Youngtimers AgSIX: YTME

Half-Year Results 2025

Sep 29, 2025 at 7:29 PM UTC · MarketScreener

Half-Year Results 2025

For the period ended 30 June 2025 (Unaudited)

29 September 2025

CONFIDENTIAL AND PROPRIETARY

Any use of this material without specific permission of Youngtimers AG is strictly prohibited

Index

10.

11.

Key Figures in H1 2025 3

Ad-Hoc Announcements 4

Board of Directors, New Members 5

Message from the CEO 6

Total Revenue and AUM H1 2025 7

Outlook Second Half-Year 2025, Strategic Priorities 8

Consolidated Income Statement 9

Consolidated Balance Sheet 10

Consolidated Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14

General Information 15

Change in Presentation Currency 16

Financial Statements of Foreign Operations 17

Operating Income 18

Convertible Bond 19

Treasury Shares 20

Subsequent Events 21

Contacts 22

Key Figures in H1 2025

3.9m

USD

7,700%

Service fee income:

$1,980,465 (50.9%)

Management fees:

$1,814,479 (46.6%)

Financial income:

Operating revenue H1 2025

vs 0.04M (H1 2024)

1.4mUSD

Cash & Cash equivalents

vs 2.3m (31 Dec 2024).

-4.5mUSD

Net Result compared to -1.6m for

the same period in 2024

Revenue growth YoY (H1 2025 vs H1 2024)

55mUSD

Convertible bond liability

vs 65m (31 Dec 2024)

Private Equity (incl.

Co-investment vehicle): 66%

Real Estate & Renewables: 27%

$94,632 (2.4%)

$3,889,576

Total Revenue

Total AUM

470mUSD

Defined as the value of invested assets, as of June 30, 2025

Private Credit: 4%

Others: 3%

Ad-Hoc Announcements

Jan 13, 2025

Youngtimers AG Announces Board Changes and Appoints New CEO

Mar 15, 2025

Appointed

New CEO

3.7mUSD

Youngtimers Announces US$3.7 Million Strategic Share Placement with DL Holdings as Lead Investor and Strategic Partnership to Expand Investment and Asset Management Opportunities

Strategic share placement with DL Holdings and other investors

Aug 6, 2025

At the 26th Annual General Meeting ("AGM") held in Basel, the shareholders of Youngtimers AG approved all motions submitted by the Board of Directors.

Approved all motions

of the Board of Directors, including appointment of New Chairman and Board Member

Aug 15, 2025

Youngtimers AG Expands APAC Footprint with Acquisition of Richmond Funds Management in Australia and Full Integration of C Capital Investment Management the entity holding all of our licenses in HK.

Acquisition of Richmond Funds Management in Australia and full integration of C Capital Investment Management Hong Kong

Board of Directors New Members

On August 6, 2025, we announced important changes to our Board of Directors, reflecting our commitment to strengthening the Company's leadership for the future. We are pleased to welcome two highly accomplished new members.

Dr. Rory F. Knight, a distinguished British economist and business advisor, has been proposed as Chairman of the Board. With an exceptional career spanning academia, central banking, and asset management, Dr. Knight brings unmatched strategic insight and extensive global experience to this role.

Alongside him, Mr. Henry Lee, Managing Director and Co-Head of Australia at C Capital, has been proposed as a new member of the Board. Mr. Lee offers deep expertise in wealth management, portfolio oversight, and investor relations, having successfully managed multi-billion-dollar funds and built strong partnerships across Asia-Pacific.

Their combined leadership, experience, and vision will play a key role in guiding the Company's continued growth and long term success.

Chairman of the Board

Dr Rory F Knight

Chairman MA (Oxon), MCom, PhD, CA Dr Rory Knight is a well respected British economist and business advisor, and Chairman of Oxford Metrica and Jakota Capital AG. He is a life member of the John Templeton Foundation, where he served as the Chair of Investments. His career has spanned both the academic and business worlds globally. Prior to founding Oxford Metrica he served two terms as the Dean of Templeton, the University of Oxford's business college. He was responsible for Templeton's overall strategy and direction. Previously, he was the Vize Direktor at the Schweizerische Nationalbank (SNB), the Swiss Central Bank. His role included providing policy advice on international financial matters and he retains significant links with central banks around the world.

Prior to joining the SNB, he was a Professor of Finance at IMD (Switzerland) and before this he enjoyed five years in financial services with PwC and KPMG, where he qualified as a Chartered Accountant. Dr Knight advises numerous corporations and foundations internationally. He has extensive board experience, including with listed companies; he served as chairman of many of these. He has published extensively on finance and business policy. He has deep roots in academia, central banking and asset management. Dr Knight currently resides in Switzerland.

Member of the Board of Directors

Henry Lee

Mr Henry Lee is currently the Managing Director and Co-Head of Australia at C Capital, based in Sydney. In this role, he is responsible for the overall management of the Australian office, including transaction sourcing and investor relationship management with high-net-worth (HNW) and ultra-high-net-worth (UHNW) wholesale investors. Prior to joining C Capital in 2025, Mr Lee served as Director at Senry Funds Management from 2022 to 2025, where he managed fund portfolios totaling over AUD$300 million in assets under management. His responsibilities included investor reporting, investment opportunity analysis, and relationship management with key stakeholders.

Since 2014, Mr Lee has also held the role of Investment Director at a private family office, where he has overseen investment strategy, portfolio management, tax planning, and administrative operations. The investment scope has included real estate, equity and fixed income markets, insurance products, and venture-stage direct investments. Earlier in his career, Mr Lee was Vice President of the Wealth Management Department at CHIEF Securities Ltd. in Hong Kong, where he helped to launch the firm's wealth management platform. He collaborated with insurance firms and asset managers to expand the firm's product offering and led training efforts across 20 branches. He held licenses from the Hong Kong Securities and Futures Commission to advise and deal in securities from 2015 to 2017. Mr Lee also completed a summer analyst position in the Investment Banking Division at Bank of America Merrill Lynch in Hong Kong, where he worked with Consumer Retail, TMT, and Sponsors groups. He holds a Bachelor of Commerce from the University of New South Wales and completed his secondary education at Sydney Grammar School.

Message from the CEO

Ben Cheng - Chief Executive Officer

We are pleased to present the Half-Year Report of Youngtimers AG (also, the "Company" and together with its subsidiaries the "Group") for the first six months of 2025.

This report provides a comprehensive overview of our financial position, operating performance, and strategic progress during the period under review.

The first half of 2025 marked a decisive phase in our transformation into a global asset management group. Building on the momentum of 2024, we continued to expand our international footprint and strengthen our investment capabilities.

In February, we announced the tentative acquisition of Richmond Funds Management in Australia. The acquisition was subsequently completed in August. Such acquisition strengthened our regional presence through the establishing our presence in a strategically important region.

Shortly thereafter, in March 2025, we successfully made a USD 3.7 million strategic share placement with our strategic partner DL Holdings, reinforcing our balance sheet and enabling further growth initiatives. The share placement was carried out by a sale of treasury shares of Youngtimers AG at market price.

These developments build upon the acquisition of C Capital, which provided us with a strong platform in the Asia-Pacific region and significantly broadened our asset management offering.

The integration of C Capital has progressed according to plan and will form the cornerstone of our activities in the region going forward.

To support the execution of our strategy, we also strengthened our leadership team during the reporting period.

A new CEO was appointed in January 2025, bringing fresh expertise and focus to our long-term vision.

In May 2025, changes were made to the Board of Directors.

Also in May, the Company entered into an agreement to sell 100% of the shares of JAKOTA Index Portfolios Inc for a purchase consideration of USD 10 million, which was settled by notes of C Capital Corp. S.A.

Yours sincerely,

Ben Cheng

Chief Executive Officer

Total Revenue and AUM H1 2025

Private Credit: 4%

Financial income:

2.4%

Real Estate & Renewables: 27%

Others: 3%

Management fees:

46.6%

Service fee income: 50.9%

3,889,576

USD

470mUSD

Private Equity (incl.

Co-investment vehicle):

66%

Total Revenue

Total Current AUM as of June 30, 2025

Outlook Second Half-Year 2025

Strategic priorities

Looking ahead to the second half of 2025, our focus remains firmly on strengthening our position as a global asset management platform. In addition to consolidating our presence in Asia-Pacific, we plan to initiate a capital increase to lower our debt obligations, support strategic acquisitions, and boost our working capital.

Internally, we continue to enhance our governance framework, risk management practices, and reporting standards to meet the expectations of our institutional stakeholders.

With a clear strategic roadmap, strong regional partners, and a growing global presence, Youngtimers AG is well positioned to become a world-class asset management group with regulated entities in the world's most important financial centers.

Consolidated Income Statement under Swiss GAAP FER

(in US Dollars)

For the six months period ended 30 June 2025

3.89

0.04

H1 2024

H1 2025

H1 2024

-1.62

H1 2025

Revenue

-4.48

Net result

(Total operating income USD Millions)

(USD millions)

	NOTES	2025 USD	2024 USD
Service fee income Management Fees	2	1'980'465 1'814'479	44'724 -
Financial income		94'632	-
Total operating income	2	3'889'576	44'724
Costs for services Personel expenses General and Administrative expenses Depreciation of tangible fixed assets Amortisation on intangible assets		(1'014'689) (382'228) (2'475'822) (167) (2'355'931)	- -(783'141) - -
Total operating expenses		(6'228'838)	(783'141)

Operating result		(2'339'261)	(738'417)
Interest expenses and bank charges (347'341) (45'530)
Interest income		-	64'555
Exchange losses		(1'610'940)	-
Exchange gains		37'260	341'646
Realized and unrealized loss on listed securities		(672'938)	(1'556'149)
Realized and unrealized gain on listed securities		463'766	317'561
Financial result		(2'130'193)	(877'918)

Ordinary result		(4'469'454)	(1'616'335)
Tax expense (6'868) Loss for the period (4'476'322) (1'616'335) Basic and diluted loss per share (in USD) (0.06) (0.03)

	NOTES	30 June 2025 USD	31 Dec 2024 USD
ASSETS
Current assets
Cash and cash equivalents Listed securities		1'445'710 3'735'885	2'326'635 3'544'746
Financial assets		278'402	249'128
Receivables		357'000	170'000
Other short-term receivables		2'823'250	895'628
Accrued income and prepaid expenses		-	10'177
Assets held for sale		-	10'000'000
Total current assets		8'640'247	17'196'314
Non-current assets
Tangible fixed assets		2'058	-
Financial assets		4'945'647	2'639'731
Goodwill		20'418'070	22'774'000
Total non-current assets		25'365'774	25'413'731

Total assets		34'006'021	42'610'045

Consolidated Balance Sheet under Swiss GAAP FER

(in US Dollars)

34m USD

Total Assets

Current Assets 8.6m USD

25.4%

74.6%

Non-current Assets 25.3m

30 June 2025

(1/2)

As of 30 June 2025

46m USD

Total Assets

Current Assets

17.2m USD

40.4%

59.6%

Non-current Assets 25.4m

31 Dec2024

Consolidated Balance Sheet under Swiss GAAP FER

(in US Dollars)

30 June 2025 31 Dec2024

69.3m

59.1m

(2/2)

-25.1m

Liabilities & Equity - 2025 vs 2024 USD millions; equity plotted below zero

-26.7m

As of 30 June 2025

	NOTES	30 June 2025 USD	31 Dec 2024 USD
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable to third parties		34'595	70'155
Other short-term liabilities from third parties		2'713'378	1'595'821
Prepayments received Accrued expenses		1'213'279 121'717	2'184'203 467'590
Total current liabilities		4'082'969	4'317'769
Non-current liabilities
Convertible bond	3	55'000'000	65'000'000
Total non-current liabilities		55'000'000	65'000'000

Total liabilities		59'082'969	69'317'769
Shareholders' equity
Share capital		35'851'203	35'851'203

Capital reserves		13'004'884	15'086'867
Losses carried forward Loss for the period		(69'151'609) (4'476'322)	(26'451'277) (42'700'332)
Accumulated losses		(73'627'931)	(69'151'609)

Currency translation difference		1'054'569	(1'293'297)

Treasury shares	4	(1'359'674)	(7'200'885)

Total shareholders' equity		(25'076'949)	(26'707'722)

Total liabilities and shareholders' equity		34'006'021	42'610'045

	Share Capital	Capital Reserves	Accumulated losses	Treasury Shares	Currency translation difference	Total
Balance at 1 January 2024	30'946'953	15'086'867	(26'451'277)	(7'200'885)	(51'743)	12'329'914
Loss for six-month period			(1'616'335)			(1'616'335)
Currency translation difference		-	-	-	(769'831)	(769'831)
Balance at 30 June 2024	30'946'953	15'086'867	(28'067'612)	(7'200'885)	(821'574)	9'943'748

Balance at 1 January 2025	35'851'203	15'086'867	(69'151'609)	(7'200'885)	(1'293'297)	(26'707'722)
Disposal of treasury shares		(2'081'983)		5'841'211		3'759'228
Loss for six-month period	-	-	(4'476'322)	-		(4'476'322)
Currency translation difference	-	-	-	-	2'347'866	2'347'866
Balance as per 30 June 2025	35'851'203	13'004'884	(73'627'931)	(1'359'675)	1'054'569	(25'076'949)

Consolidated Statement of Changes in Equity

(in US Dollars)

As of 30 June 2025

Consolidated Cash Flow Statement Under Swiss GAAP FER

(in US Dollars)

For the period ended as of 30 June 2025

CASH FLOW FROM OPERATING ACTIVITIES LOSS FOR THE SIX-MONTH	2025 USD	2024 USD
PERIOD	(4'476'322)	(1'616'335)
Realized and unrealized gain on listed securities	(463'766)	(181'822)
Realized and unrealized loss on listed securities	672'938	1'556'149
Amortisation of goodwill	2'355'931	-
Exchange losses	1'610'940	-
Exchange gains	(37'260)	-
Loss on investment disposal	122'145	-
Change in account receivable and other receivables	(1'579'903)	(47'981)
Change in accrued income and prepaid expenses	10'177	(332'798)
Change in creditors and other short-term liabilities	(1'862'001)	-
Change in accrued expenses	(500'228)	(29'574)
OPERATING CASH FLOW	(4'147'350)	(652'360)
Investment in tangible fixed assets	(2'058)	-
Investment in listed securities	-	(2'897'032)
Disposal of listed securities	70'162	1'503'750
Increase of financial assets	(2'000'000)	-
Decrease of financial assets	-	2'890'621
Disposal of investment	(158)	-
INVESTING CASH FLOW	(1'932'054)	1'497'339
CASH FLOW FROM FINANCING ACTIVITIES
Disposal of treasury shares	3'759'228	-
FINANCING CASH FLOW	3'759'228	-
Effect of foreign exchange rate variation	1'439'251	(298'718)
CHANGES IN CASH AND CASH EQUIVALENT	(880'925)	546'261
CASH AND CASH EQUIVALENT AT BEGINNING OF THE PERIOD	2'326'635	344'710
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD	1'445'710	890'972
CHANGES IN CASH AND CASH EQUIVALENT	(880'925)	546'262

Notes

To the Consolidated Financial Statements

under Swiss GAAP FER (in US Dollars)

Transition from CHF to USD for Clarity

Foreign Operations Translation to USD

1. GENERAL INFORMATION

These consolidated interim financial statements comprise the unaudited half-year results of the Company and its subsidiaries for the period ending 30 June 2025.

The interim consolidated financial statements for 2025 have been prepared in compliance with Swiss GAAP FER 31 "Complementary recommendation for listed companies" and the consolidation and accounting principles described in the 2024 consolidated accounting principles described in the 2024 consolidated financial statements. Except where stated otherwise, all amounts are presented in USD.

The consolidated interim financial statements were approved by the Board of Directors of Youngtimers AG on 25 September 2025.

Compliance with Swiss GAAP FER 31

Endorsement by the Board of Directors

Notes to the Consolidated Financial Statements under Swiss GAAP FER

Change in Presentation Currency

In 2023 the financial statements were presented in Swiss Francs (CHF), which is Youngtimers AG's functional currency. For the financial statements 2024 the Board of Directors have elected to change the Group's presentation currency in the consolidated financial statements from Swiss francs to US Dollars. The Group believes that the presentation currency change will give investors and other stakeholders a clearer understanding of the Group's performance over time. The change in presentation currency is a voluntary change which is accounted for retrospectively in the comparative information and all comparative statements and notes have been restated accordingly as follows.

Assets and liabilities are translated based on the exchange rate prevailing at each of the comparative periods. Items of income and expenses, capital transaction and cash flows are translated using the exchange rate prevailing at the transaction date or at an appropriate average rate.

Consequently, these consolidated financial statements are presented in US dollars (USD), which henceforth is the Company's presentation currency.

The change had no impact on equity and the interim result.

Notes to the Consolidated Financial Statements under Swiss GAAP FER

Financial statements of foreign operations

For the purpose of preparing consolidated financial statements, the assets and liabilities of the Group's foreign operations are translated into USD using exchange rates prevailing on the balance sheet date. Income, expense and cash flow items are translated at the average exchange rates for the period.

The exchange differences arising on translation for consolidation are recognized in equity. At the date of sale of a foreign subsidiary, the respective cumulative foreign currency translation adjustments are recognized in the income statement.

The following exchange rates were used for currency translation.

Closing Rate Average Rate

(Balance Sheet) (Profit and Loss)

	30.06.2025	31.12.2024	2025	2024
CHF	1.2395	1.1034	1.1463	1.1211
EUR	1.1719	1.0355	1.0901	1.0791
100 HKD	12.7383	10.5730	12.8239	12.7864

Notes to the Consolidated Financial Statements under Swiss GAAP FER

Operating Income

Operating income and results by segments
	Asset management	Research and advisory	Group
Service and management fees	3'636'935	252'641	3'889'576
Profit (loss) for the period	(4'598'468)	122'145	(4'476'322)


Operating income by regions
Asia Pacific			3'559'260
United States			252'641
Switzerland			77'675
Group			3'889'576

Notes to the Consolidated Financial Statements under Swiss GAAP FER

Convertible Bond

C Capital Corp S. A., Luxemburg a 100% subsidiary of Youngtimers AG restated its outstanding convertible Bond on 9 August 2024.

The revised convertible bond (ISIN DE000A3LP1T8) is represented by 70'000 Notes with a nominal value of USD 1'000 per note and matures on 19 December 2033.

The bond is fully recognized as a liability. The convertible bond pays 1% interest. Interest expense for the period amounted to USD 340k. Subject to the approval of the Company, the noteholders are entitled to convert the Notes into shares of Youngtimers AG priced in USD equivalent at the conversion notice date and conversion price being the lowest between CHF 1.20 per share and the five days weighted average prior to the conversion notice date. The conversion feature is not recognized as derivative.

On 18 May 2025, the Company entered into an agreement to sell 100% of the shares of Jakota Index Portfolios Inc for a purchase consideration of USD 10 million.

The consideration was settled by 10'000 Notes with a nominal value of USD 1'000 of C Capital Corp S.A.

As per 30 June 2025, 15'000 Notes with a nominal value of USD 1'000 per note are held by the Group. Resulting in an outstanding convertible bond liability of USD 55 million as per 30 June 2025.

BOND RESTATEMENT

C Capital Corp S.A. restates its outstanding convertible bond

BOND LIABILITY UPDATE

Outstanding convertible bond, liability stands at USD 55m

9 Aug 2024

18 May 2025

30 Jun 2025

ASSET SALE AGREEMENT

Company agrees to sell Jakota Index Portfolios INC for USD 10m in bonds

Notes to the Consolidated Financial Statements under Swiss GAAP FER

Treasury Shares

On 15 March 2025, the Company made a USD 3.7 million strategic share placement, securing, amongst others, DL Holdings Group Limited (HKEX: 1709) ("DL Holdings" or "DL") as a strategic shareholder.

The shares have been placed to DL Holdings and accredited family offices, who have signed definitive agreements with Youngtimers AG. The share placement was carried out by a sale of treasury shares of Youngtimers AG at market price.

Notes to the Consolidated Financial Statements under Swiss GAAP FER

Subsequent Events

On 29 July 2025, the Hong Kong Securities and Futures Commission (SFC) approved the transfer of ownership of C Capital IM Ltd (CCIM BVI) and Capital Investment Management Limited (CCIM HK) to C Capital Corp.

The formal registration of this ownership change with the respective company registries was completed on 15 August 2025 for both entities (CCIM HK and CCIM BVI). With effect from this date, both CCIM BVI and CCIM HK became wholly owned subsidiaries of the Group and will therefore be fully consolidated from this point onwards. The change in control for these two entities completes the acquisition of C Capital Corp. S.A (fka Immo Prime S.A.) and its subsidiaries. The companies acquired had the following balance sheet items at the time of the formal registration of the ownership change.

Balance sheet item		USD
Cash and cash equivalents		1'271'439
Receivables		700'323
Other short-term receivables		301'658
Short-term receivables towards Youngtimers AG		151'143
Accrued income and prepaid expenses		134'148
Tangible fixed assets		1'279'118
Financial assets		51'425
Total Assets		3'889'254
		-
Short-term liabilities towards Youngtimers AG		4'479'890
Accrued expenses		123'547
Long-term financial liabilities		1'224'899
Share capital		100
Accumulated loss		(1'939'182)
Total liabilities & equity		3'889'254

	20

Notes to the Consolidated Financial Statements under Swiss GAAP FER

Subsequent Events

On 15 August, the Group completed the acquisition of Australian based Richmond Funds Management ("RFM"). The acquisition price including transaction cost was USD 10.5 million. RFM was rebranded as C Capital Australia with immediate effect. At the date of acquisition, the company had the following balance sheet items.

Balance sheet item		USD
Cash and cash equivalents		357'700
Receivables		17'013
Other short-term receivables		209
Tangible fixed assets		28'963
Investment		288'887
Financial assets		75'308
Total Assets		768'080

Trade accounts payable		51'486
Other short-term liabilities		40'296
Accrued liabilities		14'982
Long-term financial liabilities		496'792
Share capital		494'445
Accumulated loss		-329'921
Total liabilities & equity		768'080

	21

Contacts

ir@youngtimers.com

Hong Kong

Suite 4301, Level 43, Jardine House, 1 Connaught Place, Central, Hong Kong

Beijing

North Taikoo Li, 11 Sanlitun Road, TWR N3 3/F OF-116, Chaoyang, Beijing 100027

Zürich

Limmatquai 4, 8001 Zürich

Sydney

Suite 5.02, 175 Pitt Street, Sydney

NSW 2000, Australia

Shanghai

No. 890 Julu Road, Jing An District, Shanghai 200020

VOUNGTIMERM