ThyssenKrupp Nucera AG & Co. KGaA

Investor Presentation • Aug 13, 2025

Q3/9M 2024/25 Results Presentation

August 13, 2025

With you today

Dr. Werner Ponikwar (CEO) Dr. Stefan Hahn (CFO)

Dr. Hendrik Finger (Head of IR)

Disclaimer

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.

Q3 Highlights

Sales guidance for FY 24/25 specified, EBIT guidance for the group and the CA segment raised slightly based on resilient 9M performance

1

New customer engagements in gH2 and Chlor-Alkali business: FEED study for 600 MW gH² project in Europe signed; contract awarded to expand TGV SRAAC's caustic soda plant in India

Key project execution milestones reached: Construction of gH² facility in Neom reached 80% completion; first electrolyzer modules being erected at Stegra plant in Boden

Investing in complementary gH² technologies to reduce time to market and lead in LCOH: Acquisition of pressurized alkaline electrolyzer technology; opening of first SOEC pilot production plant Paid Engineering Contracts ~1.5GW

Total sales 184mn €

Total order backlog ~0.7bn €

1. Business update

5 13 August 2025 | Q3/9M 2024/25 Results Presentation | thyssenkrupp nucera

Chlor-Alkali with good orderbook momentum & new project milestones

Expansion of TGV SRAAC's caustic soda plant in India

• Contract signed in June 2025 to expand TGV SRAAC's caustic soda facility in Kurnool, Andra Pradesh, India, from existing 1,000 to 1,500 tons per day, by additionally installing 3 e-BiTAC electrolyzers

Expansion of CMDC's chlor-alkali plant in Jubail

• Contract includes the sale, delivery and provision of equipment, spare parts and engineering services

Sales Pipeline Project execution

Successful start of operations at KMCI plant in South Korea

Project execution well on track

• Chlorum Solutions USA is making significant strides on its CA plant in Arizona; project has progressed from the engineering phase, now moving into the fabrication of modules
• All components and elements for the OxyChem project in Texas fully fabricated; key shipments in progress and on schedule; 75% of element deliveries successfully completed

Commercial pipeline remains substantial despite some delays and cancellations – Window of opportunity for US projects reopened

As of August 2025. Number in brackets: Data as of previous quarter, May 2025.

¹ Please note: Deviating from the Q2 2024/25 presentation, where an average figure was shown, the median value is now displayed for the actively pursued project pipeline as well.

Awarded engineering contracts paving the way towards FID for green hydrogen projects with a capacity of 1.5 GW

We have already been named preferred technology provider for European projects of ~1.5 GW

Communicated projects in advanced planning stage

Paid Engineering Contract and Capacity Reservation signed with Moeve (August 2024)

Paid Engineering Contract signed for project in Spain (October 2024)

Paid Engineering Contract signed for European project (October 2024)

Paid Engineering Contract signed for European project (June 2025)

Studies define electrolysis technology used in projects

Investing in complementary gH² technologies to reduce time to market and lead in levelized cost of hydrogen

Acquisition of pressurized alkaline electrolyzer technology Opening of first SOEC pilot production plant

• Agreement signed to acquire key technology assets in the field of pressurized alkaline electrolysis, and a test facility in Skive, Denmark from GHS
• Partial substitution of own R&D activities into nextgeneration AWE and reduction of time to market
• Purchase price (high single-digit mn € amount), fully financed from existing liquidity
• Transaction subject to typical clearances¹ , closing expected in late summer 2025

• Opening of our first SOEC pilot production plant together with Fraunhofer IKTS in Arnstadt, Germany
• Important milestone on the road to commercial and large-scale industrial use of SOEC electrolysis
• SOEC pilot plant initially produces stacks in small quantities and has a production capacity of 8 MW p.a.
• Experience to support development of large-scale industrial production for high-performance SOEC stacks

1 Subject to the approval of the court-appointed trustee following the issuance of a bankruptcy decree for Green Hydrogen Systems A/S, consent from certain creditors of Green Hydrogen Systems A/S, and the necessary regulatory clearances

New project execution milestones reached

NEOM

• Construction of green hydrogen facility reached 80% completion
• More than 90 of our modules handed over to customer

Stegra

• Four electrolyzer modules in erection at plant in Boden
• Cell fabrication and delivery on track
• Installation of electrolyzer buildings nearing completion; first process equipment installed

Shell

• All 10 electrolyzers modules erected on site in Rotterdam

2. Update on Q3/9M 2024/25 financials

11 13 August 2025 | Q3/9M 2024/25 Results Presentation | thyssenkrupp nucera

Resilient performance in Q3 – Financials in line with expectations

• CA on PY level; lower order intake driven by gH² business, which included ~200mn € tranche from Stegra in PY

• Sales decline (-22% yoy) across both technologies reflecting high comparison base and high degree of completion of first AWE reference project
• EBIT roughly on PY level; better gH² margin offset lower sales contribution

Order intake still impacted by project delays in green hydrogen

Order intake (mn €)

Order intake Q3

• gH² (-94% yoy) impacted by project shifts and high comparison base (PY included ~200mn € Stegra tranche)
• Higher service orders in CA offset declining New Build business
• Order backlog (30 June 2025) of ~0.7bn €, thereof ~0.3bn € gH²

Order intake 9M

• Increase in CA business thanks to new service orders
• gH² business below PY, which included >300mn € from Stegra

Q3 sales reflecting high degree of completion of existing projects

Sales (mn €)

Sales Q3

• Sales declined yoy across both technologies
• gH² (-23% yoy) due to declining NEOM sales, reflecting high percentage of completion; Stegra with growing sales contribution
• CA (-21% yoy) largely due to high comparison base in service business

Sales 9M

• Sales growth driven by high rate of execution of gH² and CA order backlog
• Sales development on track to reach FY guidance

Margin improvement in green hydrogen supports profitability

EBIT (mn €)

EBIT Q3

• Group gross margin increased by +3%P. to 14% of sales
• gH² increase (+10mn € yoy) mostly driven by improved margin, but also lower OpEx
• CA decline (-12mn € yoy) due to lower sales in Q3 and one-time effects in PY

EBIT 9M

• Strong yoy improvement on group level
• Higher sales and improved project mix in gH² segment driving EBIT growth – increase even stronger if adjusted for SOEC start-up costs

Stringent cost discipline yields improved cost ratios in both CA & gH2

Operating costs (mn €) % of sales

COGS

• Slight improvement in % of sales driven by improved project mix in gH² segment

SG&A

• Strong focus on costs leading to slightly declining cost ratio across both segments

R&D

• R&D efforts increased but have partially been capitalized
• Continued focus on product development, mainly for AWE and SOEC technology

Positive net income and EPS in 9M driven by EBIT improvement

EBIT to EPS (mn €)

	Q3 2023/24	Q3 2024/25
EBIT	2	0
Financial income /(expense), net	7	3
Income tax expense	-2	-5
Net income	7	-2
Earnings per share (EPS) (€)	0.05	-0.01

	9M 2023/24	9M 2024/25
EBIT	-13	4
Financial income /(expense), net	19	13
Income tax expense	-6	-13
Net income	-1	4
Earnings per share (EPS) (€)	-0.01	0.04

EBIT to EPS Q3

• Financial result impacted by lower interest income resulting from lower interest rates
• Income tax expenses increased

EBIT to EPS 9M

• Positive financial income due to interest earned on cash position
• EPS improvement thanks to strong EBIT development, overcompensating lower financial income and higher tax expenses

Positive Free Cash Flow underlines financial stability

Cash flow (mn €)

1. As per Cash Flow Statement and defined as: Changes in assets and liabilities, inventories, trade accounts receivable, contract assets, trade accounts payable, contract liabilities.

Change in NWC¹

• Positive contribution from prepayments offset increase in inventories

Free Cash Flow

• Operating CF: Significant increase driven by positive earnings contribution, an improved NWC and lower advanced payments to suppliers
• Investing CF: Higher cash outflow due to higher investments in intangible assets (esp. R&D) and higher PPE expenditures

Strong financial foundation to support future growth and resilience

Net financial assets development (mn €)

1. Net financial assets are calculated as balance of recognized cash, cash equivalents and time deposits, as well as short-term debt instruments and non-current and current financial liabilities. 2. As per Cash Flow Statement and defined as: Changes in assets and liabilities, inventories, trade accounts receivable, contract assets, trade accounts payable, contract liabilities. 3. As per Cash Flow Statement, excluding non-cash investments.

Outlook for FY 2024/25 specified; EBIT guidance raised slightly

Strong industry positioning and high demand for our technologies underlined by ~1.5 GW gH² paid engineering contracts and new Chlor-Alkali contract awards

Investing in our green hydrogen technology portfolio to reduce time to market and lead in levelized cost of hydrogen

Key project execution milestones reached and high rate of project execution ongoing

On track to deliver on specified and slightly improved full-year 24/25 guidance

Questions & Answers

Events & Financial Calendar

Upcoming events IR Contact

• Aug 27 Hamburger Investorentage HIT (Hamburg)
• Sept 2 Roadshow Zurich
• Sept 3 Danske Bank Fireside Chat (Virtual)
• Sept 4 Commerzbank & ODDO BHF Corporate Conference (Frankfurt)
• Sept 4 RBC Global Energy Back-to-School Series (Virtual)

• Sept 23 Berenberg and Goldman Sachs German Corp. Conf. (Munich)
• Sept 24 Baader Investment Conference (Munich)

Financial calendar

Dec 17 Annual Report 2024/25

thyssenkrupp nucera AG & Co. KGaA Investor Relations

+49 231 229 724 347 ir@thyssenkrupp-nucera.com investors.thyssenkrupp-nucera.com

Appendix

24 13 August 2025 | Q3/9M 2024/25 Results Presentation | thyssenkrupp nucera

New segment reporting (IFRS 8) as of FY 2024/25

Changed segment structure from Oct 1, 2024

1. Includes AWE and SOEC business.

EBITDA

(in mn €)	Q3 2023/24	Q3 2024/25
EBITDA	3	2
EBITDA margin (in %)	1%	1%

(in mn €)	9M 2023/24	9M 2024/25
EBITDA	-9	12
EBITDA margin (in %)	-2%	2%

External sales by region

(in mn €)	Q3 2023/24	Q3 2024/25	9M 2023/24	9M 2024/25
Europe	40	59	88	183
North America	6	26	33	81
South America	19	13	65	61
Asia / Pacific	15	4	36	15
Greater China	30	19	67	47
India	7	3	17	10
Middle East & Africa	120	59	304	266
Total	237	184	609	663

The allocation of sales is based on the location of the construction site of each project.

Group | Summary income statement Q3

(in mn €)	Q3 2023/24	Q3 2024/25
Sales	237	184
Cost of sales	-212	-158
Gross profit	26	26
% margin	11%	14%
R&D	-11	-10
SG&A	-19	-19
Other income /(expense), net	6	3
EBIT	2	0
% margin	1%	0%
Financial income /(expense), net	7	3
Income tax expense	-2	-5
Net income	7	-2
Earnings per share (EPS) (in €)	0.05	-0.01

Group | Summary income statement 9M

(in mn €)	9M 2023/24	9M 2024/25
Sales	609	663
Cost of sales	-549	-587
Gross profit	60	76
% margin	10%	11%
R&D	-25	-24
SG&A	-56	-56
Other income /(expense), net	7	8
EBIT	-13	4
% margin	-2%	1%
Financial income /(expense), net	19	13
Income tax expense	-6	-13
Net income	-1	4
Earnings per share (EPS) (in €)	-0.01	0.04

Group | Summary balance sheet assets

(in mn €)	Sept 30, 2024	June 30, 2025
Property, plant and equipment	14	41
Goodwill	55	53
Intangible assets other than goodwill	7	16
Other non-current assets1	33	32
Total non-current assets	108	142
Inventories	147	199
Trade accounts receivable	63	69
Contract assets	122	68
Other financial assets	3	4
Cash and cash equivalents	680	688
Other current assets2	138	77
Total current assets	1,153	1,105
Total assets	1,261	1,247

1. Includes Other financial assets, Other non-financial assets and Deferred tax assets 2. Includes Other non-financial assets, Current income tax assets

Group | Summary balance sheet equity and liabilities

(in mn €)	Sept 30, 2024	June 30, 2025
Equity attributable to equity holders	754	754
Accrued pension and similar obligations1	9	9
Other provisions	1	0
Deferred tax liabilities	13	13
Lease liabilities and other financial liabilities	4	25
Total non-current liabilities	27	48
Trade accounts payable	163	136
Contract liabilities	225	199
Lease liabilities and other financial liabilities	7	7
Other current liabilities2	86	104
Total current liabilities	480	445
Total liabilities	507	493
Total equity and liabilities	1,261	1,247

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

Group | Summary cash flow statement Q3

(in mn €)	Q3 2023/24	Q3 2024/25
Net income	7	-2
Depreciation & amortisation	1	3
Change in NWC1	-62	-43
Other operating cash flow2	9	39
Cash flow from operating activities	-45	-3
Expenditures for acquisitions	-	-
Capital expenditures	-2	-6
Proceeds from disposals	0	0
Cash flow from investing activities	-2	-6
Dividends paid to equity holders	-	-
Other financing cash flow	-1	-1
Cash flow from financing activities	-1	-1
Effect of exchange rate changes	-1	-3
Increase/(decrease) in cash and cash equivalents	-48	-11

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

Group | Summary cash flow statement 9M

(in mn €)	9M 2023/24	9M 2024/25
Net income	-1	4
Depreciation & amortisation	4	8
Change in NWC1	-68	-57
Other operating cash flow2	16	77
Cash flow from operating activities	-49	32
Expenditures for acquisitions	-3	-
Capital expenditures	-4	-18
Proceeds from disposals	0	0
Cash flow from investing activities	-8	-17
Dividends paid to equity holders	-	-
Other financing cash flow	-6	-3
Cash flow from financing activities	-6	-3
Effect of exchange rate changes	-4	-3
Increase/(decrease) in cash and cash equivalents	-63	12

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

13 August 2025 | Q3/9M 2024/25 Results Presentation | thyssenkrupp nucera