2G Energy AG

Investor Presentation • Apr 3, 2025

04.04.2025 │ 2 2-g.com

2G Energy – in a world full of opportunities.

Agenda.

• 1. 2G at a glance .
• 1. Key products.
• 1. Order situation.
• 1. Situation USA.
• 1. Further trends.
• 1. 2G is prepared.
• 1. Investment case .
• 1. Full Year 2024 .

2G at a glance.

• Foundation: 1995 HQ in Heek. NRW. Northwest of Germany
• Market Cap: app. 430 Mio. Euro
• Free float: app. 55%
• Net sales 2024: 375.6 Mio. Euro (thereof 207 ME machines. 168 ME spare parts)
• EBIT 2024: 8.9% EBIT (2023: 7.6%)
• Net sales 2025e: 430 to 450 Mio. Euro (CAGR: 11.2% last 10 years)
• Net sales 2026e: 440 to 490 Mio. Euro
• Equity ratio: above 50%
• Employees: app. 900 worldwide

2G at a glance.

Foreign subsidiaries:

8 Internat. Sale/Service comp.: G7 (USA, CA, UK, F, I, E) + Pol + NL 1 Competence centre: NRGTEQ B.V. in NL (heat pumps)

• Importance to the (European) energy supply:
  • above 7'000 active CHP plants in more than 50 countries
  • app.2GW actual capacity (compared toaverage German nuclear plant of app. 1.3 GW)
• Competitive situation:
  • Germany: the most comprehensive range of products for a decentralized energy supply with base load security
  • H2: Technological leader (worldwide)

Agenda.

1. 2G at a glance .

2. Key products.

• 1. Order situation.
• 1. Situation USA.
• 1. Further trends.
• 1. 2G is prepared.
• 1. Investment case .
• 1. Full Year 2024.

Key products and solutions – Machines.

Synergies: R&D, sales, project management, procurement, production ...

Heat pump. Thermal energy

Demand Response / Gas to Power Power Generation

Key products – Combined Heat and Power – CHP.

vom 01.10.2024 – Titelgeschichte

Speyers Stadtwerkechef Bühring betonte abschließend.

dass die erneuerbaren Energiequellen sinnvoll durch dezentrale KWK-Anlagen abgesichert werden müssten.

Ohne KWK funktioniere es schlicht nicht.

KWK-Anlagen sollten deshalb konsequent in die Energieinfrastruktur mit einbezogen werden. um ihre Fähigkeit zu nutzen. sowohl positive als auch negative Residuallasten im Stromverteilnetz auszugleichen.

Nur dann könne auch der weitere Aus- und Aufbau einer "grünen" Wärmeversorgung gelingen.

CHP: From grey workhorse to green team player.

Key products – Heat only – Heat Pump.

Heat pump. Heat only/Thermal energy

Future expectations:

• -
  -
• -
  -
  -

High-capacity heat pump: Highly cost-effective producer of CO2-free heat.

Key products – Heat only – Heat Pump.

Future expectations:

Heat pump. Heat only/Thermal energy

High-capacity heat pump: Highly cost-effective producer of CO2-free heat.

Key products – Demand Response.

Demand Response / Grid Guard

Future expectations:

• Positioning:
  • Between a power plant and an emergency power generator

or

Gas2Power

Annual operating hours:

• Emergency power generator: app. up to 500 hours
• Demand response: app. 500 2'000 hours
• CHP: above 2'000 hours
• Ramp-up:

  - Main market: USA

  -

2025: First installation with launch partner 2026: Full market launch

Key products – Demand Response.

Future expectations:

Medium Power Gensets: CAGR: 15-20%. app. 0.5 => 2.0 USD Billion

Demand Response / Grid Guard

Demand Response: The fast and cost-effective temp power.

Key solution - Green Cube.

Heat pump. Heat only/Thermal energy

Green Cube.

Decoupled Heat & Power

• Combined with storage facilities.
• Tailored to the individual needs for local authorities / private investors.
• Locally available environmental heat sources are included (e. g. existing wind and solar parks. bioenergy. industrial waste heat ....)
• Modularly configurable standard product.
• Containerised solutions as turnkey projects.

2G as solution provider.

Key products – Machines + Service.

Key products - Service.

Service. Worldwide

Main aspects:

• Constantly growing revenues with service and parts
• Downside potentials:
  • Lower annual operating hours reduce the need for servicing

Upside potentials:

• Increasing number of full maintenance contracts due to
  • More professional management of sales potential
  • Growing dependence of system owners on the availability of their power plants
• Increasing sale of own design parts due to
  • Growing share of own engines (instead of purchased engines)
  • More and more self-designed components and wearing parts
• Supplementing and/or replacing partner service personnel in foreign markets with our own staff
• Cost effectiveness:
  • Implementation of a comprehensive ERP system specifically for service
  • Increasing use of artificial intelligence for predictive maintenance

Service: Reliable and crisis-resistant cash flow over time.

Agenda.

• 1. 2G at a glance .
• 1. Key products.
• 3. Order situation.
• 1. Situation USA.
• 1. Further trends.
• 1. 2G is prepared.
• 1. Investment case .
• 1. Full Year 2024.

Order intake Q4 2024 by region.

Order intake Q4 2024	2024		2023		Change
	MEUR in	in %	MEUR in	in %	in MEUR	in %
Germany	9.1	14 %	21.1	55 %	-12.0	-57 %
Rest of Europe	35.0	54 %	9.5	31 %	25.5	+268 %
North America	16.1	25 %	1.3	5 %	14.8	>999 %
Asia/Australia	2.4	2 %	10.0	5 %	-7.6	-76 %
Rest of the world	2.6	4 %	5.6	4 %	-3.0	-53 %
Total	65.3	100 %	47.5	100 %	17.8	+37 %

Order intake Q3 2024 by region.

Order intake Q3 2024	2024		2023		Change
	MEUR in	in %	MEUR in	in %	in MEUR	in %
Germany	21.0	28 %	26.1	62 %	- 5.1	- 19 %
Rest of Europe	41.9	56 %	6.0	14 %	+ 35.9	+ 598 %
North America	10.5	8 %	1.4	3 %	+ 9.1	+ 650 %
Asia/Australia	4.4	6 %	1.2	3 %	+ 3.2	+ 267 %
Rest of the world	2.5	3 %	7.3	18 %	- 4.8	- 66 %
Total	80.4	100 %	42.0	100 %	+ 38.4	+ 91 %

Order intake Q4 2024 by region – Rest of Europe.

Order intake Q4 2024	2024		2023		Change
	MEUR in	in %	MEUR in	in %	in MEUR	in %
Rest of Europe	35.0	54 %	9.5	31 %	25.5	+268 %
Total	80.4	100 %	42.0	100 %	+ 38.4	+ 91 %

Rest of Europe – Eastern Europe

• The continues large-scale destruction of energy infrastructure in Ukraine is having an impact on private and public decision makers in Eastern Europe.
• CHP units demonstrate some of their major advantages: rapid availability, robust operating mode, relative independence from other infrastructure.
• Various project partners have placed some substantial orders in Q4.
• We expect sales activities to remain strong.

Agenda.

• 1. 2G at a glance .
• 1. Key products.
• 1. Order situation.

4. Situation USA.

• 1. Further trends.
• 1. 2G is prepared.
• 1. Investment case .
• 1. Full Year 2024.

Order intake Q4 2024 by region – North America.

Order intake Q3 2024	2024		2023		Change
	MEUR in	in %	MEUR in	in %	in MEUR	in %
North America	16.1	25 %	1.3	5 %	14.8	>999 %
Total	80.4	100 %	42.0	100 %	+ 38.4	+ 91 %

North America

• The market continues to be characterized by large-volume projects.
• Inflation Reduction Act remains a strong driver with roll-over effect in 2025
• In Q4, further promising projects were processed but not signed.
• In 2025, strong order intake expected.
• Impact of new administration not yet clarified.

Possible import duties on the US market.

04.04.2025 │ 22 2-g.com

2G Energy – in a world full of opportunities.

Possible import duties on the US market.

Import duties:

Even very high import duties only lead to marginal additional costs in terms of electricity generation costs over the total live cycle.

This is because main part of costs are US based: Total Capital Cost

CAPEX

• Project planning,
• Transport cost,
• Customer installation,
• Commissioning,
• Decommissioning,
• etc.

OPEX

• Fuel cost,
• Maintenance,
• Financing,
• Management,
• etc.
• Currently no impact on investments visible.
• Market demand remains high.

	Lifecyle Fuel Cost
	(only USA)
		(USA + Import)
		Total Maintenance
		Cost (mainly USA)

Sharp rise in electricity consumption.

in USA, G7, G20, Europe, Indo-Pacific, RoW due to AI boom, electromobility, phase-out of fossil heating energy ... on short notice.

Strategic importance:

Electricity consumption worldwide is rising much faster than new large-scale power plants (gas and nuclear power) will be available.

Affected product:

• CHP
• Demand response / Grid Guard
• Gas2Power

Affected markets:

• North America
• Europe
• Worldwide

	of Deal 20 o Global electricity demand set to rise strongly this are year and next, reflecting its expanding role in energy systems around the world News 19 July 2024
	F / Économie Décideurs Economie > Entreprises Conso Entrepreneurs >
Accueil > Economie > Conjoncture
Electricité : Enedis prévoit une hausse de la consommation à partir de 2035, portée par les transports
Par Le Figaro avec AFP

Agenda.

• 1. 2G at a glance .
• 1. Key products.
• 1. Order situation.
• 1. Situation USA.
• 5. Further trends.
• 1. 2G is prepared.
• 1. Investment case .
• 1. Full Year 2024.

Key solution larger plants – Gas2Power / CHP

Main application:

• Prime and back-up power
• North America and Europe
• CHP/cooling solution
• Modular
• Short delivery time

Data centres are becoming increasingly important.

Data centres are becoming increasingly important.

Also in Germany!

Gas engines fill supply gaps.

[Germany's largest energy supplier] RWE plans gas engine power plant at Gundremmingen nuclear power plant site [120 MW].

Strategic importance:

Gas engine power plants are becoming part of the large-scale energy transition and thus part of the official German power plant strategy ("Krafwerksstrategie").

Affected product:

• CHP
• Demand Response

Affected markets:

• Germany
• App. 50 further such power plants are necessary!

Gas engines fill supply gaps.

		Ergebnisse der Sondierungen von CDU, CSU und SPD
--	--	--------------------------------------------------	--	--

Electricity supply increasingly insecure.

Market situation :

Volatility on the electricity market is reflected in specific bottlenecks and price extremes.

Strategic importance:

The short-term pressure to act draws attention to projects for reliable electricity generation that can be realized in the short term.

• Affected product:
  • Demand response / Grid Guard
  • Gas2Power
  • CHP
• Affected markets:
  • USA
  • Germany
  • EU, G7, G20, RoW

04.04.2025 │ 31 2-g.com

Electricity supply increasingly insecure.

Market situation :

Power supply in Germany (and Europe?) is not as stable as it seems! The SAIDI index only records power outages

• lasting longer than 3 minutes.
• Strategic importance: Industrial companies invest into back-up power generation capacity.
• Affected product:
  • CHP
  • Demand response

Affected markets:

Germany

04.04.2025 │ 32 2-g.com

Hydrogen economy is developing.

• Market situation : 2G is at the heart of the growing German (and European?) hydrogen center.
• Strategic importance:

The predictable availability of (green) hydrogen remove the "chicken and egg" situation. However, there is a lack of large -scale consumers in particular (steel mills, fertilizer production, mobility), which opens up potential for H ² power generation based on CHP.

Affected product:

CHP

Affected markets:

Germany, EU, G7, G20

2 -g.com

The importance of sewage gas is growing.

Market situation :

The sewage treatment plants must be given a fourth purification stage and are to become climate-neutral.

Strategic importance:

The electricity consumption of wastewater treatment plants is increasing significantly. At the same time the utilization of the sewage gases produced through CHP is the most cost-efficient solution.

• Affected product:
  • CHP (with 2G as market leader)

Affected markets:

EU

Agenda.

• 1. 2G at a glance .
• 1. Key products.
• 1. Order situation.
• 1. Situation USA.
• 1. Further trends.
• 6. 2G is prepared.
• 1. Investment case .
• 1. Full Year 2024.

2G is prepared.

Regional as well as solution diversification require adjustments:

Group structure:

Focusing the organization on international growth.

Group-wide IT solution:

Empowerment of the organization/people through the introduction of a Group-wide IT solution.

Management capacities:

Expansion of management capacities through highly qualified key personnel.

Modern assembly facilities:

Increasing the efficiency of the production site by investing in additional modern assembly facilities.

2G is prepared. Focusing the Group structure on international growth.

The parent company Group structure is to be transferred to an operational holding structure.

2G is prepared. Focusing the Group structure on international growth.

• Clear Group structure enables standardised management. processes and controlling.
• Future sales companies (and possibly production companies) can be easily integrated.

2G is prepared. Empowerment of employees through the introduction of a Group-wide IT solution.

ERP system.

• Document management system.
• Live cycle management system.

Configurator.

Global Homepage.

Online shop.

Cloud-based solutions enable the rapid and standard-compliant integration of new Group companies.

…

2G is prepared. Expansion of management capacities through highly qualified key personnel.

Ulrich Brinkmann:

• Former position: Managing Director Johnson Controls Germany
• New position at 2G: Sales Director Large Heat Pumps
• First working day at 2G: 01 February 2024
• Key project concerned:
  • Internationalisation/Partner Concept
  • Innovation
• Affected markets:
  • Germany. EU. G7. G20

2G is prepared. Expansion of management capacities through highly qualified key personnel.

• Aaron Tasin:
  • Former position: VP of Business Development, Sales & Engineering
  • New position at 2G: Managing Director 2G North America
  • First working day at 2G: March 2025
• Key project concerned:
  • All products
  • Data center
• Affected markets:
  • US, Canada

• 2G Energy Inc.
• Northeast Western Energy Stystems USA, LLC
• Wärtsilä
• Capstone Turbine Corporation
• GE Jenbacher

2G is prepared. Expansion of management capacities through highly qualified key personnel.

Pablo Hofelich:

• Former position: Chief Sales Officer (CSO) of 2G Energy AG
• New position at 2G from June 2025 on: Chief Executive Officer (CEO)
• First working day at 2G: 01 September 2024
• Key project concerned:
  • All products, sales, service internationalisation, …

Affected markets:

Worldwide

2G is prepared. Increasing the efficiency of the production site by investing in additional modern assembly buildings.

Agenda.

• 1. 2G at a glance .
• 1. Key products.
• 1. Order situation.
• 1. Situation USA.
• 1. Further trends.
• 1. 2G is prepared.
• 7. Investment case .
• 1. Full Year 2024.

The 2G success story in retrospect.

The 2G success story in future.

Investment case.

• Huge and rapidly growing market potential (Germany, USA, East Europe, G20)
• Strategic resiliency against political decisions and economic developments due to
  • Robust country mix and thus independence from individual markets
  • Comprehensive fuel mix (H2 inclusive polluted H2, bio-gas, lean-gas, natural gas, gas mixtures. …)
  • Complementary product portfolio:
    • Demand Response, Grid Guard, Gas2Power
    • CHP
    • Large capacity heat pump
• Strong and growing service business
• Company fit for strong growth

(organisational structure, IT set up, management and production capacities)

• Substantial EBIT increase
• ISS Prime rating

Agenda.

• 1. 2G at a glance .
• 1. Key products.
• 1. Order situation.
• 1. Situation USA.
• 1. Further trends.
• 1. 2G is prepared.
• 1. Investment case.
• 8. Full Year 2024 .

Key figures

in EUR million	2024	2023	∆
Net sales	375.6	365.1	+ 3 %
Total output	364.8	371.0	- 2 %
EBIT	33.3	27.6	+ 21 %
Liquidity	49.5	12.3	+ 303 %

Development since 2020

Net Sales, EBIT an EBIT-Margin are growing

Development of sales

Development of sales

Development of sales

Operating working capital

in EUR million *	2024	2023	abs. diff.	rel. diff.
Raw materials and supplies	62.0	62.2	- 0.2	0.3 %
Work in progress	43.1	72.3	- 29.2	- 40.4 %
Prepayments rendered	5.6	3.7	1.9	51.3 %
Prepayments received for orders	- 22.0	- 28.4	6.4	- 22.5 %
Inventories	88.7	109.8	- 21.1	- 19.2 %
Trade receivables	68.7	58.5	10.2	17.4 %
Prepayments received w/o connection to orders	- 73.4	- 40.4	- 33.0	81.8 %
Trade payables	- 9.5	- 17.1	7.6	- 44.6 %
Operating working capital	74.6	110.9	- 36.3	- 32.7 %

Development of liquidity

in EUR million *	2024	2023	abs. diff.	rel. diff.
EBIT	33.3	27.6	5.7	20.7 %
Depreciation and amortization	7.8	6.7	1.1
Change in operating net working capital	19.6	- 16.3	35.9
Change in other provisions	2.7	- 1.5	4.2
Other operational changes e.g. payables, liabilities, profit/loss sold assets (w/o financing and investing)	1.3	1.4	-0.1
Income tax payments	- 11.3	- 6.1	-5.2
Cash flow from operating activities	53.3	11.7	41.6	355.5 %
Cash flow from investing activities	- 11.5	- 11.4	- 0.1
Cash flow from financing activities incl. dividend	- 5.4	- 1.2	- 4.2
Net change in cash (incl. currency-related changes)	37.2	- 0.9	38.2
Cash as of January 1	12.3	13.3	-1.0
Cash as of December 31	49.5	12.3	37.2	302.2 %
04.04.2025 │ 55		*)	rounding differences	2-g.com

may occur

450.0

Sales(-forecast) to order backlog

Products

04.04.2025 │ 56 2-g.com *) arithmetic assumption; no limitation of the forecast

440.0*

Sales(-forecast) to order backlog

Products

04.04.2025 │ 57 2-g.com *) arithmetic assumption; no limitation of the forecast

Forecast 2025

04.04.2025 │ 58 2-g.com *) arithmetic assumption; no limitation of the forecast

Forecast 2025

Sales: EUR 440 - 490 million, EBIT-Margin: 9.0 – 11.0 %

04.04.2025 │ 59 2-g.com *) arithmetic assumption; no limitation of the forecast

Contact details. Calendar.

designated CEO CFO

+49 (0) 2568 9347 – 0 www.2-g.com info@2-g.com

2G Energy AG Benzstraße 3 D-48619 Heek - Germany

		2025
		April 03	Metzler Small Cap Days, Frankfurt
		April 29	Consolidated financial statements for FY 2023
		May 12-13	Spring Conference, Frankfurt
		May 22	Q1 key figures and business trends
		June 12	Ordinary AGM, Ahaus/Germany
		September 4	Consolidated financial statements for H1 2025
Pablo Hofelich	Friedrich Pehle	November 24-25	German Equity Forum, Frankfurt