16. Borrowings

During the year, OCI refinanced its credit arrangements, replacing the existing facility with a new five-year facility totalling £325.0 million, thereby increasing OCI’s flexibility and liquidity.

As of 30 June 2025, the Company had drawn down £177.3 million including accrued interest of the £325.0 million facility, incurring interest expense of £1.2 million. The Company has the option to increase the facility by a further £75.0 million subject to agreement by all parties.

The facility has a term of 60 months from the first utilisation date and is due to be renewed in April 2030.