AIRWA INC.

To the Board of Directors and Shareholders of

AiRWA Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of AiRWA Inc. and its subsidiaries (the “Company”) as of April 30, 2026 and 2025, and the related consolidated statements of operations and comprehensive income(loss), changes in shareholders’ equity, and cash flow for each of the years ended April 30, 2026 and 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2026 and 2025, and the results of its operations and its cash flow for each of the years ended April 30, 2026 and 2025, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosure in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

As discussed in Note 14 to the consolidated financial statements, on January 30, 2026, the Company completed the acquisition of 100% of the outstanding shares of Aberfeldy Holdings Limited, the holding company that owns Rafael AI Sdn. Bhd. (known at the time as 26 Rafael Sdn. Bhd.), for consideration of $140.0 million. In connection with the business combination, the Company recorded various intangible assets, which included development costs and customer relationship assets with provisional fair values of $54.8 million and $42.0 million, respectively.

We identified the evaluation of the provisional fair values of the development costs and customer relationships assets as a critical audit matter. A high degree of subjective auditor judgment was required to evaluate the significant assumptions, specifically: revenue growth rates and the discount rate applied in the valuation of the development costs; and follow-on revenue, profitability, customer attrition rate and the discount rate applied in the valuation of the customer relationship assets. Changes in these assumptions could have a significant effect on the fair values.

Additionally, the evaluation of the customer attrition rate and discount rates required specialized skills and knowledge. The following are the primary procedures we performed to address this critical audit matter: We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s business combination process. This included controls related to the determination of revenue growth rates and the discount rate for development costs as well as controls related to follow-on revenue, profitability, the customer attrition rate, and the discount rate for customer relationship assets. We evaluated revenue growth rates for development costs and follow-on revenue and profitability for customer relationships assets, by comparing them to the acquiree’s historical results and relevant industry data. And we involved valuation professionals with specialized skills and knowledge who assisted in assessing the attrition rate by comparing it to historic customer attrition rates of the acquiree; analyzing the discount rates by comparing them to independently developed ranges of discount rates using publicly available market data for comparable entities; and assessing revenue growth and margins by comparing past projections to actual performance.

/s/Enrome LLP

We have served as the Company’s auditor since 2025.

Singapore

September 21, 2026