LION E-Mobility

Investor Presentation • Mar 31, 2025

CORPORATE FINANCE FINANCIAL RESTRUCTURING Preliminary Group results FY 2024

HL.com

FINANCIAL AND VALUATION ADVISORY April 2025

FINANCIAL HIGHLIGHTS Q4 2024

PROFIT AND LOSS FY 2024

EURm

Income Statement	FY 2024	FY 2023
Revenues	16.9	56.1
Increase in contract assets portfolio	-0.2	0.9
Other own work capitalised	2.9	0.5
Total Earnings	19.6	57.4
Other operating income	3.6	1.5
Cost of materials	-14.7	-48.3
Personnel expenses	-6.2	-5.7
Other operating expenses	-6.7	-4.9
EBITDA	-4.2	0.0
EBITDA margin %	-32.6%	0%
Depreciation and amortization	-2.2	-0.9
EBIT	-6.4	-0.9
EBIT margin %	-49.6%	-2%
Finance income	0.1	0.1
Finance expenses	-2.5	-1.5
Share of profits of associated subsidiaries	0.0	0.7
EBT	-8.7	-1.6
Taxes	1.2	0.7
Result	-7.5	-1.0

• FY 2024 revenue of 16.9m EUR were well below our expectations reflecting a very difficult market environment that continued throughout 2024
• Personnel expenses increased slightly since we continued to invest strategically in R&D
• Other Operating Expenses increased mainly due to contract development work for the new chemistry cells, especially NMC+.

CASHFLOW FY 2024

EURm

Cash Flow Statement	FY 2024	FY 2023
Cash and cash equivalents at beginning of period	4.4	3.0
Cash flow from operating activities	-7.4	2.8
Cash flow from investing activities	2.6	-10.8
Cash flow from financing activities	-2.5	9.5
Net change in cash and cash equivalents	-7.3	1.4
FX effect	0.0	0.0
Cash and cash equivalents at end of period	-2.8	4.4

• Cash flow from operating activities, initially positive at 2.8m EUR in 2023, shifted to negative of EUR -7.4m mostly due repayment of trade payables and using inventory
• Cash flow from investing activities shows the cash in from divesting TÜV Süd Battery Testing and repayment of connected loans as well as investing activities into our strategic new products
• Cash flow from financing activities reflect especially the scheduled repayments of a bank loan

BALANCE SHEET YE 2024

EURm

Balance Sheet	Dec 31, 2024	Dec 31, 2023
Total Assets	30.6	69.3
A. Non-current assets	23.3	25.5
B. Current assets	7.3	43.8
Equity and liabilities	30.6	69.3
A. Equity	6.0	13.5
B. Non-current liabilities	5.0	8.3
C. Current liabilities	19.6	47.5

• Total Assets dropped from 69.3m EUR at YE 2023 to 30.6m EUR at YE 2024, still largely due to reductions in inventories and receivables. Non-current assets remained almost steady to Q3, with deferred tax assets up to 3.6m EUR
• Hence, Equity ratio remained stable at 19.5%.
• Repayment of a bank loan reduced the non-current liabilities
• Current Liabilities declined from 47.5m EUR in 2023 to 19.6m EUR in 2024, with trade payables down 95%. Advanced payments especially in December, gave 2025 a sooth start.

Current liabilities include a flexible shareholder loan which was already partially converted into equity in January.

CEO Dr. Joachim Damasky: operational update

Markets and Customers

Focus applications

Industries

Applications eBus Grid Res. UPS xEV 2-& 3-W Commercial vehicle Defence FTM BTM BEV PHEV/FHEV MHEV eTruck Marine eVTOL eRail AGV C&I eOffhighway Mobility • New: Defence (Vehicles, Drone charging, Off-grid power) • eBus / eTruck (new: 3 MW MCS) • eOff-highway Storage • New: BESS Container for grid applications • Commercial and Industry BESS • Uninterruptible power supply Immersion cooling Immersion cooling

• PHEV and BEV Performance Cars

Mobility Stationary

Status Quo

How was 2024?

• LION Smart was a reliable supplier to mobility customers (e.g. Supplier Award Karsan)
• Immersion cooled Battery successfully integrated and race-track-tested at German Premium OEM
• Measures taken to participate stronger in the storage market for LION Smart.

How will 2025 be?

• Market is finally stabilizing and showing signs of growth.
• Comeback of mobility customers expected in Q3-2025.
• LION Smart has taken actions to counter fight the market difficulties
  • · Strategic decision to enter Grid-Market, evaluation on-going
  • · Ramping up the LION Smart Power Mobility 53 ("i3-pack SE09-NMC+"), rolling-out variants (building-block approach).
  • · Pivoting the immersion technologies to new applications.

Immersion Cooled Batteries

Performance

Cars (Plug-in-Hybrids)

Race car like 1,4-5 kWh

Strategic Rationale

Activities

• Ongoing discussions with three OEMs (Germany, UK, Italy)

• No derating during (race-track) driving

Sportscar 5-10 kWh

High-performance model 15-30 kWh

• Multiple power cells in discussions to further push technical specifications

• More electric power (up to 20C)

• High recuperation, fast charging

Ultra fast charging (Battery Electric Trucks)

Combining highest charging rates with optimal cooling for long lifetimes

• Fast Charging (more than 400km in less than 15min)
• Reducing battery size / energy capacity per truck
• Improving TCO, reducing CO2-footprint
• Concept evaluation with German OEM
• Evaluating cells with fast-charging capabilities to enhance technical specifications

Addressable Market by 2030

€2'5 bn p.a. / Europe & US/CA €1'0 bn p.a. / Europe only*

Immersion Cooled Batteries

Our solution outperforms OEM batteries in series

Next Gen Megawatt-Charging (MCS) for Heavy Duty Vehicles

Status Quo:

• Current battery systems enable reach >500 km with 1 MW during legally prescribed driving breaks
• Based on a NEFTON project funded by German government

Next Gen MCS:

• LION Smart received a request for a concept from major German OEM
• Major Truck and Bus OEMs will demonstrate charging with 3 kA @ max 850V voltage
  • 540 kWh battery capacity
  • Charging >400km range within 15 mins
  • Packaging neutral / same space as series battery

Running Business

Portfolio extension

• Energy upgrade "NMC+" will fundamentally open up addressable market:
  • LION Smart designs of modules, BMS and S-Box create flexibility
  • In addition to existing form factor, "narrow packs" (<30" width) are in pipeline
  • Updated battery pack shows "best-in-class" energy density1)
• First NMC+ batteries to be delivered to customers in April
• Ramp-up planned for November 2025

Highlights

• Partnership with hofer powertrain on project acquisition and development
• Major bus customer: tech day and strategic partnership for future development
• Final negotiations for electric vehicle life-time extension (last mile delivery)

1) Based on batterydesign.net battery pack database v1.062 filtered by battery packs for commercial vehicles

Addressable HV battery market for selected heavy duty vehicles

12

Summary

Outlook 2025: Year of Transition – Revenue of 28-35m€ and positive EBITDA

• Ramp Up LION Smart Mobility Power 53 ("energy upgrade i3-pack")
• Role Out product variants
• Continue successful integration-activities at new customers
• Prepare Grid-Business with BESS-products
• Win first BESS-project in H2-2025 in DACH region

Disclaimer

THE MATERIALS SET FORTH IN THIS PRESENTATION DO NOT CONSTITUTE EITHER AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF OFFERS TO BUY SECURITIES. ANY SUCH OFFER OR SOLICITATION WILL ONLY BE MADE PURSUANT TO A SUBSCRIPTION AGREEMENT, A FINAL PRIVATE PLACEMENT MEMORANDUM, OR ANOTHER OFFICIAL DOCUMENT DELIVERED IN ACCORDANCE WITH REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR OTHER APPLICABLE SECURITIES LAWS.

WE HAVE NOT PROVIDED FINANCIAL INFORMATION FOR LION E-MOBILITY GROUP HEREIN. HISTORICAL FINANCIAL INFORMATION WAS PREPARED IN ACCORDANCE WITH GERMAN GENERALLY ACCEPTABLE ACCOUNTING PRINCIPLES. INVESTORS SHOULD CONSULT WITH THEIR OWN FINANCIAL ADVISORS TO UNDERSTAND THE BASIS ON WHICH THE INCLUDED FINANCIAL STATEMENTS HAVE BEEN PREPARED.

THIS PRESENTATION ALSO CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES, INCLUDING STATEMENTS THAT RELATE TO, AMONG OTHER THINGS, THE COMPANY'S OBJECTIVES, GOALS, STRATEGIES, INTENTIONS, PLANS, BELIEFS, EXPECTATIONS AND ESTIMATES, AND CAN GENERALLY BE IDENTIFIED BY THE USE OF WORDS SUCH AS "MAY", "WILL", "COULD", "SHOULD", "WOULD", "LIKELY", "EXPECT", "INTEND", "ESTIMATE", "ANTICIPATE", "BELIEVE", "PLAN", "OBJECTIVE" AND "CONTINUE" (OR THE NEGATIVE THEREOF) AND WORDS AND EXPRESSIONS OF SIMILAR IMPORT. SUCH STATEMENTS INVOLVE RISKS, UNCERTAINTIES, AND ASSUMPTIONS, AND UNDUE RELIANCE SHOULD NOT BE PLACED ON SUCH STATEMENTS. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF PERFORMANCE, AND NO REPRESENTATION OR WARRANTY OF ANY KIND IS GIVEN WITH RESPECT TO THE ACCURACY OF SUCH STATEMENTS. CERTAIN MATERIAL FACTORS OR ASSUMPTIONS ARE APPLIED IN MAKING FORWARD-LOOKING STATEMENTS, AND ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM EXPECTATIONS INCLUDE BUT ARE NOT LIMITED TO: GENERAL BUSINESS AND ECONOMIC CONDITIONS (INCLUDING BUT NOT LIMITED TO CURRENCY RATES AND CREDITWORTHINESS OF CUSTOMERS); COMPANY LIQUIDITY AND CAPITAL RESOURCES, INCLUDING THE AVAILABILITY OF ADDITIONAL CAPITAL RESOURCES TO FUND ITS ACTIVITIES; LEVEL OF COMPETITION; CHANGES IN LAWS AND REGULATIONS; LEGAL AND REGULATORY PROCEEDINGS; THE ABILITY TO ADAPT PRODUCTS AND SERVICES TO THE CHANGING MARKET; THE ABILITY TO ATTRACT AND RETAIN KEY EXECUTIVES; AND THE ABILITY TO EXECUTE STRATEGIC PLANS. SUCH FORWARD-LOOKING STATEMENTS HAVE BEEN PREPARED BASED UPON INFORMATION AVAILABLE AT THE TIME MADE. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE, AND THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE PUBLICLY OR TO REVISE ANY OF THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY LAW. ALL PROJECTIONS CONTAINED HEREIN HAVE BEEN PREPARED BY THE MANAGEMENT OF THE COMPANY AND HAVE NOT BEEN REVIEWED OR COMPILED BY INDEPENDENT PUBLIC ACCOUNTANTS OR FINANCIAL ADVISORS.

MARKET DATA INCLUDED HEREIN WAS OBTAINED FROM VARIOUS CONSULTANTS' REPORTS, TRADE PUBLICATIONS, INDUSTRY SOURCES AND COMPANY ESTIMATES. SUCH SOURCES AND ESTIMATES ARE INHERENTLY IMPRECISE. ACCORDINGLY, THE ACCURACY AND COMPLETENESS OF SUCH INFORMATION IS NOT GUARANTEED. ALTHOUGH THE COMPANY BELIEVES SUCH INFORMATION TO BE RELIABLE, IT HAS NOT INDEPENDENTLY VERIFIED SUCH MARKET DATA.