World Chess PLC

Interim / Quarterly Report • Sep 23, 2025

National Storage Mechanism | Additional information

RNS Number : 3159A

World Chess PLC

23 September 2025

23 September 2025

World Chess Plc

("World Chess", the "Company" or the "Group")

Interim Results for the Six Months Ended 30 June 2025

World Chess Plc (LSE: CHSS), a leading chess organisation seeking to promote the mass market appeal of chess globally through the offering of different chess-related activities, is pleased to announce its unaudited condensed consolidated interim financial information for the six months ended 30 June 2025.

Financial Overview for the six months ended 30 June 2025

●     Revenue of €1.1 million (H1 2024: €1.2 million )

●     Pre-tax loss of €2.1 million  (H1 2024: €1.9 million )

●     Fundraise of €2.3 million

Trading and refocus:

Revenue from the FIDE Online Arena (renamed to 'World Chess the official gaming platform' after the reporting period) was broadly flat compared to 2024. The Company was focused on developing the platform, including features, such as gamification and anti-cheating module and developing branding and marketing structure that is required for growth.  Management decided to close the World Chess Club Berlin and put greater emphasis on developing the digital platform.

The Berlin club became a popular chess hub, but commercially it didn't deliver the results the Company expected, and a new, scalable venue model is under review.

All consumer-facing platforms have been consolidated under worldchess.com, streamlining user experience and brand identity.

Strategic Investment & Marketing Focus (subsequent events)

On 23 July 2025, after the end of the reporting period, the Company entered into a binding subscription agreement with two strategic investors to raise US$2.0 million through the issuance of 114.3 million new ordinary shares. This transaction provides the financial foundation for the next phase of growth.

On 4 August 2025, after the end of the reporting period, worldchess.com launched "The Tower", a new progression system designed to boost engagement and subscription conversion, and on 1 September 2025 the Company announced that worldchess.com had surpassed 1 million registered users - a significant milestone marking expanding global reach.

This condensed consolidated interim financial information has not been audited or reviewed by auditors pursuant to the Financial Reporting Council guidance on Review of Interim Financial Information.

For more information, please visit   https://www.company.worldchess.com/investors or contact:

World Chess Plc Ilya Merenzon, CEO [email protected]

Novum Securities Limited Financial Adviser: David Coffman / Anastassiya Eley +44 (0) 20 7399 9400

Notes to Editors

World Chess (LSE: CHSS) is a London-based chess gaming and entertainment company and Fédération Internationale des Échecs ("FIDE") official commercial partner. World Chess organised the FIDE Championship Matches in the USA and the UK and revolutionised the sport by signing the biggest media partnerships in chess history. World Chess develops Armageddon, the chess league for prime-time television. World Chess also runs FIDE Online Arena, the exclusive official chess gaming platform. More at worldchess.com.

INTERIM MANAGEMENT REPORT

Overview

The first half of 2025 was a period of both progress and adjustment for World Chess. While the Group continued to grow its user base and develop new engagement tools, revenue growth from the FIDE Online Arena was slower than anticipated. In response, we have undertaken a strategic refocus, which included the closure of the Berlin club and a sharper concentration on scaling our digital platform.

Cash flow and liquidity

Net cash used in operating activities was €0.9 million in the first half of 2025 (H1 2024: €0.8 million), reflecting the Group's continued investment in platform development and marketing. At 30 June 2025, the Group held cash balances of €54k (31 December 2024: €180k). Subsequent to the period end, the Company raised US$2.0 million (approximately €1.8 million) through a strategic subscription, providing additional resources to support execution of the Group's growth strategy (see note 14: Subsequent events).

World Chess Club Berlin

In April, we made the strategic decision to close the World Chess Club Berlin. While the location served as a vibrant chess hub, it did not meet commercial expectations. The insights gained are informing our new, scalable venue model aligned with long-term growth and return objectives. This closure is reflected as an exceptional charge of €0.7 million in the condensed consolidated interim financial information.

Board changes and governance

On 14 February 2025, Graham Woolfman stepped down as a director and as Chairman of the Company. The Board subsequently appointed Neil Rafferty as Interim Chair. The Company thanks Graham for his contribution to the Company both during the IPO process and subsequently.

SUBSEQUENT EVENTS

With the support of new strategic investors, announced in July, the emphasis is now firmly on marketing and subscriber growth.

Brand consolidation and refocus

The Group has unified all consumer-facing services under worldchess.com (transitioning from chessarena.com), streamlining user access and strengthening brand identity. This consolidation underpins the Group's strategic refocus on subscriber engagement and marketing.

We continue to amplify our global visibility through high-quality content. Our flagship television series, The World Chess Show, remains a key asset in broadening our audience, with recent episodes delivering deep insights into integrity and fair play in chess. These media efforts complement our digital strategies and reinforce our branding.

Strategic investment

On 23 July 2025, we entered into a binding subscription agreement with two strategic investors to raise US$2.0 million through the issuance of 114.3 million new ordinary shares.      

Product innovation and user growth

On 4 August 2025, the Group launched "The Tower", a gamified progression system integrated into WorldChess.com to increase engagement and accelerate conversion to PRO subscriptions. Shortly after, the platform surpassed 1 million registered users, confirming its expanding global reach.

RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Group remain consistent with those disclosed in the 2024 Annual Report and Accounts, which is available on the Company's website at https://www.company.worldchess.com/investors. The Board continues to monitor these risks closely.

As noted in the Going concern section of this interim report (see note 2: Going concern), execution of the Group's strategy is likely to require additional funding within the next 6 months, and the timing and availability of such funding represents an ongoing risk.

Approved by the Board on 22 September 2025 and signed on its behalf by:

Neil Rafferty	Ilya Merenzon
Interim Chair and Non-Executive Director	Chief Executive Officer

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2025

			6 months to 30 June 2025 Unaudited		6 months to 30 June 2024 Unaudited		Year ended 31 December 2024 Audited
	Notes		€		€		€
Revenue	3		1,073,229		1,218,912		2,434,173
Cost of sales			(703,269)		(498,394)		(1,544,550)
GROSS PROFIT			369,960		720,518		889,623
Other operating income			153		2,900		16,003
Administrative expenses			(1,700,690)		(2,505,348)		(4,561,471)
OPERATING LOSS BEFORE EXCEPTIONAL ITEMS			(1,330,577)		(1,781,930)		(3,655,845)
Exceptional Items	4		(715,440)		(8,213)		-
OPERATING LOSS			(2,046,017)		(1,790,143)		(3,655,845)
Finance costs	5		(69,303)		(79,082)		(187,325)
Finance income	5		68		69		139
LOSS BEFORE INCOME TAX			(2,115,252)		(1,869,156)		(3,843,031)
Income tax			-		-		47,885
LOSS FOR THE PERIOD			(2,115,252)		(1,869,156)		(3,795,146)
OTHER COMPREHENSIVE INCOME
(Loss)/gain on currency translation			(26,540)		5,391		12,753
TOTAL COMPREHENSIVE INCOME FOR THE YEAR			(2,141,792)		(1,863,765)		(3,782,393)
Loss attributable to:
Owners of the parent			(2,115,252)		(1,869,156)		(3,795,146)
Total comprehensive income attributable to:
Owners of the parent			(2,141,792)		(1,863,765)		(3,782,393)
LOSS PER SHARE - CONTINUING AND TOTAL OPERATIONS
Basic and diluted	6		(0.003)		(0.0027)		(0.006)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2025

				30 June 2025 Unaudited		30 June 2024 Unaudited as restated		31 December 2024 Audited
	Notes			€		€		€
NON-CURRENT ASSETS
Owned: Intangible assets		8		3,384,580		3,015,515		3,477,150
Owned: Property, plant and equipment		9		453		1,002,220		935,240
Right-of-use: Property, plant and equipment				-		1,131,394		1,055,967
Trade and other receivables				162,884		-		162,884
Deferred tax				111,374		63,272		111,374
				3,659,291		5,212,401		5,742,615
CURRENT ASSETS
Inventories				130,513		145,818		147,549
Trade and other receivables				290,895		580,489		234,167
Tax receivable				24,323		60,093		64,734
Cash and cash equivalents				53,852		92,202		267,396
				499,583		878,602		713,846
TOTAL ASSETS				4,158,874		6,091,003		6,456,461
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Called up share capital		11		87,258		78,520		78,520
Share premium		11		16,326,477		12,754,046		12,754,046
Share capital to be issued				816,703		2,016,703		2,016,703
FX translation reserve				44,831		64,009		71,371
Retained earnings				(16,085,122)		(12,043,880)		(13,969,870)
TOTAL EQUITY				1,190,147		2,869,398		950,770
NON-CURRENT LIABILITIES
Lease liabilities		12				1,241,112		1,174,319
Interest bearing loans and borrowings				223,020		-		-
Provision for liabilities				240,443		157,887		157,887
				463,463		1,398,999		1,332,206
CURRENT LIABILITIES
Trade and other payables				2,505,264		1,664,629		2,641,987
Lease liabilities		12		-		122,889		129,955
Interest bearing loans and borrowings				-		35,088		1,401,543
				2,505,264		1,822,606		4,173,485
TOTAL LIABILITIES				2,968,727		3,221,605		5,505,691
TOTAL EQUITY AND LIABILITIES				4,158,874		6,091,003		6,456,461

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2025

	Called up share capital	Share Premium	Share capital to be issued	FX trans. reserve	Retained Earnings	Total equity
	€	€	€	€	€	€
Balance at 1 January 2024	75,647	11,048,183	-	58,618	(10,174,724)	1,007,724
Changes in equity
Issue of share capital	2,873	1,705,863	-	-	-	1,708,736
Total comprehensive income	-	-	-	5,391	(1,869,156)	(1,863,765)
Balance at 30 June 2024	78,520	12,754,046	-	64,009	(12,043,880)	852,695
Prior period adjustment	-	-	2,016,703	-	-	-
As restated	78,520	12,754,046	2,016,703	64,009	(12,043,880)	2,869,398
Balance at 1 January 2024	78,520	12,754,046	2,016,703	71,371	(13,969,870)	950,770
Changes in equity
Issue of share capital	7,291	2,373,878	-	-	-	2,381,169
Share capital to be issued	1,447	1,198,553	(1,200,000)	-	-	-
Total comprehensive income	-	-	-	(26,540)	(2,115,252)	(2,141,792)
Balance at 30 June 2025	87,258	16,326,477	816,703	44,831	(16,085,122)	1,190,147

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2025

			6 months to 30 June 2025 Unaudited		6 months to 30 June 2024 Unaudited as restated		Year ended 31 December 2024 Audited
	Notes		€		€		€
Cash flows from operating activities
Cash generated/(absorbed) from operations	1		77,318		(3,804,674)		(2,149,377)
Interest paid			(20,953)		(391)		(34,657)
Finance cost paid			(48,350)		(77,060)		(151,200)
Tax refund received			40,411		(60,093)		(20,985)
Net cash generated from/(used in) operating activities			48,426		(3,642,218)		(2,356,219)
Cash flows from investing activities
Purchase of intangible fixed assets			(3,479,067)		(1,455,838)		(6,473,527)
Proceeds from disposal of intangible fixed assets			3,246,831		1,237,206		5,503,318
Purchase of property, plant and equipment			(4,578)		(31,065)		(39,315)
Proceeds from disposal of property, plant and equipment			1,351		-		-
Interest received			68		69		139
Net cash used in investing activities			(235,395)		(249,628)		(1,009,385)
Cash flows from financing activities
Loan advanced in the period			2,130,385		400,000		2,279,714
Loan repayments in period			(3,308,908)		-		(912,628)
Payment of lease liabilities			(1,304,274)		(56,480)		(116,207)
Amount introduced by directors			134,770		222,349		165,785
Proceeds from share issue			2,347,993		1,508,736		-
Received in advance of share issuance			-		2,016,703		2,016,702
Net cash (used in)/generated from financing activities			(35)		4,091,308		3,433,366
Increase/(decrease) in cash and cash equivalents			(187,004)		(100,538)		67,762
Cash and cash equivalents at beginning of period	2		267,396		186,881		186,881
Effect of foreign exchange rate changes			(26,540)		5,859		12,753
Cash and cash equivalents at end of period	2		53,852		92,202		267,396

.

NOTES TO THE STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2025

1	RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS
	Group		6 months to 30 June 2025 Unaudited		6 months to 30 June 2024 Unaudited as restated		Year ended 31 December 2024 Audited
			€		€		€
	Loss before income tax		(2,115,252)		(1,869,156)		(3,843,031)
	Depreciation and amortisation		324,806		423,738		864,330
	Exceptional impairment (see note 4)		1,993,981		-		-
	Provision		82,554		-		-
	Finance costs		69,305		79,082		187,325
	Finance income		(68)		(69)		(139)
			355,326		(1,366,405)		(2,791,515)
	Decrease/(increase) in inventories		17,036		41,200		39,469
	Decrease/(increase) in trade and other receivables		(56,728)		(324,025)		(184,553)
	Decrease in trade and other payables		(238,317)		(2,155,444)		787,222
	Cash generated/(absorbed) from operations		77,318		(3,804,674)		(2,149,377)

2	CASH AND CASH EQUIVALENTS
	The amounts disclosed on the Statements of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:
	Group		6 months to 30 June 2025 Unaudited		6 months to 30 June 2024 Unaudited		Year ended 31 December 2024 Audited
			€		€		€
	30 June 2025
	Cash and cash equivalents		53,852		92,202		267,396
	31 December 2024
	Cash and cash equivalents		267,396		186,881		186,881

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 30 JUNE 2025

1           STATUTORY INFORMATION

This unaudited condensed consolidated interim financial information is for World Chess Plc ('the Company') and its subsidiary undertakings, (together the 'Group'). The Company is a public limited company incorporated and domiciled in England with registration number 10589323 and registered office Eastcastle House, 27/28 Eastcastle Street, London, W1W 8DH.

The Company is listed on the Official List and its entire issued share capital was admitted for trading on the Main Market of the London Stock Exchange on 6 April 2023 with ticker symbol CHSS.

2           ACCOUNTING POLICIES

Basis of preparation

This unaudited condensed consolidated financial information which incorporate the financial information of the Company and its subsidiary undertakings, have been prepared in accordance with Accounting Standard IAS 34 'Interim Financial Reporting' as contained in UK-adopted International Accounting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2024 which was approved by the Board of Directors on 29 April 2025 and any public announcements made by the Company during the interim reporting period.

This financial information has been prepared under the historical cost convention and unless otherwise specified are presented in Euro which is the functional currency of the Group and rounded to the nearest €.

Going concern

This condensed consolidated interim financial information has been prepared on a going concern basis, which the Directors consider to be appropriate.

At 30 June 2025 the Group had cash balances of €54k and net current liabilities of €1.8m. The Group continues to incur operating losses as it invests in the development and marketing of its digital platform.

Subsequent to the reporting date, on 23 July 2025, the Company entered into a binding subscription agreement with two strategic investors to raise US$2.0 million (approximately €1.8 million) through the issue of 114.3 million new ordinary shares. Admission of these shares occurred in August 2025. In addition, warrants were granted over 31.4 million new ordinary shares, exercisable upon reaching 35,000 paid subscribers by 31 December 2026.

The Directors have prepared cash flow forecasts covering a period of at least 12 months from the date of approval of this condensed consolidated interim financial information. These forecasts take account of the proceeds from the July 2025 fundraising and the Group's expected operating cash flows.

However, the forecasts also indicate that the Group remains dependent on successfully executing its growth plans and may require access to additional funding during the forecast period if revenues do not materialise as expected. These conditions represent a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.

The condensed consolidated interim financial information does not include the adjustments that would result if the Group were unable to continue as a going concern.

Risks and uncertainties

The Group's activities expose it to a variety of risks, including market risk (foreign currency and interest rate risk), credit risk and liquidity risk. These risks, and the Directors' approach to managing them, are described in detail in the 2024 Annual Report and Accounts, available on the Company's website at https://www.company.worldchess.com/investors.

The Board does not consider that the nature of these risks has changed materially during the six months ended 30 June 2025. However, as noted in the Going concern section above, execution of the Group's strategy is likely to require additional funding within the next 12 months, and the timing and availability of such funding represents an ongoing risk.

Dividend

The Directors do not propose the payment of an interim dividend for the six months ended 30 June 2025 (six months ended 30 June 2024: nil).

Prior period adjustment

The comparative figures for the six months ended 30 June 2024 have been presented as restated to reflect the prior period adjustment disclosed in the Group's annual financial statements for the year ended 31 December 2024 (see note 31 of those financial statements). No new prior period adjustments have been recognised in these interim results.

3           REVENUE

	Revenue from contracts with customers
	Revenue by business class		6 months to 30 June 2025 Unaudited		6 months to 30 June 2024 Unaudited		Year ended 31 December 2024 Audited
			€		€		€
	Tournaments		133,866		268,879		394,736
	Online Arena (chessarena.com)		408,829		307,150		691,144
	Clubs		252,149		333,096		581,061
	Merchandising		278,385		309,787		767,232
			1,073,229		1,218,912		2,434,173

	By geographical area		6 months to 30 June 2025 Unaudited		6 months to 30 June 2024 Unaudited		Year ended 31 December 2024 Audited
			€		€		€
	United Kingdom		759,854		783,245		1,677,916
	Europe		285,182		408,968		690,172
	United States of America		28,193		26,699		66,085
			1,073,229		1,218,912		2,434,173

Revenue is reported by geographical area based on the location where the revenue is recognised in the Group's financial records, rather than the location of the customer.

4           EXCEPTIONAL ITEMS

			6 months to 30 June 2025 Unaudited		6 months to 30 June 2024 Unaudited		Year ended 31 December 2024 Audited
			€		€		€
	Closure of World Chess Club Berlin		715,440		-		-
	Exchange loss on Crypto-assets		-		8,213		-
			715,440		8,213		-

Closure of World Chess Club Berlin

In May 2025 the Group closed its World Chess Club in Berlin. The closure resulted in the derecognition of the related right-of-use asset (€993,112) and the impairment of fixtures and fittings (€877,742) and inventories held at the club (€24,591). A provision of €82,554 was recognised in relation to termination of the lease and the remaining lease liability of €1,262,559 was released.

The net impact recognised in profit or loss as exceptional items in the period was a charge of €715,440.

Management continues to explore the resale of fixtures and fittings. Any proceeds received in a future period will be recognised as a reversal of impairment to the extent of recoverable value.

Loss on Crypto-assets

The Group has historically received some sponsorship revenue in the form of crypto-assets which it has converted to fiat currencies at the earliest opportunity, usually upon receipt or in accordance with an agreed schedule of conversion. Crypto-assets are not amortised but are reviewed for impairment if the prevailing price at which they can be converted into fiat currency indicates their value has fallen below their carrying value. Any impairment or realised gains on the conversion of crypto-assets to fiat currency are recognised within exceptional items.

5           NET FINANCE COSTS

			6 months to 30 June 2025 Unaudited		6 months to 30 June 2024 Unaudited		Year ended 31 December 2024 Audited
					€		€
	Finance income:
	Loan interest receivable		68		69		139
			68		69		139
	Finance costs:
	Other loan interest		20,953		2,022		36,125
	Interest on IFRS 16 lease liabilities		48,350		77,060		151,200
			69,303		79,082		187,325

6           LOSS PER SHARE

The basic earnings per share is calculated by dividing the loss attributable to owners of the parent company by the weighted average number of ordinary shares in issue during the period. In calculating diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. Potential ordinary shares are considered dilutive when their conversion would decrease earnings per share or increase the loss per share. For the six months ended 30 June 2025, the Company was loss-making. As such, the inclusion of potential ordinary shares would be anti-dilutive. Consequently, basic and diluted earnings per share are the same.

			6 months to 30 June 2025 Unaudited		6 months to 30 June 2024 Unaudited		Year ended 31 December 2024 Audited
	Loss attributable to the owners of the parent company €		(2,115,252)		(1,869,156)		(3,795,146)
	Weighted average number of shares in issue		713,222,527		686,467,495		689,110,129
	Basic and diluted earnings per share €		(0.003)		(0.003)		(0.006)

After the reporting period, and as set out in note 14 (Subsequent events), 114,348,670 new ordinary shares were issued for total cash consideration of €1,708,522

7           DIVIDENDS

No dividend was recommended or paid for the period under review.

8           INTANGIBLE ASSETS

			Exclusive FIDE rights		Software Licence		Online Platform		Crypto-assets		Total
			€		€		€		€		€
	COST
	At 1 January 2025		331,588		115,000		4,622,229		277,166		5,345,983
	Additions		-		-		405,602		3,073,465		3,479,067
	Disposals		-		-		-		(3,246,831)		(3,246,831)
	At 30 June 2025		331,588		115,000		5,027,831		103,800		5,578,219
	AMORTISATION
	At 1 January 2025		110,529		79,000		1,679,304		-		1,868,833
	Amortisation for period		55,265		11,500		258,041				324,806
	At 30 June 2025		165,794		90,500		1,937,345		-		2,193,639
	NET BOOK VALUE
	At 30 June 2025		165,794		24,500		3,090,486		103,800		3,384,580
	At 31 December 2024		221,059		36,000		2,942,925		277,166		3,477,150

The Directors considered the carrying value at 30 June 2025 for each asset identified above, except crypto-assets, and it was determined that no impairment was required. Where an asset does not generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets the carrying value was considered against the smallest identifiable group of assets that generates cash inflows (cash generating unit or CGU).

The Directors considered the carrying value at 30 June 2025 for crypto-assets based on the prevailing exchange rate at which the crypto-asset could readily be converted into US dollars or Euros and it was determined that no impairment was required.

9           PROPERTY, PLANT AND EQUIPMENT

			Right of use asset		Fixtures and fittings		Computer Equipment		Total
			€		€		€		€
	COST
	At 1 January 2025		1,495,114		1,322,946		1,698		2,819,758
	Additions		-		3,227		-		3,227
	At 30 June 2025		1,495,114		1,326,173		1,698		2,822,985
	DEPRECIATION
	At 1 January 2025		439,147		387,706		1,698		828,551
	Charge for period		62,855		60,272		-		123,127
	Exceptional charge		993,112		877,742		-		1,870,854
	At 30 June 2025		1,495,114		1,325,720		1,698		2,822,532
	NET BOOK VALUE
	At 30 June 2025		-		453		-		453
	At 31 December 2024		1,055,967		935,240		-		1,991,207

Right of use asset of €993,112 and fixtures and fittings of €877,742 relating to the World Chess Club Berlin were impaired to nil during the period. See note 4 (Exceptional items) for further detail

10         INVESTMENTS

Shares in group undertakings

			30 June 2025 Unaudited		30 June 2024 Unaudited		31 December 2024 Audited
			€		€		€
	COST
	At 1 January 2025		351,616		351,616		351,616
	At 30 June 2025		351,616		351,616		351,616
	IMPAIRMENTS
	At 1 January 2025		50,000		50,000		50,000
	At 30 June 2025		50,000		50,000		50,000
	CARRYING VALUE
	At 30 June 2025		301,616		301,616		301,616
	At 31 December 2024		301,616		301,616		301,616

The Directors considered the carrying value at 30 June 2025 for each group undertaking, identified below, and it was determined that no further impairment was required.

	Subsidiary Name	% holding	Registered Office	Nature of business
	World Chess Events Limited	100	Eastcastle House, 27/28 Eastcastle Street, United Kingdom, W1W 8DH	Organising chess events (Worldwide)
	World Chess US, Inc	100	1201 N. Orange Street, Suite 762, Wilmington, New Castle County, DE, USA 19801	Organising chess events (USA), online chess
	World Chess Europe GmbH	100	Mittelstrasse 51 - 53, 10117 Berlin, Deutschland	Various chess related activities
	World Chess Sakartvelo LLC	100	Georgia, City Tbilisi, Didube district, Ak. Tsereteli Avenue, N 49-51-51a, Entrance 3, Floor 13, Apartment N 128	Organising chess events, chess club activities

11         CALLED UP SHARE CAPITAL

			30 June 2025 Unaudited				31 December 2024 Audited
			Number of shares		€		Number of shares		€
	Allotted, issued, and fully paid Ordinary shares of £0.0001		765,256,477		87,258		691,724,039		78,520

			Number of shares		Nominal value		Share capital (€)		Share Premium (€)
	At 31 December 2024		691,724,039		£0.0001		78,520		12,754,046
	At 30 June 2025		765,256,477		£0.0001		87,258		16,326,477

12         FINANCIAL LIABILITIES

		Group
			30 June 2024 Unaudited		30 June 2023 Unaudited		31 December 2024 Audited
			€		€		€
	Current:
	Interest-bearing loans and borrowings		-		35,088		1,401,543
	Lease liabilities		-		122,889		129,955
			-		157,977		1,531,498
	Non-current:
	Interest-bearing loans and borrowings		223,020		-		-
	Lease liabilities		-		1,241,112		1,174,319
			223,020		1,241,112		1,174,319

Following the closure of the Berlin Club, the associated lease was terminated. Lease liability of €1,262,559 was derecognised with €82,554 recognised as settlement cost. See note 4 (Exceptional items)

13         RELATED PARTIES' DISCLOSURES

Related party transactions during the six months ended 30 June 2025 were consistent in nature with those disclosed in the Group's annual report for the year ended 31 December 2024 which was approved by the Board of Directors on 29 April 2025

At 30 June 2025, the following balances were (payable to)/receivable from the Group and its directors:

			30 June 2025 Unaudited		30 June 2024 Unaudited		31 December 2024 Audited
			€		€		€
	Ilya Merenzon		(312,686)		(307,353)		(147,217)
	Matvey Shekhovtsov		(16,800)		(18,200)		(16,800)
	Graham Woolfman*		-		(6,236)		(6,236)
	Jamison Firestone		(4,698)		(4,698)		(4,698)
	Richard Collett		(14,673)		(14,673)		(14,673)
	Neil Rafferty		(3,752)		(6,269)		(4,698)

*Graham Woolfman resigned on 14 February 2025.

All balances are unsecured, interest-free, and repayable on demand.

In addition balances owed by Group undertakings to the Company totalled €9,728,181 (31 December 2024: €7,857,730).

14         SUBSEQUENT EVENTS

On 23 July 2025 the Company entered into a binding subscription agreement with two strategic investors to raise US$2.0 million through the issue of 114,348,670 new ordinary shares at approximately 1.3p per share. In connection with the subscription, investors received warrants to subscribe for up to 31,414,470 additional shares, exercisable only if the online platform reaches 35,000 paid subscribers by 31 December 2026.      

On 23 July 2025 the Company announced the centralisation of its consumer-facing assets under WorldChess.com, bringing together its various domains and services into a single platform to enhance user experience and streamline marketing activities.

On 4 August 2025 the Company launched "The Tower", a new progression system integrated into WorldChess.com to support user engagement and subscription growth.

15         OTHER

Copies of the unaudited half-yearly results have not been sent to shareholders, however copies are available at https://www.company.worldchess.com/investors or on request from the Company's Registered Office.

16         APPROVAL OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Responsibility Statement

The Company's Directors, whose names and functions appear below this statement, are responsible for preparing this unaudited interim condensed consolidated financial information in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with Accounting Standard IAS 34 'Interim Financial Reporting'.

The Directors, and each Director individually, confirms that, to the best of their knowledge, this unaudited condensed consolidated financial information gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and that the interim management report includes a fair review of the information required by DTR4.2.7R 7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year) and by DTR4.2.8R (disclosure of material related parties' transactions).

Board of Directors:

Ilya Merenzon (Chief Executive Officer)

Matvey Shekhovtsov (Chief Operating Officer)

Richard Collett (Chief Financial Officer)

Neil Rafferty (Interim Chair and Non-Executive Director)

Jamison Reed Firestone (Non-Executive Director)

This unaudited condensed consolidated financial information was approved by the Board on 22 September 2025.

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