Unaudited Half-yearly Report

30 September 2025

MicroSalt Plc

("MicroSalt", the "Company" or the "Group")

 Unaudited Half-yearly Report for the period ending 30 June 2025

MicroSalt Plc, (AIM: SALT), a leading manufacturer of full-flavour natural salt with approximately 50% less sodium, is pleased to announce its results for the six-month period ended 30 June 2025.

Financial highlights:

MicroSalt's bulk sales in H1 2025 were dominated by repeat orders from different entities and geographies from a Fast Moving Consumer Goods ("FMCG") business MicroSalt describes as Customer 3, one of the world's largest food, drink and snack manufacturers, and in particular:

o  Customer 1 (Mexican division of Customer 3) purchased $0.6m for use in three mainstream items with two more planned to begin in Q4 2025

o  Customer 2 (North American division of Customer 3) purchased $0.2m for one full brand (multiple items) with two or more items with the same brand planned for Q4 2025

Operational Highlights

Post period end & Outlook:

Rick Guiney, CEO of MicroSalt commented: "H1 has been a very busy and exciting time for MicroSalt, marked by its successful fundraise and clear evidence of growth with some of the world's largest FMCG companies. We continue to execute against our geographic expansion strategy, driven by our expanding our portfolio of reference sales. This is providing international credibility to our low sodium solutions with inroads into Asia, Australia, South Africa, the UK, Germany, Canada and Latin America. This global traction continues to strengthen our sales pipeline and reinforces the scale of opportunity ahead.

"Furthermore, our strategic focus on bulk ingredient sales has proven successful, delivering economies of scale across operations and positioning us for sustained improvements in financial performance. With accelerating top-line momentum, we are confident in delivering impactful results that underpin both the strength of our business model and the growing demand for healthier, low-sodium alternatives globally."

Investor Presentation

Rick Guiney, CEO, and Gary Urmston, Interim CFO, will provide a live online presentation for investors via Investor Meet Company on Thursday 2 October 2025 at 15.00 BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until Wednesday 1 October 2025 at 09:00 BST, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet MICROSALT PLC via:

https://www.investormeetcompany.com/microsalt-plc/register-investor

Enquiries:

About MicroSalt®

MicroSalt® is disrupting the global salt market with its patented, full-flavour, low-sodium salt designed for both food manufacturers and consumers. Using proprietary micron-sized particles, MicroSalt delivers the same salty taste as traditional salt with approximately 50% less sodium, offering a scalable solution to one of the world's most pressing health challenges.

Excess sodium consumption is a leading contributor to cardiovascular disease, the world's number one cause of death. The World Health Organisation has targeted a 30% reduction in global sodium intake by 2025, a shift projected to save seven million lives by 2030. The economic case is equally compelling: in the UK alone, cardiovascular disease costs £19 billion annually, and reducing average daily salt intake by just one gram could save over 4,000 lives and £288 million each year.

Operational since 2018, MicroSalt has established a defensible IP portfolio, holding a granted US patent and 14 pending applications worldwide. These protections create significant barriers to entry in a market expected to grow exponentially as regulation and consumer demand accelerate.

MicroSalt is ideally positioned for scale and market leadership, with clear pathways into food manufacturing, consumer channels, and ultimately the broader £10+ billion global salt market. MicroSalt® is more than a healthier alternative-it is a disruptive, category-defining solution poised to deliver significant commercial and societal impact.

For more information, please visit www.microsaltinc.co or follow on X @microSaltPLC.

Chief Executive Officer's statement

Introduction

MicroSalt's mission is to reduce excess sodium consumption which significantly contributes to hypertension and heart disease, by providing a full-flavour salt with approximately 50% less sodium than traditional salt for food manufacturers and consumers.

The Group has developed a patent protected, scalable manufacturing process that produces a salt crystal that is approximately 100 times smaller than traditional salt. Due to its micron-sized particles, MicroSalt has improved adhesion to food (compared with traditional salt crystals) which dissolves much faster on the tongue, thereby delivering the same sense of saltiness as traditional snacks, using approximately only half the amount of sodium.

H1 of 2025 was a period of significant progress for MicroSalt, with bulk revenue in H1 2025 representing 307% of the total bulk revenue for all of 2024. The Company also executed a successful second fundraise of US$3.1m. Together, these supported investment in R&D efforts, drove infrastructure and staffing improvements, and continued strategic growth. As the Company continues to promote its vision of a healthier future through reduced sodium in today's diets, it is uncovering an increasing range of possibilities and attractive commercial opportunities. MicroSalt has established an active B2B pipeline for future growth and it has created a groundbreaking product that is already opening up significant additional revenue opportunities for 2026 within the foodservice, healthcare and single serve channels.

Geographical expansion initiatives have extended across several continents, with inroads in Asia, Australia, South Africa, the UK, Germany, Canada and Latin America, all of which have boosted the Company's sales pipeline. New business development and customer relationships with some of the largest global food manufacturers are strong, with discussions including production execution timetables.

Financial summary

The Company's revenue of US$0.8m (H1 2024: US$0.2m) sets a new Company record and demonstrates four consecutive quarters of sales growth. Importantly, bulk revenue in H1 2025 represents 307% of the total bulk revenue for all of 2024 and includes shipments to existing markets of Canada, Mexico, the United States and newly opened markets in the UK and Belgium.

Net loss improved to US$1.9m (H1 2024: US$2.8m), reflective of a continued focus on B2B sales. 

Inventories increased to US$0.9m (31 December 2024: US$0.7m), predominantly due to an increase in finished goods, in preparation for the expected bulk orders from the Company's major food manufacturing B2B customers in H2 2025.

Trade and other receivables increased to US$1.0m (31 December 2024: US$0.9m), predominantly due to prepaid inventory for the production of MicroSalt.

Trade and other payables decreased to US$1.0m (31 December 2024: US$1.3m), predominantly due to decreases in trade payables and amounts owed to related parties.

Borrowings remained the same in both periods; US$2.7m, due to increases in the convertible loan notes owed to a related party from interest charges that were offset by a repayment of US$0.2m in June.

Operations summary

A key priority in H1 2025 was advancing MicroSalt's larger-volume B2B opportunities with several multinational FMCG companies and food manufacturers, supported by a significantly expanded R&D programme to ensure the Company is positioned to rapidly capitalise on market demand. The Company is now an approved supplier for one of the world's largest food manufacturers across North and South America, as well as for one of the largest global spice and ingredient suppliers in the US, Canada and the UK, marking a major milestone in commercial traction.

Building on this continued commitment of innovation, MicroSalt successfully delivered a patent pending production line extension, MicroSalt Premium, specifically designed to address bulk density requirements of the QSR/ FSR market. This product opens meaningful new sales channels, particularly, the French fry category, which represents over 2 billion servings annually in the US. Beyond this, it creates significant revenue opportunities in the food service channel with restaurants, hospitals, hotels, heart care and single serve packaging applications.

Sales and marketing

MicroSalt attended several trade shows and expos during the first half of the year, both in the US and internationally, providing the opportunity to meet potential customers, gain market insights and intelligence and to drive sales and outreach efforts. The Company also hired a Quick Sales Restaurant ("QSR") specialist to spearhead outreach for MicroSalt® Premium in the US market, while actively investing in brand awareness and social media campaigns in order to maximise exposure to potential customers seeking low sodium solutions.

MicroSalt is very proud of the awards and accolades it won in the first half of the year. The Company was delighted to win the Low Sodium Salt Technology of the Year 2025 award from Food Business Review in recognition of its reputation and trust among customers and industry peers. MicroSalt won this award following stringent evaluation by an expert panel of C-level executives, industry thought leaders and the editorial board.

The Company was also named in Fast Company's prestigious list of the World's most innovative companies of 2025 in March 2025. The awards shine a spotlight on businesses that are shaping industry and culture through innovation to set new standards and achieve remarkable milestones in all sectors of the economy. MicroSalt was named #9 in the Small but Mighty category (companies under 50 employees).

The Company also won the Innovative Solutions for Nutritious Foods at this year's IFE Manufacturing Ingredients Awards which recognise excellence across six categories, the awards showcase cutting-edge developments in ingredient technology, sustainability, and clean-label solutions.

Political/regulatory update

The World Health Organisation ("WHO") has set a target of reducing global sodium intake by 30% by 2025, which it estimates will save 7 million lives by 2030[1]. WHO research also found that every US$1 spent on sodium reduction translates to US$12 in healthcare cost savings for treating cardiovascular disease worldwide. Governmental pressure continues to increase with new regulations in Canada for 2025. Additionally, local dieticians and purchasing authorities are actively looking to lower sodium consumption, regardless of any legal mandates.

Governmental pressures from the US Food and Drug Administration regarding the use of petroleum-based colours and artificial flavours postponed several low sodium reformulation efforts until H1 of 2026. Governmental pressures on High Fat, Salt, and Sugar ("HFSS") food regulation in the UK are re-igniting sales conversation for both bulk and private label. Additionally, the APAC region is becoming much more active in its efforts to provide low sodium options to its food manufacturing companies.

Changes to the Board

As announced on 1 September 2025, at the time of MicroSalt's admission to AIM, the Company stated that Konrad Dabrowski would commit a minimum of 25 hours per week to the Company as CFO. Following review, and given enhanced internal accounting resource the Company now needs, together with the fact that Konrad has considerable other business commitments, the Board and Konrad agreed that he step down from the MicroSalt Board and his position as CFO. As MicroSalt moves into its next phase of growth, the process of appointing a successor is underway and in the interim, Gary Urmston, Non-Executive Director, has agreed to serve as part-time CFO.

The Board would like to thank Konrad for his contribution not just over the last 18 months but also over the period preceding this.

Current trading and outlook

Looking ahead, MicroSalt approaches the future with confidence and eagerly anticipates the success that await. YTD through August 2025, there were up to 471,848,208 salt servings made healthier with MicroSalt, demonstrating that the Company is fulfilling its mission and making food healthier for all.

MicroSalt's success is underscored by growing sales volume, increasing number of applications, expanding sales channels as well as an ever-increasing geographic reach. Continued regulatory support for lower sodium food products acts as a catalyst for growth both in the US and across the globe, as well as acting as a safeguard for the longevity of MicroSalt.

We expect full year revenue for 2025 to be approximately $2.0m. Based on the current volume commitments and near-term volume projections provided to the Company by customers, this will increase in 2026 to approximately $6.5m to $7.0m and at least $13.0m in 2027. There is potential for further upside as several of the Company's sales prospects (both large and small), are graduating to execution and are not included in volume projections. For context, MicroSalt's 2026 revenue estimates would equate to approximately 2.9 billion servings of healthier food.

Finally, I must recognise, on behalf of the Board, our sincere thanks to all stakeholders in the business who have supported us and are making possible the achievement of our mission and objectives.

Rick Guiney

Chief Executive Officer

Condensed consolidated statement of profit or loss and other comprehensive income

Condensed consolidated statement of financial position

Condensed consolidated statement of changes in equity

For the six months ended 30 June 2025

Condensed consolidated statement of cash flows

Notes to the consolidated financial statements

1. General information

MicroSalt Plc (the "Company") is a private company limited by shares and registered and incorporated in England and Wales. The registered office is 12 New Fetter Lane, London, United Kingdom, EC4A 1JP. The Company is a public limited company, which has been quoted on the AIM market of the London Stock Exchange since 2024.

The principal activity of the Company together with its subsidiary undertaking (the "Group") is that of the development and sale of low sodium salt and snack foods.

2. Basis of preparation

The financial information for the six months ended 30 June 2025 set out in this interim financial information is unaudited and does not constitute statutory financial statements. The interim condensed financial information has been presented in US Dollars ("$") and is rounded to the nearest dollar.

3. Accounting policies

3.1 Statement of compliance

The accounting policies applied by the Group and its subsidiaries in these unaudited half year results are consistent with those applied in the annual financial statements for the year ended 31 December 2024. 

The financial statements of MicroSalt Plc Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) as adopted by the United Kingdom and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 2 of the FY 2023 accounts.

4. Going concern

The 2025 half year results have been prepared on a going concern basis.

The Group meets its day to day working capital requirements through financing coming primarily via, cash raised after completing the IPO on the AIM Market of London of London Stock Exchange plc and a subsequent fundraise in February 2025.

The Directors are satisfied that there are sufficient resources to continue in business for the foreseeable futureFurthermore, the Directors are not aware of any material uncertainties that may cast significant doubt upon the Group's ability to continue as a going concern. They are mindful of the geo-political environment, including rising inflation but are confident they have appropriate plans in place to mitigate any such risk in relation to this. Therefore, the financial statements continue to be prepared on the going concern basis.

5. Basic and diluted loss per share

Basic and diluted loss per share is calculated by dividing the result attributable to equity holders by the weighted average number of ordinary shares in issue. Loss per share is presented based on the number of shares outstanding in the Company.

The diluted earnings per share is identical to the basic loss per share as the exercise of warrants and options would be anti-dilutive.

6. Share capital

 All issues are for cash unless otherwise stated.

[1] Massive efforts needed to reduce salt intake and protect lives, World Health Organisation, 2023