Slide 1: Green Hydrogen Producer H1 2023 Results
(4 GREEN HYDROGEN PRODUCER H1 2023 RESULTS WEBCONFERENCE 27 SEPTEMBER 2023 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: Agenda
AGENDA * H1 2023 HIGHLIGHTS * MARKET UPDATE * INDUSTRIAL SCALE-UP ON TRACK » OUR OFFSHORE MILESTONES » H1 2023 RESULTS = 2023 & BEYOND Matthieu Guesné Founder & CEO Taia Kronborg Chief Business Officer Maria Pardo Saleme Chief Financial Officer
Slide 4: H1 2023 Highlights
Slide 5: H1 2023 Highlights
H1 2025 HIGHLIGHTS WHAT WE ACHIEVED DURING FIRST HALF 2023 7 Commercial ramp-up underway: +40% increase in revenue YoY from sale of green H2 at €0.4m Strong conversion of the pipeline to Construction stage with 7 “| sites now under construction in Europe representing up to ~13 | tons of green H2 pro
Slide 6: Market Update
Slide 7: Heavy support from Europe to speed up green hydrogen production
MARKET UPDATE HEAVY SUPPORT FROM EUROPE TO SPEED UP GREEN HYDROGEN PRODUCTION RFNBO (Renewable Fuel of Non-Biological Origin) + 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. * then 6
Slide 8: Multiple and enhanced national support schemes for mobility and industry
MARKET UPDATE MULTIPLE AND ENHANCED NATIONAL SUPPORT SCHEMES FOR MOBILITY AND INDUSTRY Germany: mobility boosted at short term = Overall target: achieve 10 GW of installed production capacity by 2030 while industry view already targets 18 GW hort term plan : mobilit * Boost hydrogen mobility project
Slide 9: Offshore hydrogen: acceleration momentum in Europe
MARKET UPDATE OFFSHORE HYDROGEN: ACCELERATION MOMENTUM IN EUROPE Germany 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 20
Slide 10: Industrial Scale-Up on Track
10
Slide 11: Bouin site: successfully delivering green H2 since end of 2021
SCALE-UP ON TRACK INDUSTRIAL BOUIN SITE: SUCCESSFULLY DELIVERING GREEN H2 SINCE END OF 2021 " Lhyfe’s first green hydrogen production site with a current installed capacity of 1 MW (up to 300 kg green hydrogen/day) = Serving mostly mobility clients = Direct connection to a wind farm \al
Slide 12: Bouin site now serving an extended client base
INDUSTRIAL SCALE-UP ON TRACK 2 BOUIN SITE NOW SERVING AN EXTENDED CLIENT BASE, PRODUCTION CAPACITY INCREASE PLANNED FOR 2024 Serving multiple clients by road Selection of offtakers: v¥ Recent contract signatures with new clients giving visibility on green H2 offtake from an Bouin for H2 2023 B® ie ¥
Slide 13: Derisked industrial scale-up underway
INDUSTRIAL SCALE-UP ON TRACK 3 DERISKED INDUSTRIAL SCALE-UP UNDERWAY v¥ Modular approach for a de- risking of the industrial designs v All key equipments secured at prices fixed in 2022 v Sites deployment sequenced in line with clients’ developments and financing securitization (subsidies and debt f
Slide 14: Ongoing industrial European scale-up starting in France and Germany
INDUSTRIAL SCALE-UP ON TRACK 14. ONGOING INDUSTRIAL EUROPEAN SCALE- UP STARTING IN FRANCE AND GERMANY ni val ig Serve green H2 clients anywhere Our ambition: To be a major player in green H2 bulk production in France and Germany by 2025 || Countries where Lhyfe is currently developing projects Proje
Slide 15: Buléon (France) site update
BULEON (FRANCE) SITE UPDATE bi ii — "In Brittany (Morbihan, Buléon near Lorient) = Productioms@apacity: up to maximum 2 tonnes of green H2 per day (5 MW installed capacity) _ = Markets: * Mobility (70% = Bulk industry (30% = Main source of energy: Mi PPA with VSB énergies Nouvelles i = RFNBO ready :
Slide 16: Bessières (France) site update
BESSIERES (FRANCE) SITE UPDATE = In Occitany (Bessiéres near Toulouse (Occitany) = Production capacity: up to a maximum of 2 tonnes of green H2 per day (5 MW installed capacity] ™*RENBO ready: Yes * Winner of the Corridor H2 tender for projects
Slide 17: Our other sites under construction
INDUSTRIAL SCALE-UP ON TRACK 7 OUR OTHER SITES UNDER CONSTRUCTION BOTNIA (SWEDEN) Green H2 production capacity: up to 0.6 tpd (1.5 MW installed capacity) Land and connection secured Building permit received Groundwork started COD End-2023 TOBINGEN (GERMANY) Green H2 production capacity: up to 400 kg
Slide 18: A new site in Germany: Brake
INDUSTRIAL SCALE-UP ON TRACK 18 A NEW SITE IN GERMANY TO ADDRESS MOBILITY: BRAKE v Green H2 production capacity: up to 4tpd v Installed electrolyser capacity: 10 MW v Use: 100% bulk v Land and connection secured Y Building permit submitted Y Pre-consolidation works started Y COD planned end-2024
Slide 19: Projects execution is well on track
INDUSTRIAL SCALE-UP ON TRACK PROJECTS EXECUTION IS WELL ON TRACK 7 SITES NOW IN CONSTRUCTION STAGE Data as of June 30th, 2023 Onshore site Installed Max. prod. Land Electricity Construction Start of Expected capacity capacity sourcing / permit construction Commissioning Unit already MW Tons per day
Slide 20: Our Offshore Milestones
20
Slide 21: Sealhyfe fully offshore and running, in line with plan
OUR OFFSHORE MILESTONES SEALHYFE FULLY OFFSHORE AND RUNNING, IN LINE WITH PLAN 1 MW PEPM electrolyser Up to 400 kg per day green hydrogen production Geps CHANTIERS, Som DE VATLANTIQUE @- »)) PAYS DE LA LOIRE fi CENTRALE
Slide 22: HOPE project on track
OUR OFFSHORE MILESTONES HOPE PROJECT ON TRACK (HYDROGEN OFFSHORE PRODUCTION FOR EUROPE) = For the first time in the world, green hydrogen will be produced at sea and . 10 MW. le then delivered ashore via a composite | High voltage Compression pipeline to local customers for use in SRST GoSEAD | 350
Slide 23: Strengthening European offshore partnerships with Capital Energy and Centrica
STRENGTHENING EUROPEAN OFFSHORE PARTNERSHIPS WITH CAPITAL ENERGY AND CENTRICA MOU TO PRODUCE GREEN MOU TO DEVELOP OFFSHORE HYDROGEN AT SEA IN SPAIN AND RENEWABLE GREEN HYDROGEN PORTUGAL IN THE UK OUR OFFSHORE MILESTONES 23 Collaboration agreement for the joint development of offshore renewable hydro
Slide 24: Financial Highlights
= INCIAL HIGHLIGHTS
Slide 25: Group deliveries and revenues
FINACNIAL HIGHLIGHTS 25 GROUP DELIVERIES AND REVENUES Consolidating clients base and pursuing operational excellence Y¥ 100% of clients delivered on time v First clients delivered in Germany Y c.€400k revenues in H1 : +¢.40% vs H1 2022 Y Contracts being signed * Consolidation of client portfolio > B
Slide 26: Investments in line with growth plan
FINACNIAL HIGHLIGHTS 26 INVESTMENTS IN LINE WITH GROWTH PLAN € m - IFRS standards H12023 =H’ 2022 Revenue 0.4 Cost of purchases (0.1) Staff expenses (10.1) External expenses (5.8) Taxes (0.1) Other operating income & expenses 0.4 EBITDA’ (15.3) Current operating result (EBIT) (16.2) Operating result
Slide 27: Strong cash position to fund company's growth
FINACNIAL HIGHLIGHTS 27 STRONG CASH POSITION TO FUND COMPANY’S GROWTH € m - IFRS standar H12023 12022 Net result (15.9) (13.9) Operating cashflow (12.3) (7.4) Investing cashflow (7.8) (3.1) Financing cashflow 3.4 126.1 Change in cash & cash equivalents (16.8) 115.6 € m - IFRS standards June 23 Dec 2
Slide 28: 2023 & Beyond
Slide 29: A pipeline ensuring we deliver our long-term goals
2025 & BEYOND A PIPELINE ENSURING WE DELIVER OUR LONG-TERM GOALS 10.5 GW AT END-JUNE 2023 (VS. 9.8 GW AT END DEC 2022) PIPELINE BY PHASES PIPELINE BY TYPE 5.3 GW {vs 5.0 GW) Backbone* 4.4 GN (vs 4.1 GW) ea Ne Bulk oon (Mobility and Industry) On-site (Industry) EARLY STAGE AWARDED ADVANGED CONSTRUCTI
Slide 30: Lhyfe team focused on delivering the pipeline into operational sites
2025 & BEYOND LHYFE TEAM FOCUSED ON DELIVERING THE PIPELINE INTO OPERATIONAL SITES >60 MW OF PROJECTS AT CONSTRUCTION AND AWARDED STAGE’ 5 sites awarded with a target 7 sites currently under construction (including upgrade of Bouin site), of commissioning which : _ 40 Mw * Ato be commissioned by yea
Slide 31: Beyond 2026: industrial and on-site projects under development
2025 & BEYOND an BEYOND 2026: INDUSTRIAL AND ON-SITE PROJECTS UNDER DEVELOPMENT Selected projects: __| SouthH2Port (Sweden) = 600 MW = 200 MW Delfzijl (Netherlands) Fonderies du Poitou (France) * Dozen of MW logistics company and e-fuel producing companies * — Potential prospects including industria
Slide 32: By 2026: targeting a leading position in green H2 production
2025 & BEYOND BY 2026: TARGETING A LEADING POSITION IN GREEN H2 PRODUCTION IN FRANCE AND GERMANY < Building a unique production infrastructure < France and Germany as major targets for 20235-2026 projects Y¥ Target a leading position in green H2 production for bulk industry and mobility ¥ Supported
Slide 33: 3500 3000 2500 ▪ 2000 1500 1000 ▪ 0 2 0 -8
3500 82 3000 72 62 2500 52 ▪ 2000 42 1500 32 1000 22 ▪ 12 500 2 0 -8
Slide 34: Lhyfe, the X-fold effect
2025 & BEYOND 34 LHYFE, THE X-FOLD EFFECT v¥] 1MW/€1m > 13 MW > 55 MW > 200 MW “| Delivering sites and commitments iY} Operational excellence and expertise iY] 200 experts } €67m subsidies already secured | Revenues & Customer focus: Bouin fully booked 7] Major green bulk H2 producer in France and G
Slide 35: Slide 35
Slide 36: Appendices
Slide 37: Shareholding & stock informations
APPENDICES SHAREHOLDING & STOCK INFORMATIONS SHAREHOLDING STRUCTURE 47,900,448 shares as of end-June 2023 Investor relations investors{@lhyfe.com BB Metthicu Guesne BB voria [BB Vendée Hydrogéne Les Saules EDR Renewables Europe BB ouest Croissance {Float BRYAN, GARNIER & CO Thomas Mordelle +33 (0)1
Slide 38: Lhyfe: an extra-financial commitment in our DNA
LHYFE: AN EXTRA-FINANCIAL COMMITMENT IN OUR DNA 2 3 Governance 2 a 2021 Rating! 68 E 71/100 vs. 46/100 benchmark External 73> socal stakeholders 50. 49 ‘ocial 45 2024 maturity cummmLhyfe Advanced — Benchmark 79 Environment « Lhyfe’s ESG rating corresponds to an “Advanced” level of © EthiFinance perf