Thalassa Holdings Ltd: 2026 Interim Results

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 2026

The Company is pleased to announce its results for the six months ended 30 June 2026. 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 2026

GROUP RESULTS 1H 2026 versus 1H 2025, unless otherwise stated (Unaudited)

Chairman’s Statement

The first half of 2026 is well and truly behind us. It was by any measure a remarkable six months for investors. Markets embraced the continued AI boom whilst simultaneously ignoring the conflict in the Middle East, and a sharp first-quarter correction was just another bump in the road, Major US Indices recovered after a 10% pull back to reach new all-time highs by the end of June…as they do!

However, the H1 Rally was not led by the Magnificent Seven (-3% for H1) as has been the case in recent years, but by companies supplying AI infrastructure, such as semiconductor, memory, and data center businesses.

Double digit corporate earnings growth for the S&P 500 drove stocks higher, allowing investors to ignore geopolitical concerns, and helping to justify multiple expansion and higher valuations.

The U.S. economy appeared impervious to rising interest rates and higher oil prices, and until recently inflation was not on the drinks list at cocktail parties in the Hamptons or St Tropez! Capital investment, especially into AI Data Centers continued to boom, while US unemployment flat lined near historical lows at 4.3%.

Higher oil prices have pushed up the cost of many goods and whilst the August PPI number came in on target at 0.4%, Oil’s jump through $100bbl won’t impact inflation data for another 60 to 90 days when higher transportation costs will really hit consumers, already feeling the pain of higher mortgage rates, which at the time of writing are headed towards 7% for a 30 year fixed mortgage.

In May, Jerome Powell retired as chair of the Federal Reserve Bank and was replaced by Kevin Warsh, adding a layer of uncertainty to future US monetary policy. The longer inflation remains higher, the

greater the impact on economic growth. Crude prices have again spiked and Gasoline Prices have hit an all time high at more than $6 per gallon---still only about a third of the price in the UK and EU!

So, with the November mid-term elections set to add to the expanded conflict in the Gulf and the possibility of sustained higher oil process the second half of 2026 may not turn out as rosy as previously expected. Now that the UK has a new Labour PM, maybe a quote from Harold Wilson, “a week is a long time in politics” can remind us how quickly things can change in both politics but also the markets.

We anticipate further volatility during the rest of 2026 with the clear possibility that the overextended US consumer may, at some point in the not-too-distant future withdraw from the stock market if interest rates don’t decline rapidly in the next month or so.

HOLDINGS’ HIGHLIGHTS

Newmark Security PLC or the Gang that can’t shoot straight?

NWT - https://newmarksecurity.com/

• Our comments from last year…
  • 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.
• Another year and what has changed
  • On 21 May 2026 NWT announced Full Year Trading update which showed improvement at Grosvenor, wiped out by another disaster at Safetell. Actual numbers are due in the coming weeks.
  • Board changes have been made, and two new independent Directors have been appointed…but to what effect?
  • On 29 July 2026, NWT announced the sale of Safetell to the company’s CEO for £1 and extended the buyer a £2m loan, effectively paying the Safetell CEO £1,999,999 to get the Company off NWT’s books!
  • THAL is not an activist investor but when Boards of Companies in which we are invested appear, in our opinion, to ignore the interest of shareholders other than themselves we have a sense of humour failure.
  • Conclusion: We are definitely having a sense of humour failure!

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

• Please refer to ALNA’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 have been completed by Q1 26, but due to unforeseen problems with the AUV motherboard caused by condensation, it was decided to reconfigure the motherboard, which should be completed Q3/Q4 2026.
• 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.

https://min.news/en/military/3fa8b520c29d55e8ceecd8bbbf8e3675.html

• 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, as above.

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’s holding in SUN remains unchanged at ~23%

Mr Soukup serves on the Board of SUN.

• For further information on SUN please refer to SUN’s website, as above.

Conclusion

My conclusion remains unchanged with the exception that the likelihood of the eventuality that I outline below increases with every day that global trade wars escalate, and conflicts impacting inflation continue to flare up.

Rather obviously, in my opinion, Trade Wars are not goodfor 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

23 September 2026

Responsibility Statement

We confirm that to the best of our knowledge:

1. the condensed set of financial statements has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation as a whole as required by DTR 4.2.4 R;

2. the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

3. the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein).

Cautionary statement

This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company’s strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.

Duncan Soukup

Chairman

Thalassa Holdings Ltd

23 September 2026

Financial Review

Total income from operations for the period to 30 June 2026 was £0.2m (1H25: £0.6m).

Cost of Sales was £18k (1H25: £23k) comprising development costs (net of capitalised costs) at ARL and direct financial holdings expenses, resulting in a Gross Profit of £0.1m (1H25: gross profit £0.6m).

Administration expenses were £0.4m (1H25: £0.4m income). Depreciation costs were £0.01m (1H25: £0.02m).

Operating Loss decreased to £0.3m (1H25 Profit: £0.1m).

Loss before tax was £0.4m (1H25 profit: £0.01m).

Net assets at 30 June 2026 amounted to £8.5m (1H25: £10.1m).

Net cash (being cash balances less any financial borrowings) was £0.1m as at 30 June 2026 (1H25: £0.3m).

Net cash outflow from operating activities amounted to £0.22m compared to inflow £0.16m in 1H25.

Net cash inflow from investing activities amounted to £0.15m, compared to 1H25 outflow of £0.06m.

Net cash outflow from financing activities amounted to £0.01m (1H25: outflow £0.01m).

Interim Condensed Consolidated Statement of Income

For the six months ended 30 June 2026