Slide 1: Investor Presentation ISMO
INVESTOR PRESENTATION ISMO Milano, 28 May 2026
Slide 2: Executive Summary
EXECUTIVE SUMMARY A high-tech industrial company in the gas generation sector worldwide (nitrogen, oxygen and hydrogen) using both alkaline and pem technology. Thanks to its extensive experience, scaling up to large electrolyzer for the energy transition With over 20 years of experience and a track
Slide 3: Three Business Units, One Goal
THREE BUSINESS UNITS, ONE GOAL ENERGY TRANSITION INDUSTRIAL APPLICATION LABORATORY LINE Transportation Agriculture and Fertilizers Gas Carrier Power Generation and Storage Food and Beverage Industry Laboratory instruments Residential and Commercial Heating Pharmaceuticals and Healthcare Renewable En
Slide 4: Hydrogen and Other Gases
HYDROGEN OTHER GASES LAB TRADITIONAL LAB BUSINESS LAB TRADITIONAL BUSINESS ENERGY TRANSITION TRADITIONAL BUSINESS 4
Slide 5: Key Success Factors
KEY SUCCESS FACTORS TAYLOR MADE RELIABILITY COMPREHENSIVE WHITE SPACE IN PILOT OFFERING OF PROJECTS FOR H2 PLANT CUSTOMIZED SYSTEMS TO ACHIEVE NET-ZERO FOR EMISSIONS END-MARKET APPLICATIONS VERTICALLY INTEGRATED SCALABILITY BUSINESS MODEL EACH TECHNOLOGICAL SCALE ON-SITE GAS COMPONENT IS STUDIED, GE
Slide 6: An Incomparable Track Record, Technology Leader
AN INCOMPARABLE TECHNOLOGY LEADER TRACK RECORD AWE AND PEM TECH,RELIABLE EXTENSIVE EXPERIENCE AND PROVEN PERFORMANCE COVERING DECADES, GUARANTEES REVOLUTIONARY OVER 20 YEARS OF EXPERIENCE NEXT-GENERATION SOLUTIONS LEADERSHIP IN COST AND SCALE COMMITMENT TO INDUSTRY LEADER SUSTAINABILITY SOLUTIONS AL
Slide 7: Vertically Integrated Business Model
VERTICALLY INTEGRATED BUSINESS MODEL All design and manufacturing know-how is in-house. ErreDue's production department is able to produce gas generators of different sizes and related accessories in a short time. 01 02 Electrolytic Stacks Metal Shell The heart of the machine is Component without sp
Slide 8: FY 2025 Financial Performance
FY 2025 FINANCIAL PERFORMANCE 8
Slide 9: FY2025 Financial Key Factors
FY2025 FINANCIAL KEY FACTORS The 2025 closed with sales revenue VALUE at € 19.4 million, with an increase of SALES OF PRODUCTION 21.8% vs the previous year. REVENUE Value of Production stood at € 21.9 VALUE EBITDA million and the growth was seen OF PRODUCTION 19.4 M across all the Company’s business
Slide 10: FY2025 Revenues Breakdown
FY2025 REVENUES BREAKDOWN LABORATORY RENTAL OF GENERATORS TRADITIONAL +8.7% vs FY24 BUSINESS 12.5M ENERGY TRANSITION SERVICE E 19.4M SPARE PARTS +20.9% vs FY24 SALES OF SALES OF BREAKDOWN OF GENERATORS GENERATORS REVENUES BY TYPE +25.3% vs FY24 BREAKDOWN BY PRODUCTS FY2023 BUSINESS FY2025 SALES REVE
Slide 11: Recurring Revenue
RECURRING REVENUE Long Term Rental After Market • Highly specialised Technical Department takes care of clients along all the • The rental of the plant breaks down the wall of diffidence regarding new journey, from plant design to installation, and keeps following it in the after technology and its
Slide 12: Capex, Net Financial Position, Working Capital, ROIC
(€M) CAPEX (€M) NET FINANCIAL POSITION (CASH) € 1.3M € 2.6M € 4.8M € 2.7M € 7.4M (€M) TRADE WORKING CAPITAL ROIC € 3.1M € 5.8M € 4.4M € 5.2M 22% 28% 20% 19% Note: (1) ROIC b.t.= EBIT/Invested Capital Source: Management elaboration on Group consolidated financial statements and Management Accounts
Slide 13: A Double Increase in Revenue and Excellent Operating Margins
A DOUBLE INCREASE IN REVENUE AND EXCELLENT OPERATING MARGINS
Slide 14: Backlog & Outlook
BACKLOG & OUTLOOK TOTAL BACKLOG ● High growth of backlog with € 36M ● The 65% is referred to 2026 The increase in the order backlog is 36 M undoubtedly driven by the energy transition market, but there is also a clear recovery in the ● Composed by: metalworking, automotive and textile sectors € 15.9
Slide 15: Strategic Growing
STRATEGIC GROWING NEW PRODUCTION SITE FOREIGN EXPANSION • ErreDue will be able to produce up to 60 • It’s scouting opportunity in Europe and discussing plants per year in a single shift; production will partnership agreement with company in Spain, be doubled in the case of two shifts Portugal and Fr
Slide 16: New Production Site
NEW PRODUCTION SITE 60 4 plants per year production lines on one shift 17.000 sqm new area increasing to 27.000 sqm total area 16
Slide 17: Strategic Market Initiative
STRATEGIC MARKET INITIATIVE 17
Slide 18: Foreign Expansion
FOREIGN EXPANSION • New opportunities and markets driven by production growth: expansion into previously inaccessible geographical areas and consolidation of our international presence. Global Alliances: Product Differentiation: Agreements with qualified partners to ensure Transition to high-value-a
Slide 19: ErreDue Competitive Advantage and Vision
ERREDUE COMPETITIVE ADVANTAGE AND VISION LOW POWER CONSUPTION * COMPETITOR ERREDUE ≈ 1,2 kW/m3 VS ≈ 0,50kW/m3 THANKS TO The air/nitrogen ratio of 3:1 MAXIMUM BRILLIANCE WITH ONLY ONE PROCESSING *O2<5ppm 19
Slide 20: Market Overview
MARKET OVERVIEW 20
Slide 21: Energy Transition
HYDROGEN STORAGE ELECTRICITY GENERATIO HYDROGEN PRODUCTION WaTeR ELECTROLYSIS GRID services STEAM REFORMATION AND CRACKING INDUSTRY APPLICATIONS ENERGY TRANSITION CONVERTED TO AMMONIA SUPPLY AND DISTRIBUTION NATURAL GAS NETWORK RESIDENTIAL APPLICATIONS FUEL CELL VEHICLES 2
Slide 22: Goal 2030 H2 Policy Approaches
IPCEI PROJECTS Puglia Green Hydrogen Valley’ project (Italy): IT One of the largest in Europe. It requires hundreds of MW of electrolysis capacity to decarbonise the industrial area of Taranto and Brindisi. GOAL 2030 NL H2ermes (Netherlands): GW-scale integration in EUROPEAN APPROACH the port of Ams
Slide 23: Contracts for Differences
CONTRACTS FOR DIFFERCES The Liquidity Guarantee Contracts for Difference are the financial ‘safety net’ that makes our customers (hydrogen producers) Italy :The government has allocated €6 billion to bankable. cover the price gap between green and fossil hydrogen. This ensures that projects purchasi
Slide 24: H2 Policy Approaches
Comparison of hydrogen policy approaches adopted across selected hydrogen markets Category BJ European Union MEE United States Wii china @ Japan Sinaia 2030: 40 GW of - 2025: 100-200 kt green 2030: 3 Mtpa of 2030: 5 Mtpa green Targets domestic electrolyser hydrogen production —_ hydrogen consumption
Slide 25: Traditional Business
TECNOLOGIA SATURN • LASER • CUTTING • HEAT TREATMENTS • WELDING • ENOLOGYS • SINTERING • PACKAGING • NAVY • JEWELLERY TRADITIONAL BUSINESS
Slide 26: Traditional Business: Hyper-amortisation as a Growth Driver
Hyper-amortisation as a driver of growth Reduced Payback Period: Thanks to the tax benefit, the customer’s return on investment is drastically reduced. We sell machines that ‘pay for themselves’ much more quickly. Commitment to Innovation: Access to the benefit requires the interconnection of assets
Slide 27: Laboratory Line
LABORATORY LINE TECNOLOGIA SATURN • GAS CHROMATOGRAPHY • GAS CHROMATOGRAPHY/MASS SPECTROMETRY • LIQUID CHROMATOGRAPHY/MASS SPECTROMETRY • HIGH PERFORMANCE LIQUID CHROMATOGRAPHY • TOTAL ORGANIC CARBON ANALYSIS
Slide 28: Market Overview Laboratory Line
MARKET OVERVIEW LABORATORY LINE Emerging Markets: Developing countries are investing in healthcare infrastructure, creating a demand for laboratory instruments. For example, the Indian medical devices market grew from $2.02 billion in 2009 to $3.9 billion in 2015, with a CAGR of 15.8%.Point-of-Care
Slide 29: Appendix
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Slide 30: Strategic Positioning
STRATEGIC POSITIONING Leadership in the Strategic Vision of the Opportunities in Large- Proven Technological Hydrogen Market: Quality and Reliability: Small to Medium-Scale Scale Projects: Electrolyzer Niche: ErreDue sees the hydrogen With over 30 years of ErreDue sees the hydrogen By focusing on th
Slide 31: ESG Agenda 2030
ESG AGENDA 2030 ErreDue pays a lot of attention to ESG policy and has therefore started a path towards obtaining the major certifications in this area Environment Social Governance The intrinsic nature of ErreDue 's success is ErreDue is actively ErreDue's business is thanks to the engaged in centre
Slide 32: Environmental Achievements
ENVIROMENTAL ACHIEVEMENTS RENEWABLE CARBON SUSTAINABILITY ENERGY FOOTPRINT REPORT Installation of 650 Kw of solar panels on Measurement of emissions (direct and The Company will produce and publish the roof. indirect) of greenhouse gases (CO2, CH4, the Sustainability Report according to the In addit
Slide 33: Social Achievements
SOCIAL ACHIEVEMENTS GENDER EDUCATION WELFARE EQUALITY &BONUS Women make up 25 per cent of the The valorization of human capital has The valorisation of human capital has employees, a great achievement for an always been fundamental for ErreDue. always been fundamental for Erredue: industry specialis
Slide 34: Governance Achievements
GOVERNANCE ACHIEVEMENTS MICRO PUBLIC ENVIROMENTAL COMPANY MANAGEMENT Erredue’s focus on people is an integral SYSTEM part of the company's DNA. The part conforming to the ISO 14001 The founders' philosophy was to share the environmental standard will be added to benefit of the company with the key t
Slide 35: Thank you
Thank you www.erreduegas.it 35