Operations Update

13 July 2026

ETHTRY PLC

("Ethtry" or the "Company")

Operations Update

Due diligence underway on a US data centre project, three UK solar sites in active development and access to a team with in excess of 10 UK grid connection applications in place

Ethtry PLC (AQSE: ETHY), the UK-listed company which has implemented an Ethereum Treasury Policy to support the development and operation of its commercial and investment activities across renewable energy and breakthrough technologies, is pleased to provide the following operations update. The Company's strategy is to progress smaller solar sites directly, while evaluating a range of partnership structures to jointly fund and operate sites and, where appropriate, support AI data centre capacity on site, positioning Ethtry at the intersection of renewable generation and AI compute infrastructure.

Highlights

·     Strategic refocus from standalone battery storage to solar-led development in response to NESO grid connections reforms, aligned with the UK Government's Solar Roadmap; quantum computing initiatives referred to in previous announcements are no longer being progressed;

·     Non-disclosure agreement signed and in-depth due diligence underway on a US data centre project with a specialist AI data centre provider, with a range of potential transaction structures under evaluation;

·     Joint venture discussions ongoing with a second specialist data centre provider, a highly experienced UK-based team with in excess of 10 grid connection applications in place for smaller data centre connection sites, significantly strengthening the Company's route to grid capacity;

·     Three UK solar development sites in active development with an aggregate initial capacity of at least 15MW, subject to grid capacity and landowner agreements, with Letters of Authority being finalised to enable formal engagement with Distribution Network Operators ("DNOs");

·     Early-stage discussions with an established European renewable energy developer which could provide access to additional UK solar development sites; and

·     Continued engagement with the Liechtenstein Trust Integrity Network ("LTIN") following the Company's strategic investment, exploring closer commercial collaboration across digital asset infrastructure, settlement and yield-enhancement technologies.

Strategic Refocus: Solar-Led Development

The grid connections reforms implemented by the National Energy System Operator ("NESO") in December 2025 significantly reduced the likelihood of new standalone Battery Energy Storage ("BESS") projects receiving connection offers before the mid-2030s. Following a review of its renewable energy development strategy, the Company has refocused away from standalone BESS towards solar-led development, associated assets such as data centres, and investment and collaboration in third-party projects.

This refocus aligns with UK Government policy prioritising solar deployment to achieve national energy independence, targeting an increase in deployed solar generation from circa 18GW in mid-2025 to 45-47GW by 2030, as set out in the Solar Roadmap published by the Department for Energy Security & Net Zero in June 2025. The Board believes that solar and related assets, which are not subject to the same grid constraints as large-scale BESS, will enable the business to deliver income streams at a significantly faster rate.

Consistent with this refocus, the Company confirms that it is no longer progressing the quantum computing initiatives referred to in previous announcements, and its development activities are now focused on solar, associated infrastructure and data centre opportunities.

US Data Centre Project

The Company has signed a non-disclosure agreement with a specialist AI data centre provider and in-depth due diligence is now underway on a US data centre project. The United States offers a materially different planning and power market environment to the UK, with certain states providing faster consenting processes and more readily available power and grid capacity, supporting significantly shorter development timelines. A range of potential transaction structures is under evaluation and the structure of any resulting transaction has not yet been determined.

For commercial reasons, the identities of the parties and the project location remain confidential. These opportunities remain subject to due diligence and commercial agreement, and there can be no certainty that a binding agreement will be concluded. Further announcements will be made as appropriate.

UK Development and Grid Access

The Company is progressing three UK solar development sites. Subject to satisfactory grid capacity and landowner agreements, each site has the potential to support one or more 5MW solar developments, giving the initial pipeline an aggregate potential capacity of at least 15MW. Some sites have the ability to support complementary small-scale battery storage, which will be assessed on a site-by-site basis. One Letter of Authority is now in place and two are being finalised with each landowner to enable formal engagement with the relevant DNOs, the next key step in determining grid capacity and project configuration.

In addition, the Company is in joint venture discussions with a second specialist data centre provider: a highly experienced UK-based development team which has in excess of 10 grid connection applications in place for smaller data centre connection sites. Under the joint venture being discussed, sites would be jointly funded and operated, and the Board expects this relationship to materially accelerate the Company's access to grid capacity, one of the principal constraints on new renewable energy and data centre development.

The Company is also in early-stage discussions with an established European renewable energy developer which could provide access to additional UK solar development sites from its existing pipeline.

Site locations and landowner details remain confidential at this stage and will be disclosed as development rights are secured. There can be no certainty that binding agreements will be concluded in respect of any of the discussions described above, and further announcements will be made as appropriate.

LTIN Update

The Company continues to engage with LTIN, the Liechtenstein-based sovereign blockchain infrastructure provider in which the Company holds a strategic equity investment, and is exploring a number of opportunities for closer commercial collaboration. Discussions are currently focused on LTIN's digital asset infrastructure, settlement network and yield-enhancement technologies, together with identifying areas where these initiatives may complement the Company's existing treasury strategy and broader operational activities.

Next Steps

The Company's immediate priorities are to progress and conclude the discussions set out above. To support the delivery of these workstreams, the Company is also looking to expand its operational and development team and will update the market on key appointments in due course. Further updates will be provided as these workstreams reach definitive milestones.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

The Directors of the Company accept responsibility for the contents of this announcement., subject to market conditions, available liquidity and the Board's ongoing assessment of capital allocation priorities. Any material changes to the Company's cryptoasset holdings will be announced in accordance with applicable regulatory requirements.

Enquiries

Important Notice - Ethereum Treasury Holdings and Risk Disclosure

Ethtry has adopted a Cryptoassets Treasury Policy outlining its intention, subject to market conditions, to allocate a portion of its future treasury reserves to Ethereum ("ETH"), including L2, and stablecoins (USDC, USDT, etc.). This policy has been prepared to comply with the Aquis Cryptoassets Policy and relevant provisions of the Financial Services and Markets Act 2000 (FSMA).

The Company holds crypto assets and may continue to acquire these in the future as part of its treasury management strategy. The Company is not authorised or regulated by the Financial Conduct Authority ("FCA"), and investments in the Company's shares are not protected by the Financial Services Compensation Scheme ("FSCS") or the Financial Ombudsman Service ("FOS").

Shareholders should note that Ethereum, including L2, and stablecoins (USDC, USDT, etc.) are a high-risk, volatile asset class. Risks include significant price fluctuations, custody and cyber-security vulnerabilities, liquidity and counterparty risks, regulatory uncertainty, and the absence of statutory investor protection. Cryptoassets are high-risk investments, and investors should be prepared to lose all the money they invest.

The Company's full Cryptoassets Risk Disclosure, prepared in accordance with the Aquis Cryptoassets Policy, has been published on its website and is available upon request from the Company.