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Q3 / 9M 2025/26 Results Presentation August 12 , 2026 thyssenkrupp nucera
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Dr. Stefan Hahn (CFO)Dr. Werner Ponikwar (CEO) With you today 22
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 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. 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. Disclaimer 33
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 4 1. Business update
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 55 Q3 in a nutshell Strong contribution from Chlor-Alkali business: Project execution well on track and pipeline offering further opportunities Building long-term value in green hydrogen: first major long-term service agreement signed with Moeve & expanded market access through strategic partnership with BHEL in India Strategic readjustment of SOEC activities led to decision not to invest in own manufacturing capacities to produce SOEC stacks – outlook adjusted due to impairment of pilot plant and related Capex Multiple demand drivers are converging as policy, funding and offtake mechanisms take effect to support the next wave of green hydrogen FIDs gH2 projects under execution ~3.5 GW Sales 145mn € Total order backlog 638mn € © NEOM Green Hydrogen Company / Air Products
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Chlor-Alkali with sustained market momentum & successful execution 66 Sustained commercial momentum in new-build •Underscored by a new order from China to supply a large-scale CA plant •Pipeline offers further new build opportunities Service order volume above prior year’s level •High single digit sales growth for services in first nine months •Markets in China and Europe particularly strong Chlorum Solutions Brazil •BM-technology successfully commissioned and operational •Proven skid mounted plant concept and high energy efficiency strengthen modern Chlor- Alkali production in southern Brazil OxyChem US •Joint onsite training completed •Project moving toward start of commissioning Sales pipeline Project execution Chlor-Alkali business is well positioned to support continued profitable growth and value creation
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Long-Term Service Agreement signed for Onuba project in Spain 7 •Moeve signed Long-Term Service Agreement (LTSA) for 300 MW Onuba project in Spain •Key elements: Operation support via advanced digital solutions, using digital twins, smart load management, and realistic operating simulations •Goal: Gain proactive insights into plant behavior and continuously optimize performance under changing conditions •Contract length: 8 years, starting with the start-up of the gH2 plant •Value: 12mn € - not included in order intake in Q3 nucera care Customers benefit from: Maximized plant availability and reliability Optimized operational efficiency Reduced operational risk through targeted training and know-how transfer Long-term performance monitoring Shift towards recurring, subscription-based service models creating continuous value for our customers and for us
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Strategic collaboration to advance green hydrogen electrolysis in India 8 •thyssenkrupp nucera and Bharat Heavy Electricals Limited have signed a Strategic Collaboration Agreement for AWE manufacturing for gH2 projects in India •Companies will work together on the phased localization of alkaline electrolyzer module fabrication in India •Focus is on establishing local manufacturing capabilities, joint participation in tendering processes for public sector companies, and supporting gH2 project implementation in the Indian market •Partnership complements nucera's large-scale AWE expertise with BHEL ’s EPC and manufacturing capabilities Recent initiatives underlining our long-term ambitions in India’s rapidly growing green hydrogen market
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Japan IndiaEU Drivers/Mechanisms Advancing regulatory and funding frameworks in key regions is driving tangible demand creation in green hydrogen 9 Regulatory demand mandates create guaranteed hydrogen offtake •Ongoing EU-review of RFNBO criteria could improve project economics •Ongoing transposition of RED III transport quotas (e.g. Germany, Spain) and IAA Lead Market framework support mandatory uptake of renewable hydrogen and derivatives, particularly in steel and mobility Government-backed demand support accelerates bankability •EU and national CfD1 mechanisms (e.g., Italy's planned ~200 ktpa auction, Germany’s H2Global) •Tenders by Solar Energy Corporation of India (SECI), acting as demand bundling intermediary, create visible offtake for domestic ammonia & methanol projects – 2nd wave expected •Export projects secure offtake •~20bn $ CfD1 scheme improves bankability of ammonia projects Multiple demand drivers are converging, supporting project FIDs and electrolyzer deployment 1 CfD = Contract for Difference.
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Maturing green hydrogen market reinforces focus on the most viable opportunities, with ~14 GW under active pursuit 10 gH2 project pipeline as of August 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. No. of projects Actively pursued projects2 Substantial pipeline1 Pursue #136 Aggregated size Contract value #35 ~57 GW ~14 GW ~29bn € ~7bn € gH2 pipeline 9% 10% 20% 33% 8% 8% 12% Other North America Australia Europe Middle East & Turkey India South America Regional split1 ~1.9 GW of paid engineering contracts under execution – with the next project award expected during calendar year 2026
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Strategic decision not to invest in own manufacturing capacities to produce SOEC stacks 11 Q4 2025/26: EBIT: ~ -30mn € Cash: minor impact FY 2026/271: EBIT: up to +10mn € Cash: ~ +20mn € Financial implicationsStrategic review •SOEC remains a promising long-term technology, but the current market is not sufficiently mature to offer a viable business case, given the high upfront investment requirements and the uncertain regulatory environment •Plans to invest in own manufacturing capacities for the mass production of SOEC stacks no longer pursued •Maintaining strategic optionality: Exploring alternative (asset-light) options to valorize solid-oxide technology and IP •One-time EBIT impact in gH2 segment, largely due to impairment, to be booked in Q4 •Adjustment of EBIT guidance in FY 2025/26 •Reduced capital requirements and lower operating expenses in gH2 segment in coming years 1 Annual savings from FY 2026/27 onwards vs. FY 2025/26
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 12 2. Update on Q3/9M 2025/26 financials The figures for Q2 2025/26 and 6M 2025/26 were adjusted retrospectively in accordance with IAS 8.41 et seq.
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Encouraging order momentum and resilient earnings, while sales reflected lower volumes – Free Cash Flow expected to recover in Q4 Order intake (mn €) 63 81 Q3 2024/25 Q3 2025/26 184 145 Q3 2024/25 Q3 2025/26 -2 Q3 2024/25 Q3 2025/26 0 Sales (mn €) EBIT (mn €) Free Cash Flow (mn €) -10 -28 Q3 2024/25 Q3 2025/26 13 Rising order intake; improving gross margin and resilient CA contribution largely offsets lower sales volume and weaker cost absorption in gH2 segment; positive FCF expected in Q4
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 14 Q3 saw strong order intake growth led by Chlor-Alkali segment Q3 9M Order intake (mn €) +29% +96% 50 7813 2024/25 3 2025/26 63 81 CA gH2 184 218 288 23 2024/25 2025/26 241 471 Order intake Q3 •CA increase (+56% yoy) driven by both New Build and Service business •gH2 reflects normal volatility inherent in the project business Order intake 9M •Multifold gH2 increase driven by 300 MW new build project with Moeve signed in March •CA increase (+32% yoy) driven largely by New Build business; Service business also above PY •Order backlog on group level at 638mn € (30 June 2026)
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 15 Sales (mn €) -21% -47% 103 81 109 2024/25 36 2025/26 184 145 CA gH2 377 80 286 273 2024/25 2025/26 663 354 Sales Q3 •gH2 sales decline driven by lower NEOM sales and low order levels in PY •Strong CA increase (+34% yoy) thanks to rising New Build and Service business, partly driven by timing effects Sales 9M •gH2 sales reflecting high degree of completion of first AWE reference projects and Q2 technical one-time effects •Slight CA decline (-5% yoy) due to lower New Build business Q3 9M Sales decline in green hydrogen segment due to maturing projects
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 16 Higher gross margin largely offsets softer sales volume Q3 9M EBIT (mn €) -2mn € -73mn € CA gH2 EBIT Q3 •Gross margin increase on Group level (+3%p.) supported by a higher Chlor-Alkali share •CA EBIT increase largely driven by higher sales •gH2 development mainly influenced by lower sales volume EBIT 9M •gH2 EBIT impacted by sales volume and one-time costs for gH2 projects booked in Q2 •CA EBIT reflects the period’s sales volume and an improved gross margin -17 13 -13 2024/25 15 2025/26 0 -2 43 38 -39 -107 2024/25 2025/26 4 -69 Reduced by ~50mn € due to one-time effects in Q2
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Opex development underscores continued strict cost discipline 17 COGS •Rising gross margin in CA segment thanks to improved project mix •Q2 one-time effects weighing on margin in gH2 segment SG&A •Stable in absolute terms with improving G&A expenses •Higher cost reduction planned in coming quarters R&D •R&D efforts increased, partially capitalized; sequential decline in Q4 expected 9M Operating costs (mn €) 56 56 24 29 2024/25 2025/26 587 339 COGS SG&A R&D
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Improving net income and EPS in Q3 despite slight EBIT decline 18 EBIT to EPS (mn €) Q3 2024/25 Q3 2025/26 EBIT 0 -2 Financial income /(expense), net 3 3 Income tax expense -5 -1 Net income -2 0 Earnings per share (EPS) (€) -0.01 0.00 9M 2024/25 9M 2025/26 EBIT 4 -69 Financial income /(expense), net 13 8 Income tax expense -13 -3 Net income 4 -64 Earnings per share (EPS) (€) 0.04 -0.51 EBIT to EPS Q3 •Income tax expenses declined, supporting net income and EPS improvement •Improved net income and EPS despite small EBIT loss EBIT to EPS 9M •Positive financial income due to interest earned on cash position, but below PY due to lower interest rates •Lower income tax expenses •Negative EPS driven by substantial EBIT decrease due to one-time effects in Q2
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 19 Free Cash Flow Net Financial Assets Cash flow & balance sheet (mn €) -41mn € -29mn € 32 -17 -23 9M 2024/25 -3 9M 2025/26 15 -26 Free Cash Flow •Operating CF: Decline driven by expectedly higher periodic project cash outflows in Q3 •Investing CF: ~50% related to SOEC; other investments for module and stack development •FCF Improvement in Q4 expected Net Financial Assets •Decline largely reflecting cash outflow •Remaining on a high level, providing sufficient headroom to support future growth and resilienceOperating CF Investing CF 656 627 Sept ’25 Jun ’26 Financial situation remains strong – FCF shows usual quarterly volatility
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 20 Previous outlook FY 2025/26 New outlook FY 2025/26 OI 550 to 850mn € Sales 450 to 550mn € EBIT -80 to -30mn € Group Sales 120 to 170mn € EBIT -125 to -90mn € gH2 Sales 320 to 400mn € EBIT 45 to 65mn € CA Sales 100 to 130mn € EBIT -155 to -135mn€ Sales 320 to 400mn € EBIT 45 to 65mn € OI 550 to 670mn € Sales 450 to 500mn € EBIT -105 to -75mn € Group gH2 CA OI = Order Intake Adjusted following SOEC decision Adjusted following SOEC decision Intervals narrowed with FY approaching Ranges narrowed with FY approaching Outlook confirmed Adjusted outlook for FY 2025/26
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 21 Key messages Chlor-Alkali segment showed strong quarterly performance plus sustained market momentum and successful execution Electrolyzer deployment in the gH2 segment is set to gain momentum from multiple demand factors; next project anticipated to be awarded within calendar year 2026 Important steps towards service business build-up and improved market access strengthen the foundation for margin and sales growth in green hydrogen Financial situation remains strong – safeguarded by consistent focus on commercially proven technologies, while maintaining strategic flexibility
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 22 Questions & Answers
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 23 Events & Financial Calendar IR Contact Upcoming events +49 231 229 724 347 ir@thyssenkrupp-nucera.com investors.thyssenkrupp-nucera.com Financial calendar Dec 16 Q4/FY 2025/26 PR Contact +49 174 161 86 24 press@thyssenkrupp-nucera.com Sept 2 Commerzbank & ODDO BHF Corporate Conference, Frankfurt Sept 15 mwb research „Future of Energy“ Conference (virtual) Sept 22 Berenberg and Goldman Sachs German Corporate Conference, Munich Sept 23 Baader Investment Conference, Munich Oct 7 Kepler Cheuvreux Energy Services Conference, London
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 24 Appendix
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 25 The figures for Q2/6M 2025/26 and March 31, 2026 respectively have been retrospectively adjusted in accordance with IAS 8.41 et seq. following an adjustment to the accrual accounting. The correction had the following effects: Statement of profit and loss •Increase of Chlor-Alkali sales by EUR 12 million •Increase of cost of sales by EUR 9 million •Increase of Chlor-Alkali EBIT by EUR 2 million •Increase of earnings per share by EUR 0.02 Statement of financial position •Increase of retained earnings by EUR 2 million •Increase of trade accounts payable by EUR 9 million •Decline of contract liabilities by EUR 12 million Statement of cash flows •Increase of net income by EUR 2 million •Increase of the positive effect from changes in trade accounts payable by EUR 9 million •Decline of the positive effect from contract liabilities by EUR 12 million Q2/6M 2025/26 adjustment in accordance with IAS 8.41 et seq.
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera 26 EBITDA (in mn €) Q3 2024/25 Q3 2025/26 EBITDA 3 2 EBITDA margin (in %) 2% 1% (in mn €) 9M 2024/25 9M 2025/26 EBITDA 12 -58 EBITDA margin (in %) 2% -17%
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera External sales by region 27 The allocation of sales is based on the location of the construction site of each project. (in mn €) Q3 2024/25 Q3 2025/26 9M 2024/25 9M 2025/26 Europe 59 41 183 141 North America 26 22 81 46 South America 13 5 61 21 Asia / Pacific 4 7 15 27 Greater China 19 17 47 41 India 3 1 10 6 Middle East & Africa 59 52 266 73 Total 184 145 663 354
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Group | Summary income statement Q3 28 (in mn €) Q3 2024/25 Q3 2025/26 Sales 184 145 Cost of sales -158 -120 Gross profit 26 24 % margin 14% 17% R&D -10 -10 SG&A -19 -19 Other income /(expense), net 3 3 EBIT 0 -2 % margin 0% -1% Financial income /(expense), net 3 3 Earnings before taxes 3 1 Income tax expense -5 -1 Net income -2 0 Earnings per share (EPS) (in €) -0.01 0.00
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Group | Summary income statement 9M 29 (in mn €) 9M 2024/25 9M 2025/26 Sales 663 354 Cost of sales -587 -339 Gross profit 76 14 % margin 11% 4% R&D -24 -29 SG&A -56 -56 Other income /(expense), net 8 1 EBIT 4 -69 % margin 1% -20% Financial income /(expense), net 13 8 Earnings before taxes 17 -61 Income tax expense -13 -3 Net income 4 -64 Earnings per share (EPS) (in €) 0.04 -0.51
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Group | Summary balance sheet assets 30 1. Includes Other financial assets, Other non-financial assets and Deferred tax assets 2. Includes Other non-financial assets, Current income tax assets (in mn €) Sept 30, 2025 June 30, 2026 Property, plant and equipment 54 50 Goodwill 53 53 Intangible assets other than goodwill 28 39 Other non-current assets1 21 20 Total non-current assets 156 162 Inventories 179 160 Trade accounts receivable 50 66 Contract assets 36 34 Other financial assets 7 2 Cash and cash equivalents 684 655 Other current assets2 53 43 Total current assets 1,009 950 Total assets 1,165 1,122
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Group | Summary balance sheet equity and liabilities 31 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 (in mn €) Sept 30, 2025 June 30, 2026 Equity attributable to equity holders 753 690 Accrued pension and similar obligations1 11 11 Other provisions 0 0 Deferred tax liabilities 0 0 Lease liabilities and other financial liabilities 24 23 Total non-current liabilities 35 34 Trade accounts payable 118 93 Contract liabilities 141 186 Lease liabilities and other financial liabilities 16 7 Other current liabilities2 103 113 Total current liabilities 377 398 Total liabilities 413 432 Total equity and liabilities 1,165 1,122
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Group | Summary cash flow statement Q3 32 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 (in mn €) Q3 2024/25 Q3 2025/26 Net income -2 0 Depreciation & amortisation 3 4 Change in NWC1 -43 -13 Other operating cash flow2 39 -8 Cash flow from operating activities -3 -18 Expenditures for acquisitions - - Capital expenditures -6 -11 Proceeds from disposals 0 0 Cash flow from investing activities -6 -10 Dividends paid to equity holders - - Other financing cash flow -1 -1 Cash flow from financing activities -1 -1 Net increase/(decrease) in cash and cash equivalents -11 -29 Effect of exchange rate changes -3 1 Cash and cash equivalents at end of year 688 655
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12 August 2026 | Q3/9M 2025/26 Results Presentation | thyssenkrupp nucera Group | Summary cash flow statement 9M 33 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 (in mn €) 9M 2024/25 9M 2025/26 Net income 4 -64 Depreciation & amortisation 8 11 Change in NWC1 -57 26 Other operating cash flow2 77 24 Cash flow from operating activities 32 -3 Expenditures for acquisitions - - Capital expenditures -18 -23 Proceeds from disposals 0 0 Cash flow from investing activities -17 -23 Dividends paid to equity holders - - Other financing cash flow -3 -4 Cash flow from financing activities -3 -4 Net increase/(decrease) in cash and cash equivalents 12 -29 Effect of exchange rate changes -3 1 Cash and cash equivalents at end of year 688 655
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