Slide 1: Smart. Simple. Scalable.
Smart. Simple. Scalable. Investor Presentation, May 2025
Slide 2: Disclaimer
Enapter Disclaimer Furthermore, statements in this Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. By their nature, forward-looking statements involve known a
Slide 3: Content
Content 1. Introduction 2. AEM Technology 3. Products 4. Enapter’s USPs 5. Applications 6. Financials 7. ESG and Honors 8. Selected Customer Projects
Slide 4: Introduction
Introduction
Slide 5: Enapter at a glance
Enapter at a glance Registered office: Hamburg, DE Stock exchange: Frankfurt / Hamburg Revenue1 (€m) 40.5 Regulated Market Started in Nov 2017 31.6 Bloomberg ticker: H2O GR US licensing (receivable) Shares outstanding2: 29.1m US licensing (paid) Pioneer and commercial leader in patented 13.0 21.4 Ma
Slide 6: Vision Mission Values
Vision To live in a world where fossil fuels are no longer used and green hydrogen fuels power the world via renewable energy sources. Mission To make green hydrogen affordable and accessible to all, using AEM electrolyzer. Values Customer – Quality – Passion.
Slide 7: Experienced executive team
Enapter Experienced executive team Dr. Jürgen Laakmann Gerrit Kaufhold Ivan Gruber CEO (Chairman of the board) CFO (Board member) CTO (Board member) ▪ 20+ years of management experience in ▪ Part of Enapter’s growth since ▪ Responsible for Operations, Engineering and R&D strategy consulting, automot
Slide 8: AEM Technology
AEM Technology
Slide 9: Our secret sauce
AEM’s competitive advantage Patented AEM technology ▪ Combining the best of Alkaline and PEM technology ▪ Iridium and titanium free ▪ Simple and scalable Balance of Plant ▪ Top efficiency ▪ Leading H2 pressure and purity ▪ Strong patents granted Our secret sauce
Slide 10: Technology review
AEM’s competitive advantage AEM is the future PEM Alkaline AEM Supports intermittent renewables Iridium free Titanium free PFAS regulation ready Compact design High current density Electrochemical compression Safe-to-handle electrolyte Technology review
Slide 11: Modular systems scale faster
AEM’s competitive advantage Modular systems scale faster Computing in the past Multi-core solution today Electrolyzer in the past Multi-core solution today
Slide 12: Products
Products
Slide 13: Modular system as the basis for all product classes
Modular system as the basis for all product classes Enapter Core-Partner AEM EL 4 AEM Flex 120 AEM Core AEM Nexus
Slide 14: Business Model: Core Partner
Business Model: Core Partner Building on Enapter’s blueprints and developing custom solutions with AEM Core’s modularity Core Partner AEM Core Enapter Blueprints AEM powered electrolyzer Manufactured by Enapter provides Blueprint of its products. International network of Core Partners Enapter Cores
Slide 15: A combination of excellence
Core Partner Advantages for Core Partner First Core Partner ▪ Fast and CAPEX friendly entry into the AEM electrolyzer ▪ Adsensys becomes first Core Partner in Oct 2024 market, one of the industry’s fastest growing segments ▪ Adsensys receives Cores from Enapter and builds ▪ Becoming a supplier of el
Slide 16: AEM Building Blocks
Core Partnership Empowering Core Partners BoP ▪ One-stop solution interfaces ▪ Ease of integration ▪ Scalable, ability to add more blocks Comms hub ▪ Fast deployment and commissioning Power ▪ No major iterations of the design required distribution AEM Building Blocks The ease of modularity
Slide 17: Enapter's USPs
Enapter’s USPs
Slide 18: Our strengths
Comparing electrolyser technologies That's why Enapter's AEM is the ideal fit Iridium-free: This means we can guarantee stability of prices and supply and lower supply chain risk. Dynamic response: AEM provides a rapid start capability responsive to intermittent renewables. Efficient and cost effect
Slide 19: Iridium
PEM's competitive handicap ▪ On our planet Iridium only makes up ~0.001 parts per million. It's actually about 40x rarer than gold. ▪ It's one of the most expensive metals with the current price of ~5,000 USD per ounce (146,326 € per kg). ▪ It's produced commercially along with the other noble metal
Slide 20: Iridium-free
AEM's competitive advantage Enapter's AEM technology avoids the use of Iridium-based catalysts. This enables Enapter to achieve ▪ greater price stability ▪ lower supply chain vulnerability, ▪ without performance restrictions. Enapter avoids the use of any PFAs and titanium-based plates and porous tr
Slide 21: The most flexible MW systems in the market
Flexibility The most flexible MW systems in the market +53% +31% Operational flexibility of 3-100% due to modularity of our multicore electrolysers Up to 53% increase1 in annual hydrogen production for 1 MW system compared to competitors AEM PEM ALK AEM PEM ALK PV asset 1.5x bigger than EL PV asset
Slide 22: Energy Monitoring and Management Software
Software Energy Monitoring and Management Real Time Monitoring and Control Predictive Maintenance Integration with third party systems Integrated AI for optimal efficiency Access via App (Android and iOS) and Browser
Slide 23: Our customers can monitor and control their entire energy system with our software
Enapter’s competitive advantage: IIoT Software Solution Our customers can monitor and control their entire energy system with our software Integrate any Oversee key Control devices In-App Maintenance energy device metrics remotely Instructions
Slide 24: Applications
Applications
Slide 25: Selected customers
Customers by industry sectors Selected customers Research & Testing 35% 13% Energy storage Distribution Industrial applications of total order value 2020 - Jul 2024 in % of €m 24% Mobility 28%
Slide 26: Ordered 64 MW
Delivered 32 MW Total 96 MW Ordered 64 MW 15,5 MW in Italy’s Hydrogen Valleys
Slide 27: Financials
Financials
Slide 28: Order intake grow
Order intake and backlog Order intake grow Order intake (MEUR) Order backlog (MEUR) Order intake has more than doubled compared to the previous year and +165% reached EUR 53 M at the end of 46 53 December 2024 Singlecore 1 Order backlog (as of 06 May 2025) 20 Multicore 38 stands at EUR 46 M. 98% of
Slide 29: Historical & projected revenue development
Historical & projected revenue development Revenue per FY (€m) Broker research estimates2 FY2023A revenue was composed 2020 2021 2022 2023 FY2024 FY2025E FY2026E of EUR 16.5m product sales and EUR 15m recognized on US license 2.1 8.4 14.7 31.61 21.4 39-42 agreement 39.4 70.8 Product sales increased
Slide 30: Historical & projected EBITDA development
Historical & projected EBITDA development EBITDA (€m) Broker research estimates2 FY2020A FY2021A FY2022A FY2023A FY2024 FY2025E FY2026E (2.9) (7.6) (10.6) 1.51 (6,9) (2)-0 Economies of scale in (2) 10.6 production ensure better (2) 5 margins. (2.1) 3 Massive demand for megawatt systems Broker Consen
Slide 31: ESG and Honors
ESG and Honors
Slide 32: Enapter Pisa: Our production site for the AEM-Cores
Enapter Pisa: Our production site for the AEM-Cores 100% powered by renewable energies
Slide 33: We honor our environment
ESG We honor our environment ▪ We have analyzed our carbon footprint and reduced our Scope 1 and 2 emissions by more than 90 % since 2022. ▪ Our production site in Pisa is powered by 100% renewable electricity. 90% less Scope 1 & 2 emissions Production sites powered by 100% renewable energy ▪ We aim
Slide 34: We set high ethical standards in what we do
ESG We set high ethical standards in what we do ▪ We truly value our colleagues. ▪ We prioritize their well-being and development, fostering open communication and providing ample opportunities for growth. Code of Conduct Whistle-blower mechanism ▪ Our compensation packages are competitive, and we s
Slide 35: Award winning company
Honors Award winning company
Slide 36: Enapter is supported and advised by experienced entrepreneurs, investors and academics
Enapter is supported and advised by experienced entrepreneurs, investors and academics ▪ Mr. Schmidt co-founded Enapter in 2017 Supervisory Majority and led the company as CEO and co-CEO board shareholder until 2023. He continues to remain closely involved in an advisory capacity and as majority sha
Slide 37: Investor Relations
Investor Relations ir@enapter.com https://enapterag.de/investor-relations @enapter @enapter @enapter @enapter www.enapter.com www.enapter.com
Slide 38: Selected Customer Projects
Selected Customer Projects
Slide 39: Decarbonising brick production
Industrial solution | ABC Klinker, Germany Decarbonising brick production ▪ 1 × AEM Flex 120 (multicore) ▪ 50 kg/24 h of green hydrogen
Slide 40: Clean mobility research hub at megawatt scale
Mobility, research | Steinbeis Innovation Center, GER Clean mobility research hub at megawatt scale ▪ 1 x AEM Nexus 1000 (multicore) ▪ 453 kg/24 h of green hydrogen
Slide 41: Replacing natural gas with green hydrogen for industrial ovens
Industrial solution | Roto-Art, Netherlands Replacing natural gas with green hydrogen for industrial ovens ▪ 7 × electrolyser AEM EL 4.0 (singlecore) ▪ 7 kg/24 h of green hydrogen
Slide 42: Industrial H2 pilots at Yanmar Clean Energy Site
Industrial solution | Yanmar, Japan Industrial H2 pilots at Yanmar Clean Energy Site ▪ 14 × electrolyser AEM EL 2.1 (singlecore) ▪ 14 × electrolyser AEM EL 4.0 (singlecore) ▪ 28 kg/24 h of green hydrogen
Slide 43: Commercial hydrogen refuelling station in Tokyo
Mobility | Tokyo Gas, Japan Commercial hydrogen refuelling station in Tokyo ▪ 30 × electrolyser AEM EL 2.1 (singlecore) ▪ 30 kg/24 h of green hydrogen
Slide 44: Mobile refuelling for hydrogen aircrafts
Mobility | ZeroAvia, UK Mobile refuelling for hydrogen aircrafts ▪ 10 × electrolyser AEM EL 2.1 (singlecore) ▪ 10 kg/24 h of green hydrogen
Slide 45: Green hydrogen production for the naval sector
Mobility | Baglietto, Italy Green hydrogen production for the naval sector ▪ 10 × electrolyser AEM EL 4.0 (singlecore) ▪ 10 kg/24 h of green hydrogen
Slide 46: District-wide energy storage on a Dutch island
Electricity storage | Hylife Innovations, Netherlands District-wide energy storage on a Dutch island ▪ 30 × electrolyser AEM EL 2.1 (singlecore) ▪ 30 kg/24 h of green hydrogen
Slide 47: Hydrogen seasonal storage in remote location
Electricity storage | PowiDian Energy, France Hydrogen seasonal storage in remote location ▪ 1 × electrolyser AEM EL 2.1 (singlecore) ▪ 1 kg/24 h of green hydrogen
Slide 48: Autonomous energy management
Electricity storage | Creo, UK Autonomous energy management ▪ 2 × electrolyser AEM EL 2.1 (singlecore) ▪ 2 kg/24 h of green hydrogen
Slide 49: Energy storage for buildings
Electricity storage | Hybitat, Italy Energy storage for buildings ▪ 1 × electrolyser AEM EL 4.0 (singlecore) ▪ 1 kg/24 h of green hydrogen
Slide 50: Green hydrogen generation for Japanese construction sector
Electricity storage | Obayashi, Japan Green hydrogen generation for Japanese construction sector ▪ 2 × electrolyser AEM EL 4.0 (singlecore) ▪ 2 kg/24 h of green hydrogen
Slide 51: Residential heating with hydrogen
Power-to-heat | DNVGL, Netherlands Residential heating with hydrogen ▪ 8 × electrolyser AEM EL 2.1 (singlecore) ▪ 8 kg/24 h of green hydrogen
Slide 52: Protein creation with gas fermentation
Research | Deep Branch, Netherlands Protein creation with gas fermentation ▪ 1 × electrolyser AEM EL 2.1 (singlecore) ▪ 1 kg/24 h of green hydrogen
Slide 53: Green H2 production for diverse uses in Florianópolis
Research | University of Santa Catarina (UFSC), Brazil Green H2 production for diverse uses in Florianópolis ▪ 9 × electrolyser AEM EL 2.1 (singlecore) ▪ 9 kg/24 h of green hydrogen
Slide 54: H2 mobility R&D at CTU Prague
Research | Czech Technical University, Czech Republic H2 mobility R&D at CTU Prague ▪ 4 × electrolyser AEM EL 2.1 (singlecore) ▪ 4 kg/24 h of green hydrogen
Slide 55: Mobile green hydrogen plant for research
Research | CICITEM, Chile Mobile green hydrogen plant for research ▪ 8 × electrolyser AEM EL 2.1 (singlecore) ▪ 8 kg/24 h of green hydrogen
Slide 56: Decentralised hydrogen production for mobility research
Research | HyLab of MORE Munich Mobility Research Campus, Germany Decentralised hydrogen production for mobility research ▪ 48 × electrolyser AEM EL 2.1 (singlecore) ▪ 48 kg/24 h of green hydrogen
Slide 57: H2POWERPLANT for backup energy & self-sufficiency
Electricity storage | Wilo, Germany H2POWERPLANT for backup energy & self-sufficiency ▪ 95 × Electrolyser AEM EL 2.1 (single-core) ▪ 95 kg/24 h of green hydrogen