Slide 1: FY 2025 Results
FY 2025 Results 31 March 2026 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward - looking statements regarding the prospects and growth strategies of Lhyfe and its subsidiaries (the “Group”) . These statements include statements relating to the Group’s intentions, strategies, growth prospects, and trends in its results of operations
Slide 3: Agenda
Agenda 1. VIEWS ON THE SECTOR 2. LHYFE’S STRATEGIC JOURNEY: FROM START - UP TO INDUSTRIAL PLAYER A. OWN & OPERATE B. DEVELOP Matthieu Guesné Maria Pardo Saleme 3. 2025 FINANCIAL HIGHLIGHTS Founder & CEO Chief Financial Officer 4. OUTLOOK 3
Slide 4: Views on the Sector
VIEWS ON THE SECTOR 4
Slide 5: Global environment pressing for sovereign energy
Global environment pressing for sovereign energy Europe Union and France import 60% of their energy 1 American Ukraine war (2022+) politics Total final energy consumption, Europe 2023 Fossil and imported Domestic Iran – Israel escalation (2025) Coal and coal products Oil products Natural gas Heat El
Slide 6: RFNBO incorporation under RED III: to accelerate first in transport and refining (1/2)
RFNBO incorporation under RED III: to accelerate first in transport and refining (1/2) 2020 2023 2024 2025 - 2026 2027 … 2029 - 2030 First national H2 AFIR and THG- quota for Integration of H2 TIRUERT / IRICC RED III for industry strategies with RED III refining and into TIRUERT / full effect dedica
Slide 7: RFNBO incorporation under RED III: to accelerate first in transport and refining (2/2)
RFNBO incorporation under RED III: to accelerate first in transport and refining (2/2) Stegra Green Steel 700 MW COD 2026 50 MW+ Lhyfe projects • RED III has started to establish long - term 100 MW+ competitor project that has taken FID structural demand for renewable hydrogen in refining, gradually
Slide 8: IRICC & THG – Why They Matter for Green H2 take-off
IRICC & THG – Why They Matter for Green H ₂ take - off Both mechanisms turn climate obligations on fuel suppliers into predictable demand and price support for green H2 Both mechanisms impose on fuel suppliers/oil companies to cut the lifecycle GHG intensity of all fuels Target to sold and include a
Slide 9: Our targets in a Nutshell
Our targets in a Nutshell Mobility & Steel: Bulk H2 Industry: On- site Chemical industry, refinery and mobility: Bulk H2, on - site & pipelines Mobility: Bulk H2 9
Slide 10: Lhyfe strategic journey: from start-up to industrial player
Lhyfe strategic journey : from start - up to industrial player 10
Slide 11: Lhyfe strategic journey: from start-up to industrial player
Lhyfe strategic journey : from start - up to industrial player An industrial roadmap from start, key to derisking and delivering results. Agility is key to success 2021 2022 2024 2025 2026 ... 2030 Green H2 European New developer model 4 operational sites 6 operational sites producer expansion in ad
Slide 12: 2025 & 2026: Three foundations building transformation
2025 & 2026: Three foundations building transformation 1 Continuing and amplifying Lhyfe revenues growth ➢ Strengthening commercial and operational activities across Europe ➢ Rely on six existing and under - construction production sites (+70% production capacity in 2026) and partner sites ➢ Deploy
Slide 13: Lhyfe business model: real assets, focus, efficiency
Lhyfe business model: real assets, focus, efficiency Strengthening commercial and operational activities while continuing selective and focused project development OWN & OPERATE DEVELOP Continuing and amplifying Lhyfe Value creation along the revenues growth value chain • Revenues and dividends from
Slide 14: Own & Operate: Lhyfe unique green H2 production expertise
>> OWN & OPERATE Lhyfe unique green H2 production expertise 14
Slide 15: 20 MW+ of RFNBO production capacity installed in France and Germany
20 MW+ of RFNBO production capacity installed in France and Germany Buléon (Brittany, France) Schwäbisch Gmünd (Germany) 5 MW 10 MW Bouin (Pays - de - la- Loire, Bessières (Occitanie, France) France) 5 MW 1 MW 15
Slide 16: 15 MW+ of RFNBO additional production capacity under commissioning
15 MW+ of RFNBO additional production capacity under commissioning Croixrault (Hauts - de - France, France) 5 MW Le Cheylas (Auvergne - Rhône - Alpes, France) 10 MW 16
Slide 17: We increased revenues x2 and extended our geographical customer reach
We increased revenues x2 and extended our geographical customer reach Sales growth is confirmed, supported A powerful supply network with by growing capacity and new clients bulk deliveries in 8 countries >60 clients Revenues ( €m) supplied in 2025 9.8 x2 x4 5.1 1.3 FY 2023 FY 2024 FY 2025 17
Slide 18: Developing and deploying a unique pan-European distribution infrastructure (1/2)
Developing and deploying a unique pan - European distribution infrastructure (1/2) We built up our own container fleet Number of operated tube trailers • A key differentiating asset to extend our client outreach 84 > x6 • One of the largest modern bulk hydrogen 13 transport fleets in Europe, with mo
Slide 19: Deployment and consolidation of our pan-European distribution infrastructure (2/2)
Deployment and consolidation of our pan - European distribution infrastructure (2/2) A powerful supply network with multiple bulk delivery routes deployed across Europe Delivery routes deployed in 2025 A unique pan - European reach • > 15 storage sites • Partnerships with 4 renown carriers transport
Slide 20: Growing sales and deliveries, confirming Lhyfe as a major green H2 producer
Growing sales and deliveries, confirming Lhyfe as a major green H 2 producer today in Europe REVENUES CLIENTS SUPPLIED NUMBER OF DELIVERIES DURING THE YEAR €9.8m > 850 c. 60 +80% x2 vs YoY YoY INSTALLED CAPACITY ADDING CAPACITY BY 2026 TOP TIER DELIVERY FLEET 21 MW 2 sites under Operated constructio
Slide 21: Develop: Creating value along the green hydrogen value chain
>> DEVELOP Creating value along the green hydrogen value chain 21
Slide 22: A developer business model creating value along the value chain
A developer business model creating value along the value chain DEVELOP AND DESIGN Market Client Site identification Concept Subvention identification identification engineering Identifying suitable sites, securing permits, grid connection, land rights, and long - term offtake agreements to derisk p
Slide 23: €53m successful project finance validating Lhyfe's long-term financing strategy
€53m successful project finance validating Lhyfe’s long - term financing strategy and services revenues creation Full financing package secured for a A strategic milestone unlocking capital and value creation portfolio of 4 assets ✓ Securing the entire financing package for 4 production sites (30 MW
Slide 24: Revenue models along the value chain
Revenue models along the value chain Revenues and cash flow streams Own & Operate Develop LHYFE H2 Revenues Asset / Dividends management DEV and revenues Early DEV [Asset rotation revenues EPC/EPCM gains] revenues OPS SCH. GMÜND BULEON BESSIERES BOUIN H2 Customers Equity Project maturity CONST. CROI
Slide 25: A demonstration of Lhyfe's value creation as a project developer
A demonstration of Lhyfe’s value creation as a project developer ➢ Crystalizing value : Our first portfolio financing successfully executed in 2025 for 4 sites Croixrault ➢ Significant revenues from development, EPC and post COD services 5 MW Schwäbisch Buléon Gmünd ➢ Intercompany revenues validated
Slide 26: Active roll-out of our Go-to-FID strategy
Active roll - out of our Go - to - FID strategy Sites already installed or under construction/extension Vaggeryd (Sweden) - 10 MW MOBILITY Short term €11m subsidy Long - term MOBILITY : trucks, bus Jordberga (Sweden) - 10 MW LARGE INDUSTRY: chemical industry, MOBILITY refineries, heat for industry €
Slide 27: 100 MW Green Horizon project: a flagship large-scale low-carbon H2 production asset
100 MW Green Horizon project: a flagship large - scale low - carbon H2 production asset Strategic location and strong local and national support • Le Havre is France's leading container port. It is the 2nd - largest chemical centre in France, with 2 refineries (Total and Exxon) and several major pla
Slide 28: FY 2025 Financials Highlights
FY 2025 FINANCIALS HIGHLIGHTS 29
Slide 29: Group Key figures in 2025
Group Key figures in 2025 REVENUES AVAILABLE CASH TOTAL ASSETS AS OF END 2025 AS OF END 2025 €9.8m x2 vs YoY €75m €258m ADJUSTED EBITDA SECURED SUBSIDIES PROJECT FINANCING PACKAGE CLOSED €(27.4)m € 208m 1 €53m • Confirmed commercial reach , seizing new market share every year in our geographies • Ro
Slide 30: FY 2025 financial results reflecting scaling up of revenue and one-off impacts
FY 2025 financial results reflecting both scaling up of revenue and significant one - off impacts related to corporate reorganisation c .2- fold increase in revenue at €9.8m in 2025 driven by: € m - IFRS standards 2025 2024 • Higher volumes delivered to existing and new clients in France, Revenue 9.
Slide 31: Cash flows reflecting good scaling-up and strong balance sheet
Cash flows reflecting good scaling - up and strong balance sheet to support Lhyfe strategy € m - IFRS standards 2025 2024 Improving operating cash flow at €(21.9)m , versus €(27.0)m YoY reflecting a working capital improvement (inflow of + €3.7m versus an outflow of Net result (51.0) (29.2) €(3.9)m
Slide 32: Outlook
OUTLOOK 33
Slide 33: 2026 outlook
2026 outlook ▪ 50% growth in revenues expected compared to 2025, supported by ▪OWN significant increase in production capacities and transportation means. ▪& ▪ Focus on production capacity and reliability: Increase plants production and ▪OPERATE financial efficiency. ▪ Increase market penetration wi
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Slide 35: Appendices – Sector & Regulation
APPENDICES – SECTOR & REGULATION 37
Slide 36: Global environment pressing for sovereign energy
Global environment pressing for sovereign energy ➢ EU and France import 60% of their energy — with the majority sourced from geopolitically unstable regions — a structural dependency that weighs on EU safety, industrial competitiveness , supply chain resilience and long - term economic growth . ➢ Th
Slide 37: EU Member States are advancing in the transposition of the RED III Directive
EU Member States are advancing in the transposition of the RED III Directive It will notably drive the demand for RFNBOs to meet transport fuel targets RED III TARGETS ➢ 14.5% GHG reduction or 29% RES by 2030 Transport ➢ Min. 1% Renewable Fuels of Non - Biological Origin (RFNBO) 1 in transport fuels
Slide 38: IRICC & THG – Why They Matter for Green H2 take-off
IRICC & THG – Why They Matter for Green H ₂ take - off Both mechanisms turn climate obligations on fuel suppliers into predictable demand and price support for green H2 Both mechanisms impose on fuel suppliers/oil companies to cut the lifecycle GHG intensity of all fuels Target to sold and include a
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