Hydrogen Refueling Solutions Sa · EURONEXT:ALHRS
Hydrogen Refueling Solutions Sa — H1 2024/2025 Earnings Presentation
41 slides from Hydrogen Refueling Solutions Sa's earnings presentation, Apr 30, 2025
Slide 1: 2024-2025 H1 Results Analyst & Investor Presentation
2024-2025 H1 RESULTS ANALYST & INVESTOR PRESENTATION 30 April 2025 Hassen Rachedi — Chairman and CEO Hydrogen Refueling Solutions Confidential and Proprietary Information 1
Slide 2: Disclaimer
DISCLAIMER This presentation was prepared by HYDROGEN-REFUELING-SOLUTIONS (the "Company") for the sole purpose of being used at investor presentations. By receiving this presentation and attending this meeting, you acknowledge yourself to be acquainted with the following restrictions. This presentat
Slide 3: HRS Strategic Vision
HRS STRATEGIC VISION BECOME WORLD LEADER IN HYDROGEN STATIONS GLOBAL BUSINESS PRODUCT INNOVATION SERVICES International expansion Large capacity modular stations After-sales contracts to in USA and Middle East ensure performance Unique test zone Strong position Recurring revenue in Europe High flow
Slide 4: 28 Installed Stations
Yorkshire - HRS14 Realisations 62 STATIONS Athis-Mons - HRS14 Dunkerque - HRS14 Buc - HRS14 Dartford - HRS14 3 28 INSTALLED STATIONS Bercy - HRS14 Ulm - HRS14 2 Issy Les Moulineaux - HRS14 34 FUTURE INSTALLATIONS Carquefou - HRS14 4 8 6 Aubenas - HRS14 2 Lorient - HRS14 Saint Priest - HRS14 Vannes -
Slide 5: Operational stations with increasing use
OPERATIONAL STATIONS with increasing use SINCE 2022 Last month DELIVERED HYDROGEN STATIONS 2024 vs 2023 141t 7.8t RANKING 12 last months DELIVERED DELIVERED x3 HYDROGEN HYDROGEN HRS14 PLUG POWER UK 22.8t H2 31.03.25 HRS14 REFUELED VEHICLES PLUG POWER FR 2024 vs 2023 161000 6.8k 19.2t H2 REFUELED REF
Slide 6: 1H 2024-2025 Results
1H 2024-2025 RESULTS Kader Hidra, CFO Hydrogen Refueling Solutions Confidential and Proprietary Information 6
Slide 7: Half-year 2024/2025 key figures
HALF-YEAR 2024/2025 KEY FIGURES: FOCUS ON WORKING CAPITAL OPTIMIZATION AND COST CONTROL MEASURES €11.8M FIRST SEMESTER ORDERS INTAKE OF WHICH 33% INTERNATIONAL €14.9M • 1H 24/25 GROSS REVENUE1 OF €14.9M €7.4M • SALES UNDER IFRS NORMS OF €7.4M FOR 1H 24/25 ON PRIORITIZED STATIONS - €6.5M 1H 2024/2025
Slide 8: Half-year 2024/2025 sales revenue impacted by WCR optimization
HALF-YEAR 2024/2025 SALES REVENUE IMPACTED BY WCR OPTIMIZATION Negative revenue on deprioritized 7 stations Revenue recognition impacted by two GROSS REVENUE1 negative effects with positive cash effects on 1H working capital: 2024/2025 2 canceled IFRS orders REVENUE o -2.3M€: 2 stations canceled rea
Slide 9: Half-year 2024/2025 sales
HALF-YEAR 2024/2025 SALES 1H 2023/2024 1H 2024/2025 1H 2024/2025 K€ – unaudited accounts ADJUSTMENTS IFRS SALES GROSS SALES1 IFRS SALES2 REVENUE 12 835 14 902 - 7 538 7 364 O/W HYDROGEN STATIONS & 10 913 14 049 - 7 538 6 511 MAINTENANCE O/W INDUSTRIAL PIPING 1 922 852 - 852 1. Revenue before correct
Slide 10: Recurring EBITDA under control on lower external charges
RECURRING EBITDA UNDER CONTROL ON LOWER EXTERNAL CHARGES A white house with a black background Description automatically generated D H1 H1 k€ – IFRS Accounts Year on 2023/2024 2024/2025 Year Revenue 12 835 7 364 -5 471 Operating expenses o/w: - 16 938 -13 853 3 085 Recurring EBITDA: Cost of sales &
Slide 11: Half-year 2024/2025 cash-flows
A white house with a black background Description automatically HALF-YEAR 2024/2025 CASH-FLOWS generated FY H1 k€ – IFRS Accounts 2023/2024 2024/2025 NET INCOME (10 411) (10 189) o +€5.7 M: non-cash depreciations Self-financing capacity** (11 963) (11 570) charges adjustment WCR net variation (4 162
Slide 12: Financial structure reflecting high level of receivables
A white house with a black background Description automatically FINANCIAL STRUCTURE REFLECTING A HIGH LEVEL OF RECEIVABLES generated POTENTIALLY TRANSFERABLE IN INVENTORY k€ 30 June 2024 31 Dec. 2024 k€ 30 June 2024 31 Dec. 2024 Non-current assets 53 351 57 189 Shareholders’ equity 50 905 41 037 o/w
Slide 13: Orders backlog 2024/2025 targets
ORDERS BACKLOG 2024/2025 TARGETS As of 24 April 2025 Gross revenue* IFRS €30-40M Revenue €20-30M H2 Stations Operators To be invoiced 30% Revenue 43% €25M Order backlog €48.8M Logistics 3% 06/24 06/25e Utilities 06/25e 24% *Revenue before correction of work-in-progress on deprioritized and cancelled
Slide 14: Maintenance revenues up 180%
MAINTENANCE REVENUES UP 180% STATIONS MAINTENANCE o 16 stations under contract o Average station availability rate of more than 95% Growing Revenue Revenue 0.5M€ Simulation: Assuming 300 HRS stations installed by 2035 Revenue 0.3M€ horizon, annual maintenance services could generate Revenue 0.2M€ €4
Slide 15: Continued focus on cash generation and cost control
CONTINUED FOCUS ON CASH GENERATION AND COST CONTROL MEASURES BETTER CASH GENERATION o Capex cycle completed OPTIMIZED WORKING CAPITAL o Review of pricing payment terms on REQUIREMENTS & purchasing contracts CASH CONVERSION o Reduced spending on external charges OPERATIONAL EFFICIENCY o Priority give
Slide 16: Financial key takeaways
FINANCIAL KEY TAKEAWAYS • H1 GROSS REVENUE1 14.9 M€ PRIORITY TO CASH GENERATION • Costs control measures • H1 IFRS REVENUE 7.4 M€ • Working capital optimization • H1 CURRENT EBITDA2 -6.5 M€ • CASH POSITION3 9.6 M€ ORDER BOOK 48.8 M€ MORE DIVERSIFIED REVENUE • International growth 2024-2025 IFRS REVE
Slide 17: 1H 2024/2025 Business Highlights
A white house with a black background Description automatically generated 1H 2024/2025 BUSINESS HIGHLIGHTS Rémi PONCET, HRS Global Sales Director Hydrogen Refueling Solutions Confidential and Proprietary Information 17
Slide 18: Hydrogen market
HYDROGEN MARKET ● Current markets Global market H2 680Md$ by 2030 of which 68 billion for H2 infrastructure ● Targeted markets EUROPE 6 Current markets: Targeted market: Europe AFIR ~650 stations 424M€ for 42 projects | april 24 1Md€ call for projects | sept 24 MENA Lien avec un remplissage uni 1 cu
Slide 19: Saudi Arabia: major opportunities for our growth
SAUDI ARABIA: MAJOR OPPORTUNITIES FOR OUR GROWTH SAUDI ARABIA HRS IN SAUDI ARABIA OPERATIONAL HRS14 STATION IN NEOM • LEADING ECONOMIC POWER Key assets: in the Middle East. • PERFORMANCE: Up to 1,5 kg/min refueling at outdoor T° > 31°C • $18 BILLION INVESTMENTS in • REACTIVITY: Order in June 24 Oper
Slide 20: 9 stations ordered: 1H 2024/2025 commercial highlight
1H 2024/2025 COMMERCIAL HIGHLIGHT Received orders 9 STATIONS 1 HRS14 Station ordered Sep 24 | *undisclosed* 1 HRS14 Station ordered Dec 24 | ALBI 1 HRS14 Station ordered Sept 24 | Element 2 4 HRS14 Station ordered Dec 24 | Hympulsion 1 HRS14 Station ordered Oct 24| Hychem 1 HRS14 Station ordered Dec
Slide 21: HRS14 ordered from Italian customer
A white house with a black HRS14 ORDERED background Description automatically generated FROM ITALIAN CUSTOMER UNDISCLOSED INDUSTRIAL CUSTOMER T HR S ST A TI S ON FIR IN I TA LY + 1 HRS14 Station ordered Benefit from Italian energy transition support program 30.04.25 Hydrogen Refueling Solutions Conf
Slide 22: HRS14 ordered from UK customer
A white house with a black HRS14 ORDERED background Description automatically generated FROM UK CUSTOMER 1ST LARGE-SCALE NATIONAL HYDROGEN BL T PU IC H REFUELING STATION NETWORK IN THE UK RS RS FI AT ST UK IO N IN T HE + 1 HRS14 Station ordered Green hydrogen refueling of commercial vans, passenger
Slide 23: HRS14 ordered from Portuguese industrial player
A white house with a black HRS14 ORDERED background Description automatically generated FROM PORTUGUESE INDUSTRIAL KEY PLAYER IN GREEN H2 PRODUCTION SPECIALIST IN HYDROGEN CHEMISTRY + 1 HRS14 Station ordered S ST HR A RATIN To address H2 cars and heavy vehicles T O PE G TI S for public and private u
Slide 24: Albi selects HRS for European decarbonized mobility center
A white house with a black ALBI SELECTS HRS FOR THE background Description automatically generated EUROPEAN CENTER DEDICATED TO DECARBONIZED MOBILITY URBAN COMMUNITY OF ALBIGEOIS, FRANCE + 1 HRS14 station ordered Educational station for real-life testings and trainings 30.04.25 Hydrogen Refueling So
Slide 25: Selected for large-scale projects
A white house with a black background Description automatically generated SELECTED FOR LARGE-SCALE PROJECTS 4 4 ZEV: ZERO EMISSION VALLEY HRS stations Largest green hydrogen stations project in France + HRS14 stations ordered already installed HRS14 – St Priest HRS40 – St Exupéry HRS14x2 – Venissieu
Slide 26: HRS14 ordered for Kourou Space Center
A white house with a black HRS14 ORDERED FOR THE 1ST HYDROGEN VEHICLE REFUELING STATION AT background Description automatically generated THE KOUROU SPACE CENTER IN FRENCH GUIANA GREENTECH STARTUP SPECIALIZED S ST HR A IN RENEWABLE ENERGY T TI S ON FIR O VE S RSEA + 1 HRS14 station ordered Green hyd
Slide 27: 1H 2024/2025 New Products Highlights
A white house with a black background Description automatically generated 1H 2024/2025 NEW PRODUCTS HIGHLIGHTS Hydrogen Refueling Solutions Confidential and Proprietary Information 27
Slide 28: Strategic asset for the future: AFIR compliant stations
SEPT - DEC 2024: STRATEGIC ASSET FOR THE FUTURE 4 AFIR COMPLIANT’ STATIONS simultaneous INSTALLATIONS 0 HRS40 solutions 4 Malataverne 2 1 3 40 350 bar kg/h 700 bar 5 0 Inlet module 1 Compression (MP) 6 2 Storage (MP) 3 Compression (HP) 4 Storage (HP) SIMULTANEOUS RELIABILITY & EVOLUTIVE STATION 5 Co
Slide 29: Filling center & export trailer
FILLING CENTER & EXPORT TRAILER Last development 1 to 4 tons 200 to 500 H2 / day bar SOLUTION PROVEN & FOR INDUSTRY SAFE DESIGN Meets the needs of logistics ISO 14687 Trailer type I to IV EN 17124 compliance EVOLUTIVE STATION Compatible with every HRS hydrogen stations HRS14 | HRS40 | HRS80 30.04.25
Slide 30: Post H1 2024/2025 Business & Operational Highlights
A white house with a black background Description automatically generated Post H1 2024/2025 BUSINESS & OPERATIONAL HIGHLIGHTS Hydrogen Refueling Solutions Confidential and Proprietary Information 30
Slide 31: Operational station in Saudi Arabia
OPERATIONAL STATION IN SAUDI ARABIA January 2025 SOLUTION LOCATION CUSTOMER APPLICATIONS HRS14 Saudi Arabia OPERATOR SPECIFIC CONTEXT 34°C average temperature at PERFORMANCE warm season CURRENT T°: 31°C REACTIVITY PRESSURE: H2 700 bar Order in June 24 Operational in QUANTITY: 32 kg Sept. 24 DURATION
Slide 32: Twin mid-flow technology
TWIN MID-FLOW TECHNOLOGY Refueling in 8 to 13 min 6 kg/ min 50 - 80 kg Refueling in 2 to 5 min 2* 3 kg 700 bar MF /min single and twin Currently operational 5 - 15 in Asia kg Work to include in the ISO standard in progress 30.04.25 Hydrogen Refueling Solutions Confidential and Proprietary Informatio
Slide 33: 2H 2024/2025 commercial highlight: HRS160 station
2H 2024/2025 COMMERCIAL HIGHLIGHT 1 STATION 1 HRS160 Station ordered Feb 25 | *undisclosed* The station will be installed in a major European urban center in the first half of 2026 and will provide continuous daily refueling for public transport. To meet the customer's needs, HRS developed a large-s
Slide 34: Next financial communications milestone in 2025
A white house with a black background Description automatically generated NEXT FINANCIAL COMMUNICATIONS MILESTONE IN 2025 JULY 2025 FY 2024/2025 SALES 30.04.25 Hydrogen Refueling Solutions Confidential and Proprietary Information 34
Slide 35: Contact details
A white house with a black background Description automatically generated 283 Route des Lavières ZAC du Saut du Moine 38800 Champagnier, France +33 476 140 778 contact@h-r-s.fr www.hydrogen-refueling-solutions.fr Hydrogen Refueling Solutions Confidential and Proprietary 30.04.25 35 Information
Slide 36: HRS' Strategy: a step ahead of the market
HRS’ STRATEGY A step ahead of the market TOWARD VERY HIGH FLOW HEAVY DUTY MOBILITY HIGH-CAPACITY STATION TEST AREA UNIQUE IN EUROPE VERY HIGH FLOW ACHIEVED! REAL-LIFE CONDITIONS 160g H2/s at 700bar with RHeaDHy: • H70HF • Dual H70MF (Twin Nozzle) HEAVY MOBILITY 700 BAR REFUELING ON ALL HRS DESIGN Ta
Slide 37: Strategic asset for the future
STRATEGIC ASSET FOR THE FUTURE A step ahead of the market validation of new refueling protocols for 700bar, 100kg in 10 minutes. 2025 2026 BY 2026: 700 bar HF 10 kg/ min SAEJ2601-5 70-100 ISO19885-3 kg RHEADHY project has received funding from the Clean Hydrogen Partnership under grant agreement No
Slide 38: European projects
EUROPEAN PROJECTS reduced energy Bladder compression system HF capacity Application 1: Large vehicle refueling Application 2: Tube trailers direct filling 350 bar refueling x5 Compression capacity H2REF-DEMO project has received funding from the Clean Hydrogen Partnership under grant agreement No 10
Slide 39: 1 ton/day Malataverne (26)
1 ton / day Malataverne (26) CONTEXT OF THIS PROJECT Large-capacity station part of the Zero Emission Valley (“ZEV”) project led by HYmpulsion. The aim of this project is to develop a profitable and sustainable low-carbon mobility sector in the Auvergne-Rhône-Alpes region, through the simultaneous d
Slide 40: 1 ton/day St-Sulpice (81)
1 ton / day St-Sulpice (81) CONTEXT OF THIS PROJECT HRS40 station ordered by SEVEN from HRS in April 2024, commissioned in December 2024. This project, part of the European Corridor H2 project supported by the European Investment Bank and the European Commission, has been integrated into its multi-e
Slide 41: 1 ton/day Lyon-St-Exupéry (69)
1 ton / day Lyon-St-Exupéry (69) CONTEXT OF THIS PROJECT Together with Malataverne, as part of HYmpulsion's Zero Emission Valley mobility project, this HRS40 station, located in the immediate proximity of Lyon-Saint-Exupéry airport, is capable of dispensing up to 1 ton of hydrogen per day, in compli
Hydrogen Refueling Solutions — H1 2024/2025 Earnings Presentation on 6ix