Ethtry plc (AQSE:ETHY) has announced its final results for the year ended 31 December 2025. The financial information below has been extracted from the audited financial statements of the Company for the year ended 31 December 2025, which have been prepared in accordance with UK-adopted international accounting standards and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The Annual Report is available from the Company’s website www.ethtry.com and will shortly be posted to shareholders along with notice of the Company’s Annual General Meeting.
Strategic Report
For the year ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
PRINCIPLE ACTIVITIES
Ethtry Plc is an investment company with underlying operational activities whose ordinary shares are admitted to trading on the Access Segment of the Aquis Growth Market, operated by the Aquis Stock Exchange, under the ticker “ETHY”.
The Company develops and invests in renewable energy assets across the UK. Working with landowners and joint venture partners, it identifies, develops and delivers projects throughout the development lifecycle, supporting the UK’s transition to cleaner, more secure energy generation. Through the development of its own renewable energy projects alongside investment in and collaboration with third-party developments, the Board believes the Company is well positioned to participate in one of the UK’s fastest-growing renewable energy sectors while supporting the country’s long-term energy independence objectives.
Alongside its operational activities, the Company maintains an Ethereum Treasury Policy, under which it holds a portion of its treasury reserves in Ethereum (ETH). The Board views this as a complementary treasury management initiative that supports and strengthens the Company’s wider operational strategy.
REVIEW OF BUSINESS
The year ended 31 December 2025 was a transformational period for the Company. It began the year focused on the battery energy storage and life sciences sectors and ended it repositioned as Ethtry Plc, combining an operational focus on the UK renewable energy and breakthrough technology sectors with an Ethereum asset treasury strategy.
During the earlier part of the year, the Company continued to manage its existing investment portfolio. This included its exposure to the battery energy storage sector through its relationship with GEM Energia Limited (“GEM”), a UK developer of lithium-ion battery energy storage projects, over whose portfolio of battery storage and renewable energy projects the Company held a right of first refusal.
The period under review presented challenges to GEM’ operational activities as a result of the grid reforms introduced in December 2024 by the Government-owned energy system operator, the National Energy System Operator (“NESO”), which necessitated GEM refocusing its activities on renewable energy initiatives largely unaffected by these reforms.
Much of the period was taken up pursuing business opportunities in solar energy development and site identification, following the Government’s publication in June 2025 of the Solar Roadmap, which supports solar development and includes a commitment to increase deployment. These business opportunities form part of the Company’s ongoing trading activities.
GEM also identified potential opportunities in HGV electric vehicle (EV) charging and infrastructure, which led to negotiations with a number of multinational HGV manufacturers. Ultimately, these discussions were terminated due to concerns regarding speed of deployment.
The Company also retained its life sciences interest in Fixit Medical Ltd, trading as Cingo Technologies, a UK medical technology company developing advanced catheter securement solutions, in which the Company held an interest of 20%. Fixit Medical is a business whose awards include a £270,000 Smart Grant from Innovate UK. Fixit Medical made encouraging operational progress during the period. It adopted the trading name Cingo Technologies to reflect an expanded product family addressing a combined global market opportunity estimated at over $5 billion, completed the final tooling and design of its Cingo catheter fixation device and commenced initial production, and progressed regulatory submissions for both CE (Europe) and FDA (United States) approval. It also developed a range of research and clinical collaborations across the UK innovation ecosystem and applied for further non-dilutive European funding to support the development of its broader device portfolio. During the period, Fixit Medical further strengthened its board with the appointment of Professor Chris Nutting, a leading oncologist, as a Non-Executive Director, who also subscribed for new shares in the company at a price of £1,150 per share.
The Company also held a number of historical investments. Its historical investment in Oscillate Plc, now renamed Serval Resources, has been fully disposed of. In addition, the Company continued to receive payments in respect of certain other historical investments, which the Board intends to continue to pursue.
Following a strategic review of the Company’s treasury management framework, undertaken with the objective of optimising capital efficiency, diversification and long-term value preservation, the Board undertook a significant fundraising and a repositioning of the Company’s strategy. The Company conducted a placing and subscription of new ordinary shares at a price of £0.0025 per share, which raised total gross proceeds of £5,302,000 before the fundraise was closed. The fundraising, the adoption of an Ethereum Treasury Policy and the change of the Company’s name from Igraine Plc to Ethtry Plc were each approved by shareholders at a General Meeting held during the period, following which the Company’s ticker changed to “ETHY”. The proceeds were applied to strengthen the Company’s balance sheet, provide working capital and support the implementation of its strategic objectives.
Alongside the fundraising, the Board was reconstituted to support the Company’s new strategic direction, including the appointment of a new Chief Executive Officer and an Executive Director during the period. As part of these changes, Simon Grant-Rennick stepped down from the Board following the General Meeting. The Board would like to thank Simon for his significant contribution and service to the Company, having been instrumental in stabilising the Company and positioning it to take advantage of the opportunities now before it. Further changes to the composition of the Board took place after the year end, as described in the Post Year End Review.
The Company also established an Advisory Board during the period to provide additional strategic guidance, appointing Mike Foy and Marc Degen, who bring international experience across banking, fintech, digital services and Web3 technologies. The Advisory Board advises on the Company’s overall strategy, corporate development and the implementation of its Ethereum assets Treasury Policy.
A central element of the Company’s repositioning was the adoption of an Ethereum Treasury Policy, enabling the Company, at its discretion, to allocate a portion of its treasury reserves to Ethereum (“ETH”). The objective of the policy is to preserve long-term value, enhance capital efficiency and align the Company’s treasury management with evolving market opportunities, and the Board regards it as a complementary treasury management initiative that supports the Company’s wider operational strategy. The Company held no Ethereum at 31 December 2025, with implementation of the policy commencing after the year end.
With a strengthened financial position and a clearly defined strategy, the Company is well positioned to pursue the development of renewable energy assets across the UK alongside its Ethereum asset treasury strategy, and to deliver long-term value for shareholders.
POST-YEAR END REVIEW
Since the year end, the Company has continued to advance the strategy established during 2025.
The Company’s Ethereum Treasury Policy became formally effective following the year end, and the Company began its implementation, commencing the acquisition of Ethereum (ETH) through a series of purchases executed in accordance with its treasury and risk management policies. The Company has since built its treasury holdings to 1,000 ETH, all of which are fully staked with the objective of generating staking rewards while maintaining ETH as a core strategic reserve asset.
The Company entered into a partnership with AMINA Bank AG (Amina), a FINMA-regulated Swiss digital asset bank with which the Company’s Ethereum are held in institutional-grade custody. AMINA provides institutional-grade services across custody, trading and staking, and the partnership supports the Company’s operating strategy and Ethereum Treasury Policy by providing access to regulated banking infrastructure and institutional expertise spanning both traditional finance and digital assets.
The Company entered into an equity investment and operational partnership with the Liechtenstein Trust Integrity Network (LTIN), a public-private partnership, majority-owned by Telecom Liechtenstein, which provides sovereign, fully regulated blockchain infrastructure under Liechtenstein’s Blockchain Act and compliant with EU markets in cryptoassets (MiCAR) requirements. The Board is excited about the opportunities this partnership presents and will update shareholders on its progress in due course.
The Company also progressed its investment strategy. It committed £500,000, from its cash reserves, to an oversubscribed senior secured lending facility arranged by GSB Capital Limited for Cerulean Winds Limited, the developer of one of the largest floating offshore wind programmes in the world. The investment provides the Company with a senior secured, first-ranking lending position and reflects its strategy of deploying capital into well-secured positions within the energy transition sector to generate attractive risk-adjusted returns for shareholders.
The Company’s investee Fixit Medical Ltd raised further funds after the year end at a valuation of £2,500,000. The Company participated in the financing, exercising its anti-dilution rights to retain its 20% shareholding in the company.
Further changes to the composition of the Board also took place after the year end. The Chief Executive Officer and the Executive Director who had been appointed during 2025 stepped down from the Board, and Steve Winfield and Mike Murphy, the founder of the Company, were each appointed as Executive Directors.
The Board believes that the combination of a focused operational and investment strategy and a clearly defined Ethereum asset treasury policy provides a strong platform from which Ethtry can pursue strategic opportunities and deliver long-term value for shareholders.
