Hydrogen Refueling Solutions Sa · EURONEXT:ALHRS
Hydrogen Refueling Solutions Sa — H1 2025-2026 Earnings Presentation
23 slides from Hydrogen Refueling Solutions Sa's earnings presentation, Jan 30, 2026
Slide 1: 2025-2026 Half-Year Sales Analyst & Investor Presentation
2025-2026 HALF-YEAR SALES ANALYST & INVESTOR PRESENTATION 30 January 2026 Hassen Rachedi — Chairman and CEO 30.01.26 Hydrogen Refueling Solutions Confidential and Proprietary Information 1
Slide 2: Disclaimer
DISCLAIMER This presentation was prepared by HYDROGEN-REFUELING-SOLUTIONS (the "Company") for the sole purpose of being used at investor presentations. By receiving this presentation and attending this meeting, you acknowledge yourself to be acquainted with the following restrictions. This presentat
Slide 3: HRS Strategic Vision: World Leader in Hydrogen Stations
HRS STRATEGIC VISION: WORLD LEADER IN HYDROGEN STATIONS UNIQUE INDUSTRIAL PURE PLAYER IN HYDROGEN STATIONS WITH UNIQUE REFERENCES IN EUROPE GLOBAL BUSINESS PRODUCT INNOVATION SERVICES International expansion Large capacity modular stations After-sales contracts to in USA and Middle East ensure perfo
Slide 4: HRS Stations Map: 31 Installed, 13 Future
INTERACTIVE MAP HRS STATIONS MAP 44 STATIONS Yorkshire - HRS14 Athis-Mons - HRS14 Buc - HRS14 Dartford - HRS14 3 Dunkerque - HRS14 31 INSTALLED STATIONS Bercy - HRS14 Ulm - HRS14 Issy Les Moulineaux - HRS14 2 13 FUTURE INSTALLATIONS Carquefou - HRS14 Saint-Egrève – HRS28 4 Vénissieux – HRS28 2 Lorie
Slide 5: Operational Stations with Increasing Use Since 2022
A white house with a black background OPERATIONAL STATIONS Description automatically generated with increasing use SINCE 2022 Last month DELIVERED HYDROGEN 210 t STATIONS 2025 vs 2024 6,7t RANKING 12 last months DELIVERED DELIVERED +20% HYDROGEN HYDROGEN HRS14 PLUG POWER UK 31.12.25 24t H2 HRS14 REF
Slide 6: H1 2025-2026 Key Events & Figures
H1 2025-2026 KEY EVENTS & FIGURES STRATEGIC TRANSFORMATION & INDUSTRIAL MILESTONES €8.5M HRS160 APOLLO CAPITAL INCREASE SUCCESSFUL FAT FINANCIAL Capture growth First 4-ton/day in DISCIPLINE Europe Costs down by €5M-€6M 30.01.2026 Hydrogen Refueling Solutions Confidential and Proprietary Information
Slide 7: Half-Year Sales Details
2025-2026 HALF-YEAR SALES DETAILS 30 January 2026 Kader Hidra, CFO 30.01.26 Hydrogen Refueling Solutions Confidential and Proprietary Information 7
Slide 8: Financial Performance & Market Dynamics
H1 2025-2026 KEY EVENTS & FIGURES FINANCIAL PERFORMANCE & MARKET DYNAMICS €3.4M €8.6M €42M IN ORDER INTAKE H1 SALES COMMERCIAL 100% of which are 16% growth PORTFOLIO international o/w €7.7M of firm orders 30.01.26 Hydrogen Refueling Solutions Confidential and Proprietary Information 8
Slide 9: Half-Year Sales 2025/2026: Key Figures
HALF-YEAR SALES 2025/2026: KEY FIGURES €8.6M PIPING: STATIONS H2: 1H -0.2M€ +1.3M€ 2025/2026 8.6M€ SERVICES H2: +0.15M€ 1H 2024/2025 7.4M€ H2 Stations revenue recognition by the percentage of completion: H1 REVENUE o 4.7M€: Recognized revenue from previous orders GROWTH DRIVERS IN M€ o 2.6M€: Produc
Slide 10: Half-Year 2025/2026 Sales: 21% Growth on H2 Stations
HALF-YEAR 2025/2026 SALES: 21% GROWTH ON H2 STATIONS 2024/2025 2025/2026 K€ – unaudited accounts VAR. H1 SALES H1 SALES REVENUE 7 364 8 563 + 16 % O/W HYDROGEN STATIONS 6 032 7 295 + 21 % O/W H2 STATIONS MAINTENANCE 451 600 + 33 % O/W INDUSTRIAL PIPING 856 667 - 22 % REVENUE LEFT TO BE RECOGNIZED ON
Slide 11: Maintenance Revenues Up 33% in H1 2025-2026
MAINTENANCE REVENUES UP 33% IN H1 2025-2026 vs. H1 2024-2025 STATIONS MAINTENANCE REVENUS MAINTENANCE o 13 contracts signed as of today REVENUE o 12 contracts under negotiation 0.8M€ 0.6M€ o > 95% average station availability rate 0.5M€ 0.45M€ contracts signed under negotiation +56 +33 % % 2023/2024
Slide 12: 2026 Outlook & Financial Discipline
2026 OUTLOOK & FINANCIAL DISCIPLINE 30.01.26 Hydrogen Refueling Solutions Confidential and Proprietary Information 12
Slide 13: Orders Backlog, LOI, and Framework Agreements
ORDERS BACKLOG, LOI, AND FRAMEWORK AGREEMENTS FRAMEWORK AGREEMENTS & As of 30 December 2025 L.O.I. ORDERS Revenue to be H2 Stations Operators BACKLOG recognized 40% Client Segment Orders 23% expected (M€) PLUGPOWER Logistics 1.6 OF WHICH 7.7 M€ HYMPULSION H2 Operator 6.0 OF REVENUE TO BE RECOGNIZED
Slide 14: 2025/2026 Revenue Growth Target
2025/2026 REVENUE GROWTH TARGET Foundations of the • €7.7M to be accounted for on stations in production 25/26 REVENUE TARGET sales target: • €34.3M in framework and LOI contracts BETWEEN €25M AND €35M EBITDA target: • EBITDA breakeven is in the middle of the revenue range, benefiting from the effec
Slide 15: Focus on Financial Strength and Profitable Growth
FOCUS ON FINANCIAL STRENGTH AND PROFITABLE GROWTH APOLLO PLAN COMPLETED FOR AGILITY CAPITAL INCREASE - 30% €8.5M ON COSTS BASE • Of which €4.5 M of new money • Headcount adjusted down from 163 to 110 • Of which €4.35 M from CEO Founder’s • External consultancy service reduced Holding • Costs cutting
Slide 16: Launch of Sale & Lease Back Project
LAUNCH OF SALE & LEASE BACK PROJECT: UNLOCKING VALUE + CAPITAL REALLOCATION STRATEGIC RATIONALE POTENTIAL FINANCIAL IMPACTS1 ASSET VALUED BETWEEN €27M AND €30M ON THE BALANCE SHEET • Premium industrial asset built under optimal economic • Cash: Immediate liquidity inflow from the sale price (minus c
Slide 17: Key Takeaways
KEY TAKEAWAYS PERFORMANCE VISIBILITY DISCIPLINE • +21% growth in H2 stations • 7,7 M€ of firm orders • Apollo delivering results orders • +33% growth in maintenance • 9,5 M€ available stocks • Balance sheet strengthened thanks to to capital increase and potential • +16% growth overall • A fast deliv
Slide 18: 4-Ton/Day Station Success Story on Track
4-TON/DAY STATION SUCCESS STORY ON TRACK 30 January 2026 Rémi PONCET, HRS Global Sales Director 30.01.26 Hydrogen Refueling Solutions Confidential and Proprietary Information 18
Slide 19: HRS160 (4 Tons/Day): Delivering a European Premiere
HRS160 (4 TONS/DAY): DELIVERING A EUROPEAN PREMIERE Successful Factory Acceptance Tests (FAT) & deployment on track for H1 2026 AVAILABLE: 1. INDUSTRIAL MILESTONE ACHIEVED 2026 CAPACITY: 160 kg / h = 4 tons H2 day - AFIR compliance* • A "First-of-a-Kind" in Europe: Following the order announced in P
Slide 20: Hyvolution Paris Trade Show Highlights
HYVOLUTION PARIS TRADE SHOW HIGHLIGHTS 30 January 2026 Rémi PONCET, HRS Global Sales Director 30.01.26 Hydrogen Refueling Solutions Confidential and Proprietary Information 20
Slide 21: Key Topics from Hyvolution Paris: Focus on Heavy Duty
KEY TOPICS FROM TWIN MID-FLOW HYVOLUTION PARIS TECHNOLOGY FOCUS ON HEAVY DUTY 6 kg/ min 50 - 80 INDUSTRIALISATION kg SCALIBILITY 2* 3 kg /min READY TO MARKET 5 - 15 kg 700 bar MF single and twin 30.01.26 Hydrogen Refueling Solutions Confidential and Proprietary Information 21
Slide 22: Filling Center & Export Trailer
FILLING CENTER & EXPORT TRAILER Last development 1 to 4 tons 200 to 500 H2 / day bar SOLUTION PROVEN & FOR INDUSTRY SAFE DESIGN Meets the needs of logistics ISO 14687 Trailer type I to IV EN 17124 compliance EVOLUTIVE STATION Compatible with every HRS hydrogen stations HRS14 | HRS40 | HRS80 30.01.26
Slide 23: Next Financial Communications Milestone in 2026
NEXT FINANCIAL COMMUNICATIONS MILESTONE IN 2026 23 APRIL 2026 H1 2025/2026 RESULTS 30.01.26 Hydrogen Refueling Solutions Confidential and Proprietary Information 23
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