Interim Results

Hydrogen Utopia International PLC

30 September 2026

 

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. 

30 September 2026

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 toPowerhouse 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

For more information about the Company, please refer to our website: www.hydrogenutopia.eu 

For further information, please contact: 

Hydrogen Utopia International PLC  

Aleksandra Binkowska                    

[phone] 

Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)  

Nick Michaels/Maya Klein Wassink                                                                           

[phone]  

Clear Capital Markets (Broker)                                                                      

Bob Roberts

[phone] 

Interim Management Report

Commercial, technological and business development

HUI holds a licence for Inentec's waste-plastic-to-SAF technology covering MENA and the UK, and its strategy is to expand across both regions using that technology to develop a platform for the production of cost-competitive sustainable aviation fuel (SAF) from waste plastic. Inentec is the Company's front-end technology provider, and the Company is working to secure the back-end technology from an experienced technology provider, with the aim of establishing an integrated process from waste plastic to certified fuel.

The market faces a structural gap: HEFA is limited by the supply of fats, oils and used cooking oil, with supply constraints expected to increase as mandates tighten, while PtL currently has significantly higher production costs. Waste-plastic-to-SAF has the potential to provide an alternative pathway using an abundant, relatively low-cost feedstock that does not compete directly with food supply chains.

The Company is already active in both regions. In MENA, discussions are ongoing with potential participants across the value chain, including in relation to offtake, land and feedstock. In the UK, the Company has identified potential offtake, feedstock and land providers, supporting the continued development of the proposed project.

The Company has also applied to the Low Carbon Fuels Fund (LCFF), which, if successful, would support project development and support engagement with potential investors and lenders. The Company intends to develop its projects through subsidiaries or special purpose vehicles (SPVs), with a view to securing project-level funding and limiting dilution at the HUI shareholder level.

MENA offers a potentially less complex execution environment, while the UK offers a mature regulatory framework and mandate-driven demand. The Company's licensed technology platform is intended to support the replication of projects across both regions, providing the potential to build scale and achieve cost efficiencies over time.

Related party transactions

Ohrid Organics Limited ("OOL") is a company with a majority ownership by Howard White, who is also a director of HUI PLC. HUI PLC provided an initial loan to OOL in 2023.

Outlook

The outlook for the Group remains very positive and the Board looks forward to the second half of the

year with a high degree of confidence in the ongoing execution of its strategy. Despite the macro-economic backdrop, the Group is moving forward with current and future projects as expected.

Financial Performance

·    Admin expenses for the half year of £431k (H1 2025: £186k)

·    Gross Loss for period increased to £441k (H1 2025: £202k)

·    Cash at bank as at 30 June 2026 of £122k (H1 2025: £373k)

Principal risks

The Directors consider that the principal risks and uncertainties which could have a material effect on the Group's performance identified in the Annual Report 2025 are also applicable for a period of six months from 31 December 2025.

The Directors continue to monitor the risks associated with currency fluctuations and believe that the strategy put in place reduces this risk significantly.

Unaudited Consolidated Statement of Comprehensive Income for the period ending 30 June 2026

		Six months ended June 30	Six months ended June 30	Year ended December 31
		2026	2025	2025
	Notes	£ (Unaudited)	£ (Unaudited)	£ (Audited)
Administrative expenses		(431,123)	(185,892)	(699,426)
Operating loss		(431,123)	(185,892)	(699,426)
Investment revenues		13,105	118	25,209
Finance costs		(22,704)	(15,587)	(47,931)
Loss on ordinary activities before taxation		(440,722)	(201,361)	(722,148)
Income tax income		-	(322)	(326)
Loss and total comprehensive income for the period		(440,722)	(201,683)	(722,474)
Basic and Diluted Earnings per share from continuing operations (pence)	8	(0.10)	(0.05)	(0.18)

Unaudited Consolidated Statements of Financial Position as at 30 June 2026

	Notes	30 June 2026	30 June 2025	31 December 2025
		£ (Unaudited)	£ (Unaudited)	£ (Audited)
Non-Current assets
Intangible assets	9	982,563	606,125	982,563
Property, plant and equipment	9	453	839	646
Investment in Financial Assets		459,744	459,744	459,744
		1,442,760	1,066,708	1,442,953
Current assets
Trade and other receivables		961,791	1,053,118	924,385
Cash and bank balances		121,587	373,197	500,068
		1,083,378	1,426,315	1,424,453
Current liabilities
Trade and other payables		176,925	135,616	96,489
Borrowings		293,823	927,283	354,340
		470,748	1,062,899	450,829
Non-Current liabilities
Borrowings		744,091	-	660,871
		744,091	1,062,899	660,871
Net current assets		612,630	363,416	973,624
Net assets		1,311,299	1,430,124	1,755,706
Equity
Share capital	7	432,635	399,806	432,635
Share premium		6,039,484	5,451,568	6,056,284
Other reserves		567,022	345,079	553,907
Retained earnings		(5,727,842)	(4,766,329)	(5,287,120)
Total equity		1,311,299	1,430,124	1,755,706

Unaudited Consolidated Statement of Changes in Equity for the period ending 30 June 2026

	Share capital	Share premium	Other reserves	Retained profits	Total equity
	£	£	£	£	£
Balance at 1 January 2025 (audited)	385,520	5,248,679	341,044	(4,564,646)	1,410,597
Loss for the six months ended 30 June 2025	-	-	-	(201,683)	(201,683)
Issue of share capital	14,286	235,714	-	-	250,000
Share issue costs	-	(32,825)	-	-	(32,825)
Share based payment expense	-	-	4,035	-	4,035
Balance at 30 June 2025 (unaudited)	399,806	5,451,568	345,079	(4,766,329)	1,430,124
Loss for the six months ended 31 December 2025	-	-	-	(520,791)	(520,791)
Issue of share capital	32,829	656,716	-	-	689,545
	-	(52,000)	-	-	(52,000)
Share based payment expense	-	-	208,828	-	208,828
Balance at 31 December 2025 (audited)	432,635	6,056,284	553,907	(5,287,120)	1,755,706
Loss for the six months ended 30 June 2026	-	-	-	(440,722)	(440,722)
Issue of share capital	-	-	-	-	-
Share issue costs	-	(16,800)	-	-	(16,800)
Share based payment expense	-	-	13,115	-	13,115
Balance at 30 June 2026 (unaudited)	432,635	6,039,484	567,022	(5,727,842)	1,311,299

Unaudited Consolidated Statement of Cash Flows for the period ended 30 June 2026

		Six Months ended 30th June	Six Months ended 30th June	Year ended 31st December
		2026	2025	2025
		£	£	£
Notes		(Unaudited)	(Unaudited)	(Audited)
Cash flow from operating activities
Profit/(loss) for the period		(440,722)	(201,361)	(722,148)
Investment Income		(13,105)	(118)	(25,209)
Finance costs		22,704	15,587	47,931
Disposal of property, plant and equipment		-	-	-
Depreciation, amortisation and impairment		193	192	386
(Revaluation)/Impairment of intangibles		-	-
Equity settled share based payment expense		13,115	4,035	212,863
(Increase)/decrease in trade and other receivables		(22,552)	(39,503)	10,560
Increase/(decrease) in trade and other payables		98,439	(9,857)	37,569
Tax (paid)/received		-	(322)	(326)
Net cash generated for/(absorbed in) operating activities		(341,928)	(231,347)	(438,374)
Cash flows from investing activities
Purchase of unincorporated business		-	-	-
Purchase of Intangible assets		-	-	(376,438)
Purchase of property, plant and equipment	9	-	-	-
Receipts from agreements		-	-	-
Investment deposits		(14,855)	94,000	168,000
Investment in Financial Assets		-	-	-
Interest received		13,105	118	25,209
Net cash generated for/(absorbed in) investing activities		(1,750)	94,118	(183,229)
Cash flows from financing activities
Proceeds from issue of shares		(16,800)	217,175	854,720
Proceeds from borrowings		4,701	41,844	47,888
Interest paid		(22,704)	(15,587)	(47,931)
Net cash generated for/(absorbed in) financing activities		(34,803)	243,432	854,677
Net increase in cash & cash equivalents		(378,481)	106,203	233,074
Cash and equivalent at beginning of period		500,068	266,994	266,994
Cash and equivalent at end of period		121,587	373,197	500,068

Notes to the Interim Financial Information

1.   General information

Hydrogen Utopia International Plc is a company incorporated and domiciled in England and Wales. The Company's registered office is C/O Laytons Llp, Yarnwicke, 119-121 Cannon Street, London, EC4N 5AT. The Company is listed on the LSE main market (ticker: HUI).

The unaudited consolidated financial information comprises the financial information of Hydrogen Utopia International Plc, HU2021 International UK Limited, Plastic Gold IKE, and HU Future B.V. (the "Group").

The principal activities of the entities in the Group are as follows: -

Name of company	Country of incorporation	Principal activities
Hydrogen Utopia International plc	England and Wales	Holding company
HU2021 International UK Limited	England and Wales	SPV
Plastic Gold I.K.E	Greece	Energy producer
HU Future B.V.	The Netherlands	SPV

There have been no significant changes in these activities during the relevant financial periods.

During 2025 the following subsidiaries were shut down: Alister Future Technologies (AFT) Limited (Ireland), Eranova Longford Ltd (Ireland) and Hydropolis United (Poland).

The consolidated interim financial information has been prepared in accordance with UK adopted International Accounting Standards (IFRSs). The interim financial information does not constitute full financial statements within the meaning of Section 435 of the Companies Act 2006. The interim results have not been audited or reviewed by the Company's auditors. The unaudited interim results have been prepared under the historical cost convention, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom.

The comparative figures for the year ended 31^st December 2025 for the Company are extracted from the audited financial statements which contained an unqualified audit report and did not contain statements under Sections 498 to 502 of the Companies Act 2006.

The Directors have considered all available information about future events when considering going concern. The Directors have prepared and reviewed cash flow forecasts for 12 months following the date of these Financial Statements.

The projections show that the Company will have sufficient funding to be able to continue as a going concern on the basis of its cash balances as at 30 June 2026 and the subsequent equity raise completed in July 2026.

2.   Presentational currency

      The financial information has been presented in sterling ("£") the Group's presentational currency. The functional currency of the Group is sterling ("£").

3.   Summary of significant accounting policies

The same accounting policies and methods are used in the Interims as compared with the most recent financial statements, the year ended 31^st December 2025, these Interims should be read in conjunction with them, which can be found here https://www.hydrogenutopia.eu/investors

Investment in Financial Assets are measured at fair value, any interest or dividend income are recognised in profit and loss.

The tax charge on profits assessable has been calculated at the rates of tax prevailing, based on existing legislation, interpretation and practices in respect thereof.

4.   Segmental reporting

IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Operating Group that are regularly reviewed by the chief operating decision maker (which takes the form of the Board of Directors) as defined in IFRS 8, in order to allocate resources to the segment and to assess its performance.

Based on management information there is one operating segment. Revenues are reviewed based on the services provided.

No single customer has accounted for more than 10% of total revenue during the periods presented.

5.   Related Party Disclosure

As at 30 June 2026 the group was owed £250 by Plastic Power Limited (A Binkowska) and £403 by The Plastic Neutrality Pledge (A Binkowska).

6.   Significant events during the period

On 6 January 2026 HUI signed an MoU with KSA company Hydrogen systems an EPC and O&M company.

On 9 January 2026 HUI KSA, a wholly owned subsidiary was formed.

On 28 January 2026 HUI and SIRC (Saudi Investment Recycling Company), a wholly owned subsidiary of the Public Investment Fund (PIF) of KSA, signed an MoU.

On 13 April 2026 the company announced it had executed an LOI with Mithras Energy S.A. for Powerhouse Energy Group Plc (PHE)'s DMG technology under HUI's marketing agreement with PHE.

On 5 May 2026 HUI announced the launch of its military program through project Fortress Fuel.And subsequently opened a dedicated subsidiary on 1 June 2026.

On 24 June 2026 the company gave a strategic development update on all its initiatives.

7.   Called up share capital

Authorised	Nominal value		30 Jun 26 (Unaudited)	30 Jun 25 (Unaudited)	31 Dec 25 (Audited)
			£	£	£
432,635,274 Ordinary	£0.001		432,635	399,805	432,635

8.   Basic and diluted earnings per share

The calculation of earnings per share is based on the following earnings and number of shares.

	Six months Ended 30 June 2026	Six months Ended 30 June 2025	Year ended 31 December 2025
	(Unaudited)	(Unaudited)	(Audited)
	£	£	£
Total comprehensive loss	(440,722)	(201,683)	(722,474)
Weighted average number of ordinary shares	424,145,636	386,107,084	401,329,568
Earnings per share
Basic and diluted earnings per share (pence)	(0.10)	(0.05)	(0.18)

9.   Intangible assets and Property, plant and equipment

		Intangible assets	Computers	Total
		£	£	£
Cost
At 1 January 2025		606,125	1,927	608,052
Adjustments
At 30 June 2025		606,125	1,927	608,052
Adjustments		-	1	1
Additions		376,438	-	376,438
At 31 December 2025		982,563	1,928	984,491
Adjustments		-	-	-
At 30 June 2026		982,563	1,928	984,491
Accumulated depreciation and impairment
At 1 January 2025		-	896	896
Charge for the period		-	193	193
At 30 June 2025		-	1,089	1,093
Charge for the period		-	193	193
At 31 December 2025		-	1,282	1,282
Charge for the period		-	192	192
At 30 June 2026		-	1,474	1,474
Carrying amount
At 1 January 2025		606,125	1,032	607,157
At 30 June 2025		606,125	839	606,964
At 31 December 2025		982,563	646	983,209
At 30 June 2026		982,563	454	983,017

10.  Related party transactions

All Group related parties transactions are unchanged from the 6 months ended 31 December 2025. For further information on the Group's related parties, please refer to the Group's Annual Report 2025.

11. Significant events after the reporting period

On 24 July 2026 HUI announced a new broker appointment and a successful raise of £850,000 (gross).

On 17 August 2026 HUI announced it had agreed terms with InEnTec Inc to deploy their technology within the United Kingdom in addition to the licences for MENA.

On 20 August 2026 the company entered into a master services agreement with IO Consulting.

On 24 August 2026 HUI granted share options to members of the senior management team.

On 26 August 2026 HUI announced the engagement of Jeffrey Surma to work alongside HUI's technical consultants.

On 1 September 2026 the company received confirmation that it's project under the UK Department for Transport's Low Carbon Fuels Fund (LCFF) passed an indicative eligibility review.

Statement of director's responsibilities

We confirm that to the best of our knowledge:

·      The condensed set of financial statements has been prepared in accordance with UK adopted IAS34 Interim Financial Reporting; and

·      The interim management report includes a fair review of the information required by:

a)   DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

b)   DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

By order of the board

Aleksandra Binkowska

CEO

29 September 2026

 

END