Everfuel A/S : Q1 Earnings Presentation 2024

15 May 2024

EARNINGS

PRESENTATION

Q1 2024

Transformer area with entrance to Electrolyser | 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.

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Today's presenters

Jacob Krogsgaard	Jesper Ejlersen
Founder and CEO	CFO

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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 in 20242 from first production facility, HySynergy 20 MW operational second half of 2024. 100 MW supply contract and grants for 130 MW expansion secured

1. Hydrogen pipeline connecting Denmark and Germany positions Everfuel to supply the largest European market by 2028. First LoI for ~100 MW capacity secured

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

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

Q1 Key events

1. HySynergy 1 start-up moved to second half 2024 due to failed commissioning tests of certain sub-systems provided by the supplier postponing internal Everfuel and supplier software validation

1. LOI with undisclosed industrial offtaker of green hydrogen in Germany

1. Political agreement in Denmark for financing of the hydrogen pipeline infrastructure

1. Five trailers in operation, serving the Heinenoord bus station and upcoming bus depots in Germany o Q1 EBITDA of EUR -2.6. million (EUR -5 million Q1 2023)
   o Cash position of EUR 25.4 million at end of March 2024
   o Significant cost reduction in downstream business activities
   o Current liquidity position expected to fund investment and operation plans well into 2025
   o Updated long-term ambition of >2 GW installed capacity, EUR >1 billion revenue by end-2035 with an EBITDA margin of 30-35%

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Hydrogen market outlook

and strategy

Electrolyser room | HySynergy	6

Consensus on hydrogens potential - Winners will rely on experience

46-65% increase in total estimated cost

Market and

demand

Technology

Political

2020 - Hype

• Capital markets ready
• Industrial demand is rising
• H2 seen as complimentary solution for mobility market to BEV
• Consensus on H2 technology as mature and ready commercialise
• Technology not tested at scale
• Uncertainty on H2's role in energy and security
• Political talks and protracted decisions

2024 - Reality

• Capital market (risk averse but see great potential)
• Industrial demand is increasing
• H2 mobility future pivots towards heavy-duty
• Tech. immaturities across value chain
• Project complexities and cost increases
• EU promote H2 as key energy and security factor
• Pipeline infrastructure starts in GER-DK
• H2 needed to reach global emission targets

Coming decade

Success will depend on:

• Persistence and agility
• Proven 'safety first' culture
• Courage to adapt strategy
• Real experience
• In-houseIP and Tech know-how
• Deep commercial insight
• Strong mgmt. and long- term shareholders
• Trustful partnerships
• Certified green hydrogen

of alkaline electrolyser system from 2022 to 20241

2,300 EUR/kW average cost of alkaline electrolyser systems in Europe1

Hydrogen production cost increase1:

€	Up to 30-65%€

20212023

>70 GW increase in projects to be installed by 2030 - announced 2023 alone1

1Hydrogen Council - Hydrogen Insights 2023

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The European H2 market is in front

- initial shortage is expected

8.20 Mt/a H2 usage in 2022

A 42% RFNBO4 target for industry will drive up the market for green hydrogen

EU H2 usage in 20221 Other Industrial heating

(Mt) Methanol 0.3 1.0 0.3

Ammonia	2.0	4.7 Refineries

Regulation puts the hydrogen market in motion2:

Key markets are growing

Emission targets and regulation initiate the transition for hard-to-abate industries

Germany and the Netherlands steel industry alone require a ~1 Mt/year demand by 2030, requiring >10 GW of electrolyser capacity2

• Infrastructure emerges - member states

expedite the development of the H2 backbone

• Subsidy programs bolster investment in

production capacities. IPCEI, PtX tender in

Denmark and Hydrogen Bank as examples.

• RED II mandates use of RFNBO in mobility

• RED III mandates use of RFNBO in refinery and

	EU H2 consumption by 20303		20
10 + 10 Mt	(Mt)		5.3	10	Import
green H2 by		8.3
2030	6.4			10	EU prod.
	Transport	Industry	Other	Green H2 need

1Hydrogen Europe: Clean Hydrogen Monitor 2023

2BCG: Turning the European Green Hydrogen Dream into Reality: A Call to Action

3European Commission: REPowerEU Plan

4Renewable Fuel of Non Biological Origin

industry

• Carbon contracts for difference

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German industrial demand will cultivate Denmark's export potential

German hydrogen demand targets in 2030 in Mt1,2

		2.4 - 3.3		1.6 - 2.5
		Hydrogen demand 2030	RFNBO demand 2030
German hydrogen market and supply in 2030 and 2045 in Mt1
		RFNBO import potential		RFNBO domestic production potential	16.4

Potential extra demand of 0.6Mt on top until 2035 for hydrogen ready power plants3

			13.7
	0.6	2.5
	1.8
1.9
	0.7	2.7
New use cases (steel,	Industrial use affected	20302	2045
eFuels, transport)	by RED III target

1Frontier Economics: Herausforderungen und Instrumente zur unterstützung des markthochlaufs der wasserstoffwirtschaft in deutschland

2Frontier Economics- 28 TWh calculated based on 10 GW installed electrolyser capacity and a load factor of 50% to 60% to reflect a realistic production scenario in Germany 3European Commission -RED III: hydrogen for hydrogen fired power plants is currently not affected by RFNBO quota or targets in the RED

4 25,4kt of hydrogen reflects ~1 TWh per year

A ~1.8Mt import potential by 2030

1. Self-imposedhydrogen ramp-up targets of 2.4- 3.3Mt /y 4 by 2030

1. German demand exceeds domestic production potential by a factor of 2.5x

1. Denmark uniquely positioned to export RFNBO hydrogen to Germany

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First LOI signed with German industrial offtaker

First

German LOI

Hydrogen backbone capacity

1. First LOI with German industrial offtaker

1. Decarbonising production according to RFNBO targets o Initial supply of up to 10kt/y RFNBO hydrogen
   o Operationally optimised 100 MW electrolyser
   o Supplied from project Sif or other future projects o Open ended demand from 2028 and onwards
   o Subject to hydrogen backbone (pipeline)

1. Danish TSO's market exploration1 deadline for backbone capacity reservation was 5 May 2024

1. Everfuel indicated a significant reservation incl. the LOI o Dialogue with TSO to firm reservation commitment2

Initial demand represents

5%

of Everfuel's 2035 ambition

1Non-committed capacity reservation as part of the Danish TSO's market exploration investigation 2Firm hydrogen backbone capacity commitments scheduled for second half of 2025

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