Everfuel A/S : Q4 Earnings Presentation 2023

05 March 2024

EARNINGS

PRESENTATION

Q4 2023

Electrolyser building and trailer bay from above | HySynergy

Disclaimer

This Presentation has been produced by Everfuel A/S ("Everfuel" or the "Company") exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person.

This document contains certain forward-looking statements relating to the business, financial performance and results of Everfuel A/S and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of Everfuel or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of Everfuel or any of its parent or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. Everfuel assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither Everfuel nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences may be material.

By attending this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of Everfuel and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of Everfuel. This presentation must be read in conjunction with the Company's financial information and the disclosures therein.

This announcement is not an offer for sale or purchase of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Everfuel has not registered and does not intend to register its securities in the United States or to conduct a public offering of its securities in the United States. Any offer for sale or purchase of securities will be made by means of an offer document that may be obtained by certain qualified investors from Everfuel. Copies of this Presentation are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

In any EEA Member State that has implemented Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (together with any applicable implementing measures in any member State, the "Prospectus Regulation"), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This Presentation is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.

2

Today's presenters

Jacob Krogsgaard	Jesper Ejlersen
Founder and CEO	CFO

3

Everfuel - Independent hydrogen producer

1. Independent green hydrogen producer with full inhouse development, EPCM, technology centre and operation of electrolysers, supplying via pipeline and distribution trailers

1. Certified RFNBO1 green hydrogen by summer 20242 from first production facility, HySynergy 20MW operational mid-Q2 2024. Customer contract and grants for 130MW expansion secured

1. Hydrogen pipeline connecting Denmark and Germany positions Everfuel to supply the largest European market by 2028

1. Executing on EUR 200 million Hy24 JV to develop +2GW project portfolio

1. Leverage unique experiences gained as green hydrogen first-moverwith HQ in Denmark and Euronext Growth Oslo (EFUEL) listing to create long-termvalue for stakeholders

Hydrogen distribution

Power generation	Hydrogen	Industrial neighbour
	production
		Pipeline supply industry

Initial target markets

Medium term markets

Long term markets

1)	Renewable fuels of non-biological origin	4
2)	Everfuel aims to be RFNBO pre-certified and able to supply certified green hydrogen, shortly after authorities have certification systems in place

Q4 Key events

1. Everfuel and Hy24 JV signs final agreement for first ever Danish PtX tender, securing EUR 28.3 million of H2 production support o Entered strategic collaboration with Japanese industry blue-chips ITOCHU and Osaka Gas
   o Q4 EBITDA of -3.4 million
   o EUR 6.8 million non-cash write down of legacy hydrogen stations and equipment o Cash position of EUR 28.6 million at end of December 2023
   o Current liquidity position expected to fund investment and operation plans well into 2025

Key events to date in 2024:

1. HySynergy 1 start-upmid-Q2 2024 following quality issues with the deoxidiser

1. Total budget in the range of EUR 51-52 million compared to EUR 45 million communicated in June 2023

Valve panel area | HySynergy	5

Hydrogen market outlook

and strategic update

Oxygen storage in the electrolyser room | HySynergy	6

Ready for next phase of the H2 market evolution…

...as the first independent green hydrogen company

2020

2024

Relying on…

Hydrogen hype:

1. Consensus on H2 technology as mature

1. Capital markets ready

Current status:

1. Technological immaturities across value chain

1. Mobility future pivots towards heavy-duty

1. Project complexities and cost increases

1. Persistence and agility

1. Proven 'safety first' culture

1. Dare to adapt strategy

1. Real experience

1. In-houseIP and Tech know-how

Political hesitation:	Political tailwind:
o Uncertainty on hydrogens role	o EU promote hydrogen as key energy and security
o Political talks and protracted decisions	factor
o Hydrogen pipelines are coming
	o Hydrogen needed to reach global emission targets

1. Deep commercial insight

1. Strong mgmt. and long-term shareholders

1. Trustful partnerships

1. Certified green hydrogen

7

Initial shortage of green H2 - 20Mt/y1demand in 2030

Expected hydrogen consumption by 2030 in EU2

Million tons (Mt)

20
5.3
10	Required import
8.3
10	Required EU production
6.4

Transport	Industrial processes	Other	Need for Green H2 •	~100GW or EUR 50 billion
			•	Denmark most attractive market to produce green H2
				in EU with significant market share potential

1. Million tons per year

2) The European Commission's plan, REPowerEU estimates 10 Mt can be produced the in EU, and 10 Mt needs to be imported

3) Renewable energy8 Source: Hydrogen Europe; Deloitte Hydrogen4EU 2021

Scalable, pipeline-optimised H2 production

1. Hydrogen pipeline between Denmark and Germany by 2028

1. Germany committed with updated and expanded hydrogen strategy

o EUR >13 billion export potential in 2050 - national Danish consumption comes on top
Strategic focus	Sif

Source: Energinet (TSO)

o Phased development of strategically located large-scale production facilities led by HySynergy with neighbour refinery as initial offtaker

HySynergy

o Sif added to project portfolio with >1GW electrolyser capacity

1. Uniquely positioned for upcoming pipeline capacity reservations

o Rest of hub portfolio under review

	Announced projects
	Coming DK-GER H2 pipeline and nodes
Source: Energinet (Denmark's TSO) | Børsen newspaper	Divested projects
9

Selective roll-out of fuelling solutions

Focused on heavy duty hydrogen mobility

1. Complete close-down of the legacy car stations

1. Ensure safe and efficient operations of current and coming bus depot stations

1. Capture further growth opportunities by focusing on fuelling solutions for truck and bus depots with long-term offtake contracts in Germany driven by green H2-certificates

1. Engage or partner in developing public heavy-duty stations when technology and demand is mature and proven

1. Divestment of legacy car station assets

Bus station, Heinenoord NL

Heavy-duty capable station, Aarhus harbour DK

Operational stations

Demand ready stations

Under construction

10