SulNOx Group: Q2 Trading Update: Record Qtr - revenue up 45% YoY

Sulnox Group PLC

15 October 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

15 October 2026

Sulnox Group Plc

(the "Company" or "Sulnox")

Q2 Trading Update: Record Quarter - revenue up 45% YoY

 (Aquis Stock Exchange: SNOX / OTCQX: SNOXF)

Sulnox, the greentech company delivering lower fuel costs and emissions with zero capex, is pleased to announce its trading update for Q2 (1 July to 30 September 2026).

Key Metrics for Q2 (unaudited):

• Record quarterly revenue of £984.2k, up 19.3% on Q1 (£824.8k) and 44.9% on Q2 2025 (£679.3k).
• Revenue for the first six months of the financial year of £1,809.0k, up 48.0% on the comparable prior-year period (£1,201.9k).
• Volume of product sold in Q2 up 58.3% on the same quarter prior year.
• Volume of product sold in the first six months up 64.6% year-on-year.
• Growth supported by repeat and expanding orders from existing marine customers alongside new customer sales.
• Unaudited cash balance at 30 September 2026 of £747.3k (30 June 2026: £1,532.2k), reflecting increased investment in inventory to fulfil the new four-year supply agreements with Eastern Pacific Shipping and Spring Marine, alongside continued commercial development.
• Sales momentum has continued into Q3. Sulnox is engaged with more than 100 companies across the marine sector, comprising shipowners, managers and charterers with combined fleets of c.8,000 vessels (c.6,000 in Q2 2025).

 Other Highlights

Four-year supply agreement and investment from Spring Marine

In September, Sulnox signed a four-year supply agreement with Spring Marine Management S.A., a leading Greek ship manager and longstanding customer. Covering at least 34 vessels and approximately 600,000 litres of Sulnox Eco, the agreement provides for an increase of approximately 70,000 litres per annum on current levels, reflecting planned fleet expansion and larger vessels.

Spring Marine also committed to invest up to £1.1 million in Sulnox through subscriptions for up to 2,750,000 new ordinary shares at 40 pence per share, in quarterly tranches linked to product purchases.

Monitoring fuel consumption using vessel telemetry has demonstrated average savings of approximately 5% for Spring Marine, alongside lower emissions and improved engine condition. The decision by an established customer to become a shareholder as well as enter a longer-term supply arrangement provides an important endorsement of Sulnox Eco. The agreements strengthen the visibility of future demand and deepen Sulnox’s presence in Greece, the world’s largest shipowning nation, which controls approximately 17% of the global fleet by deadweight tonnage (source: Clarksons Research).

Biofuels and marine efficiency

Growing use of biofuel blends in parts of the marine market is broadening Sulnox's opportunity. For example, the major bunkering port of Rotterdam has seen biofuel blend sales increasing c.45% year on year in April-June 2026 - and more than double from the preceding quarter (source: Port of Rotterdam).

Independent testing confirmed Sulnox Eco's compatibility with all marine fuels tested and demonstrated benefits in specific biofuel chemistries, including:

• Approximately 28% improved lubricity in hydrotreated vegetable oil (HVO).
• A threefold improvement in oxidative stability in neat fatty acid methyl ester (FAME), or B100.
• A technically significant reduction in steel-corrosion pitting compared with untreated B100.

These results strengthen Sulnox's proposition for shipowners, fuel blenders and bunker suppliers who are increasingly seeking improved fuel stability, engine protection and operational reliability.

Ahead of the IMO's Marine Environment Protection Committee meeting, MEPC 85, further discussions on the proposed Net-Zero Framework will keep shipping's decarbonisation pathway in focus.

Land-based applications

Sulnox’s land-based strategy follows its marine growth model: demonstrating measurable results, establishing customer references and expanding adoption through distribution partners. West Africa and South Asia are key priorities, with the focus on converting market access into repeat sales.

Across West Africa, substantial fuel consumption and the growing importance of efficiency and emissions reduction present significant opportunities for Sulnox Eco. Ghana’s petroleum consumption is forecast to increase 5.1% in 2026 (source: Energy Commission, Energy Outlook for Ghana 2026), while Nigeria’s petrol consumption rose approximately 19% year-on-year in October 2025 (source: Nigerian Midstream and Downstream Petroleum Regulatory Authority). With established routes to market, Sulnox is focused on converting this opportunity into repeat sales across fuel-intensive sectors including transport, industry and power generation.

In South Asia, distributor appointments covering India, Sri Lanka and Pakistan have strengthened Sulnox’s route to market. India’s diesel consumption rose approximately 4.9% year on year to nearly 48 million tonnes in April–September 2026 (source: PPAC preliminary data, reported by Business Standard). Regional priorities around air quality, emissions and evolving fuel specifications further support the opportunity across transport, industry and power generation.

Industry recognition and engagement

Sulnox Eco received recognition across commercial shipping, superyachts and mining during the quarter:

• Spring Marine received the Industry Partnership Leader Award – Bronze at the 2026 ESG Shipping Awards for its collaboration with Sulnox.
• Distribution partner Barrow International won the 2026 Superyacht UK Sector Sustainability Award with an entry featuring Sulnox Eco.
• Chilean sub-distribution partner Industry Efficiency Solutions received a Special Mention in the DecarbMine 2026 Challenge with Sulnox Eco. The fuel conditioner ranked among the eight best-evaluated solutions from 63 submissions across 11 countries, in an evaluation involving Teck Resources, Lundin Mining and Albemarle.

Sulnox also exhibited alongside global distribution partner Drew Marine at Shipbuilding, Machinery and Marine Technology (SMM) in Hamburg, a leading international maritime trade fair. The Company also participated in the 2026 Concordia Annual Summit in New York - which brings together business, government and nonprofit leaders to develop partnerships addressing global challenges.

Commenting on another record quarter, Ben Richardson, CEO of Sulnox, said:

“Another record quarter reflects customers moving beyond evaluation to repeat orders and longer-term commitments. Our four-year agreements with EPS and Spring Marine provide a stronger foundation for growth, backed by increased inventory to fulfil those commitments. The direction of travel also favours Sulnox: evolving fuel mixes and the regulatory focus on emissions are reinforcing the need for efficient, reliable combustion across conventional fuels and biofuel blends. Our priority is to translate these conditions into wider adoption and recurring revenue across marine and land-based markets.”

ENDS

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