interim results
30 September 2026
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The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Hydrogen Utopia International PLC
(the "Company" or "HUI")
Interim Results
Hydrogen Utopia International PLC (LSE: HUI), a pioneering company transforming non-recyclable waste plastic into hydrogen, clean fuels and advanced materials, focusing on advanced fuels such as jet fuel and Sustainable Aviation Fuel, is pleased to announce its unaudited results of the Group for the six months ended 30 June 2026, together with the unaudited results for the comparative six-month period ended 30 June 2025.
Dear Shareholders,
Six years ago, HUI was founded on a simple conviction: that a worldwide plastic-to-hydrogen economy was overdue, and worth underwriting with €55 billion to bring it to life. Six years on, I will state plainly what the record now bears out. Europe's policy and regulatory environment has, in our view, significantly constrained the development of the hydrogen market.. So we moved on. We redirected the same technology toward SAF, a fuel that is not aspirational but mandated, with genuine, enforceable demand standing behind it.
This has never been an ecological project for me, and it never will be. Plastic is money. I have not spent six years building this to watch that money go unrealised. Every tonne we fail to process is capital buried in the ground or burned into the air, and I do not understand, and I never will, how any rational actor surveys that choice and chooses to destroy value rather than capture it. It makes no logical sense. What keeps me going now is that people have finally started to notice, but it is still far, far too slow.
I have been a loyal KLM customer since the age of fifteen, and KLM remains, to my knowledge, one of the airlines that shows passengers what SAF costs, what it is charging them, and gives them the choice to contribute voluntarily. SAF is already in every ticket, on every airline, whether they admit it or not. It is a cost quietly passed to every passenger who flies, buried where no one can question it.
We have taken that same logic and built it on every front, largely without waiting for anyone's permission. MENA has been a solid, steady base. But the real star of the show is the UK, and our ambition there has only sharpened because of it. We secured a $500,000 licence from InEnTec to deploy PEM gasification technology for SAF production across the entire United Kingdom, and our UK subsidiary, HUI Advanced Fuels Limited, has submitted a formal application to the UK Department for Transport's Low Carbon Fuels Fund, having already cleared a positive indicative eligibility review. When we IPOed, almost nobody believed the UK had a role to play here. It now looks like one of the most promising markets for SAF, and we are pushing that advantage harder than anywhere else in the business.
Alongside our commercial and civilian strategy, where the real money is and always has been, we have now opened a second, military strategy. This half we launched Project Fortress Fuel, converting waste plastic and tyres into military-grade JP-8 aviation fuel and baseload power, and incorporated Fortress Fuel Limited, with early discussions underway with defence entities and NATO.
When I started I had my ambition to drive me, today we hold a UK business that's gone from doubted to making significant progress, a solid MENA base, a secured feedstock pipeline, a new defence vertical, and incredible shareholder support. I can only ask you, our shareholders, for patience, and I will say plainly what I have wanted to say for six years: I wish we could throw away the bureaucratic mess altogether and simply start acting. Six years in, the ambition has not changed. What has changed is that we finally stopped waiting for a market that has not developed as we originally anticipated in Europe, and started building where the logic actually holds.
I would like to thank Jeff Surma, the founder of InEnTec, for his support; Duncan Snelling for becoming a real driving force in the Company; Paul Warwick for tireless effort and the door he has opened for us and, as always, our Chairman Howard White for his endless enthusiasm and real influence. And to you, our loyal shareholders: thank you for the patience you have shown us. It has not gone unnoticed, and we remain determined to justify the confidence you have placed in us.
Aleksandra Binkowska
Chief Financial Executive
29 September 2026
Dear Shareholders,
I have spent close to two decades in clean energy: director and major shareholder of Stanelco Plc, founder of AFC Energy in 2006 and, through the sale of my private company Waste2tricity to Powerhouse Energy Group PLC in 2020. I've seen more than one "revolution" arrive with fanfare and fail to materialise, usually after public money was thrown at concepts that were never going to work. What's different now is that the economics are starting to stand on their own, and the support around them is finally being directed with some thought, towards technology that can actually be built.
HUI was founded on a conviction that the world's waste plastic problem and its clean fuel problem were, in truth, one and the same. This year, that conviction has begun to look like a tangible economic reality.
Much of this progress owes itself to how Aleksandra and I work together. She drives execution and the relationships that turn intent into agreement; I focus more on strategy and capital markets. What sustained us through harder periods was less structural: her conviction that this has to work, and my stubbornness in not letting the mood put us down, even while watching the European Union undermine the very hydrogen economy it had spent years championing.
We have also deliberately broadened our addressable market. Fortress Fuel is the clearest expression of this. The idea was not ours originally. It arrived through the interest of an American military company, drawn to what our technology could offer for fuel security at forward operating bases and for reducing the logistical burden of transporting fuel into contested environments. That opened a market we hadn't previously considered, and after extensive interaction with NATO, I expect it to matter considerably over time. Being taken seriously by a defence customer is a signal in itself.
A significant share of our energy this year has gone into the Middle East, where the ambition around energy diversification and industrial decarbonisation continues to exceed our expectations. The region hasn't been untouched by wider turmoil, and conflict has, in places, slowed the pace of discussions, but it hasn't dulled the underlying case for decarbonisation. If anything, it has sharpened the argument for energy resilience and diversification away from fuel supply chains that can be interrupted by events outside a country's control. This is a region no longer experimenting with clean fuel but committing to it, at a pace few Western markets can rival.
What truly surprised me was the U.K.'s approach to SAF. More than any country I've encountered in this industry, the UK understands what Sustainable Aviation Fuel actually requires: not just a target on paper, but a rising mandate, funding aimed at what can genuinely be delivered, and a real industrial strategy. That's shaped how we think about where to build, and we intend to be part of what it produces.
I remain genuinely optimistic about what lies ahead, and I thank our shareholders for the patience and confidence that have let us keep moving forward.
Howard White
Non-Executive Chairman
29 September 2026
Please see full results here: Interim Results - 07:00:07 30 Sep 2026 - HUI News article | London Stock Exchange
Hydrogen Utopia International PLC
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.