Half-Year Report as of 30 JUN 2025

SUPPORTING NEXT-GENERATION EXPERIENCES, HOSPITALITY & HAPPINESS

1. INTERIM MANAGEMENT REPORT

   4
   
   

   1. REPORT ON THE BUSINESS AND ECONOMIC POSITION

      4
      
      

   2. INTERIM RESULTS OF OPERATIONS AND FINANCIAL CONDITION

      9
      
      

   3. OUTLOOK

      14
      
      

   4. OPPORTUNITIES AND RISKS

      16
      
      

2. FINANCIAL STATEMENTS

   18
   
   

3. RESPONSIBILITY STATEMENT

   30
   
   

4. DISCLAIMER / CONTACT 31

INTERIM MANAGEMENT

REPORT

1. ‌INTERIM MANAGEMENT REPORT
   1. ‌REPORT ON THE BUSINESS AND ECONOMIC POSITION
      1. MACROECONOMIC AND INDUSTRY DEVELOPMENTS

         Global economic growth in the first half of 2025 was weaker than expected at the beginning of the year. The International Monetary Fund (IMF) revised its forecast for global growth for the year as a whole to 2.8%.1 The downward revision of the growth forecast is primarily attributable to the severe trade policy disruptions and increased political uncertainty, in particular as a result of the United States (US) tariff increases and the reactions of global trading partners.2

         Global inflation continues to decline, albeit at a slightly slower pace than previously expected. In the eurozone, the inflation rate stands at 2.0%, down 0.5% since the beginning of the year.3 The European Central Bank (ECB) has responded to these developments with a further cut in key interest rates to 2%.4 In the first half of the year, the Federal Reserve (FED) remained cautious in light of the uncertain political and economic environment. In September, however, it delivered the first rate cut since December, lowering its key interest rate by 0.25 percentage points to a range of 4.00% to 4.25%.5

         The risk situation has deteriorated significantly compared with the previous year. Continued tariff increases by the US and the corresponding countermeasures by key trading partners are causing increasing uncertainty in international trade and weighing on both investment sentiment and export momentum.6 At the same time, inflationary risks are coming to the fore, particularly in the service sector, where sustained strong wage increases are meeting only modest productivity gains.7 The situation is exacerbated by geopolitical tensions and regional conflicts, which are slowing global growth and could fuel inflation in the short term. Last but not least, financial markets are also reacting more sensitively to political intervention.8

         The stock market environment in the first half of 2025 was characterized by high volatility and market-moving political decisions. US tariff policy in particular led to pronounced price fluctuations and caused considerable uncertainty among

         1 International Monetary Fund; World Economic Outlook April 2025; https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-outlook-april-2025.

         2 International Monetary Fund; World Economic Outlook April 2025; https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-outlook-april-2025.

         3 European Central Bank; Inflation and Consumer Prices; https://www.ecb.europa.eu/stats/macroeconomic_and_sectoral/hicp/html/index.de.html.

         4 European Central Bank; Key ECB Interest rates; https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html.

         5 JP Morgan, After the rate cute; https://privatebank.jpmorgan.com/apac/en/insights/markets-and-investing/tmt/after-the-rate-cut-investing-beyond-us-markets

         6 Morningstar; Q2 2025 in Review and Q3 2025 Market Outlook; https://www.morningstar.com/markets/q2-2025-review-q3-2025-

         market-outlook.

         7 International Monetary Fund; World Economic Outlook April 2025; https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-outlook-april-2025.

         8 BlackRock; 2025 Midyear Global Outlook; https://www.blackrock.com/corporate/literature/whitepaper/bii-midyear-outlook-2025.pdf.

         investors. 9However, following a sharp slump in April, international stock markets recovered noticeably in May and June. Technology stocks once again proved to be growth drivers, significantly outperforming the overall market.10 The stock market in Europe proved particularly robust, recording above-average performance in the second quarter of 2025 and outperforming US indices in terms of relative growth.11

         In the first half of 2025, global venture capital markets experienced another upturn. Global investments rose by around 24% year-on-year to just under USD 190 billion, driven primarily by large-volume financing rounds in the areas of artificial intelligence, cloud computing, and biotechnology. By contrast, the number of deals continued to decline, indicating more selective investment decisions.12 In the US, late-stage companies accounted for over 70% of global volume, while Asia continued to decline.13 In Germany, the financing volume rose to EUR 4.0 billion (+14% vs. H1 2024) in the first half of the year, with a total of

         503 rounds.14 The second quarter was particularly strong at EUR 2.4 billion, marking a 45% increase over Q1. The result was significantly influenced by several mega deals, including six rounds exceeding EUR 100 million. Over 30% of the capital came from international investors, mostly from the US. Early-stage financing, on the other hand, remained under pressure.15

         The international travel market is projected to reach a market volume of USD 15 trillion by 2040.16 This is driven by rising consumer spending, increased mobility, and the desire for experiences. According to a Boston Consulting Group (BCG) study, particular drivers include growing prosperity in emerging markets, technological innovations in the travel experience, and increasing demand for sustainable and personalized tourism. The publication highlights that companies that respond agilely to new customer preferences and provide innovative digital offerings can benefit significantly from the growth of this sector.17

         The German hotel real estate investment market experienced a noticeable upward trend in the first half of 2025: the transaction volume rose to EUR 830 million, representing an increase of 52% compared to the previous year.18 While the first quarter of 2025 started relatively slowly at around EUR 238 million, the

         9 BlackRock; 2025 Midyear Global Outlook; https://www.blackrock.com/corporate/literature/whitepaper/bii-midyear-outlook-2025.pdf.

         10 Bloomberg; Halfway through the crosscurrents; Themes and trends from H1 2025; https://www.bloomberg.com/professional/insights/markets/halfway-through-the-crosscurrents-themes-and-trends-from-h1-2025/. 11 Morningstar; Q2 2025 in Review and Q3 2025 Market Outlook; https://www.morningstar.com/markets/q2-2025-review-q3-2025-market-outlook.

         12 S&P Global; H1 2025 Venture Capital funding up to 25% globally; https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/7/h1-2025-venture-capital-funding-up-25-globally-91292520.

         13 PitchBook; Global Venture Report Q2 2025; https://pitchbook.com/news/reports/q2-2025-global-vc-first-look.

         14 KfW; KfW Venture Capital Dashboard Q2 2025; https://www.kfw.de/PDF/Download-Center/Konzernthemen/Research/PDF-Dokumente-Dashboard/KfW-VC-Dashboard-Q2-2025_EN.pdf.

         15 KfW; KfW Venture Capital Dashboard Q2 2025; https://www.kfw.de/PDF/Download-Center/Konzernthemen/Research/PDF-Dokumente-Dashboard/KfW-VC-Dashboard-Q2-2025_EN.pdf.

         16 Bosten Consulting Group (BCG); Unpacking the $15 Trillion Opportunity in Leisure Travel; https://www.bcg.com/publications/2025/the-15-trillion-opportunity-in-leisure-

         travel?utm_source=linkedin&utm_medium=social&utm_campaign=none&utm_description=organic&utm_topic=none&utm_geo=global&utm_ content=linkedin_jul23&linkId=844285123.

         17 Bosten Consulting Group (BCG); Unpacking the $15 Trillion Opportunity in Leisure Travel; https://www.bcg.com/publications/2025/the-15-trillion-opportunity-in-leisure-travel?utm_source=linkedin&utm_medium=social&utm_campaign=none&utm_description=organic&utm_topic=none&a mp;utm_geo=global&utm_content=linkedin_jul23&linkId=844285123.

         18 BNP Paribas Real Estate; Report Hotel-Investmentmarkt; https://www.realestate.bnpparibas.de/sites/default/files/document/2025-07/bnppre-hotelimmobilien-investmentmarkt-deutschland-2025q2.pdf.

         second quarter in particular drove the market forward with larger deals. The importance of international investors was clearly evident: around 70% of investments were made by foreign investors, underscoring confidence in the robust German hotel market. 19

      2. PORTFOLIO REVIEW

         Our portfolio is currently structured into two segments: Travel & Hospitality and Consumer Brands. The majority of our portfolio companies continued to deliver solid operational and financial performance.

         1. TRAVEL & HOSPITALITY

            Limestone Capital further consolidated its position as a leading designer of the European hospitality landscape in the first half of 2025 with a series of strategic initiatives and spectacular new openings. With the opening of Aethos Mallorca in June, the brand set a new standard for Mediterranean lifestyle hotels: an extraordinary establishment that combines modern architecture, local authenticity, and Aethos' signature focus on community and well-being-and has already received initial recognition in leading international travel magazines.

            Another milestone was the acquisition of the iconic Nobu Hotel London Shoreditch, which will serve as the London flagship in the future and further strengthen Limestone's presence in one of Europe's most important cities. Meanwhile, the multi-award-winning Aethos Ericeira confirmed its cult status with one of Portugal's first MICHELIN Keys - proof of its combination of design excellence, culinary quality, and authentic guest experience.

            With the majority acquisition of LOISIUM Wine & Spa Hotels, Limestone is expanding its portfolio to include one of Europe's most exciting hospitality brands. An investment program of over EUR 100 million will create four new properties in Italy and France, combining wine, wellness, and contemporary design in iconic regions. This expansion is complemented by the launch of Crafted, a new nature-oriented lifestyle and membership club brand that creates creative retreats in unique locations.

            With a clear focus on design-oriented properties in prime locations, exceptional brand experiences, and sustainable value creation, Limestone Capital is cementing its role as a leading shaper of the European hospitality landscape.

            Hotelbird further consolidated its market leadership in the field of digital check-in/check-out solutions and expanded its product range with pioneering features. As the exclusive contractual partner of Assa Abloy, Hotelbird launched the Wallet Key, which makes contactless access even more convenient for guests. The rollout at Motel One is developing dynamically, supported by the hotel group's

            19 BNP Paribas Real Estate; Report Hotel-Investmentmarkt; https://www.realestate.bnpparibas.de/sites/default/files/document/2025-07/bnppre-hotelimmobilien-investmentmarkt-deutschland-2025q2.pdf.

            planned expansion in the coming years. At the same time, successful pilot projects with international hotel groups and extended framework agreements with existing partners are providing additional growth potential. With deeply integrated PMS interfaces, a clear focus on user-friendliness, and a strong sales network, Hotelbird remains a driving force in the digital transformation of the hotel industry.

         2. CONSUMER BRANDS

            TRIP, in the first half of 2025, TRIP further strengthened its position as the global market leader in calming premium beverages. With revenue growth of 117% year-on-year (fiscal year ends at the end of February) and three record-breaking months, the brand set new benchmarks.

            The entry into the U.S. market proved to be a breakthrough: following one of the most successful product launches by an emerging brand at Target, nationwide distribution has been secured from the second half of the year onward. Already in June, U.S. revenues surpassed the company's total performance for the previous year. In its home market of the UK, the launch of Wild Strawberry under the Calm branding - ranked the second most successful soft drink launch of the half-year-further strengthened brand equity. Building on this momentum, the successful partnership with Calm is being extended to additional product lines.

            TRIP remains the only beverage brand represented across all leading UK retailers and continues to capture a rapidly growing Gen Z community through millions of TikTok views and strong cultural relevance. Operating profitably across the UK and EU, the brand is also driving portfolio expansion: new Mindful Blends and functional supplements in the form of gummies, powders, and patches are opening up fresh avenues for growth.

            With its unique combination of viral brand presence, product innovation, and global expansion, TRIP is exceptionally well positioned to continuously scale its reach and strengthen its market presence in the years ahead.

            Brother's Bond Bourbon, in the first half of 2025, Brother's Bond entered a pivotal phase of its international expansion. Founded by Ian Somerhalder and Paul Wesley, the ultra-premium label secured fresh growth capital to strengthen its

            U.S. presence and expand into key international markets. With new distribution partnerships across Europe, Asia, and the United Arab Emirates, the brand is now represented on three continents.

            Its entry into the global travel retail market, in partnership with Gebr. Heinemann, includes exclusive product launches at airports and on premium cruise lines, complemented by interactive brand experiences and integrated digital storytelling. The award-winning portfolio spans from classic Straight Bourbon and American Blended Rye to innovative releases crafted from regeneratively grown grains - combining sustainability with artisanal craftsmanship.

            With a clear sense of purpose and a rapidly growing global fanbase, Brother's Bond is steadily consolidating its position as one of the most exciting brands in the premium spirits segment.

            Fjör, in 2025, Fjör continued to advance its brand and product strategy, sending a strong signal of innovation within the premium skincare segment. The launch of the Hydrolytic® Body Moisturizer in June - the world's first hydrolytic body care product - marked a major milestone. Building on 30 years of enzyme research, the product combines scientifically proven microbiome support with 24-hour hydration. Its patented technology gently removes dead skin cells, enhances microbiome diversity, and demonstrably strengthens the skin barrier.

            At the same time, Fjör further improved its marketing efficiency by leveraging organic reach and user-generated content, while new partnerships created a foundation for future expansion. Despite challenging market conditions, the company remained agile and reinforced its position as a pioneer in scientifically backed, microbiome-friendly skincare - extending its expertise in facial care seamlessly to the entire body.

   2. ‌INTERIM RESULTS OF OPERATIONS AND FINANCIAL CONDITION
      1. RESULT OF OPERATIONS

         Operating income

         Change in depreciation and amortization

         Change in personnel expenses

         Change in other operating expenses

         Change in income from other securities and long-term loans

         Interest and similar expenses

         Net loss for H1 2025

         In the reporting period, other operating income mainly consists of the reversal of provisions formed in the previous year in the amount of EUR 171.52 (previous year: EUR 33,015.11). In the previous year, other operating income mainly consisted of the sale of shares from Emerald Stay SA, which generated proceeds of EUR 1,567,883.07 and a capital gain of EUR 903,489.12.

         In the first half of 2025, depreciation and amortization amounted to EUR 4,028.54, compared with EUR 3,009.49 in the same period of the previous year. This relates to amortization of intangible assets.

         Personnel expenses were reduced compared to the previous year. Personnel costs amounted to EUR 40,208.59, which is attributable to the costs associated with the employment of our managing director.

         Other operating expenses amounted to EUR 179,424.04 in H1 2025. In addition to provisions, the most significant cost drivers in the reporting period included office rent in Berlin, insurance costs, legal fees in connection with our Annual General Meeting, audit fees, and accounting costs.

         Interest income relates to interest on the convertible bond as of June 30, 2025. Interest for the first half of the year amounted to EUR 2,784.44.

         Interest expenses of EUR 15,897.97 were incurred in the first half of 2025 in connection with the credit facility, compared with EUR 9,114.72 in the same period of the previous year.

         The net loss for H1 2025 amounts to EUR 236,603.12.

      2. ASSETS AND LIABILITIES
         1. ASSETS

            We consider the invested capital and the NAV development to be our most important KPIs. The following table shows the development of our KPIs since the completion of the contribution in kind and the completion of new investments:

            Company	Headquarters	Sector	Share
            Limestone Capital AG	Zug, Switzerland	Travel & Hospitality	35.7%
            Hotelbird GmbH	Munich, Germany	Travel & Hospitality	4.8%
            TRIP Drink Ltd.	London, United Kingdom	Consumer Brands	5.0%
            Brother's Bond Distilling Co. LLC	Camden, Delaware, United States	Consumer Brands	1.6%
            Fjör Ltd.	London, United Kingdom	Consumer Brands	11.3%

            Company	Invested capital*	Book value (EUR) according to German HGB	Net asset value**	Increase compared to book value
            Limestone Capital AG	EUR 788,330	EUR 8,006,872	EUR 33,346,486	+317.1%
            Hotelbird GmbH	EUR 499,867	EUR 426,465	EUR 499,867	+17.2%
            TRIP Drink Ltd.	EUR 1,489,354	EUR 6,751,780	EUR 10,169,430	+50.6%
            Brother's Bond Distilling Co. LLC	EUR 815,995	EUR 886,764	EUR 784,063	-11,7
            Fjör Ltd.	EUR 262,320	EUR 262,320	EUR 263,002	+0.3%

            * Reflects the historical cost basis of the investments at the time of investment. Reflects the approximate historical cost basis of the portfolio based on an assumed exchange rate of £1 = €1.17, an assumed exchange rate of USD = EUR 0.85, and an assumed exchange rate of CHF = EUR 1.07.

            ** The net asset value trend is an APM and reflects the book value adjustments resulting from the subsequent financing rounds. The net asset value trend is not reported in accordance with German GAAP.

            Changes in fixed assets

            Changes in current assets

            Non-current assets decreased from EUR 16,427,917.18 as of December 31, 2024, to EUR 16,425,801.64 as of June 30, 2025, due to exchange rate fluctuations, thus remaining almost unchanged.

            Current assets decreased to EUR 81,710.38 as of June 30, 2025, compared to EUR 214,483.98 as of

            December 31, 2024.

         2. EQUITY AND LIABILITIES

         Changes in equity

         Development of provisions

         Changes in liabilities

         The subscribed capital and capital reserves remained unchanged stable at EUR 5 million and EUR 17 million respectively as of June 30, 2024, and thus do not reflect any changes in the capital structure compared to the same period of the previous year. Due to the net loss carryforward for the year of EUR 0.2 million, equity decreased from EUR 16.0 million to EUR 15.8 million.

         Other provisions decreased from EUR 112,594.43 as of December 31, 2024, to EUR 76,574.30 as of June 30,

         2025.

         Total liabilities amounted to EUR 701,769.61 as of June 30, 2025, compared to EUR 596,124.89 as of December 31, 2024, due to an increase in other liabilities.

      3. CASH FLOW STATEMENT

         Change in cash flow from operating activities

         Cash flow from operating activities amounted to EUR -232,757.31 in the first half of 2025. This primarily reflects the net result for the period of EUR -236,603.12.

         Change in cash flow from investing activities

         Change in cash flow from financing activities

         Cash at the end of the period

         Cash flow from investing activities amounted to EUR -1,913.00 in the first half of 2025 and is attributable to investments in property, plant, and equipment.

         Cash flow from financing activities amounted to EUR 102,784.44, attributable to borrowing under the credit facility.

         Cash and cash equivalents at the end of the reporting period amounted to EUR 64,994.22.

      4. LIQUIDITY AND CAPITALIZATION

         The company's financing policy is designed to ensure sufficient liquidity at all times to meet both operational requirements and strategic financial needs for potential future investments.

         The company expects that the existing credit facility will provide adequate funds to cover its ongoing expenses over the coming years (during which no realizations from portfolio companies are anticipated) particularly personnel and administrative costs. Based on its planning at the time of this half-year report, the company intends to cover any short- or long-term financing needs arising from potential new investments through equity or debt financing and does not foresee a need for additional borrowings.

         As of 30 June 2025, the Company had drawn approximately EUR 0.655 million under the Credit Facility with Apeiron Investment Group Ltd. The total capacity available under the Credit Facility amounted to EUR 2.0 million, meaning that EUR

         1.345 million of capacity was available as at 30 June 2025.

      5. SUBSEQUENT EVENTS

         On July 24, 2025, 029 Group SE announced that its portfolio company Limestone Capital had achieved significant strategic milestones in the first half of 2025. In addition to opening Aethos Mallorca and acquiring the Nobu Hotel London Shoreditch, Limestone Capital acquired a majority stake in LOISIUM Wine & Spa Hotels and launched Crafted, a new nature-inspired lifestyle hospitality brand.

         On August 4, 2025, 029 Group SE reported its first cross-brand collaboration between two portfolio companies: TRIP and Brother's Bond Bourbon launched a joint summer campaign, The Brother's TRIP, combining TRIP's functional peach-ginger beverage with Brother's Bond's premium bourbon in a seasonal cocktail. The campaign quickly generated strong reach across social media, underscoring the synergies within the 029 Group portfolio.

         On August 12, 2025, 029 Group SE announced the acquisition of a stake of more than 30% in Nokken, a UK-based provider of design-focused modular cabins, through Limestone Capital AG. The partnership aims to drive Nokken's international expansion and accelerate the development of sustainable, nature-connected hospitality concepts.

         1. ‌OUTLOOK

            1. Assumptions regarding economic development and capital market developments

               We expect volatility to remain high in the second half of 2025 and asset prices to continue to adjust, but we expect more clarity on inflation trends and the course of central banks.

               Global growth is forecast at 3.0% for 2025 and 3.1% for 2026, in line with the July 2025 World Economic Outlook (WEO) forecast. While this represents a modest improvement, it remains dependent on various economic factors. The gradual cooling of labor markets and unexpected political decisions are likely to influence inflation dynamics. In July 2025, the European Union recorded an annual inflation rate of 2.0%.

               Monetary policy interest rates are expected to continue the normalization process in the second half of 2025, with the pace of adjustment differing depending on inflation conditions. The impact of these monetary policy adjustments on economic activity remains a key issue.

               Overall, the risks to the outlook remain balanced, as outlined in the July 2025 World Economic Outlook, but some short-term risks have come to the fore. These include upside risks to inflation, particularly in the services sector, and potential spillovers from geopolitical or trade tensions.

               Subject to these additional assessments, we refer to the relevant assumptions set out in our 2024 Annual Report.

            2. Development of the company and its segments

               We operate as an investment holding company focused on minority stakes in growth-oriented businesses and therefore have only limited influence on the day-to-day operations and performance of our portfolio companies. Furthermore, we have historically not generated operating revenues, and we expect this to remain the case in H2 2025.

               As an investment holding, our long-term objective is to realize gains from our investments. These are driven by both the price at which we invest and the price at which we are able to exit positions. Both factors are influenced by macroeconomic conditions-particularly asset valuations and WACC models-our ability to identify opportunities and execute exits at attractive terms, and the underlying macroeconomic environment shaping demand and pricing for the products and services offered by our portfolio companies. These elements are inherently difficult to plan and forecast and are heavily dependent on broader economic and financing market developments over which we have no control.

               As a minority investor, we disclose only limited financial and operational information regarding our portfolio companies. We therefore caution against placing undue reliance on this information as an indicator of the overall success of 029 Group SE.

               We operate in an environment of constant change. In the second half of 2025, we will continue to assess on a case-by-case basis whether to allocate capital to high-quality opportunities. To pursue such opportunities, we must raise capital in the equity or debt markets or draw on our credit facility. This requires a sufficiently stable and supportive financing environment in 2025, which may not necessarily be available.

               Our outlook has been prepared alongside the Risk and Opportunity Report and is subject to a high degree of uncertainty, as described therein, particularly as we invest in early-stage growth companies that inherently involve significant levels of risk and uncertainty.

               Travel & Hospitality: We expect Limestone to continue benefiting in the second half of 2025 from sustained demand in the high-end travel segment. Innovative and sustainable hospitality concepts are attracting strong interest, while brand platforms-particularly Aethos-are gaining visibility, supported by the opening of new properties in attractive international destinations. For Hotelbird, we anticipate solid growth from its existing business, complemented by new momentum from additional B2B partnerships. The ongoing digitalization of hotel chains, focused on efficiency and cost reduction, is expected to provide further growth potential.

               Consumer Brands: We expect our consumer brands to benefit from resilient and stable consumer demand. TRIP is likely to continue advancing its expansion into new geographies across the U.S. and Europe, while also evaluating additional financing options to support U.S. growth. Brother's Bond is set to further expand its international footprint and enter new target markets. For Fjör, the second half of the year will be critical to successfully executing its planned financing round, thereby laying the foundation for its next phase of growth.

            3. Overall outlook

               We believe that our portfolio companies are generally well positioned to execute their growth plans even in the current market environment, although their ability to raise capital-and the terms under which such capital can be secured-will remain a critical determinant of their success and growth trajectory. The individual performance of our investments and sectors is difficult to forecast, both in terms of magnitude and probability of realization over time. Accordingly, we apply an average assumption and reflect this in our overall guidance. A down round or failure to secure additional funding would negatively impact our NAV forecast for the projection period. At the portfolio level, and assuming no unforeseen market disruptions, we expect NAV growth of between 0% and +15% over the forecast horizon.

         2. ‌OPPORTUNITIES AND RISKS

         The risks and opportunities for the company's development outlined in the relevant section of the Management Report in our 2024 Annual Report remain applicable to the second half of 2025 without material changes.

         Berlin, September 26, 2025

         029 Group SE Managing Director

         
         
         

         Leon Sander

         FINANCIAL STATEMENTS

2. ‌FINANCIAL STATEMENTS
   1. INCOME STATEMENT FROM JANUARY 1, 2025 TO JUNE 30, 2025

      Half-year ending June 30, 2025

      EUR

      Half-year ending June 30, 2024

      EUR

      1	Other operating income	171.52	936,504.23
      2.	Personnel expenses
      a) Wages and salaries		37,625.04	48,000.00
      b) Social security costs and expenses for old age		2,583.55	290.58
      40,208.59			48,290.58
      3.	Depreciation and amortization a) of noncurrent intangible assets and property,	4,028.54	3,009.49
      	plant and equipment
      4	Other operating expenses	179,424.04	181,451.65
      5.	Income from other securities and long-term	2,784.44	2,784.44
      	loans
      6.	Interest and similar expenses	15,897.97	9,114.72
      7.	Net income/net loss after tax	-236,603.12	697,422.23
      8.	Net loss	236,603.12	-697,422.23

      pensions and other benefits

   2. INTERIM BALANCE SHEET AS OF JUNE 30, 2025
      1. ASSETS

         Financial year as of Previous year as of June 30, 2025 December 31, 2024 EUR EUR

II Tangible fixed assets

10,362.84 13,715.84

Receivables and other assets

than 1 year EUR 16,053.33 (EUR 13,268.89)

EUR 1,262.47 (EUR 11,553.92)

GENERAL INFORMATION ON THE HALF-YEAR FINANCIAL STATEMENTS

The half-year financial statements of 029 Group SE was prepared based on the accounting rules of the German Commercial Code (Handelsgesetzbuch, HGB).

The provisions of the German Stock Corporation Act (AktG) and the SE-Implementation Act (SEAG) also had to be observed in addition to the above regulations.

Information that can be given either on the balance sheet, in the income statement or in the notes to the financial statements is mostly given in the notes.

For the income statement, the total cost method according to Section 275 para. 2 of the German Commercial Code was chosen.

According to the size categories stated in Section 267 para. 3 sent. 2 of the German Commercial Code, the company is a large corporation.

The half-year financial statements of the company were prepared in German and EURO in accordance with Section 244 of the German Commercial Code.

GENERAL INFORMATION ON THE HALF-YEAR FINANCIAL STATEMENTS

The half-year financial statements were prepared in accordance with the provisions of Sections 242 ff. of the German Commercial Code in compliance with the supplementary provisions for large corporations.

INFORMATION ON ACCOUNTING AND VALUATION METHODS

Assets

Noncurrent assets

Purchased intangible assets were recognized at cost; finite-lived intangible assets are amortised.

Depreciation and amortisation is charged using the straight line on the basis of the expected useful life of the assets.

In the case of permanent asset impairment, extraordinary write-downs are made. Investments are recognized at the acquisition cost or at the lower fair value.

Other loans are recognized at the nominal value or at the lower fair value.

Current assets

Other assets are stated at the nominal value or at the lower fair value at the balance sheet date.

Receivables for which there is a significant risk of uncollectibility are written down on a case-by-case basis, while uncollectible receivables are written off.

Liquid assets are recognized at nominal value.

Deferred expenses

Deferred expenses include expenses that represent expenses after the reporting date.

Deferred tax assets

Deferred tax assets are not reported, making use of the option under Section 274 of the German Commercial Code. The deferred tax assets result from the tax loss carryforward.

Totel Equity & Liabilities

Equity

The subscribed capital and the capital reserve pursuant to Section 272 para. 2 of the German Commercial Code are stated at nominal value.

Provisions

Other provisions take into account all identifiable risks and contingent liabilities and are recognized at the settlement amount in accordance with prudent business judgment

Liabilities

Liabilities are recognized at their settlement amount.

Accounting policies that have changed as compared to the prior year

For the half-year financial statements the previously applied accounting policies were essentially adopted.

BALANCE SHEET DISCLOSURES

Statement of changes in fixed assets for the individual items of fixed assets

The development of the individual fixed assets is shown in the following fixed assets schedule:

Statement of changes in fixed assets as of 30 June 2025

A. Noncurrent assets

1. Intangible assets

   1. Purchased concessions, industrial

      26,911.80 476.00 27,387.80 13,195.96 3,829.00 17,024.96 10,362.84

      property rights and similar rights and values as well as licenses to such rights

      and values

      Total intangible fixed assets 26,911.80 476.00 27,387.80 13,195.96 3,829.00 17,024.96 10,362.84

2. Tangible fixed assets

Other assets

The other assets mainly comprise the accrual of loan interest from the convertible bond as of the reporting date in the amount of EUR 16,053.33 (prior year: EUR 10,453.33), which will become due on 30 September 2027 upon maturity. In addition, a deposit of EUR 639.03 (prior year: EUR 4,335.00) for the rental of office space is recognized, as well as a refund claim for a disputed supplier invoice amounting to EUR 23.80 (prior year: EUR 0.00). The other assets have a remaining term of more than one year.

DISCLOSURES ON SHARE CLASSES

Share capital

The share capital of 029 Group SE amounts to EUR 5,000,000.00 as of 30 June 2024 (previous year: EUR 5,000,000.00) and is divided into 5,000,000.00 no-par value bearer shares with a notional share in the share capital of EUR 1.00 per share. By resolution of the General Meeting on 10 August 2022, the share capital was increased by EUR 4,750,000 by issuing new no-par value bearer shares with a notional share in the share capital of EUR 1.00 each and with profit entitlement from the beginning of the financial year in which the capital increase was registered. The shareholders' statutory subscription rights were excluded. The contribution obligation was fulfilled by a contribution in kind of an investment portfolio.

Disclosures on authorised capital

By resolution of the General Meeting on 10 August 2022, the Board of Directors is authorized to increase the share capital of the company once or several times by a total up to EUR 2.500.000.00 against cash contributions and/or contributions in kind until 17 August 2027. (Authorized Capital 2022/I.)

Change in capital reserves

The capital increase in the total amount of EUR 17,048,925.00 was provided as follows:

Insofar as the contribution value of the contibuted investment portfolio exceeded the issue amount of the new shares granted in return as part of the resolved capital increase of EUR 4,750,000, this difference of EUR 17,008,925.00 was transferred to the capital reserve. Furthermore, an additional payment of EUR 40,000.00 was made to the capital reserve.

DISCLOSURES ON AND EXPLANATIONS OF PROVISIONS

The other provisions amounting to EUR 76,421.98 (prior year: EUR 83,859.43) mainly relate to year-end closing and audit costs, accounting expenses, and remuneration of the Administrative Board. They have a remaining term of up to one year.

DISCLOSURES ON AND EXPLANATIONS OF LIABILITIES

The liabilities primarily comprise trade payables amounting to EUR 1,262.47 (prior year: EUR 116,788.66) and other liabilities of EUR 700,507.14 (prior year: EUR 95,045.93).

The trade payables of EUR 1,262.47 have a remaining term of up to one year.

The other liabilities consist of a loan from Apeiron Investment Group Ltd. in the amount of EUR 688,448.19 (prior year: EUR 81,148.89), which bears interest at a rate of 5.5% per annum on the nominal amount of the respective loan funds provided, as well as EUR 9,687.53 (prior year: EUR 9,687.53) and EUR 2,320.45 (prior year: EUR 2,320.45) from intercompany clearing accounts. In addition, there are liabilities to the tax authorities for VAT payable amounting to EUR 50.97 (prior year: EUR 1,840.63).

Of the other liabilities, EUR 12,058.95 have a remaining term of up to one year, and EUR 688,448.19 have a remaining term of more than one year and up to five years.

INCOME STATEMENT DISCLOSURES

Classification of sales

No sales were generated in the reporting period.

Other operating income

In the reporting period, other operating income primarily results from the reversal of provisions recognized in the prior year amounting to EUR 171.52 (prior year: EUR 33,015.11).

In the prior year, other operating income mainly arose from the sale of shares in Emerald Stay SA, which generated proceeds of EUR 1,567,883.07 and a gain on disposal of EUR 903,489.12.

Amortization

Depreciation consists of scheduled amortization of intangible assets amounting to EUR 3,829.00 (prior year: EUR 3,009.49) and depreciation of property, plant and equipment amounting to EUR 199.54 (prior year: EUR 0).

Miscellaneous operating costs

Other operating expenses mainly comprise rental expenses for immovable assets amounting to EUR 6,103.34 (prior year: EUR 16,175.06), insurance expenses of EUR 12,516.24 (prior year: EUR 12,513.60), advertising expenses of EUR 17,850.00 (prior year: EUR 17,850.00) for promoting the Company's shares, legal and consulting fees of EUR 45,034.08 (prior year: EUR 30,563.75) primarily related to annual general meetings and the stock exchange listing, year-end closing and audit costs of EUR 49,379.58 (prior year: EUR 73,407.53) mainly in connection with the preparation of the annual financial statements and tax returns as well as

the audit of the annual financial statements, and remuneration of the Supervisory Board amounting to EUR 15,000.00 (prior year: EUR 15,000.00).

Expenses relating to other periods

In the reporting period up to 30 June 2025, prior-period expenses included a BaFin settlement relating to the 2023 financial year. In the prior year, no prior-period expenses were incurred.

Income from other securities and loans held as financial assets

Interest income of EUR 2,784.44 (prior year: EUR 2,784.44) primarily results from interest on the loan (convertible bond) at a rate of 7.00% per annum, based on the nominal amount of the loan funds provided. Interest is calculated on an exact day-count basis using the 30/360 day-count convention.

Interest and similar expenses

Interest expenses of EUR 15,897.91 (prior year: EUR 9,114.72) primarily relate to interest on the loan from Apeiron Investment Group Ltd., with each amount drawn bearing interest at a rate of 5.50% per annum based on the nominal amount. No loan repayments were made during the reporting period.

SIGNATURE OF THE MANAGING DIRECTOR

Berlin, 26 September 2025

Place, date Leon Sander

RESPONSIBILITY STATEMENT

1. ‌RESPONSIBILITY STATEMENT

To the best of my knowledge, I hereby confirm that, in accordance with the applicable accounting principles for interim reporting, the half-year financial report of 029 Group SE provides a true and fair view of the company's net assets, financial position, and results of operations.

Furthermore, the interim management report of 029 Group SE presents the course of business, including the results of operations and the position of the company, in such a way that it provides a true and fair view, and also describes the material opportunities and risks of the company's expected development in the remaining financial year.

Berlin, 26 September 2025

029 Group SE Managing Director

Leon Sander