# EDGAR Filing Document

**Accession Number:** 0001819794
**File Stem:** 0001493152-26-021722
**Filing Date:** 2026-5
**Character Count:** 960600
**Document Hash:** 2c31ddffff2facc8fbd8622adc6c8464
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-021722.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001493152-26-021722

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 215

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fusion Fuel Green PLC
- **CENTRAL INDEX KEY:** 0001819794
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39789
- **FILM NUMBER:** 26953738

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 EARLSFORT TERRACE
- **STREET 2:** DUBLIN 2
- **CITY:** DUBLIN
- **PROVINCE COUNTRY:** L2
- **BUSINESS PHONE:** 351 21 581 8802

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 EARLSFORT TERRACE
- **STREET 2:** DUBLIN 2
- **CITY:** DUBLIN
- **PROVINCE COUNTRY:** L2

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fusion Fuel Green Ltd
- **DATE OF NAME CHANGE:** 20200731

?xml version='1.0' encoding='ASCII'?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F**

(Mark one)

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from __________ to _________**

**OR**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of event requiring this shell company report __________**

Commission file number **001-39789**

**Fusion Fuel Green PLC**

(Exact name of the Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English)

**Ireland**

(Jurisdiction of incorporation or organization)

**9 Pembroke Street Upper**

**Dublin, D02 KR83**

**Ireland**

(Address of principal executive offices)

**Frederico Figueira de Chaves, Chief Executive Officer, Interim** 

**Chief Financial Officer, and Chief Strategy Officer**

**9 Pembroke Street Upper**

**Dublin D02 KR83**

**Ireland**

**Tel: +353 1 961 9350**

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;**Class A Ordinary Shares, $0.0035 nominal value per share** | &nbsp;&nbsp;**HTOO** | &nbsp;&nbsp;**The Nasdaq Stock Market LLC** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 2,288,291 Class A Ordinary Shares with a nominal value of $0.0035 each as of December 31, 2025.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

---

| | |
|:---|:---|
| ☐ Yes | ☒ No |

---

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

---

| | |
|:---|:---|
| ☐ Yes | ☒ No |

---

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

---

| | |
|:---|:---|
| ☒ Yes | ☐ No |

---

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ <br> Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☒

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

US GAAP ☐ International Financial Reporting Standards as issued Other ☐ <br> by the International Accounting Standards Board ☒ <br>

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

---

| | |
|:---|:---|
| ☐ Yes | ☒ No |

---

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

---

| | |
|:---|:---|
| ☐ Yes | ☐No |

---

**FUSION FUEL GREEN PLC**

**Annual Report on Form 20-F**

**Year Ended December 31, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | **PART I** |  |
| Item 1. | [Identity of Directors, Senior Management and Advisers](#a_001) | 1 |
| Item 2. | [Offer Statistics and Expected Timetable](#a_002) | 1 |
| Item 3. | [Key Information](#a_003) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A. | [\[Reserved\]](#a_004) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.B. | [Capitalization and Indebtedness](#a_005) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.C. | [Reasons for the Offer and Use of Proceeds](#a_006) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.D. | [Risk Factors](#a_007) | 1 |
| Item 4. | [Information on the Company](#a_008) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.A. | [History and Development of the Company](#a_009) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.B. | [Business Overview](#N_001) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.C. | [Organizational Structure](#N_002) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.D. | [Property, Plants and Equipment](#N_003) | 50 |
| Item 4A. | [Unresolved Staff Comments](#N_004) | 51 |
| Item 5. | [Operating and Financial Review and Prospects](#N_005) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.A. | [Operating Results](#N_006) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.B. | [Liquidity and Capital Resources](#N_007) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.C. | [Research and Development, Patents and Licenses, etc.](#N_008) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.D. | [Trend Information](#N_009) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.E. | [Critical Accounting Estimates](#N_010) | 80 |
| Item 6. | [Directors, Senior Management and Employees](#N_011) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.A. | [Directors and Senior Management](#N_012) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.B. | [Compensation](#N_013) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.C. | [Board Practices](#N_014) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.D. | [Employees](#N_015) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.E. | [Share Ownership](#N_016) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.F. | [Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation](#N_017) | 85 |
| Item 7. | [Major Shareholders and Related Party Transactions](#N_018) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.A. | [Major Shareholders](#N_019) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.B. | [Related Party Transactions](#N_020) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.C. | [Interests of Experts and Counsel](#N_021) | 88 |
| Item 8. | [Financial Information](#N_022) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.A. | [Consolidated Statements and Other Financial Information](#N_023) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.B. | [Significant Changes](#N_024) | 89 |
| Item 9. | [The Offer and Listing](#N_025) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.A. | [Offer and Listing Details](#N_026) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.B. | [Plan of Distribution](#N_027) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.C. | [Markets](#N_028) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.D. | [Selling Shareholders](#N_029) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.E. | [Dilution](#N_030) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.F. | [Expenses of the Issue](#N_031) | 89 |
| Item 10. | [Additional Information](#N_032) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.A. | [Share Capital](#N_033) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.B. | [Memorandum and Articles of Association](#Ah_001) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.C. | [Material Contracts](#Ah_002) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.D. | [Exchange Controls](#Ah_003) | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.E. | [Taxation](#Ah_004) | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.F. | [Dividends and Paying Agents](#Ah_005) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.G. | [Statements by Experts](#Ah_006) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.H. | [Documents on Display](#Ah_007) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.I. | [Subsidiary Information](#Ah_008) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.J. | [Annual Report to Security Holders](#Ah_009) | 106 |
| Item 11. | [Quantitative and Qualitative Disclosures About Market Risk](#Ah_010) | 106 |
| Item 12. | [Description of Securities Other Than Equity Securities](#Ah_011) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.A. | [Debt Securities](#Ah_012) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.B. | [Warrants and Rights](#Ah_013) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.C. | [Other Securities](#Ah_014) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.D. | [American Depositary Shares](#Ah_015) | 106 |

---

i

---

| | | |
|:---|:---|:---|
|  | **PART II** |  |
| Item 13. | [Defaults, Dividend Arrearages and Delinquencies](#Ah_017) | 107 |
| Item 14. | [Material Modifications to the Rights of Security Holders and Use of Proceeds](#Ah_018) | 107 |
| Item 15. | [Controls and Procedures](#Ah_019) | 107 |
| Item 16. | [\[Reserved\]](#Ah_020) | 109 |
| Item 16A. | [Audit Committee Financial Expert](#Ah_021) | 109 |
| Item 16B. | [Code of Ethics](#Ah_022) | 109 |
| Item 16C. | [Principal Accountant Fees and Services](#Ah_023) | 109 |
| Item 16D. | [Exemptions from the Listing Standards for Audit Committees](#Ah_024) | 110 |
| Item 16E. | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#Ah_025) | 110 |
| Item 16F. | [Change in Registrant's Certifying Accountant](#Ah_026) | 110 |
| Item 16G. | [Corporate Governance](#Ah_027) | 110 |
| Item 16H. | [Mine Safety Disclosure](#Ah_028) | 111 |
| Item 16I. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#Ah_029) | 111 |
| Item 16J. | [Insider Trading Policies](#Ah_030) | 111 |
| Item 16K. | [Cybersecurity](#Ah_031) | 111 |

---

---

| | | |
|:---|:---|:---|
|  | **PART III** |  |
| Item 17. | [Financial Statements](#Ah_032) | 112 |
| Item 18. | [Financial Statements](#Ah_033) | 112 |
| Item 19. | [Exhibits](#Ah_034) | 112 |

---

ii

**CERTAIN INFORMATION**

As used in this Annual Report on Form 20-F (this "Annual Report"), unless otherwise indicated or the context otherwise requires, references to:

● "AED" are to the legal currency of the UAE.

● "Al Shola Gas" are to Al Shola Al Modea Gas Distribution LLC, a UAE company.

● "Biosteam Energy" are to Biosteam Energy (Proprietary) Limited, a private company incorporated in South Africa.

● "Bright Hydrogen Solutions" are to Bright Hydrogen Solutions Limited, a private limited company incorporated in Ireland.

● "Class A Ordinary Shares" are to the Company's Class A ordinary shares with a nominal value of $0.0035 each.

● "DTC" are to The Depository Trust Company.

● "Fusion Fuel," "we," "us," "our," the "Company," or "our company" are to Fusion Fuel Green PLC, a public limited company incorporated in Ireland, including its consolidated subsidiaries.

● "Fusion Fuel Green PLC" are to Fusion Fuel Green PLC, a public limited company incorporated in Ireland.

● "Fusion Fuel Portugal" are to Fusion Fuel Portugal, S.A., a public limited company domiciled in Portugal.

● "HL" are to HL Acquisitions Corp., a British Virgin Islands business company.

● "Ilustrato" are to Ilustrato Pictures International, Inc., a Nevada corporation.

● "Irish Companies Act" are to the Irish Companies Act 2014 (as amended).

● "Irish Takeover Rules" are to the Irish Takeover Panel Act, 1997, Irish Takeover Rules 2022.

● "JOBS Act" are to the U.S. Jumpstart Our Business Startups Act.

● "LPG" are to liquified petroleum gas.

● "Nasdaq" are to The Nasdaq Stock Market LLC.

● "QIND" are to Quality Industrial Corp., a Nevada corporation.

● "QIND Closing" are to the closing of the transactions contemplated by the QIND Purchase Agreement.

● "QIND Ordinary Shares Consideration" are to 109,114 Class A Ordinary Shares.

● "QIND Purchase Agreement" are to the Stock Purchase Agreement, dated as of November 18, 2024, among the Company, QIND, Ilustrato, and certain other stockholders of QIND (together with Ilustrato, the "QIND Sellers").

● "Royal Uranium" are to Royal Uranium Inc., a company incorporated under the laws of British Columbia, Canada.

● "Sarbanes-Oxley Act" are to the Sarbanes-Oxley Act of 2002.

● "SEC" are to the U.S. Securities and Exchange Commission.

● "Series A Preferred Shares" are to the Company's Series A Convertible Preferred Shares with a nominal value of $0.0001 each.

● "Series A Preferred Shares Conversion" are to conversion of the Series A Preferred Shares into a certain number of Class A Ordinary Shares, subject to adjustment, upon the later of (i) the Series A Conversion Shareholder Approval and (ii) the clearance of an initial listing application filed by the Company with Nasdaq.

iii

● "Series A Conversion Shareholder Approval" are to approval of the Company's issuance of the underlying Class A Ordinary Shares by the Company's shareholders in accordance with applicable Irish law.

● "UAE" are to the United Arab Emirates.

● "Public warrants" are to warrants that were issued (i) by HL as part of the units in HL's initial public offering that were automatically adjusted to provide for purchase of Class A Ordinary Shares at an initial exercise price of $402.50 per share, (ii) in a certain private placement by HL that were automatically adjusted to provide for purchase of Class A Ordinary Shares at an initial exercise price of $402.50 per share, (iii) upon conversion of certain convertible notes of HL that were automatically adjusted to provide for purchase of Class A Ordinary Shares at an initial exercise price of $402.50 per share, (iv) issued by the Company to the former shareholders of Fusion Fuel Portugal for purchase of Class A Ordinary Shares at an initial exercise price of $402.50 per share, and (v) upon the achievement of certain milestones, issued or issuable by the Company to the former shareholders of Fusion Fuel Portugal for purchase of Class A Ordinary Shares at an initial exercise price of $402.50 per share. The public warrants expired in accordance with their terms on December 10, 2025.

Unless otherwise stated, in this Annual Report, references to "dollars" and "$" are to the legal currency of the United States ("U.S."), and all references to "euros" and "€" are to the legal currency of the European Union ("EU"). Our reporting currency and our functional currency is euros.

Unless otherwise stated, the translations from U.S. dollars to euros in this Annual Report were made at a rate of $1.1736 to €1.00, which was the historical rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board as of December 31, 2025. On April 24, 2026, the noon buying rate for converting euro to dollars was $1.1718 per €1.00. No representation is made that the euro or U.S. dollar amounts referred to in this Annual Report could have been or could be converted into U.S. dollars or euros, as the case may be, at any particular rate or at all. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding.

The audited consolidated financial statements and notes thereto as of and for fiscal years ended 2025, 2024 and 2023 included elsewhere in this Annual Report have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Our fiscal year end is December 31.

Unless otherwise noted, the share and per share information in this report have been adjusted to give effect to the one-for-thirty-five (1-for-35) share consolidation of the Class A Ordinary Shares, which became legally effective at 5:00 PM Eastern Time on July 11, 2025.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Annual Report contains or may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve significant risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These forward-looking statements include information about our possible or assumed future results of operations or our performance. These statements involve known and unknown risks, uncertainties and other factors, including those listed under Item 3.D. "*Risk Factors*," Item 5.A. "*Operating Results*," and elsewhere in this Annual Report that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

In some cases, these forward-looking statements can be identified by words and phrases such as "may," "will," "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," "plan," "target," "predict," "potential," or the negative form of these words and phrases or other comparable expressions. The forward-looking statements included in this Annual Report relate to, among other things:

● the ability of the parties to our service contracts to obtain all necessary regulatory and other consents and approvals and to deliver all required products and services in connection with the contemplated projects;

● the ability of our projects to generate the expected free cash flows or net income necessary for the Company to generate the anticipated returns in connection with the contemplated projects;

● our goals and strategies;

● our future business development, financial condition and results of operations;

● our projected revenues, profits, earnings and other estimated financial information;

● our ability to secure additional funding necessary for the expansion of our business;

● the growth of and competition trends in our industry;

● fluctuations in general economic and business conditions in the markets in which we operate; and

● relevant government policies and regulations relating to our industry.

The forward-looking statements contained in this Annual Report speak only as of the date of this Annual Report or, if obtained from third-party studies or reports, the date of the corresponding study or report, and are expressly qualified in their entirety by the cautionary statements in this Annual Report. Since we operate in an emerging and evolving environment and new risk factors and uncertainties emerge from time to time, you should not rely upon forward-looking statements as predictions of future events. Except as otherwise required by the securities laws of the United States, we undertake no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence of unanticipated events.

iv

**PART I**

**ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**

Not applicable.

**ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE**

Not applicable.

**ITEM 3. KEY INFORMATION**

**3. A. [Reserved]**

**3. B. Capitalization and Indebtedness**

Not applicable.

**3. C. Reasons for the Offer and Use of Proceeds**

Not applicable.

**3. D. Risk Factors**

*You should carefully consider the following risk factors and all of the information contained in this Annual Report, including but not limited to, the matters addressed in the section titled "Cautionary Note Regarding Forward-Looking Statements," and our financial information before you decide whether to invest in our securities. One or more of a combination of these risks could materially impact our business, financial condition or results of operations. In any such case, the market price of our securities could decline, and you may lose all or part of your investment. Additional risks and uncertainties not currently known to us or that we currently do not consider to be material may also materially and adversely affect our business, financial condition or results of operations.*

 

**Summary Risk Factors**

***Risks Related to Our Business***

● The Company's recent restructuring efforts may fail to prevent the long-term continuation of its history of net losses.

● The Company's shift in business strategy may not yield the intended results.

● The Company's contemplated transaction to acquire most or all of the equity interests of Royal Uranium for up to 3,750,025 Class A Ordinary Shares, remains subject to closing, and following closing, may not result in a significant increase in revenue while diluting the Company's shareholders.

● The Company may face challenges in integrating QIND and realizing expected synergies.

● The Company and QIND will incur substantial costs related to the merger and integration of their businesses.

● If the Series A Preferred Shares Conversion and the consummation of the merger of QIND with the Company proceed, the new principal holders of the outstanding Class A Ordinary Shares will have substantial control over the Company which could limit other shareholders' ability to influence the outcome of corporate matters and key transactions, including a change of control.

● Our pursuit of strategic transactions and need for capital resources, including potential equity issuances, may dilute shareholders and adversely affect our business.

● Our current level of indebtedness could adversely affect our financial condition or liquidity, and we could have difficulty fulfilling our obligations under our indebtedness, which may have a material adverse effect on us.

● Any credit or similar agreements into which we may enter in the future may restrict our operations, particularly our ability to respond to changes or to take certain actions regarding our business.

● We will need to obtain additional funding to continue operations. If we fail to obtain the necessary financing or fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations and we may be forced to significantly delay, scale back or discontinue our operations.

● We have a substantial amount of goodwill and intangible assets on our balance sheet. Future write-offs of goodwill and intangible assets may have the effect of decreasing our earnings or increasing our losses.

● Our business operations may be adversely affected by information systems interruptions or cybersecurity intrusions.

● The success of our business depends on our ability to maintain and enhance our reputation and brand.

● Our long-term success depends, in part, on our ability to operate and expand internationally, and our business is susceptible to risks associated with international operations.

● Risks associated with climate change and other environmental impacts, and increased focus and evolving views of our customers, shareholders, and other stakeholders on climate change issues, could negatively affect our business and operations.

● We may be adversely affected by the effects of inflation.

● Relatively high interest rates may adversely impact our business.

● During the course of the audit of our consolidated financial statements, we identified a material weakness in our internal control over financial reporting. If we fail to establish and maintain an effective system of internal control over financial reporting, our ability to accurately and timely report our financial results or prevent fraud may be adversely affected, and investor confidence and the market price of the Class A Ordinary Shares may be adversely impacted.

● We are dependent on our management team, and the loss of any key member of this team may prevent us from implementing our business plan in a timely manner, or at all.

● If we are unable to attract and retain key employees and hire qualified management, technical, engineering, and sales personnel, our ability to compete and successfully grow our business could be harmed.

***Risks Related to Our Alternative Energy Services***

● Our business may be adversely affected by execution risks in alternative energy projects and our dependence on third parties.

● Our participation in joint ventures, reliance on project financing, and exposure to biomass-powered steam projects may adversely affect our business and results of operations.

● Demand for alternative energy services is uncertain and dependent on government policies.

● The Company will face intense competition in the alternative energy services sector.

● Supply chain disruptions and cost increases could negatively impact the Company's alternative energy business.

● The Company's alternative energy business will be subject to complex and evolving regulatory requirements.

● Legal and contractual risks could adversely impact the Company's alternative energy business.

● The transition to an alternative energy advisory and engineering business may involve intellectual property risks.

● If we are not able to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns and energy mix transition, and technology trends, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced.

● Our ability to operate and our growth potential could be materially and adversely affected if we cannot attract, employ, and retain technical personnel at a competitive cost.

● If we are unable to keep pace with technology developments in our industry, this could adversely affect our ability to win, maintain and grow market share.

● Our alternative energy services activities are subject to a number of development risks, operational hazards, regulatory approvals and other risks which may not be fully covered by insurance, and which could cause cost overruns and delays that could have a material adverse effect on our business, results of operations, financial condition, liquidity and prospects.

● Our business is subject to the risks of earthquakes, fires, floods, tsunamis, pandemics, and other natural catastrophic events and to interruption by man-made problems such as technogenic catastrophic events, computer viruses or terrorism.

***Risks Related to Our Gas Distribution Business***

● The conflict in Iran, which escalated sharply in late February 2026, poses material risks to our LPG distribution operations in Dubai.

● QIND is in default under its outstanding convertible promissory notes, which could result in acceleration of the indebtedness thereunder, enforcement of security interests, dilutive conversions of outstanding amounts into shares of QIND's common stock, and other material adverse consequences.

● QIND is dependent on the Company and external financing to fund its operations and there can be no assurance that such support will be repaid or available when needed.

● Our gas distribution business is subject to numerous operational, regulatory and market risks that could adversely impact its financial performance and long-term viability.

● We are dependent on the availability of raw materials, parts, and components used in our products.

● Increases in the price of commodities could impact the cost or price of our products, as well as the short term working capital requirements , which could impact our ability to sustain and grow earnings.

● We may be subject to loss in market share and market acceptance as a result of performance failures, manufacturing errors, delays, or shortages.

● The markets in which we operate are highly competitive, which could reduce sales and operating margins.

● A substantial decrease in the price of gas could significantly lower our gross profit or cash flow.

● If gas prices rise, we may be unable to pass along the cost increases to our customers.

● We occasionally provide integrated gas distribution project management services in the form of long-term, fixed price contracts that may require us to assume additional risks associated with cost overruns, operating cost inflation, labor availability and productivity, supplier and contractor pricing and performance, and potential claims for liquidated damages.

● Trends in gas prices affect the level of exploration, development, and production activity of our customers and the demand for our services and products, which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

● Our business is dependent on capital spending by our customers, and reductions in capital spending could have a material adverse effect on our gas distribution business, consolidated results of operations, and consolidated financial condition.

● Constraints in the supply of, prices for, and availability of transportation of raw materials can have a material adverse effect on our gas distribution business and consolidated results of operations.

● Demand for the products we distribute could decrease if the manufacturers of those products were to sell a substantial amount of goods directly to end users in the markets we serve.

● Price reductions by suppliers of gas products sold by us could cause the value of our inventory to decline. Also, such price reductions could cause our customers to demand lower sales prices for these products, possibly decreasing our margins and profitability on sales to the extent that our inventory of such products was purchased at the higher prices prior to supplier price reductions, and we are required to sell such products to our customers at the lower market prices.

● Our operations are subject to hazards inherent in the gas industry and, as a result, we are exposed to potential liabilities that may affect our financial condition and reputation.

● We are subject to increased risks associated with our investments in emerging markets, particularly in the Middle East region and specifically in the UAE. These risks encompass significant political, social, and economic uncertainties in the region. Given the volatile nature of these markets, instabilities in these regions could significantly adversely affect the value of our investments.

● We are exposed to risks from potentially unpredictable legal and regulatory environments in the UAE and Middle East region.

● We are exposed to risks arising from potential changes in the UAE's visa legislation, which could adversely impact our business operations.

● We are subject to risks associated with potential unlawful or arbitrary governmental actions in the UAE, which could negatively impact our operations and financial performance.

● We are subject to the risk of international sanctions, which could significantly impact our business activities, results of operations and financial condition.

***Risks Related to the Ownership of Our Securities***

● We may not be able to maintain a listing of the Class A Ordinary Shares on Nasdaq.

● Our operating results and share price may fluctuate, and you could lose all or part of your investment.

● In certain limited circumstances, dividends paid by the Company may be subject to Irish dividend withholding tax.

● Class A Ordinary Shares received by means of a gift or inheritance could be subject to Irish capital acquisitions tax.

● A transfer of the Class A Ordinary Shares, other than one effected by means of the transfer of book-entry interests in DTC, may be subject to Irish stamp duty.

● If the Class A Ordinary Shares are not eligible for deposit and clearing within the facilities of DTC, then transactions in the Class A Ordinary Shares may be disrupted.

● Irish law differs from the laws in effect in the United States and U.S. investors may have difficulty enforcing civil liabilities against us, our directors or members of senior management.

● An investment in our securities may result in uncertain U.S. federal income tax consequences.

● As an Irish public limited company, certain capital structure decisions regarding the Company will require the approval of the shareholders of the Company, which may limit the Company's flexibility to manage its capital structure.

● Provisions of the Company's constitution, as well as provisions of Irish law, could make an acquisition of us more difficult, limit attempts by our shareholders to replace or remove our current directors, and limit the market price of the Class A Ordinary Shares.

● Attempted takeovers of the Company will be subject to the Irish Takeover Rules and will be under the supervisory jurisdiction of the Irish Takeover Panel. Accordingly, the Company's Board of Directors may be limited by the Irish Takeover Rules in its ability to defend an unsolicited takeover attempt.

● We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.

● As a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.

● We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.

**Risks Related to Our Business**

***The Company's recent restructuring efforts may fail to prevent the long-term continuation of its history of net losses.***

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The Company has historically incurred significant net losses and anticipates that these losses may continue for at least the next 12 to 18 months as it navigates a period of substantial transition. The Company's financial results have been impacted by multiple factors. Historically, the Company's business model centered around the development and sale of its "green hydrogen" technology solutions. However, during 2024, these services were discontinued due to lack of capital following the lack of consummation of the transactions contemplated by a certain Subscription Agreement, dated as of August 28, 2024, as amended on October 9, 2024, between the Company and the investor signatory thereto (see Item 8.A. "*Financial Information – Consolidated Statements and Other Financial Information – Legal Proceedings – Claim Against Hydrogenial*"). On November 11, 2024, Fusion Fuel Portugal, which operated substantially all of our former business activities, filed for insolvency in Portugal. As a result, the production and sale of our green hydrogen product line and related research and development activities ceased and will no longer be continued. On November 26, 2024, we closed on the acquisition of a majority stake in QIND, a company primarily operating as a gas distributor through its 51% ownership of Al Shola Gas. These structural changes introduced significant uncertainties, particularly regarding revenue generation and cost management.

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The Company must successfully integrate new business units and establish its revised strategy focused on providing full-service energy engineering and advisory solutions, as well as industrial gas applications. Our alternative energies (including hydrogen and biomass) engineering and advisory business have generated an insignificant amount of revenue as of December 31, 2025, and are not expected to contribute meaningful revenues until 2026. While Al Shola Gas, the Company's indirect subsidiary through its acquisition of QIND, has historically generated revenue, there is no assurance that it will continue to do so, or that the Company's acquisition of QIND will not fail due to certain post-closing conditions and other acquisition risks.

There is also a risk that if the Company fails to achieve profitability within a reasonable timeframe, it may be required to undertake additional cost-cutting measures, restructure its operations further, or seek additional financing under unfavorable terms, including potentially dilutive equity offerings. The continued incurrence of losses and the lack of assurance regarding future profitability may have a material adverse effect on the Company's stock price, investor confidence, and ability to attract and retain business partners, further affecting its long-term viability.

Given these factors, the Company's ability to become profitable remains uncertain, and there can be no assurance that it will be able to generate sufficient revenues, secure additional funding, or reduce its operational expenses to a level that would allow it to achieve and sustain profitability in the foreseeable future.

***The Company's shift in business strategy may not yield the intended results.***

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The Company's previous business model was rooted in proprietary technology development, while its current focus on engineering and advisory services and industrial gas applications places it in highly competitive industries. The market for energy engineering, advisory solutions and distribution is mature, with numerous well-established competitors that have significant operational experience, customer relationships, and brand recognition. Unlike its prior focus on innovation and proprietary hydrogen solutions, the Company must now compete based on service quality, cost-effectiveness, and operational efficiency. There is no guarantee that the Company will be able to establish or,, in the case of Al Shola Gas's gas distribution business, maintain, a competitive market position or differentiate itself effectively.

Additionally, the Company's ongoing businesses do not yet generate enough free cashflow to cover the administrative, legal and listing costs of the Fusion Fuel. As a result, the Company may continue to incur operating losses, and its cash flow from operations may remain negative for an extended period.

The Company's ability to achieve profitability is further complicated by its reliance on securing new contracts, successfully penetrating new markets, and maintaining compliance with regulatory requirements in multiple jurisdictions. Moreover, the Company's access to financing remains a critical factor in sustaining operations. The Company's ability to access necessary capital depends on market conditions, investor confidence, and meeting contractual conditions. Any delays or restrictions in accessing these funds could further exacerbate financial challenges and extend the period during which the Company remains unprofitable.

***The Company's contemplated transaction to acquire most or all of the equity interests of Royal Uranium for up to 3,750,025 Class A Ordinary Shares, remains subject to closing, and following closing, may not result in a significant increase in revenue while diluting the Company's shareholders.***

The Company has entered into a Share Exchange Agreement, dated as of February 18, 2026 (the "Share Exchange Agreement"), with certain shareholders of Royal Uranium (the "RU Shareholders"), pursuant to which the RU Shareholders will sell up to 100% of the issued and outstanding shares of Royal Uranium to the Company in exchange for up to 3,750,025 Class A Ordinary Shares or pre-funded warrants (the "Securities Exchange"). The Securities Exchange remains subject to the satisfaction of certain closing conditions, including, among others, that RU Shareholders holding not less than 75% of the issued shares in Royal Uranium have signed the Share Exchange Agreement or a joinder thereto, that the Company has obtained the requisite shareholder approval as required by the Irish Takeover Rules, the accuracy of the parties' representations and warranties in all material respects, and the absence of any material adverse effect on either Royal Uranium or the Company. Accordingly, there can be no assurance that the Securities Exchange will be completed on the terms contemplated, or at all. The Share Exchange Agreement may also be terminated prior to closing in certain circumstances, including by either party if closing conditions have not been satisfied or waived within 12 months of the date of the Share Exchange Agreement. If the Securities Exchange is completed, the issuance of up to 3,750,025 Class A Ordinary Shares (or pre-funded warrants exercisable therefor) to the RU Shareholders will dilute the ownership interests of the Company's existing shareholders. In addition, the Company issued 95,000 Class A Ordinary Shares and pre-funded warrants to purchase up to 190,000 Class A Ordinary Shares to certain parties in connection with the execution of the Share Exchange Agreement, further diluting the ownership interests of existing shareholders. The RU Shareholders are subject to certain lock-up restrictions on the transfer of the Class A Ordinary Shares they receive; however, upon the expiration of such restrictions, sales of a substantial number of Class A Ordinary Shares in the public market, or the perception that such sales could occur, could adversely affect the market price of the Class A Ordinary Shares.

Furthermore, if the Securities Exchange is completed, a significant portion of the acquired royalty portfolio may not generate meaningful revenue for an extended period. Of the 19 royalties included in the portfolio, only three, which relate to natural gas assets, are currently producing revenue. The ongoing nature of such revenue is dependent on the continued operations by the companies operating the underlying sites, and the amounts received will fluctuate based on prevailing natural gas prices. The remaining royalties relate to sites that are not yet in production and are not expected to contribute to the Company's consolidated revenue for several years. There is a risk that such sites may hold fewer reserves than currently anticipated once they become operational, or that the relevant site developers may not bring the sites into production at all. As a result, the Company may not be able to rely on revenue from the royalty portfolio to help achieve net earnings, and revenue from the producing royalties may decline or cease entirely due to factors beyond the Company's control. The Share Exchange Agreement values Royal Uranium at $15,000,000, and if the acquired assets do not perform as anticipated, the Company may not realize value commensurate with the consideration paid. If the royalties do not generate revenue at the levels or within the timeframes anticipated by management, or if the Securities Exchange is completed but the anticipated long-term value of the acquired assets does not materialize, the Company's business, financial condition, and results of operations could be materially and adversely affected.

***The Company may face challenges in integrating QIND and realizing expected synergies.***

 ****

The acquisition of a majority stake in QIND marks a major shift in the Company's business strategy, transitioning from proprietary hydrogen technology to a combination of alternative energy engineering and advisory solutions and industrial gas distribution. This integration presents significant challenges, including aligning business strategies, consolidating financial reporting, and managing leadership changes. Any failure to integrate operations efficiently, achieve expected cost synergies, or navigate regulatory complexities could lead to financial strain, reduced investor confidence, and operational inefficiencies.

Successfully executing this transition depends on effective workforce integration, streamlined operations, and the ability to leverage synergies between the Company's planned and existing businesses. Unforeseen integration costs, regulatory compliance risks, and difficulties in generating revenue could further delay profitability. If the anticipated strategic benefits fail to materialize, the acquisition could weaken the Company's financial position rather than strengthen it, resulting in prolonged losses, additional financing needs, and increased market volatility.

In addition, the acquisition of the Company's stake in QIND is subject to certain post-closing conditions, including obtaining the Series A Conversion Shareholder Approval for the conversion of the Series A Preferred Shares into Class A Ordinary Shares, securing Nasdaq listing clearance, and consummating the planned merger of QIND into a newly formed wholly owned subsidiary of the Company. As consideration for the Company's stake in QIND, the Company issued certain QIND shareholders 109,114 Class A Ordinary Shares, constituting 19.99% of the issued and outstanding Company's Class A Ordinary Shares on the date of the QIND Purchase Agreement, and an aggregate of 4,171,327 Series A Preferred Shares, with provisions for the Series A Preferred Shares Conversion. If the Company fails to meet certain conditions within the specified timeframes, including obtaining the Series A Conversion Shareholder Approval, it may be required to unwind the transaction, repurchase the Company's shares from the former QIND shareholders, and return the acquired shares. Such an outcome would result in substantial financial and operational disruption, including potential liquidity constraints, increased debt obligations, legal disputes, damage to the Company's reputation, and delisting of the Class A Ordinary Shares.

***The Company's conversions of Series B Convertible Preferred Stock of QIND may be subject to unwinding or other claims.***

On October 28, 2025, the Company converted 1,900 shares of Series B Convertible Preferred Stock, par value $0.001 per share, of QIND ("Series B Preferred Stock") into 1,900,000 shares of common stock of QIND. On December 2, 2025, the Company converted 9,600 shares of Series B Preferred Stock into 9,600,000 shares of common stock of QIND. On February 23, 2026, the Company converted 8,500 shares of Series B Preferred Stock into 8,500,000 shares of common stock of QIND. Absent such conversions, the Company believes that it would have suffered a significant loss with respect to its strategic investment in a majority of the shares of common stock of QIND, due to the increase in the number of outstanding shares of common stock of QIND subsequent to the QIND Closing that are not held by the Company. The Certificate of Designation of Series B Convertible Preferred Stock of QIND (the "Series B Certificate") provides that in no event may a Series B Preferred Stock stockholder convert Series B Preferred Stock if the conversion would "result in" the holder beneficially owning more than 9.99% of the outstanding shares of common stock of QIND. Although the Company believes that this provision did not prohibit it from converting the Series B Preferred Stock because the conversions did not change the fact that it beneficially owned more than 9.99% of the outstanding shares of common stock of QIND both before and after such conversions, there is no assurance that such conversions could not be found to be in violation of the terms of the Series B Certificate.

In addition, under the QIND Purchase Agreement, if the Company fails to meet certain conditions within the specified timeframes, including obtaining the Series A Conversion Shareholder Approval, it may be required to unwind the transaction, repurchase the Company's shares from the former QIND shareholders, and return the acquired shares of QIND, including the Series B Preferred Stock. Further, the Company agreed that it would not, without the prior written consent of the QIND Sellers, prior to the date of the Series A Preferred Shares Conversion, the unwinding of the transaction or the termination of the QIND Purchase Agreement, directly or indirectly sell, transfer, convey, mortgage, pledge, assign or in any way further encumber or alienate the common stock of QIND and the Series B Preferred Stock. The Company believes that because the provision does not expressly prohibit the conversion of the Series B Preferred Stock, it is not in breach of this provision. However, there is no assurance that such conversions could be found to be in breach of the terms of the QIND Purchase Agreement.

Any adverse determination by a relevant authority may require the Company to compensate the QIND Sellers or return the common stock received upon such conversions, either of which may result in material adverse effect on the Company. If the Company were required to pay damages, such damages may result in significant losses. If the Company were required to return the common stock received upon such conversions, it may lose its majority ownership of QIND, which may result in the Company being forced to disallow the consolidation of QIND's operations with its own and the loss of the majority of its operations. Such an outcome would result in substantial financial and operational disruption, including potential liquidity constraints, increased debt obligations, legal disputes, damage to the Company's reputation, and delisting of the Class A Ordinary Shares.

***The Company and QIND will incur substantial costs related to the merger and integration of their businesses.***

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The Company and QIND have incurred and expect to incur a number of non-recurring costs in furtherance of the legal requirements to consummate the merger and integration of their businesses, including legal, financial advisory, accounting, consulting, and other advisory fees; regulatory filing fees; financial printing and other transaction-related costs. Additionally, there may be ongoing expenses related to facilities and systems consolidation, employment-related obligations, and efforts to maintain employee morale and retain key personnel. These costs may stem from the complex integration of numerous processes, policies, operations, technologies, and systems across areas such as purchasing, accounting, finance, payroll, compliance, treasury and vendor management, risk management, business operations, pricing, and employee benefits.

While the Company and QIND estimate a certain level of integration costs, many factors beyond their control could increase the total amount and timing of these expenses. Additionally, many of these costs are inherently difficult to estimate with precision. As a result, assuming that the merger of the Company and QIND becomes effective, the combined company may need to take charges against earnings following their merger, and the amount and timing of such charges are uncertain. There can be no assurance that the transaction and integration costs will not outweigh any benefits of the merger and integration, assuming that they occur.

***Our pursuit of strategic transactions and need for capital resources, including potential equity issuances, may dilute shareholders and adversely affect our business.***

 ****

We may pursue strategic transactions, including acquisitions, joint ventures, or new business initiatives, to expand our solutions portfolio, geographic footprint, or access to new markets. These transactions involve numerous risks, including the need to secure financing on acceptable terms, the potential issuance of equity or equity-linked securities that could result in dilution to existing shareholders, and challenges in completing due diligence and negotiating definitive agreements. Even if completed, acquisitions and investments may fail to achieve intended synergies, face integration difficulties, or divert management attention and resources from our core operations. We may also incur significant transaction and restructuring costs, assume unforeseen liabilities, or experience adverse accounting impacts.

In connection with potential transactions or growth initiatives, we may seek to increase our authorized share capital or otherwise access capital markets to fund investment and working capital needs. Market volatility, interest rates, inflation, and investor sentiment toward the energy transition and decarbonization sectors could constrain our access to capital or increase our cost of capital. In addition, exploring new lines of business or asset strategies could trigger heightened regulatory, licensing, compliance, and governance requirements, as well as reputational and operational risks if those strategies are not successfully implemented. If we are unable to secure necessary approvals, financing, and resources, or if we experience delays or setbacks in executing our strategic plans, our growth prospects, liquidity, and shareholder value could be adversely affected.

***Our current level of indebtedness could adversely affect our financial condition or liquidity, and we could have difficulty fulfilling our obligations under our indebtedness, which may have a material adverse effect on us.***

As of December 31, 2025, we had outstanding indebtedness (excluding lease liabilities) totaling approximately €13.1 million, compared to total cash of approximately €0.575 million and 2025 comprehensive loss of approximately €1.95 million. Our current level of indebtedness increases the risk that we may be unable to generate cash sufficient to pay amounts due in respect of our indebtedness and other financial commitments. The level of our indebtedness and other financial commitments could have other important consequences for our business, including:

● making it more difficult for us to satisfy our obligations with respect to indebtedness and other financial commitments;

● increasing our vulnerability to adverse changes in general economic, industry, and competitive conditions;

● requiring us to dedicate a significant portion of our cash flows from operations to make payments on our indebtedness and other financial commitments, thereby reducing the availability of our cash flows to fund working capital and other general corporate purposes;

● limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;

● restricting us from capitalizing on business opportunities;

● placing us at a competitive disadvantage compared to our competitors that have less debt;

● limiting our ability to borrow additional funds for working capital, acquisitions, debt service requirements, execution of our business strategy, or other general corporate purposes;

● requiring us to provide additional credit support, such as letters of credit or other financial guarantees, to our customers or suppliers, thereby limiting our availability of funds;

● limiting our ability to enter into certain commercial arrangements because of concerns of counterparty risks; and

● limiting our ability to adjust to changing market conditions and placing us at a competitive disadvantage compared to our competitors that have less debt.

The occurrence of any one or more of these circumstances could have a material adverse effect on us.

Our ability to make scheduled payments on and to refinance our indebtedness depends on and is subject to our financial and operating performance, which in turn is affected by general and regional economic, financial, competitive, business, and other factors (many of which are beyond our control), including the availability of financing in the international banking and capital markets. We cannot be certain that our business will generate sufficient cash flows from operations or that future borrowings will be available to us in an amount sufficient to enable us to service our debt, to refinance our debt, or to fund our other liquidity needs.

If we are unable to meet our debt service obligations or to fund our other liquidity needs, we will need to restructure or refinance all or a portion of our debt. Failure to successfully restructure or refinance our debt could cause us to default on our debt obligations and would impair our liquidity. Our ability to restructure or refinance our debt will depend on the condition of the capital markets, which is outside of our control, and our financial condition at such time. Any refinancing of our indebtedness could be at higher interest rates and may require us to comply with more onerous covenants that could further restrict our business operations.

Moreover, in the event of a default of our debt service obligations, if not cured or waived, our creditors could elect to declare all the funds borrowed to be due and payable, together with accrued and unpaid interest and late charges. Our assets or cash flows may not be sufficient to fully repay borrowings under our outstanding debt instruments if accelerated upon an event of default. Any such default, event of default if not cured or waived, or declaration of acceleration could force us into bankruptcy, reorganization, insolvency, or liquidation.

***Any credit or similar agreements into which we may enter in the future may restrict our operations, particularly our ability to respond to changes or to take certain actions regarding our business.***

We may, from time to time, enter into credit facilities, term loans, notes, equipment or receivables financings, convertible or exchangeable debt, or other debt arrangements that include restrictive covenants, financial maintenance tests and events of default that could materially limit our ability to respond to changing conditions or pursue our strategic objectives. Such agreements may restrict, condition or prohibit our ability to incur additional indebtedness; grant liens; pay dividends or make other restricted payments; repurchase equity or junior debt; make investments or loans; enter into hedging arrangements; engage in affiliate transactions; complete acquisitions, joint ventures or other business combinations; dispose of assets or lines of business; prepay, redeem or refinance other indebtedness; enter into burdensome agreements; or change the nature of our business, fiscal year or key organizational documents, and may impose minimum liquidity, maximum leverage, minimum interest or fixed charge coverage, borrowing base or collateral valuation tests that could become more difficult to satisfy if our performance or macroeconomic conditions deteriorate. Failure to comply could result in default, acceleration, termination of commitments, foreclosure on collateral or other remedies, and cross-default or cross-acceleration provisions could trigger defaults across multiple instruments; events of default may also arise from factors beyond our control, such as adverse judgments, governmental actions, material adverse changes, cyber or operational incidents, or the loss of key contracts. Waivers or amendments, if needed, may be unavailable or only available on burdensome terms, including higher pricing, additional fees, incremental collateral or guarantees, restricted cash, enhanced reporting or tighter covenants. Future indebtedness may be secured by substantially all of our assets and guaranteed by our subsidiaries, may be senior in right of payment to equity and, in some cases, to other unsecured or subordinated debt, and indebtedness at subsidiaries would be structurally senior to claims at the parent with respect to subsidiary assets; intercreditor arrangements, collateral trusts and waterfall provisions could further limit flexibility and available remedies. If our credit profile weakens or markets tighten, financing may only be available on more restrictive or expensive terms, including higher interest rates or enhanced covenant packages, and variable-rate debt would expose us to interest rate risk that could increase interest expense and reduce cash flows. Covenants restricting capital expenditures, acquisitions, investments and asset sales may delay, limit or prevent strategic initiatives and timely responses to competitive or technological changes; limitations on dividends, share repurchases and other returns of capital may reduce financial flexibility and equity attractiveness; leverage or coverage ratio requirements, borrowing base tests and mandatory prepayments tied to asset sales, excess cash flow or insurance proceeds could force deleveraging or capital raises at unfavorable times, including asset sales at depressed prices or dilutive equity issuances. Even if we remain in compliance, administrative burdens—such as covenant calculations, frequent reporting, delivery of financial statements and certificates, field exams, appraisals, cash dominion or springing cash management, and lender approvals for ordinary-course actions —could consume management time and resources and increase costs; negative pledges, most-favored-nations provisions for incremental facilities, anti-hoarding clauses and limitations on maturity profiles may complicate future refinancings or capital structure adjustments. Any of the foregoing could adversely affect our liquidity, limit our access to capital, increase our cost of capital, and negatively impact our business, financial condition and results of operations.

***We will need to obtain additional funding to continue operations. If we fail to obtain the necessary financing or fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations and we may be forced to significantly delay, scale back or discontinue our operations.***

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We will require additional capital to fund our operations, and if we fail to obtain necessary financing, our business plan may not be successful.

Our operations have consumed substantial amounts of cash since inception, and we expect they will continue to consume substantial amounts of cash as we aggressively build our platform and our internal marketing, compliance and other administrative functions. We will require additional capital to maintain our business operations, and we may also need to raise additional funds sooner if our operating and other expenses are higher than we expect.

Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement and involves risks and uncertainties, and actual results could vary as a result of a number of factors. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we currently expect.

A lack of available capital may prevent us from expanding our operations or otherwise capitalizing on our business opportunities, or to remain in operation. As a result, our business, financial condition and results of operations could be materially adversely affected.

***We have a substantial amount of goodwill and intangible assets on our balance sheet. Future write-offs of goodwill and intangible assets may have the effect of decreasing our earnings or increasing our losses.***

Our assets have grown through the acquisition of a controlling interest in QIND as of November 26, 2024. As a result of this acquisition, as of December 31, 2025, our goodwill and intangible assets were approximately $28.1 million, or 78% of total assets. Under existing accounting standards, we are required to periodically review goodwill assets for possible impairment. In the event that we are required to write down the value of any assets under these standards, it may materially and adversely affect our operating results, financial condition, and the price of our common stock.

***Our business operations may be adversely affected by information systems interruptions or cybersecurity intrusions.***

We depend on various information technologies to administer, store, and support multiple business activities. If these systems are damaged, cease to function properly or are subject to cybersecurity attacks, such as those involving unauthorized access, malicious software and/or other intrusions, we could experience production downtimes, operational delays, other detrimental impacts on operations or the ability to provide products and services to its customers, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems or networks, financial losses from remedial actions, loss of business or potential liability, penalties, fines and/or damage to our reputation. Our systems, networks, products, and services remain potentially vulnerable to known or unknown threats, any of which could have a material adverse effect on the Company and its financial condition or results of operations. Further, given the unpredictability, nature, and scope of cybersecurity attacks, it is possible that potential vulnerabilities could go undetected for an extended period. A severe cybersecurity incident could reduce sales, operating margins, and overall financial performance.

***The success of our business depends on our ability to maintain and enhance our reputation and brand.***

We believe that our reputation in our industry is of significant importance to the success of our business. A well-recognized brand is critical to increasing our customer base and, in turn, increasing our revenue. Since the industry is highly competitive, our ability to remain competitive depends to a large extent on our ability to maintain and enhance our reputation and brand, which could be difficult and expensive. To maintain and enhance our reputation and brand, we need to successfully manage many aspects of our business, such as cost-effective marketing campaigns to increase brand recognition and awareness in a highly competitive market. We cannot assure you, however, that these activities will be successful and achieve the brand promotion goals we expect. If we fail to maintain and enhance our reputation and brand, or if we incur excessive expenses in our efforts to do so, our business, financial conditions and results of operations could be adversely affected.

***Our long-term success depends, in part, on our ability to operate and expand internationally, and our business is susceptible to risks associated with international operations.***

We plan to continue our efforts to expand globally, in jurisdictions where we do not currently operate. We expect international operations and export sales to continue to constitute the majority of our sales and assets in the foreseeable future. Managing a global organization is difficult, time consuming and expensive, and any international expansion efforts that we undertake may not be profitable in the near or long term. Although we have operating experience in many foreign jurisdictions, we must still continue to make significant investments to build our international operations. Our sales from international operations and sales from export are both subject in varying degrees to risks inherent in doing business outside the United States. These risks include the following:

● Costs, risks, and uncertainties associated with tailoring our services in international jurisdictions as needed to better address both the needs of customers and the threats of local competitors;

● Risks of economic instability, including due to inflation;

● Uncertainties in forecasting revenues and expenses in markets where we have not previously operated;

● Costs and risks associated with local and national laws and regulations governing the industries in which we operate, health and safety, climate change and sustainability, and labor and employment;

● Operational and compliance challenges caused by distance, language, and cultural differences;

● Costs and risks associated with compliance with international tax laws and regulations;

● Costs and risks associated with compliance with the U.S. Foreign Corrupt Practices Act and other laws in the United States related to conducting business outside the United States, as well as the laws and regulations of non-U.S. jurisdictions governing bribery and other corrupt business activities;

● Costs and risks associated with human trafficking, modern slavery and forced labor reporting, training and due diligence laws and regulations in various jurisdictions;

● Currency exchange rate fluctuations and restrictions on currency repatriation;

● Competition with companies that understand the local market better than we do or that have preexisting relationships with regulators and customers in those markets;

● Adverse effects resulting from the United Kingdom's exit from the European Union (commonly known as "Brexit");

● Reduced or varied protection for intellectual property rights in some countries;

● Disruption of operations from labor and political disturbances;

● Withdrawal from or renegotiation of international trade agreements and other restrictions on the trade between the United States and other countries;

● Changes in tariff and trade barriers; and

● Geopolitical events, including natural disasters, climate change, public health issues, political instability, terrorism, insurrection, or war.

Entry into certain transactions with foreign entities now or in the future may be subject to government regulations, including review related to foreign direct investment by U.S. or foreign government entities. If a transaction with a foreign entity is subject to regulatory review, such regulatory review might limit our ability to enter into the desired strategic alliance and thus our ability to carry out our long-term business strategy.

Operating in international markets also requires significant management attention and financial resources. The investment and additional resources required to establish operations and manage growth in other countries may not produce desired levels of revenue or profitability and could instead result in increased costs without a corresponding benefit. We cannot guarantee that our international operations or expansion efforts will be successful.

***Risks associated with climate change and other environmental impacts, and increased focus and evolving views of our customers, shareholders, and other stakeholders on climate change issues, could negatively affect our business and operations.***

The effects of climate change create short and long-term financial risks to our business, both in the UAE as a result of our acquisition of a controlling interest in the equity of QIND and its ownership of 51% of the equity interests of Al Shola Gas, and globally. We have significant operations located in regions that have been, and may in the future be, exposed to significant weather events and other natural disasters. Climate-related changes can increase variability in or otherwise impact natural disasters, including weather patterns, with the potential for increased frequency and severity of significant weather events (e.g., flooding, hurricanes, and tropical storms), natural hazards (e.g., increased flooding risk), rising mean temperature and sea levels, and long-term changes in precipitation patterns (e.g., drought, desertification, and/or poor water quality). We expect climate change could affect our facilities, operations, employees, and communities in the future, particularly at facilities in coastal areas and areas prone to extreme weather events and water scarcity. Our suppliers are also subject to natural disasters that could affect their ability to deliver or perform under our contracts, including as a result of disruptions to their workforce and critical infrastructure. Disruptions also impact the availability and cost of materials needed for manufacturing and could increase insurance and other operating costs.

Increased worldwide focus on climate change has led to legislative and regulatory efforts to combat both potential causes and adverse impacts of climate change, including regulation of greenhouse gas emissions. New or more stringent laws and regulations related to greenhouse gas emissions and other climate change related concerns may adversely affect us, our suppliers, and our customers. Some of our facilities are, for example, engaged in manufacturing processes that produce greenhouse gas emissions, including carbon dioxide, or rely on products from others that do so. New and evolving laws and regulations could mandate different or more restrictive standards, could require capital investments to transition to low carbon technologies, could adversely impact our ongoing operations, and could require changes on a more accelerated time frame. Our suppliers may face similar challenges and incur additional compliance costs that are passed on to us. These direct and indirect costs may adversely impact our results.

***We may be adversely affected by the effects of inflation.***

Inflation in wages, materials, parts, equipment, and other costs has the potential to adversely affect our results of operations, cash flows and financial position by increasing our overall cost structure, particularly if we are unable to achieve commensurate increases in the prices we charge our customers for our products and services. In addition, the existence of inflation in the economy has the potential to result in higher interest rates, which could result in higher borrowing costs, supply shortages, increased costs of labor, weakening exchange rates and other similar effects. We have experienced inflationary pressures on our supply chain due to increased shipping costs, increased energy prices for manufacture of our commercial products as well as increased prices from suppliers of raw materials. We have so far been able to offset inflationary pressure to consumers, but it cannot be guaranteed that our results of operations will not be adversely affected by inflation in the future and could reduce sales, operating margins, and overall financial performance.

***Relatively high interest rates may adversely impact our business.***

Due to the perceived persistence of the threat of high inflation, the U.S. Federal Reserve has maintained its benchmark interest rate at an elevated level. Increases in the federal benchmark rate have resulted in an increase in market interest rates, which may increase our interest expense and the costs of refinancing any existing indebtedness or obtaining new debt. Consequently, relatively high interest rates will increase cost of capital and the cost of borrowings for any other corporate purpose. As a result, if we need or seek significant borrowings and interest rates remain elevated or increase, the cost of such borrowing to us could be significant, which may have a significant adverse impact on our financial condition and results of operations.

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***Significant fluctuations in foreign currency exchange rates may harm our financial results.***

We are exposed to fluctuations in foreign currency exchange rates. Any significant change in the value of the currencies of the countries in which we do or may do business could affect our ability to sell products and services competitively and control our cost structure, which could have a material adverse effect on our results of operations.

***We may not have adequate insurance for potential liabilities, including liabilities arising from litigation.***

In the ordinary course of business, we have and, in the future, may become the subject of various claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, the products we distribute, employees and other matters, including potential claims by individuals alleging exposure to hazardous materials as a result of the products we distribute or our operations. Some of these claims may relate to the activities of businesses that we have acquired, even though these activities may have occurred prior to our acquisition of such businesses. Our products and services are primarily for use in the energy industry, which is subject to inherent risks that could result in death, personal injury, property damage, pollution, or loss of production. In addition, defects in our products or services could result in death, personal injury, property damage, pollution or damage to equipment and facilities. Actual or claimed defects in our products or services may give rise to claims against us for losses and expose us to claims for damages.

We maintain insurance to cover certain of our potential losses, and we are subject to various self-retentions, deductibles, and caps under our insurance. It is possible, however, that judgments could be rendered against us in cases in which we would be uninsured and beyond the amounts that we currently have reserved or anticipate incurring for such matters. Even a partially uninsured claim, if successful and of significant size, could have a material adverse effect on our business, results of operations and financial condition. Furthermore, we may not be able to continue to obtain insurance on commercially reasonable terms in the future, and we may incur losses from interruption of our business that exceed or are not covered by our insurance. Finally, even in cases where we maintain adequate insurance coverage, our insurers may raise various objections and exceptions to coverage which could make the timing and amount of any possible insurance recovery uncertain.

***Changes in tax laws or exposure to additional income tax liabilities could have a material impact on our company, the results of operations, financial conditions and cash flows.***

We are subject to income and non-income-based taxes in the jurisdictions in which we operate, and would become subject to such taxes in any other jurisdictions in which we operate in the future. The tax laws in these jurisdictions could change on a prospective or retroactive basis, and any such changes could adversely affect us and our effective tax rate.

Taxation regulation in territories around the world can also change. Furthermore, any changes made by tax authorities, together with other legislative changes, could lead to disagreements between jurisdictions with respect to the proper allocation of profits between such jurisdictions. We must continuously monitor changes to tax regulation and double tax treaties between the territories in which we operate.

We are further subject to ongoing tax audits in the various jurisdictions in which we operate. There can be no assurance that we will pass these audits, which could have a material impact on our business, financial condition, results of operations, and cash flows.

***During the course of the audit of our consolidated financial statements, we identified a material weakness in our internal control over financial reporting. If we fail to establish and maintain an effective system of internal control over financial reporting, our ability to accurately and timely report our financial results or prevent fraud may be adversely affected, and investor confidence and the market price of the Class A Ordinary Shares may be adversely impacted.***

We are subject to reporting obligations under U.S. securities laws. The SEC adopted rules pursuant to Section 404 of the Sarbanes-Oxley Act requiring every public company to include a management report on such company's internal control over financial reporting in its annual report, which contains management's assessment of the effectiveness of its internal control over financial reporting.

We, in connection with the preparation of our consolidated financial statements for the fiscal year ended December 31, 2025, identified the following material weakness: Insufficient accounting staffing and a resulting lack of segregation of duties within our finance function. Throughout 2025 our finance team consisted of our Accounting Director, our interim Chief Financial Officer, and a Finance Director who departed in January 2026, meaning that preparation and review of journal entries, account reconciliations, and key management review controls over the financial close were concentrated among too few individuals. We are actively recruiting a replacement for the departed Finance Director and at least one additional qualified accounting professional, and we expect these hires to be in place during financial year 2026. However, until the controls have been redesigned and operated effectively for a sufficient period, the material weakness will not be considered remediated. See Item 15. "*Controls and Procedures*". Our management is currently in the process of evaluating the steps necessary to remediate the ineffectiveness. However, measures that we implement may not fully address the material weakness in our internal control over financial reporting and we may not be able to conclude that the material weakness has been fully remedied.

Failure to correct the material weakness and other control deficiencies or failure to discover and address any other control deficiencies could result in inaccuracies in our consolidated financial statements and could also impair our ability to comply with applicable financial reporting requirements and make related regulatory filings on a timely basis. As a result, our business, financial condition, results of operations, and prospects, as well as the trading price of the Class A Ordinary Shares, may be materially and adversely affected. Due to the material weakness in our internal control over financial reporting as described above, our management concluded that our internal control over financial reporting was not effective as of December 31, 2025. This could adversely affect the market price of the Class A Ordinary Shares due to a loss of investor confidence in the reliability of our reporting processes.

***We are dependent on our management team, and the loss of any key member of this team may prevent us from implementing our business plan in a timely manner, or at all.***

Our success depends largely upon the continued services of our executive officers and other key personnel, particularly Frederico Figueira de Chaves, our Chief Executive Officer, Interim Chief Financial Officer, Chief Strategy Officer and a director of the Company. Our majority-owned subsidiary, QIND, is dependent upon the continued services of Mr. Backwell, QIND's Chief Executive Officer; Mr. Figueira de Chaves, QIND's Chairman and a director; Carsten Kjems Falk, QIND's Interim Chief Financial Officer and a director, as well as Head of Mergers and Acquisitions of Fusion Fuel; and Sanjeeb Safir, QIND's Chief Operating Officer and Chief Executive Officer of Al Shola Gas. Our executive officers or key employees could terminate their employment with us at any time without penalty. In addition, we do not maintain key person life insurance policies on any of our employees or any of our contract parties. The loss of one or more of these executive officers or key employees could seriously harm our business and may prevent us from implementing our business plan in a timely manner, or at all.

***If we are unable to attract and retain key employees and hire qualified management, technical, engineering, and sales personnel, our ability to compete and successfully grow our business could be harmed.***

We believe that our success and our ability to reach our strategic objectives are highly dependent on the contributions of our key management, technical, engineering, and sales personnel. The loss of members of our key personnel, whether voluntarily or involuntarily, could significantly limit our ability to achieve its strategic objectives by delaying the development and introduction of our products and services and negatively impact our business, prospects, and operating results. Our future success also depends on our ability to attract, retain and motivate highly skilled employees, particularly employees with electrical and/or mechanical engineering skills or gas management specialties that would enable us to effectively deliver our energy solutions to clients on time and on budget, as well as client relationship managers with relevant regional and international experience. Competition for these executives in our industry is intense and we may experience difficulty in recruiting and retaining such individuals. Many of the companies with which we compete for experienced executives and key personnel also have greater resources than we have. As a result, we may be unable to attract or retain the industry professionals that are critical to our success, resulting in harm to our key client relationships, loss of key information, expertise or know-how and unanticipated recruitment and retaining costs. Additionally, our ability to achieve revenue growth in the future will depend, in part, on our success in recruiting and retaining client development executives. Such executives may require significant on-boarding time and effort in order to achieve full productivity, which may impair business and revenue growth. Additionally, the loss of the services of our key personnel could make it more difficult to successfully operate its business and pursue our business goals. In addition, we do not have "key person" life insurance policies covering any of our key employees.

***We are a holding company. Our material assets are our cash balances and equity interests in our direct and indirect subsidiaries and we are accordingly dependent upon distributions from them to pay taxes and cover our corporate and other overhead expenses.***

We are a holding company and will have no material assets other than our cash balances and equity interest in our direct and indirect subsidiaries. We have no independent means of generating revenue. To the extent that we need funds and a subsidiary is restricted from making such distributions or payment under applicable law or regulation or under the terms of any financing arrangements due to restrictive covenants or otherwise, or are otherwise unable to provide such funds, our liquidity and financial condition could be materially adversely affected.

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**Risks Related to Our Alternative Energy Services**

 

***Our business may be adversely affected by execution risks in alternative energy projects and our dependence on third parties.***

We are exposed to significant execution, schedule, and performance risks in connection with alternative energy projects, including engineering, procurement, installation, and commissioning of special energy systems or refueling stations. These projects require specialized equipment and integration of multiple subsystems and are dependent on timely completion of design work, supply chain availability, factory acceptance, site readiness, and conformity with safety and environmental standards. Delays or defects in equipment, engineering or construction activities, permitting or interconnection, and cost escalation may prevent projects from meeting expected delivery and performance milestones.

Our ability to deliver and monetize these projects depends on the performance of strategic partners, suppliers, and counterparties, as well as their financial stability and operational capacity. Failure by any third party to satisfy contractual obligations, secure required approvals, or coordinate site activities could result in liquidated damages exposure, warranty and remediation costs, customer disputes, and revenue deferral or loss. In addition, counterparties may seek to renegotiate or terminate agreements due to market conditions, regulatory developments, or financing constraints. Any of these factors could materially adversely affect our results of operations, cash flows, and reputation, and could impair our ability to win future projects in our target markets.

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***Our participation in joint ventures, reliance on project financing, and exposure to biomass-powered steam projects may adversely affect our business and results of operations.***

We have entered into a joint venture arrangement to develop and operate biomass-based energy projects, which involve complex governance frameworks, shared decision rights, and reliance on our partners for critical technology, fabrication, and on-the-ground execution. Joint ventures inherently expose us to risks relating to disagreements over budgets, schedules, and strategic priorities; constraints imposed by shareholder agreements; and the need for continued alignment with partners for regulatory compliance, permitting, and community engagement. We will be required to fund our proportionate share of capital or operating requirements and to make loans or advances that are repaid only from free cash flow, if any, after other obligations. If project economics, timelines, or operating performance fall short of expectations, we may not achieve the anticipated returns or repayment of our investment.

Biomass-powered steam generation projects also carry risks relating to feedstock availability, price volatility, and quality specifications, as well as uncertainties around verification, certification, and monetization of carbon credits and related attributes. Counterparty performance under long-term offtake or steam supply agreements may be affected by macroeconomic conditions, credit stress, or changes in regulation and carbon markets. Projects in new geographies may face heightened regulatory, political, permitting, and foreign exchange risks that could increase costs or delay commissioning. If these risks materialize, we could experience cost overruns, schedule slippage, reduced operating margins, or impairment of our equity interests and loans, any of which could have a material adverse effect on our business, financial condition, and results of operations.

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***Demand for alternative energy services is uncertain and dependent on government policies.***

The Company's engineering and advisory service offerings for hydrogen and biomass energy projects are partially dependent on the growth and adoption of alternative energies as a viable energy source. While global decarbonization efforts and policy initiatives may generally support alternative energy sources, the pace and scale of adoption remain uncertain. Many alternative energy projects rely on government incentives, grants, and regulatory mandates to be economically viable. Any reduction, delay, or withdrawal of such incentives could significantly impact demand for the Company's services. Additionally, competition from more established alternative energy sources, such as wind, solar, and nuclear, may limit market growth, making it difficult for the Company to secure a strong customer base. In addition, some countries, particularly the United States, have cancelled major alternative energy projects in favor of policies supportive of fossil fuels. If the alternative energy services industry does not expand as anticipated, the Company's ability to generate revenue and achieve profitability could be adversely affected.

***The Company will face intense competition in the alternative energy services sector.***

The alternative energy services industry is becoming increasingly competitive, with numerous established energy companies and engineering firms offering similar services. Many of these competitors have greater financial resources, established customer relationships, and extensive industry expertise, which may make it difficult for the Company to secure contracts and differentiate itself in the market. The Company's ability to compete depends on its ability to demonstrate technical expertise, secure strategic partnerships, and deliver cost-effective solutions. Additionally, if competitors gain market dominance, the Company may struggle to maintain pricing power, reducing its potential profitability. Failure to compete effectively in this rapidly evolving sector could result in lower-than-expected revenue and limit the Company's long-term viability.

***Supply chain disruptions and cost increases could negatively impact the Company's alternative energy business.***

The Company's ability to execute alternative energy projects efficiently will depend on the availability of critical components, including electrolyzers, storage systems, and engineering materials. Global supply chain disruptions, inflationary pressures, tariffs, or shortages in key materials could lead to increased project costs and delays, reducing profitability. Additionally, sourcing specialized equipment may require long lead times, which could impact project execution schedules and result in penalties or contract cancellations. The Company must also manage currency fluctuations and geopolitical risks that could affect its supply chain. If the Company is unable to secure reliable supply channels or mitigate cost increases, its financial condition and ability to compete in the alternative energy market could be significantly impacted.

***The Company's alternative energy business will be subject to complex and evolving regulatory requirements.***

Alternative energy production, storage, and transportation are heavily regulated industries, requiring multiple permits, safety certifications, and compliance with environmental laws. The Company must adhere to stringent regulatory standards across different jurisdictions, which could lead to delays, increased compliance costs, or restrictions on project development. Additionally, evolving policies on safety, emissions, and energy infrastructure could impose new compliance burdens that require costly operational adjustments. Failure to obtain necessary approvals or comply with applicable laws could result in project cancellations, legal liabilities, or fines, materially impacting the Company's ability to execute its business strategy.

***Legal and contractual risks could adversely impact the Company's alternative energy business.***

The Company's alternative energy engineering and advisory business exposes it to potential legal risks, including contractual disputes, liability claims, and regulatory enforcement actions. Given the complexity of hydrogen and biomass projects, disagreements over project specifications, delays, or performance guarantees could result in costly litigation or reputational damage. In particular, as hydrogen is a highly combustible gas, the Company must adhere to strict safety protocols to mitigate the risk of accidents, fires, or leaks. Any failure to meet safety standards could lead to liability claims, project cancellations, or regulatory penalties. If the Company becomes involved in legal disputes or compliance violations, it could face significant financial losses and operational disruptions.

***The transition to an alternative energy advisory and engineering business may involve intellectual property risks.***

As the Company shifts from proprietary hydrogen technology development to advisory and engineering services, it may face challenges related to intellectual property (IP) rights. The discontinuation of the HEVO product line and the insolvency of Fusion Fuel Portugal may lead to disputes over former IP assets, patents, or trade secrets. Additionally, the Company must ensure that it does not infringe on third-party IP while developing its hydrogen and other alternative energy solutions. Any IP-related legal challenges could result in costly litigation, reputational harm, or limitations on the Company's ability to commercialize its services. Protecting its IP while navigating potential disputes will be critical to the Company's long-term success in the alternative energy industry. There is no assurance that the Company will succeed in protecting its IP, and if fails to do so, the Company's results of operations and financial condition may be materially adversely affected.

***If we are not able to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns and energy mix transition, and technology trends, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced.***

The market for our services is characterized by continual technological developments to provide better and more reliable performance and services. If we are not able to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns and energy mix transition, and technology trends, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced. Likewise, if our proprietary technologies, equipment, facilities, or work processes become obsolete, we may no longer be competitive, and our business and consolidated results of operations could be materially and adversely affected.

***Our ability to operate and our growth potential could be materially and adversely affected if we cannot attract, employ, and retain technical personnel at a competitive cost.***

Many of the services that we provide and the products that we sell are complex and highly engineered and often must perform or be performed in harsh conditions. We believe that our success depends upon our ability to attract, employ, and retain technical personnel with the ability to design, utilize, and enhance these services and products. A significant increase in the wages paid by competing employers could result in a reduction of our skilled labor force, increases in the wage rates that we must pay, or both. If either of these events were to occur, our cost structure could increase, our margins could decrease, and any growth potential could be impaired.

***If we are unable to keep pace with technology developments in our industry, this could adversely affect our ability to win, maintain and grow market share.***

The energy industry is subject to the introduction of new technologies, some of which may be subject to patent or other intellectual property protections. We cannot be certain that we will be able to provide services relating to new technologies on a timely basis or at an acceptable cost. The energy industry is highly competitive and dominated by a few large players that have resources to invest in new technologies. Our ability to continually provide competitive solutions and services can impact our ability to win, maintain and grow our market share and to negotiate acceptable commercial terms with our potential clients. If we are unable to acquire or develop competitive technology or deliver it to our clients in a timely and cost-competitive manner in the markets we serve, it could adversely affect our financial condition, results of operations and cash flows.

***Our alternative energy services activities are subject to a number of development risks, operational hazards, regulatory approvals and other risks which may not be fully covered by insurance, and which could cause cost overruns and delays that could have a material adverse effect on our business, results of operations, financial condition, liquidity and prospects.***

Siting, development, and delivery of alternative energy services are subject to the risks of delay or cost overruns inherent in any industrial development project resulting from numerous factors, including but not limited to the following:

● Difficulties or delays in obtaining, or failure to obtain, sufficient debt or equity financing on reasonable terms;

● Failure to obtain all necessary government and third-party permits, approvals and licenses for the construction and operation of any of the proposed facilities;

● Difficulties in engaging qualified contractors necessary to the construction of the contemplated project;

● Shortages of equipment, material or skilled labor;

● Natural disasters and catastrophes, such as hurricanes, explosions, fires, floods, industrial accidents, hostile military action and terrorism;

● Unscheduled delays in the delivery of ordered materials;

● Work stoppages, industrial and labor disputes;

● Competition with other domestic and international hydrocarbon fuel suppliers and alternative energy providers;

● Political and regulatory change in the countries in which we operate;

● Unanticipated changes in domestic and international marked demand for and supply of hydrogen and biomass, which will depend in part on supplies of and prices for other alternative energy sources, coal, natural gas, liquified natural gas, crude oil and diesel, and the discovery of new sources of natural resources; and

● Adverse general economic conditions.

Delays beyond the estimated development periods, as well as cost overruns, could increase the cost of completion beyond the amounts that are estimated, which could require additional sources of financing to fund the activities until the proposed project becomes operational (which could cause further delays). The need for more financing may also make the project uneconomic. Delays could also trigger penalties or termination of agreements with third parties, cause a delay in receipt of revenues projected from the project or cause a loss of one or more clients. As a result, any significant delay, whatever the cause, could be detrimental to our ability to provide valuable alternative energy engineering and advisory services, and could therefore have a material adverse effect on our business, results of operations, financial condition, liquidity and prospects.

***Our business is subject to the risks of earthquakes, fires, floods, tsunamis, pandemics, and other natural catastrophic events and to interruption by man-made problems such as technogenic catastrophic events, computer viruses or terrorism.***

Alternative energy facilities and operations are vulnerable to damage or interruption from earthquakes, fires, floods, pandemics, power losses, explosions, telecommunications failures, terrorist attacks, acts of war, human errors, break-ins and similar events. For example, a significant natural disaster, such as a hurricane, earthquake, tsunami or flood, could have a material adverse effect on any alternative energy project, and insurance coverage may be insufficient to compensate us for losses that may occur. In addition, acts of terrorism, which may be targeted at power stations as crucial elements of a country's infrastructure, could cause disruptions in our clients' business or the economy as a whole. Alternative energy IT infrastructure may also be vulnerable to computer viruses, break-ins, denial-of-service attacks and similar disruptions from unauthorized tampering with our or our clients' IT systems, which could lead to interruptions, delays and loss of critical data. We may not have sufficient protection or recovery plans in the event such a disaster should occur. As our clients rely heavily on physical infrastructure, computer and communications systems to conduct their business, such disruptions could negatively impact our ability to provide our alternative energy services and either directly or indirectly disrupt our clients' or supplier's businesses, which could have a material adverse effect on our business, results of operations and financial condition.

**Risks Related to Our Gas Distribution Business**

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***The conflict in Iran, which escalated sharply in late February 2026, poses material risks to our LPG distribution operations in Dubai.***

As of May 7, 2026, our business is subject to significant risks arising from the ongoing armed conflict involving the United States, Israel, and Iran, which has materially disrupted regional energy markets, critical infrastructure, and the maritime supply chains upon which our LPG distribution operations in the UAE fundamentally depend. The conflict, which escalated sharply beginning in late February 2026, has resulted in the effective closure of the Strait of Hormuz — the world's single most critical energy chokepoint — to most commercial shipping, with Iran threatening to fire on vessels attempting transit and commercial operators, major oil companies, and insurers having substantially withdrawn from the corridor. The closure has been characterized as the largest disruption to global energy supply since the 1970s energy crisis. Approximately 20% of the world's daily oil and LPG supply normally transits the Strait, and LPG supply chains are among the most acutely exposed commodities, with alternative supply options characterized by market analysts as "very limited". Attacks by Iranian forces have directly struck Dubai's Jebel Ali port — the UAE's principal maritime commercial hub — as well as Abu Dhabi port infrastructure and other UAE facilities, causing direct and material disruption to shipping and logistics operations in the UAE. Iranian forces have further threatened to designate the UAE's al-Hosn gas field and additional UAE energy infrastructure as "direct and legitimate targets," with Iranian state media calling for evacuation of personnel. The UAE's Habshan complex — one of the world's largest gas processing facilities — has already been forced to shut down following falling debris from intercepted missiles, and the Bab oilfield was targeted. These developments have caused the Middle East Dubai crude benchmark to reach a record $166.80 per barrel and Brent crude to spike above $119 per barrel, with further price increases possible if supply disruptions are prolonged.

The escalating conflict exposes our Dubai-based LPG distribution and related services business to a range of material and potentially severe operational, financial, and safety risks that could have a material adverse effect on our business, results of operations, financial condition, and prospects. Our ability to procure LPG at commercially viable prices and in sufficient volumes depends critically on regional supply chains and the continued operability of UAE port and infrastructure networks, all of which are currently under severe stress. Importers across the Gulf are scrambling to reroute essential cargoes, with trucking costs from alternative ports projected to increase by multiples of standard ocean freight rates. Insurance premiums for vessels operating in and near the Strait of Hormuz have already reached six-year highs, making transit economically unviable for many commercial operators and further constraining supply availability. Even if active hostilities were to cease, the restoration of normal supply chains is expected to take substantial time, as LPG production facilities, refineries, and port infrastructure that have sustained damage may require years to repair. The war has also materially impaired broader economic activity in Dubai, including disruptions to aviation, tourism, trade, and retail, which could reduce demand for our services. We cannot predict the duration, intensity, or geographic scope of the conflict, the extent of damage to regional energy infrastructure, or the timing of any restoration of the Strait of Hormuz to normal commercial transit. If these conditions persist or worsen, our ability to source, transport, store, and distribute LPG, as well as to maintain continuity of our related services operations, could be significantly impaired, which could materially and adversely affect our revenues, costs, and overall financial performance.

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***QIND is in default under its outstanding convertible promissory notes, which could result in acceleration of the indebtedness thereunder, enforcement of security interests, dilutive conversions of outstanding amounts into shares of QIND's common stock, and other material adverse consequences.***

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As of December 31, 2025, all eight of QIND's outstanding convertible promissory notes have matured and the amounts due thereunder remain unpaid. These notes include: (i) a note in the original principal amount of $1,100,000, which matured on August 3, 2024; (ii) a note in the original principal amount of $200,000, which matured on March 17, 2025; (iii) a note in the original principal amount of $220,000, which matured on February 23, 2024; (iv) a note in the original principal amount of $550,000, which matured on December 16, 2023; (v) a note in the original principal amount of $35,000, which matured on or about August 6, 2024; (vi) a note in the original principal amount of $100,000, which matured on December 20, 2024; (vii) a note in the original principal amount of $71,500, which matured on February 21, 2025; and (viii) a note in the original principal amount of $405,000, which matured on July 4, 2025. Including accrued and unpaid interest, default interest, penalties, and other amounts that are owed, as of December 31, 2025, the total balance remaining under these notes was $2,561,240.

The failure to repay these notes at maturity constitutes an event of default under several of the notes and may constitute an event of default under all of them. The consequences of such defaults are material and include, among other things: (a) acceleration of the full outstanding principal amount plus accrued and unpaid interest; (b) accrual of default interest at elevated rates (ranging from 15% to 20% per annum, depending on the note); (c) in the case of the notes that matured on February 23, 2024 and February 21, 2025, the outstanding amount becoming immediately due and payable at 150% to 200% of the then-outstanding principal and accrued interest (not including default due only to non-payment of principal or interest when due); (d) in the case of the note that matured on August 6, 2024, assessment of a liquidated damages charge equal to 25% of the outstanding balance; (e) in the case of the note that matured on June 30, 2025, the outstanding principal amount increasing to 110% of the amount then due plus default interest at 16% per annum, and the holder gaining the right to convert the default amount into shares of QIND's common stock at a conversion price equal to 80% of the average of the four lowest volume weighted average prices over the preceding 20 trading days, with full-ratchet anti-dilution protection; and (f) in the case of all notes containing conversion features, the right of holders to convert outstanding amounts into shares of QIND's common stock at conversion prices that may be substantially below the then-current market price, resulting in significant dilution to existing stockholders, including us.

In addition, if conversion of the convertible notes causes us to cease to be the majority holder of QIND, then we may not consolidate its operations with ours. In such event, unless we are able to acquire another business with substantial operations, an immediate consequence would be that we may fail to meet applicable stock exchange listing standards, including with respect to minimum shareholders' equity. In such event, we would become subject to delisting proceedings. For discussion of the potential adverse consequences to us upon being delisted, see "*Risks Related to the Ownership of Our Securities – We may not be able to maintain a listing of the Class A Ordinary Shares on Nasdaq*." In addition, our ability to pursue our strategy of operating as a diversified energy company and to generate revenue from operations may be fundamentally impaired, resulting in additional material adverse consequences to our financial position and results of operations.

Additionally, the note that matured on June 30, 2025 is a senior secured obligation of QIND, and default thereunder could result in the lender enforcing its rights, which could materially impair QIND's operations and the value of QIND's assets. The related loan agreement also contains cross-default provisions triggered by defaults on other material agreements, potentially compounding the adverse effects described above.

Several of these notes also contain most-favored-nation provisions, anti-dilution protections, and beneficial ownership limitations that, in the aggregate, could further complicate QIND's ability to restructure or refinance this indebtedness. There can be no assurance that QIND will be able to negotiate forbearance agreements, obtain waivers, refinance, or otherwise satisfy or restructure its obligations under these notes on terms acceptable to us and QIND, or at all. If the holders of these notes elect to exercise their remedies, including acceleration, conversion at discounted prices, or enforcement of security interests, such actions could have a material adverse effect on QIND, and therefore, since QIND is our majority-owned subsidiary, could cause material adverse effects to our business, financial condition, results of operations, and the market price of our Class A Ordinary Shares, and could raise substantial doubt about our ability to continue as a going concern.

***QIND is dependent on the Company and external financing to fund its operations, and there can be no assurance that such support will be repaid or available when needed.***

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As of December 31, 2025, QIND owed Fusion Fuel a total outstanding loan balance of $4,427,537. These loans may be used by QIND for working capital and corporate needs. Such loans are non-interest-bearing and have no required repayment date. We anticipate that we will continue to finance QIND in connection with the operations of Al Shola Gas. In addition, QIND plans to address cash flow deficits through additional borrowings and the sale of securities.

No assurance can be given that any such financing, or additional capital will be available, if and when required by QIND. Fusion Fuel's ability to finance QIND's needs depends on our financial condition and liquidity, which are subject to risks and uncertainties beyond the Company's control. Similarly, our ability to raise capital through borrowings or securities sales may be constrained by adverse market conditions, deteriorating creditworthiness, regulatory limitations, or investor sentiment. If we are unable to obtain adequate financing for QIND, or to raise sufficient capital through borrowings or securities sales, we may be unable to fully fund our operations, or execute our business plan. Any of these outcomes could have a material adverse effect on our business, financial condition, results of operations, and prospects.

***Our gas distribution business is subject to numerous operational, regulatory and market risks that could adversely impact its financial performance and long-term viability.***

The Company's gas distribution business, primarily operated through Al Shola Gas, is subject to various operational, regulatory, and market risks that could adversely impact its financial performance and long-term viability. The distribution of LPG and other industrial gases involves significant logistical challenges, including supply chain dependencies, fluctuating commodity prices, and transportation risks. Any disruptions in the supply of gas due to geopolitical instability, supplier constraints, or global market fluctuations could result in increased costs or an inability to meet customer demand, negatively affecting revenue and profitability. Additionally, the business must maintain extensive infrastructure, including storage facilities, transport fleets, and distribution networks, all of which require continuous investment and maintenance. Unexpected equipment failures, regulatory compliance issues, or safety incidents could lead to operational delays, legal liabilities, or reputational harm.

Moreover, the gas distribution industry is highly regulated, with stringent safety and environmental requirements governing the storage, handling, and transportation of flammable and hazardous materials. Compliance with evolving regulations may require costly upgrades to infrastructure, operational adjustments, or additional licensing, increasing the Company's expenses. Non-compliance with these regulations could result in fines, operational restrictions, or liability claims in the event of accidents or environmental hazards. Additionally, as governments worldwide advocate for decarbonization and renewable energy alternatives, demand for LPG and other traditional gas products may decline over time, forcing the Company to adapt its business model or risk revenue erosion. If the Company fails to effectively manage these risks, its gas distribution business could face financial strain, operational challenges, and reduced market competitiveness.

***We are dependent on the availability of raw materials, parts, and components used in our products.***

While we manufacture certain parts and components used in our products, we also require substantial amounts of raw materials and purchases of certain parts and components from suppliers. The availability of and prices for raw materials, parts and components may be subject to curtailment or change due to, among other things, suppliers' allocations to other purchasers, interruptions in production by suppliers, including due to geopolitical or civil unrest, unfavorable economic or industry conditions, labor disruptions, supply chain disruptions, catastrophic weather events, natural disasters, the occurrence of a contagious disease or illness, changes in exchange rates and prevailing price levels. Any change in the supply of, or price for, these raw materials or parts and components could materially affect us and our financial condition, results of operations and cash flow.

***Increases in the price of commodities could impact the cost or price of our products, which could impact our ability to sustain and grow earnings.***

The manufacturing processes for gas fuel consume significant amounts of raw materials, the costs of which are subject to worldwide supply and demand factors, as well as other factors beyond our control. Raw material price fluctuations may adversely affect our results. In the past raw material prices have experienced volatility. Commodity pricing has fluctuated over the past few years and may continue to do so in the future. Such fluctuations could have a material effect on our results of operations, balance sheets and cash flows and impact the comparability of our results between financial periods.

***We may be subject to loss in market share and market acceptance as a result of performance failures, manufacturing errors, delays, or shortages.***

There is a risk that, for unforeseen reasons, we may need to repair or replace products in use, or reimburse customers for products that fail to work or meet strict performance criteria. To date, we have encountered some product failures related to electronic and mechanical components in equipment and vehicles. These are either repaired under warranty, at cost to the customer, or through a relevant maintenance agreement.

Other disruptions in the supply chain process or product sales and fulfilment systems for any reason, including equipment malfunction, failure to follow specific protocols and procedures, supplier facility shut-downs, defective raw materials, wars and conflict, natural disasters such as hurricanes, tornadoes or wildfires, property damage from riots, other environmental factors, the impact of epidemics or pandemics, and actions by businesses, communities and governments in response, could lead to launch delays, product shortage, unanticipated costs, lost revenues and damage to our reputation.

We have taken steps to limit remedies for product failure to the repair or replacement of malfunctioning or non-compliant products or services and also attempt to exclude or minimize exposure to product and related liabilities by including in our standard agreements warranty disclaimers and disclaimers for consequential and related damages as well as limitations on our aggregate liability. From time to time, in certain sales transactions, we may negotiate liability provisions that vary from such standard forms. There is a risk that our contractual provisions may not adequately minimize our product and related liabilities or that such provisions may be unenforceable. We intend to carry product liability insurance, but the coverage we secure may not be adequate to cover potential claims. Moreover, to the extent we have to repair, reimburse, or expend funds to cover customer service issues, our results of operations will be negatively affected.

***The markets in which we operate are highly competitive, which could reduce sales and operating margins.***

Most of our products are sold in competitive markets. Maintaining and improving a competitive position will require continued investment in manufacturing, engineering, quality standards, marketing, customer service and support and distribution networks. We may not be successful in maintaining our competitive position. Our competitors may develop products and methods that are more efficient or may adapt quicker to new technologies or evolving customer requirements. We may not be able to compete successfully with existing competitors or with new competitors. Pricing pressures may require us to adjust the prices of products to stay competitive. Failure to continue competing successfully could reduce sales, operating margins, and overall financial performance.

***A substantial decrease in the price of gas could significantly lower our gross profit or cash flow.***

We distribute gas and, as a result, our business may be significantly affected by the price and supply of gas. When gas prices are lower, the prices that we charge customers for products may decline, which affects our gross profit and cash flow. The gas industry as a whole is cyclical and at times pricing and availability of gas can be volatile due to numerous factors beyond our control, including general domestic and international economic conditions, labor costs, sales levels, competition, consolidation of steel producers, import duties and tariffs and currency exchange rates. When gas prices decline, customer demands for lower prices and our competitors' responses to those demands could result in lower sale prices and, consequently, lower gross profit or cash flow.

***If gas prices rise, we may be unable to pass along the cost increases to our customers.***

We maintain inventories of gas to accommodate the lead time requirements of our customers. Accordingly, we purchase gas in an effort to maintain our inventory at levels that we believe to be appropriate to satisfy the anticipated needs of our customers based upon historic buying practices, contracts with customers and market conditions. Our commitments to purchase gas are generally at prevailing market prices in effect at the time we place our orders. If gas prices increase between the time that we order gas and the time of delivery of such products to us, our suppliers may impose surcharges that require us to pay for increases in gas prices during such period. Demand for the gas we distribute, the actions of our competitors, and other factors will influence whether we will be able to pass such gas cost increases and surcharges on to our customers, and we may be unsuccessful in doing so. A failure to pass such costs on to customers may force us to use more working capital to cover the mismatch between supplier payments and customer payments, which may have an adverse effect our financial condition and results of operations.

***We occasionally provide integrated gas distribution project management services in the form of long-term, fixed price contracts that may require us to assume additional risks associated with cost overruns, operating cost inflation, labor availability and productivity, supplier and contractor pricing and performance, and potential claims for liquidated damages.***

We occasionally provide integrated gas distribution project management services outside our normal discrete business in the form of long-term, fixed price contracts. Some of these contracts are required by our customers, primarily international gas companies. These services include acting as project managers as well as service providers and may require us to assume additional risks associated with cost overruns. These customers may provide us with inaccurate information in relation to their reserves, which is a subjective process that involves location and volume estimation, that may result in cost overruns, delays, and project losses. In addition, our gas distribution customers often operate in countries with unsettled political conditions, war, civil unrest, or other sources of disruption. These issues may also result in cost overruns, delays, and project losses.

Providing services on an integrated basis may also require us to assume additional risks associated with operating cost inflation, labor availability and productivity, supplier pricing and performance, and potential claims for liquidated damages. We rely on third-party subcontractors and equipment providers to assist us with the completion of these types of contracts. To the extent that we cannot engage subcontractors or acquire equipment or materials in a timely manner and on reasonable terms, our ability to complete a project in accordance with stated deadlines or at a profit may be impaired. If the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price work, we could experience losses in the performance of these contracts. These delays and additional costs may be substantial, and we may be required to compensate our customers for these delays. This may reduce the profit to be realized or result in a loss on a project.

***Trends in gas prices affect the level of exploration, development, and production activity of our customers and the demand for our services and products, which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.***

Demand for our services and products is particularly sensitive to the level of exploration, development, and production activity of, and the corresponding capital spending by, gas companies. The level of exploration, development, and production activity is directly affected by trends in gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for gas, market uncertainty, and a variety of other economic factors that are beyond our control. Given the long-term nature of many large-scale development projects, even the perception of longer-term lower gas prices by gas companies can cause them to reduce or defer major expenditures. Any prolonged reductions of commodity prices or expectations of such reductions could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

Factors affecting the price of gas include:

● the level of supply and demand for gas;

● the cost of, and constraints associated with, producing and delivering gas;

● governmental regulations and other actions, including economic sanctions and policies of governments regarding the exploration for and production and development of their gas reserves;

● weather conditions, natural disasters, and health or similar issues, such as pandemics or epidemics;

● worldwide political and military actions, and economic conditions, including potential recessions; and

● increased demand for alternative energy and use of electric vehicles and increased emphasis on decarbonization, including government initiatives to promote the use of renewable energy sources and public sentiment around alternatives to fossil fuels such as gas.

***Our business is dependent on capital spending by our customers, and reductions in capital spending could have a material adverse effect on our gas distribution business, consolidated results of operations, and consolidated financial condition.***

Our gas distribution business is directly affected by changes in capital expenditures by our customers, and reductions in their capital spending could reduce demand for our services and products and have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Some of the items that may impact our customers' capital spending include:

● gas prices, which are impacted by the factors described in the preceding risk factor;

● the inability of our customers to access capital on economically advantageous terms, which may be impacted by, among other things, a decrease of investors' interest in hydrocarbon producers because of environmental and sustainability initiatives;

● changes in customers' capital allocation, including an increased allocation to the production of renewable energy or other sustainability efforts, leading to less focus on gas production growth;

● restrictions on our customers' ability to get their gas to market due to infrastructure limitations;

● consolidation of our customers;

● customer personnel changes;

● elections by customers to defer payments beyond our invoice due dates; and

● adverse developments in the business or operations of our customers, including write-downs of gas reserves and borrowing base reductions under customers' credit facilities.

***Constraints in the supply of, prices for, and availability of transportation of raw materials can have a material adverse effect on our gas distribution business and consolidated results of operations.***

Raw materials essential to our gas distribution operations and manufacturing, such as proppants (primarily sand), chemicals, metals, and gels, are normally readily available. Shortages of raw materials as a result of high levels of demand or loss of suppliers can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource. Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials. These constraints could have a material adverse effect on our business and consolidated results of operations. In addition, price increases imposed by our vendors for raw materials and transportation providers used in our business, and the inability to pass these increases through to our customers, could have a material adverse effect on our business and consolidated results of operations.

***Demand for the products we distribute could decrease if the manufacturers of those products were to sell a substantial amount of goods directly to end users in the markets we serve.***

Our products are purchased through distributors and not directly from manufacturers. If those customers were to purchase the products that we sell directly from manufacturers, or if manufacturers sought to increase their efforts to sell directly to end users, our business, results of operations and financial condition could be materially and adversely affected. These or other developments that remove us from, or limit our role in, the distribution chain, may harm our competitive position in the marketplace and reduce our sales and earnings.

***Price reductions by suppliers of gas products sold by us could cause the value of our inventory to decline. Also, such price reductions could cause our customers to demand lower sales prices for these products, possibly decreasing our margins and profitability on sales to the extent that our inventory of such products was purchased at the higher prices prior to supplier price reductions, and we are required to sell such products to our customers at the lower market prices.***

The value of our gas products inventory could decline as a result of price reductions by manufacturers of products sold by us. There is no assurance that a substantial decline in product prices would not result in a write-down of our inventory value. Such a write-down could have a material adverse effect on our financial condition. Also, decreases in the market prices of products sold by us could cause customers to demand lower sale prices from us. These price reductions could reduce our margins and profitability on sales with respect to such lower-priced products. Reductions in our margins and profitability on sales could have a material adverse effect on our business, results of operations, and financial condition.

***Our operations are subject to hazards inherent in the gas industry and, as a result, we are exposed to potential liabilities that may affect our financial condition and reputation.***

Risks inherent to the gas industry, such as equipment malfunctions and failures, equipment misuse and defects, explosions and uncontrollable flows of gas and natural disasters, can cause personal injury, loss of life, suspension of operations, damage to facilities, business interruption and damage to or destruction of property, equipment, and the environment. These risks could expose us to substantial liability for personal injury, wrongful death, property damage, loss of gas production, pollution, and other environmental damages. The frequency and severity of such incidents will affect operating costs, insurability and relationships with customers, employees, and regulators. In particular, our customers may elect not to purchase our services if they view our safety record as unacceptable, which could cause us to lose customers and substantial revenues. In addition, these risks may be greater for us because we may acquire companies that have not allocated significant resources and management focus to safety and have a poor safety record requiring rehabilitative efforts during the integration process.

Our customers could seek damages for losses associated with these errors, defects, or other performance problems. Our insurance policies may not be adequate to cover all liabilities. Further, insurance may not be generally available in the future or, if available, insurance premiums may make such insurance commercially unjustifiable. Moreover, even if we are successful in defending a claim, it could be time-consuming and costly to defend.

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***We are subject to increased risks associated with our investments in emerging markets, particularly in the Middle East region and specifically in the UAE. These risks encompass significant political, social, and economic uncertainties in the region. Given the volatile nature of these markets, instabilities in these regions could significantly adversely affect the value of our investments.***

Our gas operations are conducted, and our gas assets are located in, the UAE, which is defined as an emerging market. There is no assurance that any political, social, economic or market conditions affecting countries in the Middle East region would not have a material adverse effect on our business, results of operations and financial condition.

Specific risks in the Middle East region that may have a material impact on our business, results of operations and financial condition include:

● an increase in inflation and the cost of living;

● a devaluation in the currency of any country in which we have operations;

● external acts of warfare and civil clashes or other hostilities involving nations in the region;

● governmental actions or interventions, including tariffs, protectionism, and subsidies;

● difficulties and delays in obtaining governmental or other approvals, new permits and consents for our operations or renewing existing ones;

● potential lack of transparency or reliability in jurisdictions where we operate;

● cancellation of contractual rights;

● lack of infrastructure;

● expropriation or nationalization of assets;

● inability to repatriate profits and/or dividends;

● continued regional political instability and unrest, including government or military regime change, riots or other forms of civil disturbance or violence, including through acts of terrorism;

● military strikes or the outbreak of war or other hostilities involving nations in the region;

● a material curtailment of the industrial and economic infrastructure development that is currently underway across the Middle East region;

● increased government regulations, or adverse governmental activities, with respect to price, import and export controls, the environment, customs and immigration, capital transfers, foreign exchange and currency controls, labor policies, land and water use and foreign ownership;

● changing tax regimes, including the imposition of taxes in currently tax favorable jurisdictions;

● arbitrary, inconsistent, or unlawful government action, including capricious application of tax laws and selective tax audits;

● limited availability of capital or debt financing; and

● slowing regional and global economic environment.

Any unexpected changes in these or other political, social, economic, or other conditions in which we operate in the UAE or neighboring countries may have a material adverse effect on our business, results of operations and financial condition. It is not possible to predict the occurrence of events or circumstances such as or like those outlined above or the impact of such occurrences and no assurance can be given that we would be able to achieve profitable operations if such events or circumstances were to occur.

Investors should also be aware that emerging markets are subject to greater risks than more developed markets, including in some cases significant legal, economic, and political risks. Accordingly, investors should exercise particular care in evaluating the risks involved and must decide for themselves whether, considering those risks, their investment is appropriate. Generally, investment in developing markets is only suitable for sophisticated investors who fully appreciate the significance of the risks involved.

To the extent that economic growth or performance in the countries in which we operate slows or begins to decline, or political conditions become sufficiently unstable to have a material adverse effect on our operations, our business, financial condition, and results of operations may be materially adversely affected.

***We are exposed to risks from potentially unpredictable legal and regulatory environments in the UAE and Middle East region.***

We currently operate in the UAE, an emerging market economy, which is in various stages of developing legal and regulatory systems that are not yet as fully matured and/or established as those of Western Europe and the United States. Some emerging market countries are also in the process of transitioning to a market economy and, as a result, are experiencing changes in their economies and their government policies (including, without limitation, policies relating to foreign ownership, repatriation of profits, property and contractual rights and planning and permit granting regimes) that may affect our business in those countries. Such countries are also characterized by less comprehensive legal and regulatory environments and systems. Existing laws and regulations may be applied inconsistently with anomalies in their interpretation or implementation. Such anomalies could affect our ability to enforce our rights under our contracts or to defend our business against claims by others.

There can be no assurance that if laws or regulations were imposed on the products and services offered by us it would not increase our costs, or adversely affect the way in which we conduct our business or otherwise have a material adverse effect on our results of operations and financial condition.

Any of the above factors, alone or in combination, may have a material adverse effect on our business, results of operations and financial condition.

***We are exposed to risks arising from potential changes in the UAE's visa legislation, which could adversely impact our business operations.***

Any restrictive changes to the UAE's visa policies may discourage foreign nationals from choosing to live, work, and invest in the UAE, which would have an adverse effect on our ability to attract skilled personnel, our business, results of operations and financial condition.

***We are subject to risks associated with potential unlawful or arbitrary governmental actions in the UAE, which could negatively impact our operations and financial performance.***

Governmental authorities in the UAE may have a high degree of discretion and, at times, act selectively or arbitrarily, without hearing or prior notice, and sometimes in a manner that is contrary to law or influenced by political or commercial considerations. Such governmental action could include, among other things, the withdrawal of building permits, the expropriation of property without adequate compensation or the forcing of business acquisitions, combinations, or sales. Any such action taken may have a material adverse effect on our business, results of operations and financial condition.

***We are subject to the risk of international sanctions, which could significantly impact our business activities, results of operations and financial condition.***

European, U.S. and other international sanctions have in the past been imposed on companies engaging in certain types of transactions with specified countries or companies or individuals in those countries. Companies operating in certain countries in the Middle East region have been subject to such sanctions in the past. The UAE is not subject to such sanctions as of the date of this report. The terms of legislation and other rules and regulations that establish sanctions regimes are often broad in scope and difficult to interpret.

If the UAE were in the future to violate European, U.S. or international sanctions, penalties could include a prohibition or limitation on the UAE's ability to conduct business in certain jurisdictions or to access the U.S. or international capital markets. Any such sanction could have a material adverse effect on our business, results of operations and financial condition.

***The sale of our products involves potential product liability and related risks that could expose us to significant insurance and loss expenses.***

We face an inherent risk of exposure to product liability claims if the use of our products results in, or is believed to have resulted in, illness or injury. Any product liability claim may increase our costs and adversely affect our revenue and operating income. Moreover, liability claims arising from a serious adverse event may increase our costs through higher insurance premiums and deductibles for our insurances and may make it more difficult to secure adequate insurance coverage in the future. In addition, our product liability insurance may fail to cover future product liability claims, which, if adversely determined, could subject us to substantial monetary damages.

**Risks Related to the Ownership of Our Securities**

***We may not be able to maintain a listing of the Class A Ordinary Shares on Nasdaq.***

We must meet certain financial and liquidity criteria to maintain our listing on Nasdaq. If we violate Nasdaq's listing requirements, or if we fail to meet any of Nasdaq's continued listing standards, the Class A Ordinary Shares may be delisted. In addition, our Board of Directors may determine that the cost of maintaining our listing on a national securities exchange outweighs the benefits of such listing.

In the past, we received notices of noncompliance with the Nasdaq listing rules, including Nasdaq Listing Rule 5550(b)(1), requiring minimum stockholders' equity of $2,500,000, Nasdaq Listing Rule 5620(a), requiring the Company to hold an annual shareholder meeting, and Nasdaq Listing Rule 5550(a)(2), requiring the Company to have a minimum bid price of $1.00. Although we have since been found to regain compliance with these rules by the relevant Nasdaq staff, there is no assurance that we will be able to continue to meet these or other requirements of the Nasdaq listing rules in order to maintain the listing of the Class A Ordinary Shares.

A delisting of the Class A Ordinary Shares from Nasdaq may materially impair our shareholders' ability to buy and sell the Class A Ordinary Shares and could have an adverse effect on the market price of, and the efficiency of the trading market for, the Class A Ordinary Shares. The delisting of the Class A Ordinary Shares could significantly impair our ability to raise capital and the value of any investment in our securities. If Nasdaq delists the Class A Ordinary Shares, we could face significant material adverse consequences, including:

● a limited availability of market quotations for the Class A Ordinary Shares;

● a reduced level of trading activity in the secondary trading market for the Class A Ordinary Shares;

● a limited amount of news and analyst coverage;

● a decreased ability to issue additional securities or obtain additional financing in the future;

● stamp duty may be chargeable on transfers of Class A Ordinary Shares at a rate of 1% of the greater of the price paid or market value of the Class A Ordinary Shares transferred; and

● our securities would not be "covered securities" under the National Securities Markets Improvement Act of 1996, which is a federal statute that prevents or pre-empts the states from regulating the sale of certain securities, including securities listed on Nasdaq, in which case our securities would be subject to regulation in each state where we offer and sell securities.

***Our operating results and share price may fluctuate, and you could lose all or part of your investment.***

Our operating results are likely to fluctuate as a publicly traded company. In addition, securities markets worldwide have experienced, and are likely to continue to experience, significant price and volume fluctuations. This market volatility, as well as general economic, market, or political conditions, could subject the market price of the Class A Ordinary Shares to wide price fluctuations regardless of our operating performance. You may not be able to resell your shares at or above the price you paid or at all. Our operating results and the trading price of the Class A Ordinary Shares may fluctuate in response to various factors, including:

● market conditions in the broader stock market;

● actual or anticipated fluctuations in our quarterly financial and operating results;

● introduction of new products or services by us or our competitors;

● issuance of new or changed securities analysts' reports or recommendations;

● changes in debt ratings;

● results of operations that vary from expectations of securities analysts and investors;

● guidance, if any, that we provide to the public, any changes in this guidance or our failure to meet this guidance;

● strategic actions by us or our competitors;

● announcement by us, our competitors, or our vendors of significant contracts or acquisitions;

● sales, or anticipated sales, of large blocks of the Class A Ordinary Shares;

● additions or departures of key personnel;

● regulatory, legal, or political developments;

● public response to press releases or other public announcements by us or third parties, including our filings with the SEC;

● litigation and governmental investigations;

● changing economic conditions;

● changes in accounting principles; and

● other events or factors, including those from natural disasters, pandemic, war, acts of terrorism, or responses to these events.

These and other factors, many of which are beyond our control, may cause our operating results and the market price and demand for the Class A Ordinary Shares to fluctuate substantially. While we believe that operating results for any particular period are not necessarily a meaningful indication of future results, fluctuations in our operating results could limit or prevent investors from readily selling the Class A Ordinary Shares and may otherwise negatively affect the market price and liquidity of the Class A Ordinary Shares. In addition, in the past, when the market price of a stock has been volatile, holders of that stock have sometimes brought securities class action litigation against the company that issued the stock. If any of our shareholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business, which could significantly harm our profitability and reputation.

***We do not intend to declare or pay cash dividends on the Class A Ordinary Shares, and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of the Class A Ordinary Shares. In addition, any distribution of dividends must be in accordance with the rules and restrictions applying under Irish law.***

We have not declared or paid any cash dividends on the Class A Ordinary Shares since our formation and do not currently intend to pay cash dividends in the foreseeable future. Any determination to pay dividends in the future will be at the sole discretion of our Board of Directors after considering our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions and other factors our Board of Directors deems relevant, and subject to compliance with applicable laws, including the Irish Companies Act, which requires Irish companies to have distributable reserves available for distribution equal to or greater than the amount of the proposed dividend. Distributable reserves are the accumulated realized profits of the Company that have not previously been utilized in a distribution or capitalization less accumulated realized losses that have not previously been written off in a reduction or reorganization of capital. Unless the Company creates sufficient distributable reserves from its business activities, the creation of such distributable reserves would involve a reduction of the Company's share premium account or other undenominated capital account, which would require the approval of (i) 75% of our shareholders present and voting at a shareholder meeting, and (ii) the Irish High Court. In the event that we do not undertake a reduction of capital to create distributable reserves, no distributions by way of dividends, share repurchases or otherwise will be permitted under Irish law until such time as the Company has created sufficient distributable reserves from its business activities. The determination as to whether or not the Company has sufficient distributable reserves to fund a dividend must be made by reference to "relevant financial statements" of the Company. The "relevant financial statements" are either the last set of unconsolidated annual audited financial statements or unaudited financial statements prepared in accordance with the Irish Companies Act, which give a "true and fair view" of the Company's unconsolidated financial position in accordance with accepted accounting practice in Ireland.

Moreover, even if we are or become able to declare and pay dividends, we expect to retain all earnings, if any, generated by our operations for the development and growth of our business. Therefore, you are not likely to receive any dividends on the Class A Ordinary Shares for the foreseeable future.

As a result, the success of an investment in the Class A Ordinary Shares will depend upon any future appreciation in our value and investors may need to sell all or part of their holdings of Class A Ordinary Shares after price appreciation, which may never occur, as the only way to realize any future gains on their investment. There is no guarantee that the Class A Ordinary Shares will appreciate in value or even maintain the price at which our shareholders have purchased the Class A Ordinary Shares. If the price of the Class A Ordinary Shares declines before we pay dividends, you will incur a loss on your investment, without the likelihood that this loss will be offset in part or at all by potential future cash dividends. Investors seeking cash dividends should not purchase Class A Ordinary Shares.

In addition, exchange rate fluctuations may affect the amount of euros that we are able to distribute, and the amount in dollars that our shareholders receive upon the payment of cash dividends or other distributions we declare and pay in euros, if any. These factors could harm the value of the Class A Ordinary Shares, and, in turn, the dollar proceeds that holders receive from the sale of the Class A Ordinary Shares.

***In certain limited circumstances, dividends paid by the Company may be subject to Irish dividend withholding tax.***

The Company does not intend to pay dividends on its capital stock in the foreseeable future. If the Company were to declare and pay dividends, in certain limited circumstances, dividend withholding tax may arise in respect of dividends paid on the Class A Ordinary Shares. A number of exemptions from dividend withholding tax exist such that shareholders resident in the U.S. and other countries with which Ireland has entered into a double tax treaty may be entitled to exemptions from dividend withholding tax.

The Irish Revenue Commissioners have confirmed that shareholders resident in the U.S. that hold their Class A Ordinary Shares through DTC will not be subject to dividend withholding tax, provided the addressees of the beneficial owners of such Class A Ordinary Shares in the records of the brokers holding such Class A Ordinary Shares are recorded as being in the U.S. (and such brokers have further transmitted the relevant information to a qualifying intermediary appointed by the Company). However, other holders of Class A Ordinary Shares may be subject to dividend withholding tax.

***Class A Ordinary Shares received by means of a gift or inheritance could be subject to Irish capital acquisitions tax.***

Irish capital acquisitions tax ("CAT") could apply to a gift or inheritance of Class A Ordinary Shares irrespective of the place of residence, ordinary residence or domicile of the parties. This is because Class A Ordinary Shares will be regarded as property situated in Ireland. The person who receives the gift or inheritance has primary liability for CAT. Gifts and inheritances passing between spouses are exempt from CAT. Children have a tax-free threshold in respect of taxable gifts or inheritances received from their parents.

***A transfer of the Class A Ordinary Shares, other than one effected by means of the transfer of book-entry interests in DTC, may be subject to Irish stamp duty.***

Transfers of the Class A Ordinary Shares effected by means of the transfer of book entry interests in DTC will not be subject to Irish stamp duty. It is anticipated that the majority of the Class A Ordinary Shares will be traded through DTC by brokers who hold such shares on behalf of customers. However, if Class A Ordinary Shares are held directly rather than beneficially through DTC, any transfer of these Class A Ordinary Shares could be subject to Irish stamp duty. Payment of Irish stamp duty is generally a legal obligation of the transferee. The potential for stamp duty could adversely affect the price of our securities.

***If the Class A Ordinary Shares are not eligible for deposit and clearing within the facilities of DTC, then transactions in the Class A Ordinary Shares may be disrupted.***

The facilities of DTC are a widely used mechanism that allow for rapid electronic transfers of securities between the participants in the DTC system, which include many large banks and brokerage firms. The Class A Ordinary Shares are eligible for deposit and clearing within the DTC system. On December 10, 2020, we entered into arrangements with DTC whereby we agreed to indemnify DTC for any Irish stamp duty that may be assessed upon it as a result of its service as a depository and clearing agency for the Class A Ordinary Shares and, in consideration for such indemnification, DTC agreed to accept the Class A Ordinary Shares for deposit and clearing within its facilities.

However, although DTC has initially accepted the Class A Ordinary Shares, it generally will have discretion to cease to act as a depository and clearing agency for the Class A Ordinary Shares. If DTC determines at any time that the Class A Ordinary Shares are not eligible for continued deposit and clearance within its facilities, then we believe the Class A Ordinary Shares would not be eligible for continued listing on a U.S. securities exchange and trading in the Class A Ordinary Shares would be disrupted. While we would pursue alternative arrangements to preserve our listing and maintain trading, any such disruption could have a material adverse effect on the trading price of the Class A Ordinary Shares.

***Irish law differs from the laws in effect in the United States and U.S. investors may have difficulty enforcing civil liabilities against us, our directors or members of senior management.***

The Company is a company formed under the laws of Ireland, all of its properties are located outside of the United States, a majority of our directors and officers are not U.S. citizens and reside outside of the United States and all our assets are and are likely in the future to be located outside of the United States. As a result, it may not be possible to serve process on our directors and officers, or us, in the United States or to enforce court judgments obtained in the United States against these individuals or us in Ireland based on the civil liability provisions of the U.S. federal or state securities laws. The United States currently does not have a treaty with Ireland providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. Therefore, a final judgment for the payment of money rendered by any U.S. federal or state court based on civil liability, whether or not based solely on U.S. federal or state securities laws, would not automatically be enforceable in Ireland. A judgment obtained against us will be enforced by the courts of Ireland if the following general requirements are met:

● U.S. courts must have had jurisdiction in relation to the particular defendant according to Irish conflict of law rules (the submission to jurisdiction by the defendant would satisfy this rule); and

● the judgment must be final and conclusive and the decree must be final and unalterable in the court which pronounces it.

A judgment can be final and conclusive even if it is subject to appeal or even if an appeal is pending. But where the effect of lodging an appeal under the applicable law is to stay execution of the judgment, it is possible that in the meantime the judgment may not be actionable in Ireland. It remains to be determined whether a final judgment given in default of appearance is final and conclusive. Irish courts may also refuse to enforce a judgment of the U.S. courts that meets the above requirements for one of the following reasons:

● the judgment is not for a definite sum of money;

● the judgment was obtained by fraud;

● the enforcement of the judgment in Ireland would be contrary to natural or constitutional justice;

● the judgment is contrary to Irish public policy or involves certain U.S. laws that will not be enforced in Ireland; or

● jurisdiction cannot be obtained by the Irish courts over the judgment debtors in the enforcement proceedings by personal service in Ireland or outside Ireland under Order 11 of the Irish Superior Courts Rules.

As an Irish company, we are principally governed by Irish law, which differs in some material respects from laws generally applicable to U.S. corporations and shareholders, including, among others, differences relating to interested director and officer transactions and shareholder lawsuits. Likewise, the duties of directors and officers of an Irish company generally are owed to the company only. Shareholders of Irish companies generally do not have a personal right of action against directors or other officers of the company and may exercise such rights of action on behalf of the company only in limited circumstances. Shareholders should also be aware that Irish law does not allow for any form of legal proceedings directly equivalent to the class action available in the United States.

Our corporate affairs will be governed by the Company's constitution, the Irish Companies Act, and the common law of Ireland. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Irish law are governed by the Irish Companies Act and the common law of Ireland. The rights of the Company's shareholders and the fiduciary responsibilities of our directors and officers under Irish law may not be as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, Ireland has a less developed body of securities laws as compared to the United States, and some states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law.

Accordingly, holders of the Class A Ordinary Shares may have more difficulty protecting their interests than would holders of shares of a corporation incorporated in a jurisdiction of the United States.

***An investment in our securities may result in uncertain U.S. federal income tax consequences.***

An investment in our securities may result in uncertain U.S. federal income tax consequences. See Item 10.E. Taxation. "*Anticipated Material U.S. Federal Income Tax Consequences to U.S. Holders of Company Securities*"*.* Prospective investors are urged to consult their tax advisors with respect to these and other tax consequences when purchasing, holding and disposing of our securities.

***As an Irish public limited company, certain capital structure decisions regarding the Company will require the approval of the shareholders of the Company, which may limit the Company's flexibility to manage its capital structure.***

Irish law generally provides that a board of directors may allot and issue shares (or rights to subscribe for or convert into shares) if authorized to do so by a company's constitution or by an ordinary resolution. Such authorization may be granted for up to the maximum of a company's authorized but unissued share capital and for a maximum period of five years, at which point it must be renewed by another ordinary resolution. The Company's constitution authorized the Board of Directors of the Company to allot shares up to the full amount of the Company's authorized but unissued share capital until December 31, 2023. At the Company's annual general meeting in September 2023, the shareholders granted the Board of Directors of the Company the authority to allot shares up to 20% of the Company's authorized but unissued share capital until December 31, 2024. At an extraordinary general meeting of the Company in March 2024, the shareholders extended this authority and granted the Board of Directors of the Company the authority to allot shares up to the full amount of the Company's authorized but unissued share capital until March 19, 2029. At the Company's annual general meeting in June 2025, the shareholders granted the Board of Directors of the Company to allot shares up to the full amount of the Company's authorized but unissued share capital until June 25, 2030. At the Company's extraordinary general meeting in November 2025, the shareholders granted the Board of Directors of the Company to allot shares up to the full amount of the Company's authorized but unissued share capital until November 6, 2030. This authorization will therefore need to be renewed by ordinary resolution by November 6, 2030 unless otherwise renewed prior thereto. Under Irish law, an allotment authority may be given for up to five years at each renewal, but governance considerations may result in renewals for shorter periods or for less than the maximum permitted number of shares being sought or approved.

While Irish law also generally provides shareholders with pre-emptive rights when new shares are issued for cash, it is possible for the Company's constitution, or for shareholders of the Company in a general meeting, to exclude such pre-emptive rights. Following the Company's extraordinary general meeting in March 2024, pre-emptive rights are currently excluded until March 19, 2029. This exclusion will need to be renewed by special resolution by March 19, 2029 unless otherwise renewed prior thereto.

***Provisions of the Company's constitution, as well as provisions of Irish law, could make an acquisition of us more difficult, limit attempts by our shareholders to replace or remove our current directors, and limit the market price of the Class A Ordinary Shares.***

The Company's constitution, together with certain provisions of the Irish Companies Act, could delay, defer or prevent a third party from acquiring us, even where such a transaction would be beneficial to the holders of the Class A Ordinary Shares, or could otherwise adversely affect the market price of the Class A Ordinary Shares. For example, certain provisions of the Company's constitution:

● require that our Board of Directors be classified into three classes of directors with staggered three-year terms;

● permit our Board of Directors to establish the number of directors and fill any vacancies and newly created directorships;

● permit our Board of Directors to issue preferred shares with such rights and preferences as they may designate, subject to applicable law;

● permit our Board of Directors to adopt a shareholder rights plan upon such terms and conditions as it deems expedient and in our best interests; and

● impose advance notice requirements for shareholder proposals and director nominations to be considered at annual shareholder meetings.

We believe these provisions, if implemented in compliance with applicable law, may provide some protection to holders of ordinary shares from coercive or otherwise unfair takeover tactics. These provisions are not intended to make us immune from takeovers. They will, however, apply even if some holders of Class A Ordinary Shares consider an offer to be beneficial and could delay or prevent an acquisition that our Board of Directors determines is in the best interest of the holders of Class A Ordinary Shares. Certain of these provisions may also prevent or discourage attempts to remove and replace incumbent directors.

In addition, mandatory provisions of Irish law could prevent or delay an acquisition of the Company by a third party. For example, Irish law does not permit shareholders of an Irish public limited company to take action by written consent with less than unanimous consent. Furthermore, an effort to acquire us may be subject to various provisions of Irish law relating to mandatory bids, voluntary bids, requirements to make a cash offer and minimum price requirements, as well as substantial acquisition rules and rules requiring the disclosure of interests in Class A Ordinary Shares in certain circumstances.

Irish law differs from the laws in effect in the United States with respect to defending unwanted takeover proposals and may give our Board of Directors less ability to control negotiations with hostile offerors.

***Attempted takeovers of the Company will be subject to the Irish Takeover Rules and will be under the supervisory jurisdiction of the Irish Takeover Panel. Accordingly, the Company's Board of Directors may be limited by the Irish Takeover Rules in its ability to defend an unsolicited takeover attempt.***

Due to the listing of the Class A Ordinary Shares on Nasdaq, the Company is subject to the Irish Takeover Rules, under which the Company is not permitted to take certain actions that might "frustrate" an offer for Class A Ordinary Shares once the Board of Directors has received an offer, or has reason to believe an offer is or may be imminent, without the approval of more than 50% of shareholders entitled to vote at a general meeting of our shareholders or the consent of the Irish Takeover Panel. This could limit the ability of the Company's Board of Directors to take defensive actions even if it believes that such defensive actions would be in our best interests or the best interests of our shareholders.

The Irish Takeover Rules are administered by the Irish Takeover Panel, which has supervisory jurisdiction over such transactions. Among other matters, the Irish Takeover Rules operate to ensure that no offer is frustrated or unfairly prejudiced and, in situations involving multiple bidders, that there is a level playing field. For example, pursuant to the Irish Takeover Rules, the Board of Directors of the Company will not be permitted, without shareholder approval, to take certain actions which might frustrate an offer for Class A Ordinary Shares once the Board of Directors of the Company has received an approach that might lead to an offer or has reason to believe that an offer is, or may be, imminent.

Under the Irish Takeover Rules, if an acquisition of Class A Ordinary Shares were to increase the aggregate holdings of the acquirer (together with its concert parties) to 30% or more of the voting rights of the Company, such acquirer and, in certain circumstances, its concert parties would be required (except with the consent of the Irish Takeover Panel) to make an offer for the outstanding Class A Ordinary Shares at a price not less than the highest price paid by such acquirer or its concert parties for Class A Ordinary Shares during the previous 12 months. This requirement would also be triggered by the acquisition of Class A Ordinary Shares by any person holding (together with its concert parties) between 30% and 50% of the voting rights of the Company if the effect of such acquisition were to increase that person's voting rights by 0.05% within a 12-month period.

Anti-takeover provisions in the Company's constitution could make an acquisition of the Company more difficult. As discussed in the preceding risk factor, the Company's constitution contains provisions that may delay or prevent a change of control, discourage bids at a premium over the market price of Class A Ordinary Shares, adversely affect the market price of Class A Ordinary Shares, and adversely affect the voting and other rights of shareholders of the Company.

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

● the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

We are required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results on a semi-annual basis and disclose material events on Forms 6-K furnished to the SEC. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

***As a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.***

We are exempted from certain corporate governance requirements of Nasdaq by virtue of being a foreign private issuer. As a foreign private issuer, we are permitted to follow the governance practices of our home country in lieu of certain corporate governance requirements of Nasdaq. As a result, the standards applicable to us are considerably different than the standards applied to domestic U.S. issuers. We have elected to follow corporate governance practices under Irish law in lieu of the requirements of Nasdaq Listing Rules 5635(a), 5635(b), 5635(c), and 5635(d)(2), which require companies to obtain shareholder approval prior to, respectively:

● the issuance of securities in connection with the acquisition of the stock or assets of another company if (1) where, due to the present or potential issuance of common stock, including shares issued pursuant to an earn-out provision or similar type of provision, or securities convertible into or exercisable for common stock, other than a public offering for cash: (A) the common stock has or will have upon issuance voting power equal to or in excess of 20% of the voting power outstanding before the issuance of stock or securities convertible into or exercisable for common stock; or (B) the number of shares of common stock to be issued is or will be equal to or in excess of 20% of the number of shares of common stock outstanding before the issuance of the stock or securities; or (2) any director, officer or Substantial Shareholder (as defined by Nasdaq Listing Rule 5635(e)(3)) of the Company has a 5% or greater interest (or such persons collectively have a 10% or greater interest), directly or indirectly, in the Company or assets to be acquired or in the consideration to be paid in the transaction or series of related transactions and the present or potential issuance of common stock, or securities convertible into or exercisable for common stock, could result in an increase in outstanding common shares or voting power of 5% or more;

● the issuance of securities when the issuance or potential issuance will result in a change of control of the Company;

● the issuance of securities when a stock option or purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees, or consultants, except in certain circumstances; or

● conducting a transaction, other than a public offering, involving the sale, issuance or potential issuance by the Company of ordinary shares (or securities convertible into or exercisable for ordinary shares), which alone or together with sales by officers, directors or Substantial Shareholders of the Company, equals 20% or more of the Class A Ordinary Shares or 20% or more of the voting power outstanding before the issuance at a price that is less than a price that is the lower of: (i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com) immediately preceding the signing of the binding agreement; or (ii) the average Nasdaq Official Closing Price of the common stock (as reflected on Nasdaq.com) for the five trading days immediately preceding the signing of the binding agreement.

Irish law and generally accepted business practices in Ireland do not require that shareholders approve such transactions. Accordingly, shareholder approval is not required for these types of transactions by the Company. As a result, our shareholders may not be provided with the benefits of certain corporate governance requirements of Nasdaq and may not have the same protections afforded to shareholders of other companies that are subject to these Nasdaq requirements.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.***

While we qualified as a foreign private issuer as of June 30, 2025, the determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter. In the future, we would lose our foreign private issuer status if we were to fail to meet the requirements necessary to maintain our foreign private issuer status as of the relevant determination date. For example, if more than 50% of our securities are held by U.S. residents and more than 50% of either our directors or executive officers are residents or citizens of the United States, we could lose our foreign private issuer status.

The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly more than costs we incur as a foreign private issuer. If we are not a foreign private issuer, we will be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive in certain respects than the forms available to a foreign private issuer. We would be required under current SEC rules to prepare our financial statements in accordance with U.S. GAAP, rather than IFRS. Such conversion of our financial statements to U.S. GAAP would involve significant time and cost, and we would still be required to prepare financial statements in accordance with IFRS as required by Irish law. In addition, we may lose our ability to rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers such as the ones described above and exemptions from procedural requirements related to the solicitation of proxies.

***There is a risk that we will be a passive foreign investment company for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. investors in our shares.***

In general, a non-U.S. corporation is a passive foreign investment company ("PFIC"), for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes dividends, interest, rents, royalties and certain gains. Cash is a passive asset for these purposes.

Based on the composition of our income and assets during 2025 and the value of our assets, including the application of the look-through rules to our majority-owned subsidiary, Quality Industrial Corp., we do not believe we were a PFIC for the taxable year ended December 31, 2025.

However, because our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market price of our shares, which could be volatile), there can be no assurance that we will not be a PFIC for any future taxable year. In particular, if the transactions contemplated by the Share Exchange Agreement, dated as of February 18, 2026, among the Company and certain shareholders of Royal Uranium, were to be consummated, the Company would acquire royalty interests in uranium projects. Royalty income is generally treated as passive income for PFIC purposes, and assets held for the production of royalty income are generally treated as passive assets. Accordingly, the consummation of such transactions could cause the Company to be a PFIC for the taxable year in which such transactions are consummated and for subsequent taxable years, depending on the value of the royalty assets relative to the Company's other assets and the composition of the Company's income following such transactions.

If we were a PFIC for any taxable year during which a U.S. investor holds shares, certain adverse U.S. federal income tax consequences could apply to such U.S. investor, including (i) the treatment of all or a portion of any gain on disposition of the Class A Ordinary Shares as ordinary income, (ii) the application of a deferred interest charge on such gain and the receipt of certain dividends and (iii) the obligation to comply with certain reporting requirements.

***We are subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, and our shareholders could receive less information than they might expect to receive from more mature public companies.***

We qualify as an "emerging growth company" under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act in the assessment of the emerging growth company's internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least $1.235 billion; (ii) the last day of the fiscal year following the fifth anniversary of the date of the first sale of our common equity securities pursuant to an effective registration statement under the Securities Act; (iii) the date on which we have, during the preceding three year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which could occur if the market value of the Class A Ordinary Shares that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

Because we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, our shareholders could receive less information than they might expect to receive from more mature public companies. We cannot predict if investors will find the Class A Ordinary Shares less attractive if we elect to rely on these exemptions, or if taking advantage of these exemptions would result in less active trading or more volatility in the price of the Class A Ordinary Shares.

***Substantial future sales or issuances of the Class A Ordinary Shares or securities convertible into, or exercisable or exchangeable for, the Class A Ordinary Shares, or the perception in the public markets that these sales or issuances may occur, may depress our stock price. Also, future issuances of the Class A Ordinary Shares or rights to purchase Class A Ordinary Shares could result in additional dilution of the percentage ownership of our shareholders and could cause our stock price to fall.***

The conversion or exercise of our outstanding convertible or exercisable securities and resale of the underlying Class A Ordinary Shares, and any other future issuances of the Class A Ordinary Shares or securities convertible into, or exercisable or exchangeable for, the Class A Ordinary Shares, would result in a decrease in the ownership percentage of existing shareholders, i.e., dilution, which may cause the market price of the Class A Ordinary Shares to decline. We cannot predict the effect, if any, of future issuances, conversions, or exercises of our securities, on the price of the Class A Ordinary Shares. In all events, future issuances of the Class A Ordinary Shares would result in the dilution of your holdings. In addition, the perception that new issuances of our securities are likely to occur, or the perception that holders of securities convertible or exercisable for Class A Ordinary Shares are likely to sell their securities, could adversely affect the market price of the Class A Ordinary Shares. The effect of such dilution may be magnified as to all shares that are not or may eventually not be subject to restrictions on resale as enumerated below.

On November 18, 2024, the Company entered into the QIND Purchase Agreement among the Company, QIND, Ilustrato, and the other QIND Sellers. Under the QIND Purchase Agreement, the QIND Sellers agreed to sell 78,312,334 shares of common stock and 20,000 shares of Series B Preferred Stock of QIND, constituting approximately 69.36% of the capital stock of QIND, to the Company. In exchange, the Company was required to issue the QIND Ordinary Shares Consideration, constituting 19.99% of the issued and outstanding Class A Ordinary Shares on the date of the QIND Purchase Agreement, and an aggregate of 4,171,327 Series A Preferred Shares to the QIND Sellers. On November 26, 2024, the conditions to the QIND Closing were satisfied in all material respects. As a result, the Company issued the QIND Ordinary Shares Consideration and 4,171,327 Series A Preferred Shares. The Series A Preferred Shares Conversion, in which the Series A Preferred Shares will automatically convert into a certain number of Class A Ordinary Shares, will occur upon the later of the Series A Conversion Shareholder Approval, and the clearance of an initial listing application filed by the Company with Nasdaq. If such conditions for the Series A Preferred Shares Conversion occur, the Company will be required to issue a number of Class A Ordinary Shares that will substantially dilute the percentage ownership of our shareholders prior to the Series A Preferred Shares Conversion.

Under the Securities Subscription Agreement, dated November 21, 2023 (the "November 2023 Subscription Agreement"), by and between the Company and the investor parties to such agreement (the "November 2023 Investors"), up to $18.85 million of convertible promissory notes remain issuable to the November 2023 Investors. The actual conversion price under such promissory notes will be the higher of (a) a minimum conversion price initially based on a percentage of the last closing price of the Class A Ordinary Shares immediately preceding the issuance of the promissory notes, subject to adjustment, and (b) 90% of the VWAP of the Class A Ordinary Shares on a single trading day selected by the holder out of the five trading days immediately prior to the conversion date, subject to adjustment. The actual number of shares issuable upon exercise of the warrants to be issued with the promissory notes will be equal to the quotient of (a) 30% of the principal amount of the related promissory note issued to the holder at closing divided by (b) 130% of the VWAP of the Class A Ordinary Shares for the five trading days immediately preceding the applicable closing date, and such warrants will have an exercise price equal to 130% of the VWAP of the Class A Ordinary Shares for the five trading days immediately preceding the applicable closing date. Subject to these provisions, and assuming a minimum conversion price of $0.10 per share, the promissory notes that may be issuable under the November 2023 Subscription Agreement would be convertible by the holders into an aggregate of up to 188,500,000 Class A Ordinary Shares. Additionally, assuming all $18.85 million of such promissory notes are issued pursuant to the November 2023 Subscription Agreement, we would also be required to issue to the investor warrants to purchase an aggregate of up to 37,700,000 Class A Ordinary Shares (assuming an exercise price of $0.15 per share) pursuant to the terms of the November 2023 Subscription Agreement. Such issuances could cause severe dilution of outstanding Class A Ordinary Shares.

We also expect that significant additional capital may be needed in the future to continue our planned operations, including expanding research and development, hiring new personnel, marketing our products, and continuing activities as an operating public company. To the extent we raise additional capital by issuing equity securities, our shareholders may experience substantial dilution. We may sell Class A Ordinary Shares, convertible securities or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell Class A Ordinary Shares, convertible securities, or other equity securities in more than one transaction, investors may be materially diluted by subsequent sales. Such sales may also result in material dilution to our existing shareholders, and new investors could gain rights superior to our existing shareholders.

***Future issuances of debt securities, which would rank senior to the Class A Ordinary Shares upon our bankruptcy or liquidation, and future issuances of preferred shares, which could rank senior to the Class A Ordinary Shares for the purposes of dividends and liquidating distributions, may adversely affect the level of return you may be able to achieve from an investment in the Class A Ordinary Shares.***

In the future, we may attempt to increase our capital resources by offering debt securities. Upon bankruptcy or liquidation, holders of our debt securities, and lenders with respect to other borrowings we may make, would receive distributions of our available assets prior to any distributions being made to holders of the Class A Ordinary Shares. Moreover, if we issue preferred shares, the holders of such preferred shares could be entitled to preferences over holders of Class A Ordinary Shares in respect of the payment of dividends and the payment of liquidating distributions. Because our decision to issue debt or preferred shares in any future offering, or borrow money from lenders, will depend in part on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of any such future offerings or borrowings. Holders of the Class A Ordinary Shares must bear the risk that any future offerings we conduct or borrowings we make may adversely affect the level of return, if any, they may be able to achieve from an investment in the Class A Ordinary Shares.

***If securities or industry analysts either do not publish research about us or publish inaccurate or unfavorable research about us, our business or our market, if they adversely change their recommendations regarding the Class A Ordinary Shares, or if our operating results do not meet their expectations or any financial guidance we may provide, the trading price or trading volume of the Class A Ordinary Shares could decline.***

The trading market for the Class A Ordinary Shares depends, in part, on the research and reports that securities or industry analysts publish about us or our business. We do not have any control over independent analysts. If we obtain independent securities or industry analyst coverage and if one or more of the analysts who covers us downgrades the Class A Ordinary Shares, changes their opinion of the Class A Ordinary Shares, or publishes inaccurate or unfavorable research about our business, the price of the Class A Ordinary Shares would likely decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, demand for the Class A Ordinary Shares could decrease and we could lose visibility in the financial markets, which could cause the Class A Ordinary Shares' price and trading volume to decline. In addition, we may be expected to provide various measures of financial guidance, possibly including guidance related to non-GAAP financial measures, and, if we do not meet any financial guidance that we may provide to the public, if we do not meet expectations of securities analysts or investors, or if our guidance is misunderstood by securities analysts or investors, the trading price of the Class A Ordinary Shares could decline significantly. Our operating results may fluctuate significantly from period to period as a result of changes in a variety of factors affecting us or our industry, many of which are difficult to predict. As a result, we may experience challenges in forecasting our operating results for future periods.

***An active trading market of the Class A Ordinary Shares may not be sustained, and investors may not be able to resell their Class A Ordinary Shares at or above the price for which they purchased such securities.***

An active trading market for the Class A Ordinary Shares may not be sustained. In the absence of an active trading market for the Class A Ordinary Shares, investors may not be able to sell their Class A Ordinary Shares at or above the price they paid at the time that they would like to sell. In addition, an inactive market may impair our ability to raise capital by selling shares or equity securities and may impair our ability to acquire business partners by using the Class A Ordinary Shares as consideration, which, in turn, could harm our business.

**ITEM 4. INFORMATION ON THE COMPANY**

**4. A. History and Development of the Company**

***Corporate History of Fusion Fuel Green PLC***

Fusion Fuel Green PLC was incorporated in Ireland on April 3, 2020 as a private limited company under the name "Dolya Holdco 3 Limited". On July 14, 2020, the Company changed its name to Fusion Fuel Green Limited. On October 2, 2020, the Company converted into a public limited company incorporated in Ireland under the name "Fusion Fuel Green PLC". On December 10, 2020, the Company completed a business combination pursuant to that certain Amended and Restated Business Combination Agreement, dated as of August 25, 2020 (the "Business Combination Agreement"), among the Company, HL Acquisitions Corp., a British Virgin Islands business company ("HL"), Fusion Welcome - Fuel, S.A., a public limited company domiciled in Portugal, now known as Fusion Fuel Portugal, S.A. ("Fusion Fuel Portugal"), Fusion Fuel Atlantic Limited, a British Virgin Islands business company and wholly owned subsidiary of the Company ("Merger Sub"), and the shareholders of Fusion Fuel Portugal ("Fusion Fuel Shareholders"). Pursuant to the Business Combination Agreement, (i) Merger Sub merged with and into HL (the "Merger"), with HL being the surviving entity of the Merger and becoming a wholly-owned subsidiary of the Company, and (ii) the Company acquired all of the issued and outstanding shares of Fusion Fuel Portugal. As a result of this business combination transaction, Fusion Fuel Portugal and HL became wholly-owned subsidiaries of the Company and the former security holders of Fusion Fuel Portugal and HL became security holders of the Company.

From the date of the consummation of the Business Combination Agreement to November 11, 2024, the Company offered green hydrogen products and services, primarily through Fusion Fuel Portugal and its subsidiaries.

During 2024, the former production and sale of the Company's miniaturized Proton Exchange Membrane ("PEM") green hydrogen electrolyzer product line and research and development activities, which were conducted through Fusion Fuel Portugal and its subsidiaries, were discontinued due to lack of capital following the lack of consummation of the transactions contemplated by the Hydrogenial Agreement (as defined under Item 8.A. "*Financial Information – Consolidated Statements and Other Financial Information Legal Proceedings – Claim Against Hydrogenial*"). On November 11, 2024, Fusion Fuel Portugal filed for insolvency in the civil court of Sintra, Portugal, and is currently undergoing insolvency proceedings. The sale of all physical assets of Fusion Fuel Portugal (including all properties, equipment, and inventory directly or indirectly held) was completed as of December 2025. It is expected that the remaining assets held by Fusion Fuel Portugal and its subsidiaries (collectively, the "Legacy Hydrogen Entities"), will likewise be fully disposed of through a liquidation process. As a result, the Company's former green hydrogen and electrolyzer manufacturing businesses have been effectively terminated.

Since December 1, 2024, the Company's operations have primarily consisted of the operations of QIND and its 51%-owned subsidiary, Al Shola Gas. See "—*Acquisition of Quality Industrial Corp. – November 2024 Stock Purchase Agreement*".

On December 19, 2024, the Company's shares representing 50% of the share capital of P2X Spain Sociedad Limitada, a Spanish company (formerly Fusion Fuel Spain, S.L.) ("P2X Spain"), were transferred to a third party, subject to an agreement, dated February 7, 2025, among the Company, P2X Spain, Eree Desarrollos Empresariales S.L., and Greatrex Family Enterprises, LDA (the "P2X Agreement"). The Company therefore sold all equity held in P2X Spain under the P2X Agreement. The P2X Agreement provides that subject to the non-fulfillment of certain conditions on or before August 7, 2025, the parties will acknowledge that such transfer is fully effective and that the third-party transferee has become the sole owner with full legal title to the shares of P2X Spain Sociedad Limitada. On July 23, 2025, the Company announced it had received the first required payment under the P2X Agreement of €370,100. The Company is entitled to a second payment of €145,000 if certain conditions are met.

On February 17, 2025, Bright Hydrogen Solutions was incorporated in Ireland as a private company limited by shares wholly-owned by the Company. Bright Hydrogen Solutions was formed to launch our comprehensive hydrogen engineering and advisory service. The former hydrogen business operations and assets of Fusion Fuel Portugal and its subsidiaries will not be part of Bright Hydrogen Solutions' services due to Fusion Fuel Portugal's pending insolvency proceedings.

On October 16, 2025, the Company acquired a 51.0% interest in Biosteam Energy under a Subscription and Shareholders Agreement, dated as of October 16, 2025, among the Company, Alien Fuel Proprietary Limited, and Biosteam Energy (the "Biosteam Shareholders Agreement"). Biosteam Energy was incorporated in South Africa on October 15, 2025.

***Acquisition of 51% Interest in Biosteam Energy (Proprietary Limited) – Subscription and Shareholders Agreement***

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On October 16, 2025, the Company, Alien Fuel (Pty) Ltd ("Alien Fuel"), and Biosteam Energy entered into the Biosteam Shareholders Agreement to establish a joint venture to implement an initial fuel-switching project at Fairfield Dairy in South Africa ("Project 1"). Under the Biosteam Shareholders Agreement, Fusion Fuel acquired 51% and Alien Fuel acquired 49% of Biosteam Energy's issued ordinary shares.

Biosteam Energy's board initially comprises two directors: one designated by Fusion Fuel (serving as chair with a casting vote) and one designated by Alien Fuel; board quorum requires the presence of both appointees. Shareholder quorum requires at least 60% of the voting rights present, provided Fusion Fuel is represented. A list of reserved matters requires approval of the board including the Fusion Fuel-appointed director, including, among other things, changes to business scope, execution and amendment of material commercial agreements, budgets, appointment of auditors, changes to capital structure, declaration of dividends, institution of material litigation, granting of encumbrances, equity funding decisions, adoption or amendment of the memorandum of incorporation, winding up, and the admission of third-party shareholders.

The Biosteam Shareholders Agreement provides for funding of Project 1 through a shareholder loan of ZAR 10,000,000 from Fusion Fuel, advanced in tranches. All free cash flow is distributed pursuant to a contractual waterfall: first to operating expenses and working capital; then to capped monthly drawings of ZAR 120,000 to Alien Fuel while any shareholder loans remain outstanding; then to accrued interest; then to principal repayment of shareholder loans; and thereafter to distributions to shareholders pro rata. Beginning six months after the first payment under the loan, unpaid shareholder loans accrue simple interest at 10% per annum, and excess cash above ZAR 250,000 at quarter-end is swept to early repayment unless otherwise approved by the Fusion Fuel-appointed director. No dividends may be paid until all shareholder loans (principal and interest) have been repaid in full. Additional funding may be raised by third-party debt or, subject to approval, by shareholder loans (pari passu for pro rata funding or on a priority, higher-interest basis if a shareholder elects not to fund its proportionate share), or by equity financing resulting in dilution at fair market value.

The Biosteam Shareholders Agreement includes transfer restrictions, including a 12-month lock-in from the effective date and a requirement that any transfer of shares be accompanied by a transfer of the corresponding shareholder loan. Pre-emptive rights apply to transfers, with detailed offer procedures and requirements for board approval and compliance with the memorandum of incorporation and the Biosteam Shareholders Agreement for any third-party transfers. The Biosteam Shareholders Agreement provides Fusion Fuel with a right of first refusal on defined future projects, subject to specified notice, response, and re-offer periods. The Biosteam Shareholders Agreement also includes deemed offer mechanics applicable upon certain trigger events (including fraud, willful misconduct, insolvency, uncured material breach, and lock-in breaches), with purchase price adjustments reflecting "bad leaver" discounts to fair market value and "good leaver" pricing at fair market value. Customary drag-along and tag-along rights apply if a shareholder holding at least 75% of the shares seeks to sell; remaining shareholders may be required to sell or may elect to participate on the same terms, pro rata.

The Biosteam Shareholders Agreement contains confidentiality, trade secret, and intellectual property provisions, including a limited, non-exclusive, non-transferable, non-sublicensable license by Alien Energy of IP and know-how to Biosteam Energy for Project 1, and assignment to the Company of business-related IP developed by personnel unless otherwise agreed. The Biosteam Shareholders Agreement imposes reporting, key performance indicators, audit, related-party payment controls, and cash-flow oversight requirements tailored to Project 1, including holdbacks and escrow for certain performance-linked payments and carbon credit revenue treatment, with verified carbon credit revenues accruing to Biosteam Energy and Fusion Fuel entitled to 51% of such verified revenues. The Biosteam Shareholders Agreement is governed by the laws of South Africa and provides for confidential, binding arbitration under the UNCITRAL rules in Durban, South Africa, if disputes are not resolved informally.

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***Acquisition of Majority of Shares of Quality Industrial Corp. – November 2024 Stock Purchase Agreement***

On November 18, 2024, pursuant to the QIND Purchase Agreement, the QIND Sellers agreed to sell the QIND Sellers' Shares, consisting of 78,312,334 shares of common stock and 20,000 shares of Series B Preferred Stock of QIND, constituting approximately 69.36% of the capital stock of QIND, to the Company (the "QIND Sellers' Shares"). In exchange, the Company was required to issue the QIND Ordinary Shares Consideration, constituting 19.99% of the issued and outstanding Class A Ordinary Shares on the date of the QIND Purchase Agreement, and an aggregate of 4,171,327 Series A Preferred Shares (the "Preferred Shares Consideration" and together with the QIND Ordinary Shares Consideration, the "Company Shares Consideration")), to the QIND Sellers. The Purchase Agreement provided that, subject to the satisfaction or waiver of the conditions set forth in the QIND Purchase Agreement, the Company was required to consummate the transactions (the "QIND Transactions") contemplated by the QIND Purchase Agreement at the date (the "QIND Closing Date") of the closing of the QIND Transactions (the "QIND Closing").

The conditions to the QIND Closing included, among other things, the written resignation of Frederico Figueira de Chaves as Chief Executive Officer of the Company effective as of the QIND Closing Date, and the appointment of John-Paul Backwell, the Chief Executive Officer of QIND, as the Chief Executive Officer of the Company effective as of the QIND Closing Date. In addition, the Company, QIND, and each director and officer of the Company that held equity securities in the Company (collectively, the "Company Equityholders") and each of the QIND Sellers were required to enter into a lock-up agreement which provided that the Company Equityholders and the QIND Sellers were each prohibited from transferring, entering into short sales, granting proxies or powers of attorney, or offering or agreeing to do any of the foregoing during the 180-day period beginning on the QIND Closing Date, subject to certain exceptions.

On November 26, 2024, the conditions to the QIND Closing were satisfied in all material respects, and therefore is considered to be the QIND Closing Date. On that date, the Company instructed its transfer agent to issue the Company Shares Consideration to the QIND Sellers. The QIND Ordinary Shares Consideration was subsequently issued to Ilustrato, and the Series A Preferred Shares were subsequently issued pro-rata to the QIND Sellers, with Ilustrato's allocation of the Series A Preferred Shares reduced by the QIND Ordinary Shares Consideration. On November 26, 2024, the QIND Sellers delivered to QIND's transfer agent all of the necessary documentation to effect the transfer of the QIND Sellers' Shares to the Company, which were subsequently transferred to the Company. As of December 1, 2024, the Company had gained effective control over QIND's operations.

The Series A Preferred Shares were issued pursuant to a Certificate of Designation of Preferences, Benefits and Limitations of Series A Convertible Preferred Shares, which was filed with the Companies Registration Office of Ireland on December 13, 2024 (the "Series A Certificate of Designation"). Pursuant to the Series A Certificate of Designation, the Series A Preferred Shares rank on parity with the Class A Ordinary Shares as to distributions of assets upon liquidation. The Series A Preferred Shares will have no voting rights except as required by the Irish Companies Act and with respect to amendments to the Series A Certificate of Designation or the constitution of the Company that adversely affect the terms of the Series A Preferred Shares. On the later of the date of the Series A Conversion Shareholder Approval or the clearance of the initial listing application filed by the Company with Nasdaq, the Series A Preferred Shares Conversion will occur, in which each of the Series A Preferred Shares will automatically convert into a certain number of Class A Ordinary Shares. If the Series A Conversion Shareholder Approval is not obtained at the Shareholders Meeting (as defined below) by the Extended Meeting Deadline (as defined below), the Company will, subject to applicable law, be required to repurchase all of the outstanding Series A Preferred Shares held by each of the QIND Sellers.

Pursuant to the QIND Purchase Agreement, following the QIND Closing Date, the Company, QIND, and the QIND Sellers will enter into an agreement and plan of merger (the "QIND Merger Agreement"). The QIND Purchase Agreement states that the parties intend that after the QIND Closing, subject to the terms of the QIND Merger Agreement and the receipt of any necessary shareholder, regulatory, and Nasdaq consents or approvals, QIND will merge into a newly-formed, wholly-owned Nevada subsidiary of the Company (the "QIND Merger"). Upon completion of the QIND Merger, QIND will become the surviving entity and a wholly owned subsidiary of the Company.

In addition, in connection with the QIND Purchase Agreement, the Board of Directors of the Company approved resolutions that: (i) approved the QIND Purchase Agreement, the Series A Certificate of Designation, the QIND Transactions, and the QIND Merger; (ii) approved the payment of the Company Shares Consideration, (iii) directed that the issuance of the Class A Ordinary Shares underlying the Series A Preferred Shares pursuant to the Series A Preferred Shares Conversion, the amendment and restatement of the constitution of the Company, including the change of the name of the Company to such name as shall be designated by the QIND Sellers (the "Amended Company Charter"), and the election of the New Directors (as defined below) be submitted for consideration at the Shareholders Meeting, and (iv) recommended to the shareholders of the Company that they approve the Series A Preferred Shares Conversion, the Amended Company Charter, and the election of the New Directors (the "Board Recommendation").

*Stock Purchase Agreement – Covenants*

The QIND Purchase Agreement provides that the following covenants will apply:

● Within ten days of the date of the QIND Purchase Agreement, the Company will cause its officers and directors who hold shares or convertible securities of the Company (the "Company Insiders") to execute a voting agreement.

● After the date of the QIND Purchase Agreement, the Company will use commercially reasonable efforts to raise at least $5,000,000 in one or more financing transactions (the "Company Financing"). QIND and the QIND Sellers are required to support and assist the Company in connection with the Company Financing. 50% of the proceeds from the Company Financing will be set aside and made available expressly for QIND to use for its working capital and corporate needs and the remaining 50% of such funds will be set aside and made available expressly for the businesses of the Company existing immediately prior to the QIND Closing to use for its working capital and corporate needs. To split the net proceeds of the Company Financing as described above, the Company will make loans of one-half of the net proceeds (or such lesser amount as agreed to by the parties to the QIND Purchase Agreement) to QIND. Such loans will be (i) forgiven upon the Series A Preferred Shares Conversion or (ii) repaid if the QIND Transactions are unwound in accordance with the QIND Purchase Agreement. The Company and QIND are required to cooperate to structure such allocation of proceeds and the use of such proceeds on a mutually agreeable basis. The Company will utilize its portion of the net proceeds of the Company Financing to pay off any indebtedness for borrowed money, accounts payable and other liabilities.

● Any proceeds received by the Company in connection with the Subscription Agreement, dated as of August 28, 2024, between the Company and the investor signatory thereto (the "August 2024 Subscription Agreement"), must be used to repay certain funds that were received by certain subsidiaries of the Company or entities organized under Portuguese law by the Company, up to the lesser of (a) the amount of such funds that must be repaid pursuant to the terms and conditions for the receipt of such funds, or (b) €10 million. In the event that (i) any shares or securities of the Company are issued in connection with the August 2024 Subscription Agreement prior to the effectiveness of the QIND Merger, (ii) the proceeds are used to repay certain funds that were received by certain subsidiaries of the Company or entities organized under Portuguese law by the Company, and (iii) the satisfaction of the terms and conditions for the consummation of the QIND Merger pursuant to the QIND Purchase Agreement and the QIND Merger Agreement, then, within three business days of the QIND Merger, the Company will issue a number of Class A Ordinary Shares to the QIND Sellers that will cause their percentage ownership of the Company to be the percentage that the QIND Sellers would have owned but for the occurrence of any such issuances in connection with the August 2024 Subscription Agreement as to which the proceeds were used to repay the funds.

● From the date of the QIND Purchase Agreement through the period ending on the earlier of (i) the Series A Preferred Shares Conversion, (ii) the repurchase of the Company Shares Consideration from the QIND Sellers in exchange for the QIND Sellers' Shares, and (iii) the termination of the QIND Purchase Agreement (the "Restricted Period"), the Company will not sell, transfer, or otherwise encumber the QIND Sellers' Shares acquired under the QIND Purchase Agreement without the prior written consent from the QIND Sellers. In addition, during the Restricted Period, the Company will not, without the written consent of QIND, which may not be unreasonably withheld, and QIND will not, without the written consent of the Company, which may not be unreasonably withheld, among other things: (i) Declare any dividends; (ii) adjust, split, combine, reclassify, redeem, purchase, acquire, issue (other than pursuant to the exercise or conversion of convertible securities outstanding on the date of the QIND Purchase Agreement), or enter into any contract with respect to the sale, voting, registration, or repurchase of capital stock; (iii) incur more than a certain amount and/or type of indebtedness; (iv) sell any assets; (v) acquire material assets, properties, or business organizations; (vi) enter into certain types of contracts; (vii) make certain loans; (viii) commence, settle, or take certain other actions with respect to legal actions pending before any governmental or regulatory body; (ix) enter into transactions with any affiliate or shareholder that would reasonably be expected to materially delay or prevent the consummation of the QIND Transactions or the QIND Merger or that would be required to be described under Item 404 of Regulation S-K of the SEC in the Company or QIND's SEC filings; or (x) increase or extend the compensation of any employees, directors, or officers or take certain other actions with respect to employees of the Company or QIND.

● As soon as practicable after the date of the QIND Purchase Agreement, and in any case no less than six weeks prior to the Shareholders Meeting, the Company will file an initial listing application with Nasdaq. The Company, the QIND Sellers and QIND are required to use their commercially reasonable efforts to respond to any questions or comments of the staff of Nasdaq.

● The Company will deliver the certificates representing the QIND Sellers' Shares to a third-party agent on terms and conditions to be mutually agreed upon by the parties to the QIND Purchase Agreement to hold in escrow until the expiration of the Restricted Period such that (i) if the Series A Conversion Shareholder Approval is not obtained, then such certificates will be delivered to the QIND Sellers, and (ii) upon occurrence of the Series A Conversion Shareholder Approval, such certificates will be delivered to the Company.

● The Company will be required to take all steps necessary to cause the Class A Ordinary Shares issued to the QIND Sellers in connection with the QIND Transactions to be approved for listing (subject to notice of issuance) on Nasdaq at or after the QIND Closing pursuant to Nasdaq rules and regulations.

● The Company, QIND, and the QIND Sellers will enter into the QIND Merger Agreement.

● As promptly as practicable following the QIND Closing Date and the execution and delivery of the QIND Merger Agreement, and after reasonable consultation with QIND, the Company will duly call, convene and hold a special meeting of the holders of the Class A Ordinary Shares (the "Shareholders Meeting"), to be held on a date (the "Initial Meeting Deadline") no later than 45 days after the effective date (the "Registration Statement Effective Date") of a registration statement on Form F-4 or such other applicable form (the "Registration Statement") to be filed with the SEC, unless otherwise required by applicable laws, in accordance with Irish law, including the Irish Companies Act, and the Company's organizational documents. As promptly as practicable after the mailing of a proxy statement/prospectus relating to the matters to be submitted to the shareholders of the Company at the Shareholders Meeting (the "Proxy Statement"), the Company will solicit proxies from the holders of Class A Ordinary Shares to vote in accordance with the recommendation of the Board of Directors with respect to (i) the Series A Preferred Shares Conversion in compliance with all applicable laws and regulations, including, but not limited to, Irish law, including the Irish Companies Act, and the rules and regulations of Nasdaq, (ii) the Amended Company Charter, (iii) the election of the New Directors, (iv) if the parties to the QIND Purchase Agreement determine that approval of the QIND Merger by the Company's shareholders is required, the QIND Merger, (v) approval to opt out of Rule 9 of the Irish Takeover Rules, (vi) the adjournment of such meeting in accordance with the terms and conditions of the QIND Purchase Agreement, and (vii) any other proposal or proposals that the Company reasonably deems necessary or desirable to consummate the QIND Transactions and the QIND Merger. The Company will be required to use its best efforts to obtain the Series A Conversion Shareholder Approval by the Initial Meeting Deadline, including, without limitation, by causing (x) the Company's Board of Directors not to withdraw the Board Recommendation, (y) the Company Insiders to be present at the Shareholders Meeting for quorum purposes, and (z) the Company Insiders to vote their respective Class A Ordinary Shares in accordance with the Board Recommendation. The QIND Purchase Agreement provides that the Company may postpone or adjourn the Shareholders Meeting: (A) with the consent of QIND; (B) for the absence of a quorum (other than due to the failure of Company Insiders); or (C) to allow reasonable additional time (not to exceed 20 days) for the filing and distribution of any supplemental or amended disclosure with respect to the QIND Transactions or the QIND Merger that the board has determined in good faith (after consultation with its outside legal counsel) is necessary under applicable laws and for such supplemental or amended disclosure to be disseminated to and reviewed by the Company's shareholders prior to the Shareholders Meeting. Prior to the mailing of the Registration Statement, the Company will be entitled to engage a proxy solicitor that is reasonably satisfactory to QIND and the QIND Sellers, and the Company will keep QIND and the QIND Sellers reasonably informed regarding its solicitation efforts and proxy tallies following the mailing of the Proxy Statement. In connection with the above, the board will be required to take all necessary action to ensure that the restrictions on business combinations that are provided for in the Irish Companies Act, and any other similar law applicable to the Company, will not apply to the QIND Purchase Agreement, the QIND Transactions, and the QIND Merger, including by approving the QIND Purchase Agreement and certain related agreements, documents and certificates to which the Company is or will be a party.

● If, despite the Company's reasonable best efforts, the Series A Conversion Shareholder Approval is not obtained by the Initial Meeting Deadline, the Company will be required, during the period beginning on the Initial Meeting Deadline and continuing for 180 days thereafter (the "Extended Meeting Deadline"), cause one or more additional shareholder meetings to be held so as to obtain the Series A Conversion Shareholder Approval.

● Each of the Company and QIND must take all necessary actions so that, immediately upon adjournment of the Shareholders Meeting or additional shareholders meeting held prior to the Extended Meeting Deadline at which the Series A Conversion Shareholder Approval is obtained, the board will be comprised of: (w) one individual as designated by the Company and who shall be designated in writing pursuant to the QIND Merger Agreement; (x) one individual as designated by QIND and who shall be designated in writing pursuant to the QIND Merger Agreement; (y) two individuals that qualify as "independent" under the Nasdaq rules as designated by QIND and who shall be designated in writing under the QIND Merger Agreement; and (z) one individual that qualifies as "independent" under the Nasdaq rules as designated jointly by the Company and QIND and who is designated in writing under the QIND Merger Agreement, provided that a majority of these designees must qualify as an "independent director" under Nasdaq rules and regulations (collectively, the "New Directors").

● Within three business days of obtaining the Series A Conversion Shareholder Approval, the Company will file the Amended Company Charter with the Companies Registration Office of Ireland or as otherwise required to be effective under Irish law.

*Stock Purchase Agreement – Unwinding and Termination Provisions*

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The QIND Purchase Agreement contains the following unwinding and termination provisions:

● The Company will be required to repurchase the Company Shares Consideration from the QIND Sellers, in whole, and return the QIND Sellers' Shares to the QIND Sellers, (i) within 15 calendar days after the Extended Meeting Deadline if despite the Company's reasonable best efforts, the Series A Conversion Shareholder Approval is not obtained by the Extended Meeting Deadline; or (ii) if the Company fails to allocate cash raised from the Company Financing in compliance with the QIND Purchase Agreement, and the Company continues to fail to do so within five calendar days after written notice from QIND, then within 10 calendar days after the date of QIND's notice to complete such repurchase. The QIND Purchase Agreement will automatically terminate upon such repurchase.

● The QIND Purchase Agreement may be terminated by any party before the end of the Restricted Period, by written notice, if (a) the QIND Closing does not occur by the date that is 30 days from the date of the QIND Purchase Agreement, provided that the party seeking termination is not in material breach of the QIND Purchase Agreement, or (b) a law or order by any governmental or regulatory body (including Nasdaq) permanently prohibits the consummation of the QIND Transactions.

If the QIND Purchase Agreement is validly terminated, it will become void without further obligations or liabilities, except if termination results from fraud or willful and material failure to perform or breach, then the responsible party will be liable for damages as a result of such breach. Certain provisions, including confidentiality, fees and expenses, and miscellaneous terms, will continue to apply after termination.

The QIND Purchase Agreement also contains customary representations, warranties, and covenants, including customary restrictive covenants. The QIND Purchase Agreement provides for mutual indemnification provisions. Indemnification obligations with respect to claims relating to breaches of required representations under the QIND Purchase Agreement or certain related agreements, documents, or certificates are limited to claims of maximum damages of $4,000,000 and claims exceeding $400,000, except that no such limits apply with respect to claims of breach of certain representations considered to be fundamental under the QIND Purchase Agreement or with respect to claims of acts of fraud or willful misconduct. Indemnification obligations under the QIND Purchase Agreement will survive until the earlier of the Series A Preferred Shares Conversion or 24 months following the QIND Closing Date, except that indemnification for claims of breach of certain representations considered to be fundamental under the QIND Purchase Agreement or with respect to claims of acts of fraud, willful misconduct or intentional misrepresentation will survive until the expiration of the applicable statute of limitations. The QIND Sellers' indemnification obligations will be shared on a pro-rata basis.

***Corporate History of Quality Industrial Corp.***

*Background*

QIND was incorporated in the state of Nevada on May 4, 1998. In October 2011, QIND's name was changed to Bluestar Technologies, Inc. In March 2018, QIND's name was changed to Wikisoft Corp. On May 28, 2022, Ilustrato acquired 77.4% of the outstanding shares of QIND. In connection with Ilustrato's acquisition of QIND, QIND's name was changed from Wikisoft Corp. to Quality Industrial Corp. by way of a short-form merger with QIND's wholly-owned subsidiary, Quality Industrial Corp. Since August 4, 2022, OTC Markets Group Inc. has provided quotation services for QIND's common stock under the ticker symbol "QIND".

*Acquisition of Majority of Equity Interests in Al Shola Al Modea Gas Distribution L.L.C. by Quality Industrial Corp.*

On March 27, 2024, QIND entered into a Share Purchase Agreement, dated as of March 27, 2024, between QIND and Al Shola Gas (the "ASG Purchase Agreement"), to acquire a 51% interest in Al Shola Gas. The closing of the transaction occurred with the execution of the ASG Purchase Agreement. On April 8, 2025, QIND entered into an Amendment Agreement in respect of the Share Purchase Agreement, dated as of April 8, 2025, among QIND, Al Shola Gas, Safir Ahammed ("Ahammed"), and Mohamed Hilal Saeed Muroushad Almheiri ("Almheiri"). As amended, the ASG Purchase Agreement provided that Sanjeeb Safir ("Safir"), Ahammed, and Almheiri (together with Safir and Ahammed, the "ASG Sellers") will transfer 153 of the 300 outstanding shares of Al Shola Gas to QIND at the closing of the transaction pursuant to the ASG Purchase Agreement for a purchase price of $10,000,000, to be paid by QIND to the ASG Sellers, as follows: (1) $9 million will be paid in the form of national exchange-listed stock or cash, in eight quarterly tranches over a period of 24 months, beginning from the first quarter following QIND's uplist to a national exchange, as follows: (a) $3,600,000 of the cash or stock will be paid to Safir; (b) $3,600,000 of the cash or stock will be paid to Ahammed; and (c) $1,800,000 of the cash or stock will be paid to Almheiri, with the value of any stock issued protected by make whole agreement(s), and with each tranche subject to a 12-month leak-out agreement; and (2) $1 million cash will be paid within 12 months of the closing and at the soonest possible time, as follows: (a) $400,000 will be paid to Safir; (b) $400,000 will be paid to Ahammed; and (c) $400,000 will be paid to Almheiri. As amended, the ASG Purchase Agreement provides that the Sellers confirm receipt of $200,000 from QIND during the first quarter of 2025, and that amount will be deducted from the purchase price.

Pursuant to the terms of the ASG Purchase Agreement, QIND will elect two non-paid directors of Al Shola Gas, including Chairman of the Board, and one non-paid director of Al Shola Gas will be elected by the other Al Shola Gas shareholders. QIND obtained immediate control of Al Shola Gas upon execution of the ASG Purchase Agreement. Full operational control of Al Shola Gas will be retained by existing management unless the Board of Directors designated under the ASG Purchase Agreement determines otherwise due to a breach of the ASG Purchase Agreement, ongoing poor performance, or if structural changes are recommended in line with the laws governed by the ASG Purchase Agreement which will be decided and approved by the Board of Directors designated under the ASG Purchase Agreement. Al Shola Gas will make payment along with interest, if any, to the Company from revenue proceeds before disbursement of dividends in four yearly equal installments, starting in 2025. The Company will have the right but not the obligation to purchase the remaining 49% of Al Shola Gas's shares for a two-year period from the closing date at an amount prorated to the purchase price. The board of directors of Al Shola Gas will determine a mutually agreed management fee to be paid to the Company for services.

***Corporate Information***

Our corporate address and registered office is located at 9 Pembroke Street Upper, Dublin D02 KR83 Ireland. The phone number of our corporate office and registered office is +353 1 961 9350.

Our agent for service of process in the United States is Luisa Ingargiola, whose business address is: c/o Avalon GloboCare Corp., 4400 Route 9 South, Suite 3100, Freehold, NJ 07728.

Our websites can be found at https://www.fusion-fuel.eu, www.qualityindustrialcorp.com, www.brighthy.com and https://alsholagas.ae. The information contained on our websites is not a part of this Annual Report, nor is such content incorporated by reference herein, and should not be relied upon in determining whether to make an investment in the Class A Ordinary Shares.

The SEC maintains an internet site (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.

**4. B. Business Overview**

***Overview of the Former Green Hydrogen Business***

From its inception until 2024, the Company was the provider of a miniaturized PEM electrolyzer, which the Company referred to as the "HEVO," which could be attached to the back of concentrated photovoltaic ("CPV") solar modules, creating a single solar to green hydrogen system. This combination of CPV solar modules and HEVOs was the Company´s first product and was called the HEVO-Solar. In 2023, the Company began commercializing a solution which the Company referred to as the HEVO-Chain solution. This product was built around the concept of the HEVOs working in sequence, making it easily scalable, and allowing it to operate with any type of electrical energy input. The Company shifted its offering to focus solely on the HEVO-Chain solution for any new proposals to clients given it was significantly easier to install and license, its lower space requirements and the fact that it could be used with any power input. The Company began to generate revenues from its electrolyzer system sales in 2023.

From 2022 until 2024, the Company operated a solar-to-green hydrogen demonstration and research and development plant in Evora, Portugal. In Benavente, Portugal, the Company operated an industrial electrolyzer production factory, which the Company sold subject to a lease-back contract in a €9.3 million transaction that generated net proceeds of approximately €7.5 million. As of the end of 2023, the Company had been contracted to provide its electrolyzer technology for five green hydrogen projects ranging from 300 kW to 1.25 MW of electrolyzer capacity, and engineering and procurement services ranging from providing engineering designs and specifications, providing the balance of plant equipment, and turnkey project delivery, subject to obtaining government support or grants through a tender process. On February 16, 2024, the Company announced that it had received notification from the European Commission that the Company's HEVO-Portugal project was among 33 entities selected for approval under the Important Projects of Common European Interest Hy2Infra program.

The Company's in-house production facility in Benavente, Portugal began the first production of the Company's 4th generation HEVOs and its HEVO-Chain cube solution. This solution encased the HEVO in dedicated cube structures or in containers depending on project requirements.

During 2023, the Company took steps to deliver hydrogen production plants using its HEVO technology and related services and equipment for three different projects. The Company delivered the first full plant to a client, the Exolum Torrejon plant in Madrid, Spain. The Company also started the delivery of services, materials and equipment for Consejo Superior de Investigaciones Científicas ("CSIC"), the largest public institution dedicated to research in Spain, and for a building materials company operating in Spain. The Exolum Torrejon project used the Company's HEVO-Solar solution. The CSIC project was designed to use a mix of HEVO-Solar and HEVO-Chain equipment. The Company's third commercial project was a pure HEVO-Chain project. For all three projects, the Company undertook a substantial amount of the engineering work required for project completion and providing the balance of plant equipment.

Prior to 2024, the Company developed a series of projects in Portugal for which it aimed to secure key elements that make a project viable such as land, grant, permits, and potentially offtake agreements, before selling the project to a third party who would then make the capital investment to begin construction. The Company was in discussions and negotiations with various parties regarding the sale and/or an investment commitment for these projects. For these projects, the Company aimed to secure a provision contract with the final investor, whether with electrolyzer provisions, engineering or procurement services, or all three for certain cases.

On November 11, 2024, Fusion Fuel Portugal filed for insolvency in the civil court of Sintra, Portugal, and entered into insolvency proceedings. Subsequently, the former production and sale of the Company's miniaturized PEM green hydrogen electrolyzer product line and research and development activities, which were conducted through the Legacy Hydrogen Entities, ceased and will not be continued. It is expected that the assets held by Fusion Fuel Portugal and its subsidiaries will be disposed of through a liquidation process. As a result, all business operations of the Company's former green hydrogen business ceased as of November 11, 2024, and are not expected to be resumed.

***Overview of the Alternative Energies Business***

*Overview of New Hydrogen and Biomass Business*

We now provide green hydrogen engineering and advisory services through Bright Hydrogen Solutions, spanning advisory, engineering, equipment supply, and project execution oversight. Our offering covers the full project lifecycle from early feasibility and front-end design through delivery, installation, commissioning, and operational support.

We conduct our biomass-powered industrial steam engineering and advisory business through Biosteam Energy, a majority-owned joint venture with Alien Fuel. Under the joint venture, we hold 51% of Biosteam Energy and Alien Fuel holds 49%. We advanced a loan of R10 million (approximately €480,000) under a scheduled payment plan to fund the management and administration of Biosteam Energy and the initial project. The loan is repayable from available free cash flow after certain expenses and minimum cash balances.

*Services and Business Model*

Through Bright Hydrogen Solutions, we offer specialized engineering and advisory services, including concept development, feasibility assessments, and front-end engineering design (FEED) as well as front-end loading (FEL) I–III studies. We will provide equipment procurement and sourcing, integration engineering, and project and construction oversight, with the capability to support engineering, procurement, and construction (EPC) in collaboration with third parties. Our scope includes engineering and advisory services relating to electrolyzers, hydrogen refueling stations and dispensing systems, compression and storage, balance of system and balance of plant integration, and downstream use cases such as fuel cells and hydrogen blending. We also offer post-implementation support, including operational readiness, safety and environmental studies, and performance optimization. Hydrogen projects often require local regulatory and permitting expertise, and we engage third parties accordingly.

Biosteam Energy is expected to generate recurring revenues under a steam supply agreement with Fairfield Dairy, a large dairy enterprise in South Africa, with additional potential income from verified carbon credits associated with landfill avoidance and fuel-switching. The project is intended to reduce Scope 1 and Scope 2 greenhouse gas emissions at the site. In connection with the joint venture, we hold a right of first refusal to participate in new projects, business opportunities, or ventures within the scope of Biosteam Energy's business that are offered to Alien Energy or certain of its affiliates.

*Commercial Developments*

● We signed a contract to deliver an electrolyzer system and a hydrogen refueling station for a large construction company in southern Europe, with a total contract value of up to approximately €1.7 million. Engineering has commenced and production of key equipment is underway. Delivery, installation, and commissioning are expected in 2026.

● We signed a contract to provide FEED services for a planned 15 MW industrial green hydrogen production facility in southern Europe. The contract, valued at €275,000 and payable in phases upon achieving defined milestones, includes safety and environmental studies, project management, and technical engineering specifications. The services are scheduled within an approximately 16-week timeline, inclusive of preparation and delivery periods.

● Biosteam Energy's initial project is the Fairfield Industrial Decarbonization Project in Howick, KwaZulu-Natal, South Africa, at Fairfield Dairy, one of South Africa's largest dairy processing facilities. The project will replace an existing fossil-fuel-based steam generation system with a biomass-powered boiler system designed and operated using Alien Fuel's proprietary technology. The system will utilize wood pellets produced from waste biomass. Construction activities and equipment fabrication commenced in November 2025, with fabrication performed by Alien Energy (Proprietary) Limited, an affiliate of Alien Fuel. The plant is expected to be commissioned and enter commercial operation in the first half of 2026.

*Agency Agreements*

In 2025, Bright Hydrogen Solutions entered into agency agreements with leading equipment manufacturers:

● We entered into an agency agreement with Sungrow Hydrogen Sci. & Tech. Co. Ltd. ("Sungrow Hydrogen") under which Bright Hydrogen Solutions serves as an agent for Sungrow Hydrogen's electrolyzer and related hydrogen production products in southern Europe.

● We entered into an agency agreement with Houpu Global Clean Energy Co., Ltd. ("Houpu"), a manufacturer of hydrogen refueling and clean energy technologies. Under this agreement, Bright Hydrogen Solutions acts as Houpu's authorized agent for its hydrogen product portfolio in southern Europe and Latin America.

These strategic relationships are intended to broaden Bright Hydrogen Solutions' technology offering, enhance procurement optionality, and support schedule and cost certainty for our clients. Sales under these agreements are subject to project awards and customary commercial terms.

*Markets and Customers*

The initial commercial focus for Bright Hydrogen Solutions is on southern Europe, where we are supporting industrial decarbonization use cases. Through our agency arrangements, we also pursue selected opportunities in Latin America. Our customers include industrial companies, infrastructure developers, and construction firms seeking turnkey or modular hydrogen solutions and technical advisory services.

Biosteam Energy targets industrial heat users that require reliable steam-based power and wish to decarbonize. Our initial market is South Africa, with the first project at a major dairy processing facility in KwaZulu-Natal. Prospective customer segments include food and beverage processing (for example, dairies and breweries), pulp and paper, textiles, chemicals, and other process industries with year-round steam demand.

*Competition*

 

Bright Hydrogen Solutions competes primarily with hydrogen engineering firms, EPC contractors, electrolyzer and station OEMs, and integrated hydrogen solution providers. Our success depends on our ability to convert tenders and negotiated opportunities into binding contracts, deliver projects safely and on schedule, and secure equipment and financing on competitive terms.

Biosteam Energy's market – biomass steam-based energy – is competitive and fragmented, with participants that include industrial boiler OEMs and distributors, EPC and operations and maintenance (O&M) service providers, and energy services companies offering thermal energy-as-a-service using biomass, biogas, natural gas, or electrified boilers.

Our alternative energy business will also encounter competition from various established energy companies and engineering firms providing similar services or companies providing industrial gases for hydrogen for industrial feedstock purposes. Many of these competitors possess greater financial resources, established customer relationships, and extensive industry expertise, which could hinder the Company's ability to secure contracts and stand out in the market. The Company's competitiveness relies on its capacity to showcase technical expertise, forge and maintain strategic relationships, and deliver cost-effective solutions.

***Overview of the Gas Distribution Business***

Through our operating subsidiary, QIND, an industrial company specializing in the energy sector, and its operating subsidiary, Al Shola Gas, we provide comprehensive solutions for the LPG industry. Our services include consulting, designing, supplying, installing, and maintaining LPG systems, as well as the transportation and supply of LPG in both bulk and cylinder formats. We cater to a diverse range of clients, including commercial buildings, mixed-use apartment complexes, shopping centers, food courts, heavy industries, labor accommodations, catering units, commercial kitchens, and dining establishments. Our mission is to develop a next-generation industrial and energy corporation that meets the increasing global demand for high-quality, cost-effective, and sustainable energy solutions.

Al Shola Gas is based in Dubai, UAE, offering a broad range of specialized services, including:

● Central Gas Systems (LPG):

● Design, supply, construction, operation, and maintenance (certified by Dubai Civil Defense)

● Design consultancy and project management

● Repair and preventive maintenance

● Billing and monitoring systems

● LPG Supply and Distribution:

● Supply of LPG in cylinders and bulk formats

● LPG System Projects:

● Design, supply, and installation of aboveground and underground LPG tanks, including all pipeline and instrumentation components

● Installation and commissioning of LPG, propane, and synthetic natural gas-compatible systems

● Pressure-reducing and distribution stations

● Gas leak detection systems

● LPG metering stations

● Vaporizer systems

● Deluge and sprinkler systems, along with other gas safety systems

Al Shola Gas specializes in the design, implementation, and maintenance of various LPG pipeline networks for commercial and industrial clients. We comply with Dubai Civil Defense regulations and international safety standards, offering warranty and safety certification as mandated by relevant regulations.

*LPG Distribution – Cylinders*

Al Shola Gas maintains an extensive LPG cylinder distribution network in Dubai, supported by a fleet of delivery trucks. Our centralized call center, along with a dedicated administrative team, allows it to distribute over 20,000 LPG cylinders each month.

*LPG Distribution – Bulk Gas*

Al Shola Gas is an approved supplier of bulk LPG, sourcing from the Emirates General Petroleum Corporation. We distribute more than 500,000 liters of bulk LPG each month. Our fleet consists of two 18,000-liter capacity trucks and one 25,000-liter capacity truck to support our bulk LPG supply operations.

***Customers and Markets***

Al Shola Gas serves residential, mixed-use, commercial, and selected industrial customers across the United Arab Emirates, with a core focus on Dubai and an active expansion program into the northern emirates of Sharjah, Ras Al Khaimah, Fujairah, Ajman, and Umm Al Quwain. Demand is driven by sustained real estate development and population growth, which translate into new central LPG system installations and recurring utility operations and bulk LPG supply. During 2025, Al Shola Gas secured numerous engineering and utility awards, including large multi-tower residential developments and mixed-use properties, and continued to add recurring customers through long-term utility service arrangements.

The customer base includes property developers, owners' associations, and facilities managers for high-density residential complexes, as well as food and beverage outlets and retail tenants that require metered LPG supply. In addition to one-time engineering and installation revenue, the business generates recurring revenue from (i) metered LPG utility services after project handover, (ii) bulk LPG deliveries, and (iii) project operations and maintenance.

*Competition*

Al Shola Gas's competitors are primarily UAE-based companies that specialize in gas distribution systems, such as Royal Development for Gas Works, Al Fanar Gas, and Lahej & Sultan.

***Intellectual Property***

The Company and its subsidiaries do not possess registered intellectual property rights.

***Laws and Regulations***

Hydrogen service providers worldwide must comply with a complex regulatory framework governing production, transportation, storage, and distribution, with specific requirements varying by jurisdiction. Key regulations include environmental and sustainability mandates (e.g., the European Union's Renewable Energy Directive (RED III), U.S. Inflation Reduction Act incentives), safety and transport standards (e.g., Accord Dangereux Routier (ADR) in Europe, Department of Transportation in the U.S., and the UN Recommendations on the Transport of Dangerous Goods), infrastructure rules (e.g., the Alternative Fuels Infrastructure Regulation in the European Union, Japan's Basic Hydrogen Strategy), and market regulations ensuring open access and certification compliance (e.g., Guarantees of Origin in the European Union, China's hydrogen certification system).

Biomass-powered industrial steam projects operate within environmental, air-quality, waste, safety, and carbon-credit regulatory frameworks that vary by jurisdiction. In South Africa, where Biosteam Energy's initial project is located, compliance is typically required with the National Environmental Management Act and Environmental Impact Assessment Regulations (as triggered by project scale), the Air Quality Act for listed or threshold-based combustion activities, and the Waste Act for biomass handling and ash management. Plant design and operations are governed by the Occupational Health and Safety Act, including Pressure Equipment Regulations and applicable South Africa National Standards. Feedstock sourcing must comply with forestry and environmental laws and may require sustainability certification. Carbon-credit revenues depend on verification under recognized standards and alignment with South Africa's Carbon Tax Act and offset rules, while municipal bylaws and water-use regulations may also apply to siting and operations.

LPG distribution and engineering service providers in Dubai are primarily regulated by the Dubai Municipality and Dubai Civil Defense, which enforce strict safety, storage, and transportation requirements in accordance with local laws. Licensing for LPG distributors and engineering firms necessitates compliance with technical standards, environmental guidelines, and periodic safety inspections. Across the broader Middle East, regulations vary by country but generally adhere to international safety standards, such as those set by the International Organization for Standardization (ISO). Gulf Cooperation Council countries, including Saudi Arabia, Qatar, and Oman, impose stringent controls on the importation, storage, and sale of LPG, with regulatory oversight from national energy and safety authorities.

***Seasonality***

Our business lines can be affected by seasonal trends. During specific holiday periods, business development may see a slowdown in negotiations and discussions with counterparties and clients, which could also affect the supply chain. Revenues from our hydrogen services may be influenced by seasonality; however, primary drivers include project development and commissioning schedules, customer procurement cycles, and offtake demand. For our biomass steam business, seasonality can affect both biomass fuel supply and steam demand due to biomass feedstock availability, moisture content, and logistics that typically vary with harvest cycles and wet/dry seasons, which can influence delivered fuel cost, calorific value, and boiler efficiency.

The seasonality of revenue derived from LPG distribution services in the Middle East is typically not pronounced; nevertheless, demand fluctuations may still arise. Consumption of LPG may increase during winter months when the population in the region reaches its peak, resulting in higher gas consumption in residential facilities, hotels, and restaurants. A seasonal variation may be observed during the summer months when the demand for LPG can decline due to the extreme heat prevalent in the region, which generally leads to lower tourist activity and a decreased population density.

**4. C. Organizational Structure**

The following is a list of the subsidiaries of the Company:

● Quality Industrial Corp., a 51.9% owned (as of March 31, 2026) subsidiary of Fusion Fuel Green PLC, a Nevada corporation formed on May 4, 1998.

● Al Shola Al Modea Gas Distribution LLC, a 51.0%-owned subsidiary of Quality Industrial Corp., formed in the United Arab Emirates on March 18, 1990.

● Bright Hydrogen Solutions Limited, a wholly-owned subsidiary of Fusion Fuel Green PLC, a private limited company incorporated in Ireland on February 17, 2025.

● Biosteam Energy (Proprietary) Limited, a 51.0%-owned subsidiary of Fusion Fuel Green PLC, a private company incorporated in South Africa on October 15, 2025.

● Fusion Fuel USA, Inc., a wholly-owned subsidiary of Fusion Fuel Green PLC, a Delaware corporation formed on April 21, 2021.

The following diagram depicts our consolidated entities as of December 31, 2025.

![](form20-f_001.jpg)

**4. D. Property, Plants, and Equipment**

Assets under Construction

BioSteam Energy is currently constructing a processing plant in South Africa, with all related expenditures recorded as assets under construction within property, plant and equipment. As of December 31, 2025, total capitalised expenditures incurred to date amounted to approximately €0.35 million. The plant is not yet operational or available for use and, accordingly, no depreciation has been recognised. The asset will be depreciated over its estimated useful life once the plant is commissioned and brought into use.

Leases

The Company leases its corporate office in Dublin, Ireland for a monthly payment of approximately €2,800.

Bright Hydrogen Solutions leases an office in Madrid, Spain, for a monthly payment of €1,500.

QIND has a virtual office at 505 Montgomery Street, San Francisco, California. The cost per month is $115 and is renewed annually.

Set forth in the table below is information regarding Al Shola Gas' leased facilities, including the lease term, respective square foot sizes, and annual rent amounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Location** | **Lease Term** | **Area (Sq. Ft.)** | **Annual Rent** | **Annual Rent** |
| Office at Hamsah Building, O/112, Zabeel Road, Dubai, UAE | May 10, 2025 to May 9, 2026 | 1222 | € | 30186 |
| Office at Hamsah Building, O/307, Zabeel Road, Dubai, UAE\* | January 7, 2026 to January 6, 2027 | 347 | € | 6229 |
| Gas Warehouse Unit No. L723, Plot No. 0243-0154, Baghdad Street, Al Qusais Industrial Area 2, Al Qusais, Dubai, UAE | March 1, 2025 to February 28, 2026 | 6400 | € | 6062 |
| Gas Store Unit No. L705, Plot No. 0243-0171, Baghdad Street, Al Qusais Industrial Area 2, Al Qusais, Dubai, UAE | March 1, 2025 to February 28, 2026 | 6400 | € | 6062 |
| Warehouse Plot No: 987-1006, Al Layan 1, DIC, Dubai, UAE | March 26, 2025 to March 25, 2026 | 10010 | € | 4648 |
| Employee Accommodation, 17 Units, Plot No: 438-0, Muhaisanah Second, DIC, Dubai, UAE | February 1, 2025 to January 31, 2026 | 2928 | € | 42630 |
| **Total** |  | **27307** | **€** | **95817** |

---

\*Lease starting period from January 7, 2026, and included for disclosure purposes.

Rent and other lease expenses under certain of the above lease agreements may be paid by Al Shola Al Modea Safety and Security LLC ("Al Shola Al Modea Safety and Security"), a company owned by certain minority shareholders of Al Shola Gas. Such payments have generally been made on the basis of the extent of the use of Al Shola Gas' leased properties by the employees of Al Shola Al Modea Safety and Security. This arrangement has not been reflected in a written sublease or other agreement between Al Shola Gas or the Company and Al Shola Al Modea Safety and Security. Use of Al Shola Gas' leased properties by Al Shola Al Modea Safety and Security has been at the discretion of Al Shola Gas and is subject to Al Shola Gas' rights under its lease agreements.

Fusion Fuel's rent expenses, across all entities, for the fiscal year ended December 31, 2025, amounted to approximately €0.13 million.

**ITEM 4A. UNRESOLVED STAFF COMMENTS**

Not applicable.

**ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere in this Annual Report. The consolidated financial statements have been prepared in accordance with IFRS. Information related to the year ended December 31, 2023 has not been included. It can be found in the Company's filing of the Form 20-F for the year ended December 31, 2024.* 

 

*This discussion may contain forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements because of various factors, including those set forth under Item 3.D.* "*Risk Factors*," *or in other parts of this Annual Report. See also "Cautionary Note Regarding Forward-Looking Statements"*.

**5. A. Operating Results**

***Overview***

The Company is an Irish holding company. Prior to 2024, the Company primarily offered green hydrogen products and services, primarily through Fusion Fuel Portugal and its subsidiaries. During 2024, commercial operations relating to our former green hydrogen business were discontinued due to lack of capital and were effectively terminated pursuant to the insolvency filing of Fusion Fuel Portugal on November 11, 2024. As of December 1, 2024, the Company's consolidated operations primarily consisted of industrial gas distribution and engineering services provided in the UAE, following the acquisition of a majority stake in QIND and its 51%-owned subsidiary Al Shola Gas on November 26, 2024. During 2025, the Company began to diversify its energy services through the launch of hydrogen and biomass steam project advisory and engineering services. The former hydrogen business operations and assets of Fusion Fuel Portugal and its subsidiaries will not be part of the Company's services due to Fusion Fuel Portugal's insolvency proceedings.

***Recent Developments***

*Mineral & Element Advisory Agreements*

On February 12, 2026, the Company entered into a Mineral & Element Advisory Agreement, dated as of February 12, 2026 (each, an "MAT Advisory Agreement"), with each of three advisors (each an "Advisor", collectively, the "Advisors") for an initial term of twelve months, with renewal by mutual written consent for successive six-month periods. Pursuant to each MAT Advisory Agreement, each Advisor will (a) provide strategic, operational, and technical advisory services relating to the evaluation, structuring, and execution of a mineral asset acquisition or other transaction (the "MAT"), including with respect to diligence, negotiation, logistics, risk management, and integration of acquired mineral assets; and (b) identify and introduce to the Company prospective counterparties that, in the reasonable judgment of an Advisor, possess the capabilities to facilitate or accelerate the MAT (for example, mineral rights holders, mining companies, brokers, logistics providers, technical consultants, asset custodians, or other relevant service providers).

In exchange for the MAT related services, the Company agreed to issue to each Advisor: (i) a fee (the "Advisory Fee") equal to 95,000 Class A Ordinary Shares in connection with the signing of a definitive agreement (a "Definitive MAT Agreement") with a party ("Qualified Counterparty") introduced to the Company within twelve months after the initial introduction by the Advisor pursuant to which the Company will receive or deploy cash, mineral assets, credit facilities, or other resources for the primary purpose of executing a MAT (the "Advisory Fee Shares"); and (ii) an additional 45,000 Class A Ordinary Shares on the day(s) on which the Company achieves each of the following milestones: (i) a share price of $5.83 for at least five consecutive trading days; (ii) a share price of $9.72 for at least five consecutive trading days; and (iii) a share price of $15.50 for at least five consecutive trading days. The total amount of Class A Ordinary Shares to be issued if all milestones are met equals 135,000 Class A Ordinary Shares (the "Milestone Fee Shares", together with the Advisory Fee Shares, the "Compensation Shares"). If the Company enters into multiple Definitive Agreements with more than one Qualified Counterparty in connection with a single mineral asset transaction or MAT or series of related transactions that is publicly announced as a single transaction, the respective Advisor shall be entitled to only one Advisory Fee with respect to such transaction, regardless of the number of Qualified Counterparties involved.

If the issuance of Advisory Fee Shares pursuant to the MAT Advisory Agreement would result in an Advisor beneficially owning in excess of 4.99% (or upon election of the Advisor prior to the issuance of any Advisory Fee Shares, 9.99%) of the Company's then-outstanding Class A Ordinary Shares, the Company shall issue to the Advisor, in lieu of such excess shares, pre-funded warrants to purchase Class A Ordinary Shares (the "Advisor Pre-Funded Warrants"). The Advisor Pre-Funded Warrants will be exercisable immediately and may be exercised at any time until all of the Advisor Pre-Funded Warrants are exercised in full, subject to the beneficial ownership limitation described above.

In addition, the Company will be required to file one or more registration statements with the SEC to register the resale of the Compensation Shares (and Class A Ordinary Shares issuable upon exercise of Advisor Pre-Funded Warrants issued in lieu of Advisory Fee Shares) no later than 45 days following the date of the closing of a MAT with respect to the respective Advisory Fee Shares (or Advisory Pre-Funded Warrants issued in lieu of Advisory Fee Shares) or the date of issuance of the Milestone Fee Shares with respect to such Milestone Fee Shares, and to use commercially reasonable efforts to have such registration statements declared effective by the SEC as promptly as practicable, and in any event within five trading days after receiving notification that the SEC will not review or has no comments to such registration statements, and otherwise no later than 90 days following the date of filing of such registration statements. The Company will also be required to maintain the effectiveness of such registration statements while the Compensation Shares remain outstanding or issuable and are not freely tradable without restriction under Rule 144 promulgated under the Securities Act. The Company will be responsible for all fees and expenses incurred in connection with such registration requirements.

An MAT Advisory Agreement may be terminated immediately upon material breach by the other party that remains uncured for ten days after written notice, or upon 30 days' prior written notice. Upon any termination of an MAT Advisory Agreement that is not the result of an uncured material breach by an Advisor, the Advisor shall remain entitled to receive: (i) an Advisory Fee with respect to any Definitive Agreement entered into prior to the effective date of termination or within 18 months thereafter, and (ii) the Milestone Fee for any requisite milestone achieved during such 18-month period.

Each MAT Advisory Agreement contains additional customary representations, warranties, covenants, and indemnification obligations of the contracting parties. These representations, warranties and covenants were made only for purposes of the MAT Advisory Agreement and as of specific dates, were solely for the benefit of the contracting parties and may be subject to limitations agreed upon by the contracting parties.

*Securities Purchase Agreement*

On February 14, 2026, the Company entered into a Securities Purchase Agreement, dated as of February 14, 2026 (the "February 2026 Securities Purchase Agreement"), with certain investors (the "February 2026 Investors"), pursuant to which the Company agreed to issue and sell the following securities to the February 2026 Investors: (i) an aggregate of 577,124 Class A Ordinary Shares, (ii) pre-funded warrants to purchase an aggregate of 129,005 Class A Ordinary Shares at an exercise price of $0.0035 per share (the "February 2026 Pre-Funded Warrants"), (iii) warrants to purchase an aggregate of 706,129 Class A Ordinary Shares at an exercise price equal to 150% of the Minimum Price (as defined by Nasdaq Listing Rule 5635(d)(1)(A)), or $5.148 per share (the "150% Price Warrants"), and (iv) warrants to purchase an aggregate of 706,129 Class A Ordinary Shares at an exercise price equal to 200% of the Minimum Price, or $6.864 per share (the "200% Price Warrants" and together with the February 2026 Pre-Funded Warrants and the 150% Price Warrants, the "February 2026 Warrants"), for aggregate gross proceeds of $2,600,000 (the "February 2026 PIPE").

The February 2026 Pre-Funded Warrants will be exercisable immediately and may be exercised at any time until exercised in full, subject to the beneficial ownership limitation described below. The 150% Price Warrants and the 200% Price Warrants will be exercisable immediately and have a term of exercise equal to three years from the date of the closing under the February 2026 Securities Purchase Agreement (the "February 2026 Closing Date"), subject to the beneficial ownership limitation described below.

The February 2026 Pre-Funded Warrants, the 150% Price Warrants and the 200% Price Warrants may not be exercised to the extent that such exercise would result in the number of Class A Ordinary Shares beneficially owned by the holder and its affiliates exceeding 4.99% (or, if elected by the holder at the Closing, 9.99%), of the total number of Class A Ordinary Shares outstanding immediately after giving effect to the exercise.

The Company will use the net proceeds from the February 2026 PIPE for general corporate and working capital purposes and to pay any fees and expenses in connection with the transactions contemplated by the February 2026 Securities Purchase Agreement.

In addition, the Company will be required to file a registration statement with the SEC within 30 days of the February 2026 Closing Date to register the resale of the Class A Ordinary Shares and Class A Ordinary Shares issuable upon exercise of the February 2026 Warrants. The Company must use commercially reasonable efforts to have such registration statement declared effective by the SEC as promptly as practicable, and in any event within five trading days after receiving notification that the SEC will not review or has no comments to such registration statement, and otherwise no later than 90 days following the February 2026 Closing Date, subject to extension to the extent that a full or partial federal government shutdown prevents such registration statement from being declared effective. The Company will also be required to maintain the effectiveness of such registration statement for so long as any Class A Ordinary Shares issued pursuant to the February 2026 Securities Purchase Agreement remain outstanding or issuable and are not freely tradable without restriction under Rule 144 promulgated under the Securities Act. The Company will be required to pay the February 2026 Investors 1.5% of the aggregate amount to be paid for the Class A Ordinary Shares and February 2026 Warrants for more than 30 consecutive days or more than an aggregate of 60 days during any 12-month period that the above registration requirements remain unmet, with 18% annual interest on overdue amounts. The Company will be responsible for all fees and expenses incurred in connection with such registration requirements.

*Share Exchange Agreement*

On February 18, 2026, the Company entered into a Share Exchange Agreement, dated as of February 18, 2026 (the "Share Exchange Agreement"), among the Company and certain shareholders (the "RU Shareholders") of Royal Uranium.

Pursuant to the Share Exchange Agreement, the RU Shareholders will sell up to 100% of the issued and outstanding shares in the capital of Royal Uranium (78,581,029 common shares) to the Company in exchange for up to 3,750,025 Class A Ordinary Shares or pre-funded warrants to subscribe for up to such number of Class A Ordinary Shares (at an exercise price per share equal to the nominal value of the shares) in lieu of the Class A Ordinary Shares to the extent that the allotment of Class A Ordinary Shares would result in such shareholders' beneficial ownership of shares in the Company exceeding 9.99% of the issued share capital of the Company (the "Securities Exchange"). The Securities Exchange will result in Royal Uranium becoming a subsidiary of the Company. The Share Exchange Agreement provides that Royal Uranium is valued at $15,000,000.

The closing of the Securities Exchange (the "Securities Exchange Closing") will take place electronically on the third business day following satisfaction or waiver of all conditions to consummate the Securities Exchange or such other date and time as the parties may mutually determine. The Share Exchange Agreement provides that if, within 30 days following the date of the Share Exchange Agreement, subject to extension by agreement between the Company and Anthony Milewski and Mark Schipperheijn (each of whom is an RU Shareholder, and together, the "Representative Shareholders"), RU Shareholders holding not less than 75% of the issued shares in Royal Uranium have not signed the Share Exchange Agreement or a joinder thereto, the Company may elect to implement the Securities Exchange by way of a plan of arrangement or in such other manner as may be permitted by Canadian law.

The Securities Exchange Closing is subject to certain conditions, including: (i) that no temporary restraining order, preliminary or permanent injunction issued by any court of competent jurisdiction preventing or prohibiting the consummation of the Securities Exchange shall be in effect; (ii) that RU Shareholders holding not less than 75% of the issued shares in Royal Uranium shall have signed the Share Exchange Agreement or executed a joinder thereto; (iii) that the Company shall have obtained the requisite shareholder approval as required by the Irish Takeover Rules; (iv) the accuracy of the representations and warranties of the parties in all material respects; (v) compliance by the parties with their covenants and agreements in all material respects; and (vi) the absence of any material adverse effect on either Royal Uranium or the Company since the date of the Share Exchange Agreement.

From and after the date of the Share Exchange Agreement until the earlier of the Securities Exchange Closing or the termination of the Share Exchange Agreement, the Company, Royal Uranium, and each RU Shareholder shall not, directly or indirectly, (i) initiate, solicit, encourage, negotiate, accept or discuss any transaction or series of transactions with any person involving any sale of substantially all of the assets or capital stock of Royal Uranium or the Company to another acquirer (an "Alternative Acquisition"), (ii) provide information with respect to a party to any person relating to a possible Alternative Acquisition, (iii) enter into an agreement with any person providing for a possible Alternative Acquisition, or (iv) make or authorize any statement, recommendation or solicitation in support of any possible Alternative Acquisition. If any party receives any unsolicited offer, inquiry or proposal relating to an Alternative Acquisition, such party must promptly notify the other parties thereof.

The Company is required to prepare a draft circular to shareholders containing notice of an extraordinary general meeting (the "EGM") and information regarding the Securities Exchange as required by the Irish Takeover Rules. The Company must furnish a draft of the circular to the Representative Shareholders for review within five business days of the date of the Share Exchange Agreement, submit the draft circular to the Irish Takeover Panel within three business days of receipt of input from the Representative Shareholders, and commence mailing to shareholders within five business days of the Irish Takeover Panel providing confirmation that the circular satisfies the necessary requirements under the Irish Takeover Rules. The Company is required to use all reasonable endeavors to procure that the EGM is held, and shareholder approval of the Securities Exchange is obtained, as soon as reasonably practicable following the date of the Share Exchange Agreement.

The Share Exchange Agreement includes lock-up restrictions on the RU Shareholders with respect to the Class A Ordinary Shares. RU Shareholders (or RU Shareholders who are affiliates) who receive more than 25,000 Class A Ordinary Shares are subject to restrictions prohibiting the transfer, sale, pledge, or other disposition of the Class A Ordinary Shares as follows: (i) 100% of the Class A Ordinary Shares for six months from the date of the Share Exchange Agreement; (ii) two-thirds of the Class A Ordinary Shares for 12 months from the date of the Share Exchange Agreement; and (iii) one-third of the Class A Ordinary Shares for 18 months from the date of the Share Exchange Agreement. RU Shareholders (together with their affiliates) who receive 25,000 Class A Ordinary Shares or fewer will be released from such restrictions after six months following the date of the Share Exchange Agreement. The Company will be required to file a registration statement to register the resale of the Class A Ordinary Shares within 20 business days of the expiration of such lock-up restrictions.

The Share Exchange Agreement may be terminated prior to the Securities Exchange Closing: (i) by mutual written agreement of the Representative Shareholders and the Company; (ii) by either party if the other party has breached any representation, warranty, covenant or agreement resulting in or reasonably expected to result in a material adverse effect or would prevent or materially delay the consummation of the Securities Exchange; (iii) by any party if all conditions to such party's obligations have not been satisfied or waived on or before the date falling 12 months from the date of the Share Exchange Agreement; or (iv) by any party if a permanent injunction or other order preventing or prohibiting consummation of the Securities Exchange has been issued and has become final and non-appealable.

In addition, the Share Exchange Agreement contains certain representations, warranties, limitations of liability, and indemnification provisions, and customary covenants.

Under each of the MAT Advisory Agreements, the Share Exchange Agreement will constitute a Definitive Agreement. Pursuant to the MAT Advisory Agreements and at the election of the Advisors, the Company was required to issue 95,000 Class A Ordinary Shares and customary pre-funded warrants to purchase up to an aggregate of 190,000 Class A Ordinary Shares to the Advisors on the first trading day after the execution of the Share Exchange Agreement. Such Class A Ordinary Shares and Class A Ordinary Shares issuable upon exercise of such Advisor Pre-Funded Warrants will be subject to certain registration requirements, as further disclosed under "—*Mineral & Element Advisory Agreements*" above.

Prior to the entry into the Share Exchange Agreement, there were no material relationships between the Company or any of the Company's affiliates, including any director or officer of the Company, or any associate of any director or officer of the Company, and any of the RU Shareholders, except that certain RU Shareholders, which include Anthony Milewski, purchased an aggregate of $1,645,000 of the securities purchased under the Securities Purchase Agreement, dated as of February 14, 2026, between the Company and certain investors, which was previously disclosed in the Prior Form 6-K. Each of Anthony Milewski and two other RU Shareholders is also an Advisor under one of the MAT Advisory Agreements.

***Principal Factors Affecting Our Financial Performance***

Our operating results are primarily affected by the following factors:

● our ability to generate revenue from QIND and Al Shola Gas, including LPG distribution and engineering services;

● our ability to execute hydrogen and biomass steam project engineering and advisory contracts;

● macroeconomic conditions affecting industrial gas demand and the hydrogen and biomass steam industries;

● regulatory and compliance changes impacting hydrogen, biomass, and LPG businesses;

● our ability to offer competitive pricing for our products and services;

● our ability to broaden product and service offerings;

● industry demand and competition; and

● market conditions and our market position.

***Emerging Growth Company***

We qualify as an "emerging growth company" under the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act in the assessment of the emerging growth company's internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least $1.235 billion; (ii) the last day of the fiscal year following the fifth anniversary of the date of the first sale of our common equity securities pursuant to an effective registration statement under the Securities Act; (iii) the date on which we have, during the preceding three year period, issued more than $1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which could occur if the market value of the Class A Ordinary Shares that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

***Results of Operations***

The following sets forth a summary of the Company's consolidated results of operations for the periods indicated. The information should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report. Our historical results presented below are not necessarily indicative of the results that may be expected for any future period.

*Revenue*

During the period from December 1, 2024 to December 31, 2024, the Company solely generated revenue from its LPG distribution operations conducted through Al Shola Gas. During 2025, the Company continued to primarily generate revenue from its LPG distribution operations conducted through Al Shola Gas.

Revenue increased 798.1% to approximately €14.4 million for the year ended December 31, 2025, from approximately €1.6 million for the year ended December 31, 2024. The increase was primarily due to the inclusion of a full year of revenue from the Company's indirect majority-owned subsidiary, Al Shola Gas, in 2025, compared to consolidation beginning in the fourth quarter of 2024 following its acquisition.

*Cost of Sales*

During 2024 and 2025, cost of sales primarily related to the purchase of gas in our LPG distribution operations.

Cost of sales increased 776.7% to approximately €10.2 million for the year ended December 31, 2025, from approximately €1.2 million for the year ended December 31, 2024. The increase was primarily due to (i) the inclusion of a full year of revenue from the Company's majority-owned subsidiary, Al Shola Gas, in 2025, compared to consolidation beginning in the fourth quarter of 2024 following its acquisition, and (ii) higher revenue during the year ended December 31, 2025.

*Administration Expenses*

Administration expenses during the reported periods related primarily to wages and salaries, costs incurred to wind down dormant or discontinued subsidiaries, along with expenses related to QIND's restructuring and personnel costs and the operations of the consolidated operations from Al Shola Gas's LPG distribution operations due to its consolidation into the Company's operations from December 1, 2024 to December 31, 2024 and fiscal year 2025. In 2024, administration expenses also included an impairment on inventory of €2.2 million in relation to the Legacy Hydrogen Entities. This impairment was booked as a consequence of customer contracts not being fulfilled due to the insolvency of Fusion Fuel Portugal.

Administration expenses decreased to approximately €11.9 million for the year ended December 31, 2025, from approximately €16.5 million for the year ended December 31, 2024. This decrease was primarily due to (i) the non-recurrence of the impairment on inventory of €2.2 million in relation to the Legacy Hydrogen Entities for the fiscal year ended December 31, 2024 described above, (ii) lower wages and salaries following the deconsolidation of the Legacy Hydrogen Entities and related headcount reductions, (iii) lower consulting fees, and (iv) the non-recurrence of a reclassification from cost of sales recorded in 2024, in each case partially offset by higher professional fees and other expenses associated with the consolidation of QIND (including Al Shola Gas) for the full year ended December 31, 2025.

*Share-Based Payment (Expense)/Credit*

Share-based payment (expense)/credit primarily consisted of the grant and cancellation of equity awards under the Fusion Fuel Green PLC 2021 Equity Incentive Plan (the "2021 Plan").

Share-based payment (expense)/credit decreased 28.6% to approximately €1.6 million for the year ended December 31, 2025, from approximately €2.2 million for the year ended December 31, 2024, primarily due to lower vesting of equity awards than in 2024.

*Net Finance Income*

Net finance income consists of fair value gains/losses on the Company's public warrants. The functional currency of the Company is the euro, and as the exercise price of the warrants was set in U.S. dollars, the warrants were considered a liability as a variable amount of cash in the Company's functional currency would have been received on exercise. Accordingly, the warrants have been classified and accounted for as a derivative liability at fair value through profit or loss. The fair value of the warrants is determined with reference to the prevailing market price for warrants as reported by Nasdaq. Also included in the derivative financial instruments in 2024 are fair value gains/losses on the portion of the May 2024 Note that has been classified as a derivative liability under IFRS. These notes are classified and accounted for as a derivative liability at fair value through profit or loss due to the underlying variable conversion rate embedded in the notes.

Net finance income increased by 2,339.6% to approximately €5.6 million for the year ended December 31, 2025, from approximately €0.2 million for the year ended December 31, 2024, primarily driven by increased gains on the remeasurement of warrant-related derivative liabilities, reflecting changes in the Company's share price during the period, as well as more favourable foreign exchange movements.

*Comparison of the Years Ended December 31, 2024 and 2023*

 ****

For a discussion comparing our consolidated statement of (loss)/profit and other comprehensive (loss)/ income for the years ended December 31, 2024 and 2023, see Item 5.A. "Operating Results" in our Annual Report on Form 20-F for the year ended December 31, 2024.

**5. B. Liquidity and Capital Resources**

As of December 31, 2025, we had cash and cash equivalents of approximately €0.575 million. As of December 31, 2025, we also had total liabilities of €15.6 million, including debt of approximately €13.6 million. To date, we have financed our operations primarily through income generated from shares issued for cash, grants, and loans.

As of December 31, 2025, we anticipate that our levels of cash will only be sufficient to meet our cash needs for our operations and other cash requirements until December 31, 2026 and for at least 12 months beyond that period, including our costs associated with being a public reporting company, if we receive additional financing. We may also in the future require additional or alternative cash resources due to changing business conditions or to fund significant business investments or acquisitions. Since our own financial resources may be insufficient to satisfy our capital requirements, we may seek to sell additional equity or debt securities in public offerings, private placements or credit facilities. The sale of additional equity securities could result in dilution to our stockholders. The incurrence of indebtedness would result in increased debt service obligations and could require us to agree to operating and financial covenants that would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, could limit our ability to expand our business operations and could harm our overall business prospects.

*Going Concern*

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. Our auditor's opinion included in our audited financial statements for the years ended December 31, 2025, 2024 and 2023 contain an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern. In recent years, we have suffered recurring losses from operations, negative working capital and cash outflows from operating activities, and therefore have been dependent upon external sources for financing our operations.

There can be no assurance that the Company's financial resources will be sufficient to remain in operation or that necessary financing will be available on satisfactory terms, if at all. The Company may be forced to significantly reduce its spending, delay or cancel its planned activities, sell off substantial assets, or substantially change its business plans or corporate or capital structure. There can also be no assurance that the Company will ever succeed in generating sufficient revenues to continue its operations as a going concern. For further discussion, see "*We will need to obtain additional funding to continue operations. If we fail to obtain the necessary financing or fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations and be forced to significantly delay, scale back or discontinue our operations.*" in Item 3.D. "*Risk Factors*".

The financial statements that accompany this Annual Report do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

*Summary of Cash Flow*

The following summary of the Company's consolidated cash flows for the periods indicated should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report. Our historical results presented below are not necessarily indicative of cash flows that may be expected for any future period.

Net cash used in operating activities was approximately €8.2 million and approximately €8.3 million for the years ended December 31, 2025 and 2024, respectively. The decrease in net cash used in operating activities was primarily driven by lower operating losses and reduced non-cash adjustments, including the absence of significant inventory impairments and revenue impairment recorded in the prior year, partially offset by fair value movements on derivative financial instruments.

Net cash used in investing activities was approximately €0.5 million compared to net cash provided of approximately €0.8 million for the years ended December 31, 2025 and 2024, respectively. The increase in net cash used in investing activities compared to 2024 was primarily driven by the absence of significant government grant receipts recorded in the prior year, together with higher payments to subsidiaries' shareholders and increased purchases of tangible assets.

Net cash provided by financing activities was approximately €8.9 million and approximately €6.5 million for the years ended December 31, 2025 and 2024, respectively. The increase in net cash provided by financing activities compared to 2024 was primarily driven by shareholder loan proceeds of approximately €3.9 million, proceeds from the July 2025 PIPE share issuance of approximately €1.6 million, and reduced lease liability payments, partially offset by lower proceeds from the issuance of ordinary shares under the Company's at the market offering. Convertible note conversions during the year were non-cash transactions and accordingly did not contribute to financing cash flows; refer to Note 20 of the financial statements included elsewhere in this Annual Report for further details of non-cash investing and financing transactions.

***ATM Offerings***

 ****

During the year ended December 31, 2025, the Company sold 256,597 Class A Ordinary Shares in connection with an "at the market offering" (as defined in Item 10.C. "*Material Contracts – At The Market Offering Agreement*") for net proceeds of $1.96 million (€1.67 million) and paid $0.06 million (€0.05 million) in commissions to H.C. Wainwright & Co., LLC ("Wainwright") as part of these sales.

During the year ended December 31, 2024, the Company sold 67,013 Class A Ordinary Shares under the At Market Issuance Sales Agreement, dated as of June 6, 2022 (the "Prior ATM Agreement"), between the Company and B. Riley Securities, Inc., Fearnley Securities Inc. ("Fearnley"), and Wainwright, as the sales agents, for net proceeds of $6.4 million (€5.9 million) and paid $0.2 million (€0.2 million) in commissions to Fearnley and Wainwright as part of these sales.

***Committed Equity Financing***

On January 10, 2025, we entered into an Ordinary Shares Purchase Agreement, dated as of January 10, 2025 (the "Keystone Purchase Agreement"), with Keystone Capital Partners, LLC, a Delaware limited liability company ("Keystone"), and a Registration Rights Agreement, dated as of January 10, 2025 (the "Keystone Registration Rights Agreement"), with Keystone. Upon the terms and subject to the satisfaction of the conditions contained in the Keystone Purchase Agreement, we will have the right, in our sole discretion, to sell to Keystone up to $25,000,000 of Class A Ordinary Shares (subject to certain limitations contained in the Keystone Purchase Agreement), from time to time from after the Commencement Date (as defined below) and during the term of the Keystone Purchase Agreement. Sales of Class A Ordinary Shares pursuant to the Keystone Purchase Agreement, and the timing of any sales, will be solely at our option, and we will be under no obligation to sell any securities to Keystone under the Keystone Purchase Agreement. In accordance with our obligations under the Keystone Registration Rights Agreement, we filed a registration statement with the SEC to register under the Securities Act the resale by Keystone of up to 178,506 Class A Ordinary Shares, consisting of (i) up to 164,616 Class A Ordinary Shares that we may, in our sole discretion, elect to sell to Keystone, from time to time from and after the Commencement Date pursuant to the Keystone Purchase Agreement and (ii) 13,890 Class A Ordinary Shares (the "Commitment Shares") we issued to Keystone as consideration for its commitment to purchase the Class A Ordinary Shares that we may, in our sole discretion, direct Keystone to purchase from us pursuant to the Keystone Purchase Agreement, from time to time from after the Commencement Date during the term of the Keystone Purchase Agreement.

At any time from and after the date (the "Commencement Date") that all of the conditions to the Company's right to commence sales of Class A Ordinary Shares to Keystone set forth in the Keystone Purchase Agreement have been initially satisfied, including that a registration statement covering the resale of such shares is declared effective by the SEC and the final form of prospectus contained therein is filed with the SEC (the "Commencement"), on any business day on which the closing sale price of the Class A Ordinary Shares is equal to or greater than $1.00 (the "VWAP Purchase Date"), the Company may direct Keystone to purchase a number of Class A Ordinary Shares in an amount up to the VWAP Purchase Maximum Amount (as defined in the Keystone Purchase Agreement) (a "VWAP Purchase") at a purchase price equal to the lesser of 92% of (i) the closing sale price of the Class A Ordinary Shares on the applicable VWAP Purchase Date and (ii) the volume-weighted average price during the period on the applicable VWAP Purchase Date beginning at the opening of trading and ending at the VWAP Purchase Termination Time (as defined in the Keystone Purchase Agreement) (the "VWAP Purchase Price"). If the lowest trade price for the Class A Ordinary Shares on the Clearing Date (as defined in the Keystone Purchase Agreement) is lower than that at the time any Class A Ordinary Shares are required to be issued pursuant to a VWAP Purchase, then the price per share at which such shares are issued will be adjusted such that the price per share at which such shares are issued will be calculated from the closing trade price on the Clearing Date, and the Company will issue additional Class A Ordinary Shares to Keystone to reflect such adjusted price per share.

The Keystone Purchase Agreement provides that the Company may issue to Keystone no more than 19.99% of the total number of Class A Ordinary Shares outstanding immediately prior to the execution of the Keystone Purchase Agreement, which number of shares will be reduced, on a share-for-share basis, by the number of Class A Ordinary Shares issued or issuable pursuant to any transaction or series of transactions that may be aggregated with the transactions contemplated by the Keystone Purchase Agreement under applicable rules of Nasdaq (the "Exchange Cap"), unless (i) the Company obtains the approval of the issuance of such shares by its shareholders in accordance with the applicable stock exchange rules (the "Shareholder Approval"), (ii) the average price of all applicable sales of Class A Ordinary Shares are made at a price equal to or in excess of the lower of (A) the official closing sale price on Nasdaq immediately preceding the delivery of the applicable VWAP Purchase notice to Keystone and (B) the average of the closing prices of the Class A Ordinary Shares for the five business days immediately preceding the delivery of such VWAP Purchase notice (in each case, plus an incremental amount to take into account the Commitment Shares and other compensation provided to Keystone pursuant to the Keystone Purchase Agreement), such that the sales of such Class A Ordinary Shares to Keystone would not count toward the Exchange Cap because they are "at market" under applicable stock exchange rules, or (iii) the Company obtains and submits to Nasdaq a written statement from an independent counsel in the Company's home country certifying that the Company's practices, including the practices of not obtaining shareholder approval to issue more than the Exchange Cap, are not prohibited by the home country's laws, or any equivalent document that serves such purpose. Prior to entering into the Keystone Purchase Agreement, the Company submitted a written statement to Nasdaq from its Irish legal counsel which certified that the Company's practices, including the practices of not obtaining shareholder approval to issue more than the Exchange Cap that would otherwise be required under Nasdaq Listing Rule 5635(d)(2), are not prohibited by Irish law. Therefore, the Exchange Cap is not applicable.

The Keystone Purchase Agreement prohibits us from directing Keystone to purchase any Class A Ordinary Shares if those shares, when aggregated with all other Class A Ordinary Shares then beneficially owned by Keystone and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act, and Rule 13d-3 thereunder), would result in Keystone beneficially owning more than 4.99% of the outstanding Class A Ordinary Shares.

The net proceeds from sales, if any, under the Keystone Purchase Agreement, will depend on the frequency and prices at which we sell Class A Ordinary Shares to Keystone. To the extent we sell shares under the Keystone Purchase Agreement, we currently plan to use any proceeds therefrom for costs of this transaction, for working capital, strategic and other general corporate purposes. The Keystone Purchase Agreement also provides that the Company will use 25% of any gross proceeds received under the Keystone Purchase Agreement to make payments of outstanding interest, dividends and principal, as applicable, on any outstanding notes, instruments, or other obligations of the Company, at a rate of 120% of the greater of (i) the outstanding obligations and (ii) the intrinsic underlying value of such instrument.

As consideration for Keystone's irrevocable commitment to purchase Class A Ordinary Shares upon the terms of and subject to satisfaction of the conditions set forth in the Keystone Purchase Agreement, following the execution and delivery of the Keystone Purchase Agreement, we issued to Keystone 13,890 Class A Ordinary Shares, i.e., the Commitment Shares. Pursuant to the Purchase Agreement, the number of the Commitment Shares was determined as the number of shares equal to $250,000, valued at 92% of the closing sale price on the trading day immediately preceding the closing date (i.e., 92% of $19.565 per share). In addition, as consideration for Keystone's irrevocable commitment to purchase Class A Ordinary Shares upon the terms of and subject to satisfaction of the conditions set forth in the Keystone Purchase Agreement, we agreed to reimburse Keystone for reasonable out-of-pocket expenses, including the legal fees and disbursements of legal counsel, in the amount of $25,000.

The Keystone Purchase Agreement will terminate automatically on the earliest to occur of (i) the expiration of any registration statement required to be filed pursuant to the Keystone Registration Rights Agreement pursuant to Rule 415(a)(5) of the Securities Act, (ii) the date on which Keystone shall have purchased $25,000,000 of Class A Ordinary Shares, or (iii) the occurrence of certain other events set forth in the Keystone Purchase Agreement. The Company may terminate the Keystone Purchase Agreement at any time after the Commencement Date upon one trading day's prior written notice to Keystone. Keystone may terminate the Keystone Purchase Agreement upon ten trading days' prior written notice after the occurrence of certain events, including upon the occurrence of a Material Adverse Effect (as defined in the Keystone Purchase Agreement), the failure to meet a required Filing Deadline (as defined below) or Effectiveness Deadline (as defined below), or the failure to maintain a registration statement required to be maintained by the Keystone Registration Rights Agreement. The Keystone Purchase Agreement may also be terminated by mutual written consent. Certain provisions of the Keystone Purchase Agreement will survive automatic termination or termination by either party other than by mutual written consent.

Pursuant to the Keystone Registration Rights Agreement, the Company was required to file the initial registration statement with the SEC covering the resale of the Commitment Shares and the maximum number of the Class A Ordinary Shares that may be sold to Keystone pursuant to the Keystone Purchase Agreement and that may be permitted to be included in the initial registration statement under SEC rules, regulations and interpretations on or before the 45th calendar day following January 10, 2025 (the "Initial Filing Deadline"). An additional registration statement must be filed to cover the resale of the maximum remaining number of the Class A Ordinary Shares that may be sold to Keystone pursuant to the Keystone Purchase Agreement and that may be permitted to be included in the initial registration statement under SEC rules, regulations and interpretations within ten business days following the sale of substantially all of the securities covered by the most recent prior registration statement (such date, together with the Initial Filing Deadline, a "Filing Deadline"). Each registration statement required to be filed under the Keystone Registration Rights Agreement must be declared effective by the SEC on or before the earlier of the 60th calendar day following the applicable Filing Deadline and the third business day that the Company is notified by the SEC that such registration statement will not be reviewed (the "Effectiveness Deadline"). The Company must maintain the effectiveness of each registration statement required to be filed under the Keystone Registration Rights Agreement and the availability of the prospectus contained within it. The registration rights granted under the Keystone Registration Rights Agreement are subject to certain conditions and limitations and are subject to customary indemnification and contribution provisions.

Neither we nor Keystone may assign or transfer its rights and obligations under the Keystone Purchase Agreement, and no provision of the Keystone Purchase Agreement or the Keystone Registration Rights Agreement may be modified or waived by the parties.

Subject to specified exceptions included in the Keystone Purchase Agreement, we are restricted in our ability to enter into specified variable rate transactions during the term of the Keystone Purchase Agreement. Such transactions include, among others, the issuance of convertible securities with a conversion or exercise price that is based upon or varies with the trading price of our Class A Ordinary Shares after the date of issuance. Under a Limited Waiver and Consent, dated as of March 17, 2025, between us and Keystone (the "Equity Financing Waiver"), Keystone waived this restriction and any other restriction or condition that would be applicable under the Keystone Purchase Agreement relating to the Waived ATM. Pursuant to the Equity Financing Waiver, the Company may at any time enter into any agreement relating to the Waived ATM, the filing of a prospectus supplement to a prospectus contained in an effective registration statement that was filed under the Securities Act relating to the Waived ATM, the announcement of the Waived ATM, the issuance, offer, sale, or grant of any Class A Ordinary Shares relating to the Waived ATM, or the issuance, offer, sale, or grant of any securities in connection with either the provision of goods or services or settlement of any obligations that may otherwise arise with respect to the Waived ATM. The Equity Financing Waiver provides that the Company will use 25% of any gross proceeds received under the Waived ATM to make payments of outstanding interest, dividends and principal, as applicable, on any outstanding notes, instruments, or other obligations of the Company, at a rate of 120% of the greater of (i) the outstanding obligations and (ii) the intrinsic underlying value of such instrument.

The VWAP Purchase Price for a VWAP Purchase will be equitably adjusted as set forth in the Keystone Purchase Agreement for any reorganization, recapitalization, non-cash dividend, share split, reverse share split or other similar transaction.

The payment for shares in respect of each VWAP Purchase under the Keystone Purchase Agreement will be settled on the third trading day immediately following the delivery of the shares to Keystone, which shall occur on the trading day immediately following the applicable VWAP Purchase Date.

The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, covenants, and indemnification and contribution obligations of the parties.

***Debt***

*February 2025 Private Placement of Senior Convertible Notes and Warrants*

On February 28, 2025, the Company, entered into the February 2025 Securities Purchase Agreement with certain institutional investors (the "February 2025 Investors"), pursuant to which the February 2025 Investors and the Company agreed to execute and deliver to the February 2025 Investors certain Senior Convertible Notes (the "March 2025 Notes") in the aggregate original principal amount of $1,300,000 and an aggregate purchase price of $1,000,000, and certain warrants (the "March 2025 Warrants") to initially purchase an aggregate of 81,840 Class A Ordinary Shares. On March 3, 2025, the closing of the February 2025 Securities Purchase Agreement occurred. In satisfaction of the conditions to closing, on March 3, 2025, the Company entered into a Registration Rights Agreement, dated as of March 3, 2025 (the "March 2025 Registration Rights Agreement"), with the February 2025 Investors, and issued the March 2025 Notes and the March 2025 Warrants to the February 2025 Investors.

February 2025 Securities Purchase Agreement

The February 2025 Securities Purchase Agreement contained the following provisions:

Until the earlier to occur of (a) the first date that the Class A Ordinary Shares underlying the March 2025 Notes and the March 2025 Warrants that were required to be included in the initial registration statement of the Company filed under the Securities Act covering the March 2025 Registrable Securities pursuant to the March 2025 Registration Rights Agreement (the "March 2025 Registrable Securities") was declared effective by the SEC (and each prospectus contained therein was available for use on such date) (the "Initial March 2025 Securities Registration Statement"), and (b) the first date on which all of the March 2025 Registrable Securities were eligible to be resold by the February 2025 Investors pursuant to Rule 144 under the Securities Act ("Rule 144") (or if (x) the Company failed for any reason to satisfy the requirements of Rule 144(c)(1), including, without limitation, the failure to satisfy the current public information requirement under Rule 144(c) or (y) the Company failed to satisfy any condition set forth in Rule 144(i)(2), if applicable (a "Current Public Information Failure"), the date such Current Public Information Failure was cured) (the "March 2025 Securities Applicable Date"), and at any time thereafter while any registration statement filed pursuant to the March 2025 Registration Rights Agreement ("March 2025 Securities Registration Statement") was not effective or the prospectus contained therein was not available for use or any Current Public Information Failure existed, the Company could not file a registration statement or offering statement under the Securities Act relating to securities that were not the March 2025 Registrable Securities, other than certain amendments or supplements to outstanding effective registration statements, registration statements on Form S-8, a registration statement registering for resale Class A Ordinary Shares pursuant to an equity line of credit offered to the lead February 2025 Investor ("Permitted ELOC"), or a registration statement required pursuant to the January 2025 Registration Rights Agreement. Pursuant to a Limited Waiver or Amended and Restated Limited Waiver, dated as of March 26, 2025, between each holder of the March 2025 Notes, each holder of the January 2025 Notes, and the Company (the "January/March 2025 Note Waivers"), the filing of a registration statement on Form F-3 (or amendment or supplement thereto) pursuant to Rule 415(a)(6) under the Securities Act was not subject to this restriction.

Until the 90<sup>th</sup> trading day after the March 2025 Securities Applicable Date and at any time thereafter while any March 2025 Securities Registration Statement was not effective or the prospectus contained therein was not available for use or any Current Public Information Failure existed (the "March 2025 Securities Restricted Period"), the Company could not directly or indirectly issue, offer, sell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, sale, grant of any option or right to purchase or other disposition of) any equity or debt security (a "March 2025 Securities Subsequent Placement"), subject to exceptions for a Permitted ELOC and certain customary exceptions. The February 2025 Securities Purchase Agreement waived the application of a similar prohibition in the January 2025 Purchase Agreement with respect to the transactions contemplated by the February 2025 Securities Purchase Agreement.

While any March 2025 Notes remained outstanding, the Company could not enter into a Variable Rate Transaction (as defined in the February 2025 Securities Purchase Agreement) other than a Permitted ELOC or a Permitted ATM (as defined in the February 2025 Securities Purchase Agreement). The February 2025 Securities Purchase Agreement waived the application of a similar prohibition under the January 2025 Purchase Agreement with respect to the transactions contemplated by the February 2025 Securities Purchase Agreement.

Until September 3, 2025, the February 2025 Investors had a right of first refusal as to 20% of any March 2025 Securities Subsequent Placement under the February 2025 Securities Purchase Agreement, based on the February 2025 Investors' pro rata portion of the aggregate original principal amount of the March 2025 Notes. The February 2025 Securities Purchase Agreement waived the application of a similar right under the January 2025 Purchase Agreement with respect to the transactions contemplated by the February 2025 Securities Purchase Agreement.

While any March 2025 Notes remained outstanding, the Company also could not (i) redeem or declare a dividend on any securities without prior written consent of the February 2025 Investors; or (ii) effect more than one reverse share split that would be required to maintain the Company's listing on Nasdaq without the prior written consent of the Required Holders.

While any of the March 2025 Notes or any of the March 2025 Warrants remained outstanding, the Company was required to reserve at least 150% of the sum of the maximum number of Class A Ordinary Shares (x) into which the March 2025 Notes could be converted, assuming that the March 2025 Notes were convertible at 80% of the lowest VWAP of the Class A Ordinary Shares during the five consecutive trading days immediately prior to the date on which the Company received written notice of a conversion from a holder (the "March 2025 Notes Alternate Conversion Price") assuming an Alternate Conversion Date (as defined in the March 2025 Notes) as of such applicable date of determination, and including interest through the date of maturity, and (y) issuable upon exercise of the March 2025 Warrants.

In addition, the February 2025 Securities Purchase Agreement provided that on or before April 2, 2025, unless extended with the Required Holders' written consent, the Company was required to obtain the consent of the assignee of the Lead Holder (as defined in the November 2023 Subscription Agreement) to the transactions contemplated by the February 2025 Securities Purchase Agreement and the specified transaction documents.

The February 2025 Securities Purchase Agreement provided that the Company was required to reimburse the lead February 2025 Investor a non-accountable amount of $35,000 for costs and expenses in connection with the transaction, including reasonable legal fees.

The February 2025 Securities Purchase Agreement provided that the Company could not disclose any material non-public information regarding the Company to any of the February 2025 Investors without its prior written consent.

The February 2025 Securities Purchase Agreement also waived in part certain requirements under the January 2025 Registration Rights Agreement, such that the initial registration statement required to be filed under the January 2025 Registration Rights Agreement was required to be filed no later than March 30, 2025, and was required to be declared effective by the SEC no later than 90 days after the date of the closing under the February 2025 Securities Purchase Agreement.

The February 2025 Securities Purchase Agreement also contained customary closing conditions, representations and warranties, covenants, indemnification provisions, and termination provisions.

March 2025 Notes

 

*General*. Two of the March 2025 Notes were issued in the aggregate original principal amount of $406,250 with an original issue discount of 20% for an aggregate purchase price of $325,000 and one of the March 2025 Notes was issued in the original principal amount of $893,750 with an original issue discount of approximately 24.48% for a purchase price of $675,000. On the date of the maturity of the March 2025 Notes, the Company was required to pay to the holders an amount in cash representing 100% of all outstanding principal, accrued and unpaid interest and unpaid late charges. The March 2025 Notes were convertible into Class A Ordinary Shares at any time at the option of the holders and, with respect to interest payments where certain conditions are met by the Company, were also subject to certain redemption rights of the holders and the Company, as described further below. Other than as described below, the Company generally could not prepay any portion of outstanding principal, accrued and unpaid interest or accrued and unpaid late charges under the March 2025 Notes.

 

*Ranking*. All payments due under the March 2025 Notes were senior to all other indebtedness of the Company, other than certain existing and other permitted debts.

 

*Maturity Date.* Unless converted or redeemed, the March 2025 Notes would mature on September 3, 2026, subject to such holder's right to extend such date in certain circumstances.

 

*Interest Rate.* The March 2025 Notes accrued interest at an annual rate equal to 8% per annum which was payable monthly in securities of the Company subject to the conditions described below, or, at the Company's option, in cash. Upon an event of default under the March 2025 Notes, the interest rate increased to 22% per annum until such default was cured.

 

*Late Charges.* The Company was required to pay late charges of 18% per annum on any amount of principal or other amounts that are not paid when due.

 

*Conversion at Option of Holder*. At any time after issuance, all amounts due under the March 2025 Notes were convertible at any time, in whole or in part, at the holder's option, into Class A Ordinary Shares at a price of $15.274 per share, subject to proportional adjustment upon the occurrence of any share split, share dividend, share combination or similar transaction (the "March 2025 Notes Conversion Price"). Upon a holder's conversion of a March 2025 Note, the amount of Class A Ordinary Shares into which such March 2025 Note was convertible was equal to the principal amount to be converted under such March 2025 Note plus any accrued and unpaid interest, and accrued and unpaid late charges on such principal and interest, if any.

 

*Alternate Optional Conversion*. From and after the occurrence of an event of default, a holder could alternatively elect to convert (a "March 2025 Notes Alternate Optional Conversion") such holder's March 2025 Notes into an amount of Class A Ordinary Shares equal to 115% of the converted dollar amount at the March 2025 Notes Alternate Conversion Price, which would be equal to the lowest of (a) the March 2025 Notes Conversion Price then in effect; and (b) the greater of (x) a floor price initially equal to $2.7755, as adjusted to equal 20% of the lower of the closing price or the average closing price for the five consecutive trading days immediately prior to every six-month anniversary of the issuance date of the March 2025 Notes, and any share split, share dividend, share combination or similar transaction (the "March 2025 Notes Floor Price"), and (y) 80% of the lowest VWAP of the Class A Ordinary Shares during the five consecutive trading days immediately prior to the date on which the Company received written notice of such conversion from such holder.

 

 

*Conversion of Interest at Option of Company*. For each required payment of interest, the Company could pay such interest by converting the interest amount and issuing a number of Class A Ordinary Shares (a "March 2025 Notes Interest Conversion") equal to the interest amount multiplied by a price equal to the lower of (i) the applicable March 2025 Notes Conversion Price as in effect, and (ii) the greater of (x) the March 2025 Notes Floor Price then in effect and (y) 90% of the lowest VWAP of the Class A Ordinary Shares during the seven consecutive trading days ending and including the trading day immediately preceding the applicable interest date (the "March 2025 Notes Interest Conversion Price"), so long as there was no Equity Conditions Failure (as defined in the March 2025 Notes).

 

*Limitations on Conversion*. The March 2025 Note holders did not have the right to convert any portion of any March 2025 Note to the extent that, after giving effect to such conversion, such holder (together with certain related parties) would beneficially own in excess of 4.99% (the "January/March 2025 Securities Maximum Percentage") of Class A Ordinary Shares outstanding immediately after giving effect to such conversion. The January/March 2025 Securities Maximum Percentage could be raised or lowered to any other percentage not in excess of 9.99%, at the option of each holder, provided that any increase would only be effective upon 61 days' prior written notice to the Company.

 

*Distribution Participation Rights*. If the Company issued options, convertible securities, warrants, shares, or similar securities or distributed assets pro rata to holders of the Class A Ordinary Shares, each of the March 2025 Note holders had the right to acquire the same as if such holder had converted such holder's March 2025 Notes in full, except that to the extent that such acquisition would result in such holder exceeding the January/March 2025 Securities Maximum Percentage, the securities or assets distribution to such holder would be held in abeyance until such distribution would not cause the January/March 2025 Securities Maximum Percentage to be exceeded.

 

*Floor Price Adjustment Payment*. If the March 2025 Notes Floor Price was applicable to a March 2025 Notes Alternate Optional Conversion or a March 2025 Notes Interest Conversion, the Company was required to pay the respective holder an amount in cash equal to the product of (x) the higher of (i) the highest price of the Class A Ordinary Shares on the trading day before the conversion and (ii) the applicable March 2025 Notes Alternate Conversion Price or March 2025 Notes Interest Conversion Price and (y) the difference obtained by subtracting (I) the number of Class A Ordinary Shares to be issued with respect to such March 2025 Notes Alternate Optional Conversion or March 2025 Notes Interest Conversion from (II) the quotient obtained by dividing (x) the applicable conversion amount or amount of interest by (y) the applicable March 2025 Notes Alternate Conversion Price or March 2025 Notes Interest Conversion Price without giving effect to the portion of the March 2025 Notes Alternate Conversion Price or the March 2025 Notes Interest Conversion Price, as applicable, relating to the March 2025 Notes Floor Price.

 

*Antidilution Rights*. The March 2025 Notes had full-ratchet antidilution rights, i.e., the March 2025 Notes Conversion Price would be reduced to equal any lower price per share of any securities issued by the Company, subject to certain customary exceptions, in the manner provided for in the March 2025 Notes. Under the January/March 2025 Note Waivers, these antidilution rights did not apply to Class A Ordinary Shares sold under an "at the market offering" (as defined in Rule 415(a)(4) under the Securities Act) between the Company and Wainwright, under which the Company could offer and sell to or through Wainwright, as sales agent, the Class A Ordinary Shares (the "Waived ATM"). The conversion price formulas and number of shares issuable upon conversion of the March 2025 Notes were also proportionately adjusted for any share split or reverse share split or similar event.

 

*Share Split Adjustments.* Upon any share split or reverse share split or similar event, the March 2025 Notes Conversion Price would be reduced to a price equal to the quotient determined by dividing (x) the sum of the VWAP of the Class A Ordinary Shares for each of the five trading days with the lowest VWAP of the Class A Ordinary Shares during the 15 consecutive trading days ending and including the trading day immediately preceding the 16th trading day after such event, divided by five.

 

*Applicable Date Adjustments*. On the 90th calendar day after the March 2025 Securities Applicable Date, the March 2025 Notes Conversion Price would be reduced to equal the lower of (i) the applicable March 2025 Notes Conversion Price as in effect on the applicable adjustment date, and (ii) the greater of (x) the March 2025 Notes Floor Price then in effect and (y) the lowest VWAP of the Class A Ordinary Shares during the 20 consecutive trading days ending and including the trading day immediately preceding the applicable adjustment date.

 

*Company Optional Redemption*. At any time, the Company could redeem in cash all, but not less than all, of the March 2025 Notes at a 15% redemption premium to the greater of (a) the amount then outstanding under the March 2025 Notes, and (b) the product of (1) the quotient of (A) the amount outstanding divided by (b) the March 2025 Notes Alternate Conversion Price then in effect multiplied by (2) the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding the redemption date and ending on the trading day immediately prior to the date the Company made the entire redemption payment.

 

 

*Change of Control Redemption.* Upon a Change of Control (as defined in the March 2025 Notes), the holder of any March 2025 Note could require the Company to redeem in cash all, or any portion, of such March 2025 Note at a 15% redemption premium to the greater of (a) the amount being redeemed, (b) the product of (x) the amount being redeemed multiplied by (y) the quotient determined by dividing (I) the greatest closing sale price of the Class A Ordinary Shares during the period beginning on the date immediately preceding the earlier to occur of (1) the consummation of the applicable Change of Control and (2) the public announcement of such Change of Control and ending on the date of such holder's Change of Control redemption notice by (II) the March 2025 Notes Conversion Price then in effect, and (c) the product of (x) the amount being redeemed multiplied by (y) the quotient of (I) the aggregate cash consideration and the aggregate cash value of any non-cash consideration per Class A Ordinary Share to be paid to the holders of the Class A Ordinary Shares upon consummation of such Change of Control (any such non-cash consideration constituting publicly-traded securities to be valued at the highest of the closing sale price of such securities as of the trading day immediately prior to the consummation of such Change of Control, the closing sale price of such securities on the trading day immediately following the public announcement of such proposed Change of Control and the closing sale price of such securities on the trading day immediately prior to the public announcement of such proposed Change of Control) divided by (II) the March 2025 Notes Conversion Price then in effect.

 

*Subsequent Placement Optional Redemption and Exchange Rights.* Upon the occurrence of a March 2025 Securities Subsequent Placement, subject to certain customary exceptions, the holder of any March 2025 Note could require the Company to redeem such March 2025 Note, in whole or in part, using the Holder Pro Rata Amount (as defined in the March 2025 Notes) of 25% (or, if such March 2025 Securities Subsequent Placement included sales during the March 2025 Securities Restricted Period of securities pursuant to any at-the-market offering, 30%, except as provided under the January/March 2025 Note Waivers, as described below) of the gross proceeds of such March 2025 Securities Subsequent Placement (the "March 2025 Securities Subsequent Placement Optional Redemption Right"). Upon exercise of the March 2025 Securities Subsequent Placement Optional Redemption Right, the Company was required to pay in cash at a price equal to 115% of the greater of (i) the amount being redeemed and (ii) the product of (1) the quotient of (A) the amount being redeemed divided by (b) the March 2025 Notes Alternate Conversion Price then in effect multiplied by (2) the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding notice of the redemption and ending on the trading day immediately prior to the date the Company made the entire required payment.

In addition, at the option of the holders of the March 2025 Notes, the Company was required to permit each of such holders to participate in the March 2025 Securities Subsequent Placement by exchanging all or any part of such holder's March 2025 Notes against the purchase price of the securities offered in the March 2025 Securities Subsequent Placement up to the March 2025 Securities Subsequent Placement redemption amount that would otherwise be paid to such holder (the "March 2025 Securities Subsequent Placement Exchange Right"). The aggregate amount of the securities to be issued to such holder in such exchange would be equal to 120% of the greater of (i) the amount being redeemed and (ii) the product of (1) the quotient of (A) the amount being redeemed divided by (b) the March 2025 Notes Alternate Conversion Price then in effect multiplied by (2) the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding notice of the redemption and ending on the trading day immediately prior to the consummation of such March 2025 Securities Subsequent Placement.

The January/March 2025 Note Waivers provided that the March 2025 Securities Subsequent Placement Optional Redemption Right and the March 2025 Securities Subsequent Placement Exchange Right would be waived with respect to the Waived ATM, and instead provided that 25% of the gross proceeds from any sale of securities pursuant to the Waived ATM must be used to redeem each of the March 2025 Notes at a premium of 120%.

 

*Asset Sale Redemption.* Upon the occurrence of certain asset sales, the holder of any March 2025 Note could require the Company to redeem such March 2025 Note, in whole or in part, using the Holder Pro Rata Amount of 25% of the net proceeds from such asset sale. Upon such redemption, the Company was required to pay in cash at a price equal to 115% of the greater of (i) the amount being redeemed and (ii) the product of (1) the quotient of (A) the amount being redeemed divided by (B) the March 2025 Notes Alternate Conversion Price then in effect multiplied by (2) the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding notice of the redemption and ending on the trading day immediately prior to the date the Company made the entire required payment.

 

*Event of Default Redemption*. Upon any event of default, each holder could require the Company to redeem in cash all or any portion of the amounts due under such holder's March 2025 Notes at a price equal to the greater of (i) the product of (A) the amount to be redeemed multiplied by (B) 115% and (ii) the product of (X) the quotient of (a) the amount to be redeemed divided by (b) the March 2025 Notes Alternate Conversion Price then in effect multiplied by (Y) the product of (1) 115% multiplied by (2) the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding such event of default and ending on the date the Company made the entire payment.

 

 

*Bankruptcy Event of Default Redemption*. Upon any event of default relating to the bankruptcy or similar event of the Company, the Company would be required to immediately pay each holder in cash all amounts due under such holder's March 2025 Notes at a 15% premium.

 

*Redemption Payment Failure*. In the event of a redemption by any holder of the March 2025 Notes and the Company does not pay the applicable redemption price to such holder within the time period required, at any time thereafter and until the Company paid such unpaid redemption price in full, such holder had the option, in lieu of redemption, to require the Company to promptly return to such holder all or any portion of such March 2025 Notes representing the amount that was submitted for redemption and for which the applicable redemption price (together with any late charges thereon) has not been paid. Upon the Company's receipt of such notice, (x) the applicable redemption notice would be null and void with respect to such redemption amount, (y) the Company was required to immediately return such March 2025 Notes, or issue new notes to such holder, and in each case the principal amount of such March 2025 Notes or such new notes was to be increased by an amount equal to the difference between (1) the applicable redemption price (as adjusted, if applicable) minus (2) the principal portion of the amount submitted for redemption and (z) the March 2025 Notes Conversion Price would be automatically adjusted with respect to each conversion effected thereafter by such holder to the lowest of (A) the March 2025 Notes Conversion Price as in effect on the date on which the applicable redemption notice was voided, (B) the greater of (i) the March 2025 Notes Floor Price then in effect and (ii) 75% of the lowest closing bid price of the Class A Ordinary Shares during the period beginning on and including the date on which the applicable redemption notice was delivered to the Company and ending on and including the date on which the applicable redemption notice was voided and (C) the greater of (x) the March 2025 Notes Floor Price then in effect and (y) 75% of the quotient of (I) the sum of the five lowest VWAPs of the Class A Ordinary Shares during the 20 consecutive trading days ending and including the applicable conversion date, divided by (II) five.

 

*Certain Covenants; Reservation of Shares*. While any March 2025 Notes were outstanding, the Company could not incur or guarantee any debts or liens, pay cash dividends or effect redemptions on its shares, make certain asset sales, or change the nature of its business, and was required to comply with certain other customary covenants. In addition, the Company was required to reserve at least 150% of the number of Class A Ordinary Shares into which the March 2025 Notes may be converted, assuming conversion by way of a March 2025 Notes Alternate Optional Conversion.

 

*Fundamental Transactions*. The Company could not enter into a Fundamental Transaction (as defined in the March 2025 Notes) unless the successor entity assumed all obligations of the Company under the March 2025 Notes and specified transaction documents. Prior to the occurrence of a Fundamental Transaction, the March 2025 Note holders had the right to (i) in addition to the Class A Ordinary Shares receivable upon any conversion, such securities or other assets to which such holders would have been entitled with respect to such Class A Ordinary Shares had such Class A Ordinary Shares been held by such holders upon the consummation of such Fundamental Transaction (without taking into account any limitations or restrictions on the convertibility of the March 2025 Notes), if any, or (ii) in lieu of the Class A Ordinary Shares otherwise receivable upon such conversion, such securities or other assets received by the holders of Class A Ordinary Shares in connection with the consummation of such Fundamental Transaction, if any, in such amounts as such holders would have been entitled to receive had the March 2025 Notes initially been issued with conversion rights for the form of such consideration (as opposed to Class A Ordinary Shares) at a conversion rate for such consideration commensurate with the number of Class A Ordinary Shares issuable upon conversion of the conversion amount by the March 2025 Notes Conversion Price.

 

*Penalty for Late Delivery of Shares Upon Conversion; Buy-In Payments*. The March 2025 Notes provided that if the Company failed to deliver Class A Ordinary Shares upon conversion of any March 2025 Notes when and as required, the Company was required to pay the holders of such March 2025 Notes an amount equal to 2% of the product of (A) the sum of the number of Class A Ordinary Shares not delivered to such holders by the required delivery date, multiplied by (B) any trading price of the Class A Ordinary Shares selected by such holders in writing as in effect at any time during the period beginning on the applicable conversion date and ending on the date that the shares were delivered. In addition, the March 2025 Notes provided that if any holder conducted a Buy-In (as defined in the March 2025 Notes) upon failure to deliver any Class A Ordinary Shares issuable upon conversion when and as required, the Company would be required to pay such holder the Buy-In Payment Amount (as defined in the March 2025 Notes).

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March 2025 Warrants

 

*Exercise Price*. The March 2025 Warrants were initially exercisable for cash at an exercise price equal to $15.274 per Class A Ordinary Share (the "March 2025 Warrants Exercise Price"), subject to adjustment as set forth therein.

 

*Antidilution Rights*. The March 2025 Warrants had full-ratchet antidilution rights, i.e., the March 2025 Warrants Exercise Price would be reduced to equal any lower price per share of any securities issued by the Company, subject to certain customary exceptions, in the manner provided for in the March 2025 Warrants. Under the January/March 2025 Note Waivers, these antidilution rights did not apply to Class A Ordinary Shares sold under the Waived ATM. The exercise price formulas and number of shares issuable upon exercise of the March 2025 Warrants would also be proportionately adjusted for any share split or reverse share split or similar event.

 

*Share Split Adjustments.* Upon any share split or reverse share split or similar event, the March 2025 Warrants Exercise Price would be reduced to a price equal to the quotient determined by dividing (x) the sum of the VWAP of the Class A Ordinary Shares for each of the five trading days with the lowest VWAP of the Class A Ordinary Shares during the 15 consecutive trading days ending and including the trading day immediately preceding the 16th trading day after such event, divided by five.

 

*Applicable Date Adjustments*. On the 90th calendar day after each March 2025 Securities Applicable Date, the March 2025 Warrants Exercise Price would be reduced to equal the lower of (i) the applicable March 2025 Warrants Exercise Price as in effect on the applicable adjustment date, and (ii) the greater of (x) the March 2025 Notes Floor Price then in effect and (y) the lowest VWAP of the Class A Ordinary Shares during the 20 consecutive trading days ending and including the trading day immediately preceding the applicable adjustment date.

 

*Number of Warrant Shares Adjustment*. In the event of any adjustment to the March 2025 Warrants Exercise Price, the number of Class A Ordinary Shares issuable upon the exercise of the March 2025 Warrants would also be adjusted so that the aggregate March 2025 Warrants Exercise Price would be the same immediately before and immediately after any such adjustment.

 

*Exercise Period*. The March 2025 Warrants were exercisable beginning on the issuance date of the March 2025 Warrants and expiring on the third anniversary of the issuance date.

 

*Cashless Exercise*. If at the time of exercise of any March 2025 Warrant, there was no effective registration statement registering the Class A Ordinary Shares underlying the March 2025 Warrants, such March 2025 Warrant could be exercised on a cashless basis pursuant to its terms.

 

*Limitations on Exercise*. The March 2025 Warrant holders did not have the right to exercise any portion of any March 2025 Warrant to the extent that, after giving effect to such exercise, such holder (together with certain related parties) would beneficially own in excess of the January/March 2025 Securities Maximum Percentage after giving effect to such exercise. The January/March 2025 Securities Maximum Percentage could be raised or lowered to any percentage not in excess of 9.99%, at the option of such holder, provided that any increase would only be effective upon 61 days' prior written notice to the Company.

 

*Distribution Participation Rights*. If the Company issued options, convertible securities, warrants, shares, or similar securities or distributes assets pro rata to holders of the Class A Ordinary Shares, each of the March 2025 Warrant holders would have the right to acquire the same as if such holder had exercised such holder's March 2025 Warrants in full, except that to the extent that such acquisition would result in such holder exceeding the January/March 2025 Securities Maximum Percentage, the securities or assets distribution to such holder would be held in abeyance until such distribution would not cause the January/March 2025 Securities Maximum Percentage to be exceeded.

 

*Reservation of Shares*. While any March 2025 Warrants were outstanding, the Company was required to reserve at least 150% of the maximum number of Class A Ordinary Shares as would be necessary to satisfy the Company's obligation to issue Class A Ordinary Shares under the March 2025 Warrants.

 

*Fundamental Transactions*. The Company could not enter into a Fundamental Transaction (as defined in the March 2025 Warrants) unless the successor entity assumed all obligations of the Company under the March 2025 Warrants and specified transaction documents. Upon a Fundamental Transaction, the March 2025 Warrant holders would thereafter have the right to receive upon an exercise such shares, securities, cash, assets or any other property which such holders would have been entitled to receive upon the happening of the Fundamental Transaction had such holders' March 2025 Warrants been exercised immediately prior to the Fundamental Transaction, if any.

 

 

*Change of Control Redemption Rights*. Upon the occurrence or public disclosure of a Change of Control (as defined in the March 2025 Warrants), each of the March 2025 Warrant holders had the right to require the Company to repurchase the unexercised portion of such holder's March 2025 Warrants for an amount of cash based on an option pricing model reasonably acceptable to such holder and the Company.

 

*Penalty for Late Delivery of Shares Upon Exercise; Buy-In Payments*. The March 2025 Warrants provided that if the Company failed to deliver Class A Ordinary Shares upon exercise of any March 2025 Warrants when and as required, the Company was required to pay the holders of such March 2025 Warrants an amount equal to 2% of the product of (A) the sum of the number of Class A Ordinary Shares not delivered to such holders by the required delivery date, multiplied by (B) any trading price of the Class A Ordinary Shares selected by such holders in writing as in effect at any time during the period beginning on the applicable exercise date and ending on the date that the shares were delivered. In addition, the March 2025 Warrants provided that if any holder conducted a Buy-In (as defined in the March 2025 Warrants) upon failure to deliver any Class A Ordinary Shares issuable upon exercise when and as required, the Company would be required to pay such holder the Buy-In Payment Amount (as defined in the March 2025 Warrants).

March 2025 Registration Rights Agreement

Under the March 2025 Registration Rights Agreement, the Company agreed to register the resale of the March 2025 Registrable Securities, which was the number of Class A Ordinary Shares equal to the product of 150% of the aggregate original principal amount of $1,300,000 outstanding under the March 2025 Notes as of March 24, 2025, divided by the March 2025 Notes Alternate Conversion Price as of the time of determination. The Company was required to file the Initial March 2025 Securities Registration Statement with the SEC within 45 calendar days after the date of the closing under the February 2025 Securities Purchase Agreement and to have the Initial March 2025 Securities Registration Statement declared effective by the SEC within 90 days after the date of such closing. If the number of Class A Ordinary Shares registered for resale on the Initial March 2025 Securities Registration Statement was deemed insufficient, the Company was required to file a new March 2025 Securities Registration Statement covering the deficient number within 15 days, taking into account any SEC staff position as to whether such March 2025 Securities Registration Statement would be permitted, and have such new Registration Statement declared effective within 90 days. The number of Class A Ordinary Shares registered for resale would be considered insufficient if at any time the number of Class A Ordinary Shares available for resale under the applicable March 2025 Securities Registration Statement was less than the product determined by multiplying (i) the March 2025 Registrable Securities as of such time by (ii) 0.90. Each March 2025 Securities Registration Statement was required to remain effective and available for the resale of all securities required to be registered for resale until all such securities were resold or such securities could be resold without restriction pursuant to Rule 144.

Upon a failure (a) to file a March 2025 Securities Registration Statement, (b) have a March 2025 Securities Registration Statement declared effective by the required date, (c) maintain the effectiveness of a March 2025 Securities Registration Statement, or (d) maintain the availability of the prospectus contained in a March 2025 Securities Registration Statement for use, then the Company was required to pay each February 2025 Investor an amount in cash equal to 1% of the original principal amount under such February 2025 Investor's March 2025 Note on the date of the failure, and every 30-day anniversary until the failure was cured.

The March 2025 Registration Rights Agreement also provided the February 2025 Investors certain piggyback registration rights if there was not an effective March 2025 Securities Registration Statement covering all of the securities that must be registered under the March 2025 Securities Registration Statement under the March 2025 Registration Rights Agreement.

The March 2025 Registration Rights Agreement also contained certain customary covenants and indemnification provisions.

*January 2025 Private Placement of Senior Convertible Notes and Warrants*

On January 10, 2025, the Company entered into the January 2025 Purchase Agreement with certain institutional investors (the "January 2025 Investors"), pursuant to which the January 2025 Investors and the Company agreed to execute and deliver to the January 2025 Investors the January 2025 Notes in the aggregate original principal amount of $1,231,250 and an aggregate purchase price of $1,025,000, and the January 2025 Warrants to initially purchase an aggregate of 2,292,040 Class A Ordinary Shares. On the same date, the closing under the January 2025 Purchase Agreement occurred. In satisfaction of the conditions to closing, on January 10, 2025, the Company entered into a Registration Rights Agreement, dated as of January 10, 2025 (the "January 2025 Registration Rights Agreement"), with the January 2025 Investors, and issued the January 2025 Notes and the January 2025 Warrants to the January 2025 Investors.

January 2025 Purchase Agreement

The January 2025 Purchase Agreement contained the following provisions:

Until the earlier to occur of (a) the first date that the Class A Ordinary Shares underlying the January 2025 Notes and the January 2025 Warrants that were required to be included on the initial registration statement of the Company filed under the Securities Act covering the January 2025 Registrable Securities pursuant to the January 2025 Registration Rights Agreement (the "January 2025 Registrable Securities") was declared effective by the SEC (and each prospectus contained therein is available for use on such date) (the "Initial January 2025 Securities Registration Statement"), and (b) the first date on which all of the January 2025 Registrable Securities were eligible to be resold by the January 2025 Investors pursuant to Rule 144 (or if a Current Public Information Failure occurred, the date such Current Public Information Failure was cured) (the "January 2025 Securities Applicable Date"), and at any time thereafter while any registration statement filed pursuant to the January 2025 Registration Rights Agreement ("January 2025 Securities Registration Statement") was not effective or the prospectus contained therein was not available for use or any Current Public Information Failure existed, the Company could not file a registration statement or offering statement under the Securities Act relating to securities that were not the January 2025 Registrable Securities, other than certain amendments or supplements to outstanding effective registration statements, registration statements on Form S-8, or a registration statement registering for resale Class A Ordinary Shares pursuant to a Permitted ELOC. Pursuant to the January/March 2025 Note Waivers, the filing of a registration statement on Form F-3 (or amendment or supplement thereto) pursuant to Rule 415(a)(6) under the Securities Act was not subject to this restriction.

Until the 90<sup>th</sup> trading day after the January 2025 Securities Applicable Date and at any time thereafter while any January 2025 Securities Registration Statement was not effective or the prospectus contained therein was not available for use or any Current Public Information Failure existed (the "January 2025 Securities Restricted Period"), the Company could not directly or indirectly issue, offer, sell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, sale, grant of any option or right to purchase or other disposition of) any equity or debt security (a "January 2025 Securities Subsequent Placement"), subject to exceptions for a Permitted ELOC and certain customary exceptions. Pursuant to the February 2025 Securities Purchase Agreement, the application of this prohibition was waived with respect to the transactions contemplated by the February 2025 Securities Purchase Agreement.

While any January 2025 Notes remained outstanding, the Company could not enter into a Variable Rate Transaction (as defined in the January 2025 Purchase Agreement) other than a Permitted ELOC or a Permitted ATM (as defined in the January 2025 Purchase Agreement). Pursuant to the February 2025 Securities Purchase Agreement, the application of this prohibition was waived with respect to the transactions contemplated by the February 2025 Securities Purchase Agreement.

Until July 10, 2025, the January 2025 Investors had a right of first refusal as to 20% of any January 2025 Securities Subsequent Placement under the January 2025 Purchase Agreement, based on the January 2025 Investors' pro rata portion of the aggregate original principal amount of the January 2025 Notes. Pursuant to the February 2025 Securities Purchase Agreement, the application of this right was waived with respect to the transactions contemplated by the February 2025 Securities Purchase Agreement.

While any January 2025 Notes remained outstanding, the Company also could not (i) redeem or declare a dividend on any securities without prior written consent of the January 2025 Investors; or (ii) effect more than one reverse share split that would be required to maintain the Company's listing on Nasdaq without the prior written consent of the Required Holders.

While any of the January 2025 Notes or any of the January 2025 Warrants remained outstanding, the Company was required to reserve at least 150% of the sum of the maximum number of Class A Ordinary Shares (x) into which the January 2025 Notes could be converted, assuming that the January 2025 Notes were convertible at 80% of the lowest VWAP of the Class A Ordinary Shares during the five consecutive trading days immediately prior to the date on which the Company received written notice of a conversion from a holder (the "January 2025 Notes Alternate Conversion Price") assuming an Alternate Conversion Date (as defined in the January 2025 Notes) as of such applicable date of determination, and including interest through the date of maturity, and (y) issuable upon exercise of the January 2025 Warrants.

In addition, the January 2025 Purchase Agreement provided that on or before February 9, 2025, unless extended with the Required Holders' written consent, the Company was required to obtain the consent of the assignee of the Lead Holder (as defined in the November 2023 Subscription Agreement) to the transactions contemplated by the January 2025 Purchase Agreement and the specified transaction documents.

The January 2025 Purchase Agreement provided that the Company would reimburse the lead January 2025 Investor a non-accountable amount of $75,000 for costs and expenses in connection with the transaction, including reasonable legal fees.

The January 2025 Purchase Agreement provided that the Company could not disclose any material non-public information regarding the Company to any of the January 2025 Investors without its prior written consent.

The January 2025 Purchase Agreement also contained customary closing conditions, representations and warranties, covenants, indemnification provisions, and termination provisions.

January 2025 Notes

*General*. Three of the January 2025 Notes were issued in the aggregate original principal amount of $796,875 with an original issue discount of 20% for an aggregate purchase price of $637,500, and one of the January 2025 Notes was issued in the original principal amount of $434,375 with an original issue discount of approximately 10.79% for a purchase price of $387,500. On the date of the maturity of the January 2025 Notes, the Company was required to pay to the holders an amount in cash representing 100% of all outstanding principal, accrued and unpaid interest and unpaid late charges. The January 2025 Notes were convertible into Class A Ordinary Shares at any time at the option of the holders and, with respect to interest payments where certain conditions are met, by the Company, and were also subject to certain redemption rights of the holders and the Company, as described further below. Other than as described below, the Company generally could not prepay any portion of outstanding principal, accrued and unpaid interest or accrued and unpaid late charges under the January 2025 Notes.

*Ranking*. All payments due under the January 2025 Notes were senior to all other indebtedness of the Company, other than certain existing and other permitted debts.

*Maturity Date.* Unless converted or redeemed, the January 2025 Notes would mature on July 10, 2026, subject to the holder's right to extend such date in certain circumstances.

*Interest Rate.* The January 2025 Notes accrued interest at an annual rate equal to 8% per annum which was payable monthly in securities of the Company subject to the conditions described below, or, at the Company's option, in cash. Upon an event of default under the January 2025 Notes, the interest rate increased to 22% per annum until such default was cured.

*Late Charges.* The Company was required to pay late charges of 18% per annum on any amount of principal or other amounts that are not paid when due.

*Conversion at Option of Holder*. At any time after issuance, all amounts due under the January 2025 Notes were convertible at any time, in whole or in part, at the holder's option, into Class A Ordinary Shares at a price of $19.565 per share, subject to proportional adjustment upon the occurrence of any share split, share dividend, share combination or similar transaction (the "January 2025 Notes Conversion Price"). Upon a holder's conversion of a January 2025 Note, the amount of Class A Ordinary Shares into which such January 2025 Note was convertible was equal to the principal amount to be converted under such January 2025 Note plus any accrued and unpaid interest, and accrued and unpaid late charges on such principal and interest, if any.

*Alternate Optional Conversion*. From and after the occurrence of an event of default, a holder could alternatively elect to convert (a "January 2025 Notes Alternate Optional Conversion") such holder's January 2025 Notes into an amount of Class A Ordinary Shares equal to 115% of the converted dollar amount at the January 2025 Notes Alternate Conversion Price, which would be equal to the lowest of (a) the January 2025 Notes Conversion Price then in effect; and (b) the greater of (x) a floor price initially equal to $3.913, as adjusted to equal 20% of the lower of the closing price or the average closing price for the five consecutive trading days immediately prior to every six-month anniversary of the issuance date of the January 2025 Notes (the "January 2025 Notes Floor Price"), and (y) 80% of the lowest VWAP of the Class A Ordinary Shares during the five consecutive trading days immediately prior to the date on which the Company received written notice of such conversion from such holder.

*Conversion of Interest at Option of Company*. For each required payment of interest, the Company could pay such interest by converting the interest amount and issuing a number of Class A Ordinary Shares (a "January 2025 Notes Interest Conversion") equal to the interest amount multiplied by a price equal to the lower of (i) the applicable January 2025 Notes Conversion Price as in effect, and (ii) the greater of (x) the January 2025 Notes Floor Price then in effect and (y) 90% of the lowest VWAP of the Class A Ordinary Shares during the seven consecutive trading days ending and including the trading day immediately preceding the applicable interest date (the "January 2025 Notes Interest Conversion Price"), so long as there was no Equity Conditions Failure (as defined in the January 2025 Notes).

*Limitations on Conversion*. The January 2025 Note holders did not have the right to convert any portion of any January 2025 Note to the extent that, after giving effect to such conversion, such holder (together with certain related parties) would beneficially own in excess of the January/March 2025 Securities Maximum Percentage of Class A Ordinary Shares outstanding immediately after giving effect to such conversion. The January/March 2025 Securities Maximum Percentage could be raised or lowered to any other percentage not in excess of 9.99%, at the option of each holder, provided that any increase would only be effective upon 61 days' prior written notice to the Company.

*Distribution Participation Rights*. If the Company issued options, convertible securities, warrants, shares, or similar securities or distributed assets pro rata to holders of the Class A Ordinary Shares, each of the January 2025 Note holders had the right to acquire the same as if such holder had converted such holder's January 2025 Notes in full, except that to the extent that such acquisition would result in such holder exceeding the January/March 2025 Securities Maximum Percentage, the securities or assets distribution to such holder would be held in abeyance until such distribution would not cause the January/March 2025 Securities Maximum Percentage to be exceeded.

*Floor Price Adjustment Payment*. If the January 2025 Notes Floor Price was applicable to a January 2025 Notes Alternate Optional Conversion or a January 2025 Notes Interest Conversion, the Company was required to pay the respective holder an amount in cash equal to the product of (x) the higher of (i) the highest price of the Class A Ordinary Shares on the trading day before the conversion and (ii) the applicable January 2025 Notes Alternate Conversion Price or January 2025 Notes Interest Conversion Price and (y) the difference obtained by subtracting (I) the number of Class A Ordinary Shares to be issued with respect to such January 2025 Notes Alternate Optional Conversion or January 2025 Notes Interest Conversion from (II) the quotient obtained by dividing (x) the applicable conversion amount or amount of interest by (y) the applicable January 2025 Notes Alternate Conversion Price or January 2025 Notes Interest Conversion Price without giving effect to the portion of the January 2025 Notes Alternate Conversion Price or the January 2025 Notes Interest Conversion Price, as applicable, relating to the January 2025 Notes Floor Price.

*Antidilution Rights*. The January 2025 Notes had full-ratchet antidilution rights, i.e., the January 2025 Notes Conversion Price would be reduced to equal any lower price per share of any securities issued by the Company, subject to certain customary exceptions, in the manner provided for in the January 2025 Notes. Under the January/March 2025 Note Waivers, these antidilution rights did not apply to Class A Ordinary Shares sold under the Waived ATM, or that are issued upon conversion of the March 2025 Notes or exercise of the March 2025 Warrants. The conversion price formulas and number of shares issuable upon conversion of the January 2025 Notes would also be proportionately adjusted for any share split or reverse share split or similar event.

*Share Split Adjustments.* Upon any share split or reverse share split or similar event, the January 2025 Notes Conversion Price would be reduced to a price equal to the quotient determined by dividing (x) the sum of the VWAP of the Class A Ordinary Shares for each of the five trading days with the lowest VWAP of the Class A Ordinary Shares during the 15 consecutive trading days ending and including the trading day immediately preceding the 16th trading day after such event, divided by five.

*Applicable Date Adjustments*. On the 90th calendar day after the January 2025 Securities Applicable Date, the January 2025 Notes Conversion Price would be reduced to equal the lower of (i) the applicable January 2025 Notes Conversion Price as in effect on the applicable adjustment date, and (ii) the greater of (x) the January 2025 Notes Floor Price then in effect and (y) the lowest VWAP of the Class A Ordinary Shares during the 20 consecutive trading days ending and including the trading day immediately preceding the applicable adjustment date.

*Company Optional Redemption*. At any time, the Company could redeem in cash all, but not less than all, of the January 2025 Notes at a 15% redemption premium to the greater of (a) the amount then outstanding under the January 2025 Notes, and (b) the product of (1) the quotient of (A) the amount outstanding divided by (b) the January 2025 Notes Alternate Conversion Price then in effect multiplied by (2) the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding the redemption date and ending on the trading day immediately prior to the date the Company made the entire redemption payment.

*Change of Control Redemption.* Upon a Change of Control (as defined in the January 2025 Notes), the holder of any January 2025 Note could require the Company to redeem in cash all, or any portion, of such January 2025 Note at a 15% redemption premium to the greater of (a) the amount being redeemed, (b) the product of (x) the amount being redeemed multiplied by (y) the quotient determined by dividing (I) the greatest closing sale price of the Class A Ordinary Shares during the period beginning on the date immediately preceding the earlier to occur of (1) the consummation of the applicable Change of Control and (2) the public announcement of such Change of Control and ending on the date of such holder's Change of Control redemption notice by (II) the January 2025 Notes Conversion Price then in effect, and (c) the product of (x) the amount being redeemed multiplied by (y) the quotient of (I) the aggregate cash consideration and the aggregate cash value of any non-cash consideration per Class A Ordinary Share to be paid to the holders of the Class A Ordinary Shares upon consummation of such Change of Control (any such non-cash consideration constituting publicly-traded securities to be valued at the highest of the closing sale price of such securities as of the trading day immediately prior to the consummation of such Change of Control, the closing sale price of such securities on the trading day immediately following the public announcement of such proposed Change of Control and the closing sale price of such securities on the trading day immediately prior to the public announcement of such proposed Change of Control) divided by (II) the January 2025 Notes Conversion Price then in effect.

*Subsequent Placement Optional Redemption and Exchange Rights.* Upon the occurrence of a January 2025 Securities Subsequent Placement, subject to certain customary exceptions, the holder of any January 2025 Note could require the Company to redeem such January 2025 Note, in whole or in part, using the Holder Pro Rata Amount (as defined in the January 2025 Notes) of 25% (or, if such January 2025 Securities Subsequent Placement included sales during the January 2025 Securities Restricted Period of securities pursuant to any at-the-market offering, 30%, except as provided under the January/March 2025 Note Waivers, as described below) of the gross proceeds of such January 2025 Securities Subsequent Placement (the "January 2025 Securities Subsequent Placement Optional Redemption Right"). Upon exercise of the January 2025 Securities Subsequent Placement Optional Redemption Right, the Company was required to pay in cash at a price equal to 115% of the greater of (i) the amount being redeemed and (ii) the product of (1) the quotient of (A) the amount being redeemed divided by (b) the January 2025 Notes Alternate Conversion Price then in effect multiplied by (2) the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding notice of the redemption and ending on the trading day immediately prior to the date the Company made the entire required payment.

In addition, at the option of the holders of the January 2025 Notes, the Company was required to permit each of such holders to participate in the January 2025 Securities Subsequent Placement by exchanging all or any part of such holder's January 2025 Notes against the purchase price of the securities offered in the January 2025 Securities Subsequent Placement up to the January 2025 Securities Subsequent Placement redemption amount that would otherwise be paid to such holder (the "January 2025 Securities Subsequent Placement Exchange Right"). The aggregate amount of the securities to be issued to such holder in such exchange would be equal to 120% of the greater of (i) the amount being redeemed and (ii) the product of (1) the quotient of (A) the amount being redeemed divided by (b) the January 2025 Notes Alternate Conversion Price then in effect multiplied by (2) the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding notice of the redemption and ending on the trading day immediately prior to the consummation of such January 2025 Securities Subsequent Placement.

The January/March 2025 Note Waivers provided that the January 2025 Securities Subsequent Placement Optional Redemption Right and the January 2025 Securities Subsequent Placement Exchange Right would be waived with respect to the Waived ATM, and instead provided that 25% of the gross proceeds from any sale of securities pursuant to the Waived ATM must be used to redeem each of the January 2025 Notes at a premium of 120%.

*Asset Sale Redemption.* Upon the occurrence of certain asset sales, the holder of any January 2025 Note could require the Company to redeem such January 2025 Note, in whole or in part, using the Holder Pro Rata Amount of 25% of the net proceeds from such asset sale. Upon such redemption, the Company must pay in cash at a price equal to 115% of the greater of (i) the amount being redeemed and (ii) the product of (1) the quotient of (A) the amount being redeemed divided by (B) the January 2025 Notes Alternate Conversion Price then in effect multiplied by (2) the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding notice of the redemption and ending on the trading day immediately prior to the date the Company made the entire required payment.

*Event of Default Redemption*. Upon any event of default, each holder could require the Company to redeem in cash all or any portion of the amounts due under such holder's January 2025 Notes at a price equal to the greater of (i) the product of (A) the amount to be redeemed multiplied by (B) 115% and (ii) the product of (X) the quotient of (a) the amount to be redeemed divided by (b) the January 2025 Notes Alternate Conversion Price then in effect multiplied by (Y) the product of (1) 115% multiplied by (2) the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding such event of default and ending on the date the Company made the entire payment.

*Bankruptcy Event of Default Redemption*. Upon any event of default relating to the bankruptcy or similar event of the Company, the Company would be required to immediately pay each holder in cash all amounts due under such holder's January 2025 Notes at a 15% premium.

*Redemption Payment Failure*. In the event of a redemption by any holder of the January 2025 Notes and the Company does not pay the applicable redemption price to such holder within the time period required, at any time thereafter and until the Company paid such unpaid redemption price in full, such holder had the option, in lieu of redemption, to require the Company to promptly return to such holder all or any portion of such January 2025 Notes representing the amount that was submitted for redemption and for which the applicable redemption price (together with any late charges thereon) has not been paid. Upon the Company's receipt of such notice, (x) the applicable redemption notice would be null and void with respect to such redemption amount, (y) the Company was required to immediately return such January 2025 Notes, or issue new notes to such holder, and in each case the principal amount of such January 2025 Notes or such new notes was to be increased by an amount equal to the difference between (1) the applicable redemption price (as adjusted, if applicable) minus (2) the principal portion of the amount submitted for redemption and (z) the January 2025 Notes Conversion Price would be automatically adjusted with respect to each conversion effected thereafter by such holder to the lowest of (A) the January 2025 Notes Conversion Price as in effect on the date on which the applicable redemption notice was voided, (B) the greater of (i) the January 2025 Notes Floor Price then in effect and (ii) 75% of the lowest closing bid price of the Class A Ordinary Shares during the period beginning on and including the date on which the applicable redemption notice is delivered to the Company and ending on and including the date on which the applicable redemption notice was voided and (C) the greater of (x) the January 2025 Notes Floor Price then in effect and (y) 75% of the quotient of (I) the sum of the five lowest VWAPs of the Class A Ordinary Shares during the 20 consecutive trading days ending and including the applicable conversion date, divided by (II) five.

*Certain Covenants; Reservation of Shares*. While any January 2025 Notes were outstanding, the Company could not incur or guarantee any debts or liens, pay cash dividends or effect redemptions on its shares, make certain asset sales, or change the nature of its business, and was required to comply with certain other customary covenants. In addition, the Company was required to reserve at least 150% of the number of Class A Ordinary Shares into which the January 2025 Notes may be converted, assuming conversion by way of a January 2025 Notes Alternate Optional Conversion.

*Fundamental Transactions*. The Company could not enter into a Fundamental Transaction (as defined in the January 2025 Notes) unless the successor entity assumed all obligations of the Company under the January 2025 Notes and specified transaction documents. Prior to the occurrence of a Fundamental Transaction, the January 2025 Note holders had the right to (i) in addition to the Class A Ordinary Shares receivable upon any conversion, such securities or other assets to which such holders would have been entitled with respect to such Class A Ordinary Shares had such Class A Ordinary Shares been held by such holders upon the consummation of such Fundamental Transaction (without taking into account any limitations or restrictions on the convertibility of the January 2025 Notes), if any, or (ii) in lieu of the Class A Ordinary Shares otherwise receivable upon such conversion, such securities or other assets received by the holders of Class A Ordinary Shares in connection with the consummation of such Fundamental Transaction, if any, in such amounts as such holders would have been entitled to receive had the January 2025 Notes initially been issued with conversion rights for the form of such consideration (as opposed to Class A Ordinary Shares) at a conversion rate for such consideration commensurate with the number of Class A Ordinary Shares issuable upon conversion of the conversion amount by the January 2025 Notes Conversion Price.

*Penalty for Late Delivery of Shares Upon Conversion; Buy-In Payments*. The January 2025 Notes provided that if the Company failed to deliver Class A Ordinary Shares upon conversion of any January 2025 Notes when and as required, the Company was required to pay the holders of such January 2025 Notes an amount equal to 2% of the product of (A) the sum of the number of Class A Ordinary Shares not delivered to such holders by the required delivery date, multiplied by (B) any trading price of the Class A Ordinary Shares selected by such holders in writing as in effect at any time during the period beginning on the applicable conversion date and ending on the date that the shares were delivered. In addition, the January 2025 Notes provided that if any holder conducted a Buy-In (as defined in the January 2025 Notes) upon failure to deliver any Class A Ordinary Shares issuable upon conversion when and as required, the Company would be required to pay such holder the Buy-In Payment Amount (as defined in the January 2025 Notes).

January 2025 Warrants

*Exercise Price*. The January 2025 Warrants were initially exercisable for cash at an exercise price equal to $19.565 per Class A Ordinary Share (the "January 2025 Warrants Exercise Price"), subject to adjustment as set forth therein.

*Antidilution Rights*. The January 2025 Warrants had full-ratchet antidilution rights, i.e., the January 2025 Warrants Exercise Price would be reduced to equal any lower price per share of any securities issued by the Company, subject to certain customary exceptions, in the manner provided for in the January 2025 Warrants. Under the January/March 2025 Note Waivers, these antidilution rights did not apply to Class A Ordinary Shares sold under the Waived ATM. The exercise price formulas and number of shares issuable upon exercise of the January 2025 Warrants would also be proportionately adjusted for any share split or reverse share split or similar event.

*Share Split Adjustments.* Upon any share split or reverse share split or similar event, the January 2025 Warrants Exercise Price would be reduced to a price equal to the quotient determined by dividing (x) the sum of the VWAP of the Class A Ordinary Shares for each of the five trading days with the lowest VWAP of the Class A Ordinary Shares during the 15 consecutive trading days ending and including the trading day immediately preceding the 16th trading day after such event, divided by five.

*Applicable Date Adjustments*. On the 90th calendar day after each January 2025 Securities Applicable Date, the January 2025 Warrants Exercise Price would be reduced to equal the lower of (i) the applicable January 2025 Warrants Exercise Price as in effect on the applicable adjustment date, and (ii) the greater of (x) the January 2025 Notes Floor Price then in effect and (y) the lowest VWAP of the Class A Ordinary Shares during the 20 consecutive trading days ending and including the trading day immediately preceding the applicable adjustment date.

*Number of Warrant Shares Adjustment*. In the event of any adjustment to the January 2025 Warrants Exercise Price, the number of Class A Ordinary Shares issuable upon the exercise of the January 2025 Warrants would also be adjusted so that the aggregate January 2025 Warrants Exercise Price would be the same immediately before and immediately after any such adjustment.

*Exercise Period*. The January 2025 Warrants were exercisable beginning on the issuance date of the January 2025 Warrants and expiring on the third anniversary of the issuance date.

*Cashless Exercise*. If at the time of exercise of any January 2025 Warrant, there was no effective registration statement registering the Class A Ordinary Shares underlying the January 2025 Warrants, such January 2025 Warrant could be exercised on a cashless basis pursuant to its terms.

*Limitations on Exercise*. The January 2025 Warrant holders did not have the right to exercise any portion of any January 2025 Warrant to the extent that, after giving effect to such exercise, such holder (together with certain related parties) would beneficially own in excess of the January/March 2025 Securities Maximum Percentage after giving effect to such exercise. The January/March 2025 Securities Maximum Percentage could be raised or lowered to any percentage not in excess of 9.99%, at the option of such holder, provided that any increase would only be effective upon 61 days' prior written notice to the Company.

*Distribution Participation Rights*. If the Company issued options, convertible securities, warrants, shares, or similar securities or distributes assets pro rata to holders of the Class A Ordinary Shares, each of the January 2025 Warrant holders would have the right to acquire the same as if such holder had exercised such holder's January 2025 Warrants in full, except that to the extent that such acquisition would result in such holder exceeding the January/March 2025 Securities Maximum Percentage, the securities or assets distribution to such holder would be held in abeyance until such distribution would not cause the January/March 2025 Securities Maximum Percentage to be exceeded.

*Reservation of Shares*. While any January 2025 Warrants were outstanding, the Company was required to reserve at least 150% of the maximum number of Class A Ordinary Shares as would be necessary to satisfy the Company's obligation to issue Class A Ordinary Shares under the January 2025 Warrants.

*Fundamental Transactions*. The Company could not enter into a Fundamental Transaction (as defined in the January 2025 Warrants) unless the successor entity assumed all obligations of the Company under the January 2025 Warrants and specified transaction documents. Upon a Fundamental Transaction, the January 2025 Warrant holders would thereafter have the right to receive upon an exercise such shares, securities, cash, assets or any other property which such holders would have been entitled to receive upon the happening of the Fundamental Transaction had such holders' January 2025 Warrants been exercised immediately prior to the Fundamental Transaction, if any.

*Change of Control Redemption Rights*. Upon the occurrence or public disclosure of a Change of Control (as defined in the January 2025 Warrants), each of the January 2025 Warrant holders had the right to require the Company to repurchase the unexercised portion of such holder's January 2025 Warrants for an amount of cash based on an option pricing model reasonably acceptable to such holder and the Company.

*Penalty for Late Delivery of Shares Upon Exercise; Buy-In Payments*. The January 2025 Warrants provided that if the Company failed to deliver Class A Ordinary Shares upon exercise of any January 2025 Warrants when and as required, the Company was required to pay the holders of such January 2025 Warrants an amount equal to 2% of the product of (A) the sum of the number of Class A Ordinary Shares not delivered to such holders by the required delivery date, multiplied by (B) any trading price of the Class A Ordinary Shares selected by such holders in writing as in effect at any time during the period beginning on the applicable exercise date and ending on the date that the shares were delivered. In addition, the January 2025 Warrants provided that if any holder conducted a Buy-In (as defined in the January 2025 Warrants) upon failure to deliver any Class A Ordinary Shares issuable upon exercise when and as required, the Company would be required to pay such holder the Buy-In Payment Amount (as defined in the January 2025 Warrants).

January 2025 Registration Rights Agreement

Under the January 2025 Registration Rights Agreement, the Company agreed to register the resale of the January 2025 Registrable Securities, which was the number of Class A Ordinary Shares equal to the product of 150% of the aggregate original principal amount of $1,231,250 outstanding under the January 2025 Notes, divided by the January 2025 Notes Alternate Conversion Price as of the time of determination. The Company was initially required to file the Initial January 2025 Securities Registration Statement with the SEC within 45 calendar days after the date of the closing under the January 2025 Purchase Agreement and to have the Initial January 2025 Securities Registration Statement declared effective by the SEC within 90 days after the date of such closing. Pursuant to the February 2025 Securities Purchase Agreement, this requirement was waived in part such that the Initial January 2025 Securities Registration Statement was required to be filed no later than March 30, 2025, and declared effective by the SEC no later than 90 days after the date of the closing under the February 2025 Securities Purchase Agreement. If the number of Class A Ordinary Shares registered for resale on the Initial January 2025 Securities Registration Statement was deemed insufficient, the Company was required to file a new January 2025 Securities Registration Statement covering the deficient number within 15 days, taking into account any SEC staff position as to whether such January 2025 Securities Registration Statement would be permitted, and have such new Registration Statement declared effective within 90 days. The number of Class A Ordinary Shares registered for resale would be considered insufficient if at any time the number of Class A Ordinary Shares available for resale under the applicable January 2025 Securities Registration Statement was less than the product determined by multiplying (i) the January 2025 Registrable Securities as of such time by (ii) 0.90. Each January 2025 Securities Registration Statement was required to remain effective and available for the resale of all securities required to be registered for resale until all such securities were resold or such securities could be resold without restriction pursuant to Rule 144.

Upon a failure (a) to file a January 2025 Securities Registration Statement, (b) have a January 2025 Securities Registration Statement declared effective by the required date, (c) maintain the effectiveness of a January 2025 Securities Registration Statement, or (d) maintain the availability of the prospectus contained in a January 2025 Securities Registration Statement for use, then the Company was required to pay each January 2025 Investor an amount in cash equal to 1% of the original principal amount under such January 2025 Investor's January 2025 Note on the date of the failure, and every 30-day anniversary until the failure was cured.

The January 2025 Registration Rights Agreement also provided the January 2025 Investors certain piggyback registration rights if there was not an effective January 2025 Securities Registration Statement covering all of the securities that must be registered under the January 2025 Securities Registration Statement under the January 2025 Registration Rights Agreement.

The January 2025 Registration Rights Agreement also contained certain customary covenants and indemnification provisions.

*Conversion of January 2025 Notes and March 2025 Notes*

On July 22, 2025, the holders of the January 2025 Notes and the March 2025 Notes submitted conversion notices to convert the entire aggregate outstanding balance of $2,868,759 into an aggregate of 545,714 Class A Ordinary Shares at a conversion price per share of $4.65. The conversion price per share was based on the investors' interpretation of the application of a conversion price adjustment provision in the January 2025 Notes and the March 2025 Notes to the Company's one-for-35 share consolidation of the Class A Ordinary Shares, which became legally effective at 5:00 PM Eastern Time on July 11, 2025. Pursuant to such conversion notices, the Company issued an aggregate of 492,714 Class A Ordinary Shares, and held 53,000 Class A Ordinary Shares in abeyance pending the filing of a prospectus supplement to the Company's prospectus dated June 12, 2025 relating to the offer and sale of the Class A Ordinary Shares underlying the January 2025 Notes and the March 2025 Notes (Registration No. 333-286198) to reflect the purchase of one of the January 2025 Notes from one of the January 2025 Investors by another January 2025 Investor.

*July 2025 Private Placement*

On July 22, 2025, the Company entered into a Securities Purchase Agreement, dated as of July 22, 2025 (the "July 2025 Securities Purchase Agreement"), with certain investors (the "July 2025 Investors"), pursuant to which the Company agreed to issue and sell the following securities to the July 2025 Investors: (i) an aggregate of 269,459 Class A Ordinary Shares, (ii) pre-funded warrants to purchase an aggregate of 541,706 Class A Ordinary Shares at an exercise price of $0.0035 per share (the "July 2025 Pre-Funded Warrants"), (iii) warrants to purchase an aggregate of 1,622,330 Class A Ordinary Shares at an exercise price of $4.926 per share (the "July 2025 Market Price Warrants"), and (iv) warrants to purchase an aggregate of 811,165 Class A Ordinary Shares at an exercise price of $9.852 per share (the "200% Warrants" and together with the July 2025 Pre-Funded Warrants and the July 2025 Market Price Warrants, the "July 2025 Warrants"), for aggregate gross proceeds of $4,300,000.

The July 2025 Pre-Funded Warrants were exercisable immediately and could be exercised at any time until all of the July 2025 Pre-Funded Warrants were exercised in full, subject to the beneficial ownership limitation described below. The July 2025 Market Price Warrants and the 200% Warrants were exercisable immediately and had a term of exercise equal to three years from the date of the closing under the July 2025 Securities Purchase Agreement (the "July 2025 Closing Date"), subject to the beneficial ownership limitation described below.

The July 2025 Warrants could only be exercised on a cashless basis if there was no registration statement registering, or the prospectus contained therein was not available for, the resale of the Class A Ordinary Shares underlying the July 2025 Warrants. A July 2025 Warrant could not be exercised to the extent that such exercise would result in the number of Class A Ordinary Shares beneficially owned by the holder and its affiliates exceeding 4.99%, or, if elected by the holder upon 61 days' notice, 9.99%, of the total number of Class A Ordinary Shares outstanding immediately after giving effect to the exercise.

The July 2025 Securities Purchase Agreement required the Company to use the net proceeds from the sale of the Class A Ordinary Shares and the July 2025 Warrants under the July 2025 Securities Purchase Agreement to repay in full any indebtedness owed pursuant to each of the January 2025 Notes and the March 2025 Notes). Any balance remaining was required to be used for general corporate and working capital purposes and to pay any fees and expenses in connection with the transactions contemplated by the July 2025 Securities Purchase Agreement.

The July 2025 Securities Purchase Agreement required that prior to closing, the Company must obtain (i) a written waiver from each holder of the January 2025 Notes and the March 2025 Notes of any participation rights, pre-emptive rights, or similar rights that would otherwise apply to the transactions contemplated under the July 2025 Securities Purchase Agreement, and (ii) an acknowledgment from each holder of the January 2025 Notes and the March 2025 Notes that the antidilution provisions contained in any outstanding Company warrants held by each holder of the January 2025 Notes and the March 2025 Notes shall not be applicable to the transactions contemplated under the July 2025 Securities Purchase Agreement. The July 2025 Securities Purchase Agreement also contained customary closing conditions.

In addition, the Company was required to file a registration statement with the SEC within 15 days following the July 2025 Closing Date to register the resale of the Class A Ordinary Shares and Class A Ordinary Shares issuable upon exercise of the July 2025 Warrants, and to use commercially reasonable efforts to have such registration statement declared effective by the SEC as promptly as practicable, and no later than 90 calendar days following the July 2025 Closing Date. The Company will be required to maintain the effectiveness of such registration statement for so long as any Class A Ordinary Shares issued pursuant to the July 2025 Securities Purchase Agreement remain outstanding or issuable pursuant to the July 2025 Warrants and are not freely tradable without restriction under Rule 144 promulgated under the Securities Act. The Company will be responsible for all fees and expenses incurred in connection with such registration requirements.

The July 2025 Securities Purchase Agreement contains customary representations, warranties, covenants, and indemnification obligations of the contracting parties. These representations, warranties and covenants were made only for purposes of the July 2025 Securities Purchase Agreement and as of specific dates, were solely for the benefit of the contracting parties and may be subject to limitations agreed upon by the contracting parties.

*Notes Redemption, Warrants Cancellation and Exchange, Limited Waiver, Consent and Release Agreement*

In connection with the July 2025 Securities Purchase Agreement, on July 22, 2025, the Company entered into a Notes Redemption, Warrants Cancellation and Exchange, Limited Waiver, Consent and Release Agreement, dated as of July 22, 2025 (collectively, the "Redemption Agreements"), between the Company and each of the January 2025 Investors and March 2025 Investors. Pursuant to the Redemption Agreements, the Company agreed to redeem each of the January 2025 Notes and March 2025 Notes, to the extent not previously converted or repaid, upon or within one business day after the closing under the July 2025 Securities Purchase Agreement. The Redemption Agreement provided that upon receipt of the redemption price, the January 2025 Investors and March 2025 Investors must surrender the January 2025 Notes and March 2025 Notes for cancellation, and all rights and obligations under the January 2025 Notes and March 2025 Notes will terminate. As a result of the prior conversion in full of the January 2025 Notes and March 2025 Notes on or around July 22, 2025, no indebtedness remained under the January 2025 Notes and March 2025 Notes, and the redemption price under the Redemption Agreements was $0.

The Redemption Agreements further provided for the cancellation of each of the January 2025 Warrants and March 2025 Warrants, and the exchange of the January 2025 Warrants and March 2025 Warrants for new warrants to purchase Class A Ordinary Shares (the "Replacement July 2025 Warrants"), pursuant to Section 3(a)(9) under the Securities Act. The Replacement July 2025 Warrants may be exercised to purchase 294,658 Class A Ordinary Shares in aggregate, and will expire on the same date that the respective January 2025 Warrants and March 2025 Warrants expired, which will be either January 10, 2028 or March 3, 2028, as set forth on Schedule A to the Redemption Agreements. The Replacement July 2025 Warrants may be exercised as a Cashless Exercise (as defined in the Replacement July 2025 Warrants) only if a registration statement covering the resale of the Class A Ordinary Shares issuable upon exercise of the Replacement July 2025 Warrants is not effective or the prospectus contained therein is not available for use. Each holder of the Replacement July 2025 Warrants shall not have the right to exercise any portion of any Replacement July 2025 Warrants to the extent that, after giving effect to such exercise, such holder (together with certain related parties) would beneficially own in excess of 4.99% after giving effect to such exercise. Such percentage may be raised or lowered to any percentage not in excess of 9.99%, at the option of such holder, provided that any increase will only be effective upon 61 days' prior written notice to the Company.

Additionally, the January 2025 Investors and March 2025 Investors waived and released claims relating to certain rights, restrictions, and conditions under the January 2025 Securities Purchase Agreement and the February 2025 Securities Purchase Agreement, with respect to any Subsequent Placements (as defined in the January 2025 Securities Purchase Agreement and the February 2025 Securities Purchase Agreement), redemptions, cash dividends, share splits, reverse share splits, and any other subsequent transactions of the Company, and omissions from performing any remaining post-closing conditions under the January 2025 Securities Purchase Agreement and the February 2025 Securities Purchase Agreement, without being subject to any price-based antidilution adjustments, resets, or similar effects, participation rights, or cash payment requirements upon changes of control, including any change of control redemption rights (the "2025 Notes Waived Matters"). In addition, the January 2025 Investors and March 2025 Investors waived and released claims relating to the requirement for the Company to make certain payments from proceeds of the Company's at-the-market offering under the January/March 2025 Note Waivers.

*December 2025 Warrant Exchange Agreement*

On December 5, 2025, the Company entered into a Warrants Cancellation and Exchange Agreement, dated as of December 5, 2025 (the "Warrant Exchange Agreement"), between the Company and each of the July 2025 Investors. The Warrant Exchange Agreement provides for (i) the surrender and cancellation of each of the July 2025 Pre-Funded Warrants, the July 2025 Pre-Funded Warrants, the July 2025 Market Price Warrants and the July 2025 200% Price Warrants, and (ii) the exchange of the July 2025 Warrants for new warrants (collectively, the "December 2025 Warrants") to purchase Class A Ordinary Shares pursuant to Section 3(a)(9) under the Securities Act of 1933, as amended.

The December 2025 Warrants consist of the following: (i) pre-funded warrants to purchase an aggregate of 475,267 Class A Ordinary Shares at an exercise price of $0.0035 per share (the "December 2025 Pre-Funded Warrants"), (ii) warrants to purchase an aggregate of 1,622,330 Class A Ordinary Shares at an exercise price of $3.50 per share (the "$3.50 Warrants"), and (ii) warrants to purchase an aggregate of 811,165 Class A Ordinary Shares at an exercise price of $5.00 per share (the "$5.00 Warrants"). Each of the December 2025 Pre-Funded Warrants was issued in exchange for the respective July 2025 Investor's Old Pre-funded Warrant; each of the $3.50 Warrants was issued in exchange for the respective July 2025 Investor's Market Price Warrant; and each of the $5.00 Warrants was issued in exchange for the respective July 2025 Investor's $9.852 Warrant. Each of the December 2025 Warrants is exercisable for the same number of Class A Ordinary Shares as the respective July 2025 Warrants.

The $3.50 Warrants and the 5.00 Warrants may be exercised until July 28, 2025, which is the same date that the $4.926 Warrants and the $9.852 Warrants would have terminated; and the December 2025 Pre-Funded Warrants, like the Pre-Funded Warrants, may be exercised until exercised in full. Like the July 2025 Warrants, each of the December 2025 Warrants may not be exercised to the extent that, after giving effect to such exercise, its holder (together with any of its affiliates) would beneficially own in excess of 4.99% of Class A Ordinary Shares outstanding immediately after giving effect to such exercise. This beneficial ownership limitation may be raised or lowered to any other percentage not in excess of 9.99%, at the option of each holder, provided that any increase will only be effective upon 61 days' prior written notice to the Company. The exercise prices of the December 2025 Warrants are subject to customary adjustments.

Each of the $3.50 Warrants and the $5.00 Warrants may be exercised to purchase pre-funded warrants in lieu of Class A Common Shares at the applicable exercise price less $0.0035 per Class A Ordinary Share. The December 2025 Warrants may not be exercised on a cashless exercise basis. The December 2025 Warrants do not contain certain provisions requiring payments to the July 2025 Investors for failure to deliver Class A Ordinary Shares within a certain period upon exercise of the December 2025 Warrants. In addition, certain provisions providing certain other rights to the July 2025 Investors that were contained in the July 2025 Warrants are omitted from or reduced in the December 2025 Warrants.

*May 2024 Convertible Note*

On November 21, 2023, the Company entered into the November 2023 Subscription Agreement, pursuant to which the November 2023 Investors agreed to subscribe for convertible promissory notes in the aggregate principal amount of up to $20 million, in tranches based on certain requirements and subject to the satisfaction of certain conditions as set forth in the November 2023 Subscription Agreement.

Pursuant to the November 2023 Subscription Agreement, on May 7, 2024, the Company issued the May 2024 Note for principal of $1,150,000, and a warrant to purchase an aggregate of 208,582 Class A Ordinary Shares with an exercise price of $1.654 per share.

The May 2024 Note was issued with an original issue discount of 2%. On the second anniversary of the date of issuance of the May 2024 Note, the Company will be required to pay to the holder an amount in cash representing 100% of all outstanding principal and accrued and unpaid interest. The May 2024 Note initially accrued interest at 4.00% per annum over the Secured Overnight Financing Rate (SOFR).

Holders of the May 2024 Note may convert all or any portion of the outstanding principal, interest and late fees if any, into a number of Class A Ordinary Shares at a conversion rate determined by dividing (x) the conversion amount by (y) the higher of (i) the May 2024 Note Minimum Conversion Price (as defined below) and (ii) 90% of the VWAP of the Class A Ordinary Shares on a day selected by the holder out of the five trading days immediately prior to the date of conversion. The "May 2024 Note Minimum Conversion Price" will be $0.40 provided that if at any time while the May 2024 Note is outstanding, the three-day VWAP of the Class A Ordinary Shares is less than $0.40, then the May 2024 Note Minimum Conversion Price shall thereafter equal $0.10.

The May 2024 Note provides for certain customary events of default, including, among other things, the instituting of bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors by or against the Company or any subsidiary (a "May 2024 Note Bankruptcy Event of Default").

In connection with a May 2024 Note Bankruptcy Event of Default, the Company will be required to promptly pay to the holder an amount in cash representing (i) all outstanding principal, unpaid interest and unpaid late charges on such principal and interest accrued up to the date of redemption, multiplied by (ii) 125%, in addition to any and all other amounts due, without the requirement for any notice or demand or other action by the holder or any other person or entity, provided that the holder may, in its sole discretion, waive such right to receive payment upon a May 2024 Note Bankruptcy Event of Default, in whole or in part, and any such waiver would not affect any other rights of the holder.

On November 11, 2024, Fusion Fuel Portugal filed for insolvency in the civil court of Sintra, Portugal. As a result of the commencement of the insolvency proceedings, on November 11, 2024, a May 2024 Note Bankruptcy Event of Default may be deemed to have occurred under the terms of the May 2024 Note. As a result of the Bankruptcy Event of Default, the Company became liable to immediately repay in cash the holder of the May 2024 Note at least $175,000, and the May 2024 Note will accrue interest at a rate of 18.0% per annum.

As of May 1, 2025, a total of $185,956 in principal and accrued interest under the May 2024 Note had been converted into an aggregate of 23,848 Class A Ordinary Shares, and no balance remained outstanding under the May 2024 Note.

*Debt of Quality Industrial Corp.*

As of December 31, 2025, the debt obligations of QIND consisted of the following:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lender** | **Date of Issue** | **Maturity Date** | **Principal Amount (€)** | **Initial Interest Rate**<br> **(%)** | **Interest Accrued** <br> **(€)** | **Default Interest Rate**<br> **(%)** | **Default Interest**<br> **Accrued**<br> **(€)** | **Amount Repaid** <br> **(€)** | **Amount Converted** <br> **(€)** | **Principal Outstanding** <br> **(€)**  | **Total Balance Remaining**<br> **(€)** |
| RB Capital Partners Inc. | August 3, 2022 | August 3, 2024 | 937287 | 7% | 224153 |  |  |  | -<sup>(1)</sup> | 937287 | 1161367 |
| RB Capital Partners Inc. | March 17, 2023 | March 16, 2025 | 170416 | 7% | 33173 |  |  | 27867 | -<sup>(2)</sup> | 142543 | 175721 |
| Jefferson Street Capital LLC | May 23, 2023 | February 23, 2024 | 187457 | 6.5% | 8694 | 15% | 105614 |  | 205773<sup>(3)</sup> | 87299 | 95991 |
| Sky Holdings Ltd | June 16, 2023 | December 16, 2024 | 468643 | 7% | 45815 |  |  |  | 65610<sup>(4)</sup> | 404233 | 448847 |
| Sean Levi | December 20, 2023 | December 20, 2024 | 85208 | (5) | 24710 |  |  | 63906 | -<sup>(6)</sup> | 21302 | 46012 |
| Exchange Listing LLC | February 6, 2024 | August 6, 2024 | 29823 | 10% | 12281 | 20% |  |  | -<sup>(7)</sup> | 29823 | 40103 |
| Jefferson Street Capital LLC | May 21, 2024 | February 21, 2025 | 60924 | 10% | 14934 | 15% | 41591 |  | 70757<sup>(8)</sup> | 31757 | 46689<sup>(8)</sup> |
| J.J. Astor & Co.<sup>(9)</sup> | September 20, 2024 | June 30, 2025 | 345092 | 0% | 60176 | 16% | 31921 | 269619 | -<sup>(10)</sup> | 107388<sup>(11)</sup> | 167566 |
| **Total**<sup>(12)</sup>** |  |  | **2284390** |  | **421937** |  | **179127** | **361392** | **342140** | **1760331** | **2182296** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The note may be converted
 by the holder at the initial conversion price of $1.00 per share, subject to adjustment.

(2) The note may be converted
 by the holder at the initial conversion price of $1.00 per share, subject to adjustment.

(3) The note may be converted
 by the holder at the initial conversion price of $0.35 per share, subject to adjustment. As of December 31, 2025, the holder had converted
 an aggregate of €85,208 of principal into 2,697,315 shares of QIND's common stock.

(4) The note was initially convertible
 by the holder at the initial conversion price of $0.35 per share. On May 16, 2024, the note was amended to have a conversion price
 equal to $0.0375 per share. As of December 31, 2025, the holder had converted €65,610 of principal and €30,559 of accrued
 interest into 3,009,680 shares of QIND's common stock at a conversion price of $0.0375 per share.

(5) 20% interest will be charged
 on the day the Company receives certain funding, and thereafter 15% per annum will be charged.

(6) The note may be converted
 by the holder at the initial conversion price equal to 200% of the value of the note, subject to adjustment.

(7) The note may be converted
 by the holder at the initial conversion price equal to the price reflecting a discount of 35% to the volume weight average price of
 QIND's common stock for the five days before any conversion.

(8) The note may be converted
 by the holder at the initial conversion price of $0.03 per share, subject to adjustment. €1,278 will be added to principal for
 each conversion. Ilustrato is a guarantor under the note.

(9) The note ranks senior to
 other debt and is secured by all assets of QIND.

(10) The note may be converted
 by the holder at the initial conversion price is 80% of the average of the four lowest volume weighted average closing prices of QIND's
 common stock over the 20 trading days immediately prior to each permitted conversion of the note, subject to adjustment.

(11) Reflects an increase to 110%
 of the principal outstanding due to the occurrence of an event of default under the note.

(12) Does not include a total
 of $4,427,537 owed for loans by Fusion Fuel, as of year-end 2025. The loans have no interest rate or repayment date.

***Leases***

See 4.D. "*Property, Plants, and Equipment*" for discussion of rent expenses relating to the Company's property interests.

***Certain Other Liabilities***

 

On December 31, 2025, the Company entered into a supplement to letter agreement (the "BPLLC Engagement Letter Supplement") with Bevilacqua PLLC, the Company's outside securities counsel ("BPLLC"). The BPLLC Engagement Letter Supplement amended and supplemented that certain engagement agreement, dated October 30, 2024, between BPLLC and the Company. Under the BPLLC Engagement Letter Supplement, the Company agreed that the Company was obligated to pay BPLLC $395,502.28 for services rendered to the Company through November 30, 2025 by BPLLC (the "Outstanding Fees"). The BPLLC Engagement Letter Supplement provided that BPLLC agreed to deduct $200,000 from the Outstanding Fees, provided that on the date of the BPLLC Engagement Letter Supplement, the Company issued BPLLC a five-year warrant (the "BPLLC Warrant") to purchase an aggregate of 71,429 Class A Ordinary Shares.

The BPLLC Warrant has an exercise price of $0.88 per share and provides for demand registration rights with respect to the Class A Ordinary Shares issuable upon exercise of the BPLLC Warrant. In addition, the Company and BPLLC agreed to a volume cap on dispositions of Class A Ordinary Shares issuable upon exercise of the BPLLC Warrant, pursuant to which the holder of the BPLLC Warrant may not sell, transfer, or otherwise dispose of such shares on any trading day if such disposition would cause the holder's total sales of Class A Ordinary Shares to exceed 10% of that day's aggregate trading volume on the Company's primary trading market.

***Capital Expenditures***

During the years ended December 31, 2025 and 2024, the Company made approximately €0.7 million and approximately €0.01 million, respectively, in capital expenditures. We did not have any contractual obligations for capital expenditures as of December 31, 2025.

***Contingencies***

We are currently not a defendant in any material legal proceedings, investigation, or claims.

***Off-Balance Sheet Arrangements***

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

***Compensation Recovery Analysis***

As a result of the correction of errors in the Company's financial statements for the fiscal year ended December 31, 2024, which required the Company to prepare an accounting restatement of its financial statements, the Board of Directors conducted a recovery analysis of Incentive Compensation (as defined in the Company's Clawback Policy) received by the Company's current and former executive officers who are Covered Executives (as defined in the Clawback Policy) during the three completed fiscal years immediately preceding the date on which the Company was required to prepare such accounting restatement, as contemplated by Rule 10D-1 under the Exchange Act, and in accordance with the Clawback Policy. Based on this analysis, no recovery of Incentive Compensation from the Company's Covered Executives is required, as the financial statement adjustments for the fiscal year ended December 31, 2024 did not impact any financial reporting measure (including, without limitation, stock price, total shareholder return, revenues, net income, EBITDA, or any other measure enumerated in the Clawback Policy) used to determine Incentive Compensation during such period, and thus there was no erroneously awarded Incentive Compensation subject to recovery.

**5. C. Research and Development, Patents and Licenses, etc.**

During 2023 and 2024, the Company's research and development policies prioritized the design, testing, and funding of development and commercialization of prototype models of its miniaturized PEM electrolyzer, or "HEVO", product lines. The rights with respect to these patents and technologies are expected to be liquidated in connection with its entry into insolvency proceedings on November 11, 2024. Since November 2024, we have not conducted significant research and development.

**5. D. Trend Information**

Other than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net revenues and income from operations, profitability, liquidity, capital resources, or would cause reported financial information not to be indicative of future operation results or financial condition.

**5. E. Critical Accounting Estimates**

The preparation of our consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosures. Actual results may differ from these estimates. We consider the following to be our critical accounting estimates and judgments, each of which is discussed further in Note 4 to our consolidated financial statements:

*Impairment of goodwill* - We test goodwill for impairment at least annually, which requires estimating the recoverable amount of the relevant cash-generating unit, including assumptions on future cash flows, growth rates and discount rates.

*Business combinations and purchase price allocation* - The identification and valuation of identifiable assets and liabilities acquired in the November 2024 acquisition of Quality Industrial Corp. required significant estimates, including the valuation of intangible assets and determination of fair values during the measurement period.

*Fair value of derivative financial instruments* - The valuation of warrants and embedded derivatives associated with the convertible notes issued during 2025 requires the use of valuation techniques and key assumptions, including share price volatility and other market-based inputs.

*Deferred taxation* - The recognition of deferred tax assets and liabilities requires judgment in assessing the recoverability of future taxable profits and the expected reversal of temporary differences, including those arising from the QIND business combination.

*Assessment of control and deconsolidation -* Determining whether the Group has control over an entity, including in circumstances involving insolvency or other legal processes, requires judgment. Changes in control result in consolidation or deconsolidation, which may significantly impact the Group's financial position and results.

**ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**6. A. Directors and Senior Management**

The following table sets forth certain information regarding our directors and executive officers.

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| | | |
|:---|:---|:---|
| **NAME** | **AGE** | **POSITION** |
| Frederico Figueira de Chaves | 42 | Chief Executive Officer, Interim Chief Financial Officer, Chief Strategy Officer, and Director |
| James Passin | 54 | Chairman and Director |
| John-Paul Backwell | 45 | Director |
| Luisa Ingargiola | 58 | Director |
| Pierce Crosby | 35 | Director |
| Steven Gold | 47 | Director |

---

***Frederico Figueira de Chaves*** has been Chief Executive Officer of the Company since April 2026, Interim Chief Financial Officer of the Company since January 2025, Chief Strategy Officer of the Company since November 2024, and a director of the Company since June 2020. Since August 2025, Mr. Figueira de Chaves has also been Chairman and a director of QIND (OTCID: QIND). Mr. Figueira de Chaves has also been Chief Executive Officer and a director of Bright Hydrogen Solutions Limited since February 2025. Mr. Figueira de Chaves was Chief Executive Officer of the Company from June 2023 to November 2024. Mr. Figueira de Chaves was Chief Financial Officer of the Company from June 2020 to June 2023. From January 2009 to 2019, Mr. Figueira de Chaves held a number of senior positions at UBS AG, including Asset Management Head of Sales Management & Marketing, Global Asset Management Head Wealth Management & Wealth Management Americas Distribution, Chief of Staff to Global Asset Management CEO & CEO Europe, the Middle East, and Africa ("EMEA"), and Chief of Staff to Group COO & CEO EMEA, and Business Manager of Group CEO Management Office. Mr. Figueira de Chaves holds a master's degree in Economics from Edinburgh University.

***James Passin*** has been Chairman of the Company since April 2026 and a director of the Company since March 2026. Mr. Passin has been Co-founder, Chief Executive Officer, and a director of BioVaxys Technology Corp. (CSE: BIOV) since October 2020. Since June 2023, Mr. Passin has served as a director of St.-Georges Eco-Mining Corp. (CSE: SX). From December 1999 to September 2018, Mr. Passin was a fund manager at Firebird Management LLC. From December 2020 to October 2023, Mr. Passin was co-founder and a director of Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF), which was acquired by Otsuka Pharmaceutical Co. Ltd. in October 2023. Mr. Passin has over 20 years of experience as a hedge fund and private equity fund manager, with expertise in institutional resource investment, including uranium and frontier market investments. Mr. Passin holds a Bachelor of Arts in Philosophy and Classical Literature from St. John's College, Annapolis, a Graduate Certificate from the Company Director Program at Singapore Institute of Directors, and a Certificate in Corporate Governance from the Mongolian Corporate Governance Institute. Mr. Passin is a Chartered Market Technician and Member of the CMT Association.

***John-Paul Backwell*** has been a director of the Company since November 2024, and was the Chief Executive Officer of the Company from November 2024 to April 2026 and was the Chairman of the Company from November 2025 to April 2026. Mr. Backwell has also been the Chief Executive Officer of QIND (OTCID: QIND) since October 2022, has been a director of QIND since August 2025, and was Chief Commercial Officer of QIND from May 2022 to October 2022. From January 2024 to January 2025, Mr. Backwell was also a director and the Chief Executive Officer of Samsara Luggage, Inc. (OTC Pink: SAML). Mr. Backwell previously served as a director of FB Fire Technologies Ltd (FireBug) from November 2024 until January 2025. From July 2021 until January 2025, Mr. Backwell was Managing Director of Ilustrato. From February 2022 until January 2025, Mr. Backwell was a director of Emergency Response Technologies Inc. From May 2019 to June 2021, Mr. Backwell was a Non-Executive Director of ConnectNow. From September 2019 to June 2021, Mr. Backwell was the Managing Director of Detego Global. Mr. Backwell earned a Bachelor of Arts degree in English Language and Literature/Letters from Stellenbosch University.

***Luisa Ingargiola*** has been a director of the Company since February 2025. Ms. Ingargiola has been Chief Financial Officer of Avalon GloboCare Corp. (Nasdaq: ALTB) since February 2017. Ms. Ingargiola has been a board director and Audit Committee chairman for Vision Marine Technologies, Inc. (Nasdaq: VMAR) since December 2020 and BioCorRx Inc. (OTCQB: BICX) since April 2018. Ms. Ingargiola was also a board director and Audit Committee chairman for AgEagle Aerial Systems Inc. (NYSE American: UAVS) from May 2018 to November 2022. Earlier in her career, Ms. Ingargiola was CFO and co-founder of BBHC, Inc., formerly known as MagneGas Corporation (formerly Nasdaq: TRNX; MNGA). Ms. Ingargiola graduated from Boston University with a bachelor's degree in Business Administration and a concentration in Finance. She also received a Master of Health Administration from the University of South Florida.

***Pierce Crosby*** has been a director of the Company since November 2025. Mr. Crosby has been the Managing Partner of Merchant Seven, LLC since February 2019. From May 2019 to January 2025, Mr. Crosby was the General Manager of TradingView, Inc. From 2014 to 2019, Mr. Crosby was Vice President of Revenue Strategy and Head of Business Development of StockTwits, Inc. Mr. Crosby holds a Master of Science in Journalism from Columbia University – Graduate School of Journalism and a Bachelor's degree from the University of California, Santa Cruz.

***Steven Gold*** has been a director of the Company since November 2025. Mr. Gold has been the Chief Executive Officer and President of Jaguar Uranium Corp. since January 2024, where he also serves as a member of the Board of Directors. From October 2021 to March 2023, Mr. Gold was the Vice President of Investor Relations of Collective Mining Ltd. From August 2012 to December 2018, Mr. Gold was the Chief Financial Officer of Energold Drilling Corp. Mr. Gold holds a Chartered Financial Analyst designation from the CFA Institute and a Bachelor's degree in Industrial Relations from McGill University.

No family relationships exist between any of our directors and executive officers. There are no arrangements or understandings with major shareholders, customers, suppliers or others pursuant to which any person referred to above was selected as a director or member of senior management.

**6. B. Compensation of Board Members and Executives**

*Executive Officer Compensation* 

Our executive officers were entitled to an aggregate compensation of approximately €2.6 million for the year ended December 31, 2025. This amount included cash payments and equity compensation during the fiscal year. During the year, the executive officers were paid approximately €1.9 million. We have not set aside or accrued any additional amount to provide pension, retirement or other similar benefits to our executive officers.

On October 12, 2025, the Board of Directors approved the grant of an option to purchase 400,000 Class A Ordinary Shares to each of John-Paul Backwell, the former Chief Executive Officer of the Company, and Frederico Figueira de Chaves, the Chief Executive Officer, Interim Chief Financial Officer, Chief Strategy Officer, and a director of the Company. On November 26, 2025, the Company entered into an Option Agreement, dated as of November 26, 2025, with each of Mr. Backwell and Mr. Figueira de Chaves, in consideration for services to the Company. The conditions to the effectiveness of the option grants were satisfied on November 26, 2025. Each of the options is exercisable at a price per share of $4.53, will vest as to one-third of the underlying Class A Ordinary Shares on December 31, 2025, December 31, 2026, and December 31, 2027, subject to the respective optionee's continuous service through each vesting date, and will expire on October 9, 2032.

*Non-Executive Director Compensation*

Our non-executive directors were entitled to an aggregate compensation of €0.5 million for the year ended December 31, 2025. During the year, the non-executive directors were paid €0.3 million. We have not set aside or accrued any additional amount to provide pension, retirement or other similar benefits to our executive officers.

For the year ended December 31, 2025, share options to purchase an aggregate of 29,240 Class A Ordinary Shares were granted to a non-executive director at an exercise price of $4.53 per share, which vested upon grant.

**6. C. Board Practices**

***Director Term of Office***

The Company's Board of Directors has three classes of directors with staggered terms, with each director serving for up to three years until his or her successor is designated and qualified. During such term, our shareholders will have no power to remove directors without cause. The directors have been assigned to the following classes:

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| | |
|:---|:---|
| John-Paul Backwell | Class I |
| Frederico Figueira de Chaves | Class I |
| Luisa Ingargiola | Class II |
| Pierce Crosby | Class II |
| Steven Gold | Class II |
| James Passin | Class III |

---

The term of office for the first class of directors, consisting of John-Paul Backwell and Frederico Figueira de Chaves, will expire at the Company's annual general meeting of shareholders for fiscal year 2027. The term of office for the second class of directors, consisting of Luisa Ingargiola, Steven Gold, and Pierce Crosby, will expire at the Company's annual general meeting of shareholders for fiscal year 2028. The term of office for the third class of directors, which consists of James Passin, will expire at the Company's annual general meeting of shareholders for fiscal year 2026. Mr. Figueira de Chaves has been a director since June 2020. Mr. Backwell has been a director since November 2024. Ms. Ingargiola has been a director since February 2025. Mr. Crosby has been a director since November 2025. Mr. Gold has been a director since November 2025. Mr. Passin has been a director since March 2026.

There are no service contracts between the Company and any member of our Board of Directors providing for the accrual of benefits, compensation or otherwise, upon termination of their employment or service.

***Board Committees***

Our Board of Directors has established an Audit Committee, a Compensation Committee, and a Nominating Committee. We adopted a charter for each of the three committees. Each committee's members and functions are described below.

*Audit Committee*

The purpose of the Audit Committee is to assist the Board of Directors in monitoring the integrity of the annual, quarterly and other financial statements of the Company, independent auditor's qualifications and independence, the performance of the Company's independent auditor, and the compliance by the Company with legal and regulatory requirements. The Audit Committee also reviews and approves all related-party transactions.

The Audit Committee members are Luisa Ingargiola, Pierce Crosby, Steven Gold, and James Passin. Our Board of Directors has determined that each of the Audit Committee members satisfies the "independence" requirements of Rule 10A-3 under the Exchange Act and the requirements of the Audit Committee members under the Nasdaq Listing Rules. Luisa Ingargiola serves as the Audit Committee Chairman. The Audit Committee Charter is available on our website at https://www.fusion-fuel.eu/.

*Compensation Committee*

The purposes of the Compensation Committee are, among other things, making recommendations to the Board of Directors relating to the compensation of the Company's chief executive officer, if any, and other executive officers of the Company, and administering or delegating the power to administer the Company's incentive compensation and equity-based compensation plans.

The Compensation Committee members are Luisa Ingargiola, Pierce Crosby, Steven Gold, and James Passin. Our Board of Directors has determined that each of the Compensation Committee members satisfies the "independence" and other requirements of Compensation Committee members under the Nasdaq Listing Rules. Steven Gold serves as the Compensation Committee Chairman. The Compensation Committee Charter is available on our website at https://www.fusion-fuel.eu/.

*Nominating Committee*

The purpose of the Nominating Committee is, among other things, to discharge the responsibilities of the Board of Directors relating to the appropriate size, functioning, and needs of the Board of Directors including, but not limited to, recruitment and retention of high-quality board members and committee composition and structure.

The Nominating Committee members are Luisa Ingargiola, Pierce Crosby, Steven Gold, and James Passin. Our Board of Directors has determined that each of the Nominating Committee members satisfies the "independence" and other requirements of Nominating Committee members under the Nasdaq Listing Rules. Pierce Crosby serves as the Nominating Committee Chairman. The Nominating Committee Charter is available on our website at https://www.fusion-fuel.eu/.

**6. D. Employees**

As of December 31, 2025, December 31, 2024, and December 31, 2023, the Company (including its direct and indirect majority-owned subsidiaries) had a total of 131, 131, and 124 employees, respectively, all of whom were full-time. As of December 31, 2025, 120 employees were employed by Al Shola Gas; 2 employees were employed by QIND; 3 employees were employed by Bright Hydrogen Solutions; and 6 employees were employed by Fusion Fuel Green PLC.

None of our employees are represented by labor unions.

**6. E. Share Ownership**

See "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders."

***Equity Incentive Plan***

On August 5, 2021, the Company's Board of Directors adopted and approved the Fusion Fuel Green PLC 2021 Equity Incentive Plan, which authorized the Company to grant up to 28,572 Class A Ordinary Shares in the form of incentive share options, non-qualified share options, share appreciation rights, restricted awards, performance share awards, cash awards and other share awards. Cancelled and surrendered share options and share awards may again become available for grant under the 2021 Plan. On October 9, 2025, Company's Board of Directors approved Amendment No. 1 to the Fusion Fuel Green PLC 2021 Equity Incentive Plan, to increase the maximum number of Class A Ordinary Shares available to be granted under the Fusion Fuel Green PLC 2021 Equity Incentive Plan by 1,971,428, to a total of 2,000,000 Class A Ordinary Shares. The purpose of the 2021 Plan is to provide the Company with the flexibility to issue share-based awards as part of an overall compensation package to attract and retain qualified personnel.

*Purpose of the 2021 Plan*: The purpose of the 2021 Plan is to advance our interests and the interests of our shareholders by providing an incentive to attract, retain and reward persons performing services for us and by motivating such persons to contribute to our growth and profitability.

The following summary briefly describes the principal features of the 2021 Plan and is qualified in its entirety by reference to the full text of the 2021 Plan.

Awards that may be granted include: (a) incentive share options, or ISOs, (b) non-qualified share options, (c) share appreciation rights, (d) restricted Shares, (e) restricted share units, or RSUs, (f) shares granted as a bonus or in lieu of another award, (g) performance awards, (h) other equity-based awards, and (i) cash awards. These awards offer us and our shareholders the possibility of future value, depending on the long-term price appreciation of the Class A Ordinary Shares and the award holder's continuing service with us.

Share options give the option holder the right to acquire from us a designated number of shares of the Class A Ordinary Shares at a purchase price that is fixed at the time of the grant of the option. The exercise price will not be less than the market price of the Class A Ordinary Shares on the date of grant. Share options granted may be either incentive share options or non-qualified share options.

Share appreciation rights, or SARs, which may be granted alone or in tandem with options, have an economic value similar to that of options. When an SAR for a particular number of shares is exercised, the holder receives a payment equal to the difference between the market price of the shares on the date of exercise and the exercise price of the shares under the SAR. Again, the exercise price for SARs normally is the market price of the shares on the date the SAR is granted. Under the 2021 Plan, holders of SARs may receive this payment – the appreciation value – either in cash or Class A Ordinary Shares valued at the fair market value on the date of exercise. The form of payment will be determined by us.

Restricted share and RSU awards are rights to receive shares of the Class A Ordinary Shares, which may be subject to certain vesting or other conditions. Restricted shares represent issued and outstanding shares of the Class A Ordinary Shares, which may be subject to vesting criteria. RSUs represent the right to receive shares of the Class A Ordinary Shares subject to satisfaction of the vesting criteria. Restricted shares are surrenderable and non-transferable until the shares vest. The vesting date or dates and other conditions for vesting are established when the awards are granted.

The 2021 Plan also provides for performance awards, representing the right to receive a payment, which may be in the form of cash, Class A Ordinary Shares, or a combination, based on the attainment of pre-established goals. The 2021 Plan also provides for other equity-based awards and cash awards.

**6. F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation**

Not applicable.

**ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**7. A. Major Shareholders**

The following table sets forth information with respect to beneficial ownership of any class of our voting securities as of the date of this Annual Report by:

● each person who is known by us to beneficially own 5% or more of any class of our voting securities;

● each of our current directors and each member of our senior management; and

● all of our directors and senior management as a group.

The calculations in the table below are based on 3,297,509 Class A Ordinary Shares and 4,171,327 Series A Preferred Shares outstanding as of May 7, 2026, except to the extent indicated otherwise in the footnotes. Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any option, warrant or other right or the conversion of any other security. These shares, however, are not included in the computation of the percentage ownership of any other person.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Title of Director or Officer or Name of Shareholder** | **Class A Ordinary Shares Beneficially Owned** | **Ownership (%)** | **Class A Ordinary Shares Underlying Options** | **Exercise**<br> **Price of Option ($)** | **Option Expiration Date** |
| Frederico Figueira de Chaves, Chief Executive Officer, Interim Chief Financial Officer, Chief Strategy Officer, and Director | 151719<sup>(1)</sup> | 4.4% | 5715 | $367.50 | 1/1/2029 |
|  |  |  | 5715 | $367.50 | 1/1/2029 |
|  |  |  | 400000 | $4.53 | 10/9/2032 |
| John-Paul Backwell, Director | 133333<sup>(2)</sup> | 3.9% | 400000 | $4.53 | 10/9/2032 |
| Luisa Ingargiola, Director | 29240<sup>(3)</sup> | 0.9% | 29240 |  |  |
| **Total Directors and Officers** | 314292 | 8.7% |  |  |  |
| Lantern Management Fund LP<sup>(4)</sup> | 340497<sup>(5)(6)</sup> | 9.9% <sup>(5)</sup> |  |  |  |
| Roxy Capital Corp.<sup>(7)</sup> | 343709<sup>(8)(9)</sup> | 9.9% <sup>(8)</sup> |  |  |  |
| Bower Four Capital Corp.<sup>(10)</sup> | 350519<sup>(11)(12)</sup> | 9.9% <sup>(11)</sup> |  |  |  |

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(1) Consists of (1) 6,352 Class
 A Ordinary Shares held by Key Family Holding Investimentos e Consultoria de Gestão, Ltd ("KFH"), (2) 429 Class A
 Ordinary Shares issuable upon the vesting of RSUs, and (3) 139,048 Class A Ordinary Shares issuable upon exercise of options within
 60 days of May 7, 2026. Does not include (1) 5,715 Class A Ordinary Shares subject to certain performance-based vesting conditions
 under an option that may not be met as of a date within 60 days of May 7, 2026, and (2) 266,667 Class A Ordinary Shares subject
 to time-based vesting conditions under an option that will not be met as of a date within 60 days of May 7, 2026. Each of Frederico
 Figueira de Chaves and Francisco Figueira de Chaves have shared voting and dispositive power over the Class A Ordinary Shares held
 by KFH.

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| | |
|:---|:---|
| (2) | Consists of 133,333 Class A Ordinary Shares issuable upon exercise of an option within 60 days of May 7, 2026. Does not include 266,667 Class A Ordinary Shares subject to vesting conditions under the option that will not be met as of a date within 60 days of May 7, 2026. |
| (3) | Consists of 29,240 Class A Ordinary Shares issuable upon exercise of an option. |
| (4) | Lantern Management Fund GP is the general partner of Lantern Management Fund LP. Voting and investment decisions with respect to the securities held by Lantern Management Fund LP are made by the investment committee of Lantern Management Fund GP, which is comprised of three members and acts by majority vote. |
| (5) | Consists of (i) 229,625 Class A Ordinary Shares and (ii) an aggregate of 110,872 Class A Ordinary Shares issuable upon exercise of certain warrants, after giving effect to warrant provisions preventing exercise if such exercise would result in the holder beneficially owning greater than 9.99% of the outstanding Class A Ordinary Shares when aggregated with all other Class A Ordinary Shares beneficially owned. |
|  | Consists of (i) 229,625 Class A Ordinary Shares, (ii) 73,577 Class A Ordinary Shares issuable upon exercise of a prefunded warrant, (iii) 786,886 Class A Ordinary Shares issuable upon exercise of a $3.50 Warrant, and (iv) 450,858 Class A Ordinary Shares issuable upon exercise of a $5.00 Warrant, without regard to any limitations on exercise. |
| (6) | The information presented in this table relating to the number of Class A Ordinary Shares held by Lantern Management Fund LP is based on a Schedule 13G that was jointly filed by Lantern Management Fund LP and Lantern Management Fund GP with the SEC on February 13, 2026. The information presented in this table relating to the warrants held by Lantern Management Fund LP is based on the records of the Company or its transfer agent. |
| (7) | Eric Lazer is the Director of Roxy Capital Corp. and has sole voting and investment power over the securities held by it. Eric Lazer disclaims beneficial ownership of such securities except to the extent of his pecuniary interest, if any, in such securities. |
| (8) | Consists of (i) 200,682 Class A Ordinary Shares and (ii) an aggregate of 143,027 Class A Ordinary Shares issuable upon exercise of certain warrants, after giving effect to warrant provisions preventing exercise if such exercise would result in the holder beneficially owning greater than 9.99% of the outstanding Class A Ordinary Shares when aggregated with all other Class A Ordinary Shares beneficially owned. |
|  | Consists of (i) 200,682 Class A Ordinary Shares, (ii) 196,202 Class A Ordinary Shares issuable upon exercise of pre-funded warrants, (iii) 197,249 Class A Ordinary Shares issuable upon exercise of a $3.50 Warrant, (iv) 141,482 Class A Ordinary Shares issuable upon exercise of a $5.00 Warrant, (v) 74,687 Class A Ordinary Shares issuable upon exercise of a 150% Price Warrant, and (vi) 74,687 Class A Ordinary Shares issuable upon exercise of a 200% Price Warrant, without regard to any limitations on exercise. |
| (9) | The information presented in this table relating to the number of Class A Ordinary Shares held by Roxy Capital Corp. is based on a Schedule 13G/A that was jointly filed by Roxy Capital Corp. and Eric Lazer with the SEC on December 30, 2025. The information presented in this table relating to the warrants held by Roxy Capital Corp. is based on the records of the Company or its transfer agent. |
| (10) | Gregory Lipschitz is the Managing Director of Bower Four Capital Corp. and has sole voting and investment power over the securities held by it. Gregory Lipschitz disclaims beneficial ownership of such securities except to the extent of his pecuniary interest, if any, in such securities. |
| (11) | Consists of (i) 139,328 Class A Ordinary Shares and (ii) an aggregate of 211,191 Class A Ordinary Shares issuable upon exercise of certain warrants, after giving effect to warrant provisions preventing exercise if such exercise would result in the holder beneficially owning greater than 9.99% of the outstanding Class A Ordinary Shares when aggregated with all other Class A Ordinary Shares beneficially owned. |

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---

| | |
|:---|:---|
|  | Consists of (i) 139,328 Class A Ordinary Shares, (ii) 270,198 Class A Ordinary Shares issuable upon exercise of pre-funded warrants; (iii) 263,277 Class A Ordinary Shares issuable upon exercise of a $3.50 Warrant, (iv) 174,495 Class A Ordinary Shares issuable upon exercise of a $5.00 Warrant, (v) 54,318 Class A Ordinary Shares issuable upon exercise of a 150% Price Warrant, and (vi) 54,318 Class A Ordinary Shares issuable upon exercise of a 200% Price Warrant, without regard to any limitations on exercise. |
| (12) | The information presented in this table relating to the number of Class A Ordinary Shares held by Bower Four Capital Corp. is based on a Schedule 13G that was jointly filed by Bower Four Capital Corp. and Gregory Lipschitz with the SEC on December 18, 2025. The information presented in this table relating to the warrants held by Bower Four Capital Corp. is based on the records of the Company or its transfer agent. |

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There have been no significant changes in the percentage ownership held by any beneficial owners of more than 5% of any class of the Company's voting securities during the past three years, based on their filings of Schedules 13D. Schedules 13G, or amendments thereto, with the SEC, except as follows:

● Based on a Schedule 13D filed by Frederico Figueira de Chaves with the SEC on December 4, 2025, Frederico Figueira de Chaves became the beneficial owner of 17.2% of the outstanding Class A Ordinary Shares, including, solely for purposes of such Schedule 13D, 273,019 Class A Ordinary Shares issuable under options that were subject to vesting conditions that would not or may not have been met within 60 days.

● Based on a Schedule 13D filed by John-Paul Backwell with the SEC on December 4, 2025, John-Paul Backwell became the beneficial owner of 16.6% of the outstanding Class A Ordinary Shares, including, solely for purposes of such Schedule 13D, 266,667 Class A Ordinary Shares issuable under an option that were subject to vesting conditions that would not be met within 60 days.

● Based on a Schedule 13G jointly filed by Lantern Management Fund LP and Lantern Management Fund GP with the SEC on February 13, 2026, as of January 4, 2026 with respect to Class A Ordinary Shares, and, as of May 7, 2026 based on the Company's records or transfer agent records with respect to warrants to purchase Class A Ordinary Shares, Lantern Management Fund LP and Lantern Management Fund GP were the beneficial owners of 9.99% of the outstanding Class A Ordinary Shares.

● Based on a Schedule 13G jointly filed by Bower Four Capital Corp. and Gregory Lipschitz with the SEC on December 18, 2025, as of December 11, 2025 with respect to Class A Ordinary Shares, and, as of May 7, 2026 based on the Company's records or transfer agent records with respect to warrants to purchase Class A Ordinary Shares, Bower Four Capital Corp. and Gregory Lipschitz were the beneficial owners of 9.99% of the outstanding Class A Ordinary Shares.

● Based on a Schedule 13G/A jointly filed by Roxy Capital Corp. and Eric Lazer with the SEC on December 30, 2025, as of December 10, 2025 with respect to Class A Ordinary Shares, and, as of May 7, 2026 based on the Company's records or transfer agent records with respect to warrants to purchase Class A Ordinary Shares, Roxy Capital Corp. and Eric Lazer were the beneficial owners of 9.99% of the outstanding Class A Ordinary Shares.

● Based on a Schedule 13G jointly filed by Roxy Capital Corp. and Eric Lazer with the SEC on September 29, 2025, as of September 19, 2025, Roxy Capital Corp. and Eric Lazer were the beneficial owners of 7.31% of the outstanding Class A Ordinary Shares.

● Based on a Schedule 13G filed by Ilustrato with the SEC on December 3, 2024, as of November 26, 2024, Ilustrato and Nicolas Link were the beneficial owners of 109,114 Class A Ordinary Shares, which the Schedule 13G stated constituted 16.7% of the outstanding Class A Ordinary Shares. Based on a Form 4 filed by Ilustrato with the SEC on October 7, 2025, Ilustrato held 1,502 Class A Ordinary Shares, constituting less than 1% of the outstanding Class A Ordinary Shares.

● Based on a Schedule 13G jointly filed by MAK Capital Fund L.L.C., MAK Capital Fund LP, and Michael A. Kaufman with the SEC on December 18, 2023, as amended on November 18, 2024 and December 11, 2024, between February 7, 2022 and December 4, 2024, MAK Capital Fund L.L.C., MAK Capital Fund LP, and Michael A. Kaufman's shared beneficial ownership of the outstanding Class A Ordinary Shares changed from 24.5% to 2.54%.

● Based on a Schedule 13G filed by Richard Leahy with the SEC on March 27, 2024, as amended on August 6, 2024, between March 20, 2022 and June 30, 2024, Richard Leahy's beneficial ownership of the outstanding Class A Ordinary Shares changed from 5.1% to 1.9%.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of the Company, except for the transactions contemplated by the QIND Purchase Agreement.

**7. B. Related Party Transactions**

Unless otherwise noted, the following is a description of transactions since January 1, 2025, with transactions or loans between the Company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the Company, and close members of any such individual's family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors and senior management of companies and close members of such individuals' families; and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence; other than compensation arrangements, which are described under Item 6.B. "*Compensation*".

***Loans to Quality Industrial Corp.***

As of December 31, 2025 and April 15, 2026, Fusion Fuel had loaned QIND a total of $4,427,537 (€3,901,895) and $4,767,537 (€4,062,181) respectively. These loans may be used by QIND for working capital and corporate needs. Such loans are non-interest-bearing and have no required repayment date. Pursuant to the QIND Purchase Agreement, Fusion Fuel is required to provide 50% of any Company Financing to QIND for its working capital and corporate needs. Such loans will be (i) forgiven upon the Series A Preferred Shares Conversion or (ii) repaid if the QIND Transactions are unwound in accordance with the QIND Purchase Agreement. The Company and QIND are required to cooperate to structure such allocation of proceeds and the use of such proceeds on a mutually agreeable basis. These loans are eliminated in full on consolidation and accordingly have no impact on the Group's consolidated statement of financial position or consolidated statement of profit or loss.

***Stock Purchase Agreement with Quality Industrial Corp.***

Pursuant to a Stock Purchase Agreement, dated as of August 1, 2025, between Fusion Fuel and QIND, Fusion Fuel acquired 2,000,000 shares of QIND's common stock for an aggregate purchase price of $40,000.

**7. C. Interests of Experts and Counsel**

Not applicable.

**ITEM 8. FINANCIAL INFORMATION**

**8. A. Consolidated Statements and Other Financial Information**

***Financial Statements***

See Item 18. "*Financial Statements*," which contains our consolidated financial statements prepared in accordance with IFRS.

***Legal Proceedings***

*Insolvency Proceedings*

On November 11, 2024, Fusion Fuel Portugal filed for insolvency in the civil court of Sintra, Portugal. Subsequently, the former production and sale of the Company's miniaturized PEM green hydrogen electrolyzer product line and research and development activities, which were conducted through Fusion Fuel Portugal and its subsidiaries, ceased and will not be continued. The sale of all physical assets of Fusion Fuel Portugal (including all properties, equipment, and inventory directly or indirectly held) was completed as of December 2025. It is expected that the remaining assets held by Fusion Fuel Portugal and its subsidiaries will likewise be disposed of through a liquidation process.

*Claim Against Hydrogenial*

In connection with its insolvency proceedings, on November 11, 2024, Fusion Fuel Portugal submitted a claim in Portugal for damages against Hydrogenial S.A. ("Hydrogenial") and Norbert Bindner that were allegedly incurred due to Hydrogenial's breach of the Subscription Agreement, dated as of August 28, 2024, between the Company and Hydrogenial, as amended by the Amendment to Subscription Agreement, dated as of October 9, 2024, between the Company and Hydrogenial (as amended, the "Hydrogenial Agreement"). The Hydrogenial Agreement provides for the offer and sale of an aggregate of 1,251,168 Class A Ordinary Shares and warrants to acquire an aggregate of 375,351 Class A Shares for an aggregate purchase price of $33,500,000, as a private placement to Hydrogenial, which represented that it is an "accredited investor" as defined in Rule 501(a) under the Securities Act. The Hydrogenial Agreement originally provided for the closing of the sale to take place on September 30, 2024, subject to applicable closing conditions. On October 1, 2024, the Company delivered a notice of breach of the Hydrogenial Agreement to Hydrogenial, which stated that all conditions to the obligations of Hydrogenial to purchase and pay for the securities under the Hydrogenial Agreement had been met as of September 30, 2024 and demanded that Hydrogenial make immediate payment of the purchase price. On October 9, 2024, the Hydrogenial Agreement was amended to provide that the closing under the Hydrogenial Agreement would take place on October 25, 2024. However, the closing did not occur on such date. See 10.C. "*Material Contracts – Subscription Agreement with Hydrogenial S.A.*"

***Policy on Dividend Distributions***

We have never declared or paid cash dividends on the Class A Ordinary Shares. Moreover, we are generally prohibited from paying cash dividends on our securities under certain loan covenants without the prior written consents of the relevant creditors. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any cash dividends in the near future. Any future determination to declare dividends will be made at the discretion of our Board of Directors and will depend on our financial condition, operating results, capital requirements, contractual restrictions, general business conditions and other factors that our Board of Directors may deem relevant, and will be subject to compliance with applicable laws, including the Irish Companies Act, which requires Irish companies to have distributable reserves available for distribution equal to or greater than the amount of the proposed dividend.

**8. B. Significant Changes**

Except for the events described in Item 5.A. "*Operating Results – Recent Developments*" or as disclosed elsewhere in this Annual Report, no significant change has occurred since the date of our consolidated financial statements filed as part of this Annual Report.

**ITEM 9. THE OFFER AND LISTING**

**9. A. Offer and Listing Details**

The Company's Class A Ordinary Shares are listed on The Nasdaq Capital Market under the symbol "HTOO". The Company's securities are not listed on any exchange or traded in any market outside of the United States.

**9. B. Plan of Distribution**

Not applicable.

**9. C. Markets**

See Item 9.A. "*Offer and Listing Details*".

**9. D. Selling Shareholders**

Not applicable.

**9. E. Dilution**

Not applicable.

**9. F. Expenses of the Issue**

Not applicable.

**ITEM 10. ADDITIONAL INFORMATION**

**10. A. Share Capital**

Not applicable.

**10. B. Memorandum and Articles of Association**

The following information is incorporated by reference herein: (1) the information under the section "*Comparison of Corporate Governance and Shareholder Rights*" and particularly with respect to the Company as described under the column entitled "*Ireland*" with such section in the Registration Statement on Form F-4/A filed by the Company with the SEC on November 5, 2020; and (2) the information in Exhibit 2.25 to this Annual Report.

**10. C. Material Contracts**

***Mineral & Element Advisory Agreements***

 

The information under Item 5.A. "*Operating Results – Recent Developments – Mineral & Element Advisory Agreements*" is incorporated by reference herein.

***February 2026 Securities Purchase Agreement***

The information under Item 5.A. "*Operating Results – Recent Developments – Securities Purchase Agreement*" is incorporated by reference herein.

***February 2026 Share Exchange Agreement***

The information under Item 5.A. "*Operating Results – Recent Developments – Share Exchange Agreement*" is incorporated by reference herein.

***August 2025 Stock Purchase Agreement***

Pursuant to a Stock Purchase Agreement, dated as of August 1, 2025 (the "August 2025 Stock Purchase Agreement"), between Fusion Fuel Green PLC and Quality Industrial Corp., a Nevada corporation ("QIND"), the Company acquired 2,000,000 shares of the common stock of QIND for an aggregate purchase price of $40,000. The Stock Purchase Agreement contains customary representations, warranties, closing conditions and other agreements of the parties.

***July 2025 Private Placement***

The information under Item 5.B. "*Liquidity and Capital Resources – July 2025 Private Placement*" is incorporated by reference herein.

***Notes Redemption, Warrants Cancellation and Exchange, Limited Waiver, Consent and Release Agreement***

The information under Item 5.B. "*Liquidity and Capital Resources – Notes Redemption, Warrants Cancellation and Exchange, Limited Waiver, Consent and Release Agreement*" is incorporated by reference herein.

***December 2025 Warrant Exchange Agreement***

 ****

The information under Item 5.B. "*Liquidity and Capital Resources – December 2025 Warrant Exchange Agreement*" is incorporated by reference herein.

***At The Market Offering Agreement***

On May 16, 2025, the Company, entered into an At The Market Offering Agreement (the "Offering Agreement") with Wainwright. Pursuant to the Offering Agreement, the Company may offer and sell, from time to time, Class A Ordinary Shares through or to Wainwright as the Company's sales agent or as principal, subject to the terms and conditions set forth in the Offering Agreement. Wainwright will use commercially reasonable efforts consistent with its normal trading and sales practices to sell Class A Ordinary Shares from time to time based upon the Company's instructions, including any price, time or size limits specified by the Company. Upon delivery of a placement notice, and subject to the Company's instructions in that notice, and the terms and conditions of the Offering Agreement generally, Wainwright may sell Class A Ordinary Shares by any method permitted by law deemed to be an "at the market offering" as defined by Rule 415(a)(4) promulgated under the Securities Act.

The offer and sale of Class A Ordinary Shares were required to be made pursuant to the Company's prior shelf registration statement on Form F-3, which was declared effective by the SEC on May 13, 2022 (File No. 333-264714) (the "Prior Shelf Registration Statement"), the prospectus contained in the Prior Shelf Registration Statement, and the prospectus supplements filed with respect to such prospectus pursuant to Rule 424(b) under the Securities Act. On May 16, 2025, the Company filed a prospectus supplement with respect to the Prospectus pursuant to Rule 424(b) under the Securities Act relating to the offer and sale of Class A Ordinary Shares under the Offering Agreement having a maximum aggregate offering price of $2,064,262. On July 28, 2025, the Company filed a prospectus supplement which increased the maximum aggregate offering price issuable under the Offering Agreement to up to an aggregate of $4,184,136, which does not include $2,063,999 of securities that were previously sold pursuant to General Instruction I.B.5 of Form F-3 during the 12-calendar month period that ended on July 28, 2025.

The Company or Wainwright may suspend the offering of Class A Ordinary Shares under the Offering Agreement. The Company may terminate the Offering Agreement at any time upon ten business days' prior notice. Wainwright may terminate the Offering Agreement at any time.

The Company will pay Wainwright a cash commission equal to 3.0% of the gross proceeds from each sale of shares of common stock sold pursuant to the Offering Agreement, and will reimburse Wainwright for certain specified expenses, including the documented fees and costs of its legal counsel reasonably incurred in connection with entering into the transactions contemplated by the Offering Agreement in an amount up to $60,000 and up to $5,000 per due diligence update session.

The Company made certain customary representations, warranties and covenants in the Offering Agreement concerning the Company and the Prior Shelf Registration Statement, the prospectus contained therein, prospectus supplements and other documents and filings relating to the offering of the Class A Ordinary Shares. In addition, the Company agreed to indemnify Wainwright against certain liabilities, including liabilities under the Securities Act. The Prior Shelf Registration Statement expired on November 10, 2025 following a 180-day grace period pursuant to Rule 415(a)(6) promulgated under the Securities Act.

***November 2023 Securities Subscription Agreement, Registration Rights Agreement, Convertible Notes and Warrants***

Under the November 2023 Subscription Agreement, the November 2023 Investors may subscribe for convertible promissory notes ("November 2023 Subscription Notes") in the aggregate principal amount of up to $20 million, including the initial tranche of $1.15 million described below, in tranches based on certain requirements and subject to the satisfaction of certain conditions as set forth in the November 2023 Subscription Agreement. Each tranche size, other than the initial tranche, is to be determined by mutual agreement of the Company and the Assignee Lead Holder (as defined below). The Company also agreed to issue to the November 2023 Investors, for no additional consideration, warrants ("November 2023 Subscription Warrants") to purchase Class A Ordinary Shares in an amount equal to 30% of the principal amount of the November 2023 Subscription Notes divided by 130% of the VWAP for the five trading days immediately preceding the applicable closing date and with an exercise price equal to 130% of the VWAP for the five trading days immediately preceding the applicable closing date.

In connection with the November 2023 Subscription Agreement, under the Registration Rights Agreement, dated as of November 21, 2023, between the Company and the Initial Lead Holder (the "November 2023 Registration Rights Agreement"), the Company was required to register 200% of the maximum number of Class A Ordinary Shares issuable upon conversion of the November 2023 Subscription Notes and exercise of the November 2023 Subscription Warrants. In accordance with the terms of the November 2023 Registration Rights Agreement, the Company filed a Registration Statement on Form F-3 (File No. 333-276880), which, as amended, was declared effective by the SEC on May 3, 2024, to register the offer and resale of a maximum of 1,328,072 Class A Ordinary Shares issuable upon conversion and exercise of the November 2023 Subscription Notes and the November 2023 Subscription Warrants. On May 3, 2024, the Company filed the final prospectus for this offering, dated May 3, 2024, relating to the offer and resale of up to 32,010 Class A Ordinary Shares upon conversion and exercise of the November 2023 Subscription Notes and exercise of the November 2023 Subscription Warrants, based upon the price of the Class A Ordinary Shares as of May 1, 2024.

On May 7, 2024, the initial tranche in the amount of $1,150,000 was agreed and subscribed for by the Initial Lead Holder.

*Convertible Note Issued May 7, 2024*

 

Pursuant to the November 2023 Subscription Agreement, the Company issued the May 2024 Note to the Initial Lead Holder with an original issue discount of 2%. On May 7, 2026, the Company was required to pay to the holder an amount in cash representing 100% of all outstanding principal and accrued and unpaid interest unless the May 2024 Note was previously converted or repaid. The May 2024 Note initially accrued interest at 4.00% per annum over the Secured Overnight Financing Rate (SOFR).

Holders of the May 2024 Note could convert all or any portion of the outstanding principal, interest and late fees if any, into a number of Class A Ordinary Shares at a conversion rate determined by dividing (x) the conversion amount by (y) the higher of (i) the May 2024 Note Minimum Conversion Price and (ii) 90% of the VWAP of the Class A Ordinary Shares on a day selected by the holder out of the five trading days immediately prior to the date of conversion (the "May 2024 Note Conversion Price"). The "May 2024 Note Minimum Conversion Price" was $14.00 provided that if at any time while the May 2024 Note was outstanding, the three-day VWAP of the Class A Ordinary Shares is less than $14.00, then the May 2024 Note Minimum Conversion Price would thereafter equal $3.50.

The May 2024 Note provided for certain customary events of default, including, among other things, a May 2024 Note Bankruptcy Event of Default. In connection with a May 2024 Note Bankruptcy Event of Default, the Company was be required to promptly pay to the holder an amount in cash representing (i) all outstanding principal, unpaid interest and unpaid late charges on such principal and interest accrued up to the date of redemption, multiplied by (ii) 125%, in addition to any and all other amounts due, without the requirement for any notice or demand or other action by the holder or any other person or entity, provided that the holder could, in its sole discretion, waive such right to receive payment upon a May 2024 Note Bankruptcy Event of Default, in whole or in part, and any such waiver would not affect any other rights of the holder.

On November 11, 2024, Fusion Fuel Portugal filed for insolvency in the civil court of Sintra, Portugal. As a result of the commencement of the insolvency proceedings, on November 11, 2024, a May 2024 Note Bankruptcy Event of Default may be deemed to have occurred under the terms of the May 2024 Note. As a result of the Bankruptcy Event of Default, the Company became liable to immediately repay in cash the holder of the May 2024 Note at least $175,000, and the May 2024 Note accrued interest at a rate of 18.0% per annum.

As of May 1, 2025, a total of $185,956 in principal and accrued interest under the May 2024 Note had been converted into an aggregate of 23,848 Class A Ordinary Shares, and no balance remained outstanding under the May 2024 Note.

See "*—Convertible Notes Issuable Pursuant to the Securities Subscription Agreement*" for other general terms applicable to the May 2024 Note.

*Warrant Issued May 7, 2024*

 

Also on May 7, 2024, pursuant to the November 2023 Subscription Agreement and in connection with the issuance of the May 2024 Note, the Company issued a warrant (the "May 2024 Warrant") to the Initial Lead Holder to purchase an aggregate of 5,960 Class A Ordinary Shares with an exercise price of $57.89 per share, expiring on May 7, 2026. See "*—Warrants Issuable Pursuant to the Securities Subscription Agreement*" for other general terms applicable to the May 2024 Warrant.

As a result of the conversions of the January 2025 Notes and the March 2025 Notes described under "—*Conversion of January 2025 Notes and March 2025 Notes*", the adjusted exercise price for this warrant became $4.65 per share, and the adjusted number of underlying shares became 74,199. As of December 31, 2025, the May 2024 Warrant had been fully exercised for a total of 74,199 Class A Ordinary Shares in the aggregate.

*Assignment of Rights by Belike Nominees Pty Ltd. to Macquarie Bank Limited*

 

On May 8, 2024, Belike Nominees Pty Ltd. (the "Initial Lead Holder") assigned its rights under the November 2023 Subscription Agreement, the November 2023 Registration Rights Agreement, the May 2024 Note, and the May 2024 Warrant to Macquarie Bank Limited (the "Assignee Lead Holder"). On May 22, 2024, the Company filed a prospectus supplement, dated May 22, 2024, to the prospectus dated May 3, 2024 with the SEC pursuant to Rule 424(b)(3) under the Securities Act, which replaced the Initial Lead Holder with the Assignee Lead Holder as the named selling shareholder pursuant to the assignment of all rights to the Class A Ordinary Shares issuable upon conversion or exercise of the May 2024 Note and the May 2024 Warrant by the Initial Lead Holder to the Assignee Lead Holder. On March 12, 2025, the Company filed an additional prospectus supplement, dated March 12, 2025, to the prospectus dated May 3, 2024 with the SEC pursuant to Rule 424(b)(3) under the Securities Act for the resale from time to time of up to 171,959 Class A Ordinary Shares, which was equal to 200% of the maximum number of Class A Ordinary Shares that was issuable to the Assignee Lead Holder upon conversion of the principal and accrued interest and interest that was accruable prior to maturity under the May 2024 Note at the May 2024 Note Minimum Conversion Price in the original principal amount of $1,150,000 and upon exercise of the May 2024 Warrant, and which included 49,498 Class A Ordinary Shares that Assignee Lead Holder had previously been issued upon conversion of the May 2024 Note as of the date of such prospectus supplement.

*Securities Subscription Agreement*

 

The November 2023 Subscription Agreement provides that from the period beginning on May 7. 2024 and ending on May 7, 2026 (the "Tranche Termination Date"), the Company may give notice ("New Tranche Notice") of a request of a subsequent loan tranche under the November 2023 Subscription Agreement upon 20 business days' written notice to the November 2023 Investors, unless otherwise agreed to between the Company and the November 2023 Investors, provided (i) the Equity Conditions (as defined in the November 2023 Subscription Agreement) are met (as determined in the sole discretion of the Assignee Lead Holder, (ii) the Assignee Lead Holder has obtained all necessary internal approvals, and (iii) subject to the satisfaction of closing conditions. Each of the November 2023 Investors will have the right, but not the obligation, in its sole discretion, to subscribe for from the Company the requested additional tranche of November 2023 Subscription Notes in an aggregate original principal amount to be determined upon agreement or as stated in the New Tranche Note. Each of the November 2023 Investors will pay $9,800 for each $10,000 of principal amount of November 2023 Subscription Notes to be subscribed for by such November 2023 Investors.

The November 2023 Subscription Agreement contains a number of conditions to the closing of each tranche, including the following:

● With respect to the initial closing, the Company shall have closed on an equity financing with a third party investor in which the Company receives net proceeds of at least $1,000,000.

● The filing and effectiveness of a registration statement registering for resale the Class A Ordinary Shares issuable upon conversion and exercise of the November 2023 Subscription Notes and November 2023 Subscription Warrants purchased in the tranche.

● The Company shall have provided evidence of the termination of the Prior ATM Agreement.

● The average daily traded value of the Class A Ordinary Shares for the ten consecutive trading days immediately preceding the most recent closing date is not less than 50% of the average daily traded value of the Class A Ordinary Shares for 10 consecutive trading days immediately preceding the date on which the relevant registration statement was filed with the SEC and the trading price of the Class A Ordinary Shares at any time on any of the three trading days immediately preceding the closing date is not less than 65% of the Closing Sale Price (as defined in the November 2023 Subscription Agreement) of the Class A Ordinary Shares on the date on which the relevant registration statement is filed with the SEC (or if such date is not a trading day, the trading day immediately preceding such date).

● The Company shall have a minimum balance of cash (and cash equivalent assets) equal to or greater than $500,000 within five days of the applicable closing.

● For each tranche subsequent to the initial tranche, the Company will be required to satisfy the Equity Conditions.

The November 2023 Subscription Agreement contains a number of covenants, including the following:

● So long as any November 2023 Subscription Notes remain outstanding, the Company and its subsidiaries will not effect or enter an agreement to effect any Variable Rate Transaction (as defined in the November 2023 Subscription Agreement).

● So long as any of the November 2023 Investors beneficially own any November 2023 Subscription Notes or November 2023 Subscription Warrants, the Company will not, without the prior written consent of the Assignee Lead Holder, offer, issue or sell (1) any November 2023 Subscription Notes (other than to one of the November 2023 Investors pursuant to the November 2023 Subscription Agreement) or (2) other equity or securities that could reasonably be expected to cause a breach or default under the November 2023 Subscription Notes or the November 2023 Subscription Warrants or otherwise impede the ability of any of the November 2023 Investors to exercise any rights thereunder.

● So long as any of the November 2023 Investors beneficially owns any November 2023 Subscription Notes, subject to certain exceptions, the Company and its subsidiaries shall not directly or indirectly issue, offer, sell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, sale, grant of any option or right to purchase or other disposition of any equity security, any convertible securities (as defined below), any preferred stock or any purchase rights and including any "at-the-market" offering of equity securities.

● The Company is required to reimburse the Assignee Lead Holder up to $125,000 for its legal and due diligence fees, of which $40,000 was paid prior to the date of the November 2023 Subscription Agreement.

● Until the November 2023 Subscription Agreement Applicable Date (as defined below) and at any time thereafter while any registration statement is not effective or the prospectus contained therein is not available for use or any Current Public Information Failure (as defined in the November 2023 Registration Rights Agreement) exists, the Company shall not file a registration statement or an offering statement under the Securities Act relating to securities that are not the Registrable Securities (as defined in the November 2023 Registration Rights Agreement). "November 2023 Subscription Agreement Applicable Date Applicable Date" means the earlier of (x) the first date on which the resale by the holders of all the Registrable Securities required to be filed on the initial registration statement (as defined in the November 2023 Registration Rights Agreement) pursuant to the November 2023 Registration Rights Agreement is declared effective by the SEC (and each prospectus contained therein is available for use on such date) or (y) the first date on which all of the Registrable Securities are eligible to be resold by such holders pursuant to Rule 144 (or, if a Current Public Information Failure has occurred and is continuing, such later date after which the Company has cured such Current Public Information Failure).

● For so long as any November 2023 Subscription Notes or November 2023 Subscription Warrants remain outstanding, the Company may not issue or sell any Class A Ordinary Shares, subject to certain exceptions, for a consideration per share less than a price equal to the conversion price of the November 2023 Subscription Notes in effect immediately prior to such issuance or sale ("November 2023 Subscription Dilutive Issuance") if the effect of such Dilutive Issuance is to cause the Company to be required to issue upon conversion or exercise of any November 2023 Subscription Notes or November 2023 Subscription Warrants any Class A Ordinary Shares in excess of that number of Class A Ordinary Shares which the Company may issue upon conversion or exercise of any November 2023 Subscription Notes or November 2023 Subscription Warrants without breaching the Company's obligations under the rules or regulations of Nasdaq.

● So long as any November 2023 Subscription Notes are outstanding, the Company shall not, directly or indirectly, redeem, or declare or pay any cash dividend or distribution on, any securities of the Company without the prior express written consent of the November 2023 Investors.

● In addition, the Company granted the Assignee Lead Investor the right, but not the obligation, to participate exclusively as investor in future equity and equity-linked offerings of securities during the period beginning on the date of the November 2023 Subscription Agreement and ending on the six-month anniversary of the day the Assignee Lead Investor ceases to hold any November 2023 Subscription Notes or November 2023 Subscription Warrants, in an amount of up to 100% of the securities being sold in such offerings.

The Company may terminate the November 2023 Subscription Agreement and the ability to request any further tranches under it at any time prior to the Tranche Termination Date by providing forty business days' written notice or other period if agreed to by the Company and the November 2023 Investors (the "Termination Notice Period"). Within two business days of the expiration of the Termination Notice Period, the Company will have the obligation to purchase all outstanding November 2023 Subscription Notes from the November 2023 Investors at price equal to 108% of the then issued and outstanding principal balance of such November 2023 Subscription Notes and all accrued but unpaid interest thereon by wire transfer of immediately available funds.

The November 2023 Subscription Agreement contains certain representations and warranties, covenants and indemnities customary for similar transactions.

*Convertible Notes Issuable Pursuant to the Securities Subscription Agreement*

<u>General</u>. The November 2023 Subscription Notes will be issued with an original issue discount of 2%. On the second anniversary of the date of issuance of a November 2023 Placement Note (the "November 2023 Subscription Notes Maturity Date"), the Company shall pay to the holder an amount in cash representing 100% of all outstanding principal and accrued and unpaid interest.

<u>Interest</u>. The November 2023 Subscription Notes accrue interest at 4.00% per annum over the Secured Overnight Financing Rate (SOFR). After the occurrence and during the continuance of an event of default, the November 2023 Subscription Notes will accrue interest at the rate of 18.0% per annum. See "*—Events of Default*" below.

<u>Conversion</u>. Holders of the November 2023 Subscription Notes may convert all or any portion of the outstanding principal, interest and late fees if any, into a number of Class A Ordinary Shares at a conversion rate determined by dividing (x) the conversion amount by (y) the higher of (i) the November 2023 Subscription Notes Minimum Conversion Price (as defined below) and (ii) 90% of the VWAP of the Class A Ordinary Shares on a day selected by the holder out of the five trading days immediately prior to the date of conversion (the "November 2023 Subscription Notes Conversion Price"). The "November 2023 Subscription Notes Minimum Conversion Price" will be $7.00 provided that if at any time while the November 2023 Subscription Notes are outstanding, the three-day VWAP of the Class A Ordinary Shares is less than $7.00, then the November 2023 Subscription Notes Minimum Conversion Price shall thereafter equal $1.75. With respect to the May 2024 Note only, all references to the November 2023 Subscription Notes Conversion Price refer to the May 2024 Note Conversion Price, and all references to the November 2023 Subscription Notes Minimum Conversion Price refer to the May 2024 Note Minimum Conversion Price.

<u>Trading Price Redemption</u>. If, at any time prior to the November 2023 Subscription Notes Maturity Date, the VWAP of the Company's Class A Ordinary Shares for any ten trading day period is less than the November 2023 Subscription Notes Minimum Conversion Price, then the holder shall have the right, but not the obligation, to require the Company to redeem the November 2023 Subscription Notes in full at a price equal to 108% of all outstanding principal and accrued and unpaid interest and accrued and unpaid late charges, if any, on such principal and interest.

<u>Conversion Limitation</u>. Each of the holders of the November 2023 Subscription Notes may not convert any portion of the November 2023 Subscription Notes to the extent that after giving effect to such conversion, such holder together with its affiliates and certain other parties ("November 2023 Securities Attribution Parties") collectively would beneficially own in excess of 9.99% of the Class A Ordinary Share outstanding immediately after giving effect to such conversion.

Events of Default

The November 2023 Subscription Notes contain certain customary events of default, including, among other things, the failure of a required registration statement to be filed, become or remain effective in accordance with certain deadlines set forth in the November 2023 Registration Rights Agreement, and breach of the financial covenants described in "*—Covenants*" below.

In connection with an event of default, a holder may require the Company to redeem in cash any or all of the November 2023 Subscription Notes. The redemption price (except in the case of certain events of default relating to bankruptcy) will equal the greater of (i) 125% of the conversion amount being redeemed and (ii) the conversion rate with respect to the conversion amount in effect at such time as the holder delivers notice of an event of default redemption multiplied by the greatest closing sale price of the Class A Ordinary Shares on any trading day during the period commencing on the date immediately preceding such event of default and ending on the date the Company made the entire redemption payment.

In connection with bankruptcy, insolvency, reorganization, or similar proceedings or court orders of, against, or in respect of the Company or any subsidiary, the Company will be required to promptly pay to the holders of the November 2023 Subscription Notes an amount in cash representing (i) all outstanding principal, unpaid interest and unpaid late charges on such principal and interest accrued up to the date of redemption, multiplied by (ii) 125%, in addition to any and all other amounts due, without the requirement for any notice or demand or other action by the holder or any other person or entity, provided that each of the holders may, in its sole discretion, waive such right to receive payment, in whole or in part, and any such waiver will not affect any other rights of the holder.

<u>Change of Control</u>. In connection with a Change of Control (as defined in the November 2023 Subscription Notes), a holder may require the Company to redeem all or any portion of each November 2023 Subscription Note ("Change of Control Redemption"). The redemption price per share will equal the greatest of (i) 125% of the conversion amount being redeemed, (ii) the product of 125% multiplied by the product of (A) the conversion amount being redeemed multiplied by (B) the quotient determined by dividing (I) the greatest closing sale price of the Class A Ordinary Shares during the period beginning on the date immediately preceding the earlier to occur of (1) the consummation of the applicable Change of Control and (2) the public announcement of such Change of Control, and ending on the date the holder delivers notice of the Change of Control Redemption by (II) the November 2023 Subscription Notes Conversion Price then in effect and (iii) the product of 125% multiplied by the product of (A) the Conversion Amount being redeemed multiplied by (B) the quotient of (I) the aggregate cash consideration and the aggregate cash value of any non-cash consideration per Class A Ordinary Share to be paid to the holders of the Class A Ordinary Shares upon consummation of such Change of Control (any such non-cash consideration constituting publicly-traded securities to be valued at the highest of the closing sale price of such securities as of the trading day immediately prior to the consummation of such Change of Control, the closing sale price of such securities on the trading day immediately following the public announcement of such proposed Change of Control and the closing sale price of such securities on the trading day immediately prior to the public announcement of such proposed Change of Control) divided by (II) the November 2023 Subscription Notes Conversion Price then in effect.

Holder Rights Upon Issuance of Purchase Rights, Corporate Events, and Issuance of other Securities

If at any time the Company grants, issues or sells any options, convertible securities or rights to purchase stock, warrants, securities or other property pro rata to all or substantially all of the record holders of Class A Ordinary Shares (the "Purchase Rights"), then each of the holders of the November 2023 Subscription Notes will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the holders could have acquired if the holders had held the number of Class A Ordinary Shares acquirable upon complete conversion of the November 2023 Subscription Notes (without taking into account any limitations or restrictions on the convertibility of the November 2023 Subscription Notes and assuming for such purpose that the November 2023 Subscription Notes were converted at the then effective November 2023 Subscription Notes Minimum Conversion Price as of the applicable record date) immediately prior to the date on which a record is taken for the grant, issuance or sale of such Purchase Rights.

Prior to the consummation of any Fundamental Transaction (as defined in the November 2023 Subscription Notes) pursuant to which holders of Class A Ordinary Shares are entitled to receive securities or other assets with respect to or in exchange for Class A Ordinary Shares (a "Corporate Event"), each of the holders of the November 2023 Subscription Notes will thereafter have the right to receive upon a conversion of the November 2023 Subscription Notes, such securities or other assets to which the holder would have been entitled with respect to such Class A Ordinary Shares had such Class A Ordinary Shares been held by the holder upon the consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility of the November 2023 Subscription Notes).

Subject to certain exceptions, if the Company issues or sells, or is deemed to have issued or sold, any Class A Ordinary Shares (including the issuance or sale of Class A Ordinary Shares owned or held by or for the account of the Company issued or sold or deemed to have been issued or sold) for a consideration per share less than a price equal to the November 2023 Subscription Notes Conversion Price in effect immediately prior to such issuance or sale or deemed issuance or sale, then, immediately after such issuance or sale, the November 2023 Subscription Notes Conversion Price then in effect shall be reduced to an amount equal to the price of the lower-priced security.

If the Company in any manner issues or sells or enters into any agreement to issue or sell, any ordinary shares, options or convertible securities that are issuable pursuant to such agreement or convertible into or exchangeable or exercisable for Class A Ordinary Shares at a price which varies or may vary with the market price of the Class A Ordinary Shares, including by way of one or more reset(s) to a fixed price, but exclusive of such formulations reflecting customary anti-dilution provisions ("Variable Price"), the Company will be required to provide written notice to the holders of the November 2023 Subscription Notes on the date of such agreement and the issuance of such securities. From and after the date the Company enters into such agreement or issues any such securities, each holder of the November 2023 Subscription Notes may, in its sole discretion, substitute the Variable Price for the November 2023 Subscription Notes Conversion Price or November 2023 Subscription Notes Minimum Conversion Price upon conversion of the November 2023 Subscription Notes.

<u>Covenants</u>. The Company will be subject to certain customary affirmative and negative covenants regarding the incurrence of indebtedness, the existence of liens, the repayment of indebtedness, the payment of cash in respect of dividends, distributions or redemptions, and the transfer of assets, among other matters.

*Warrants Issuable Pursuant to the Securities Subscription Agreement*

<u>General</u>. Each of the November 2023 Subscription Warrants enables its holder to acquire, at any time after the issuance date thereof and from time to time, at the exercise price then in effect, Class A Ordinary Shares.

<u>Exercise Price</u>. The exercise price per share of the November 2023 Subscription Warrants will be 130% of the VWAP of the Class A Ordinary Shares during the five trading days immediately preceding the issuance of such November 2023 Subscription Warrants, subject to adjustment as described further below.

<u>Exercise Period</u>. November 2023 Subscription Warrants are exercisable at any time and from time to time until the second anniversary of the issuance date.

<u>Cashless Exercise</u>. If at the time of exercise of any November 2023 Subscription Warrants, there is no effective registration statement registering the Class A Ordinary Shares underlying the November 2023 Subscription Warrants, such November 2023 Subscription Warrants may be exercised on a cashless basis pursuant to its terms.

<u>Exercise Limitation</u>. Each holder of the November 2023 Subscription Warrants may not exercise any portion of the November 2023 Subscription Warrants to the extent that after giving effect to such exercise, the holder together with the other November 2023 Securities Attribution Parties collectively would beneficially own in excess of 9.99% of the Class A Ordinary Shares outstanding immediately after giving effect to such exercise.

Adjustment of Exercise Price and Number of Placement Warrant Shares

The exercise price of the November 2023 Subscription Warrants is subject to adjustment in accordance with the adjustment of the November 2023 Subscription Notes Conversion Price as described above. If and whenever the Company issues or sells, or is deemed to have issued or sold, any Class A Ordinary Shares (including the issuance or sale of Class A Ordinary Shares owned or held by or for the account of the Company), subject to certain exceptions, then immediately after such sale or issuance, the exercise price then in effect will be reduced to an amount equal to the price of the lower-priced security. Simultaneously with any adjustment to the exercise price, the number of Class A Ordinary Shares that may be acquired upon exercise of the November 2023 Subscription Warrants will be increased proportionately, so that after such adjustment the aggregate exercise price payable for the adjusted number of Class A Ordinary Shares underlying the November 2023 Subscription Warrants will be the same as the aggregate exercise price in effect immediately prior to such adjustment (without regard to any limitations on exercise).

If the Company in any manner issues or sells or enters into any agreement to issue or sell, any ordinary shares, options or convertible securities that are issuable pursuant to such agreement or convertible into or exchangeable or exercisable for Class A Ordinary Shares at a Variable Price, the Company will be required to provide written notice to the holders of the November 2023 Subscription Warrants on the date of such agreement and the issuance of such securities. From and after the date the Company enters into such agreement or issues any such securities, each holder of the November 2023 Subscription Warrants may, in its sole discretion, substitute the Variable Price for the exercise price upon exercise of the November 2023 Subscription Warrants.

<u>Fundamental Transaction Redemption</u>. In connection with the Company's consummation of a Fundamental Transaction (as defined in the November 2023 Subscription Warrants), each holder of the November 2023 Subscription Warrants may require the Company (or the successor entity, as the case may be) to purchase the November 2023 Subscription Warrants from the holder by paying to the holder cash in an amount equal to the Black Scholes Value (as defined in the November 2023 Subscription Warrants).

*Registration Rights Agreement*

Pursuant to the November 2023 Registration Rights Agreement, the Company granted certain registration rights to the November 2023 Investors, obligating the Company to have a registration statement declared effective as a condition to any issuance of the November 2023 Subscription Notes. The November 2023 Registration Rights Agreement also grants the November 2023 Investors customary "piggyback" registration rights. The Company will be required to pay certain Registration Delay Payments (as defined in the November 2023 Registration Rights Agreement) to the November 2023 Investors upon the occurrence of certain events as detailed in the November 2023 Registration Rights Agreement.

***Subscription Agreement with Hydrogenial S.A.***

 ****

The Hydrogenial Agreement provides for the private placement of an aggregate of 1,251,168 Class A Ordinary Shares and warrants to acquire an aggregate of 375,351 Class A Shares for an aggregate purchase price of $33,500,000.

The Hydrogenial Agreement originally provided for the closing of the sale to take place on September 30, 2024, subject to applicable closing conditions. The Hydrogenial Agreement was amended to provide that the closing under the Hydrogenial Agreement would take place on October 25, 2024.

The Hydrogenial Agreement provides that following the closing of the sale under the Hydrogenial Agreement, Hydrogenial will have the right to nominate one member to the Company's Board of Directors, provided that such right will terminate once the investor ceases to own at least 25% of the Company's outstanding voting securities. Hydrogenial will be prohibited from selling the purchased securities until five years after the closing of the sale, and as long as it owns at least 25% of the outstanding Class A Ordinary Shares, the Company will have a right to purchase its shares prior to offering the shares to another party.

The Company will be required to file a registration statement to register the resale of the Class A Ordinary Shares (including those underlying the warrants) sold to Hydrogenial within 30 business days of the closing and use its commercially reasonable efforts to have it declared effective by the SEC as soon as practicable but no later than 60 calendar days after such filing deadline.

***November 2024 Stock Purchase Agreement***

The information under Item 4.A. "*History and Development of the Company – Acquisition of Quality Industrial Corp. – November 2024 Stock Purchase Agreement*" is incorporated by reference herein.

***January 2025 Securities Purchase Agreement, Registration Rights Agreement, Notes and Warrants***

 ****

The information under Item 5.A. "*Operating Results – Recent Developments – January 2025 Private Placement of Senior Convertible Notes and Warrants*" is incorporated by reference herein.

***February 2025 Securities Purchase Agreement and Registration Rights Agreement, March Notes and Warrants***

The information under Item 5.A. "*Operating Results – Recent Developments – February 2025 Private Placement of Senior Convertible Notes and Warrants*" is incorporated by reference herein.

***January 2025 Ordinary Shares Purchase Agreement and Registration Rights Agreement***

The information under Item 5.A. "*Operating Results – Recent Developments – Committed Equity Financing*" is incorporated by reference herein.

**10. D. Exchange Controls**

Under the laws of Ireland, except as indicated below, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of dividends, interest or other payments to nonresident holders of our ordinary shares.

It is an offence under Irish law (pursuant to various statutory instruments) to transfer funds or make funds or economic resources available, directly or indirectly to any person or entity in contravention of Irish, EU or United Nations sanctions or to otherwise contravene Irish, EU or United Nations sanctions.

Under the Financial Transfers Act 1992 (the "1992 Act"), the Minister for Finance of Ireland may make provision for the restriction of financial transfers between Ireland and other countries. Financial transfers are broadly defined, and dividends would fall within this definition.

The 1992 Act and underlying EU regulations prohibit financial transfers with certain persons and entities listed in the EU Consolidated Financial Sanctions List and United Nations Security Council Consolidated List, each of which is updated on an ongoing basis.

**10. E. Taxation**

The following discussion is based on the tax laws, regulations and regulatory practices of the United States and Ireland as in effect on the date hereof, which are subject to change (or subject to changes in interpretation), possibly with retroactive effect.

Current and prospective shareholders are advised to consult their own tax advisors in light of their particular circumstances as to the U.S. or Irish tax laws, regulations and regulatory practices that could be relevant for them in connection with owning and selling or otherwise disposing of our Class A Ordinary Shares and receiving dividends and similar cash or in-kind distributions on our Class A Ordinary Shares (including dividends on liquidation proceeds and share dividends) or distributions on our Class A Ordinary Shares based upon a capital reduction or reserves paid out of capital contributions and the consequences thereof under the tax laws, regulations and regulatory practices of the United States or Ireland.

***Material U.S. Federal Income Tax Consequences for U.S. Holders***

The following is a description of the material U.S. federal income tax consequences to U.S. Holders, as defined below, of owning and disposing our Class A Ordinary Shares. It does not describe all tax consequences that may be relevant to a particular person's decision to acquire Class A Ordinary Shares.

This discussion applies only to a U.S. Holder that holds Class A Ordinary Shares as capital assets for U.S. federal income tax purposes (generally, property held for investment). In addition, it does not describe any tax consequences other than U.S. federal income tax consequences, including state and local tax consequences and estate tax consequences, and does not describe all of the U.S. federal income tax consequences that may be relevant in light of the U.S. Holder's particular circumstances, including alternative minimum tax consequences, the potential application of the provisions of the U.S. the Code known as the Medicare contribution tax, special tax accounting rules under Section 451(b) of the Code, and tax consequences applicable to U.S. Holders subject to special rules, such as:

● certain banks, insurance companies and other financial institutions;

● brokers, dealers or traders in securities who use a mark-to-market method of tax accounting;

● persons holding Class A Ordinary Shares as part of a straddle, wash sale, conversion transaction or other integrated transaction or persons entering into a constructive sale with respect to the Class A Ordinary Shares;

● persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

● entities or arrangements classified as partnerships or S corporations for U.S. federal income tax purposes (and investors therein);

● tax-exempt entities, including an "individual retirement account" or "Roth IRA," or governmental entities;

● real estate investment trusts or regulated investment companies;

● former U.S. citizens or long-term residents of the United States;

● persons that own or are deemed to own 10% or more of the voting power or value of our shares;

● persons who acquired our Class A Ordinary Shares pursuant to the exercise of an employee stock option or otherwise as compensation; or

● persons holding Class A Ordinary Shares in connection with a trade or business conducted outside of the United States or in connection with a permanent establishment or other fixed place of business outside of the United States.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds Class A Ordinary Shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding Class A Ordinary Shares and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of owning and disposing of the Class A Ordinary Shares in their circumstances.

This discussion is based on the Code, administrative pronouncements, judicial decisions, final, temporary and proposed U.S. Treasury regulations, and the income tax treaty between Ireland and the United States (the "Treaty"), all as of the date hereof, any of which is subject to change or differing interpretations, possibly with retroactive effect.

A "U.S. Holder" is a holder who, for U.S. federal income tax purposes, is a beneficial owner of Class A Ordinary Shares, who is eligible for the benefits of the Treaty and who is:

● a citizen or individual resident of the United States;

● a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or

● an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

U.S. Treasury regulations that apply to taxable years beginning on or after December 28, 2021, or the Foreign Tax Credit Regulations, may in some circumstances prohibit a U.S. person from claiming a foreign tax credit with respect to certain non-U.S. taxes that are not creditable under applicable income tax treaties. The U.S. Internal Revenue Service (the "IRS"), has released notices which indicate that the U.S. Treasury Department and the IRS are considering amendments to the Foreign Tax Credit Regulations and provide temporary relief from certain of their provisions until such time as the IRS issues a subsequent notice or other guidance withdrawing or modifying the temporary relief (or any later date specified in the relevant notice or guidance). U.S. investors that are not eligible for Treaty benefits should consult their tax advisors regarding the creditability or deductibility of any non-U.S. taxes imposed on them. This discussion does not apply to investors in this special situation. U.S. Holders should consult their tax advisors concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of Class A Ordinary Shares in their particular circumstances.

***Passive Foreign Investment Company Rules***

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Under the Internal Revenue Code of 1986, as amended (the "Code"), we will be a PFIC for any taxable year in which, after the application of certain "look-through" rules with respect to our subsidiaries, either (i) 75% or more of our gross income consists of "passive income," or (ii) 50% or more of the average quarterly value of our assets consists of assets that produce, or are held for the production of, "passive income." For purposes of the calculations above, we will be treated as if we hold our proportionate share of the assets of, and receive directly our proportionate share of the income of, any other corporation in which we directly or indirectly own at least 25%, by value, of the shares of such corporation. Passive income generally includes dividends, interest, rents, certain non-active royalties, and capital gains.

Based on the composition of our income and assets during 2025 and the value of our assets, including the application of the look-through rules to our majority-owned subsidiary, Quality Industrial Corp., we do not believe we were a PFIC for the taxable year ended December 31, 2025. However, the determination of PFIC status is a factual determination that must be made annually at the close of each taxable year based on the composition of our income and the value of our assets at such time. Because our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market price of our Class A Ordinary Shares, which could be volatile), there can be no assurance that we will not be a PFIC for any future taxable year. In particular, if the transactions contemplated by the Share Exchange Agreement, dated as of February 18, 2026, among the Company and certain shareholders of Royal Uranium, were to be consummated, the Company would acquire royalty interests in uranium projects. Royalty income is generally treated as passive income for PFIC purposes, and assets held for the production of royalty income are generally treated as passive assets. Accordingly, the consummation of such transactions could cause the Company to be a PFIC for the taxable year in which such transactions are consummated and for subsequent taxable years, depending on the value of the royalty assets relative to the Company's other assets and the composition of the Company's income following such transactions.

If we are a PFIC for any year during which a U.S. Holder holds Class A Ordinary Shares, we would generally continue to be treated as a PFIC with respect to such holder for all succeeding years during which such holder holds Class A Ordinary Shares, even if we ceased to meet the threshold requirements for PFIC status, unless the U.S. Holder makes a "deemed sale" election, which would allow the U.S. Holder to eliminate the continuing PFIC status under certain circumstances but would require the U.S. Holder to recognize gain taxed under the general PFIC rules described below.

If we were a PFIC for any taxable year and any of our subsidiaries or other companies in which we owned or were treated as owning equity interests were also a PFIC (any such entity is herein referred to as a "Lower-tier PFIC"), a U.S. Holder would be deemed to own a proportionate amount (by value) of the shares of each Lower-tier PFIC and would be subject to U.S. federal income tax according to the rules described in the subsequent paragraph on (i) certain distributions by a Lower-tier PFIC; and (ii) dispositions of shares of Lower-tier PFICs, in each case as if such holder held such shares directly, even though such holder will not have received the proceeds of those distributions or dispositions.

If we were a PFIC for any taxable year during which a U.S. Holder held any of our Class A Ordinary Shares, such holder would generally be subject to adverse tax consequences. Generally, gain recognized upon a disposition (including, under certain circumstances, a pledge) of our Class A Ordinary Shares would be allocated ratably over a U.S. Holder's holding period for the Class A Ordinary Shares. The amounts allocated to the taxable year of disposition and to years before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for that taxable year for individuals or corporations, as appropriate, and an interest charge would be imposed on the tax on such amount. Further, to the extent that any distributions received on a U.S. Holder's Class A Ordinary Shares during a taxable year exceeded 125% of the average of the annual distributions on those shares during the preceding three years or such holder's holding period, whichever was shorter, those distributions would be subject to taxation in the same manner as gain.

Alternatively, if we were a PFIC and if the Class A Ordinary Shares were "regularly traded" on a "qualified exchange," a U.S. Holder may avoid the general PFIC tax consequences discussed above if such U.S. Holder makes a mark-to-market election with respect to the Class A Ordinary Shares at the close of the first taxable year in which such holder holds our Class A Ordinary Shares. Nasdaq, on which the Class A Ordinary Shares are listed, is a qualified exchange for this purpose. Once made, the election cannot be revoked without the consent of the IRS unless the Class A Ordinary Shares cease to be marketable.

If a U.S. Holder makes the mark-to-market election with respect to the first taxable year that we are a PFIC and the U.S. Holder holds our Class A Ordinary Shares, such holder will generally recognize as ordinary income any excess of the fair market value of such holder's Class A Ordinary Shares at the end of each taxable year in which we are a PFIC over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of the Class A Ordinary Shares over their fair market value at the end of such taxable year (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). The U.S. Holder's tax basis in their Class A Ordinary Shares will be adjusted to reflect these income or loss amounts. Any gain recognized on the sale or other disposition of Class A Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). Any gain or loss recognized on the sale or other disposition of Class A Ordinary Shares in a year when we are not a PFIC will generally be taxed in the manner described below under "*– Sale or Other Disposition of Class A Ordinary Shares*". Subject to the discussion in the immediately succeeding paragraph, any distributions will generally be taxed in a manner described below under "*– Taxation of Distributions*". This election will not apply to any of our non-U.S. subsidiaries. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any Lower-tier PFICs notwithstanding a mark-to-market election for the Class A Ordinary Shares.

In addition, if we were a PFIC for any taxable year in which we paid a dividend or for the prior taxable year, the preferential dividend rates discussed below with respect to dividends paid to certain non-corporate U.S. Holders would not apply.

If a company that is a PFIC provides certain information to U.S. Holders, a U.S. Holder can then avoid certain adverse tax consequences described above by making a "qualified electing fund" ("QEF Election") in the first taxable year that the company is treated as a PFIC with respect to the U.S. Holder. A U.S. Holder must make the QEF Election for each PFIC by attaching a separate properly completed IRS Form 8621 for each PFIC to the U.S. Holder's timely filed U.S. federal income tax return.

The Company has not yet determined whether it will provide to U.S. Holders the information necessary for them to make a "qualified electing fund" election under Section 1295 of the Code with respect to any taxable year in which the Company is or may be a PFIC. There can be no assurance that the Company will provide such information in the future. Moreover, even if we provide this information regarding us and any wholly-owned subsidiaries on a timely basis, we may not be able to furnish this information with respect to a non-wholly-owned Lower-tier PFIC, if any. There is also no assurance that we will have timely knowledge of our status as a PFIC in the future or of the information that a U.S. Holder would need to provide in order to make a valid election.

If a U.S. Holder makes a QEF Election with respect to a PFIC, the U.S. Holder will be taxed on its pro rata share of the PFIC's ordinary earnings and net capital gain (at ordinary income and capital gain rates, respectively) for each taxable year that the entity is a PFIC. If we are a PFIC and if a U.S. Holder makes a QEF Election with respect to us, any distributions paid by us out of our earnings and profits that were previously included in the U.S. Holder's income under the QEF Election would not be taxable to the U.S. Holder. If we are a PFIC, a U.S. Holder will increase its tax basis in its Class A Ordinary Shares by an amount equal to any income included under the QEF Election and will decrease its tax basis by any amount distributed on the Class A Ordinary Shares that is not included in the U.S. Holder's income. In addition, if we are a PFIC and if a U.S. Holder makes a QEF Election with respect to us, a U.S. Holder will recognize capital gain or loss on the disposition of Class A Ordinary Shares in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis in the Class A Ordinary Shares, as determined in U.S. dollars. If we are a PFIC, U.S. Holders should note that if they make QEF Elections with respect to us or any Lower-tier PFICs, they may be required to pay U.S. federal income tax with respect to their Class A Ordinary Shares for any taxable year significantly in excess of any cash distributions received on the Class A Ordinary Shares for such taxable year. U.S. Holders should consult their tax advisors regarding making QEF Elections in their particular circumstances.

U.S. Holders should consult their tax advisors regarding whether we are a PFIC and the potential application of the PFIC rules.

If a U.S. Holder owns Class A Ordinary Shares during any year in which we are a PFIC, the U.S. Holder generally must file an annual report on IRS Form 8621 with respect to us and any Lower-Tier PFICs containing such information as the U.S. Treasury may require, generally with the U.S. Holder's U.S. federal income tax return for the relevant year. A U.S. Holder's failure to file the annual report will cause the statute of limitations for such U.S. Holder's U.S. federal income tax return to remain open with respect to the items required to be included in such report until three years after the U.S. Holder files the annual report and, unless such failure is due to reasonable cause and not willful neglect, the statute of limitations for the U.S. Holder's entire U.S. federal income tax return will remain open during such period.

**PROSPECTIVE U.S. HOLDERS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE CONSEQUENCES OF OUR PFIC STATUS ON AN INVESTMENT IN CLASS A ORDINARY SHARES.**

***Taxation of Distributions***

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The following is subject to the discussion under "*– Passive Foreign Investment Company Rules*" above. We do not currently expect to make distributions on our Class A Ordinary Shares. In the event that we do make distributions of cash or other property, distributions paid on Class A Ordinary Shares, other than certain pro rata distributions of Class A Ordinary Shares, will generally be treated as dividends to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, we expect that distributions generally will be reported to U.S. Holders as dividends. However, if we were a PFIC for any taxable year in which we paid a dividend or for the prior taxable year, non-corporate U.S. Holders would not be eligible for preferential tax rates.

The amount of a dividend will include any amounts withheld by us in respect of Irish income taxes. The amount of the dividend will be treated as foreign-source dividend income to U.S. Holders and will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder's income on the date of the U.S. Holder's receipt of the dividend. The amount of any dividend income paid in Euros will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.

Subject to applicable limitations, some of which vary depending upon the U.S. Holder's particular circumstances, Irish income taxes withheld from dividends on Class A Ordinary Shares (at a rate not exceeding the rate provided by the Treaty) will be creditable against the U.S. Holder's U.S. federal income tax liability. The rules governing foreign tax credits are complex and U.S. Holders should consult their tax advisors regarding the creditability of foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, U.S. Holders may, at their election, deduct foreign taxes, including any Irish income tax, in computing their taxable income, subject to generally applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable year.

***Sale or Other Disposition of Class A Ordinary Shares***

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The following is subject to the discussion under "*– Passive Foreign Investment Company Rules*" above.

Gain or loss realized by a U.S. Holder on the sale or other disposition of Class A Ordinary Shares will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder's holding period for such Class A Ordinary Shares was more than one year as of the date of the sale or other disposition. The amount of the gain or loss will equal the difference between the U.S. Holder's tax basis in the Class A Ordinary Shares disposed of and the amount realized on the disposition, in each case as determined in U.S. dollars. Long-term capital gain recognized by a non-corporate U.S. Holder is subject to U.S. federal income tax at rates lower than the rates applicable to ordinary income and short-term capital gains, while short-term capital gains are subject to U.S. federal income tax at the rates applicable to ordinary income. This gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to various limitations. If we are a PFIC for any taxable year, any gain recognized on a sale or other taxable disposition of the Class A Ordinary Shares during that taxable year will not be treated as long-term capital gain.

***Information Reporting and Backup Withholding***

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Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.

The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

***Information with Respect to Foreign Financial Assets***

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Certain U.S. Holders who are individuals (and certain entities) may be required to report information relating to an interest in our Class A Ordinary Shares, subject to certain exceptions (including an exception for Class A Ordinary Shares held in accounts maintained by certain U.S. financial institutions). U.S. Holders should consult their tax advisors regarding the effect, if any, of this legislation on their ownership and disposition of the Class A Ordinary Shares.

***Material Irish Tax Consequences***

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The following is a summary of the material Irish tax consequences for certain beneficial holders of Class A Ordinary Shares. The summary is based upon Irish tax laws and the practice of the Revenue Commissioners of Ireland in effect on the date of this Annual Report and correspondence with the Revenue Commissioners of Ireland. Changes in law and/or administrative practice may result in alteration of the tax considerations described below, possibly with retrospective effect.

The summary does not constitute tax advice and is intended only as a general guide. The summary is not exhaustive and holders of Class A Ordinary Shares should consult their own tax advisors about the Irish tax consequences (and the tax consequences under the laws of other relevant jurisdictions) related to the acquisition, ownership and disposal of Class A Ordinary Shares. The summary applies only to shareholders who will own Class A Ordinary Shares as capital assets and does not apply to other categories of shareholders, such as dealers in securities, trustees, insurance companies, collective investment schemes and shareholders who have, or who are deemed to have, acquired Class A Ordinary Shares by virtue of an Irish office or employment (performed or carried on in Ireland) or who are associated entities with respect to Fusion Fuel Green PLC (within the meaning of section 817U of the Taxes Consolidation Act, 1997).

***Tax on Chargeable Gains***

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The current rate of tax on chargeable gains (where applicable) in Ireland is 33%.

A disposal of our Class A Ordinary Shares by a shareholder who is not resident or ordinarily resident for tax purposes in Ireland will not give rise to Irish tax on any chargeable gain realized on such disposal unless such Class A Ordinary Shares are used, held, or acquired for the purposes of a trade or business carried on by such shareholder in Ireland through a branch or agency.

A holder of our Class A Ordinary Shares who is an individual and who is temporarily non-resident in Ireland may, under Irish anti-avoidance legislation, be liable to Irish tax on any chargeable gain realized on a disposal of our Class A Ordinary Shares during the period in which such individual is non-resident.

***Stamp Duty***

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The rate of stamp duty (where applicable) on transfers of shares of Irish incorporated companies is typically 1% of the price paid or the market value of the shares acquired, whichever is greater. Where Irish stamp duty arises, it is generally a liability of the transferee.

***Shares Held Through the Depository Trust Company***

A transfer of our Class A Ordinary Shares effected by means of the transfer of book entry interests through DTC will not be subject to Irish stamp duty.

***Shares Held Outside of DTC or Transferred Into or Out of DTC***

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A transfer of our Class A Ordinary Shares where any party to the transfer holds such shares outside of DTC may be subject to Irish stamp duty, subject to the availability of a relief or exemption. Shareholders wishing to transfer their shares into (or out of) DTC may do so without giving rise to Irish stamp duty provided that:

● there is no change in the beneficial ownership of such shares as a result of the transfer; and

● the transfer into (or out of) DTC is not effected in contemplation of a sale of such shares by a beneficial owner to a third party.

***Withholding Tax on Dividends***

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We do not expect to pay dividends for the foreseeable future. To the extent that we do make dividend payments (or other returns to shareholders that are treated as "distributions" for Irish tax purposes), it should be noted that such distributions made by us will, in the absence of one of many exemptions, be subject to Irish dividend withholding tax, which is referred to in this Annual Report as DWT, currently at a rate of 25%.

For DWT purposes, a distribution includes any distribution that may be made by us to our shareholders, including cash dividends, non-cash dividends and additional shares taken in lieu of a cash dividend. Where an exemption does not apply in respect of a distribution made to a particular shareholder, we are responsible for withholding DWT prior to making such distribution.

***General Exemptions***

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The following is a general overview of the scenarios where it will be possible for us to make payments of dividends without deduction of DWT.

Irish domestic law provides that a non-Irish resident shareholder is not subject to DWT on dividends received from us if such shareholder is beneficially entitled to the dividend and is either:

● a person (not being a company) resident for tax purposes in certain jurisdictions (each, a "Relevant Territory") (including the United States) and is neither resident nor ordinarily resident in Ireland (Relevant Territories for DWT purposes include the following: Albania, Armenia, Australia, Austria, Bahrain, Belarus, Belgium, Bosnia & Herzegovina, Botswana, Bulgaria, Canada, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Finland, France, Georgia, Germany, Ghana, Greece, Hong Kong, Hungary, Iceland, India, Israel, Italy, Japan, Kazakhstan, Kenya, Korea, Kosovo, Kuwait, Latvia, Lithuania, Liechtenstein, Luxembourg, Macedonia, Malaysia, Malta, Mexico, Moldova, Montenegro, Morocco, Netherlands, New Zealand, Norway, Oman, Pakistan, Panama, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, The Republic Of Turkey, Ukraine, United Arab Emirates, United Kingdom, United States, Uzbekistan, Vietnam and Zambia);

● a company which is not resident for tax purposes in Ireland but is resident for tax purposes in a Relevant Territory, provided such company is not under the control, whether directly or indirectly, of a person or persons who is or are resident in Ireland;

● a company, which is not resident for tax purposes in Ireland, that is controlled, directly or indirectly, by persons resident in a Relevant Territory and who is or are (as the case may be) not controlled by, directly or indirectly, persons who are not resident in a Relevant Territory;

● a company, which is not resident for tax purposes in Ireland, whose principal class of shares (or those of its 75% direct or indirect parent) is substantially and regularly traded on a stock exchange in Ireland, on a recognized stock exchange in a Relevant Territory or on such other stock exchange approved by the Irish Minister for Finance; or

● a company, which is not resident for tax purposes in Ireland, that is wholly-owned, directly or indirectly, by two or more companies where the principal class of shares of each of such companies is substantially and regularly traded on a stock exchange in Ireland, on a recognized stock exchange in a Relevant Territory or on such other stock exchange approved by the Irish Minister for Finance,

and provided, in all cases noted above, we have received from the shareholder, where required, the relevant DWT form(s) prior to the payment of the dividend ("DWT Form(s)") and such DWT Form(s) remain valid.

For non-Irish resident shareholders that cannot avail themselves of one of Ireland's domestic law exemptions from DWT, it may be possible for such shareholders to rely on the provisions of a double tax treaty to which Ireland is party to reduce the rate of DWT.

Our shareholders that do not fall within any of the categories specifically referred to above may nonetheless fall within other exemptions from DWT (subject if required to certain administrative obligations being satisfied). If any shareholders are exempt from DWT, but receive dividends subject to DWT, such shareholders may apply for refunds of such DWT from the Revenue Commissioners of Ireland.

***Income Tax on Dividends Paid on our Class A Ordinary Shares***

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Irish income tax may arise for certain persons in respect of dividends received from Irish resident companies. A shareholder that is not resident or, in the case of individuals, ordinarily resident in Ireland and that is entitled to an exemption from DWT generally has no liability to Irish income tax or the universal social charge on a dividend received from us. An exception to this position may apply where such shareholder holds our Class A Ordinary Shares through a branch or agency in Ireland through which a trade is carried on.

A shareholder that is not resident or ordinarily resident in Ireland and that is not entitled to an exemption from DWT generally has no additional Irish income tax liability or a liability to the universal social charge. The DWT deducted by us discharges the liability to income tax. An exception to this position may apply where the shareholder holds our Class A Ordinary Shares through a branch or agency in Ireland through which a trade is carried on.

***Capital Acquisitions Tax***

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Irish capital acquisitions tax ("CAT"), comprises principally gift tax and inheritance tax. CAT could apply to a gift or inheritance of our Class A Ordinary Shares irrespective of the place of residence, ordinary residence or domicile of the parties. This is because our Class A Ordinary Shares are regarded as property situated in Ireland for Irish CAT purposes as our share register must be held in Ireland. The person who receives the gift or inheritance has primary liability for CAT.

CAT is levied at a rate of 33% above certain tax-free thresholds. The appropriate tax-free threshold is dependent upon (i) the relationship between the donor and the donee, and (ii) the aggregation of the values of previous taxable gifts and taxable inheritances received by the donee from persons within the same group threshold. Gifts and inheritances passing between spouses of the same marriage or civil partners of the same civil partnership are exempt from CAT. Children have a tax free threshold of €400,000 in respect of taxable gifts or inheritances received from their parents. Our shareholders should consult their own tax advisors as to whether CAT is creditable or deductible in computing any domestic tax liabilities.

There is also a "small gift exemption" from CAT whereby the first €3,000 of the taxable value of all taxable gifts taken by a donee from any one donor, in each calendar year, is exempt from CAT and is also excluded from any future aggregation. This exemption does not apply to an inheritance.

**THE IRISH TAX CONSIDERATIONS SUMMARIZED ABOVE ARE FOR GENERAL INFORMATION ONLY. HOLDERS OF OUR CLASS A ORDINARY SHARES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES IN IRELAND, INCLUDING RELATING TO THE ACQUISITION, OWNERSHIP AND DISPOSAL OF OUR CLASS A ORDINARY SHARES.**

**10. F. Dividends and Paying Agents**

Not applicable.

**10. G. Statement by Experts**

Not applicable.

**10. H. Documents on Display**

We are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. Reports and other information filed by us with the SEC, including this Annual Report, may be viewed from the SEC's internet site at http://www.sec.gov.

Our website address is www.fusion-fuel.eu. Through our website, we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC, including our annual reports on Form 20-F; our proxy statements for our annual and special shareholder meetings; our reports on Form 6-K; and Schedules 13D and 13G with respect to our securities filed on behalf of our directors and our executive officers; and amendments to those documents. We have not incorporated by reference into this Annual Report the information on our website, and you should not consider it to be a part of this Annual Report.

Statements made in this Annual Report as to the contents of any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this Annual Report, reference is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its entirety by such reference.

As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports and proxy statements, officers and directors are exempt from the short-swing profit recovery provisions contained in Section 16 of the Exchange Act, and principal shareholders are exempt from both the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

**10. I. Subsidiary Information**

Not applicable.

**10. J. Annual Report to Security Holders**

If we are required to provide an annual report to security holders in response to the requirements of Form 6-K, we will submit the annual report to security holders in electronic format in accordance with the EDGAR Filer Manual.

**ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK**

We are a "smaller reporting company" as defined in Rule 405 under the Securities Act and Rule 12b-2 under the Exchange Act and need not provide the information required by this item.

**ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

**12. A. Debt Securities**

Not applicable.

**12. B. Warrants and Rights**

Not applicable.

**12. C. Other Securities**

Not applicable.

**12. D. American Depositary Shares**

Not applicable.

**PART II**

**ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

To the extent applicable, the information included in the Report on Form 6-K furnished by the Company to the SEC on January 3, 2025 is incorporated by reference herein.

**ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**

**A-D. Material Modifications to the Rights of Security Holders**

None.

**E. Use of Proceeds**

Not applicable.

**ITEM 15. CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

Our management are responsible for establishing and maintaining our disclosure controls and procedures. These controls and procedures were designed to ensure that information that we are required to disclose in the reports that we file under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms of the SEC, and that it is accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure.

As required by Rule 13a-15 under the Exchange Act, management has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitations, controls and procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding our required disclosures.

Based on the foregoing, our principal executive and principal financial officer has concluded that as of December 31, 2025, our disclosure controls and procedures were not effective as a result of the material weakness in our internal control over financial reporting described below.

**Management's Annual Report on Internal Control over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

Under the supervision and with the participation of management, including our principal executive and principal financial officer, we evaluated the effectiveness of the Company's internal control over financial reporting as of December 31, 2025, based on criteria for effective internal control over financial reporting established in the *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on this evaluation, management concluded that our internal control over financial reporting was not effective as of December 31, 2025, due to the material weakness described below.

A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual financial statements will not be prevented or detected on a timely basis.

Our management identified a material weakness in our internal control over financial reporting primarily related to insufficient accounting staffing and a resulting lack of segregation of duties within our finance function. Throughout 2025 our finance team consisted of our Accounting Director, our interim Chief Financial Officer, and a Finance Director who departed in January 2026, meaning that preparation and review of journal entries, account reconciliations, and key management review controls over the financial close were concentrated among too few individuals. The material weakness did not result in any identified misstatements to the financial statements.

**Attestation Report of Independent Registered Public Accounting Firm**

This Annual Report does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of the Company's registered public accounting firm because the Company is neither an "accelerated filer" nor a "large accelerated filer" as those terms are defined by the SEC.

**Changes in Internal Controls over Financial Reporting**

We have worked to remediate the material weakness referenced above. We are actively recruiting a replacement for the departed Finance Director and at least one additional qualified accounting professional, and we expect these hires to be in place during financial year 2026. However, until the controls have been redesigned and operated effectively for a sufficient period, the material weakness will not be considered remediated. These remediation measures, which continue as of December 31, 2025, have been time-consuming and costly and there is no assurance that these initiatives will remediate all issues.

Except for as noted above, there were no changes in our internal control over financial reporting during the year ended December 31, 2025 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

It should be noted that while our management believes that our disclosure controls and procedures provide a reasonable level of assurance, our management does not expect that our disclosure controls and procedures or internal financial controls will prevent all errors or fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

**ITEM 16. [RESERVED]**

**ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT**

Our Board of Directors has determined that Luisa Ingargiola is an "audit committee financial expert" as defined under rules and regulations of the SEC and also meets Nasdaq's financial sophistication requirements. Ms. Ingargiola is an "independent director" as defined by the rules and regulations of Nasdaq.

**ITEM 16B. CODE OF ETHICS**

On June 16, 2023, we adopted a Code of Ethics that applies to all of our employees, officers, and directors. This includes our principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions. The full text of the Code of Ethics has been posted on our website at https://www.fusion-fuel.eu/. We intend to disclose on our website any future amendments of the Code of Ethics or waivers that exempt any principal executive officer, principal financial officer, principal accounting officer or controller, persons performing similar functions, or our directors from provisions in the Code of Ethics. Information disclosed on our website is not a part of this Annual Report.

**ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

Our independent registered public accounting firm for the year ended December 31, 2025 was Bush & Associates CPA LLC (Audit firm ID: 6797). The following table represents aggregate fees billed to the Company for fiscal years ended December 31, 2025 and 2024 by the Company's principal accounting firm.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended**<br> **December 31,** | **For the year ended**<br> **December 31,** | **For the year ended**<br> **December 31,** | **For the year ended**<br> **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Audit Fees | € | 76687 | € | 84000 |
| Audit-Related Fees | € |  | € |  |
| Tax Fees | € |  | € |  |
| All Other Fees | € | - | € | - |
| **Total** | € | 76687 | € | 84000 |

---

*Audit Fees*

Audit fees consisted of the aggregate fees for the audits of our consolidated financial statements, the review of interim financial information, consents, and assistance with review of documents filed with the SEC.

*Audit-Related Fees*

 

Audit-related fees consist of the aggregate fees billed for each of the last two fiscal years for assurance and related services performed by the Company's principal accountant that are reasonably related to the performance of the audit or review of our financial statements and are not reported under the paragraph captioned "*Audit Fees*" above. We did not engage our principal accountant to provide assurance or related services during the last two fiscal years.

*Tax Fees*

Tax fees consist of aggregate fees billed for each of the last two fiscal years for professional services performed by the Company's principal accountant with respect to tax compliance, tax advice, tax consulting and tax planning. We did not engage our principal accountant to provide tax compliance, tax advice or tax planning services during the last two fiscal years.

*All Other Fees*

All other fees consist of aggregate fees billed for each of the last two fiscal years for products and services provided by the Company's principal accountant, other than for the services reported under the headings "*Audit Fees*," "*Audit-Related Fees*" and "*Tax Fees*" above. We did not engage our principal accountant to render services to us during the last two fiscal years, other than as reported above.

**Audit Committee's Pre-Approval Policies and Procedures**

Our audit committee has not adopted a pre-approval policy for the engagement of our independent accountant to perform certain audit and non-audit services. The audit committee will pre-approve each type of audit, audit-related, tax and other permitted services on a case-by-case basis. All of the fees listed in the table above were pre-approved by our audit committee.

**ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**

Not applicable.

**ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**

Not applicable.

**ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**

The disclosure called for by paragraph (a) of this Item need not be provided because it has been previously reported, as that term is defined in Rule 12b-2 under the Exchange Act, in the Report on Form 6-K furnished by the Company to the SEC on February 24, 2025.

**ITEM 16G. CORPORATE GOVERNANCE**

**Foreign Private Issuer**

The Nasdaq Listing Rules allow foreign private issuers, such as the Company, to follow home country corporate governance practices (in our case Irish) in lieu of the otherwise applicable Nasdaq corporate governance requirements. In order to rely on this exception, we are required to disclose each Nasdaq Listing Rule that we do not follow and describe the home country practice we do follow in lieu thereof. We have elected to follow corporate governance practices under Irish law in lieu of the following requirements:

● Nasdaq Listing Rule 5635(a), which requires a listed company to obtain shareholder approval prior to the issuance of securities in connection with the acquisition of the stock or assets of another company if (1) where, due to the present or potential issuance of common stock, including shares issued pursuant to an earn-out provision or similar type of provision, or securities convertible into or exercisable for common stock, other than a public offering for cash: (A) the common stock has or will have upon issuance voting power equal to or in excess of 20% of the voting power outstanding before the issuance of stock or securities convertible into or exercisable for common stock; or (B) the number of shares of common stock to be issued is or will be equal to or in excess of 20% of the number of shares of common stock outstanding before the issuance of the stock or securities; or (2) any director, officer or Substantial Shareholder (as defined by Nasdaq Listing Rule 5635(e)(3)) of the Company has a 5% or greater interest (or such persons collectively have a 10% or greater interest), directly or indirectly, in the Company or assets to be acquired or in the consideration to be paid in the transaction or series of related transactions and the present or potential issuance of common stock, or securities convertible into or exercisable for common stock, could result in an increase in outstanding common shares or voting power of 5% or more;

● Nasdaq Listing Rule 5635(b), which requires a listed company to obtain shareholder approval prior to the issuance of securities when the issuance or potential issuance will result in a change of control;

● Nasdaq Listing Rule 5635(c), which requires a listed company to obtain shareholder approval prior to the issuance of securities when a stock option or purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which shares may be acquired by officers, directors, employees, or consultants, except under certain circumstances; and

● Nasdaq Listing Rule 5635(d)(2), which requires a listed company to obtain shareholder approval prior to engaging in a transaction, other than a public offering, involving the sale, issuance or potential issuance of ordinary shares, which alone or together with sales by officers, directors or substantial shareholders of the company, equals 20% or more of the ordinary shares or 20% or more of the voting power outstanding before the issuance at a price below a certain price indicated in such Nasdaq Listing Rule.

Irish law and generally accepted business practices in Ireland do not require that shareholders approve such transactions. Our Irish counsel has provided relevant letters to Nasdaq certifying that under Irish law, we are not required to seek shareholders' approval in the above circumstances. Accordingly, shareholder approval is not required for these types of transactions by the Company.

**ITEM 16H. MINE SAFETY DISCLOSURE**

Not applicable.

**ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**ITEM 16J. INSIDER TRADING POLICIES**

We have adopted an insider trading policy and procedures governing the purchase, sale, and other dispositions of our securities by directors, senior management, and employees, that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to us. A copy of our insider trading policy and procedures is filed as Exhibit 11.1 to this Annual Report.

**ITEM 16K. CYBERSECURITY**

We employ procedures designed to identify, protect, detect and respond to and manage reasonably foreseeable cybersecurity risks and threats. To protect our information systems from cybersecurity threats, we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting, monitoring and detection tools, employee education, password encryption, frequent password change events, firewall detection systems, anti-virus software in-place and frequent backups.

We regularly assess risks from cybersecurity and technology threats and monitor our information systems for potential vulnerabilities, including those that could arise from internal sources and external sources such as third-party service providers we do business with. We use a widely adopted risk quantification model to identify, measure and prioritize cybersecurity and technology risks and develop related security controls and safeguards. We conduct regular reviews and tests of our information security program and also leverage audits by our internal audit team, tabletop exercises, penetration and vulnerability testing, simulations, and other exercises to evaluate the effectiveness of our information security program and improve our security measures and planning. We may and are considering whether to further engage an assessor(s), consultant(s), auditor(s) or other third party(s) to supplement our processes.

To date, we have not experienced any attacks intended to lead to interruptions and delays in our service and operations as well as loss, misuse or theft of personal information (of third parties, employees, and our members) and other data, confidential information or intellectual property. Any significant disruption to our service or access to our systems in the future could adversely affect our business and results of operation. Further, a penetration of our systems or a third-party's systems or other misappropriation or misuse of personal information could subject us to business, regulatory, litigation and reputation risk, which could have a negative effect on our business, financial condition and results of operations.

Our Board of Directors oversees our annual enterprise risk assessment, where we assess key risks within the Company, including security and technology risks and cybersecurity threats. The Audit Committee of the Board of Directors oversees our cybersecurity risk and receives regular reports from our management team on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance. Our management is responsible for the day-to-day assessment and management of our material risks from cybersecurity threats, including implementation and oversight of the processes, controls and safeguards described above.

**PART III**

**ITEM 17. FINANCIAL STATEMENTS**

The Company has elected to provide financial statements pursuant to Item 18.

**ITEM 18. FINANCIAL STATEMENTS**

Our audited financial statements begin on p. F-1 of this Annual Report.

All financial statements in this Annual Report, unless otherwise stated, are presented in accordance with IFRS.

**ITEM 19. EXHIBITS**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1 | [Amended and Restated Constitution of Fusion Fuel Green (incorporated by reference to Exhibit 1.1 to Report on Form 6-K filed on July 10, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025062528/ea024843401ex1-1_fusion.htm) |
| 1.2 | [Certificate of Designation of Preferences, Benefits and Limitations of Series A Convertible Preferred Shares of Fusion Fuel Green PLC (incorporated by reference to Exhibit 1.2 to Annual Report on Form 20-F filed on May 9, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025041617/ea024074301ex1-2_fusion.htm) |
| 2.1 | [Specimen Class A Ordinary Share Certificate of Fusion Fuel Green PLC (incorporated by reference to Exhibit 4.1 to Registration Statement on Form F-4/A filed on October 9, 2020)](https://www.sec.gov/Archives/edgar/data/1819794/000121390020030855/ea127972ex4-1_fusionfuel.htm) |
| 2.2 | [Specimen Warrant Certificate of Fusion Fuel Green PLC (incorporated by reference to Exhibit 4.2 to Registration Statement on Form F-4/A filed on October 9, 2020)](https://www.sec.gov/Archives/edgar/data/1819794/000121390020030855/ea127972ex4-2_fusionfuel.htm) |
| 2.3 | [Novation Agreement between HL Acquisitions Corp., Fusion Fuel Green PLC, and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.3.1 to Shell Company Report on Form 20-F filed on December 17, 2020)](https://www.sec.gov/Archives/edgar/data/1819794/000121390020043106/f20f2020ex4-3i_fusionfuel.htm) |
| 2.4 | [Form of Placement Note (incorporated by reference to Exhibit 4.1 to Report on Form 6-K filed on November 27, 2023)](https://www.sec.gov/Archives/edgar/data/1819794/000117184323007270/exh_41.htm) |
| 2.5 | [Form of Placement Warrant (incorporated by reference to Exhibit 4.2 to Report on Form 6-K filed on November 27, 2023)](https://www.sec.gov/Archives/edgar/data/1819794/000117184323007270/exh_42.htm) |
| 2.6 | [Placement Note (incorporated by reference to Exhibit 99.1 to Report on Form 6-K filed on May 8, 2024)](https://www.sec.gov/Archives/edgar/data/1819794/000117184324002676/exh_991.htm) |
| 2.7 | [Placement Warrant (incorporated by reference to Exhibit 99.2 to Report on Form 6-K filed on May 8, 2024)](https://www.sec.gov/Archives/edgar/data/1819794/000117184324002676/exh_992.htm) |
| 2.8 | [Form of Senior Convertible Note (incorporated by reference to Exhibit 4.1 to Report on Form 6-K filed on January 13, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025002830/ea022739001ex4-1_fusion.htm) |
| 2.9 | [Form of Warrant To Purchase Ordinary Shares (incorporated by reference to Exhibit 4.2 to Report on Form 6-K filed on January 13, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025002830/ea022739001ex4-2_fusion.htm) |
| 2.10 | [Form of Senior Convertible Note (incorporated by reference to Exhibit 4.1 to Report on Form 6-K filed on March 3, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025019043/ea023265101ex4-1_fusion.htm) |
| 2.11 | [Form of Warrant To Purchase Ordinary Shares (incorporated by reference to Exhibit 4.2 to Report on Form 6-K filed on March 3, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025019043/ea023265101ex4-2_fusion.htm) |
| 2.12 | [Form of Pre-Funded Ordinary Shares Purchase Warrant issuable pursuant to the Securities Purchase Agreement, dated as of July 22, 2025, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 4.1 to Report on Form 6-K filed on July 23, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025066822/ea024997701ex4-1_fusion.htm) |
| 2.13 | [Form of Ordinary Shares Purchase Warrant issuable pursuant to the Securities Purchase Agreement, dated as of July 22, 2025, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 4.2 to Report on Form 6-K filed on July 23, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025066822/ea024997701ex4-2_fusion.htm) |
| 2.14 | [Form of Ordinary Shares Purchase Warrant issuable pursuant to the Securities Purchase Agreement, dated as of July 22, 2025, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 4.3 to Report on Form 6-K filed on July 23, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025066822/ea024997701ex4-3_fusion.htm) |
| 2.15 | [Form of Ordinary Shares Purchase Warrants pursuant to the Notes Redemption, Warrants Cancellation and Exchange, Limited Waiver, Consent and Release Agreement, dated as of July 22, 2025, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 4.4 to Report on Form 6-K filed on July 23, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025066822/ea024997701ex4-4_fusion.htm) |
| 2.16 | [Form of Pre-Funded Ordinary Shares Purchase Warrant (incorporated by reference to Exhibit 4.1 to Report on Form 6-K filed on December 5, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000149315225026435/ex4-1.htm) |

---

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| | |
|:---|:---|
| 2.17 | [Form of Ordinary Shares Purchase Warrant (incorporated by reference to Exhibit 4.2 to Report on Form 6-K filed on December 5, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000149315225026435/ex4-2.htm) |
| 2.18 | [Form of Ordinary Shares Purchase Warrant (incorporated by reference to Exhibit 4.3 to Report on Form 6-K filed on December 5, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000149315225026435/ex4-3.htm) |
| 2.19 | [Class A Ordinary Share Purchase Warrant issued on December 31, 2025 (incorporated by reference to Exhibit 4.1 to Report on Form 6-K filed on January 8, 2026)](https://www.sec.gov/Archives/edgar/data/1819794/000149315226000912/ex4-1.htm) |
| 2.20 | [Form of Pre-Funded Ordinary Shares Purchase Warrant issuable pursuant to the Mineral & Element Advisory Agreement, dated as of February 12, 2026, between Fusion Fuel Green PLC and the other party signatory thereto (incorporated by reference to Exhibit 4.1 to the Report on Form 6-K filed on February 18, 2026)](https://www.sec.gov/Archives/edgar/data/1819794/000149315226007261/ex4-1.htm) |
| 2.21 | [Form of Pre-Funded Ordinary Shares Purchase Warrant issuable pursuant to the Securities Purchase Agreement, dated as of February 14, 2026, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 4.2 to the Report on Form 6-K filed on February 18, 2026)](https://www.sec.gov/Archives/edgar/data/1819794/000149315226007261/ex4-2.htm) |
| 2.22 | [Form of Ordinary Shares Purchase Warrant issuable pursuant to the Securities Purchase Agreement, dated as of February 14, 2026, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 4.3 to the Report on Form 6-K filed on February 18, 2026)](https://www.sec.gov/Archives/edgar/data/1819794/000149315226007261/ex4-3.htm) |
| 2.23 | [Form of Ordinary Shares Purchase Warrant issuable pursuant to the Securities Purchase Agreement, dated as of February 14, 2026, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 4.4 to the Report on Form 6-K filed on February 18, 2026)](https://www.sec.gov/Archives/edgar/data/1819794/000149315226007261/ex4-4.htm) |
| 2.24 | [Form of Pre-Funded Ordinary Shares Purchase Warrant issuable pursuant to the Share Exchange Agreement, dated as of February 18, 2026, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 4.1 to the Report on Form 6-K filed on February 18, 2026)](https://www.sec.gov/Archives/edgar/data/1819794/000149315226007262/ex4-1.htm) |
| 2.25\* | [Description of Securities](ex2-25.htm) |
| 4.1 | [Form of Indemnification Agreement with Fusion Fuel Green PLC Directors and Executive Officers (incorporated by reference to Exhibit 10.1 to Registration Statement on Form F-4/A filed on November 5, 2020)](https://www.sec.gov/Archives/edgar/data/1819794/000121390020035349/ea129401ex10-1_fusionfuel.htm) |
| 4.2 | [Special Eligibility Agreement for Securities, dated as of December 10, 2020, among the Depository Trust Company, Cede & Co., National Securities Clearing Corporation, Fusion Fuel Green PLC, and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 10.10 to Registration Statement on Form F-4/A filed on November 5, 2020)](https://www.sec.gov/Archives/edgar/data/1819794/000121390020035349/ea129401ex10-10_fusionfuel.htm) |
| 4.3 | [Form of Securities Subscription Agreement between the Fusion Fuel Green PLC and certain investors, dated as of November 21, 2023 (incorporated by reference to Exhibit 10.1 to Report on Form 6-K filed on November 27, 2023)](https://www.sec.gov/Archives/edgar/data/1819794/000117184323007270/exh_101.htm) |
| 4.4 | [Form of Registration Rights Agreement between Fusion Fuel Green PLC and certain investors, dated as of November 21, 2023 (incorporated by reference to Exhibit 10.2 to Report on Form 6-K filed on November 27, 2023)](https://www.sec.gov/Archives/edgar/data/1819794/000117184323007270/exh_102.htm) |
| 4.5 | [Subscription Agreement between Fusion Fuel Green PLC and Hydrogenial S.A., dated as of August 28, 2024 (incorporated by reference to Exhibit 4.6 to Annual Report on Form 20-F filed on May 9, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025041617/ea024074301ex4-6_fusion.htm) |
| 4.6 | [Amendment to Subscription Agreement between Fusion Fuel Green PLC and Hydrogenial S.A., dated as of October 9, 2024 (incorporated by reference to Exhibit 4.7 to Annual Report on Form 20-F filed on May 9, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025041617/ea024074301ex4-7_fusion.htm) |
| 4.7 | [Stock Purchase Agreement, dated as of November 18, 2024, among Fusion Fuel Green PLC, Quality Industrial Corp., Ilustrato Pictures International, Inc., and certain stockholders of Quality Industrial Corp. (incorporated by reference to Exhibit 2.1 to Report on Form 6-K filed on March 10, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025022234/ea023339101ex2-1_fusion.htm) |
| 4.8 | [Form of Lock-Up Agreement among Fusion Fuel Green PLC, Quality Industrial Corp., and certain other persons (incorporated by reference to Exhibit 10.1 to Report on Form 6-K filed on November 27, 2024)](https://www.sec.gov/Archives/edgar/data/1819794/000117184324006609/exh_101.htm) |
| 4.9 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to Report on Form 6-K filed on January 13, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025002830/ea022739001ex10-1_fusion.htm) |
| 4.10 | [Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to Report on Form 6-K filed on January 13, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025002830/ea022739001ex10-2_fusion.htm) |
| 4.11 | [Form of Ordinary Shares Purchase Agreement (incorporated by reference to Exhibit 10.1 to Report on Form 6-K filed on January 13, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025002838/ea022739201ex10-1_fusion.htm) |
| 4.12 | [Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to Report on Form 6-K filed on January 13, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025002838/ea022739201ex10-2_fusion.htm) |
| 4.13 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to Report on Form 6-K filed on March 3, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025019043/ea023265101ex10-1_fusion.htm) |
| 4.14 | [Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to Report on Form 6-K filed on March 3, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025019043/ea023265101ex10-2_fusion.htm) |

---

---

| | |
|:---|:---|
| 4.15 | [Limited Waiver and Consent, dated as of March 17, 2025, between Fusion Fuel Green PLC and Keystone Capital Partners, LLC (incorporated by reference to Exhibit 4.6 to Registration Statement on Form F-3 filed on March 28, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000101376225003512/ea023579101ex4-6_fusion.htm) |
| 4.16 | [Form of \[Amended and Restated\] Limited Waiver, dated as of March 26, 2025, between Fusion Fuel Green PLC and the investor signatory thereto (incorporated by reference to Exhibit 4.12 to Registration Statement on Form F-3 filed on March 28, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000101376225003518/ea023579301ex4-12_fusion.htm) |
| 4.17 | [Share Purchase Agreement, dated March 27, 2024, between Quality Industrial Corp. and Al Shola Al Modea Distribution LLC (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Quality Industrial Corp. on April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1393781/000121390024029067/ea020267801ex2-1_quality.htm) |
| 4.18 | [Amendment Agreement in respect of Share Purchase Agreement, dated as of April 8, 2025, among Quality Industrial Corp., Al Shola Al Modea Distribution LLC, Safir Ahammed, and Mohamed Hilal Saeed Muroushad Almheiri (incorporated by reference to Exhibit 2.8 to the Annual Report on Form 10-K filed by Quality Industrial Corp. on April 28, 2025)](https://www.sec.gov/Archives/edgar/data/1393781/000164117225006369/ex2-8.htm) |
| 4.19 | [Loan Agreement, dated as of September 20, 2024, between Quality Industrial Corp. and J.J. Astor & Co. (incorporated by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q filed by Quality Industrial Corp. on November 19, 2024)](https://www.sec.gov/Archives/edgar/data/1393781/000121390024100213/ea022103201ex10-5_quality.htm) |
| 4.20 | [Tenancy Contract Information Registration Certificate (Sub-Lease), dated March 28, 2024, among Dubai Real Estate Corporation, Al Tatweer Contracting (L.L.C.) and Al Shola Al Modea Gas Distribution (L.L.C.) (incorporated by reference to Exhibit 10.14 to the Annual Report on Form 10-K filed by Quality Industrial Corp. on April 8, 2024)](https://www.sec.gov/Archives/edgar/data/1393781/000121390024030968/ea020277401ex10-14_quality.htm) |
| 4.21 | [At The Market Offering Agreement, dated as of May 16, 2025, between Fusion Fuel Green PLC and H.C. Wainwright & Co., LLC (incorporated by reference to Exhibit 10.1 to the Report on Form 6-K filed on May 16, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025044951/ea024259401ex10-1_fusion.htm) |
| 4.22\* | [Letter Agreement, dated July 11, 2025, among Fusion Fuel Green PLC, Continental Stock Transfer & Trust Company, The Depository Trust Company, Cede & Co., and National Securities Clearing Corporation](ex4-22.htm) |
| 4.23 | [Form of Securities Purchase Agreement, dated as of July 22, 2025, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 10.1 to the Report on Form 6-K filed on July 23, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025066822/ea024997701ex10-1_fusion.htm) |
| 4.24 | [Form of Notes Redemption, Warrants Cancellation and Exchange, Limited Waiver, Consent and Release Agreement, dated as of July 22, 2025, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 10.2 to the Report on Form 6-K filed on July 23, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000121390025066822/ea024997701ex10-2_fusion.htm) |
| 4.25 | [Stock Purchase Agreement, dated as of August 1, 2025, between Fusion Fuel Green PLC and Quality Industrial Corp. (incorporated by reference to Exhibit 10.1 to the Report on Form 6-K filed on August 5, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000164117225022259/ex10-1.htm) |
| 4.26 | [Fusion Fuel Green PLC 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-8 filed on August 6, 2021)](https://www.sec.gov/Archives/edgar/data/1819794/000121390021040682/ea145212ex10-1_fusionfuel.htm) |
| 4.27 | [Amendment No. 1 to Fusion Fuel Green PLC 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Report on Form 6-K filed on October 14, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000149315225018015/ex10-1.htm) |
| 4.28\* | [Subscription and Shareholders Agreement, dated as of October 16, 2025, among the Fusion Fuel Green PLC, Alien Fuel Proprietary Limited, and Biosteam Energy (Proprietary) Limited](ex4-28.htm) |
| 4.29 | [Form of Warrants Cancellation and Exchange Agreement, dated as of December 5, 2025, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 10.1 to the Report on Form 6-K filed on December 5, 2025)](https://www.sec.gov/Archives/edgar/data/1819794/000149315225026435/ex10-1.htm) |
| 4.30 | [Supplement to Engagement Letter, dated as of December 31, 2025, between Bevilacqua PLLC and Fusion Fuel Green PLC (incorporated by reference to Exhibit 10.1 to the Report on Form 6-K filed on January 8, 2026)](https://www.sec.gov/Archives/edgar/data/1819794/000149315226000912/ex10-1.htm) |
| 4.31 | [Form of Mineral & Element Advisory Agreement, dated as of February 12, 2026, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 10.1 to the Report on Form 6-K filed on February 18, 2026)](https://www.sec.gov/Archives/edgar/data/1819794/000149315226007261/ex10-1.htm) |
| 4.32 | [Form of Securities Purchase Agreement, dated as of February 14, 2026, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 10.2 to the Report on Form 6-K filed on February 18, 2026)](https://www.sec.gov/Archives/edgar/data/1819794/000149315226007261/ex10-2.htm) |
| 4.33 | [Form of Share Exchange Agreement, dated as of February 18, 2026, between Fusion Fuel Green PLC and the other parties signatory thereto (incorporated by reference to Exhibit 10.1 to the Report on Form 6-K filed on February 18, 2026)](https://www.sec.gov/Archives/edgar/data/1819794/000149315226007262/ex10-1.htm) |
| 4.34\* | [Letter Agreement, dated as of February 24, 2025, between Fusion Fuel Green PLC and Luisa Ingargiola](ex4-34.htm) |
| 4.35\* | [Letter Agreement, dated as of November 6, 2025, between Fusion Fuel Green PLC and Pierce Crosby](ex4-35.htm) |
| 4.36\* | [Letter Agreement, dated as of November 6, 2025, between Fusion Fuel Green PLC and Steven Gold](ex4-36.htm) |
| 4.37\* | [Letter Agreement, dated as of March 17, 2026, between Fusion Fuel Green PLC and James Passin](ex4-37.htm) |

---

---

| | |
|:---|:---|
| 4.38 | [Convertible Promissory Note, dated August 3, 2022, issued by Quality Industrial Corp. (f/k/a Wikisoft Corp.) to RB Capital Partners Inc. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Quality Industrial Corp. with the SEC on August 9, 2022)](https://www.sec.gov/Archives/edgar/data/1393781/000166357722000436/ex2_1.htm) |
| 4.39 | [Convertible Promissory Note, dated March 17, 2023, issued by Quality Industrial Corp. to RB Capital Partners Inc. (incorporated by reference to Exhibit 4.3 of the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2023)](https://www.sec.gov/Archives/edgar/data/1393781/000166357723000151/ex4_3.htm) |
| 4.40 | [Convertible Promissory Note, dated May 23, 2023, issued by Quality Industrial Corp. to Jefferson Street Capital LLC (incorporated by reference to Exhibit 10.6 to the Quarterly Report on Form 10-Q filed by Quality Industrial Corp. with the SEC on August 10, 2023)](https://www.sec.gov/Archives/edgar/data/1393781/000166357723000383/ex10_6.htm) |
| 4.41 | [Convertible Promissory Note, dated June 16, 2023, issued by Quality Industrial Corp. to Sky Holdings Ltd (incorporated by reference to Exhibit 10.9 to the Quarterly Report on Form 10-Q filed by Quality Industrial Corp. with the SEC on August 10, 2023)](https://www.sec.gov/Archives/edgar/data/1393781/000166357723000383/ex10_9.htm) |
| 4.42 | [Convertible Promissory Note, dated December 20, 2023, issued by Quality Industrial Corp. to Sean Levi (incorporated by reference to Exhibit 4.17 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on April 8, 2024)](https://www.sec.gov/Archives/edgar/data/1393781/000121390024030968/ea020277401ex4-17_quality.htm) |
| 4.43 | [Convertible Promissory Note, dated February 6, 2024, issued by Quality Industrial Corp. to Exchange Listing, LLC (incorporated by reference to Exhibit 4.18 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on April 8, 2024)](https://www.sec.gov/Archives/edgar/data/1393781/000121390024030968/ea020277401ex4-18_quality.htm) |
| 4.44 | [Convertible Promissory Note, dated May 21, 2024, issued by Quality Industrial Corp. to Jefferson Street Capital LLC, with Ilustrato Pictures International Inc. as guarantor (incorporated by reference to Exhibit 4.3 to the Quarterly Report on Form 10-Q filed by Quality Industrial Corp. with the SEC on August 19, 2024)](https://www.sec.gov/Archives/edgar/data/1393781/000121390024070699/ea021124801ex4-3_quality.htm) |
| 4.45 | [Addendum, dated May 16, 2024, Amending Convertible Promissory Note, dated June 16, 2023, issued by Quality Industrial Corp. to Sky Holdings Ltd (incorporated by reference to Exhibit 4.4 to the Quarterly Report on Form 10-Q filed by Quality Industrial Corp. with the SEC on August 19, 2024)](https://www.sec.gov/Archives/edgar/data/1393781/000121390024070699/ea021124801ex4-4_quality.htm) |
| 4.46 | [Senior Secured Note, dated September 20, 2024, issued by Quality Industrial Corp. to J.J. Astor & Co. (incorporated by reference to Exhibit 4.13 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex4-13.htm) |
| 4.47 | [Short-Term Loan Agreement, dated July 27, 2023, with Mahavir Investments Limited (incorporated by reference to Exhibit 4.11 to the Registration Statement on Form S-1/A filed by Quality Industrial Corp. with the SEC on December 7, 2023)](https://www.sec.gov/Archives/edgar/data/1393781/000121390023093919/fs12023a1ex4-11_quality.htm) |
| 4.48 | [Securities Purchase Agreement, dated May 21, 2024, among Quality Industrial Corp., Ilustrato Pictures International Inc., and Jefferson Street Capital LLC (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q filed by Quality Industrial Corp. with the SEC on August 19, 2024)](https://www.sec.gov/Archives/edgar/data/1393781/000121390024070699/ea021124801ex10-3_quality.htm) |
| 4.49 | [Guarantee & Indemnity Agreement dated as of August 21, 2023, by and between Quality Industrial Corp., Ilustrato Pictures International Inc., Quality International Co Ltd FZC, Mr. Saseendran Kodapully Ramakrishnan and Artelliq Software Trading (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by Quality Industrial Corp. with the SEC on August 25, 2023)](https://www.sec.gov/Archives/edgar/data/1393781/000166357723000449/ex10_2.htm) |
| 4.50 | [Loan Agreement, dated September 20, 2024, between J.J. Astor & Co. and Quality Industrial Corp. (incorporated by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q filed by Quality Industrial Corp. with the SEC on November 19, 2024)](https://www.sec.gov/Archives/edgar/data/1393781/000121390024100213/ea022103201ex10-5_quality.htm) |
| 4.51 | [Subsidiary Guarantee, dated as of September 20, 2024 (incorporated by reference to Exhibit 10.5 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-5.htm) |
| 4.52 | [Subsidiary Guarantee, dated as of September 20, 2024, between Al Shola Al Modea Gas Distribution L.L.C. and Quality Industrial Corp. (incorporated by reference to Exhibit 10.6 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-5.htm) |
| 4.53 | [Pledge and Security Agreement, dated as of September 20, 2024, among Al Shola Al Modea Gas Distribution L.L.C., Quality Industrial Corp. and J.J. Astor & Co. (incorporated by reference to Exhibit 10.7 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-6.htm) |
| 4.54 | [Covenant Compliance Guaranty Agreement, dated as of September 20, 2024, by John-Paul Backwell (incorporated by reference to Exhibit 10.9 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-8.htm) |
| 4.55 | [Renewal Contract, dated May 10, 2025, between Al Shola Al Modea Gas Distribution L.L.C. and Dubai International Real Estate (incorporated by reference to Exhibit 10.10 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-9.htm) |
| 4.56 | [Digital Lease Contract No. 9877, dated May 7, 2025, between Dubai Real Estate Corporation and Al Shola Al Modea Gas Distribution LLC (incorporated by reference to Exhibit 10.11 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-10.htm) |
| 4.57 | [Digital Lease Contract No. 1735, dated March 18, 2025, between Dubai Real Estate Corporation and Al Shola Al Modea Gas Distribution LLC (incorporated by reference to Exhibit 10.12 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-11.htm) |
| 4.58 | [Tenancy Contract Information Registration Certificate (Sub-Lease) among Dubai Real Estate Corporation, Al Tatweer Contracting L.L.C., and Al Shola Al Modea Gas Distribution L.L.C. (incorporated by reference to Exhibit 10.13 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-12.htm) |
| 4.59 | [Digital Lease Contract No. 8421, dated August 7, 2025, between Dubai Real Estate Corporation and Al Shola Al Modea Gas Distribution LLC (incorporated by reference to Exhibit 10.14 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-13.htm) |
| 4.60 | [Sub-Lease Agreement, dated January 7, 2026, between Breeze Business Center L.L.C. and Al Shola Al Modea Gas Distribution L.L.C. (incorporated by reference to Exhibit 10.16 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-15.htm) |
| 4.61 | [Intercompany Loan Agreement, dated as of June 15, 2022, between Ilustrato Pictures International Inc. and Quality Industrial Corp. (f/k/a WikiSoft Corp.) (incorporated by reference to Exhibit 10.22 to the Annual Report on Form 10-K filed by Quality Industrial Corp. with the SEC on March 31, 2026)](https://www.sec.gov/Archives/edgar/data/1393781/000149315226013723/ex10-21.htm) |
| 8.1\* | [List of Subsidiaries](ex8-1.htm) |
| 11.1\* | [Amended and Restated Insider Trading Policy of Fusion Fuel Green PLC](ex11-1.htm) |
| 12.1\* | [Certifications of the Chief Executive Officer (Principal Executive Officer) and Interim Chief Financial Officer (Principal Financial Officer) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex12-1.htm) |
| 13.1\*\* | [Certifications of the Chief Executive Officer and Interim Chief Financial Officer pursuant to 18 U.S.C. Section 1350](ex13-1.htm) |
| 15.1\* | [Consent of Bush & Associates CPA LLC](ex15-1.htm) |
| 15.2\* | [Consent of KPMG](ex15-2.htm) |
| 97.1 | [Fusion Fuel Green PLC Clawback Policy (incorporated by reference to Exhibit 97.1 to Annual Report on Form 20-F filed on April 30, 2024)](https://www.sec.gov/Archives/edgar/data/1819794/000117184324002345/exh_971.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith.

\*\* Furnished herewith.

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | | |
|:---|:---|:---|:---|
| | | **FUSION FUEL GREEN PLC** | **FUSION FUEL GREEN PLC** |
| Date: | May 7, 2026 | By: | */s/ Frederico Figueira de Chaves* |
|  |  | Name: | Frederico Figueira de Chaves |
|  |  | Title: | Chief Executive Officer, Interim Chief Financial Officer, and Chief Strategy Officer |

---

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Consolidated Financial Statements for the Years Ended December 31, 2025, 2024 and 2023** | **Page** |
| [Report of Independent Registered Public Accounting Firm](#Aa_001) (PCAOB ID Number: 6797) | F-2 |
| [Report of Independent Registered Public Accounting Firm](#Aa_002) (PCAOB ID Number: 1116) | F-4 |
| [Financial Statements:](#Aa_003) |  |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Financial Position](#Aa_004) | F-5 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of (Loss)/Profit and Other Comprehensive (Loss)/Income](#Aa_005) | F-6 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Equity](#Aa_006) | F-7 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows](#Aa_007) | F-8 |
| &nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#Aa_008) | F-9 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of

Fusion Fuel Green PLC

**Opinion on the Financial Statements**

 

We have audited the accompanying consolidated statements of financial position of Fusion Fuel Green PLC and subsidiaries (the "Company") as of December 31, 2025, and 2024, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Fusion Fuel Green PLC and subsidiaries as of December 31, 2025, and 2024, and the results of their operations and their cash flows for the years then ended, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards").

We also have audited the adjustments to the 2023 consolidated financial statements to retrospectively apply the one-for-thirty-five (1-for-35) reverse share split on the weighted average number of ordinary shares used in the basic and diluted loss per share calculations, as described in Note 28. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2023 consolidated financial statements of the Company other than with respect to the adjustments as referenced in Note 28 and, accordingly, we do not express an opinion or any other form of assurance on the 2023 consolidated financial statements taken as a whole.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Explanatory Paragraph – Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has incurred recurring losses, has negative operating cash flows, and remains dependent on external financing, which raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

B**usiness Combination Accounting and Finalization of the Purchase Price Allocation for QIN**D

As described in the financial statements, the Company completed the acquisition of approximately 69.36% of the capital stock of Quality Industrial Corp. ("QIND") in November 2024. During 2025, management finalized the purchase price allocation, including the identification and valuation of acquired intangible assets, the measurement of goodwill, and the recognition of related deferred tax liabilities. The finalization of the purchase price allocation also resulted in the restatement of certain comparative 2024 balances and disclosures.

We identified the accounting for the QIND acquisition and the finalization of the purchase price allocation as a critical audit matter because auditing these matters involved especially challenging, subjective, and complex auditor judgment. In particular, significant judgment was required to evaluate management's identification and valuation of acquired intangible assets, the measurement of goodwill and non-controlling interests, the related deferred tax effects, and the accuracy of the comparative-period restatement.

The primary procedures we performed to address this critical audit matter included, among others, the following:

● Obtaining and reviewing the stock purchase agreement and related supporting documents.

● Testing management's identification of the assets acquired and liabilities assumed .

● Evaluating the valuation methodologies used by management to estimate the fair values of acquired intangible assets and other significant balances.

● Testing significant assumptions and inputs used in the purchase price allocation.

● Testing the mathematical accuracy of the purchase price allocation and related restatement entries.

● Evaluating the adequacy of the related financial statement disclosures.

**Accounting for Derivative Liabilities, Warrants, and Compound Financial Instruments**

As described in the financial statements, the Company has complex financing arrangements that include warrants, convertible instruments, and embedded derivative features. Certain instruments are classified as derivative liabilities and measured at fair value through profit or loss, while host debt and equity components of compound instruments are separately identified and measured.

We identified the accounting for derivative liabilities, warrants, and compound financial instruments as a critical audit matter because auditing the classification and valuation of these instruments required especially challenging, subjective, and complex auditor judgment. Significant judgment was required in evaluating the contractual terms of the instruments, determining whether liability or equity classification was appropriate, assessing whether embedded features required separate accounting, and evaluating the valuation techniques and assumptions used to measure fair value.

The primary procedures we performed to address this critical audit matter included, among others, the following:

● Obtaining and reviewing financing agreements, warrant agreements, and convertible instrument documentation.

● Evaluating management's accounting conclusions regarding liability-versus-equity classification.

● Testing management's identification and measurement of host and derivative components, where applicable.

● Evaluating the valuation methodologies and significant assumptions used in fair value measurements.

● Testing journal entries and disclosures related to derivative movements, conversions, and reclassifications.

● Evaluating the adequacy of the related financial statement disclosures.

**Deconsolidation and Derecognition of Subsidiaries and Other Investments**

As described in the financial statements, the Company accounted for the loss of control and deconsolidation of certain former subsidiaries and legacy hydrogen operations, including matters involving insolvency proceedings and derecognition of related assets and liabilities.

We identified deconsolidation and derecognition as a critical audit matter because auditing the timing and measurement of these transactions involved especially challenging, subjective, and complex auditor judgment. Significant judgment was required to assess when control was lost in light of legal and insolvency developments, whether any retained interest existed, and whether the resulting gains or losses on deconsolidation were appropriately measured and disclosed.

The primary procedures we performed to address this critical audit matter included, among others, the following:

● Obtaining and reviewing legal agreements, insolvency-related documents, board materials, and other supporting records.

● Evaluating management's conclusions regarding the timing of loss of control and the application of deconsolidation accounting.

● Testing the balances derecognized from the consolidated financial statements.

● Recalculating the gain or loss recognized on deconsolidation.

● Evaluating the adequacy of the related financial statement disclosures.

**Impairment of Intangible Assets, Including Goodwill**

As described in the financial statements, the Company recognized goodwill and identifiable intangible assets, including customer relationships and trade names, in connection with the QIND acquisition. The assessment of whether these balances were impaired required management to apply significant judgment in estimating future cash flows, discount rates, growth assumptions, and other valuation inputs.

We identified the impairment assessment of intangible assets, including goodwill, as a critical audit matter because auditing this matter involved especially challenging, subjective, and complex auditor judgment. The valuation of goodwill and intangible assets is sensitive to assumptions, and changes in those assumptions could have a material impact on the Company's impairment assessment and related disclosures.

The primary procedures we performed to address this critical audit matter included, among others, the following:

● Evaluating management's impairment assessment methodology for goodwill and intangible assets.

● Testing the reasonableness of significant assumptions used in the valuation models, including projected cash flows, discount rates, and long-term growth assumptions.

● Performing sensitivity analyses to assess the impact of changes in key assumptions.

● Evaluating the adequacy of the related financial statement disclosures.

/s/ Bush & Associates CPA LLC

We have served as the Company's auditor since 2024.

Henderson, Nevada

May 7, 2026

PCAOB ID Number 6797

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors

Fusion Fuel Green plc:

Opinion on the Consolidated Financial Statements

We have audited, before the effects of the adjustments to retrospectively apply the one-for-thirty-five reverse share split on the weighted average number of ordinary shares described in Note 28, the consolidated statements of (loss)/profit and other comprehensive (loss)/income, changes in equity, and cash flows of Fusion Fuel Green plc and subsidiaries (the Company) for the year ended December 31, 2023, and the related notes (collectively, the consolidated financial statements). The 2023 consolidated financial statements before the effects of the adjustments described in Note 28 are not presented herein. In our opinion, the consolidated financial statements present fairly, in all material respects, the results of operations of the Company and its cash flows for the year ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.

We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively apply the one-for-thirty-five reverse share split on the weighted average number of ordinary shares described in Note 28 and, accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by other auditors.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ KPMG

We served as the Company's auditor from 2021 to 2024.

Dublin, Ireland

April 30, 2024

Consolidated statement of financial position

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | ***As at<br> December 31*** | *As at<br> December 31* | *As at<br> January 1* |
|  | *Note* | **2025** | 2024 (Restated) | 2024 |
|  |  | **€'000** | €'000 | €'000 |
| **Non-current assets** |  |  |  |  |
| Property, plant and equipment | *14* | **1233** | 307 | 24776 |
| Intangible assets | *15* | **21522** | 23958 | 5076 |
| Goodwill | *16* | **6602** | 6602 |  |
| Long-term deposits |  | **255** |  |  |
| Other assets |  | **-** | - | 1176 |
| Total non current assets |  | **29612** | 30867 | 31028 |
| **Current assets** |  |  |  |  |
| Assets held for sale |  | **-** |  | 833 |
| Prepayments and other receivables | *17* | **5047** | 3059 | 4919 |
| Inventory | *18* | **171** | 1191 | 3672 |
| Deposits and advances | *19**  | **520** | 748 |  |
| Income accruals |  | **-** |  |  |
| Cash and cash equivalents | *20* | **575** | 214 | 1147 |
| Contract assets |  | **-** |  | 752 |
| Other Current Assets |  | **114** | - | - |
| **Total current assets** |  | **6427** | 5211 | 11323 |
| **Total assets** |  | **36039** | 36078 | 42351 |
| **Non-current liabilities** |  |  |  |  |
| Trade and other payables - Leases | *21* | **281** | 155 | 9958 |
| Other payables - long-term | *22* | **3067** | 6458 |  |
| Deferred income |  | **-** | - | 9299 |
| **Total non-current liabilities** |  | **3348** | 6614 | 19257 |
| **Current liabilities** |  |  |  |  |
| Trade and other payables | *23* | **8829** | 10180 | 15312 |
| Provisions |  | **-** |  | 609 |
| Deferred Income |  | **321** |  | 587 |
| Cost accruals |  | **1098** | 1241 | 1764 |
| Derivative financial instruments | *24* | **181** | 870 | 765 |
| Loans and borrowings | *25* | **1757** | 1938 | 1326 |
| **Total current liabilities** |  | **12186** | 14228 | 20363 |
| **Net Assets** |  | **20505** | 15236 | 2731 |
| **Equity** |  |  |  |  |
| Share capital - preferred |  | **-** | 0 |  |
| Share capital |  | **9** | 3 | 2 |
| Share premium |  | **240680** | 242255 | 220157 |
| Share based payments reserve |  | **8492** | 6940 | 5365 |
| Other equity reserve |  | **6797** | 24 |  |
| Retained earnings |  | **(239816)** | (237985) | (222793) |
| Noncontrolling interest |  | **4343** | 3999 | - |
| **Total equity** |  | **20505** | 15236 | 2731 |

---

The accompanying notes form an integral part of the consolidated financial statements.

The Group has restated its consolidated statement of financial position as at 31 December 2024. The restatement has no impact on the opening statement of financial position as at 1 January 2024. See Note 4 for further details.

Consolidated statement of (loss)/profit and other comprehensive (loss)/ income

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | *For the years ended December 31* | *For the years ended December 31* | *For the years ended December 31* |
|  | Note | **2025** | 2024 restated | 2023 |
|  |  | €'000 | €'000 | €'000 |
| Revenue | *7* | **14415** | 1605 | 4144 |
| Cost of sales | *8* | **(10240)** | (1168) | (20088) |
| **Gross profit (loss)** |  | **4175** | 437 | (15944) |
| **Operating expenses** |  |  |  |  |
| Other income |  | **1358** | 881 | 199 |
| Administration expenses | *9* | **(11869)** | (16460) | (15835) |
| Research and development expense |  | **-** |  | (1925) |
| Share-based payment (expense)/ credit | *10* | **(1562)** | (2189) | (1393) |
| Impairment expense |  | **(2)** | - | (2165) |
| **Operating loss** |  | **(7898)** | (17330) | (37063) |
| **Net finance income** |  |  |  |  |
| Finance income | *11* | **2243** | 293 | 51 |
| Interest payable and similar expense | *11* | **(24)** |  | 58 |
| Finance costs |  | **-** | (525) | (544) |
| Derivative financial instruments at FVTPL | *11* | **3392** | 462 | 6886 |
| **Net finance income/ (costs)** |  | **5611** | 230 | 6451 |
| Share of losses of equity-accounted investees |  | **-** |  | (245) |
| *<u>Exceptional items:</u>* |  |  |  |  |
| Profit / (loss) on deconsolidation due to insolvency | *12* | **1225** | 1846 |  |
| **(Loss) / profit before tax** |  | **(1062)** | (15254) | (30857) |
| Income tax credit / (expense) | *13* | **110** | (25) | (159) |
| **Total comprehensive (loss) / income for the year** |  | **(952)** | (15279) | (31016) |
| Less: net (income) / loss attributable to non controlling interest |  | **(742)** | (54) |  |
| Net income / (loss) attributable to HTOO stockholders |  | **(1694)** | (15333) |  |
| **Basic (loss)/ earnings per share** |  | **(1.27)** | (29.05) | (74.11) |
| **Diluted (loss)/ earnings per share** |  | **(1.27)** | (29.05) | (74.11) |

---

The accompanying notes form an integral part of the consolidated financial statements.

Certain comparative amounts for the year ended 31 December 2024 have been restated. Refer to Note 4 for further details.

Consolidated statement of changes in equity

For the year ended December 31, 2025

Certain comparative amounts for the year ended 31 December 2024 have been restated. Refer to Note 4 for further details.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of shares outstanding** | **Number of shares outstanding** | **Share capital** | **Share capital** | **Share premium** | **Minority Interest** | **Share based payments reserve** | **Convertible note reserve** | **Retained earnings** | **Total** |
|  | **Ord**

# | **Preferred**

# | **Ord**<br>**€'000** | **Preferred**<br>**€'000** |<br>**€'000** |<br>**€'000** |<br>**€'000** |<br>**€'000** |<br>**€'000** |<br>**€'000** |
| **Balance at 1 January 2024** | **14919017** | **-** | **&nbsp;&nbsp;&nbsp;&nbsp; 2** | **-** | **220157** | **-** | **5365** | **-** | **(222793)** | **2731** |
| Gain / (loss) during the year |  |  |  |  |  | 54 |  |  | (15334) | (15280) |
| Other comprehensive income |  |  |  |  |  | (0) |  |  |  | (0) |
| **Total comprehensive income for the year** |  |  |  |  |  | 54 |  |  | (15334) | (15280) |
| ***Issue of Share Capital:*** |  |  |  |  |  |  |  |  |  |  |
| Equity incentive plan | 107500 |  | 0 |  | 615 |  |  |  |  | 615 |
| ATM - share sales | 2345452 |  | 1 |  | 5941 |  |  |  |  | 5942 |
| Macquarie convertible note | 1732430 |  | 0 |  | 916 |  |  |  |  | 916 |
| Share issuance at QIND merger | 3818969 | 4171327 | 0 | 0 | 14626 |  |  |  |  | 14626 |
| ***Share Based Payments:*** |  |  |  |  |  |  |  |  |  |  |
| Share Based Payments |  |  |  |  |  |  | (615) |  |  | (615) |
| Equity Settled share based compensation |  |  |  |  |  |  | 2189 |  |  | 2189 |
| ***Minority Interest:*** |  |  |  |  |  |  |  |  |  |  |
| Minority interest - Initial recognition |  |  |  |  |  | 3945 |  |  | 142 | 4088 |
| ***Other reserves:*** |  |  |  |  |  |  |  |  |  |  |
| Convertible note reserve | - | - | - | - | - | - | - | 24 | - | 24 |
| **Balance at 31 December 2024** | **22923368** | **4171327** | **3** | **0** | **242255** | **3999** | **6939** | **24** | **(237985)** | **15237** |
| **Balance at 1 January 2025** | **654953** | **4171327** | **3** | **0** | **242255** | **3999** | **6939** | **24** | **(237985)** | **15237** |
| **Gain / (loss) during the year** | **-** | **-** | **-** | **-** | **-** | 742 |  |  | (1694) | (952) |
| Other comprehensive income |  |  |  |  |  |  |  |  |  |  |
| **Total comprehensive income for the year** |  |  |  |  |  | **742** | **-** | **-** | **(1694)** | **(952)** |
| ***Issue of Share Capital:*** |  |  |  |  |  |  |  |  |  |  |
| Commitment shares | 13890 |  | 0 |  | 306 |  |  |  |  | 306 |
| Macquarie conversions | 98046 |  | 0 |  | 574 |  |  |  |  | 574 |
| Reverse split rounding | 63333 |  | 0 |  |  |  |  |  |  |  |
| Keystone note conversion | 492715 |  | 2 |  | 1936 |  |  |  |  | 1938 |
| July PIPE issuance & exercise | 335898 |  | 1 |  | 267 |  |  |  |  | 268 |
| Exchange warrants |  |  |  |  | (961) |  |  | 961 |  |  |
| ATM - share sales | 347283 |  | 1 |  | 2313 |  |  |  |  | 2314 |
| December PIPE reprice & exercise | 274887 |  | 1 |  | (4839) |  |  | 5458 |  | 620 |
| Service warrants | 7286 |  | 0 |  | 137 |  | 35 |  |  | 172 |
| QIND preference stock conversion to common stock |  |  |  |  | (1324) |  |  | (11) |  | (1335) |
| ***Share Based Payments:*** |  |  |  |  |  |  |  |  |  |  |
| Share Based Payments |  |  |  |  | 16 |  | (16) |  |  |  |
| Equity Settled share based compensation |  |  |  |  |  |  | 1534 |  |  | 1534 |
| ***Minority Interest:*** |  |  |  |  |  |  |  |  |  |  |
| Minority interest - remeasurement |  |  |  |  |  | (399) |  |  |  | (399) |
| ***Other reserves:*** |  |  |  |  |  |  |  |  |  |  |
| Convertible note reserve |  |  |  |  |  |  |  | (49) | (136) | (185) |
| Legacy equity reserve |  |  |  |  |  |  |  | 413 |  | 413 |
| **Balance at 31 December 2025** | **2288291** | **4171327** | **9** | **-** | **240680** | **4343** | **8492** | **6797** | **(239816)** | **20505** |

---

*\* Balances with less than 1*

 

The accompanying notes form an integral part of the consolidated financial statements.

Consolidated statement of cash flows

---

| | | | |
|:---|:---|:---|:---|
|  | *For the twelve months ended December 31,* | *For the twelve months ended December 31,* | *For the twelve months ended December 31,* |
|  | **2025** | 2024 | 2023 |
|  | **€'000** | €'000 | €'000 |
| **Cash flows from operating activities** |  |  |  |
| Net loss for the 12 months | **(952)** | (15280) | (31016) |
| ***Adjusted for:*** |  |  |  |
| Equity settled share based payments | **1562** | 2189 | 1393 |
| Fair value movement in derivative financial instruments-warrants | **(3392)** | (627) | (6886) |
| Depreciation and amortisation | **147** | 2631 | 2537 |
| Finance (costs) / income | **(2696)** | 471 | (115) |
| Share of losses of equity-accounted investee | **-** |  | 245 |
| Onerous contract provision | **-** |  | (7794) |
| Impairment losses on assets | **3586** | 268 | 5482 |
| Administration expenses: Loss/gain on sale of tangible assets | **(195)** | 4 |  |
| Impairment on inventory | **-** | 2200 | 13936 |
| Impairment on revenue | **-** | 1031 |  |
| Stock issued for Services | **(137)** |  | 205 |
| Corporate Income Tax Expense |  | 25 |  |
| Commitment fees | **-** |  |  |
| Other income | **(1755)** | (831) |  |
| Discount on convertible Notes | **82** | 18 |  |
| Profit / (loss) on deconsolidation due to insolvency | **(1225)** | (1846) | - |
| Total adjustments | **(4975)** | (9748) | (22013) |
| ***Changes in working capital*** |  |  |  |
| (Increase)/decrease in receivables | **(2099)** | 1270 | 2816 |
| (Increase)/decrease in inventories | **523** | (1643) | (19) |
| (Decrease)/increase in payables and accruals | **(1743)** | 1333 | 8482 |
| Interest paid | **-** | (314) | (549) |
| Taxes received | **55** | 822 | 2101 |
| **Net cash used in operating activities** | **(8239)** | (8280) | (9182) |
| ***Cash flows from investing activities*** |  |  |  |
| Purchase of tangible assets | **(322)** | (11) | (8589) |
| Proceeds from sale of assets | **718** | 772 | 439 |
| Development expenditure | **-** | (142) | (629) |
| Purchase of intangible assets – other | **-** | (37) | (109) |
| Receipt of government grants | **-** | 472 | 7975 |
| Payments to subsidiaries shareholders | **(852)** |  |  |
| Investment in equity-accounted investees |  |  | (245) |
| Cash derecognised on insolvency | **-** | (254) |  |
| **Net cash used in investing activities** | **(456)** | 800 | (1158) |
| ***Cash flows from financing activities*** |  |  |  |
| Proceeds from issuance of shares | **2323** | 5942 | 3001 |
| Convertible note repayments | **198** |  |  |
| Proceeds from PIPE issuance | **1565** |  |  |
| Proceeds from loans and borrowings | **1013** | 1270 | 1326 |
| Payment of lease liabilities | **(184)** | (752) | (1291) |
| Payments to subsidiaries | **-** |  |  |
| Shareholder loan (repayment) / proceeds | **3962** | - | 38 |
| **Net cash from financing activities** | **8877** | 6459 | 3074 |
| Net increase/(decrease) in cash and cash equivalents | **182** | (1020) | (7266) |
| Cash and cash equivalents at beginning of period | **214** | 1147 | 5239 |
| Cash and cash equivalents on consolidation with QIND | **-** | 36 |  |
| Transfer from restricted cash |  |  | 2925 |
| Effects of movements in exchange rates on cash held | **178** | 51 | (38) |
| **Cash and cash equivalents at end of period** | **575** | 214 | 860 |
| Add restricted cash | **-** | - | 287 |
| **Cash and cash equivalents at end of year including restricted cash** | **575** | 214 | 1147 |

---

The accompanying notes form an integral part of these consolidated financial statements. Certain comparative amounts for the year ended 31 December 2024 have been restated. Refer to Note 4 for further details.

Notes to the consolidated financial statements.

**1.** **Business activity** 

Fusion Fuel Green plc (the "Parent" or "Company") was incorporated in Ireland on April 3, 2020. The Company and its subsidiaries are collectively referred to as the "Group". The registered office of the Company is The Victorians, 15-18 Earlsfort Terrace, Saint Kevin's, Dublin 2, D02 YX28, Ireland.

The Company is an energy services and infrastructure group focused on the distribution of liquefied petroleum gas ("LPG"), engineering and advisory services, and the development of clean energy solutions. Through its operating subsidiaries, including Quality Industrial Corp. ("QIND") and its subsidiary Al Shola Gas, the Group provides LPG distribution, installation and maintenance services, as well as engineering and infrastructure solutions to a broad customer base across commercial, industrial and residential sectors. The Group also continues to develop hydrogen and renewable energy solutions through its engineering and advisory activities.

The business activity of the Group changed significantly during the final months of the year ended 31 December 2024, following the acquisition of QIND, and this repositioning is reflected in the full year of operations for the year ended 31 December 2025. The Group's core activities are now centred on LPG distribution and energy infrastructure services, which provide recurring revenue streams and operational scale, while continuing to pursue opportunities in hydrogen and clean energy through targeted projects and partnerships.

The Company has a well-established risk management process which is managed through its management team, finance committee and board of directors. The key risks are evaluated throughout the period with key business leaders tasked to manage each risk as required. These risks are assessed through a risk matrix which evaluates each risk's impact and likelihood

**2.** **Company history** 

*The 2020 Merger*

 

On December 10, 2020, Fusion Fuel Green plc completed a business combination with HL Acquisitions Corp. and Fusion Welcome – Fuel S.A. The transaction was accounted for as a reverse recapitalisation, with Fusion Fuel as the accounting acquirer. The Company became listed on the NASDAQ Global Market under the ticker symbol HTOO and raised additional capital through a concurrent private placement.

*The Earn-Out*

 

As part of the business combination, certain former shareholders were eligible to receive additional share-based awards contingent on the achievement of specified hydrogen project milestones. These conditions were not met and the arrangement expired in June 2022 with no awards granted.

*Group expansion and hydrogen strategy (2021–2024)*

 

Between 2021 and 2024, the Group focused on the development of green hydrogen solutions and expanded its international footprint, including the establishment of a joint venture in Spain and operations in Australia and the United States.

During 2024, the Group began a strategic repositioning, including the disposal of its Spanish joint venture and a shift away from legacy hydrogen development activities.

*Financing arrangements*

 

In November 2023, the Company entered into a financing agreement for up to $20 million of senior convertible notes with a Macquarie Group entity. An initial tranche was drawn in May 2024. Following the insolvency of Fusion Fuel Portugal in November 2024, an event of default was triggered under the agreement. The remaining balance was subsequently converted into equity during 2025, extinguishing the liability.

*2024 Developments*

 

*Insolvency of Fusion Fuel Portugal, S.A.*

 

On November 11, 2024, Fusion Fuel Portugal, S.A. filed for insolvency, resulting in the appointment of an insolvency administrator and loss of control by the Group. As a result, Fusion Fuel Portugal and its subsidiaries (the "Legacy Hydrogen Entities") were deconsolidated from the Group's financial statements.

*Acquisition of Quality Industrial Corp. (QIND)*

 

On November 26, 2024, the Company acquired a 69.36% interest in Quality Industrial Corp. ("QIND"), a U.S.-based industrial holding company. QIND holds a controlling interest in Al Shola Gas, a leading LPG distribution and engineering business in the United Arab Emirates.

The acquisition marked a significant strategic shift for the Group towards energy infrastructure and LPG distribution activities.

*2025 Developments*

 

Following the acquisition of QIND in late 2024, the Group's operations for the year ended 31 December 2025 were primarily driven by its LPG distribution and energy infrastructure activities through QIND and its subsidiary Al Shola Gas. These operations provided recurring revenue streams and formed the core of the Group's business during the year.

During 2025, the Group continued the integration and development of its broader energy platform. In addition to its LPG operations, the Group progressed its engineering and advisory activities through Bright Hydrogen Solutions, focusing on energy infrastructure and clean energy project support. The Group also advanced its investment in BioSteam, which is focused on energy and industrial infrastructure development.

The Group further streamlined its capital structure and legacy positions during the year, including the conversion and settlement of outstanding convertible notes under the Macquarie facility and the expiry of legacy public warrants.

Overall, 2025 reflects the first full year of the Group's repositioned business model, centred on energy infrastructure, LPG distribution and selected clean energy initiatives.

**3.** **Basis of preparation and significant accounting policies** 

The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

**Statement of compliance**

The consolidated financial statements have been prepared in accordance with International Accounting Standards and International Financial Reporting Standards ("IFRS") as adopted by the EU ("IFRS as adopted by the EU"), which are effective for the year ended and as at December 31, 2025. In addition to complying with its legal obligation to comply with IFRS as adopted by the EU, the consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board ("IASB") ("IFRS as issued by the IASB").

These consolidated financial statements are presented in Euro, the functional and presentation currency of the Company. All financial information presented has been rounded to the nearest thousand, unless otherwise stated.

The consolidated financial statements have been prepared on the historical cost basis except for derivatives which have been measured at fair value and share based payments which have been measured at grant date fair value.

**Basis of consolidation**

*Subsidiaries*

 

The Group financial statements consolidate the financial statements of the Company and its subsidiaries up to December 31, 2024. A parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

*Loss of control*

 

When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interest ("NCI") and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.

*Transactions eliminated on consolidation*

 

Intra-group balances and transactions, and any unrealised income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

**Functional currency**

*Foreign currency transactions*

 

Transactions in foreign currencies are translated into the respective functional currencies of the Group companies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and presented within finance costs.

*Foreign operations*

 

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into Euro at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into Euro at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI.

When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

**At the Market Issuance Sales Agreement ("ATM")**

On June 6, 2022, the Parent entered into an At the Market Issuance Sales Agreement (the "ATM") with B. Riley Securities, Inc., Fearnley Securities Inc., and H.C. Wainwright & Co., LLC, pursuant to which the Company may offer and sell, from time to time, through or to the agents, acting as agent or principal, Class A ordinary shares of the Company having an aggregate offering price of up to $30 million under the Company's Form F-3 registration statement. This prospectus was amended on May 13, 2023 to remove B. Riley Securities, Inc. as a listed sales agent and on July 7, 2023 to reduce the aggregate amount available to be sold under the ATM to $10 million.

During 2023, the Parent sold 1,103,368 class A ordinary shares for net proceeds of $3.3 million and paid $0.1 million in commissions to agents as part of these trades.

During the year ended December 31, 2024, the Parent sold 2,345,452 class A ordinary shares for net proceeds of $6.4 million (€5.9 million) and paid $0.2 million (€0.2 million) in commissions to agents as part of these trades.

During the year ended December 31, 2025, the Parent sold 256,597 Class A ordinary shares for net proceeds of $1.96 million (€1.67 million) and paid $0.06 million (€0.05 million) in commissions to agents as part of these trades.

**Going concern**

These consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future and be able to realise its assets and discharge its liabilities in the normal course of business.

In adopting the going concern basis in preparing the consolidated financial statements, the Directors have considered the Group's cash on hand, its projected cash flows, and its ability to access additional sources of funding, together with factors likely to affect its future performance, as well as the Group's principal risks and uncertainties.

The year ended 31 December 2025 represented the first full year following the Group's strategic repositioning. The Group reported a consolidated net loss of approximately €1.69 million, a significant improvement from a net loss of approximately €15.3 million for the year ended 31 December 2024. This improvement reflects the elimination of losses from legacy hydrogen manufacturing operations, the consolidation of a full year of revenue from QIND and its subsidiary Al Shola Al Modea Gas Distribution LLC ("Al Shola Gas"), and a reduction in Group-level operating costs and legacy positions and as well as some restructuring expenses.

QIND generated revenue of approximately $16.3 million for the year ended 31 December 2025, driven by a full year of contributions from Al Shola Gas and increased sales volumes. Al Shola Gas has operated profitably for several decades and provides the Group with a base of recurring LPG engineering and distribution revenue. During the year, the Group also established Bright Hydrogen Solutions Ltd, which has secured its first engineering and infrastructure contracts, and BioSteam Energy (Proprietary) Limited commenced development of its first project, which is expected to generate revenue in the first half of 2026.

During 2025 and subsequent to year end, the Group strengthened its capital structure through a combination of debt and equity financing transactions. Senior convertible notes issued in early 2025 were largely converted into equity during the year, reducing outstanding indebtedness. The Group also completed a private placement in July 2025 raising approximately $4.3 million in gross proceeds, continued to utilise its at-the-market equity programme, and regained compliance with Nasdaq listing requirements following a reverse share consolidation. In February 2026, the Group completed an additional capital raise of approximately $2.6 million and entered into a definitive agreement to acquire a portfolio of uranium and gas royalty interests, which is expected to generate recurring income and further diversify the Group's revenue base from 2026 onwards.

Notwithstanding these developments, the Group expects to continue to incur losses at the parent company level in the near term and remains dependent on access to additional funding to support its operations and strategic initiatives. In addition, QIND had a working capital deficit and outstanding matured convertible note obligations as at 31 December 2025. The Group's ability to execute its business plan is dependent on the performance of its operating subsidiaries, the timing and realisation of projected revenues, and its continued ability to raise capital in the equity and debt markets.

These conditions indicate the existence of material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern and therefore, to continue realising its assets and discharging its liabilities in the normal course of business.

The combination of recurring losses from operations at parent company level, negative working capital at QIND, outstanding matured convertible note obligations, and the Group's continued dependence on external financing to support operations and strategic initiatives indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern and therefore, to continue realising its assets and discharging its liabilities in the normal course of business.

Management has prepared cash flow projections which indicate that, based on current assumptions, the Group is expected to have sufficient liquidity to meet its obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. These projections take into account the Group's existing cash resources, expected cash flows from Al Shola Gas, anticipated revenues from Bright Hydrogen Solutions and BioSteam Energy, expected income from the Group's recently agreed royalty portfolio, access to the $25 million equity line of credit entered into in January 2025, its ATM facility, the proceeds of the February 2026 capital raise, and the Group's ability to raise additional capital if required. The Group also retains flexibility to manage its cost base and adjust the timing of discretionary expenditures and investments.

At 31 December 2025, the Group had net current liabilities of €5.9 million (2024 restated: €9.0 million), reflecting total current liabilities of €12.2 million against total current assets of €6.4 million. Net cash used in operating activities during 2025 was €8.2 million (2024: €8.3 million), equivalent to an average monthly cash outflow of approximately €0.7 million at Group level. Cash and cash equivalents at 31 December 2025 were €0.6 million (2024: €0.2 million). Notwithstanding the improvement in the net current liability position compared with the prior year, the Group's existing cash resources are insufficient to fund operating and financing obligations over the next twelve months without additional funding.

Based on management's cash flow projections for the period to 31 December 2026, the Group requires additional funding of approximately €2 million to meet its obligations as they fall due and to support its strategic initiatives, comprising principally: (i) parent company operating costs and corporate overheads; (ii) the settlement, refinancing or conversion of QIND's outstanding matured convertible note obligations (refer below); and (iii) working capital funding for the operating subsidiaries, net of expected cash generation from Al Shola Gas. Management expects this funding to be sourced from a combination of the Group's existing $25 million equity line of credit entered into in January 2025, continued use of its at-the-market programme, the proceeds of the February 2026 capital raise of approximately $2.6 million, cash generation from the newly acquired uranium and gas royalty portfolio from 2026 onwards, and additional debt or equity financing if required.

At 31 December 2025, QIND had eight convertible promissory notes outstanding with an aggregate principal and accrued interest balance of approximately €2.4 million (USD 2,561,240), all of which had matured and remained unpaid as at the reporting date. Failure to repay these notes at maturity constitutes an event of default under the terms of the notes and could result, among other things, in the acceleration of the full outstanding principal amount plus accrued and unpaid interest, the accrual of default interest at rates ranging from 15% to 20% per annum, the outstanding principal amount increasing to between 150% and 200% of the original balance on certain notes, and the right of noteholders to convert outstanding amounts into shares of QIND at a discount to market price. Several of the notes also contain most-favoured-nation provisions, anti-dilution protections and beneficial ownership limitations which could further constrain QIND's ability to restructure or refinance this indebtedness. The Group is dependent on QIND's ability to negotiate forbearance arrangements, obtain waivers, or otherwise restructure these obligations; failure to do so could result in enforcement action against QIND's assets (which secure the related party loan from J.J. Astor & Co.) and could materially impair the Group's consolidated financial position, results of operations and its ability to continue as a going concern. Further information on these matters is set out in the Risk Factors section of this Annual Report.

However, there can be no assurance that the Group will be successful in achieving its forecasts, securing additional funding, or executing its strategic initiatives as planned. If the Group is unable to obtain sufficient funding or generate adequate cash flows, it may be required to delay, scale back or discontinue certain operations or investments.

The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this material uncertainty. Accordingly, the consolidated financial statements have been prepared on a going concern basis, which contemplates the realisation of assets and settlement of liabilities in the ordinary course of business.

For this reason, the Directors have adopted the going concern basis in preparing the audited consolidated financial statements.

**New standards or amendments**

There were no new standards effective for the period commencing 1 January 2025 that had a material impact on the Group. A number of new standards, amendments to standards and interpretations are not yet effective for the period and have not yet been applied in preparing the consolidated financial statements. The Group is in the process of assessing the impact on the financial statements of these new standards and amendments. Management currently expects no material impact on the Group's financial statements on adoption of these amendments.

**Significant accounting policies**

There have been no additions to the Group's significant accounting policies, as compared to the significant accounting policies described in the Form 20-F for the fiscal year ended December 31, 2024.

**Derivative financial instruments**

The Group accounts for derivative liabilities by assessing whether the instrument contains separable embedded derivatives, and classifying each component accordingly. In cases where the Group issues convertible promissory notes, these are assessed to determine whether they contain both a host debt contract and one or more embedded derivatives. The Group separates any embedded derivatives that are not closely related to the host contract and accounts for them at fair value through profit or loss ("FVTPL").

Where the conversion feature of a convertible note is denominated in a currency other than the entity's functional currency, or includes anti-dilution clauses such as down-round protections, the 'fixed-for-fixed' criterion is assessed to have been met and the feature is classified as a derivative liability. The Group treats all such embedded derivatives - including conversion features, down-round adjustments, trading price redemptions, and change of control options - as a single compound derivative, measured at fair value through profit or loss at each reporting period.

The host debt contract is initially recognised at the residual amount after deducting the fair value of the compound embedded derivative and is measured at amortised cost using the effective interest rate method.

**Compound Financial Instruments**

Compound financial instruments issued by the Group comprise convertible loan notes that can be converted into equity at the option of the holder. The liability component is initially measured at fair value and subsequently measured at amortised cost using the effective interest method. The equity component is the residual amount of the instrument after deducting the fair value of the liability component and is recognised in a separate reserve within equity. Transaction costs are allocated between the liability and equity components proportionately.

**Warrants**

*Classification*

The Group issues warrants in connection with financing transactions, advisory and service arrangements, and other commercial agreements. At initial recognition, each warrant is assessed under IAS 32 and IFRS 9 to determine whether it is classified as an equity instrument or as a financial liability.

A warrant is classified as an equity instrument only where it entitles the holder to acquire a fixed number of the Group's own ordinary shares for a fixed amount of cash in the functional currency of the issuing entity (the "fixed-for-fixed" criterion), and where the contract does not impose on the Group any obligation to deliver cash or another financial asset, or to settle the instrument in a manner that would result in it being a financial liability.

A warrant is classified as a derivative financial liability where it fails the fixed-for-fixed criterion. This is typically the case where the exercise price is denominated in a currency other than the functional currency of the issuing entity (which, for the Parent, is the Euro, while warrant exercise prices are generally denominated in U.S. dollars), where the contract contains anti-dilution, full-ratchet, price-reset or other variable settlement features, or where it provides for cash settlement (in whole or in part) on the occurrence of a fundamental transaction or change of control.

*Equity-classified warrants*

Equity-classified warrants are recognised within equity at their fair value on the date of grant. Where they are issued in exchange for goods or services, the fair value of the goods or services received is recognised as an expense in profit or loss with a corresponding credit to the share-based payment reserve, in accordance with IFRS 2. Where the fair value of the goods or services received cannot be reliably measured, the fair value of the warrants granted is used. Equity-classified warrants are not subsequently remeasured. On exercise, the carrying amount of the warrant in equity, together with any cash consideration received, is reclassified to share capital and share premium. Warrants that lapse unexercised remain in equity and may be transferred to retained earnings.

*Liability-classified warrants*

Liability-classified warrants are recognised initially at fair value on the issue date, with transaction costs expensed to profit or loss. They are subsequently remeasured at fair value at each reporting date, with changes in fair value recognised in profit or loss within fair value movement on derivative financial instruments. On exercise, the derivative liability is remeasured to fair value at the exercise date and is then reclassified to share capital and share premium together with any cash consideration received, with no gain or loss arising on the reclassification.

*Modifications, exchanges and replacements*

The Group regularly assesses whether amendments to the terms of outstanding warrants, or transactions in which existing warrants are surrendered for new instruments, represent a modification of the original warrant or its extinguishment and replacement.

Where the terms of an outstanding warrant are renegotiated and the modified terms are substantially different from the original terms (for example, as a result of significant changes to the exercise price, the number of underlying shares, the exercise period or the substantive economic features of the instrument), the original warrant is treated as extinguished. The original warrant is derecognised at its carrying amount on the date of extinguishment, and the replacement instrument is recognised at its fair value on that date. For liability-classified warrants, the difference between the carrying amount of the original instrument and the fair value of the replacement is recognised in profit or loss. For equity-classified warrants, the difference is recognised within equity.

Where the modification is not substantial, the original warrant continues to be recognised, with any incremental fair value granted to the holder accounted for in accordance with the classification of the instrument.

*Valuation*

Listed warrants are measured using quoted market prices in active markets where available (Level 1). Where quoted prices are not available, fair value is determined using option pricing models, principally the Black-Scholes model and, where appropriate, binomial lattice models. The principal inputs to these models are the Group's share price at the measurement date, expected share price volatility (estimated by reference to the Group's historical volatility), the risk-free interest rate (derived from government bond yields with maturities corresponding to the expected term), the expected term of the warrant and the expected dividend yield. Where the only unobservable input that has a significant effect on the recorded fair value is volatility derived from observable market inputs, the resulting fair value measurements are classified within Level 2 of the fair value hierarchy.

The selection of valuation technique and the determination of inputs require management judgement. Changes in these inputs, in particular share price and expected volatility, may have a material effect on the fair value of liability-classified warrants and on the related fair value movement recognised in profit or loss in the period.

**Loss of Control and Deconsolidation of Subsidiaries**

The Group ceases to consolidate a subsidiary from the date on which control is lost. When control is lost, the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Derecognises
 the assets and liabilities of the former subsidiary from the consolidated statement of financial
 position, including any associated goodwill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Derecognises
 any non-controlling interest related to the former subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Recognises
 the fair value of any consideration received and of any retained investment at the date control
 is lost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Reclassifies
 to profit or loss, or transfers to retained earnings, any amounts previously recognised in
 other comprehensive income in relation to the subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Recognises
 any resulting difference between the net assets derecognised and the fair value of consideration
 received and retained interest as a gain or loss in profit or loss, attributable to the former
 controlling interest.

Where no consideration is received and no investment is retained the gain or loss on deconsolidation is calculated based solely on the carrying amount of net assets and liabilities of the subsidiary at the date of loss of control.

**Revenue**

Revenue is measured based on the consideration specified in a contract with a customer and is recognised when control of goods or services is transferred to the customer, in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue excludes amounts collected on behalf of third parties, such as value added tax.

The Group applies the following five-step model to all revenue-generating contracts:

● Identify the contract with a customer;

● Identify the performance obligations in the contract;

● Determine the transaction price;

● Allocate the transaction price to the performance obligations; and

● Recognise revenue when (or as) the performance obligation is satisfied.

The Group has determined that it acts as principal in its revenue arrangements on the basis that it typically controls the goods or services before transferring them to the customer, and accordingly revenue is recognised at the gross amount of consideration to which the Group expects to be entitled.

*Identification of performance obligations*

 

The Group's principal revenue-generating activity is conducted through its operating subsidiary Al Shola Gas, which provides comprehensive solutions for the liquefied petroleum gas ("LPG") industry in the United Arab Emirates. Contracts with customers typically contain one or more of the following distinct performance obligations:

● Design, supply, installation and commissioning of centralised gas systems — project-based one-time revenue from the design, engineering, procurement and installation of LPG infrastructure on customer premises, including pipelines, pressure regulators, metering units, storage tanks and safety equipment;

● Metered LPG utility services — recurring revenue from the ongoing supply of LPG to customers through centralised gas systems following project handover, billed on a metered basis;

● Bulk LPG deliveries and cylinder supply — recurring revenue from the transportation and supply of LPG in bulk tanker or cylinder format to commercial, residential and industrial customers; and

● Operations and maintenance services — recurring revenue from the ongoing operation, maintenance, and preventive servicing of centralised gas systems and associated infrastructure.

In addition, the Group generates revenue from engineering and advisory services provided by Bright Hydrogen Solutions S.L. in relation to energy infrastructure and clean energy projects.

Where a contract contains more than one performance obligation, the Group assesses whether the goods or services are distinct on the basis that the customer can benefit from them either on their own or together with other readily available resources, and that they are separately identifiable from other performance obligations in the contract.

*Transaction price and allocation*

 

The transaction price is determined based on the consideration specified in the contract, adjusted for estimates of variable consideration (such as commercial discounts granted to customers) and any consideration payable to the customer. Commercial discounts granted to customers are treated as a reduction of the transaction price rather than as an operating expense. The Group's contracts do not contain material significant financing components, as the period between the transfer of goods or services and payment is typically less than one year.

Where a contract contains more than one distinct performance obligation, the transaction price is allocated to each performance obligation based on its relative stand-alone selling price. Where stand-alone selling prices are not directly observable, they are estimated based on expected cost plus an appropriate margin.

*Timing of revenue recognition*

 

Revenue from the design, supply, installation and commissioning of centralised gas systems is recognised over time where the Group's performance creates or enhances an asset that the customer controls as the asset is created or enhanced, using an input method based on costs incurred to date as a proportion of total estimated contract costs. Where the criteria for over-time recognition are not met, revenue is recognised at a point in time on completion and customer acceptance of the installation.

Revenue from metered LPG utility services, bulk LPG deliveries and cylinder supply is recognised at the point in time at which physical delivery of the LPG to the customer is completed and control of the product transfers to the customer.

Revenue from operations and maintenance services is recognised over time as the customer simultaneously receives and consumes the benefits of the services as they are performed. Where services are provided under fixed-fee arrangements, revenue is recognised on a straight-line basis over the contract period; where services are provided on a time-and-materials basis, revenue is recognised as the services are performed.

Revenue from engineering and advisory services provided by Bright Hydrogen Solutions is recognised over time or at a point in time depending on the specific nature of the contract and the associated performance obligations, in accordance with IFRS 15.

*Contract balances*

 

Amounts billed to customers in advance of revenue recognition are recognised as contract liabilities. Amounts recognised as revenue that have not yet been invoiced are recognised as contract assets. Trade receivables are recognised when the Group has an unconditional right to consideration, being the point at which only the passage of time is required before payment is due. At 31 December 2025 and 31 December 2024, the Group held no material contract assets or contract liabilities.

*Consistency with IFRS 15*

 

The Group has reviewed the revenue recognition policies applied by QIND and its operating subsidiary Al Shola Gas, which report in accordance with US GAAP (ASC 606), and determined that they are aligned with the Group's IFRS 15 accounting policies. No adjustments were required on consolidation to align revenue recognition with Group accounting policies.

**Leases**

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices.

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.

Lease payments included in the measurement of the lease liability comprise the following:

● fixed payments, including in-substance fixed payments;

● variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

● amounts expected to be payable under a residual value guarantee; and

● the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The Group presents right-of-use assets in 'property, plant and equipment' and lease liabilities in 'trade and other payables' in the statement of financial position.

The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

**Inventories**

Inventories are stated at the lower of cost and net realizable value. Cost comprises of direct materials and the cost of bringing the components to their present condition. Cost is determined using the first-in, first-out (FIFO) method, which reflects the actual method applied by the Group's operating subsidiary. Net realisable value is calculated as the estimated selling price arising in the ordinary course of business, net of estimated selling costs.

**Segment information**

The Group determines its operating segments based on the information that is regularly reviewed by the chief operating decision maker ("CODM"), identified as the Board of Directors, for the purpose of allocating resources and assessing performance.

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the CODM to make decisions about resource allocation and to assess performance, and for which discrete financial information is available.

A reportable segment is an operating segment that meets the quantitative thresholds set out in IFRS 8, or is otherwise considered by management to provide useful information to users of the financial statements. Operating segments that do not meet the quantitative thresholds are aggregated within "All other activities" and presented separately from reconciling items where required.

**Research and development expenditure**

Research costs are expensed as incurred. Development costs are capitalised when the criteria under IAS 38 are met, including the technical and commercial feasibility of the asset, the intention and ability to complete it, and the likelihood of generating future economic benefits. Capitalised development expenditure is measured at cost less accumulated amortisation and impairment losses.

As at the reporting date, the Group had no material ongoing research and development activities.

**Trade and other payables**

Trade payables are recognised initially at fair value and subsequently measured at amortised cost.

**Provisions**

*Onerous contracts*

 

A provision for an onerous contract is recognised when it becomes probable that the total contract costs will exceed total contract revenue. Before a provision for onerous contracts is recorded, the related assets under construction are measured at their net realisable value and written-off if necessary. Onerous contracts are identified by monitoring the progress of the contract together with the underlying programme status. An estimate of the related contract costs is made, which requires significant and complex assumptions, judgements and estimates related to achieving certain performance standards.

*Warranties*

 

A provision for warranties is recognized when the underlying products or services are sold, based on historical warranty data and a weighting of possible outcomes against their associated probabilities.

**Current taxation**

The current taxation charge is calculated at the amount expected to be recovered from or paid to the taxation authorities on the basis of the tax laws enacted or substantively enacted at the reporting date.

**Deferred taxation**

Deferred taxation is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.

Deferred income tax is determined using tax rates that have been enacted or substantially enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax losses can be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. In making this assessment, management has regard to relevant uncertainties affecting the availability of future taxable profits, including any material uncertainty related to going concern.

Deferred tax liabilities may arise on the initial recognition of identifiable assets and liabilities as part of business combinations, including fair value adjustments recognised through purchase price allocation exercises. These deferred tax balances are recognised in accordance with IAS 12 and subsequently released to profit or loss as the underlying assets are amortised, depreciated or realised.

**Equity instruments**

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Class A ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction from equity, net of tax effects.

**Business combinations**

The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of the business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.

The Group has an option to apply a "concentration test" that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.

The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.

The Group determines the acquirer based on the criteria outlined in IFRS 3, including an assessment of governance structure, board composition, and relative ownership interests.

The Group accounts for non-controlling interests (NCI) in accordance with IFRS 3.19, and elects, on a transaction-by-transaction basis, to measure NCI either at fair value (full goodwill method) or at the proportionate share of the acquiree's identifiable net assets (partial goodwill method).

In accordance with IFRS 3.45, the Group may revise the initial accounting for a business combination within the measurement period, which does not exceed 12 months from the acquisition date. During this period, provisional amounts may be adjusted retrospectively if new information becomes available regarding facts and circumstances that existed at the acquisition date.

Where necessary, the Group adjusts the acquiree's accounting policies to align with those of the Group in accordance with IFRS 10.19 and IFRS 10.22, including for differences arising between local GAAP and IFRS.

For the QIND acquisition completed in November 2024, the Group elected to measure non-controlling interests at the proportionate share of the acquiree's identifiable net assets (the partial goodwill method).

**Share-based payment arrangements**

The grant-date fair value of equity-settled share-based payments arrangements granted to employees and non-employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the numbers of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. For share-based payment awards that vest at the discretion of the board of directors, the fair value is determined at the reporting date until such time that there is a shared understanding of the vesting period.

**Post-employment benefits – End-of-service indemnity**

The Group recognises a liability for end-of-service benefits payable to employees of its UAE-based subsidiary, Al Shola Gas. These benefits are classified as unfunded post-employment defined benefit obligations and are accrued in accordance with UAE labour law.

The end-of-service benefit is calculated based on an employee's final salary and length of service at the reporting date. The obligation is recognised in the consolidated statement of financial position and measured using the projected unit credit method, without discounting, as the impact of the time value of money was determined to be immaterial.

No actuarial valuation has been performed as at 31 December 2025 due to the nature of the obligation and the size of the employee population; however, management estimates the liability based on historical and contractual entitlements.

**Financial instruments**

**Recognition and initial measurement**

Receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus transaction costs that are directly attributable to its acquisition or issue.

**Financial assets at fair value through profit or loss (FVTPL)**

These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.

**Classification and subsequent measurement**

On initial recognition, a financial asset is classified as measured at: amortised cost; Fair Value through Other Comprehensive Income ("FVOCI") – debt investment; FVOCI – equity investment; or FVTPL.

**Financial liabilities – Classification, subsequent measurement and gains and losses**

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

**Derecognition**

*Financial assets*

The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

*Financial liabilities*

The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred, or liabilities assumed) is recognized in profit or loss.

**Deposits and Advances**

Deposits and advances represent payments made in advance to suppliers, contractors, and service providers in the ordinary course of business. These primarily relate to procurement of materials and services for the design, supply, and installation of central gas distribution and monitoring systems carried out by the Group's UAE-based subsidiary. Such advances include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Refundable
 project security deposits,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Lease
 and utility deposits,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepayments
 to subcontractors and vendors for project-related activities.

These amounts are recognised at their nominal value and are not discounted as the impact of the time value of money is considered immaterial. Deposits that are expected to be utilised or refunded within 12 months of the reporting date are classified as current assets, while those recoverable beyond 12 months are classified as non-current assets.

At the reporting date, there are no indicators of impairment, and management considers all amounts to be fully recoverable.

**Prepayments and other receivables**

Prepayments and other receivables are recognised initially at fair value and then carried at amortised cost less allowance for impairment. The Group applies the IFRS 9 *Financial Instruments* simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for other receivables.

**Cash and cash equivalents**

Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand, and short-term deposits with a maturity of three months or less.

*Statement of cash flows*

 

The consolidated statement of cash flows is prepared using the indirect method. Interest paid is classified within cash flows from operating activities, consistent with the presentation of financing costs within the consolidated statement of profit or loss. Interest received is classified within cash flows from investing activities. Income taxes paid and received are classified within cash flows from operating activities, as they cannot be specifically identified with financing or investing activities.

Non-cash investing and financing transactions are excluded from the consolidated statement of cash flows and disclosed separately.

**Property, plant and equipment**

Property, plant and equipment is included at cost less accumulated depreciation and/or accumulated impairment losses. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided using the straight-line method to write off cost to residual value over the estimated useful life of the individual asset. Important components of property, plant and equipment that maintain different useful lives are considered separately. Land is not depreciated and assets categorised as being under construction are not depreciated until such time that they are in use. The following rates per annum are used:

Plant and machinery 3-10 years <br> Office and other equipment 3-10 years <br> Leases Lease term

The useful lives disclosed represent the range of depreciation periods applied across the Group. Actual asset lives used by individual subsidiaries fall within this range and reflect the nature and expected use of the respective assets.

The carrying values of property, plant and equipment are reviewed for indicators of impairment at each reporting date or when events or changes in circumstances indicate the carrying value may not be recoverable (whichever is the earlier). If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets or cash - generating units are written down to their recoverable amount.

**Intangible assets**

Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets acquired in a business combination are measured on initial recognition at their fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and/or any accumulated impairment losses.

Product development costs are not amortised until such time that they are in use after which it is expected they will be amortised over their estimated useful lives (three to five years). Amortisation is provided using the straight-line method to write off cost to residual value over the estimated useful life of the individual asset. The following rates per annum are used:

---

| | | |
|:---|:---|:---|
| Asset class | Useful life | Method |
| Software | 3 years | Straight-line |
| Completed development technology | 3 years | Straight-line |
| Customer relationships | 10 years | Straight-line |
| Trade names | 10 years | Straight-line |

---

The useful lives of customer relationships and trade names acquired in the QIND business combination were determined with reference to the valuation performed as part of the purchase price allocation. The useful life of customer relationships reflects the period over which the majority of the discounted cash flows attributable to the acquired customer portfolio are expected to be realised, reflecting a historical customer attrition rate of approximately 8% per annum in the acquired customer portfolio. The useful life of trade names reflects management's estimate of the period over which the acquired brands are expected to contribute to the economic benefits of the business, having regard to their history, market recognition, and the business-to-business nature of the operations.

All acquired intangible assets are assessed as having finite useful lives. The Group does not hold any intangible assets with indefinite useful lives.

Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is reflected in the income statement in the year in which the expenditure is incurred.

Expenditure on research activities is recognised in profit or loss as incurred.

Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in the profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses.

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred.

Impairment arises if the recoverable amount of the intangible asset is lower than its carrying value. Recoverable amount is the higher of an asset's value in use and its fair value less costs of disposal.

If the carrying amount of an intangible asset exceeds its recoverable amount, an impairment loss is recognised in an amount equal to that excess.

Goodwill recognised on acquisition represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired.

The Group finalised the purchase price allocation during the year, including the identification and valuation of separately identifiable intangible assets. Any adjustments arising during the measurement period have been reflected in the consolidated financial statements.

**4.** **Significant accounting judgements, estimates and assumptions** 

The preparation of the Group's consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, income taxes and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. These include, but are not limited to:

*Impairment of goodwill*

 

The Group tests goodwill for impairment at least annually or more frequently where indicators of impairment exist. This requires management to estimate the recoverable amount of the relevant cash-generating unit, including assumptions relating to future cash flows, growth rates and discount rates. Changes in these assumptions could result in material adjustments to the carrying value of goodwill.

*Business combinations and purchase price allocation*

 

The identification and valuation of identifiable assets and liabilities acquired in a business combination require the use of significant estimates and assumptions, including the valuation of intangible assets and determination of fair values. These estimates may be refined during the measurement period.

*Fair value of derivative financial instruments*

 

The Group measures certain financial instruments at fair value through profit or loss. The valuation of these instruments requires the use of valuation techniques and key assumptions, including share price volatility and other market-based inputs. Changes in these assumptions may result in significant movements in profit or loss.

*Deferred taxation*

 

The recognition of deferred tax assets and liabilities requires management judgement in assessing the recoverability of future taxable profits and the expected reversal of temporary differences, including those arising from business combinations.

*Assessment of control and deconsolidation*

 

The determination of whether the Group has control over an entity requires judgement, particularly in situations involving insolvency or other legal processes. Changes in control result in deconsolidation and may significantly impact the Group's financial position and results.

**5.** **Restatement of comparative information** 

During the preparation of the consolidated financial statements for the year ended 31 December 2025, the comparative information for the year ended 31 December 2024 has been restated. The restatement reflects two distinct items, each of which is disclosed separately below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Finalisation of the QIND purchase price allocation - measurement period adjustments (IFRS 3)

The Group acquired a controlling interest in Quality Industrial Corp. ("QIND") on 26 November 2024. Provisional amounts were recognised at the acquisition date, as permitted by IFRS 3. During the 12-month measurement period following the acquisition, the Group, with the assistance of an independent valuation specialist, finalised the purchase price allocation. The finalisation resulted in the recognition of acquired intangible assets (customer relationships of €19.4M and trade names of €4.5M), a corresponding deferred tax liability of €2.2M, and a consequential reduction in goodwill of €12.4M. These adjustments have been applied retrospectively to the acquisition date and accordingly reflected in the restated comparative information at 31 December 2024. These adjustments do not constitute the correction of prior period errors under IAS 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Correction of prior period error (IAS 8)

In addition to the measurement period adjustments described above, the preparation of the current year's consolidated financial statements identified the following errors relating to the year ended 31 December 2024 which have been corrected retrospectively in accordance with IAS 8.42:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Fair
 value remeasurement of derivative financial liabilities - following further review of the
 valuation of certain convertible notes, associated warrants and related derivative features
 (including the Jefferson/QIND convertible instruments reclassified on consolidation), a correction
 was required to the fair value remeasurement of these instruments at 31 December 2024. The
 correction resulted in an increase in the derivative financial liability balance of € 234 k,
 a corresponding charge to derivative financial instrument movements within profit or loss
 of € 165 k, a reclassification of € 64 k from loans and borrowings, and an adjustment
 of € 5 k to the convertible note reserve.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Gain
 on deconsolidation of Hanoi Asset Management - following further review of the net liabilities
 derecognised on the deconsolidation of Hanoi Asset Management in December 2024, together
 with related consolidation adjustments and intercompany write-offs, it was identified that
 the gain on deconsolidation recognised in the 2024 financial statements was overstated by
 approximately € 873 k. The previously reported gain of € 2,719 k has been restated
 to € 1,846 k.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other
 balance corrections - the Group identified a number of immaterial expense accruals, balance
 adjustments and reclassifications relating to the year ended 31 December 2024 that were not
 reflected in the financial statements as originally issued. In aggregate, these corrections
 totalled approximately € 260 k and have been reflected in the restated comparative information.

The restatement has no impact on the opening statement of financial position as at 1 January 2024, as the underlying matters arose during the year ended 31 December 2024.

**Impact on consolidated statement of profit or loss for the year ended 31 December 2024**

---

| | | | |
|:---|:---|:---|:---|
| **€'000** | **As<br> previously reported** | **Adjustment** | **Restated** |
| Revenue | 1605 |  | 1605 |
| Cost of sales | (1168) |  | (1168) |
| Gross profit | 437 |  | 437 |
| Other income / (expenses) | 881 |  | 881 |
| Administration expenses | (15873) | (587) | (16460) |
| Share-based payments expense | (2189) |  | (2189) |
| Operating expenses | (17181) | (586) | (17767) |
| Operating loss before interest | (16744) | (586) | (17331) |
| Finance income / (costs) | 223 | 70 | 293 |
| Interest payable and similar expense | (531) | 6 | (525) |
| Derivative financial instruments movements | 627 | (165) | 462 |
| Net finance income / (costs) | 319 | (89) | 230 |
| Profit / (loss) on deconsolidation due to insolvency | 2719 | (873) | 1846 |
| Loss before tax | (13706) | (1548) | (15254) |
| Income tax expense | (25) |  | (25) |
| Net loss for the year | (13731) | (1548) | (15280) |

---

**Impact on consolidated statement of financial position as at 31 December 2024**

---

| | | | |
|:---|:---|:---|:---|
| **€'000** | **As previously reported** | **Adjustment** | **Restated** |
| Property, plant and equipment | 307 | **-** | 307 |
| Goodwill | 18990 | (12388) | 6602 |
| Customer relationships |  | 19429 | 19429 |
| Trade names |  | 4529 | 4529 |
| Related party receivables | 1827 | (1827) |  |
| Total non-current assets | 21124 | 9743 | 30867 |
| Inventory | 1130 | 61 | 1191 |
| Other current assets | 1846 | (1846) |  |
| Total current assets | 7002 | (1791) | 5211 |
| Total assets | 28126 | 7952 | 36078 |
| Other payables – long-term | 4260 | 2198 | 6458 |
| Total non-current liabilities | 4415 | 2198 | 6614 |
| Trade and other payables | 9133 | 1047 | 10180 |
| Total current liabilities | 13011 | 1217 | 14228 |
| Total liabilities | 17426 | 3415 | 20841 |
| Net assets | 10699 | 4537 | 15236 |

---

**Impact on equity as at 31 December 2024**

---

| | | | |
|:---|:---|:---|:---|
| **€'000** | **As previously reported** | **Adjustment** | **Restated** |
| Convertible note reserve | 29 | (5) | 24 |
| Retained earnings and profit and loss | (236436) | (1549) | (237985) |
| Non-controlling interests | (2091) | 6090 | 3999 |
| Total equity | 10699 | 4537 | 15236 |

---

No restatement was required to the opening statement of financial position as at 1 January 2024.

**6.** **Segment Reporting** 

The Group determines its operating segments based on the information that is regularly reviewed by the Board of Directors, in its capacity as chief operating decision maker ("CODM"), for the purpose of allocating resources and assessing performance.

Following the acquisition of Quality Industrial Corp. ("QIND") and its operating subsidiary Al Shola Al Modea Gas Distribution LLC in November 2024, the Group's operating activities comprise the distribution and engineering of liquefied petroleum gas ("LPG") in the United Arab Emirates, together with a portfolio of other activities including the development of green hydrogen technology through Bright Hydrogen Solutions S.L. (Spain) and BIOSTEAM Proprietary Limited (South Africa), and the activities of the parent company Fusion Fuel Green plc.

The Group has identified one reportable operating segment under IFRS 8, being its LPG Distribution & Engineering business, which represented 99.97% of the Group's external revenue in 2025 (2024 restated: 100.0% of post-acquisition revenue). The Group's other activities do not individually or in aggregate meet the quantitative thresholds for separate reportable segment disclosure under IFRS 8.13, and are presented in aggregate under "All other activities" for information purposes.

Prior to the acquisition of QIND in November 2024, the Group operated as a single segment focused on green hydrogen technology. The comparative information for the year ended 31 December 2024 has been re-presented on the current segmental basis.

---

| | | | |
|:---|:---|:---|:---|
| *Segment results* | LPG Distribution & Engineering | All other activities | **Total** |
| ***For the year ended 31 December 2025*** | €'000 | €'000 | **€'000** |
| Revenue from external customers | 14410 | 5 | **14415** |
| Cost of sales | (10179) | (61) | **(10240)** |
| **Gross profit / (loss)** | **4232** | **(56)** | **4175** |
| Other income | 284 | 1074 | **1358** |
| Administration expenses | (4636) | (7233) | **(11869)** |
| Share-based payments expense | **-** | (1562) | **(1562)** |
| Impairment expense | (2) |  | **(2)** |
| **Operating profit / (loss)** | **(122)** | **(7776)** | **(7898)** |
| Net finance income / (costs) | (708) | 6319 | **5611** |
| Profit on deconsolidation of subsidiary | **-** | 1225 | **1225** |
| **Profit / (loss) before tax** | **(829)** | **(232)** | **(1062)** |
| Income tax (expense) / credit | (146) | 256 | **110** |
| **Profit / (loss) for the year** | **(975)** | **24** | **(952)** |
| ***For the year ended 31 December 2024 (restated)*** | €'000 | €'000 | **€'000** |
| Revenue from external customers | 1605 |  | **1605** |
| Cost of sales | (1168) |  | **(1168)** |
| **Gross profit / (loss)** | **437** |  | **437** |
| Other income | **-** | 881 | **881** |
| Administration expenses | (205) | (16255) | **(16460)** |
| Share-based payments expense | **-** | (2189) | **(2189)** |
| Impairment expense | - |  | **-** |
| **Operating profit / (loss)** | **232** | **(17563)** | **(17330)** |
| Net finance income / (costs) | (42) | 272 | **230** |
| Profit on deconsolidation of subsidiary | **-** | 1846 | **1846** |
| **Profit / (loss) before tax** | **190** | **(15445)** | **(15254)** |
| Income tax (expense) / credit | (25) |  | **(25)** |
| **Profit / (loss) for the year** | **165** | **(15445)** | **(15280)** |

---

The "All other activities" column for 2024 restated includes the results of the Group's legacy Portuguese hydrogen operations (Fusion Fuel Portugal and related entities) which were fully deconsolidated during 2024 following their insolvency, together with the results of Hanoi Asset Management S.L. (deconsolidated in December 2025), Fusion Fuel USA Inc., Fusion Fuel Australia Pty Ltd., the parent company Fusion Fuel Green plc, and consolidation adjustments.

---

| | | | |
|:---|:---|:---|:---|
| *Segment assets and liabilities* | LPG Distribution & Engineering | All other activities | **Total** |
| ***For the year ended 31 December 2025*** | €'000 | €'000 | **€'000** |
| Segment assets | 13752 | 22287 | **36039** |
| Segment liabilities | (15595) | 62 | **(15534)** |
| **Segment net assets / (liabilities)** | **(1844)** | **22349** | **20505** |
| ***For the year ended 31 December 2024*** |  |  |  |
| Segment assets | 13038 | 23040 | **36078** |
| Segment liabilities | (14868) | (5973) | **(20842)** |
| **Segment net assets / (liabilities)** | **(1830)** | **17067** | **15236** |

---

Segment assets for the LPG Distribution & Engineering segment comprise the assets of QIND and its operating subsidiary Al Shola Gas. The "All other activities" column includes non-current intangible assets and goodwill recognised on consolidation in respect of the QIND business combination (customer relationships, trade names and goodwill — refer to Note 15), which relate economically to the LPG Distribution & Engineering CGU but are reflected at the consolidated Group level.

*Geographical information*

 

The Group's revenue from external customers, based on the country in which the customer is located, and its non-current assets by country in which the assets are located, are analysed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Revenue 2025<br>€'000 | Revenue 2024 (restated)<br>€'000 | Non-current assets 2025<br>€'000 | Non-current assets 2024 (restated)<br>€'000 |
| United Arab Emirates | 14410 | 1605 | 29120 | 30793 |
| Spain | 5 |  | 79 |  |
| Ireland |  |  | 46 | 75 |
| South Africa | **-** | **-** | 367 | **-** |
| **Total** | **14415** | **1605** | **29612** | **30867** |

---

Non-current assets attributed to the United Arab Emirates include customer relationships and trade names recognised on the acquisition of QIND (€21.5 million at 31 December 2025; €24.0 million at 31 December 2024 restated) and goodwill of €6.6 million (2024 restated: €6.6 million), which are attributed to the UAE LPG Distribution & Engineering cash-generating unit to which they relate.

*Major customers*

 

No single external customer contributed 10% or more of the Group's revenue in either the year ended 31 December 2025 or the year ended 31 December 2024.

**7.** **Revenue** 

The Group disaggregates revenue from contracts with customers by type of service, by timing of revenue recognition, and by geographical market. Management considers these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

---

| | | | |
|:---|:---|:---|:---|
| **By type of service** | **2025** | 2024 | 2023 |
|  | **€'000** | €'000 | €'000 |
| Engineering, installation and annual maintenance contracts | **4135** | 578 |  |
| Bulk LPG deliveries | **4550** | 436 |  |
| LPG cylinder sales | **3555** | 377 |  |
| Metered LPG utility services | **2170** | 214 |  |
| Hydrogen engineering and advisory services | **5** | - | 4144 |
| Total Revenue | **14415** | 1605 | 4144 |

---

---

| | | | |
|:---|:---|:---|:---|
| **By timing of revenue recognition** | **2025** | 2024 | 2023 |
|  | **€'000** | €'000 | €'000 |
| Revenue recognised over time | **4135** | 578 |  |
| Revenue recognised at a point in time | **10280** | 1027 | 4144 |
| Total Revenue | **14415** | 1605 | 4144 |

---

Engineering and installation contracts for centralised gas systems and annual maintenance contracts are recognised over time as the customer simultaneously receives and consumes the benefits of the Group's performance. Bulk LPG deliveries, cylinder sales and metered utility supply are recognised at the point in time at which control transfers to the customer, being delivery or metered consumption.

---

| | | | |
|:---|:---|:---|:---|
| **By geographical market** | **2025** | 2024 | 2023 |
|  | **€'000** | €'000 | €'000 |
| United Arab Emirates | **14410** | 1605 |  |
| Spain | **5** |  |  |
| Portugal | **-** | - | 4144 |
| Total Revenue | **14415** | 1605 | 4144 |

---

Revenue is attributed to geographical market based on the location of the customer. Revenue in the United Arab Emirates is generated through Al Shola Gas, which provides engineering, installation, bulk LPG, cylinder LPG, metered utility and annual maintenance services. Revenue in Spain was generated through BrightHydrogen Solutions' engineering and advisory activities which commenced during 2025. Revenue attributed to Portugal in 2023 of €4.1 million related to the Group's legacy hydrogen technology operations, which ceased during 2024 as part of the Group's strategic repositioning. No revenue was generated from these activities in 2024.

No single external customer accounted for 10% or more of Group revenue in 2025, 2024 or 2023.

**8.** **Cost of sales** 

Cost of sales for the year ended 31 December 2025 reflects expenses directly attributable to revenue-generating activities from Al Shola. These costs primarily include materials, subcontractor services, and logistics incurred as part of LPG system supply and installation.

Cost of sales also includes the recognition of the fair value step-up on inventory arising from the QIND purchase price allocation, which was expensed as the underlying inventory was sold during the period.

Previously, cost of sales related entirely to Fusion Fuel Portugal. As such, no cost of sales from this former subsidiary remains in the Group's financial statements for the current period and figures recorded between 2024 and prior years are not considered comparable.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
|  | **€'000** | €'000 | €'000 |
| LPG-related services (QIND / Al Shola Gas) | **10179** | 1168 |  |
| Hydrogen technology (deconsolidated entity) | **-** |  | 20088 |
| Inventory step down from PPA of QIND | **61** | - | - |
|  | **10240** | 1168 | 20088 |

---

**9.** **Administration expenses** 

Administration expenses for the year ended 31 December 2025 primarily reflect corporate overheads of the Group together with operating costs incurred by QIND (including Al Shola Gas) for the full year. These expenses include wages and salaries, depreciation and amortisation, professional fees, and other general administrative costs.

In the prior year, administration expenses included costs incurred by the Group's legacy hydrogen entities up to the date of deconsolidation, as well as certain reclassifications from cost of sales and inventory impairment charges relating to those operations. As a result, the 2024 and prior year figures are not directly comparable.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
|  | **€'000** | €'000 | €'000 |
| Wages and salaries | **4124** | 6752 | 7649 |
| Depreciation and amortization | **2596** | 2631 | 1547 |
| Professional fees | **2033** | 1076 | 1605 |
| Consulting fees | **-** | 638 | 1816 |
| Other expenses | **3116** | 2003 | 3218 |
| Reclassification of cost of sales | **-** | 1153 |  |
| Impairment of inventory | **-** | 2206 | - |
|  | **11869** | 16460 | 15835 |

---

**10.** **Share-based payments** 

**2021 Equity Incentive Plan**

On August 5, 2021, the Company's Board of Directors adopted and approved the 2021 Equity Incentive Plan (the 2021 Plan), which authorized the Company to grant up to 1,000,000 Class A ordinary shares in the form of incentive share options, non-qualified share options, share appreciation rights, restricted awards, performance share awards, cash awards and other share awards. The types of share-based awards, including the rights amount, terms, and exercisability provisions of grants are determined by the Company's Board of Directors.

*Restricted Share Units (RSUs)*

The Company granted no RSU's to employees and directors during the year ended December 31, 2025 (2024: 858). The table below shows the number of RSUs granted covering an equal number of the Company's Class A ordinary shares and the weighted-average grant date fair value of the RSUs granted:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of RSUs** | **Number of RSUs** | **Weighted average grant date fair value per share** | **Weighted average grant date fair value per share** |
|  | **2025** | 2024 | **2025** | **2024** |
| As at 1 January | **271** | 1682 | $**142.45** | $**142.45** |
| Correction of prior year error |  |  |  |  |
| As at 1 January (corrected) | **271** | 1682 | $**142.45** | **-** |
| Granted during the year |  | 858 |  | $40.60 |
| Vested during the year (1) | (169) | (2230) | $**197.81** | $219.37 |
| Forfeited during the year | - | (39) | - | $339.59 |
| As at December 31 | **102** | 271 | $**142.45** | $142.45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) No ordinary shares were issued in connection with the RSUs that vested during the year ended
 December 31, 2025 (2024: 858).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares
 and RSUs are presented in post reverse split values. i.e. the grant date fair value has been
 adjusted for the 1 for 35 split in July 2025

RSUs are issued as incentive compensation to executives, employees, and non-employee directors with service being the only condition associated with the award. Each RSU represents a right to one share of our common stock, upon vesting. The RSUs are not entitled to voting rights or dividends, if any, until vested. The fair value of the RSUs is determined on the date of grant based on the market price of the Company's ordinary shares on that date. The fair value of RSUs is expensed rateably over the vesting period, which is generally three years for employees. The total expense recognized related to the RSUs was €0.01 million for the year ended December 31, 2025 (2024: €0.12 million). Total unamortized compensation expense related to the RSUs was less than €0.001 million as of December 31, 2025 (2024: €0.01 million), which is expected to be recognized over a remaining average vesting period of 0.8 years as of December 31, 2025 (2024: 0.4 years).

*Share options*

 

The Company granted 879,240 options to employees and directors during the year ended December 31, 2025 (2024: 474,684), as part of their annual compensation. Such options vest quarterly with service. During the year, no options that had been granted to one of the directors were forfeited (2024: 21,577). By year end, 312,573 options had vested (2024: 653,107).

The fair value of the options granted during the year ended December 31, 2025 were estimated using the Black-Scholes option-pricing model. The inputs for the Black-Scholes model require management's significant assumptions. The risk-free interest rate was based on a normalized estimate of the 7-year U.S. treasury yield. The Company does not have sufficient company-specific historical and implied volatility information and it therefore estimates its expected share volatility based on historical volatility information of reasonably comparable guideline public companies and itself. The Company expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. Expected dividend yield is based on the fact that the Company has never paid cash dividends and its future ability to pay cash dividends on its shares may be limited by the terms of any future debt or preferred securities.

The range of assumptions that the Company used to determine the grant date fair value of employee and director options granted were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Tranche 2** | **Tranche 4** | **Directors** |
| Volatility | 70.91% | 82.38% | 82.38% |
| Expected term in years | 7 | 7 | 7 |
| Dividend rate | 0.00% | 0.00% | 0.00% |
| Risk-free interest rate | 1.58% | 3.41% | 3.41% |
| Hurdle price | $18.00 |  |  |
| Exercise price | $10.50 | $4.53 | $4.53 |
| Share price | $9.42 | $4.53 | $4.53 |
| Fair value of option on grant date | $6.18 | $3.42 | $3.42 |

---

The table below shows the number of options granted covering an equal number of the Company's Class A ordinary shares and the weighted-average grant date fair value of the options granted:

---

| | | |
|:---|:---|:---|
|  | **Number of options** | **Weighted average Grant date<br> fair value per share** |
| Options outstanding December 31, 2024 | 17145 | $216.30 |
| Granted during the year | 879240 | $3.42 |
| Vested during the year | (312573) | $0.69 |
| Forfeited during the year | - | - |
| Options outstanding December 31, 2025 | 583812 | $9.67 |

---

There were 583,812 unvested employee and director options outstanding as of December 31, 2025 (2024: 17,145). Total expense recognized related to the employee and director share options was €1.39 million for the year ended December 31, 2025 (2024: €1.91 million). Total unamortized compensation expense related to employee and director share options was €3.07 million as of December 31, 2025 (2024: €1.87 million), expected to be recognized over a remaining weighted average vesting period of 2.5 years as of December 31, 2025 (2024: 2 years).

**Incentive shares**

As part of their compensation package, the non-executive directors that were appointed in December 2020 were granted 143 shares for each year of service to the Company.

---

| | | |
|:---|:---|:---|
|  | **Number of shares** | **Weighted average Grant date<br> fair value per share** |
| Incentive shares outstanding December 31, 2023 | 143 | $805 |
| Granted |  |  |
| Vested |  |  |
| Forfeited | - | - |
| Incentive shares outstanding December 31, 2024 | **143** | $**805** |
| Granted |  |  |
| Vested |  |  |
| Forfeited | - | - |
| Incentive shares outstanding December 31, 2025 | **143** | $**805** |

---

The above shares vest at the discretion of the board of directors. In exchange for the share options that were granted above, the holders of the incentive shares agreed to forfeit their rights to incentive shares relating to years two and three of their tenure as a non-executive director. The total expense for these shares recognised in the year ended December 31, 2025 and 2024 was €nil and €0.003 million, respectively.

As of December 31, 2025, there was no unrecognised share-based payment expense related to the incentive shares. The shares have been recorded at their fair value at December 31, 2025.

**Other share-based payment expenses**

*Service related warrants*

 

During the year, the Group issued equity-settled warrants to third-party service providers as consideration for professional and advisory services rendered. The warrants grant the holders the right to subscribe for a fixed number of the Company's ordinary shares at a fixed exercise price. They are classified as equity instruments and recognised within the share-based payment reserve under equity.

The fair value of the services received has been recognised as an expense in profit or loss, with a corresponding credit to equity. The fair value of the warrants granted was determined using a Black Scholes Model with observable market inputs at the respective grant dates. These instruments are not subsequently remeasured. The warrants remain in equity unless exercised or otherwise cancelled.

***Reconciliation to statement of profit and loss***

 ****

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
|  | **€'000** | €'000 | €'000 |
| RSUs | **8** | 124 | 464 |
| Incentive shares | **(3)** | 3 | 5 |
| Options | **1387** | 1928 | 1956 |
| Forfeiture of options | **-** | (17) | (1032) |
| Service warrants | **170** | 151 | - |
| Share-based payment expense/ (credit) | **1562** | 2189 | 1393 |

---

**11.** **Finance costs/ income** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **€'000** | **€'000** | **€'000** |
| Interest payable and similar expense | **(24)** | (525) | 58 |
| Other finance income/(costs) | **-** | (24) | (544) |
| Fair value loss on short-term investments | **-** |  |  |
| Exchange Rate variances | **2243** | 316 | 51 |
| Derivative financial instruments movements | **3392** | 462 | 6886 |
|  | **5611** | 230 | 6451 |

---

**12.** **Profit / (loss) on deconsolidation due to insolvency** 

During the year ended 31 December 2025, the Group lost control of its subsidiary, Hanoi Asset Management, following the commencement of formal insolvency proceedings. As a result, the entity was deconsolidated from the Group's consolidated financial statements.

Control was deemed to have been lost on the date the court-appointed insolvency administrator assumed authority over the financial and operational decisions of Hanoi Asset Management (4 December 2025). From that date, the Group no longer had power over the relevant activities of the entity or rights to its variable returns.

Hanoi Asset Management is a Spanish-incorporated entity whose functional currency is the Euro. Accordingly, no foreign currency translation differences arose during the period of consolidation and no amounts were reclassified from equity to profit or loss on deconsolidation.

The Group derecognised:

● all assets and liabilities of Hanoi Asset Management;

● any cumulative translation differences relating to the subsidiary; and

● the net investment in the entity.

As a consequence of the insolvency, the Group will receive no proceeds in respect of its investment in Hanoi Asset Management, nor will it be liable for any remaining obligations of the entity. Therefore, on deconsolidation, the carrying value of the respective assets and liabilities of Hanoi Asset Management were removed from the Group's books at cost. At the date of deconsolidation, the net liabilities of Hanoi Asset Management exceeded its assets by approximately €1.23 million. As a result, a profit on deconsolidation of €1.23 million was recognised in the consolidated statement of profit or loss under "Profit / (loss) on deconsolidation of subsidiary".

No consideration was received, and no retained interest in the subsidiary was held by the Group.

---

| | |
|:---|:---|
|  | **€'000** |
| Total assets |  |
| Total liabilities | 1225 |
| **Profit on deconsolidation** | **1225** |

---

**13.** **Taxation** 

The Group recorded a loss before income tax of €1.1 million for the year ended 31 December 2025 (2024: €15.3 million; 2023: €30.9 million). The reduction in losses compared to the prior year reflects the absence of significant non-cash charges recognised in 2024, including fair value movements on derivative financial instruments, together with the contribution of a full year of trading from QIND and its subsidiary Al Shola Gas

For the year ended 31 December 2025, the Group recognised an income tax credit of €0.1 million (2024: €0.5 million charge). The tax charge reflects taxable profits generated within QIND and Al Shola Gas, offset by the partial release of deferred tax liabilities recognised as part of the purchase price allocation on acquisition.

During 2025, the Group's operations were subject to a range of statutory tax rates, including 12.5% in Ireland on trading income, 25% in Spain, and applicable local rates in the United Arab Emirates in which QIND operates.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**€'000** | **2024**<br>**€'000** | **2023**<br>**€'000** |
| Profit/ (loss) before tax | (1062) | (15254) | (30857) |
| Tax using Company's domestic tax rate at 12.5% | 133 | 1907 | 3857 |
| *Tax effect of:* |  |  |  |
| Non-deductible expenses / non-taxable income | 218 | (764) | (967) |
| Current-year losses for which no deferred tax asset is recognized | (81) | (805) | (4647) |
| Impacts of different foreign tax rates | (63) | 156 | 1916 |
| Tax expense of acquired subsidiary (QIND)\* | (146) | (25) |  |
| Release of deferred tax liabilities (QIND PPA)\* | 256 | - | - |
| **Total tax** | **316** | **470** | **159** |

---

\* The total income tax credit for the year ended 31 December 2025 of €0.1 million reflects the net impact of (i) current tax expense arising on taxable profits generated by QIND and its subsidiary Al Shola Gas, and (ii) the release of deferred tax liabilities recognised as part of the purchase price allocation on acquisition, as set out in the reconciliation above.

*Deferred tax liability*

 

The deferred tax liability recognised on the Group's balance sheet relates entirely to the fair value uplift of identifiable intangible assets acquired in the QIND business combination (see Note 15). The deferred tax liability is being released to profit or loss over the useful lives of the underlying intangibles as they are amortised. The movement during the year was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**€'000** | **2024**<br>**€'000** |
| Opening balance | (2198) |  |
| Recognised on acquisition of QIND |  | (2198) |
| Released to profit or loss | 256 | - |
| **Closing balance** | **(1942)** | (2198) |

---

*Unrecognised deferred tax assets*

 

The Group has not recognised deferred tax assets in respect of the following items, on the basis that it is not considered probable that sufficient future taxable profits will be available in the relevant jurisdictions against which the unused tax losses and deductible temporary differences could be utilised:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**€'000** | **2024**<br>**€'000** |
| Unused tax losses | 16 | 805 |
| Deductible temporary differences - share-based payments | 210 | 3124 |
| **Total unrecognised deferred tax assets** | **226** | 3929 |

---

The significant reduction between years reflects the deconsolidation of Group entities during 2025, particularly Hanoi Asset Management, following which the accumulated tax losses and deductible temporary differences of these entities are no longer available to the Group.

*Unused tax losses by jurisdiction*

 

The gross unused tax losses available to the Group's continuing operations at 31 December 2025, by jurisdiction, are set out below:

● Ireland (FFG): € 14.8 million of unused trading losses, which may be carried forward indefinitely and offset against future Irish trading income at the prevailing corporate tax rate of 12.5 %.

● Spain (BrightHy): € 0.3 million of unused tax losses, which may be carried forward indefinitely subject to an annual utilisation cap of 70 % of taxable income exceeding € 1 million. The applicable Spanish corporate tax rate is 25 %.

● United Arab Emirates (Al Shola Gas): € 0.8 million of unused tax losses, which may be carried forward indefinitely. Al Shola Gas is subject to UAE corporate income tax at a rate of 9 % on taxable profits exceeding AED 375,000 , in accordance with the UAE corporate tax regime which commenced in 2023.

● South Africa (Biosteam): € 0.001 million of unused tax losses, which may be carried forward for up to 5 years under South African tax legislation at the prevailing corporate tax rate of 27 %.

*Assessment of recoverability*

 

In accordance with IAS 12, the Group has not recognised deferred tax assets in respect of unused tax losses or deductible temporary differences where the availability of future taxable profits to support recovery is considered uncertain. Management reassesses this position at each reporting date and will recognise previously unrecognised deferred tax assets to the extent that it becomes probable that future taxable profits will be available against which they can be utilised.

In making this assessment, management has had regard to the material uncertainty related to going concern disclosed in Note 2, together with the Group's forecast financial performance, the continuing trading of QIND and its subsidiary Al Shola Gas, and the outcome of ongoing operational and financing initiatives. The recoverability position will be reassessed at each subsequent reporting date and any changes in conclusion will be reflected in the period in which they arise.

**14.** **Property, plant and equipment** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** | **Assets under<br> construction**<br>**€'000** | **Plant &<br> Machinery**<br>**€'000** | **Office and<br> other<br> equipment**<br>**€'000** | **Right of<br> use assets**<br>**€'000** | **Total**<br>**€'000** |
| At January 1, 2025 | 0 | 1250 | 8 | 468 | **1726** |
| Addition/Revaluation | 412 | 254 | 20 | 365 | **1051** |
| Disposal | - | - | (3) | (213) | **(216)** |
| **At December 31, 2025** | **412** | **1504** | **26** | **620** | **2561** |
| ***Depreciation*** |  |  |  |  |  |
| At January 1, 2025 |  | (1209) | (3) | (207) | (1419) |
| Charge for period |  | (30) | (2) | (118) | **(150)** |
| Disposal/Revaluation | - | 93 | 1 | 147 | **241** |
| **At December 31, 2025** | **-** | **(1146)** | **(4)** | **(178)** | **(1328)** |
| ***Net book values*** |  |  |  |  |  |
| At January 1, 2025 | - | 41 | 5 | 261 | 307 |
| **At December 31, 2025** | **412** | **358** | **22** | **442** | **1233** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2024** | **Assets under<br> construction**<br>**€'000** | **Plant and<br> machinery**<br>**€'000** | **Office and<br> other<br> equipment**<br>**€'000** | **Right of<br> use assets**<br>**€'000** | **Total**<br>**€'000** |
| ***Cost*** |  |  |  |  |  |
| At January 1, 2024 | 14726 | 5846 | 422 | 11984 | 32978 |
| Revaluation |  |  |  | 455 | 455 |
| Additions during the year |  | 1260 | 6 | 284 | 1550 |
| Disposal |  |  |  | (28) | (28) |
| Transfer to inventory |  |  |  |  |  |
| Derecognition on deconsolidation | (14726) | (5856) | (420) | (12227) | (33229) |
| **At December 31, 2024** | **-** | **1250** | **8** | **468** | **1726** |
| ***Depreciation*** |  |  |  |  |  |
| At January 1, 2024 | (3317) | (2985) | (185) | (1715) | (8202) |
| Charge for year |  | (1887) | (96) | (919) | (2902) |
| Impairment charge |  |  |  |  |  |
| Derecognition on deconsolidation | 3317 | 3663 | 278 | 2427 | 9685 |
| **At December 31, 2024** | **-** | **(1209)** | **(3)** | **(207)** | **(1419)** |
| ***Net book values*** |  |  |  |  |  |
| At January 1, 2024 | 11409 | 2861 | 237 | 10269 | 24776 |
| **At December 31, 2024** | **-** | **41** | **5** | **261** | **307** |

---

**15.** **Intangible assets** 

**** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **Customer relationships**<br>**€'000** | **Trade names**<br>**€'000** | **Completed development technology**<br>**€'000** | **Product development in progress**<br>**€'000** | **Intellectual property and patents registration**<br>**€'000** | **Software**<br>**€'000** | **Total**<br>**€'000** |
| ***Cost*** |  |  |  |  |  |  |  |
| January 1, 2025 | 19758 | 4606 |  |  |  |  | 24364 |
| Additions | - | - |  |  |  |  | - |
| December 31, 2025 | 19758 | 4606 |  |  |  |  | 24364 |
| ***Amortisation*** |  |  |  |  |  |  |  |
| January 1, 2025 | (329) | (77) |  |  |  |  | (406) |
| Amortisation charge | (1976) | (461) |  |  |  |  | (2436) |
| December 31, 2025 | (2305) | (537) |  |  |  |  | (2842) |
| ***Net book value*** |  |  |  |  |  |  |  |
| ***At December 31, 2025*** | **17453** | **4069** |  |  |  |  | **21522** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **Customer relationships**<br>**€'000** | **Trade names**<br>**€'000** | **Completed development technology**<br>**€'000** | **Product development in progress**<br>**€'000** | **Intellectual property and patents registration**<br>**€'000** | **Software**<br>**€'000** | **Total**<br>**€'000** |
| ***Cost*** |  |  |  |  |  |  |  |
| January 1, 2024 |  |  | 2996 | 1346 | 1911 | 190 | 6443 |
| Additions | 19758 | 4606 |  | 142 |  | 37 | 24543 |
| Reclassification |  |  | 686 | (686) |  |  | (0) |
| Disposal |  |  |  |  |  | (42) | (42) |
| Deconsolidation of entities |  |  | (3682) | (803) | (1911) | (185) | (6580) |
| December 31, 2024 | 19758 | 4606 | - | - | - | - | 24364 |
| ***Amortisation*** |  |  |  |  |  |  |  |
| January 1, 2024 |  |  | (1320) |  | (4) | (43) | (1367) |
| Amortisation charge | (329) | (77) | (959) |  | (1) | (18) | (1383) |
| Deconsolidation of entities |  |  | 2279 | - | 5 | 61 | 2344 |
| December 31, 2024 | **(329)** | **(77)** | **-** | **-** | **-** | **-** | **(406)** |
| ***Net book value*** |  |  |  |  |  |  |  |
| ***At December 31, 2024*** | **19429** | **4529** | **-** | **-** | **-** | **-** | **23958** |

---

Customer relationships and trade names were identified and recognised as part of the purchase price allocation in respect of the acquisition of QIND.

In 2024, all intangible assets relating to the Group's legacy hydrogen entities were derecognised following their deconsolidation due to insolvency.

**16.** **Goodwill** 

Goodwill primarily represents expected synergies, future economic benefits, and assembled workforce that do not meet the criteria for separate recognition under IFRS 3.

Goodwill is not amortised and is tested for impairment at least annually, or more frequently if indicators of impairment exist. Based on the purchase price allocation performed at year end 2025 and the performance of the underlying business, management has concluded that no impairment indicators exist as at 31 December 2025.

Non-controlling interests in the QIND acquisition are measured at the NCI's proportionate share of the acquiree's identifiable net assets (the partial goodwill method).

---

| | |
|:---|:---|
|  | **€'000** |
| **Total purchase consideration** | **14626** |
| Less: Fair value of net identifiable assets | (11970) |
| *of which attributable to the parent (67.04%)* | (8025) |
| &nbsp;&nbsp;&nbsp;*of which attributable to NCI (32.96%)* | (3945) |
| **Goodwill recognised (parent's share only)** | **6602** |

---

---

| | |
|:---|:---|
| **Fair value of identifiable net assets** | |
|  |<br>**€'000** |
| QIND net assets at acquisition (excluding pre-existing goodwill) | (10256) |
| Customer relationships | 19758 |
| Trade names | 4606 |
| Inventory step-up | 61 |
| Deferred tax liability on fair value uplifts | (2198) |
| &nbsp;&nbsp;&nbsp;**Fair value of identifiable net assets (100%)** | 11970 |

---

The parent's effective economic interest of 67.04% (and corresponding NCI of 32.96%) differs from the direct legal interest of 69.36% / 30.64% in QIND, reflecting the pre-existing non-controlling interest in QIND's subsidiary Al Shola Al Modeea Gas Distribution LLC at the acquisition date.

**17.** **Prepayments and other receivables** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **€'000** | **€'000** | **€'000** | **€'000** |
| Prepayments |  | **27** |  | 45 |
| Trade receivables\* |  | **4,774** |  | 2953 |
| VAT recoverable |  | **17** |  | 13 |
| Other receivables | | **229** | | 48 |
|  | | **5,047** | | 3,059 |

---

\* Trade receivables balance includes customer receivable amounts for QIND/Al Shola. Amounts are recorded at the invoice amount less an allowance for credit losses. The allowance is an estimate based on historical collection experience, current and future economic and market conditions, and a review of the current status of each customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and before recording the appropriate provision.

**18.** **Inventory** 

During the year, certain LPG cylinders held by QIND and previously classified within inventory were reclassified to property, plant and equipment following a reassessment of their nature and use within the business. These assets are held for ongoing operational use over multiple reporting periods rather than for sale in the ordinary course of business.

This reclassification was identified as part of the purchase price allocation and 2025 audit procedures.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 |
|  | **€'000** | **€'000** | €'000 | €'000 |
| LPG distribution materials and consumables (QIND / Al Shola) | | **171** | | 1,191 |
|  | | **171** | | 1,191 |

---

**19.** **Deposits, advances and prepayments** 

Deposits and advances primarily represent payments made by QIND (Al Shola Gas) to suppliers and subcontractors in the ordinary course of its LPG distribution operations, including deposits on cylinders, equipment and related infrastructure. These balances are expected to be utilised within the normal operating cycle or recovered in accordance with contractual terms.

Prepayments comprise amounts paid in advance for goods and services to be consumed in future periods.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 |
|  | **€'000** | **€'000** | €'000 | €'000 |
| Deposits and advances |  | **341** |  | 509 |
| Other prepayments | | **179** | | 239 |
|  | | **520** | | 748 |

---

**20.** **Cash and cash equivalents** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 |
|  | **€'000** | **€'000** | €'000 | €'000 |
| Cash and cash equivalents | | **575** | | 214 |
|  | | **575** | | 214 |

---

*Non-cash investing and financing transactions*

 

In accordance with IAS 7.43, the following material non-cash investing and financing transactions arose during the year and are not reflected in the consolidated statement of cash flows. The corresponding equity movements are set out in the consolidated statement of changes in equity:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **€'000** | €'000 |
| Commitment shares | **306** |  |
| Macquarie conversions | **574** | 916 |
| Keystone note conversion | **1939** |  |
| Service warrants | **172** |  |
| Share issuance at QIND merger | **-** | 14626 |
| &nbsp;&nbsp;&nbsp;**Total non-cash investing and financing transactions** | **2991** | 15542 |

---

During the year ended 31 December 2025, holders of convertible notes elected to convert outstanding principal amounts into ordinary shares at the contractually specified conversion prices. The aggregate non-cash conversions comprised €574k of notes originally issued to Macquarie (2024: €916k) and €1,939k of notes originally issued to Keystone Capital and related parties (Seven Knots, First Fire and Jim Fallon). On conversion, the carrying amounts of the convertible notes and any associated derivative financial liability component were derecognised, with the corresponding fair value of ordinary shares issued recognised in share capital and share premium.

During the year, the Group also issued 13,890 ordinary shares with a fair value of €306k as commitment shares in connection with its convertible note facility, and granted private warrants with a fair value of €172k as non-cash consideration for professional services received. These transactions did not give rise to any cash movement.

The 2024 comparative includes ordinary shares and Series A Preferred Shares issued as non-cash consideration for the acquisition of Quality Industrial Corp. on 26 November 2024, with an aggregate fair value of €14,626k.

A number of additional movements within equity occurred during the year, including the reclassification of exchange warrants, the repricing of July and December 2025 PIPE warrants, and the conversion of QIND preferred stock. These movements represent transfers between components of equity rather than non-cash financing transactions and are presented in the consolidated statement of changes in equity.

**21.** **Leases** 

In the normal course of its business, the Group leases property and vehicles. The Group's maintains its lease of its Irish office and entered into a lease of its Spanish office (BrightHy). The majority of the lease liability arises from leases held through the Group's subsidiaries, QIND, and Al Shola. These leases pertain to vehicles.

The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Information about leases for which the Group is a lessee is presented below.

&nbsp;&nbsp;&nbsp;&nbsp;i. Right-of-use
 assets

Right-of-use assets related to leased properties, vehicles and land are presented as property, plant and equipment.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equipment**<br>**€'000** | **Properties**<br>**€'000** | **Vehicles**<br>**€'000** | **Land**<br>**€'000** | **Total**<br>**€'000** |
| January 1, 2024 | 56 | 6827 | 498 | 2888 | 10269 |
| Additions right-of-use assets | 27 |  | 193 |  | 221 |
| Revaluation of ROU assets |  | 455 |  |  | 455 |
| Disposal of ROU assets | (57) | (6593) | (358) | (2802) | (9810) |
| Depreciation charge for the period | (26) | (616) | (146) | (86) | (873) |
| December 31, 2024 | **0** | **74** | **187** | **0** | **261** |
| Additions right-of-use assets |  | 149 | 221 |  | 365 |
| Revaluation of ROU assets |  |  |  |  |  |
| Disposal of ROU assets |  | (66) |  |  | (66) |
| Depreciation charge for the period | - | (31) | (91) | - | (123) |
| December 31, 2025 | **-** | **126** | **317** | **-** | **442** |

---

&nbsp;&nbsp;&nbsp;&nbsp;ii. Amounts
 recognized in the Consolidated statement of profit or loss and other comprehensive income.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 | 2023 | 2023 |
|  | **€'000** | **€'000** | €'000 | €'000 | €'000 | €'000 |
| Interest on lease liabilities |  | **21** |  | 445 |  | 530 |
| Expenses relating to short-term leases |  | **3** |  | 3 |  | 161 |
| Depreciation of Right of Use assets | | **123** | | 874 | | 950 |

---

&nbsp;&nbsp;&nbsp;&nbsp;iii. Amounts
 recognized in statement of cash flows.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
|  | **€'000** | €'000 | €'000 |
| Total cash outflow for leases | **184** | 752 | 1291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;iv. Lease
 liabilities.

Lease liabilities are payable as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Future<br> minimum lease<br> payments 2025** | **Interest 2025** | **Present value of<br> minimum lease<br> payments 2025** |
|  | **€'000** | **€'000** | **€'000** |
| Less than one year | 195 | 25 | 159 |
| Between two and five years | 302 | 21 | 281 |
| More than five years | - | - | - |
|  | **497** | **46** | **440** |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **€'000** | €'000 |
| **Balance at 1 January** | **273** | 10785 |
| Payments | **(140)** | (768) |
| New leases | **376** | 289 |
| Revaluations | **-** | 455 |
| Disposals | **(68)** | (10471) |
| Interest expense | **21** | 445 |
| Interest paid | **(21)** | (462) |
| **Balance at 31 December** | **440** | 273 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 |
|  | **€'000** | **€'000** | €'000 | €'000 |
| ***Non-current*** |  |  |  |  |
| Lease liability |  | **281** |  | 156 |
| ***Current*** |  |  |  |  |
| Lease liability | | **158** | | 117 |
| **Balance at period end** | | **440** | | 273 |

---

The Group discounted its remaining lease payments for the calculation of the lease liability using an incremental borrowing rate ranging between 3% and 6% at a Fusion Fuel level. Lease liabilities within the Groups subsidiaries QIND and Al Shola were discounted using an incremental borrowing rate of 8%.

**22.** **Other Payables - Long term & current** 

In connection with the ASG Acquisition, QIND acquired bank debt totalling approximately $357,577 (€315,959). As of December 31, 2025, total long term borrowings outstanding were $55,170.

QIND acquired a 51% interest in Al Shola Gas on March 27, 2024, with the issuance of $9,000,000 note payable and $1,000,000 in cash. The payable is due as follows: $9 million in National Exchange listed stock or cash to be paid to Seller of which $4,500,000 (€4,152,441) is the non-current portion.

In connection with this acquisition, QIND acquired right-of-use assets of $222,130 and operating lease liabilities of $229,359 associated with lease agreements with a term extending beyond twelve months for vehicles. These acquired operating leases were valued on the date of acquisition using the present value of the lease payments remaining from the date acquired and an estimated incremental borrowing rate of 8%. During the twelve months ended December 31, 2025, we recognized rent expense of $105,128 (€92,895).

The following is a summary of future lease payments required under the lease agreements:

---

| | | |
|:---|:---|:---|
|  | **Number of vehicles** | **Total $** |
| Year 2026 | 16 | 154040 |
| Year 2027 | 14 | 124099 |
| Year 2028 | 8 | 70553 |
| Year 2029 | 5 | 35380 |
|  |  | 384072 |

---

**23.** **Trade and other payables** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **€'000** | **€'000** | **€'000** | **€'000** |
| Trade payables |  | **1,375** |  | 3701 |
| Amounts owed to related parties |  | **-** |  | 5086 |
| Lease liability – current |  | **158** |  | 117 |
| Payroll taxes |  | **258** |  | 132 |
| Other payables | | **7,038** | | 1,143 |
| **** | | **8,829** | | 10,180 |

---

**24.** **Derivative Financial Instruments** 

The Group's derivative financial liabilities consist of financial instruments arising from financing arrangements that include features which do not meet the "fixed-for-fixed" criterion under IFRS 9. These instruments are therefore classified as financial liabilities at fair value through profit or loss ("FVTPL") and are remeasured at each reporting date, with changes in fair value recognised in profit or loss. Refer to Note 26 for the classification of these instruments within the fair value hierarchy and a description of the valuation techniques and inputs used.

During the year ended 31 December 2025, the Group's derivative financial instruments primarily comprised:

● embedded derivative features within convertible notes and similar financing arrangements, including variable conversion pricing, redemption features and other price-linked adjustments;

● share purchase warrants issued in connection with financing transactions and service arrangements, as further described in the summary table below; and

● derivative features identified on consolidation of QIND, where certain instruments previously accounted for under US GAAP were reassessed under IFRS and separated from their host debt instruments.

*Macquarie Convertible Notes and Warrants*

 

As part of a financing arrangement, the Group issued convertible promissory notes and share purchase warrants. The features underlying the convertible notes and related warrants were classified as derivative financial liabilities and recognised at fair value on initial recognition. These liabilities are subsequently remeasured at fair value at each reporting date, with movements recognised in profit or loss.

*Reclassified Embedded Derivatives from QIND Convertible Notes*

 

As part of the consolidation of QIND, certain convertible instruments previously accounted for as straight debt under US GAAP were reassessed under IFRS. These instruments were found to include embedded derivative features (including conversion pricing mechanisms, redemption options and other price-linked terms) which are not closely related to the host debt.

Accordingly, these embedded derivatives were separated from the host instruments and recognised as derivative financial liabilities at fair value. The host debt component remains measured at amortised cost and is presented within loans and borrowings (see Note 25).

At 31 December 2025, all of these notes had passed their contractual maturity date. The previously recognised derivative financial liabilities and associated equity components were derecognised during the year, and the related host debt balances have been reinstated within loans and borrowings, reflecting the contractual amounts now due.

 

The following table summarises the principal classes of warrants outstanding at 31 December 2025, grouped by nature of issuance and identifying for each class the contractual exercise price and expiry, the number of warrants outstanding and underlying ordinary shares, and whether the class is accounted for as an equity instrument or as a derivative financial liability. Further detail on the contractual terms of each class is set out in Item 10 of this Annual Report.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference** | **Description** | **Strike (USD)** | **Expiry** | **Warrants outstanding** | **Implied Ord. Shares** | **Classification** | **Classification** |
| ***Service-based warrants*** | ***Service-based warrants*** | ***Service-based warrants*** | ***Service-based warrants*** | ***Service-based warrants*** | ***Service-based warrants*** | ***Service-based warrants*** |  |
| (a) | HP Advisory Warrant | 1.65 | 4 Jul 2029 | 13906 | 398 |  | Equity |
| (b) | BPLLC Warrant | 3.33 | 31 Dec 2030 | 71429 | 71429 |  | Equity |
| ***Replacement July 2025 Warrants*** | ***Replacement July 2025 Warrants*** | ***Replacement July 2025 Warrants*** | ***Replacement July 2025 Warrants*** | ***Replacement July 2025 Warrants*** | ***Replacement July 2025 Warrants*** | ***Replacement July 2025 Warrants*** |  |
| (c) | January 2025 tranche | 4.28 | 10 Jan 2027 | 130978 | 130978 |  | Liability |
| (d) | March 2025 tranche | 4.28 | 3 Mar 2028 | 163680 | 163680 |  | Liability |
| ***December 2025 PIPE Warrants*** | ***December 2025 PIPE Warrants*** | ***December 2025 PIPE Warrants*** | ***December 2025 PIPE Warrants*** | ***December 2025 PIPE Warrants*** | ***December 2025 PIPE Warrants*** | ***December 2025 PIPE Warrants*** |  |
| (e) | Pre-funded warrants | 0.0035 | No expiry | 381267 | 381267 |  | Liability |
| (f) | $3.50 Warrants | 3.50 | 25 Jul 2028 | 1393500 | 1393500 |  | Liability |
| (g) | $5.00 Warrants | 5.00 | 25 Jul 2028 | 811165 | 811165 |  | Liability |
| ***Other pre-funded warrants*** | ***Other pre-funded warrants*** | ***Other pre-funded warrants*** | ***Other pre-funded warrants*** | ***Other pre-funded warrants*** | ***Other pre-funded warrants*** | ***Other pre-funded warrants*** |  |
| (h) | Other pre-funded warrants | 0.00 | No expiry | 47943 | 47943 |  | Liability |

---

The number of underlying ordinary shares for the HP Advisory Warrant (a) reflects the contractual conversion ratio applicable to that instrument and the effects of the reverse share split effected during the year.

The service-based warrants at (a) and (b) are classified as equity instruments and are recognised within the share-based payment reserve. The remaining warrants (c) to (h) are classified as derivative financial liabilities and are measured at fair value through profit or loss; the fair value of these instruments at 31 December 2025 is included within the €0.2 million derivative financial liability balance disclosed in the reconciliation below.

Modifications and exchanges of warrants during 2025

During the year ended 31 December 2025, the Group entered into two material transactions in which existing liability-classified warrants were cancelled and exchanged for new warrants. In each case, management assessed the substance of the transaction and concluded that the modified terms were substantially different from the original terms. Accordingly, both transactions were accounted for as the extinguishment of the original warrants and the recognition of the replacement instruments at fair value on the relevant exchange date.

*Replacement July 2025 Warrants — exchange of January 2025 and March 2025 Warrants*

In connection with the redemption agreements entered into on or around 22 July 2025, the holders of the January 2025 Warrants and the March 2025 Warrants surrendered their warrants for cancellation in exchange for new warrants (the "Replacement July 2025 Warrants") exercisable into 294,658 Class A Ordinary Shares in aggregate, with revised exercise prices, the removal of full-ratchet anti-dilution rights, and other amended terms set out in Item 10. The original January 2025 and March 2025 Warrants were derecognised at their respective carrying amounts on the exchange date, and the Replacement July 2025 Warrants were recognised at fair value. The resulting gain or loss is recognised in profit or loss within fair value movement on derivative financial instruments and is reflected within the (Decrease) / increase due to derecognition during period and Fair value on initial recognition of derivative liabilities lines of the reconciliation below.

*December 2025 Warrant Exchange Agreement — exchange of July 2025 PIPE Warrants*

On 5 December 2025, the Group entered into a Warrants Cancellation and Exchange Agreement with the July 2025 PIPE investors, pursuant to which the July 2025 Pre-Funded Warrants, July 2025 Market Price Warrants and July 2025 $9.852 Warrants were surrendered for cancellation and exchanged for new warrants (the "December 2025 Warrants") consisting of (i) pre-funded warrants exercisable into 475,267 Class A Ordinary Shares at $0.0035 per share, (ii) warrants exercisable into 1,622,330 Class A Ordinary Shares at $3.50 per share, and (iii) warrants exercisable into 811,165 Class A Ordinary Shares at $5.00 per share. The exchange resulted in a substantial reduction in the exercise prices of the market price warrants, the removal of certain failure-to-deliver and other contractual rights, and the exclusion of cashless exercise features.

The original July 2025 Warrants were derecognised at their carrying amounts on 5 December 2025, and the December 2025 Warrants were recognised at their fair value on that date. The fair value movement recognised in profit or loss in respect of this exchange is reflected within the same lines of the reconciliation below as described above. A portion of the December 2025 Warrants was subsequently exercised prior to year-end, with proceeds reclassified to share capital and share premium (refer to Note 22).

Both the January 2025 / March 2025 Warrants and the July 2025 PIPE Warrants remained classified as derivative financial liabilities up to their respective extinguishment dates, and the Replacement July 2025 Warrants and December 2025 Warrants are similarly classified as derivative financial liabilities, on the basis that each instrument continues to fail the fixed-for-fixed criterion under IAS 32 (principally because the exercise prices are denominated in U.S. dollars while the functional currency of the issuing entity is the Euro).

The fair values of liability-classified warrants outstanding during the year and at 31 December 2025 were determined using the Black-Scholes option pricing model. The principal inputs to the model are the Group's share price at the measurement date, expected share price volatility (estimated by reference to the Group's historical volatility over a period commensurate with the expected term of the instrument), the risk-free interest rate (derived from U.S. Treasury yields with maturities corresponding to the expected term), the expected term and the expected dividend yield. The expected dividend yield is nil, reflecting the Group's policy of not declaring dividends. For pre-funded warrants, which have no contractual expiry, an expected term assumption is applied based on management's best estimate of the period over which exercise is expected. Changes in these inputs, in particular the share price and expected volatility, may have a material effect on the fair value of liability-classified warrants and on the related fair value movement recognised in profit or loss. These instruments are classified as Level 2 in the fair value hierarchy under IFRS 13 .

---

| | | | | |
|:---|:---|:---|:---|:---|
| **€'000** | **Convertible Notes** | **Private Warrants** | **Public warrants** | **Total Derivative Liabilities** |
| **Balance – December 31, 2024 (reclassified)** | **679** | **14** | **177** | **870** |
| Fair value movement on warrants unexercised (including exchange differences)\* |  |  |  | **-** |
| Fair value on initial recognition of derivative liabilities | 3932 | 12527 |  | **16460** |
| (Decrease) / increase due to conversions during period | (2403) | (1642) |  | **(4045)** |
| (Decrease) / increase due to derecognition during period | (426) | (6063) | (15) | **(6504)** |
| (Gain) / loss due to fair value movements during period | (1563) | (4837) | (161) | **(6562)** |
| (Gain) / loss due to fair value movements at remeasurement | (36) |  |  | **(36)** |
| Reclassification of convertible notes on consolidation | - |  |  | **-** |
| **Balance – December 31, 2025** | **181** | **-** | **0** | **181** |

---

The above movement table constitutes the reconciliation of opening to closing balances of derivative financial liabilities required under IFRS 7. See Note 26 for the fair value hierarchy classification of the year-end balance.

**25.** **Loans & borrowings** 

The balance of €1.8 million reported under Loans and Borrowings in the consolidated statement of financial position reflects the carrying amount of convertible promissory notes originally issued by QIND. On a standalone basis, these instruments were recorded in their entirety as liabilities under U.S. GAAP.

For the purpose of Group consolidation under IFRS, these instruments have been reassessed and reclassified where relevant. Where applicable, the Group has disaggregated the instruments into their respective components, recognising:

● a debt host liability measured at amortised cost,

● a derivative financial liability (e.g. conversion features or embedded options) measured at fair value through profit or loss, and/or

● an equity component, specifically, convertible note reserve

Following this reassessment, an amount of approximately €0.2 million was reclassified from Loans and Borrowings to derivative financial liabilities at 31 December 2025 (2024: €426K) in respect of embedded conversion features that did not meet the "fixed-for-fixed" criterion under IAS 32. The corresponding movements are disclosed in Note 23.

In certain cases, the maturity dates of the convertible instruments had already passed as of the reporting date, and the instruments are no longer considered convertible in substance. These notes have therefore been treated as straight debt on the consolidated financial statements.

As at 31 December 2025, the convertible promissory notes issued by QIND had matured and remained unpaid. Failure to repay at maturity constitutes an event of default under the terms of the notes. No waivers or forbearance arrangements had been obtained as at the reporting date, and accordingly the full carrying amount of €1,757k is classified as current. Further details of the default, the consequences under the note terms, and the Group's plans in respect of these obligations are set out in the Going Concern note.

**26.** **Shareholders' equity** 

As of December 31, 2025, the total number of Class A ordinary shares of the Company outstanding was 2,288,291 (2023: 654,953) with a par value of $0.0035.

During the year, as part of the ATM, Parent sold 347,283 (2024: 2,345,452) class A ordinary shares for net proceeds of $2,708,022 (€2,314,464).

During the year a number of employees exercised their RSUs. In connection with this exercise, Fusion Fuel instructed their broker to issue 107,500 shares and transfer the relevant amounts to the various employees accounts.

Other issuances of Class A ordinary shares during the year comprised the following:

● Commitment shares: 13,890 shares issued (€ 49 k) in connection with financing arrangements entered into during the year.

● Macquarie note conversions: 98,046 shares issued (€ 574 k) on conversion of the Macquarie convertible promissory notes. The notes were fully converted during the year (refer to Note 24 - Derivative Financial Instruments).

● Reverse split rounding: 63,333 shares issued (€ 222) arising from the rounding adjustment following the reverse share split effected during the year.

● Keystone note conversion: 492,715 shares issued (€ 1,939 k) on conversion of the Keystone convertible note.

● July PIPE issuance and exercise: 335,898 shares issued (€ 268 k) under the July 2025 PIPE financing and associated warrant exercises.

● December PIPE reprice and exercise: 274,887 shares issued (€ 620 k) in connection with the repricing and exercise of warrants under the December 2025 PIPE financing.

● Service warrants: 7,286 shares issued (€ 172 k) on exercise of warrants granted for services.

The 4,171,327 Series B Preferred Shares issued in November 2024 in connection with the QIND acquisition remained outstanding at 31 December 2025. These shares are convertible into Class A ordinary shares at a ratio of 1:10 subject to satisfaction of closing conditions. The share capital of Fusion Fuel Green plc is as follows:

Schedule of share capital

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> common shares** | **€'000** | **Number of<br> preferred shares** | **€'000** |
| Opening balance – January 1, 2024 (restated) | 426257 | 3 |  |  |
| Issue of shares | 228696 | - | - |  |
| **Closing balance – December 31, 2024 restated** | **654953** | 3 | **-** |  |
| Issue of shares – ATM | 347283 |  |  |  |
| Issue of shares – PIPE | 610785 |  |  |  |
| Issue of shares – Macquarie/Keystone | 590761 |  |  |  |
| Issue of shares – commitment/service | 21176 |  | 4171327 |  |
| Reverse split rounding | 63333 |  |  |  |
| QIND stock conversion | - | (4) | - |  |
| **Closing balance – December 31, 2025** | **2288291** | (1) | **4171327** |  |

---

**Share rights**

The Class A ordinary shareholders have the right to exercise one vote at any general meeting of the Company, to participate pro rata in all the dividends declared by the Company and the rights in the event of the Company's winding up are to participate pro-rata in the total assets of the Company.

The Series B Preferred Shares were issued as part of the acquisition of Quality Industrial Corp. As part of the consideration Parent issued a combination of Class A ordinary shares and 4,171,327 preferred shares, which are convertible into 41,713,270 ordinary shares upon shareholder approval and Nasdaq listing clearance. Holders do not possess voting rights, except in matters directly affecting the rights or preferences of the Series B Preferred Shares.

**Public Warrants**

 ****

The functional currency of the Company is the Euro and, as the exercise price of the Company's share purchase warrants was fixed in U.S. Dollars, the warrants were classified as derivative financial liabilities at fair value through profit or loss.

As of 31 December 2025, all public warrants had expired in accordance with their terms and the related derivative liability was fully derecognised.

---

| | |
|:---|:---|
| **Public warrants** | **€'000** |
| Balance – December 31, 2024 | 177 |
| Fair value on initial recognition of derivative liabilities |  |
| (Decrease) / increase due to conversions during period |  |
| (Decrease) / increase due to derecognition during period | (15) |
| (Gain) / loss due to fair value movements during period | (161) |
| (Gain) / loss due to fair value movements at remeasurement |  |
| Reclassification of convertible notes on consolidation |  |
| **Balance – December 31, 2025** | **-** |

---

**Service related warrants - HTOO**

On July 4, 2024, the Company issued a warrant to H&P Advisory Limited to purchase 13,906 Class A ordinary shares at an exercise price of $1.6540 per share before the reverse split in 2025. Post reverse split to H&P Advisory Limited to purchase 398 Class A ordinary shares at an exercise price of $57.89 per share. The warrant is exercisable at any time until July 4, 2029, and includes a cashless exercise option.

On November 1, 2024, Fusion Fuel Green PLC issued a warrant to Bevilacqua PLLC to purchase up to 255,000 Class A ordinary shares at an exercise price of $0.14 per share, in connection with legal services provided under an engagement agreement. In 2025, Bevilacqua exercised the warrants and received 7,286 shares on a post-reverse split basis.

On December 31, 2025, Fusion Fuel Green PLC issued a warrant to Bevilacqua PLLC to purchase up to 71,429 Class A ordinary shares at an exercise price of $0.88 per share, in connection with legal services provided under an engagement agreement. As of April 14, 2026, Bevilacqua PLLC has exercised the warrants and received 71,429 shares.

Warrants issued to service providers are accounted for in accordance with IFRS 2. The fair value of the warrants was measured at the grant date using the Black-Scholes option pricing model. This amount is recognized as an expense with a corresponding credit to equity, specifically within the share-based payments reserve. This balance is not required to be subsequently remeasured after initial recognition. The key inputs used in the option pricing model use to value these warrants are displayed in the table below.

**Service related warrants - QIND**

During 2023, QIND recognised service related warrants. These amounts are included in the share premium figure on consolidation. The key inputs used in the option pricing model use to value these warrants are displayed in the table below.

Schedule of key inputs used in option pricing model to calculate the value of warrants

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HP Warrant** | **Bevil**<br> **Warrant**  | **QIND Warrant #1** | **QIND Warrant #2** |
| Volatility | 139.93% | 139.93% | 80.00% | 80.00% |
| Expected term in years | 5 | 4 | 5 | 5 |
| Dividend rate | 0.0% | 0.0% | 0.0% | 0.0% |
| Risk-free interest rate | 4.5% | 4.2% | 3.0% | 3.0% |
| Hurdle price |  |  |  |  |
| Exercise price | $1.65 | $0.01 | $0.58 | $3.50 |
| Share price | $1.29 | $0.62 | $0.49 | $0.61 |
| Fair value of warrant on grant date | 14779 | 136591 | 56602 | 8854 |

---

**Compound equity instruments**

During the year, the Group acquired convertible loan notes through its subsidiary, Quality Industrial Corp. ("QIND"). Under US GAAP, these instruments are recognised as simple debt instruments in the financial statements of QIND. However, in preparing the Group's consolidated financial statements under IFRS, the instruments were reassessed in accordance with IAS 32 and determined to meet the definition of compound financial instruments.

The convertible notes contain both a contractual obligation to deliver cash (a liability component) and an equity conversion feature. The terms of the conversion feature were assessed and determined to meet the "fixed-for-fixed" criterion under IAS 32, as the notes are convertible into a fixed number of the Group's ordinary shares for a fixed amount of consideration.

As such, the instrument was bifurcated into liability and equity components at initial recognition. The liability component was measured at fair value using the effective interest rate method, and the residual amount was allocated to the equity component, which has been recognised in a separate reserve within equity titled the Convertible Note Reserve. This reserve represents the value attributable to the holders' conversion rights and will remain within equity unless the notes are converted or otherwise extinguished. This amount does not get subsequently remeasured at each reporting date.

**27.** **Financial instruments and risk management** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Accounting classifications and fair value** 

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

● Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

● Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and

● Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There were no transfers between fair value levels during the year.

As at December 31, 2025, the Group's financial instruments measured at fair value comprised derivative financial liabilities of €181k, classified within Level 2 of the fair value hierarchy. No instruments were classified within Level 1 or Level 3 at the reporting date.

The derivative financial liabilities outstanding at 31 December 2025 relate to embedded derivative features within convertible financing instruments and share purchase warrants. These instruments were valued using a Black-Scholes model, which is considered a Level 2 technique as it uses observable market inputs. The inputs to the valuation comprised the Company's quoted share price at the measurement date, risk-free rates derived from government bond yields with maturities corresponding to the expected term of the instruments, expected term based on the contractual maturity of the underlying instrument, and volatility estimated from the Company's historical share price. See Note 23 for the movement in derivative financial liabilities during the year.

The comparative position at 31 December 2024 included warrants measured at fair value using Level 1 inputs (quoted market prices at the reporting date), the Macquarie convertible notes and associated warrants (classified as derivative liabilities, Level 2, valued using a Black-Scholes model), service-related warrants (classified as compound equity instruments, Level 2, valued using a Binomial pricing model), and a convertible note reserve recognised in relation to QIND's convertible notes (Level 2, measured by discounting expected future cash flows at the effective interest rate derived from observable market inputs). These instruments were extinguished, converted or derecognised during the year ended 31 December 2025.

Schedule of unobservable inputs in fair value measurement within level 3

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Carrying value** | **Carrying value** | **Carrying value** | **Carrying value** | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Cash and receivables** | **Liabilities** | **Equity** | **Total carrying amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **2025** | **€'000** | **€'000** | **€'000** | **€'000** | **€'000** | **€'000** | **€'000** | **€'000** |
| Cash and cash equivalents | 575 |  |  | 575 |  |  |  |  |
| Trade receivables | 4774 |  |  | 4774 |  |  |  |  |
| Other receivables\* | 229 |  |  | 229 |  |  |  |  |
| Trade payables |  | 1375 |  | 1375 |  |  |  |  |
| Warrants |  | 0 |  | 0 | 0 |  |  | 0 |
| Amounts owed to related parties |  |  |  |  |  |  |  |  |
| Loans and borrowings |  | 1757 |  | 1757 |  |  |  |  |
| Other payables\*\* |  | 7038 |  | 7038 |  |  |  |  |
| Derivative liabilities |  | 181 |  | 181 |  | 181 |  | 181 |
| Other equity reserve |  |  | 6861 | 6861 |  |  |  | - |
| **Total** | **5579** | **10730** | **6861** | **22790** | **0** | **181** |  | **181** |
| **2024** |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | 214 |  |  | 214 |  |  |  |  |
| Trade receivables | 2958 |  |  | 2958 |  |  |  |  |
| Other receivables\* | 48 |  |  | 48 |  |  |  |  |
| Trade payables |  | 2838 |  | 2838 |  |  |  |  |
| Warrants |  | 177 |  | 177 | 177 |  |  | 177 |
| Amounts owed to related parties |  | 5086 |  | 5086 |  |  |  |  |
| Loans and borrowings |  | 1938 |  | 1938 |  |  |  |  |
| Other payables\*\* |  | 1000 |  | 1000 |  |  |  |  |
| Derivative liabilities |  | 870 |  | 870 |  | 870 |  | 870 |
| Service related warrants |  |  | 217 | 217 |  | 217 |  | 217 |
| Convertible note reserve | - | - | 24 | 24 | - | 24 |  | 24 |
|  | **3220** | **11909** | **241** | **15370** | **177** | **1111** |  | **1288** |

---

\* Prepayments and VAT have been excluded as they are not classified as a financial asset.

\*\* Employment taxes have been excluded as these are statutory liabilities.

***Cash and cash equivalents***

For cash and cash equivalents, the carrying value is deemed to reflect a reasonable approximation of fair value.

***Trade receivables/other receivables/payables***

For the receivables and payables with a remaining term of less than one year or on demand balances, the carrying amount less impairment allowances, where appropriate, is a reasonable approximation of fair value.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Financial risk management** 

The Group's operations expose it to various financial risks that include credit risk, liquidity risk and market risk. The Group has a risk management framework in place which seeks to limit the impact of these risks on the financial performance of the Group. It is the policy of the Group to manage these risks in a non-speculative manner.

This note presents information about the Group's exposure to each of the above risks and the objectives, policies and processes for measuring and managing the risks. Further quantitative and qualitative disclosures are included throughout this note.

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework.

The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Credit risk** 

***Exposure to credit risk***

Credit risk arises from granting credit to customers or others and from investing cash and cash equivalents with banks and financial institutions. The Group have not granted credit to customers to date as the Group has not earned any revenues.

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's cash and cash equivalents. The carrying amounts of financial assets represent the maximum credit exposure. There were no impairment losses on financial assets recognised in profit or loss.

***Other receivables***

The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk and country in which customers operate.

In monitoring credit risk, receivables are grouped according to their credit characteristics, including their geographic location, industry, trading history with the Group and existence of previous financial difficulties. The Group does not require collateral in respect of its receivables.

At December 31, 2025, the exposure to credit risk for receivables by geographic region was not significant.

***Cash and short-term bank deposits***

The Group held cash and cash equivalents of €0.6 million at December 31, 2025 (2024: €0.2 million). 63% of the cash and cash equivalents are held under our subsidiary QIND. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Liquidity risk** 

Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group's approach to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable costs or risking damage to the Group's reputation.

***Contractual maturities***

 

The following are the expected contractual maturities of the Group's financial liabilities, including estimated interest payments.

schedule of expected contractual maturities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Carrying amount** | **Contractual cash flows** | **Less than one year** | **1 – 2 years** | **2 – 5 years** | **More than 5 years** |
| **2025** | **€'000** | **€'000** | **€'000** | **€'000** | **€'000** | **€'000** |
| Derivatives: Warrants\* |  |  |  |  |  |  |
| Trade payables | 1375 | 1375 | 1375 |  |  |  |
| Amounts owed to related parties |  |  |  |  |  |  |
| Loans and borrowings | 1757 | 1757 | 1757 |  |  |  |
| Other payables | 7038 | 7038 | 7038 |  |  |  |
| Lease liabilities | 124 | 124 | 39 | 85 |  |  |
| Derivatives: Convertible notes\* | 181 | 181 |  | 181 |  |  |
| **Total** | **10475** | **10475** | 10209 | 266 | **-** |  |
| **2024** |  |  |  |  |  |  |
| Derivatives: Warrants\* | 177 |  |  |  |  |  |
| Trade payables | 2838 | 2838 | 2838 |  |  |  |
| Amounts owed to related parties | 5086 | 5086 |  |  |  |  |
| Loans and borrowings | 1938 | 1938 | 1938 |  |  |  |
| Other payables | 1000 | 1000 | 1000 |  |  |  |
| Lease liabilities | 273 | 275 | 119 | 108 | 48 |  |
| Derivatives: Convertible notes\* | 636 | - | - | - | - |  |
| **Total** | **12394** | **11583** | **6340** | **108** | **48** |  |

---

\* contractual cash flows for warrants and convertible promissory notes are €nil because both instruments will be settled in shares.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Market risk and interest rate risk** 

Market risk is the risk that changes in market prices and indices, such as foreign exchange rates and interest rates, will affect the Group's income or the value of its holdings of financial instruments. Interest rate risk is not significant to the Group.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Foreign exchange risk** 

The Group uses the Euro as its functional currency. Foreign exchange rate risk is the risk that the fair value of Group assets or liabilities, or future expected cash flows will fluctuate because of changes in foreign currency exchange rates. While the Company's shares are listed in US dollars, the currency of the primary operating environment of the Group for the majority of the year was the Euro, and its exposure to the risk of changes in foreign currency would arise primarily when revenue or expense is denominated in a currency other than the Euro. Through its subsidiary QIND, the company recognised revenue and cost of sales in USD. The Group also acquired a subsidiary in South Africa in October 2025 but trading had not commenced as of 31 December 2025. As of the end of 2025, the Group's operations have recently become more exposed to the effect of the translation of foreign operations due to its shift in operations into the US. At December 31, 2025, the Company had USD and EUR cash balances of approximately $0.53 million (2024: $0.23 million) and €0.08 million (2024: €0.002 million), respectively. A 10% movement in the EUR/USD exchange rate would have resulted in an impact of approximately €0.1 million on the Group's reported cash position, assuming all other variables remain constant.

The following significant exchange rates have been applied during the year.

Schedule of significant exchange rates

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average rate** | **Average rate** | **Average rate** | **Average rate** | **Period-end spot rate** | **Period-end spot rate** | **Period-end spot rate** | **Period-end spot rate** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| *Euro* |  |  |  |  |  |  |  |  |
| USD |  | 1.132 |  | 1.039 |  | 1.174 |  | 1.084 |

---

**Capital Management**

The Group's policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain the future development of the business. The board of directors monitors the return on capital.

**28.** **Loss per share** 

The share and per share information in this note have been adjusted to give effect to the one-for-thirty-five (1-for-35) reverse share split of the Class A Ordinary Shares, which became legally effective at 5:00 PM Eastern Time on July 11, 2025. Accordingly, the weighted average number of ordinary shares used in the basic and diluted loss per share calculations for all periods presented reflects this reverse share split.

Basic earnings/(loss) per share is calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings/(loss) per share is calculated by dividing the loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year, adjusted for the weighted average number of Class A ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into Class A ordinary shares. For the years ended 31 December 2025 and 2024, the diluted loss per share equals the basic loss per share, as the effects of all potentially dilutive securities are anti-dilutive in a loss-making period and have therefore been excluded from the calculation in accordance with IAS 33.

The following table reconciles the numerators and denominators used in the basic and diluted loss per share calculations:

Schedule of loss per share

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Loss attributable to ordinary equity holders of the parent (€000) | (1694) | (15334) | (31016) |
| *Number of ordinary shares used for loss per share (weighted average)* |  |  |  |
| Basic | 1335722 | 527882 | 418545 |
| Diluted | 1335722 | 527882 | 418545 |
| Basic (loss)/ earnings per ordinary share | (1.27) | (29.05) | (74.11) |
| Diluted (loss)/ earnings per ordinary share | (1.27) | (29.05) | (74.11) |

---

Because the Group was loss-making for the years ended 31 December 2025 and 2024, the following potential ordinary shares have been excluded from the calculation of diluted weighted average ordinary shares as their inclusion would be anti-dilutive:

Schedule of diluted weighted average number of ordinary shares

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Warrants |  | **3,000,360** |  | 267061 |
| RSUs - outstanding |  | **102** |  | 273 |
| RSUs - vested but no ordinary shares issued |  | **200,135** |  | 5558 |
| Incentive shares |  | **143** |  | 143 |
| Share options | | **583,812** | | 55,307 |

---

These instruments could potentially dilute basic earnings per share in future periods.

**29.** **Related parties** 

Under IAS 24 Related Party Disclosures ("IAS 24"), the Group has various related parties stemming from relationships with subsidiaries, joint ventures, key management personnel, the founders of the previous Fusion Fuel Portugal entity and other related parties.

**Subsidiaries**

A list of the Groups subsidiaries is disclosed in note 32. All transactions with subsidiaries eliminate on consolidation and are not presented, in accordance with revised IAS 24.

**Key management personnel**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Compensation* 

 

The key management personnel at December 31, 2025 are the members of the Group's Senior Management. There were four members of Senior Management at December 31, 2025 and an average of four members for the full year. The remuneration expense for the key management personnel includes salaries and share-based payments.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**€'000** | 2024<br>€'000 | 2023<br>€'000 |
| Basic salary\* | **757** | **1081** | 1453 |
| Short-term employee benefits\* | **-** | **109** | 303 |
| Discretionary Bonus\*\* | **869** | **-** |  |
| Other long-term benefits | **-** | **-** | 55 |
| Share-based compensation | **941** | **1605** | 1947 |
|  | **2567** | 2795 | 3758 |

---

*\** *This amount includes salaries accrued and not paid at the year end*

*\*\** *This amount was largely granted due to the QIND board of directors' determination that: (i) Mr. Backwell and other QIND managers' salaries were significantly below market for their position in 2024, and Mr. Backwell received no salary from QIND during 2023 and previous years.*

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Transactions* 

 

Not Applicable

**Other**

Directors and Officers of the company do not have control of more than 10% of the voting shares of the company on April 14, 2026, and no Director or Officer controls more than 5% of the company. We are not aware of any person or shareholder who directly or indirectly, jointly or severally, exercises or could exercise control over the Group.

Directors and Officers hold a total of 314,292 issued Class A ordinary shares in the company on a fully diluted basis.

**30.** **Subsequent events** 

The following non-adjusting events occurred after the reporting period ended 31 December 2025.

*Mineral & Element Advisory Agreements*

 

On February 12, 2026, the Company entered into Mineral & Element Advisory Agreements with three advisors for an initial term of twelve months, renewable by mutual written consent. Under these agreements, the advisors will provide strategic, operational and technical advisory services in connection with potential mineral asset transactions and will introduce prospective counterparties. In consideration, the Company agreed to issue compensation shares on the signing of a qualifying definitive mineral asset transaction with an introduced counterparty, together with additional milestone shares upon the achievement of specified share price targets. Where applicable, pre-funded warrants may be issued in lieu of ordinary shares to address beneficial ownership limitations, and the Company will be required to register the resale of any shares or shares issuable under such warrants.

 

*February 2026 Securities Purchase Agreement*

 

On February 14, 2026, the Company entered into a Securities Purchase Agreement with certain investors pursuant to which it agreed to issue and sell an aggregate of 577,124 Class A Ordinary Shares, pre-funded warrants to purchase 129,005 Class A Ordinary Shares, warrants to purchase 706,129 Class A Ordinary Shares at an exercise price of $5.148 per share, and warrants to purchase 706,129 Class A Ordinary Shares at an exercise price of $6.864 per share, for aggregate gross proceeds of $2.6 million. The proceeds are intended for general corporate and working capital purposes. The agreement also includes customary beneficial ownership limitations and registration rights relating to the resale of the issued and issuable securities.

 

*Share Exchange Agreement*

 

On February 18, 2026, the Company entered into a Share Exchange Agreement with certain shareholders of Royal Uranium Inc. Pursuant to the agreement, the Company would acquire up to 100% of the issued and outstanding shares of Royal Uranium in exchange for up to 3,750,025 Class A Ordinary Shares or, to the extent necessary to remain within agreed beneficial ownership thresholds, pre-funded warrants to subscribe for such shares. The agreement implies a valuation of $15.0 million for Royal Uranium. Completion remains subject to customary conditions, including the required level of Royal Uranium shareholder participation, shareholder approval under the Irish Takeover Rules, and the absence of a material adverse effect.

 

**31.** **Group companies** 

The following table presents the current organisation structure of the Group at year end. Note that the list of subsidiaries within the Group has changed during the year due to the deconsolidation of the Hanoi Asset Management and Fusion Fuel Australia, as well as the acquisition of Biosteam Energy.

schedule of group companies

**Group companies: Table (a)**

---

| | | | |
|:---|:---|:---|:---|
| **Entity name** | **Country of incorporation** | **Principal activities** | **Group interest at December 31, 2025** |
| Quality Industrial Corp. | United States | Operating company | 53.47% |
| AL Shola Al Modea Gas Distribution LLC | Dubai | Operating company | 51% (Indirect) |
| BIOSTEAM ENERGY (Pty) Ltd | South Africa | Operating company | 51% |
| BrightHy Solutions Limited | Ireland | Operating company | 100% |
| Fusion Fuel USA, Inc. | United States | Dormant entity | 100% |

---

**32.** **Approval of financial statements** 

The directors approved the financial statements on May 7, 2026.

## Exhibit 2.25

**Exhibit 2.25**

**DESCRIPTION OF SECURITIES**

The following description of the material terms of the share capital of Fusion Fuel Green PLC, an Irish public limited company ("we," "us," "our," "our company," or the "Company"), includes a summary of specified provisions of the Company's Amended and Restated Constitution ("Constitution"). This description is qualified by reference to the Company's Constitution filed as an exhibit to the Annual Report on Form 20-F to which it is an exhibit (the "Annual Report"), and is incorporated herein by reference.

**General**

The Company is a public limited company organized and existing under the laws of Ireland. The Company was formed on April 3, 2020 as a private limited company under the name Dolya Holdco 3 Limited, incorporated in Ireland. On July 14, 2020, the Company effected a change of name to Fusion Fuel Green Limited. On October 2, 2020, the Company converted into a public limited company incorporated in Ireland under the name "Fusion Fuel Green PLC". The Company's affairs are governed by the Company's Memorandum and Articles of Association, the Irish Companies Act, and the corporate law of Ireland.

*<u>Authorized share capital</u>*. The authorized share capital of the Company is $351,212.50 divided into 100,000,000 Class A Ordinary Shares with a nominal value of $0.0035 each ("Class A Ordinary Shares"), 2,125,000 Class B Ordinary Shares with a nominal value of $0.0001 each ("Class B Ordinary Shares"), and 10,000,000 preferred shares with a nominal value of $0.0001 each ("preferred shares"), of which 4,171,327 have been designated as Series A Convertible Preferred Shares with a nominal value of $0.0001 each ("Series A Preferred Shares"), and €25,000 divided into 25,000 deferred ordinary shares with a nominal value of €1.00 each. As of the date of the Annual Report, all outstanding Class B Ordinary Shares were converted to Class A Ordinary Shares on December 5, 2022. Therefore, all rights of the Class B Ordinary Shares described below or elsewhere in the Annual Report are not applicable.

The authorized share capital may be increased or reduced by a resolution approved by a simple majority of the votes cast at a general meeting of our shareholders, referred to under Irish law as an "ordinary resolution". Our authorized share capital may be divided into shares of such nominal value as the resolution shall prescribe. At the Company's extraordinary general meeting held on November 6, 2025, the shareholders approved the increase of our authorized share capital by the creation of such further number of Class A Ordinary Shares as the board of directors may determine, provided that such further number of Class A Ordinary Shares shall be not less than 100,000 Class A Ordinary Shares and not more than 1,000,000,000 Class A Ordinary Shares, with such increase to be implemented at such time as the board of directors of the Company may in its absolute discretion determine.

*<u>Allotment/issue of shares</u>*. As a matter of Irish law, the directors of a company may allot new shares without shareholder approval once authorized to do so by the Constitution of the company or by an ordinary resolution adopted by its shareholders at a general meeting. The authorization may be granted for a maximum period of five years, at which point it must be renewed by shareholders by an ordinary resolution. The Constitution authorized our board of directors to issue new shares of the Company without shareholder approval until December 31, 2023 (unless previously revoked by the shareholders of the Company in general meeting). This authorization was extended to December 31, 2024 by approval of the shareholders at the Company's annual general meeting held on September 29, 2023 as to up to the aggregate nominal amount of $295.30 (2,952,994 ordinary shares (being equivalent to approximately 20% of the aggregate nominal value of the issued ordinary shares of the Company as of August 31, 2023 (being the last practicable date before the Notice of 2023 Annual General Meeting of Shareholders)), with such authority expiring on December 31, 2024. This authorization was extended to March 19, 2029 by approval of the shareholders at the Company's extraordinary general meeting held on March 20, 2024 up to the maximum of our authorized but unissued share capital. At the Company's annual general meeting held on June 25, 2025, the shareholders approved the extension of this authorization until June 25, 2030, up to the maximum of our authorized but unissued share capital. At an extraordinary general meeting of the Company on November 6, 2025, the shareholders further approved the extension of this authorization until November 6, 2030, up to the maximum of our authorized but unissued share capital that will exist following implementation of the authorized share capital increase by the board as referred to above. The maximum amount of shares in the Company that can be allotted under this authority shall be the amount of the authorized but unissued share capital of the Company.

Notwithstanding this authority, under the Takeover Panel Act 1997 and the Irish Takeover Rules our board of directors would not be permitted to issue any of our shares, including preferred shares, during a period when an offer has been made for us or is believed to be imminent unless the issue is (i) approved by our shareholders at a general meeting; (ii) consented to by the Irish Takeover Panel on the basis it would not constitute action frustrating the offer; (iii) consented to by the Irish Takeover Panel and approved in writing by the holders of more than 50% of our shares carrying voting rights and that they would vote in favor of it at a general meeting; (iv) consented to by the Irish Takeover Panel in circumstances where a contract for the issue of the shares had been entered into prior to that period (or prior to any earlier time at which our Board considered the offer to be imminent); or (v) consented to by the Irish Takeover Panel in circumstances where the issue of the shares was decided by our directors prior to that period and either action has been taken to implement the issuance (whether in part or in full) prior to such period or the issuance was otherwise in the ordinary course of business.

Under Irish law, unless otherwise authorized, when an Irish public limited company issues shares for cash to new shareholders, it is required first to offer those shares on the same or more favorable terms to existing shareholders of the company on a pro rata basis, commonly referred to as the statutory preemption right. However, we initially opted out of these preemption rights in the Constitution as permitted under Irish law. The Constitution provided that this opt-out would lapse on December 31, 2023 (unless previously revoked by the shareholders of Fusion Fuel in general meeting). The authorization to opt out of the statutory preemption right may be granted for a maximum period of five years, at which point it must be renewed by a resolution approved by not less than 75% of the votes of our shareholders cast at a general meeting (referred to under Irish law as a "special resolution"). If the opt-out is not renewed, shares issued for cash must be offered to pre-existing shareholders of the Company pro rata to their existing shareholdings before the shares can be issued to any new shareholders. At the Company's annual general meeting held on September 29, 2023, the opt-out was renewed as to up to an aggregate nominal amount of $295.30 (2,952,994 ordinary shares (being equivalent to approximately 20% of the aggregate nominal value of the issued ordinary shares of the Company as of August 31, 2023 (being the last practicable date before the Notice of 2023 Annual General Meeting of Shareholders)), with such authority expiring on December 31, 2024. The opt-out was renewed and extended to March 20, 2029 by approval of the shareholders at the Company's extraordinary general meeting held on March 20, 2024 up to the maximum of our authorized but unissued share capital. At the Company's annual general meeting held on June 25, 2025, the shareholders approved the extension and renewal of this opt-out until June 25, 2030, up to the maximum of our authorized but unissued share capital. At an extraordinary general meeting of the Company on November 6, 2025, the shareholders further approved the extension and renewal of this opt-out until November 6, 2030, up to the maximum of our authorized but unissued share capital that will exist following implementation of the authorized share capital increase by the board as referred to above. The statutory preemption rights do not apply where shares are issued for non-cash consideration and do not apply to the issue of shares, which as respects dividends and capital, carry a right to participate only up to a specified amount in a distribution and/or to an issue of shares which are held by a person who acquired them in pursuance of an employees' share scheme, or, in the case of shares which have not been allotted, are to be allotted in pursuance of such a scheme.

*<u>Redemption</u>.* The Constitution provides that, unless the board of directors determines otherwise, any share in the capital of the Company that we have agreed to acquire shall be deemed to be a redeemable share on and from the time of the existence or creation of an agreement, transaction or trade between the Company and any person pursuant to which the Company acquires a share in the capital of the Company (save for an acquisition for nil consideration pursuant to section 102(1)(a) of the Companies Act). In these circumstances, the acquisition of such shares by the Company, save where surrendered to the Company for nil consideration in accordance with the Companies Act, will constitute the redemption of a redeemable share in accordance with the Companies Act. No resolution, whether special or otherwise, will be required to be passed to deem any share in the capital of the Company a redeemable share.

Pursuant to the Constitution, the Company is authorized to acquire its own shares save:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 a case falling within section 1074 of the Companies Act, which prohibits a public limited
 company in Ireland making a market purchase or overseas market purchase of its own shares
 unless the purchase has first been authorized by the company by ordinary resolution; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 a case falling within section 1075 of the Companies Act, which prohibits a public limited
 company in Ireland making an off-market purchase of its own shares otherwise than in pursuance
 of a contract authorized in advance by a special resolution of the company.

Under Irish law, a company may issue redeemable shares and may only redeem them out of distributable reserves or the proceeds of a new issue of shares made for that purpose. We may only purchase redeemable shares if, as a result of such purchase, the nominal value of our issued share capital that is not redeemable would not be less than one-tenth of the nominal value of our total issued share capital. Based on the provision of our Constitution described above, shareholder approval will not be required to redeem our shares other than in the two specific cases outlined above at (a) and (b). Repurchased and redeemed shares may be cancelled or held as treasury shares. The nominal value of treasury shares held by us at any one time must not exceed 10% of the nominal value of our company capital. We may not exercise any voting rights in respect of any shares held as treasury shares. Treasury shares may be cancelled by us or re-issued subject to certain conditions.

*<u>Purchases by subsidiaries</u>*. Under Irish law, an Irish or non-Irish subsidiary may purchase our shares either on market or off market. For one of our subsidiaries to make purchases on market of our shares, the shareholders must provide general authorization for such purchase by way of ordinary resolution. However, as long as this general authority has been granted, no specific shareholder authority for a particular on market purchase by a subsidiary of our shares is required. For a purchase by a subsidiary off market, the proposed purchase contract must be authorized by special resolution of our shareholders before the contract is entered into. The person whose ordinary shares are to be bought back cannot vote in favor of the special resolution and the purchase contract must be on display or must be available for inspection by our shareholders at our registered office from the date of the notice of the meeting at which the resolution approving the contract is to be proposed. In order for one of our subsidiaries to make an on market purchase of our shares, such shares must be purchased on a "recognized stock exchange." Nasdaq is specified as a recognized stock exchange for this purpose by Irish law. The number of shares held by our subsidiaries at any time will count as treasury shares and will be included in any calculation of the permitted treasury share threshold of 10% of the nominal value of our issued share capital. While a subsidiary holds any of our shares, it cannot exercise any voting rights in respect of those shares. The acquisition of our shares by a subsidiary must be funded out of distributable reserves of the subsidiary.

*<u>Reduction of share capital</u>.* We may, by special resolution and subject to confirmation by the Irish High Court, reduce or cancel our issued share capital in any manner permitted by the Companies Act.

*<u>General Meetings of Shareholders/Written Resolutions of Shareholders</u>*. Under Irish law, the Company is in each year required to hold a general meeting of its shareholders as its annual general meeting in addition to any other meeting in that year and shall specify the meeting as such in the notices calling it. Not more than 15 months shall elapse between the date of one annual general meeting of the Company and that of the next. All general meetings of the Company other than annual general meetings shall be called extraordinary general meetings. Extraordinary shareholders' meetings may be convened by the board of directors, by the board of directors on the requisition of shareholders who together hold not less than 10% of the paid up share capital of the Company, which carries, as at the date of the requisition, the right of voting at general meetings of the Company or, if the board of directors fails to so convene an extraordinary general meeting, such extraordinary general meeting may be convened by the requisitioning shareholders or any of them representing more than 50% of the total voting rights of all of them. Any action required or permitted to be taken at any annual or extraordinary general meetings may be taken only upon the vote of the shareholders at an annual or extraordinary general meeting duly noticed and convened in accordance with the Constitution and the Companies Act. Under Irish law, if our directors become aware that our net assets are half or less of the amount of our called-up share capital, our directors must convene an extraordinary general meeting of our shareholders not later than 28 days from the date that they learn of this fact. This meeting must be convened for the purposes of considering whether any, and if so what, measures should be taken to address the situation.

Unanimous consent of the holders of the Class A Ordinary Shares and the Class B Ordinary Shares (for as long as the Company has more than one shareholder and assuming any Class B Ordinary Shares are outstanding at such time) shall be required before the shareholders may act by way of written resolution without a meeting.

*<u>Inspection of books and records</u>.* Under Irish law, shareholders have the right to (1) receive a copy of the Constitution, (2) inspect and obtain copies of the minutes of general meetings and resolutions, (3) inspect and receive a copy of the register of shareholders, register of directors and secretaries, register of directors' interests and other statutory registers maintained by us, (4) receive copies of statutory financial statements (or summary financial statements, where applicable) and directors' and auditors' reports that have previously been sent to shareholders prior to an annual general meeting, and (5) receive financial statements of any our subsidiaries that have previously been sent to shareholders prior to an annual general meeting for the preceding ten years. The auditors' report must be circulated to the shareholders with our financial statements prepared in accordance with Irish law 21 days before the annual general meeting and must be read to the shareholders at our annual general meeting.

*<u>Acquisitions</u>*. The Company may be acquired in a number of ways, including:

● a court-approved scheme of arrangement under the Companies Act. A scheme of arrangement with shareholders requires a court order from the Irish High Court and the approval of a majority in number representing 75% in value of the shareholders present and voting in person or by proxy at a meeting called to approve the scheme;

● through a tender or takeover offer by a third party for all of our shares. Where the holders of 80% or more of our ordinary shares have accepted an offer for their shares in our company, the remaining shareholders may also be statutorily required to transfer their shares. If the bidder does not exercise this "squeeze out" right, then the non-accepting shareholders also have a statutory right to require the bidder to acquire their shares on the same terms. If our shares were to be listed on the main securities market of the Irish Stock Exchange or another regulated stock exchange in the European Union ("EU"), this threshold would be increased to 90%; and

● it is also possible for the Company to be acquired by way of a merger with a company incorporated in the European Economic Area ("EEA") under the EU Cross-Border Conversions, Mergers and Diversions Directive (EU) 2019/2121 or with another Irish company under the Companies Act. Such a merger must be approved by a special resolution. Shareholders may also be entitled to have their shares acquired for cash, as described below. Irish law does not generally require shareholder approval for a sale, lease or exchange of all or substantially all of a company's property and assets. The Constitution provides that, for so long as not less than an aggregate of 1,700,000 Class B Ordinary Shares of the Company continue to be beneficially owned by the shareholders of the Company's subsidiary, Fusion Fuel Portugal, S.A. ("Fusion Fuel Portugal") (as at the date of the Business Combination Agreement (as defined in the Constitution), the written consent or affirmative vote of the holders of a majority of the outstanding Class B Ordinary Shares shall be required before the Company can, either directly or indirectly, by amendment, merger, consolidation or otherwise, sell, lease, transfer, exclusively license or otherwise dispose, in a single transaction or series of related transactions, of all or substantially all the assets of the Company and/or its subsidiaries taken as a whole, or sell or dispose (whether by merger, consolidation or otherwise) of one or more of its subsidiaries if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company.

*<u>Appraisal Rights</u>*. Generally, under Irish law, shareholders of an Irish company do not have statutory dissenters' or appraisal rights. If we are being merged as the transferor company with another EEA company under the EU Cross-Border Conversions, Mergers, and Divisions Directive (EU) 2019/2121, as implemented in Ireland by the European Communities (Cross-Border Conversions, Mergers, and Divisions) Regulations 2023 (as amended), or if we are being merged with another Irish company under the Irish Companies Act, (1) any of our shareholders who voted against the special resolution approving the merger, or (2) if 90% of our shares are held by the successor company, any other of our shareholders, may be entitled to require that the successor company acquire their shares for cash.

*<u>Liquidation</u>*. We may be dissolved and wound up at any time by way of a shareholders' voluntary winding up or a creditors' winding up. In the case of a shareholders' voluntary winding up, a special resolution of shareholders and a declaration of solvency is required. Our company may also be dissolved by way of court order on the application of a creditor, a member or by the Irish Companies Registration Office as an enforcement measure if we have failed to file certain returns. The Director of Corporate Enforcement in Ireland (the "Director") can also present a petition for us to be wound up on the ground that it is just and equitable to do so if the Director considers that such a petition should be brought having regard to a report made under section 758 of the Companies Act or any information or document obtained by the Director by virtue of the performance by the Director of his functions. Subject to the provisions of the Companies Act as to preferential payments, the property of the Company on its winding up shall be distributed among the members according to their rights and interests in the Company.

*<u>Transfers</u>.* A shareholder of our company who holds shares beneficially (as opposed to legally) will not be the holder of record of such shares. Instead, the nominee will be the holder of record of such shares. Accordingly, a transfer of shares from a person who holds such shares beneficially to a person who also holds such shares beneficially through a depository or other nominee will not be registered in our official share register, as the depository or other nominee will remain the record holder of any such shares.

A written instrument of transfer is required under Irish law in order to register on our official share register any transfer of shares (1) from a person who holds such shares directly to any other person, (2) from a person who holds such shares beneficially but not directly to a person who holds such shares directly, or (3) from a person who holds such shares beneficially to another person who holds such shares beneficially where the transfer involves a change in the depository or other nominee that is the record owner of the transferred shares. An instrument of transfer is also required for a shareholder who directly holds shares to transfer those shares into or out of his or her own broker account. Such instruments of transfer may give rise to Irish stamp duty, which must be paid prior to registration of the transfer on our official Irish share register. However, a shareholder who directly holds shares outside of The Depository Trust Company ("DTC") may transfer those shares into DTC without giving rise to Irish stamp duty provided that (a) there is no change in beneficial ownership of the shares and (b) the transfer into or out of DTC is not effected in contemplation of a sale of the shares by the beneficial owner to a third party.

Any transfer of our shares that is subject to Irish stamp duty will not be registered in the name of the buyer unless an instrument of transfer is duly stamped, the stamp duty thereon is paid by one of the parties and the instrument is provided to the transfer agent. We, in our absolute discretion and insofar as the Companies Act or any other applicable law permits, may, or may procure that we or a subsidiary of our company shall, pay Irish stamp duty arising on a transfer of our shares on behalf of the transferee of such shares. If stamp duty resulting from the transfer of such shares which would otherwise be payable by the transferee is paid by us or any subsidiary of our company on behalf of the transferee, then in those circumstances, we intend to, on our behalf or on behalf of our subsidiary, take one or a combination of the following actions: (1) require the transferee to pay to us or a subsidiary of our company the amount of such stamp duty and refuse to register such transfer until that amount is paid, (2) seek reimbursement of the stamp duty from the transferee, (3) set-off the stamp duty against any dividends payable to the transferee of those ordinary shares, and (4) claim a first and permanent lien on the ordinary shares on which stamp duty has been paid by us or our subsidiary for the amount of stamp duty paid. Our lien shall extend to all dividends paid on those ordinary shares. The Constitution delegates authority to our company secretary, or any other party designated by the board of directors of the Company for such purpose, to execute an instrument of transfer on behalf of a transferring party.

In order to help ensure that the official share register is regularly updated to reflect trading of our ordinary shares occurring through normal electronic systems, we intend to regularly produce any required instruments of transfer in connection with any transactions for which we pay stamp duty, subject to the reimbursement and set-off rights described above. In the event that we notify one or both of the parties to a share transfer that we believe stamp duty is required to be paid in connection with the transfer and that we will not pay the stamp duty, the parties may either themselves arrange for the execution of the required instrument of transfer (and may request a form of instrument of transfer from us for this purpose) or request that we execute an instrument of transfer on behalf of the transferring party in a form determined by us. In either event, if the parties to the share transfer have the instrument of transfer duly stamped to the extent required and then provide it to our transfer agent, the buyer will be registered as the legal owner of the relevant shares on our official Irish share register, subject to the suspension right described below.

The board of directors of the Company may, in its absolute discretion and without assigning any reason for its decision, decline to register any transfer of any share which is not a fully-paid share. The board of directors of the Company may also decline to register any transfer if:

● the instrument of transfer is not duly stamped, if required, and lodged at the registered office of the Company or any other place as the board of directors of the Company may from time to time specify for the purpose, accompanied by the certificate (if any) for the shares to which it relates and such other evidence as the board of directors of the Company may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of more than one class of share;

● the instrument of transfer is in favor of more than four persons jointly;

● it is not satisfied that all applicable consents, authorizations, permissions or approvals of any governmental body or agency in Ireland or any other applicable jurisdiction required to be obtained under relevant law prior to such transfer have been obtained; or

● it is not satisfied that the transfer would not violate the terms of any agreement to which Fusion Fuel (or any of its subsidiaries) and the transferor are party or subject.

*<u>Limitations on rights to own securities</u>*. Neither Irish law nor the Constitution imposes any general limitation on the right of non-residents or foreign persons to hold our securities or exercise voting rights on our securities other than those limitations that would generally apply to all shareholders.

*<u>Irish Takeover Rules and Substantial Acquisition Rules</u>.* A transaction in which a third party seeks to acquire 30% or more of our voting rights and any other acquisitions of our securities will be governed by the Irish Takeover Rules, and will be regulated by the Irish Takeover Panel. The "General Principles" of the Irish Takeover Rules (the "General Principles") and certain important aspects of the Irish Takeover Rules are described below.

*<u>General Principles</u>.* The Irish Takeover Rules are built on the following General Principles which will apply to any transaction regulated by the Irish Takeover Panel:

● in the event of an offer, all holders of securities of the target company must be afforded equivalent treatment and, if a person acquires control of a company, the other holders of securities must be protected;

● the holders of securities in the target company must have sufficient time and information to enable them to reach a properly informed decision on the offer; where it advises the holders of securities, the board of directors of the target company must give its views on the effects of the implementation of the offer on employment, employment conditions and the locations of the target company's place of business;

● a target company's board of directors must act in the interests of that company as a whole and must not deny the holders of securities the opportunity to decide on the merits of the offer;

● false markets must not be created in the securities of the target company, the bidder or any other company concerned by the offer in such a way that the rise or fall of the prices of the securities becomes artificial and the normal functioning of the markets is distorted;

● a bidder can only announce an offer after ensuring that he or she can fulfill in full any cash consideration offered, if such is offered, and after taking all reasonable measures to secure the implementation of any other type of consideration;

● a target company may not be hindered in the conduct of its affairs longer than is reasonable by an offer for its securities; and

● a "substantial acquisition" of securities, whether such acquisition is to be effected by one transaction or a series of transactions, shall take place only at an acceptable speed and shall be subject to adequate and timely disclosure.

*<u>Mandatory Bid</u>.* Under certain circumstances, a person who acquires shares, or other voting securities, of a company may be required under the Irish Takeover Rules to make a mandatory cash offer for the remaining outstanding voting securities in that company at a price not less than the highest price paid for the securities by the acquiror, or any parties acting in concert with the acquiror, during the previous 12 months. This mandatory bid requirement is triggered if an acquisition of securities would increase the aggregate holding of an acquiror, including the holdings of any parties acting in concert with the acquiror, to securities representing 30% or more of the voting rights in a company, unless the Irish Takeover Panel otherwise consents. An acquisition of securities by a person holding, together with its concert parties, securities representing between 30% and 50% of the voting rights in a company would also trigger the mandatory bid requirement if, after giving effect to the acquisition, the percentage of the voting rights held by that person, together with its concert parties, would increase by 0.05% within a 12-month period. Our Constitution contains a provision that, if an issuance of our securities would trigger any such mandatory bid requirement and the shareholder elects to accept such shares without triggering a mandatory bid, the voting rights attached to such securities will be suspended. Any person, excluding any parties acting in concert with the holder, holding securities representing more than 50% of the voting rights of a company is not subject to these mandatory offer requirements in purchasing additional securities.

*<u>Voluntary Bid</u>.* If a person makes a voluntary offer to acquire our outstanding ordinary shares, the offer price must not be less than the highest price paid for our ordinary shares by the bidder or its concert parties during the three-month period prior to the commencement of the offer period. The Irish Takeover Panel has the power to extend the "look back" period to 12 months if the Irish Takeover Panel, taking into account the General Principles, believes it is appropriate to do so.

If the bidder or any of its concert parties has acquired our ordinary shares (1) during the 12-month period prior to the commencement of the offer period that represent more than 10% of our total ordinary shares or (2) at any time after the commencement of the offer period, the offer must be in cash or accompanied by a full cash alternative and the price per ordinary share must not be less than the highest price paid by the bidder or its concert parties during, in the case of clause (1), the 12-month period prior to the commencement of the offer period or, in the case of (2), the offer period. The Irish Takeover Panel may apply this rule to a bidder who, together with its concert parties, has acquired less than 10% of our total ordinary shares in the 12-month period prior to the commencement of the offer period if the Irish Takeover Panel, taking into account the General Principles, considers it just and proper to do so.

An offer period will generally commence from the date of the first announcement of the offer or proposed offer.

*<u>Substantial Acquisition Rules</u>*. The Irish Takeover Rules also contain rules governing substantial acquisitions of shares and other voting securities which restrict the speed at which a person may increase his or her holding of shares and rights over shares to an aggregate of between 15% and 30% of the voting rights of the company. Except in certain circumstances, an acquisition or series of acquisitions of shares or rights over shares representing 10% or more of the voting rights of the company is prohibited, if such acquisition(s), when aggregated with shares or rights already held, would result in the acquirer holding 15% or more but less than 30% of the voting rights of the company and such acquisitions are made within a period of seven days. These rules also require accelerated disclosure of acquisitions of shares or rights over shares relating to such holdings.

*<u>Frustrating Action</u>*. Under the Irish Takeover Rules, our board of directors is not permitted to take any action that might frustrate an offer for our shares once our board of directors has received an approach that may lead to an offer or has reason to believe that such an offer is or may be imminent, subject to certain exceptions. Potentially frustrating actions such as 1) the issue of shares, options, restricted share units or convertible securities, (2) material acquisitions or disposals, (3) entering into contracts other than in the ordinary course of business, or (4) any action, other than seeking alternative offers, which may result in frustration of an offer, are prohibited during the course of an offer or at any earlier time during which our board of directors has reason to believe an offer is or may be imminent. Exceptions to this prohibition are available where:

● the action is approved by our shareholders at a general meeting; or

● the Irish Takeover Panel has given its consent, where:

● it is satisfied the action would not constitute frustrating action;

● our shareholders holding more than 50% of the voting rights state in writing that they approve the proposed action and would vote in favor of it at a general meeting;

● the action is taken in accordance with a contract entered into prior to the announcement of the offer, or any earlier time at which our board of directors considered the offer to be imminent; or

● the decision to take such action was made before the announcement of the offer and either has been at least partially implemented or is in the ordinary course of business.

*<u>Shareholders' rights plan</u>*. Irish law does not expressly authorize or prohibit companies from issuing share purchase rights or adopting a shareholder rights plan as an anti-takeover measure. However, there is no directly relevant case law on the validity of such plans under Irish law. In addition, such a plan would be subject to the Irish Takeover Rules and the General Principles underlying the Irish Takeover Rules. The Constitution allows our board of directors to adopt any shareholder rights plan upon such terms and conditions as our board of directors deems expedient and in the best interests of us, subject to applicable law.

*<u>Disclosure of interest in shares</u>*. Under the Companies Act, our shareholders must notify us if, as a result of a transaction, the shareholder will become interested in 3% or more of our voting shares, or if as a result of a transaction a shareholder who was interested in 3% or more of our voting shares ceases to be so interested. Where a shareholder is interested in 3% or more of our voting shares, the shareholder must notify us of any alteration of his or her interest that brings his or her total holding through the nearest whole percentage number, whether an increase or a reduction. The relevant percentage figure is calculated by reference to the aggregate nominal value of the voting shares in which the shareholder is interested as a proportion of the entire nominal value of our issued share capital (or any such class of share capital in issue). Where the percentage level of the shareholder's interest does not amount to a whole percentage, this figure may be rounded down to the next whole number. We must be notified within five business days of the transaction or alteration of the shareholder's interests that gave rise to the notification requirement. If a shareholder fails to comply with these notification requirements, the shareholder's rights in respect of any of our shares it holds will not be enforceable, either directly or indirectly. However, such person may apply to the court to have the rights attaching to such shares reinstated.

In addition to these disclosure requirements, we, under the Companies Act, may, by notice in writing, require a person whom we know or have reasonable cause to believe to be, or at any time during the three years immediately preceding the date on which such notice is issued to have been, interested in shares comprised in our relevant share capital to (i) indicate whether or not it is the case and (ii) where such person holds or has during that time held an interest in our shares, to provide additional information, including the person's own past or present interests in our shares. If the recipient of the notice fails to respond within the reasonable time period specified in the notice, we may apply to the Irish court for an order directing that the affected shares be subject to certain restrictions, as prescribed by the Companies Act, as follows:

● any transfer of those shares or, in the case of unissued shares, any transfer of the right to be issued with shares and any issue of shares, shall be void;

● no voting rights shall be exercisable in respect of those shares;

● no further shares shall be issued in right of those shares or in pursuance of any offer made to the holder of those shares; and

● no payment shall be made of any sums due from us on those shares, whether in respect of capital or otherwise.

The court may also order that shares subject to any of these restrictions be sold with the restrictions terminating upon the completion of the sale. In the event we are in an offer period pursuant to the Irish Takeover Rules, accelerated disclosure provisions apply for persons holding an interest in our securities of 1% or more.

**Ordinary Shares**

*<u>General</u>*. The authorized share capital of the Company is $351,212.50 divided into 100,000,000 Class A Ordinary Shares with a nominal value of $0.0035 each, 2,125,000 Class B Ordinary Shares with a nominal value of $0.0001 each and 10,000,000 preferred shares with a nominal value of $0.0001 each, of which 4,171,327 have been designated as Series A Convertible Preferred Shares with a nominal value of $0.0001 each, and €25,000 divided into 25,000 deferred ordinary shares with a nominal value of €1.00 each. As of the date of the Annual Report, all outstanding Class B Ordinary Shares were converted to Class A Ordinary Shares on December 5, 2022. Therefore, all rights of the Class B Ordinary Shares described below or elsewhere are not applicable.

*<u>Dividends</u>*. The holders of the Company's ordinary shares are entitled to such dividends as may be declared by the Company's board of directors.

*<u>Convertibility of Class B Ordinary Shares</u>*. Each of the Class B Ordinary Shares was convertible, at the option of the holder thereof at any time up to December 30, 2023, into one Class A Ordinary Share. On December 31, 2023, all Class B Ordinary Shares that remained outstanding would be automatically converted into an equal number of Class A Ordinary Shares, without the requirement of any approval by our board of directors or our shareholders.

*<u>Voting Rights</u>**.*** Subject to the provisions of the Constitution and any rights or restrictions for the time being attached to any class or classes of shares in the capital of the Company, each holder of Class A Ordinary Share(s) or Class B Ordinary Share(s) (assuming any Class B Ordinary Shares are outstanding at such time) present in person or by proxy shall be entitled to one (1) vote for each share registered in his or her name in the register of members of the Company on all matters subject to the vote at general meetings of the Company. Voting at any meeting of shareholders is by way of a poll, which shall be taken in such manner as the chairperson of the meeting directs.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than 75% of the votes cast attaching to the ordinary shares at a meeting. Where the shareholders wish to act by way of written resolution in lieu of holding a meeting, unanimous consent of the holders of the Class A Ordinary Shares and Class B Ordinary Shares (for as long as the Company has more than one shareholder) shall be required. A special resolution will be required for important matters such as a change of name, reducing the share capital or making changes to the Constitution.

Additionally, the Constitution provides that, for so long as not less than an aggregate of 1,700,000 Class B Ordinary Shares continued to be beneficially owned by the shareholders of Fusion Fuel Portugal (as at the date of the Business Combination Agreement (as defined in the Constitution), the written consent or affirmative vote of the holders of a majority of the outstanding Class B Ordinary Shares was required before the Company could carry out any of the following actions:

● liquidate, dissolve, or wind-up the business and affairs of the Company;

● effect any merger or consolidation in which the Company is a constituent party or a subsidiary of the Company is a constituent party if the Company issues shares of its capital stock pursuant to such merger or consolidation (except any such merger or consolidation involving the Company or a subsidiary in which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation or (2) if the surviving or resulting corporation is a wholly-owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation);

● sell, lease, transfer, exclusively license or otherwise dispose, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and any subsidiary, taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries, taken as a whole, are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company;

● permit the sale of all or substantially all of the Class A Ordinary Shares and Class B Ordinary Shares to an independent third party or group;

● amend, alter, or repeal any provisions of the Constitution;

● create, or authorize the creation of, or issue or obligate itself to issue shares of, any additional class or series of capital stock, or equity securities convertible into capital stock of the Company;

● expand or otherwise alter the size of the board of directors of the Company or Fusion Fuel Portugal; and

● remove any member of the board of directors of Fusion Fuel Portugal.

*<u>Restricted Voting Ordinary Shares</u>*. In certain circumstances the Class A Ordinary Shares and/or Class B Ordinary Shares (assuming any Class B Ordinary Shares are outstanding at such time) can carry restricted voting rights. This can occur where the shareholder acquires a controlling interest in shares carrying in aggregate 30% or more of the voting rights of the Company and has not (i) extended an offer to the holders of each class of shares of Fusion Fuel in accordance with Rule 9 of the Irish Takeover Rules or (ii) where the Company has not obtained approval of the Irish Takeover Panel or a waiver of Rule 9 of the Irish Takeover Rules in respect of the shareholder. Where the Company issues Class A Ordinary Shares or Class B Ordinary Shares to such a shareholder and the shareholder elects to accept such shares, the share certificates shall bear a legend making reference to the shares as Restricted Voting Ordinary Shares.

*<u>Transfer of Ordinary Shares</u>*. Subject to any restrictions contained in the Constitution and the Companies Act, any shareholder may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or any other form approved by the Company's board of directors.

*<u>Liquidation</u>*. On a return of capital on winding-up or otherwise (other than on conversion, redemption or purchase of ordinary shares), assets available for distribution among the holders of ordinary shares shall be distributed among the holders thereof on a pro rata basis. If the Company's assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are borne by the Company's shareholders proportionately.

*<u>Transfer Agent</u>.* The transfer agent for our ordinary shares is Continental Stock Transfer & Trust Company. The transfer agent and registrar for any issue of preferred shares will be set forth in the applicable prospectus supplement.

**Preferred Shares**

The Company is authorized to issue 10,000,000 preferred shares with a nominal value of $0.0001 each. Pursuant to the Certificate of Designation of Preferences, Benefits, and Limitations of Series A Convertible Preferred Shares, for which the relevant filings were made with the Companies Registration Office of Ireland on December 13, 2024 (the "Certificate of Designation"), 4,171,327 preferred shares have been designated as Series A Convertible Preferred Shares and are issued and outstanding.

Under the Certificate of Designation, the Series A Preferred Shares will automatically convert into 41,713,275 Class A Ordinary Shares (subject to adjustment) upon the later of (i) approval of the Company's issuance of such underlying Class A Ordinary Shares by the Company's shareholders in accordance with applicable Irish law ("Shareholder Approval") and (ii) the clearance of an initial listing application filed by the Company with The Nasdaq Stock Market LLC ("Nasdaq"). Pursuant to the Certificate of Designation, the Series A Preferred Shares rank on parity with the Class A Ordinary Shares as to distributions of assets upon liquidation. The Series A Preferred Shares will have no voting rights except as required by the Companies Act and with respect to amendments to the Certificate of Designation or the Constitution that adversely affect the terms of the Series A Preferred Shares. On the later of the date of the shareholder approval or the clearance of the initial listing application filed by the Company with Nasdaq, each of the Series A Preferred Shares will automatically convert into ten Class A Ordinary Shares, subject to adjustment upon the occurrence of share dividends, share splits, reverse share splits, or certain similar transactions, or certain corporate transactions of the Company including a merger, sale of all or substantially all assets, purchase of 50% or more of the Class A Ordinary Shares, recapitalization, or acquisition by another person of more than 50% of the outstanding Class A Ordinary Shares. If the Shareholder Approval is not obtained by the date that is 180 days after the date that is no later than 45 days after the effective date of a registration statement on Form F-4 or such other applicable form to be filed with the Securities and Exchange Commission relating to the registration of the offer and sale of the Class A Ordinary Shares issuable upon conversion of the Series A Preferred Shares and certain other matters, the Company will, subject to applicable law, be required to repurchase all of the outstanding Series A Preferred Shares.

**Transfer Agent and Registrar**

The Company's transfer agent and warrant agent is Continental Stock Transfer & Trust Company. The Company registrar is Link Group.

**Listing**

The Class A Ordinary Shares and public warrants are listed on The Nasdaq Capital Market under the symbols "HTOO" and "HTOOW", respectively.

## Exhibit 4.22

**Exhibit 4.22**

**FUSION FUEL GREEN PLC**

9 Pembroke Street Upper

Dublin D02 KR83

Ireland

**CONTINENTAL STOCK TRANSFER & TRUST COMPANY**

1 State Street, 30th Floor

New York, New York 10004

July 11, 2025

The Depository Trust Company

Cede & Co.

National Securities Clearing Corporation

570 Washington Boulevard

Jersey City, New Jersey 07310

Re: Fusion Fuel Green PLC – Reverse Stock Split

Ladies and Gentlemen:

Reference is made to that certain Special Eligibility Agreement for Securities, dated as of December 10, 2020 (the "<u>SEAS</u>"), by and among The Depository Trust Company ("<u>DTC</u>"), Cede & Co., National Securities Clearing Corporation, Fusion Fuel Green PLC, a public limited company incorporated under the laws of Ireland (the "<u>Company</u>"), and Continental Stock Transfer & Trust Company, a New York limited purpose trust company acting as a transfer agent for the Company. Capitalized terms used but not defined in this letter (this "<u>Letter</u>") shall have the meanings ascribed to such terms in the SEAS.

Effective July 11, 2025, at 5:00 P.M. Eastern Daylight Time, the Company will effect a reverse stock split of its Class A Ordinary Shares, i.e., a consolidation of its Class A Ordinary Shares under Irish law, whereby every 35 Class A Ordinary Shares with a nominal value of $0.0001 per share in the authorized but unissued and in the authorized and issued share capital of the Company will be consolidated into 1 Class A ordinary share with a nominal value of $0.0035 per share (such consolidated Class A ordinary shares, the "<u>New Class A Ordinary Shares</u>" and such transaction, the "<u>Reverse Stock Split</u>"). In connection with the Reverse Stock Split, the New Class A Ordinary Shares will be issued a new CUSIP number. Aside from the Reverse Stock Split and the new CUSIP number, the rights and obligations of the parties to the SEAS in respect of the Class A Ordinary Shares and the New Class A Ordinary Shares will remain unchanged.

The Company will also implement an increase to its authorized share capital, effective immediately following the implementation of the Reverse Stock Split under Irish law, by way of an ordinary resolution of its shareholders at a general meeting on June 25, 2025, which increased the Company's authorized share capital by such amount as was necessary to ensure that, following the Reverse Stock Split, the Company would have 100,000,000 authorized Class A ordinary shares, each with a nominal value equal to the nominal value of the New Class A Ordinary Shares (the "<u>Authorized Share Capital Increase</u>").

The purpose of this Letter is to reflect our mutual understanding and agreement as to the effect of the Reverse Stock Split and the issuance of the new CUSIP number for the New Class A Ordinary Shares.

We acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;1. the
 Class A Ordinary Shares have been issued CUSIP # G3R25D 118; in connection with the Reverse
 Stock Split, the New Class A Ordinary Shares will be issued CUSIP # G3R25D 209;

2. from and after the Reverse
 Stock Split and the Authorized Share Capital Increase, the Company's authorized share capital will comprise
 (a) 100,000,000 New Class A Ordinary Shares, $0.0035 nominal value per share, CUSIP # G3R25D 209; (b) 2,125,000 class
 B ordinary shares, $0.0001 nominal value per share; (c) 10,000,000 preferred shares, $0.0001 nominal value per share;
 and (d) 25,000 deferred ordinary shares, €1.00 nominal value per share;

3. from and after the Reverse
 Stock Split, references in the SEAS to the Class A Ordinary Shares shall be deemed to include the New Class A Ordinary
 Shares;

4. the legal opinion letter
 from Arthur Cox LLP, Irish legal counsel to the Company, attached as <u>Exhibit A</u> hereto, shall be deemed to
 have been provided for in Section 3 of the SEAS;

5. the SEAS remains in full
 force and effect, and we will continue to comply with our obligations as forth in the SEAS;

6. the Company hereby agrees
 to pay the reasonable fees and costs of counsel to DTC in connection with the negotiation, execution and delivery
 of this Letter and any other reasonable costs and expenses incurred by DTC arising out of or relating to this Letter;

7. this Letter shall be governed
 by and construed in accordance with the laws of the State of New York applicable to a contract executed and performed
 in such State, without giving effect to any conflicts of laws principles thereof that would cause the application
 of any law of any jurisdiction other than the State of New York. Each party hereto hereby irrevocably submits to
 the exclusive jurisdiction of the United States District Court for the Southern District of New York or any court
 of the State of New York located in the Borough of Manhattan in the City of New York in any action or proceeding
 arising out of or relating to this Letter or any of the transactions contemplated hereby, and agrees that any such
 action or proceeding shall be brought only in such courts. Each party hereto hereby irrevocably waives, to the fullest
 extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such action
 or proceeding brought in such courts or any claim that any such action or proceeding brought in such courts has been
 brought in an inconvenient forum; and

8. this Letter may be executed
 in one or more counterparts hereof (and by the different parties on different counterparts), each of which shall
 constitute an original and all of which taken together shall constitute a single agreement. Delivery of an executed
 counterpart of the signature page of this Letter by facsimile transmission or by electronic transmission of a PDF
 copy thereof shall be effective as delivery of a manually signed counterpart. This Letter shall be effective as of
 the date first set forth above when each party shall have received a counterpart signature page of each other party
 and the Letter is and may be deemed to be fully executed in accordance with the foregoing.

If the foregoing correctly reflects your understanding of our agreement as to the matters set forth herein, kindly sign a counterpart hereof, whereupon this Letter shall constitute our agreement with respect thereto.

*[Signature pages follow]*

 

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **FUSION FUEL GREEN PLC** | **FUSION FUEL GREEN PLC** |
| By: | */s/ John-Paul Backwell* |
| Name: | John-Paul Backwell |
| Title: | Chief Executive Officer |
| **CONTINENTAL STOCK TRANSFER & TRUST COMPANY** | **CONTINENTAL STOCK TRANSFER & TRUST COMPANY** |
| By: | */s/ Ana Gois* |
| Name: | Ana Gois |
| Title: | Vice President & Account Manager |

---

---

| | |
|:---|:---|
| Acknowledged and Agreed, | Acknowledged and Agreed, |
| as of the date first set forth above: | as of the date first set forth above: |
| **THE DEPOSITORY TRUST COMPANY** | **THE DEPOSITORY TRUST COMPANY** |
| By: | */s/ John D. Faith* |
| Name: | John D. Faith |
| Title: | Managing Director |
| **CEDE & CO.** | **CEDE & CO.** |
| By: | */s/ John D. Faith* |
| Name: | John D. Faith |
| Title: | Partner |
| **NATIONAL SECURITIES CLEARING CORPORATION** | **NATIONAL SECURITIES CLEARING CORPORATION** |
| By: | */s/ John D. Faith* |
| Name: | John D. Faith |
| Title: | Managing Director |

---

*[Signature Page – Fusion Fuel Green PLC Letter Agreement]*

 

<u>Exhibit A</u>

Legal Opinion Letter from Company's Irish Counsel

## Exhibit 4.28

**Exhibit 4.28**

**SUBSCRIPTION AND SHAREHOLDERS AGREEMENT**

Between

**FUSION FUEL GREEN PUBLIC LIMITED COMPANY**

**("Fusion Fuel")**

and

**ALIEN FUEL PROPRIETARY LIMITED**

**("Alien Fuel")**

and

**BIOSTEAM ENERGY (PROPRIETARY) LIMITED**

**("the Company")**

---

| | |
|:---|:---|
| **/s/ JB** | **/s/ BJ** |

---

**TABLE OF CONTENTS**

1. INTERPRETATION 3

2. INTRODUCTION 8

3. CONFLICTS WITH
 MOI OR THE COMPANIES ACT 9

4. SUBSCRIPTION
 AND SHAREHOLDING 9

5. SHAREHOLDERS
 MEETINGS AND DECISIONS 10

6. DIRECTORS AND
 CHAIRPERSON 12

7. FINANCING OF
 THE COMPANY 15

8. LOAN FINANCING 15

9. EQUITY FINANCING 18

10. PERIOD OF THIS
 AGREEMENT 19

11. SALE OF SHARES
 AND PRE-EMPTIVE RIGHTS 19

12. RIGHT OF FIRST
 REFUSAL ON FUTURE PROJECTS 21

13. DEEMED OFFER 22

14. COME ALONG
 TAG ALONG 23

15. FAIR MARKET
 VALUE 23

16. RELEASE FROM
 SURETYSHIPS/GUARANTEES/INDEMNITIES 23

17. DIVIDEND POLICY 24

18. PROTECTION
 OF TRADE SECRETS AND KNOW-HOW 24

19. INTELLECTUAL
 PROPERTY 25

20. RETURN OF DOCUMENTS 25

21. NATURE OF RELATIONSHIP
 BETWEEN THE SHAREHOLDERS 26

22. BINDING EFFECT 26

23. ADHERENCE TO
 LAWS 26

24. CONFIDENTIALITY 26

25. GOOD FAITH 26

26. NO ASSIGNMENT 27

27. DISPUTE RESOLUTION 27

28. ALTERATION 28

29. SUPERSESSION 28

30. ENTIRE AGREEMENT 28

31. NO INDULGENCES 28

32. UNDERTAKINGS
 TO GIVE EFFECT TO THIS AGREEMENT 28

33. NOTICES AND
 DOMICILIA 29

34. COUNTERPARTS 29

35. INDEPENDENT
 ADVICE 29

36. COSTS 29

1. **INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. In this Agreement,
 unless the context otherwise indicates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. "**Accountants** "
 means Debbie Milligan of Balanced Business Contracts, or such other duly appointed accountants of the Company, from time to time;

1.1.2. "**Advance Date**" means the date on which the first payment of the Fusion Fuel Loan is advanced to the Company in accordance with clause
 8.1;

1.1.3. "**Agreement** "
 means this subscription and shareholders agreement and all schedules and annexures thereto;

1.1.4. "**Alien Energy**" means Alien Energy (Proprietary) Limited (Registration Number 2020/254510/07), a private limited liability company incorporated
 in the Republic of South Africa and having its registered office at Sonop 2 Farm, Ceres Road, Worcester, Western Cape, 6850, South Africa;

1.1.5. **"Alien Energy Agreement**" means the written agreement to be concluded between the Company and Alien Energy which shall provide, *inter alia*, for the licence of the Alien Energy IP & Know-How by Alien Energy to the Company, undertakings in relation to the assignment
 of the Fairfield Steam Supply Agreement to the Company, and the terms of the Fairfield Option, including the right of first refusal in
 respect of Project 2 and Project 3;

1.1.6. "**Alien Energy IP & Know-How**" means the know-how relating, *inter alia*, to the production of fuel (wood pellets) and boiler
 technology owned by Alien Energy and to be licenced to the Company in accordance with clause 19 of this Agreement, read with the Alien
 Energy Agreement;

1.1.7. **"Alien Energy Related Parties"** means Basic Stock (supplying wood pellets to the customer), Alien Fuel, Alien Fuel Group, MAF, and the
 EPC Contractor (supplying the boiler);

1.1.8. **"Alien Fuel"** means Alien Fuel (Proprietary) Limited (Registration Number 2018/512407/07), a private limited liability company incorporated
 in the Republic of South Africa and having its registered office at Sonop 2 Farm, Ceres Road, Worcester, Western Cape, 6850, South Africa;

1.1.9. "**Alien Fuel Group**" means Alien Fuel Group (Pty) Limited (registration number: 2021/387042/07), a private limited liability company
 incorporated in the Republic of South Africa and having its registered office at 8 Vineyard Way, Berg en Dal Estate, Hout Bay, Western
 Cape;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.10. "**Basic Stock**" means Basic Stock (Pty) Limited (registration number: 2012/059725/07) a private limited liability company incorporated
 in the Republic of South Africa and having its registered office at Sonop 2 Farm, Ceres Road, Worcester, Western Cape, 6850, South Africa,
 which is an EPC contractor providing wood pellets to the end customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.11. "**Board** "
 means the board of directors of the Company as constituted from time to time;

1.1.12. "**Bruce** "
 means Bruce Johnson (Identity number: 5704305787188), herein representing Alien Fuel;

1.1.13. "**Business** "
 means the funding, development and operation of "Project 1", as defined in this Agreement, and more specifically in Annexure
 B attached hereto;

1.1.14. "**Business Day**" means any day other than a Saturday, Sunday or public holiday officially recognised as such in the republic of South Africa;

1.1.15. **"Carbon Credit Revenue Sharing"** means the distribution of carbon credit revenue sharing derived from: (i) landfill avoidance at MAF;
 and (ii) fuel-switching benefits at Alien Energy;

1.1.16. "**Companies Act**" means the Companies Act, 71 of 2008 (as amended);

1.1.17. "**Company** "
 means Biosteam Energy (Proprietary) Limited (Registration Number 2025/799623/07, a private company incorporated in the Republic of South
 Africa and having its registered office at Sonop 2 Farm, Ceres Road, Worcester, Western Cape, 6850, South Africa and email: [Redacted];

1.1.18. "**Director(s)** "
 means the director(s) of the Company;

1.1.19. "**Disposal** "
 or "disposal" means, in the context of a disposal of a Share –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.19.1. the
 transfer of all or any rights making up such Share to any other person for his benefit and/or for the benefit of others, whether such
 transfer is effected pursuant to a sale, exchange, donation, distribution *in specie* or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.19.2. any
 other transaction or event whereby such Share becomes beneficially owned by someone other than the person who was the beneficial holder
 thereof immediately prior to such transaction or event taking place; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.19.3. granting, creating
 or allowing the Encumbrance of such Share, and "dispose" means to bring about a disposal within the meaning of this definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.20. "**Effective Date**" means the Subscription Date;

1.1.21. **"EPC"** means engineering, procurement and construction;

1.1.22. "**Equity** "
 means the aggregate of the Shares and the Shareholder Loan of a Party against the Company;

1.1.23. "**Fairfield Dairy**" means the dairy business located at and operating from the Fairfield Site;

1.1.24. "**Fairfield Option**" means the option granted to Fairfield Dairy in terms of which it shall after the expiry of a period of 5 (five) years
 from the Effective Date, be entitled to purchase the boiler at the Fairfield Site and pay 10% (ten percent) of any ongoing fuel sales
 revenues to Fusion Fuel;

1.1.25. "**Fairfield Site**" means the location of the Fairfield Dairy in Howick, Kwazulu Natal, South Africa;

1.1.26. "**Fairfield Steam Supply Agreement**" means the written agreement concluded on 10 December 2024, as between Fairfield Dairy and Alien Energy;

1.1.27. "**Fair Market Value**" means, in respect of the Company or any Shares, the fair market value thereof as agreed or determined in accordance
 with the MOI;

1.1.28. "**Financial Year**" means the twelve month period ending on the last day of February in any calendar year;

1.1.29. "**Fusion Fuel**" means Fusion Fuel Green Public Limited, a Nasdaq listed public company registered in accordance with the laws of Ireland
 with company number 669283, and having its registered address at 9 Pembroke Street, Upper Dublin D02KR83, Ireland and email: contact@fusion-fuel.eu
 and any reference in this Agreement to "Investor" shall have the same meaning;

1.1.30. "**Head of Terms"** means the legally binding Head of Terms concluded between Fusion Fuels and Alien Energy on 09 September 2025, a copy
 of which is attached hereto marked ' **C** ";

1.1.31. "**Intellectual Property**" means all patents, registered or unregistered trade marks, service marks, domain names, copyright, designs and applications
 for the aforegoing in any part of the world, and any Trade Secrets and Know-How associated with any of the aforegoing and owned by the
 Company and used in or in connection with the Business, but excluding the Alien Energy Know-How;

1.1.32. **"Investor Director"** means JP Backwell;

1.1.33. "**JP Backwell**" means JP Backwell ([Redacted]), herein representing Fusion Fuel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.34. "**Key Persons**" means Bruce and Marissa;

1.1.35. "**Lock In Period**" means the period of 12 (twelve) months from the Effective Date, being the minimum commitment period applicable to
 the Shareholders and the Key Persons;

1.1.36. "**LOI** "
 means the non- binding written Letter of Intent concluded on 07 August 2025, as between Alien Energy and Fusion Fuel, a copy of which
 is attached hereto marked "Annexure **D** ";

1.1.37. "**MAF** "
 means Mkomazi Alienfuel (Pty) Limited (registration number: 2022/615084/07), a private limited liability company incorporated in the Republic
 of South Africa and having its registered office at 108 Oxford Road, Houghton Estate, Johannesburg, 2198, which is a joint venture company
 with shareholders, Alien Energy and SAPPI, in terms of which MAF processes SAPPI's waste material into wood pellets giving rise
 to carbon credit revenues ;

1.1.38. "**Marissa** "
 means Marissa Chandansing ([Redacted]);

1.1.39. "**MOI** "
 means the memorandum of incorporation of the Company, as amended or replaced, from time to time;

1.1.40. "**Parties** "
 means all the parties to this Agreement, namely the Company, Alien Fuel and Fusion Fuel, and "Party" shall mean any one of
 them;

1.1.41. "**Prime Rate**" means the publicly quoted basic rate of interest, compounded monthly in arrears and calculated on a 365 (three hundred
 and sixty five) day year irrespective of whether or not the year is a leap year, from time to time published by Company's bank as
 being its prime overdraft rate, as certified by any representative of that bank whose appointment and designation it will not be necessary
 to prove;

1.1.42. "**Project 1**" means the project to be carried out by the Company, as more fully described in clause 2 and Annexure B hereto;

1.1.43. "**Project 1 Launch Date**" means the date on which Project 1 goes "live" namely the date on which the boiler starts producing
 steam for use by the Fairfield Dairy;

1.1.44. "**Project 2**" means the project subsequent to Project 1, being a future site where Alien Fuels or Alien Energy is commissioned by a client
 to supply wood pellets and generate steam in the same manner as Project 1;

1.1.45. "**Project 3**" means the project subsequent to Project 2, being a future site where Alien Fuel or Alien Energy is commissioned by a client
 to supply wood pellets and generate steam in the same manner as Project 1 and/or Project 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.46. "**Reserved Matters**" means those decisions to be approved in accordance with clause 5.2.9 and which are listed in Annexure A to this Agreement;

1.1.47. "**Shareholders** "
 means the shareholders for the time being and from time to time of the Company;

1.1.48. "**Shareholder Loans**" means shareholder loans as defined in clause 8;

1.1.49. "**Shares** "
 means ordinary shares in the issued share capital of the Company;

1.1.50. "**Signature Date**" means the date when the last Party signing the Agreement does so;

1.1.51. "**Steam Supply Agreements**" means the agreements to be concluded from time to time, between the Company and third party clients, in terms
 of which the client procures the supply of steam utilizing equipment supplied by the Company and the client benefits *inter alia,* from
 fuel savings resulting from the steam offtake supply;

1.1.52. "**Subscription Date**" means the date on which Shares are issued to Alien Fuel and to Fusion Fuel, in accordance with clause 4 below; and

1.1.53. "**Trade Secrets and Know-How**" means any trade secrets relating to the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Words
 importing the singular shall include the plural and vice versa, and words importing the masculine gender shall include females and words
 importing persons shall include partnerships, trusts and bodies corporate.

1.3. The
 headings to the paragraphs to this Agreement are inserted for reference purposes only and shall not affect the interpretation of any of
 the provisions to which they relate.

1.4. This
 Agreement shall be binding on and enforceable by the trustees, permitted assigns, liquidators or other legal successors of the Parties
 as fully and effectually as if they had signed this Agreement in the first instance and reference to any Party shall be deemed to include
 such Party's trustees, permitted assigns, liquidators or other legal successors, as the case may be.

1.5. Full
 effect shall be given to any substantive provision conferring rights and obligations upon the Parties and contained in clause 1.

1.6. Whenever
 a number of days are prescribed in this Agreement, such number shall be calculated excluding the first and including the last day, unless
 the last day is not a Business Day, in which event the last day shall be the next Business Day.

1.7. Whenever
 performance is required to be made in this Agreement on any date and such date is not a Business Day, such performance shall be required
 to be made on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. Where
 any term is defined within the context of any particular clause in this Agreement, the term so defined shall, unless it appears clearly
 from the clause in question that it has limited application to the relevant clause, bear the meaning ascribed for all purposes in terms
 of this Agreement, notwithstanding that it has not been defined in this clause 1.

1.9. Expressions
 defined in this Agreement shall bear the same meanings in any annexure thereto which does not contain its own definitions.

1.10. The
 rule of construction that a contract shall be interpreted against the Party responsible for the drafting or preparation of the contract,
 shall not apply.

1.11. Any
 reference in this Agreement to legislation or subordinate legislation is to such legislation or subordinate legislation at the date of
 signature hereof and as amended and/or re-enacted and/or consolidated and/or replaced from time to time.

1.12. Where
 figures are in this Agreement described both in numerals and in words, the numerals shall prevail in the event of any conflict between
 the two.

1.13. This
 Agreement shall be governed by and interpreted in accordance with the laws of the Republic of South Africa.

1.14. The
 termination or expiry of this Agreement shall not affect those provisions of this Agreement which expressly provide that they will operate
 after such expiry or termination, notwithstanding that the clauses themselves do not expressly provide for this.

2. **INTRODUCTON** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The
 parties concluded the LOI and the Head of Terms in terms of which they have agreed to incorporate a joint venture company for the specific
 purpose of implementing and operating the Business and specifically, Project 1.

2.2. For
 purposes of this Agreement, Project 1 refers to the siting and commissioning of the operation of a boiler manufactured by Basic Stockon
 the Fairfield Site, which boiler will be connected to the existing operation at Fairfield Dairy, replacing Fairfield Dairy's fossil
 fuel boiler through the supply of an alternate fuel source (wood pellets) manufactured by MAF, to facilitate the continued operation of
 Fairfield Dairy at a reduced carbon footprint. The further terms relating to Project 1 are set out in this Annexure B to this Agreement.

2.3. The Parties
 intend to conduct the Business through the medium of the Company and in this regard wish to enter into this Agreement to provide for and
 regulate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1. the subscription
 for shares in the Company by the Shareholders;

2.3.2. the funding,
 management and administration of the Company, and specifically Project 1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3. their relationship
 as Shareholders;

2.3.4. the
 relationship between the Company and the Shareholders, and certain matters incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The
 Parties shall use their best endeavours to procure the conclusion of the Alien Energy Agreement as soon as possible after the Effective
 Date.

3. **CONFLICTS WITH MOI OR THE COMPANIES ACT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. If
 there is any conflict or inconsistency between the provisions of this Agreement and the provisions of the MOI or the Companies Act, at
 any time, the provisions of this Agreement shall be subservient to the provisions of the Companies Act or the MOI, as the case may be,
 but subject to the undertakings in clause 3.2.

3.2. The
 Parties undertake to take all such steps and do all such things as may be necessary and within their respective power and control from
 time to time to alter (promptly after any conflict as contemplated in 3.1 arises) the MOI so as to reflect, insofar as may be appropriate
 and permitted in terms of the Companies Act, the provisions of and intention set out in this Agreement.

3.3. The
 Parties agree that to the extent that any provisions are required to be included in the MOI, including but not limited to the Shareholders'
 rights' to nominate and appoint director/s in accordance with the provisions of this Agreement, they undertake to take all such
 steps and do all such things as may be necessary and within their respective power and control from time to time to amend the MOI in order
 to make provision for such terms to be included.

4. **SUBSCRIPTION AND SHAREHOLDING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. The
 Company is a private company duly incorporated in accordance with the Company laws of the Republic of South Africa, and shall at the Signature
 Date, have an authorised share capital of 1000 (one thousand) ordinary shares.

4.2. Fusion
 Fuel hereby subscribes for and the Company shall issue to Fusion Fuel 510 (five hundred and ten) shares at the issue price per share of
 R1.00 (one rand), making a subscription price of R510.00); and

4.3. Alien
 Fuel hereby subscribes for and the Company shall issue to Alien Fuel 490 (four hundred and ninety) shares at the issue price per share
 of R1.00 (one rand), making a subscription price of R490.00).

4.4. The
 Shareholders shall procure as at the Effective Date, the issued share capital of the Company shall be held as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. Fusion Fuel
 as to 51% (fifty one percent) (being equal to 510 number of ordinary shares); and

4.4.2. Alien Fuel
 as to 49% (forty nine percent) (being equal to 490 number of ordinary shares).

5. **SHAREHOLDERS MEETINGS AND DECISIONS** 

5.1. **Annual General Meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. An
 annual general meeting of the Company shall be held each year within 3 (three) months of the end of the preceding Financial Year of the
 Company at the Company's registered office. This meeting shall be called by the Board and its agenda, and the matters that this
 meeting shall deal with shall be established by the Board.

5.1.2. General
 meetings of the Company may be convened at any time by 25% of the Board, if more than one director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. **General Meetings of Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1. General
 meetings of the Shareholders will be convened by the chairman, if any, and otherwise in accordance with the provisions of the Companies
 Act and will be held at least annually and more frequently as business dictates.

5.2.2. In
 terms of the MOI, the right of shareholders to requisition a meeting, as set out in section 61(3), may be exercised by the holders of
 at least 10% (ten per centum) of the voting rights entitled to be exercised in relation to the matter to be considered at the meeting.

5.2.3. Shareholders
 shall be entitled to attend, speak and vote at (with each Shareholder giving its holder one vote per share held) all meetings of the Shareholders
 of the Company.

5.2.4. The
 Shareholders shall have the right to nominate the chairperson for the meetings of Shareholders. The chairperson of Shareholders'
 meetings shall not have a vote other than where he is a Shareholder himself or a proxy for a Shareholder.

5.2.5. The
 quorum for a Shareholders' meeting will be a duly authorised representative of at least 60% (sixty percent) of all of the voting
 rights of Shareholders, provided that Fusion Fuel is present.

5.2.6. Subject
 to the provisions of the Companies Act requiring longer periods of notice and subject to the provisions of the Companies Act permitting
 shorter periods of notice, at least 10 (ten) Business Days' notice shall be given to Shareholders of any meetings of Shareholders.
 Notices of meetings shall be in writing and shall set out in respect of each meeting, the time and place (which shall be at the *domicilium* address for the Company from time to time as set out in clause 34).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.7. If
 no quorum is present at any meeting of Shareholders within 30 (thirty) minutes of the time set for the meeting (or such additional time
 as the chairperson may allow for a quorum to form):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.7.1. the
 meeting shall be adjourned to a date being 5 (five) Business Days later at the same time and venue;

5.2.7.2. if
 at any adjourned meeting a quorum is not present within 30 (thirty) minutes of the time of the adjourned meeting, the meeting will continue
 and those Shareholders present shall be deemed to constitute a quorum; and

5.2.7.3. any
 adjourned meeting may only deal with matters specified on the agenda for, but not dealt with at the meeting which was adjourned for lack
 of a quorum or otherwise in terms of this clause 5.2.7.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.8. Save
 for Reserved Matters which shall be determined in accordance with clause 5.2.9, for an ordinary resolution to be approved by the Shareholders,
 it must be supported by more than 50% (fifty per cent) of the voting rights held by the Shareholders entitled to vote and for a special
 resolution to be passed on any matter as contemplated in section 65 (11) of the Companies Act it must be supported by at least 75% (seventy
 five per cent) of the voting rights held by the Shareholders entitled to vote.

5.2.9. Subject
 to the provisions of the Act, the matters listed as Reserved Matters in Annexure A to this Agreement and the MOI must be approved by the
 approval of the Board, including the Investor Director.

5.2.10. Meetings
 of the Shareholders may be held by conference telephone, video conference or other electronic means and the Company shall permit any Shareholder
 to attend all meetings of Shareholders by telephone. A person so participating shall be deemed to be present in person at such meeting
 and shall be entitled to vote or be counted in a quorum accordingly and a resolution of such meeting shall be a valid and binding resolution
 of the Company.

5.2.11. A
 round robin resolution of the Shareholders, which is signed by each Shareholder, shall be as valid and effective as if it had been adopted
 at a duly convened meeting of Shareholders. Resolutions may be signed by way of electronic signature on a recognized digital signature
 platform. Any such resolution may consist of several documents in like form, each signed by a Shareholder. Unless the contrary is stated
 therein, any such resolution will be deemed to have been passed on the date of the last signature by the Shareholders signing such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.12. All
 notices convening Shareholders' meetings, agendas, documents and all minutes in relation to Shareholders' meetings will be
 in English. English will also be the language in which the meeting is conducted.

6. **DIRECTORS AND CHAIRPERSON** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. The directors
 of the Board shall, as from the Effective Date, be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1. JP
 Backwell as appointed by Fusion Fuel and his alternate director, appointed in accordance with the provisions of the MOI; and

6.1.2. Bruce as appointed
 by Alien Fuel.

---

| | |
|:---|:---|
| 6.2. | **Management and Operation of the Company** |
|  | The Business and affairs of the Company shall be managed and controlled by the Board which may exercise all of the powers of the Company subject to the provisions of the Companies Act, this Agreement and the MOI. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Appointment and Removal of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 The
 Parties have agreed that, for long as Fusion Fuel and Alien Fuel are shareholders each holding at least 40% (forty percent) of the total
 issued of the Company, they shall each be entitled to appoint 1 (one) director to the Board, whose appointment shall be made in accordance
 with the MOI.

6.3.2 In
 addition, Fusion Fuel and Alien Fuel shall each be entitled to an alternate director, whose appointment shall be made in accordance with
 the MOI.

6.3.3 The
 appointment of any additional Directors shall be made by mutual agreement of the Directors referred to in clause 6.1 above.

6.3.4 Any
 appointment or removal of a Director nominated by a Shareholder shall be effected by notice in writing to the Company signed by and on
 behalf of the Shareholder in question and shall take effect, subject to any contrary intention expressed in the notice, when the notice
 effecting the same is delivered to the Company. The Shareholders shall procure that any of the Directors appointed shall resign and be
 removed from office without any liability if and as soon as any such Director becomes disqualified from acting as a director in terms
 of the Companies Act or any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5 Should
 any Shareholder fail or refuse to remove a Director as required in terms of 6.3.2, then the other/s of them is hereby irrevocably authorised
 to effect such removal on behalf of the other/s of them.

6.3.6 The
 Shareholders' undertake not to remove a Director appointed except in accordance with 6.3.2. Any Shareholder/s who elect Directors
 in terms hereof, the MOI or Act agree similarly to act in accordance with 6.3.2 hereof.

6.3.7 The
 Shareholders undertake to vote in favour of all resolutions necessary, from time to time, to give effect to the foregoing and their votes
 shall not be withheld without good cause being shown, it being agreed that the onus shall be on any Shareholder withholding its vote to
 show good cause for so doing.

6.3.8 Fusion
 Fuel shall, in addition to any powers of appointment he has under this clause 6.3, be entitled to appoint the first chairperson of the
 Board for and to remove and replace such chairperson. The first chairperson appointed by Fusion Fuel is JP Backwell and he shall have
 a second or casting vote at the meetings of either directors or Shareholders.

6.4 Procedure at Board meetings <br>In the event the director's number more than one:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 A
 quorum at any Directors' meeting of the Company shall be 2 (two) Directors present, provided that at least one of them is one of
 Fusion Fuel's appointee (or his alternate director) and one of them is Alien Fuel's appointee.

6.4.2 If
 a quorum is not present at a Directors' meeting referred to in 6.4.1, the meeting shall be postponed for a period of 7 (seven) days
 and notice of such postponed meeting including the date, time and place of such postponed meeting, shall, be sent to the Directors in
 terms of the provisions of this Agreement.

6.4.3 If
 a quorum is not present at a postponed meeting referred to in 6.4.2, after proper notice has been given in terms of 6.4.2, those Directors'
 present shall be deemed to constitute a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The Company
 undertakes to procure that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.1 at
 least 14 (fourteen) days prior written notice shall be given to the Directors of any Directors' meetings, unless otherwise agreed
 by the Directors; and

6.5.2 the
 Board meets at least bi- annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 The
 provisions of 6.5.1 may be varied in that - a Directors' meeting may be called by at least 25% of the Directors of the Company,
 if the board has 12 or more members, or by 2 (two) directors, in any other case.

6.7 Notwithstanding
 the provisions of 6.5.1, if in the reasonable opinion of the Directors, a decision of the Board is required on an urgent basis, a Board
 meeting may be called on such period of notice as the Directors consider to be reasonable in the circumstances but in any event not less
 than 48 hours' notice under usual business circumstances.

6.8 Notwithstanding
 anything to the contrary contained in this Agreement, or in the MOI, a meeting of the Board may take place, and shall be deemed in all
 respects to be valid, even if all Directors of the Board are not present and together at the same place, provided that they are in direct
 communication with the other or others of them necessary to constitute a quorum, whether by telephone, video conference line or other
 means of telecommunication ensuring and providing for simultaneous communication.

6.9 A
 resolution of the Board signed by all of the Directors, shall be valid and effective as if it had been adopted at a duly convened meeting
 of the Directors. Any such resolution may consist of several documents in like form, each signed by one or more Directors. Unless the
 contrary is stated therein, any such resolution will be deemed to have been passed on the date of the last signature by the Directors
 signing such resolution.

6.10 <u>Voting at Board Meetings</u> - Save to the extent otherwise provided for in this Agreement, matters for decision by the Board shall be decided
 by simple majority vote. Each Director appointed by the Shareholders shall have 1 (one) vote each. Any Director who is absent from any
 meeting may nominate any other Director to act as his alternate and to attend, speak and vote in his place at the meeting. In the event
 of a deadlock (being an equal number of votes for and against a proposed Board resolution) in respect of any resolution, the Chairperson
 shall have a casting vote in accordance with clause 6.3.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Directors Expenses</u> - The Company shall pay in respect of each Director monthly in arrears, all reasonable out-of-pocket expenses properly incurred
 by the relevant Director in connection with the performance of his duties as a Director (together with VAT or any similar tax if applicable
 thereon), but will not further remunerate the Directors or Chairman in their capacity as such except when such Director or Chairman is
 not an employee of the Company. Such remuneration shall be determined by the unanimous consent of the Directors.

7. **FINANCING OF THE COMPANY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Save as specifically
 provided in clause 8.1 below (*The Fusion Fuel Loan*), any further working or other capital required by the Company will be determined
 from time to time by the Board with approval of the Shareholders and will be borrowed or otherwise obtained from –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1. outside sources
 wherever possible; or

7.1.2. through loan
 financing in terms of clause 8 or through equity financing in terms of clause 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. No
 Shareholder will be required or obliged to issue any guarantee, suretyship or indemnity to third parties for the obligations of the Company
 unless previously agreed by all the Shareholders, including the Shareholder who is required to give such guarantee, suretyship or indemnity.
 Should any of the Shareholders issue any guarantees, suretyships or indemnities in accordance with the approval of the Shareholders as
 aforesaid, all the Shareholders shall bear any loss or damage arising out of any such guarantee, suretyship or indemnity strictly *pro rata* to their respective shareholdings in the Company at the time the cause of action arose and the Shareholders hereby indemnify
 each other accordingly.

8. **LOAN FINANCING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>The Fusion Fuel Loan</u>: Fusion Fuel shall, advance a loan of R10 000 000.00 (ten million rand) to the Company in accordance with the payment
 schedule attached to this Agreement as Annexe E ()"**Loan Payment Schedule"**):

8.2 Repayment
 and Distribution Waterfall in relation to Fusion Fuel Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 <u>Application of Free Cash Flow</u>: Subject to applicable law, clause 8.2.4 below, and any binding finance documents to which the Company is a party,
 all Free Cash Flow of the Company shall be applied in the following order of priority (the "**Waterfall** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) first,
 to pay in full all operating expenses of the Company (including VAT and other taxes due and payable) and to fund agreed working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) second,
 to pay the capped monthly drawings of R120,000 (one hundred and twenty thousand rand) to Alien Fuel, for so long as any amount of the
 Shareholder Loans remains outstanding;

(c) third,
 to pay all accrued but unpaid interest on the Shareholder Loans;

(d) fourth,
 to repay the outstanding principal of the Shareholder Loans until paid in full; and

(e) fifth,
 thereafter, to make distributions to the Parties pro rata to their shareholding from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 <u>Interest</u>:
 Any amount of the Shareholder Loans that remains outstanding from the sixth (6th) month following the First Payment Date shall accrue
 simple interest at ten percent (10%) per annum until repaid in full.

8.2.3 <u>No Dividends Prior to Repayment</u>: No dividends or other distributions (other than the capped drawings in Clause 8.2.1 (b)) shall be declared
 or paid until the Shareholder Loans (principal and accrued interest) have been repaid in full.

8.2.4 <u>Repayments</u>:
 The Company shall at the end of the sixth (6th) month following the First Payment Date, and thereafter at the end of each quarter, make
 early repayments of the Shareholder Loans by way of payment of any accumulated cash balance above R250 000.00 (two hundred and fifty thousand
 rand), or such other amount as decided from time to time by the Board, with Investor Director consent, taking into account the Company's
 operating requirements.

8.2.5 <u>Prepayment:</u> The Company may, without premium or penalty, prepay the Shareholder Loans in whole or in part from Free Cash Flow, provided that payments
 are applied in the order of priority set out in Clause 8.2.1.

8.2.6 <u>Compliance with Law</u>: Distributions shall at all times comply with the Companies Act, applicable exchange control regulations and any financing
 covenants then in force and binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The
 capital and interest under the Fusion Fuel Loan shall become immediately repayable in the event: (i) of the Company committing an act
 of insolvency; or (ii) if it enters into a compromise or attempts to enter a compromise with its creditors; or (iii) is placed in liquidation
 or under business rescue, whether provisional or finally, in which event the due date of repayment of the loan accounts shall be deemed
 to be the day immediately preceding the happening of the relevant event; or (iv) the Company failing to pay punctually any amount payable
 to Fusion Fuel in terms of the Fusion Fuel Loan and failing to remedy such breach within 10 (ten) business days of receipt of a written
 notice from Fusion Fuel to that effect; or (v) the Company allowing any judgement against it to remain unsatisfied for a period of 15
 (fifteen) business days .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Any
 payment made by Company shall first be attributed to any indebtedness to Fusion Fuel other than capital and interest, then towards interest
 and thereafter to the repayment of the capital sum.

8.5 A
 certificate signed by Fusion Fuel as to any indebtedness of the company in respect of the Fusion Fuel Loan shall be *prima facie* evidence
 of the balance of the Fusion Fuel Loan still owing to Fusion Fuel hereunder for the purpose of provisional sentence or summary judgement
 proceedings or for any other purpose.

8.6 Payment
 of the amounts referred to in clause 8.1 above shall be deposited into Alien Fuel's bank account (the details of which are set out
 below), pending the establishment of the Company's bank account. Once the Company's bank account has been established, all
 subsequent cash inflows and outflows shall be effected through such account. The signatories on such bank account shall be Bruce and Marissa,
 subject to any limitations set out in the Reserved Matters

Bank Account Details: [Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Fusion
 Fuel's nominated appointee shall at all times have viewing access to the Company bank account and to the bank account referred to
 in clause 8.6.

8.8 Any
 expenses in respect of Project 1 that are not specifically set out in Schedule E to this agreement must be approved in advance and in
 writing by JP Backwell's appointee prior to such expenses being incurred and the Company shall retain and shall on request of JP
 Backwell, submit all records and documents substantiating any such approved expenses.

8.9 <u>Reporting KPI's</u>: The Company shall be obliged to adhere to the agreed Operating and Financial KPI's, metrics and reporting obligations
 as set out in Annexure F ()"**KPI's**).

8.10 Notwithstanding
 clauses 8.1 to 8.9 above, in the event of the Business requiring funds and the Board, acting reasonably in the circumstances, decides
 at any time that borrowings from a bank or other outside sources are not desirable, which decision is approved by a Special Resolution
 of the Shareholders, the Shareholders shall be obliged to provide the required funds in proportion to their respective shareholdings at
 the time or in such other proportions as the Shareholders (as approved by Special Resolution) may agree in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 Should
 the Shareholders provide the required funds in proportion to their respective shareholdings at the time or in such other proportions as
 agreed in writing between the Shareholders (**"Proportionate Claims"**), such Proportionate Claims will, unless otherwise
 agreed in writing –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.1 be
 unsecured;

8.11.2 be
 interest free;

8.11.3 be
 advanced simultaneously to the Company;

8.11.4 be
 subject to the same terms and conditions;

8.11.5 be
 repayable to the Shareholders simultaneously and proportionately;

8.11.6 be
 repaid prior to the declaration of any dividends or other distributions to the Shareholders; and

8.11.7 be
 repaid as and when determined by the Shareholders, provided that the Proportionate Claims will immediately become due and payable in the
 event that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.7.1 the Company
 is placed in liquidation or under judicial management, whether provisional or final and whether compulsory or voluntary; or

8.11.7.2 the
 Company enters into a compromise or other similar arrangement with its creditors generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 Should
 any Shareholder fail to provide its *pro rata* portion of any funding to the Company, the Shareholder who elects to advance funding
 shall have a Disproportionate Claim.

8.13 The
 Disproportionate Claims will be subject to the same terms and conditions as the Proportionate Claims, save that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13.1 they
 will rank ahead of the Proportionate Claims in respect of the payment of interest and the repayment of capital, and will be repaid prior
 to the payment of interest and the repayment of capital on the Proportionate Claims; and

8.13.2 bear
 interest at the Prime Rate.

9. **EQUITY FINANCING** 

In the event that the Board determines that funding by way of share capital is preferable to funding by way of loan account, which decision is approved by a Special Resolution of the Shareholders in accordance with clause 5.2, then the applicable provisions of the Companies Act shall apply and any Shareholder who fails to contribute will dilute accordingly, with reference to Fair Market Value for determining value of the Shares.

10. **PERIOD OF THIS AGREEMENT** 

This Agreement shall remain in force in respect of a Shareholder until it is no longer a Shareholder of the Company, save for those clauses that are intended to survive after it is no longer a Shareholder which clauses will remain in force in accordance with the period set out in those provisions.

11. **SALE OF SHARES AND PRE-EMPTIVE RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. <u>Lock In Period</u>: Save in respect of disposals in terms of clause 13 or clause 14, the Shareholders undertake that they will not dispose
 of their respective Shares before the expiry of the Lock-In Period.

11.2. Subject
 to clause 11.1, a Shareholder may not dispose of its Shares unless if in one and the same transaction it disposes of that portion of its
 Shareholder Loan which bears the same proportion to the whole of its loan as the Shares disposed of bear to the whole of its shareholding
 in the Company. Likewise, a Shareholder may dispose of its Shareholder Loan only if, in one and the same transaction, it disposes of so
 many of its Shares as bear the same proportion to all of its Shares as the Shareholder Loan disposed of bear to all of its Shareholder
 Loan against the Company.

11.3. Subject
 to clause 11.1, should a Shareholder ("the Offeror") wish to dispose of any of its Equity ("the Offered Equity")
 held by it in the issued share capital of the Company, then the Offeror shall first offer the Offered Equity in writing, to the other
 of them ("the Offeree") or where there is more than one Shareholder to the others of them ("the Offerees") pro
 rata to their shareholdings in the Company. The written offer shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1. the
 Equity which the Offeror proposes to dispose of;

11.3.2. the
 intended selling price thereof distinguishing between the selling price of the Shares and the selling price of the Shareholder Loan;

11.3.3. where
 the Offeror has received an offer for the purchase of its Equity ("Third Party Offer"), the identity of the *bona fide* third
 party purchaser ("Third Party Purchaser") (such identification to be made with sufficient particularity to enable the other
 Shareholders to establish, if applicable, who is/are the ultimate beneficial owners of the shares or other economic interests in the Third
 Party Purchaser), and shall be accompanied by a true copy of the offer from the Third Party Purchaser, to the extent that the offer is
 in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.4. all the terms
 and conditions of the Third Party Offer to the extent that such terms and conditions are not in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. The offer shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.1. be
 open for acceptance by the Offeree/s for a period of 14 (Fourteen) days following the date of receipt of the offer by the Offeree/s;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.2. stipulate
 a cash price (which shall be expressed and payable in South African currency) at which the Offeror wishes to sell the Offered Equity,
 the terms of payment required, together with the terms and conditions of the Third Party Offer, if any, (to the extent that such terms
 and conditions are not in writing) and to the extent that they are in writing, a copy of such writing; on the basis that the purchase
 price shall be payable immediately, against delivery of the Offered Shares in negotiable form and cession of the Shareholders Loan to
 the Offeree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.3. not be subject
 to any other terms or conditions except that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.3.1. the
 whole and not a part only of the offer must be accepted;

11.4.3.2. the
 Offeree may be required to indemnify the Offeror against any claim made against the Offeror by virtue of its liability as surety, guarantor
 or aval, for any of the obligations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. If
 any one of the Offerees ("the Declining Offeree") does not accept the offer, the Offeree/s who has/have accepted the offer
 shall be entitled within seven days after:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1. the Offerees
 have been notified of that fact; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2. the expiry
 of the 14 (Fourteen) day period referred to in 11.4.1,

whichever is the later, to accept, in the proportions in which the offer is accepted by them, the offer in respect of the Declining Offeree's share of the Offered Equity, at the price and on the conditions set out in 11.4. The procedure prescribed by this clause 11.5 shall be repeated as often as is necessary (within the said seven day period) until the Offerees have declined the Declining Offeree's offer or until the whole offer has been accepted in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6. Should
 the Offeree/s not accept the whole of the offer in terms of 11.5, then the Offeror shall be entitled within 14 (Fourteen) days after such
 non-acceptance, provided the ultimate Shareholder/s of such third party has/have been established to the reasonable satisfaction of the
 Offeree/s, to sell and transfer all the Offered Equity (but not a part only) to the bona fide third party named in the offer, but at not
 less than the price at and on conditions which are not more favourable to the bona fide third party than those at which the Offeree/s
 was/were entitled to purchase the Offered Equity in terms of 11.4 on condition that such third party shall have been approved by the Board, <u>and</u> shall first agree, in writing, to be bound by the provisions of the MOI and this Shareholders Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7. To the extent
 that the Offeror does not sell the Offered Equity in terms of 11.6, all the provisions of this clause 11 shall again apply, *mutatis mutandis*, to the Offered Equity.

11.8. If
 all the Shareholders who would have been entitled to receive the written offer referred to in clause 11.3 consent in writing signed by
 them to the transfer of any Equity to any person (whether a Shareholder or not), such Equity may be transferred to such person without
 the provisions of clause 11.3 having to be observed.

12. **RIGHT OF FIRST REFUSAL ON FUTURE PROJECTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The
 Parties acknowledge their undertakings as set out in the LOI in relation to Project 2 and Project 3 (each referred to herein as a "New
 Project") and specifically Fusion Fuel's right of first refusal ("FROR") in respect of such projects.

12.2 Alien
 Fuel (directly or indirectly via Alien Energy) undertakes that, prior to engaging in or committing to any new project, business opportunity,
 or venture within the scope of the Company's Business or reasonably related thereto, which has been offered to Alien Fuel, or to
 Alien Energy or any entity in which Bruce has a controlling share (a "New Project"), it shall first offer Fusion Fuel (the
 "Eligible Party") the right to participate in such New Project, on the terms set out below.

12.3 <u>Notice of Opportunity</u>: Alien Fuel shall provide written notice ("Opportunity Notice") to Fusion Fuel, containing: (i) a description
 of the New Project; (ii) the proposed structure and terms of participation (including financial, operational, and strategic involvement);
 (iii) the estimated timelines and key deliverables; and (iv) the deadline for responding to the Opportunity Notice.

12.3 <u>Exercise of Right:</u> Fusion Fuel shall have 15 (fifteen) Business Days from receipt of the Opportunity Notice ("Response Period")
 to notify Alien Fuel and/or Alien Energy, as the case may be, in writing of its intention to participate in the New Project on the terms
 proposed.

12.4 <u>Failure to Exercise:</u> If Fusion Fuel fails to respond within the Response Period, or declines to participate, Alien Fuel and/or Alien Energy,
 as the case may be, shall be entitled to offer the opportunity to third parties on terms no more favourable than those contained in the
 Opportunity Notice. If Alien Fuel and/or Alien Energy, as the case may be, does not contract for funding or proceed with the New Project
 within 180 (one hundred and eighty days from the end of the Response Period, this clause shall reapply to that opportunity.

12.5 <u>Exclusions:</u> The provisions of this clause shall not apply to: (i) Internal administrative or operational projects not intended for separate commercial
 exploitation; (ii) Projects undertaken solely by Affiliates of the Company, provided no opportunity is otherwise extended to external
 third parties; or(iii) Projects previously disclosed and expressly excluded by unanimous written agreement of the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 Alien
 Energy Agreement: The Alien Energy Agreement shall include the terms relating to the Fairfield Option.

12.7 <u>Good Faith:</u> Alien Fuel and/or any entity in which Bruce has a controlling share (to which the New Project has been offered) shall act in
 good faith and shall not structure, split, or delay the New Project with the intention of circumventing the rights afforded under this
 clause.

13. **DEEMED OFFER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. In the event
 that either of the Shareholders and/or any of the Key Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1. Commits
 fraud, wilful misconduct or dishonesty;

13.1.2. Suffers
 an insolvency event;

13.1.3. commits
 a material breach of this Agreement and fails to remedy such breach within 30 (thirty) days written notice; or

13.1.4. disposes
 of its Shares prior the expiry of the Lock-In Period;

13.1.5. the
 nominated Key Person resigns or otherwise ceases employment (other than for death, incapacity, illness or unlawful termination) within
 24 (twenty four) months of the Effective Date

13.1.6. who
 has appointed a Director and that Director terminates his involvement as Director of the Company before the expiry of the Lock In Period;
 or

13.1.7. is
 liquidated (whether provisionally or finally) or is subject to business rescue proceedings (whether provisionally or finally) the Equity
 of such Shareholder shall be deemed to have been offered on the day immediately preceding the date upon which the above instances have
 occurred in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. first, to the
 remaining Shareholder, or if this offer is not accepted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. second, to
 the Company (subject to compliance with the provisions of the Companies Act), on the terms set out below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4. In
 the event of one of the trigger events set out in clauses 13.1.1 to 13.1.4, applying, such Shareholder will be regarded as a "bad
 leaver" and the Equity will be deemed to have been purchased for the Fair Market Value determined by an independent valuer appointed
 jointly by the Parties, less a discount of thirty percent (30%), provided that in cases of fraud, wilful misconduct, or dishonesty, the
 discount shall be fifty percent (50%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 For
 the avoidance of doubt, where the relevant cessation of employment or directorship arises due to death, permanent incapacity, unlawful
 termination or illness, the selling Shareholder shall be deemed a "good leaver" and the purchase price shall equal the full
 Fair Market Value without discount.

14. **COME ALONG TAG ALONG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. <u>Come Along</u>: If any Shareholder holding 75% (seventy five percent) or more ("the disposing party") wishes to dispose of its
 Equity in the Company to a *bone fide* third party, then the disposing party shall give the remaining Shareholder notice of the fact
 that the third party who intends purchasing the disposing party's Equity in the Company wishes to acquire 100% (one hundred percent)
 of the Equity in the Company and the remaining Shareholders do not exercise their pre-emptive rights as set out hereinbefore in this Agreement,
 then the disposing party shall be entitled to give notice in which it requires the remaining Shareholder, simultaneously with the disposal
 by the disposing party of its Equity, to dispose of their Equity in the Company to such third party on the same terms and conditions *pro rata* as those on which the disposing party will dispose of its interests in and claims against the Company to such third party.

14.2. <u>Tag Along</u>: If any Shareholder holding at least 75% % (seventy five) or more ("the disposing party") wishes to dispose of its
 Equity to a *bona fide* third party who intends purchasing the disposing party's Equity in the Company, the disposing party
 must first give notice to the remaining Shareholder and should the remaining Shareholder not exercise their pre-emptive rights as set
 out hereinbefore in this Agreement, the disposing party shall ensure that the third party offers to purchase the Equity held by the remaining
 Shareholders on the same terms and conditions *pro rata* as those on which the disposing party will dispose of its interests in and
 claims against the Company to such third party.

15. **FAIR MARKET VALUE** 

Fair Market Value shall be the fair market value as determined in accordance with the provisions of the MOI.

16. **RELEASE FROM SURETYSHIPS/GUARANTEES/INDEMNITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. Whenever
 a Shareholder sells all its Equity ("Selling Shareholder") to any other Shareholder(s), the remaining Shareholders shall use
 their best endeavours to procure the release of the Selling Shareholder from all suretyships and/or guarantees and/or indemnities executed
 by the Selling Shareholder on behalf of the Company in favour of third parties for the obligations of the Company.

16.2. The
 remaining Shareholders hereby indemnify the Selling Shareholder in respect of any liability which the Selling Shareholder may have under
 any of the said suretyships and/or guarantees and/or indemnities until the remaining Shareholders have procured said release.

17. **DIVIDEND POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. Subject
 to the relevant provisions of the Companies Act, and clause 7.2, dividends shall be determined by the Board, with the approval as a Reserved
 Matter in accordance with clause 5.2.

17.2. Should
 dividends be declared as contemplated in clause 17.1, the Company shall do so on the basis that the Company shall after distribution thereof
 have sufficient cash to cover its operating costs, as determined by the Board.

18. **PROTECTION OF TRADE SECRETS AND KNOW-HOW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1. In the interest
 of the protection and maintenance of the Trade Secrets and Know-How, every Shareholder, Director and Key Person undertakes in favour of
 the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.1. It
 shall not during his engagement and involvement in the Company or at any time thereafter, either himself utilise and/or directly or indirectly
 divulge and/or disclose to any third party (except as required by the terms and nature of such Party's engagement) any of the Trade
 Secrets and Know-How;

18.1.2. He/it
 shall treat as confidential all Trade Secrets and Know-How which a third party has in terms of any contract made available to the Company
 and which has become known to such Party in the course of his engagement and involvement with the Company, and not to divulge to other
 third parties any information regarding such Trade Secrets and Know-How contrary to the terms of the aforesaid engagement/involvement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2. The restrictions
 imposed upon the Shareholders, Directors and Key Persons in terms of this clause 18 shall be deemed :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.1. to
 be separate and severable restraints in favour of the Company and each Shareholder of the Company;

18.2.2. be
 deemed to be in respect of each part thereof entire, separate, severable and separately enforceable in the widest sense from the other
 parts thereof (including as to area, business activity prohibited or length of time). An undertaking or restraint shall be deemed to be
 a separate undertaking or restraint notwithstanding the fact that it appears in the same clause, sub-clause or sentence of any other undertaking
 or imposed by the introduction of a word or phrase conjunctively with or disjunctively from or alternatively to other words or phrases;

18.2.3. be
 deemed to have been imposed separately in respect of each part of the Territory (including in respect of each magisterial district in
 the Territory) and the fact that such restraints may not be valid or enforceable in respect of any part of the Territory shall not affect
 its validity or enforceability insofar as the other parts of the Territory are concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.4. shall
 not apply in the event of the Company ceasing to trade as at the Termination Date; and

18.2.5. in
 respect of each part thereof to be separate and separately enforceable in the widest sense from the other parts thereof and the invalidity
 or unenforceability of any clause or part thereof shall not in any way affect the validity or enforceability of any other part of the
 clause or the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3. The Shareholder,
 Director and Key Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.1. acknowledges
 that he has carefully considered the provisions of this clause 18 and fully realises the implications and effect of the provisions hereof
 and has entered into such restraint of trade covenants freely and voluntarily and that such restraint of trade covenants will not cause
 it any hardship which he is not willing to bear in return for the benefits (existing and prospective) arising directly or indirectly as
 a result of this Agreement; and

18.3.2. agrees
 that this clause is, after taking all relevant circumstances into account, reasonable and goes no further than is necessary to protect
 the proprietary interests of the Company and undertakes that if he should at any time dispute the reasonableness of this clause, then
 the onus of proving such unreasonableness shall be upon him.

19. **INTELLECTUAL PROPERTY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 Alien
 Energy has agreed to licence the Alien Energy IP and Know-How to the Company for use in Project 1 on a limited, non-exclusive, non-sublicensable,
 non-transferable basis, subject to the terms set out in the Alien Energy Agreement.

19.2 Save
 as specifically set out in clause 19.1, any concept, design or product developed by any employee, Shareholder and/or Director during his
 employment or appointment with the Company, which is directly related to the Business, including but not limited to, any intellectual
 property, shall be presented to the Board and unless otherwise agreed by the Board, shall automatically become the intellectual property
 of the Company. Should any Party design any concept or product that is not directly related to the Business of the Company but which the
 Company wishes to utilise, such intellectual property shall remain invested in the relevant Party and be licenced to the Company on terms
 and conditions as agreed to by the Company and the relevant Party. For the avoidance of doubt insofar as it relates to Alien Energy IP
 and Know-How, the ownership of such materials shall remain solely vested in Alien Energy.

20. **RETURN OF DOCUMENTS** 

All books, papers, records, document and correspondence whether recorded electronically or otherwise relating to or containing a reference to the Business of the Company and its subsidiaries (if any) shall immediately be returned to the Company by a Shareholder upon the termination of such Shareholder's shareholding in the Company.

21. **NATURE OF RELATIONSHIP BETWEEN THE SHAREHOLDERS** 

The relationship between the Shareholders as such shall not be construed as that of partnership or quasi partnership.

22. **BINDING EFFECT** 

This Agreement shall be and remain binding on the Shareholders notwithstanding any alteration in their respective shareholdings or any change in the shareholding of the Company, whether by the admission of a new Shareholder or the termination of the shareholding of an existing Shareholder.

23. **ADHERENCE TO LAWS** 

The Shareholders shall procure that the Company shall refrain from any conduct that would violate any applicable laws or regulations in the Republic of South Africa or elsewhere.

24. **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1. Without the
 prior consent of the other Parties, each Party will keep confidential and will not disclose to any person or make any public announcements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1.1. the
 details of this Agreement, the details of the negotiations leading to this Agreement, and the information handed over to such Party during
 the course of negotiations, as well as the details of all the transactions or agreements contemplated in this Agreement;

24.1.2. the
 details of the Alien Energy Agreement; and

24.1.3. all
 information relating to the Business or the operations and affairs or the Parties and the Company, or about Project 1, Project 2 and/or
 Project 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2. Each
 Party shall further not utilise any information relating to the business or the operations and affairs of the Parties and the Company
 as disclosed to it by virtue of its shareholding in the Company for any purposes other than the exercise of its rights as a Shareholder.

24.3. No
 public announcement or statement shall be made in relation to the conclusion, implementation or contents of this Agreement by any Party
 unless such announcement or statement has been approved in writing by the Parties prior to the publication thereof, or is required in
 accordance with securities laws applicable to a Party.

25. **GOOD FAITH** 

The Parties undertake to observe good faith in the implementation of and adherence to this Agreement.

26. **NO ASSIGNMENT** 

Save as provided for in this Agreement, no Party shall be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1. cede its rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2. delegate its
 obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3. assign its
 rights and obligations,

under this Agreement unless the other Party or Parties consent thereto in writing, which consent shall not be unreasonably withheld.

27. **DISPUTE RESOLUTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1. Should
 any dispute arise between the Parties in respect of or pursuant to this Agreement, the Parties to such dispute undertake to engage and
 meet with each other on an informal and expedited basis in order to attempt to resolve the dispute. The Parties shall undertake to meet
 within 5 (five) Business days of a Party requesting to resolve a dispute in accordance with this clause 26.1 and to resolve the dispute
 within 5 (five) Business days after the first meeting.

27.2. Should
 the dispute fail to be resolved within the period referred to in clause 26.1, then any of the Parties to that dispute may submit such
 dispute to be resolved and decided by arbitration in accordance with the rules of UNITRAL and the decision of the arbitrator shall be
 final and binding upon the Parties and may be made an order of court on application by any of the Parties.

27.3. That
 arbitration shall be held in Durban, South Africa.

27.4. The
 arbitrator shall be a person agreed between the Parties or, should the Parties fail to agree on an arbitrator within 14 (fourteen) days
 after the arbitration has been demanded, shall be appointed by the Arbitration Foundation of Southern Africa.

27.5. The
 arbitration shall be held as quickly as possible after it is requested, with a view to it being completed within 30 (thirty) days after
 it has been so requested.

27.6. The
 costs of the arbitrator shall be borne by the Shareholders in equal shares and each Shareholder shall bear its own costs of and incidental
 to the arbitration.

27.7. The
 provisions of this clause:-

27.7.1. constitute an irrevocable consent by the Shareholders to any proceedings
 in terms hereof and no Shareholder shall be entitled to withdraw therefrom or claim at any such proceedings that it is not bound by such
 provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.7.2. are
 severable from the rest of this Agreement and shall remain in effect despite the termination of or invalidity for any reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.8. And
 dispute process and arbitration in terms of this clause 27 shall be held on an *in camera* basis, and the Parties agree to keep such
 process and/or arbitration, including the subject matter of the dispute, confidential and not to disclose it to any third parties.

27.9. This
 clause shall not preclude any Shareholder from obtaining interim relief on an urgent basis from a court of competent jurisdiction pending
 any decision of the arbitrator.

27.10. The Parties
 agree that the decision of the arbitrator shall be final and binding on them.

28. **ALTERATION** 

No alteration, cancellation, variation of, or addition hereto shall be of any force or effect unless reduced to writing and signed by all Parties to this Agreement or their duly authorised representatives.

29. **SUPERSESSION** 

This Agreement cancels and supersedes all prior negotiations and agreements entered into between the Parties relating to the matters set forth herein.

30. **ENTIRE AGREEMENT** 

This document contains the entire agreement between the Parties in relation to the subject matter hereof and no Party shall be bound by any undertakings, representations, warranties, promises or the like not recorded herein.

31. **NO INDULGENCES** 

No indulgence, leniency or extension of time which any Party ("the Grantor") may grant or show to any other Party, shall in any way prejudice the Grantor or preclude the Grantor from exercising any of its rights in the future.

32. **UNDERTAKINGS TO GIVE EFFECT TO THIS AGREEMENT** 

The Parties shall respectively cause all resolutions to be passed and undertake to sign all such other documents and do such other things as shall be necessary or requisite to give proper and due effect to the terms of this Agreement, or any other matter arising therefrom, according to its intent and purpose.

33. **NOTICES AND DOMICILIA** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1. Each
 of the Parties chooses *domicilium citandi et executandi* ("domicilium") for the purposes of the giving of any notice,
 the payment of any sum, the serving of any process and for any other purposes arising from this Agreement at their respective addresses
 set forth in clause 1.

33.2. Each
 of the Parties shall be entitled from time to time, by written notice to the others, to vary its domicilium to any other address within
 the Republic of South Africa, which is not a post office box or *poste restante*.

33.3. Any
 notice given and any payment made by a Party to any other of the others ('the addressees") which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.3.1. is
 delivered by hand during the normal business hours of the addressee at the addressee's domicilium for the time being, shall be presumed,
 until the contrary is proved by the addressee to have been received by the addressee at the time of delivery.

33.3.2. is
 posted be prepaid registered post from an address within the Republic of South Africa to the addressee at the addressee's domicilium
 for the time being, shall be presumed, until the contrary is proved by the addressee, to have been received by the addressee by the addressee
 on the 5th (fifth) Business Day after the date of posting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.4. Where,
 in terms of this Agreement any communication is required to be in writing, the term "writing" shall include communications
 by facsimile or electronic mail. Communications be way of electronic mail shall, unless the contrary is proved by the addressee, be deemed
 to have been received by the addressee 12 (twelve) hours after the time of transmission.

33.5. Notwithstanding
 the preceding provisions of this clause 33, in the event that a written notice or any process is actually received by a Party, such receipt
 shall be valid for all purposes under this Agreement notwithstanding that it was not received at a Party's chosen domicilium.

34. **COUNTERPARTS** 

This Agreement may be executed in a number of counterparts, each of which shall be deemed an original of all such counterparts which, when taken together shall constitute one instrument.

35. **INDEPENDENT ADVICE** 

Each of the Parties acknowledges and agrees that it has had independent legal, accounting, financial, technical and other relevant expert advice relating to this Agreement and that it has not relied upon any warranty, representation or assurance given by or on behalf of any other party, other than expressly set out in this Agreement.

36. **COSTS** 

The legal costs and expenses in relation to the drafting of this Agreement and the attendances incidental thereto shall be borne equally by the Company.

SIGNED ON THE 16th DAY OFOCTOBER 2025

---

| |
|:---|
| */s/ Bruce Johnson* |
| For and on behalf of |
| **BIOSTEAM ENERGY PROPRIETARY LIMITED** |
| The signatory warranting that he is duly authorised thereto |

---

---

| |
|:---|
| */s/ Bruce Johnson* |
| For and on behalf of |
| **ALIEN FUEL PROPRIETARY LIMITED** |
| he warranting that he is duly authorised thereto |

---

---

| |
|:---|
| */s/John-Paul Backwell* |
| For and on behalf of |
| **FUSION FUEL GREEN PUBLIC LIMITED COMPANY** |
| he warranting that he is duly authorised thereto |

---

**ANNEXURE A: RESERVED MATTERS**

1.1 **Reserved Matters** 

The Reserved Matters are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 **Project 1** – variation of any of the terms applicable to Project 1 as set out in Annexure B.

1.1.2 **Accounts and Accounting Policies** – the approval of the statutory accounts of the Company and any change in the principal accounting policies
 of the Company, and/or changes to the valuation methodology of the Company/Shares.

1.1.3 **Acquisitions** – any acquisition, whether in a single transaction or a series of transactions by the Company of any business (or any material
 part of any business) or of any shares in any company.

1.1.4 **Steam Supply Agreements-** the approval, amendment or termination of any Steam Supply Agreement (and any other material offtake agreement).

1.1.5 **Expansion of Business-** Any change to the Business of the Company, including expansion beyond biomass-powered steam projects or material change
 of technology or geography.

1.1.6 **Auditors** – change and appointment of auditors of the Company.

1.1.7 **Budget** - approval of the annual budget or other similar operating plans and any modification thereof or deviations therefrom;

1.1.8 **Change in Nature of Business** – any material change in the nature or scope of the Business of the Company and/or any wholly owned Subsidiary
 of the Company.

1.1.9 **Changes in Share Capital, Share Options, and Share Repurchase** – any change in the issued share capital of the Company and/or any wholly
 owned Subsidiary of the Company, including any increase in, alteration or reduction or conversion of the Company's authorised or
 issued share capital; any variation of any of the rights attaching to any Shares or class of Shares in the Company, the issue or allotment
 by the Company of any capitalisation Shares, bonus Shares, share options, share warrants or debentures and/or the repurchase of any of
 the Company's issued Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.10 **Connected Party Transactions** – any transaction by the Company with any Shareholder or Director of the Company , which is either –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.10.1 outside
 the ordinary course of business;

1.1.10.2 within
 the ordinary course of Business but has a value in excess of R1 000 000 (one million Rand); or

1.1.10.3 is
 not on commercial arm's length terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.11 **Directors** – remuneration of directors.

1.1.12 **Disposals** – any disposal, whether in a single transaction or a series of transactions, by the Company, of the whole or substantially the
 whole of its Business, shares, investments, or the whole or the greater part of its assets, whether directly or indirectly or through
 a subsidiary or other vehicle

1.1.13 **Dividends** – the declaration of and payment of any dividend or distribution by the Company.

1.1.14 **Encumbrance** – the creation of any mortgage, encumbrance or other security interest of whatsoever nature in respect of all or any material
 part of the undertaking, property or assets of the Company, where the shareholder may be a signatory to the encumbrance or security.

1.1.15 **Equity Funding** – the decision in re equity funding and the extent of funding to be provided by the Shareholders.

1.1.16 **Litigation** – initiating (by commencing proceedings) or settling any litigation or arbitration by the Company, save for debt collection
 in the Ordinary Course of Business and any ongoing litigation at the Date of Signature.

1.1.17 **Shareholder Loan Repayments** – varying the accumulated cash balance threshold referred to in clause 8.2.4 of the Agreement.

1.1.18 **MOI** – adoption of or amendment to the Memorandum of Incorporation.

1.1.19 **Other Matters** – any other matter of the Company requiring that the Company pass a special resolution, as the case may be, in terms
 of the Companies Act.

1.1.20 **Partnerships and Joint Ventures** – the entry into or termination by the Company, of any material partnership, joint venture, profit sharing
 agreement, technology licence or collaboration.

1.1.21 **Third Party Shareholders** – the approval of third party shareholders.

1.1.22 **Winding Up** – any proposal that the Company be wound-up or liquidated or placed under business rescue, whether provisionally or finally,
 as the case may be, or the discontinuation of any business activities of the Company.

**ANNEXURE B: PROJECT 1**

**<u>This Annexure B should be read with the Head of Terms (Annexure C) and the LOI (Annexure D)</u>**

**<u>Description of Project 1</u>**

Project 1 consists of siting and commissioning the operation of a boiler manufactured by Alien Fuels on the site of Fairfield Dairy in Howick KZN South Africa. That boiler will be connected to the existing operation of Fairfield dairy, replacing their incumbent fossil fuel boiler and through the supply of an alternative fuel source (namely wood pellets) which are also manufactured by Alien Fuels, facilitate the continued operation at a reduced carbon footprint for Fairfield Dairy.

Fairfield as the client will pay the Company a fixed charge for having the boiler on site, and a variable charge based on the cubic metres of steam that the boiler produces.

The Company will be recipient of the profits derived from the client, in exchange for the funding provided by Fusion Fuel, and the operational expertise lent by Alien Fuel (through its Key Persons), which contribution entitles each Shareholder to their respective shareholding.

**<u>Principal Project 1 Terms</u>**

Alien Fuel payments to the Related Parties. All payments made from the Company via Alien Fuel to Related Parties shall be done as expediently as possible, where possible on same/next day payment mechanism and verified/substantiated to Fusion Fuel via the Board (specifically including the Investor Director).

<u>Cash Flow & Related-Party Payment Controls</u>

All Project 1 funds shall flow exclusively through Alien Fuel's unencumbered account.

No payments to Related Parties, other than those set out and agreed in Schedule E (Fusion Fuel Loan Payment Schedule), shall occur without prior written approval from Fusion Fuel.

Any payment for equipment above ZAR 2 million should be accompanied by a bank guarantee or agreed beforehand with Fusion Fuel to waive this requirement.

Any purchase of equipment from Related Parties shall have a portion of the equipment payment tied to the equipment being successfully installed and fully operational (e.g. final 10-20% of equipment payment shall be withheld until these milestones are met).

<u>EPC Contractor (Basic Stock) Controls</u>

Basic Stock acts as EPC contractor with a maximum budgeted profit margin of 10%. 50% of Basic Stock's profit shall be retained in escrow until 30 days after handover and successful commissioning of Project 1.

Fusion Fuel may withhold retained profits if Project 1 fails to meet the agreed KPIs, which are set out in Annexure F (KPI's) to this Agreement.

<u>Reporting & Audit Rights</u>

Alien Fuel shall provide the Company with the following:

● Monthly project cash flow reports (within 15 days of month end);

● Quarterly operational KPI reports (within 30 days of quarter end);

● Immediate notification of cost overruns or material variances.

● Immediate notification of any tax, legal, social security, etc. issues.

● Failure to comply with the above allows Fusion Fuel to perform an inspection and/or make changes to the Company´s operational management.

Fusion Fuel reserves the right to appoint an independent auditor at its discretion.

<u>Carbon Credit Revenue Sharing</u>

Carbon credit revenues derived from fuel-switching benefits at the Company, shall accrue the Company for the benefit of the Company and Fusion Fuel (and Fusion Fuel shall receive 51% of all verified revenues).

<u>Related Parties</u>

Changes to Related Party entities (additions or removals) to be communicated to Fusion Fuel in writing within 15 days of the change).

**ANNEXURE C: HEAD OF TERMS**

![](ex4-28_001.jpg)

![](ex4-28_002.jpg)

![](ex4-28_003.jpg)

![](ex4-28_004.jpg)

![](ex4-28_005.jpg)

**ANNEXURE D: LETTER OF INTENT**

![](ex4-28_006.jpg)

![](ex4-28_007.jpg)

![](ex4-28_008.jpg)

![](ex4-28_009.jpg)

**ANNEXURE E: FUSION FUEL LOAN PAYMENT SCHEDULE**

![](ex4-28_010.jpg)

**ANNEXURE F: KPI'S**

![](ex4-28_011.jpg)

## Exhibit 4.34

**Exhibit 4.34**

![](ex4-34_001.jpg)

![](ex4-34_002.jpg)

![](ex4-34_003.jpg)

![](ex4-34_004.jpg)

![](ex4-34_005.jpg)

![](ex4-34_006.jpg)

![](ex4-34_007.jpg)

![](ex4-34_008.jpg)

![](ex4-34_009.jpg)

![](ex4-34_010.jpg)

## Exhibit 4.35

**Exhibit 4.35**

![](ex4-35_001.jpg)

![](ex4-35_002.jpg)

![](ex4-35_003.jpg)

![](ex4-35_004.jpg)

![](ex4-35_005.jpg)

![](ex4-35_006.jpg)

![](ex4-35_007.jpg)

![](ex4-35_008.jpg)

![](ex4-35_009.jpg)

![](ex4-35_010.jpg)

![](ex4-35_011.jpg)

## Exhibit 4.36

**Exhibit 4.36**

![](ex4-36_001.jpg)

![](ex4-36_002.jpg)

![](ex4-36_003.jpg)

![](ex4-36_004.jpg)

![](ex4-36_005.jpg)

![](ex4-36_006.jpg)

![](ex4-36_007.jpg)

![](ex4-36_008.jpg)

![](ex4-36_009.jpg)

![](ex4-36_010.jpg)

![](ex4-36_011.jpg)

## Exhibit 4.37

**Exhibit 4.37**

![](ex4-37_001.jpg)

![](ex4-37_002.jpg)

![](ex4-37_003.jpg)

![](ex4-37_004.jpg)

![](ex4-37_005.jpg)

![](ex4-37_006.jpg)

![](ex4-37_007.jpg)

![](ex4-37_008.jpg)

![](ex4-37_009.jpg)

![](ex4-37_010.jpg)

![](ex4-37_011.jpg)

## Exhibit 8.1

**Exhibit 8.1**

**List of Subsidiaries**

---

| | |
|:---|:---|
| **Company** | **Jurisdiction of Formation** |
| Al Shola Al Modea Gas Distribution LLC | United Arab Emirates |
| Biosteam Energy (Proprietary) Limited | South Africa |
| Bright Hydrogen Solutions Limited | Ireland |
| Fusion Fuel USA, Inc. | Delaware |
| Quality Industrial Corp. | Nevada |

---

## Exhibit 11.1

**Exhibit 11.1**

**FUSION FUEL GREEN PLC<br> AMENDED AND RESTATED INSIDER TRADING POLICY**

**1.** **PURPOSE** 

This Insider Trading Policy (this "**Policy**") states the policy with respect to transactions in the securities of Fusion Fuel Green PLC (the "**Company**") and the handling of confidential information about the Company and the companies with which the Company engages in transactions or does business. The Company's Board of Directors has adopted this Policy to promote compliance with U.S. federal, state and foreign securities laws that prohibit certain persons who are aware of material nonpublic information about a company from (i) engaging in transactions in the securities of that company, or (ii) providing material nonpublic information to other persons who may engage in transactions on the basis of that information. References to "you" or "your" refer to any person to whom this Policy applies.

**2.** **PERSONS SUBJECT TO THE POLICY** 

This Policy applies to all members of the Company's Board of Directors (collectively, "**directors**" and each, a "**director**"), officers and employees of the Company and its subsidiaries. The Company may also determine that other persons should be subject to this Policy, such as contractors or consultants who have access to material nonpublic information about the Company. With respect to any person covered by this Policy, this Policy also applies to that person's family members, other members of that person's household, and entities controlled by that person, as described below under "Transactions by Family Members and Others" and "Transactions by Entities That You Influence or Control."

**3.** **TRANSACTIONS SUBJECT TO THE POLICY** 

This Policy applies to transactions in the Company's securities (collectively, "**Company Securities**"), including the Company's ordinary shares, restricted shares, options to purchase ordinary shares or any other type of security the Company may issue, including (but not limited to) preferred shares, convertible debentures and warrants, as well as derivative securities that are not issued by the Company, such as exchange-traded put or call options or swaps relating to Company Securities. Transactions subject to this Policy include purchases, sales and bona fide gifts of Company Securities. This Policy similarly applies to transactions in or relating to the securities of certain other companies with which the Company engages in transactions or does business.

**4.** **INDIVIDUAL RESPONSIBILITY** 

Persons subject to this Policy have ethical and legal obligations to maintain the confidentiality of information about the Company and to not engage in transactions in Company Securities while in possession of material nonpublic information. Persons subject to this Policy must not engage in illegal trading and must avoid the appearance of improper trading. Each individual is responsible for making sure that he, she or they comply with this Policy, and that any family member, household member or entity whose transactions are subject to this Policy, as discussed below, also comply with this Policy. In all cases, the responsibility for determining whether an individual is in possession of material nonpublic information rests with that individual, and any action on the part of the Company, the Administrator (as defined below) or any other employee, officer or director pursuant to this Policy (or otherwise) does not in any way constitute legal advice or insulate an individual from liability under applicable securities laws. You could be subject to severe legal penalties and disciplinary action by the Company for any conduct prohibited by this Policy or applicable securities laws, as described below under "Consequences of Violations."

**5.** **ADMINISTRATION OF THE POLICY** 

The "**Administrator**" of this Policy is the Company's Chief Financial Officer or such other individual designated by the Company's Board of Directors from time to time. All determinations and interpretations by the Administrator are final and not subject to further review.

**6.** **PRINCIPAL STATEMENT OF POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Trading in Company Securities and Disclosure of Nonpublic Information**. No director, officer or employee of the Company (or any other person designated by this Policy or by the Administrator as subject to this Policy) who is aware of material nonpublic information relating to the Company may, directly or indirectly through family members or other persons or entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) engage in transactions in Company Securities, except as otherwise specified in this Policy under the heading "Limited Exceptions;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recommend that others engage in transactions in any Company Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) disclose material nonpublic information to persons within the Company whose jobs do not require them to have that information, or to persons outside of the Company, including, but not limited to, family, friends, business associates, investors and consultants, except as required in the performance of regular corporate duties and only to the extent appropriate confidentiality protections are effective and the disclosure conforms to Company policies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) assist anyone engaged in the above activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Trading in Securities of Other Companies**. No director, officer or employee of the Company (or any other person designated by this Policy or by the Administrator as subject to this Policy) who, in the course of working for the Company, learns of **<u>material nonpublic information</u>** about a company with which the Company does or intends to do business, including a customer, supplier, vendor, or service provider of the Company, or otherwise involved in a potential transaction or business relationship with the Company, may engage in transactions in that company's securities until the information becomes public or is no longer material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) No Exceptions**. There are no exceptions to this Policy, except as specifically noted herein. Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure), or small transactions, are not excluded from this Policy. The securities laws do not recognize any mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Company's reputation for adhering to the highest standards of conduct.

**7.** **DEFINITION OF MATERIAL NONPUBLIC INFORMATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Material Information**. Information is considered "material" if a reasonable investor would consider that information important in making a decision to buy, hold or sell securities. **<u>Any information that could be expected to impact the Company's share price, whether it is positive or negative, is considered material.</u>** There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all of the facts and circumstances, and is often evaluated by enforcement authorities with the benefit of hindsight. While it is not possible to define all categories of material information, some examples of information that ordinarily would be regarded as material are:

● operating or financial results or projections, including earnings guidance;

● changes to previously announced earnings guidance, or downgrades of the decision to suspend earnings guidance;

● analyst upgrades or downgrades of the Company or one of its securities;

● corporate transactions, such as mergers, acquisitions, joint ventures or restructurings;

● significant related party transactions;

● dividend, share repurchase or recapitalization matters;

● debt or equity financing matters;

● regulatory matters;

● major marketing changes;

● gain or loss of a significant customer or supplier;

● a change in the Board of Directors or senior management;

● a change in auditors or notification that the auditor's reports may no longer be relied upon;

● a significant cybersecurity incident, such as a data breach, or any other significant disruption in the company's operations or loss, potential loss, breach or unauthorized access of its property or assets, whether at its facilities or through its information technology infrastructure;

● impending bankruptcy or the existence of severe liquidity problems;

● litigation or regulatory proceedings and investigations;

● the imposition of a ban or restriction on trading in Company Securities or other securities;

● intellectual property and other proprietary information; and

● significant corporate developments, including with respect to research and development activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Nonpublic Information**. Information is considered "nonpublic" if that information has not been broadly disclosed to the marketplace, such as by press release or a filing with the U.S. Securities and Exchange Commission (the "**SEC**"), and/or the investing public has not had time to fully absorb that information. Information that has not been disclosed to the public is generally considered to be nonpublic information. In order to establish that the information has been disclosed to the public, it may be necessary to demonstrate that the information has been widely disseminated. Information generally would be considered widely disseminated if it has been disclosed through the newswire services, a broadcast on widely available radio or television programs, publication in a widely available newspaper, magazine or news website, or public disclosure documents filed with the SEC that are available on the SEC's website. By contrast, information would likely not be considered widely disseminated if it is available only to the Company's employees, or if it is only available to a select group of analysts, brokers and institutional investors.

As a general rule, information should not be considered fully absorbed by the investing public until the second full business day after the day on which the information is released. If the information is released after business hours, it is deemed to have been released on the following business day. If, for example, the Company makes an announcement at 9:00 a.m. Eastern Time on Monday, a person subject to this Policy should not engage in transactions in Company Securities until the market opens on Wednesday. If such an announcement were made at 6:00 p.m. Eastern Time on Monday, the person subject to this Policy should not engage in transactions in Company Securities until the market opens on Thursday. Depending on the particular circumstances, the Company may determine that a longer or shorter period should apply.

**8.** **TRANSACTIONS BY FAMILY MEMBERS AND OTHERS** 

This Policy applies to your family members who reside with you (including a spouse, a child, a child away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings and in-laws), anyone else who lives in your household, and any family members who do not live in your household but whose transactions in Company Securities are directed by you or are subject to your influence or control, such as parents or children who consult with you before they engage in transactions in Company Securities (collectively, "**Family Members**"). You are responsible for the transactions of your Family Members and therefore should make them aware of the need to confer with you before they engage in transactions in Company Securities, and you should treat all such transactions for the purposes of this Policy and applicable securities laws as if the transactions were for your own account. This Policy does not, however, apply to personal securities transactions of Family Members where the transaction decision is made by a third party not controlled by, influenced by or related to you or your Family Members.

**9.** **TRANSACTIONS BY ENTITIES THAT YOU INFLUENCE OR CONTROL** 

This Policy applies to any entities that you influence or control, including any corporations, partnerships or trusts (collectively, "**Controlled Entities**"), and transactions by these Controlled Entities should be treated for the purposes of this Policy and applicable securities laws as if they were for your own account.

**10.** **LIMITED EXCEPTIONS** 

This Policy does not apply in the case of the following transactions (although these transactions may nevertheless be subject to the requirements of Section 16 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), applicable to directors and officers (as defined by Rule 16a-1 under the Exchange Act ("**Rule 16a-1**")):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Share Option Exercises**. This Policy does not apply to the exercise of an employee share option acquired pursuant to the Company's plans, or to the exercise of a tax withholding right pursuant to which a person has elected to have the Company withhold shares subject to an option to satisfy tax withholding requirements. This Policy does apply, however, to any sale of shares as part of a broker-assisted cashless exercise of an option, or any other sale for the purpose of generating the cash needed to pay the exercise price of an option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Restricted Share Awards**. This Policy does not apply to the vesting of restricted shares, or the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares to satisfy tax withholding requirements upon the vesting of any restricted shares. The Policy does apply, however, to any sale of restricted shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) 401(k) Plan**. This Policy does not apply to purchases of Company Securities in the Company's 401(k) plan resulting from your periodic contribution of money to the plan pursuant to your payroll deduction election. This Policy does apply, however, to certain elections you may make under the 401(k) plan, including: (i) an election to increase or decrease the percentage of your periodic contributions that will be allocated to any Company Securities fund; (ii) an election to make an intra-plan transfer of an existing account balance into or out of any Company Securities fund; (iii) an election to borrow money against your 401(k) plan account if the loan will result in a liquidation of some or all of any Company Securities fund balance; and (iv) an election to pre-pay a plan loan if the pre-payment will result in allocation of loan proceeds to any Company Securities fund. It should be noted that sales of Company Securities from a 401(k) account are also subject to Rule 144, and therefore affiliates should ensure that a Form 144 is filed when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Employee Share Purchase Plan**. This Policy does not apply to purchases of Company Securities in the employee share purchase plan resulting from your periodic contribution of money to the plan pursuant to the election you made at the time of your enrollment in the plan. This Policy also does not apply to purchases of Company Securities resulting from lump sum contributions to the plan, provided that you elected to participate by lump sum payment at the beginning of the applicable enrollment period. This Policy does apply, however, to your election to participate in the plan for any enrollment period, and to your sales of Company Securities purchased pursuant to the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Dividend Reinvestment Plan**. This Policy does not apply to purchases of Company Securities under the Company's dividend reinvestment plan resulting from your reinvestment of dividends paid on Company Securities. This Policy does apply, however, to voluntary purchases of Company Securities resulting from additional contributions you choose to make to the dividend reinvestment plan, and to your election to participate in the plan or increase your level of participation in the plan. This Policy also applies to your sale of any Company Securities purchased pursuant to the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Other Similar Transactions**. Any other purchase of Company Securities from the Company or sales of Company Securities to the Company are not subject to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Rule 10b5-1 Plans**. Rule 10b5-1 under the Exchange Act ("**Rule 10b5-1**") provides a defense from insider trading liability under Rule 10b-5 under the Exchange Act ("**Rule 10b-5**"). In order to be eligible to rely on this defense, a person subject to this Policy must enter into a Rule 10b5-1 plan for transactions in Company Securities that meets certain conditions specified in the Rule (a "**Rule 10b5-1 Plan**"). If the plan meets the requirements of Rule 10b5-1, Company Securities may be traded without regard to certain insider trading restrictions. To comply with this Policy, a Rule 10b5-1 Plan must be approved by the Administrator and meet the requirements of Rule 10b5-1 and the Company's "Guidelines for Rule 10b5-1 Plans," which are set forth in <u>Appendix 10(b)</u> to this Policy. In general, to ensure that a Rule 10b5-1 Plan is entered into at a time when the person entering into the plan is not aware of material nonpublic information, it must be entered into during an Open Trading Window. Once the Rule 10b5-1 Plan is adopted, the person must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. The Rule 10b5-1 Plan must either specify the amount, pricing and timing of transactions in advance or delegate discretion on these matters to an independent third party. The Rule 10b5-1 Plan must include a cooling-off period before trading can commence that, for directors or officers, ends on the later of 90 days after the adoption of the Rule 10b5-1 Plan or two business days following the disclosure of the Company's financial results in an SEC periodic report for the fiscal period in which the Rule 10b5-1 Plan was adopted (but in any event, the required cooling-off period is subject to a maximum of 120 days after adoption of the Rule 10b5-1 Plan), and for persons other than directors or officers, 30 days following the adoption or modification of a Rule 10b5-1 Plan. A person may not enter into overlapping Rule 10b5-1 Plans (subject to certain exceptions) and may only enter into one single-trade Rule 10b5-1 Plan during any 12-month period (subject to certain exceptions). Directors and officers must include a representation in their Rule 10b5-1 Plan certifying that: (i) they are not aware of any material nonpublic information; and (ii) they are adopting the plan in good faith and not as part of a plan or scheme to evade the prohibitions in Rule 10b-5. All persons entering into a Rule 10b5-1 Plan must act in good faith with respect to that plan. Any Rule 10b5-1 Plan must be submitted for approval at least five business days prior to the entry into the Rule 10b5-1 Plan. No further pre-approval of transactions conducted pursuant to the Rule 10b5-1 Plan will be required.

**11.** **SPECIAL AND PROHIBITED TRANSACTIONS** 

The Company has determined that there is a heightened legal risk and/or the appearance of improper or inappropriate conduct if the persons subject to this Policy engage in certain types of transactions. Therefore, it is the Company's policy that any persons covered by this Policy may not engage in any of the following transactions, or should otherwise consider the Company's preferences as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Short-Term Trading**. Short-term trading of Company Securities may be distracting to the person and may unduly focus the person on the Company's short-term stock market performance instead of the Company's long-term business objectives. For these reasons, all persons subject to this Policy who purchase Company Securities in the open market are discouraged from selling any Company Securities of the same class during the three months following the purchase (or vice versa). Furthermore, such short-term trading by directors or officers (as defined by Rule 16a-1) may result in short-swing profit liability under Section 16(b) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Short Sales**. Short sales of Company Securities (i.e., the sale of a security that the seller does not own) may evidence an expectation on the part of the seller that the securities will decline in value, and therefore have the potential to signal to the market that the seller lacks confidence in the Company's prospects. In addition, short sales may reduce a seller's incentive to seek to improve the Company's performance. For these reasons, short sales of Company Securities are prohibited. Furthermore, Section 16(c) of the Exchange Act prohibits directors and officers (as defined by Rule 16a-1) from engaging in short sales. Short sales arising from certain types of hedging transactions are subject to the paragraph below captioned "Hedging Transactions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Publicly-Traded Options**. Given the relatively short term of publicly-traded options, transactions in options may create the appearance that that director, officer or employee is trading based on material nonpublic information and focus that director's, officer's or employee's attention on short-term performance at the expense of the Company's long-term objectives. Accordingly, transactions in put options, call options or other derivative securities, on an exchange or in any other organized market, are prohibited by this Policy. Option positions arising from certain types of hedging transactions are governed by the paragraph below captioned "Hedging Transactions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Hedging Transactions**. Hedging or monetization transactions can be accomplished through a number of possible mechanisms, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds. Such hedging transactions may permit a director, officer or employee to continue to own Company Securities obtained through employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, the director, officer or employee may no longer have the same objectives as the Company's other shareholders. Therefore, directors, officers and employees are prohibited from engaging in any such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Margin Accounts and Pledged Securities**. Securities held in a margin account as collateral for a margin loan may be sold by the broker without the customer's consent if the customer fails to meet a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the pledgor is aware of material nonpublic information or otherwise is not permitted to engage in transactions in Company Securities, directors, officers and employees are prohibited from holding Company Securities in a margin account or otherwise pledging Company Securities as collateral for a loan unless the arrangement is specifically approved in advance by the Administrator. Any person seeking an exception must submit a request for approval to the Administrator at least two weeks prior to the transaction. Pledges of Company Securities arising from certain types of hedging transactions are governed by the paragraph above captioned "Hedging Transactions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Standing and Limit Orders**. Standing and limit orders (except standing and limit orders under approved Rule 10b5-1 Plans, as described above) create heightened risks for insider trading violations similar to the use of margin accounts. There is no control over the timing of purchases or sales that result from standing instructions to a broker, and as a result the broker could execute a transaction when a director, officer or employee is in possession of material nonpublic information. The Company therefore discourages placing standing or limit orders on Company Securities. If a person subject to this Policy determines that they must use a standing order or limit order, the order should be limited to short duration and should otherwise comply with the restrictions and procedures outlined below under the heading "Additional Procedures."

**12.** **ADDITIONAL PROCEDURES** 

The Company has established additional procedures in order to assist the Company in the administration of this Policy, to facilitate compliance with laws prohibiting insider trading while in possession of material nonpublic information, and to avoid the appearance of any impropriety. These additional procedures are applicable only to those individuals described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Pre-Clearance Procedures**. Directors, officers and other designated employees of the Company and its subsidiaries, as well as the Family Members and Controlled Entities of such persons ("**Restricted Persons**"), may not engage in **<u>any transaction</u>** in Company Securities without first obtaining pre-clearance of the transaction from the Administrator. The list of Restricted Persons is updated periodically by the Administrator. You will be notified by the Administrator if you are considered a Restricted Person for purposes of this Policy. **<u>Restricted Persons should submit a request for pre-clearance to the Administrator at least two business days in advance of the proposed transaction.</u>** The Administrator is under no obligation to approve a transaction submitted for pre-clearance and may determine not to permit the transaction. If the Administrator wishes to transact in Company Securities, the Administrator should submit any request for pre-clearance to the Chief Executive Officer. If a Restricted Person seeks pre-clearance and permission to engage in the transaction is denied, then he, she or they should refrain from initiating any transaction in Company Securities and should not inform any other person of the restriction.

When a request for pre-clearance is made, the requestor should carefully consider whether he, she or they may be aware of any material nonpublic information about the Company and should describe fully those circumstances to the Administrator. The requestor should also indicate whether he, she or they have effected any non-exempt "opposite-way" transactions (e.g., an open market sale would be "opposite" any open market purchase, and vice versa) within the past six months, and should be prepared to report the proposed transaction on an appropriate Form 4 or Form 5, if applicable. The requestor should also be prepared to comply with SEC Rule 144 and file Form 144, if necessary, at the time of any sale.

A request for pre-clearance must be made in writing, preferably by submission of a completed Request for Pre-Clearance in the form of <u>EXHIBIT A</u> to this Policy. Pre-cleared transactions should be effected promptly. Requestors are required to refresh the request for pre-clearance if a pre-cleared transaction is not effected within five business days after pre-clearance is received.

**<u>Furthermore, requestors must immediately notify the Administrator following the execution of any transaction.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Trading Restrictions**. Restricted Persons, as well as their Family Members and Controlled Entities, may not conduct transactions involving the Company's Securities (other than as specified by this Policy) except during an Open Trading Window. An "**Open Trading Window**" generally begins on the third business day following the day of public release of the Company's annual or six-month earnings and ends at the close of trading 15 calendar days prior to the end of June or December. For example, if the Company publicly discloses its six-month operating results after business hours on September 15, 2025 through an earnings release and/or a Form 6-K filed with the SEC, the Open Trading Window will start on September 19, 2025 and end on December 16, 2025. The Administrator will notify Restricted Persons of the opening and closing of the trading window.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Event-Specific Trading Restriction Periods**. From time to time, an event may occur that is material to the Company and is known by only a few Restricted Persons. So long as the event remains material and nonpublic, the persons designated by the Administrator may not engage in transactions in Company Securities. In addition, the Company's financial results may be sufficiently material in a particular fiscal period that, in the judgment of the Administrator, designated persons should refrain from trading in Company Securities even during the ordinary Open Trading Window described above. In that situation, the Administrator may notify these persons that they should not engage in transactions in the Company's Securities, without disclosing the reason for the restriction. The existence of an event-specific trading restriction period or the closing of the Open Trading Window will be announced by the Administrator to persons designated by the Administrator. **<u>Even if the Administrator has not designated you a person who should not trade due to an event-specific trading restriction, you may not trade while aware of material nonpublic information.</u>** Exceptions will not be granted during an event-specific trading restriction period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exceptions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The trading restrictions and event-driven trading restrictions do not apply to those transactions to which this Policy does not apply, as described above under the heading "Limited Exceptions," nor do they apply to an election to participate in an employer plan during an open enrollment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Administrator in his, her or their discretion may approve other or further exceptions to these requirements on a case-by-case basis in extraordinary circumstances. Any request for an exception pursuant to this paragraph must be submitted in advance and in writing, and any approval must be in writing.

**13.** **POST-TERMINATION TRANSACTIONS** 

This Policy continues to apply to transactions in Company Securities even after termination of service to the Company. If an individual is in possession of material nonpublic information when his, her or their service terminates, that individual may not engage in transactions in Company Securities until that information has become public or is no longer material. The pre-clearance procedures specified under the heading "Additional Procedures" above and applicable to directors and certain executives will continue to apply for a period of six months after a termination of service, in order to facilitate compliance with Section 16 of the Exchange Act.

**14.** **CONSEQUENCES OF VIOLATIONS** 

Engaging in transactions in securities while aware of material nonpublic information, or the disclosure of material nonpublic information to others who then engage in transactions in the Company's Securities, is prohibited by federal and state laws. Insider trading violations are pursued vigorously by the SEC, the U.S. Department of Justice and state enforcement authorities, as well as enforcement authorities in foreign jurisdictions. Punishment for insider trading violations is severe and could include significant fines and imprisonment. While the regulatory authorities concentrate their efforts on the individuals who trade, or who tip inside information to others who trade, the federal securities laws also impose potential liability on companies and other "controlling persons" if they fail to take reasonable steps to prevent insider trading by company personnel.

In addition, an individual's failure to comply with this Policy may subject the individual to Company-imposed sanctions, up to and including termination of employment, whether or not the individual's failure to comply results in a violation of law. Needless to say, a violation of law, or even an SEC investigation that does not result in prosecution, can tarnish a person's reputation and irreparably damage a career.

**15.** **REPORTING OF VIOLATIONS** 

Any person who violates this Policy or any federal or state law governing insider trading or tipping, or who knows of or reasonably suspects any such violation by another person, should report the matter immediately to his, her or their supervisor and/or to the Administrator identified in Section 5. Company personnel subject to this Policy are obligated to report suspected and actual violations of Company policy or the law. Doing so brings the concern into the open so that it can be resolved quickly and more serious harm can be prevented. Failure to do so could result in disciplinary action up to and including termination of employment.

If you encounter a situation or are considering a course of action and its appropriateness is unclear, do not hesitate to reach out to the Administrator with any questions; even the appearance of impropriety can be very damaging and should be avoided, and the Administrator may be in the best position to provide helpful information or other resources.

**16.** **CERTIFICATION** 

All persons subject to this Policy may be required to certify and re-certify, from time to time, their understanding of, and intent to comply with, this Policy.

**17.** **AMENDMENT** 

This Policy may be amended by the Board of Directors or any committee or designee to which the Board of Directors delegates this authority.

The Administrator has the authority to make determinations under, and interpretations of, this Policy, as specified in this Policy under the heading "Administration of the Policy." In addition, the Administrator is authorized to approve amendments to this Policy that: (i) correct obvious errors (e.g., typographical or grammatical errors); (ii) are necessitated by changes in legal requirements; (iii) are necessary to clarify the meaning of this Policy; or (iv) are administrative in nature, such as the provisions of this Policy under the heading "Additional Procedures."

**Appendix 10(b)**

**Guidelines for Rule 10b5-1 Plans<sup>⁎</sup>**

Rule 10b5-1 under the Exchange Act provides a defense from insider trading liability under Rule 10b-5. In order to be eligible to rely on this defense, a person subject to our Amended and Restated Insider Trading Policy must enter into a Rule 10b5-1 Plan for transactions in Company Securities (as defined in the Amended and Restated Insider Trading Policy) that meets certain conditions specified in the Rule. If the plan meets the requirements of Rule 10b5-1, transactions in Company Securities may occur even when the person who has entered into the plan is aware of material nonpublic information. In general, a Rule 10b5-1 Plan must be entered into at a time when the person entering into the plan is not aware of material nonpublic information. Once the plan is adopted, the person must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. The plan must either specify the amount, pricing and timing of transactions in advance or delegate discretion on these matters to an independent third party.

A Rule 10b5-1 Plan must include a cooling-off period before trading can commence that, for directors or officers, ends on the later of 90 days after the adoption of the Rule 10b5-1 Plan or two business days following the disclosure of the Company's financial results in an SEC periodic report for the fiscal period in which the plan was adopted (but in any event, the required cooling-off period is subject to a maximum of 120 days after adoption of the plan), and for persons other than directors or officers, 30 days following the adoption or modification of a Rule 10b5-1 Plan. A person may not enter into overlapping Rule 10b5-1 Plans (subject to certain exceptions) and may only enter into one single-trade Rule 10b5-1 Plan during any 12-month period (subject to certain exceptions). Directors and officers must include a representation in their Rule 10b5-1 Plan certifying that: (i) they are not aware of any material nonpublic information; and (ii) they are adopting the plan in good faith and not as part of a plan or scheme to evade the prohibitions in Rule 10b-5. All persons entering into a Rule 10b5-1 Plan must act in good faith with respect to that plan.

As specified in the Company's Amended and Restated Insider Trading Policy, a Rule 10b5-1 Plan must be approved by the Administrator and meet the requirements of Rule 10b5-1 and these guidelines. Any Rule 10b5-1 Plan must be submitted for approval at least five business days prior to the entry into the Rule 10b5-1 Plan. Once a Rule 10b5-1 Plan is approved, no further pre-approval of transactions conducted pursuant to the plan will be required.

The following guidelines apply to all Rule 10b5-1 Plans:

● You may not enter into, modify or terminate a Rule 10b5-1 Plan outside of an Open Trading Window or while in possession of material nonpublic information.

● All Rule 10b5-1 Plans must have a duration of at least six months and no more than two years.

● For officers and directors, no transaction may take place under a Rule 10b5-1 Plan until the later of (a) 90 days after adoption or modification (as specified in Rule 10b5-1) of the Rule 10b5-1 Plan or (b) two business days following the disclosure of the Company's financial results in a Form 6-K or Form 20-F for the fiscal period in which the Rule 10b5-1 Plan was adopted or modified (as specified in Rule 10b5-1). In any event, the cooling-off period is subject to a maximum of 120 days after adoption of the plan.

● For persons other than officers and directors, no transaction may take place under a Rule 10b5-1 Plan until 30 days following the adoption or modification (as specified in Rule 10b5-1) of a Rule 10b5-1 Plan.

● Subject to certain limited exceptions specified in Rule 10b5-1, you may not enter into more than one Rule 10b5-1 Plan at the same time.

● Subject to certain limited exceptions specified in Rule 10b5-1, you are limited to only one Rule 10b5-1 Plan designed to effect an open market purchase or sale of the total amount of securities subject to the Rule 10b-1 Plan as a single transaction in any 12-month period.

● You must act in good faith with respect to a Rule 10b5-1 Plan. A Rule 10b5-1 Plan cannot be entered into as part of a plan or scheme to evade the prohibition of Rule 10b-5. Therefore, although modifications to an existing Rule 10b5-1 Plan are not prohibited, a Rule 10b5-1 Plan should be adopted with the intention that it will not be amended or terminated prior to its expiration.

● Officer and directors must include a representation to the Company at the time of adoption or modification of a Rule 10b5-1 Plan that (i) the person is not aware of material nonpublic information about the Company or Company Securities and (ii) the person is adopting the plan in good faith and not as part of plan or scheme to evade the prohibitions of Rule 10b-5.

● You may not enter into any transaction in Company Securities while the Rule 10b5-1 Plan is in effect.

The Company and the Company's officers and directors must make certain disclosures in SEC filings concerning Rule 10b5-1 Plans. Officers and directors of the Company must undertake to provide any information requested by the Company regarding Rule 10b5-1 Plans for the purpose of providing the required disclosures or any other disclosures that the Company deems to be appropriate under the circumstances.

The approval or adoption of a Rule 10b5-1 Plan in no way reduces or eliminates a person's obligations under Section 16 of the Exchange Act, including disclosure obligations and liability for short-swing profits. Persons subject to Section 16 of the Exchange Act should consult with their own counsel in implementing a Rule 10b5-1 Plan.

<sup>⁎</sup> *Capitalized terms used but not defined herein have the meanings ascribed to them in the Fusion Fuel Green PLC Insider Trading Policy.*

**Exhibit A**

**Request for Pre-Clearance<sup>⁎</sup>**

*For pre-clearance to transact in Company Securities.*

 

**Upon executing a transaction, directors, officers and other designated employees must immediately notify the Company.**

---

| | |
|:---|:---|
| **Transaction Vehicle (check one)** | **Transaction Initiated By (check one)** |
| ☐ Open Market Transaction | ☐ Employee or immediate family member directly |
| ☐ Equity Compensation Plan | ☐ Court or government decree (e.g., divorce decree) |
| ☐ Other (specify): | ☐ Broker (provide name, firm, telephone and e-mail): |

---

---

| |
|:---|
| **Type of Transaction (check one)** |
| ☐ Purchase or acquire ordinary shares |
| ☐ Sell or dispose of ordinary shares |
| ☐ Move Company Securities from one account to another (e.g., in or out of a trust) |
| ☐ Dispose of fractional shares |
| ☐ Pledge Company Securities for margin account, or otherwise |
| ☐ Exercise options without subsequent sale |
| ☐ Exercise options with subsequent sale (e.g., a "cashless exercise") |
| ☐ Gift of Company Securities |
| Other (describe): |

---

**Transaction Detail (provide the following information)**

Number of securities: _______________________________________________________________________________

Estimated share price: ______________________________________________________________________________

Contemplated execution date: ________________________________________________________________________

Date of your last "opposite way" transaction<sup>⁎⁎</sup>: ___________________________________________________

**Certification**

I certify that I have fully disclosed the information requested in this form, I have read the Fusion Fuel Green PLC Amended and Restated Insider Trading Policy, I am not in possession of material nonpublic information, and to the best of my knowledge and belief the proposed transaction will not violate the Fusion Fuel Green PLC Amended and Restated Insider Trading Policy.

---

| |
|:---|
| (Sign Above) |
| (Print Name Above) |
| (Date) |

---

*<sup>⁎</sup> Capitalized terms used but not defined herein have the meanings ascribed to them in the Fusion Fuel Green PLC Amended and Restated Insider Trading Policy.*

 

*<sup>⁎⁎</sup> If a Section 16 insider buys and sells (or sells and buys) Company Securities within a six-month time frame and such transactions are not exempt under SEC rules, the two transactions can be "matched" for purposes of Section 16. The insider may be sued and will be strictly liable for any profits made, regardless of whether the insider was in possession of material nonpublic information.*

## Exhibit 12.1

**Exhibit 12.1**

**Certifications Pursuant to Rule 13a-14(a) or Rule 15d-14(a) Under the Securities Exchange Act of 1934, as Amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Frederico Figueira de Chaves, certify that:

1. I have reviewed this annual report on Form 20-F of Fusion Fuel Green PLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: May 7, 2026

---

| | |
|:---|:---|
| By: | /s/ Frederico Figueira de Chaves |
| Name: | Frederico Figueira de Chaves |
| Title: | Chief Executive Officer and Interim Chief Financial Officer (Principal Executive Officer and Principal Financial Officer) |

---

## Exhibit 13.1

**Exhibit 13.1**

**Certifications Pursuant 18 U.S.C. Section 1350**

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Fusion Fuel Green PLC (the "Company"), does hereby certify, to such officer's knowledge, that:

The Annual Report on Form 20-F for the year ended December 31, 2025 of the Company (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 7, 2026 |  | /s/ Frederico Figueira de Chaves |
|  | Name: | Frederico Figueira de Chaves |
|  | Title: | Chief Executive Officer and Interim Chief Financial Officer (Principal Executive, Financial and Accounting Officer) |

---

## Exhibit 15.1

**Exhibit 15.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statements on Form F-3 (File Nos. 333-287226, 333-289429, 333-286198, 333-286202, 333-251990, 333-264714, 333-276880, 333-293286, and 333-294414) and Registration Statements on Form S-8 (File Nos. 333-258543 and 333-291732) of our report dated May 7, 2026, relating to the consolidated financial statements of Fusion Fuel Green PLC as of and for the years ended December 31, 2025 and 2024.

We also consent to the reference to our firm under the heading "Experts" in the Registration Statements on Form F-3 (Nos. 333-287226, 333-289429, 333-286198, 333-286202, 333-251990, 333-264714, 333-276880, 333-293286, and 333-294414) of Fusion Fuel Green PLC.

/s/ Bush & Associates CPA LLC

Henderson, Nevada

May 7, 2026

## Exhibit 15.2

**Exhibit 15.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements (Nos. 333-287226, 333-289429, 333-286198, 333-286202, 333-251990, 333-264714, 333-276880, 333-293286, and 333-294414) on Form F-3 and (Nos. 333-258543 and 333-291732) on Form S-8 of our report dated April 30, 2024, with respect to the consolidated financial statements of Fusion Fuel Green plc.

/s/ KPMG

Dublin, Ireland

May 7, 2026