Slide 1: H1 2025 Financial Results
Lhyfe H1 2025 Financial Results 30 September 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,
Slide 3: Agenda
)» Agenda VIEWS ON THE SECTOR LHYFE’S H1 2025 MAJOR ACHIEVEMENTS H1 2025 FINANCIAL HIGHLIGHTS OUTLOOK PWD) =
Slide 4: Views on the Sector
VIEWS ON THE SECTOR
Slide 5: Green H2 industry continues to mature worldwide
)» Green H, industry continues to mature worldwide Investment pipeline in clean hydrogen projects by 2030 ($bn) $110 B 680 “ss total committed (FID+) 540 investment in 2025 3902 a . — & = aE — == E204 ie 2020 2021 2022 2023 2024 2025 ° Many FID taken with binding offtake from industrial clients * Co
Slide 6: Investment increasingly focused on industry and refining applications
Lhufe » Investment increasingly focused on industry and refining applications Investment in low-emissions hydrogen production installations by region (left) and intended use (right), 2019-2025 _ 7 7 Maritime transport is a ramping up H2 & 6 6 offtake, especially to Q 5 5 produce methanol 5 4 NN. 4 f
Slide 7: Worldwide electrolysis capacities are starting to take off
» Worldwide electrolysis capacities are starting to take off Electrolysis installed capacity (GW) 49 9x growth since 2021 2.0 1.4 - = o E = = 2021 2022 2023 2024 2025 * Installed electrolysis capacities more than doubled YoY Source: IEA 126), Global Hydrogen Revi
Slide 8: Zoom into Europe & the UK
» Zoom into Europe & the UK Support OPEX mechanisms are being deployed OPEX SUPPORT MECHANISMS BUT REGULATORY FRAMEWORK P| ARE BEING DEPLOYED AWAITING FOR CERTAINTY * Some programmes have already issued two * Clarification of low-carbon hydrogen rounds of funding definitions and targets * UK (Hydrog
Slide 9: RED III still to be transposed at country level
» RED Ill still to be transposed at country level Status of RED Ill transposition by country in the UE What are RED Ill TARGETS? HB Transposed both industry and transport targets = > 14.5% GHG reduction or YW, Transposed only transport targets rom, 29% Renewable Energy [1 Published draft legislation
Slide 10: Lhyfe H1 2025 Major Achievements
LHYFE H1 2025 MAJOR ACHIEVEMENTS
Slide 11: H1 2025: Growing sales and deliveries, confirming Lhyfe as a major green H2 producer
» H11 2025: Growing sales and deliveries, confirming Lhyfe as a major green H, producer today in Europe REVENUES NUMBER OF DELIVERIES €4.6m 370 xs veNvOYi x2 vs YoY ADDING CAPACITY BY 2026 INSTALLED CAPACITY 2 sites under 22 MW construction for 15 MW
Slide 12: We increased revenues x3 and extended our geographical customer reach
Lyfe » We increased revenues x3 and extended our geographical customer reach Sales growth is confirmed, supported A powerful supply network with by growing capacity and new clients bulk deliveries in 8 countries Revenue(€m) cn 0.9 * a H1 2023 H1 2024 H1 2025
Slide 13: Lhyfe has become a major producer of RFNBO hydrogen from water electrolysis in Europe
Lyfe » Lhyfe has become a major producer of RFNBO hydrogen from water electrolysis in Europe ON RFNBO (Renewable Fuel of Non-Biological Origin) certification * European Union’s most stringent standard for green hydrogen under the REN BO European Renewable Energy Directive (RED III) * 100% renewable
Slide 14: MW of RFNBO production capacity installed in France and Germany
20 MW?+ of RFNBO production capacity installed in France and Germany (Sam Bouin (Pays-de-la-Loire) RFNBO Eee Occitanie, France: AMW \oee/ a R : =. 14
Slide 15: Sites under construction: new capacity will soon add to our asset base
Lupe Sites under construction: new capacity will soon add to our asset base xs ml ey - LE CHEYLAS - 101 MWS Up to 2tpd of green H2 ° First production unit in the Hauts-de-France region to * To meet the growing customer demand in the region, make renewable hydrogen available to a wide market producti
Slide 16: Green Horizon project: well on track to get FID in 2026
Lhufe » 100 MW Green Horizon project: well on track to get FID in 2026 IPCEI HYDROGEN Up to 34 tons 28,000 m? of green H2/day Available space at the planned site of Gonfreville-’Orcher FID target COD target Critical project development’s milestones reached over the period €149m French subsidy confir
Slide 17: Active roll-out of our Go-to-FID strategy
» Active roll-out of our Go-to-FID strategy @ Sites already installed or under construction/extension Short term Long-term r Wallsend (UK) - 20 MW l Shortlisted as part of HAR21 > Kemsley (UK) - 80 MW \ Shortlisted as part of HAR2" ( Green Horizon Le Havre (France) - 100 MW _ €149m subsidy r Vallmol
Slide 18: H1 2025 Financial Highlights
Yuufe H1 2025 FINANCIALS HIGHLIGHTS
Slide 19: Key figures in H1 2025, roadmap under execution
» Key figures in H1 2025, roadmap under execution REVENUES nS OF EID case AS OF END H1 25 €4.6m ye) vs YoY €65m ADJUSTED EBITDA €(13.3)m SECURED SUBSIDIES €228m * Confirmed commercial reach, seizing new market share every quarter * Robust asset base, supporting a recognized industrial expertise * So
Slide 20: €53.5m project financing secured confirming Lhyfe's financing strategy
Lyfe » €535m project financing secured confirming Lhyfe’s financing strategy A tailormade funding transaction supporting the long-term financing strategy Full financing package secured for a portfolio of 4 assets Croixrault 9 5 MW Schwabisch 5 Gmiind Buléon 5 MW 9 10 MW Le Cheylas 410 MW A long-term
Slide 21: H1 2025 financial performance, revenues starting to scale-up
» H1 2025 financial performance, revenues starting to scale-up .3-fold increase in revenue at €4.6m in H1 2025 driven by: Higher volumes delivered to existing and new clients in France, Germany and Sweden H12025 = -H1 2024 Revenue Purchases consumed (0.9) (0.2) Ramp-up of green hydrogen production a
Slide 22: Strong balance sheet to support Lhyfe strategy
» Strong balance sheet to support Lhyfe strategy € m - IFRS standards H12025 = H1 2024 Net result (21.7) (14.0) Operating cashflow Investing cashflow Financing cashflow Change in cash & cash equivalents € m - IFRS standards H1 2025 2024 Cash & cash equivalents 65.4 72.4 Financial debt' 89.9 80.2 Net
Slide 23: Outlook
OUTLOOK
Slide 24: Broadening product portfolio to enhance profitability and capture value creation
Lhufe » Broadening product portfolio to enhance profitability and capture value creation Development Construction O&M 3-4 years 2-5 years 10+ years oo . * Partial divestment of * Partial divestment of project operational asset at FID Signing during development phase + Lhyfe to retain minority stake
Slide 25: 2025 outlook and beyond
Life )» 2025 outlook and beyond = Commercial ramp-up of our newly installed units (Buléon, Bessiéres, Schwabisch Gmiind) = Extension of customer portfolio and geographies * Grow indirect sales channel ie relying on a network of resellers * Maintain timely installation of Croixrault and Le Cheylas si
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Slide 28: Annexes
ANNEXES
Slide 29: A strong pipeline across Europe: 9.5 GW as of June 2025
» A strong pipeline across Europe: 9.5 GW as of June 2025 PIPELINE BY PHASES (Versus Dec 2024) 4.7 GIN (vs 4.4 GW) 4.1 GW (vs 4.1 GW) 510 MW (vs 510 MW) 40 MW (vs 10 M EARLY STAGE TENDER READY [/) coNsTRUCTION ADVANCED DEVELOPMENT AWARDED BB operation ‘ Projects located close to the future European