Sulnox has signed a very large new supply contract with Eastern Pacific Shipping (EPS) for quintuple the volumes and more than double the tenure of the first deal announced in January 2025. The new contract will extend the use of Sulnox Eco fuel conditioner to more than 50 vessels in the EPS fleet and follows the initial 30 vessel, 18-month contract together with additional technical validation initiatives. This agreement will see EPS further increase its investment into Sulnox but on much more favourable terms for Sulnox. Besides reaffirming the traction of Sulnox's fuel conditioners in the marine market, the company has also been making a sustained push to build out its distribution network targeting land-based use. We make no changes to our forecasts apart from incorporating the nominal new share issuance. On our estimates, Sulnox is funded through to profitability which we forecast from FY28 with the potential for very rapid escalation thereafter (see our initiation on our portal)
