Hydrogen Capital Growth plc · FWB:65U
Hydrogen Capital Growth — HydrogenOne Capital Growth — Q4 2024 Earnings Presentation
17 slides from Hydrogen Capital Growth's earnings presentation, Feb 5, 2025
Slide 1: HydrogenOne Capital Growth plc Q4 2024 Investor Update
HydrogenOne Capital Growth plc Q4 2024 Investor Update Investing in clean hydrogen for a climate-positive impact 5 February 2025 LSE: HGEN
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading this document, you agree to be bound by the limitations set out below. The information set out herein may be subject to updating, completion, revision and amendment and such information may change materially. Neither
Slide 3: Contents
Contents • Q4 2024 results • Portfolio update 3
Slide 4: Q4 2024 highlights
Q4 2024 highlights • NAV per share of 90.39 pence, 12.2% lower than 31 December 2023 (102.99 pence); and 10.3% lower than 30 September 2024 (100.81 pence) £116m • NAV includes the write down of HH2E (8.4 pence per share at 30 September 2024) as NAV previously announced • Sale of Gen2 completed, dive
Slide 5: Unique and focused portfolio, invested across the hydrogen value chain
Unique and focused portfolio, invested across the hydrogen value chain Access to a distinctive portfolio of private hydrogen businesses Others 2.6% Where we invest • Revenue-generating equipment businesses • Co-investing with industrial strategics and institutions 27.80% Top 5 10.60% 88.9% • Diversi
Slide 6: Q4 2024 financial highlights
Q4 2024 financial highlights 31 Dec 30 Sep 31 Dec % change 1,2 % change 2,3 2024 2024 2023 NAV per share 90.39p 100.81p (10.3)% 102.99p (12.2)% • NAV per share 90.39p NAV £116.4m £129.9m (10.3)% £132.7m (12.2)% • -12.2% Q4 23 – Q4 24 Market Cap £27.9m £47.8m (41.6)% £64.0m (56.4)% • -10.3% Q3 24 – Q
Slide 7: Fund holdings
Fund holdings As at 31 Dec 2024 As at 30 Sep 2024 Private portfolio NAV £m NAV % NAV £m NAV % Sunfire GmbH 32 28% 32 25% HiiROC Ltd 24 21% 24 19% Elcogen Plc 21 18% 23 18% Strohm Holding B.V. 14 12% 13 10% Cranfield Aerospace Solutions 12 11% 12 9% Bramble Energy Limited 10 9% 10 8% HH2E AG - 0% 11
Slide 8: NAV and NAV/share in Q4 2024
NAV and NAV/share in Q4 2024 NAV movements Q2 2024 – Q3 2024 (pence per share) NAV (£m) and NAV pence per share, 2021-24 105.00 120.00 150 103.0p 103.6p 103.6p 94.9p 100.0p 100.7p 101.4p 100.8p 100.00 96.8p 96.9p 96.5p 97.3p 100.00 90.4p 140 £132.7m £133.5m £129.7m £125.4m £133.4m 95.00 80.00 £130.6
Slide 9: Contents
Contents • Q4 2024 results • Portfolio update 9
Slide 10: Distinctive and unique hydrogen portfolio
Distinctive and unique hydrogen portfolio Fund holdings (as of 31 December 24) Portfolio segmentation Portfolio segmentation Private portfolio NAV £m NAV % by theme by geography Sunfire GmbH 32 28% HiiROC Ltd 24 21% 12% 11% 12% Elcogen Plc 21 18% 28% Strohm Holding B.V. 14 12% 19% Cranfield Aerospac
Slide 11: Investing alongside broad register of blue-chip industrials and funds
Investing alongside broad register of blue-chip industrials and funds HydrogenOne Co-Investors Safran develops cryogenics for hydrogen flight • In September 2024 Safran and Air Liquide successfully ground tested the first liquid hydrogen-fuelled gas turbine engine for the light aviation market • In
Slide 12: Key portfolio company developments in Q4 2024
Key portfolio company developments in Q4 2024 October 2024 November 2024 December 2024 / 2025 YTD • Bramble Energy announced its latest milestone • Sunfire awarded a contract for 50MW • HiiROC secured triple ISO certification in PCBFC™ development, entering the third electrolyser in Finland generati
Slide 13: HiiROC: Transformational technology for zero-emission Hydrogen
HiiROC: Transformational technology for zero-emission Hydrogen (21% HGEN NAV) Proprietary Thermal Plasma Electrolysis process HiiROC units at Cemex site, Rugby UK for affordable clean hydrogen World leading Clean Economical • HiiROC and Cemex Ventures launch low carbon hydrogen New, proprietary tech
Slide 14: The portfolio is revenue generating and has produced consistent growth
The portfolio is revenue generating and has produced consistent growth Growth in private portfolio revenues since investment Private portfolio revenue (100% basis), £m - Trailing 12 months 90 16 +11% 80 Increase in revenues since investment (0x) 14 70 60 12 Revenue, £m 50 10 40 30 8 20 6 10 - 4 Q4 2
Slide 15: HydrogenOne Capital LLP proposed acquisition by Cordiant to provide increased scale
HydrogenOne Capital LLP proposed acquisition by Cordiant to provide increased scale Infrastructure • Transaction is expected to better position HGEN shareholders in a rapidly-growing sector 2.0 • Adds substantial Energy Transition opportunities to Cordiant Capital Larger scale Shared platform commit
Slide 16: Summary
Summary Identifying the best investment opportunities Q4 2024 highlights • NAV per share of 90.39 pence, including the write down Specialist Active Grow EBITDA Strong of HH2E from the NAV, as previously announced team stewardship and exit pipeline • c. £3m sale of Gen2 completed, divesting the Compa
Slide 17: Contact us
Contact us HydrogenOne Capital LLP: Dr JJ Traynor, Managing Partner E: JJ.Traynor@hydrogenonecapital.com Richard Hulf, Managing Partner E: Richard.Hulf@hydrogenonecapital.com 4 Manchester Square London W1U 3PD www.hydrogenonecapitalgrowthplc.com/ Barclays Bank PLC: Dion Di Miceli E: BarclaysInvestme
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