Hydrogen Capital Growth plc · FWB:65U
Hydrogen Capital Growth — HydrogenOne Capital Growth — Q1 2025 Earnings Presentation
23 slides from Hydrogen Capital Growth's earnings presentation, May 14, 2025
Slide 1: HydrogenOne Capital Growth plc Q1 2025 NAV update
HydrogenOne Capital Growth plc Q1 2025 NAV update Investing in clean hydrogen for a climate-positive impact LSE: HGEN 14 May 2025
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 • Q1 2025 results • Portfolio update • Macro 3
Slide 4: Q1 2025 highlights
Q1 2025 highlights • Net Asset Value (‘NAV’) per share of the Company of 89.28 pence, broadly similar to 31 December 2024 (90.39 pence); £115m NAV • Private portfolio companies delivered an aggregate £92 million in total revenue in the 12 months to 31 March 2025, an increase of 21% compared to the 1
Slide 5: Q1 2025 financial highlights
Q1 2025 financial highlights 31 Mar 31 Dec 31 Mar % change 1,2 % change 2,3 2025 2024 2024 NAV per share 89.28p 90.39p (1.2)% 103.56p (13.8)% • NAV per share 89.28p NAV £115.0m £116.4m (1.2)% £133.4m (13.8)% • -1.2% Q4 24 – Q1 25 Market Cap £28.9m £27.9m 3.7% £58.4m (50.5)% • -13.8% Q1 24 – Q1 25 Sh
Slide 6: NAV and NAV/share in Q1 2025
NAV and NAV/share in Q1 2025 NAV movements Q4 2024 – Q1 2025 (pence per share) NAV (£m) and NAV pence per share, 2021-25 103.6p 103.6p 105.00 91.00 103.0p 101.4p 150 100.7p 100.8p 100.0p 90.00 0.61 100.00 97.3p 96.8p 96.9p 96.5p 140 94.9p £133.4m 89.00 (0.47) £130.6m (1.25) 95.00 £128.8m £132.7m £13
Slide 7: NAV performance Q4 2024 - Q1 2025
NAV performance Q4 2024 - Q1 2025 DCF roll-forward and development of new manufacturing opportunities in Middle East DCF roll-forward and discount rate reduction DCF roll-forward and discount rate reduction Order book changes DCF roll-forward and near-term financial outlook Re-phasing of roll out of
Slide 8: Contents
Contents • Q1 2025 results • Portfolio update • Macro 8
Slide 9: Technology development in multiple portfolio companies
Technology development in multiple portfolio companies Bramble: fuel cells HiiROC: plasma electrolysis Cranfield Aerospace: clean flight HiiROC’s pilot units installed at Centrica’s Brigg site Bramble Energy PCBFC Liquid Cooled Stack Technology NAV £11m / 9% NAV £22m / 19% NAV £15m / 13% Sunfire: el
Slide 10: 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 Geography Theme hydrogen businesses Others 2.1% 12% £10.5m £2.4m 29% £32.2m 28.0% £15.4m 11.7% Top 5 17% 88.8% NAV 13.4% [£115m] £13.5m £21.7m 18.8% £19.3m 42% 16.8% Germany UK Scandin
Slide 11: Key portfolio company developments in Q1 2025
Key portfolio company developments in Q1 2025 January 2025 February 2025 March 2025 / 2025 YTD • Elcogen received €5 million in new investment • Sunfire and P2X Solutions launched commercial • Sunfire and KIT successfully upgrade the from SmartCap industrial scale operation at Harjavalta hydrogen te
Slide 12: 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 16 100 90 +21% Increase in revenues since investment (0x) 14 80 70 12 60 Revenue, £m 50 10 40 30 8 20 10 6 - Q4
Slide 13: Contents
Contents • Q1 2025 results • Portfolio update • Macro 13
Slide 14: What is driving the hydrogen economy?
What is driving the hydrogen economy? …projects Hydrogen Energy policies in 75 countries Transition for Net Zero Norsk e-Fuel Air Hydrogen fuel in heavy transport and power Quality …supply chains Energy Distributed renewables Security and storage Sunfire SOEC 14
Slide 15: Hydrogen market is substantial and growing
Hydrogen market is substantial and growing US$175 billion1 “grey” Growth required for net zero3 market today… • Industrial gas: refining, steel, cement, ammonia • Emits 830mpta GHG globally, not sustainable • Cleaning up grey is the major green H demand pull currently …and >US$300bn2 clean hydrogen
Slide 16: EU hydrogen policy
EU hydrogen policy • Underpinning emissions trading and Internal • ICE (light) phase out 2035 replaced with carbon neutral Fit for 55 policies, supplemented with combustion engines • HDV (heavy) CO2 reduction 15% 2025, 45% 2030, 65% 2035, 90% 2040 sector-by sector EU laws. • City buses 90% zero-emis
Slide 17: UK hydrogen policy and developments
UK hydrogen policy and developments • Underpinning policies set in 2021 and updated Green hydrogen end-2024 HAR1 Blue hydrogen • 10GW clean hydrogen 2030; >50% green. Target has been doubled since Russia Cromarty Hydrogen Project invaded Ukraine Scottish Power and Storegga Whitelee Green Hydrogen •
Slide 18: Hydrogen in transport driven emerging with fossil phase-out rules
Hydrogen in transport driven emerging with fossil phase-out rules Advantaged for heavy vehicles and short refuelling times FCEV roll-out 90% zero- underway: 955 emissions Buses 2030, 100% hydrogen buses in Europe (45% by 2035 Germany) Wrightbus FCEV Aberdeen double decker CO2 reduction Testing 15% 2
Slide 19: Green hydrogen capacity 15X increase to 2027
Green hydrogen capacity 15X increase to 2027 Europe China North America 1) Sinopec – Zhangzhou 10.4 3.4 1.4 .09 2) Siziwang Banner Project 0.7 .05 3) Yuanli Energy Project 5.9 0.2 .04 1) Germany 2) Sweden Middle East & Asia, exc. China 1) Forth Worth, Plug Power (USA) 3) Norway 2) Advanced Clean Ene
Slide 20: Market development
Market development Clean hydrogen growth • Post-COVID optimism for energy transition buffeted by supply chain shortages, inflation, high interest rates, and the Russia-Ukraine war Laggards Leaders • Renewables investors unsettled by the sharp reversal of energy transition strategy in the USA, and th
Slide 21: Summary
Summary Identifying the best investment opportunities Q1 2025 highlights • Net Asset Value (‘NAV’) per share of the Company of 89.28 Specialist Active Grow EBITDA Strong pence, broadly similar to 31 December 2024 (90.39 pence); team stewardship and exit pipeline • Private portfolio companies deliver
Slide 22: Fund holdings
Fund holdings As at 31 Mar 2025 As at 31 Dec 2024 Private portfolio NAV £m NAV % NAV £m NAV % Sunfire GmbH 32 28% 32 28% HiiROC Ltd 22 19% 24 21% Elcogen Plc 19 17% 21 18% Cranfield Aerospace Solutions 15 13% 12 11% Strohm Holding B.V. 13 12% 14 12% Bramble Energy Limited 11 9% 10 9% Private portfol
Slide 23: 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/ Shore Capital: Financial Adviser and Corporate Broker
HydrogenOne Capital Growth — Q1 2025 Earnings Presentation on 6ix