Interim Results - correction

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 year ahead and to be locked in for a year,..'. The correct price is 1.625p. The full corrected announcement is included below.

Hydrogen Utopia International PLC

(the "Company" or "HUI")

Interim Results

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

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

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

When HUI began its journey, the landscape for funding new technologies appeared limitless. Yet, just as we launched our first fundraising round, the Omicron wave struck and markets effectively shut down. Despite this, we were fortunate to secure support from a group of early believers, primarily friends and family, alongside Novum Securities, who backed us through those difficult first steps.

Since then, the investment climate has shifted dramatically. The never-ending waves of COVID, geopolitical conflicts that haven't been resolved until now, rising inflation, and higher interest rates have all reshaped investor appetite, leaving little room for risk. Unproven technologies, especially in the climate space, became particularly hard to finance. While we secured a number of EU grants, regulatory and structural challenges prevented us from fully realising them. The lesson was clear: success requires proven, technology.

That is why HUI has secured the exclusive right to negotiate licenses for InEnTec's PEM Melter technology, an established solution with more than 70 patents, a 13-year commercial operating track record, and multiple systems successfully deployed worldwide. The exclusive rights are for MENA, a region with significant demand for scalable hydrogen solutions.

The PEM Melter operates at 2,500°C, delivering ultra-clean syngas through a two-stage process: first, an oxygen-blown gasifier, followed by plasma polishing. This robust technology has been operating across 11 global sites and has demonstrated consistent performance across a wide variety of feedstocks, including unsorted plastics, shredded tyres, PFAs, wind turbine blades, and other hard-to-recycle materials.

From a single modular 125-ton-per-day unit, the system can produce around 4,000 tons of hydrogen annually. When scaled to 10 front-end PEM Melter systems using shared cleanup and hydrogen extraction infrastructure, output increases to 40,000 tons of hydrogen per year, delivered at highly competitive prices. The scale of this technology makes it capable of fuelling some of the world's most energy-intensive industries, such as steel and cement.

As CEO of HUI, I want to make it clear that we are not giving up on HUI's primary technology. Its deployment will take time, as it depends on the further development of the automotive hydrogen market, which ultimately must happen. Our smaller HUI systems will be ideally placed to serve local and municipal heavy-duty vehicle fleets once that demand emerges. The world's reserves of oil, coal, and natural gas are finite. Beyond them, hydrogen is not just an alternative; it is the inevitable future.

I would also like to extend my gratitude to Mr Richard Fish, who has recently joined the HUI Board. A seasoned expert in plasma gasification, Mr Fish brings unparalleled experience and insight that are already proving invaluable to our work with InEnTec. Importantly, he has also taken an active interest in HUI's own proprietary technology, for which I am deeply grateful. His support strengthens both our immediate project and our long-term vision.

At HUI, we are determined to stand at the forefront of the energy transition. With proven technology ready to scale today, and pioneering systems prepared for tomorrow, we are building a bridge between immediate opportunity and long-term necessity. Our mission is not only to deliver hydrogen at competitive prices, but to help power industries, cities, and nations towards a cleaner, more resilient, and sustainable future.

Related party transactions

Outlook

Financial Performance

• Admin expenses for the half year of £186k (H1 2024: £496k)
• Gross Loss for period decreased to £202k (H1 2024: £419k)
• Cash at bank as at 30 June 2025 of £373k (H1 2024: £239k)

Principal risks

Unaudited Consolidated Statement of Comprehensive Income for the period ending 30 June 2025

Unaudited Consolidated Statements of Financial Position as at 30 June 2025

Unaudited Consolidated Statement of Changes in Equity for the period ending 30 June 2025

Unaudited Consolidated Statement of Cash Flows for the period ended 30 June 2025

Notes to the Interim Financial Information

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, Hydropolis United Sp.Z.O.O., Plastic Gold IKE, Alister Future Technologies (AFT) Limited, Eranova Longford Limited and HU Future B.V. (the "Group").

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

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

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 2025.

• Presentational currency
• Summary of significant accounting policies
• Segmental reporting

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

Related Party Disclosure

As at 30 June 2025 the group was owed £250 by Plastic Power Limited (A Binkowska) and £403 by The Plastic Neutrality Pledge (A Binkowska).

Significant events during the period

On 28 January 2025, there was an update on Ohrid Organics DOO (OO) on the sales, crops and facilities as well as the announcement that it is profitable allowing for the repayment of obligations to HUI.

On 9 May 2025, unfortunately HUI had to make a distressing announcement about the passing of the Non-executive Chairman Simon Mann. During that period and since our thoughts are with his family and friends as it was a huge loss to us all.

On 6 June 2025, HUI first announced its agreement with InEnTec for the distribution of the technology in the MENA region.

On 10 June 2025, HUI provided an update on Ohrid Organics.

On 11 June 2025, the placing of 14,285,715 new ordinary shares at the price of 1.75p per share was announced.

On 16 June 2025, Naser Nuredini was appointed as a Non-Executive Director with specialist knowledge of waste and environmental issues as he previously served as the Minister of Environment and Physical Planning for the Republic of North Macedonia.

Called up share capital

Basic and diluted earnings per share

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

• Related party transactions
• Events after the reporting period

On 25 July 2025, HUI informed the market about converting the non-binding agreement with InEnTec into a binding agreement with a right of first refusal to offer the same terms as any third party who may express an interest in the InEnTec Technology in the MENA region.

On 29 July 2025, the Company appointed an additional Non-Executive Director, Richard Fish, who among other roles over his illustrious career has worked extensively with plasma gasification over the last 15 years.

On 18 August 2025, HUI announced its road map to cheap hydrogen within the MENA region using the InEnTec technology; HUI has the right to negotiate a proposed access to exclusive licences for InEnTec's advanced TRL9 in the MENA region.

On 15 August 2025, HUI brought on board Iman Ramani as a local representative for the Gulf Cooperation Council ("GCC) with a strong focus on the Kingdom of Saudi Arabia ("KSA).

22 September 2025, HUI announced that it partnered with Shabab Ahmed and Mohamed Al Mir who have extensive expertise in Oman.