Fusion Fuel Green Ltd - Ordinary Shares - Class A Aktie

Thank you, and welcome to Fusion Fuel Investor Presentation. I'm Natalya Rudman, Senior Vice President of Crescendo Communications. Presenting on today's call is Frederico Figueira de Chaves, Chief Executive Officer of Fusion Fuel. The company posted the presentation on its website at www.fusion-fuel.eu. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020.

Before we begin, I'd like to remind listeners that this conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words believes, expects, anticipates, intends, projects, estimates, plans and similar expressions or future or conditional verbs such as will, should, would, may and could are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing.

Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. These risks should not be considered exhaustive and should be read in conjunction with the other cautionary statements included in the company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F and reports furnished on Form 6-K. Any forward-looking statement speaks only as of the date on which it was initially made, except as required by law.

The company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise. We also encourage investors to download the presentation from the website and read the disclosures.

I'd now like to turn the call over to the CEO Frederico. Please go ahead, Fred.

Thank you, Natalya, and thank you, everyone, for joining us today. This is the first time I'm speaking to you since returning to the role of CEO. And I want to begin not with our strategy and not with our numbers, but with a thank you. Over the past 18 months, this company has been led through the single most difficult and most important chapter in its history by JP Backwell.

When JP took the helm, Fusion Fuel was a company that had to be rebuilt almost from the foundations. An investor breached a subscription agreement it had committed to funds, and that breach forced us to file for insolvency of our Portuguese operating subsidiary and to close our legacy electrolyzer business. JP rebuilt the company from there. During this time, we secured the capital that kept this company moving forward. We grew Al Shola gas. We launched Bright Hydrogen Solutions and BioSteam Energy, and we signed a transformational agreement to acquire Royal Uranium. JP carried this company through its hardest days. And on behalf of the entire team, Board and myself personally, I want to thank him for all his hard work and dedication. And I'm grateful that he remains with us both as a member of our Board and as an adviser as we move into this next chapter.

I'm also delighted to welcome our new Chairman, James Passin. James is one of the most respected uranium investors in the world. He began investing in uranium in the year 2000 when uranium traded below $8 a pound and almost no one was paying attention. The market proved him right. His appointment as our Chairman is not a coincidence and is not symbolic. It is a signal of exactly where this company is heading and of the conviction behind it. So that is the moment we are in, a new Board, strong management at each individual operating entity and fundamentally, a company significantly stronger than it was 18 months ago. One note before we begin. Today's presentation assumes the Royal Uranium acquisition is approved at the Extraordinary General Meeting and presents the group on that basis. I'll come to that later. With that, let me show you what we have built and what our plans are.

This is Fusion Fuel today. We are a diversified integrated energy platform, and I want to unpack what those words actually mean as it is a deliberate strategy. We are anchoring our strategy on the expected strategic royalties in uranium and natural gas through Royal Uranium. And around that anchor, we have three operating businesses: Al Shola Gas, an established gas utility in the UAE; Bright Hydrogen Solutions, our Green Hydrogen Solutions business in Europe; and BioSteam Energy, our biomass JV in South Africa. four businesses, four energy verticals, four regions of the world, all in platform. 18 months ago, this company was a single technology business in a financial distress requiring substantial CapEx investments. Today, it is a diversified group with real revenue, real customers and a CapEx-light model underpinned with real assets. This transformation is what I want to walk you through.

Let me start with our view of the world economy and its core driver. Energy has driven economic growth for the last 200 years, effectively ever since the industrial revolution, and it will continue to define the next 200 years. That is the enduring reality this company is built around. Our vision is simple: to build a diversified energy platform that generates value from today's fossil fuel demand while accelerating the energy infrastructure of the future. We are not betting that the world transitions overnight, and we are not betting that it never transitions at all. We are positioned for what the world actually is, a world that needs more energy of every kind. Our mission is how we get there, to own and grow a portfolio of independent, high-margin companies spanning royalties, production and distribution across multiple geographies and multiple fuel types or even the key elements that drive this energy economy.

I want you to hold on to one word here, independence. Each of our businesses stands on its own with its own management, its own customers and its own path to profitability. We operate as a disciplined platform around them, allocating capital, providing support and holding each business accountable for profitable growth. That is the model. This independent model, along with building the group around the scope that can encompass all elements of the energy economy is why we have requested shareholders for the approval to rename the company Fusion Element, a name that reflects what we have actually become and are building. Now why this strategy and why now? In 2024, global energy investments surpassed $3 trillion, the largest figure ever recorded in a single year. That number is not driven by one trend. It's driven by four structural forces and our platform is built to capture all four.

The first is energy security. Since the war in the Ukraine, more than 30 countries have rewritten their energy policy to prioritize domestic supply. The ongoing conflict in the Middle East has only increased the importance of this. The era of relying on a single source is over. Diversification is now a matter of national security. The second is artificial intelligence, where energy is key. Data centers have power demand that could double by 2030. Microsoft, Amazon and Google are now signing long-term power purchase agreements directly because the grid simply cannot keep pace. The third is the most misunderstood. The world is not replacing one form of energy with another. It is adding. Coal, gas and oil all hit record demand. And at the same time, clean energy is accelerating. International Energy Agency projects energy demand growing more than 30% by 2040. This is all addition, not substitution.

The fourth is that governments are backing every horse in the race at once. nuclear, hydrogen, natural gas and biomass, all in parallel. No single technology wins this decade. So when you look at our four businesses, understand that they were assembled not by accident. Each one sits directly on top of one of these forces. We have built a platform that benefits as they all grow and develop. This slide places today's energy landscape side-by-side with the 1970s and the parallels are striking. In the 1970s, an oil embargo triggered a global panic. Nations built strategic reserves and rush to diversify supply. Today, there's conflict in the Gulf and sanctions on Russia, leading to energy investment hitting $3 trillion. In the 1970s, nuclear capacity surged 15-fold in 15 years. Fast track have dependence on oil. Today, more than 30 nations have pledged to triple nuclear capacity by 2050.

In the '70s, the embargo exposed fatal weaknesses in supply chain and last mile distribution suddenly became a strategic asset. Today, that same urgency is back across gas, nuclear fuel and hydrogen infrastructure. And here is the pattern that matters most to you as shareholders. In the 1970s, the companies that won were not the single fuel specialist. They were the diversified multi-fuel platforms built across the entire value chain. That decade created Exxon, created Shell and created Total, companies that still dominate 50 years later. The chart on this slide shows you something important. The majority of nuclear capacity in the Americas and Europe was built in the two decades after the 1970s crisis because these projects take many years to come online. We believe we are at the very start of that same cycle today. The 1970s built the last generation of energy giants. We believe this cycle will build the next, and we intend to be part of that.

Let me go deeper on uranium because it is essential to our future and on the specific way we've chosen to gain exposure to it. First, why uranium and why now, and we see three core reasons. Firstly, there is a structural supply deficit. The world produces around 145 million pounds of uranium per year against an existing reactor demand of around 179 million pounds. Many producers have cut their targets and a new mine takes more than 10 years to develop. That gap does not close quickly. Secondly, we are seeing a new nuclear renaissance. Global nuclear capacity is projected to grow roughly 47% by 2040 and more than 75 reactors under construction worldwide and our AI data centers adding to the pool. Not to mention the countless new players and solutions emerging in the nuclear market. Lastly, there are powerful geopolitical tailwinds. Sanctions have disrupted supply. Uranium has now been reinstated to the United States critical minerals list and Western utilities are urgently seeking non-Russian sources. Now the second question, why use royalties to get exposure to uranium.

A royalty entitles the owner to a percentage of the revenue from mineral production without the cost of building or running the mine. It's capital efficient. We gain exposure without funding exploration or construction. It allows us to be diversified at a reasonable price. Our royalty portfolio spans many mines, regions, partners, which reduces single asset risk, and it's insulated from cost inflation. The mine is exposed to rising labor, energy and equipment costs and a royalty holder is not. Royalty revenue tracks production and price, not the cost of extraction. So our thesis here is precise. There is a structural supply deficit in one of the world's most critical commodities, and we're securing exposure through a capital-light lower-risk model. This is a deliberate choice.

Here, we can see how the platform fits together. Look at the value chain across the top. At the upstream end, we see extraction and royalties, that is Royal uranium. In the middle, we have production and engineering, which is BrightHy, BioSteam and Al Shola gas. And in the downstream end, the distribution and maintenance are again both Al Shola gas and BrightHy. We expect to earn at every stage of this chain from upstream royalties, engineering fees, fuel delivery and long-term maintenance contracts. Underneath that is four pillars that define how we operate. We are technology agnostic. We benefit from the growth of the whole energy sector, not the success of any single technology.

We cover the full value chain with multiple revenue streams per project. We run an asset-light model. We partner with world-class technology providers rather than carrying the costs and risks of manufacturing and heavy research ourselves or the burden of direct extraction. That keeps our cost structure lean. And we pursue strategic disciplined growth, acquisitions driven by a genuine fit and long-term value, not growth for its own sake. This is the architecture of the company. Everything I show you next sits inside this framework.

Our diversification is not only across fuels. It's across the map. In the Americas, Royal Uranium gives us expected royalty exposure across the Athabasca Basin, Alberta natural gas and Latin America, positioned for the nuclear revival. This is critical in a world where energy security and local supply is increasingly important. In Europe, BrightHy delivers hydrogen plant engineering and construction across Southern Europe, leveraging the European Union's clean energy mandates. In the Middle East, Al Shola Gas serves more than 38,000 residential and commercial customers across the UAE through an established distribution network with recurring revenue.

In addition, Al Shola Gas also designs and installs LPG pipes and systems across a number of real estate development projects in the region. And then in Africa, BioSteam is displacing coal-fired boilers with industrial biomass thermal energy for commercial and agricultural clients in South Africa, four continents, which means we are not dependent on the policy, the currency or the economic cycle of a single market. When one region faces headwinds, the others carry us forward. For a company our size, that resilience is a genuine and deliberate strategic advantage and it reflects a network of relationships and operating knowledge that would be very difficult and very expensive to build from scratch.

Now let me introduce you to each of the four engines directly, and I'll spend more time on each of them shortly. So this is just an overview. Royal Uranium is the uranium and gas royalty business acquisition we expect to close with the ongoing EGM vote. It's got 19 royalties across premier jurisdictions in Canada, Colombia and Argentina. It requires no anticipated capital expenditure from us. It has an independent indicative valuation placed on 9 of those 19 royalties at $30.4 million as of February this year. And 3 producing gas royalties are already generating revenue today, revenue that once the acquisition closes, would give the group near-term cash flow.

Al Shola Gas, our gas utility and engineering business in the UAE was founded in 1980 and has now more than 38,000 clients, as I mentioned before. It has 130 employees and already carries an 18-month engineering backlog and also two new delivery trucks on order to expand capacity, and it's targeting more than 20% year-on-year growth. BrightHy Solutions, our Green Hydrogen Solutions business. The company has an active pipeline ranging from focused engineering solutions to full plant design and deployment. The company that launched only a little more than a year ago already has EUR 5 million of hydrogen contracts signed and currently in execution. And critically for future accelerated growth, it has a non-dilutive project finance structure behind it with the up to EUR 30 million infrastructure investment partnership.

Lastly, BioSteam Energy for now our smallest business, our biomass thermal joint venture in South Africa. Its first commercial system has launched at the Fairfield Dairy plant, one of the country's leading dairy processors with follow-on projects already being analyzed. These are four engines, each at a different stage of maturity, each contributing something distinct to the platform. Together, they are our group. We will continue to grow this portfolio organically, focused on specific growth actions within each company, but importantly, also potential through growth potential through inorganic opportunities where we see the potential to unlock real and substantial value for shareholders.

I'd like to highlight our targets for the next few years for the group overall, built on the company's -- the four companies that I covered on the previous slide. The group is fundamentally different to what it was in 2024, but it's important to note that through 2025 and into past 2026, we carried significant one-off restructuring and write-off costs that had to be addressed. As we look towards 2027, we expect the vast majority of those legacy items to be cleared in large part because of the work already done in 2025. Before I walk through the numbers, here's the key nuance to keep in mind.

We expect every one of our operating businesses to be profitable at the unit level in 2026, that is this year. Each business on its own makes money. But the group as a whole is still expected to be loss-making in 2026 because we carry the cost of the corporate center, the cost of being a public company listed on NASDAQ. Closing that gap while generating substantial value for shareholders and then reversing it is the job at hand. That is what 2027 represents on this chart. Now with that in mind, let me start with revenue. And one quick note before I go into the figures. Our group results are reported in euros. While some of our individual businesses and the Royal Uranian valuation are stated in dollars, so I will be clear in which currencies which as I go along.

In 2024, the company generated EUR 1.6 million of revenue. And in 2025, EUR 14.4 million. That step change was effectively driven by a single business, Al Shola Gas. From 2026 onwards, we expect significant contributions from each of the companies in the group, and we are targeting around EUR 20 million of revenue in 2026 and around EUR 25 million of revenue in 2027. Now to the bottom line. Here, we're looking at net income or loss attributable to HTOO shareholders. So for those looking at the 20-F, that is the figure to compare this to. In 2024, the group's net result was a loss of around EUR 15.3 million, driven heavily by write-downs from the closure of our legacy Portuguese operations. In 2025, that loss narrowed to EUR 1.7 million. Adjusting for one-off items, the underlying loss is more fairly represented at around a loss of EUR 3.7 million as we disclosed in our results press release.

For 2026, we're targeting a loss of EUR 1.5 million. That is for two reasons. First, some remaining legacy and restructuring costs and transaction costs that are part of completing this turnaround. And second, the businesses are still maturing. They are not yet generating enough free cash flow to cover the cost of the group overhead and the cost of being a public company. For 2027, absent further one-off or transaction costs, we are targeting positive net income of around EUR 1.5 million with the operating businesses now able to contribute enough to cover the group overhead and our listing costs. A core part of this journey has been cost discipline.

Our administration expenses fell by almost 28% in 2025 and our operating loss more than halved. And on a non-IFRS adjusted basis, stripping out legacy one-off and transaction costs, our adjusted operating loss fell by around 64% -- in the first quarter of this year, our majority-owned subsidiary, Quality Industrial Corp., QIND, reduced its operating expenses by roughly 57% year-on-year and returned to positive net income. We simply -- we did not simply grow our way out of trouble. We cut hard, we restructured and we rebuilt the company to be leaner, stronger and more adaptive. Now these are our targets going forward, and they are subject to the disclaimers at the end of the presentation, but they are grounded in real demonstrated progress.

Let me turn to our capital structure. We have had substantial capital raises during the last 18 months as we work to restructure and turn around, and it is important to be transparent on what our cap table looks like. Before we get into the details, it's important to note that the Board has been focused and giving significant importance to ensuring that the capital raise structures and warrant structures have been done with strong partners and avoided all the toxic raise traps that many microcaps fall into. None of the warrants have repricing or anti-dilution covenants, and we have no partner with right on future raises or the like. Given where we were, this was a really critical achievement to ensure that the company has the ability to grow in the future without having to drag toxic elements along.

This slide sets out our fully diluted capitalization, both before and after the expected Royal Uranium acquisition. I'll not read every line, but I'll focus on the highlights. Our basic share count moves from around 3.3 million today to around 7 million after Royal Uranium with the new shares issued to the Royal Uranium holders subject to a stage lockup released in third at 6, 12 and 18 months, respectively. That structure exists to align the incoming holders with the long-term view of our own Board and shareholders. On a fully diluted basis, after the expected Royal Uranium shares, we will have just over 13 million shares. I want you to notice the warrants that drive the difference between the basic and the fully diluted shares. We have around 4.4 million warrants outstanding at a weighted average strike of $4.2 per share. If those are all exercised over time, they would bring in approximately $18.5 million of capital, capital that can fund growth without us having to return to the market under pressure. And that brings me to reiterate how we think about funding.

Over the past year, this company has built genuine and constructive relationships with significant shareholders. They've supported us in our capital raises and in introducing potential opportunities. We have raised capital in a measured and deliberate way. And importantly, we have avoided the toxic and punitive conditions that have damaged so many companies of our size. I'm very grateful to our capital partners for working with us constructively. Looking ahead, we expect to raise small amounts to execute the current business plan, and we intend to do so in that same measured manner. Future transactions could change our capital needs. But as it stands, we're planning around the portfolio we have today. Discipline on the balance sheet matters to us every bit as much as discipline in operations.

Now going to the -- each of the businesses. So this is the overview of Royal Uranium, the potential anchor -- growth anchor of the entire group and the subject of the first resolution we're asking you to vote on at the EGM on the 8th of June.

Before I go into the portfolio itself, it's worth being clear about why uranium and why now again. As I mentioned before, we have a structural shortfall on uranium and with new mines taking more than a decade to come back online. So this is not a short-term price story. This is a multiyear supply-demand gap. So the question for us was never whether we want to have exposure but how to get it intelligently. Owning royalties was that answer, giving our shareholders direct participation in rising uranium production and price without the capital cost, the operating costs or the construction risks of running a mine.Royal Uranium holds a portfolio of 19 royalties, 16 in uranium and 3 in natural gas and in -- across five more jurisdictions with the Athabasca Basin, Newfoundland, Colombia, Argentina and Alberta for the natural gas. The Athabasca Basin alone is one of the highest grade uranium regions on earth. And the counter parties operating these assets are not small names. They include Cameco, Orano, Uranium Energy Corp. and IsoEnergy, some of the most significant names in the industry.

This structure creates value because as these properties advance through their development stages, the value of the royalties on them can grow substantially, and they do so without requiring capital from us. It is a capital-efficient exposure to a strengthening uranium market. So let me address value directly. We are acquiring Royal Uranium through an all-share exchange. Other than the transaction costs, no cash is leaving the company. The total consideration is just over 3.75 million of our shares issued for 100% of the Royal Uranium shares.

Now to set that against the independent work done on the assets, Newbridge Securities independent firm provided an indicative valuation of $30.4 million for Royal Uranium. That figure covering only 9 of the 19 royalties. So effectively, we did that we asked them to value the 9 most developed and most advanced royalties. The remaining 10 are earlier stage and were not included in that analysis. So we are issuing just over 3.75 million shares for a portfolio whose 9 most mature royalties alone were independently valued at over $30 million, with a further 10 royalties beyond that. To put the valuation into further context, this sits -- that valuation level sits at the same level which Royal uranium itself last raised capital. So this is why we will consider that the consideration we are paying for is attractive and is fair.

I also want to be clear, this is a new sector for the company. Most of the royalties are preproduction, and there is real work ahead to manage and grow this portfolio. However, luckily, we count on our new Board members, which have a significant experience and exposure to uranium to help us on that journey. I want to note that, again, the presentation on our website has substantial disclaimers and further details on these valuations. So anyone interested is welcome to download and read those in more detail. However, we believe this is a really attractive acquisition for Fusion Fuel, and this is why your vote matters. Resolution 1 at our EGM asks all shareholders to approve this acquisition, and the Board unanimously recommends that shareholders vote in favor. We believe Royal Uranium gives every existing shareholder indirect exposure to a portfolio that could otherwise not be accessed.

If Royal Uranium is our growth anchor, Al Shola Gas is our engine room today, the business generating real revenue, real cash and real customers right now. As I mentioned before, founded in 1980, it's one of Dubai's longest-standing gas contractors. It's ISO 9001 certified and serves more than 38,000 customers. It's growing and expected to grow at over 20% year-on-year for the next couple of years. And what we like about this business is the quality of its revenue. It has recurring income from metered utility services from bulk LPG deliveries and from operations and maintenance contracts. That is a stable base. And on top of that base, it has a growing engineering arm.

In 2025, the value of new contracts signed reached $9.8 million, up from $6.7 million the year before. New customers, new engineering contracts, higher LPG volumes, the operating metrics are moving in the right direction across the board. And this momentum has carried into 2026, even with the conflict in the region. The business has been resilient through this period. Subsequent to the first quarter, Al Shola has been awarded 16 new engineering subcontracts worth approximately $1.14 million, including a flagship dual tower development in Expo City, Dubai. It has two new delivery trucks on order to expand capacity, and it's expanding into the other Emiratis in the region. This is a profitable, growing, well-run business in a strong market. It's managed by the same team of creative company, and our focus has been on supporting its growth strategy and execution. Al Shola gas is the proof that our platform model produces real operating results.

BrightHy is our green hydrogen solutions business, and it represents how we have learned to pursue hydrogen intelligently using a capital-light structure. This company has a difficult history in hydrogen. Our legacy business tried to do everything itself with its own proprietary manufacturing, R&D and project development. This required enormous amounts of capital and with the breach of the capital commitment, that modeled unsustainable. BrightHy is the opposite model, and it is deliberately so. BrightHy is an asset-light engineering solutions business that works across the whole hydrogen value chain from advisory, engineering, construction and commissioning as an owner's engineer and project partner without carrying the heavy capital cost of manufacturing or R&D.

The centerpiece is the hydrogen investment platform. BrightHy has signed an agreement to set up and manage a hydrogen-focused investment vehicle with up to EUR 30 million of potential capital commitment to be deployed into approved projects. And crucially, that capital is provided by the partner. This is non-dilutive to our shareholders. BrightHy earns management fees and performance fees and engineering revenue for those projects. It is a scalable infrastructure asset manager model using BrightHy's intimate knowledge of hydrogen projects to select the most attractive for this portfolio, and it's already producing real projects. BrightHy will construct and operate a 2-megawatt industrial green hydrogen facility for Cimsa, cement producer in Spain, the first project with this investment partner. Cement is one of the hardest industries in the world to decarbonize, which makes it exactly the right place to provide this model and perfect to replicate across cement plants globally. The company has a very attractive live pipeline for engineering, purchasing or even full build solutions. We have four contracts under execution, and BrightHy's small team is already turning green hydrogen from promise into a set of performing assets.

The BioSteam Energy joint venture joined us in the last quarter of 2025, and it's a clear example of disciplined capital-light growth. BioSteam is a 51% JV with Alien Fuel , a leading biomass company in South Africa. The model is straightforward. We replaced fossil fuel boilers with a biomass-powered steam system using carbon-neutral wood pellets made from waste biomass. Our customers cut both their carbon emissions and their energy costs. BioSteam charges a fixed monthly fee for the installation along with the potential upside from the carbon credits and through this activity. The first plant is at Fairfield Dairy, one of South Africa's largest dairy processors. For a project requiring only around $500,000 of capital, it is expected to generate over $700,000 of revenue per year at an internal rate of return of around 12%. And as of May this year, construction is complete and the commercial operations have begun. The economics improved further with the carbon credit income on top of the scheme's supply agreement.

We also hold a right of first refusal on future projects with Alien Fuel, and those discussions are already well underway. Here, we are building a portfolio of small individual projects with attractive returns, low capital intensity, the option to introduce leverage to fund further projects and a clear pipeline of repeatable opportunities. This is exactly the kind of growth this platform was designed to compound. So let me bring this all together. This is the company today, assuming the approval of the Royal Uranium transaction. It's a 4-pillar diversification in uranium, gas royalties, utility gas, green hydrogen and biomass, spanning the full energy stack, profitable cash-generating operating businesses underpinning our revenue and our value, a capital-light growth model and 19 uranium and natural gas royalties that give us capital-efficient exposure to one of the most important commodities of the coming decade.

18 months ago, we were a single technology company in financial distress. Today, we're a diversified co-continent energy platform, leaner, stronger, more adaptive and with a portfolio of assets and relationships with real and growing value. We understand that the revenue and share price may take time to fully reflect that value. However, we believe that the value we have built is real and substantial. And over time, it will be recognized. On the 8th of June, we'll hold an EGM, and we're asking each of our shareholders to vote on 3 resolutions. The first resolution being the approval of the Royal Uranium transaction.

The second, to approve the conversion of the preferred shares connected to our QIND transaction. This is an important enabling step -- the broader QIND combination still requires new listing approval from NASDAQ, which remains outstanding, but there is real work to do there. But this resolution moves us another step forward to closing that first transaction. Resolution 3 to approve changing our name to Fusion Elements plc, a name that finally matches the company to what we have actually become. We've considered each of these carefully, and the Board unanimously recommends that you vote in favor of all three.

Now to every shareholder and also to the Board and team that has stood with this company through its hardest chapter, we say a big thank you. Your support is the reason we are here and the reason we look forward to -- we can look forward with confidence. Now we intend to execute and keep building. So want to thank you for your time, and thank you for your trust. We have received some questions by e-mail. So we'll address them now. So -- and before we do so, I will remind everyone, as Natalya mentioned before, please download the presentation we have shown here, brief through the disclosure slides at the end. There's a lot of information there and do reach out to us if you have questions. So I'll ask Natalya back so we can go through some of the Q&A we have received.

Thanks so much, Frederico. In our investor presentation announcement press release, we suggested interested parties submit their questions in advance. We'd like to address those questions for you now. Some questions were duplicative, so we did our best to reconcile those where possible. If you have any further questions after the call, please feel free to follow up with Investor Relations, and we'll be sure to respond as quickly as possible.

Our first question, other than the organic growth at Al Shola Gas and the current revenue contribution from the royalty deal, what plans do you have to drive near-term growth? The British Fuel transaction appeared to offer meaningful upside. What is the company's approach and time line for executing acquisitions and securing financing for strategic transactions?

Great. So thank you, and thank you for our investors who put for that question. So I want to frame this in two parts. One is the organic growth, which I mentioned throughout the presentation. So for example, obviously, Al Shola gas as recognized already in the question is growing. But beyond that, the growth at BioSteam, be it the 700,000 revenues from this first project, but also the follow-on projects that we intend to do there as well will lead to organic growth. BrightHy alone, having contributed 0 to -- near 0 to the revenues last year, already has EUR 5 million of contracted projects that it's executing on. These are all -- well, and also Royal Uranium gas royalties at about $500,000 a year as well. These are all sort of organic growth that will just come naturally through the business. So those -- that is the growth plan that we are executing today with the existing platform.

Now to mention the U.K. deal and inorganic growth in general. So before going to the U.K. deal specifically, I want to talk about how we look at announcing projects and so on. Generally, where we can, we prefer to announce only when the transaction is closed and certain. However, in certain cases, that's not possible, and we have to disclose transactions we are working on. For example, the U.K. transaction, it required us to be in active negotiations with financing partners and that we can only do if the deal was actually disclosed. If not, we would have to restrict those financing partners for too long, and we couldn't engage into proper discussions. So this is why we had to disclose the intent to purchase an interim transaction rather than the closed transaction. Where a transaction can be done and executed much quicker. And obviously, the U.K. was a very big transaction where that wasn't possible. But where possible, we'll try to only communicate when it's actually done and finalized.

On the U.K. transaction, we actually did close and did have financing solutions for the full amount. However, we felt that the options we had were not palatable for shareholders. It was going to be toxic, and it was going to be significantly detrimental to the company. For that reason, we ended up putting that U.K. deal on hold. The financing terms were simply not right for our shareholders. We will only pursue deals where we can find nontoxic financing and see real value upside. The U.K. business was great. Unfortunately, the financing options wasn't something that we felt was in the best interest of our shareholders.

Makes sense. Our next question, management has previously stated that maintaining two separate public listings, HTOO and QIND is costly. And it would be in HTOO best interest to bring the remaining QIND shareholders into the company. Does current management still share that view? And what is the expected timing?

Yes, absolutely. And just to note, it's not only costly, it's in a substantial distraction. I think all of us, all shareholders, management and the Board would rather have people prioritizing on developing and growing the business rather than all the requirements to come with having to have two separate companies reporting into the tech. So yes, it is still our view that the ideal situation here would be to only have one reporting company and to be able to, at some stage, finally merge or resolve that two reporting entity issue. I want to note, though, because this is -- we get this question a lot, and so it's important. So it's a fair question given the changes of the Board changes in management. But yes, it is still something we feel very strongly about. But we want to note the first stage of the purchase, the transaction with QIND has not yet finalized.

There are two steps remaining. The EGM preferred shares conversion, which is one of the votes that is currently out for shareholders to consider and also the NASDAQ new listing application. So we first have to close this first phase, and then the Fusion Fuel Board, along with the QIND Board will look at all of its options in order to resolve that situation of having two public companies and two public entities. So we cannot give a hard date for when this will be resolved. Again, we can only provide transparency on the work to be done. We are hoping that on June 8, we resolve one of the pending items with the EGM vote. And then we move forward with the NASDAQ new listing requirements whenever the company is able to meet all of those requirements.

That's very helpful. Our next question is what differentiates Fusion Fuel from other diversified energy platforms in the market today?

So this is an interesting point and sometimes one of the reasons why we're hard to understand. But the reality is that nearly all of our peers are still a bet on one technology. They are diversified in name, but concentrated in risk. We're deliberately technology agnostic. We have royalties, gas, hydrogen, biomass. We win as the energy sector grows, not as one fuel beats another. The second point is we're capital light by design. We partner with the tech providers. We don't have manufacturing or R&D costs. So by having a lean cost base, we can grow without constant dilution. But this is something that, unfortunately, we had a very painful lesson learned with our previous attempts at the industrial side. But this capital light is really at the core of what we try to do. We want to have this growth without having to have this massive long-term capital commitments. So we are a platform that doesn't depend on picking a winner. We have picked the energy sector and the energy sector is clearly in a significant sort of global macro trend.

Yes. I think that leads very well into our next question. Why do you believe Fusion Fuel is well positioned for the next phase of growth?

Yes. As I mentioned, the core part is apart from the single most important part is playing in the space where growth is happening and the energy sector is it. Now the other side of it is that the hard part of the turnaround and the work is done, right? As I mentioned, we were a single technology company in financial distress. We're now diversified full continent platform, real revenues, real customers, capital light. Our balance sheet has been rebuilt. It's healthy. It has none of the toxic elements in it that you would expect for a company going through this turnaround. So we are now really at a very different stage. We're pursuing sort of disciplined and targeted growth, ensuring that we allocate capital where it has the most bang for its part.

Great. And our last question, what characteristics are you looking for in future acquisitions or partnerships?

And this is very important is, obviously, we do recognize that every time we do an acquisition, it can and readily lead to dilution. We need to ensure that, that dilution is actually more than offset by the increase in value that comes to the company. So I think the most important element here is that in the sort of mismatch between what we pay and what we get in value, we have to see substantial value potential in the acquisition target. So it's a really disciplined approach to acquisitions and targets. The ideal target would be profitable and cash generative. So when we actually look at Royal Uranium, this one was an interesting one because its gas royalties allow it to already cover its own cost and has some modest cash generation with an enormous potential upside for -- on its asset base. So we could see massive value creation there without having a sort of cash strapped company or needing to invest substantial amounts. So the ideal would be profitable and cash generative, but where we can unlock substantial value for shareholders.

Absolutely. Well, thank you so much, Frederico. That actually concludes the Q&A. I'll turn it back over to you for any concluding remarks.

Thank you, Natalya. And again, I will just say thank you for everyone. Thank you for sticking with us. I also want to thank our -- again, our Board, our team, but also the investors that have joined us over the last 18 months. We've had substantial institutional investors that have been great supporters and have helped us through this turnaround plan. So a big thank you to everyone. And also to say we are very keen to interact with you. So wherever there are questions, please do get in touch. Thank you.

Good morning, good afternoon, good evening, everyone, depending on where you are joining us from in the world. We thank you for joining this Fusion Fuel Investor update today.

We will update you on our results for the first half of 2025, as well as some of our subsequent events and progress. So my name is John-Paul Backwell, CEO of Fusion Fuel, which trades on the NASDAQ under the ticker HTOO. I'm also joined today by our CFO, Frederico de Chaves.

So before we begin, let me draw your attention to the forward-looking statement disclaimer as with any company operating in the dynamic global markets, some of what I will share with you today or what we will share with you today concerns our expectations our plans and projections for the future. These statements do involve risks and uncertainties, but they also highlight the extraordinary growth opportunity that lies ahead for fusion fuel.

So I encourage each of you to review the disclaimer in detail. But for now, let me add that our strategy is built not on speculation, it is built on tangible contracts on operational execution and a platform that is designed for sustainable growth, some of which we will be discussing today.

So with that said, here's what we will cover today. First, a reminder of who we are in our growth strategy before I summarize some of our key highlights of our performance thus far in 2025. And following this, Frederico will give an update on our financial performance and then we will both give a business update that dives into our subsidiaries and our growth engines, Al Shola Gas and BrightHy Solutions or Bright Hydrogen Solutions, respectively.

Before we give an update on our M&A pipeline and finally, we'll discuss some of our milestones and the path forward for the company. So by the end of this presentation, I believe you will see that Fusion Fuel is executing a true transformation. One that positions us not only to survive but also to thrive as one of the more innovative companies or energy companies on the NASDAQ.

So for those less familiar with our company, I'll provide you with an introduction. We are an integrated energy platform that specializes in designing and engineering energy systems and solutions, as well as supplying energy to homes and businesses.

Currently, we're focused on green hydrogen and gas. But as you will see, we rapidly are expanding into the broader energy sector worldwide. So our vision is quite simple, yet powerful. Driving sustainable growth in today's energy -- tomorrow's energy market by fully leveraging the opportunities available in today's energy market.

So energy for us is not a distant theme. It is the foundation of every economy, of every business and every home. And with that in mind, our mission is to be an owner and operator of fast-growing profitable businesses in the energy and utility sectors.

This means that we're not limiting ourselves to one technology or to one vertical Instead, we're deliberately building a platform that captures to make today's immediate energy needs like gas supply and engineering while simultaneously developing tomorrow's clean energy solutions, such as hydrogen. This dual approach allows us to deliver revenue and profit now, today while also positioning ourselves at the heart of the global energy transition.

So next slide. Fusion fuel is more than a single product or a single solution company. We're building an integrated energy platform, as I mentioned, that spans from conventional LPG and gas engineering to innovative hydrogen and renewable solutions. So today, we supply energy for heating, cooling, cooking, transportation and the many other essentials of modern life.

Tomorrow through our hydrogen and clean energy initiatives, we will be supplying the solutions that global industries, that cities and governments demand as they decarbonize. So this combination of present day cash flow with future orientated innovation is rare. It means we are resilient in today's market without needing government incentives or constant dilutive capital investments like so many renewable energy companies need just to survive.

Yet, we're also unlocking exponential growth potential in the years ahead. So if you've been following our company for the last -- or over the last 6 months, you'll have noticed that our operating businesses are growing organically with multiple new contracts awarded. That said, we've also been very busy pursuing profitable acquisition targets, which we believe will certainly scale up our business internationally.

And then alongside this, we've also been working on innovative deals that are intended to further boost shareholder value, which we anticipate discussing further in the coming weeks.

So before I hand over to Frederico, I'll run through some of our key highlights of the year so far. Now it has to be said that we did answer 2025 facing an uphill battle. Just being transparent about that. And I'm sure many will have recognized that. We did recognize that we needed to stabilize and transform the company while positioning it for significant growth.

Now towards the end of 2024, the company was at serious risk of being delisted from the NASDAQ, and it couldn't continue its operations without a significant restructuring. So the rest of our core team and myself took on this challenge knowing that in all likelihood we may not succeed.

No banks, analysts and many others have completely written us off, but we did bring in a profitable gas business. We dramatically reduced our expenses, as you'll see and dramatically really is an understatement. And then we began the painful process of rebuilding the business. So we worked hard through Christmas, managing to raise just enough capital to get some momentum at the start of the new year.

And then that momentum grew as we overcame each of the several obstacles that we faced as a company. Most significantly, we restored our NASDAQ compliance and our results show that. Our revenue has surged while our operating costs have been substantially reduced. This marks a major turnaround for the company, in my opinion, at least. Revenue is up 70% and costs are down 54%.

In July, we successfully raised capital on favorable terms, and we largely cleaned up our cap table. Our balance sheet has also improved. Our stockholders' equity is healthy for a micro cap. Our operating businesses are growing, indeed thriving. And of course, we're executing an aggressive, I would say, aggressive M&A growth plan, where we've made substantial progress over the last month.

So I can confidently say that 2025 has been the most important period in our company's history so far. We've achieved a turnaround that was needed, and we're quickly moving towards profitable, scalable growth across the energy sector.

But with that said, to show you the details of this, I'll turn it over now to Frederico, who will walk you through some of the key events of 2025 so far and also discuss the recently published financial results.

Thank you, JP, and thanks, everyone, for watching our update. As noted, we have had a truly transformative first half and also 2 defining months with all the developments in both July and August. As JP mentioned, we've been able to address the three NASDAQ we're seeing issues -- delisting issues we had, many shareholders' equity, minimum share price and also the holding of our AGM.

As part of this effort, we executed a 1-for-35 reverse split of our Class A ordinary shares. In addition, we raised over $8 million this year, which allowed us to strengthen our balance sheet, simplify our cap table and also invest significantly into growth activities in both Al Shola Gas and by Hydrogen Solutions.

Al Shola Gas continued to show strong and sustainable business growth, having secured engineering contracts for the next 18 months and also more than $1 million worth of recurring annual fuel sales. In Bright Hydrogen Solutions, the team has secured agent agreements with two globally leading hydrogen equipment providers and has already won several tender offers, which are now in the contracting process.

In addition, the team is advancing towards the closing of the nonbinding term sheet and secured for a EUR 30 million commitment for its new hydrogen investment vehicle. We expect further growth activities to take place before year-end, and in particular, we are working towards the closure of the M&A activities that we've announced such as the U.K.-based fuel distribution company and the South African steam power generation joint venture, which JP will elaborate more on later in this presentation.

Now on to our first half financials. The company recorded EUR 6.9 million in revenues for the first half, effectively oil from Al Shola Gas of which 55% came from recurring fuel distribution sales and 45% from engineering and maintenance contracts. Historically, the fourth quarter has the highest fuel sales for the year, and therefore, we expect to continue growth from this channel this year.

Our operating costs came in at just under EUR 3 million, a decrease of around 60% when comparing to the first half of last year. This reflects the substantial and fundamental changes the company has made to its business composition as we work to ensure long-term sustainability and move towards profitability. Some of these costs are tied to capital raises and SEC and NASDAQ related activities, and we expect to further reduce these costs in the future.

In the first half, we saw around EUR 1.5 million of one-off expenses driven by historic QIND personnel expenses, transaction-related expenses and also taxes. As we've done with each result presentation, we continue to have noncash share-based expenses related to equity-linked compensation and changes in underlying value of our outstanding warrants and convertible notes.

I will note that as of end of August, nearly all of the convertible notes outstanding for Fusion Fuel have been converted and are no longer on the cap table or accruing interest. The EUR 490,000 adjustments shown in the presentation is a bridge between QIND's total annual loss and the portion that is actually attributable to Fusion Fuel.

As Fusion Fuel owns 54% of QIND, only that share of the losses recorded by Fusion Fuel, while the remaining 46% is allocated to minority shareholders. Including the minority shareholder adjustment, the group's total expenses for the year were about EUR 2.8 million. And adjusting for one-off costs and noncash items, the loss comes down to roughly EUR 900,000. This really highlights the difference between where the company was and where it is today.

There are some of the one-off items are expected, while some other one-off items are expected in the second half of the year. The path towards breakeven is now clear and we're very much pointed towards sustainable profitability in the near future. Our balance sheet has continued to strengthen, although this is not yet reflected in the figures here, given that most of the improvements occurred in July and August.

During this 2-month period, EUR 4.3 million of total liabilities were removed from the balance sheet through a combination of note conversions, and repayments of outstanding liabilities, reducing the value of the notes outstanding to approximately EUR 1.5 million today. We fully expect to show a substantially improved balance sheet by year-end reflecting the actions already taken during this third quarter. We expect to deliver substantial revenue growth in 2025, up 70% from the adjusted revenue figures in 2024.

In 2024, Fusion Fuel posted modest revenues as it could only formally consolidate 1 month of the QIND transaction. However, when we take into consideration the full QIND results for 2024, the revenues would have been around EUR 10 million versus our expected year-end revenues of EUR 17.4 million. Our revenue figures, although impressive, have been impacted by the weakening of the U.S. dollar against the euro. In U.S. dollars, our growth would have been even more pronounced, closer to a full doubling of the revenues posted.

In addition, BrightHy that operates in an industry with long lead times, has secured substantial first half revenues -- sorry, first year revenues and is in the process of closing contract negotiations for several million euros of business volume. Equally as impressive has been the cost reduction efforts that we've been executing.

Our operating expenses have reduced by more than 50%. In particular, the difficult and painful decision to close our loss-making and capital-intensive activities in Portugal has contributed significantly towards establishing a leaner, healthier cost base from which we can operate and grow sustainably.

Our cost run rate is much lower than before. And with much of the first half impacted by one-off costs, we expect the operating expenses to continue to improve. Relative to our growing top line, both in the second half of 2025 as well as into 2026.

Now I'll turn to our business update section of the presentation, starting with Bright Hydrogen Solutions or BrightHy as we'd like to refer to it. For those who have followed Fusion Fuel for several years, you'll be acutely aware of the extensive hydrogen expertise that the group has developed from being one of the first companies to install multiple hydrogen projects in Southern Europe. We've taken that deep engineering expertise and hydrogen focused experience and created BrightHy, a company able to deliver best-in-class hydrogen solutions tailored to clients' needs.

We've already developed key strategic relationships with some of the companies that we recognize as being industry leaders in the hydrogen equipment space. In addition, we have long-established relationships with players in the hydrogen industry from our 5 years of operations in the field, providing a healthy pipeline for the business.

As we've recently announced, BrightHy has won various tenders for hydrogen projects in the past weeks. It's important to note that in the hydrogen project decision process, there is fast the competitive tender process and normally after being selected as the provider for the project, do we move forward to a one-on-one contract negotiation to finalize certain terms such as payment conditions and warranty requirements.

The three projects that are in closing phase are a 2-megawatt project to support decarbonization efforts of a cement company in Iberia, a 0.6 megawatt project in Iberia where BrightHy will act as the procurement adviser helping to identify the right equipment for the client, followed by integration and commissioning processes and services for that equipment as well as our 15-megawatt engineering services contract for a plant in Iberia where BrightHy is responsible to deliver the full feed engineering services.

In addition to these projects, BrightHy is in the final tender round for several projects ranging from full project delivery and installation to specific equipment sales and engineering provisions. With this pipeline and ongoing projects underway, BrightHy is on track to achieve breakeven within its first 12 to 15 months. and target revenues of up to EUR 5 million by 2026. Once again, BrightHy's unique experience in the space and its strategic partnerships continue to put ahead of our competitors throughout these tender processes.

BrightHy has a privileged position of having first access to many hydrogen projects, and we've seen a particular market opportunity to create an investment vehicle to invest in projects that we identify is extremely compelling and has -- that have a strong investment case.

Therefore, we decided to create Bright Hydrogen Holding Company which is focused on identifying hydrogen plants in the EUR 2 million to EUR 5 million range ideally to have attractive IRR and investment-grade offtake counterparts. The target is to gather investors to fund this investment vehicle that will be fully managed by BrightHy in exchange for our management and performance fee.

With the capital base secured, BrightHy can support attractive projects by providing not only the hydrogen solution for the build-out, but also the necessary project funding. For example, the project with a cement company, which will be the first hydrogen plant of the investment vehicle is one where BrightHy can provide the client with a leasing-based financing solution.

This allows the client to avoid the substantial upfront CapEx while delivering to the investment vehicle of project within investment-grade counterpart and very attractive returns. BrightHy's already secured a term sheet for a EUR 30 million capital commitment for this investment vehicle and the company and the investors are currently working together on the investment contract, governance documents and responsibilities.

This marks a truly strategic move by the company securing its position in the Southern European market and also helping us to be not only enablers of the hydrogen industry, but also key drivers of it.

Now I'll pass it to JP, who will provide an update on Al Shola and on the M&A activities that we are working on. Thank you.

Thanks, Frederico. All right. So I will start with a quick refresher on Al Shola Gas. The company has been operating since 1980, and today, it remains one of the most trusted gas engineering and supply companies in Dubai, where it's headquartered. So for those who don't know, and I suspect many don't, the Dubai market is extraordinary.

Dubai is one of the world's fastest-growing economies with construction and infrastructure development, driving sustained demand for energy which has, in turn, been driving our growth. It's one of the fastest-growing populations on the planet at the moment. So that's very important for our growth. And then it's also very important to note that our majority owned subsidiary, Quality Industrial Corp., or QIND it's known, has invested over $1 million in Al Shola Gas this year.

And based on the results so far, the business is on track to exceed its year-over-year growth average of 30%. And -- so we're very pleased with the progress we've been making in Al Shola Gas. In the first half of the year alone, Al Shola Gas secured approximately $6.7 million in new engineering and installation contracts. Additionally, the company is expected to generate approximately $1.7 million in annual recurring revenue from new gas supply agreements that it's been awarded.

And today, we're certainly prior to say that Al Shola Gas services nearly 38,000 end customers in the region where it operates. And both our vehicle fleet and our operational team are rapidly expanding to meet ever-growing demand in the region. Looking at some key comparative metrics for the first half of 2025 versus the entire year of 2024.

We can see that we're on track to surpass sales and deliveries in our main areas. In the first 6 months, we're ahead of schedule for both new customers and new engineering contracts, and we're on pace to exceed the LPG sales from last year.

Next slide. So firstly, looking at the engineering and installation side of our gas business. We have an experienced team that designs and engineers central gas systems, and you can see pictures of some of the work or the installations that take place.

Additionally, we have a large and also experienced team that is out there in the heat of Dubai, 6 days a week on construction sites, installing central gas systems for our customers. And our customers are largely the region's main real estate developers and property management companies.

Next slide. So we install and commission every part of each central gas system and we're very proud of our safety record in the region. We're also widely recognized by property developers and contractors in our region for the high quality and the reliability of our installations.

Next slide. So just summarizing that progress on engineering and installation, we secured $4.5 million in new central gas system projects so far this year. What that means is we now have an 18-month backlog that provides us with clear visibility into reliable revenues through 2026. We're also expanding our team of engineering and installation experts so that we are ensuring that we can deliver new contracts efficiently.

At the same time, we've also been growing our sales team. We can't be complacent, and we're doing that in order to increase our market share as we look to expand into neighboring Emirates and across the Middle East. And then on the bulk supply side, next slide.

We deliver gas to customers in both bulk format, as you can see on the left, with bobtail trucks and cylinder formats. As you can see on the right. Our fleets of vehicles include both bobtail trucks for the bulk gas delivery and standard trucks, which are converted to transport gas cylinders safely to our customers and those include sort of hundreds of restaurants, commercial facilities and residential customers.

Next slide. As mentioned earlier, we obtained new contracts for bulk supply to the tune of approximately $1.7 million and that amounts to recurring revenue, which is all important for Al Shola Gas. We also received over $0.5 million in existing contract renewals. So that's from existing bulk supply contract customers. Our trucks are on the road up to 6 hours a day for bulk supply that is. That's 6 days a week. They're filling and refilling bulk LPG tanks at customer sites across Dubai.

Very importantly, on that bulk supply side is that we're achieving margins of over 40% on the supply side of our business. And that's a testament to the efficiency and the strength of our business in that area. And then to cater for the growth we're experiencing, we've also ordered two new bobtail cell trucks costing approximately $185,000 each, with the chassis and super structures being imported from Europe. Now we expect to add these new trucks to our fleet within the next 3 to 4 months.

Each new bobtail truck generates 6 figure roughly revenue monthly, approximately $100,000 to $130,000 per bobtail truck and revenue that we're able to generate. So that's an example -- a powerful example, I'd say, of our capital deployed into Al Shola Gas translates into rapid payback and sustainable growth across our business.

So that's it regarding Al Shola Gas. I think simply put Al Shola Gas is the backbone of Fusion Fuels present day drive towards consolidated profitability a growth engine in its own rights. But of course, let's move on to our all-important M&A growth strategy.

And I would say that, that -- our M&A growth strategy certainly extends well beyond our organic performance. We're actively pursuing strategic acquisitions to enhance and diversify our energy platform. So the U.K. fuel distribution company, as you can see on the top right, is a deal that we are negotiating. And it's a perfect example of a profitable cash-generating business that complements our operations and significantly increases our scale.

The business generates over $50 million in annual revenue and more than $12 million in net income annually. And importantly, we're advancing the acquisition without using dilutive capital. So far, the acquisition terms and structure have been agreed upon, and we've made solid progress on the debt financing, bringing us closer to finalizing the transaction.

And then beyond this, we've also signed a binding heads of terms agreement to establish a joint venture with a South African company called Alien Energy that was recently publicized in the press release. And in that joint venture, we will be holding a 51% stake. That joint venture will develop a large-scale biomass powered steam energy project at a large dairy processing facility in South Africa.

That facility is owned by a global multinational food and beverage company, and we would expect that after our investment in the joint venture, we will generate approximately $700,000 in annual returns starting in 2026.

Very importantly, we're also exploring additional projects with Alien Energy, considering the innovation and the reliability of their team energy solutions as well as the potential carbon credit benefits off the back end.

And then for now, we have paused on the acquisition of a U.S. United States solar panel distribution company, which delivers quite significant revenue. However, we've been assessing the impact of the recent renewable energy policies in the U.S., and we'll make a decision as time goes on during the remainder of this year.

That said, we are still exploring several other U.S. acquisition opportunities. And then, just to say regarding your acquisitions, we are disciplined, and we are targeting those that expand our customer base that diversify our revenues and provide immediate accretion to our earnings. We believe that beyond our existing organic growth, this is how we will accelerate our growth curve as a company while also protecting value for our shareholders.

And then finally, it's also important for me to update QIND shareholders on the transaction after Fusion Fuel acquired 69% of QIND in late November 2024. So the first step was to restore NASDAQ compliance within which we've been successful. We've also invested heavily in Al Shola Gas, something which QIND as an OTC company could not have done alone. There's just no way that it would have been possible. And we're now in discussions with NASDAQ about how to treat the acquisition. So based on that, several steps may or may not remain and depending on the feedback from NASDAQ, we will proceed accordingly. Of course, we will update QIND shareholders as soon as we have definitive information.

In the meantime, we're continuing to invest in the business and significantly expand it. And then next slide. So just as we begin to wrap up this update, I think it's quite clear that 2025 is already a year of transformation for Fusion Fuel. We are generating solid revenues and scaling up our businesses while moving quickly towards sustainable profitability.

So far this year, we've raised capital on favorable terms, and we strengthened our balance sheet quite significantly. And having, I would say, stabilized the company and achieved growth in our businesses, we are now focused on securing suitable debt finance for our next acquisition. We've worked very hard to address our NASDAQ compliance deficiencies and we've achieved compliance in all areas.

And then as mentioned, we are delivering organic growth, but we are also fully aware that we cannot become complacent. Therefore, as I mentioned, we are expanding our LPG vehicle fleet. We're adding new members to our operational teams, and we are continuously pushing into new markets in that area. We've also successfully launched Bright Hydrogen Solutions as our hydrogen subsidiary.

And that's led by, as Frederico said, a renowned team that has directed some of the most prominent projects in the European green hydrogen sector. We're working on our first projects and the results from the team's efforts are certainly expected to be seen by the end of this year and gaining substantial momentum into 2026.

To me, that's very exciting. We're also in the process of launching a EUR 30 million infrastructure investment vehicle, which we expect to go live next year, also very exciting. And then, of course, on the M&A front, as we've harped on about a fair bit, but it's very important to our growth strategy. We're in negotiations and we are progressing on strategic acquisition targets as we aim to drive revenue well beyond $75 million in 2026 and achieve double-digit profitability with those acquisitions, of course.

Yes, I know it's ambitious, but then we've already made strong progress towards our goals this year. What remains now is to close our current transactions and kick off the acquisition and integration. So I guess in conclusion, our trajectory is clear. Fusion Fuel is evolving from a development stage company into a profitable, diversified and scalable energy platform. We are delivering significant revenue growth along with recurring revenues, while we are also very aggressively pursuing growth through both organic expansion and strategic acquisitions.

We aim to increase the regions in which we operate around the world and position ourselves eventually as a leader in both today's energy market as well as tomorrow's clean energy future. So I think with that, I would trust or we trust that you found today's updates informative.

Should you have any questions, and some of you may please feel free to e-mail us at [email protected]. I'll just repeat that for you. It's IR for Investor Relations. So [email protected] and we'll endeavor to respond to anything non-spam related as soon as possible. So thanks again for your time. We really appreciate your support, and we look forward to updating you again soon. So bye for now.