalf of the Board, I present the annual report and financial statements of BSF Enterprise Plc for the year ended 30 September 2025. This year has been one of significant transformation, driven by operational achievements, strategic fundraising, and progress across our core subsidiaries. 1. Strategic Achievements and Key Milestones We made substantial progress in 3D Bio-Tissues Limited (3DBT), Lab-Grown Leather Limited (LGL), Kerato Limited (Kerato) , and BSF Enterprise (Hong Kong) Limited (BSF HK) - advancing our mission to commercialise sustainable, tissue- engineered products. ● 3DBT: We launched CytoBoost™ a bioactive media additive targeting the biopharma downstream process, alongside the commercial expansion of CityMixⓇ to support cost-effective production of cultivated meat. ● LGL: Our development in 2024 of the world's first 2mm-thick scaffold-free skin/leather marked a major technical breakthrough. Collaborations with luxury fashion brands are underway, and we are moving towards commercial production of our first product based upon T-Rex derived DNA. ● Kerato: We have secured a key licensing agreement with the University of Montreal for liquid cornea technology, a major step towards in-situ corneal repair. Veterinary clinical trials in 2026 and human clinical trials in 2027 are on the roadmap. ● BSF Enterprise (Hong Kong): We expanded our reach in Greater China, laying the foundation for local production of cultivated meat. Our efforts will increase BSF's access to the rapidly growing demand for sustainable protein in Asia. 2. Financial Performance and Fundraising Strategic fundraising has been essential to our growth. In December 2025, we gained shareholder approval for a £15 million via the placement of warrants exercisable at 2p over 12 months. This funding (once a prospectus is published), combined with our existing funds and grants, provides valuable support to our strategic objectives and strengthens our ability to seize market opportunities. The funds will support: ● Progress towards the commercialisation of CytoBoost™ and City-mixⓇ (3DBT) ● Production of lab-grown leather beach head product (T Rex leather) and securing outward investment into a spin-out of LGL ● Completion of veterinary trials and clinical preparation alongside securing investment into a spin-out of Kerato ● Market expansion in Greater China (BSF Hong Kong) ● Acquisition of compatible businesses if appropriate opportunities are identified A successful placement reinforces market confidence in our business model, enabling us to meet critical our goals for 2026. 3. Sustainability and ESG Commitments Our work in cultivated meat, lab-grown leather, and corneal tissue engineering reflects a broader commitment to sustainability. Our approach aligns with the Task Force on Climate-Related Financial Disclosures (TCFD), ensuring that we integrate environmental, social, and governance (ESG) principles into our operations. Lab-grown leather supports the shift away from traditional animal farming, while our work in cultivated meat offers a sustainable alternative to conventional protein. Our in-situ cornea implants aim to reduce reliance on human donors, supporting more ethical and accessible healthcare solutions. 4. Looking Ahead to 2026 2026 will be an important year for BSF. Our key priorities include: ● Progress towards commercialising CytoBoost™ for the biopharma sector and City-mix Ⓡ for cultivated meat companies. ● Developing plans to scale up lab-grown leather production at the pilot production facility. ● Producing the world's first T-Rex leather for sale ● Completing veterinary clinical trials for corneal implants, advancing toward human clinical trials in 2027. ● Expanding production in Greater China for cultivated meat. ● Identifying opportunities for the acquisition of company/ies with technical and commercial alignment These will position BSF for long-term growth as a market leader in cultivated meat consumables, lab-grown leather, and regenerative medicine. This year has been one of transformation and momentum. With a clear strategy, we are well-positioned to execute our goals in 2026. We do not anticipate the need to raise additional funds during the year and our renewed focus on commercialisation, partnerships, and sustainability will continue to drive our long-term value creation strategy. I would like to thank our shareholders, partners, and employees for their continued support. Together, we are leading the charge towards a more sustainable, ethical, and innovative future. I look forward to reporting to you on our progress over the coming year. Geoff Baker Chairman Chief Executive's Report I am pleased to present my report for the Company for the year to 30 September 2025. Business review and future developments Financial summary The net loss for the year ended 30 September 2025 was £1,013,527 (2024: £1,672,291 loss). The decrease in the loss compared with 2024 reflects careful cost control in developing the activities of our subsidiaries, particularly staff costs and our research commitments as well as an increase in grant income. As a result, the loss per share decreased to 0.91 pence (2024: 1.62 pence loss per share). The Group had cash of £149,020 at 30 September 2025 (2024: £637,656) and approximately £292,000 as of the date of this report. Over the last year, within BSF significant progress has been made towards its strategic objectives. This includes: Expansion of subsidiaries BSF has continued to expand its subsidiaries in order to commercialise its platform for industrial tissue engineering technology and know-how into different markets. Wholly owned subsidiaries continue to include Kerato Ltd, Lab-grown Leather Ltd, Cultivated Meat Technologies Ltd, 3D Bio-Tissues Ltd and BSF Enterprise (Hong Kong) Ltd. 3DBT launched its CytoBoost™ media additive range. Similar to City-mix Ⓡ , CytoBoost™ is based upon our IP and knowhow in the use of macromolecular crowders in cell culture and is designed to facilitate cell culture processes and the implementation of animal free media for the biopharma industry. Using the same technology as City-mixⓇ , CytoBoost™ can be used for different applications at higher price points. Via an active "research with us" program, initial data has produced reliable and repeatable positive use cases and highlighted the novel use of one formulation in the restoration of cell function following cryo-storage, resulting in the development of new product CytoBoost™ REVIVE. Kerato, led by Sarah Greenhalgh as Managing Director, has continued to invest in its in-house and IP-protected corneal tissue engineering know-how with new IP on a liquid cornea via an in-licensing opportunity from the University of Montreal. This allows us to expand upon our existing lab-grown corneal tissues technology and enables the tissues to grow inside the patients' ocular surface (in-situ tissue engineering). This will be achieved initially via a joint collaborative grant with the Canadian regional government of Quebec, splitting the costs approximately in half. The veterinary clinical data to be obtained from this will enable us to bring this technology to market, firstly as a veterinary product at end of 2026 and then towards a human product via clinical trials to start in 2027. Exclusive clinical data will strengthen the position of the company towards spinning out. Kerato has already made significant operational strides in 2025, including progressing with a ISO-13485 quality management system necessary for the supply of medical devices. Its Biosynthetic product can provide an injectable, biosynthetic cornea designed as a single-use, self-sealing gel that mimics the performance of traditional donor grafts. By facilitating tissue remodelling, suppressing inflammation, and enhancing re-epithelization, the next-generation device offers a transformative alternative to corneal transplants. Chief Executive's Report (continued) Lab-Grown Leather continued to accelerate commercialisation efforts. It is developing three core product lines based upon its Elemental Leather platform, namely, Elemental Lux™, Elemental+™ and Elemental X™ the latter including the world's first synthetically generated T-Rex DNA, each utilizes a proprietary "scaffold-free" tissue engineering technology. Elemental+™ achieved a key milestone, maintaining comparable strength at a thickness of just>0.04mm. In addition, following the Company's announcement of Elemental X™ and the T-Rex leather collaboration with VML and The Organoid Company, Lab- Grown Leather entered into commercial conversations and agreement with an ultra-luxury brand, three leading fashion, sports and accessories brands regarding the production of the world's first T-Rex leather product. Patent applications Region Application Number Title Case Status Australia 2020399263 Collagen Production Published Canada 3163511 Collagen Production Published China 2020800965446 Collagen Production Published Europe 20828092.5 Collagen Production Published Israel 293696 Collagen Production Published Japan 2022-535958 Collagen Production Published USA 17/782,948 Collagen Production Published Canada 3,163,956 Novel tissues and methods of making the same Published China 2021800078837 Novel tissues and methods of making the same Published Europe 21703537.7 Novel tissues and methods of making the same Published USA 17/759,786 Novel tissues and methods of making the same Published Australia 2022311206 3DBT Serum Free Media (Meat) Published Canada 3225534 3DBT Serum Free Media (Meat) Published China 202280061130.9 3DBT Serum Free Media (Meat) Published Europe 22747382.4 3DBT Serum Free Media (Meat) Published Israel 310014 3DBT Serum Free Media (Meat) Published USA 18/578,287 3DBT Serum Free Media (Meat) Published Australia 2022310301 3DBT Serum Free Media (Cornea) Published Canada 3225535 3DBT Serum Free Media (Cornea) Published China 202280061161.4 3DBT Serum Free Media (Cornea) Published Europe 22747385.7 3DBT Serum Free Media (Cornea) Published Israel 310016 3DBT Serum Free Media (Cornea) Published USA 18/578,286 3DBT Serum Free Media (Cornea) Published Furthermore, 3DBT has filed Patent Cooperation Treaty (PCT) applications for the following patents which have been published: Application Number Applicant Title Case Status PCT/GB2020/053190 3D Bio-Tissues Limited Collagen Production Published (in national phase) PCT/GB2021/050209 3D Bio-Tissues Limited Novel tissues and methods of making the same Published (in national phase) PCT/GB2022/051811 3D Bio-Tissues Limited 3DBT Serum Free Media (Cornea) Published (in national phase) PCT/GB2022/051808 3D Bio-Tissues Limited 3DBT Serum Free Media (Meat) Published (in national phase) PCT/GB2024/052677 3D Bio-Tissues Limited Methods for cell culturing Published (national phase April 2026) 3DBT has also filed additional applications for the following patents which are pending and which are integral to the business: Region Application Number Applicant Title Case Status Remarks UK GB2504463.7 3D Bio- Tissues Limited Thin and ultra-thin leather and production methods thereof Pending PCT filing March 2026 Chief Executive's Report (continued) Partnership updates A strategic partnership with VML and The Organoid Company (TOC), was negotiated and a joint agreement to initiate this collaboration by way of a Memorandum of Understanding was agreed in May 2025. By working together, VML, TOC and Lab-Grown Leather (LGL) aim to generate novel T-Rex derived DNA and use this to generate T-Rex leatherTM , which will be used to create unique fashion items (in collaboration with an ultra-high fashion designer - agreement in place but subject to an embargo) new technologies and methodologies that could significantly impact the scalability and cost effectiveness of lab- grown leather and alternative protein products. As part of the partnership, VML will support LGL with branding and marketing of the T-Rex leather products, initially towards a showcase event to be held in the first half of 2026. We have added a further leading luxury fashion brand to our LGL development pipeline, whilst maintaining an ongoing commitment from our initial collaborative fashion houses. These partnerships are resulting in significant improvements to our skin and leather development and the production of a minimal viable product. Further acquisition opportunities The Board continues to evaluate potential acquisition and spin-out opportunities in line with its strategy to acquire or develop a suite of technologies that underpins the development and commercialisation of industrial tissue engineering by either enhancing the existing technologies' value with support from downstream or upstream processes or bringing new revenue generating technologies to bear. Outlook The year has seen significant milestones achieved, with the continued growth of commercial opportunities and new sales channels for 3DBT, the raising of new capital to support the Group's growth strategy. Our strategy is to develop BSF into an ecosystem of industry-leading tissue engineering companies that can bring transformative products to market. With the product development success in LGL and collaborative grant funded veterinary clinical studies for Kerato, we are making great strides toward our strategic goals. The ability to raise sufficient funds and continue with operational and commercial progress has come in a period of increasing uncertainty from the difficult macro- economic environment, inflation and cost pressures and, as a young business, is testament to the Group for continuing to generate opportunities for bringing our products to market. I look forward with confidence and to keeping you appraised of our progress throughout the year. Che Connon, Chief Executive Officer Strategic Report Strategy The fiscal period spanning October 2024 through September 2025 represents a transformative period for BSF Enterprise PLC, characterised by an aggressive transition from a research-centric organization to a commercially oriented leader in tissue-engineered materials. The following provides a detailed synthesis of the commercial and strategic milestones achieved by the Group and its core subsidiaries-3D Bio-Tissues Limited (3DBT), Lab-Grown Leather Limited (LGL), and Kerato Limited-during a year that saw the organisation successfully navigate the complexities of global biotechnology scaling, industrial partnerships, and high-impact branding. Strategic Context and Corporate Evolution At the outset of the fourth quarter of 2024, the Group moved to finalise its five-faceted growth-ready restructuring, a move designed to segment its research, development, and commercial operations into distinct, agile subsidiaries. This structural evolution was necessitated by the distinct regulatory and commercial pathways required by its various product streams, ranging from food-grade additives and luxury materials to class III medical devices. The parent company, BSF Enterprise PLC, effectively assumed the role of a strategic holding entity, providing capital allocation, centralised corporate governance, and high-level business development support to its burgeoning portfolio. The underlying technological advantage that unifies the Group's subsidiaries is the proprietary Advanced Tissue Engineering Platform (ATEPTM ), which utilises scaffold-free methodologies and macromolecular crowding to produce functional, structured tissues. Unlike first-generation tissue engineering, which often relies on synthetic polymer scaffolds that can interfere with natural tissue structure, the Group's approach enables cells to synthesize their own extracellular matrix (ECM), resulting in materials that are genetically and structurally indistinguishable from their natural counterparts. Summary of Core Subsidiary Mandates and Market Targeting Subsidiary Entity Primary Technology Stream Target Market Sector Strategic Objective 2025 3D Bio-Tissues (3DBT) City-m ixⓇ & CytoBoostTM Biopharma & Cultivated Meat Scaling commercial supply and media optimisation. Lab-Grown Leather (LGL) Elemental LeatherTM Luxury Fashion & Sportwear Pilot plant development and brand partnerships. Kerato Limited LiQD CorneaTM Ophthalmology & Veterinary Clinical trial initiation and regulatory filing. BSF Enterprise (Hong Kong) Regional Licensing/Sales Greater China & SE Asia Asia-Pacific market entry and investor relations. Cultured Meat Technologies High-Yield Bioprocessing Food Technology Process integration with strategic partners. Chronological Progress: Quarter 1 (October 2024 - December 2024) The initial quarter of the fiscal year was defined by the prioritisation of high-value, near-term revenue streams and the strengthening of the Group's cash position to support industrial scaling. Analysts noted that this move positioned BSF at the forefront of a biotech space that was rapidly pivoting toward commercial viability rather than purely theoretical research. During November 2024, the management team executed a critical strategic pivot. Recognising the capital-intensive nature of simultaneous clinical and industrial launches, BSF Enterprise decided to pause its proposed joint venture for Cultured Meat Technologies (CMT). The decision was rooted in a commitment to redirect necessary funds toward Lab-Grown Leather Ltd, which was showing significant traction with major global luxury brands and presented a shorter path to revenue generation. This followed the technical debut of the world's first 2mm-thick scaffold-free leather in May 2024, a breakthrough that demonstrated the ability of ATEPTM to produce materials suitable for traditional craft and heavy-duty luxury applications without the need for synthetic additives. December 2024 served as a pivotal month for capital formation. The Group successfully completed an oversubscribed fundraising of £500,000 through the placement of 20,000,000 new ordinary shares. The participation of management, who subscribed for 15% of the total raise, underscored a strong internal alignment with the Group's 2025 growth objectives. These funds were specifically allocated to support the commercialization of the CytoBoostTM product line at 3DBT and to advance the planning for the LGL pilot production plant. Simultaneously, 3D Bio-Tissues secured a £50,000 Northern Accelerator Growth Support Grant in December 2024. This grant, funded by the UK Government's Shared Prosperity Fund, provided the non-dilutive capital necessary to engage external resources for market research and the creation of a technology roadmap. This roadmap was instrumental in identifying high- growth opportunities within the jewellery, automobile and sportswear sectors, moving LGL closer to establishing a scalable, small-scale manufacturing presence. Chronological Progress: Quarter 2 The second quarter focused on industrial validation and the formalisation of global partnerships and a clear strategy for the upcoming year. The most significant announcement of the period was the signing of a strategic Memorandum of Understanding (MoU) with Sartorius, a global leader in bioprocessing technologies. This collaboration aimed to integrate 3DBT's macromolecular crowders with Sartorius's advanced cell culture platforms, specifically targeting cost-effective and sustainable biotech solutions for the biopharma downstream process. February and March 2025 were characterised by regulatory and governance milestones. The Group received approval for its Prospectus from the Financial Conduct Authority (FCA), which enabled the issuance of up to 28,926,352 new ordinary shares to support ongoing growth initiatives. This was followed by the successful completion of the Annual General Meeting (AGM) on 5 March, where shareholders approved all proposed resolutions, including those related to capital headroom. Commercialisation activities at LGL accelerated in March 2025. Leveraging the Northern Accelerator grant, 3DBT and LGL began developing a full business case to position LGL as a stand-alone entity. This strategic move was designed to highlight the intrinsic value of the leather technology to potential investors and partners while minimizing dilution for BSF Enterprise PLC shareholders. Dr. Che Connon, CEO of BSF, noted that these collaborations were the culmination of months of dialogue and were critical for the upcoming launch of commercial-scale manufacturing. Chronological Progress: Quarter 3 (April 2025 - June 2025) April 2025 proved to be a landmark month for the Group's public profile and innovative pipeline. Lab-Grown Leather Ltd announced a high-profile partnership with VML and The Organoid Company to develop a next-generation material inspired by the DNA of a Tyrannosaurus rex. This project, part of the Elemental XTM product stream, utilised synthetic DNA sequences derived from fossilised collagen to produce a cruelty-free, bio-engineered leather that replicated the structure and durability of traditional materials. The global media reach of this announcement exceeded 500 million people, significantly elevating the LGL brand and leading to direct commercial inquiries from some of the world's most valuable luxury fashion brands. To capitalise on this momentum, the Group completed a strategic investment round in April 2025, raising £141,750 through a placement of 4,725,000 ordinary shares at 3 pence per share. This raise, again supported by management and the Group's largest shareholder, provided the necessary working capital to advance the Elemental XTM project and maintain the pace of technical development. In May 2025, technical breakthroughs continued within the leather division. LGL announced the development of Elemental+TM , an ultra-thin leather alternative measuring less than 0.04mm in thickness while maintaining high structural integrity. This achievement opened strategic opportunities in weight-sensitive markets, such as the interiors of electric vehicles and high-performance sportswear, where traditional leather is often too bulky or heavy. Chronological Progress: Quarter 4 (July 2025 - September 2025) The final quarter of the fiscal year saw a renewed focus on the regenerative medicine portfolio and a transition in corporate leadership. On July 10, 2025, Kerato Limited signed an exclusive worldwide cooperation agreement with the Université de Montréal for the intellectual property supporting LiQD CorneaTM . This technology, a novel biosynthetic dropwise treatment for corneal repair, mimics the performance of donor grafts while facilitating tissue remodelling and suppressing inflammation. The agreement set the stage for veterinary trials and the implementation of an ISO-13485 quality management system, essential for the future supply of medical devices. August 2025 brought a significant shift in the Board's composition. Min Yang resigned as Chairman and Director on August 28, 2025. The Board expressed its gratitude for her contributions and subsequently appointed Geoff Baker as Chairman. This leadership change was viewed as a strategic alignment for the next phase of the Company's growth, which would require extensive engagement with institutional investors and high-level corporate partners. By September 2025, the Group had finalized its roadmap for the 2026 fiscal year, focusing on the acceleration of commercial rollouts across all three core subsidiaries. The period ended with the Group preparing for a transformative equity fundraise of up to £15 million, intended to support the commercialization of lab-grown leather, cultivated meat, and corneal repair technologies through 2026. Subsidiary Performance Analysis 3D Bio-Tissues Limited (3DBT) 3DBT remains the technological engine of the Group, focused on the application of macromolecular crowding to create scaffold-free tissues. During the 2024-2025 period, the subsidiary expanded its product portfolio to include CytoBoost REVIVETM , a media additive that improves cell revival post-cryostorage by up to 100%. This product directly addresses the multi-million-dollar cryopreservation market, providing 3DBT with a unique entry point into the biopharma and biomedical research sectors. The subsidiary also continued to scale the production of City-mixⓇ , its flagship animal-free cell growth agent. By the end of the period, 3DBT was in active discussions for commercial supply agreements, including with SeaWith, a South Korean cultivated-meat innovator. This partnership highlights the global demand for 3DBT's technology to reduce the costs of their cultivated meat production by approximately 30%. Lab-Grown Leather Limited (LGL) LGL emerged as the Group's most visible commercial subsidiary during 2025. The transition from lab-scale samples to pilot plant planning was a core theme, supported by the Northern Accelerator grant and strategic partnerships with luxury brands. The LGL product hierarchy was formalized into three distinct streams: Product Stream Technical Characteristics Market Application Elemental LeatherTM Premium scaffold-free material, 2mm thickness. Traditional luxury goods, handbags, footwear. Elemental+TM Ultra-thin (>0.04mm), high tensile strength. Sportswear, electric vehicle interiors. Elemental XTM Engineered via synthetic biology (e.g., T-Rex DNA). Ultra-luxury bespoke fashion, brand showcases. The successful development of 2mm-thick leather was particularly noteworthy, as it solved a persistent challenge in the lab- grown material sector: producing materials with enough "substance" for traditional artisanal leatherwork without resorting to plastic lamination. Kerato Limited Kerato represents the Group's expansion into the high-margin regenerative medicine market. The 2025 fiscal year was focused on