2025 Interim Results

29-Sep-2025 / 07:30 GMT/BST

Thalassa Holdings Ltd

Thalassa Holdings Ltd

(Reuters: THAL.L, Bloomberg: THAL:LN)

("Thalassa", "THAL" or the "Company")

Interim Results for the period ended 30 June 2025

The Company is pleased to announce its results for the six months ended 30 June 2025. The interim results have been submitted to the FCA and will shortly be available on the Company’s website:www.thalassaholdingsltd.com

Highlights for the 6 months ended 30 June 2025

GROUP RESULTS 1H 2025 versus 1H 2024, unless otherwise stated (Unaudited)

* 1 based on weighted average number of shares in issue of 16,655,838 (2024: 7,945,838)

* 2 based on actual number of shares in issue as at 30 June 2025 of 16,655,838 (2024: 7,945,838)

* 3 including all holdings excl. cash

Chairman’s Statement

2025 H1 Highlights

Global markets in the first half of 2025 were marked by elevated volatility driven by geopolitical tensions, U.S. tariff policy changes, and persistent—but slowly declining—global inflation. Nonetheless, the US saw a rebound in major equity indices to record highs as resilience returned, and optimism increased. Risk back on! The S&P 500 ended the half with strong gains driven in large part by robust earnings and enthusiasm in sectors such as AI and technology. Bonds saw modest returns, with continued investor demand despite uncertainty, while international, tech and AI stocks outperformed many traditional sectors.

First Half 2025 Highlights

Stocks recovered from volatility: A steep drop in April after aggressive U.S. tariffs was followed by a rapid recovery, and most global equity indices remained near all-time highs by late June.

Sector and thematic leadership: AI, technology, and resource sectors were notable outperformers, with corporate earnings bolstering sentiment; market breadth improved compared to previous years.

Bond market stability: While bond returns were modest, the market was underpinned by anticipations of rate cuts and investor search for diversification across asset classes.

Global shifts: U.S. market leadership was challenged due to currency weakness and policy uncertainty, with Europe poised for growth and pockets of stability in Asia.

Private markets: Private equity activity adapted to higher rates and lingering macro uncertainties, but long-term optimism persisted as investors favoured sectors aligned with innovation and sustainability.

Outlook for H2 2025

Continued volatility, but opportunities: Policy and geopolitical risks remain, especially regarding future U.S. trade policy and ongoing tariff negotiation outcomes; short-term volatility is expected but not at levels disrupting long-term allocation strategies.

Monetary policy and bonds: The Federal Reserve and other central banks are likely to cut rates, as the labour market softens, supporting high-quality bond investments, though the pace will be cautious amid inflationary concerns from tariffs.

Possible Fly in the Ointment: Monetary and Fiscal policies in the West are diametrically opposed, with spending far outreaching income. National debt levels are unsustainable. Increased Tariffs are also driving inflation higher, whilst at the same time curbing consumption, a perfect recipe for Stagflation.

A picture paints a thousand words:

US Debt ~$37.5 Trillion, with Annual Interest Expense of $879.9 billion (2024), and climbing.

Global positioning: Europe and Asia may see upsides from policy reforms and stimulus, while the U.S. faces headwinds from higher tariffs and a possible growth slowdown.

HOLDINGS’ HIGHLIGHTS

NWT - https://newmarksecurity.com/

Newmark Security recently published Full Year 2025. Whilst results improved, they were negatively impacted by a 15% decline in Safetell-sales and the never ending increase in Executive Compensation.

We have corresponded, met and corresponded again with the Chairman and CEO regarding Compensation, lack of Corporate Governance and Operational inefficiency (Safetell). We have articulated our concerns, annoyingly however, in our opinion, the Board continue to run the Company for the benefit of insiders, rather than in the interest of all shareholders.

We will, therefore, be voting against the Board and any of their current or future Nominees at the upcoming AGM.

Till now, our correspondence with the NWT Board has been private, however, given their refusal to address our concerns, we intend to write an open letter to all shareholders outlining the reasons we will no longer support the status quo.

ALNA - https://www.alina-holdings.com/

ALNA posted results for H1 2025 which can be found on the Company’s website, as above.

Autonomous Robotics (ARL)

Deep Tech projects take time, money and effort to develop; ARL is clearly in that category. After nigh on 10 years of development, we are nearing completion of a commercial, pre-production model of the Company’s Flying Node, which should be completed Q4/25 – Q1 26.

Commercial opportunities identified in both oil and gas as well as offshore clean energy projects.

The Ukraine/Russia War has transformed warfare as previously waged. Drones and missiles have in many instances replaced heavy, cumbersome and slow moving or static installations which can easily be located and identified by aerial drones.

The same principles that have changed land and air warfare also true for surface and sub-surface marine warfare where unmanned warships and drones are rapidly replacing frontline assets operated and managed by humans.

China Type 055 Destroyer, a US Aegis class Destroyer on steroids is soon to be joined by an unmanned mini-Aegis class destroyer with no personnel on board.

ARL commercial Node has clear Defense applications.

The Board and Management of ARL in conjunction with the Company’s external defense consultants is actively engaged in developing defense application using the ARL commercial node platform.

AMOI - https://anemoi-international.com/

Please refer to Anemoi website

SUN - https://www.sigroupplc.com/

Surgical Innovations Group PLC (SUN LN)

is a leading UK-based designer, manufacturer, and exporter of innovative high quality medical products primarily for use in laparoscopic and robotic minimally invasive surgery.

THAL has increased its holding in SUN to just under 23%.

SUN’s recent results were disappointing, nonetheless, we will continue to engage with the Company in an effort to assist growth efforts and improved efficiency.

Conclusion

Rather obviously, in my opinion, Trade Wars are not good for Global Growth. Excessive deficits funded by Trade Partners, rapidly become unfundable if a government ostracizes its Trading Partners…which the USA is doing with exceptional success.

A protracted Trade War accompanied by higher inflation, falling demand and increased unemployment could easily result in a global economic slowdown of Biblical proportions.

If such a scenario were to play out, a reversion to the mean would result in a 50%+ correction in US markets…without any overshoot.

Duncan Soukup

Chairman

Thalassa Holdings Ltd

Duncan Soukup

Chairman

Thalassa Holdings Ltd

Financial Review

Total income from operations for the period to 30 June 2025 was £0.6m (1H24: £0.3m).

Cost of Sales was £23k (1H24: £5k) comprising development costs (net of capitalised costs) at ARL and direct financial holdings expenses, resulting in a Gross Profit of £0.6m (1H24: gross profit £0.3m).

Administration expenses were £0.4m (1H24: £0.1m income). Depreciation costs were £0.02m (1H24: £0.1m). This reduction was due to the surrender of the Swiss office lease by the Company’s subsidiary Alfalfa in 2024.

Operating Profit decreased to £0.1m (1H24 Profit: £0.3m).

Profit before tax was £0.01m (1H24 profit: £0.2m).

Net assets at 30 June 2025 amounted to £10.1m (1H24: £9.5m).

Net cash (being cash balances less any financial borrowings) was £0.3m as at 30 June 2025 (1H24: £1.4m).

Net cash inflow from operating activities amounted to £0.16m compared to outflow £0.15m in 1H24.

Net cash outflow from investing activities amounted to £0.06m, compared to 1H24 outflow of £0.02m.

Net cash outflow from financing activities amounted to £0.01m (1H24: inflow £1.45m).

Interim Condensed Consolidated Statement of Income

For the six months ended 30 June 2025

Earnings per share - GBP (using weighted average number of shares)

These financial statements were approved by the board on 26 September 2025.

Signed on behalf of the board by:

Duncan Soukup

Interim Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June 2025

Notes to the Interim Condensed Consolidated Financial Information

General information

Thalassa Holdings Ltd (the “Company”) is a British Virgin Island (“BVI”) International business company (“IBC”), incorporated and registered in the BVI on 26 September 2007. The Company is a holding company with various interests across a number of industries.

Apeiron Holdings (BVI) Ltd is a BVI registered company and is wholly owned by Thalassa. It owns 100% of Alfalfa Holdings AG which is a company registered in Switzerland.

WGP Geosolutions Limited is a wholly owned subsidiary of Thalassa currently non-operational.

Significant Accounting policies

The Company prepares its accounts in accordance with applicable UK Adopted International Accounting Standards.

The accounting policies applied by the Company in this unaudited consolidated interim financial information are the same as those applied by the Company in its consolidated financial statements as at and for the period ended 31 December 2024 except as detailed below.

2.1. Basis of preparation

These condensed interim financial statements for the six months ended 30 June 2025 and 30 June 2024 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2024 are extracted from the 2024 audited financial statements. The independent auditor’s report on the 2024 financial statements was not qualified.

All intra-company transactions, balances, income and expenses are eliminated in full on consolidation.

2.2. Going concern

The financial information has been prepared on the going concern basis as management consider that the Company has sufficient cash to fund its current commitments for the foreseeable future.

Notes to the Interim Condensed Consolidated Financial Information Continued

Earnings per share

The calculation of earnings per share is based on the following loss and number of shares:

The intangible assets held by the Company increased as a result of capitalising the development costs of Autonomous Robotics Ltd (“ARL”).

Notes to the Interim Condensed Consolidated Financial Information Continued

Property, plant and equipment

Plant

Securities

The Company classifies the following financial assets at fair value through profit or loss (FVPL):-

Equity investments that are held for trading.

Investments have been valued incorporating Level 1 inputs in accordance with IFRS7.

Notes to the Interim Condensed Consolidated Financial Information Continued

Loans and holdings

The Loan is to the THAL Discretionary Trust, the terms of the loan are set with a 0% interest rate however interest has been accrued at 3% as per IFRS requirements, it is the intention of the Company to waive this interest upon repayment of the capital.

Investments in associated entities

On 17 December 2021, the acquisition of id4 was completed by Anemoi International Ltd with consideration in the form of shares issued to Thalassa and its subsidiary Aperion BVI totalling 36.92% of the voting rights. The investment is recognised using the equity method as described in the financial statements for December 2022. During 2023 further shares were purchased to equal a total of 40.77% of the voting rights.

Athenium Consultancy Ltd in which the Company owns 35% shares was incorporated on 12 October 2021. The investment is recognised using the equity method.

Movement on interests in associates can be summarised as follows:

There are no other entities in which the Company holds 20% or more of the equity, or otherwise exercises significant influence over the affairs of the entity.

Notes to the Interim Condensed Consolidated Financial Information Continued

Lease liabilities

The lease liabilities comprise of amounts owed in relation to office lease held by ARL. The new lease was entered into by ARL in January 2025 for office space in Southampton.

Related party balances and transactions

Under the consultancy and administrative services agreement initially entered into on 3 January 2011 and most recently updated 1 February 2018 with a company in which the Chairman has a beneficial interest, the Company accrued £139,942 (1H24 accrued: £133,100 and waived £535,295 related to 2022 & 2023) for consultancy and administrative services provided to the Company and £6,520 expenses. As at 30 June 2025 the amount owed to this company was £268,139 (1H24: £251,690).

Athenium Consultancy Ltd, a company in which the Company owns shares invoiced the Company for financial and corporate administration services totalling £90,750 plus £8,819 expenses for the period (June 2024: £90,750 plus £7,483 expenses). As at 30 June 2025 the amount owed to this company was £52,940 (1H24: £159,967).

The Company was due £Nil (June 2024: £13,149) from Anemoi International Ltd, a company in which through its subsidiary Apeiron Holdings BVI holds shares and is related by common control through the Chairman, Duncan Soukup.

As at the period end the Company was due £47,443 (June 2024: £44,380) from Alina Holdings Limited, a company under common directorship.

During the period David Thomas, non-executive director, invoiced the Group £Nil of which £Nil was owed as at 30 June 2025 (1H24: £Nil) and £10,000 accrued.

During the period Kenneth Morgan, non-executive director, invoiced the Group 2024 fees of £8,059 of which £Nil was owed as at 30 June 2025 (1H24: £Nil) and £4,006 accrued.

During the period Alexander Joost, director of Alfalfa, invoiced the Group £Nil of which £Nil was owed as at 30 June 2025 (1H24: £Nil) and £2,756 accrued.

During the period £24,000 was paid to Offshore Robotics related to David Grant’s director fees for his directorship of ARL, total 2025 fees were £14,000 of which £2,333 was owed as at 30 June 2025 (1H24: £2,333) and £2,333 accrued.

Notes to the Interim Condensed Consolidated Financial Information Continued

Share capital

The exchange rate used for conversion is the aggregate rate for the transactions as they occurred.

Subsequent events

On 22nd July 29,950,000 warrants held by the Anemoi Discretionary Trust in Anemoi International Ltd were transferred to Thalassa Holdings Ltd and the existing loan due from the Trust to the Company was extinguished.

Copies of the Interim Report

The interim report is available on the Company’s website:

The issuer is solely responsible for the content of this announcement.