Investorenpräsentation Q1 2025/2026

‌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.

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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. To the extent permitted by applicable law, none of thyssenkrupp nucera or any of its affiliates, advisers, connected persons or any other person accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contain herein.

This presentation contains forward-looking statements that are subject to risks and uncertainties. Statements contained herein that are not statements of historical fact may be deemed to be forward-looking information. When we use words such as "plan," "believe," "expect," "anticipate," "intend," "estimate," "may" or similar expressions, we are making forward-looking statements. 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

1. ‌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

   gH2projects

   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 (gH2)

   Chlor Alkali (CA)

   NEOM:

   • Project remains on course

   • Construction progress of green hydrogen plant reached 90% completion1

   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

   gH2pipeline

   Aggregated size

   Contract value

   Substantial

   pipeline1

   #126

   ~55 GW

   ~29bn €

   Pursue

   Actively

   pursued projects2

   #34

   ~13 GW

   ~7bn €

   
   
   

   South America

   12%

   India

   8%

   Other

   10%

   10%

   North

   America

   Middle East

   & Turkey 8%

   Regional

   split1

   19%

   Australia

   34%

   Europe

   ‌Pipeline refinement reflecting maturing gH2market

   ~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

   gH2project 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 gH2due 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 gH2demand and a build-up of additional capacity by 2030 of up to1

     • 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

2. ‌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

• gH2continues 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

Q1

70

• Sales declined yoy across both segments

• gH2(-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

-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

• gH2EBIT 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%

SG&A

2024/25 2025/26

COGS SG&A R&D

R&D

-5

1

-6

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 €

gH2

Sales

150 to 220mn €

FY 2024/25: 459mn €

EBIT

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 gH2orders 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 gH2

‌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

ir@thyssenkrupp-nucera.com investors.thyssenkrupp-nucera.com

PR Contact

+49 174 161 86 24

press@thyssenkrupp-nucera.com

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

‌External sales by region

The allocation of sales is based on the location of the construction site of each project.

‌Group | Summary income statement Q1

‌Group | Summary balance sheet assets

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

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

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

‌