Fusion Fuel Green PLC

What they do

The company operates through LPG Distribution and Engineering segment entities in the United Arab Emirates, delivering bulk LPG, LPG cylinder sales, metered LPG utility services, engineering, installation and annual maintenance contracts, and LPG-related services associated with the QIND and Al Shola Gas businesses. A remaining hydrogen technology business and hydrogen engineering and advisory services make up the rest of the group. Revenue is reported by country, with the UAE, Spain, Ireland, South Africa and Portugal appearing as geographic markets, and by timing of transfer, split between goods or services transferred over time and at a point in time.

Revenue drivers

• Engineering, installation and annual maintenance contracts — Contract-based LPG engineering work and recurring annual maintenance, disclosed as a distinct revenue stream in the LPG Distribution and Engineering segment.
• Bulk LPG deliveries — Supply of bulk LPG to customers, one of the four core LPG revenue lines alongside cylinders, metered utility and related services.
• LPG cylinder sales — Sale of LPG in cylinders, disclosed as a separate revenue category for the LPG business.
• Metered LPG utility services — Metered supply of LPG to end users, plus LPG-related services associated with QIND and Al Shola Gas.

Recent performance

The 20-F covers fiscal year 2025 with comparative 2024 and 2023 figures, and includes a restatement of prior-period amounts, with corrections of accounting errors reflected in the 2024 comparative columns and restated members identified for 2024. Segment reporting shows LPG Distribution and Engineering as a reporting segment, with the remaining hydrogen and other activities grouped under All Other Segments, and geographic revenue disclosed for the UAE, Spain, Ireland, South Africa and Portugal. The filing also references the QIND acquisition, an inventory step-down from purchase price allocation of QIND, and a hydrogen technology deconsolidated entity, indicating changes in the consolidation perimeter across the periods presented. Specific revenue and profit figures are not available in the excerpts provided.

Strategy

The company's disclosed structure shows a pivot toward UAE-based LPG distribution and engineering through the QIND and Al Shola Gas businesses, which are now reported as the LPG Distribution and Engineering segment. It continues to carry hydrogen engineering and advisory services and a hydrogen technology business, with the latter noted as a deconsolidated entity. Financing activity is visible through an at-the-market issuance sales agreement for Class A ordinary shares covering 2022 through 2025, and through eight convertible promissory notes outstanding at the end of 2025 with conversion terms described by a range. Share-based payments and a 2021 equity incentive plan with restricted share units for employees and directors remain part of the compensation structure.

Risks

• Prior-period restatement — The 2025 filing restates 2024 comparatives for corrections of accounting errors, which may indicate control or reporting weaknesses.
• Concentration in UAE LPG — With LPG Distribution and Engineering as the primary reporting segment and the UAE as a principal market, results depend heavily on that single country and business line.
• Convertible notes and dilution — Eight convertible promissory notes were outstanding at December 31, 2025, and an at-the-market share issuance agreement has been used across multiple years, pointing to potential shareholder dilution.
• Deconsolidated hydrogen business — The hydrogen technology entity is described as deconsolidated, which may reduce the company's exposure to prior hydrogen activities and complicate year-over-year comparability.

Outlook

The excerpts do not include management's forward guidance or specific outlook statements. Reported direction is inferred from the segment structure, financing arrangements, and post-year-end events referenced in the filing, including non-adjusting events dated in January, February and December 2026.