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1 SFC Energy AGInvestor PresentationQ1 2025Dr. Peter Podesser (CEO), Daniel Saxena (CFO)SFC Energy AG ©SFC EnergyI May 2025
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2 DISCLAIMERTHIS PRESENTATION IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. IN PARTICULAR, THIS PRESENTATION MUST NOT BE PUBLISHED OR DISTRIBUTED IN THE UNITED STATES OF AMERICA (THE “UNITED STATES”), AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. THIS PRESENTATION MAY NOT BE REPRODUCED IN ANY FORM OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE.For the purposes of this notice, “presentation” means this document, its contents or any part of it. This presentation does not,and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it orany part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever. This presentation is neither an advertisement nor a prospectus and should not be relied upon in making any investment decision to purchase, subscribe for or otherwise acquire any securities. The information and opinions contained in this presentation are provided as at the dateof this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or any other information discussed verbally, or on its completeness, accuracy or fairness. The information in this presentation is of preliminary and abbreviated nature and maybe subject to updating, revision and amendment, and such information may change materially. Neither the Company nor any of its directors, officers, employees, agents or affiliates undertakes or is under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide any additional information. This presentation is not an offer of securities for sale in the UnitedStates. The securities of the Company are not and will not be registered pursuant to the provisions of the US Securities Act of 1933, as amended (the “Securities Act”) or with the securities regulators of the individual states of the United States. The securities may not be offered, sold or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from the registration and reporting requirements of theUnited States securities laws and in compliance with all other applicable United States legal regulations. The Company does not intend to register its securities under the Securities Act or to conduct a public offering of securities in the United States. Sales in the United Kingdom are also subject to restrictions. The securities are only available in the United Kingdom to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities in the United Kingdom will be engaged in only with, such relevant persons to whom it may lawfully be communicated (“Relevant Persons”). Any person in the United Kingdom who is not a Relevant Person should not act or rely on this presentation or any of its contents. Certain information (including industry, market and competitive position data) in this presentation is based on the Company’s own internal research and management estimates. In addition, certain data points in this presentation are selective and may not necessarily be representative for SFC Energy AG. Such research, estimates and data points have been made in good faith and represent the current beliefs of members of management. The Company and those management members believe that such research, estimates and data points are founded on reasonable grounds. However, by theirnature, research and estimates as well as the data points may not be correct or complete, and their underlying methodology and assumptions have not been verified by any independent source for accuracy or completeness. Accordingly, no representation or warranty, express or implied, is given that such research, estimates or data points are correct or complete. The presentation and discussion contain forward looking statements, other estimates, opinions and projections with respect to anticipated future performance of the Company (“Forward-looking Statements”). These Forward-looking Statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,”, “aims”, “plans”, “predicts”, “may,” “will” or “should” or, in each case, their negative, or other variations or comparable terminology. These Forward-looking Statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s prospects, growth, strategies, the industry in which it operates and potential or ongoing acquisitions. By their nature, Forward-looking Statements involve significant risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking Statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Similarly, past performance should not be taken as an indication of future results, andnorepresentation or warranty, express or implied, is made regarding future performance. The development of the Company’s prospects, growth, strategies, the industry in which it operates, and the effect of acquisitionsonthe Company may differ materially from those made in or suggested by the Forward-looking Statements contained in this presentation or past performance. In addition, even if the development of the Company’s prospects, growth, strategies and the industry in which it operates are consistent with the Forward-looking Statements contained in this presentation or past performance, those developments may not be indicative of the Company’sresults, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Any Forward-looking Statements only speak as at the date of this presentation is provided to the recipient and it is up to the recipient to make its own assessment of the validity of any Forward-looking Statements and assumptions. No liability whatsoever is accepted by the Company in respect of the achievement of such Forward-looking Statements and assumptions. ©SFC EnergyI May 2025
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3 We are on the path to net zero ©SFC EnergyI May 2025
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4 Favorable macro environment drives substantial market potential for fuel cells c. 70 bn EUR c. 30 bn EUR c. 7 bn EUR 2030 (1) c.1.8 bn EUR c. 4 bn EURc. 5 bn EUR 2020 Source: Company information, leading consulting firm. Note: Size of bubbles is illustrative and not to scale. (1) Averaged market forecasts for stationary fuel cells from various secondary studies. Market potentialin the global fuel cell market remains huge Global market for fuel cells (mobility, stationary, portable)Market for stationaryand semi-stationary fuel cells across all power rangesMarket for stationary and semi-stationary fuel cells in selected use cases (all < 100 kw) incore regionsSFC is ideally positioned to benefit from accelerating global efforts to decarbonize industries. ©SFC EnergyI May 2025
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5 SFC at a glance I 24+ years ofclean energy & power management leadership Zuversichtlich -©SFC Energy16.05.25 Group salesFY24: 144.8mEUR Q125*: 38.6mEUR Adjusted EBITDAFY24: 22.0mEUR Q125*: 6.3mEUR Sales development-3.6%Q1 2024 vs. Q1 2025* Only fuel cell solutions provider combining ambitious growthwith sustainable profitability. 75,000fuel cells sold globally and comprehensive IP portfolio14 M kwhenvironmentally friendly energy and 5,700tons CO2emissions saved 488employeesof which17% in R&D Established global distribution infrastructure with 100+ partners driving a leading sales track record and a growing direct global footprint. Key partnerships and targeted capital allocation to further increase global reach and expand fuel cell power range. Member of the SDAX®©SFC EnergyI May 2025 * Unaudited
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6 500 Direct Methanol Fuel Cells up to 3 kWEFOY & EFOY Pro Fuel Cell Integrated off-grid & mobile solutions Engineered Mil-Std products EFOY Cloud (IoT) Comprehensive range of fuel cell platforms and proprietary membrane technologyPower Range [kW] 100 10 1 PEM Hydrogen Fuel Cells up to 200 kWModular Hydrogen Fuel Cell Solutions Market Launch 2025 Standardized, proprietary stack design, manufactured in Germany Membrane electrode assembly (MEA) manufacturing in UK Stack & MEA development programs Addressable power level by technology platformFuel Cell stack and MEA Commercialization <2020 20242025 PEM Hydrogen Fuel Cells 1.7 kW – 50 kWModular EFOY Hydrogen Fuel Cell 1.7, 2.5 and 5.0 KW –Air CooledStandard indoor & outdoor cabinet & rack solutionsIntegrated stationary & mobile solutions ©SFC EnergyI May 2025
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7 Market access and business segments SFC Energy Ltd. SFC Energy LLC SFC Energy India Pvt. Ltd. SFC Energy Power S.r.L.SFC Clean Energy S.r.L. Hydrogen, fuel cells and integrated solutionsCommercial: telecom, wind, infrastructure, security, energy, traffic, consumer Defense and public security USA Canada SFC Energy UK Ltd. UK SFC Energy B.V. Netherlands Romania India SFC Energy AG Germany(HQ) Clean Energy Clean Power Management Power management & electronicsAnalytical equipment and systemsLaser, semi-conductor and manufacturing equipmentEnergy 73.5%Q1 2025 26.5%Q1 2025 SFC Energy Denmark ApSDenmark ©SFC EnergyI May 2025
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© SFC Energy | 16.05.25 Acquisition of small stationary business assets, technology, IP and customer base from Ballard Expansion of Technology Leadership: expansion of technology and market leadership for hydrogen fuel cells below 50 kW. Strategic Market Presence: the acquisition includes maintenance contracts of an installed base of approx. 400 sites, providing a solid foundation for future growth and deepening relationships with established customers. Growth Potential: the addressable market in Northern Europe is projected to exceed 1,000 sites in the initial phase, with opportunities to expand further. Financial Impact: the new business is expected to generate revenues in the mid-single-digit million Euro range, contributing positively to EBITDA and EBIT starting in 2025. 8©SFC EnergyI May 2025
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9 Successful regional expansion in the USA Fast organic growth in public safety and industrial applications with a diversifying customer base Foundation of SFC Energy Sales and Service site in the USA in June 2024Assessing M&A opportunities to accelerate market penetration ©SFC EnergyI May 2025
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10 Regional expansion and market access in India SFC Energy launched the manufacturing of hydrogen and methanol fuel cells at SFC’s new production site in New Delhi/Gurgaon, India The local capacity expansion is in line with the “Make in India” initiative and will make an important contribution to a climate-friendly positioning of the Indian economy ©SFC EnergyI May 2025
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11 The H2Genset provides self-sufficient, emission-free electricity using hydrogen fuel cell technology at festivals, e.g. at the Wacken Open Air, Lautfeuer, Deichbrandand Nibiriifestival as well as at construction sites without access to the conventional power grid. Self-sufficient and emission-free power supply with hydrogen fuel cells ©SFC EnergyI May 2025
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12 SFC’s pillars for growthMarket & regional expansion 1Technology & IP development2M&A 3Expansion of sales and service networksglobally with focus on the USA, Asia and Middle East USAExpansion of manufacturing capacity and optimization of local presence in the USA, UK and RomaniaIndiaUKStrategic partnerships to offer turnkey services and products to SFC customersFC TecNrgy(India)Johnson Matthey (JM) (UK)Toyota Tshusho(Japan) Introduction of new products e.g. high-power platform to address customer demands and larger TAM (Power range >50 kW) Proprietary fuel cell and membrane technologyTechnology transfer with JM Cloud and IoT capabilitiesEFOY CloudIntegrated Green Hydrogen solutions (electrolyzerand fuel cells) Complementary technologies for SFCs Hydrogen and fuel cell product portfolio to strengthen the existing IP portfolio Acquisition of Assets, Technology, IP and Customer Base from BallardAcquisition of system integrators in growing markets (e.g. the USA and Asia) to accelerate market access Growth acceleration ©SFC EnergyI May 2025
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13 Decarbonization StrategyDecarbonizing ourcustomer value chain through our productsTargets linked to Scope 1 + 2 EmissionsScope 3 emissions baseline and targets Circularity & Resource EfficiencyCircularity targets focusing on recycle, reuse & reduceFurther refine targets & circularity approach through our product lifecycle Implemented Regulations & ReportingCSRD conform ESG Report in FY2025Capital Market Compliance covering global compliance regulationsStrong ESG Ethics & Governance structure and policies ESG –SFC‘s holistic approach to sustainability Environment Social Work in progressFurther advancementsbeing implemented Contributing to sustainable development is a core element of SFC’s overall strategy: Selected ESG key-topics People-first approachMetrics,targets and initiatives to fosterour people‘s well-beingInclusivity and equalopportunities for our global workforce Advance human rights in our own business operations as well as in our global supply chains Governance ©SFC EnergyI May 2025
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14 SFC Financial Update ©SFC EnergyI May 2025
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15 9.06.3 Q1 2024Q1 2025 7.5 4.5 Q1 2024Q1 2025 1.4 Key financials Q1 2025* ISecond best first quarter in SFC’s historySales Developmentin mEUR Adjusted EBITDA & Marginin mEUR Adjusted EBIT & Marginin mEUR 16.4% 22.5%-29.8% -40.2%18.8% 11.7%40.038.6 Q1 2024Q1 2025 * Unaudited -3.6% ©SFC EnergyI May 2025 The Clean Energy segment benefited from a major project in India in Q1 2024, resulting in extremely high sales in Asia.
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16 Cash-Flow Q1 2025* IOperating cash-flow reflecting investments in growthOperating CF before change in NWCin mEUR Change in NWCin mEUR Net cash positionin mEUR -1.1 4.5 Q1 2024Q1 2025 27.6% 22.3% NWC in % of Sales (LTM) 60.560.5 (4.1)(4.3) 56.456.2 FY 2024Q1 2025 Cash and cash equivalentsLiabilities to banks 9.17.1 Q1 2024Q1 2025 ©SFC EnergyI May 2025* Unaudited
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17 Earnings per Share* I EPS also showing SFC’s expansion course Earnings per Share –dilutedin EUR Earnings per Share –undiluted in EUR 0.29 0.13 Q1 2024Q1 2025 0.30 0.13 Q1 2024Q1 2025 ©SFC EnergyI May 2025* Unaudited
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18 51.6 17.8Q1 2024Q1 2025 Order situation* I As of 31 March 2025 -65.5% Order Intakein mEUR Order Backlogin mEUR 104.684.7 FY 2024Q1 2025 -19.0% ©SFC EnergyI May 2025* Unaudited
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19 Forecast 2025 I Confirmed based on Q1 resultsSales Development in mEUR Adjusted EBITDAin mEUR 118.1144.8 (160.6 –180.9) FY 2023FY 2024FY 2025E Adjusted EBITin mEUR 15.2 22.0 (24.7 –28.2) FY 2023FY 2024FY 2025E 9.7 15.6 (17.5 –20.6) FY 2023FY 2024FY 2025E ©SFC EnergyI May 2025
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20 SFC share summaryShare price development & trading volume until 12/05/2025*Shareholder structureAnalyst coverage ⌀Target price 28.67 € (1) Source: Bloomberg, Capital IQ, Thomson ONE. Company information as of May 12, 2025; *Based on Xetra Information on the share price(1)(EUR)52 Week high (18/03/2025)28.3552 Week low(21/11/2024)15.94Average price 3 months21.13Average volume 3 months (units)95,808Average price 30 days23.17Average volume in 30 days (units)59,246 Share price development (in EUR)*Current share price25.25Shares outstanding (in M)17.38Market capitalization (in M)438.89 Share data (12 May 2025)*Equity Research Consensus in mEUR KPI2024a2025e2026eRevenue144.8175.8220.0EBITDA adjusted22.027.637.4EBIT adjusted15.619.728.5 SDAX inclusion on 27.12.2022DWS2.70%ACATIS8.29%Conduit Ventures Ltd.2.08%NATIXIS2.02%HANSAINVEST2.99%Other Institutions21.06%Insiders1.88% Free float58.99% 0100 .000200 .000300 .000400 .000500 .000600 .000700 .000800 .000900 .0001.0 00.000 0 €5 €10 €15 €20 €25 €30 € 05. 2408. 2411. 2402. 2505. 25 ©SFC EnergyI May 2025
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sfc.com Thank you for your attention! Dr. Peter PodesserCEODaniel SaxenaCFOSusan HoffmeisterInvestor Relationsir@sfc.com SFC Energy AGEugen-Saenger-Ring 785649 BrunnthalGermany ©SFC EnergyI May 2025