Interim Results

Livermore Investments Group Limited

30 September 2026

 

  

30 September, 2026

LIVERMORE INVESTMENTS GROUP LIMITED

UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2026

Livermore Investments Group Limited (the “Company” or “Livermore”) today announces its unaudited interim results for the six months ended 30 June 2026. These results will be made available on the Company’s website today.

For further investor information please go to www.livermore-inv.com.

Enquiries:

Livermore Investments Group Limited            [phone]

Gaurav Suri

Strand Hanson Limited (Financial & Nominated Adviser and Broker)  [phone]

Richard Johnson / Ritchie Balmer

Chairman’s and Chief Executive’s Review

Introduction

We are pleased to announce the interim financial results for Livermore Investments Group Limited (the “Company” or “Livermore”) for the six months ended 30 June 2026. References to the Company hereinafter also include its consolidated subsidiary (notes 3 and 8). 

The Company’s net asset value at 30 June 2026 was USD 134.6m, compared with USD 139.6m at the end of 2025. Net loss for the period was USD 5.1m, equivalent to loss per share of USD 0.03. The 3.6% decline in NAV during the period was driven primarily by a USD 3m reduction in the investment portfolio and USD 2.1m of operational expenses.

Interest and distribution income amounted to USD 5.5m, of which USD 5.2m was generated by the CLO portfolio. The Company remained conservatively positioned at the period end, with USD 36.4m held in cash and marketable securities. This strong liquidity position provides us with financial resilience and the flexibility to pursue attractive investment opportunities.

Our investment in Fetcherr continued to perform well. During 2026, Fetcherr focused on expanding the industries and sectors it serves and signed pilot implementations with large players in the logistics and hotel management space. Fetcherr develops responsible artificial intelligence solutions that translate market complexity into measurable profit growth through its proprietary Market Model.

Our CLO portfolio generated USD 5.2m in cash distributions during the period. However, it recorded a negative total return of USD 4.9m, largely as a result of declines in market valuations. During the period, we focused to further diversify the portfolio away from CLO equity into CLO mezzanine bonds and into a broader range of asset classes, including publicly traded equities and investment funds. This proved timely, as median CLO equity performance was approximately 15% negative in 2025 and declined by a further similar amount during the first half of 2026. Against this backdrop, we reduced our combined CLO and warehouse commitments from approximately USD 75–80m at the beginning of 2025 to below USD 45m by the end of the period.

On governance, following Ron Baron’s departure, the Company appointed two additional non-executive directors and one executive director. These appointments have strengthened the Board’s expertise in the areas of law, corporate governance, accounting and audit.

We have also devoted considerable effort to upgrading the Company’s reporting systems. The enhanced reporting framework is already helping senior management to monitor performance, assess risk and make more informed portfolio decisions.

Overall, the Company enters the current period with a strong liquidity position, a more diversified portfolio, enhanced governance and improved operational capabilities. These measures leave us well placed to navigate the continuing market uncertainty while pursuing opportunities capable of delivering long-term value for our shareholders.

Financial Review

The NAV of the Company as at 30 June 2026 was USD 134.6m (31 December 2025: USD 139.6m). The Loss after tax for the first half of 2026 was USD 5.1m, which represents a loss per share of USD 0.03.

The overall change in the NAV is primarily attributed to the following:

	30 June 2026		31 December 2025		30 June 2025
	US $m		US $m		US $m
Shareholders’ funds at beginning of period	139.6		139.1		139.1
	–––––		–––––		–––––
Income from investments	5.5		17.3		7.6
Unrealised losses on investments	(8.4)		(5.9)		(7.0)
Operating expenses	(2.1)		(4.9)		(1.9)
Net finance income	0.1		1.1		1.2
Tax charge	(0.1)		(0.1)		(0.1)
	–––––		–––––		–––––
(Decrease) / increase in net assets from operations	(5.0)		7.5		(0.1)
Dividends paid	-		(7.0)		(7.0)
	–––––		–––––		–––––
Shareholders’ funds at end of period	134.6		139.6		132.0
	–––––		–––––		–––––
Net Asset Value per share	US $0.81		US $0.84		US $0.80

Livermore’s Strategy

The Company’s primary investment objective is to provide a diversified exposure to select opportunities in broad asset classes, and to generate high current income and regular cash flows. The Company has a long-term oriented investment philosophy and invests primarily with a buy-and-hold mentality, though from time to time the Company will sell investments to realize gains or for risk management purposes.

Strong emphasis is given to maintaining sufficient liquidity and low leverage at the overall portfolio level and to re-invest in existing and new investments along the economic cycle. 

Dividend & Buyback

The Board of Directors will decide on the Company's dividend policy for 2026 based on profitability, liquidity requirements, portfolio performance, market conditions, and the share price of the Company relative to its NAV.

Richard B Rosenberg BEM	Noam Lanir
Non-Executive Chairman	Chief Executive

29 September 2026

Review of Activities

Economic & Investment Environment

Global economic growth was solid overall in the first quarter of 2026, supported among other things by continued high spending on artificial intelligence, and global goods trade continued to increase. Momentum subsequently slowed as the escalation in the Middle East and higher energy prices raised production costs, dampened household purchasing power and weighed on business and household sentiment. Inflation rose significantly in many countries as a result of higher energy prices; key interest rates were raised in the euro area while they remained unchanged in the US. The outlook remained subject to high uncertainty, and above all because the situation in the Middle East was still fragile, with the trade-policy environment being a further source of uncertainty.

Financial markets were dominated by the Middle East conflict. Sentiment first deteriorated with the VIX rising significantly in March but then recovered strongly, after the announcement of an agreement to reopen the Strait of Hormuz. Long-term government bond yields in the advanced economies initially rose on expectations of tighter monetary policy and later fell back, remaining above their March levels in the US and Japan. Front-month Brent crude futures rose to USD 118 in April, with physical spot prices at times significantly higher, before easing to around USD 80 by June. Industrial metal prices rose while gold mainly traded sideways to lower.

In the United States, GDP growth slowed to 1.6% (annualised) in Q1, somewhat weaker than expected, although private domestic demand remained solid on continued dynamic AI-related IT investment and a more moderate rise in private consumption; the BEA’s third estimate of 25 June subsequently revised Q1 growth up to 2.1%. The labour market operated at average capacity utilisation, with the unemployment rate practically unchanged at 4.3% in May. CPI inflation rose sharply to 4.2% in May, primarily on energy, and core inflation rose to 2.9%; the PCE deflator stood at 3.8% in April. The Fed left the federal funds target range unchanged at 3.5%–3.75%, reaffirming in June that the implications of the Middle East conflict for the US economy were uncertain. On trade policy, the Supreme Court ruled in February that most of the tariffs introduced in 2025 were unlawful. The US administration responded with alternate mechanisms for import surcharge and trade uncertainties continue with matters at the Court of International Trade.

In the euro area, while GDP declined by 0.9% (annualised) in Q1, due to the volatile pharmaceuticals industry in Ireland, momentum was generally positive but weaker than in Q4 2025. Exports developed favourably but domestic demand lost momentum. The composite PMI fell significantly after the escalation in the Middle East, particularly in services, pointing to a further slowdown in Q2. Labour market conditions remained favourable, with unemployment at a historically low 6.3% in April. HICP inflation advanced to 3.2% in May and core inflation to 2.6%, above the ECB’s 2% target. The ECB raised its deposit facility rate by 25 basis points to 2.25% at its June meeting, having held it at 2.0% for a year, and continues to run off its APP and PEPP portfolios by around EUR 40 billion per month.

China’s GDP expanded by 5.3% (annualised) in Q1, or 5.0% year on year according to the National Bureau of Statistics. Both services and manufacturing performed strongly, the latter supported by robust electronics exports; construction and real-estate services were the only industries to remain weak. NBS accounts show manufacturing value has added up 6.3% year on year, services up 5.2%, information, software and IT services up 10.6%, construction down 3.8% and real estate down 0.1%. Structural adjustment in the property sector continued to weigh on activity, offset by dynamic AI and green technologies (such as electric vehicles) and by economic policy. China’s reliance on domestic energy resources has limited its exposure to the oil-price shock. Excluding Chinese New Year effects, consumer price inflation rose slightly to 1.2% in May on higher fuel prices, while core inflation trended sideways at 1.1%; the urban surveyed unemployment rate was 5.1%.

Japan’s real GDP grew 1.8% (annualized) in Q1 and 1.4% (annualized) in Q2. June CPI was 1.7% year on year and CPI excluding fresh food 1.6%; June unemployment held at 2.5%. The Bank of Japan raised its guideline for the uncollateralised overnight call rate to around 1.0% in June, one of several central banks that responded to higher inflation by tightening monetary policy conditions. The yen traded slightly weaker over the period despite temporary support from currency interventions.

US equity indices ended the half year with strong gains after sizeable fluctuations: the S&P 500 rose 9.6%, the Nasdaq Composite 12.8%, the Dow Jones Industrial Average 8.9% and the Russell 2000 21.9%, with the S&P 500 Information Technology group up about 16% on AI enthusiasm with strong sector earnings, and market participation broadening late in the period. The US Dollar Index rose 3.0% (98.28 to 101.19). The 10-year Treasury yield rose from 4.18% on 31 December 2025 to 4.44% on 30 June 2026 (US Treasury / FRED constant maturity), with the largest increases at shorter maturities as markets priced a higher federal funds path. WTI crude futures settled at $69.50 per barrel on 30 June, up 21.0% over the period after the Middle East-driven spike; the Bloomberg Commodity Index rose about 14%, led by energy (+38.7%). Precious metals lagged: spot gold fell about 7% and spot silver about 17% over the period, with gold recording its worst quarter in 13 years in Q2 on a stronger dollar and Fed-hike expectations.

Sources: Swiss National Bank (SNB), European Central Bank (ECB), US Federal Reserve, Bloomberg, JP Morgan, S&P Capital IQ

Financial Portfolio 

The Company manages a financial portfolio valued at USD 83.5m as at 30 June 2026, which is invested mainly in fixed income and credit related securities.

The following is a table summarizing the financial portfolio at 30 June 2026:

	30 June 2026 US $m	30 June 2025 US $m	31 December 2025 US $m
Investment in the loan market through CLOs	41.0	50.6	46.5
Open warehouse facilities	-	13.7	-
Public equities	16.6	3.9	11.3
Hedge Funds	6.1	-	-
Short-term government bonds	3.4	7.2	11.1
Long-term government bonds	4.2	4.2	4.3
Corporate bonds	1.4	4.6	1.5
	–––––	–––––	–––––
Invested total	72.7	84.2	74.7
Cash	10.8	17.3	21.5
	–––––	–––––	–––––
Total	83.5	101.5	96.2
	–––––	–––––	–––––

Senior Secured Loans and CLOs

The US leveraged loan market closed the first half of 2026 modestly in positive territory, with the S&P UBS Leveraged Loan Index returning 1.4%. That headline masks considerable dispersion: performance varied widely by sector and by name, and the software cohort in particular traded well below the index for much of the period. Credit fundamentals nonetheless held up. The trailing 12-month default rate was just 1.0% as at 30 June - well below its long-run average - and the defaults that did occur were idiosyncratic rather than symptomatic of a wider deterioration. Technical conditions were characterised by heavy repayment activity: $150 billion of loans were repaid during the first half of the year, taking the trailing 12-month repayment rate to 21.9%. Gross new issuance of $440 billion was therefore largely absorbed by refinancing, leaving net new supply of only $131 billion. The maturity wall remains distant, with just 1.8% of outstanding loans due before 2028.

During the period, concern that AI could erode the revenue base of software borrowers - a sizeable share of most CLO collateral pools - combined with the Middle East escalation pushed loan prices and CLO equity valuations lower. The decline reflected a repricing of risk sentiment rather than a credit event, as underlying credit fundamentals held up through the period. The software debate is not settled, but the characteristics that attracted lenders to the sector, i.e. contracted recurring revenue, high switching costs and products embedded in customers’ operations, remain intact for most issuers, and the first half sell-off appears to have priced in a faster and broader impact than the near-term evidence supports.

Primary market conditions were healthy as of 30 June. New CLO issuance of $80 billion in the first half was below the $100 billion printed in the same period of 2025, but refinancing ($63 billion) and reset ($87 billion) volumes were strong, and together they continued to compress liability costs for existing deals. The market-wide weighted-average AAA spread stood at roughly 124 bps at period end. Management also took advantage of market conditions and reduced cost of liabilities for two of its large CLO positions. For debt investors this activity has a second effect: tranches bought at a discount are being called and repaid at par sooner than modelled, crystallising pull-to-par gains ahead of schedule. With base rates elevated, floating-rate CLO junior debt continued to offer high current income against a supportive credit backdrop.

The Company’s CLO portfolio is divided into the following geographical areas:

	30 June 2026		30 June 2025		31 December 2025
	US $000	Percentage	US $000	Percentage	US $000	Percentage
USA	40,898	100.0%	50,635	100.0%	46,548	100.0%
	––––––	––––––	––––––	––––––	––––––	––––––

Private Equity Investments

The private equity investments held by the Company are mainly direct investments in private companies and also some fund investments incorporated in the form of Managed Funds (mostly closed end funds) in Israel and emerging economies.

The following summarises the book value of the private equity investments at 30 June 2026:

	US $m
Phytech Ltd	2.6
Other investments	6.3
	––––
Total	8.9
	––––

Phytech Ltd (“Phytech”):  Phytech is an agriculture-technology company in Israel providing end-to-end solutions for achieving higher yields on crops and tree data. Livermore continues to hold 12.2% in Phytech Global Advisors Ltd, which in turns now holds 11.95% on a fully diluted basis in Phytech Ltd.

The following table reconciles the review of activities to the Company’s financial assets at 30 June 2026.  

	US $m
Financial portfolio	72.7
Private equity investments	8.9
	–––––
	81.6
	–––––
Financial assets at fair value through profit or loss (note 4)	74.1
Financial assets at fair value through other comprehensive income (note 5)	7.5
	–––––
	81.6
	–––––

Investments held by Unconsolidated Subsidiaries

The subsidiaries mainly hold investments in private and listed companies and government bonds. 

The following summarizes the fair value of the investments held by the Company’s subsidiaries at 30 June 2026:

Name	Held by	US $m
Fetcherr Ltd	Livermore Capital AG	26.5
Other investments		0.2
Total		26.7

Fetcherr Ltd: Fetcherr builds responsible AI that translates market complexity into measurable profit growth. At the core is Fetcherr's Market Model, a proprietary AI-powered engine delivering accurate and granular demand predictions. Fetcherr's outcomes have consistently demonstrated that AI-powered decision intelligence can generate measurable profit uplift for its corporate partners. Fetcherr's corporate partners include Delta Airlines, Virgin Airlines, Azul Air and others. Fetcherr is expanding into new verticals in 2026 with Travel and Logistics at the forefront of these efforts. During 2025 Fetcherr raised $42 million in a round led by Salesforce Ventures at a post-money valuation of $572 million, with broad participation by existing investors. Over the years Livermore has invested $12.6 million as of year-end 2025. The Company values its investment in Fetcherr at $26.5 million, implying a valuation of Fetcherr at about USD 300m. 

Litigation

The Company is not involved in any litigation.

Events After the Reporting Date

There were no material events after the reporting date, which have a bearing on the understanding of these interim condensed consolidated financial statements.

Going Concern

The Directors have reviewed the current and projected financial position of the Company, making reasonable assumptions about cash and short-term holdings, interest and distribution income, future trading performance, valuation projections and debt requirements. On the basis of this review, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the interim condensed consolidated financial statements.

Livermore Investments Group Limited

Condensed Consolidated Statement of Financial Position

at 30 June 2026

	Note	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
Assets		US $000	US $000	US $000
Non-current assets
Property, plant and equipment		1	42	1
Right-of-use asset		-	416	-
Financial assets at fair value through profit or loss	4	48,446	51,535	47,448
Financial assets at fair value through other comprehensive income	5	7,492	21,735	8,294
Investments in subsidiaries	8	33,859	11,213	38,392
		––––––	–––––––	–––––––
		89,798	84,941	94,135
		––––––	–––––––	–––––––
Current assets
Trade and other receivables	9	9,385	7,940	12
Financial assets at fair value through profit or loss	4	25,618	33,619	28,149
Cash and cash equivalents	10	10,793	17,290	21,487
		–––––––	–––––––	–––––––
		45,796	58,849	49,648
		–––––––	–––––––	–––––––
Total assets		135,594	143,790	143,783
		–––––––	–––––––	–––––––
Equity
Share capital	11	-	-	-
Share premium and treasury shares	11	163,130	163,130	163,130
Other reserves		(17,756)	(17,246)	(17,756)
Accumulated losses		(10,823)	(13,905)	(5,735)
		–––––––	–––––––	–––––––
Total equity		134,551	131,979	139,639
		–––––––	–––––––	–––––––
Liabilities
Non-current liabilities
Lease liability		-	297	-
		–––––––	–––––––	–––––––
Current liabilities
Trade and other payables	12	1,021	4,242	4,124
Dividend payable	13	-	7,023	-
Lease liability – current portion		-	119	-
Current tax liability		22	130	20
		–––––––	–––––––	–––––––
		1,043	11,514	4,144
		–––––––	–––––––	–––––––
Total liabilities		1,043	11,811	4,144
		–––––––	–––––––	–––––––
Total equity and liabilities		135,594	143,790	143,783
		–––––––	–––––––	–––––––
Net asset value per share
Basic and diluted net asset value per share (US $)	14	0.81	0.80	0.84
		–––––––	–––––––	–––––––

Livermore Investments Group Limited Condensed Consolidated Statement of Profit or Loss for the six months ended 30 June 2026
	Note	Six months ended 30 June 2026 Unaudited	Six months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
		US $000	US $000	US $000
Investment income
Interest and distribution income	16	5,472	7,564	17,347
Fair value changes of investments	17	(8,452)	(8,022)	(8,202)
		–––––––	–––––––	–––––––
		(2,980)	(458)	9,145
Other Income		31	-	182
Operating expenses	18	(2,145)	(1,913)	(4,933)
		–––––––	–––––––	–––––––
Operating (loss) / profit		(5,094)	(2,371)	4,394
Finance costs	19	(17)	(20)	(31)
Finance income	19	73	1,217	1,063
		–––––––	–––––––	–––––––
(Loss) / profit before taxation		(5,038)	(1,174)	5,426
Taxation charge		(50)	(39)	(99)
		–––––––	–––––––	–––––––
(Loss) / profit for period / year		(5,088)	(1,213)	5,327
		–––––––	–––––––	–––––––
(Loss) / earnings per share
Basic and diluted (loss) / earnings per share (US $)	20	(0.03)	(0.01)	0.03
		–––––––	–––––––	–––––––

Livermore Investments Group Limited

Condensed Consolidated Statement of Comprehensive Income

for the six months ended 30 June 2026

		Six months ended 30 June 2026 Unaudited	Six months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
		US $000	US $000	US $000
(Loss) / profit for the period / year		(5,088)	(1,213)	5,327
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Foreign exchange gain on the translation of subsidiary		-	148	148
Foreign exchange gains reclassified to profit or loss on de-consolidation of subsidiary		-	-	(182)
Items that are not reclassified subsequently to profit or loss
Financial assets designated at fair value through other comprehensive income – fair value gains		-	964	2,266
		––––––	––––––	––––––
Total comprehensive (loss) / income for the period / year		(5,088)	(101)	7,559
		––––––	––––––	––––––

The total comprehensive (loss) / income for the period / year is wholly attributable to the owners of the Company.

Livermore Investments Group Limited

Condensed Consolidated Statement of Changes in Equity

for the period ended 30 June 2026

		Share premium	Treasury shares	Translation reserve	Investment revaluation reserve	Retained earnings	Total
		US $000	US $000	US $000	US $000	US $000	US $000
Balance at 1 January 2025		169,187	(6,057)	34	(18,392)	(5,669)	139,103
Dividends		-	-	-	-	(7,023)	(7,023)
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Transactions with owners		-	-	-	-	(7,023)	(7,023)
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Profit for the year		-	-	-	-	5,327	5,327
Other comprehensive income:
Financial assets at fair value through other comprehensive income – fair value gains		-	-	-	2,266	-	2,266
Foreign exchange gains on the translation of subsidiary		-	-	148	-	-	148
Foreign exchange gains reclassified to profit or loss on de-consolidation of subsidiary		-	-	(182)	-	-	(182)
Transfer of realised gain		-	-	-	(1,630)	1,630	-
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Total comprehensive income for the year		-	-	(34)	636	6,957	7,559
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Balance at 31 December 2025		169,187	(6,057)	-	(17,756)	(5,735)	139,639
Loss for the period		-	-	-	-	(5,088)	(5,088)
Other comprehensive income		-	-	-	-	-	-
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Total comprehensive income for the period		-	-	-	-	(5,088)	(5,088)
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Balance at 30 June 2026		169,187	(6,057)	-	(17,756)	(10,823)	134,551
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––

		Share premium	Treasury shares	Translation reserve	Investment revaluation reserve	Retained earnings	Total
		US $000	US $000	US $000	US $000	US $000	US $000
Balance at 1 January 2025		169,187	(6,057)	34	(18,392)	(5,669)	139,103
Dividends		-	-	-	-	(7,023)	(7,023)
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Transactions with owners		-	-	-	-	(7,023)	(7,023)
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Loss for the period		-	-	-	-	(1,213)	(1,213)
Other comprehensive income:
Financial assets at fair value through other comprehensive income – fair value gains		-	-	-	964	-	964
Foreign exchange gains on the translation of subsidiary		-	-	148	-	-	148
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Total comprehensive income for the period		-	-	148	964	(1,213)	(101)
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––
Balance at 30 June 2025		169,187	(6,057)	182	(17,428)	(13,905)	131,979
		–––––––	–––––––	–––––––	–––––––	–––––––	–––––––

Livermore Investments Group Limited

Condensed Consolidated Statement of Cash Flows

for the period ended 30 June 2026

	Note	Six months ended 30 June 2026 Unaudited	Six months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
		US $000	US $000	US $000
Cash flows from operating activities
(Loss) / profit before taxation		(5,038)	(1,174)	5,426
Adjustments for:
Depreciation expense		-	54	54
Interest and distribution income	16	(5,472)	(7,564)	(17,347)
Bank interest income	19	(73)	(215)	(308)
Fair value changes of investments	17	8,452	8,022	8,202
Other Income		(31)	-	(182)
Exchange differences	19	6	(1,002)	(755)
		–––––––	–––––––	–––––––
		(2,156)	(1,879)	(4,910)
Changes in working capital
Increase in trade and other receivables		(9,373)	(7,671)	210
Increase in trade and other payables		2,256	242	(1,208)
		–––––––	–––––––	–––––––
Cash flows used in operations		(9,273)	(9,308)	(5,908)
Interest and distributions received		5,545	7,779	17,655
Tax paid		(48)	(48)	(218)
		–––––––	–––––––	–––––––
Net cash from operating activities		(3,776)	(1,577)	11, 529
		–––––––	–––––––	–––––––
Cash flows from investing activities
Acquisition of investments		(28,390)	(25,223)	(71,875)
Proceeds from sale of investments		21,478	9,374	54,098
		–––––––	–––––––	–––––––
Net cash used in investing activities		(6,912)	(15,849)	(17,777)
		–––––––	–––––––	–––––––
Cash flows from financing activities
Lease liability payments		-	(54)	(54)
Dividends paid		-	-	(7,023)
		–––––––	–––––––	–––––––
Net cash used in financing activities		-	(54)	(7,077)
		–––––––	–––––––	–––––––
Net decrease in cash and cash equivalents		(10,688)	(17,480)	(13,325)
Cash and cash equivalents at beginning of the period / year		21,487	33,768	33,768
Eliminated on de-consolidation of subsidiary		-	-	139
Exchange differences on cash and cash equivalents		(6)	1,002	905
		–––––––	–––––––	–––––––
Cash and cash equivalents at the end of the period / year	10	10,793	17,290	21,487
		–––––––	–––––––	–––––––

Notes to the Interim Condensed Consolidated Financial Statements

1. Accounting policies

The interim condensed consolidated financial statements of Livermore have been prepared on the basis of the accounting policies stated in the 2025 Annual Report, available on www.livermore-inv.com.

The application of the IFRS pronouncements that became effective as of 1 January 2026 has no significant impact on the Company’s consolidated financial statements.

2. Critical accounting judgements

In preparing the interim condensed consolidated financial statements, management made judgements and assumptions. The actual results may differ from those judgements and assumptions. The critical accounting judgements applied in the interim condensed consolidated financial statements were the same as those applied and disclosed in the Company’s last annual consolidated financial statements for the year ended 31 December 2025.

3. Basis of preparation

These unaudited interim condensed consolidated financial statements for the six months ended 30 June 2026, have been prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the European Union. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Company for the year ended 31 December 2025.

The financial information for the year ended 31 December 2025 is extracted from the Company’s consolidated financial statements for the year ended 31 December 2025 which contained an unmodified audit report.

Investment entity status

Livermore meets the definition of an investment entity, as this is defined in IFRS 10 “Consolidated Financial Statements”.

In accordance with IFRS 10, an investment entity is exempted from consolidating its subsidiaries, unless any subsidiary which is not itself an investment entity mainly provides services that relate to the investment entity’s investment activities.

These unaudited interim condensed consolidated financial statements consolidate the Company and one of its subsidiaries providing such services up to 30 June 2025. At that date, this subsidiary met the definition of an investment entity itself.  As a result of that, the subsidiary was de-consolidated and recognised within the investments in subsidiaries at its fair value as at 30 June 2025.  No material gains or losses occurred on this reclassification.

Note 8 shows further details of the consolidated and unconsolidated subsidiaries.  

References to the Company also include its consolidated subsidiary.

4. Financial assets at fair value through profit or loss

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
	US $000	US $000	US $000
Non-current assets
Fixed income investments (CLOs)	40,898	50,635	46,548
Private equity investments	1,400	900	900
Hedge funds	6,148	-	-
	––––––	––––––	––––––
	48,446	51,535	47,448
	––––––	––––––	––––––
Current assets
Fixed income investments	8,997	29,715	16,825
Public equity investments	16,621	3,904	11,324
	––––––	––––––	––––––
	25,618	33,619	28,149
	––––––	––––––	––––––

For description of each of the above categories, refer to note 6.

The above investments represent financial assets that are mandatorily measured at fair value through profit or loss.

There were no open derivatives at 30 June 2026, 30 June 2025 and 31 December 2025.

The Company treats its investments in the loan market through Collateralized Loan Obligations (CLOs) as non-current investments as the Company generally intends to hold such investments over a period longer than twelve months.

The movement in financial assets at fair value through profit or loss was as follows:

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
	US $000	US $000	US $000
At 1 January	75,597	78,339	78,339
Purchases	28,273	25,136	71,538
Sales	(20,606)	(9,374)	(23,211)
Settlements	-	-	(30,887)
Fair value losses	(9,200)	(8,947)	(20,182)
	–––––––	–––––––	–––––––
At 30 June / 31 December	74,064	85,154	75,597
	–––––––	–––––––	–––––––

5. Financial assets at fair value through other comprehensive income

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
	US $000	US $000	US $000
Non-current assets
Private equity investments	7,492	21,735	8,294
	––––––	––––––	––––––

For description of the above category, refer to note 6.

The above investments are non-trading equity investments that have been designated at fair value through other comprehensive income.

The movement in financial assets at fair value through other comprehensive income was as follows:

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
	US $000	US $000	US $000
At 1 January	8,294	20,721	20,721
Purchases	70	50	220
Settlement	(872)	-	-
Eliminated on de-consolidation of subsidiary (note 3)	-	-	(14,913)
Fair value gains	-	964	2,266
	––––––	––––––	––––––
At 30 June / 31 December	7,492	21,735	8,294
	––––––	––––––	––––––

6. Financial assets at fair value

The Company allocates its non-derivative financial assets at fair value (notes 4 and 5) as follows:

• Fixed income investments relate to investments in the loan market through CLOs, open warehouse facilities, fixed and floating rate bonds, and perpetual bank debt.
• Public equity investments relate to investments in shares of companies listed on public stock exchanges.
• Private equity investments relate to investments in the form of equity purchases in both high growth opportunities in emerging markets and deep value opportunities in mature markets. The Company generally invests directly in prospects where it can exert influence. 
• Hedge funds relate to investments in funds managed by sophisticated investment managers that pursue investment strategies with the goal of generating absolute returns.

7. Fair value measurements of financial assets and liabilities

The table in note 7.2 presents financial assets and liabilities measured at fair value in the consolidated statement of financial position in accordance with the fair value hierarchy. This hierarchy groups financial assets and liabilities into three levels based on the significance of inputs used in measuring the fair value of the financial assets and liabilities. The fair value hierarchy has the following levels:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3: unobservable inputs for the asset or liability.

The level within which the financial asset is classified is determined based on the lowest level of significant input to the fair value measurement.

7.1 Valuation of financial assets

• Fixed Income Investments (other than CLOs) and Public Equity Investments are valued at their closing market prices on quoted exchanges, or as quoted by market makers.
• CLOs are valued based on the valuation reports provided by market makers. CLOs are typically valued by market makers using discounted cash flow models. The key assumptions for cash flow projections include default and recovery rates, prepayment rates and reinvestment assumptions on the underlying portfolios (typically senior secured loans) of the CLOs.

  Default and recovery rates: The amount and timing of defaults in the underlying collateral and the amount and timing of recovery upon a default are key to the future cash flows a CLO will distribute to the CLO equity tranche. All else equal, higher default rates and lower recovery rates typically lead to lower cash flows. Conversely, lower default rates and higher recoveries lead to higher cash flows.

  Prepayment rates: Senior loans can be pre-paid by borrowers. CLOs that are within their reinvestment period may, subject to certain conditions, reinvest such prepayments into other loans which may have different spreads and maturities. CLOs that are beyond their reinvestment period typically pay down their senior liabilities from proceeds of such pre-payments. Therefore, the rate at which the underlying collateral prepays impacts the future cash flows that the CLO may generate.

  Reinvestment assumptions: A CLO within its reinvestment period may reinvest proceeds from loan maturities, prepayments, and recoveries into purchasing additional loans. The reinvestment assumptions define the characteristics of the loans that a CLO may reinvest in. These assumptions include the spreads, maturities, and prices of such loans. Reinvestment into loans with higher spreads and lower prices will lead to higher cash flows. Reinvestment into loans with lower spreads will typically lead to lower cash flows.

  Discount rate: The discount rate indicates the yield that market participants expect to receive and is used to discount the projected future cash flows. Higher yield expectations or discount rates lead to lower prices and lower discount rates lead to higher prices for CLOs.             

  Investments in open warehouse facilities that have not yet been converted to CLOs, are valued based on an adjusted net asset valuation.   

• Private equity investments are valued mainly on the basis of valuations reported by third-party managers of such investments. Real estate entities are valued by independent qualified property valuers with substantial relevant experience on such investments. Underlying property values are determined based on their estimated market values.    
• Hedge funds are valued per their net asset values reported by the funds or their administrators or a total solutions provider on a periodic basis, and if traded, per their bid market prices on quoted exchanges, or as quoted by market maker.
• Investments in subsidiaries are valued at fair value as determined on an adjusted net asset valuation basis.

7.2  Fair value hierarchy

Financial assets measured at fair value are grouped into the fair value hierarchy as follows: 

30 June 2026	US $000	US $000	US $000	US $000
	Level 1	Level 2	Level 3	Total
Fixed income investments	8,997	40,898	-	49,895
Public equity investments	16,621	-	-	16,621
Private equity investments	-	-	8,892	8,892
Hedge funds	-	6,148	-	6,148
Investments in subsidiaries	-	-	33,859	33,859
	––––––	––––––	––––––	––––––
	25,618	47,046	42,751	115,415
	––––––	––––––	––––––	––––––

30 June 2025	US $000	US $000	US $000	US $000
	Level 1	Level 2	Level 3	Total
Fixed income investments	15,986	50,635	13,729	80,350
Public equity investments	3,904	-	-	3,904
Private equity investments	-	-	22,635	22,635
Investments in subsidiaries	-	-	11,213	11,213
	––––––	––––––	––––––	––––––
	19,890	50,635	47,577	118,102
	––––––	––––––	––––––	––––––

31 December 2025	US $000	US $000	US $000	US $000
	Level 1	Level 2	Level 3	Total
Fixed income investments	16,825	46,548	-	63,373
Public equity investments	11,324	-	-	11,324
Private equity investments	-	-	9,194	9,194
Investments in subsidiaries	-	-	38,392	38,392
	––––––	––––––	––––––	––––––
	28,149	46,548	47,586	122,283
	––––––	––––––	––––––	––––––

The methods and valuation techniques used for the purpose of measuring fair value are unchanged compared to the previous reporting year. No financial assets have been transferred between different levels. 

Financial assets within level 3 can be reconciled from beginning to ending balances as follows:

Six months ended 30 June 2026	At fair value through OCI	At fair value through profit or loss	Investments in subsidiaries
	Private equity investments	Private equity investments		Total
	US $000	US $000	US $000	US $000
At 1 January 2026	8,294	900	38,392	47,586
Purchases	70	500	47	617
Settlement	(872)	-	-	(872)
Write off on liquidation	-	-	(5,328)	(5,328)
Gains recognised in profit or loss	-	-	748	748
	––––––	––––––	––––––	––––––
At 30 June 2026	7,492	1,400	33,859	42,751
	––––––	––––––	––––––	––––––

Six months ended 30 June 2025	At fair value through profit or loss	At fair value through profit or loss	Investments in subsidiaries
	Private equity investments	Fixed Income investments		Total
	US $000	US $000	US $000	US $000
At 1 January 2025	-	4,892	10,251	35,864
Purchases	900	7,941	37	8,928
Gains recognised in:
- Profit or loss	-	896	925	1,821
- Other comprehensive income	-	-	-	964
	––––––	––––––	––––––	––––––
At 30 June 2025	900	13,729	11,213	47,577
	––––––	––––––	––––––	––––––

Year ended 31 December 2025	At fair value through OCI	At fair value through profit or loss	At fair value through profit or loss	Investments in subsidiaries
	Private equity investments	Private equity investments	Fixed Income investments		Total
	US $000	US $000	US $000	US $000	US $000
At 1 January 2025	20,721	-	4,892	10,251	35,864
Purchases	220	900	26,220	1,248	28,588
Settlements	-	-	(30,887)	-	(30,887)
De-consolidation of subsidiary	(14,913)	-	-	14,913	-
Gains / (losses) recognised in:
- Profit or loss	-	-	(225)	11,980	11,755
- Other comprehensive income	2,266	-	-	-	2,266
	––––––	––––––	––––––	––––––	––––––
At 31 December 2025	8,294	900	-	38,392	47,586
	––––––	––––––	––––––	––––––	––––––

The above recognised gains / (losses) are allocated as follows: 

Six months ended 30 June 2026	Investments in subsidiaries
		Total
Profit or loss	US $000	US $000
- Financial assets held at period-end	748	748
	––––––	––––––
Total gains for period	748	748
	––––––	––––––

Six months ended 30 June 2025	At fair value through OCI	At fair value through profit or loss	Investments in subsidiaries
	Private equity investments	Fixed Income investments		Total
Profit or loss	US $000	US $000	US $000	US $000
- Financial assets held at period-end	-	896	925	1,821
	––––––	––––––	––––––	––––––
Other comprehensive income
- Financial assets held at period-end	964	-	-	964
	––––––	––––––	––––––	––––––
Total profits for period	964	896	925	2,785
	––––––	––––––	––––––	––––––

Year ended 31 December 2025	At fair value through OCI	At fair value through profit or loss	Investments in subsidiaries
	Private equity investments	Fixed Income investments		Total
Profit or loss	US $000	US $000	US $000	US $000
- Financial assets held at year-end	-	(225)	11,980	11,755
	––––––	––––––	––––––	––––––
Other comprehensive income
- Financial assets held at year-end	2,266	-	-	2,266
	––––––	––––––	––––––	––––––
Total profits for year	2,266	(225)	11,980	14,021
	––––––	––––––	––––––	––––––

The Company has not developed any unobservable quantitative inputs for measuring the fair value of its Level 3 financial assets. Instead, the Company used prices from third-party pricing information without adjustment.

Private equity investments within level 3 have been measured based on their net asset value, which is primarily driven by the fair value of their underlying investments. In all cases, considering that such investments are measured at fair value, the carrying amounts of their underlying assets and liabilities are considered as representative of their fair values

Investments in subsidiaries have been valued based on their net asset basis. The main assets of the subsidiaries comprise investments and receivables from the Company and third parties. Where the underlying investments are measured at an amount other than their fair value, the subsidiary’s net asset value is adjusted to reflect the fair value of those investments. This approach has been applied in valuing the Company’s subsidiary Livermore Capital AG, in relation to its underlying investment in Fetcherr Ltd. The fair value of the investment in Fetcherr Ltd is determined based on external valuation without any adjustment. The Company has determined that the adjusted net asset value of each subsidiary is a fair approximation of its fair value.

A reasonable change in any individual significant input used in the Level 3 valuations is not anticipated to have a significant change in fair values as above.

8. Investments in subsidiaries

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
	US $000	US $000	US $000
At 1 January	38,392	10,251	10,251
Additions	47	37	16,161
Write off on liquidation	(5,328)	-	-
Fair value gains	748	925	11,980
	––––––	––––––	––––––
At 30 June / 31 December	33,859	11,213	38,392
	––––––	––––––	––––––

Livermore Capital AG was consolidated until 30 June 2025. Its principal activity until that date related to administration services. Since that date, the activity of the subsidiary changed to holding of investments. Following that, it met the definition of an investment entity and as a result it was de-consolidated and its fair value added to the investments in subsidiaries measured at fair value through profit or loss.

The additions for the year ended 31 December 2025 include the fair value of Livermore Capital AG at 30 June 2025 of USD 16.080m. The remaining additions in both years relate to the fair value of amounts receivable from the Company’s unconsolidated subsidiary Sandhirst Ltd, that were waived by the Company as a means of capital contribution (note 21).

Livermore Israel Investments Ltd which was a 100% directly owned subsidiary, was liquidated during the period. The amount written off on liquidation is the subsidiary’s fair value at that date, which comprised mainly of a receivable from the Company itself, and equalled the subsidiary’s equity. The corresponding payable by the Company which was previously included in the amounts due to related parties (note 12) was also written off at the same date. No material gain or loss occurred.

Details of the investments in which the Company has a controlling interest at 30 June 2026 (all of them unconsolidated) are as follows:

Name of Subsidiary	Place of incorporation	Holding	Voting rights and shares held	Principal activity
Livermore Capital AG	Switzerland	Ordinary shares	100%	Holding of investments
Livermore Properties Ltd	British Virgin Islands	Ordinary shares	100%	Holding of investments
Mountview Holdings Ltd	British Virgin Islands	Ordinary shares	100%	Investment vehicle
Sandhirst Ltd	Cyprus	Ordinary shares	100%	Holding of investments – Dormant
PNG Trading Ltd	Cyprus	Ordinary shares	100%	Trading in investments

Sandhirst Ltd became dormant since the beginning of the period.

9. Trade and other receivables

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
	US $000	US $000	US $000
Financial items
Amounts due from related parties (note 21)	9,072	-	-
Other receivable	-	400	-
Non-financial items
Advances to related parties (note 21)	303	342	-
Prepayments	10	7,198	12
	–––––	–––––	–––––
	9,385	7,940	12
	–––––	–––––	–––––

Included within the prepayments at 30 June 2025 is an amount of USD 7.023m that represents advances made to the Registrars of Company for effecting the interim dividend payment on 4 July 2025.

For the Company’s receivables of a financial nature, no lifetime expected credit losses and no corresponding allowance for impairment have been recognised, as their default rates were determined to be close to 0%.  

No receivable amounts have been written-off during either 2026 or 2025.

10. Cash and cash equivalents

Cash and cash equivalents included in the consolidated cash flow statement comprise the following:

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
	US $000	US $000	US $000
Demand deposits	10,793	17,290	21,487
	––––––	––––––	––––––
Cash at bank	10,793	17,290	21,487
	––––––	––––––	––––––

The Company did not have any bank overdraft balances at 30 June 2026, 30 June 2025 and 31 December 2025.

11. Share capital, share premium and treasury shares  

Livermore Investments Group Limited (the “Company”) is an investment company incorporated under the laws of the British Virgin Islands.  The Company has an issued share capital of 174,813,998 ordinary shares with no par value.

In the consolidated statement of financial position, the amount included as ‘Share premium and treasury shares’ comprises of:

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
	US $000	US $000	US $000
Share premium	169,187	169,187	169,187
Treasury shares	(6,057)	(6,057)	(6,057)
	–––––––	–––––––	–––––––
	163,130	163,130	163,130
	–––––––	–––––––	–––––––

12. Trade and other payables

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
	US $000	US $000	US $000
Financial items
Trade payables	124	107	97
Amounts due to related parties (note 21)	835	4,081	3,964
Accrued expenses	62	54	63
	––––––	––––––	––––––
	1,021	4,242	4,124
	––––––	––––––	––––––

13. Dividend

The Board of Directors will decide on the Company's dividend policy for 2026 based on profitability, liquidity requirements, portfolio performance, market conditions, and the share price of the Company relative to its net asset value.

14. Net asset value per share

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
Net assets attributable to ordinary shareholders (USD 000)	134,551	131,979	139,639
	–––––––––––––	–––––––––––––	–––––––––––––
Closing number of ordinary shares in issue	165,355,421	165,355,421	165,355,421
	–––––––––––––	–––––––––––––	–––––––––––––
Basic net asset value per share (USD)	0.81	0.80	0.84
	–––––––––––––	–––––––––––––	–––––––––––––
Number of Shares
Ordinary shares	174,813,998	174,813,998	174,813,998
Treasury shares	(9,458,577)	(9,458,577)	(9,458,577)
	–––––––––––––	–––––––––––––	–––––––––––––
Closing number of ordinary shares in issue	165,355,421	165,355,421	165,355,421
	–––––––––––––	–––––––––––––	–––––––––––––

The diluted net asset value per share equals the basic net asset value per share since no potentially dilutive shares exist at any of the reporting dates presented.

15. Segment reporting

The Company’s activities fall under a single operating segment.

The Company’s investment income / (losses) and investments are divided into geographical areas as follows:

	Six months ended 30 June 2026 Unaudited	Six months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
	US $000	US $000	US $000
Investment income / (losses)
European countries	96	356	1,379
United States	(2,611)	(677)	(3,401)
Switzerland	36	-	435
Rest of the world	(416)	(150)	10,972
Asia	(85)	13	(240)
	–––––––	–––––––	–––––––
	(2,980)	(458)	9,145
	–––––––	–––––––	–––––––
Investments
European countries	10,170	11,300	8,319
United States	70,837	97,402	75,891
Rest of the world	31,756	1,795	30,306
Asia	2,652	7,605	7,767
	–––––––	–––––––	–––––––
	115,415	118,102	122,283
	–––––––	–––––––	–––––––

Investment income / (losses), comprising interest and distribution income as well as fair value gains or losses on investments, is allocated based on the issuer’s location. Investments are also allocated based on the issuer’s location.

The Company has no significant dependencies, in respect of its investment income, on any single issuer.

16. Interest and distribution income

	Six months ended 30 June 2026 Unaudited	Six months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
	US $000	US $000	US $000
Interest income	857	632	1,106
Distribution income	4,615	6,932	16,241
	–––––	––––––	––––––
	5,472	7,564	17,347
	–––––	––––––	––––––

Interest and distribution income is analysed between the Company’s different categories of financial assets, as follows:

	Six months ended 30 June 2026
	Interest income	Distribution income	Total
Financial assets at fair value through profit or loss	US $000	US $000	US $000
Fixed income investments	857	4,548	5,405
Public equity investments	-	67	67
	––––––	––––––	––––––
	857	4,615	5,472
	––––––	––––––	––––––

	Six months ended 30 June 2025
	Interest income	Distribution income	Total
Financial assets at fair value through profit or loss	US $000	US $000	US $000
Fixed income investments	632	6,748	7,380
Public equity investments	-	184	184
	––––––	––––––	––––––
	632	6,932	7,564
	––––––	––––––	––––––

	Year ended 31 December 2025
	Interest income	Distribution income	Total
Financial assets at fair value through profit or loss	US $000	US $000	US $000
Fixed income investments	1,106	15,106	16,212
Public equity investments	-	89	89
	––––––	––––––	––––––
	1,106	15,195	16,301
Investments subsidiaries (note 21)	-	1,046	1,046
	––––––	––––––	––––––
	1,106	16,241	17,347
	––––––	––––––	––––––

The Company’s distribution income derives from multiple issuers. The Company does not have concentration to any single issuer.

17. Fair value changes of investments

	Six months ended 30 June 2026 Unaudited	Six months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
	US $000	US $000	US $000
Fair value losses on financial assets through profit or loss	(9,200)	(8,947)	(20,182)
Fair value gains on investment in subsidiaries	748	925	11,980
	–––––––	–––––––	–––––––
	(8,452)	(8,022)	(8,202)
	–––––––	–––––––	–––––––

The investments disposed in the six months ended 30 June 2026 had the following cumulative (i.e. from the date of acquisition up to the date of disposal) financial impact in the Company’s net asset position:   

	Realised losses* Unaudited	Cumulative distribution or interest Unaudited	Total financial impact Unaudited
	US $000	US $000	US $000
Financial assets at fair value through profit or loss
Fixed income investments	3,621	5,153	1,532
	––––––	––––––	––––––

* difference between disposal proceeds and original acquisition cost

18. Operating expenses

	Six months ended 30 June 2026 Unaudited	Six months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
	US $000	US $000	US $000
Directors’ fees and expenses	336	449	1,407
Other salaries and expenses	61	118	171
Professional and consulting fees	1,566	755	2,363
Legal expenses	6	4	25
Bank custody fees	-	78	157
Office cost	29	106	173
Depreciation	-	54	54
Other operating expenses	132	329	503
Audit fees	15	20	80
	––––––	––––––	––––––
	2,145	1,913	4,933
	––––––	––––––	––––––

19. Finance costs and income

	Six months ended 30 June 2026 Unaudited	Six months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
	US $000	US $000	US $000
Finance costs
Bank charges	11	20	31
Foreign exchange losses	6	-	-
	––––––	––––––	––––––
	17	20	31
	––––––	––––––	––––––
Finance income
Bank interest income	73	215	308
Foreign exchange gains	-	1,002	755
	––––––	––––––	––––––
	73	1,217	1,063
	––––––	––––––	––––––

20. (Loss) / earnings per share

Basic (loss) / earnings per share is calculated by dividing the (loss) / profit for the period / year attributable to ordinary shareholders of the Company by the weighted average number of shares in issue of the Company during the relevant financial periods. 

	Six months ended 30 June 2026 Unaudited	Six months ended 30 June 2025 Unaudited	Year ended 31 December 2025 Audited
(Loss) / profit for the period / year attributable to ordinary shareholders of the parent (USD 000)	(5,088)	(1,213)	5,327
	––––––––––	––––––––––	––––––––––
Weighted average number of ordinary shares outstanding	165,355,421	165,355,421	165,355,421
	––––––––––	––––––––––	––––––––––
Basic (loss) / earnings per share (USD)	(0.03)	(0.01)	0.03
	––––––––––	––––––––––	––––––––––

The diluted (loss) / earnings per share equals the basic (loss) / earnings per share since no potentially dilutive shares were in existence during 2026 and 2025.

21. Related party transactions

The Company is controlled by Groverton Management Ltd, an entity owned by Noam Lanir, which at 30 June 2026 held 74.41% of the Company’s voting rights.

	30 June 2026 Unaudited	30 June 2025 Unaudited	31 December 2025 Audited
	US $000	US $000	US $000
Amounts receivable from unconsolidated subsidiary
PNG trading Ltd	8,961	-	-	(1)
	––––––	––––––	––––––
Amounts receivable from / advances to key management
Directors’ current accounts	111	151	-	(1)
Advances to key management personnel	303	191	-	(2)
	––––––	––––––	––––––
	414	342	-
	––––––	––––––	––––––
Amounts payable to unconsolidated subsidiaries
Livermore Israel Investments Ltd	-	(3,046)	(3,046)	(3)
Livermore Capital AG	(785)	-	(877)	(3)
	––––––	––––––	––––––
	(785)	(3,046)	(3,923)
	––––––	––––––	––––––
Amounts payable to key management
Directors’ current accounts	(50)	(1,035)	(41)	(3)
	––––––	––––––	––––––
Distribution income from unconsolidated subsidiary
Livermore Properties Ltd	-	-	1,046
	––––––	––––––	––––––
Administration services by unconsolidated subsidiary
Livermore Capital AG	(400)	-	(579)	(4)
	––––––	––––––	––––––
Key management compensation – short term benefits
Executive Directors’ fees	242	397	678	(5)
Executive Directors’ reward payments	-	-	600	(5)
Non-executive Directors’ fees	94	52	129	(5)
Other key management fees	321	215	375	(4)
Key management salaries and contributions	61	-	-	(6)
	––––––	––––––	––––––
	718	664	1,782
	––––––	––––––	––––––

1.    The amount receivable from the unconsolidated subsidiary and the Directors’ current accounts with debit balances are interest free, unsecured, and have no stated repayment date.
2.    The advances to key management personnel relate to payments made to members of key management against their remuneration for the second half of 2026 and 2025 correspondingly.
3.    The amounts payable to the unconsolidated subsidiaries and the Directors’ current accounts with credit balances are interest free, unsecured, and have no stated repayment date. 
4.    The administration services fees charged by the subsidiary and other key management fees are included within professional fees (note 18).
5.    These amounts are paid either directly to the Directors or to companies which are related to the Directors.
6.    The Company incurred a total cost of USD 0.007m for the period (2025: Nil) for social insurance and similar contributions in relation to its key management. No defined benefit contributions plan costs incurred in relation to its key management personnel in either 2026 or 2025. The key management salaries and related costs are included within Other salaries and expenses (note 18).

An unconsolidated subsidiary incurred a total cost of USD 0.047m for the period (2025: Nil) in relation to the salary and contributions of a close family person of a Company’s key management member.

During 2024, Livermore acquired 463 shares (46,300 shares in 2025 after accounting for share splits) in Fetcherr Ltd for a total consideration of USD 2.9m, on behalf of key management personnel. Each individual fully reimbursed Livermore for the amount paid in relation to their respective shares. At 30 June 2026, these shares continue to be held in trust on their behalf, by the Company’s subsidiary Livermore Capital AG.

During the period, the Company waived a receivable amount of USD 0.047m (30 June 2025: USD 0.037m, 31 December 2025: USD 0.081m) from its subsidiary Sandhirst Ltd, as a means of capital contribution to the subsidiary (note 8).

22. Commitments

The Company has expressed its intention to provide financial support to its subsidiaries, where necessary, to enable them to meet their obligations as they fall due.

Other than the above, the Company has no capital or other commitments at 30 June 2026.

23. Events after the reporting date

There were no other material events after the reporting date, which have a bearing on the understanding of these interim condensed consolidated financial statements.

24. Preparation of interim financial statements

Interim condensed consolidated financial statements are unaudited. Consolidated financial statements for Livermore Investments Group Limited for the year ended 31 December 2025, prepared in accordance with International Financial Reporting Standards as adopted by the European Union, on which the auditors gave an unmodified audit report are available on the Company’s website www.livermore-inv.com.

Review Report to the Members of Livermore Investments

Group Limited

Review Report on the interim Condensed Consolidated Financial Statements

Introduction

We have reviewed the interim condensed consolidated financial statements of Livermore Investments Group Limited (the ''Company''), which are presented in pages 8 to 26 and comprise the condensed consolidated statement of financial position as at 30 June 2026 and the consolidated statements of comprehensive income, changes in equity and cash flows for the period from 1 January 2026 to 30 June 2026, and notes to the interim condensed consolidated financial statements, including a summary of significant accounting policies.

The Board of Directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Financial Reporting Standards applicable to interim financial reporting as adopted by the European Union ('IAS34 Interim Financial Reporting'). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of

Independent Auditor of the Entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information does not present fairly, in all material respects, the financial position of the entity as at 30 June 2026, and of its financial performance and its cash flows for the six month period then ended in accordance with IAS 34 'Interim Financial Reporting.

Other information    

The Board of Directors is responsible for the other information. The other information comprises the information included in the Chairman's and Chief Executive's Review and Review of Activities, but does not include the condensed consolidated financial statements and our review report thereon.

Our conclusion on the condensed consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our review of the condensed consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the review or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Other Matter

This report, including the conclusion, has been prepared for and only for the Company's members as a body and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to.

Polyvios Polyviou Certified Public Accountant and Registered Auditor for and on behalf of
Grant Thornton (Cyprus) Ltd
Certified Public Accountants and Registered Auditors
Limassol, 29 September 2026

 

END