Enapter Ag · XETR:H2O
Enapter — Investor Presentation (September 2025)
27 slides from Enapter's investor presentation, September 2025
Slide 1: AEM pioneer, driving interoperability in hydrogen systems
AEM pioneer, driving interoperatibility in hydrogen systems Investor Presentation September 2025
Slide 2: Disclaimer
Enapter AG 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 know
Slide 3: Industry Challenges in the Hydrogen Market – Our Response
_Industry Challenges in the Hydrogen Market – Our Response Scaling up § Global scale-up underway: a large, maturing pipeline of multi-MW to GW projects § Projects move from planning into construction, despite some delays and cancellations § Alkaline dominates large-scale due to cost, but offers limi
Slide 4: Our Mission, Our Values
_Our Mission AWARD-WINNING Enapter builds on its AEM electrolyzer COMPANY leadership and extends its role as software and interoperability enabler for the hydrogen economy. _Our Values § Customer § Quality AI Software § Passion
Slide 5: Our Products
_Our Products Hardware Software Enapter Energy Management System Software – Singlecore Multicore manufacturer-agnostic, AI-enabled, hybrid-ready
Slide 6: Our product portfolio
_Our product portfolio Core Partners Singlecores All technologies System Integrators All technologies Multicores EL Manufacturers All technologies Hardware Suppliers The compatibility layer Runs and manages connecting all players in the Compatible with any our own hardware hydrogen sector – also ene
Slide 7: Singlecore applications
_Singlecore applications — <a e © ee " Hag wy
Slide 8: Multicore applications
_Multicore applications § Industrial applications § Refueling solutions § Grid balancing & energy storage
Slide 9: Modular systems scale faster
_Modular systems scale faster Large scale industrial electrolyzer Electrolyzer stack module Multicore solutions/Hybrid Plants COMPUTING: In the past Today ELECTROLYZERS: In the past Today
Slide 10: Next Generation AEM Stack
_Next Generation AEM Stack § >10x production rate § Optimized current distribution § Improved new Fluid Dynamics § State of the Art Materials § Designed for automation
Slide 11: Multi-core: AEM skid systems
_Multi-core: AEM skid systems § Custom skid-based solutions § Core BoP (centralized electrolyte loop) § 100 MW projects range § Real-time reaction to renewables § Modular & scalable
Slide 12: The most flexible systems in the market – perfect for hybrid solutions
_The most flexible systems in the market – perfect for hybrid solutions Enapter’s competitive advantage: Best flexibility +53% +31% Operational flexibility of 1-100% due to modularity of our multicore electrolyzers Up to 53% increase1 in annual hydrogen production for 1 MW system compared to competi
Slide 13: CoreKraft – the Heart of Interoperability
_CoreKraft – the Heart of Interoperability Technology neutral Hybrid operation AI-based, our Energy Management Alkaline for stable baseload, AEM/PEM Software controls AEM, PEM, for flexible renewable balancing – Alkaline and peripherals. Multi MW to GW Plants. Maximize renewable output Large captive
Slide 14: Enapter CoreKraft
_Enapter CoreKraft Manufacturer-independent, hybrid-ready AI software § SCADA integration and open protocols: OPC UA, API, marketplace blueprints § Proven reliability: 2.7+ million operating hours and counting § Continuous Learning: All Enapter units constantly learning from each other in various cl
Slide 15: CoreKraft AI
_CoreKraft Al Data Results S$ Energy Prices ma r- Minimize Energy Costs — Alkaline PS Weather Forecasts — — Minimize Wear & Tear a oS ~ CoreKraft = al Y Energy Consumption — t- Maximize H2 Production — PEM Q Power Demand ~ a Optimize LCOH a
Slide 16: Energy Monitoring
_Energy Monitoring § Integrated AI for optimal efficiency § Real Time Monitoring and Control § Advanced Data Insights § Predictive Maintenance § Integration with third party systems § Access via App and Browser
Slide 17: Open-source Blueprints Marketplace
_Open-source Blueprints Marketplace Library of open-source energy device integrations – accelerates system development and reduces time-to-market for our partners. Open-source collection of device blueprints – empowering partners to rapidly configure, customize and deploy energy management systems.
Slide 18: CoreKraft Toolkit 3.0
_CoreKraft Toolkit 3.0 § Industrial-ready Enapter LINK wired communication via UCM M2, industrial hardware and protocols support: OPC UA and MQTT § Cybersecurity Compliance Compliant with EU Cyber Resilience Act § Local-first Architecture Secure and reliable energy management system based on open-so
Slide 19: Scaling via Core Partners
_Scaling via Core Partners Enapter supplies stacks, Core Partner sell systems under Global reach via Core Partner reference designs, software their own brands. network. Customers benefit from and engineering services local partners. - which result in revenue
Slide 20: Empowering Core Partner
_Empowering Core Partner § Fast and CAPEX friendly entry into the AEM electrolyzer market White Labeled § Fast deployment and commissioning § Ease of integration of electrolyzers BoP interfaces § Synergies from existing engineering expertise Comms hub § Whitelabeling of CoreKraft EMS software to gen
Slide 21: Traction
_Traction 375+ customers 55+ countries 12,000+ 15.5 MW AEM Electrolyzer Cores in Italy’s Hydrogen Valleys
Slide 22: Selected customers by industry sectors
_Selected customers by industry sectors Research 10% Industrial Applications 19% 38% Distribution Energy of total order etc. value Storage Mobility 33% etc. …and many more
Slide 23: Enapter at a glance
_Enapter at a glance Registered office: Hamburg, DE Revenue1 (€m) Stock exchange: Frankfurt / Hamburg Regulated Market Order Backlog ISIN: DE000A255G02 US licensing (receivable) Shares outstanding : 2 30.5m US licensing (paid) Market cap2 : €55m Product Sales Multicore 45.2 Current FTE2 : >200 Singl
Slide 24: Historical & projected revenue development
_Historical & projected revenue development Revenue per FY (€m) Broker research estimates2 2021 2022 2023 2024 FY2025E FY2026E FY2027E 8.4 14.7 31.61 21.43 20-22 39.7 55.5 30 58 45.3 63.4 _Broker Consensus 38.3 59 59.0 31.61 Note: 1 ) 2023 Rev. included €15m 38.3 from a US licensing deal at the end
Slide 25: Historical & projected EBITDA development
_Historical & projected EBITDA development EBITDA (€m) Broker research estimates2 FY2021A FY2022A FY2023A FY2024E FY2025E FY2026E FY2027E (7.6) (10.6) 1.51 (6.9)3 (9)-(10) 2 6.7 (6) 5 (0.9) 5.7 Broker Consensus_ (1.6) 5.8 5.8 Note: 1) FY23 published 30 April 2024. 2) FY25E – FY26E is based on 1.51 t
Slide 26: 5 reasons for Enapter
_5 reasons for Enapter § CoreKraft software as growth engine Independent EMS platform, enabling integration of any electrolyser and unlocking markets beyond Enapter hardware. § Market-leading efficiency Maximize hydrogen output, minimize LCOH and ensure superior economics. § Future-proof technology
Slide 27: Investor Relations
Dr. Jürgen Laakmann CEO Investor Relations ir@enapter.com Gerrit Kaufhold https://enapterag.de/investor-relations/ CFO @enapter www.enapterag.de www.enapter.com