The board of directors of Erredue S.p.a. has approved the draft financial statements for the year ended 31 december 2025

• Revenue from Sales and Services: €19.4 million (€15.9 million as at 31 December 2024), +21.8%
• Production Value: €21.9 million (€19.1 million as at 31 December 2024), +14.9%
• EBITDA: €5.7 million (€5.1 million as at 31 December 2024), +12.1%; EBITDA margin of 29.5% (32% as at 31 December 2024)
• Profit for the year: €3.3 million (€2.7 million as at 31 December 2024), +22%
• Equity: €34.5 million (€32.2 million as at 31 December 2024)
• Net financial debt: positive cash position of €14.7 million (positive cash position of €17.3 million as at 31 December 2024)

• A dividend of €0.20 per share proposed

Livorno, 30 March 2026 - The Board of Directors of ErreDue S.p.A. (EGM: RDUE; "the Company" or "ErreDue"), a company active in the design and manufacture of highly innovative and customized solutions for the on-site production, blending and purification of technical gases (hydrogen produced via water electrolysis, nitrogen, oxygen), held today, examined and approved the draft financial statements as at 31 December 2025.

Enrico D'Angelo, Founder and CEO, and Francesca Barontini, CEO of ErreDue, commented: "The results for the 2025 financial year confirm the solidity and quality of the growth strategy undertaken by ErreDue, with improving financial indicators and a significant increase in revenue across all business areas. This result gives us satisfaction and reflects not only the value of our technological offering, but also our ability to effectively interpret and anticipate market trends. Of note is the order backlog, which has reached approximately €36 million, ensuring significant visibility for the coming financial years and supporting growth prospects for 2026 and 2027. This positive momentum is fuelled both by the sharp acceleration of the energy transition-now the main driver of growth-and by the renewed vitality of traditional markets, including metalworking,

‌1 As at 31 December 2025.

automotive and textiles. Looking ahead, the move to the new production site in the, scheduled for the first half of 2026, represents a key step in our journey: it will enable us to increase volumes, further improve efficiency and strengthen our vertical integration model, laying the foundations for even more solid and sustainable growth. This development is also made possible by a particularly solid capital and financial structure, which enables us to tackle the challenges ahead with balance, a long-term vision and disciplined resource management. Following a phase in which, partly considering the geopolitical context and production constraints, we chose to consolidate our presence in Europe, we are now ready to return to decisive growth in international markets, as stated during the IPO. Increased industrial capacity, together with the strengthening of partnerships and an increasingly structured approach, will enable us to expand our global presence, making the most of ErreDue's distinctive expertise and our ability to offer comprehensive, high-value-added solutions. We therefore look to the future with confidence and enthusiasm, buoyed by the results achieved and a clear strategy geared towards sustainable growth and the progressive strengthening of our competitive positioning at an international level."

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Revenue from sales and services stood at €19.4 million, an increase of 21.8% compared to €15.9 million recorded as at 31 December 2024. This growth was seen across all the Company's business areas:

• revenue from the sale of generators drove growth with a double-digit increase of 25.3%, fuelled by both traditional markets and new solutions for the energy transition;

• the service and spare parts sector confirmed its highly strategic importance, showing growth of 20.9%. This performance is directly attributable to the gradual expansion of the installed base of machinery at our customers' sites, both domestically and internationally. This is a structural trend, set to generate ever-increasing recurring revenue in the coming financial years, further consolidating customer loyalty and ensuring a stable, high-margin revenue base;

• Rental income recorded a more modest increase of 8.7%. This sector also guarantees a steady and recurring revenue stream, with organic growth driven both by the signing of new contracts each year and by the application of contractually agreed ISTAT adjustments, which ensure that rents are automatically updated in line with inflation, thereby preserving the service's real margins over time.

  It should be noted that revenue from sales and services does not include: i) internal construction costs relating to generators intended for lease; ii) changes in inventories of semi-finished and finished products; and iii) operating grants and tax credit-related grants.

  The breakdown of revenue by business segment and product type is shown below.

  
  
  
  
  PRESS RELEASE
  
  Production Value amounts to €21.9 million, an increase of 14.9% compared to €19.1 million as at 31 December 2024, and includes, in addition to revenue, increases in fixed assets for internal work, changes in inventories of work in progress, semi-finished and finished products, and other revenue and income. EBITDA stands at €5.7 million, up on the same period of the previous year (€5.1 million as at 31 December 2024). This improvement confirms the strength of core operations and the Company's consistent ability to generate significant operating margins. The EBITDA margin stands at 29.5%, a figure in line with forecasts. The slight decline in relative margins, against the backdrop of significant revenue growth, is mainly attributable to:

• the shift in the product mix towards larger generators for the energy transition; the margins on these generators, which incorporate significant research and development, verification, testing and commissioning activities, are currently lower than those of traditional generators;

• the further increase in work in progress and production inventories, which generate no margin but are necessary to manage the substantial order backlog;

• a further increase in staff costs attributable to new hires, particularly in the production department, where new staff are currently undergoing training in anticipation of the growth expected in the coming years.

It should be noted, for the purposes of providing accurate forward-looking information, that a significant increase in depreciation and amortisation is expected from the next financial year. This change will be driven by the commissioning of the new production plant and the full operational deployment of the associated plant and machinery.

The total value of fixed assets stands at €17.4 million, compared with €12.0 million as at 31 December 2024. Of this amount, net investments totalled €7.3 million and mainly comprised: (i) expenditure and advance payments for the refurbishment of the new industrial plant amounting to €6.0 million; (ii) new plant and machinery built in-house and intended for lease to customers amounting to €1.0 million.

The Net Financial Position shows a cash surplus of €14.7 million, compared with a cash surplus of €17.3 million as at 31 December 2024. This change is mainly due to investments in the construction of the new Giga Factory.

***

As at 31 December 2025, the Company has a total backlog of approximately €36 million, of which 65% relates to the current year (approximately €15.9 million for generator sales and approximately €7.5 million for leasing and maintenance) and 35% relates to 2027, confirming the significant growth expected for the financial years 2026 and 2027.

***

On 18 June 2025, ErreDue signed a contract worth approximately €1.4 million with the listed company RES -Recupero Etico Sostenibile - S.p.A. for the supply of a containerised electrolyser for hydrogen production. The plant will be used for a project under the Next Generation EU plan of the PNRR.

On 24 June 2025, the Company announced a research breakthrough in the development of a new low-iridium nanocomposite catalyst (Ir-Ru-W), the result of collaboration with the National Research Council (CNR). This advancement reduces dependence on a rare and expensive metal, improving the durability of PEM systems.

On 15 July 2025, ErreDue signed an agreement with the Dutch company Groengas Asset BV for the supply of three hydrogen production plants, with a total value of approximately €3.2 million. The agreement strengthens the commercial relationship between the two companies and forms part of the order book currently in progress.

On 9 September 2025, ErreDue signed an agreement for the supply of a 1 MW electrolyser, worth approximately €1.4 million, with a leading national operator in the ceramics sector. The plant will produce green hydrogen to replace natural gas, significantly reducing CO2 emissions.

On 2 December 2025, ErreDue signed an agreement with JMG Cranes S.p.A. - a world leader in the design and manufacture of battery-powered electric mobile cranes - for the supply of a 1 MW green hydrogen production plant. The total value of the contract is approximately €1.6 million.

On 2 December 2025, ErreDue announced that it had signed an agreement with Pacella Luxury Real Estate

S.r.l. - a property company specialising in the acquisition and redevelopment of disused commercial and industrial properties - for the supply of a 1 MW green hydrogen production plant. The total value of the contract is approximately €1.5 million.

***

On 27 January 2026, ErreDue announced the signing of a contract for the supply of two PEM electrolysis systems, each with a capacity of 1.25 MW, intended for the construction of a Hydrogen Valley under the ' ' (Green Hydrogen) section of the National Recovery and Resilience Plan (PNRR). The supply has a total value of approximately €4 million and delivery is scheduled for the first half of 2026.

On 3 March 2026, ErreDue announced the signing of an international contract with a leading industrial group in Central Europe, based in the Czech Republic, worth approximately €800,000. The contract concerns the supply of a hydrogen production solution, using alkaline technology, with a total capacity of approximately

0.5 MW, comprising two modular units of approximately 250 kW each.

***

As at 31 December 2025, the Company has a total backlog of approximately €36 million, of which 65% relates to the current year (approximately €15.9 million for generator sales and approximately €7.5 million for leasing and maintenance) and 35% relates to 2027, confirming the significant growth expected for the financial years 2026 and 2027.

The increase in the order backlog is undoubtedly driven by the energy transition market, but there is also a clear recovery in the metalworking, automotive and textile sectors linked to the traditional market; in fact, 70% of the value of the machines sold is destined for the energy transition, whilst 30% is for the traditional market.

The main driver of growth will be the transfer of operations to the new production facility, scheduled for the first half of 2026. The completion of the site will enable:

• significantly expand production capacity;

• optimise efficiency in clearing the existing backlog;

• strengthen the vertical integration model, ensuring excellent operating margins and independence from suppliers;

• flexibility of internal resources.

  In recent years, geopolitical instability and the introduction of protectionist policies by certain foreign governments have affected the Company's presence in non-EU markets. In this context, the limitations of the previous production capacity led the Company to make a targeted strategic choice, prioritising the development of the domestic and European markets to optimise available resources.

  With the completion of the new Gigafactory, however, the Company now has the volumes and industrial capacity necessary to recover and expand the international market share previously lost. To support this relaunch, during the financial year, the Company has stepped up its development activities in international markets, supported by qualified partners specialising in overseas development.

  ErreDue has signed a strategic contract to launch operations in foreign markets and will begin implementing its international business. The initiative aims to capitalise on the Company's technical expertise and its ability to offer comprehensive, customised and high-value-added solutions throughout the entire supply cycle, from design to after-sales support. This initiative represents a fundamental step in the Company's growth, with the aim of expanding its customer base, exploring new markets and strengthening its competitive positioning.

  ***

  PROPOSAL FOR THE ALLOCATION OF PROFITS

  The Board of Directors will propose to the Shareholders' Meeting the following allocation of the 2025 profit, amounting to €3,290,824:

• €170,000 to the statutory reserve;

• €1,250,000 as a dividend, amounting to €0.20 per share, for each share outstanding on the record date for the payment of said dividend;

• the remaining €1,870,824 to retained earnings.

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