30 June 2026

BSF Enterprise PLC

("BSF" or the "Company")

Interim 2026 Results

BSF (LSE: BSFA), (OTCQB: BSFAF), a leading innovator in tissue-engineered materials is pleased to announce its unaudited interim results for the six months ending 31 March 2026.

Key Highlights

●    Strategic Progress: Advanced portfolio companies: Lab-Grown Leather (LGL) reached technical milestones with Elemental X™; 3DBT progressed CytoBoost™ product range and secured a commercial pipeline with Seawith; Kerato Ltd advanced the LiQD Cornea™ programme.

●    Financial Performance: Net loss of £956,625 for the period ended 31 March 2026, reflecting investment in R&D and scaling.

●    Capital & Funding: Secured short-term liquidity through a £300,000 convertible loan note (CLN). Post-period, raised significant capital via share placements and a £1,000,000 Indigo Capital CLN to support 2026-2027 growth.

●    Outlook: Focused on commercialisation and clinical execution. Key upcoming milestones include product demonstrations for T-Rex Leather™, veterinary trial progress for Kerato, and expanding the 3DBT biopharma/cultivated meat pipeline.

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BSF Enterprise Plc

Unaudited Interim Consolidated Financial Statements

for the period ended 31 March 2026

BSF Enterprise PLC

("BSF" or the "Company")

Unaudited Interim Consolidated Financial Statements

for the period ended 31 March 2026

Chairman's Statement

On behalf of the Board, I am pleased to present BSF Enterprise Plc's Interim Results for the six months ended 31 March 2026.

During the period, the Group continued to make important progress across its portfolio companies, advancing strategic partnerships, strengthening commercial engagement and developing technologies that support our long-term objective of becoming a leading innovator in tissue-engineered materials and regenerative medicine

Lab-Grown Leather Ltd ("LGL") continued to make substantial progress towards commercialisation. During the period, development advanced across its three product families: Elemental Leather™, Elemental+™ and Elemental X™. The announcement of Elemental X™ and the Company's pioneering T-Rex leather initiative attracted significant global media attention and generated engagement with potential commercial partners. Following these developments, discussions continued with several internationally recognised fashion and accessories brands regarding future product development and commercial opportunities.

Within 3DBT, development of the CytoBoost™ product range continued to progress positively. Early third-party testing demonstrated encouraging improvements in post-thaw cell recovery and viability, highlighting the potential commercial value of the technology within cell therapy, regenerative medicine and cultivated meat production. Further commercial deals with cultivated meat companies for the supply of City mix such as with South Korean cultivated meat company Seawith.

Kerato Ltd also continued to advance its LiQD Cornea programme. During the period, progress was made in relation to grant-supported development activities, regulatory planning and implementation of an ISO 13485 quality management framework.

The Board remained focused on securing appropriate funding to support the Group's strategic objectives. During the period the Company secured additional financing through a convertible loan note, providing working capital to continue development activities across the portfolio. Also subsequent to the period we secured further private placements of funds allowing the Company a solid financial platform to enable growth through 2026 and into 2027.

Intellectual property remains central to the Group's value creation strategy. Across our subsidiaries we continue to strengthen and protect our portfolio of patents, proprietary processes, trademarks and know-how.

While the Group remains in an investment and development phase, the progress achieved during the six-month period demonstrates increasing commercial engagement, continued technology validation and growing recognition of the potential value of our innovations.

On behalf of the Board, I would like to thank our shareholders, employees, scientific collaborators and commercial partners for their continued support and confidence.

Geoff Baker

Chairman

BSF Enterprise PLC

Chief Executive's Report

I am pleased to present my report for the six months ended 31 March 2026.

Overview

During the six months ended 31 March 2026, BSF Enterprise PLC ("BSF" or the "Company") successfully shifted its core strategic focus from intensive Research and Development (R&D) toward aggressive commercialisation and clinical execution. Operating via its three high-growth, wholly-owned subsidiaries - 3D Bio-Tissues Ltd (3DBT), Kerato Ltd, and Lab-Grown Leather Ltd (LGL) - the Company has unlocked multiple commercial pathways, initiated key trial phases, and developed an asset-backed, anti-dilutive corporate structure to maximize shareholder value.

Financial Summary

●    Net Loss: The net loss for the period ended 31 March 2026 was £956,625 (compared to a loss of £790,623 for the corresponding six-month period in 2025). This widening reflects higher legal and professional fees (including expenses related to a proposed fundraising process), costs associated with our corneal development collaboration with the Université de Montréal, and a higher level of consumables used to accelerate lab-grown leather development. Furthermore, no grant income was recognised during this half-year, compared to £67,823 in the same period last year.

●    Loss Per Share: The basic and diluted loss per share increased from 0.64 pence to 0.75 pence.

Cash Flow & Funding

1.   Cash Position: The Group's cash balance as of 31 March 2026 stood at £60,174, compared with £149,020 at 30 September 2025.

2.   Interim Inflows: The cash reduction from operational losses was successfully mitigated by careful working capital management and the receipt of £300,000 in December 2025 via an interest-free convertible loan note (CLN). While the broader proposed £15m funding package was mutually terminated in March 2026, this £300,000 CLN has been extended for 12 months, holding cash repayment terms or conversion rights at the next capital raise.

3.   Post-Period Capitalisation (April 2026): Immediately following the period-end on 2 April 2026, the Group significantly bolstered its liquidity by raising £385,000 (before expenses) through the placement of 38,500,000 new ordinary shares at 1p per share, alongside matching warrants. Subsequent conditional financings in June 2026 further reinforced this trajectory with an additional £500,000 placement and a £1,000,000 Indigo Capital CLN).

4.   Dividends: No dividends were paid or proposed during the period.

Business Review

Strategic Partnerships and Collaborations

BSF has built out its collaborative ecosystem across its subsidiary portfolio to capture distinct global markets. Most notably, 3DBT secured a milestone supply and technical agreement with South Korean company, Seawith, generating a robust initial commercial pipeline valued at £500,000. Cultivated meat partnerships and biopharma client footprints have scaled significantly through the first half of 2026, anchoring BSF as a critical supplier within the global bio-based materials and cellular agriculture sectors.

Advancements in Lab-Grown Leather Commercialisation

Through Lab-Grown Leather Ltd (LGL), the Company achieved strong validation of its proprietary tissue engineering technology. LGL successfully synthesized T-Rex Leather™, a high-end, sustainable luxury leather alternative grown from synthetic dinosaur DNA. This breakthrough leverages BSF's signature ATEP™ (Alternative Tissue Engineering Platform) scaffold-free manufacturing system. A fully tanned T-Rex leather skin has been completed, signalling LGL's transition from speculative science into a viable luxury-market material supplier.

Breakthrough Developments and Market Engagement

Market engagement for the period was highlighted by high-profile luxury branding and public activations. LGL collaborated with a premier Berlin-based designer to manufacture a world-first luxury avant-garde handbag utilising the T-Rex Leather™ skin. This landmark piece is scheduled for high-visibility market entry, backed by global PR and marketing execution via VML.

Concurrently, Kerato Ltd achieved the midpoint of its developmental milestone for LiQD Cornea™, a biosynthetic hydrogel device designed for single-handed administration to treat corneal damage without donor tissue, directly targeting the massive global corneal transplant market.

Financial Developments and Strategic Funding

BSF responded natively to shifting macro environments by optimizing capital efficiency:

●    Capital Realignment: Following the mutual termination of a proposed £15 million equity fundraise and capital reorganisation, BSF prioritised efficient, low-dilution funding.

●    Convertible Loan Notes (CLN): The Company extended its £300,000 CLN facility by 12 months, maintainable under identical terms, preserving short-term cash flows with rights to convert at the next major capital raise price.

●    Grant Funding: Kerato's active Phase 1 trials are highly leveraged, benefiting from 50% funding matching through Canadian government innovation grants.

●    Subsidiary Spin-Out Framework: To accelerate scaling without diluting parent PLC shareholders, BSF established a "Spin-Out Pathway." Both LGL and Kerato are positioned to raise independent growth capital directly at the subsidiary level following their respective 2026 market catalysts.

Comprehensive IP Strategy: Protecting Innovation and Driving Valuation

The Company's valuation growth remains underpinned by its dual-pronged Intellectual Property (IP) strategy:

-      The ATEP™ Platform: Maintaining strict proprietary control over the underlying, scaffold-free structural biological platform allows BSF to spawn cross-industry applications (leather, medical devices, cultivated meat) from a single IP foundation.

-      Product-Specific IP: Trademarks and trade secrets surrounding downstream consumer products - such as T-Rex Leather™, CytoBoost™ REVIVE, and LiQD Cornea™ - isolate asset valuations, allowing clean carve-outs during subsidiary-level funding rounds.

Commercial Partnerships and Sample Development

Commercial sales momentum experienced a step-change during the review period:

●    3DBT Product Expansion: Commercial launch and rapid scaling of CytoBoost™ REVIVE media factors into the biopharmaceutical sector.

●    City-Mix^Ⓡ Growth: Significant, consecutive three-month growth in commercial customer orders for City-Mix^Ⓡ serum-free media supplements within the cultivated meat market.

●    Kerato Distribution Runway: Kerato has hit critical operational and regulatory milestones, tracking toward formalising veterinary commercial distribution agreements by Q4 2026.

Operational Efficiencies and Sustainability Initiatives

Operationally, BSF's entire business model drives a bio-sustainable future. By leveraging its scaffold-free cellular matrix technology, the group actively reduces heavy chemical reliance typical of traditional leather tanning, addresses severe global shortages in donor corneal tissue, and removes animal-testing models from commercial medical research. Centralising administrative, legal, and operational overhead at the BSF PLC parent level has allowed all three subsidiaries to maintain lean internal teams of specialised scientists, containing operational burn while accelerating market-facing deliverables.

Principal Risks and Uncertainties

The Board has reviewed the principal risks and uncertainties facing the Group. For early-stage biotechnology and cellular material companies like BSF Enterprise plc (which focuses on tissue engineering, cultivated meat, and lab-grown leather), the principal risks and uncertainties are heavily tied to the transition from a laboratory environment to commercial viability.

Based on the Group's financial timeline and operational positioning for the second half of the financial year, the key risks and uncertainties revolve around the following primary areas:

Funding and Liquidity Risks

As a pre-revenue or early-revenue growth Company, BSF experiences ongoing cash burn to fund research, clinical trials, and pilot production scaling.

While the Company has secured short-term liquidity injections (such as its £500,000 placing and a £1 million convertible loan note in June 2026), its mid-to-long-term potential depends on managing its cash runway and successfully securing further strategic partnerships and capital.The inability to obtain additional funding on acceptable terms could delay the achievement of strategic objectives.

Commercialisation Risks

The Group's future growth depends upon the successful commercialisation of its biotechnology products, technologies and intellectual property. For example, moving from technical milestones-such as our 2mm-thick scaffold-free leather or our CytoBoost™ bio-media additive-to generating sustainable, recurring commercial revenue.

There is no guarantee that initial partnerships with fashion brands or biotechnology firms will convert into high-volume, long-term commercial contracts, or that consumer adoption of alternative proteins and lab-grown materials will accelerate as quickly as anticipated.

Scaling and Technical Execution Risks

The Group operates in sectors characterised by rapid technological development and scientific innovation. Existing technologies may not perform as anticipated, development programmes may be delayed, or competing technologies may reduce the commercial attractiveness of the Group's products.

Regulatory and Compliance Risks

Cultivated meat and regenerative medical products are subject to stringent, evolving regulatory frameworks globally (including the UK, Europe, North America, and Greater China).

Delays in receiving necessary regulatory clearances for product testing, safety, or public sale may adversely affect the Group's ability to commercialise its technologies,  substantially push back commercial timelines and inflate development costs.

Intellectual Property Risks

The value of the Group's business depends significantly upon protecting its intellectual property portfolio, proprietary know-how and licensed technologies. Failure to obtain, maintain or defend patents and other intellectual property rights, or infringement of third-party rights, could adversely affect future revenues and competitive position.

Macroeconomic Volatility and Market Sentiment Risks  

The Group is vulnerable to wider economic shifts, inflation, and changing investor risk appetites. Small-cap, speculative growth stocks face significant share price volatility. If global market sentiment shifts away from long-horizon innovation and biotechnology sectors, it becomes significantly harder for early-stage companies to leverage capital markets effectively.

Outlook & Catalysts

The Board views the remainder of 2026 as a transformative inflection point. Imminent near-term milestones include:

●    LGL: Further demonstrations and products form T-Rex Leather™ in partnerships with global brands followed by an independent funding spin-out.

●    Kerato: Midpoint completion of the PSO-funded development programme, paving the way for first veterinary commercial sales in early 2027 and Health Canada human trial applications.

●    3DBT: Further expansion of the active £500,000 biopharma and cellular agriculture pipeline.

Che Connon

Chief Executive Officer

BSF Enterprise PLC

Statement of directors' responsibilities in respect of the interim results

The Directors; being Dr Che Connon (CEO), Geoffrey Baker (Executive Chairman) and Dennis Ow (Non-Executive Director) confirm that the set of Interim Financial Statements has been prepared in accordance with UK-adopted International Accounting Standard 34, Interim Financial Reporting, and the interim report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely:

●          an indication of important events that have occurred during the first six months of the financial year;

●          a description of the principal risks and uncertainties facing the Group for the remaining six months of the financial year; and

●          details of related party transactions that have taken place during the period and that have materially affected the financial position or performance of the Group, together with any changes in related party transactions described in the Group's Annual Report for the year ended 30 September 2025 that could have such an effect.

The Directors are responsible for maintaining proper accounting records, for safeguarding the assets of the Group and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are also responsible for ensuring that the interim report is prepared in accordance with applicable law and UK-adopted International Accounting Standard 34.

Approved by the Board of Directors on 29 June 2026 and signed on its behalf by:

Geoff Baker

Chairman

BSF Enterprise PLC

Consolidated Statement of Comprehensive Income

for the period ended 31 March 2026

The notes to the interim financial statements form an integral part of these interim financial statements.

Consolidated Statement of Financial Position

as at 31 March 2026

  The notes to the interim financial statements form an integral part of these interim financial statements.

Consolidated Statement of Changes in Equity

for the period ended 31 March 2026

Consolidated Statement of Cash Flows

for the period ended 31 March 2026