Thyssenkrupp nucera : General Investor Presentation - May 2026

General Investor Presentation

May 2026

May 2026 | General Investor Presentation

Mission

We continually learn, adapt, and deliver cutting-edge technologies to drive sustainable industrial transformation for a thriving future

Purpose

We shape the new era

Vision

Empowering a clean industry for future generations

Table of Contents

1

Company Overview

2

Business Segments: Green Hydrogen and Chlor-Alkali

3

Financials

4

ESG Program, Ratings and Targets

5

Capital Market

3 May 2026 | General Investor Presentation

4 May 2026 | General Investor Presentation

1. ‌Company Overview

   
   
   

   thyssenkrupp nucera at a glance

   Leading electrolysis technology

   provider globally

   2 strong business segments:

   Green Hydrogen (gH2)

   Reliable, innovative & future-oriented solutions

   at industrial scale

   
   
   

   gH2 projects with a total capacity of

   ~3.5 GW

   under execution

   Chlor Alkali (CA)

   Asset-light business model

   with strong balance sheet to finance future growth

   gH2 54%

   Total: 845mn €

   Sales in FY 2024/25

   CA 46%

   
   
   1,000+

   employees worldwide in 10 locations

   Supporting customers on their way to

   climate neutrality

   5 May 2026 | General Investor Presentation

   Our Green Hydrogen (gH2) business

   Financials

   mn €	FY 2022/23	FY 2023/24	FY 2024/25
   Order intake	206	356	26
   Order backlog	~900	706	259
   Sales	328	524	459

   Alkaline Water Electrolysis (AWE) technology to produce green hydrogen at industrial scale based on proven track record in Chlor-Alkali electrolysis

   
   
   

   Product portfolio & roadmap

   20 MW modules, designed as a cost-efficient standardized modular solution, scalable up to GW plant size

   EBIT -76 -56

   Strong profitable growth in the mid-term

   Main applications

   Market

   
   
   

   scalum ®

   Quality and

   Longevity

   High

   performance

   Design

   certified

   Global service

   
   
   
   
   
   
   

   network

   Total global gH2

   installed capacity

   ~2 GW

   Equals multi-billion € market for electrolyzers

   ~30-50 GW

   
   
   
   
   

   Automation of cell fabrication and assembly

   Commercialization of high-temperature electrolysis (SOEC)

   Selected customers

   ~3.5 GW green hydrogen capacity under execution

   Business model

   2024 2030

   
   
   
   
   

   1. thyssenkrupp nucera has the ability to perform civil construction through its partners at the request of the client

      
      
      

   2. Only for proprietary equipment.

   6 May 2026 | General Investor Presentation

   Our Chlor-Alkali (CA) business

   Innovative Chlor-Alkali Electrolysis (CA) and Hydrochloric Acid electrolysis solutions (HCI) for industrial progress

   Market leader with ~50% market share

   Product portfolio

   Financials

   322

   279

   408

   Order intake

   FY 2024/25

   FY 2023/24

   FY 2022/23

   mn €

   Sales 333 338 386

Order backlog ~500 421 347

Profitable

CA electrolysis

HCI electrolysis

EBIT 62 58

business with modest growth

BM1

BiTAC2

NaCI ODC3 HCI Diaphragm HCI ODC4

Service portfolio

• Asset management

  Market

  Expected production in 2025 (mn tons)

  
  
  

  Process chain and select end products

  H2

  Brine

  Chlorine

  Polyurethane foam Polycarbonates / PVC

• Spare parts supply & management

• Revamps

• Service center & fields services

83 76

Market for electrolyzers & service

>1bn€

Caustic Chlorine

Global demand growing in line with GDP

Selected customers

Energy Electrolysis

Caustic soda

Soap / Detergents Aluminium

Sodium Hypochlorite / Disinfection

Over 600 projects, 240,000 cell elements, >10 GW of capacity installed globally

1. Bipolar membrane electrolyzer; 2. BiTAC: Bipolar Tosoh and Chlorine Engineers; 3. ODC: Oxygen Depolarized Cathode; 4. Recycling HCl at low energy consumption

7 May 2026 | General Investor Presentation

Our global presence & selected projects

OxyChem

Houston

Houston

Stegra Shell

Moeve

Chlorum Solutions Group

Dortmund (HQ)

Arnstadt MMilialanno

Riyadh Riad

NEOM

Shanghai i

Mumbai

TGV SRAAC

Okayama Tokyo

Chlor-Alkali Electrolysis (CA)

Alkaline Water Electrolysis (AWE) Locations

Unipar

CMDC

PPeertrhth

Note: Selected projects

8 May 2026 | General Investor Presentation

Our attractive financial profile

Sustained sales growth

Robust sales development at a high level following years of rapid expansion

862

845

661

383

2021/22

2022/23

2023/24

2024/25

Total sales (mn €)

Resilient profitability

Historically consistently profitable operations on the back of Chlor-Alkali business; temporary EBIT loss due to gH2 ramp-up

25

9

2

2021/22

2022/23

-14

2023/24

2024/25

EBIT (mn €)

Strong balance sheet

Strong cash position further increased by IPO proceeds in 2023 - sufficient to withstand current headwinds and finance future growth

761

673

656

275

2021/22

2022/23

2023/24

2024/25

Net financial assets (mn €)

9 May 2026 | General Investor Presentation

Our value proposition

Long-standing expertise in industrial scale electrolysis

Global organization with reputable and long-standing partners

Strong balance sheet to finance future growth and resilience

Full-fledged service offering along the entire plant lifecycle

Strong R&D focus to drive innovations

Best-in-class safety standards

Proven GW-scale supply chain already in operation

May 2026 | General Investor Presentation

10 May 2026 | General Investor Presentation

2026 priorities: taking action in an uncertain market environment

Commercial

acceleration

Further strengthen customer

relationships and partnerships in key regions

Accelerate the CA service expansion and unlocking gH2 service growth potential

Technology

leadership

Capture economies of

standardization, modularization and scale & leverage efficiency and best-cost approaches

Rapidly complement gH2 product portfolio with pressurized systems & continue AWE & CA product upgrades

Cost

discipline

Challenge costs across the

entire organization globally

Flexibilize and reduce cost structure

Leverage global gH2 organization

Safeguard

financial stability

Continue prudent cash

management and protect cash position

Take advantage of the opportunities offered in the gH2 sector without taking excessive risks

Strengthening business

by flexibilization and cost discipline

Enhancing leading competitive position

and offering best-in-class LCOH

11 May 2026 | General Investor Presentation

12 May 2026 | General Investor Presentation

1. ‌Business Segments

   
   
   

   Our proven experience in CA business provides a strong technology basis for AWE scale-up

   CA: Over 600 projects, 240,000 cell

   elements, >10 GW of capacity installed

   AWE: Building on CA leadership

   
   
   

   Market Readiness

   • Industrial-scale installations

   • Quality proven supply chain of 1 GW cell manufacturing capacity p.a.

   • Industrial-scale hydrogen plants

   • A technology leader for electrolysis

   • Handling of hydrogen as a by-product

   • Standardized AWE product with leading TCO1

   • Hydrogen as the main product

   Product

   • Holistic life cycle services

   • Global network with partners

   • Mature service portfolio

   • Automation and digitalization

   Organization & Network

   1. Total cost of ownership

   Key enabler of hydrogen production

   
   
   

   13 May 2026 | General Investor Presentation

   >30 years of leading innovation in modern industrial electrolysis

   
   
   

   Power Consumption

   19841 - 1994 1997 2003 2012 2013 2018 2020 2021 2022 2024 2025

   Current Density (specific production capacity)

   BiTAC

   First zero-gap cell making 6kA/m2

   BM

   First Single Element Bipolar Membrane

   BM single element

   HCl-ODC2

   First industrial reference plant energy saving hydrochloric acid recycling

   BM single element

   NaCl-ODC2

   Market Entry 25% energy saving CA electrolysis

   Carbon2Chem

   e-BiTac v7 and BM Gen. 6plus Latest high efficiency electrolyzers

   1 GW p.a. fabrication

   Completion of the first scalum® 20 MW module

   SOEC

   Acquisition of key technology assets in the field of pressurized

   alkaline electrolysis from GHS

   electrolyzers

   Gen.3

   First laser-welded cell,

   internals made possible acidified operation

   Gen.6

   First Full Zero-Gap cell incl. flexible elastic element and combined with independent sealing

   AWE (Hydrogen) Demo Plant 2 MW (stack portion of 10 MW unit)

   De-bottlenecked production

   of 15,000 cells p.a.

   Partnership to strengthen thyssenkrupp nucera's hydrogen portfolio in the field of high-temperature electrolysis technology

   
   
   
   
   

   New BM2.7 v7 and improved e-BiTAC v7 electrolyzers, setting innovative standards in terms of efficiency and reliability

   1. Much longer experience before with mercury amalgam cells 2. Joint Development with Covestro and De Nora; ODC = Oxygen depolarized cathode; HCl = Hydrochloric Acid; NaCl = Sodium Chloride Developments with De Nora advanced coatings and half-shells / bipolar elements manufacturing

   AWE CA SOEC
   
   
   
   

   14 May 2026 | General Investor Presentation

   Developing an industry leading electrolyzer cell design with De Nora

   
   
   

   Contributions thyssenkrupp nucera Design of cell, electrolyzer and balance of plants

   Selection of separator (membrane/diaphragm)

   Other parts including:

   • Selection of corrosion resistant materials

   • Current distribution & electrical contacts

   • Gas-liquid fluids handling & distribution

   • Sealing

   • Adaptations for different operating conditions, procedures, concepts (e.g. with or without ODC)

     thyssenkrupp nucera cell

     - +

     BM

     (single element)

     Contributions De Nora

     Anode and cathode catalytic coatings, and GDEs

     Manufacturing of half-shells

     Holistic collaboration in cell design, electrochemical components and manufacturing process

     
     
     

     15 May 2026 | General Investor Presentation

     Leading design and manufacturing know-how crucial in developing the AWE cell

     
     
     

     Hydraulic design

     • Improved hydraulic and fluid dynamics

     • Optimized feed of reactants to the catalytic centres for effective kinetic of electrochemical reactions

     • Design mitigates local concentration gradient for best efficiency and longevity

       Mechanical design

     • 100% leak proof cell throughout service life ensuring to avoid emissions any time

     • Strong flange and bolts forces compressing the gaskets for superior sealing

     • Design improves safety and environmental protection

       Electrical design

     • Electrical current uniform distribution to the electrodes

     • Uniform distribution by continuous laser welding

     • Design minimizes ohmic losses

       Zero gap

     • Combination of expanded-metal current distributor with a woven mesh cathode enables a "zero gap" over the whole membrane area

     • Elastic element with compression independent from sealing

     • "Zero gap" improves separator life and performance

   Know-how and technologies needed for implementing effectively high current density and high efficiency1

   1. Density and efficiency assessment based on Eurochlor data

   
   
   

   16 May 2026 | General Investor Presentation

   We make a difference across every step of the industrial electrolysis value chain

   Engineering Cell fabrication Modularization Piping Handling Services

   
   
   

   Application

   thyssenkrupp nucera value add

   More than 600 electrochemical projects realized in the world

   Design most efficient plants and modules with best-in-class safety standards

   Cell and electrolyzer design, manufacturing and assembly

   "IP of Design"1 of cells and electrolyzers and integrated manufacturing with long-time supplier and partner

   Plant construction and logistics

   In addition to small skid mounted AWE plants, also larger plants in synergy with partner Uhde

   High quality products in a highly corrosive environment

   Proprietary technology incl. own trademarks

   Handling and use of chlor-alkali products

   >30 years of experience in handling with H2

   Full lifecycle service and digital solutions

   Existing service organization with longstanding suppliers and partners

   thyssenkrupp nucera provides leading in-house experience along each step of the electrolysis value chain

   1. The cell and electrolyzer shape and structure are designed for best utilization of key electrochemical components (anode and cathode coatings, separator), in terms of efficiency, products quality, durability/longevity, safety. By developing optimization of: Gas-liquid fluids handling, distribution, control of pressure fluctuations; uniform electrical current distribution and low ohmic drops; selection of corrosion-resistant materials; serviceability

   
   
   

   17 May 2026 | General Investor Presentation

   1. Segment

18 May 2026 | General Investor Presentation

Green Hydrogen (gH2)

Market Offering Projects

Electrolysis connects the renewable energy sector with a wide range of industries and enables industry decarbonization

electrolysis

Renewable energy Green hydrogen via

Hydrogen markets

- +

Green hydrogen economy drivers

Climate & environmental protection

Growing renewable energy sector at low cost

Appropriate legal frameworks

19 May 2026 | General Investor Presentation

Market

Offering

Projects

We focus on green hydrogen, an enabler of the net zero economy

Grey hydrogen

How technology addresses Net Zero goals2 2050 supply mix2

Coal Natural Gas Biomethane	Reforming (Gasification)	CO2 emitted		Emits around 10kg of CO2 per kg of hydrogen produced	0%
Natural Gas Biomethane Biomass	Reforming (Gasification)	CO2 stored / reused	Natural gas reformed to H2 and CO / CO2 in Autothermal Methane-Reformer (AMR) Remaining CO2 is captured and stored (CCS)1		20 - 40%
Renewable energy Water	Electrolysis	No CO2 emitted	Essentially zero emissions Creation of H2 from renewable energy		60 - 80%

Blue hydrogen

+ -

Green

hydrogen

1. Carbon capture and storage (CCS) 2. Source: Hydrogen Council in collaboration with McKinsey & Company, Hydrogen for Net Zero Report, November 2021

20 May 2026 | General Investor Presentation