Final Results and Audited Annual Report and Accounts for the Year to 31 March 2025 - Trading Update

Final Results

The Board of Directors of Sulnox (the “Board”) is pleased to announce the Company’s final results and the publication of the audited annual report and accounts for the year to 31 March 2025 (the “Annual Report”).

The Annual Report will be published on the Company’s website in compliance with its articles of association and the electronic communications provisions of the Companies Act 2006. A copy of the Annual Report can also be accessed through the link below.

Annual Report – https://a.storyblok.com/f/322379/x/1a83709eec/sulnox_annual-report-2025_final.pdf

Key extracts from the Annual Report can also be viewed below.

Trading Update

Following the record sales and solid improvement shown in the first quarter to the financial year (see the announcement of 31 July 2025), the Board is delighted to report that sales growth has accelerated during the first two months of the second quarter, with sales of £564k, which is more than that achieved in the three months to June 2025 (£523k). The Company’s sales for the first five months of the current year total £1,087k, which is already almost equal to the sales reported for the previous financial year to 31 March 2025, of £1,121k.

Chairman’s Statement

The past 12 months was full of major events for Sulnox Group and I am delighted to present the Group’s result for the fiscal year ended 31 March 2025. I am particularly encouraged by Sulnox’s recorded turnover of £1.12m which represents an increase of 106.0% from the previous year.

The accelerated pace of marine sales and the adoption of Sulnox by major fossil fuel consumers such as Eastern Pacific Shipping, Crystal Cruises, Colas Rail, and our partnership with Technava for Greece & Cyprus, to name a few, will have a positive impact on our performance in the years to come and will aid us in the process of transforming the fuel additive sector.

Energy prices remained volatile in 2024 and the global energy sector enjoyed prosperity. That being said, the external environment remains full of challenges and uncertainties, including geopolitical conflicts, climate legislation and a high-interest rate and inflationary environment. In the meantime, increased focus on ESG investment and energy mix transition is gaining momentum. We are keenly aware of the desire to make efficiencies in energy/fuel consumption and Sulnox is committed to play its role in supporting global energy transition. Following the success of Sulnox Eco™, the Company has recently expanded its product innovation pipeline to meet growing demand for technologies that cut emissions and fuel consumption costs and avoid operational disruptions. Our recently announced Research & Development division, Sulnox Innovations, is committed to developing and commercialising next-generation solutions that support all engine fuels on the route to Net Zero and beyond, including enhanced biofuel performance and oil reclamation efficiency.

In the last 12 months, we rapidly expanded our global reach and now have stock points in 7 key geographical locations across the globe. This will provide an opportunity to ensure that product delivery is quick, efficient and flexible as demand for Sulnox products increases. As always, Sulnox continued its focus on the five strategic pillars by expanding its current client portfolio, logistics expansion, efficiency improvement, profitability and cashflow optimization.

As we continue to build upon our client portfolio, a key focus from last year was identifying qualified partners and distributors that can accelerate sales on a broader scale. In February 2025 we were delighted to announce the partnership with Technava who were named exclusive agent covering the Greek and Cypriot markets. We are particularly pleased with the progress to date and have already notched a positive upswing of interest from a host of major shipping concerns. In January, we also announced a major new product supply agreement with Eastern Pacific Shipping who adopted the Sulnox Eco product on at least 30 vessels following extensive evaluations on multiple EPS-managed vessels over an 8-month period.

The US market remains a key focus and Sulnox has made significant inroads with New York-based McQuilling who will be leveraging their marine experience in both North, Central & South America.

There were several personnel changes during the year and we continue to bring in new skills and capabilities to the Board and Sulnox’s ecosystem. Last month, we bid a warm farewell to Lord Nicholas Fairfax who decided to retire from the Board. I thank Nicholas for his excellent contribution, both in his special area of marine, but also for his commitment over the past several years. I would also like to welcome the members of Sulnox’s recently formed Global Advisory Board, with Constantine Logothetis serving as Chair and Yannis Skoufalos, Ambassador Lincoln P. Bloomfield Jr., Rt Hon Tom Tugendhat MBE VR MP, and Nick Cochrane-Dyet MBE, as Advisory Board members. The timing of the Global Advisory Board is critical as we enter an important new phase of our pipeline and sales activities. I am confident that their combined experience and knowledge will have a major impact on our business. We have continued to add talent to the team and have in the past year added a Head of Marketing & Communications and Head of Technical – Marine, in addition to adding to our Commercial and Logistics teams.

While market uncertainties remain, I am happy to report the addition of several new investors and increased investment from existing shareholders this past year. In January 2025, Constantine Logothetis increase his shareholding, and we welcomed McQuilling with EPS Ventures following as shareholders. More recently in June 2025, Sulnox also welcomed further investment from Nistad Group, an existing shareholder, along with new investment from a ship owner who has been using Sulnox within their fleet for over 12 months.

We remain committed to our goal and Sulnox’s plan sets out an aggressive sales target for the upcoming 12 months. As mentioned earlier, our newly formed Sulnox Innovation initiative will ensure that Sulnox products continue to perform and adapt to changing fossil fuel trends. This transformation is both a major challenge and an opportunity to drive innovation. Climate protection must be economically viable – companies and investors expect sustainable projects to be not only good for the environment but also profitable. While this means that we will not provide product solely due to the fact that it reduces CO₂ emissions, the inevitable balance that our customers require between fuel efficiency and environmental impact will provide Sulnox the platform to sustained growth and profitability.

I would like to thank all of the Sulnox employees and our partners for their hard work and commitment throughout the year, and also to our shareholders and customers for their continued support, and I look forward to a successful year ahead.

Extract from the Independent Auditor's Report to the Members of Sulnox Group PLC, Year ended 31 March 2025

Material uncertainty relating to going concern

The group incurred a loss of £4.2m and had net cash outflows from operating activities of £2.3m for the year ended 31 March 2025. We draw your attention to note 3 (“Going Concern”) in the financial statements which indicates that the group is dependent on the availability of future fund raises in order to provide additional working capital, if the group’s sales pipeline does not materialize.

Note 3 in the financial statements, which highlight that management believe that their forecasts show that future sales should enable them to significantly improve working capital also details that management note that if these sales do not materialize, they intend to seek approval at the Annual General Meeting to issue new Ordinary Shares in order to provide working capital. If this motion is unsuccessful, and further noted within note 3, the Group notes the potential mitigating actions which can be taken to safeguard the Group’s cash position. These include working capital controls and reductions in discretionary spending and having a cost cutting plan such as cost deferral, scaling back activities and further cost cutting exercises.

These events or conditions, along with further information as set forth in note 3 of the financial statements indicate the existence of a material uncertainty which may cast significant doubt over the Group and Parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

We identified going concern as a key audit matter based on our assessment of the significance of the risk and effect on our audit strategy.Consolidated Statement of Comprehensive Income

For the year ended 31 March 2025

Consolidated Statement of Financial Position

As at 31 March 2025

Consolidated Statement of Cash Flows

For the year ended 31 March 2025