Slide 1: Technologies for Clean Air & Pure Water
Technologies for Clean Air & Pure Water Investor Presentation May 2025
Slide 2: Safe Harbor
Safe Harbor ‘This presentation contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech's current expectation
Slide 3: Fuel Tech: At a Glance
Fuel Tech: At a Glance THREE DISTINCT OPERATING 30+ YEAR HISTORY OF PLATFORMS SERVICE & ACCOUNTABILITY ‘STRONG FINANCIAL PROFILE & AirPoltion Control . FUEL CHEM? / Chemical Technologies. Expect >$30 MM of Total Revenue in 2025 ~20% Increase from 2024 $31.2 MM") Cash & Investments $0 Long-term Debt”
Slide 4: Investment Thesis
Investment Thesis © Established provider of solutions for emissions control and water treatment in industrial and utility applications. ‘Strong financial position allows for the strategic deployment of capital in areas that deliver best potential ROI. Leveraging lean SG&A structure to generate impro
Slide 5: Financial Highlights
Financial Highlights 6¢ in wns, excopt book value pr share) REVENUES GROSS MARGIN | SGRA | west GHEE ceca cae ca cima eian Gael cides dex preci | mime | minnow | sana lil lil | ans caam Geant ain arms FY 2023 FY 2024 3/81/2025
Slide 6: Emissions Control: Diverse, Customizable, & Low Cap-ex Solutions
Emissions Control: Diverse, Customizable, & Low Cap-ex Solutions + ULTRA®: Safe Ammonia Generation System + TIFIP Targeted In-Furnace Injection SCR: Selective Catalytic Reduction a tion programs used to target slag SNCR, AIG, GS SCR Services: Optimizing process 4 )s mitigation, and fuel flexbilty +
Slide 7: Custom Process Modeling Used to Support Customer Applications
63) Custom Process Modeling Used to Support Customer Applications - Proprietary Software with Strong IP Protection » Patented Technology » Provides an intuitive interaction between the Models and Design Engineers - Computational Fluid Dynamics (CFD) Model * Customized for each boiler 800+ models cre
Slide 8: Reduces NOx emissions and other pollutants
Reduces NO, emissions and other pollutants from stationary combustion sources. Improves the efficiency, reliability and environmental status of power plants. Enhance process applications or mitigate environmental issues within the municipal and industrial water sectors.
Slide 9: Global energy demand rose by 2.2% in 2024
Global energy demand rose by 2.2% in 2024, considerably faster than the the average annual demand increase of 1.3% between 2013 and 2023." Utilities have extended the life of nearly a third of coal units with planned retirement dates, driven by rising energy demand and concerns over grid stability.
Slide 10: Air Pollution Control (APC) Segment
Air Pollution Control (APC) Segment REVENUES (Sins) Capital project / fixed price sale with turn-key capabiliti fea aarti severe [| 4 ("= - 90% emissions reduction across APC (NO, SO,, and PM), ) solutions portfolio a_i _is = State-of-the-art proprietary technologies that are focused on mult-polluta
Slide 11: NOx reduction and ESP conditioning technologies
‘80% Reduction in NO, + Injection of $0, and ‘ammonia into five gas fo improve operation of Electrostatic Precpiators (ESPs) + Reduces ly ash resistivly and improves ESP caplure of fine particulate for reduced opacity and + Technology proven. com over 500 ESPs worlwide Up to 90% reduction in NO, 25%
Slide 12: Can be applied as both a retrofit solution for existing or new units
Can be applied as both a retrofit solution for is or new generating units. mr Combined Fuel Tech has installed technologies, capable aun orab-satara ‘on 1,300+ units worldwide of up to 90% | NO, reduction | & A High performance 20,000+ MWs of AIG with low cap-ex tuning experience investment
Slide 13: Natural Gas & Renewables Continue to Grow as Coal Declines
@ Natural Gas & Renewables Continue to Grow as Coal Declines Fuel Tech Revenue by Fuel Source Generation of U.S, Electricity by Source (KWh in billions) 2024 2020 2000 4902 1500 ie 904 Os a 67s ° @ 4 = Coal Natural Gas.
Slide 14: FUEL CHEM / Chemical Technologies
FUEL CHEM®/ Chemical Technologies Boiler Efficiency Improvements that Drive Operational, Financial, & Environmental Benefits REVENUES + Reduces slag and a variety of pollutants and greenhouse gases (Gin MMe) * Allows customers to burn lower grade coal (fuel flexibility) ws * Offers operational, fina
Slide 15: Delivering Improved ROI
@ Delivering Improved ROI Availability / Reliability Efficiency Gains / Heat Fuel Floxibi Maintenance Benefits / Labor Gains Rate Improvements & Equipment Savings REDUCE INCREASE INCREASE INCREASE + Service interuation or + MW per unit of fue! input + Profits, by allowing plantsto +‘ Equipmentife —
Slide 16: Coal/Oil, Yard Waste, Wood Chips fuel types
Coal/Oil | Yard Waste | Demo Waste Logging & Mill Residue | Wood Chips Switch Grass | Forest Residue
Slide 17: TIFI Targeted In-Furnace Injection Programs Mitigate SO2
TIFI® Targeted In-Furnace Injection™ Programs Mitigate SO, PUNTA PRIETA / LA PAZ, MEXICO LONG-TERM OPPORTUNITY CFE ‘Comisén Federal de Eocticitad* + Pursuing opportunities with partner in Mexico to burn high-sulfur fuel oil produced by Pemex * At present, this oil is largely being bumed without poll
Slide 18: DGI Dissolved Gas Infusion
gi Dissolved Gas Infusion Efficient oxygen delivery for water & wastewater treatment processes across industries + Effective, flexible, and environmentally-friendly + Patented infusion vessel and patent-pending injector array to ensure effective dissolved oxygen (DO) delivery + Potential for reduced
Slide 19: DGI can be used to:
DGI® can be used to: - Enhance or increase capacity of underperforming aeration systems * Deliver industrial and remedial process intensification * Work as a rapid response option or augment underperforming legacy technologies * Deliver residual DO at higher concentrations and dosing rates + Meet de
Slide 20: DGI Multiple System Benefits, Capabilities, & Applications
gi Multiple System Benefits, Capabilities, & Applications AQUACULTURE Precise control of dissolved oxygen Improve animal health and growth rates Increased production proven on shrimp farm trial yy WATER & WASTEWATER TREATMENT + Rapid dosing to increase treatment capacity + Hydrogen sulfide (H,S) aba
Slide 21: DGI Aquaculture Applications Validated Through Demonstrations
gi Aquaculture Applications Validated Through Demonstrations ‘Commencing Demonstration in early Q2 2025 + Selected by a State government agency for an extended demonstration ala fish hatchery in the Western U: + Demonstration will coincice with the hatchery’s next growth cycle; expected to last 9-12
Slide 22: 2025 Outlook
2025 Outlook Air Pollution Control (APC) + Expect higher revenues in 2025 compared to 2024 + Pursuing separate opportunities with the operators of municipal waste combustion units and entities as FUEL CHEM®/ Chemical Technologies ‘+ Expect higher revenues in 2028 compared to 2024 + Strong start to 2
Slide 23: Financial Overview
Financial Overview Total Revenues Cost of Sales Selling, general and administrative expenses Operating loss. Net income (loss) Net income (loss) per share from continuing ops 2 Sheet Summary ‘Total Cash & Equivalents and Investments Current Assets Total Assets Total Liabilities. ‘Stockholders’ Equit
Slide 24: Contact
© ttex.com ruttts ECH Technologies for lean air & pure water Vince Arnone Chairman, President and CEO @ (630) 845-4500 © vamone@ftek.com EQUITY Devin Sullivan Managing Director © dsullivan@equityny.com Conor Rodriguez Associate friquez@equityny.com