Slide 1: Investor Update
INVESTOR UPDATE December 2025
Slide 2: Disclaimer: Cautionary Note Regarding Forward-Looking Statements
DISCLAIMER Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that involve substantial risks and uncertainties. All statements, other than his
Slide 3: Disclaimer: Additional Information and Where to Find It
DISCLAIMER Cautionary Note Regarding Forward-Looking Statements Any forward-looking statements speak only as of the date of this communication. Neither DevvStream or Southern undertakes any obligation to update any forward-looking statements, whether as a result of new information or developments, f
Slide 4: Disclaimer: No Offer or Solicitation
DISCLAIMER No Offer or Solicitation This presentation is for informational purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sal
Slide 5: Year in Review
YEAR IN REVIEW The Company broadened its scope to new business areas—including CORSIA credits, I-RECs, and clean fuels—as it navigated ongoing challenges in the global voluntary carbon market. Examples: Energy Efficient Technologies: definitive agreement to manage and monetize carbon credits + I-REC
Slide 6: Financial Review
FINANCIAL REVIEW Financial Highlights Financial Evolution Since Listing • Early-stage operating company with initial revenues • Completed business combination and Nasdaq listing in recognized in Q1 FY2026 November 2024 • Meaningful reduction in net loss year-over-year • Transitioned reporting curren
Slide 7: DevvStream Transformation
D E V V S T R E A M T R A N S F O R M AT I O N Transforming DevvStream from an environmental-assets platform into a fuels-plus-assets growth company Environmental asset management and monetization expertise, including RECs and CORSIA credits Development of low-cost aviation and shipping fuels fr
Slide 8: Business Combination with Southern Energy
B U S I N E S S C O M B I N AT I O N W I T H S O U T H E R N E N E R G Y 2 Key Stats Strategic Rationale Post-close ownership: Southern ~70%, DevvStream To align carbon credit origination with industrial ~30% scale SAF and green methanol production Southern shareholder ’s $2.0 PIPE investment
Slide 9: Business Combination with Southern Energy: Financial Implications
B U S I N E S S C O M B I N AT I O N W I T H S O U T H E R N E N E R G Y Financial Implications Future Operations Potential Industrial, multi-year revenue stream potential from Developing lower-cost clean fuels facilities SAF, green methanol, clean chemicals and associated carbon assets Advanc
Slide 10: Diversifying into Renewable Fuels Production
DIVERSIFYING INTO RENEWABLE FUELS PRODUCTION Strategic Rationale Integrated Clean Fuels Platform To combine DevvStream's carbon-credit origination / monetization with Southern’s biomass-to-methanol-to-SAF platform To create a U.S. based supply chain leveraging domestic feedstock, workforce, an
Slide 11: SAF Is Critical; Projected High Growth
SAF IS CRITICAL; PROJECTED HIGH GROWTH SAF: The Key to Decarbonizing(1) SAF Projected Growth(2) Mt/year Bgal/year 300 ICF Demand Scenarios 64% 100 250 56% 80 Accelerated Actions: 9.0% average SAF 50% 200 blend - 30.9 Mt (10.2 Bgal) 45% 44% Current Trends: 4.5% average SAF blend 60 - 15.5 Mt (5.1 Bga
Slide 12: Case Study: SAF Global Mandates
C A S E S T U D Y: S A F - G L O B A L M A N D AT E S Ready for uplift SAF mandates are in place or in-development in 38 countries 10% EU: 70% UK: 22% None 10% 5% 10% 5% 7% Stated Policy, eFuel Sub - Mandate 2% 1% 1% 5% 1% Stated Policy 47% 30% Announced Pledges 14% 50% Additional, ICAO has pledged
Slide 13: Southern Energy At-a-Glance
S O U T H E R N E N E R G Y AT- A - G L A N C E Strategic Rationale Future Operations Potential Louisiana Platform U.S.-based developer of lower-cost Develop and operate flagship $402 million bond allocation from the clean fuels facilities Louisiana-based facility to convert Louisiana Communit
Slide 14: One Aligned Vision
ONE ALIGNED VISION DevvStream Platform Southern Platform Shared Strategic Vision Carbon Assets & Environmental Projects Low-Cost Clean Fuels & Infrastructure Potential to serve surging SAF and green methanol demand driven by aviation and Environmental-asset origination and monetization maritime
Slide 15: Key Highlights
KEY HIGHLIGHTS Potential to create first U.S. platform uniting carbon-negative fuel production with environmental-asset monetization through tech- 1 driven systems 2 Flagship Louisiana project backed by $402M LCDA allocation and advantaged regional biomass supply 3 Potential for limited subsidy reli
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