Lhyfe Sa · EURONEXT:LHYFE
Lhyfe Sa — H1 2026 Earnings Presentation
35 slides from Lhyfe Sa's earnings presentation, Oct 29, 2026
Slide 1: H1 2026 Financial Results
H1 2026 Financial Results 29 October 2026 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward - looking statements regarding the prospects and growth strategies of Lhyfe and its subsidiaries (the “Group”) . These statements include statements relating to the Group’s intentions, strategies, growth prospects, and trends in its results of operations
Slide 3: Agenda
Agenda 1. GREEN HYDROGEN ADOPTION IS GAINING MOMENTUM 2. WHAT WE ACHIEVED OVER H1 2026 3. CONSOLIDATING INDUSTRIEL FOOTPRINT 4. A STRUCTURAL PARTNERSHIP WITH MESSER 5. DEVELOPING OUR NEXT PROJECTS 6. H1 2026 FINANCIAL HIGHLIGHTS 7. OUTLOOK 3
Slide 4: 1. Green hydrogen adoption is gaining momentum
1. GREEN HYDROGEN ADOPTION IS GAINING MOMENTUM 4
Slide 5: RED III: transposition accelerates, demand takes off
Regulation RED III: transposition accelerates , demand takes off Since 1 January 2026, transport RFNBO mandates have started to apply while industry quotas is still lagging ➢ 14.5% GHG reduction or 29% RES by 2030 RED III targets - Transport ➢ Min. 1% RFNBO 1 in transport fuels by 2030 Status of RED
Slide 6: Germany: green hydrogen is now a legal obligation
Germany Green hydrogen is now a legal obligation RFNBO penalty applies from 2026 for non - compliance RFNBO sub - quota in transport fuels, % of energy 10% 5% ≈14 €/kg penalty for non - compliance, the strongest price signal in the EU 1.5% 0.1% 2026 2030 2035 2040 ▪ In German law since April 2026, r
Slide 7: A ~1 Mt/yr RFNBO market in 2040 driven by RFNBO quota
Germany A ~1 Mt/ yr RFNBO market in 2040 driven by RFNBO quota Large - scale offtake will come first from refineries, driven by the quota; H 2 stations will follow as truck fleets grow RFNBO H ₂ estimated demand from RFNBO H ₂ additional demand from the quota industry And equivalent electrolysis cap
Slide 8: Towards a diesel / green hydrogen parity in German heavy mobility
Germany Towards a diesel / green hydrogen parity in German heavy mobility A combination of government support, carbon quotas and industrial partnerships to make hydrogen trucks as competitive as diesel ones New German plan enabling diesel parity for Industry leaders scale full value chain for hydrog
Slide 9: France: IRICC mechanism expected to create ~200 kt/yr of hydrogen demand from 2027
France IRICC mechanism expected to create ~200 kt/yr of hydrogen demand from 2027 Not yet law: the mechanism is in the 2027 finance bill, with the final vote due in December 2026 TODAY 31 Dec 2027 Jul 2025 Finance Law 2026 Jul 2026 1 Oct 2026 Dec 2026 at the latest IRICC start pushed to TIRUERT exte
Slide 10: 2. What we achieved over H1 2026
2. WHAT WE ACHIEVED OVER H1 2026 10
Slide 11: What we achieved over H1 2026
What we achieved over H1 2026 RENEWABLE H2 DELIVERED NUMBER OF DELIVERIES 290 t > 570 +60% YoY SAFETY FIRST TOP TIER DELIVERY FLEET Operated 0 LITFR 84 tube trailers INSTALLED CAPACITY REVENUE 36 MW €4.7m Of which 15 MW under commissioning Lhyfe - H1 2026 Results 11
Slide 12: Partners committing for the long term
Partners committing for the long term France’s first motorway hydrogen BMW Group awards Lhyfe a multi - year station open to heavy trucks, run contract to supply green hydrogen to by TEAL Mobility , is supplied by its Steyr site in Austria , which drives Lhyfe with RFNBO - certified green the series
Slide 13: 3. Consolidating our industrial footprint
3. CONSOLIDATING OUR INDUSTRIAL FOOTPRINT 13
Slide 14: 6 production sites already installed in France and Germany
6 production sites already installed in France and Germany A unique RFNBO production capacity: 36 MW already installed of which 15 MW in commissioning phase Buléon (Brittany, France) Croixrault 5 MW (Hauts - de - France, France) 5 MW Schwäbisch Gmünd Bouin (Pays - de - la- (Germany) Loire, France) 1
Slide 15: Under commissioning: Le Cheylas (France)
Under commissioning: Le Cheylas (France) ▪ In Auvergne – Rhône - Alpes region ▪ Production capacity: up to 4 tonnes of green H2 per day (10 MW installed capacity) Planning ▪ Site installed (first H2 production achieved in June 2026) ▪ Currently under commissioning phase 15
Slide 16: Under commissioning: Croixrault (France)
Under commissioning: Croixrault (France) ▪ In Hauts - de - France region ▪ Production capacity: up to 2 tonnes of green H2 per day (5 MW installed capacity) Planning ▪ Site installed (first H2 production achieved in September 2026) ▪ Currently under commissioning phase 16
Slide 17: 4. A structural partnership with Messer
4. A STRUCTURAL PARTNERSHIP WITH MESSER 17
Slide 18: A key milestone achieved in July 2026: a structural partnership with Messer
A key milestone achieved in July 2026: a structural partnership with Messer Announced on 13 July 2026, Messer, the world’s largest privately - owned industrial gases specialist, becomes a long - term customer, reference industrial partner and equity co - investor in Lhyfe’s renewable hydrogen produc
Slide 19: Messer partnership: securing revenue and market access
Messer partnership: securing revenue and market access REVENUE VISIBILITY A ten - year contract with a minimum take or pay commitment turns project output into recurring, visible cash flow. INDIRECT SALES CHANNEL Through Messer as a client, Lhyfe increases its market penetration into the established
Slide 20: First capital rotation: 30% sold, control retained
First capital rotation: 30% sold, control retained Lhyfe keeps 70% and the operator role, and strengthens equity and cash from 2026 EXCLUSIVE OPERATOR ROLE Lhyfe retains 70% of the four sites, full consolidation and the exclusive operator role VALUE DEMONSTRATED 30% sold at asset value, with Lhyfe r
Slide 21: Lhyfe: one integrated model, from first permit to capital rotation
Lhyfe: one integrated model, from first permit to capital rotation Lhyfe proves its full - cycle model, from development to operation, monetization and capital recycling Revenues paid by SPVs to Lhyfe SA 2021 2022 2023 2024 2025 2026 2027 until H1 2026 Portfolio financing 01 Develop & design Sites s
Slide 22: 5. Developing our next projects
5. DEVELOPING OUR NEXT PROJECTS 22
Slide 23: Our targets in a nutshell
Our targets in a nutshell Mobility & Steel: Bulk H2 Industry: On- site Chemical industry, refinery and mobility: Bulk H2, on - site & pipelines Mobility: Bulk H2 23
Slide 24: Our next wave of projects: derisking FIDs
Our next wave of project: derisking FIDs With development and execution capabilities already proven on our own sites, Lhyfe is among the few players positioned to deliver large - scale projects ~15 in1.4development GW Lhyfe captures value at three stages of each project 4 fprojects lagships 1 AT FID
Slide 25: Two of our flagship projects: Green Horizon
Two of our flagship projects : Green Horizon and Kemsley 100 MW ~15 kt GREEN HORIZON electrolysis capacity green H ₂ per > €140m IPCEI secured : first year tranche ( €18.6m) already received, second tranche expected in the coming months Ongoing negotiations with offtakers • Permit and environmental
Slide 26: Two of our flagship projects: Kemsley
Two of our flagship projects : Green Horizon and Kemsley KEMSLEY 50 MW ~7 kt electrolysis capacity green H ₂ per year HAR2 shortlisted Ongoing negotiations with offtaker • Planning application submitted • Land secured FID expected in 2027 Selected plot for the Kemsley’s project - 50 MW unit Lhyfe -
Slide 27: 6. H1 2026 financial highlights
6. H1 2026 FINANCIALS HIGHLIGHTS 27
Slide 28: Key figures in H1 2026
Key figures in H1 2026 REVENUES TOTAL ASSETS AS OF JUNE 2026 • Stable revenues YoY reflecting higher volumes €4.7m €246m delivered in France and Germany , our two main geographies, offset by lower deliveries in the Nordics where several short - term opportunistic contracts had generated significant
Slide 29: H1 2026 P&L: cost reduction plan fully executed
H1 2026 P&L Cost reduction plan fully executed, results to be observed in H2 € m - IFRS standards H1 2026 H1 2025 Revenue 4.7 4.6 Higher purchases consumed related to increased activity Purchases consumed (1.9) (0.9) External expenses (7.1) (7.5) Gradual reduction in personnel expenses, reflecting t
Slide 30: Cash flows and balance sheet
Cash flows and balance sheet € m - IFRS standards H1 2026 H1 2025 Lower operating cash flow at €(18.0)m , versus €(10.5)m YoY reflecting i) a working capital impact (outflow of €(1.9) versus an inflow of €2.8m Net result (20.1) (21.7) YoY) and ii) the non - cash effect related to an investment’s wri
Slide 31: 7. Outlook
7. OUTLOOK 31
Slide 32: A resized and streamlined organization to execute the business plan
A resized and streamlined organization to execute the business - plan The reorganisation strengthens commercial and operating activities, focuses engineering on core businesses and development on priority projects. 32% 47% 21% Run the assets Develop and build the assets Support the company 40 39 20
Slide 33: 2026 – 2027 outlook
2026 – 2027 outlook PRIORITIES FOR THE COMING MONTHS REVENUE AND CASH DRIVERS ▪ Ramp up operations and sales at our 21 MW platform in ▪ Germany: acceleration in H2 2026, then the main France and Germany source of volume growth in 2027 ▪ Commission Croixrault (5 MW) and Le Cheylas (10 MW) ▪ Messer: 1
Slide 34: A strong revenue growth since Lhyfe's first H2 operations
A strong revenue growth since Lhyfe’s first H2 operations CONSOLIDATED REVENUE +60% 111% CAGR o ver 2022 - 2026E [€12 - 13m] €9.8m €5.1m €0.6m €1.3m 2022 2023 2024 2025 2026E 2027E Lhyfe - H1 2026 Results 34
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