Enapter Ag · XETR:H2O
Enapter — Investor Presentation (July 2025)
61 slides from Enapter's investor presentation, Jul 15, 2025
Slide 1: Smart. Simple. Scalable. AI Powered.
Smart. Simple. Scalable. AI Powered. Investor Presentation, July 2025
Slide 2: Disclaimer
Enapter Disclaimer Furthermore, statements in this Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. By their nature, forward-looking statements involve known a
Slide 3: Content
Content 1. Introduction 2. AEM Technology 3. Products 4. Enapter’s USPs 5. Applications 6. Financials 7. ESG and Honors 8. Selected Customer Projects
Slide 4: Introduction
Introduction
Slide 5: Enapter at a glance
Enapter at a glance Registered office: Stock exchange: Hamburg, DE Frankfurt / Hamburg Regulated Market Revenue1 (€m) 40.5 Bloomberg ticker: H2O GR Started in Nov 2017 31.6 US licensing (receivable) Shares outstanding2: 30.6m US licensing (paid) Market cap2: €76,4m Pioneer and commercial leader in p
Slide 6: Vision Mission Values
Vision To live in a world where fossil fuels are no longer used and green hydrogen fuels power the world via renewable energy sources. Mission To make green hydrogen affordable and accessible to all, using AEM electrolyzer. Values Customer – Quality – Passion.
Slide 7: Experienced executive team
Enapter Experienced executive team Dr. Jürgen Laakmann Gerrit Kaufhold Ivan Gruber CEO (Chairman of the board) CFO (Board member) CTO (Board member) ▪ 20+ years of management experience in ▪ Part of Enapter’s growth since ▪ Responsible for Operations, Engineering and R&D strategy consulting, automot
Slide 8: AEM Technology
AEM Technology
Slide 9: Our secret sauce
AEM’s competitive advantage Patented AEM technology ▪ Combining the best of Alkaline and PEM technology ▪ Iridium and titanium free ▪ Simple and scalable Balance of Plant ▪ Top efficiency ▪ Leading H2 pressure and purity ▪ Strong patents granted Our secret sauce
Slide 10: Technology review
AEM’s competitive advantage AEM is the future PEM Alkaline AEM Supports intermittent renewables Iridium free Titanium free PFAS regulation ready Compact design High current density Electrochemical compression Safe-to-handle electrolyte Technology review
Slide 11: Modular systems scale faster
AEM’s competitive advantage Modular systems scale faster Computing in the past Multi-core solution today Electrolyzer in the past Multi-core solution today
Slide 12: Products
Products
Slide 13: Our product platform
Our product platform Enapter’s AEM scalability EL 4.1 Stack 4 EL 4.1 M AEM Flex AEM Nexus Stack T AEM Nexus 2500 Skid AEM solutions
Slide 14: Modular system as the basis for all product classes
Modular system as the basis for all product classes Enapter Core Partner AEM EL 4.X AEM Flex AEM Core AEM Nexus
Slide 15: Business Model: Core Partner
Business Model: Core Partner Building on Enapter’s blueprints and developing custom solutions with AEM Core’s modularity Core Partner AEM Core Enapter Reference Design AEM powered electrolyzer Manufactured by Enapter provides Reference Design of its products. International network of Core Partners E
Slide 16: AEM Building Blocks
Core Partnership Empowering Core Partners BoP interfaces ▪ Fast and CAPEX friendly entry into the AEM electrolyzer market Comms hub ▪ Fast deployment and commissioning ▪ Ease of integration of electrolyzers Power distribution ▪ Synergies from existing engineering expertise AEM Building Blocks The ea
Slide 17: Singlecore applications
Singlecore applications Enapter’s AEM Singlecore electrolysers
Slide 18: Flex applications
Flex applications Enapter’s AEM Multicore electrolysers Refuelling: road, maritime, air Industrial Use H2 pilot projects
Slide 19: Nexus applications
Nexus applications Enapter’s AEM Multicore electrolysers ▪ Industrial applications ▪ Refueling solutions ▪ Grid balancing & energy storage
Slide 20: Multicore: AEM skid systems
Multicore: AEM skid systems Enapter Electrolyzers ▪ Custom skid-based solutions ▪ Core BoP (centralized electrolyte loop) ▪ 100 MW projects range ▪ Real-time reaction to renewables ▪ Modular & scalable
Slide 21: Enapter's USPs
Enapter’s USPs
Slide 22: 5 reasons for Enapter
5 reasons for Enapter ▪ Powerful AI software to manage all devices in a energy system ▪ High efficiency to maximize hydrogen output and minimize LCOH ▪ Redundancy as a key design principle to guarantee continuous operation ▪ No Iridium or PFAS for lower supply chain risk and conformity with future r
Slide 23: Product-driven innovation with AI software
Product-driven innovation with AI software ▪One Enapter Software for all devices in an energy system ▪Production optimization with innovative AI software ▪Based on 2.700.000 million total operating hours ▪All Enapter units constantly learning from each other in various climate zones and environments
Slide 24: Example of how our AI-Software is used
Example of how our AI-Software is used: Integrated Battery Storage and Hybrid System using AEM and Alkaline Enapter EL + Alkaline EL Enapter EL + Battery Energy Storage System
Slide 25: Energy Monitoring and Management Software
Software Energy Monitoring and Management Real Time Monitoring and Control Predictive Maintenance Integration with third party systems Integrated AI for optimal efficiency Access via App (Android and iOS) and Browser
Slide 26: Our customers can monitor and control their entire energy system with our software
Enapter’s competitive advantage: IIoT Software Solution Our customers can monitor and control their entire energy system with our software Integrate any Oversee key Control devices In-App Maintenance energy device metrics remotely Instructions
Slide 27: The most flexible MW systems in the market
Flexibility The most flexible MW systems in the market +53% +31% Operational flexibility of 3-100% due to modularity of our multicore electrolyzers Up to 53% increase1 in annual hydrogen production for 1 MW system compared to competitors Performance optimization with AI software AEM PEM ALK AEM PEM
Slide 28: Applications
Applications
Slide 29: Selected customers
Customers by industry sectors Selected customers Research & Testing 10% 38% Energy storage Industrial applications 19% Mobility 33%
Slide 30: Ordered 64 MW
Delivered 32 MW Ordered 64 MW 17 MW in Italy’s Hydrogen Valleys
Slide 31: Financials
Financials
Slide 32: Order intake grow
Order intake and backlog Order intake grow Order intake (MEUR) Order backlog (MEUR) Order intake has more than doubled compared to the previous year and +165% reached EUR 53 M at the end of 46 53 December 2024 Singlecore 1 Order backlog (as of 06 May 2025) 20 Multicore 38 stands at EUR 46 M. 98% of
Slide 33: Historical & projected revenue development
Historical & projected revenue development Revenue per FY (€m) Broker research estimates2 FY2023A revenue was composed 2020 2021 2022 2023 FY2024 FY2025E FY2026E of EUR 16.5m product sales and EUR 15m recognized on US license 2.1 8.4 14.7 31.61 21.4 39-42 agreement 39.4 70.8 Product sales increased
Slide 34: Historical & projected EBITDA development
Historical & projected EBITDA development EBITDA (€m) Broker research estimates2 FY2020A FY2021A FY2022A FY2023A FY2024 FY2025E FY2026E (2.9) (7.6) (10.6) 1.51 (6,9) (2)-0 Economies of scale in (2) 10.6 production ensure better (2) 5 margins. (2.1) 3 Massive demand for megawatt systems Broker Consen
Slide 35: ESG and Honors
ESG and Honors
Slide 36: Enapter Pisa: Our production site for the AEM-Cores
Enapter Pisa: Our production site for the AEM-Cores 100% powered by renewable energies
Slide 37: We honor our environment
ESG We honor our environment ▪ We have analyzed our carbon footprint and reduced our Scope 1 and 2 emissions by more than 90 % since 2022. ▪ Our production site in Pisa is powered by 100% renewable electricity. 90% less Scope 1 & 2 emissions Production sites powered by 100% renewable energy ▪ We aim
Slide 38: We set high ethical standards in what we do
ESG We set high ethical standards in what we do ▪ We truly value our colleagues. ▪ We prioritize their well-being and development, fostering open communication and providing ample opportunities for growth. Code of Conduct Whistle-blower mechanism ▪ Our compensation packages are competitive, and we s
Slide 39: Award winning company
Honors Award winning company
Slide 40: Enapter is supported and advised by experienced entrepreneurs, investors and academics
Enapter is supported and advised by experienced entrepreneurs, investors and academics ▪ Mr. Schmidt co-founded Enapter in 2017 Supervisory Majority and led the company as CEO and co-CEO board shareholder until 2023. He continues to remain closely involved in an advisory capacity and as majority sha
Slide 41: Investor Relations
Investor Relations ir@enapter.com https://enapterag.de/investor-relations @enapter @enapter @enapter @enapter www.enapter.com www.enapter.com
Slide 42: Selected Customer Projects
Selected Customer Projects
Slide 43: Decarbonising brick production
Industrial solution | ABC Klinker, Germany Decarbonising brick production ▪ 1 × AEM Flex 120 (multicore) ▪ 50 kg/24 h of green hydrogen
Slide 44: Clean mobility research hub at megawatt scale
Mobility, research | Steinbeis Innovation Center, GER Clean mobility research hub at megawatt scale ▪ 1 x AEM Nexus 1000 (multicore) ▪ 453 kg/24 h of green hydrogen
Slide 45: Replacing natural gas with green hydrogen for industrial ovens
Industrial solution | Roto-Art, Netherlands Replacing natural gas with green hydrogen for industrial ovens ▪ 7 × electrolyzer AEM EL 4.0 (singlecore) ▪ 7 kg/24 h of green hydrogen
Slide 46: Industrial H2 pilots at Yanmar Clean Energy Site
Industrial solution | Yanmar, Japan Industrial H2 pilots at Yanmar Clean Energy Site ▪ 14 × electrolyzer AEM EL 2.1 (singlecore) ▪ 14 × electrolyzer AEM EL 4.0 (singlecore) ▪ 28 kg/24 h of green hydrogen
Slide 47: Commercial hydrogen refuelling station in Tokyo
Mobility | Tokyo Gas, Japan Commercial hydrogen refuelling station in Tokyo ▪ 30 × electrolyzer AEM EL 2.1 (singlecore) ▪ 30 kg/24 h of green hydrogen
Slide 48: Mobile refuelling for hydrogen aircrafts
Mobility | ZeroAvia, UK Mobile refuelling for hydrogen aircrafts ▪ 10 × electrolyzer AEM EL 2.1 (singlecore) ▪ 10 kg/24 h of green hydrogen
Slide 49: Green hydrogen production for the naval sector
Mobility | Baglietto, Italy Green hydrogen production for the naval sector ▪ 10 × electrolyzer AEM EL 4.0 (singlecore) ▪ 10 kg/24 h of green hydrogen
Slide 50: District-wide energy storage on a Dutch island
Electricity storage | Hylife Innovations, Netherlands District-wide energy storage on a Dutch island ▪ 30 × electrolyzer AEM EL 2.1 (singlecore) ▪ 30 kg/24 h of green hydrogen
Slide 51: Hydrogen seasonal storage in remote location
Electricity storage | PowiDian Energy, France Hydrogen seasonal storage in remote location ▪ 1 × electrolyzer AEM EL 2.1 (singlecore) ▪ 1 kg/24 h of green hydrogen
Slide 52: Autonomous energy management
Electricity storage | Creo, UK Autonomous energy management ▪ 2 × electrolyzer AEM EL 2.1 (singlecore) ▪ 2 kg/24 h of green hydrogen
Slide 53: Energy storage for buildings
Electricity storage | Hybitat, Italy Energy storage for buildings ▪ 1 × electrolyzer AEM EL 4.0 (singlecore) ▪ 1 kg/24 h of green hydrogen
Slide 54: Green hydrogen generation for Japanese construction sector
Electricity storage | Obayashi, Japan Green hydrogen generation for Japanese construction sector ▪ 2 × electrolyzer AEM EL 4.0 (singlecore) ▪ 2 kg/24 h of green hydrogen
Slide 55: Residential heating with hydrogen
Power-to-heat | DNVGL, Netherlands Residential heating with hydrogen ▪ 8 × electrolyzer AEM EL 2.1 (singlecore) ▪ 8 kg/24 h of green hydrogen
Slide 56: Protein creation with gas fermentation
Research | Deep Branch, Netherlands Protein creation with gas fermentation ▪ 1 × electrolyzer AEM EL 2.1 (singlecore) ▪ 1 kg/24 h of green hydrogen
Slide 57: Green H2 production for diverse uses in Florianópolis
Research | University of Santa Catarina (UFSC), Brazil Green H2 production for diverse uses in Florianópolis ▪ 9 × electrolyzer AEM EL 2.1 (singlecore) ▪ 9 kg/24 h of green hydrogen
Slide 58: H2 mobility R&D at CTU Prague
Research | Czech Technical University, Czech Republic H2 mobility R&D at CTU Prague ▪ 4 × electrolyzer AEM EL 2.1 (singlecore) ▪ 4 kg/24 h of green hydrogen
Slide 59: Mobile green hydrogen plant for research
Research | CICITEM, Chile Mobile green hydrogen plant for research ▪ 8 × electrolyzer AEM EL 2.1 (singlecore) ▪ 8 kg/24 h of green hydrogen
Slide 60: Decentralized hydrogen production for mobility research
Research | HyLab of MORE Munich Mobility Research Campus, Germany Decentralized hydrogen production for mobility research ▪ 48 × electrolyzer AEM EL 2.1 (singlecore) ▪ 48 kg/24 h of green hydrogen
Slide 61: H2POWERPLANT for backup energy & self-sufficiency
Electricity storage | Wilo, Germany H2POWERPLANT for backup energy & self-sufficiency ▪ 95 × electrolyzer AEM EL 2.1 (single-core) ▪ 95 kg/24 h of green hydrogen