Fusion Fuel Green PLC (HTOO) 2025 Q2 法說會逐字稿

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

各位早安、下午好、晚上好，無論您來自世界何處，都請好！感謝您參加今天的聚變燃料投資者更新會議，我們將向您介紹我們 2025 年上半年的業績以及一些後續活動和進展。我叫約翰-保羅·巴克韋爾，是Fusion Fuel公司的首席執行官，該公司在納斯達克上市，股票代號為HTOO。今天與我一同出席的還有我們的財務長弗雷德里科·德·查維斯。

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.

那麼在開始之前，請允許我提請大家注意前瞻性聲明免責聲明。就像任何在瞬息萬變的全球市場中經營的公司一樣，我今天將與大家分享的一些內容，或者我們今天將與大家分享的一些內容，都與我們對未來的期望、計劃和預測有關。這些聲明確實涉及風險和不確定性，但也突顯了聚變燃料產業未來面臨的巨大成長機會。

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.

我建議你們每個人都仔細閱讀免責聲明。但現在，我想補充一點，我們的策略並非建立在投機之上。它建立在切實可行的合約、有效的營運執行以及旨在實現可持續成長的平台之上，我們今天將討論其中的一些內容。

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.

那麼，接下來我們就來聊聊今天的內容。首先，在總結我們 2025 年迄今為止的一些主要業績亮點之前，讓我們回顧一下我們在成長策略中的身份。接下來，弗雷德里科將報告我們的財務表現。然後，我們將分別介紹我們的子公司和成長引擎—Al Shola Gas 和 BrightHy Solutions（或 Bright Hydrogen Solutions）的業務最新進展，然後再介紹我們的併購計畫進展。最後，我們將討論我們的一些里程碑事件以及公司的未來發展方向。

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.

因此，我相信在本次演講結束時，您將看到 Fusion Fuel 正在進行真正的轉型，這將使我們不僅能夠生存下來，而且能夠蓬勃發展，成為納斯達克最具創新力的公司或能源公司之一。

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.

所以，對於那些不太了解我們公司的人，我將為大家做個介紹。我們是一家綜合能源平台，專門從事能源系統和解決方案的設計和工程，以及向家庭和企業供應能源。

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 tomorrow's energy market by fully leveraging the opportunities available in today's energy market.

目前，我們專注於綠色氫氣和天然氣。但正如您將看到的，我們正在迅速擴展到全球更廣泛的能源領域。因此，我們的願景非常簡單，但卻意義深遠，即充分利用當今能源市場的機會，推動未來能源市場的永續成長。

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 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.

所以，能源對我們來說並不是一個遙遠的話題。它是每個企業、每個家庭和每個經濟體的基礎。基於此，我們的使命是成為能源和公用事業領域快速成長且獲利的企業的所有者和營運商。這意味著我們不會將自己局限於一種技術或一個垂直領域。相反，我們正在刻意建立一個平台，以滿足當今的直接能源需求，例如天然氣供應和工程，同時開發未來的清潔能源解決方案，例如氫能。這種雙管齊下的方法使我們能夠立即實現營收和利潤，同時也能使我們處於全球能源轉型的核心地位。

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.

下一張投影片。Fusion Fuel 不僅僅是一家單一產品或單一解決方案公司。正如我之前提到的，我們正在建立一個綜合能源平台，涵蓋從傳統的液化石油氣和天然氣工程到創新的氫能和再生能源解決方案。所以今天，我們為供暖、冷氣、烹飪、交通以及現代生活的許多其他必需品提供能源。明天，我們將透過氫能和清潔能源計劃，為全球各行各業、城市和政府在脫碳過程中提供所需的解決方案。

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.

因此，這種將當前現金流與面向未來的創新相結合的情況實屬罕見。這意味著，在當今市場環境下，我們無需像許多再生能源公司那樣依靠政府激勵或不斷稀釋股權的資本投資才能生存，就能保持韌性，同時，我們也將在未來幾年釋放指數級成長潛力。

So if you've been following our company over the last six months, you'll have noticed that our operating businesses are growing organically with multiple new contracts awarded. But 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.

因此，如果您在過去六個月裡一直關注我們公司，您就會注意到，我們的營運業務正在穩步增長，並獲得了多項新合約。但即便如此，我們也一直在積極尋求有利可圖的收購目標，我們相信這肯定會擴大我們在國際上的業務規模。同時，我們也努力達成一些旨在進一步提升股東價值的創新交易，我們預計將在未來幾週內對此進行更深入的討論。

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 enter 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.

在把麥克風交給弗雷德里科之前，我將回顧我們今年迄今為止的一些主要亮點。坦白說，我們在進入 2025 年時面臨一場艱苦的戰鬥。我相信很多人都意識到了這一點。我們意識到，我們需要穩定和轉型公司，同時為公司的顯著成長做好準備。

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.

到了 2024 年底，該公司面臨著從納斯達克退市的嚴重風險，如果不進行重大重組，它將無法繼續運作。因此，我和其他核心團隊成員接受了這個挑戰，儘管我們知道，我們很可能不會成功。

Now 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 will see, and dramatically really is an understatement. And then we began the painful process of rebuilding the business.

現在銀行、分析師和許多其他人完全不看好我們，但我們確實建立了一個有利可圖的天然氣業務。正如您將看到的，我們大幅削減了開支，而「大幅削減」這個詞其實還不足以形容。然後，我們開始了重建業務的痛苦過程。

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.

因此，我們在聖誕節期間努力工作，終於籌集了足夠的資金，以便在新的一年伊始獲得一些發展勢頭。然後，隨著我們克服公司面臨的各種障礙，這種勢頭不斷增強。

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.

最重要的是，我們恢復了對納斯達克的合規性，我們的表現也證明了這一點。我們的收入大幅成長，而營運成本卻大幅降低。在我看來，這標誌著該公司迎來了重大轉變。

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, I would say, an aggressive M&A growth plan, where we've made substantial progress over the last month.

收入成長了70%，成本下降了54%。7 月份，我們成功以優惠條件籌集了資金，並且我們基本上清理了股權結構表。我們的資產負債表也得到了改善。對於一家微型公司而言，我們的股東權益狀況良好。我們的營運業務正在成長，而且發展迅速。當然，我們正在執行一項積極的併購成長計劃，並且在過去一個月裡取得了實質進展。

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

因此我可以自信地說，2025年是我們公司歷史上最重要的時期。我們已經實現了所需的轉型，並且正在迅速朝著能源領域獲利、可擴展的成長邁進。

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. Thanks, Fred.

但話雖如此，為了向您展示其中的細節，我現在將把麥克風交給弗雷德里科，他將帶您了解 2025 年迄今為止的一些關鍵事件，並討論最近公佈的財務業績。謝謝你，弗雷德。

Thank you, JP, and thanks, everyone, for watching our updates. As noted, we have had a truly transformative first half and also two defining months with all the developments in both July and August.

謝謝JP，也謝謝大家關注我們的更新。如前所述，我們經歷了真正具有變革意義的上半年，7 月和 8 月的兩個月也具有決定性意義，因為這兩個月發生了許多變化。

As JP mentioned, we've been able to address the three Nasdaq delisting issues we had, mainly 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.

正如 JP 所提到的，我們已經解決了納斯達克退市的三個問題，主要是股東權益、最低股價以及召開年度股東大會的問題。作為這項工作的一部分，我們對 A 類普通股進行了 1 比 35 的反向拆股。

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 Bright Hydrogen Solutions.

此外，我們今年籌集了超過 800 萬美元，這使我們能夠加強資產負債表，簡化股權結構表，並對 Al Shola Gas 和 Bright Hydrogen Solutions 的成長活動進行大量投資。

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.

Al Shola Gas 繼續保持強勁且可持續的業務增長，已獲得未來 18 個月的工程合同，並且每年燃料銷售額超過 100 萬美元。

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 secured for a EUR30 million commitment for its new hydrogen investment vehicle.

在 Bright Hydrogen Solutions，團隊已與兩家全球領先的氫氣設備供應商簽訂了代理協議，並贏得了多個投標，目前正在進行合約簽訂流程。此外，該團隊正朝著完成其新的氫能投資工具所獲得的 3,000 萬歐元承諾的非約束性條款清單的目標邁進。

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 UK-based fuel distribution company and the South African steam power generation joint venture, which JP will elaborate more later in this presentation.

我們預計在年底前還將進行進一步的成長活動。尤其值得一提的是，我們正在努力完成已宣布的併購活動，例如英國的燃料分銷公司和南非的蒸汽發電合資企業，JP 將在本次演講的稍後部分對此進行更詳細的闡述。

Now on to our first half financials. The company recorded EUR6.9 million in revenues for the first half, effectively all 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 continued growth from this channel this year.

接下來我們來看看上半年的財務數據。該公司上半年錄得收入 690 萬歐元，幾乎全部來自 Al Shola Gas，其中 55% 來自經常性燃料分銷銷售，45% 來自工程和維護合約。從歷史數據來看，第四季度是全年燃油銷量最高的季度，因此，我們預計今年該通路將持續成長。

Our operating costs came in at just under EUR3 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.

我們的營運成本略低於 300 萬歐元，與去年上半年相比下降了約 60%。這反映了公司在努力確保長期可持續發展並實現盈利的過程中，對其業務結構進行的重大和根本性變革。這些成本中有一部分與融資以及美國證券交易委員會和納斯達克的相關活動有關，我們預計未來將進一步降低這些成本。

In the first half, we saw around EUR1.5 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.

上半年，我們看到約 150 萬歐元的一次性支出，主要由 QIND 歷史人員支出、交易相關支出以及稅收引起。和以往每次業績報告一樣，我們仍會收到與股權激勵相關的非現金股份支出，以及我們未償付認股權證和可轉換票據的潛在價值變化。需要指出的是，截至 8 月底，Fusion Fuel 幾乎所有未償還的可轉換票據都已轉換，並不再計入資本表或產生利息。

The EUR490,000 adjustment 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 loss is recorded by Fusion Fuel while the remaining 46% is allocated to minority shareholders.

簡報中顯示的 490,000 歐元調整額是 QIND 年度總虧損與實際歸因於聚變燃料的部分之間的橋樑。由於 Fusion Fuel 擁有 QIND 54% 的股份，因此 Fusion Fuel 只承擔這部分虧損，而剩餘的 46% 則分配給少數股東。

Including the minority shareholder adjustment, the group's total expenses for the year were about EUR2.8 million. And adjusting for one-off costs and noncash items, the loss comes down to roughly EUR900,000. This really highlights the difference between where the company was and where it is today. And while 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.

計入少數股東調整後，集團當年的總支出約為 280 萬歐元。扣除一次性成本和非現金項目後，損失約 90 萬歐元。這真切地展現了公司過去與現在之間的巨大差異。雖然一些一次性項目預計會在下半年發生，但實現盈虧平衡的道路現在已經很清晰，我們非常有信心在不久的將來實現可持續盈利。

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 two-month period, EUR4.3 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 EUR1.5 million today.

我們的資產負債表持續改善，儘管由於大部分改善發生在 7 月和 8 月，這一點尚未反映在這裡的數據中。在這兩個月期間，透過票據轉換和償還未償債務，資產負債表上共減少了 430 萬歐元的負債，使未償票據的價值降至目前的約 150 萬歐元。

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.

我們完全有信心在年底前實現資產負債表的大幅改善，這反映了第三季已經採取的措施。我們預計 2025 年營收將大幅成長，比 2024 年調整後的營收數據成長 70%。

In 2024, Fusion Fuel posted modest revenues as it could only formally consolidate one month of the QIND transaction. However, when we take into consideration the full QIND results for 2024, the revenues would have been around EUR10 million versus our expected year-end revenues of EUR17.4 million.

2024 年，Fusion Fuel 的收入較為平淡，因為它只能正式合併 QIND 交易中一個月的收入。然而，如果我們考慮 QIND 2024 年的全部業績，收入約為 1000 萬歐元，而我們預期的年末收入為 1740 萬歐元。

Our revenue figures, although impressive, have been impacted by the weakening of the US dollar against the euro. In US dollars, our growth would have been even more pronounced, closer to a full doubling of the revenues posted.

雖然我們的營收數據令人印象深刻，但由於美元對歐元走弱，營收受到了影響。以美元計算，我們的成長會更加顯著，接近公佈收入的兩倍。

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.

此外，BrightHy 所在的行業交貨週期較長，該公司已確保了上半年的可觀收入——抱歉，是第一年的收入，並且正在敲定數百萬歐元的業務量合約談判。

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.

同樣令人印象深刻的是我們所採取的成本削減措施。我們的營運費用減少了50%以上。尤其值得一提的是，我們艱難而痛苦地決定關閉在葡萄牙虧損且資本密集型的​​業務，這極大地促進了我們建立更精簡、更健康的成本基礎，使我們能夠在此基礎上實現可持續的運營和發展。

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.

我們的成本運行率比以前低得多。由於上半年的大部分時間都受到一次性成本的影響，我們預計營運費用將隨著營收的成長而繼續改善，無論是在 2025 年下半年還是在 2026 年。

Now I'll turn to our business update section of the presentation, starting with Bright Hydrogen Solutions or BrightHy as we 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.

現在我將進入簡報的商業更新部分，首先介紹 Bright Hydrogen Solutions，或者我們喜歡簡稱的 BrightHy。對於多年來一直關注 Fusion Fuel 的人來說，你們一定非常清楚該集團在氫能領域積累的豐富專業知識，因為它是南歐最早安裝多個氫能項目的公司之一。

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.

我們憑藉著深厚的工程技術專長和專注於氫能的經驗，創建了 BrightHy 公司，該公司能夠提供一流的氫能解決方案，並根據客戶的需求量身定制。我們已經與一些我們認為在氫能設備領域處於行業領先地位的公司建立了重要的策略合作關係。

In addition, we have long established relationships with players in the hydrogen industry from our five 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.

此外，憑藉我們五年來的營運經驗，我們與氫能產業的參與者建立了長期合作關係，為業務發展提供了健康的管道。正如我們最近宣布的那樣，BrightHy 在過去幾週贏得了多個氫能項目的招標。

It's important to note that in the hydrogen project decision process, there is first the competitive tender process and only 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.

值得注意的是，在氫能專案決策過程中，首先是競爭性招標過程，只有在被選為專案供應商之後，我們才會進行一對一的合約談判，以最終確定某些條款，例如付款條件和保固要求。

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 a 15-megawatt engineering services contract for a plant in Iberia, where BrightHy is responsible to deliver the full FEED engineering services.

三個即將完成的項目分別是：一個 2 兆瓦的項目，旨在支持伊比利亞半島一家水泥公司的脫碳工作；一個 0.6 兆瓦的項目，位於伊比利亞半島，BrightHy 將擔任採購顧問，幫助客戶確定合適的設備，然後負責該設備的集成和調試流程及服務；以及一份 15 兆瓦的工程服務服務，位於伊比利亞半島的一家工廠，BEED 提供完整的工程服務。

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 targets revenues of up to EUR5 million by 2026.

除了這些專案之外，BrightHy 還進入了多個專案的最終投標階段，專案範圍涵蓋整個專案的交付和安裝，以及特定設備的銷售和工程服務。憑藉這些儲備和正在進行的項目，BrightHy預計在最初的12到15個月內實現盈虧平衡，並計劃在2026年實現高達500萬歐元的收入。

Once again, BrightHy's unique experience in the space and its strategic partnerships continue to put it 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 as extremely compelling and that have a strong investment case.

BrightHy 在該領域的獨特經驗及其戰略合作夥伴關係再次使其在本次招標過程中繼續領先於我們的競爭對手。BrightHy 擁有得天獨厚的優勢，可以優先參與許多氫能計畫。我們看到了一個特殊的市場機會，可以創造一個投資工具，投資於我們認為極具吸引力且具有強大投資價值的項目。

Therefore, we decided to create Bright Hydrogen Holding Company, which is focused on identifying hydrogen plants in the EUR2 million to EUR5 million range ideally that have attractive IRR and investment-grade offtake counterparts.

因此，我們決定成立 Bright Hydrogen Holding Company，專注於尋找投資額在 200 萬歐元至 500 萬歐元之間的氫氣工廠，理想情況下，這些工廠應具有有吸引力的內部收益率 (IRR) 和投資級承購協議。

The target is to gather investors to fund this investment vehicle that will be fully managed by BrightHy in exchange for a management and performance fee. With a 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.

目標是募集投資者，為該投資工具提供資金，該工具將由 BrightHy 全權管理，BrightHy 將收取管理費和績效費。有了充足的資金基礎，BrightHy 不僅可以提供氫能解決方案用於建設，還可以提供必要的專案資金，從而支持有吸引力的專案。

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 a project with an investment-grade counterparts and very attractive returns.

例如，與一家水泥公司合作的項目，將是該投資工具的第一個氫氣工廠，BrightHy 可以為客戶提供基於租賃的融資解決方案。這樣一來，客戶既可以避免大量的預付資本支出，又能為投資工具提供一個具有投資等級的項目，並獲得非常有吸引力的回報。

BrightHy has already secured a term sheet for a EUR30 million capital commitment for this investment vehicle, and the company and the investor 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.

BrightHy 已獲得該投資工具 3000 萬歐元的資本承諾條款清單，目前該公司和投資者正在共同製定投資合約、治理文件和責任條款。這標誌著公司採取了一項真正的策略性舉措，鞏固了其在南歐市場的地位，同時也幫助我們不僅成為氫能產業的推動者，也成為其關鍵驅動者。

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

現在我將把發言權交給JP，他將介紹Al Shola Gas的最新情況以及我們正在進行的併購活動。謝謝。

Thanks, Frederico. 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.

謝謝你，弗雷德里科。正確的。那麼，我先快速回顧一下Al Shola Gas公司的情況。該公司自 1980 年以來一直運作至今。時至今日，它仍然是杜拜（其總部所在地）最值得信賴的燃氣工程和供應公司之一。

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.

所以對於那些不了解的人來說（我懷疑很多人都不了解），杜拜市場非比尋常。杜拜是世界上經濟成長最快的地區之一，建築和基礎設施推動了能源的持續需求，而能源需求反過來又推動了我們的成長。目前，它是全球人口成長速度最快的國家之一。所以這對我們的發展非常重要。

And then it's also very important to note that our majority-owned subsidiary, Quality Industrial Corp., or QIND, as 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%. So we're very pleased with the progress we've been making in Al Shola Gas.

此外，還有一點非常重要，那就是我們控股的子公司 Quality Industrial Corp.（簡稱 QIND）今年已向 Al Shola Gas 投資超過 100 萬美元。根據目前的結果來看，該業務預計將超過其 30% 的年均成長率。因此，我們對在 Al Shola Gas 專案上取得的進展感到非常滿意。

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 has been awarded. And today, we're certainly proud 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.

光是今年上半年，Al Shola Gas 就獲得了價值約 670 萬美元的新工程和安裝合約。此外，該公司預計每年將從新簽訂的天然氣供應協議中獲得約 170 萬美元的經常性收入。今天，我們非常自豪地宣布，Al Shola Gas 為其營運所在地區的近 38,000 名終端客戶提供服務。為了滿足該地區不斷增長的需求，我們的車隊和營運團隊都在迅速擴張。

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 six 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.

透過比較 2025 年上半年與 2024 年全年的一些關鍵指標，我們可以看到，我們在主要領域的銷售額和交付量預計將超過預期。前六個月，我們在新客戶和新工程合約方面都超前於計劃，並且預計將超過去年的液化石油氣銷售額。

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.

下一張投影片。首先，讓我們來看看我們燃氣業務的工程和安裝方面。我們擁有一支經驗豐富的團隊，負責設計和建造中央燃氣系統，您可以查看一些正在進行的工作或安裝的圖片。

Additionally, we have a large and also experienced team that is out there in the heat of Dubai, six 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.

此外，我們還有一支龐大且經驗豐富的團隊，每週六天在杜拜炎熱的建築工地為我們的客戶安裝中央燃氣系統。我們的客戶主要是該地區的主要房地產開發商和物業管理公司。

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.

下一張投影片。因此，我們負責安裝和調試每個中央燃氣系統的每個部件，我們為本地區取得的安全記錄感到非常自豪。我們在該地區的房地產開發商和承包商中也因我們安裝的高品質和可靠性而廣受認可。

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.

下一張投影片。綜上所述，在工程和安裝方面，我們今年迄今已獲得價值 450 萬美元的新中央燃氣系統專案。這意味著我們現在有 18 個月的訂單積壓，這讓我們能夠清楚地看到到 2026 年的可靠收入。

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.

我們也在擴充工程和安裝專家團隊，以確保能夠有效率地交付新合約。同時，我們的銷售團隊也在不斷壯大。我們不能自滿，我們這樣做是為了提高市場份額，同時尋求向鄰近的阿聯酋和整個中東地區擴張。

And then on the bulk supply side, next slide. We deliver gas to customers in both bulk formats, as you can see on the left with bobtail trucks and cylinder formats, as you can see on the right. Our fleet of vehicles includes 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.

接下來是散裝供應方面的內容，請看下一張投影片。我們以散裝形式（如左圖所示的小型貨車）和鋼瓶形式（如右圖所示）向客戶配送天然氣。我們的車隊包括用於散裝氣體運輸的小型貨車和標準貨車，這些貨車經過改裝，可以安全地將氣瓶運送給我們的客戶。其中包括數百家餐廳、商業設施和居民用戶。

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.

下一張投影片。如前所述，我們獲得了價值約 170 萬美元的新批量供應合同，相當於經常性收入，這對 Al Shola Gas 來說至關重要。我們也收到了超過 50 萬美元的現有合約續約款項。這些數據來自現有的大宗供應合約客戶。

Our trucks are on the road up to 16 hours a day for bulk supply that is. That's six 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 that supply side of our business. And that's a testament to the efficiency and the strength of our business in that area.

我們的卡車每天行駛在路上長達 16 小時，用於大宗物資運輸。那就是一周六天。他們在杜拜各地的客戶現場對散裝液化石油氣儲槽進行填充和重新填充。非常重要的一點是，在大宗供應方面，我們實現了超過 40% 的利潤率。這充分證明了我們在該領域的業務效率和實力。

And then to cater for the growth we're experiencing, we've also ordered two new bobtail trucks costing approximately $185,000 each with the chassis and superstructures being imported from Europe. Now we expect to add these new trucks to our fleet within the next three to four months. Each new bobtail truck generates 6-figure roughly revenue monthly, approximately $100,000 to $130,000 per bobtail truck in revenue that we're able to generate. So that's an example -- a powerful example, I'd say, of how capital deployed into Al Shola Gas translates into rapid payback and sustainable growth across our business.

為了滿足我們不斷增長的需求，我們還訂購了兩輛新的單掛卡車，每輛成本約為 185,000 美元，底盤和上部結構均從歐洲進口。我們預計將在未來三到四個月內將這些新卡車加入我們的車隊。每輛新購買的空載貨車每月大約能產生六位數的收入，我們每輛空載貨車大約能產生 10 萬至 13 萬美元的收入。所以這就是一個例子——一個強有力的例子，我認為，它說明了投入 Al Shola Gas 的資金如何轉化為我們業務的快速回報和永續成長。

So that's it regarding Al Shola Gas. I think simply put, Al Shola Gas is the backbone of Fusion Fuel's present-day drive towards consolidated profitability and a growth engine in its own right.

關於Al Shola Gas公司的情況就這些了。簡而言之，我認為 Al Shola Gas 是 Fusion Fuel 目前實現獲利能力整合的支柱，本身也是一個成長引擎。

But of course, let's move on to our all-important M&A growth strategy. And I would say 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.

當然，接下來讓我們討論至關重要的併購成長策略。而且我認為，我們的併購成長策略無疑遠遠超出了我們的內生成長。我們正在積極尋求策略性收購，以增強和多元化我們的能源平台。

So the UK 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.

所以，正如你在右上角看到的，我們正在與英國燃料分銷公司進行談判，這是一個盈利豐厚、能產生現金流的業務的完美例子，它補充了我們的運營，並顯著擴大了我們的規模。該企業年收入超過 5,000 萬美元，年淨利超過 1,200 萬美元。

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.

更重要的是，我們在推進此次收購的過程中並沒有使用稀釋性資本。目前，收購條款和結構已經達成一致，債務融資方面也取得了實質進展，使我們離完成交易更近了一步。

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 a 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.

除此之外，我們還與一家名為 Alien Energy 的南非公司簽署了一份具有約束力的意向書，以成立一家合資企業，該意向書最近已在新聞稿中公佈。在該合資企業中，我們將持有 51% 的股份。該合資企業將在南非一家大型乳製品加工廠開發一個大型生質蒸氣能源計畫。該工廠由全球跨國食品飲料公司擁有。我們預計，在我們對合資企業進行投資後，從 2026 年開始，我們將每年獲得約 70 萬美元的收益。

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

非常重要的一點是，考慮到 Alien Energy 的蒸汽能源解決方案的創新和可靠性，以及潛在的碳信用效益，我們也正在探索與 Alien Energy 的其他項目。

And then for now, we have paused on the acquisition of a US -- a United States solar panel distribution company, which delivers quite significant revenue. However, we've been assessing the impacts of the recent renewable energy policies in the US, and we'll make a decision as time goes on during the remainder of this year. That said, we are still exploring several other US acquisition opportunities.

目前，我們暫停了對一家美國太陽能板分銷公司的收購，該公司能帶來相當可觀的收入。然而，我們一直在評估美國近期再生能源政策的影響，我們將在今年剩餘的時間裡根據情況做出決定。儘管如此，我們仍在探索其他幾個美國收購機會。

And then just to say regarding new 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.

最後，關於新的收購，我們一向謹慎，我們的目標是擴大客戶群、實現收入多元化並立即增加收益。我們相信，除了現有的內生成長之外，這將加速公司的發展進程，同時保護股東的價值。

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.

最後，我也有必要向 QIND 的股東們報告 Fusion Fuel 在 2024 年 11 月下旬收購 QIND 69% 股份的交易情況。因此，第一步是恢復納斯達克合規性。在這方面，我們取得了成功。我們也對 Al Shola Gas 進行了大量投資，這是 QIND 作為場外交易公司無法獨自完成的。這根本不可能。我們現在正與納斯達克商討如何處理此次收購事宜。

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.

因此，基於此，有些步驟可能保留，也可能不保留。我們將根據納斯達克的回饋，採取相應的行動。當然，一旦我們掌握確切訊息，我們會立即通知QIND股東。同時，我們將繼續投資並大幅擴展業務。

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.

然後是下一張投影片。所以，在我們即將結束本次更新之際，我認為很明顯，2025 年對於 Fusion Fuel 來說已經是變革之年。我們正在創造穩定的收入，擴大業務規模，並快速朝著可持續盈利的目標邁進。

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.

今年以來，我們以優惠的條件籌集了資金，並顯著增強了資產負債表。我認為，我們已經穩定了公司，並在業務上實現了成長，現在我們專注於為下一次收購獲得合適的債務融資。

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.

我們為解決納斯達克合規方面的不足之處付出了巨大的努力，並且已經在所有方面實現了合規。正如前面提到的，我們正在實現有機成長，但我們也充分意識到我們不能自滿。因此，正如我所提到的，我們正在擴大液化石油氣車隊。我們正在為營運團隊增加新成員，並且不斷拓展該領域的新市場。

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. For me, that's very exciting. We're also in the process of launching our EUR30 million infrastructure investment vehicle, which we expect to go live next year, also very exciting.

我們也成功推出了 Bright Hydrogen Solutions，作為我們的氫能子公司。正如弗雷德里科所說，這支團隊由一支著名的團隊領導，該團隊曾指導過歐洲綠色氫能領域中一些最傑出的項目。我們正在進行首批項目，團隊的努力成果預計將在今年年底前顯現，並在 2026 年獲得顯著發展勢頭。對我來說，這非常令人興奮。我們目前也正在籌備推出 3,000 萬歐元的基礎建設投資基金，預計明年正式啟動，這也令人非常興奮。

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 EUR75 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.

當然，在併購方面，我們已經多次強調過，這對我們的成長策略非常重要。我們正在進行談判，並且在策略性收購目標方面取得進展，我們的目標是到 2026 年將收入大幅提升至 7,500 萬歐元以上，當然，透過這些收購實現兩位數的獲利能力。我知道這很有雄心，但我們今年在實現目標方面已經取得了顯著進展。現在剩下的就是完成我們目前的交易，並啟動收購和整合工作。

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.

所以，總而言之，我們的發展軌跡已經很明確了。Fusion Fuel 正在從一家處於研發階段的公司發展成為一家盈利、多元化且可擴展的能源平台。我們在實現顯著的收入成長和經常性收入的同時，也積極透過內生擴張和策略性收購來追求成長。

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 update informative. Should you have any questions and some of you may, please feel free to e-mail us at ir@fusion-fuel.eu. I'll just repeat that for you. It's IR for Investor Relations, so ir@fusion-fuel.eu, and we'll endeavor to respond to anything non-spam related as soon as possible.

我們的目標是擴大我們在全球的業務範圍，並最終將自己定位為當今能源市場和未來清潔能源領域的領導者。所以我認為，基於以上信息，我相信您覺得今天的更新內容很有幫助。如果您有任何疑問（可能有些人會有），請隨時發送電子郵件至ir@fusion-fuel.eu。我再重複一遍。IR 指的是投資人關係部門，所以信箱是 ir@fusion-fuel.eu，我們會盡快回覆所有非垃圾郵件相關的郵件。

So thanks again for your time. We really appreciate your support, and we look forward to updating you again soon. So bye for now.

再次感謝您抽出時間。非常感謝您的支持，我們期待盡快再次向您報告最新情況。那麼，就此告別。