Lhyfe Sa · EURONEXT:LHYFE
Lhyfe Sa — Portzamparc Impact Investing Seminar 2026
45 slides from Lhyfe Sa's conference presentation, Feb 4, 2026
Slide 1: Investor Presentation Portzamparc Impact Investing Seminar
Investor Presentation Portzamparc Impact Investing Seminar 4 February 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. LHYFE’S KEY ACHIEVEMENTS 2. OUR VIEWS ON THE SECTOR 3. H1 2025 FINANCIALS HIGHLIGHTS 3
Slide 4: Lhyfe's key achievements
LHYFE’S KEY ACHIEVEMENTS Since 2023: from start - up to pan - European industrial player 4
Slide 5: Since 2023: from start-up to pan-European industrial player
Since 2023: from start - up to pan - European industrial player Operational milestones Financing milestones CREATION – DEVELOPMENT EXPANSION - INDUSTRIALISATION Sweden Spain icon First deliveries to customers Dec Sept Jun Sept Oct Jan Feb Mar 2021 2023 2024 2024 2024 2025 2025 2025 RFNBO certificati
Slide 6: In 2025, Lhyfe has further improved its ESG scoring
In 2025, Lhyfe has further improved its ESG scoring Green H2 versus grey H2 Lhyfe further improved its ESG rating in 2025 CO2 emission for the production of 1 kg of hydrogen 1: 88/100 2025 Rating 0.9 kg vs 11.1 kg vs. 85/100 in 2024 Renewable H2 Grey H2 and vs. 70/100 in 2023 ✓ Very little CO2 when
Slide 7: Bouin (France) - First operating site in France
Bouin (France) - First operating site in France Among new clients signed in 2024 ▪ Lhyfe’s first green hydrogen production site with a current production capacity of up to 300 kg of green hydrogen/day ▪ Direct connection to a wind farm, secured PPA with Vendée Energie ▪ Serving mostly mobility clien
Slide 8: Buléon (France)
Buléon (France) ▪ In Brittany (Morbihan, Buléon near Lorient) ▪ Production capacity: up to 2 tons of green H2 per day (5 MW installed capacity) ▪ Main source of energy: Wind PPA with VSB énergies Nouvelles ▪ Site installed and starting deliveries ▪ Commercial ramp - up to continue over 2026 and 2027
Slide 9: Bessières (France)
Bessières (France) ▪ In Occitany (Bessières near Toulouse) ▪ Production capacity: up to 2 tons of green H2 per day (5 MW installed capacity) ▪ Main source of energy: Wind PPA ▪ Site installed and starting deliveries ▪ Commercial ramp - up to continue over 2026 and 2027 ▪ Selection of clients 9
Slide 10: Schwäbisch Gmünd (Germany)
Schwäbisch Gmünd (Germany) ▪ Production capacity: up to 4 tons of green H2 per day (10 MW installed capacity) ▪ Main source of energy: Solar PPA with EDPR ▪ Selection of client: ▪ Site installed, industrial and commercial ramp - up underway 10
Slide 11: Sites under construction: new capacity will soon add to our asset base
Sites under construction: new capacity will soon add to our asset base CROIXRAULT - 5 MW LE CHEYLAS – 10 MW Up to 2 tpd of green H2 Up to 4 tpd of green H2 • First production unit in the Hauts - de - France region to • To meet the growing customer demand in the region, make renewable hydrogen availa
Slide 12: End of 2025: Pursuing Lhyfe sites deployment across Europe
End of 2025: Pursuing Lhyfe sites deployment across Europe INSTALLED CAPACITY ADDING CAPACITY BY 2026 21 MW 2 sites under construction for 15 MW 12
Slide 13: Lhyfe has become a major producer of RFNBO hydrogen in Europe
Lhyfe has become a major producer of RFNBO hydrogen in Europe RFNBO (Renewable Fuel of Non - Biological Origin) certification • European Union’s most stringent standard for green hydrogen under the European Renewable Energy Directive (RED III) • 100 % renewable H2 production, complying with environm
Slide 14: 100 MW Green Horizon project: a landmark project in Europe
100 MW Green Horizon project: a landmark project in Europe A flagship large - scale low - carbon H2 production asset 1 Mature development with robust design and execution strategy • Grid connection, land, building permit and subsidy secured. Construction, operation and offtake contract strategy defi
Slide 15: Our production capacity and projects
Duisburg (Allemagne) - 10 MW Our production capacity and projects SoutH2Port ( Sweden ) - 600 MW Delfzijl (Pays - Bas) - 200 MW Vaggeryd (Suède) - 10 MW In operation Wallsend (UK) - 20 MW Aaland Island (Finlande) - X GW Under HOPE Project (Belgique) - 10 MW Jordberga (Suède) - 10 MW Construction Cro
Slide 16: Active roll-out of our Go-to-FID strategy
Active roll - out of our Go - to - FID strategy Sites already installed or under construction/extension Short term Vaggeryd (Sweden) - 10 MW Long - term €11m subsidy Wallsend (UK) - 20 MW Jordberga (Sweden) - 10 MW Shortlisted as part of HAR2 1 €11m subsidy Kemsley (UK) - 80 MW Lubmin (Germany) - 80
Slide 17: Growing our assets base since 2023
Growing our assets base since 2023 Sites deployed - already 4 production sites in operation • Bouin site running at full speed since 2023 Production sites in operation • 2 new sites installed in France + 1 new site inaugurated in Germany 6 • 2 sites finalizing construction in France • 1 offshore pil
Slide 18: Consolidating our customer reach since 2023
Consolidating our customer reach since 2023 Quickly extending our customer portfolio in Europe • 6x more clients compared to H1 2023 • Expanding from France and Germany to deliveries <10 clients finlândia across nine European countries 2025 2024 2025 c.70 clients 2 countries • Portfolio of diversifi
Slide 19: Developing and deploying a unique pan-European distribution infrastructure (2/3)
Developing and deploying a unique pan - European distribution infrastructure (2/3) We built up our own container fleet Number of operated tube trailers • A key differentiating asset to extend our client outreach 84 x6 • One of the largest modern bulk hydrogen 13 transport fleets in Europe, with more
Slide 20: Developing and deploying a unique pan-European distribution infrastructure (3/3)
Developing and deploying a unique pan - European distribution infrastructure (3/3) We have deployed a powerful supply network • Multiple bulk delivery routes already deployed across Europe • A unique pan - European reach • 19 storage sites • Partnerships with 3 recognized carriers transport + 21 age
Slide 21: Transforming into revenues and financial performance
Transforming into revenues and financial performance Growing revenues • x8 growth in revenue over 2023 - 2025 Revenues growth • Reflecting the rapid expansion of our portfolio of clients and €9.8m the progressive ramp - up of our new production sites, with x8 €4.6m Bouin site at full capacity and Bu
Slide 22: Gaining market share to becoming a pan-European player
Gaining market share to becoming a pan - European player • We increased revenues x4 over 2023 - 2024 • We extended our geographical customer reach, from delivering 2 countries in 2023 to 9 countries today • Client focus from start, consolidating our portfolio of clients across Europe Significant gro
Slide 23: Our views on the sector
OUR VIEWS ON THE SECTOR Clearer regulatory and national context for green hydrogen deployment 23
Slide 24: Worldwide clean H2 demand to grow significantly
Worldwide clean H 2 demand to grow significantly in the coming years Global hydrogen demand evolution Green and low - carbon hydrogen demand evolution • Demand nearly reached 100 Mt in 2024 (+2% increase from • Worldwide demand for low - emissions hydrogen grew by 2023) and is expected to surpass th
Slide 25: Green H2 industry continues to mature worldwide
Green H 2 industry continues to mature worldwide Investment pipeline in clean hydrogen projects by 2030 ($bn) Committed investment increased 45% since 2024 • Many FID taken with binding offtake from industrial clients • Ongoing pipeline clean up and maturation with reassessment of projects launched
Slide 26: Worldwide electrolysis capacities are starting to take off
Worldwide electrolysis capacities are starting to take off Electrolysis installed capacity (GW) 4.9 Of which more 9x growth since 2021 than 50% in China 2.0 1.4 0.6 0.7 2021 2022 2023 2024 2025 • Installed electrolysis capacities more than doubled YoY Source: IEA (2025), Global Hydrogen Review 2025
Slide 27: Green hydrogen at the heart of European decarbonisation strategies
Green hydrogen at the heart of European decarbonisation strategies Several regulations were adopted which have a positive impact on the development of the renewable and low carbon hydrogen sector in Europe February 2023 : Adoption of the Nov 2023: Release May 2024: Adoption Nov 2025: Adoption defini
Slide 28: Key RFNBO framework is now clearly defined and ready for implementation
Key RFNBO framework is now clearly defined and ready for implementation • In November 2023, the European Commission released its framework for renewable fuels of non - biological origin (RFNBOs) as part of the Renewable Energy Directive (RED ). • This framework sets the most stringent standard for h
Slide 29: AFIR regulation is speeding up the deployment of HRS network for mobility
AFIR regulation is speeding up the deployment of HRS network for mobility 4x - growth in the number of hydrogen refueling stations throughout Europe expected by 2030 • As part of the Green Deal, the EU released in Sept 2022 the Estimated number of hydrogen refueling AFIR (Alternative Fuel Infrastruc
Slide 30: Ongoing national transposition of RED III and Hydrogen Gas Markets package
Ongoing national transposition of RED III and Hydrogen Gas Markets package will boost green hydrogen investment and consumption Each member state must set 2030 targets for the consumption of renewable hydrogen in industry and transport RED III transposition by country and by year in the UE What are
Slide 31: Lhyfe's 100+ MW projects align with current market landmark projects in Europe
Lhyfe’s 100+ MW projects including Green Horizon project align with current market landmark projects in Europe Stegra Green Steel 700 MW COD 2026 100 MW+ Lhyfe project 100 MW+ competitor • Supported by subsidies and secured project that has taken FID offtake agreements, several large - scale project
Slide 32: Our key takeaways on current green hydrogen market
Our key takeaways on current green hydrogen market ➢ A complex but gradually maturing market • Selected but resilient projects are moving forward, with a growing number of FIDs been taken (x4 FIDs taken in Europe in 2024 on H 2 projects), although with some delays compared to initially planned. Seve
Slide 33: Latest financials highlights
LATESTFINANCIALS HIGHLIGHTS 33
Slide 34: 2025: Growing sales and deliveries, confirming Lhyfe as a major green H2 producer
2025: Growing sales and deliveries, confirming Lhyfe as a major green H2 producer today in Europe REVENUES NUMBER OF DELIVERIES €9.8m 850 x2 vs YoY +80% vs YoY ADDING CAPACITY BY 2026 INSTALLED CAPACITY 2 sites under construction for 21 MW 15 MW 34
Slide 35: We increased revenues more than x7 over last 2 years and extended our geographical customer reach
We increased revenues more than x7 over last 2 years and extended our geographical customer reach Sales growth is confirmed, supported A powerful supply network with by growing capacity and new clients bulk deliveries in 9 countries Revenue ( €m) NUMBER OF 9.8 DELIVERIES x2 850 +80% vs YoY 5.1 x4 1.
Slide 36: Key figures in H1 2025, roadmap under execution
Key figures in H1 2025 , roadmap under execution REVENUES AVAILABLE CASH TOTAL ASSETS AS OF END H1 25 AS OF END H1 25 €4.6m x3 vs YoY €65m €237.5m ADJUSTED EBITDA SECURED SUBSIDIES PROJECT FINANCING PACKAGE €(13.3)m € 228m €53m Signed in H1 2025 • Confirmed commercial reach , seizing new market shar
Slide 37: €53m project financing secured confirming Lhyfe's financing strategy
€53m project financing secured confirming Lhyfe’s financing strategy A tailormade funding transaction supporting the long - term financing strategy Full financing package secured for a A strategic milestone unlocking capital and value creation portfolio of 4 assets Securing the entire financing pack
Slide 38: H1 2025 financial performance, revenues starting to scale-up
H1 2025 financial performance, revenues starting to scale - up € m - IFRS standards H1 2025 H1 2024 c .3- fold increase in revenue at €4.6m in H1 2025 driven by: Revenue 4.6 1.7 • Higher volumes delivered to existing and new clients in France, Germany and Sweden Purchases consumed (0.9) (0.2) • Ramp
Slide 39: Strong balance sheet to support Lhyfe strategy
Strong balance sheet to support Lhyfe strategy € m - IFRS standards H1 2025 H1 2024 Operating cashflow improving at €(10.5)m , versus €(14.4)m YoY reflecting mainly a stable EBITDA together with a positive Net result (21.7) (14.0) change in WCR ( €2.8m compared with - €2.9m YoY) Operating cashflow (
Slide 40: Broadening product portfolio to enhance profitability and capture value creation
Broadening product portfolio to enhance profitability and capture value creation Development Construction O&M 3- 4Service years 2- 3 years 10+ years Final Investment Asset Decision handover • EPC Management Services • Signing of a Development Agreement • Partial divestment of Asset Dividend Services
Slide 41: 2026 outlook and beyond
2026 outlook and beyond ▪ Corporate restructuring with a retargeted development strategy and growth in new end markets • Strengthening of commercial and operational activities • Prioritisation of European projects in mature and existing markets (mobility, industry in the UK and refineries in Europe)
Slide 42: Annexes
ANNEXES 42
Slide 43: Green hydrogen at the heart of European decarbonisation strategies
Green hydrogen at the heart of European decarbonisation strategies Several regulations were adopted which have a positive impact on the development of the renewable and low carbon hydrogen sector in Europe February 2023 : Adoption of the Nov 2023: Release May 2024: Adoption Nov 2025: Adoption defini
Slide 44: Since 2023 several countries have introduced dedicated subsidy and contract schemes
Since 2023 several countries have introduced dedicated subsidy and contract schemes – but with delays compared to initially planned Objective : to secure project revenues and stimulate demand for green hydrogen Country Mechanisms Type Scope Timeline Maturity MSP A national support mechanism to compe
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