Thyssenkrupp nucera : Investorenpräsentation Q1 2025/2026

About this update from Thyssenkrupp Nucera Ag & Co. Kgaa

‌Q1 2025/26 Results Presentation February 11, 2026 ‌With you today Dr. Werner Ponikwar (CEO) Dr. Stefan Hahn (CFO) ‌Disclaimer This presentation has been prepared by thyssenkrupp nucera AG & Co. KGaA ("thyssenkrupp nucera") and comprises the written materials/slides for a presentation concerning thyssenkrupp nucera. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation is for information purposes only and the information contained herein (unless otherwise indicated) has been provided by thyssenkrupp nucera. It does not constitute an offer to sell or the solicitation, inducement or an offer to buy shares in thyssenkrupp nucera or any other securities. Further, it does not constitute a recommendation by thyssenkrupp nucera or any other party to sell or buy shares in thyssenkrupp nucera or any other securities and should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice. This presentation has been prepared without reference to any particular investment objectives, financial situation, taxation position and particular needs. In case of any doubt in relation to these matters, you should consult your stockbroker, bank manager, legal adviser, accountant, taxation adviser or other independent financial adviser. The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. 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You should not rely on forward-looking statements because they are subject to a number of assumptions concerning future events, and are subject to a number of uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from those indicated. Any assumptions, views or opinions (including statements, projections, forecasts or other forward-looking statements) contained in this presentation represent the assumptions, views or opinions of thyssenkrupp nucera as of the date indicated and are subject to change without notice. Thyssenkrupp nucera neither intends, nor assumes any obligation, unless required by law, to update or revise these assumptions, views or opinions in light of developments which differ from those anticipated. All information not separately sourced is from internal company data and estimates. Any data relating to past performance contained herein is no indication as to future performance. The information in this presentation is not intended to predict actual results, and no assurances are given with respect thereto. This presentation contains certain supplemental financial or operative measures that are not calculated in accordance with IFRS and are therefore considered as non-IFRS measures. We believe that such non-IFRS measures used, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flow. There are, however, material limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS measures used by us may differ from, and not be comparable to, similarly titled measures used by other companies. All numbers shown are as reported, unless otherwise stated. All amounts are stated in million euros (mn €) unless otherwise indicated. Amounts below 0.5mn € are rounded and reported as 0. Rounding differences may occur. 4 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera ‌Business update ‌Q1 Highlights Full-year 2025/26 financial guidance confirmed New contract signed to supply electrolyzers for a large-scale Chlor-Alkali plant in the Middle East - order volume in the high double-digit million euro range, setting a record for thyssenkrupp nucera Launch of cooperation with GIZ to accelerate development of green hydrogen and Power-to-X markets in India Financials in line with expectations in Q1 - Modest EBIT decrease considering decline in sales thanks to improved project mix and cost containment gH 2 projects contracted ~3.3 GW Further engineering contracts under execution ~1.7 GW Total order backlog 489mn € OxyChem: Fabrication and shipment of key project items completed; now commissioning support ‌Project execution and commercial outlook Green Hydrogen (gH 2 ) Chlor Alkali (CA) NEOM: Project remains on course Construction progress of green hydrogen plant reached 90% completion 1 TGV SRAAC India: Delivery of elements on track Project execution Project execution Stegra: All electrolyzer modules handed over to customer Erection at site in Boden ongoing Unipar Brazil: Material shipments completed; commissioning ongoing Project pipeline Project pipeline Maturing project pipeline Actively pursued projects of ~13 GW Europe remains key focus market Contract signed in December to supply large-scale CA plant in the Middle East Strong potential for further service & new build orders in FY 2025/26 1. NEOM Green Hydrogen Company, Company information on LinkedIn: https://www.linkedin.com/company/neom-green-hydrogen-company/ No. of projects gH 2 pipeline Aggregated size Contract value Substantial pipeline 1 #126 ~55 GW ~29bn € Pursue Actively pursued projects 2 #34 ~13 GW ~7bn € South America 12% India 8% Other 10% 10% North America Middle East & Turkey 8% Regional split 1 19% Australia 34% Europe ‌Pipeline refinement reflecting maturing gH 2 market ~1.7 GW of projects in engineering phase in Europe with the potential to be converted into firm equipment orders of close to 1bn € in the near to mid-term gH 2 project pipeline as of February 2026. 1. Substantial pipeline = Projects where we had first interactions with and that are being monitored closely; 2. Projects which already passed the pursue / non-pursue gate. ‌Momentum building in gH 2 due to favorable regional developments EU Europe is the global demand center for green molecules, based on regulatory frameworks RED III sets binding RFNBO quotas for transport and industry, which leads to an increase in gH 2 demand and a build-up of additional capacity by 2030 of up to 1 RED III transport: 1.1mn t or ~11 GW electrolyzers RED III industry: 1.3mn t or ~13 GW electrolyzers RED III implementation is gaining momentum, specifically in transport. Already implemented quotas from ReFuelEU Aviation and FuelEU Maritime provide further potential India India's National Green Hydrogen Mission aims to establish the country as a global hub for producing, using, and exporting green hydrogen and its derivatives Rapid industrial growth and substantial renewable energy capacity additions lead the way to increase India's energy independence and to accelerate the energy transition and green hydrogen markets Significant increases planned in infrastructure and production capacity (5mn t annually in 2030) - first projects are now getting underway Positive outlook supported by strengthening signals of a recovery in the green hydrogen market 1. Clean Hydrogen Monitor, Hydrogen Europe, Sep 2025 ‌Update on 9 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera Q1 2025/26 financials ‌Q1 financials as expected and in line with FY guidance Order intake (mn €) 95 75 EBIT (mn €) 8 -4 Q1 2024/25 Q1 2025/26 Q1 2024/25 Q1 2025/26 147 Sales (mn €) 262 Q1 2024/25 Q1 2025/26 30 Free Cash Flow (mn €) -5 Q1 2024/25 Q1 2025/26 Improved project mix and active cost management offset by absolute lower sales volume as expected; financial stability remains intact ‌Order intake with usual volatility - Large CA order to be booked in Q2 Order intake (mn €) Q1 -21% Order intake Q1 gH 2 continues to be impacted by project shifts and delayed market ramp-up 95 89 5 2024/25 CA gH2 75 70 5 2025/26 CA decline due to high comparison base in service business; new build business above PY New project for large-scale Chlor-Alkali plant in the Middle East - expected to be booked in Q2 (high double-digit mn € amount) Order backlog on group level of 489mn € (31 Dec 2025) ‌Sales decline as expected reflecting high degree of project progress Sales (mn €) 262 -44% 147 Sales Q1 154 108 77 Q1 70 Sales declined yoy across both segments gH 2 (-50% yoy) due to declining NEOM sales, reflecting high percentage of revenue realization, and lack of new orders; Stegra with substantial sales contribution on PY level CA (-35% yoy) due to declining new build business; service sales remained on PY level 2024/25 2025/26 CA gH2 Sales development in line with FY guidance ‌Improved project margin mix, but lower sales volume weighs on EBIT EBIT (mn €) Q1 -12mn € 16 8 -4 8 -12 EBIT Q1 Only modest EBIT decline, demonstrating resilience in the face of lower sales Group gross margin increased by +5%P. to 17% of sales thanks to improved project mix gH 2 EBIT decline (-4mn € yoy) and CA decline (-8mn € yoy) driven by absolute lower sales volume Negative derivative effect (2mn €) -8 2024/25 2025/26 CA gH2 from raw material valuation ‌Stable SG&A expenses driven by implemented cost saving measures Q1 Operating costs (mn €) % of sales COGS Substantial improvement in % of sales driven by both segments 7% 89% 233 18 83% 12% 122 18 SG&A Stable in absolute terms -underlying improvement offset by one-time effects Cost containment and restrictive hiring proving effective 3% 6% 9 7 2024/25 2025/26 COGS SG&A R&D R&D Increased R&D efforts as planned R&D expenses partially capitalized ‌Lower net income and EPS driven by EBIT decline EBIT to Net Income (mn €) Q1 2025/26 yoy change -12 -3 -15 3 -12 Impacted by lower interest income resulting from lower interest rates -1 -3 Translates into EPS of -0.02 € -1 3 -4 EBIT Financial income /expenses (-0.09 € yoy) EBT Taxes Net income ‌Cash flow resilience - net financial assets remain very strong Net Financial Assets Cash flow (mn €) Free Cash Flow -35mn € -8mn € 35 30 656 648 -5 1 -6 -5 Free Cash Flow Operating CF: Decline driven by lower earnings and cash outflows related to reductions in trade payables and contract liabilities Investing CF: Investments contain capitalized R&D expenses Investments mainly related to module and stack development and SOEC Net Financial Assets Broadly stable, remaining on a high level Q1 2024/25 Q1 2025/26 Sept '25 Dec '25 Providing sufficient headroom to withstand current market Operating CF Investing CF challenges ‌Outlook for FY 2025/26 confirmed Order intake 350 to 900mn € FY 2024/25: 348mn € Sales 500 to 600mn € FY 2024/25: 845mn € EBIT -30 to 0mn € FY 2024/25: 2mn € gH 2 Sales 150 to 220mn € FY 2024/25: 459mn € EBIT - 80 to -55mn € FY 2024/25: -56mn € CA Sales 320 to 400mn € FY 2024/25: 386mn € EBIT 40 to 65mn € FY 2024/25: 58mn € thyssenkrupp nucera Group thyssenkrupp nucera segments ‌Key messages Financial performance in line with expectations, demonstrating our ability to effectively navigate the consequences of the slow market development Well positioned to continue leveraging solid potential in CA and to grow with large-scale gH 2 orders in a market with new momentum Ongoing focus on technology and innovation to improve our product offering and competitive position Focus on winning new orders in both technologies with tangible potential to convert 1.7 GW of engineering work into equipment contracts for gH 2 ‌Questions & Answers ‌Events & Financial Calendar Upcoming events Mar 26 SdK Anlegerforum (virtual) May 27 dbAccess European Champions Conference (Frankfurt) Financial calendar IR Contact +49 231 229 724 347 i r@thyssenkrupp - nucera.com i nvestors.thyssenkrupp - nucera.com PR Contact +49 174 161 86 24 [email protected] Feb 25 Annual General Meeting May 12 Q2/6M 2025/26 Aug 12 Q3/9M 2025/26 Dec 16 Q4/FY 2025/26 21 11 February 2026 | Q1 2025/26 Results Presentation | thyssenkrupp nucera ‌Appendix ‌EBITDA (in mn €) Q1 2024/25 Q1 2025/26 EBITDA 11 -1 EBITDA margin (in %) 4% -1% ‌External sales by region (in mn €) Q1 2024/25 Q1 2025/26 Europe 74 76 North America 30 18 South America 31 10 Asia / Pacific 5 15 Greater China 13 9 India 2 1 Middle East & Africa 106 18 Total 262 147 The allocation of sales is based on the location of the construction site of each project. ‌Group | Summary income statement Q1 (in mn €) Q1 2024/25 Q1 2025/26 Sales 262 147 Cost of sales -233 -122 Gross profit 30 24 % margin 11% 17% R&D -7 -9 SG&A -18 -18 Other income /(expense), net 3 -2 EBIT 8 -4 % margin 3% -3% Financial income /(expense), net 6 3 Earnings before taxes 13 -1 Income tax expense -4 -1 Net income 9 -3 Earnings per share (EPS) (in €) 0.07 -0.02 ‌Group | Summary balance sheet assets (in mn €) Sept 30, 2025 Dec 31, 2025 Property, plant and equipment 54 51 Goodwill 53 53 Intangible assets other than goodwill 28 33 Other non-current assets 1 21 21 Total non-current assets 156 158 Inventories 179 171 Trade accounts receivable 50 45 Contract assets 36 36 Other financial assets 7 4 Cash and cash equivalents 684 677 Other current assets 2 53 40 Total current assets 1,009 973 Total assets 1,165 1,132 1. Includes Other financial assets, Other non-financial assets and Deferred tax assets 2. Includes Other non-financial assets, Current income tax assets ‌Group | Summary balance sheet equity and liabilities (in mn €) Sept 30, 2025 Dec 31, 2025 Equity attributable to equity holders 753 748 Accrued pension and similar obligations 1 10 10 Other provisions 1 1 Deferred tax liabilities 0 0 Lease liabilities and other financial liabilities 24 25 Total non-current liabilities 35 36 Trade accounts payable 118 106 Contract liabilities 141 127 Lease liabilities and other financial liabilities 16 14 Other current liabilities 2 103 101 Total current liabilities 377 347 Total liabilities 413 383 Total equity and liabilities 1,165 1,132 1. Includes Accrued pension and similar obligations and Provisions for other non-current employee benefits 2. Includes Provisions for current employee benefits, Other provisions, Current income tax liabilities and Other non-financial liabilities ‌Group | Summary cash flow statement Q1 (in mn €) Q1 2024/25 Q1 2025/26 Net income 9 -3 Depreciation & amortisation 3 3 Change in NWC 1 17 -13 Other operating cash flow 2 7 13 Cash flow from operating activities 35 1 Expenditures for acquisitions 0 0 Capital expenditures -6 -7 Proceeds from disposals 0 0 Cash flow from investing activities -5 -6 Dividends paid to equity holders 0 0 Other financing cash flow -1 -1 Cash flow from financing activities -1 -1 Net increase/(decrease) in cash and cash equivalents 29 -6 Effect of exchange rate changes 1 -1 Cash and cash equivalents at end of year 709 677 1. As per Cash Flow Statement and defined as: Changes in assets and liabilities net of non-cash effects in - Inventories, Trade accounts receivable, Contract assets, Trade accounts payable, Contract liabilities 2. Includes Deferred income taxes, net, Changes in assets and liabilities, net of non-cash effects in - Accrued pension and similar obligations and Other provisions, Other assets/liabilities not related to investing financing activities ‌

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