Lhyfe Sa · EURONEXT:LHYFE
Lhyfe Sa — Gilbert Dupont Midcaps Forum 2025
42 slides from Lhyfe Sa's conference presentation, May 13, 2025
Slide 1: Forum Midcaps Gilbert Dupont
Forum Midcaps Gilbert Dupont 13 MAY 2025
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, f
Slide 3: Agenda
_ Agenda A MATURING H2 SECTOR LHYFE’S 2024 HIGHLIGHTS ACCELERATING REVENUE AND EXTENDING CUSTOMER REACH GROWING OUR PRODUCTION CAPACITIES OUR ESG PERFORMANCE 2024 FINANCIAL HIGHLIGHTS og FAN =
Slide 4: A maturing H2 sector
A MATURING H, SECTOR
Slide 5: European Commission RED III implementation and national support
European | Commission Implementation before May 2025 of RED Ill mandates by each EU member state: vy Each member state must set 2050 targets for the consumption of renewable hydrogen in industry and transport Y This inillldrive hydrogen! , Proving mat to support green Hp production and consumption v
Slide 6: French hydrogen support mechanism
| Byroccm unmet supportmechanism = REPUBLIQUE FRANCAISE To encourage renewable and aww) low-carbon hydrogen production ke Subsidies of up to €4 per kg of hydrogen produced v (carbon neutrality by 2050) and to position France as a leader in green technology with allocations of 200 MW in 2025, 250 MW
Slide 7: H2 momentum continues with FIDs taken in Europe in 2024
» > Hs momentum continues with x4 FIDs taken in Europe in 2024 on Hp projects and clearer. SRSRSHMSCHSTISTTS (Germany, UK, Netherlands, France) > Industry "going! through! maturation! phase. Bad news in the press in a time of consolidation while a handful of players get stronger and stronger. > Cice
Slide 8: Lhyfe's 2024 highlights
LHYFE’s 2024 HIGHLIGHTS
Slide 9: Key achievements in 2024
_ Key achievements in 2024 | Revenues FY 24 revenues * Ww? »,4 versus YoY J €5.1 m in 2024 eee Clients supplied O7 Service pak c.5 during the year Wy 9 ¢O rate “ft Installed }__{a¥ 470 Deliveries in” 22M capacities rome done in 2024 X 22 vs IPO One of largest transportation fleet for bulk hydrogen d
Slide 10: Partnerships with financial and industrial investors
edp (C/[P Renewables Copenhagen Infrastructure Partners J2I0_D MASDAR MITSUI&CO. Potential co-development opportunities in large-scale green hydrogen production projects in Europe = Part of Lhyfe’s strategy to co-develop project: with financial, industrial investors and experienced partners
Slide 11: Lhyfe - Best customers choice in the green H2 value chain
Lyfe Lhyfe - Best Customers Choice in the green H2 production value chain Lhyfe best choice in feoapeer He welee clreiie Customer Satisfaction Survey 2024 Unique track record in installation of 5 “High responsiveness in delivering solutions. and 10 MW green H2 production units. se % Overall positive
Slide 12: Accelerating revenue and extending customer reach
Yuufe ACCELERATING REVENUE AND EXTENDING CUSTOMER REACH
Slide 13: Selection of new clients announced in 2024 and start of 2025
» Selection of new clients announced in 2024 and start of 2025 L Leipziger ZZKARP-KNEIP = (HOMOBILITY Stadtwerke Qhyliko storengy Gagméthane Hysetce Revenue (€m) a o6 —uo” 18 — — | 2022 20235 enosis
Slide 14: Expanded customer base by end usage
~ We have expanded our customer base both by end usage (mobility/ MANITOU Hysetcc Pym Loni=NT AGGLOMERATION S sy eS ENGic ZKARP-KNEIP Solutions Leinzi IVECO DBleann _—brétéché, Legs" Gagmethane Qhyliko — ¢H2 MOBILITY oa storengy hypion’ % SYMBIO Qinocel enosis Hydrogen powered solutions
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Slide 16: Building up one of the largest H2 MEGC fleets in the EU
Building up one of the largest H2 MEGC fleet in the EU: a key asset to extend our client outreach tube trailers Deliveries Clients supplied O7 Service 70 (Type 4) 470 done in 2024 5 In 2024 9 70 rate = ci [i . ' Hexagon Purus A valuable asset base Excellence in supply chain . In-house software to ma
Slide 17: Growing our production capacities
Yuufe GROWING OUR PRODUCTION CAPACIT
Slide 18: Bouin (France) running at full speed
Bouin (France) running at full speed erving mostly mobility clients ' = = Representing a 2.5 MW electrolysis installed capacity after extension = Extension to be installed in accordance with the site’s production schedule = Onsite storage authorization extended from 1 ton to.5 tons
Slide 19: Buléon (France)
Buléon (France In Brittany (Morbihan, Buléon near Lorient) Production capacity: up to 2 tons of green He per day (5 MW installed capacity) Main source of energy: Wind PPA with VSB énergies Nouvelles Selection of clients Loni=zNT Hysetco
Slide 20: Bessières (Occitanie)
In Occitany (Bessiéres near Toulouse) Production capacity: up to 2 tons of green H2’p (5 MW installed capacity) Main source of energy: Wind PPA Selection of clients . Qinocel enosis
Slide 21: Schwäbisch Gmünd site
= Production-capacity: up to 4 tons ofgréen per day (10‘MW installed capacity) ¢H2MOBILITY< Commercial ramp-up to Star
Slide 22: Selected sites under construction
Selected sites under construction 5 MW installed capacity) Up to 2 tpd of green H2 hydrogen { ( = Located alongside the A29 motorway = First production unit in the Hauts-de-France region to make renewable hydrogen available to a wide market " To supply local uses in mobility and industry (clients in
Slide 23: Pipeline by phases and geography
PIPELINE BY PHASES PIPELINE BY GEOGRAPHY South Europe, © OD (Versus Dec 2023) In MW 4.4 GW (vs 4.3 GW) Northern 4.1 GW Western Europe & UK (vs 5.0 GW) Europe ase “i 1 oOe0e 510 MW (vs 495 MW) 10 MW PIPELINE BY TYPE OF PROJECT In MW Backbone’ 57% Q EARLY STAGE TENDER READY BR CONSTRUCTION GW ADVANCED
Slide 24: Our Go-to-FID strategy
_ Our Go-to-FID strategy e Sites already installed or under construction/extension Short term Long-term Vaggeryd (Sweden) - 10 MW €1m subsidy Green Horizon Le Havre (France) - 100 MW |: Up to €149m subsidy Vallmoll (Spain) - 15 MW. €14m subsidy €11m subsidy Jordberga (Sweden) - 10 MW oe Lubmin (Germ
Slide 25: New additions to the pipeline in 2024 and 2025
Lhufe | New addition to the pipeline in 2024 & 2025 ns ) Ange (Sweden) - 300 MW e Sites already installed or under construction/extension | SouthH2Port (Sweden) - 600 MW Added 2024 Bulk projects Delfzijl (Netherlands) - 200 MW Onsite projects _/| Waggeryd (Sweden) - 10 MW Eackboneproiscts HOPE Proje
Slide 26: Green Horizon: €149m grant confirmed for 100MW project
Lhufe Green Horizon: €149m grant confirmed to support the 1OOMW on-site project in France cp. 100 Mw (yf) Up to 34 tons of green Hp/day & €149m of Subsidies French State aid granted to Lhyfe for the construction of the H2 production unit Public support contract signed in April 2025 with Bpifrance: Y
Slide 27: ESG performance recognized
Yuufe ESG PERFORMANCE RECOGNIZED: LH
Slide 28: 2024 ESG rating 86/100
86/100 2024 Rating G vs. 59/100 for the sector’ jovernance vs. 78/100 in 2023 TT 68 1S over 73 Ethifinance 97 Lhyfe’s ranking within exerci Social 2 49 65 External the Utilities sector in 2024 stakeholders Europe 68 —Lhyfe 7th over 360 96 —Benchmark . eae Environment Lhyfe’s ranking within French co
Slide 29: FY 2024 financial highlights
Yuufe FY 2024 FINANCIALS HIGHLIGHTS
Slide 30: Key figures
_ Key figures 7 XS snues &, €72m 2" LZ 5.1m seer" @ €242m sei3i. S €53m Leansnsraciegs
Slide 31: Revenue and income statement
Revenue Purchases consumed External expenses Personnel expenses’ Taxes, duties and similar payments Other current operating income & expenses? Adjusted EBITDA® Current operating result (EBIT) Operating result Financial result Consolidated net result ‘Excluding expenses related to share-based payment
Slide 32: Cash flow and balance sheet
> € m - IFRS standards 2024 2023 Net result (29.2) (33.6) Operating cashflow (27.0) (22.6) Investing cashflow (34.6) (44.1) Financing cashflow 19.5 36.5 Change in cash & cash equivalents (42.1) (30.2) € m - IFRS standards Cash & cash equivalents 72.2 4.3 Financial debt' 80.2 53.7 Net cash? (8.0) 60.
Slide 33: €53m debt financing secured for 4 green hydrogen sites
A proven financing strategy: €53m debt financing secured for a Yuufe portfolio of 4 green hydrogen production sites Schwabisch Buléon Gmtind Le Cheylas maturing in 2034 + €10m bridge: financing (grants and VAT) Renewed confidence from our financial partners : A confirmation of Lhyfe’s infrastructure
Slide 34: 2025 outlook and ramp-up of new units
= Ramp-up of our newly installed units (Buléon, Bessiéres, Schwabisch Gmiind) - _ SHRRRGHEGR TOU HACK FCOFAlin OBEraHION BAIA CORSHUCHION with Croixrault and Le Cheylas sites under construction . Preparing next FIDs including Green Horizon * Significant/expected growth in|reventie to be supported by
Slide 35: Confirming guidance
_ Confirming guidance Partnerships activity Integrated activity Installed capacity (integrated activity) Revenues x4 YoY 3 GW of assets under management >30% EBITDA margin 10% EBITDA margin Revenues c. €100m yy YG Revenues: + ey y Significant oe increase wy my Target oc? 0.20% wy owned by y Lhyfe
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Slide 38: Heavy support from Europe to speed up green H2 production
Heavy support from Europe to speed up green H2 production RFNBO (Renewable Fuel of Non-Biological Origin): 10 millions tons 42% finalized definition of green renewable hydrogen and Green hydrogen production Green hydrogen to be ambitions for Europe target in Europe by 2030 used in industry by 2030 4
Slide 39: Multiple and enhanced national support schemes for green H2
Multiple and enhanced national support schemes for green H2 a Germany © Objective of 10 GW of installed electrolysis capacity by 2030 Dedicated budgets approved for the application of AFIR regulations (mobility) and for CCFD programs (Carbon Contracts For Difference) €24bn of government support (by
Slide 40: European Hydrogen Bank auctions oversubscribed
First auction: initial envelop oversubscribed 15x 130 bids from 17 European countries €720m envelop oversubscribed 15x LCOH between ©5.8 and ©13.5 per kilo Potential clients mostly from Industry Second auction: confirming the strong industrial interest in green hydrogen 61 bids from 11 European coun
Slide 41: Netherlands offshore green hydrogen plans
* Overall plan to have 10 G\V of installed capacity for green H2 production offshore of which 1 GW by 2030 * Area of the North Sea (SEN-1 zone) already set aside exclusively for offshore green hydrogen production of up to 1 GVW by 2030, which would be connected to shore via the Aquaductus H2 pipelin
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