Hydrogene De France · EURONEXT:HDF
Hydrogene De France — HDF Energy — FY2024 Earnings Presentation
24 slides from Hydrogene De France's earnings presentation, 2025
Slide 1: 2024 Results
n x 2 7) lu [-'4 + N o N
Slide 2: Speaking Today
SPEAKING TODAY Damien Anne HAVARD JALLET-AUGUSTE Founder and President General Secretary Founded the company in 2012 Joined the company in 2022 Founder: Partner:
Slide 3: HDF Energy, International Group, Expert in Hydrogen Power
H D F E N E R GY, I N T E R N AT I O N A L G R O U P E X P E R T I N H Y D R O G E N P OW E R 3
Slide 4: HDF Energy, a global pure player in hydrogen
HDF ENERGY, A GLOBAL PURE PLAYER IN HYDROGEN Decarbonizing the power, heavy mobility & industrial sectors with cutting-edge H2 solutions H2 INFRASTRUCTURE M U LT I - M W F U E L C E L L TECHNOLOGY Development, operation & ownership of Design and production of large-scale hydrogen infrastructure high
Slide 5: Establishing a solid international company
ESTABLISHING A SOLID INTERNATIONAL COM PANY % of shares Other (including TEREGA Solutions) 23% Damien Havard, CEO and 12% 48% founder, KEFEN directly or indirectly 17% RUBIS Group
Slide 6: Technical and project expertise across the entire H2 value chain
TECHNICAL AND PROJEC T EXPERTISE ACROSS T H E EN T I R E H 2 VALUE CHAIN A TEAM OF HYDROGEN POWER PLANT PROJECT & TECHNICAL LEAD PROJECT FINANCING INFRASTRUCTURE EXPERTS DESIGN Basic and FEED engineering capabilities, Financial modeling, project finance and project management consulting, permitting
Slide 7: Hydrogen infrastructure, a technically and financially valid model
HYDROGEN INFRASTRUCTURE, A T EC H N I C A L LY A N D F I N A N C I A L LY VA L I D M O D E L 7
Slide 8: Our flagship solution: Renewstable, non-intermittent supply of renewable energy
OUR FLAGSHIP SOLUTION: RENEWSTABLE®, NON - INTERM I T T ENT SUPPLY OF RENEWABLE ENERGY KEY BENEFITS M U LT I - M W P O W E R P L A N T L E V E R A G I N G H Y D R O G E N P O W E R F O R I N C R E A S E R E N E WA B L E S P E N E T R AT I O N G R I D S TA B I L I T Y: P R O D U C T I O N O F C A R B
Slide 9: HDF is present throughout the entire value chain
HD F I S PRESENT THROUGHOUT T H E ENTIRE VALUE CHAIN 3-4 YEARS 2 YEARS DEVELOPMENT PERMITTING CLOSING CONSTRUCTION OPERATIONS DEVELOPMENT FEES (1) O&M Maintenance contract (1) Recognized as revenue and/or as net income from sale of shares, depending on the timing of FUEL CELL for the project funding
Slide 10: Renewstable, a strong track record in project development
RENEWSTABLE®, A STRONG TRACK RECORD IN PROJEC T D EVELOPM ENT UNDER CONSTRUCTION I N A D VA N C E D D E V E LO P M E N T S TA G E S CEOG, the world’s first MULTI-MW hydrogen power plant LOS CABOS RSWK French Guiana Namibia Mexico Power supply Power supply for 140 000 for 50 000 inhabitants habitants
Slide 11: Other infrastructure models
OT HER I NF RAST RUC TURE MODELS LOW-CARBON HYDROGEN PRODUCTION HYDROGEN TO POWER INFRASTRUCTURE HYDROGEN FROM CLEAN POWER SOURCES TO ON-DEMAND 24/7 PRODUCTION OF LOW-CARBON POWER DECARBONIZE THE INDUSTRIES 1 Low-carbon electricity H2 2 from renewable and/or energy- Green / low Electrolyser efficien
Slide 12: Our industrial project financed by the French State as part of the IPCEI program
O U R I N D U ST R I A L P ROJ EC T F I N A N C E D BY T H E F R E NC H STAT E A S PA RT O F T H E I P C E I P RO G R A M 12
Slide 13: The world's largest fuel cell system designed for energy intensive applications
THE WORLD’S LARGEST FUEL CELL SYSTEM D E S I G N E D F O R E N E R G Y I N T E N S I V E A P P L I C AT I O N S KEY MILESTONES – FUEL CELL DEVELOPMENT 2016 2019 2019 2023 Q1 2025 Launch of the Commissioning of Cleargen: Start of partnership with First two multi-MW fuel Launch of multi-MW fuel Clearg
Slide 14: Our funded industrial project
O U R F U N D E D I N D U ST R I A L P RO J EC T DEVELOPMENT AND INDUSTRIALIZATION OF HIGH-POWER FUEL CELLS INDUSTRIAL CAPACITY H2 EXCELLENCE CENTER: TESTING FACILITY • 300kW R&D bench ECONOMIC OVERVIEW • Industrial test zone with a capacity • Cost of project: 237,6 M€ of 1 MW to 10 MW • IPCEI – Fra
Slide 15: Financial results December 31
F I N A N C I A L R ESU LTS 3 1 D EC E M B E R 2 0 2 4 15
Slide 16: Highlights of FY 2024
HIGHLIGHTS OF FY 2024 INTERNATIONAL • D e l i v e r y o f f u e l c e l l s f o r t h e C E O G p r o j e c t ( f r o m Va n c o u v e r ) , g e n e r a t i n g € 9 , 7 M o f s a l e s • Reorganization of our technical teams and in-depth portfolio review , prioritization of projects with a short - t
Slide 17: Portfolio of priority projects
PORTFOLIO OF PRIORITY PROJEC TS 16 PRIORITY PROJECTS $3 million TOTAL INVESTMENT CARIBBEAN No. of projects: 2 APAC Capex ($ M): 420 No. of projects: 8 Capex ($ M): 1094 LATAM Southern AFRICA No. of projects: 1 No. of projects: 5 Capex ($ M): 335 Capex ($ M): 1172
Slide 18: Consolidated financial statements at Dec. 31, 2024
CON SOLIDATED FIN AN CIAL STATEM EN TS AT D EC. 31, 2024 (in 000,0 €) Dec-24 Dec-23 Revenue 11 126 3 935 Cost of fuel cells sold during the year - 11 248 - Provision reversal 1 500 - ➢ Delivery of fuel cells for CEOG project in December Equity-related companies' profit share (SPV) - 525 - 493 - - 20
Slide 19: Consolidated financial statements at Dec. 31, 2024
CON SOLIDATED FIN AN CIAL STATEM EN TS AT D EC. 31, 2024 • Change in operating expenses due to launch of industrial (in 000,0 €) Dec-24 Dec-23 project Revenue 11 126 3 935 Headcount as of 31st of December Cost of fuel cells sold during the year - 11 248 - 2024 2023 2022 Provision reversal 1 500 - Bu
Slide 20: Consolidated financial statements at Dec. 31, 2024
CON SOLIDATED FIN AN CIAL STATEM EN TS AT D EC. 31, 2024 (in 000,0 €) Dec-24 Dec-23 • The change in WCR was mainly due to the delivery of Ballard fuel cells for the CEOG project, which led to a Consolidated net result before taxes - 10 860 - 7 839 reduction in inventories (€ -8.6 M) and contract lia
Slide 21: Consolidated financial statements at Dec. 31, 2024
CON SOLIDATED FIN AN CIAL STATEM EN TS AT D EC. 31, 2024 (in 000,0 €) Dec-24 Dec-23 ASSETS Changes in the balance sheet reflect the effects of the Intangible assets 4 333 2 895 operational launch of the industrial activity: Tangible assets 26 905 18 345 • Delivery of CEOG fuel cells: decrease in inv
Slide 22: CSR approach
CSR APPROACH I n h e r e n t l y p o s i t i v e fo r i t s “ p ro j e c t s ” b u s i n e s s , C S R a d va n c e s s u p p o r t t h e d e p l o y m e n t o f t h e i n d u st r i a l p ro j e c t : ▪ B R E E A M “ v e r y g o o d ” c e r t i f i e d i n d u st r i a l s i t e , w i t h a E u ro
Slide 23: Perspectives
PERSPEC TIVES NEXT STEPS: • Bring investors into priority projects • Start construction of RSB • Deliver CEOG project mid-2026 • Develop competitively priced maritime and rail fuel cells As of December 31, 2024, the Group is in a strong position to confidently address these objectives, and to offer
Slide 24: Game-changing H2 power
GAME-CHANGING H 2 POWER WWW.HDF-ENERGY.COM