Technologies New Energy PLC

30 September 2026

30 September 2026

Technologies New Energy plc

("TNE", the "Company" or, together with its subsidiaries, the "Group")

Unaudited Half-Year Results for the Six Months Ended 30 June 2026

Technologies New Energy plc (LSE: TNE) announces its unaudited condensed consolidated interim results for the six months ended 30 June 2026.

Financial highlights

·      Revenue of €81,151 (H1 2025: €64,915), an increase of 25%, generated principally by Technologies New Energy S.A. ("TNE S.A.").

·      Loss for the period of €376,551, including a non-cash share-based payment charge of €33,614 (H1 2025: €1,567,708, which included a non-cash reverse acquisition listing expense of €1,215,337; excluding that charge the H1 2025 loss was €352,371).

·      Basic and diluted loss per share of 0.24 euro cents (H1 2025: 1.07 euro cents).

·      Cash and cash equivalents of €283,707 at 30 June 2026 (31 December 2025: €762,638).

·      Net liabilities of €1,147,804 at 30 June 2026 (31 December 2025: €789,599), of which €726,817 of shareholder obligations are to be settled by the issue of new ordinary shares rather than in cash.

Operational highlights

·      Continued development of the Group's Negative-C portfolio, including its biomass-to-sustainable-fuels, biomass-to-power, biomethane and biochar projects.

·      Acquisition of a 90% interest in Cleversearch Lda in February 2026, expanding the Group's project development activities, including the Azores biorefinery project.

·      Continued development of the Group's energy-transition activities, including battery energy storage systems (BESS), energy management systems and associated electrification projects.

·      Expansion of the Group's activities into data-centre power infrastructure, with the development of a pipeline of projects combining power, battery storage and renewable-energy infrastructure.

·      Continued delivery of operations and maintenance and engineering services to industrial and energy-sector clients in Portugal and Morocco.

·      Continued development of the Diverfuel digital platform for the clean fuels and green chemicals market.

Ends

Enquiries

Technologies New Energy plc	info@tneplc.com
Julio Perez, Chief Executive Officer	+351 915 126 782

About TNE

Technologies New Energy plc ("TNE") is an energy-transition engineering and technology company focused on advisory services, Data Centre power infrastructure and the conversion of biomass into sustainable fuels, energy and biochar.

TNE combines engineering, project development and digital capabilities to develop and deliver energy solutions for its clients and to originate and develop its own portfolio of energy-transition projects. The Group's activities span power generation and storage, industrial decarbonisation, energy management and digital optimisation.

In Data Centres, TNE designs and integrates power infrastructure solutions combining generation, battery energy storage, renewable power and advanced energy-management systems, with a focus on enabling faster deployment of power for energy-intensive Data Centre developments.

TNE's proprietary project portfolio is focused on the conversion of waste biomass and forestry and agricultural residues into higher-value products. This includes the development of Sustainable Aviation Fuel ("SAF") biorefineries and modular Biomass-to-Power ("B2P") projects, with biochar produced as a co-product. TNE is currently developing an initial portfolio of four SAF projects and four modular Biomass-to-Power ("B2P") projects in Portugal.

TNE's established advisory, engineering, contracting and digital activities provide the technical capabilities and industry relationships supporting these growth areas. The Group has undertaken work across renewable energy, battery storage, industrial energy systems, digital twins and low-carbon fuels for international industrial and energy clients.

Forward-looking statements

Certain statements in this announcement constitute "forward-looking statements". Forward-looking statements include statements concerning the plans, objectives, goals, strategies and future operations and performance of the Company and the assumptions underlying such statements. Words such as "anticipates", "estimates", "expects", "believes", "intends", "plans", "may", "will" and "should", and similar expressions, are intended to identify forward-looking statements.

Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the Company's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future.

Forward-looking statements speak only as at the date of this announcement. Except as required by applicable law or regulation, the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

As a result of these risks, uncertainties and assumptions, investors should not place undue reliance on forward-looking statements.

CHAIRMAN'S STATEMENT

I am pleased to announce the Group's interim results for the six months ended 30 June 2026.

Financial review

The Group incurred a loss of €376,551 in the period, including a non-cash share-based payment charge of €33,614 (H1 2025: €1,567,708, including a non-cash reverse acquisition listing expense of €1,215,337). Revenue for the period was €81,151 (H1 2025: €64,915).

The Group had a cash position of €283,707 at 30 June 2026 (31 December 2025: €762,638). The basic loss per share was 0.24 euro cents (H1 2025: 1.07 euro cents).

Outlook

The Group remains focused on progressing its portfolio of energy-transition projects, particularly across sustainable fuels, biomass-to-power and Data Centre power infrastructure, while continuing to develop its established advisory, engineering and contracting activities.

On behalf of the Board, I would like to thank our staff and advisers for their hard work and our shareholders for their continued support.

José Meneses da Silva Moura

Executive Chairman

DIRECTORS' REPORT AND STATEMENT OF DIRECTORS' RESPONSIBILITIES

The results of the Group are addressed in the Chairman's statement above. The total comprehensive expense for the period was €391,819 (H1 2025: €1,565,377). On 17 June 2026 the Company granted share options to the Chief Executive Officer in settlement of a performance bonus (Note 14).

Directors

The following directors held office during the period:

José Meneses da Silva Moura, Executive Chairman

Julio Perez, Chief Executive Officer

Ricardo Guimarães Da Costa Eiras, Chief Operating Officer

Salvador Insua Amico, Senior Independent Non-Executive Director

(Resigned 27 June 2026)

Kate Joan Osborne, Independent Non-Executive Director

(Resigned 27 June 2026)

Responsibility statement

The Directors confirm that, to the best of their knowledge:

·      the condensed set of financial statements has been prepared in accordance with UK-adopted International Accounting Standard 34 "Interim Financial Reporting";

·      the interim management report includes a fair review of the information required by DTR 4.2.7R; and

·      the interim management report includes a fair review of the information required by DTR 4.2.8R.

Related party transactions are disclosed in Note 15.

Cautionary statement

This Interim Management Report has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. It should not be relied on by any other party or for any other purpose.

Going concern

The Directors' assessment of going concern, including a material uncertainty, is set out in Note 3.

Principal risks and uncertainties

The principal risks and uncertainties remain those set out in the Annual Report for the year ended 31 December 2025, except that funding and liquidity risk has increased (see Note 3).

By order of the Board

Julio Perez

Chief Executive Officer 

29 September 2026

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2026

	Note	Six months ended 30 June 2026	Six months ended 30 June 2025
		(unaudited) €	(unaudited) €
Revenue	6	81,151	64,915
Cost of sales		(132)	-
Gross profit		81,019	64,915
Subsidies and grants		-	3,202
Other operating income		48	270
Supplies and external services		(153,852)	(78,431)
Staff costs		(79,972)	(52,331)
Administrative expenses - Technologies New Energy plc	7	(197,536)	(284,725)
Other operating expenses		(4,295)	(2,500)
Reverse acquisition listing expense		-	(1,215,337)
Depreciation and amortisation	11	(4,832)	-
Operating loss		(359,420)	(1,564,937)
Finance income	8	6,620	4,595
Finance costs	8	(23,751)	(7,366)
Loss before taxation		(376,551)	(1,567,708)
Taxation	9	-	-
Loss for the period attributable to owners of the Company		(376,551)	(1,567,708)
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations		(15,268)	2,331
Total comprehensive expense for the period attributable to owners of the Company		(391,819)	(1,565,377)
Loss per share - basic and diluted (euro cents)	10	(0.24)	(1.07)

All results relate to continuing operations.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2026

	Note	30 June 2026	31 December 2025
		(unaudited) €	€
Non-current assets
Property, plant and equipment	11	62,997	35,969
Intangible assets - Diverfuel platform	11	115,000	115,000
Financial investments	16	27,005	1,092
Other non-current assets (deposit)		1,283	1,267
Total non-current assets		206,285	153,328
Current assets
Inventories		5,772	5,904
Trade receivables	12	12,693	1,215
Advances to suppliers	12	160,383	-
VAT and other taxes recoverable	12	155,220	134,450
Other debtors and prepayments	12	6,866	175,386
Cash and cash equivalents		283,707	762,638
Total current assets		624,641	1,079,593
Total assets		830,926	1,232,921
Current liabilities
Trade and other payables	13	(689,427)	(652,576)
Lease liabilities	13	(11,300)	(11,103)
Borrowings	13	(31,860)	-
Tax and social security payable		(9,592)	(30,957)
Accrued liabilities and deferred income	13	(171,677)	(257,371)
Shareholder loans - to be settled in shares	13	(726,817)	(726,817)
Total current liabilities		(1,640,673)	(1,678,824)
Net current liabilities		(1,016,032)	(598,429)
Total assets less current liabilities		(809,747)	(445,101)
Non-current liabilities
Shareholder loans	13	(327,013)	(327,013)
Lease liabilities	13	(11,044)	(16,683)
Total non-current liabilities		(338,057)	(343,696)
Net liabilities		(1,147,804)	(789,599)
Equity
Share capital	14	18,697,294	18,697,294
Share premium	14	17,699,394	17,699,394
Reverse acquisition reserve	14	(32,972,964)	(32,972,964)
Capital contribution reserve	14	(10,241)	(10,241)
RTO sponsor reserve	14	(1,958,009)	(1,958,009)
Warrant reserve	14	738,879	738,879
Share option reserve	14	33,614	-
Currency translation reserve	14	(798,624)	(783,356)
Retained deficit	14	(2,577,147)	(2,200,596)
Total equity		(1,147,804)	(789,599)

The condensed consolidated interim financial statements were approved by the Board of Directors on 29 September 2026 and signed on its behalf by:  Julio Perez, Chief Executive Officer.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2026

	Note	Six months ended 30 June 2026	Six months ended 30 June 2025
		(unaudited) €	(unaudited) €
Cash flows from operating activities
Loss for the period		(376,551)	(1,567,708)
Adjustments for:
Share-based payment charge	14	33,614	-
Depreciation and amortisation	11	4,832	-
Reverse acquisition listing expense (non-cash)		-	1,215,337
Unwinding of discount on deferred professional fee	8	23,383	7,366
Unrealised foreign exchange gains	8	(6,620)	(4,595)
Decrease in inventories		132	-
(Increase) / decrease in trade and other receivables		(24,334)	112,373
Decrease in trade and other payables		(109,271)	(3,672)
Net cash used in operating activities		(454,815)	(240,899)
Cash flows from investing activities
Purchase of property, plant and equipment	11	(31,860)	-
Acquisition of financial investments / subsidiary, net of cash acquired	16	(25,913)	-
Advance to other debtor		-	(6,000)
Cash acquired on reverse acquisition of Technologies New Energy plc		-	367,996
Net cash (used in) / from investing activities		(57,773)	361,996
Cash flows from financing activities
Proceeds from borrowings	13	31,860	-
Shareholder loans received		-	158,000
Proceeds from issue of shares and share application monies		-	424,466
Net cash from financing activities		31,860	582,466
Net (decrease) / increase in cash and cash equivalents		(480,728)	703,563
Effect of foreign exchange rate changes		1,797	590
Cash and cash equivalents at the beginning of the period		762,638	17,494
Cash and cash equivalents at the end of the period		283,707	721,647

Non-cash transactions: On 20 April 2026, TNE S.A. assigned to the Company a receivable of €120,000 due from Diverfuel S.A., with a corresponding reduction in the amount owed by TNE S.A. to the Company. The transaction was wholly intragroup, involved no movement of cash and has been eliminated on consolidation. Accordingly, it has no effect on the consolidated statement of cash flows.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2026

Six months ended 30 June 2026 (unaudited)

€	Share capital	Share premium	Reverse acq. reserve	Capital contrib. reserve	RTO sponsor reserve	Warrant reserve	Share option reserve	Currency transl. reserve	Retained deficit	Total equity
Balance at 1 January 2026	18,697,294	17,699,394	(32,972,964)	(10,241)	(1,958,009)	738,879	-	(783,356)	(2,200,596)	(789,599)
Loss for the period	-	-	-	-	-	-	-	-	(376,551)	(376,551)
Share-based payment - share options	-	-	-	-	-	-	33,614	-	-	33,614
Other comprehensive expense - exchange differences on translation	-	-	-	-	-	-	-	(15,268)	-	(15,268)
Balance at 30 June 2026 (unaudited)	18,697,294	17,699,394	(32,972,964)	(10,241)	(1,958,009)	738,879	33,614	(798,624)	(2,577,147)	(1,147,804)

Six months ended 30 June 2025 (unaudited)

€	Share capital	Share premium	Reverse acq. reserve	Capital contrib. reserve	RTO sponsor reserve	Warrant reserve	Share option reserve	Currency transl. reserve	Retained deficit	Total equity
Balance at 1 January 2025	50,000	-	-	666,817	-	-	-	-	(800,107)	(83,290)
Shares deemed issued - reverse acquisition (30 April 2025)	18,597,704	17,649,804	(36,194,926)	-	-	-	-	-	-	52,582
Recognition of RTO sponsor reserve	-	-	1,958,009	-	(1,958,009)	-	-	-	-	-
Warrant reserve - amendment of warrant instrument (4 June 2025)	-	-	(738,879)	-	-	738,879	-	-	-	-
Reverse acquisition listing expense (IFRS 2)	-	-	1,215,337	-	-	-	-	-	-	1,215,337
Loss for the period	-	-	-	-	-	-	-	-	(1,567,708)	(1,567,708)
Other comprehensive income - exchange differences on translation	-	-	-	-	-	-	-	2,331	-	2,331
Balance at 30 June 2025  (unaudited)	18,647,704	17,649,804	(33,760,459)	666,817	(1,958,009)	738,879	-	2,331	(2,367,815)	(380,748)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. General information

Technologies New Energy plc is a public limited company incorporated and domiciled in England and Wales (registered number 13672588), with its registered office at 9th Floor, 107 Cheapside, London EC2V 6DN. Its ordinary shares are admitted to the equity shares (transition) category of the Official List and to trading on the Main Market of the London Stock Exchange.

On 30 April 2025 the Company completed the reverse acquisition of Technologies New Energy S.A. (TNE S.A.), a company incorporated in Portugal, which is the accounting acquirer under IFRS 3. On 28 August 2025 the Group acquired Diverfuel S.A. and on 3 February 2026 it acquired a 90% interest in Cleversearch Lda (Note 16). The principal activity of the Group is renewable energy engineering, consulting, project development and energy transition services.

2. Basis of preparation

These condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with UK-adopted International Accounting Standard 34 Interim Financial Reporting and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority. They should be read in conjunction with the Annual Report and Financial Statements for the year ended 31 December 2025, which were prepared in accordance with UK-adopted international accounting standards.

The interim financial statements are unaudited and have not been reviewed by the Company's auditors. They do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.

The comparative information for the six months ended 30 June 2025 has been restated to reflect the reverse acquisition accounting applied in the financial statements for the year ended 31 December 2025. The principal effect is the recognition of a non-cash listing expense of €1,215,337 on 30 April 2025, increasing the loss for that period from €349,600, as previously reported, to €1,567,708. Loss per share has been recalculated accordingly, and cash at 30 June 2025 has been restated from €726,037 to €721,647 to apply the ECB closing exchange rate.

The financial statements are presented in euros (€), the functional currency of TNE S.A., and are rounded to the nearest euro. The results of the Portuguese subsidiaries are derived from their management accounts prepared under the Portuguese accounting framework (SNC), adjusted where necessary to comply with the Group's IFRS accounting policies.

3. Going concern

At 30 June 2026, the Group had cash of €283,707, net current liabilities of €1,016,032 and net liabilities of €1,147,804. Current liabilities include €726,817 of shareholder obligations that are to be settled through the issue of new ordinary shares and therefore do not require a cash outflow. The remaining current liabilities principally comprise payments to suppliers and other creditors.

The Directors have prepared cash flow forecasts covering the period to 30 June 2027 which reflect the Group's expected trading performance, operating cash flows and working capital requirements. The forecasts anticipate positive trading and cash generation which, together with the proposed settlement of certain shareholder obligations through the issue of new ordinary shares, is expected to enable the Group to meet its liabilities as they fall due.

The Company is also considering an equity fundraising to provide additional working capital and support the continued development of the Group's activities. No such fundraising had been completed or committed at the date of approval of these interim financial statements.

The forecasts are dependent on the Group achieving the anticipated level and timing of trading and associated cash receipts. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the Group's and the Company's ability to continue as going concerns. Notwithstanding this material uncertainty, the Directors consider the assumptions underlying the forecasts to be reasonable and have a reasonable expectation that the Group and the Company will have sufficient resources to meet their obligations as they fall due. Accordingly, the Directors continue to adopt the going concern basis in preparing these interim financial statements. The financial statements do not include any adjustments that would result if the Group and the Company were unable to continue as going concerns.

4. Accounting policies, judgements and estimates

The accounting policies, significant judgements and key sources of estimation uncertainty are consistent with those applied in the Annual Report and Financial Statements for the year ended 31 December 2025. No new standards, amendments or interpretations effective during the period had a material impact on the Group.

5. Segmental information

The Board, as chief operating decision-maker, considers that the Group operates as a single operating segment focused on renewable energy services and project development. Substantially all revenue arises in Portugal and Morocco and substantially all non-current assets are located in Portugal.

6. Revenue

	H1 2026 €	H1 2025 €
Sales - TNE S.A.	80,947	64,915
Sales - Diverfuel S.A.	204	-
Total revenue	81,151	64,915

7. Administrative expenses - Technologies New Energy plc

Administrative expenses of the Company of €197,536 include a non-cash share-based payment charge of €33,614 and related employer's national insurance of €2,632 (Note 14).

8. Finance income and finance costs

	H1 2026 €	H1 2025 €
Net exchange gain on euro-denominated monetary items of the Company	6,620	4,595
Finance income	6,620	4,595
Unwinding of discount on deferred professional fee	(23,383)	(7,366)
Interest on borrowings and other interest	(368)	-
Finance costs	(23,751)	(7,366)

Finance costs principally comprise the unwinding of the discount on a deferred professional fee recognised in connection with the reverse acquisition.

9. Taxation

No tax charge arises for the period (H1 2025: nil). TNE S.A. was loss-making in the period and no deferred tax assets have been recognised in respect of tax losses of the Group, as it is not considered sufficiently probable that future taxable profits will be available against which they can be utilised.

10. Loss per share

	H1 2026	H1 2025
Loss attributable to owners of the Company (€)	(376,551)	(1,567,708)
Weighted average number of ordinary shares	159,263,550	146,453,155
Basic and diluted loss per share (euro cents)	(0.24)	(1.07)

The weighted average number of shares for the comparative period has been determined in accordance with the reverse acquisition accounting requirements of IFRS 3. Potential ordinary shares were anti-dilutive in both periods presented and have therefore been excluded from diluted loss per share.

11. Property, plant and equipment and intangible assets

Property, plant and equipment of €62,997 (31 December 2025: €35,969) comprises plant and equipment and right-of-use assets of TNE S.A. Additions of €31,860 were made in the period. The depreciation charge for the period of €4,832 relates to assets held at 31 December 2025.

The intangible asset of €115,000 relates to the Diverfuel digital platform for the clean fuels and green chemicals market. At 30 June 2026, the platform remained under development and had not yet been released or become available for use. Accordingly, no amortisation has been recognised in the period. Amortisation will commence when the platform is available for use. The Directors have considered the carrying value of the asset at 30 June 2026, including the status of the platform's development and its expected future commercial use, and concluded that no impairment was required.

12. Trade and other receivables

	30 June 2026 €	31 December 2025 €
Trade receivables - TNE S.A.	12,693	1,215
Advances to suppliers - TNE S.A.	160,383	-
VAT and other taxes recoverable	155,220	134,450
Other debtors and prepayments	6,866	175,386
Total	335,162	311,051

13. Trade and other payables, borrowings and shareholder loans

Current	30 June 2026 €	31 December 2025 €
Trade and other payables - Company	659,037	608,539
Trade and other payables - TNE S.A. and Diverfuel S.A.	30,390	44,037
Trade and other payables	689,427	652,576
Lease liabilities	11,300	11,103
Borrowings - TNE S.A.	31,860	-
Accrued liabilities and deferred income	171,677	257,371
Shareholder loans	726,817	726,817
Non-current Shareholder loans - Diverstock Investment S.A. (suprimentos)	327,013	327,013
Lease liabilities	11,044	16,683

Trade and other payables and accrued liabilities principally comprise amounts due to suppliers and professional advisers.

Shareholder loans of €726,817 are unsecured and interest free and are to be satisfied by the allotment of new ordinary shares in the Company rather than repaid in cash. As they are to be settled in a variable number of the Company's own shares, they are classified as financial liabilities.

The suprimentos of €327,013 advanced to TNE S.A. by Diverstock Investment S.A. are subordinated, unsecured and interest free. During 2026, it was agreed that these amounts would also be satisfied by the allotment of new ordinary shares in the Company rather than repaid in cash.

14. Share capital and reserves

At 30 June 2026 the Company had 159,263,550 ordinary shares of £0.10 each in issue (31 December 2025: 159,263,550). There were no movements in share capital or share premium during the period.

At 30 June 2026, 15,883,904 warrants were outstanding, exercisable at £0.10 per share in two tranches of 7,941,952: tranche 1 until 30 April 2027 and tranche 2 from 30 May 2026 until 30 April 2028. No warrants were exercised or lapsed during the period.

Share options

On 17 June 2026, the Company granted the Chief Executive Officer options over 1,647,727 ordinary shares in settlement of a performance bonus. The options have an exercise price of 10p per share, vest on 31 December 2026 subject to continued service and expire on 17 June 2031.

The options are accounted for as an equity-settled share-based payment under IFRS 2. A charge of £29,163 (€33,614) has been recognised in the period, with a corresponding credit to the share option reserve.

15. Related party transactions

Diverstock Investment S.A., a company ultimately controlled by José Meneses da Silva Moura and his spouse, was owed €516,250 by the Company in respect of assigned shareholder credits and €327,013 by TNE S.A. in respect of suprimentos at 30 June 2026 (31 December 2025: the same). Tranergy Lda, a substantial shareholder, was owed €210,567 by the Company (31 December 2025: the same). These balances are unsecured and interest free.

During the period, the Chief Executive Officer was granted share options as described in Note 14.

During the period, Diverstock Investment S.A. agreed that the €327,013 of suprimentos would be settled in new ordinary shares rather than cash.

16. Acquisition of Cleversearch Lda

On 3 February 2026, the Group acquired a 90% controlling interest in Cleversearch Lda, a project development company based in the Azores which is expected to support the development of a biorefinery project for the Group.

The acquisition did not have a material effect on the Group's financial position or results for the six months ended 30 June 2026.

17. Events after the reporting period

There have been no material events since 30 June 2026 requiring disclosure or adjustment.

END

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