Main Market Admission and First Day of Dealings

This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Canada, Japan, the Republic of South Africa, Australia, New Zealand or any jurisdiction where to do so would constitute a violation of the relevant laws in that jurisdiction or which would require any registration or licensing within that jurisdiction.

31 October 2025 

Cindrigo Holdings Limited

("Cindrigo" or the "Company")

Admission to Trading on Main Market of the London Stock Exchange

&

First Day of Dealings 

Cindrigo Holdings Limited, a clean baseload energy developer and producer, is pleased to announce the admission of its entire issued share capital to trading on the Main Market of the London Stock Exchange, at 8.00 am today under the ticker "CINH" ("Admission"). The Company's Prospectus is available on Cindrigo's website https://www.cindrigo.com/investor-relations/corporate-documents.

Admission follows a Placing by Capital Plus Partners Limited ("Capital Plus"), as well as a Company Subscription, for a combined total of 17,176,994 New Ordinary Shares ("Fundraising Shares") at 12p per ordinary share of £0.01 each (the "Placing Price"), raising gross proceeds of £2.06 million together with the conversions of £9.3 million principal amount of Convertible Loan Notes at an average blended conversion price of approximately 17p. Beaumont Cornish Limited acted as the Sponsor and Financial Advisor in relation to the Admission and Capital Plus acted as Sole Broker. The Company expects to receive the London Stock Exchange's Green Economy Mark in due course.

Placing Statistics

Key Highlights

· The Company's primary focus is to advance its clean energy initiatives initially through Waste-to-Energy and geothermal projects across Europe.

· The Kaipola Plant is a 110 MW Combined Heat and Power Waste-to-Energy facility in Finland, secured under a 50-year lease, and plans to become a significant revenue-generating asset for the Company.

· The Kaipola Plant is expected to restart and step-up to scale production of Combined Heat and Electricity during Q4 2025 with a further gradual increase in 2026.

· The Company has acquired three German Geothermal Projects with 85 per cent. ownership, located in the highly prospective Upper Rhine region of Germany, with a combined target capacity of over 300 MW including heat and power, and the potential for lithium production to supplement project revenues.

· Electricity generated using geothermal resources benefits from a feed-in tariff for 20 years under Germany's Renewable Energy Sources Act, and heat tariffs typically range between €45 and €60 per megawatt hour under long-term (10- to 12-year) contracts.

· German federal and regional governments support Geothermal projects, where Capex recovery ("BEW Subsidy") can be up to 40 per cent. if appropriate criteria is met.

Lars Guldstrand, CEO of Cindrigo, commented: "Admission to the Main Market of the London Stock Exchange marks a significant milestone for Cindrigo as we progress our strategy to deliver long-life, sustainable baseload energy assets across Europe. Our Waste-to-Energy plant in Finland is expected to become a core revenue generator for the Group, providing the foundation to advance our geothermal portfolio in Germany, one of the most attractive and supportive markets for green baseload power and heat.

"With strong policy backing, long-term pricing structures and the growing need for reliable, clean energy, we believe the opportunity in geothermal is considerable. We are focused on progressing our projects in a responsible and disciplined manner, and we look forward to updating shareholders as we continue to deliver on our plans."

About Cindrigo

The Company's primary focus is to advance its clean energy initiatives initially through WtE and geothermal projects across Europe, which include commencement of commercial operations of the Kaipola Plant in Finland and prospective geothermal energy projects in Germany.

The Company's 110 MW WtE facility in Kaipola, secured through a 50-year lease, is positioned to become a key revenue-generating asset following the full functional start (large scale heat and electricity production) in conjunction with the primary heat customer and commencement of its pellet factory expected in 2025, with a further gradual increase in 2026 and thereafter generating a consistent income. The Directors estimate that the assets held under the Lease and the operation of the Plant can be attributed a depreciated replacement value in the region of €80 million to €120 million.

Additionally, the Company's Geothermal Projects in Germany reflect Europe's emphasis on green baseload energy and will benefit from the support of the German Renewable Energy Sources Act and federal funding initiatives. These projects highlight the Company's commitment to sustainable energy production and alignment with the EU's renewable energy objectives.

Germany has a history of using geothermal energy for heating and power. The Federal Government of Germany has published a key issues paper outlining strategies for targeting 10 TWh of geothermal output from medium-depth and deep resources by 2030. This effectively increases the current feed-in to heating grid from geothermal by tenfold. Thus, the Government aims to add at least 100 additional geothermal projects by 2030, connect them to heating networks, and make geothermal energy usable in residential buildings, neighbourhoods, and industrial processes.

The German Renewable Energy Sources Act 2021 (EEG) provides a stable and transparent support framework for electricity generation from geothermal resources. Under the EEG, electricity generated using geothermal energy benefits from a feed-in tariff of €0.252 per kilowatt hour, guaranteed for 20 years. Heat tariffs typically range from €45 to €60 per megawatt hour under 10- to 12-year contracts (which may be extended), commonly agreed with municipalities, industrial users, and greenhouse operators.

German federal and regional government are strongly supportive of Geothermal development. Government supports heat projects with up to 40 per cent. Capex recovery (BEW Subsidy), which is significant and eases capital expenditure concerns for earlier stage companies such as Cindrigo.

The Company expects to receive, in due course, the London Stock Exchange's Green Economy Mark which recognises companies and funds that derive 50% or more of revenues or 100% of its business activity, if pre-revenue, from products and services that contribute to the global green economy. The underlying methodology incorporates the Green Revenues Classification System, developed by FTSE Russell.

For further information regarding Cindrigo, please contact:

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Sponsor as defined in the FCA UK Listing Rules and is authorised and regulated by the FCA. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

The dealing codes for the Ordinary Shares are as follows:

Important Notices

This announcement does not constitute or form part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever relating to any securities.

Recipients of this announcement who intend to purchase or subscribe for Ordinary Shares in the Company are reminded that any such purchase or subscription must only be made solely on the basis of the information contained in the final Prospectus relating to the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance should be placed for any purposes whatsoever on the information contained in this announcement or its accuracy, fairness or completeness, including (without limitation) in connection with any contract or commitment or investment decision whatsoever.

This announcement does not constitute an offer of securities in the United States or to US Persons. Ordinary Shares of the Company may not be offered or sold in the United States or to US Persons without being registered under the United States Securities Act of 1933, as amended ("U.S. Securities Act") or an available exemption from such registration. The Company does not presently intend to register any securities under the U. S. Securities Act and no public offering of shares is being or will be made in the United States or to US Persons.

The information contained in this announcement is not for publication or distribution, in whole in part, directly or indirectly into or from the United States, Australia, Canada, Japan, South Africa or New Zealand or any other jurisdiction where to do so might constitute a violation or breach of any applicable law ("Restricted Territories"). The Ordinary Shares have not been, and will not be, registered under the applicable securities laws of (and clearances have not been, and will not be, obtained from the relevant securities authorities or commissions of) any Restricted Territories. Any failure to comply with these restrictions may constitute a violation of Restricted Territories securities laws. This announcement (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the Restricted Territories where such an offer or solicitation would be unlawful. No money, securities or other consideration is being solicited and, if sent in response to the information contained herein, will not be accepted.

Beaumont Cornish Limited ("BCL"), which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for the Company as Sponsor and Financial Advisor in connection with the Fundraising and Admission. BCL are not acting for any other person and will not be responsible to any other person for providing the protections afforded to customers of BCL, or for advising any other person in connection with the Fundraising or Admission. The responsibility of BCL, as the Company's Sponsor, is owed solely to the London Stock Exchange and is not owed to the Company or the Directors or any other person. No representation or warranty, express or implied, is made by BCL or any of its directors, officers, partners, employees, agents or advisers as to the contents of the Prospectus (without limiting the statutory rights of any person to whom this Document is issued). No liability whatsoever is accepted by BCL or any of its directors, officers, partners, employees, agents or advisers for the accuracy of any information or opinions contained in this Document or for the omission of any material information for which it is not responsible.

Capital Plus Partners Limited ("Capital Plus"), which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for the Company as broker in connection with the Placing and Admission. Capital Plus are not acting for any other person and will not be responsible to any other person for providing the protections afforded to customers of Capital Plus, or for advising any other person in connection with the Placing or Admission. No representation or warranty, express or implied, is made by Capital Plus or any of its directors, officers, partners, employees, agents or advisers as to the contents of this Document (without limiting the statutory rights of any person to whom this Document is issued). No liability whatsoever is accepted by Capital Plus or any of its directors, officers, partners, employees, agents or advisers for the accuracy of any information or opinions contained in this Document or for the omission of any material information for which it is not responsible.

In the member states of the European Economic Area ("EEA"), this announcement is only addressed to and directed at persons who are qualified investors within the meaning of the Prospectus Regulation ("Qualified Investors"). The term "Prospectus Regulation" means either (a) Regulation (EU) 2017/1129 of the European Parliament and of the Council (as amended) on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market; and repealing Directive 2003/71/EC, or (b) the United Kingdom's version of Regulation (EU) 2017/1129 of the European Parliament and of the Council (as amended) on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, which is part of United Kingdom's law by virtue of the European Union (Withdrawal) Act 2018, as applicable. In the United Kingdom, this announcement is only addressed to and directed at Qualified Investors in the United Kingdom who are reasonably believed by the Company to be persons of a kind described in Article 19 (Investment Professionals), Article 48 (High Net Worth Individuals) and Article 49 (High Net Worth Companies, Unincorporated Associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended or any other recipient that is a Qualified Investor in the United Kingdom to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended ("FSMA")) in connection with the sale of any securities of the Company may otherwise lawfully be communicated or caused to be communicated (together, "Relevant Persons").

Persons who fall outside these categories in the EEA or the United Kingdom, respectively, should not rely on or act upon the matters communicated in this announcement. Any investment activity to which this announcement relates (i) in the United Kingdom is available only to, and may be engaged in only with, Relevant Persons, and (ii) in any member state of the EEA is available only to, and may be engaged only with, Qualified Investors.

Forward looking statements

Certain statements contained in this announcement constitute forward-looking statements. When used in this announcement, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial position, liquidity, prospects, growth, strategies and expectations of the industry in which the Company operates.

Such statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to materially differ from those described in this announcement Should one or more of these risks or uncertainties materialise, or should assumptions underlying forward-looking statements prove incorrect, actual results may differ materially from those described in this announcement as "intended", "planned", "anticipated", "believed", "proposed", "estimated" or "expected".

By its very nature, such forward-looking statements require the Company to make assumptions that may or may not materialise. Although the directors consider that these assumptions are reasonable, such forward-looking statements may involve known and unknown risks, uncertainties, assumptions and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Past performance is not a reliable indicator of future results and, in particular, past performance of the Company cannot be relied upon as a guide to future performance. Forward-looking statements speak only as of the date they are made. Accordingly, you should not rely on any forward-looking statements and the Company, BCL and Capital Plus expressly disclaim any obligation to disseminate any updates or revisions to such forward-looking statements. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that earnings per share for the current or future financial periods would necessarily match or exceed historical published earnings per share. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. Neither the Company nor anyone else is under any obligation to update or keep current the information contained in this announcement.

No representation or warranty, express or implied, is given by or on behalf of the Company, BCL, Capital Plus or any of their directors, officers, partners, employees, advisers, agents, affiliates, representatives or any other persons as to the accuracy, fairness, completeness, verification or sufficiency of the information or opinions contained in this announcement, that any forward-looking statements will come to pass or prove to be correct, or for any other statement made or purported to be made by them, or on their behalf, in connection with the Company, the Ordinary Shares or the Admission and nothing in this announcement will be relied upon as a promise or representation in this respect, whether as to the past or future. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the information or opinions in this announcement or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this announcement or otherwise in connection with the subject matter of this announcement. Accordingly, each of the Company, BCL and Capital Plus and each of their respective affiliates, branches, associates, subsidiary and parent undertakings and the subsidiary undertakings of their parent undertakings, and their respective directors, officers, unlimited partners, agents and employees, disclaims, to the fullest extent permitted by applicable law, all and any responsibility or liability, whether arising in tort, contract or otherwise (save as referred to above), which it might otherwise have in respect of this announcement or any such statement.

Any subscription for or purchase of Ordinary Shares should be made solely on the basis of information contained in the Prospectus. The information in this announcement is subject to change. Before subscribing for or purchasing any Ordinary Shares, persons viewing this announcement should ensure that they fully understand and accept the risks which are set out in the Prospectus. This announcement shall not constitute, or form part of, any offer or invitation to sell, or any solicitation of any offer to acquire, any Ordinary Shares or any other securities, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever.

Potential investors should not base their financial decision on this announcement. Acquiring investments to which this announcement relates may expose an investor to a significant risk of losing all of the amount invested. Persons considering making investments should consult an authorised person specialising in advising on such investments. This announcement does not constitute a recommendation concerning the Admission or to subscribe for or purchase Ordinary Shares or any other securities. The value of shares can decrease as well as increase. Potential investors should consult a professional adviser as to the suitability of an investment for the person concerned. Nothing contained herein constitutes or should be construed as investment, tax, financial, accounting or legal advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances.

For the avoidance of doubt, the contents of the Company's website and any hyperlinks accessible from the Company's website are not incorporated by reference into, and do not form part of, this announcement and investors should not rely on them.

-ENDS-