2G Energy AG

Investor Presentation • Oct 17, 2025

2G at a glance.

• Importance to the (European) energy supply:
• above 10 000 CHP plants sold in more than 60 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)

17.10.2025 │ 2 2-g.com

Agenda.

• 1. 2G at a glance.
• 1. Key products.
• 1. Order situation.
• 1. Current situation.
• 1. Competitive landscape.
• 1. 2G is prepared.
• 1. Investment case.

2G at a glance.

Foundation: 1995 – HQ in Heek. NRW. Northwest of Germany

Market Cap: app. 600-650 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 440 Mio. Euro (CAGR: >11% last 10 years)

Net sales 2026e: 440 to 490 Mio. Euro

Equity ratio: above 50%

Employees: app. 1000 worldwide

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)

2G at a glance.

• Importance to the (European) energy supply:
• more than 10 000 sold power plants in more than 60 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)

17.10.2025 │ 5 2-g.com

Agenda.

• 1. 2G at a glance.
• 2. Key products.
• 1. Order situation.
• 1. Current situation.
• 1. Competitive landscape.
• 1. 2G is prepared.
• 1. Investment case.

2G's product range fits short and long term.

R&D and product design

Supplier selections & partnership

Project Acquisition & Financing

Project planning Sourcing

Assembling/ Quality management

Commissioning Digital

monitoring

Service and maintenance

Great similarities at all levels.

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Key products – Gas2Power - Demand Response.

Demand Response / Grid Guard.

Technical features:

Continuous Power (COP): 420 kW Prime Power (PRP): 470 kW Limited Time Power (LTP): 520 kW Emergency Standby Power (ESP): 550 kW

Positioning and annual operating hours:

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

Gas2Power: unlimited

Ramp-up:

Main market: USA

2025: First installation with launch partner 2026: Full market launch (up to 100 units)

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Key products – Gas2Power - Demand Response.

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

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Key products – Gas2Power - Demand Response.

Demand Response / Grid Guard.

Strategic Partnership:

• CK Power, St. Louis, Missourie
• A long-standing U.S. company specializing in industrial engine and power generation solutions
• CK Power offers customized energy solutions and comprehensive service to customers
• CK Power will receive comprehensive sales, marketing, and service rights for 2G's new demand response product in the United States
• Sales activities will start from January 2026, following the Power-Gen International trade fare, San Antonio, Texas

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Key products – Combined Heat and Power – CHP.

A combustion engine (20kW–4500 kW) drives a generator.

All kinds of Gas

• Natural Gas
• Bio Gas
• Special Gas
• Landfill Gas
• Mining Gas
• Sewage Gas
• Flare Gas
• Mixtures
• …
• H2 (0-100%!)
• Polluted H2

agenitor

Electrical Energy (up to 42%)

• Grid feeding
• Self-consumption

Thermal Energy (up to 50%)

• Heating systems (upto 90°C)
• Grid feeding
• Self-consumption
• High temperature applications (up to400°C)
• Absorption chillers
• Heat pumps

*) aura-Model

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Key solution – larger plants – Gas2Power / CHP

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

Main application: Data Center

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Key products – Heat Pump.

Heat pump. Thermal energy

Ramp-up:

Germany: Industry and municipalities focus

2026: Large cities heat planning mandatory

2028: Small cities heat planning mandatory

+2025 The price of indust. electricity is set to fall by 40%

Focus: Germany (via 2G) + Benelux (via NRGTEQ).

EU in FY26| RoW FY27

Order Intake:

2025: Above 10 Mio. Euro on track

2027: Approx. 45 Mio. Euro pipeline building-up

Long term: Comparable to CHP in G20 countries

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

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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.

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Agenda.

• 1. 2G at a glance.
• 1. Key products.
• 3. Order situation.
• 1. Current situation
• 1. Competitive landscape.
• 1. 2G is prepared.
• 1. Investment case.

17.10.2025 │ 15 2 -g.com

Customer base - Order intake H1/2025.

38% Industry and Trade	36% Manufacturing	0% Chemical industry	2% Food industry
13% Service	1% Hospitals and nursing facilities	1% Sports and leisure facilities	11% Housing and public building
49% Energy	6% Public utilities	5% Landfills/ sewage treatment plants	38% D: 26 % Export: 12 % Biogas plants

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Customer base - Order intake 2024.

17% Industry and Trade	15% Manufacturing	1% Chemical industry	1% Food industry
17% Service	13% Hospitals and nursing facilities	1% Sports and leisure facilities	3% Housing and public building
65% Energy	28% Public utilities	7% Landfills/ sewage treatment plants	30% D: 13 % Export: 17 % Biogas plants

17.10.2025 │ 17 2-g.com

Order intake H1 2025 by region.

Order intake		2025		2024	Change
H1 2025	MEUR in	in %	MEUR in	in %	in MEUR	in %
Germany	57.6	52%	42.4	45%	15.2	36%
Rest of Europe	34.8	32%	20.5	22%	14.3	70%
North America	12.4	11%	22.0	24%	-9.6	-44%
Rest of the world	5.9	5%	8.4	9%	-2.5	-31%
Total	110.7	100%	93.3	100%	17.4	+19%

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Order intake Q2 2025 by region.

Order intake		2025		2024	Change
Q2 2025	MEUR in	in %	MEUR in	in %	in MEUR	in %
Germany	21.7	40%	19.1	46%	2.6	14%
Rest of Europe	23.7	44%	6.2	15%	17.5	280%
North America	8.3	15%	4.7	11%	3.6	75%
Rest of the world	0.5	1%	11.9	28%	-11.4	-96%
Total	54.2	100%	41.9	100%	12.3	+ 29%

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Order intake Q1 2025 by region.

Order intake		2025		2024	Change
Q1 2025 / 2024	MEUR in	in %	MEUR in	in %	in MEUR	in %
Germany	35.9	64%	23.5	45%	12.4	53%
Rest of Europe	11.0	19%	14.4	28%	-3.4	-24%
North America	4.1	7%	10.1	20%	-6.0	-59%
Rest of the world	5.5	10%	3.7	7%	1.8	49%
Total	56.5	100%	51.7	100%	4.8	+9%

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Agenda.

• 1. 2G at a glance.
• 1. Key products.
• 1. Order situation.
• 4. Current situation.
• 1. Competitive landscape.
• 1. 2G is prepared.
• 1. Investment case.

17.10.2025 │ 21

• Order intake in Q3: moderate!
• On track:
• Biomass Act in Germany:
  • EU has granted approval, albeit late for the 2.8 GW funding scheme
  • Hence, oder intake/execution is late and finalizing (=invoicing) will be postponed to 2026 and following
• Heat pump in Germany/Europe/RoW:
  • Order intake fully on track, announced lower industrial electricity price in Germany as potential upside
  • 2025: above 10 Mio. Euro; 2027: appr. 45 Mio. Euro (CAGR > 100%)

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• Order intake in Q3: moderate!
• Still to come:
• Reconstruction of Ukraine:
  • Direct financing (e.g. by GIZ and USAID) is transferred to Ukrainian institutions via refinancing lines
  • Ukrainian tendering processes are more complex and lengthier than those with direct foreign financing
• Gas fired back-up energy infrastructure in Germany:
  • New federal government has reconfirmed and increased the investment schedules (22,4 GW to 35,5 GW)
  • However, finalization of regulatory frame is still outstanding
• Data centers in North America and Europe (also see prior pages):
  • New data centres are generally no longer connected to the public power grid and therefore require their own power plant that operates 24/7.
  • 2G has been establishing its own division since May 2025 and is currently preparing to participate in a large (!) number of tenders, or in some cases is already participating in tenders.

17.10.2025 │ 23 2-g.com

• Order intake in Q3: moderate!
• Internal:
• ERP role out to scale further :
  • ERP implementation for German entities started in Q3 (D365 by Microsoft)
  • The hyper-care phase took longer and is still ongoing
  • Goods receipt, production, accounts payable and accounts receivable invoices are working
  • However, resource planning in the service department is still unsatisfactory
  • This has temporary effects on the Service business (=sales of service) in Germany for H2 2025!

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General business development Q3: diverse with many different focal points

M&A Transactions:

• Acquisition of a high-performance service company in the Berlin-Brandenburg region in Q2
• International service network will be strengthened by further M&A within next 12 months

Capacity expansion:

• Heat pump service and sales force enlarged
• Construction of the new assembly hall is progressing according to plan
• Data centre division develops as planned (see next page)

Foundation of 2G Energy Rental North America LLC. (in Q2):

• See next page!

17.10.2025 │ 25 2-g.com

Foundation of 2G Energy Rental North America LLC. (in Q2).

Establishment of a joint venture to develop the rental machine market in the USA

Key customers:

• Oil & Gas industry
• Data centre

Volume:

1st Year: 10-20 MW app. 3 MUSD Revenues 2nd Year: 30-40 MW app. 10 MUSD Revenues 3rd Year: 45-55 MW app. 20 MUSD Revenues The joint venture will reach profitability by the end of 2026. However, on a consolidated basis, the rental business will break even relatively quickly.

Financing 2G:

Through sale & lease back low funding requirement

Main benefits for 2G:

• Attractive EBIT% with low cash requirements
• Attractive service contracts
• Rapid market penetration
• Roll-out and economies of scale for existing rental solutions in Germany

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2G Energy – in a world full of opportunities.

Current situation.

Future potentials of additional large volume :

• Data Center worldwide:
• 2G Energy is rapidly establishing a dedicated division
• Accreditation for numerous tenders/projects
• Participation in various tenders and project developments

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Data Centre: Availability of electricity is most decisive.

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Data Centre: 2G-Stackable containers: 1.0 and 2,5 MW modules.

Modul: avus 1000plus

Power: 1035 kWel per container

Efficiency: up to 43,7 % el

Sound emission: up to 55 dB(A) in 10m

Modul: avus 2000e

Power : 2500 kWel per container

Efficiency: bis 44,1 % el

Sound emission: up to 55 dB(A) in 10m

50MW – 100 MW 10 – 36 kV

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Agenda.

• 1. 2G at a glance.
• 1. Key products.
• 1. Order situation.
• 1. Current situation.
• 5. Competitive landscape.
• 1. 2G is prepared.
• 1. Investment case.

17.10.2025 │ 30 2-g.com

Ranking 2023 according to E & M in German.

Germany as the largest and most mature market for CHP: The four leading companies dominate the global market (with varying market shares).

	Company		Ø size in kW
	in kW	2023		2022		Diff.	in %	2023	2022
1	INNIO Jenbacher	213.469	28%	191.209	25%	22.260	12%	1.581	1.438
2	MWM (Caterpillar)	160.975	21%	170.774	22%	-9.799		-6% 982	954
3	2G Energy AG	136.392		18% 77.638	10%	58.754		76% 304	173
4	MTU Onsite Energy	91.230	12%	72.018	9%	19.212	27%	2.073	1.334
13	AB Energy Deutschland 1)	5.964	1%	8.923	1%	-2.959	-33%	1.193	892
	Total Rest (4-18)	158.094	21%	162.041	21%	-3.947	-2%
	Total reported installations	760.160	100%	673.680	89%	86.480	13%

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2 -g.com

Agenda.

• 1. 2G at a glance.
• 1. Key products.
• 1. Order situation.
• 1. Current situation.
• 1. Competitive landscape.
• 6. 2G is prepared.
• 1. Investment case.

17.10.2025 │ 32

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.

17.10.2025 │ 33 2-g.com

2G Energy – in a world full of opportunities.

Step 4: An expansion

2G is prepared.

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

Step 2: Potential for new assembly building

Step 1: Building under construction Motorway A31 Step 3: Conversion of a buffer storage facility into an assembly building. area of 17,000 m2 has already been acquired

app. +40%

17.10.2025 │ 34 2-g.com

Agenda.

• 1. 2G at a glance.
• 1. Key products.
• 1. Order situation.
• 1. Current situation.
• 1. Competitive landscape.
• 1. 2G is prepared.
• 7. Investment case.

The 2G success story in retrospect.

17.10.2025 │ 36 2-g.com

The 2G success story from 2015 to 2025.

Year	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025e
Annual Sales	153 M€	174 M€	189 M€	210 M€	236 M€	247 M€	266 M€	313 M€	365 M€		376 M€ 430-40 M€
Growth Rate		14,0%	8,7%	10,8%	12,7%	4,4%	8,0%	17,4%	16,8%	2,9%	≈ 15%
EBIT	5 M€	5 M€	7 M€	11 M€	15 M€	16 M€	18 M€	22 M€	28 M€	33 M€	≈ 39 M€
EBIT Margin	3,1%	2,7%	3,9%	5,5%	6,5%	6,7%	6,7%	7,0%	7,6%	8,9%	9,0%
Free Cashflow	1 M€	2 M€	7 M€	- 3 M€	- 3 M€	7 M€	4 M€	- 5 M€	4 M€	41 M€	nd
EBITDA	8 M€	9 M€	11 M€	15 M€	19 M€	20 M€	22 M€	27 M€	34 M€	41 M€	≈ 47 M€
CapEx	- 2 M€	- 5 M€	- 6 M€	- 8 M€	- 5 M€	- 3 M€	- 5 M€	- 10 M€	- 8 M€	- 12 M€	- 12 M€
Cash-ConvRate*)	77%	48%	49%	46%	76%	86%	78%	64%	76%	71%	≈ 75%

^*) Cash conversion (%) = (EBITDA – CapEx) / EBITDA

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The 2G success story in future.

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2G Energy – in a world full of opportunities.

Scale market report: 2G Energy AG is the top seller.

Kassamarkt-Statistik: Umsatzstärkste Aktie im Dax war 2024 SAP

Börsen-Zeitung, 4.1.2025 tom Frankfurt – Einer der größten Gewinner im Dax war laut der Kassamarkt-Jahresstatistik der Deutschen Börse für das Jahr 2024 auch das umsatzstärkste Papier im deutschen Leitindex: der Walldorfer Softwareriese SAP. Die Aktie konnte im vergangenen Jahr knapp 70% zulegen, deutlich weniger als Primus Siemens Energy und das Rüstungsunternehmen Rheinmetall, doch wesentlich mehr als alle anderen Index-Mitglieder. Damit hatte das Dax-Schwergewicht auch einen großen Anteil an den 18,8%, um die sich das Börsenbarometer insgesamt 2024 verbesserte.

Börsen-Zeitung, 4.1.2025

tom Frankfurt – Einer der größten Gewinner im Dax war laut der KassamarktJahresstatistik der Deutschen Börse für
das Jahr 2024 auch das umsatzstärkste
Papier im deutschen Leitindex: der Walldorfer Softwareriese SAP. Die Aktie

Diese Entwicklung hat auch zahlreiche
Aktionäre angelockt. SAP war 2024 mit 72,18 Mrd. Euro das Papier mit dem größen Handelsvolumen auf Xetra im Dax.
Auf SAP folgen der Technologiekonzern
Siemens mit 51,86 Mrd. Euro und die Mercedes-Benz-Gruppe mit 45,89 Mrd. Euro.

Meistgehandelte Aktie im MDax der mittelgroßen Unternehmen war die Aktie der Deutschen Lufthansa mit 9,03 Mrd. Euro. Hier hatten Anleger ein weniger gutes Händchen, die Bilanz der Anteile der Fluggesellschaft war bestenfalls durchwachsen. Auch bei einer Zehn-Jahres-Betrachtung erweist sich die Aktie nicht gerade als Glücksgriff. Unter dem Strich steht ein Minus von durchschnittlich 3,9% jährlich.

Im SDax waren die Papiere des Münchener Biotechnologieunternehmens Morphosys mit einem Volumen von 1,51 Mrd. Euro die meistgehandelte Aktie. Meistgehandelte Aktie im KMU-Segment Scale war die 2G-Energy AG mit 110 Mio. Euro. Im ETF-Segment erzielte der iShares Core MSCI World mit 7,38 Mrd. Euro das größte Volumen auf Xetra im Jahr 2024.

Insgesamt wurde an den Handelsplätzen Börse Frankfurt und Xetra im Jahr 2024 ein Orderbuchumsatz von 1,3 Bill. Euro erzielt. 2023 waren es mit 1,2 Bill. Euro etwas weniger. Dabei entfallen 2024 auf Xetra 1,269 Bill. Euro und auf Frankfurt 41,85 Mrd. Euro. Der durchschnittliche Xetra-Tagesumsatz ist von 4,95 Mrd. Euro im Jahr 2023 auf 5,63 Mrd. Euro im Jahr 2024 angestiegen.

15/01/25 14:26:19

Scale market report: 2G Energy AG is the top seller

From price tripling to heavy losses - everything is possible in the Scale segment. The Scale Index therefore only moved sideways in 2024. The highest turnover was recorded by heat pump manufacturer 2G, while the Verve Group delivered the best share price performance.

15 January, 2025 FRANKFURT (Frankfurt Stock Exchange). The Scale segment is hoping for a better new year. In contrast to large-cap indices such as the DAX, S&P 500 or Euro Stoxx, the performance of the small-cap segment was disappointing in 2024. The Scale All Share moved more or less sideways and closed at 1,115 points at the end of December. On Wednesday morning, the index stood at 1,125 points.

This is due to very different developments: The share price of the top performer, advertising software provider Verve Group (SE0018538068), has still more than tripled on a twelve-month basis, even after the recent price setbacks. Cyan (DE000A2E45V8) and Apontis Pharma (DE000A3CMGM5) have more than doubled in price. And the share prices of MPC Capital (DE000A1TNWJ4) and The Platform Group (DE000A2CEFA1>) have risen by 72 and 31 percent respectively. At the other end of the spectrum, Mynaric (DE000A31C305), Rigsave (IT0005526295), Ciliq Digital (DE000A35JS40), EV Digital Invest (DE000A3DD6W5) and Noratis (DE000A2E4MK4) have suffered heavy losses.

2G: high turnover, many recommendations

The most traded Scale share on the marketplaces of Deutsche Börse in 2024 was 2G Energy with a turnover of EUR 114 million. It was followed by Datagroup (98 million), Formycon (83 million), Mensch und Maschine (74 million) and Deutsche Rohstoff (74 million). Also heavily traded: Cliq Digital, Verve Group, Vectron Systems, Ernst Russ and Nabaltec.

The share price of 2G (DE000A0HL8N9) experienced ups and downs in 2024; in the new year, the large heat pump and combined heat and power plant manufacturer is currently trading at EUR 25.35. The share is often recommended as a green investment and is also well received by analysts. Warburg Research (target price EUR 39), SMC Research (EUR 35), First Berlin (EUR 34) and Metzler Capital Markets (EUR 31.90) have all issued buy recommendations.

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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
• Tale wind due to various positive effects
• German Biomass-Act, European gas-fired back-up power plants, Reconstruction Ukrain
• Rapidly increasing demand for Data Centres with independent energy supply
• Company fit for strong growth (organisational structure, IT set up, management and production capacities)
• Substantial EBIT increase

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Contact details. Calendar.

CEO CFO

Pablo Hofelich Friedrich Pehle

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

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

2025

October 07-08 Quirin Conference, Paris

November 24 Q3 key figures and business trends

November 24-25 German Equity Forum, Frankfurt

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