Interim Results - correction
30 September 2025
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This is a correction to the announcement published at 07:00 on 30 September 2025 (RNS number 3073B) which incorrectly stated that '… I wish to acknowledge our brokers, Novum Securities, for their generosity and commitment in expressing their willingness to work for shares at £1.625 over the past months and for the yearahead and to be locked in for a year,..'. The correct price is 1.625p. The full corrected announcement is included below.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Hydrogen Utopia International PLC
(the "Company" or "HUI")
Interim Results - correction
Hydrogen Utopia International PLC, a company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat, is pleased to announce its results for the six months to 30 June 2025.
CEO Shareholders' Letter
Dear Shareholders,
I write to you today with a sense of gratitude, reflection, and a pinch of frustration.
On the cover of the Forbes Middle East edition, Mr Ali Al Dhaheri of Tadweer Group is quoted as saying: "The waste sector is underrated… If we look at what can be done with it, it becomes a resource." That statement resonates deeply with the vision we at Hydrogen Utopia International have been pursuing for years. And yet, such recognition has been largely absent from European leadership. For too long, we have faced significant barriers, even with world-class partners, Electron, Linde, and Sweco, working alongside us, as Europe repeatedly hesitated to deploy technologies capable of transforming unrecyclable waste into hydrogen.
The EU's declarations of decarbonisation have often remained aspirational rather than actionable. The Just Transition Fund and Mechanism, intended to support decarbonisation and job creation, have fallen short. Hydrogen costs in Europe, ranging between €5 and €15 per kilogram, remain unsustainably high. While Europe speaks of abandoning fossil fuels and scaling hydrogen, practical pathways have yet to be followed.
Meanwhile, the Gulf States, often misunderstood as "petrol economies," are driving rapid and meaningful progress. In the GCC, waste-to-hydrogen is embraced as "super green hydrogen," and innovation is rewarded rather than blocked by strangling bureaucracy. Europe has yet to recognise what the Gulf already understands: this is the future.
The situation in Europe is stark. Incinerators continue to be built, illegal landfills proliferate, Poland alone has an estimated 400-750, and recycling facilities are closing under operational and economic pressures. Blue Cycle in the Netherlands, Biffa in the UK, Veolia in Germany, all shutting down. Borealis, Dow, Neste are abandoning projects. Recycling, as it has been practiced, has proven insufficient. The only way forward is a true circular economy, where waste hydrocarbons are being transformed into clean energy and destroyed efficiently, cleanly, and economically. Europe will inevitably rely on hydrogen imports from the Middle East and North Africa, bound by the consequences of inaction.
Where Europe hesitated, the MENA region welcomed us. Upon announcing our entry into this market, we received extraordinary generosity, particularly from the Kingdom of Saudi Arabia and Oman. On the day of our announcement, our share price surged, and interest from across the Middle East poured in. They saw what Europe had yet to see: the value and potential of Inentec technology, proven for 13 years and now repurposed for hydrogen production at the moment the market is ready. This is the breakthrough HUI has pursued with diligence and patience.
Our focus must remain true to the core purpose of Hydrogen Utopia.Europe miscalculated. Hydrogen for transport was introduced prematurely, hydrogen stations are closing, and bus and heavy-duty vehicles projects are stalling. The real opportunity lies in decarbonising heavy industry, steel, cement, and construction, while simultaneously addressing the waste problem. With Inentec's TRL9 technology, HUI is positioned to lead in this space with practical, scalable solutions.
I would like to express my heartfelt gratitude to our long-term Shareholders for their unwavering support. My deepest thanks also go to Howard White for standing by me in securing the option for the Inentec technology and for investing alongside me with conviction. Additionally, I wish to acknowledge our brokers, Novum Securities, for their generosity and commitment in expressing their willingness to work for shares at 1.625p over the past months and for the year ahead and to be locked in for a year, a gesture of trust and belief for which I am profoundly grateful. I would further like to thank our corporate advisors, Alfred Henry, whose tireless dedication has been invaluable to us.
It is equally important to underline that our Board has worked without remuneration for more than a year, choosing to preserve every pound for the matters that truly shape our future. This is not a lifestyle company. We are not here for comfort or convenience. We are here to fight, to build, and to deliver. Every member of this Board believes wholeheartedly in our vision, and together we stand united in our mission to make Hydrogen Utopia a success. We have achieved so much with so little.
With united and continued support, we will deliver on the vision that has always defined us: to turn waste into a resource, hydrogen into strength, and ambition into tangible, world-changing results, which will result in receiving substantial royalty streams from large-scale developments.
Finally, the pieces fit. We have the right TRL 9 technology, in the right region, at the right time. We are no longer knocking on closed doors. We are walking through open ones.
Aleksandra Binkowska
Chief Financial Executive
29 September 2025
Chairman's Statement
I write this statement with a heavy heart, having stepped into the shoes of Simon Mann, who passed away suddenly. On the very day of his death, Simon was full of energy, preparing to "dash" to an HUI-related meeting. His loss is deeply felt by us all. Simon was not only a dear friend of mine and an ally of the CEO who appointed him, but also a gateway to a world that was, until then, less familiar to us as our primary focus had been Europe. His vision and courage paved the way for new thinking, and we are determined to carry his legacy forward. As Simon so often reminded us, "HUI must work because it's right", a principle that remains the cornerstone of everything we do. His influence is evident in our strategy today, particularly our growing expansion into the Middle East, which we are following with determination and purpose as we build on the foundations he laid.
This has been a year of both challenge and achievement for Hydrogen Utopia International. Despite external headwinds and the difficult realities facing the wider European policy environment, where the European Union is falling short of its stated ambitions on green transition, we have been resolute in pursuing the right opportunities for growth and impact. Through prudent, perseverant financial management and a spirit of sacrifice at the leadership level, we have created what can only be described as a small miracle. Our CEO has lent her own shares to provide a cushion for the Company; the CEO and myself have invested our own capital rather than drawing down on the Company's reserves. By combining frugality with focus, we have been able to secure an option to deploy a TRL9 technology in MENA, an extraordinary milestone for HUI.
Our commitment to efficiency is further reflected in the fact that the Board draws no salary. Every member contributes not for personal gain but for the long-term success of the Company. This lean, disciplined approach has allowed us to preserve resources, while at the same time accelerating operations rather than slowing them down. Our accounts demonstrate how negligible our cash burn has been in comparison to what we have accomplished, particularly when measured against the dilution and scale of fundraising typical in our sector.
This year we also welcomed two highly capable Directors to the Board. Mr Naser Nuredini, former Minister of Environment and Physical Planning of North Macedonia, brings invaluable expertise in advancing climate policy across the Balkans, a region with a clear trajectory toward EU accession. At the same time, the appointment of Mr Richard Fish marks a particularly significant development for HUI. Richard is one of the world's most respected experts in plasma technology, with a long and distinguished career in scaling and commercialising advanced energy solutions. I first had the privilege of working with him many years ago during the early days of AFC Energy, where his insights and technical leadership left a lasting impression on me. His decision to join our Board is both an endorsement of HUI's strategy and a powerful addition to our capability. As we look toward deploying InEnTec's TRL9 system in the Middle East, Richard's expertise will be central in ensuring that the technology is not only implemented effectively but also optimised for commercial scale and long-term success. His knowledge and standing in the industry significantly strengthen HUI's credibility, both with partners and with the market at large.
In addition, we have engaged consultants with proven track records in the Middle East, specifically in the Kingdom of Saudi Arabia and Oman. These markets represent the front line of global energy transition, and our technology is ideally suited to contribute to their ambitious decarbonisation agendas.
I would also like to take this opportunity to highlight the remarkable support we continue to receive from our long-term shareholders, who have stood by us over many years, remain fully engaged and supportive of our strategy. Their confidence in HUI is both a validation of what we have achieved and a foundation for what lies ahead.
In closing, I would emphasise that our Board today is stronger, more focused, and more determined than ever before. We have combined experience, vision, and efficiency with a commitment to building and commercialising InEnTec's TRL9 system in the Middle East and hopefully beyond
Howard White
Non-Executive Chairman
29 September 2025
For further information please contact:
Hydrogen Utopia International PLC
Aleksandra Binkowska
+44 20 3811 8770
Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)
Nick Michaels/Maya Klein Wassink
+44 20 3772 0021
Novum Securities Limited (Broker)
Jon Belliss/Colin Rowbury
+44 20 7399 9400
About Hydrogen Utopia International PLC
HUI aims to become one of the leading new European companies specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat.
A HUI facility uses non-recyclable mixed waste plastic as feedstock and turns it into syngas from which new products and energy can be produced. HUI anticipates that its revenues will be derived from a variety of sources, dependent upon location and configuration of the HUI facilities, including the sale of syngas, hydrogen and other gases, electricity and heat sales, and the payment to it of fees for a given quantity of non-recyclable mixed waste plastic received at a HUI facility.
HUI will target areas where there is significant private sector interest or potential, financial backing is accessible and or where substantial EU and/or government funded sources of grants and loans are or may be available. The global increase in fossil fuel-based energy prices reinforces the need for alternative, price competitive energy sources, which HUI's business model can provide.