Annual Report and Financial Statements For The Year Ended 31 December 2024

COMPANY NUMBER: 03934451

COMPANY INFORMATION

Directors David (Dewi) Hitchcock Paul Emmitt

Ben Brier

Hugh McAlister Anthony Gale Karol Kacprzak

Non-Executive Chairman Chief Executive Officer Chief Financial Officer Non-Executive Director Non-Executive Director Non-Executive Director

Company secretary Delgany Corporate Services Limited Company number 03934451

Registered office Unit 3/3a Garth Drive, Brackla Industrial Estate, Bridgend, Wales, CF31 2AQ

Website https://www.phegroup.com

Bankers HSBC

79 Piccadilly London W1J 8EU

Nominated & Financial Adviser

Strand Hanson Limited 26 Mount Row London W1K 3SQ

Registrar Neville Registrars Limited Neville House, Steelpark Road Halesowen B62 8HD

Broker S.P. Angel Corporate Finance LLP 35-39 Maddox Street,

London W1S 2PP

Auditor Barnes Roffe Audit Limited Charles Lake House

Claire Causeway Crossways Business Park Dartford

DA2 6QA

Forward-looking statements

This report includes forward-looking statements. Whilst these forward-looking statements are made in good faith, they are based upon the information available to Powerhouse Energy Group PLC at the date of this report and upon current expectations, projections, market conditions and assumptions about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and should be treated with an appropriate degree of caution.

I became the interim Chairman of Powerhouse Energy ('PHE') in January 2024 after the departure of the previous Chairman Antony Gardner Hillman. On 3 June 2024 I was honoured to be confirmed as the Chairman and wish to thank my fellow Board members for their confidence and on going support as I lead the Company to achieve its growth goals.

The Board's strategy for 2024 was to plan for a year of consolidation, stability, strategic implementation and financial prudence. I am pleased to be able to report to you that sound progress has been made and explain what that means for 2025.

Our Board for the first time in many years has seen no changes of personnel. We now have a highly experienced group of Directors with long careers in Engineering or Finance which is vital for decision making. I would like to thank them for all their efforts and wise counsel as we have worked through the implementation of the "new" corporate strategy.

This strategy was designed and implemented during 2024. It includes a series of joint venture arrangements with project development partners. We are particularly excited, for example, by progress on our projects in Ballymena, Northern Ireland and with National Hydrogen in Australia and Asia. Both these projects offer potentially excellent returns for our shareholders on a costed basis as do the other projects in our pipeline.

We have looked carefully at all opportunities including historic ones. The Protos project which I inherited was terminated in March 2025 as we have concluded that the original deal makes no economic sense to Powerhouse shareholders. We see no upside in extending the lease on the terms offered by our then partners Peel Group.

The building of our new Technology Centre in Bridgend is hugely important. It was designed and planned as a platform to establish a leading position for us in the waste-to-energy sector. We saw the mechanical completion of the Feedstock Testing Unit ('FTU') which is central to the development of PHE as a technology developer in December 2024 which subsequent to the year end is now fully tested, operational and provides a showcase for the Company's DMG Technology. We have held a series of Open Days for shareholders and industrial customers alike throughout February with very good feedback. The completion of the Technology Centre generated significant interest from a number of global stakeholders, a number of which the Board are following up in H2 2025.

In 2024 and into the start of 2025, we were granted new patents strengthening our technology position with other patents likely to be awarded in H2 2025.

We are also now exploring the right mix of equity and project finance options, given our growing list of project opportunities, to be ready on a case-by-case basis. The Company is secure financially after our recent raise which enables us to plan ahead.

The Board expects to see Powerhouse prove its viability in a commercial context in late 2025, whilst we develop our working relationships with third parties and maintain their confidence in order to deliver our projects economically.

Finally, I wish especially to thank the Executive Directors CEO Paul Emmitt and CFO Ben Brier for the work they have done across the Group. Through this hard work we have entered 2025 on a sound technical, commercial and financial footing. The year ahead promises to be an exciting one as we implement our business plan for growth and progress our vision for Powerhouse.

David Hitchcock OBE Non-Executive Chairman Date 9 June 2025