Slide 1: Green Hydrogen Producer FY 2023 Results
(4 GREEN HYDROGEN PRODUCER FY 20235 RESULTS WEBCONFERENCE 28 MARCH 2024 LHYFE T
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, f
Slide 3: Presenters and agenda
Matthieu Guesné Taia Kronborg Maria Pardo Saleme Founder & CEO Chief Business Officer Chief Financial Officer 4. FY 2023 HIGHLIGHTS 2. PAVING THE WAY ON OFFSHORE HYDROGEN PRODUCTION S. FY 2023 FINANCIAL HIGHLIGHTS 4. AN ENHANCED MODEL TO ACCELERATE PROFITABILITY
Slide 4: FY 2023 Highlights
FY 2023 HIGHLIGHTS
Slide 5: What we achieved during FY 2023
Lf _ What we achieved during FY 2023 iv] 2023 revenues at €1.3m, x2 compared to FY 2022 FZ Signature of multiple new clients in France and Germany, including Avia, Manitou, Iveco, John Deer, Hypion, Hype, Symbio 7 D)hew sites inaugurated in France (Buléon and Bessiéres), making Lhyfe the first produ
Slide 6: Bouin (France) site running now at full speed
Bouin (France) site running now at full speed €@ emanmu bupion Iveco JOHN DEERE 3 of gree hydrogen/day {installed capacityof 0.76} _|." Direct connection to a farm, secured PPA with. Vendée Energie 1% SUCCESS ike n deliverie = Representing a 2.5 MW electrolysis installed capacity after extension = O
Slide 7: Brittany (Morbihan, Buléon near Lorient)
if Brittany (Morbihan, Buléon near Lorient) > Production capacity: up to 2 tonnes of green H2 per day or 700 tons/year (5 MW installed capacity) Sic Mobility (70% Bulk industry (30% Main source of energy: Wind PPA with VSB énergies Nouvelles Client already signed: cot ae ae ae ae = a= Site installed
Slide 8: Bessières, Occitanie
Or RENBO In Occitany (Bessiéres near Toulouse Occitany) Production capacity: up to 2 tonnes of green H2 per day or 700 tons/year (5 MW installed capacity) Main source of energy: Wind PPA Winner of the Corridor H2 tender for projects Under commissioning Commercial ramp-up to start by end of H1 2024
Slide 9: Our other sites under construction - Germany
Our other sites under construction - Germany TUBINGEN (GERMANY) Up to 200 kg per day (1 MW installed capacity) Aimed at supplying hydrogen-powered trains on the Pforzheim-Horb-Tubingen line from 2024. Contract with Deusche Bahn signed Unit installed and ready for client’s start of operations H2goesR
Slide 10: Croixrault and Sorigny sites
CROIXRAULT (FRANCE) Announced in 2023 " Up to 2 tonnes of green hydrogen per day (5 MW of installed electrolysis capacity) = Located on the Mine d’Or industrial area, alongside the A29 motorway = First production unit in the Hauts-de-France region to make renewable hydrogen available to a wide marke
Slide 11: Fortress Pipeline
_ Fortress Pipeline Excluding projects already under construction Bulk projects 5 5 Delfzijl (Netherlands) - 200 MW Onsite projects @~-| SouthH2Port (Sweden) - 600 MW Backbone projects 2023 \ @ | 2023 Wallsend (UK) - 20 MW \ | Aaland Island (Finland) - X GW 2023 2023 HOPE Projecct(Belgium) - 10 MW ;
Slide 12: €149m grant secured from French government for 100 MW project near Le Havre
Boosting the scale-up: €149m grant secured from French oh government to support 100 MW project near Le Havre in France IPCEI HYDROGEN cp. 100 MW Hu wy Up to 34 tons of He Project approved by the green H,/day European Commission as part of the third wave of IPCEI (Important Projects of Common Europea
Slide 13: Paving the Way on Offshore Hydrogen Production
Lhyfe PAVING THE WAY ON OFFSHORE HYDROGEN PRODUCTION
Slide 14: Offshore pilot Sealhyfe results
» Green H2 produced under stressed conditions (corrosion, direct connexion to wind mill, strong accelerations, fully remote operations) * Millions of data collected to support next phase (HOPE project): v Reliability of H2 offshore production in an isolated environment v Management of the platform’s
Slide 15: Scale-up launched, supported by strong partners
Lf _ Scale-up launched, supported by strong partners * For the first time in the world, green hydrogen will be produced at sea and then delivered ashore via a composite pipeline to local customers for use in industry and transport sectors " Up to 4 tpd of green H2 (10 MW installed cap.) = Located in
Slide 16: FY 2023 Financial Highlights
Lhyfe FY 2023 FINANCIALS HIGHLIGHTS
Slide 17: Income statement
FY 2022 Revenue 1.3 06 Cost of goods sold (0.6) (0.4) Employee expenses (20.5) (11.3) External expenses (12.4) (7.3) Taxes 2 (4) Other operating income & expenses 19 1.4 EBITDA’ (28.1) (16.3) Current operating result (EBIT) (34.0) (18.2) Operating result (34.4) (19.2) Financial result 1.6 (6.6) Cons
Slide 18: Cash flow and balance sheet
Net result (33.6) (25.8) Operating cashflow (22.6) (15.1) Investing cashflow (44.1) (12.9) Financing cashflow 36.5 122.6 Change in cash & cash equivalents (30.2) 94.6 €m- iF ind Dec 23 Dec 22 Cash & cash equivalents M43 144.5 Financial debt! 45.7 18.6 Net cash? 68.6 125.9 Equity 102.5 133.6 Total as
Slide 19: Consolidating clients base and funding capacities
Lf _ Consolidating clients base and funding capacities F 2023 revenue x2 reflecting commercial ramp-up at Bouin site achieved over the year, notably in Q4 ¥] 100% of clients deliveredion time, for >250 total deliveries since start | First clients delivered in Germany during 2023 F Reinforced balance
Slide 20: ESG rating
» 75 / 100 2022 Rating vs. 55/100 for the sector’ vs. 67/100 in 2021 &thiFinance €SG rating 2023 st h over 50 Lhyfe’s ranking within its sector Governance 62 66 External 80... 63 45 Social stakeholders a7 60 ——Lhyfe Environment — Benchmark 0.9 kg vs 11.1 kg Green H2 Grey H2 C02 emission for the prod
Slide 21: A track record of development, construction, operation, distribution
bv Lyfe A track record of Development / Construction / Operation / Distribution o =H Development ~75 projects under development 6 projects brought to FID 22 lands secured 12 permits submitted, 9 permits granted, 3 pending €230m+ subsidies secured ~20 He contracts signed Liyfe &y Construction 2 sites
Slide 22: Pipeline by geography and type of project
PIPELINE BY GEOGRAPHY In MW Southern Europe e Qe ( ’ Northern Europe and Western UK Europe Ba e & oar O2e026 1 Projects located close to the future European hydrogen backbone PIPELINE BY TYPE OF PROJECT In MW Backbone!’ On-site (Industry) Bulk (Mobility)
Slide 23: An Enhanced Model to Accelerate Profitability
AN ENHANCED MODEL TO ACCELERATE PROFITABILITY
Slide 24: Hydrogen as a Service: towards accelerated value creation
Lf _ Hydrogen as a Service: towards an accelerated value creation Two complementary activities to boost early profitability and secure resilient cash flows Existing integrated activity: continue to develop, hold and operate green H2 production units generating long-term resilient and recurrent cash
Slide 25: Existing integrated activity / Pipeline developed through partnerships
Existing Integrated activity Pipeline developed through partnerships
Slide 26: Assets under management and EBITDA margin targets
3 GW of assets under x4 YoY management >30% EBITDA margin Lhyfe (COM. — revenues ot EBITDA margin > 10% wy | 41 GW to be Revenues c. €100m my closed by end my of 2024 Revenues ] wy | Partnerships activity Integrated activity Installed capacity (integrated activity)
Slide 27: Appendices
Appendices
Slide 28: Heavy support from Europe to speed up green hydrogen production
Lyf _ Heavy support from Europe to speed up green hydrogen production Finalized definition of green renewable hydrogen RFNBO should represent in Europe: 42% of hydrogen used in industry in 2030 ie 10 million tons of hydrogen p.a. (vs Lhyfe’s objective to produce 0.4m tons p.a. in 2030) then 60% in 2
Slide 29: National support schemes for mobility
Lufe Multiple and enhanced national support schemes for mobility Germany: mobility boosted at short term UK: new funding rounds to come Overall target: achieve 10 GW of installed production capacity by 2030 while » Overall target to achieve at least 5 GW of green H2 installed capacity by industry vi
Slide 30: German hydrogen core backbone
> Core backbone refurbishment (60 %) and new construction (40%) now enshrined into law. TSO plan foresees a network of 9.700 km pipes with entry capacity of 100 GW and exit capacity 87 GW for a total cost of 20 bn EUR to be finalised by 2032. >» Funding via Government Amortization Account: Construct
Slide 31: Offshore green hydrogen plans in the North Sea
Overall plan to have 10 GW of installed capacity for green H2 production offshore of which 1 GW by 2030 Area of the North Sea (SEN-1 zone) already set aside exclusively for offshore green hydrogen production of up to 1 GW by 2030, which would be connected to shore via the Aquaductus 2 pipeline. Obje
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