Half-year Results

Primorus Investments plc (AIM: PRIM) is pleased to announce its unaudited interim results for the six months ended 30 June 2026.

Overview

Following a year of solid performance in 2025, the first half of 2026 has seen more measured activity across the portfolio. Key underlying assets, particularly Fresho, continued to demonstrate strong progress. With a disciplined approach to managing the Company, the Board remains focussed on generating long term value for shareholders.

Fresho continues to expand its platform internationally, reporting strong user growth and ongoing revenue momentum following its expansion into the US market and the acquisition of two UK companies, Nation Wilcox and Freshmetrics. The Company made a further investment in Fresho in support of the acquisitions and the continued expansion of the business.

Following its acquisition by US based Logicbroker Inc. in September 2025, Virtualstock has maintained operational momentum, with growing order volumes and widening retail adoption of its dropship technology. Following the acquisition, the Company holds 300,118 Class A Units in Logicbroker Topco LLC.

Following the £3.6 million funding round in early 2025, in which Primorus invested an additional £275,000, Interpac has since delivered and installed 2 units, one in Germany, the other in Canada. They have also received two further orders which are due to be delivered later this year. The company is focused on managing its cash flow at the same time as developing sales opportunities and hiring at both operational and management levels to support the developing business.

Following an operational testing incident in May 2026, Clean Power Hydrogen (CPH2) is currently executing a major turnaround centred on financial stabilisation, leadership changes and a strategic pivot away from direct manufacturing towards a capital light licensing and joint venture model. CPH2 raised £7.3m in July 2026, to extend its cash runway into mid-2027, restoring trading on AIM after a brief suspension. Primorus invested a further £100,000 as part of the July fund raise.

Primorus holds an indirect stake in WeShop Limited ("WeShop") through its shareholding in Community Social Investment Limited. WeShop listed on the NASDAQ exchange in November 2025; however, the share price of WeShop declined significantly to US$7.79 at 30 June 2026. As a result, Primorus recorded a fair value adjustment of £1.94 million on its investment carrying value in the 6 months to 30 June 2026.

Following the rule 9 waiver approved by independent shareholders at the July 2025 Annual General Meeting, the Company continued to execute market repurchases of 1.15m shares in the 6 months to 30 June 2026. The total number of shares repurchased by the Company at 30 June 2026 was 15,330,968, thereby continuing its policy of returning value to shareholders when appropriate.

Financial Results

The operating loss for the six months to 30 June 2026 was £141,000 (30 June 2025: £606,000). The net loss after tax was £141,000 (30 June 2025: £606,000).

Total assets, including cash, at 30 June 2026 amounted to £6.06 million (30 June 2025: £5.30 million).

Outlook

The Board expects continued resilience across the portfolio in the second half of 2026, with potential liquidity events over the short to medium term as holdings mature. While global macroeconomic conditions remain uncertain, Primorus remains well positioned through disciplined allocation and proactive portfolio management. We will seek to return capital to shareholders when the opportunities arise.

We look forward to updating shareholders as and when our existing investments mature, and new investments present themselves.

The Directors would like to take this opportunity to thank our shareholders for their continued support.

Rupert Labrum

Chairman

Caution regarding forward looking statements

The condensed interim financial information for the 6 months to 30 June 2026 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.

The condensed interim financial information in respect of the year ended 31 December 2025 has been produced using extracts from the statutory accounts for that period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the year ended 31 December 2025, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.

The auditor's report was approved by the Directors on 01 June 2026 and is available on the Company's website at www.primorusinvestments.com.

Basis of preparation and accounting

The financial information has been prepared on the historical cost basis, except for financial investments measured at fair value. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement. This statement also includes a summary of the Company's financial position and its cash flows.

The financial statements have been prepared in accordance with the Companies Act 2006 and UK-adopted international accounting standards (UK-adopted IAS) and related interpretations. As permitted, this does not include IAS 34 "Interim Financial Reporting". This condensed set of financial statements has been prepared applying the accounting policies that were applied in the preparation of the Company's published financial statements for the year ended 31 December 2025. As these interim financial statements do not include all the information or disclosures required in the annual financial statements they should be read in conjunction with the Company's 2025 annual financial statements.

Earnings per share

Earnings per ordinary share has been calculated using the weighted average number of shares in issue during the period. The weighted average number of equity shares in issue was 124,774,309 (2025: 139,830,968). IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings per share or increase the loss per share.

Events after the reporting date

There are no events after the end of the reporting date to disclose that have not already been the subject of an announcement by the Company.