Interim results for six months ended 30 June 2026

Shaires Holdings Ltd

28 September 2026

28 September 2026

SHAIRES HOLDINGS LTD

(“Shaires” or the “Company”)

AIM: SHR

Unaudited Interim Consolidated Results for the Six Months Ended 30 June 2026

Shaires Holdings Ltd (AIM: SHR), the publicly quoted London investment company focused on providing investors with exposure to leading private technology and AI businesses, is pleased to announce its interim results for the six months ended 30 June 2026 (“H1 2026”).

Financial highlights

• Interest Income in H1 2026 US$ 0.05 million (H1 2025: US$ nil)
• Net loss for H1 2026 of US$ 0.82 million (H1 2025: loss US$ 0.44 million)
• H1 2026 consolidated basic and diluted loss per share* of US$ 0.92 (H1 2025: loss US$ 11.50*)
• Consolidated Net Assets at 30 June 2026 of US$ 8.02 million (31 December 2025: US$ 0.48 million)
• Net Assets per share* at 30 June 2026 US$ 7.45 (31 December 2025: net assets per share* US$ 2.01)
• Cash position at 30 June 2026 US$ 8.38 million (31 December 2025: US$ 0.65 million)

*Based on adjusted number of issued shares recalculated following share combinations 8 January 2026 (100:1) and 8 June 2026 (10:1).

Enquiries

Shaires Holdings Ltd	via Tavistock
Zeus (Nominated Adviserand Broker) James Joyce, Andrew de Andrade	+44 (0) 20 3829 5000
Tavistock (Financial PR) Jos Simson, Kuba Stawiski, Henry Kirby	shaires@tavistock.co.uk +44 (0) 20 7920 3150

About Shaires Holdings Ltd

Shaires Holdings Ltd (AIM: SHR) is a publicly quoted London investment company that provides public market investors with concentrated exposure to leading private mid- and late-stage technology companies, with a particular focus on artificial intelligence. The Company is internally managed and charges no management or performance fees.

In addition to cash investments, the Company may acquire positions through in-kind (in-specie) contributions, whereby employees and early shareholders of private technology companies may exchange eligible holdings for new Ordinary Shares in the Company, therefore providing them liquidity and diversification. Through this mechanism, public-market investors gain access to an asset class historically closed to them.

With an emerging megatrend of large frontier AI companies vertically integrating their business throughout the value chain from modelling through to chips and services, the Shaires board and management believe that they have the right methodology and strategy to provide capital to the best next-generation businesses.

Further information is available at www.shaires-holdings.com.

Chairman’s Statement

The first half of 2026 strengthened Shaires Holdings’ financial position, providing a foundation for the development of our investment strategy focused primarily on artificial intelligence. Since the period end, further fundraising and investment activity has advanced that strategy, marking an important new phase for the Company.

During the six months ended 30 June 2026, the Company raised US$8.35 million through the issue of shares. At the period end, cash and cash equivalents stood at US$8.38 million, compared with US$0.65 million at 31 December 2025, and net assets increased to US$8.02 million from US$0.48 million. The Group recorded a loss of US$0.82 million, compared with US$0.44 million in the corresponding period of 2025, reflecting administrative expenses of US$0.86 million, partially offset by finance income of US$0.05 million.

The pace of activity increased substantially after the end of the reporting period. Following the board and management changes in July, the Company raised US$28.5 million through its first tranche institutional fundraising. A retail offer and the second tranche institutional fundraising, completed in August, raised a further US$14.3 million. Together, these fundraisings provided US$42.8 million of additional capital to support the implementation of our strategy. In addition to these fundraisings the Company completed in-kind contributions for a total of US$26.8 million bringing the total of capital and contributed assets raised since the beginning of the year to US$78.0 million. Including binding agreements in place giving the Company the right to acquire up to an additional US$30.0 million of contributed assets, this would bring the total capital and assets raised to US$108.0 million, exceeding the Company’s stated initial objective of US$100 million.

We began putting that capital to work, announcing investments that provide exposure to some of the world’s most important private technology companies including Anthropic, ByteDance and Stripe. We are particularly pleased to have demonstrated the advantages of our in-kind model at this early stage of our journey, attracting significant contributions from a variety of different stakeholders in leading private technology companies.

Our focus now is on building out our investment portfolio to provide shareholders with exposure to the development and adoption of artificial intelligence. We intend to approach this opportunity with careful investment selection, disciplined capital allocation and attention to the risks associated with a rapidly evolving sector. Our objective is to translate the capital entrusted to us into sustainable, long-term shareholder value. With an emerging megatrend of large frontier AI companies vertically integrating their business throughout the value chain from modelling through to chips and services, the Shaires board and management believe that they have the right methodology and strategy to provide capital to the best next-generation businesses.

On behalf of the Board, I thank our shareholders for their continued support and welcome those who have joined us through the recent fundraisings. I also thank our management team and advisors for their work during this period of change. I look forward to reporting on our progress.

Suhail Rizvi
Executive Chairman

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

				Six months ended				Year ended
		Note		30 June 2026 Unaudited US$000		30 June 2025 Unaudited US$000		31 December 2025 Audited US$000
Finance income from financial assets				48		-		2
Financial income				48		-		2
Other income				-		-		31
Gross income				48		-		33
Management fees (1)				-		-		(23)
Administrative expenses				(864)		(403)		(800)
Operating loss				(816)		(403)		(791)
Fair value credit on financial liabilities				-		57		60
Realised gains on financial liabilities				-		-		58
Foreign exchange losses on financial liabilities				-		-		(16)
Finance expense				-		(92)		(70)
				-		(35)		32
Loss before taxation				(816)		(438)		(758)
Taxation		5		-		-		-
Loss and total comprehensive loss for the period (2)				(816)		(438)		(758)
Loss per share		7
Basic (US$) (3)				(0.92)		(11.50)		(7.70)
Notes

1. Non-recurring settlement paid to previous investment manager

2. The results above relate to continuing operations.

3. Loss per share for 30 June 2025 and 31 December 2025 has been adjusted for share combinations to 8 June 2026 for the purpose of comparison to 30 June 2026.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		Note		30 June 2026 Unaudited US$000		30 June 2025 Unaudited US$000		31 December 2025 Audited US$000
Assets
Other receivables		8		53		12		29
Cash and cash equivalents				8,382		25		648
Total assets				8,435		37		677
Liabilities
Other payables and accruals				418		600		194
Convertible debt – host liability				-		479		-
Convertible debt – derivative liability				-		119		-
Current liabilities				418		1,198		194
Total liabilities				418		1,198		194
Net assets (liabilities)				8,017		(1,161)		483
Equity and reserves
Share capital		10		162,321		152,007		153,971
Treasury share reserve		10		(615)		(615)		(615)
Share based payment reserve				2,940		2,940		2,940
Accumulated losses				(156,629)		(155,493)		(155,813)
Total equity and reserves attributable to owners of the parent				8,017		(1,161)		483

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

		Share capital US$000		Treasury share reserve US$’000	Share based payment reserve US$000		Accumulated losses US$000		Total US$000
Group balance at 1 January 2025		152,057		(754)	2,940		(155,055)		(812)
Period 1 Jan to 30 June 2025
Other comprehensive expense		-		-	-		(438)		(438)
Total comprehensive loss for the period		-		-	-		(438)		(438)
Issue of shares in the period		89		-	-		-		89
Cancellation of shares in period		(139)		139	-		-		-
Total from funding activities		(50)		139	-		-		89
Group balance at 30 June 2025		152,007		(615)	2,940		(155,493)		(1,161)
Year ended 31 December 2025
Other comprehensive expense		-		-	-		(758)		(758)
Total comprehensive expense for the period		-		-	-		(758)		(758)
Issue of shares net of issue costs		2,053		-	-		-		2,053
Cancellation of shares in period		(139)		139	-		-		-
Total from funding activities		1,914		139	-		-		2,053
Group balance at 31 December 2025 and 1 January 2026		153,971		(615)	2,940		(155,813)		483
Period 1 Jan to 30 June 2026
Other comprehensive loss		-		-	-		(816)		(816)
Total comprehensive loss for the period		-		-	-		(816)		(816)
Issue of shares in the period		8,350		-	-		-		8,350
Total from funding activities		8,350		-	-		-		8,350
Group balance at 30 June 2026		162,321		(615)	2,940		(156,629)		8,017

Movements to and balances at 30 June 2025 and 30 June 2026 are unaudited figures.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		Six months ended				Year ended
		30 June 2026 Unaudited US$’000		30 June 2025 Unaudited US$’000		31 December 2025 Audited US$’000
Cash flow from operating activities
Loss before taxation		(816)		(438)		(758)
Adjustments for:
Finance expense		-		92		70
Finance income		(48)		-		(2)
Exchange loss		-		51		16
Fair value changes on convertible debt at fair value through profit or loss		-		(57)		(60)
Realised gains on financial liabilities		-		-		(58)
(Increase)/Decrease in other receivables		(24)		14		(3)
Increase/(Decrease) in other payables and accruals		224		(64)		(470)
Net cash used in operating activities		(664)		(402)		(1,265)
Cash flows from investing activities
Finance income		48		-		2
Net cash generated from investing activities		48		-		2
Cash flows from financing activities
Issue of Shares		8,350		89		2,053
Proceeds of convertible loan notes issued		-		311		-
Repayment of convertible loan notes		-		-		(169)
Net cash generated from financing activities		8,350		400		1,884
Net increase/(decrease) in cash & cash equivalents during the period		7,734		(2)		621
Cash and cash equivalents at the beginning of the period		648		27		27
Cash & cash equivalents at the end of the period		8,382		25		648

NOTES TO THE FINANCIAL INFORMATION

1. CORPORATE INFORMATION

The Company is a limited company incorporated in the British Virgin Islands (“BVI”) under the BVI Business Companies Act 2004 on 18 January 2008. The address of the registered office is Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands VG 1110 and its principal place of business is DIFC Innovation Hub, Level 1, Gate Avenue, Dubai International Financial Centre, Dubai, UAE.

The Company is quoted on the AIM Market of the London Stock Exchange (AIM: SHR).

The principal activity of the Company is investment holding. The Company is principally engaged in investing and is focused on pure exposure to the AI supercycle.

The unaudited condensed consolidated interim financial information was approved for issue on [] September 2026.

2.BASIS OF PREPARATION

The condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting” and presented in US Dollars.

3.PRINCIPAL ACCOUNTING POLICIES

The condensed consolidated interim financial information has been prepared on the historical cost convention, as modified by the revaluation of certain financial assets and financial liabilities at fair value through the income statement.

The accounting policies and methods of computation used in the condensed consolidated financial information for the six months ended 30 June 2026 are the same as those followed in the preparation of the Group’s annual financial statements for the year ended 31 December 2025 and are those the Group expects to apply into financial statements for the year ending 31 December 2026. There was no impact on the Company’s accounting policies as a result of any new or amended standards which became applicable for the current accounting period.

The seasonality or cyclicality of operations does not impact the interim financial information.

4.SEGMENT INFORMATION

The operating segment has been determined and reviewed by the senior management and Board members to be used to make strategic decisions. The senior management and Board members consider there to be a single business segment, being that of AI-focused investing activity.

5.TAXATION

The Company is incorporated in the BVI and operates from the UAE. The Company is not subject to corporate income tax in the BVI and has not generated profits liable to corporate tax in the UAE.The UK and Hong Kong subsidiaries do not engage in any business activities or generate income; no assessable income or relievable losses arise in either jurisdiction.

6.DIVIDEND

The Board does not recommend the payment of an interim dividend in respect of the six months ended 30 June 2026 (30 June 2025: Nil).

7.LOSS PER SHARE

The calculation of the basic and diluted loss per share attributable to owners of the Group is based on the following:

		Six months ended		Year ended
		30 June 2026 US$000	30 June 2025 US$000	31 December 2025 US$000
Numerator
Basic/Diluted:	Net loss	(816)	(438)	(758)
		Number of shares
Denominator
Basic:	Number of / Weighted average shares(1)	885,243	38,225	98,744
	Dilutive effect of warrants(2)	-	-	-
Diluted:	Adjusted weighted average shares	885,243	38,225	98,744

Loss per share
Basic/diluted (US$)		(0.92)	(11.50)	(7.68)

Notes

1. On 8 January 2026 the Company’s issued share capital was combined into 1 ordinary share of no par value for each 100 existing shares of no par value, and on 8 June 2026 the Company’s issued share capital was combined into 1 ordinary share of no par value for each 10 existing shares of no par value. The number of shares used as the basis for the reported loss per share for 30 June 2025 and 31 December 2025 have been adjusted accordingly for comparison with the six month period ended 30 June 2026.

2. For the six-month period ending 30 June 2025 and the year ended 31 December 2025, the warrants issued and convertible loans notes were anti-dilutive and therefore there is no impact on the weighted average shares in issue for any of the reporting periods.

8.OTHER RECEIVABLES AT AMORTISED COST

		30 June 2026 US$000			30 June 2025 US$000		31 December 2025 US$000
Prepayments		53			12		29
At the end of the period			53		12		29

9.LOANS AND BORROWINGS

	30 June 2026 US$000		30 June 2025 US$000		31 December 2025 US$000
Convertible debt - host liabilities at amortised cost	-		479		-
Convertible debt - derivative liabilities at fair value through profit and loss	-		119		-
Total loans and borrowings	-		598		-

The movement in loans and borrowings is as follows:

	30 June 2026 US$000		30 June 2025 US$000		31 December 2025 US$000
Opening balance	-		145		145
Interest expense accrued	-		92		68
Foreign exchange gain	-		50		16
Interest paid	-		-		(168)
Proceeds of convertible debt	-		311		312
Extinguishment of liability through issue	-		-		(312)
Fair value adjustment	-		-		(61)
Closing balance	-		598		-

10.SHARE CAPITAL

	Number of Shares		Amount US$000
Issued share capital at 1 January 2026	241,022,365		153,971
Issued share capital at 8 January 2026 following 100:1 share combination	2,410,193		153,971
Shares issued 9 February 2026	8,350,000		8,350
Issued share capital at 8 June 2026	10,760,193		162,321
Issued share capital at 30 June 2026 following 10:1 share combination on 8 June 2026	1,075,989		162,321
Treasury shares at 1 January 2026	264,780		(615)
Treasury shares at 8 January 2026 following 100:1 share combination	2,647		(615)
Treasury shares at 30 June 2026 following 10:1 share combination on 8 June 2026	264		(615)

11.FINANCIAL INSTRUMENTS

Financial assets

		As at 30 June 2026		As at 30 June 2025		As at 31 December 2025
		US$’000		US$’000		US$’000
Other receivables at amortised cost		53		12		29
Cash and cash equivalents at amortised cost		8,382		25		648
Financial assets		8,435		37		677

Financial liabilities

	As at 30 June 2026		As at 30 June 2025		As at 31 December 2025
	US$’000		US$’000		US$’000
Other payables and accruals at amortised cost	418		600		194
Convertible debt – host liability at amortised cost	-		479		-
Convertible debt – derivative liability at fair value through profit or loss	-		119		-
Financial liabilities	418		1,198		194

12.RELATED PARTY TRANSACTIONS

During the period under review, the Group entered into the following transactions with related parties and connected parties:

		30 June 2026 US$000	30 June 2025 US$000	31 December 2025 US$000
Remuneration payable to Directors		57	92	181
GHCP Services Limited*:
Administration fees and expenses		53	8	38

*Provides director of subsidiary Shaires Holdings UK Limited (previously Jade Road Investments UK Limited) .

13.EVENTS AFTER THE REPORTING PERIOD

On 13 July 2026, the Company appointed Suhail Rizvi as Executive Chairman with immediate effect, with John Croft moving to a Non-Executive Director role. Vivek Seth was appointed Chief Executive Officer and Shervin Pishevar was appointed Vice Chairman and Non-Executive Director, both effective from 21 July 2026. The Chief Executive Officer role is a management position and does not constitute a Board appointment.

On 30 July 2026, the Company announced completion of its first institutional fundraising tranche, raising gross proceeds of US$28.48 million through the subscription for 1,424,000 new ordinary shares at US$20.00 per share. The proceeds were raised to fund portfolio investments and general corporate purposes.

On 13 August 2026, the Company announced the following investments and arrangements:

• Anthropic, Stripe and Figure AI: an option agreement with Rizvi Traverse to acquire up to US$40.0 million of interests in special purpose vehicles, comprising exposure of up to US$16.2 million to Anthropic, US$9.3 million to Stripe and US$14.5 million to Figure AI. The arrangement constituted a related-party transaction under AIM Rule 13. Mr Rizvi did not participate in the Board’s consideration; the independent directors, having consulted the nominated adviser, considered the terms fair and reasonable for shareholders. No carried interest or other incentive allocation is payable to related parties, although the Anthropic and Stripe transaction provides for upfront broking fees passed through to placement agents and bridge-financing sources.
• ByteDance: a US$15.0 million investment for an indirect equity interest through a dedicated share class in a regulated Luxembourg fund. Including a 6% upfront fee, the total cash outlay was approximately US$15.9 million.
• SandboxAQ: an indirect investment of approximately US$14.8 million acquired through contributions of interests in special purpose vehicles managed by Rizvi Traverse, a company controlled by Executive Chairman Suhail Rizvi. The consideration comprised 741,821 new ordinary shares at US$20.00 per share, with no cash consideration. Rizvi Traverse receives no economic benefit from the transaction and waived the customary carried interest and other fees.
• Colossal Biosciences: an initial investment of approximately US$12.0 million acquired through an in-kind contribution of shares, in exchange for 600,000 new ordinary shares in the Company at US$20.00 per share. The agreements permit the Company, at its discretion, to acquire up to US$42.0 million of Colossal shares in aggregate, including the initial investment. No cash consideration, fees or carried interest are payable in connection with the contribution.
• Moonshot AI: a US$5.0 million commitment for an indirect economic interest through participating shares in an Abu Dhabi Global Market special purpose vehicle.

On 25 August 2026, the Company announced completion of its retail offer and second institutional fundraising tranche, raising approximately US$14.3 million before expenses through 715,306 new ordinary shares at US$20.00 per share. This comprised 170,306 retail offer shares, raising approximately US$3.4 million, and 545,000 institutional subscription shares, raising US$10.9 million. The Company also announced the issuance of 239,818 ordinary shares under an amended and restated Capital Raising Agreement dated 24 August 2026, to its capital raising partner NOIA Capital (DIFC) Limited, whose remuneration comprises shares equal in value to 2.5% of capital raised, issued at the fundraising price, and shares equal to 2.75% of fully diluted share capital on completion of the capital raising programme.

On 1 September 2026, the Company announced completion of the acquisition of indirect interests in Anthropic and Stripe through an investment of US$25.4 million in a special purpose vehicle, comprising US$16.2 million attributable to Anthropic and US$9.2 million to Stripe, following satisfaction of the closing conditions. This investment arose from the option agreement announced on 13 August 2026.

14.COPIES OF THE INTERIM REPORT

The report is available for download from the Company’s website (www.shaires-holdings.com).

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