Erredue S.p.a. · MIL:RDUE
Erredue — H1 2025 Earnings Presentation
34 slides from Erredue's earnings presentation, Sep 26, 2025
Slide 1: 1H 2025 Presentation
Yo Vw K> September 26th 2025 1H 2025 PRESENTATION
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: 1H 2025 Financial Performance
1H 2025 FINANCIAL PERFORMANCE 4
Slide 5: Financial Key Factors
FINANCIAL KEY FACTORS VALUE EBITDA OF PRODUCTION 1.8 M 9.1 M vs 2.0 M In line in 1H24 The half-year closed with revenues at €9.1 million, broadly in line with 1H24 with the previous year. EBITDA came in at €1.8 million, showing a slight decline versus 2024, while net income remained stable at around
Slide 6: Revenues Breakdown 1H2025
REVENUES BREAKDOWN 1H2025 TRADITIONAL RENTAL OF BUSINESS GENERATORS -64% VS 1H24 5.4% VS 1HY24 ENERGY TRANSITION €7.2M +118% VS 1H24 SERVICE E SPARE PARTS +11.3% VS 1H24 SALES OF SALES OF BREAKDOWN OF GENERATORS GENERATORS REVENUES BY TYPE -15% VS 1H24 BREAKDOWN BY PRODUCTS FY2023 BUSINESS 1H2025 RE
Slide 7: Recurring Revenues
RECURRING REVENUES 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 8: Capex, Net Financial Position, Trade Working Capital, ROIC
(€M) (€M) CAPEX NET FINANCIAL POSITION (CASH) € 4M € 17.3M € 16.3M € 17.3M € 14.6M € 4M € 2.5M € 4.8M € 2.7M € 3.6M (€M) TRADE WORKING CAPITAL ROIC € 2.8M € 3.1M € 5.8M € 4.4M € 5.4M 36% 22% 28% 20% 10% Note: (1) ROIC b.t.= EBIT/Invested Capital Source: Management elaboration on Group consolidated fi
Slide 9: Backlog & Outlook
BACKLOG & OUTLOOK TRADITIONAL BUSINESS As at 31 August 2025, the Company has a total backlog of approximately €26 million, of which €26M N2 36% relates to the current year and 64% relates to next year, confirming the significant growth expected for the 2026 financial year. In addition RECURRING to the
Slide 10: Market Overview
MARKET OVERVIEW 10
Slide 11: Energy Transition
HYDROGEN ‘STORAGE ELECTRICITY GENERATIO CONVERTED TO AMMONIA HYDROGEN PRODUCTION SUPPLY AND WATER ELECTROLYSIS GRID DISTRIBUTION seRviCEs. NATURAL GAS. NETWORK STEAM REFORMATION AND CRACKING RESIDENTIAL APPLICATIONS. haere whee APPLICATIONS, ENERGY TRANSITON a
Slide 12: Market Overview Energy Transition; ErreDue Strategic Positioning
MARKET OVERVIEW ENERGY TRANSITION The surging global demand for low-emission hydrogen opens up significant growth opportunities >300 Mt H 2 Government funding for hydrogen in Low-emission hydrogen $308 bn 2023, +46% vs 2022 from electrolysis +3.000x >50 Mt H2 <0,1 Mt H2 Formalized 2030 targets of cou
Slide 13: H2 Policy Approaches
Comparison of hydrogen policy approaches adopted across selected hydrogen markets Category HJ Evropean Union ME United States I China @ Japan SS india 2030: 40 GW of - 2025: 100-200 kt green 2030: 3 Mtpa of 2030: 5 Mtpa green Targets domestic electrolyser hydrogen production hydrogen consumption hyd
Slide 14: Traditional Business
• LASER TECNOLOGIA SATURN • CUTTING • HEAT TREATMENTS • WELDING • ENOLOGYS • SINTERING • PACKAGING • NAVY • JEWELLERY TRADITIONAL BUSINESS
Slide 15: Market Overview Traditional Business
MARKET OVERVIEW TRADITIONAL BUSINESS In the first nine months of 2024, Italian industrial production saw a decline of -3.3% compared to the same period in 2023. This downturn was primarily driven by a significant drop in Q1 (-1.4% on a cyclically adjusted basis), with a gradual easing through late spr
Slide 16: 2H Positive Trends – Metallurgy & Manufacturing
2H POSITIVE TRENDS – METALLURGY & MANUFACTURING 🏭 METALLURGY / STEEL • RECOVERY IN PRODUCTION: +11.2% (May 2025 vs Feb), +6% YoY • CUMULATIVE JAN– JUN 2025: +3.8% YoY growth • FLAT PRODUCTS: double-digit growth in key months • RESILIENT EXPORTS: solid demand from infrastructure & renewables 🏭…
Slide 17: ErreDue Competitive Advantage and Vision
ERREDUE COMPETITIVE ADVANTAGE AND VISION In order to have a stronger presence in our traditional business, we have a number of initiatives in place, which are as follows: • Recruitment of a new business developer to promote ErreDue's presence in foreign markets • Strategic partnership with complemen
Slide 18: 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 19: 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 20: Strategic Initiative
STRATEGIC INITIATIVE 20
Slide 21: Strategic Growing
STRATEGIC GROWING NEW PRODUCTION FOREIGN EXPANSION SITE • 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 partnership agreement with company in Spain, will be doubled in the case of two shifts Portugal and Fr
Slide 22: Strategic Positioning
STRATEGIC POSITIONING Leadership in the Strategic Vision of the Opportunities in Proven Technological Hydrogen Market: Quality and Reliability: Small to Medium-Scale Large-Scale Projects: ErreDue sees the hydrogen Electrolyzer Niche: With over 30 years of By focusing on the 1 to 5 market as a long-t
Slide 23: 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 23
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Slide 25: Thank you
Thank you www.erreduegas.it 25
Slide 26: Appendix
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Slide 27: Hydrogen, Other Gases, Lab, Traditional Business
HYDROGEN OTHER GASES LAB TRADITIONAL LAB BUSINESS LAB TRADITIONAL BUSINESS ENERGY TRANSITION TRADITIONAL BUSINESS 27
Slide 28: Key Success Factors
KEY SUCCESS FACTORS TAYLOR MADE RELIABILITY COMPREHENSIVE WHITE SPACE IN PILOT OFFERING OF PROJECTS FOR H2 PLANT CUSTOMIZED SYSTEMS FOR TO ACHIEVE NET-ZERO END-MARKET EMISSIONS APPLICATIONS VERTICALLY INTEGRATED SCALABILITY BUSINESS MODEL EACH TECHNOLOGICAL SCALE ON-SITE GAS COMPONENT IS STUDIED, GE
Slide 29: Un Track Record Incomparabile, Leader Tecnologico
UN TRACK RECORD LEADER TECNOLOGICO INCOMPARABILE AWE E PEM TECH, GARANZIE DI VASTA ESPERIENZA CHE COPRE PRESTAZIONI AFFIDABILI E DECENNI, COMPROVATE RIVOLUZIONARIE OLTRE 20 ANNI DI ESPERIENZA SOLUZIONI DI NUOVA GENERAZIONELEADERSHIP IN TERMINI DI COSTI E SCALABILITÀ IMPEGNO PER LA LEADER DEL SETTORE
Slide 30: 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 Cella elettrolitica Scocca in metallo The heart of the machine is Component with
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 centred
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 th