S.D. STANDARD ETC PLC

SECOND QUARTER REPORT 2025

STATEMENT OF THE MEMBERS OF THE BOARD OF DIRECTORS AND OTHER RESPONSIBLE PERSONS OF THE COMPANY FOR THE INTERIM CONDENSED FINANCIAL STATEMENTS	2
SECOND QUARTER MANAGEMENT REPORT	3
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME	7
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION	8
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY	9
INTERIM CONDENSED STATEMENT OF CASH FLOWS	10
NOTES TO THE FINANCIAL INFORMATION	11

STATEMENT OF THE MEMBERS OF THE BOARD OF DIRECTORS AND OTHER RESPONSIBLE PERSONS OF THE COMPANY FOR THE INTERIM CONDENSED FINANCIAL STATEMENTS

In accordance with Article 10 sections (3) (c) and (7) of the Transparency Requirements (Securities for Trading on Regulated Markets) Law of 2007 and 2009 (''Law'') we, the members of the Board of Directors and other responsible persons for the drafting of the interim condensed financial statements of S.D. Standard ETC Plc (the "Company"), for the six months ended 30 June 2025 we confirm that, to the best of our knowledge:

a) The interim condensed financial statements of the Company for the six months ended 30 June 2025 which are presented on pages 7 to 17:
- (i) were prepared in accordance with International Financial Reporting Standards IAS 34 "Interim Financial Reporting", as adopted by the European Union in accordance with provisions of Article 10, section (4) of the Law, and
- (ii) give a true and fair view of the assets and liabilities, the financial position and the profit or losses of the Company, and the business that are included in the financial statements as a total, and
b) The Interim Management Report provides a fair overview of the information required as per section 6 of article 10 of Law 190(I)/2007.

Limassol, 6 August 2025

____________________________ ______________________________

Konstantinos Pantelidis George Crystallis Independent Director / Chairman Independent Director

Christos Neokleous Evangelia Panagide Chief Financial Officer General Manager

_____________________ _______________________

Second Quarter Management Report 2025

Selected Financial Information

	Three Months Ended		Six Months Ended
	2025 Q2	2024 Q2	2025 Q2	2024 Q2
(Amounts in USD 000)	Unaudited	Unaudited	Unaudited	Unaudited
Operating profit / (loss)	4 954	(5 607)	(1 514)	(11 594)
Profit / (loss) for the period before tax	4 945	(5 614)	(1 535)	(11 602)
Total comprehensive profit / (loss) for the period	4 738	(5 716)	(1 742)	(11 772)

(*) Analytical statement of comprehensive income is presented on page 7 of the second quarter report.

Presentation of Interim Condensed Financial Statements

These interim-condensed financial statements for the second quarter of the year 2025 are prepared and presented on a standalone basis, since the Company is an investment entity and does not consolidate its subsidiaries.

The Company measures its investment in subsidiary Standardcoin AS (previously Standard Supply AS) based on the traded share price on Euronext Growth Oslo as of 30 June 2025.

With regards to the subsidiary Standard Invest AS which is not an investment entity and its main purpose is to provide services relating to the investment activity of the Company, the management of the Company decided not to consolidate this subsidiary since the effect of its results for the second quarter of the year 2025 are considered immaterial.

Highlights Second Quarter

1. The Company recognized a fair value profit on its investment in Standardcoin AS of USD 1,3 million in Q2 2025, reflecting the respective share price development during the quarter. The market value of the investment in Standardcoin AS, as of 30 June 2025 was USD 3,8 million.
1. In Q2 2025, the Company recognised a gain from the revaluation of other financial assets held for trading of USD 1,1 million. The fair value of the financial assets held for trading as of 30 June 2025 was USD 15,1 million.
1. In addition, interest income for Q2 2025 earned mainly from the ETC portfolio which includes debt securities and loans receivable, was USD 770 thousands.
1. In March 2025, Saga Pure ASA ("Saga Pure") and Ferncliff Listed DAI held a consolidated ownership of approximately 44.05% of the total outstanding shares in the Company. On 7 April 2025, Saga Pure presented a mandatory offer for all remaining shares in the Company for NOK 1.90 per share in cash. The mandatory offer expired on 5 May 2025 and following that Saga Pure holds 306 096 939 shares in the Company representing 58,36%. As a result, Saga Pure and Ferncliff Listed DAI jointly hold 462 015 048 shares representing approximately 88.09% of the total outstanding shares in the Company.
1. In June 2025, the subsidiary Standardcoin AS proceeded with an equity issue through a private placement raising gross proceeds of NOK 40 million. The Company, as one of the largest shareholders, was allocated shares for NOK 4.8 million equivalent to USD 471 thousands and its holding as of 30 June 2025 was reduced to 41,86%.

Second Quarter Management Report 2025 (Continued)

Selected Financial Information

Alternative Performance Measures

The Company is an investment entity and does not consolidate its subsidiaries. The Company measures its investment in subsidiary Standardcoin AS and associates at fair value through profit or loss.

In reporting financial information, the Company presents alternative performance measures, "APMs", which are not defined or specified under the requirements of IFRS. The Company believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the subsidiary and associate companies.

More information on the APMs used in the Q2 2025 Report, their definition and calculation are provided below, as well as a reference to the respective pages of Q2 2025 and of the presentation which is released together with this interim report on the Company's website:

APM	Definition and Calculation	Reference
Operating Profit / (Loss)	Income from operating activities subtracting administration expenses as presented in the income statement	Q2 2025 Report – Interim Condensed Statement of Comprehensive Income on page 7
Profit / (Loss) before tax	Operating profit less finance costs
Profit / (Loss) after tax	Operating profit less finance costs and income tax

Subsequent Events

The following events took place between the Balance Sheet date and the date of approval of these interim condensed financial statements:

In June 2025, the subsidiary Standardcoin AS proceeded with an equity issue through a private placement raising gross proceeds of NOK 40 million. The Company, as one of the largest shareholders, was allocated shares for NOK 4.8 million equivalent to USD 471 thousands, with an ownership of 41,86% as of 30 June 2025. The private placement was done in two tranches, with the 2 nd tranche taking place in July subject to approval by the general meeting of the subsidiary, and as a result the holding was further reduced to 38,1%.

SECONDQUARTER MANAGEMENT REPORT 2025 (CONTINUED)

RESULTS FOR THE SECOND QUARTER 2025

The operating profit for the three months ended on 30 June 2025 was USD 4,95 million compared to the three months ended 30 June 2024 loss of USD 5,6 million. The operating profit includes a fair value gain on revaluation of financial assets of USD 1,3 million (compared to an unrealized loss of USD 10,5 million in Q2 24), a fair value gain of USD 1,1 million from investments held for trading (compared to a fair value gain of USD 3,6 million in Q2 24), dividend income of USD 621 thousands (compared to USD 353 thousand in Q2 24), interest income of USD 770 thousands (compared to USD 1,3 million in Q2 24), a net foreign currency gain of USD 1,5 million (compared to USD 163 thousands loss in Q2 24) and is after deducting administration expenses of USD 303 thousands (compared to USD 202 thousands in Q2 24) and finance expenses of USD 9 thousands. Profit per share was USD 0,01 for the Quarter.

The Company's results for the three months ended 30 June 2025 are considered satisfactory.

The operating profit / (loss) and profit / (loss) before tax for Q2 25 are presented on the interim condensed statement of comprehensive income on page 7.

RESULTS FOR THE SIX MONTHS OF 2025 AND FINANCIAL COMPARISON WITH THE SIX MONTHS OF 2024

The operating loss for the six months ended on the 30 June 2025 was USD 1,5 million compared to the six months ended 30 June 2024 loss of USD 11,6 million. The operating loss for the first six months of 2025 compared to the respective 2024 loss, is mainly due to an unrealized loss on revaluation of financial assets of USD 9,9 million (compared to a revaluation loss of USD 45,5 million in Q2 24), a fair value gain from investments held for trading of USD 11,8 million (compared to a fair value gain of USD 6,1 thousands in Q2 24), a fair value loss on loans receivable of USD 6,9 million (USD Nil Q2 24), dividend income of USD 746 thousands (compared to dividend income of USD 26,5 million in Q2 24), interest income of USD 2 million (compared to USD 2,3 million in Q2 24), a net foreign currency gain of USD 1,4 million (compared to a loss of USD 664 thousands in Q2 24) and is after deducting administration expenses of USD 689 thousands (compared to administration expenses of USD 409 thousands in Q2 24) and finance expenses of USD 21 thousands. Loss after the deduction of income tax expense is USD 1,7 million (Q2 24: Loss after tax of USD 11,8 million). Loss per share was USD 0,00 for the six months.

The Company's results for the six months of the year 2025 show a positive development when compared to the results of the respective period in 2024.

In March 2025, the Company took the strategic decision to sell the shares held in Dolphin for a price of USD 5,1 million, as well as to sell the shareholder loan provided to Dolphin in March 2023 for USD 2,25 million. The total loss incurred by the Company from the above transactions was USD 18,2 million which includes the fair value loss of Dolphin up to the date of sale. More information on these transactions is provided in notes 4.1 and 12.2 .

The operating loss and loss before tax for the six months are presented on the interim condensed statement of comprehensive income on page 7.

LIQUIDITY AND CAPITAL STRUCTURE

The available cash position of the Company as of 30 June 2025 was USD 86,1 million (excluding cash held by subsidiaries).

During the six months of 2025, net cash generated from operating activities was USD 42,1 million and net cash generated from investing activities was USD 2 million.

As of 30 June 2025, the Company had 1 039 shareholders.

The share price as of 30 June 2025 was NOK 1,83 (USD 0,18).

PRINCIPLE RISK AND UNCERTAINTIES

The Company's activities are exposed to the overall economic environment as well as regulatory, market, political and other financial risks associated with the market in which the specific investments are held, as disclosed in Note 3 of the annual report and financial statements for the year ended 31 December 2024.

The management of the Company has established and implemented sufficient systems and procedures to monitor the markets it has invested into and stay alert to changes in the marketplace in order to help mitigate any financial and operational risks in a timely manner.

OUTLOOK

The objective of the Company is to generate significant medium to long-term capital growth in a sustainable manner. The Company is an investment entity with a special focus on energy, transport and commodities segments, with direct or indirect exposure into companies, securities and / or assets, although the Company will pursue any attractive investment opportunities that may arise within the framework of industries it operates.

SECOND QUARTER MANAGEMENT REPORT 2025 (CONTINUED)

The Company has a sound financial position with no debt and the Board of Directors believe that the Company is well positioned to take advantage of opportunities that may appear in markets the Company operates within. The Company aims to achieve solid returns over time at attractive risk levels.

On Behalf of the Board of Directors of S.D. Standard ETC Plc.

6 August 2025

Konstantinos Pantelidis Christos Neokleous Independent Director/Chairman CFO

INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2025

2024 2025 Q2 Unaudited Unaudited (10 468) (9 937) 3 553 11 803 - (6 890) 353 746 1 320 2 033	2024 Q2 Q2 Unaudited (45 451) 6 135 - 26 456 2 339









(163) 1 420	(664)
(5 405) (825)	(11 185)


(202) (689)	(409)
(202) (689)	(409)
(5 607) (1 514)	(11 594)

(7) (21)	(8)
(5 614)	(11 602)
(102)	(170)
(5 716)	(11 772)
-	- -
(5 716)	(11 772)

	(0,02)
	- (0,02)
	(1 535) (207) (1 742) (1 742) (0,01) 0,00 (0,01)

INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2025

(Amounts in USD 000)	Note	30.06.2025	31.12.2024
ASSETS		Unaudited	Audited
Financial assets at fair value through profit or loss	4.1	3 945	18 306
Total non-current assets		3 945	18 306
Financial assets at amortised cost	7.1	8 918	3 101
Other non-financial assets	7.2	559	297
Financial assets at fair value through profit or loss held for trading	4.2	15 126	46 212
Loans receivable from related parties – at fair value through profit or loss	12.2	-	8 950
Cash and bank balances		86 076	40 732
Total current assets		110 679	99 292
Total Assets		114 624	117 598
EQUITY AND LIABILITIES
Ordinary shares	8	15 734	15 734
Other paid-in equity		-	708
Retained earnings		97 967	100 446
Total equity		113 701	116 888
Trade and other payables	9	716	710
Current tax liability		207	-
Total current liabilities		923	710
Total Equity and Liabilities		114 624	117 598

On Behalf of the Board of Directors of S.D. Standard ETC Plc.

Konstantinos Pantelides Christos Neokleous Independent Director / Chairman CFO

INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2025

	Share	Other paid	Retained
(Amounts in USD 000)	Capital	in equity	Earnings	Total

Balance at 01.01.2024	15 734	715	125 933	142 382
Comprehensive income
Loss for the period	-	-	(11 772)	(11 772)
Option and share program (note 13)	-	(64)	-	(64)
Balance at 30.6.2024 (Unaudited)	15 734	651	114 161	130 546

Balance at 01.01.2025	15 734	708	100 446	116 888
Comprehensive income
Loss for the period	-	-	(1 742)	(1 742)
Option and share program (note 13)	-	(708)	(737)	(1 445)
Balance at 30.6.2025 (Unaudited)	15 734	-	97 967	113 701

INTERIM CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2025

2025 2024 Q2 Q2 (Amounts in USD 000) Note Unaudited Unaudited CASH FLOWS FROM OPERATING ACTIVITIES Loss for the period before income tax (1 535) (11 602) Unrealised exchange (profit) / loss (1 420) 664 Interest income (2 033) (2 339) Dividend Income 5 (746) (26 456) Fair value loss in financial assets fair value through profit or loss 4.1 9 937 45 451 Gain in financial assets fair value through profit or loss – held for trading 4.2 (11 803) (6 135) Changes in fair value on financial assets through profit or loss-loan receivable from 12.2 6 890 - related parties Option and share program 13 25 (129) CHANGES IN WORKING CAPITAL Payments to acquire financial assets at fair value through profit or loss 4.1 (471) (4 535) Receipts from sale of financial assets at fair value through profit or loss 4.1 4 895 - Payments to acquire financial assets at fair value through profit or loss held for trading 4.2 (59 217) (26 848) Receipts from disposal of financial assets at fair value through profit or loss held for trading 4.2 102 106 10 024		Six Months Ended


















(Increase) / decrease in receivables and prepayments 7 (6 079) (354)
Increase / (decrease) in trade and other payables 9 6 (2 374)
Dividends received – net of withholding tax 5 746 26 456
Exercise of share options 13 (1 445) -
Receipts from loans granted to related companies 12.2 2 250 11 800
Loans granted to related companies 12.2 - (22 916)
Net cash generated from / (used in) operating activities 42 106 (9 293)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 2 033 407
Net cash generated from investing activities 2 033 407
Net increase /(decrease) in cash and cash equivalents 44 139 (8 886)
Cash and cash equivalents at beginning of year 40 732 25 523
Effect of exchange rate changes on the balance of cash held in foreign currencies 1 205 45
Cash and cash equivalents at end of the period 86 076 16 682

NOTE 1 – INCORPORATION AND PRINCIPAL ACTIVITIES

Country of Incorporation

S.D. Standard ETC Plc (the "Company") is a limited liability Company incorporated and domiciled in Cyprus on 2 December 2010 in accordance with the provisions of the Cyprus Companies Law, Cap. 113. The Company was renamed from S.D. Standard Drilling Plc to S.D. Standard ETC Plc in January 2022 through a decision by its shareholders. The Company was converted into a public company on 23 December 2010. On 25 March 2011 the Company's shares were listed on Oslo Axess and on 31 May 2017 on Oslo Bors. The address of the Company's registered office is Chrysanthou Mylona 1, Panayides Building, 2nd floor, Office 3, 3030, Limassol, Cyprus.

Principal Activities

The principal activity of the Company is to operate as an investment entity with a special focus on energy, transport and commodities segments, with direct or indirect exposure into companies, securities and/or assets.

The Company's strategy is to invest in energy, transport and commodities markets, although the Company will pursue any attractive investment opportunities that may arise within the framework of industries it operates. The objective of the Company is to generate significant medium to long-term capital growth in a sustainable manner.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

The interim condensed financial statements for the six months ended 30 June 2025, have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting". The interim condensed financial statements should be read in conjunction with the audited financial statements for the year ended 31 December 2024. The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2024 which have been prepared in accordance with IFRS as adopted in the (EU) and the requirements of the Cyprus Companies Law, Cap. 113, except from income tax expense which is recognised based on management's best estimate of the weighted average effective annual income tax rate expected for the full financial year.

In the current period the Company has adopted all the new and revised standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (the IFRIC) of the IASB that are relevant to its operations and effective for annual periods beginning on 1 January 2025.

Going Concern

These interim condensed financial statements for the six months ended 30 June 2025, have been prepared under the assumption that the Company is going concern.

NOTE 3 – EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

	Three Months Ended		Six Months Ended
(Amounts in USD 000)	30.06.2025	30.06.2024	30.06.2025	30.06.2024
Basic/diluted EPS
Profit / (loss) attributable to equity holders of the Company	4 738	(5 716)	(1 742)	(11 772)
Weighted average number of ordinary shares in issue (thousands)	524 483	524 483	524 483	524 483
Weighted average number of ordinary shares diluted (thousands)	-	529 880	-	529 880
Basic (loss) / earnings per share (USD)	0,01	(0,01)	(0,00)	(0,02)
Diluted (loss) / earnings per share (USD)	-	(0,01)	-	(0,02)

NOTE 4 – FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS

4.1 Investments at fair value through profit or loss

(Amounts in USD 000)	30.06.2025	31.12.2024
Balance at 1 January	18 306	80 973
Additions	471	4 536
Sales	(4 895)	-
Changes in fair value	(9 937)	(67 203)
Balance at the end of the period / year (note 10.1)	3 945	18 306

Investments designated at fair value through profit or loss are analysed as follows:

		Place of establishment and	Proportion of ownership/
Name of Investment	Principal activity	principal place of business	interest held
			30.06.2025	31.12.2024
Standardcoin AS	Crypto investment company	Norway	42%	53%
Dolphin Drilling AS	Drilling operations	Norway	0%	19%
Standard Invest AS	Provision of services	Norway	100%	100%

The above investments are measured at fair value.

In March 2025, the Company sold the 49,784,706 shares held in Dolphin Drilling AS through an accelerated bookbuilding process offering (the "Placing") at a price of NOK 1.1 per share for a total transaction size of approximately NOK 54,8 million (USD 5,1 million). The transaction resulted in a realized loss of USD 11,3 million.

In June 2025, the subsidiary Standardcoin AS proceeded with an equity issue through a private placement raising gross proceeds of NOK 35 million. The Company, as one of the largest shareholders, was allocated shares for NOK 4.8 million equivalent to USD 471 thousands, however its holding was reduced to 41,86% as of 30 June 2025

In July 2025, the subsidiary Standard supply AS changed its name to Standardcoin AS.

(Amounts in USD 000)	30.06.2025	30.06.2024
Other net changes in fair value on financial assets at fair value through profit or loss
Realised (losses)/gains	(11 330)	-
Unrealised change	1 393	(45 451)
Total net losses	(9 937)	(45 451)
Other net changes in fair values on assets designated at fair value through profit or loss	(9 937)	(45 451)
Total net losses	(9 937)	(45 451)

4.2 Investments held for trading

(Amounts in USD 000)	30.06.2025	31.12.2024

Balance at 1 January	46 212	21 713
Additions	59 217	99 423
Disposals	(102 106)	(77 658)
Changes in fair value	11 803	2 734
Balance at the end of the period / year	15 126	46 212

During the six months of the year 2025, the Company invested USD 59,2 million for the acquisition of securities listed on the US and Oslo Stock Exchange as well as unlisted securities, some of which were disposed realizing a profit of USD 8,1 million. As of 30 June 2025, investments held for trading had a fair value of USD 15,1 million.

All investments traded in active markets are valued based on quoted prices and are classified as level 1, whereas those unlisted investments are classified as level 2.

NOTE 5 – DIVIDEND INCOME ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

During the six months of the year 2025, the Company received from its financial assets held for trading dividends amounting to USD 746 thousand (Q2 2024: USD 390 thousands). No dividends have been received from the subsidiary Standardcoin AS (Q2 2024: USD 26,1 million).

NOTE 6 – INCOME TAX EXPENSE

(Amounts in USD 000)	30.06.2025	30.06.2024
Current tax:
Current year corporation tax	38	102
Prior year corporation tax	169	68
Withholding tax on dividend income	-	-
Total current tax	207	170

NOTE 7 – FINANCIAL AND OTHER NON-FINANCIAL ASSETS

7.1 Financial assets at amortised cost
(Amounts in USD 000)	30.06.2025	31.12.2024
Accrued interest receivable	-	591
Amounts due from brokers	8 918	2 510
Total financial assets at amortised cost	8 918	3 101

7.2 Other Non- financial assets
(Amounts in USD 000)	30.06.2025	31.12.2024
Tax refund on dividends received	467	249
Amounts due from related parties (note 12.4)	27	-
VAT refundable	6	21
Prepayments	59	27
Total non-financial assets	559	297

The fair value of trade and other receivables due within one year approximate to their carrying amounts as presented above.

NOTE 8 – SHARE CAPITAL AND PREMIUM

Authorised	Number of
	shares	Ordinary
(Amounts in USD 000)	(thousands)	shares	Total
2025
Balance at the beginning of the year	865 000	25 950	25 950
Balance at the end of the period	865 000	25 950	25 950
2024
Balance at the beginning of the year	865 000	25 950	25 950
Balance at the end of the period	865 000	25 950	25 950
Issued and fully paid	Number of
	shares	Ordinary
(Amounts in USD 000)	(thousands)	shares	Total
2025
Balance at the beginning of the year	524 483	15 734	15 734
Balance at the end of the period	524 483	15 734	15 734
2024
Balance at the beginning of the year	524 483	15 734	15 734
Balance at the end of the period	524 483	15 734	15 734

As of 30 June 2025, the Company didn't hold any own shares.

NOTE 9 – TRADE AND OTHER PAYABLES

(Amounts in USD 000)	30.06.2025	31.12.2024
Creditors and accrued expenses	262	89
Amount due for investments acquired	-	-
Amounts due to related parties (note 12.1)	454	186
Provision social security option program (note 13)	-	91
Total trade and other payables at the end of the period at amortised cost	716	366
Other provisions	-	344
Total trade and other payables at the end of the period	716	710

The fair value of trade and other payables which are due within one year approximates their carrying amount at the balance sheet date.

NOTE 10 – FAIR VALUE MEASUREMENTS

10.1 The table below analyses financial instruments carried at fair value by valuation method. The different levels have been defined as follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

The following tables present the Company's fair value hierarchy of the financial assets that are measured at fair value:

(Amounts in USD 000)	Level 1	Level 2	Level 3	Total

At 30 June 2025
Assets
Financial Assets through profit or Loss
- Financial assets at fair value through profit or loss (note 4.1)	3 829	-	-	3 829
- Financial assets at fair value through profit or loss-held for
trading – equity securities (note 4.2)	15 126	-	-	15 126
Total financial assets measured at fair value	18 955	-	-	18 955

At 31 December 2024
Assets
Financial Assets through profit or Loss
- Financial assets at fair value through profit or loss (note 4.1)	18 190	-	-	18 190
- Financial assets at fair value through profit or loss-held for
trading – equity securities (note 4.2)	31 840	-	-	31 840
- Financial assets at fair value through profit or loss – debt
securities/loans receivable (notes 4.2 and 12.2)	-	14 372	8 950	23 322
Total financial assets measured at fair value	50 030	14 372	8 950	73 352

10.2 Valuation processes

a) Investment in Standardcoin AS, Dolphin Drilling AS and traded equity securities (Level 1)

The fair values of securities that are quoted in active markets are determined by the traded share prices. For the investment in Standardcoin AS, the fair value was determined based on the traded share price on Euronext Growth Oslo as of 30 June 2025.

b) Investment in debt securities (Level 2)

The fair values for debt securities have been determined by using the traded security price at the end of the reporting period.

c) Loans receivable (Level 3)

The fair values for loans receivable from related parties (Note 12) have been determined based on their carrying amount due to their short-term nature.

NOTE 11 – ADMINISTRATIVE AND OPERATING EXPENSES

(Amounts in USD 000)	30.06.2025	30.06.2024
Legal, consulting and professional fees	95	44
Management fees from related company (note 12.1)	60	60
Service fees from subsidiary company (note 12.1)	232	223
Other expenses	92	74
Transactions costs for trading in shares	96	21
Accrual option program (note 13)	-	(64)
Provision social security option program (note 13)	-	(65)
Directors' fees, salaries and other short-term employee benefits	114	116
Total administrative and operating expenses	689	409

NOTE 12 – RELATED-PARTY TRANSACTIONS

12.1 Provision of services

The following transactions were carried out with related parties and are included in the operating expenses of the period:

(Amounts in USD 000)	Nature of transactions	30.06.2025	30.06.2024
Ferncliff TIH AS *	Management fees	60	60
Standard Invest AS	Service fees	944	223
Total		1 004	283

* Ferncliff TIH AS holds 100% of the issued share capital of Ferncliff Listed Dai AS, the major shareholder of the Company.

a) The Company has entered into a consultancy agreement with Ferncliff TIH AS whereby Ferncliff TIH AS provides certain management services to the Company. Fees paid under this agreement for the six months ended 30 June 2025 amounted to USD 60 thousands (Q2 2024: USD 60 thousands). As of 30 June 2025, the Company owed to Ferncliff TIH AS the amount of USD 10 thousands (Q2 2024: USD Nil).
b) In 2021 the Company entered into a services agreement with its wholly owned subsidiary Standard Invest AS, whereby Standard Invest AS provides portfolio management services to the Company. Fees paid under this agreement for the six months ended 30 June 2025 amounted to USD 944 thousands (Q2 2024: USD 223 thousands). As of 30 June 2025, the Company owed to its subsidiary the amount of USD 444 thousands (Q2 2024: USD Nil).

12.2 Related party loans – at fair value through profit or loss

(Amounts in USD 000)	Nature of transactions	30.06.2025	31.12.2024
Dolphin Drilling AS	Loan facility	-	8 950

Total		-	8 950

In March 2025 and in connection with the Placing referred to in note 4.1, the Company agreed to transfer all of its rights and obligations under the shareholder bridge loan facility (the "Shareholder Loan") provided to Dolphin Drilling AS in March 2023 by the Company and certain other lenders. The rights and obligations under the Shareholder Loan have been transferred to certain investors in the Placing, for consideration corresponding to 30% of the Company's principal amount of USD 7,5 million under the Shareholder Loan, i.e. USD 2,25 million. As a result, the Company recognized a total loss of USD 6,9 million since the interest charge was not recoverable as well.

NOTE 12 – RELATED-PARTY TRANSACTIONS (CONTINUED)

12.3 Dividend income

During the six months of the year 2025, the Company received from its financial assets held for trading dividends amounting to USD 746 thousands (Q2 2024: USD 390 thousands). No dividends have been received from the subsidiary Standardcoin AS (Q2 2024: USD 26,1 million).

12.4 Amounts due from related parties

As of 30 June 2025, SAGA Pure ASA owed to the Company the amount of USD 27 thousands for expenses reimbursed (Q2 2024: USD Nil).

The Company had no transactions with shareholders or other related parties other than those disclosed above.

NOTE 13 – OPTION AND SHARE PROGRAM

An equity settled option and share program was initiated by the Company in January 2022 towards a certain key employee of the subsidiary Standard Invest AS, granting the employee the option to purchase 10 000 000 shares of the Company on the date falling 18 months after 1 August 2021 and 10 000 000 shares on the date falling 30 months after 1 August 2021 at the strike prices of NOK1,25 and NOK 1,40 respectively. Total estimated fair value of the option at the grant date was calculated in Q1 2022 to USD 1,1 million. The Company has recognized the amount of USD 708 thousands as an expense with a corresponding increase in equity and a provision for social security cost of the option program of USD 91 thousands from the grant date up to 31 December 2024.

The vesting periods of the current program end in the period between 20 January 2023 and 30 January 2024. At initial recognition, the fair value of the options, as estimated by the Black-Scholes model, are straight-lined through the vesting period as administration expenses with corresponding entry against other paid in equity. Since the options are equity settled, no subsequent measurement is required under IFRS.

In January 2025, the Board of Directors of the Company was informed of an exercise of a total of 10,000,000 share options by the employee of the subsidiary. The share options were exercised at a price of NOK 1.05 per share, which equals the original exercise price of NOK 1.25 adjusted for a dividend distribution of NOK 0.20 per share in November 2024. The Company's Board of Directors has resolved to cash settle the exercised share options and the Company paid an amount to the employee equal to the difference between the exercise price of NOK 1.05 per share and the closing share price of the Company on the 17th of January 2025 of NOK 1.71 a total of USD 701 thousand.

In June 2025, the Board of Directors of the Company was informed of an exercise of a total of 10,000,000 share options by the employee of the subsidiary. The share options were exercised at a price of NOK 1.20 per share, which equals the original exercise price of NOK 1.40 adjusted for a dividend distribution of NOK 0.20 per share in November 2024. The Company's Board of Directors has resolved to cash settle the exercised share options and the Company paid an amount to the employee equal to the difference between the exercise price of NOK 1.20 per share and the closing share price of the Company on the 24th of June 2025 of NOK 1.845 a total of USD 744 thousand.

As a result of the above cash settlements, the amounts previously recognized by the Company in equity and as a provision for social security cost of the option program, have been settled.

The following are the amounts expensed to income statement for the six months ended 30 June 2025:

(Amounts in USD 000)	30.06.2025	30.06.2024
Expenses arising from equity-settled share-based payment transactions	-	(64)
Social security reserves for equity-settled share-based payment transactions*	-	(65)
Total income arising from share-based payment transactions	-	(129)

*Social security expenses are accrued if the options are in the money and the accrual for social security expenses will be updated quarterly, based on the development in the share price. An increase in share price will increase the value of the options, hence increase the social security expenses, whereas a decrease in share price will reduce the reserves, creating an income.

NOTE 14 – APPROVAL OF INTERIM CONDENSED FINANCIAL STATEMENTS

These interim condensed financial statements have been approved by the Board of Directors of the Company on 6 August 2025.