Thalassa Holdings Ltd: 2025 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 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)

 

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:

https://theusdebtclock.org/

• 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.

 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

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

26 September 2025

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

26 September 2025

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