LION E-Mobility

Investor Presentation • Nov 11, 2025

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Preliminary Group report 9M 2025

November 2025

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Current Status SE09 and NMC+

Production of SE09-Battery-pack is coming to an end

• Production of spare parts and final production in February ´26
• no cells will be left

Production line modification has started for EOL and Module phase in

• Cell stacking and module welding station will follow in March ´26
• Serial production will start in April ´26

NMC+ prototype and C-sample manufacturing semi-manual

• Bus bar welding and pack production on serial line
• Test samples build up successful

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LION Smart Mobility Power 53 (NMC+)

All tests according ECE R100 Rev.3 passed

• → Thermal propagation and fire resistance test
• → Vibration, EMC, crash test and thermal shock

Samples delivered to customers

• → BMS integration tests are ongoing both at LION Smart and integrated in vehicles at Karsan
• → First bus companies will get buses in January

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Immersion Cooling, further development

• → The cooling concept is further developed through measurements and verifications on dummy structures.
• → Integration of EIS (Electrochemical Impedance Spectroscopy)
• → Collaboration with a major first tier automotive supplier established Target: development of a cooling module for immersion-cooled batteries, taking all performance and safety aspects into account.
• → Partnership with Castrol to pioneer direct battery cooling for next generation PHEV and EV battery systems

Dummy Super Cell for development verification

Matthias Donner, VP Advanced Mobility and Industrial products at Castrol, commented: "Direct battery cooling is a transformative technology for EV performance and safety, and this collaboration is a significant step towards real-world deployment. Partnering with LION Smart allows us to demonstrate the full potential of Castrol ON EV Thermal Fluids in advanced battery systems. Together, we're shaping a future where electric vehicles can charge faster and last longer** whilst operating more efficiently, even under extreme conditions."

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Immersion Cooling, Development for a Truck manufacturer

• Development for German truck manufacturer Target: implementation of a megawatt charging project.
• Lion Smart has successfully completed a feasibility study for the OEM, demonstrating the implementation of a 3000 A charging current with up to 450 kWh of charged energy in less than 15 minutes.
• Order for the next step in discussion
• → Offer transmitted
• → Following activities with the OEM are under discussion.

Next Generation Immersion

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Operational excellence

Sites	Scope of application
LION Smart GmbH Daimlerstr. 15 85748 Garching b. München Germany	development and prototyping of individual storage technologies, production of battery management systems as well as supportive advice
LION Smart GmbH Parkring 11-13 85748 Garching b. München Germany	development and distribution of individual storage technologies as well as supportive advice
LION Smart Production GmbH Kaltenbronner Weg 4 98646 Hildburghausen Germany	Production of storage technologies and vehicle-specific batteries

• ISO 9001:2015 Successful completion of the surveillance audit, 4 minor deviations. Status: completed.
• Supplier Management Supplier management strategy redefined and implemented , including the revision of the purchasing agreement and the quality assurance agreement
• PEP Prozess (Product development process) New development of the process according to the Automotive industry
• Training tool Introduction of a new training tool for internal staff development in the field of e.g. Quality processes, Data security, Work safety, Cyber security etc.
• Internal Audit Development and implementation of a new questionnaire for auditing in accordance with IATF 16949:2016 (Preventive approach to preparing for auditing in accordance with IATF 16949)

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EVOLUTION OF LION BESS BUSINESS

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OPERATIONAL HIGHLIGHTS BESS

Technology Supplier and System Integrator

State of the art battery containers for gird scale applications

Highly efficient, grid conform inverter by various suppliers

Cyber secure and usecase tailored EMS solutions by various customers

Long time service agreement

Highest availability secured by our "Flying Doctors"

Expert engineers on call, reaching any site in Europe within 24 hours, backed by LION Smart's in-house maintenance team and strategically located spare parts hubs

German warranties and bankability

10 / 15 years warranty with 2 / 1 cycles in average per day or custom

Warranties issued by LION Smart Production GmbH (manufacturing plant)

Various insurances and securities

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OPERATIONAL HIGHLIGHTS BESS

Great business progress since signed cooperation agreement with LEAP Energy in April 2025

Huge market interest in our value proposition: "Chinese competitiveness meets German contacts, service, guarantees and bankability"

• First project win in Germany 5 MW / 20 MWh with delivery in Q1 / 2026
• Pipeline of budgetary quotes exceeds 7.5 GWh with >10 customers
• In active discussions with +100 potential customers across Europe (GER, AT, CH, IT, FR, UK)

Hiring of two additional sales managers to further increase sales pipeline

Dedicated trainings for LION Smart engineers and service professionals in China first week of December.

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OPERATIONAL HIGHLIGHTS BESS

Outlook Q4/2025 and onwards

Extend network to win and deliver projects

Expand business services

• Enlarge product portfolio
• After market services
• Digital twin for highest availability
• Financing of customer projects

Roll-out to Europe

• Dedicated Italian sales team in training
• Meet the LION Smart sales at the Battery Asset Management Summit in Rome December 2nd & 3rd

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FINANCIAL HIGHLIGHTS Q3 2025

• Revenue increased to 16.3m EUR from 12.4m EUR, driven by higher delivery volumes.

• EBITDA improved to 2.4m EUR after -6.0m EUR in 2024, reflecting better cost structure and operating leverage.

• Operating cash flow reached 3.8m EUR, compared to -4.1m EUR, supported by stronger earnings and continued working capital discipline.

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PROFIT AND LOSS 9M 2025

EURm

Income Statement	9M 2025	9M 2024
Revenues	16.3	12.4
Increase in contract assets portfolio	0.0	0.0
Other own work capitalised	2.6	0.5
Total Earnings	18.9	12.9
Other operating income	0.1	0.4
Cost of materials	-8.3	-10.9
Personnel expenses	-4.8	-4.7
Other operating expenses	-3.5	-3.8
EBITDA	2.4	-6,0
EBITDA margin %	14.9%	-48,4%
Depreciation and amortization	-1.1	-1.0
EBIT	1.3	-7.0
EBIT margin %	8.2%	-56.3%
Finance income	0.0	0.1
Finance expenses	-1.3	-1.9
Share of profits of associated subsidiaries	0.0	0.0
EBT	0.0	-8.8
Taxes	0.0	2.2
Result	0.1	-6.6

• Revenue increased to 16.3mEUR, reflecting stronger customer demands and solid market momentum.
• Capitalized own work rose to 2.6m EUR, up from 0.5m EUR in 2024, driven by continued R&D activities on NMC+.
• Cost of materials declined to 8.3m EUR, down from 10.9m EUR benefiting from improved procurement efficiency.
• Personnel expenses amounted to 4.8m EUR, broadly in line with 4.7m EUR in the previous year, underscoring stable workforce costs despite increased activity levels.
• Other operating expenses decreased to 3.5m EUR (9M 2024: EUR 3.8m), demonstrating ongoing focus on cost control efforts.
• As a result, EBITDA improved significantly to 2.4m EUR, (9M 2024: -6.0m EUR), highlighting the successful turnaround.
• Finance expenses eased to -1.3m EUR, reflecting lower bank loans. Shareholder loans continue to support strategic financing, with related interest expenses remaining within the group..

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CASHFLOW Q3 2025

EURm

Cash Flow Statement	9M 2025	9M 2024
Cash and cash equivalents at beginning of period	-2.8	4.4
Cash flow from operating activities	3.8	-4.1
Cash flow from investing activities	-3.0	-1.2
Cash flow from financing activities	-0.8	0.3
Net change in cash and cash equivalents	-0.0	-5.0
FX effect	0.0	0.0
Cash and cash equivalents at end of period	-2.9	-0.5

• Cash flow from operating activities improved to 3.8m EUR, reflecting continued cost discipline and efficient inventory management.
• Cash flow from investing activities amounted to -3.0mEUR, driven by investments especially into NMC+ modules and packs.
• Cash flow from financing activities amounted to -0.8m EUR, reflecting regular bank loan repayments and additional shareholder loans.

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BALANCE SHEET Q3 2025

EURm

Balance Sheet	Sep 30, 2025	Dec 31, 2024
Total Assets	34.6	31.6
A. Non-current assets	26.5	24.3
B. Current assets	8.1	7.3
Equity and liabilities	34.6	31.6
A. Equity	8.9	7.0
B. Non-current liabilities	3.9	5.1
C. Current liabilities	21.7	19.5

• Total assets increased to 26.5mEUR, mainly due to higher non-current assets reflecting continued progress in development projects.
• Equity rose to 8.9mEUR, due to operational improvements.
• Non-current liabilities decreased slightly to 3.9m EUR following regular loan repayments. Additional shareholder loans show ongoing shareholder commitment.
• Current liabilities rose slightly to EUR 21.7 million, reflecting stronger operations.

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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.

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