Just days after filing its long-delayed 2024 accounts in the UK, Pace has filed its 2025 report, showing that its international business posted a $5.6 million loss last year.

The documents were filed with Companies House, the branch of the UK government that maintains annual records for businesses established there. They cover only The Pace Gallery Limited, the London-registered company that operates the gallery’s London space and owns its subsidiaries in Hong Kong, Beijing, Seoul, Geneva, and Berlin. Pace’s US operations are not included.