SFC Energy AG

Interim / Quarterly Report • Aug 26, 2025

H1 2025

IN T ERIM REPOR T ON T HE FIRS T HALF OF THE YEAR

1 January to 30 June 2025

TABLE OF CONTENTS

SFC ENERGY AG – COMPACT	3
LETTER TO THE SHAREHOLDERS	4
SFC ON THE CAPITAL MARKET	7
INTERIM GROUP MANAGEMENT REPORT FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2025	11
Principles of the Group	12
Economic report	15
Business performance and economic situation	18
Asset and financial position	29
Risk and opportunities report	34
Forecast	37
Report on material transactions with related parties	39
INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2025 Group Income Statement	41 41
Consolidated Statement of Comprehensive Income	42
Consolidated Statement of Financial Position	43
Consolidated Statement of Cash Flows	45
Group Segment Report	47
Consolidated Statement of Changes in Equity	48
SELECTED EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	49
ASSURANCE OF THE LEGAL REPRENSENTATIVES	72
FINANCIAL CALENDAR 2025 / SHARE INFORMATION / INVESTOR RELATIONS	73
IMPRINT	74

The figures presented in this interim financial report have been rounded in accordance with commercial practice. This may mean that, when aggregated, individual figures do not equal the totals shown.

The financial figures for the first six months of 2025 have not been audited in any limited review.

The interim financial report should be read together with the management report and the consolidated financial statements for the 2024 financial year. These include a comprehensive presentation of SFC Energy AG's business activities and explanations of the key financial figures used.

SFC ENERGY AG – COMPACT

CONSOLIDATED KEY FIGURES						in EUR thousands
	2025 01/01-06/30	2024 01/01-06/30	Change	2025 04/01-06/30	2024 04/01-06/30	Change
Sales	73,607	70,856	3.9%	34,987	30,809	13.6%
Gross profit	31,270	29,542	5.8%	14,143	11,650	21.4%
Gross margin	42.5%	41.7%		40.4%	37.8%
EBITDA	4,581	10,636	-56.9%	-142	1,996	n.m.
EBITDA margin	6.2%	15.0%		-0.4%	6.5%
Adjusted EBITDA	8,522	12,526	-32.0%	2,205	3,529	-37.5%
Adjusted EBITDA margin	11.6%	17.7%		6.3%	11.5%
EBIT	698	7,668	-90.9%	-2,223	476	n.m.
EBIT margin	0.9%	10.8%		-6.4%	1.5%
Adjusted EBIT	4,640	9,558	-51.5%	125	2,009	-93.8%
Adjusted EBIT margin	6.3%	13.5%		0.4%	6.5%
Consolidated net income for the period	257	5,842	-95.6%	-2,016	594	n.m.
Earnings per share, undiluted	0.02	0.34		-0.11	0.04	n.m.
Earnings per share, diluted	0.02	0.33		-0.11	0.03	n.m.

SALES BY QUARTER in EUR thousands

LETTER TO SHAREHOLDERS

Dear shareholders, business partners and SFC employees,

The first half of 2025 was characterised by the achievement of important milestones for SFC Energy, but also by developments that prompted us to adjust our forecast for the year at the end of July. This decision was not easy for us on the Management Board – but it was nevertheless necessary in order to set the right course for SFC on the basis of a clear analysis of the situation.

Macr oeconomic conditions and special eff ects

The economic environment is currently characterised by heavy uncertainty. Adverse exchange rate movements for SFC – in particular the devaluation of the Canadian dollar, US dollar, and Indian rupee against the euro – weighed on both revenues and profitability in the first half of the year. In addition, uncertainties caused by US import tariffs are leading to restrained investment decisions, particularly for new customers and in both existing and new end markets. This is affecting our US business with new customers, which is still growing (new customers up 16% and total US business up 20 – 30%) but fell short of our original expectations in the reporting period.

At the end of July, we also received news that the award of important defence programmes in India, which we had firmly budgeted for 2025, will likely be postponed until 2026. The reason for this is a reallocation of funds in favour of other programmes. These projects are still in the pipeline, but in the short term, they cannot be offset on the revenue side.

Another extraordinary temporary burden on the financial result rose from spending on our ERP system and an improved cybersecurity infrastructure. We have deliberately brought forward parts of the programme to the first half of the year to accelerate implementation and complete the digitalisation steps at an earlier stage. This resulted in costs that we had originally budgeted for the second half of the year. These special effects increased our cost base noticeably in the first half of the year but are of a temporary nature, while simultaneously creating the basis for growth and more efficient structures.

Adjusted forecast on a solid basis

Against this backdrop, we now expect full-year revenues of EUR 146.5 million to EUR 161 million for 2025 (previously EUR 160.5 million to EUR 180.9 million), adjusted EBITDA of EUR 13 million to EUR 19 million (previously EUR 24.7 million to EUR 28.2 million) and adjusted EBIT of EUR 5 million to EUR 11 million (previously EUR 17.5 million to EUR 20.6 million).

At the same time, our financial position remains extremely solid – with a net cash position of around EUR 46 million – and our core business is growing sharply: Methanol fuel cells for industrial applications in Europe and the US, particularly in the core target markets of civil security technology and civil protection, continued to grow organically by more than 20% in the first half of the year. Together with revenues in the defense and public security market, the share of total revenue already amounts to 48.4% at mid-year. The Clean Power Management segment also recorded organic growth of 9.2% after six months. Overall, Group sales increased by 3.9% to EUR 73.6 million. Weaker exchange rates against the euro had a particularly negative impact on sales. In addition, as already explained, the first quarter of 2024 had included a major order from India in the core target market of "defence and public security", which was not repeated to the same extent in the reporting period. Adjusted EBITDA totalled EUR 8.5 million (previous year: EUR 12.5 million) with a margin of 11.6% (previous year: 17.7%). Adjusted EBIT totalled EUR 4.6 million (previous year: EUR 9.6 million) on a margin of 6.3% (previous year: 13.5%).

Strategic initiatives for sustainable growth

We are addressing the current challenges by adopting clear measures: clearly defined cost optimization measures, the prioritisation of investments and projects in the IT area, targeted M&A activities and the expansion of our regional presence.

Our "Local for Local" strategy, which we are using to lower import tariffs, currency risks and supply chain dependencies, remains a key component. Following the successful examples in India and Europe, we will commence operations at our new U.S. production facility in the fourth quarter of 2025 – a key step towards greater customer proximity and market access in the United States.

Our defence and public security project pipeline is continuing to grow in both Europe and India – in both existing (vehicle platforms) and new applications. In unmanned systems, our fuel cells provide an ideal solution as a highly flexible, lightweight, and low-signature power source, for example, for charging drone batteries. We have already successfully launched pilot projects in Germany and India and are in the process of tapping into another promising segment.

At the same time, we are pushing ahead with projects in the infrastructure area in Germany. We recently successfully completed our first large-scale project: around 60 EFOY systems were used over several months to supply power for a motorway construction site. Building on this success, we are now consolidating our strategic partnership with one of the market leaders in traffic and construction site safety. The focus is on the fuel cell as a reliable energy source that features a longer service life than conventional batteries, thus significantly reducing maintenance costs and the total cost of ownership. Against the backdrop of 8,000 out of a total of 28,000 highway bridges in Germany being classified as in need of rehabilitation, with 4,000 of them deemed urgent, we see enormous market potential in this area.

As part of our M&A strategy, we are also reviewing specific acquisition opportunities, particularly to improve market access in the United States (defence and oil/gas) and in South East Asia.

Focus and opportunities

2025 is presenting SFC Energy with challenges that we are fully embracing. Obviously, we are not happy that we had to reduce our guidance for this year. Yet, this step was unavoidable in view of the changed underlying conditions, but does not alter our long-term perspective. Right now, we are clearly focussing on the future: we are convinced that we will continue to generate sustainable growth with our technological advances, our solid financial

base and our international expansion strategy. With the right products, forward-looking technology and a strong customer base, we are confident that we can continue on our successful trajectory and secure it in the long term. We would like to thank all our employees for their commitment and performance during this phase, as well as you, our shareholders, for your trust and support.

Yours, The Management Board

Dr. Peter Podesser Daniel Saxena Hans Pol Chairman of the Management Board (CFO) Management Board (COO) Management Board (CEO)

SFC ON THE CAPITAL MARKET

BASIC DATA ON THE SHARE

Share information

Bloomberg symbol	F3C:GR
Reuters symbol	F3CG.DE
GSIN	756857
ISIN	DE0007568578
Number of shares outstanding (30 June 2025)	17,381,691
Share type	No-par value shares
Stock-market segment	Prime Standard
Sector	Renewable energies
Index membership	SDAX
Home exchange	Frankfurt, FWB
Designated sponsor	mwb fairtrade Wertpapierhandelsbank AG

Performance of the indices

The international capital markets felt the effects of heavy volatility and geopolitical uncertainty in the first half of 2025, driven in particular by the trade policies of the new US administration. As well as this, there were significant currency movements and mounting geopolitical tensions in the Middle East.

In particular, the repeated announcements and subsequent postponements of new tariffs and the occasionally abrupt change in course by US President Donald Trump triggered growing uncertainty among investors and significant capital outflows from the United States. The reassessment of the United States' trade relations with China and Europe announced on "Liberation Day" caused substantial sell-offs on the financial markets. However, the losses were short-lived, with the indices recovering by the end of the second quarter. The German DAX, MDAX and SDAX indices in particular benefited from reallocation in the capital markets after years of relative weakness compared to US indices. Geopolitical tensions and the associated increase in defence budgets led to corresponding capital flows into defence and related stocks. In Germany, the change of government and, resulting from this, the expected pro-business investment programmes brightened economic sentiment.

All in all, the DAX gained around 20.1% in the first six months, significantly outperforming the major US indices such as the Dow Jones (up 3.5%), the S&P 500 (up 5.0%) and the Nasdaq 100 (up 6.9%), as well as the EURO STOXX 50 (up 8.9%). The SDAX, which also includes SFC Energy AG shares, and the MDAX also recorded strong growth of 28.1% and 19.1%, respectively.

Performance of the SFC share

Share price development

	in EUR
2 January 2025	17.38
27 January 2025	16.22
18 March 2025	28.35
30 June 2025	21.75

In the first half of the year, the SFC Energy share benefited from the generally positive momentum on the (German) stock exchanges, underpinned by a continuous news flow and solid operating performance.

It entered the new year at EUR 17.38 on 2 January 2025, hitting a low for the six-month period of EUR 16.22 on 27 January and reaching a high of EUR 28.35 on 18 March. On 30 June 2025, the SFC Energy share closed the first half of the year at EUR 21.75. Compared to the closing price of EUR 17.20 on 30 December 2024, it was up 26.4% and, hence, virtually in step with the SDAX (up 28.1%). Average daily trading volumes in the first half of 2025 stood at 80,832 shares, compared with 44,778 shares in the same period of the previous year. As of 30 June 2025, SFC Energy AG had a market capitalisation of roughly EUR 378.1 million on the basis of a total of 17.38 million shares outstanding and a closing price of EUR 21.75. On the last day of trading in 2024, market capitalisation had stood at around EUR 299.0 million on the basis of the same number of shares and a closing price of EUR 17.20 (all figures based on XETRA prices).

Investor relations activities

In the first half of 2025, the Management Board and the Investor Relations department again engaged in regular, active and transparent discourse with investors. This was done at numerous conferences (Metzler Small Cap Days, Warburg Highlights, ODDO BHF Nextcap Forum), in conference calls and at international roadshows in key financial centres such as the United Kingdom, Switzerland, France and the United States in order to additionally reinforce an understanding of and confidence in the sustainable success of the SFC Energy business model. Thematically, the focus of discussions with all stakeholders was on the company's business performance and the systematic implementation of its growth strategy.

The designated sponsor, mwb fairtrade Wertpapierhandelsbank AG, arranged binding bid/ask prices and ensured the appropriate liquidity and corresponding tradability of the SFC share during the reporting period.

The Investor Relations section of the SFC Energy website at sfc.com provides comprehensive information on the company's business performance, current news and an overview of future events and activities.

Analyst research

The SFC Energy AG share, which is listed in the SDAX selection index, is regularly evaluated by analysts from renowned research companies.

In the first half of 2025, the number of financial institutions analysing the SFC rose from five to six. Of particular note is the commencement of coverage by the renowned Deutsche Bank in April, which was launched with an initial study. Deutsche Bank is one of the leading international investment banks, and its preliminary analysis therefore represents an important milestone in the perception and valuation of SFC Energy on the capital market. Subsequently, several updates were published.

Following the forecast adjustment on 31 July, and in light of the ongoing challenging market environment, analysts' estimates were revised accordingly. Based on the updated price targets, SFC Energy AG's share price has upside potential in a range of 13.8% to 64.3%, based on the closing price of EUR 15.82 on 6 August 2025. Relative to the average analyst price target of EUR 21.50, the calculated upside potential is 35.9%.

Detailed information is available to interested investors at sfc.com in the Investors/Finance data/Research Reports section.

RESEARCH ASSESSMENTS
Date	Recommendation	Target price (EUR)
07 August 2025	Buy	26.00
04 August 2025	Hold	18.00
04 August 2025	Buy	20.00
04 August 2025	Buy	21.00
01 August 2025	Hold	20.00
01 August 2025	Outperform	24.00

Shareholder structure

SFC Energy AG's shareholder structure as of 30 June 2025 has not changed significantly since 31 December 2024. As of the end of the first half of the year, 39.13% of SFC shares were held by institutional investors. The extended management including the Supervisory Board holds 2.20% of the voting rights. The proportion of SFC Energy AG shares classified as free float stood at 58.67% at the end of June 2025. Detailed information on the shareholder structure can be found in the Investors/Finance data/Share section at sfc.com.

INTER IM GR OUP MANAGEMENT REPORT

INTERIM GROUP MAN AGEMENT REP OR T F OR THE P ERIOD FROM 1 JANUARY TO 30 JUNE 2025

This section of the interim financial report summarises significant developments at SFC Energy AG in the first half of 2025 ("reporting period"). A detailed description of SFC Energy AG, the Group and its segments can be found in the Annual Report for 2024.

Basis of the Group

Organisation of the SFC Group and reporting principles

SFC Energy AG ("SFC AG") together with its subsidiaries forms an internationally active group of companies ("SFC" or "Group") in the fuel cell sector. In addition to the parent company SFC Energy AG (Germany), the Group's includes the subsidiaries listed below.

SUBSIDIARIES INCLUDED IN THE SCOPE OF CONSOLIDATION					in %
	SEAT	SHARE IN CAPITAL	CURRENCY
		DIRECT	INDIRECT	TOTAL
SFC Energy B.V. ("SFC NL")	Almelo Netherlands	100%	-	100%	EUR
SFC Energy Power SRL ("SFC RO CP")	Cluj-Napoca Romania	-	100%	100%	RON
SFC Energy Ltd. ("SFC CA")	Calgary Canada	100%	-	100%	CAD
SFC Energy India Pvt. Ltd. ("SFC IN")	Gurgaon India	92%	-	92%	INR
SFC Clean Energy SRL ("SFC RO CE")	Cluj-Napoca Romania	100%	-	100%	RON
SFC Energy UK Ltd. ("SFC UK")	Swindon UK	100%	-	100%	GBP
SFC Energy LLC ("SFC USA")	Wilmington United States	100%	-	100%	USD
SFC Energy Denmark ApS ("SFC DK")	Hobro Denmark	100%	-	100%	DKK

The Group operates in various business areas, which are subdivided into segments and divisions.

The segmentation of the Group's activities is primarily aligned to its internal organisational and reporting structure by business area. These are based on the Group's technology platforms and range of products and services. The Clean Energy segment comprises the portfolio of products, systems and solutions for stationary and mobile off-grid energy supplies based on direct methanol and hydrogen fuel cells. The fuel cell solutions are used in the industrial, private and government (public security) sectors in various markets, such as telecommunications equipment, security and surveillance technology, remote sensing technology and defence technology, as well as in the caravanning and marine markets. The Clean Power Management segment pools all the Group's business in high-tech, standardised and semi-standardised power management solutions such as voltage converters and coils, which are used in devices for the high-tech industry. The segment also includes business in frequency converters for the upstream oil and gas industry, some of which are integrated and some of which are sold.

Goals and strategy

The Company continued to pursue its strategic focus on expanding its position in the market for environmentally friendly stationary and mobile off-grid energy solutions in the year under review. The aim is to gain market leadership as a provider of low-emission or free control and emergency power supplies for off-grid applications, some of which are security-critical, such as telecommunications equipment, security and surveillance technology and off-grid sensors with fuel cell generators. The fuel cells aim to offer low-emission and emission-free alternatives to diesel engines, which have so far been used as emergency power generators or to cover peak loads, and to supplement existing off-grid energy supply systems.

This strategy is to be implemented both through organic growth and non-organically, one example being the acquisition of assets from the stationary hydrogen fuel cell business of Ballard Power Systems Europe A/S in 2024, as well as joint ventures, equity investments and partnership agreements.

SFC believes that its strategy has been vindicated by its favourable business performance in the reporting period.

Research and development

With its research and development activities, the Company continues to pursue the goal of securing and strengthening its competitive and technological position against the backdrop of the upcoming reorganisation of regional and national energy systems, including with regard to efficiency, efficacy and emission reduction in numerous countries. SFC therefore continues to invest considerable resources in research and development ("R&D"). In the period from 1 January to 30 June 2025 ("reporting period"), a total of EUR 5,844 thousand (previous year: EUR 4,648 thousand) was spent in this area, 25.7% more than in the previous year.

With an average of 82 employees (previous year: 75), around 17% (previous year: 18%) of the Group's staff were involved in the development of existing and future Group technologies and their implementation in its products in the reporting period. The majority of these employees worked in the Clean Energy segment.

In order to safeguard the Group's technological position and competitiveness and to reinforce market entry barriers, an active strategy is being pursued with regard to patents and other intellectual property ("IP") rights, including the active management of the existing IP portfolio and the development of new IP assets.

TOTAL EXPENDITURE ON RESEARCH AND DEVELOPMENT				in EUR thousands
	2025 1 JAN. – 30 JUNE	2024 1 JAN. – 30 JUNE	2025 1 APRIL – 30 JUNE	2024 1 APRIL – 30 JUNE
Research and development expenses through profit and loss	4,686	3,383	2,588	1,763
Capitalised development expenses	898	1,490	235	736
Grants received	266	383	113	190
Non-recurring effects (extraordinary expenses) for LTI programmes	-7	-59	-3	-19
Total expenditure on research and development	5,844	5,197	2,933	2,670

Overall, SFC expects total R&D expenses for the current financial year to be higher than in the 2024 financial year. The Group's research and development activities were funded to a minor extent by government grants, e.g. via the "National Organisation Hydrogen and Fuel Cell Technology" in the reporting period, and, looking forward, this is expected to remain the case.

SFC pursues an active patent strategy aimed at building up technological barriers to third-party market entry and safeguarding its own competitiveness and marketing opportunities. SFC currently holds a portfolio of 4 (previous year: 3) patent families.

In the year under review, research and development activities in the Clean Energy segment mainly focused on the next- generation fuel cell modules as well as the digitalisation and connectivity of products. Development activities in the year under review mainly comprised the following projects:

• Further development of direct methanol fuel cell ("DMFC") generations
• The development and enhancement of proton-exchange membrane fuel cell systems ("PEMFC")
• The development and establishment of emergency power systems based on PEMFC fuel cells
• The development of a new PEMFC fuel cell system with integrated control and voltage conversion
• The development of a PEMFC fuel cell system for power ranges above 50 kW
• The continuous development and implementation of service-optimised functions in the cloud-based remote monitoring system for the newly launched fuel cell generations
• Systematic improvements and further developments to increase the performance and reduce the costs of existing EFOY generations
• Development of the latest generation of military-hardened, portable DMFCs for defence organisations
• Development of a refillable fuel cartridge for methanol together with the necessary refill station

Development activities in the Clean Power Management segment concentrated on aspects such as increasing power density, power efficiency and the watt/euro ratio for the power management solutions on offer. The focus in the year under review was on:

• The development of a module and system solution based on the existing energy platform to combine several 4 kW power supplies and to create an 8 kW to 20 kW system, for example
• Technology development to increase the output of existing platforms from 4kW to 5kW
• Preparations for future changes to EMC standards
• The integration of a new energy platform in laser systems

As in previous years, the Company continues to budget significant R&D spending to expand its strong position in technology and marketing.

Economic report

Macroeconomic and sector-specific conditions

Global economy caught in the vortex of US tariff policies

At the beginning of 2025, global economic growth continued at an almost unchanged pace. While there were signs of a noticeable slowdown in the industrialised countries – particularly in the United States – the emerging markets, led by India, were able to step up their economic momentum. However, the import tariffs announced by the United States in April caused business confidence to deteriorate worldwide. The global economy is therefore expected to lose momentum in the second quarter. The global economic outlook remains burdened by uncertainties, particularly those arising from US economic policies and protectionist tendencies. Although the threat of tariffs stimulated foreign trade in the short term by bringing forward exports, this effect is expected to subside. The Kiel Institute for the World Economy (IfW) assumes that US tariffs will remain at their current level and continue to dampen production growth.1

The decline in inflation has recently been increasingly slowing, with some slight upward tendencies re-emerging. In June, inflation rates in the markets relevant for SFC stood at 2.0% in the Eurozone (June 2024: 2.5%)2 , 2.7%3 in the United States (June 2024: 3.0%)4 , 1.9%5 in Canada (2.7%)6 and 2.1%7 in India (5.1%)8 . By comparison, inflation in May 2025 was 1.9% in the Eurozone9 , 2.4% in the United States10, 1.7% in Canada 11 and 2.8% in India12.

Since the US tariff announcements at the beginning of the second quarter, business confidence has cooled noticeably. Accordingly, the IfW expects the global economy to lose momentum in the second quarter of 2025. It also projects slower growth in global production of just 2.9% for the current year, down from 3.3% in the previous year. This is 0.2 percentage points less than in the spring forecast.13 India remains a key driver of global economic growth and could also benefit from production relocations as a result of the US import tariffs. The IfW is forecasting strong growth of 6.7% in 2025 in the Indian market relevant to SFC, i.e. unchanged over the spring forecast. According to the IMF, the US economy should expand by 1.5% and the Canadian economy by 0.3% in the current year. Growth of 1.1% is projected for the Eurozone in 2025.14

German economy: muted recovery in a difficult environment

The German economy experienced a more dynamic start to the year than anticipated in the IfW's spring forecast. This was largely due to pull-forward effects following the US tariff announcements, which had a significant

• 3 U.S. Bureau of Labor Statistics: Consumer Price Index Summary: https://www.bls.gov/news.release/cpi.nr0.htm 4 U.S. Bureau of Labor Statistics: Current US Inflation Rates 2000-2024: https://www.bls.gov/news.release/cpi.nr0.htm
• 5 Statistics Canada: Consumer Price Index, June 2025: https://www150.statcan.gc.ca/n1/daily-quotidien/250715/dq250715a-eng.htm
• 6 Statistics Canada: Consumer Price Index, June 2024: https://www150.statcan.gc.ca/n1/daily-quotidien/240716/dq240716a-eng.htm

11 Statistics Canada: Consumer Price Index, May 2025: https://www150.statcan.gc.ca/n1/daily-quotidien/250624/dq250624a-eng.htm:

¹ IfW: Kieler Konjunkturberichte: Weltwirtschaft im Sommer 2025: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-Publications/fis-import/a893cdfb-cc56-46ea-95a7-35cbf181cbd2- KKB_124_2025-Q2_Welt_DE.pdf

² Eurostat: Jährliche Inflation im Euroraum auf 2,0% gestiegen: https://ec.europa.eu/eurostat/de/web/products-euro-indicators/w/2-02072024-ap

⁷ Government of India Ministry of Statistics and Programme Implementation: Press Release on CPI for June, 2025: https://www.mospi.gov.in/sites/default/files/press_release/CPI_PR_14Jun25.pdf 8 Government of India Ministry of Statistics and Programme Implementation: Press Release on CPI for June, 2024: https://www.mospi.gov.in/sites/default/files/press_release/CPI_PR_12july24.pdf 9 Eurostat: Jährliche Inflation im Euroraum auf 2,0% gestiegen: https://ec.europa.eu/eurostat/de/web/products-euro-indicators/w/2-02072024-ap

¹⁰ U.S. Bureau of Labor Statistics: Consumer Price Index Summary: https://www.bls.gov/news.release/cpi.nr0.htm

¹² Government of India Ministry of Statistics and Programme Implementation: Press Release on CPI for May 2025: https://www.mospi.gov.in/sites/default/files/press_release/CPI_PR_12Jun25.pdf 13 IfW: Kieler Konjunkturberichte – Weltwirtschaft im Frühjahr 2025: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-Publications/fis-import/abf832ab-051e-4e64-a39c-d483bf10930b-KKB_121_2025-Q1_Welt..pdf

¹⁴ IfW: Kieler Konjunkturberichte – Weltwirtschaft im Sommer 2025: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-Publications/fis-import/a893cdfb-cc56-46ea-95a7-35cbf181cbd2- KKB_124_2025-Q2_Welt_DE.pdf

positive impact on exports in the first quarter of 2025. The second quarter saw the opposite trend, with economic output contracting by 0.1%,15 thus falling 0.2 percentage points short of the IfW's summer forecast.16 Whereas spending on equipment and buildings declined, impetus came from consumer and public-sector spending. Given the ongoing uncertainties regarding the global economic outlook, which are likely to continue exerting a drag on exports, the prospects for the rest of the year are also subdued. Momentum in the private sector is currently still weak, while government stimuli are not expected to have any significant impact until next year, driving an upturn that is underpinned by the domestic economy. Overall, the IfW sees gross domestic product increasing by 0.3% in the current year (spring forecast: 0.0%). Inflation has stabilised and is expected to reach 2.2% in the current year (2024: 2.2%).17

Clean Energy

Structural measures driving demand for fuel cells

The performance of the Clean Energy segment is materially influenced by international demand for decentralised power production systems, for which EFOY fuel cells are used. SFC's fuel cells are used in a variety of stationary, mobile and hybrid applications.

Ongoing efforts to lower carbon emissions and the need for greater energy independence to avert negative shocks, such as those following the outbreak of the war in Ukraine, are key drivers of demand in the segment at the EU level. In this connection, the Net Zero Industry Act (NZIA) was initiated in June 2024 to promote the use of "net zero technologies" such as solar, wind, batteries and electrolysers on a broad basis.18 Specific application rules for the NZIA were issued in May 2025 and will come into force at the end of 2025. These include a list of eligible net-zero technologies, the identification of dependencies on third countries for certain technologies and the definition of net-zero production projects that can be assigned the status of a strategic project.19 In the United States, as well, the One Big Beautiful Bill Act (OBBBA) additionally stepped up the promotion initiated in 2022 of hydrogen structures and hydrogen producers in particular.20

The market research experts at Grand View Research remain optimistic with regard to the outlook for the global fuel cell market. The growing importance of reducing carbon emissions, government incentives and regulations to promote the use of clean technologies, the expansion of hydrogen refuelling stations and advances in hydrogen production, especially the production of green hydrogen from renewable energy sources, and, not least of all, the high efficiency of fuel cells have been identified as key market drivers. Based on an estimated market volume of around USD 11 billion in 2025, the experts forecast a compound annual growth rate of 15.3% between now and 2033, by which time the global market volume should reach USD 34 billion.21 The market research and consulting company Precedence Research assumes a higher compound annual growth rate of 26.2% between now and 2034, equivalent to a market volume of around USD 96 billion.22

¹⁵ Statistisches Bundesamt: Bruttoinlandsprodukt im 2. Quartal 2025 um 0,1 % niedriger als im Vorquartal: https://www.destatis.de/DE/Presse/Pressemitteilungen/2025/07/PD25_278_811. html?nn=2110

¹⁶ IfW: Kieler Konjunkturberichte – Weltwirtschaft im Sommer 2025: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-Publications/fis-import/a893cdfb-cc56-46ea-95a7-35cbf181cbd2- KKB_124_2025-Q2_Welt_DE.pdf 17 IfW: Kieler Konjunkturberichte – Weltwirtschaft im Sommer 2025: https://www,ifw-kiel,de/fileadmin/Dateiverwaltung/IfW-Publications/fis-import/a893cdfb-cc56-46ea-95a7-35cbf181cbd2-

KKB_124_2025-Q2_Welt_DE,pdf

¹⁸ Bundesministerium für Wirtschaft und Energie: Net Zero Industry Act tritt in Kraft – Habeck: "Ein Gesetz für Beschleunigung, Bürokratieabbau und Investitionen"

¹⁹ pv magazine: EU verabschiedet Anwendungsregeln für Net-Zero Industry Act: https://www.pv-magazine.de/2025/05/26/eu-verabschiedet-anwendungsregeln-fuer-net-zero-industry-act/ 20 FCHEA: Statement on the passage of the One Big Beautiful Act on behalf of Frank Wolak, President & CEO of the Fuel Cell and Hydrogen Energy Association (FCHEA): https://fchea.org/pressreleases/statement-on-the-passage-of-the-one-big-beautiful-act-on-behalf-of-frank-wolak-president-ceo-of-the-fuel-cell-and-hydrogen-energy-association-fchea/ 21 Grand View Research: Fuel Cell Market Size, Share & Trends Analysis Report By Application (Stationary, Transportation, Portable), By Product (PEMFC, PAFC, SOFC), By Region, And Segment

Forecasts, 2025 – 2033: https://www.grandviewresearch.com/industry-analysis/fuel-cell-market

²² Precedence Research: Fuel Cell Market Size and Forecast 2025 to 2034: https://www.precedenceresearch.com/fuel-cell-market

Clean Power Management

Incoming orders for electronic components up on previous year

The main sell-side industries for power management solutions are to be found in the high-tech sector, such as manufacturers of analytical systems and semiconductor production systems. Frequency converters are mainly in demand in the upstream oil and gas industry.

According to the ZVEI economic barometer of 8 July – more recent data was not available at the time of writing – demand for electronic components rose by 4.9% (-11.3%) year on year between January and May. At 4.4%, domestic demand grew at a slightly slower pace than foreign orders, which were up 5.6%.23 This indicates that international demand is picking up, while the domestic market is also recovering at a slow rate.

With the industry association projecting aggregated sector revenues of EUR 220.1 billion for 2024 as a whole (2023: EUR 238 billion), this figure is expected to have reached EUR 89.7 billion in the year to the end of May, equivalent to a year-on-year decline of 0.4%, thus indicating virtually stable conditions.24 In the same period of the previous year, a reduction of 7.2% had been reported.25 For 2025 as a whole, ZVEI projects a real decline of 2% in production (2024: -8.9%).26 The 1.9% drop in the year to the end of May thus largely mirrors the full-year forecast. According to surveys on the expected business development of companies in the industry, the balance of positive and negative responses for the next six months as of the end of June is +4, up from -4 at the end of May, and even -9 at the end of 2024.27

²³ ZVEI: ZVEI-Konjunkturbarometer Juli 2025: https://www.zvei.org/presse-medien/publikationen/zvei-konjunkturbarometer-juli-2025

²⁴ ZVEI: ZVEI-Konjunkturbarometer Juli 2025: https://www.zvei.org/presse-medien/publikationen/zvei-konjunkturbarometer-juli-2025

²⁵ ZVEI: ZVEI-Konjunkturbarometer Juli 2024: https://www.zvei.org/presse-medien/publikationen/zvei-konjunkturbarometer-juli-2024 26 ZVEI: Noch keine Trendumkehr für Elektro- und Digitalindustrie in Sicht: https://www.zvei.org/presse-medien/pressebereich/noch-keine-trendumkehr-fuer-elektro-und-digitalindustrie-in-sicht

²⁷ ZVEI: ZVEI-Konjunkturbarometer Juli 2025: https://www.zvei.org/presse-medien/publikationen/zvei-konjunkturbarometer-juli-2025

Business performance and economic situation

Significant events

Changes within the Group

The interim financial statements as of 30 June 2025 comprise SFC Energy AG as the parent company and the following subsidiaries:

	SUBSIDIARIES INCLUDED IN THE SCOPE OF CONSOLIDATION				in %
	SEAT		SHARE IN CAPITAL
		DIRECT	INDIRECT	TOTAL
SFC Energy B.V. ("SFC NL")	Almelo Netherlands	100%	-	100%	EUR
SFC Energy Power SRL ("SFC RO CP")	Cluj-Napoca Romania	-	100%	100%	RON
SFC Energy Ltd. ("SFC CA")	Calgary Canada	100%	-	100%	CAD
SFC Energy India Pvt. Ltd. ("SFC IN")	Gurgaon India	92%	-	92%	INR
SFC Clean Energy SRL ("SFC RO CE")	Cluj-Napoca Romania	100%	-	100%	RON
SFC Energy UK Ltd. ("SFC UK")	Swindon UK	100%	-	100%	GBP
SFC Energy LLC ("SFC USA")	Wilmington United States	100%	-	100%	USD
SFC Energy Denmark ApS ("SFC DK")	Hobro Denmark	100%	-	100%	DKK

There were no changes in the reporting period as of 31 December 2024.

Personnel matters

Supervisory Board

The mandates of Supervisory Board members Sunaina Sinha Haldea (Chairwoman of the Supervisory Board), Henning Gebhardt and Gerhard Schempp expired at the end of the Annual General Meeting on 22 May 2025, making it necessary to elect three new members. At the Annual General Meeting on 22 May 2025, Ms Sunaina Sinha Haldea, Mr Henning Gebhardt and Mr Gerhard Schempp were duly re-elected to the Supervisory Board. Mr Schempp's mandate expires at the end of the Annual General Meeting in 2027 and the mandates of Ms Sunaina Sinha Haldea and Mr Henning Gebhardt at the end of the Annual General Meeting in 2029.

At the constituent meeting of the Supervisory Board also held on 22 May 2025 following the end of the Annual General Meeting, Ms Sunaina Sinha Haldea was re-elected as Chairwoman of the Supervisory Board and Mr Henning Gebhardt was elected as Deputy Chair of the Supervisory Board.

Management Board

On 1 March 2025, Mr Hans Pol took up his position on the Management Board, which had been extended at the Supervisory Board meeting on 15 May 2024.

There were no other significant events in the first half of the year.

Earnings position

In the reporting period, the Group generated sales of EUR 73,607 thousand (previous year: EUR 70,856 thousand), thus achieving noticeable growth of 3.9% compared to the same period of the previous year. This performance was driven by slight organic sales growth in the Clean Energy segment as well as substantial sales growth in the Clean Power Management segment.

Compared to the previous year, the Clean Power Management segment recorded slight growth of 1.8% in sales to EUR 51,761 thousand (previous year: EUR 50,860 thousand). On the other hand, sales in the Clean Power Management segment increased substantially in the reporting period compared to the previous year, rising by 9.2% to EUR 21,846 thousand (previous year: EUR 19,997 thousand).

The Clean Energy segment, whose share in Group sales contracted moderately in the reporting period to 70.3% (previous year: 71.8%), accounted for the greater volume of sales. Accordingly, the Clean Power Management segment's share of Group sales widened to 29.7% (previous year: 28.2%).

Consolidated gross profit increased by EUR 1,728 thousand or 5.8% over the same period of the previous year to EUR 31,270 thousand (previous year: EUR 29,542 thousand), thus growing more quickly than sales. Consequently, the Group's gross margin (gross profit as a percentage of sales) widened slightly to 42.5% (previous year: 41.7%).

01/01 – 06/30/2024

Sales by region

Sales for the reporting period and the second quarter of 2025 break down by region as follows compared to the previous year:

SALES BY REGION						in EUR thousands
	2025 1 JAN. – 30 JUNE	2024 1 JAN. - 30 JUNE	CHANGE	2025 1 APRIL - 30 JUNE	2024 1 APRIL - 30 JUNE	CHANGE
Canada	18,949	19,614	-3.4%	9,164	10,400	-11.9%
United States	8,764	6,621	32.4%	2,489	2,727	-8.7%
Europe (excluding Germany and the Netherlands)	12,390	11,948	3.7%	4,588	5,639	-18.6%
Netherlands	19,156	10,942	75.1%	10,723	5,302	102.2%
Germany	6,836	5,617	21.7%	3,139	2,625	19.6%
Asia	6,990	14,893	-53.1%	4,786	3,743	27.9%
Rest of the World	521	1,221	-57.3%	98	319	-69.1%
Total	73,607	70,856	3.9%	34,987	30,809	13.6%

Regionally, the following changes arose in the reporting period compared to the same period in the previous year: The share accounted for by Europe in Group sales widened particularly significantly in the reporting period to 52.1% (previous year: 40.2%), increasing in absolute terms by a substantial EUR 9,875 thousand.

At 37.7% (previous year: 37.0%), North America's share of Group sales was more or less the same as in the previous year, although it increased by EUR 1,479 thousand in absolute terms.

The share of Asian sales in the Group total shrank by more than half in the reporting period to 9.5% (previous year: 21.0%), reflecting the significantly lower Group sales in India compared to the same period in the previous year.

The other regions and countries contributed 0.7% (previous year: 1.7%) to Group sales.

Reconciliation of adjusted EBITDA and adjusted EBIT

Adjusted EBITDA and adjusted EBIT are reported to account for any distortions in the presentation of financial performance indicators caused by non-recurring effects that may either increase or decrease operating earnings in the reporting period and to ensure the comparability of these performance indicators from period to period. The non-recurring effects listed below, which are included in the relevant functional costs, are eliminated in the year under review as part of the reconciliation with adjusted EBITDA and adjusted EBIT.

In the reporting period, these special effects include (net) expenses for allocations to or the reversal of provisions for obligations under the long-term variable share-based payment programmes ("LTI programmes") and expenses associated with transaction endeavours (e.g. acquisitions).

The LTI programmes comprise stock appreciation rights ("SARs"), stock options ("SOPs") and performance shares ("PSs") for the Management Board and for managers of the Group companies. The net expenses (i.e. expenses less any income) totalled EUR 3,228 thousand in the reporting period (previous year: EUR 1,651 thousand) ("extraordinary expenses").

Expenses associated with transaction endeavours, such as potential acquisitions, amounting to EUR 714 thousand (previous year: EUR 239 thousand) are included in non-recurring effects ("extraordinary expenses").

On balance, the non-recurring effects are included in EBIT and EBITDA as net expenses of EUR 3,941 thousand for the reporting period (previous year: EUR 1,311 thousand).

The net expenses for the LTI programmes for Management Board members Dr Peter Podesser, Daniel Saxena and Hans Pol are included in both selling expenses and general administrative expenses. The net expenses for the LTI programmes for employees (managers) are included in selling expenses and in research and development expenses. The expenses associated with transaction endeavours are included in general administrative expenses.

Reconciliation with adjusted EBITDA and adjusted EBIT (= adjusted operating earnings) and the allocation of the non-recurring effects to the items of the income statement break down as follows:

RECONCILIATION EBIT / EBITDA WITH EBIT ADJUSTED / EBITDA ADJUSTED		in EUR thousands
	2025 1 JAN. - 30 JUNE	2024 1 JAN. - 30 JUNE
Operating earnings according to the income statement (EBIT)	698	7,668
Selling expenses
+/- Net expense/income for LTI programmes (personnel expenses)	-539	-473
Research and development expenses
+/- Net expense/income for LTI programmes (personnel expenses)	-7	-59
General administrative expenses
+/- Net expense/income for LTI programmes (personnel expenses)	-2,681	-1,119
+ Expenses for transaction endeavours	-714	-239
Adjusted EBIT	4,640	9,558
EBITDA	4,581	10,636
Selling expenses
+/- Net expense/income for LTI programmes (personnel expenses)	-539	-473
Research and development expenses
+/- Net expense/income for LTI programmes (personnel expenses)	-7	-59
General administrative expenses
+/- Net expense/income for LTI programmes (personnel expenses)	-2,681	-1,119
+ Expenses for transaction endeavours	-714	-239
Adjusted EBITDA	8,522	12,526

Sales by segment

Sales for the reporting period and the second quarter of 2025 break down by segment as follows compared to the previous year:

SALES BY SEGMENT						in EUR thousands
	2025 1 JAN. - 30 JUNE	2024 1 JAN. - 30 JUNE	CHANGE	2025 1 APRIL - 30 JUNE	2024 1 APRIL - 30 JUNE	CHANGE
Clean Energy	51,761	50,860	1.8%	23,373	20,056	16.5%
Clean Power Management	21,846	19,997	9.2%	11,614	10,753	8.0%
Total	73,607	70,856	3.9%	34,987	30,809	13.6%

Clean Energy

The Clean Energy segment's core business entails the development, production, delivery, integration and marketing of products, systems and solutions based on technologically advanced hydrogen and direct methanol fuel cells for power production. The segment has an extensive range of products that are sold on a stand-alone basis or as solutions for customers in the industrial, public and private sectors in various markets.

In recent years, the segment has largely proven to be comparatively resilient to crises, enjoying sustained strong demand and continued sales growth. Overall, growing interest in fuel cell technology and a broad discussion regarding alternatives to stationary power generation, including for back-up applications in data centres and telecommunications facilities as well as commercial buildings (hospitals, offices, etc.), has also boosted the commercial appeal of fuel cells.

Despite the recent increase in criticism of the economic costs of climate-neutral policies, concern over global carbon dioxide (CO2 ) emissions has continued to grow in many countries and regions. In this context, fuel cells are a viable alternative to diesel generators and offer a way of increasing the number of systems for green power generation.

While the Management Board believes that DMFCs can compete with conventional technologies in numerous applications and high growth rates are forecast for the global market for DMFCs28, the slow development of the hydrogen economy and the lack of fuel flexibility currently pose obstacles to the broad acceptance of PEMFCs. In particular, the hydrogen industry is struggling with rising investment costs, slower than expected progress in key technologies such as the storage of renewable energies and electrolysis and an uncertain legal framework.29 The Management Board assumes that demand for PEMFCs will grow as the hydrogen economy grows.

In the reporting period, the segment generated sales of EUR 51,761 thousand (previous year: EUR 50,860 thousand), thus posting a slight increase of EUR 901 thousand or 1.8% over the same period of the previous year. Although the segment benefited from continued strong demand for the Group's fuel cell solutions, the weaker exchange rates of the US dollar, Canadian dollar and Indian rupee against the euro compared to the same period of the previous year and the first quarter of 2025 had a negative impact on sales.

²⁸ Spherical Insights: Global Direct Methanol Fuel Cells Market August 2024: https://www.sphericalinsights.com/reports/direct-methanol-fuel-cells-market 29 McKinsey & Company: What is hydrogen energy? October 2024: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-hydrogen-energy

This was particularly the case with energy solutions for industrial applications, which address the core target markets of "civil security technology / video surveillance" and "data transmission and digitalisation", among others, and accounted for the largest share of segment sales, increasing by more than 20%. However, sales in the core target markets for public security, which had included a major order from India in the previous year, dropped by half in the reporting period. Sales of applications in the core target markets for private applications, which now accounted for the smallest share of segment sales, fell sharply to around EUR 1,000 thousand. The Management Board believes that one of the main reasons for this is the persistently muted consumer confidence combined with greater price sensitivity on the part of private households, particularly in Germany.

At 47.0% (previous year: 47.9%), the segment gross margin fell moderately short of the previous year due to the product mix combined with unfavourable developments in exchange rates. Reflecting this, gross profit in the reporting period was on a par with the same period of the previous year at EUR 24,323 thousand (previous year: EUR 24,360 thousand) despite the slight growth in sales.

At EUR 7,249 thousand (previous year: EUR 7,123 thousand), selling expenses adjusted for the above-mentioned extraordinary expenses of EUR 539 thousand (previous year: EUR 473 thousand) were up 1.8% and, hence, moderately higher than in the same period of the previous year. The main reasons for this were the segment's noticeably higher personnel, advertising and travelling expenses.

The segment's general administrative expenses adjusted for the aforementioned extraordinary expenses of EUR 3,395 thousand (previous year: EUR 1,358 thousand) rose in the reporting period by 42.1% to EUR 8,804 thousand (previous year: EUR 6,196 thousand) and were thus substantially higher than in the previous year. This increase is mainly due to higher auditing, legal, consulting, personnel and IT costs, which are also related to the ongoing roll-out of a new ERP system and the further digitalisation of the Group.

Given its significantly more international focus, the Clean Energy segment accounts for by far the largest share of currency translation losses. These totalled EUR 3,784 thousand in the reporting period (previous year: EUR 643 thousand) and were offset by currency translation gains of EUR 1,172 thousand (previous year: EUR 460 thousand).

In view of the virtually unchanged gross profit, the significant increase in general administrative expenses in relation to sales and the very high net currency translation losses, EBITDA adjusted for non-recurring effects fell significantly in the reporting period to EUR 5,750 (previous year: EUR 10,850 thousand), resulting in a significantly lower adjusted EBITDA margin for the segment of 11.1% (previous year: 21.3%).

Clean Power Management

The core business of the Clean Power Management segment entails the development, production and marketing of the Group's wide range of high-tech power management solutions, which are used to generate and control regulated voltages in electronic systems. The target customers for these solutions are manufacturers of high-tech industrial machinery for various sectors. The segment particularly addresses companies with a long-term positioning, especially in high-growth areas.

The segment also includes business in frequency converters for customers in the oil and gas industry.

Parts of the Clean Power Management segment's product portfolio are also used in the Clean Energy segment.

Power management solutions are a key component of power conversion systems. Among other things, they are used to improve power density, reduce electromagnetic interference, preserve power and signal integrity, ensure safety in variable voltage ranges and extend battery life. Demand for these components is traditionally exposed to changes in the general macroeconomic environment but is being spurred by the emergence of new applications as well as a number of trends. This includes rising demand for automation technologies and the emergence of Industry 4.0. In addition, the priority being given to energy efficiency and the demand for renewable energies is fuelling the market's growth potential.30

In the reporting period, the Clean Power Management segment recorded substantial sales growth of 9.2% to EUR 21,846 thousand (previous year: EUR 19,997 thousand). While business in power management solutions expanded very significantly, frequency converter business in the upstream oil and gas industry saw a substantial year-on-year decline. However, around half of this was attributable to exchange rate effects.

The segment's gross profit widened very significantly by 34.0% or EUR 1,764 thousand to EUR 6,947 thousand (previous year: EUR 5,183 thousand). This increase was significantly greater than the segment's sales growth, resulting in a gross profit margin of 31.8% (previous year: 25.9%) in the reporting period, which was significantly higher than in the same period of the previous year. The main reasons for this were the achievement of good prices and improved production capacity utilisation.

Selling expenses in the segment totalled EUR 1,256 thousand (previous year: EUR 1,112 thousand), up strongly by 13.0% on the previous year, particularly as a result of higher travel, consulting and commission costs.

The segment's general administrative expenses came to EUR 2,214 thousand in the reporting period (previous year: EUR 2,116 thousand), up by a noticeable EUR 97 thousand or 4.6% year on year, primarily as a result of higher consulting costs and increased depreciation and amortisation.

Currency translation losses in the segment totalled EUR -192 thousand in the reporting period (previous year: EUR -14 thousand), offset by currency translation gains of EUR 170 thousand (previous year: EUR 34 thousand).

Segment EBITDA does not include any non-recurring effects. Reflecting the increase in gross profit, EBITDA climbed significantly to EUR 2,772 thousand in the reporting period (previous year: EUR 1,676 thousand), resulting in a noticeably improved EBITDA margin for the segment of 12.7% (previous year: 8.4%).

³⁰ Fortune Business Insights: Power Electronics Market Size, Share & Industry Analysis, Source, Januar 2025: https://www.fortunebusinessinsights.com/power-electronics-market-102595

Group

Gross profit

In the reporting period, gross profit widened by 5.8% to EUR 31,270 thousand (previous year: EUR 29,542 thousand) and, thus, noticeably by EUR 1,728 thousand over the previous year. This increase was mainly due to the above-mentioned organic sales growth accompanied by minor margin expansion. The margin expansion is the result of the improved gross margin in the Clean Power Management segment, as described above.

At 42.5% (previous year: 41.7%), the Group's gross margin (gross profit as a percentage of sales) in the reporting period was slightly up on the same period of the previous year and moderately above the full-year figure recorded in 2024 (41.0%).

Gross profit for the individual segments compared to the previous year is as follows:

GROSS PROFIT BY SEGMENT						in EUR thousands
	2025 1 JAN. - 30 JUNE	2024 1 JAN. - 30 JUNE	CHANGE	2025 1 APRIL - 30 JUNE	2024 1 APRIL - 30 JUNE	CHANGE
Clean Energy	24,323	24,360	-0.2%	10,392	9,064	14.7%
Clean Power Management	6,947	5,183	34.0%	3,751	2,586	45.1%
Total	31,270	29,542	5.8%	14,143	11,650	21.4%

Selling expenses

Selling expenses increased noticeably in the reporting period by 3.9% over the previous year, rising to EUR 9,045 thousand (previous year: EUR 8,708 thousand). The extraordinary expenses included in selling expenses totalling EUR 539 thousand (previous year: EUR 473 thousand) were sharply higher than in the previous year.

Adjusted for these non-recurring effects, selling expenses increased slightly in the reporting period by 3.3% to EUR 8,506 thousand (previous year: EUR 8,235 thousand). This increase was materially driven by noticeably higher adjusted personnel expenses due to a higher average headcount of 115 (previous year: 107) employees. It was also due to higher travel costs, which were offset by lower advertising costs.

However, at 11.6% (previous year: 11.6%), Group-wide adjusted selling expenses as a proportion of sales remained at the previous year's level.

Research and development expenses

The research and development ("R&D") expenses recognised in the income statement increased very significantly in the reporting period by 38.5% to EUR 4,686 thousand (previous year: EUR 3,383 thousand). This is mainly due to a lower capitalisation ratio (capitalised R&D expenses relative to total R&D expenses) of 13% (previous year: 22%) of research and development expenses.

Adjusted for the aforementioned extraordinary expenses of EUR 7 thousand (previous year: EUR 59 thousand) and including the development expenses capitalised in the reporting period as well as grants received of a total of EUR 1,165 thousand (previous year: EUR 1,873 thousand), the Group's total research and development expenses amounted to EUR 5,844 thousand (previous year: EUR 5,197 thousand). This marked a substantial increase of 12.4% over the previous year. The higher total expenses in the reporting period were mainly the result of increased personnel expenses, also due to the larger workforce, which averaged 82 in number (previous year: 75).

The Group's overall development ratio (research and development expenses adjusted for non-recurring effects and including capitalised development expenses and grants as a percentage of sales) widened slightly to 7.9% (previous year: 7.3%) due to the broader-based development activities.

General administrative expenses

General administrative expenses totalled EUR 14,413 thousand in the reporting period (previous year: EUR 9,670 thousand) and were thus very significantly up on the same period of the previous year. Adjusted for the non-recurring effects described above of EUR 3,395 thousand (previous year: EUR 1,358 thousand), general administrative expenses likewise rose very significantly by EUR 2,706 thousand or 32.5% to EUR 11,018 thousand (previous year: EUR 8,312 thousand). The increase is mainly the result of significantly higher auditing, legal and consulting costs as well as IT costs, which are largely due to costs in connection with the Group's digitalisation initiative. Moreover, higher costs were incurred for software licences compared to the previous year.

Other operating income

Other operating income more than doubled in the reporting period compared to the same period of the previous year, coming to a total of EUR 1,616 thousand (previous year: EUR 636 thousand). The main reason for this was the higher currency translation gains of EUR 1,325 thousand (previous year: EUR 460 thousand) included in this item.

Other operating expenses

Other operating expenses totalled EUR 3,976 thousand in the reporting period (previous year: EUR 658 thousand), increasing almost sixfold over the previous year. This item includes currency translation losses, which largely result from internal transfer pricing transactions. The unfavourable exchange rates of the US dollar, the Canadian dollar and the Indian rupee in the reporting period were the main reason for this.

Impairment losses on financial assets

Impairment losses, mainly valuation allowances for trade receivables from one customer, decreased significantly in the reporting period by EUR 24 thousand to EUR 67 thousand (previous year: EUR 92 thousand).

Earnings before interest, taxes, depreciation and amortisation (EBITDA)

The Group's earnings before interest, taxes, depreciation and amortisation (EBITDA) fell very significantly by EUR 6,055 thousand in the reporting period to EUR 4,581 thousand (previous year: EUR 10,636 thousand), mainly as a result of the very significant increase in general administrative expenses and the high net other operating expenses. Reflecting this, the EBITDA margin (EBITDA relative to sales) shrank very substantially to 6.2% (previous year: 15.0%).

As the key financial performance indicator for managing operating business, EBITDA adjusted for non-recurring effects (EBITDA adjusted) reached EUR 8,522 thousand in the reporting period (previous year: EUR 12,526 thousand), likewise declining significantly over the previous year by EUR 4,004 thousand. The adjusted EBITDA margin contracted by 6.1 percentage points and, at 11.6%, was well down on the previous year (previous year: 17.7%).

Earnings before interest and taxes (EBIT)

The Group's earnings before interest and taxes (EBIT) fell very sharply by EUR 6,969 thousand to EUR 698 thousand in the reporting period (previous year: EUR 7,668 thousand). Accordingly, the EBIT margin (EBIT relative to sales) contracted to 0.9% (previous year: 10.8%).

EBIT adjusted for non-recurring effects (EBIT adjusted) came to EUR 4,640 thousand (previous year: EUR 9,558 thousand), thus dropping more than half by EUR 4,918 thousand over the previous year. This yielded an adjusted EBIT margin of 6.3% (previous year: 13.5%), which was very substantially down on the previous year.

Interest and similar income

Interest and similar income dropped by more than half to EUR 258 thousand in the reporting period (previous year: EUR 749 thousand) due to lower interest rates and the low average amount invested.

Interest and similar expenses

Interest and similar expenses of EUR 494 thousand (previous year: EUR 316 thousand) include interest expenses from the application of IFRS 16 in the amount of EUR 266 thousand (previous year: EUR 166 thousand). The increase in interest expenses resulted from the higher average utilisation of working capital facilities as well as from higher lease liabilities.

Income taxes

In the reporting period, tax expenses fell by EUR 2,053 thousand to EUR 205 thousand (previous year: EUR 2,258 thousand), particularly due to the lower pre-tax profit of the individual Group companies.

Consolidated net result for the period

The consolidated net result decreased very sharply in the reporting period to EUR 257 thousand (previous year: EUR 5,842 thousand), primarily as a result of the very significant increase in burdens in tandem with a higher operating cost base compared to the previous year as well as the above-mentioned non-recurring effects, and was thus down on the same period of the previous year.

Earnings per share

In the reporting period, basic earnings per share fell significantly to EUR 0.02 (previous year: EUR 0.34), while diluted earnings per share also decreased substantially to EUR 0.02 (previous year: EUR 0.33).

Order intake and backlog

At EUR 43,665 thousand (previous year: EUR 79,180 thousand), order intake in the reporting period was significantly down on the previous year. As of 30 June 2025, the Group's order backlog dropped in value to EUR 74,311 thousand (31 December 2024: EUR 104,583 thousand). Of this, SFC AG accounted for EUR 15,100 thousand (31 December 2024: EUR 34,529 thousand), SFC NL for EUR 49,491 thousand (31 December 2024: EUR 59,129 thousand), SFC CA for EUR 7,207 thousand (31 December 2024: EUR 8,248 thousand), SFC IN for EUR 298 thousand (31 December 2024: EUR 1,956 thousand) and SFC DK for EUR 2,216 thousand (31 December 2024: EUR 721 thousand).

Asset and financial position

Capital structure

As of 30 June 2025, equity amounted to EUR 138,896 thousand (31 December 2024: EUR 139,218 thousand) and was around the same level as at the end of the 2024 financial year.

The net financial position (freely available cash and cash equivalents less liabilities to banks) declined sharply in the reporting period by EUR 10,192 thousand to EUR 46,166 thousand (31 December 2024: EUR 56,359 thousand).

Cash and cash equivalents

As of 30 June 2025, freely available cash and cash equivalents amounted to EUR 50,597 thousand, declining sharply by EUR 9,898 thousand (31 December 2024: EUR 60,494 thousand).

Overall, liabilities to banks increased moderately by EUR 294 thousand over the end of 2024 to EUR 4,430 thousand (31 December 2024: EUR 4,136 thousand).

Ongoing investment in product development and potential joint ventures, equity investments and acquisitions remain an important part of SFC's growth and internationalisation strategy in order to strengthen and expand its market positions in a targeted manner or to supplement existing business or penetrate new business areas. The implementation of this strategy may result in financial obligations or additional financing requirements.

In February 2023, SFC entered into a strategic partnership agreement with Indian company FC TecNrgy Pvt. Ltd. to set up a new production facility for fuel cells and for further market development in India. In this connection, SFC AG has undertaken to make a financial investment of EUR 1,000 thousand in FC TecNrgy Pvt. Ltd, which is still outstanding. This entails investment obligations held by SFC Energy India Pvt. Ltd. This investment is to be financed from SFC's cash flow.

Pending utilisation, surplus liquidity is being invested in low-risk financial instruments (e.g. overnight and fixed-term deposits) at various banks.

SFC's Articles of Association do not define any capital requirements.

Cash flow and investments

CASH FLOW		in EUR thousands
	1 JAN. - 30 JUNE 2025	1 JAN. - 30 JUNE 2024
Operating cash flow before changes in working capital	8,889	12,602
Cash flow from
operating activities	-6,295	15,970
investing activities	-1,499	-5,121
financing activities	-1,657	-1,370

Operating cash flow and cash flow from operating activities

Cash flow from operating activities deteriorated very significantly compared to the same period of the previous year, totalling EUR -6,295 thousand in the reporting period (previous year: EUR 15,970 thousand).

The main reasons for this were the sharp decline in adjusted EBITDA and cash flow from operating activities before changes in working capital and income taxes (operating earnings before changes in working capital) in conjunction with a significant increase in working capital. The cash flow from operating activities before changes in net working capital and income taxes remained very clearly positive in the reporting period, but decreased by EUR 3,713 thousand to EUR 8,889 thousand compared to the same period of the previous year (previous year: EUR 12,602 thousand). At the same time, net working capital climbed by EUR 14,227 thousand in the reporting period (previous year: decline of EUR 4,523 thousand). This was offset by considerably lower income tax payments totalling EUR 958 thousand (previous year: EUR 1,154 thousand).

With regard to the main changes in net working capital, inventories climbed sharply by EUR 6,316 thousand in the reporting period, affecting cash flow accordingly. Furthermore, trade receivables likewise increased sharply by EUR 7,083 thousand in the reporting period, also with a corresponding effect on liquidity. Other receivables and assets, which primarily include advance tax payments, as well as provisions increased by a total of EUR 1,633 thousand (previous year: EUR 328 thousand) with a corresponding effect on liquidity.

Trade payables rose sharply by EUR 2,385 thousand in the reporting period (previous year: EUR 3,580 thousand) with a corresponding effect on liquidity. Together with the other items within net working capital, this resulted in an increase in net working capital and thus a cash outflow of EUR 14,227 thousand in the reporting period (previous year: decline of EUR 4,523 thousand).

Cash flow from investing activities and investments

Cash outflows from investing activities were very substantially down on the previous year, coming to EUR 1,499 thousand in the reporting period (previous year: EUR 5,121 thousand). This includes payments for investments in intangible assets of EUR 918 thousand (previous year: EUR 1,529 thousand), of which EUR 898 thousand (previous year: EUR 1,490 thousand) was attributable to capitalised development expenses.

Cash outflows for investments in plant and office equipment were valued at EUR 840 thousand in the reporting period (previous year: EUR 4,322 thousand), dropping very sharply over the previous year.

The higher cash outflow in the previous year was mainly due to the establishment and upscaling of the production sites in Swindon (UK) and Cluj (Romania).

Capital spending was funded using the Group's own cash flow or under existing loan agreements.

Cash flow from financing activities

The cash outflow from financing activities increased significantly in the reporting period to EUR 1,657 thousand (previous year: EUR 1,370 thousand). This increase was caused by higher cash outflows for the settlement of lease liabilities totalling EUR 1,289 thousand (previous year: EUR 1,060 thousand) in connection with the application of IFRS 16.

Change in the cash flow components of cash and cash equivalents

The net change in cash and cash equivalents totalled EUR -9,451 thousand (previous year: EUR 9,479 thousand). As of 30 June 2025, unrestricted cash and cash equivalents were valued at EUR 50,597 thousand (31 December 2024: EUR 60,494 thousand).

Asset position

At EUR 194,677 thousand as of 30 June 2025, total assets increased marginally by EUR 547 thousand or 0.3% over the end of the previous year (31 December 2024: EUR 194,129 thousand). On the assets side, this was materially due to the higher current assets, particularly the increase in inventories and trade receivables. On the liabilities side, current liabilities in particular were higher.

Despite the higher sales, inventories rose very sharply by 19.7% to EUR 36,633 thousand in the reporting period (31 December 2024: EUR 30,593 thousand). This was mainly due to stockpiling at SFC AG and SFC RO CE and, in this connection, particularly the changes in inventories of raw materials, supplies and consumables.

Trade receivables also increased very sharply in the reporting period by 16.0% to EUR 41,561 thousand (31 December 2024: EUR 35,843 thousand). This mainly reflects the increase in this item at SFC AG.

Contract assets, which are held solely by SFC CA, increased by more than double to EUR 2,148 thousand in the reporting period (31 December 2024: EUR 781 thousand).

Other assets and receivables decreased sharply in the reporting period by 11.6% to EUR 6,579 thousand (previous year: EUR 7,442 thousand). The main reason for this was the reduction in a receivable from a supplier at the level of SFC NL.

As of the reporting date, the share of current assets in total assets stood at 70.8% (31 December 2024: 69.8%), and thus slightly higher than at the end of the 2024 financial year.

Intangible assets decreased significantly as of 30 June 2025 by 4.9% to EUR 19,703 thousand (previous year: EUR 20,711 thousand). The low capitalisation of development expenses in conjunction with higher depreciation and amortisation expense and negative effects from the currency translation of goodwill were the main reasons for this.

At EUR 21,180 thousand, property, plant and equipment were 6.2% down on the end of the 2024 financial year (31 December 2024: EUR 22,579 thousand). This decline mainly reflects the aforementioned substantially lower investments in the expansion and development of international locations.

As of the reporting date, the share of non-current assets in total assets stood at 29.2% (31 December 2024: 30.2%), and thus slightly lower than at the end of the 2024 financial year.

Current liabilities rose noticeably by 5.6% or EUR 2,195 thousand to EUR 41,319 thousand in the reporting period (31 December 2024: EUR 39,124 thousand). This substantial increase is mainly due to the very sharp rise in trade payables described below.

At EUR 17,430 thousand, trade payables were up 12.1% or EUR 1,875 thousand on the end of the previous year (31 December 2024: EUR 15,555 thousand) due, among other things, to greater procurement volumes as well as increased manufacturing input within the Group.

Current lease liabilities rose moderately by EUR 84 thousand or 3.3% to EUR 2,664 thousand (31 December 2024: EUR 2,579 thousand).

Financial liabilities climbed substantially by EUR 294 thousand or 7.1% to EUR 4,430 thousand in the reporting period (31 December 2024: EUR 4,136 thousand) and are solely current in nature. They concern the working capital facilities for SFC NL.

The composition of and changes in net financial liabilities are presented below:

NET FINANCIAL LIABILITIES			in EUR thousands
	30 June 2025	31 Dec. 2024	CHANGE
Liabilities to banks	4,430	4,136	7.1%
of which SFC AG	0	0	0%
of which SFC NL	4,430	4,136	294
of which SFC CA	0	0	0%
Less
Freely available cash and cash equivalents a)	-50,597	-60,494	-16.4%
Total	46,166	56,359	-18.1%

a) Cash and cash equivalents less restricted cash and cash equivalents

Other current liabilities, which largely consist of personnel provisions, increased slightly by EUR 107 thousand or 1.0% to EUR 11,132 thousand (31 December 2024: EUR 11,025 thousand).

Non-current liabilities dropped substantially by EUR 1,327 thousand to EUR 14,461 thousand as of the reporting date (31 December 2024: EUR 15,788 thousand). One significant item within non-current liabilities is non-current lease liabilities, which also decreased substantially by EUR 919 thousand or 8.0% in the reporting period to EUR 10,508 thousand (31 December 2024: EUR 11,428 thousand). Other provisions, which mostly comprise warranty provisions, decreased very sharply by 16.7% to EUR 2,619 thousand (31 December 2024: EUR 3,144 thousand).

Overall, the share of liabilities in total capital amounted to 28.7% (31 December 2024:28.3%).

The Group's equity decreased to EUR 138,896 thousand in the reporting period (31 December 2024: EUR 139,218 thousand). At 71.3%, the equity ratio was unchanged over the end of the 2024 financial year (31 December 2024: 71.7%). Further information on changes in equity can be found in the consolidated statement of changes in equity in the abridged consolidated interim financial statements.

Employees

The number of permanent employees as of 30 June 2025 is as follows:

EMPLOYEES

	30 JUNE 2025	31 DEC. 2024	CHANGE
Management Board	3	3	0
Research and development	84	78	6
Production, logistics, quality management	222	206	16
Sales and marketing	120	106	14
Administration	80	77	3
Permanent employees	509	470	39

EMPLOYEES BY FUNCTION

As of 30 June 2025, the Group had 509 (31 December 2024: 470) permanent employees worldwide.

Risk and opportunities report

With its international presence and technological platforms, SFC engages in innovative business areas. On the one hand, this results in considerable opportunities; on the other, business activities are exposed to potential risks that may have a significant and lasting impact on the achievement of the Group's financial and non-financial targets – and therefore also on its net assets, financial position and results of operations (including effects on assets, liabilities and cash flows).

SFC has implemented a comprehensive, Group-wide risk and opportunity management system to identify, assess, manage and monitor relevant developments on an ongoing basis. Identified risks and opportunities are continuously incorporated within the Company's planning and decision-making processes.

The risk and opportunity report included in the 2024 Annual Report remained largely valid in the reporting period. All significant risk categories – including market, financial, technology, procurement, IT, personnel, environmental and legal risks – continue to be monitored and assessed. Where applicable, individual risks have been updated or reassessed on the basis of current forecasts and developments.

Macroeconomic conditions

Macroeconomic and geopolitical uncertainties continued to worsen in the first half of 2025, particularly due to persistent volatility on the global markets, changing trade policies and the significant appreciation of the euro against the US dollar, Canadian dollar and Indian rupee.

Policy-related risks, particularly in connection with US trade and investment framework conditions, have impaired customers' forward planning visibility and willingness to invest – especially in new fields of application and regions. In the United States, where SFC continues to generate year-on-year growth, business performance still generally fell short of expectations.

Sector-specific delays also arose in the reporting period. In defence and public security, certain orders were delayed – particularly in India – despite a well-filled project pipeline, and this is delaying the expected completion of these projects. Investments in hydrogen technology remain subdued, with significant progress confined to certain regions such as Scandinavia and the Benelux countries. This may necessitate adjustments to the allocation of resources and project schedules.

In response to the prevailing risks and challenges, SFC intends to implement a series of specific precautions to strengthen its resilience and maintain its growth trajectory. The Company is actively addressing regional market uncertainties by means of geographic diversification, including the establishment of its own US production facility in the fourth quarter of 2025, with the aim of enhancing customer proximity and reducing exposure to trade barriers.

In the defence and public security segment, efforts are primarily concentrating on accelerating project execution in India and Europe, while pilot programmes in new applications such as drone charging solutions and infrastructure power supply are being additionally expanded.

To complement its organic growth, SFC is also pursuing targeted M&A activities, particularly to improve market access in the United States and Southeast Asia. These measures aim to mitigate market-specific risks and, at the same time, create the basis for long-term, profitable growth.

Currency risk

With its global presence, SFC is inherently exposed to exchange rate fluctuations, which may have a significant impact on its financial performance. In the first half of 2025, the depreciation of key Group currencies against the euro had a negative impact on earnings and net assets, heightening the need to adjust the sales and earnings forecast for the 2025 financial year.

SFC actively monitors and manages its exposure to exchange rate risks to address the ongoing volatility on the global currency markets. SFC's foreign exchange management guidelines aim to minimise exposure by avoiding currency overhangs, particularly in US dollars, Canadian dollars and Indian rupees, or by reducing loss-making effects on the cash position. Where possible, exchange rate adjustment clauses are included in sales contracts to mitigate risks arising from unfavourable trends in exchange rates.

SFC remains committed to the prudent management of currency risks in the interests of stable and sustainable growth even in an uncertain market environment.

Operating risks

In addition, internal risk factors – such as temporary additional expenses in connection with the roll-out of a new ERP system and continued investments in IT infrastructure and cyber security – caused higher costs in the first half of 2025. These operating effects, together with currency-related burdens, will leave temporary negative traces on the financial performance indicators for the 2025 financial year.

To mitigate and contain these risks, various cost optimisation initiatives have been launched to improve the quality of earnings in the short and medium term.

Overall assessment of the risk situation

Despite the exposure to a variety of risks, including macroeconomic uncertainties, geopolitical tensions, exchange rate fluctuations and industry-specific delays, SFC has a solid financial foundation and a diversified business portfolio that supports sustained operational stability.

Its comprehensive risk management system ensures the ongoing identification, assessment and management of potential risks and facilitates timely risk management even under uncertain market conditions. In addition, SFC's strong liquidity position makes it highly resilient to temporary disruptions and ensures that it is able to withstand market fluctuations without jeopardising its strategic goals and growth ambitions.

At the time of reporting, no risks that were liable either individually or collectively to jeopardise the Group's going-concern status were identified.

Forecast

Macroeconomic conditions

Based on data from the International Monetary Fund (IMF), global economic growth is expected to remain below average at 3.0% in 2025, down from 3.3% in 2024.31

The IMF expects gross domestic product ("GDP") in the Eurozone to grow by 1.0% in 2025 and by 1.2% in 2026. Although this marks an upward revision of 0.2 percentage points for 2025, this is largely based on the strong GDP growth of a single country and the pull-forward effect in the first quarter of this year.32 Overall, the outlook is characterised by higher tariffs, which could harm European exports, and spending reticence given the prevailing geopolitical uncertainty.

The Canadian economy remains under pressure from trade tensions and a weaker labour market. Canadian GDP rose by an unexpected 2.2% (annualised) in the first quarter of 2025 due to advance tariff payments from US companies. However, the outlook for Canadian GDP growth is increasingly uncertain given the failure of the US/Canadian trade negotiations. In its July report, the Bank of Canada projects GDP growth of only 1.3% in 2025, i.e. 0.5 percentage points below expectations at the start of the year.33

The US economy continues to operate in a complex environment characterised by opposing trends, which makes a clear assessment of its underlying dynamics difficult. It is not yet possible to assess the effects of the recent negotiations on trade relations between the EU and the United States and particularly the extent to which these will influence customers' investment decisions in the short term. Geopolitical uncertainties are also expected to persist with the United States government. In its June report, the OECD assumes that GDP growth in the United States will slow from 2.8% in 2024 to 1.6% this year. SFC will continue to carefully monitor how the United States' tariff and trade policies develop and whether other countries impose additional counter-tariffs or take other measures.

The US dollar and the Canadian dollar lost around 12% and 7%, respectively, against the euro in the period from January to 30 June 2025. Among other things, this is a consequence of the new policies adopted in the United States, particularly with regard to import tariffs, as well as general uncertainties. The euro is expected to remain stable against the US dollar over the next twelve months or possibly depreciate slightly.34 It should also remain stable or depreciate slightly against the Canadian dollar.35

Outlook for the Company

These estimates form the basis for the forecast for the Company in the second half of the year, which is characterised by uncertainties regarding volumes and negative exchange rate effects liable to have a negative impact on price trends and thus on demand for the Group's products. In its current forecast for 2025, SFC assumes that the prevailing underlying conditions will not deteriorate significantly and has not taken into account any tariffs unknown at the time of publication of this report or other trade restrictions.

34 Goldman Sachs: Global FX Trader, August 2025

³¹ International Monetary Fund: World Economic Outlook Update: Global Economy: Tenuous Resilience amid Persistent Uncertainty, Juli 2025: https://www.imf.org/en/Publications/WEO/ Issues/2025/07/29/world-economic-outlook-update-july-2025

³² International Monetary Fund: World Economic Outlook Update: Global Economy: Tenuous Resilience amid Persistent Uncertainty, Juli 2025: https://www.imf.org/en/Publications/WEO/

Issues/2025/07/29/world-economic-outlook-update-july-2025 33 Bank of Canada: Monetary Policy Report July 2025: https://www.bankofcanada.ca/publications/mpr/mpr-2025-07-30/

³⁵ National Bank of Canada: Forex Economics and Strategy, July 7 2025

With regard to business with public security customers, SFC expects short-term uncertainty to arise on account of delays in contract awards, particularly in India.

Its forecast for the second half of 2025 assumes a slightly negative trend in the average exchange rate for the US dollar and the Canadian dollar.

Given the persistent geopolitical and macroeconomic uncertainties, SFC adjusted the guidance for the 2025 financial year that it had published on 25 February 2025 and in the 2024 Annual Report as follows in an ad hoc announcement published on 31 July 2025:

Sales

For the current financial year, the Management Board has adjusted its previous forecast of 25 February 2025 downwards, taking into account the Group's expected business performance and current order backlog, and now expects sales to grow by around 1 – 11% compared to the 2024 financial year and projects Group sales in a range of EUR 146,500 thousand to EUR 161,000 thousand (previously: EUR 160,600 thousand to EUR 180,900 thousand).

Adjusted EBITDA

Against the backdrop of the changed and challenging market environment, measures are being planned to strengthen short-term profitability. These include optimisation measures addressing personnel and consulting expenses. For 2025, the Company is nevertheless forecasting a lower EBITDA margin of 9 – 12% for the Group and adjusted EBITDA in a range of EUR 13,000 thousand to EUR 19,000 thousand compared to the EBITDA forecast of 25 February 2024 for the current financial year (previously: EUR 24,700 thousand to EUR 28,200 thousand).

Adjusted EBIT

In line with the results achieved in the first six months of the financial year and the expectations described above, the Company has revised its forecast of 25 February 2025 for adjusted EBIT downwards to a range between EUR 5,000 thousand and EUR 11,000 thousand (previously: EUR 17,500 thousand to EUR 20,600 thousand).

This forecast as well as the Company's risk and opportunity management reflect what SFC reasonably sees as its expected performance for the remainder of 2025. The forward-looking statements contained therein are based on expectations and estimates that may be influenced by unexpected events in the future. This may result in actual business performance deviating positively or negatively from the assumptions described above. With regard to the remaining opportunities and risks, the statements made in the 2024 Annual Report essentially still apply. The Company believes that its going-concern status is not jeopardised either by existing individual risks or the combined effect of multiple risks.

Repor t on mat er ial tr ansactions with r elat ed par ties

Transactions with related parties

Related parties within the meaning of IAS 24 (Related Party Disclosures) are legal or natural persons who are able to exert influence on SFC Energy AG and its subsidiaries or who are subject to control, joint control or significant influence by SFC Energy AG or its subsidiaries. They particularly include non-consolidated subsidiaries, joint ventures and associates recognised at cost or using the equity method, pension plans and the members of SFC Energy AG's governance bodies.

There have been no changes to the group of related parties since the consolidated financial statements as of 31 December 2024.

Related companies

As in the previous year, there were no transactions with non-consolidated subsidiaries in the reporting period.

Other disclosures on related parties

As of 30 June 2025, the members of the Management Board and of the Supervisory Board held a total of 2.20% (31 December 2024: 1.88%) of the shares issued by SFC Energy AG.

Brunnthal, 26 August 2025

The Management Board

Management Board (CEO)

Dr. Peter Podesser Daniel Saxena Hans Pol Chairman of the Management Board (CFO) Management Board (COO)

C ON S OLID ATED INTER IM FIN ANCIAL REP OR T

CONDENSED CONSOLIDATED INTERIM FIN ANCIAL REPOR T P REPARED IN ACCORDANCE WI TH INTERN AT ION AL FIN ANCIAL REP OR T ING S TANDARDS F OR THE P ERIOD FROM 1 JANUARY TO 30 JUNE 2025

Group Income Statement

FROM 1 JANUARY TO 30 JUNE 2025 (UNAUDITED)		in EUR
	2025 1 Jan. - 30 June	2024 1 Jan. - 30 June (RETROACTIVELY ADJUSTED*)
Revenues	73,606,688	70,856,449
Cost of goods sold	-42,336,834	-41,314,097
Gross profit	31,269,854	29,542,352
Selling expenses	-9,044,894	-8,707,936
Research and development expenses	-4,686,309	-3,383,250
General administrative expenses	-14,412,968	-9,670,019
Other operating income	1,616,481	636,166
Other operating expenses	-3,976,448	-657,847
Impairment losses on financial assets	-67,326	-91,610
Earnings before interest and taxes (EBIT)	698,390	7,667,856
Interest and similar income	257,855	748,528
Interest and similar expenses	-493,771	-316,437
Earnings before tax	462,474	8,099,947
Income taxes	-205,221	-2,258,045
Consolidated net result for the period	257,253	5,841,902
Attributable to the owners of SFC Energy AG	335,705	5,826,591
Attributable to non-controlling interests	-98,452	15,311
Earnings per share
Basic	0.02	0.34
Diluted	0.02	0.33

Consolidated Statement of Comprehensive Income

FROM 1 JANUARY TO 30 JUNE 2025 (UNAUDITED)		in EUR
	2025 1 Jan. - 30 June	2024 1 Jan. - 30 June (RETROACTIVELY ADJUSTED*)
Consolidated net result for the period	257,253	5,841,902
Other comprehensive income which will be recycled to profit or loss in the future:
Differences from the translation of foreign subsidiaries	-1,651,856	113,721
Changes in value recognised directly in equity (Total other comprehensive income)	-1,651,856	113,721
Total comprehensive income for the period	-1,394,603	5,955,622
Attributable to the owners of SFC Energy AG	-1,359,784	5,934,437
Attributable to non-controlling interests	-34,819	21,185

Consolidated Statement of Financial Position

ASSETS AS OF 30 JUNE 2025 (UNAUDITED) in EUR

Assets	194,676,688	194,129,441
Deferred tax assets	15,807,015	15,320,025
Other assets and receivables	176,528	43,221
Property, plant and equipment	21,179,510	22,579,288
Intangible assets	19,703,263	20,710,765
Non-current assets	56,866,316	58,653,299
Restricted cash and cash equivalents	285,620	285,620
Cash and cash equivalents	50,596,623	60,494,360
Other assets and receivables	6,578,688	7,441,728
Income tax refund claims	6,602	36,538
Contract assets	2,148,309	781,184
Trade receivables	41,561,480	35,843,263
Inventories	36,633,050	30,593,449
Current assets	137,810,372	135,476,142
	30 JUNE 2025	31 DEC. 2024 (RETROACTIVELY ADJUSTED*)

Consolidated Statement of Financial Position

EQUITY AND LIABILITIES AS OF 30 JUNE 2025 (UNAUDITED) in EUR

30 JUNE 2025 31 DEC. 2024 (RETROACTIVELY ADJUSTED*) Current liabilities 41,319,217 39,123,807 Income tax liabilities 1,589,001 1,696,112 Other provisions 3,987,451 4,109,758 Liabilities to banks 4,430,202 4,135,719 Liabilities from prepayments 0 21,300 Trade payables 17,429,873 15,554,573 Lease liabilities 2,663,565 2,579,283 Contract liabilities 87,359 2,234 Other liabilities 11,131,766 11,024,828 Non-current liabilities 14,461,286 15,788,024 Other provisions 2,618,863 3,143,927 Lease liabilities 10,508,416 11,427,512 Other liabilities 1,300,156 1,017,003 Deferred tax liabilities 33,851 199,582 Equity 138,896,185 139,217,610 Non-controlling interests -172,261 -63,828 Attributable to the owners of SFC Energy AG 139,068,446 139,281,438 Subscribed capital 17,381,691 17,381,691 Share premium 178,716,785 177,643,608 Other changes in equity not recognised through profit and loss -2,855,707 -1,213,832 Profit/loss carried forward -54,530,029 -63,346,755 Consolidated net result for the period 355,706 8,816,726 Equity and liabilities 194,676,688 194,129,441

Consolidated Statement of Cash Flows

FROM 1 JANUARY TO 30 JUNE 2025 (UNAUDITED) in EUR

2024 1 JAN. - 30 JUNE (RETROACTIVELY ADJUSTED*)	2025 1 JAN. - 30 JUNE
		Cash flow from operating activities
8,099,947	462,474	Earnings before tax
-432,091	235,916	Interest result
2,968,120	3,882,218	Depreciation and amortization
1,650,626	3,227,759	Expenses/income under LTI programmes
278,690	-410,804	Change in impairments
82,640	-2,499	Losses/gains on the disposal of non-current assets
-45,954	1,494,324	Other non-cash income and expenses
12,601,977	8,889,388	Operating cash flow before changes in working capital
506,571	-751,261	Increase/decrease in provisions
-199,846	-7,082,980	Increase/decrease in trade receivables
1,589,254	-6,316,435	Increase/decrease in inventories
-834,490	-881,332	Increase/decrease in other receivables and assets
3,579,932	2,385,361	Increase/decrease in trade payables
-118,694	-1,580,132	Increase/decrease in other liabilities
17,124,704	-5,337,391	Cash flow from operating activities before income taxes
-1,154,417	-957,649	Income tax refunds/payments
15,970,287	-6,295,040	Cash flow from operating activities

Consolidated Statement of Cash Flows

FROM 1 JANUARY TO 30 JUNE 2025 (UNAUDITED) in EUR

2025 1 JAN. - 30 JUNE 2024 1 JAN. - 30 JUNE (RETROACTIVELY ADJUSTED*) Cash flow from investing activities - Investments in intangible assets from development projects -898,194 -1,489,824 - Investments in other intangible assets -20,265 -39,297 - Investments in property, plant and equipment -839,951 -4,322,301 + Interest and similar income received 256,647 730,306 + Sale of non-current assets 2,499 0 Cash flow from investing activities -1,499,264 -5,121,116 Cash flow from financing activities - Repayment of lease liabilities -1,288,807 -1,060,091 - Interest paid and similar expenses -367,920 -310,192 Cash flow from financing activities -1,656,727 -1,370,283 Change in the cash flow components of cash and cash equivalents -9,451,031 9,478,888 Exchange rate-related and other changes in cash and cash equivalents -741,189 85,280 Cash and cash equivalents and current account overdrafts at the beginning of the reporting period 56,358,641 56,056,362 Cash and cash equivalents and current account overdrafts at the end of the reporting period 46,166,421 65,620,530 Net change in cash and cash equivalents and current account liabilities -9,451,031 9,478,888

Consolidated Segment Report

FROM 1 JANUARY TO 30 JUNE 2025 (UNAUDITED) in EUR

Clean Energy Clean Power Management Group 2025 2024 (RETROACTIVELY ADJUSTED*) 2025 2024 (RETROACTIVELY ADJUSTED*) 2025 2024 (RETROACTIVELY ADJUSTED*) Revenues 51,760,865 50,859,821 21,845,823 19,996,628 73,606,688 70,856,449 Cost of goods sold -27,438,150 -26,500,309 -14,898,684 -14,813,788 -42,336,834 -41,314,097 Gross profit 24,322,715 24,359,512 6,947,139 5,182,840 31,269,854 29,542,352 Selling expenses -7,788,557 -7,596,351 -1,256,337 -1,111,585 -9,044,894 -8,707,936 Research and development expenses -3,185,314 -2,273,402 -1,500,995 -1,109,848 -4,686,309 -3,383,250 General administrative expenses -12,199,365 -7,553,761 -2,213,603 -2,116,258 -14,412,968 -9,670,019 Other operating income 1,446,213 602,485 170,268 33,681 1,616,481 636,166 Other operating expenses -3,784,453 -643,376 -191,995 -14,471 -3,976,448 -657,847 Change in impairment of financial assets -40,165 -106,956 -27,161 15,346 -67,326 -91,610 Earnings before interest and taxes (EBIT) -1,228,926 6,788,151 1,927,316 879,705 698,390 7,667,856 EBIT adjustments 3,941,449 1,889,898 0 0 3,941,449 1,889,898 Adjusted EBIT 2,712,523 8,678,049 1,927,316 879,705 4,639,839 9,557,754 Amortisation and depreciation -3,037,376 -2,171,755 -844,842 -796,365 -3,882,218 -2,968,120 EBITDA 1,808,450 8,959,906 2,772,158 1,676,070 4,580,608 10,635,976 EBITDA adjustments 3,941,449 1,889,898 0 0 3,941,449 1,889,898 Adjusted EBITDA 5,749,899 10,849,804 2,772,158 1,676,070 8,522,057 12,525,874 Financial result -235,916 432,091 Earnings before taxes 462,474 8,099,947 Income taxes -205,221 -2,258,045 Consolidated net result for the period 257,253 5,841,902

Consolidat ed St at ement of Changes in Equit y

FROM 1 JANUARY TO 30 JUNE 2025 (UNAUDITED) in EUR

	Subscribed capital	Capital premium	Other changes in equity not recognised through profit and loss	Group unap propriated surplus/ cumulative deficit	Attributable to the owners of SFC AG	Non controlling interests	Consolidated equity
Amount on 1 January 2025	17,381,691	177,643,608	-1,213,832	-54,530,029	139,281,438	-63,828	139,217,610
Total comprehensive in come for the period
Consolidated net result for the period				355,706	355,706	-98,452	257,254
Net result for the year from currency translation recog nised directly in equity			-1,641,875		-1,641,875	-9,981	-1,651,856
Equity-settled share-based payments		1,073,176			1,073,176	0	1,073,176
Amount on 30 June 2025	17,381,691	178,716,785	-2,855,707	-54,174,323	139,068,446	-172,261	138,896,185

FROM 1 JANUARY TO 30 JUNE 2024 (UNAUDITED) in EUR

	Subscribed capital	Capital premium	Other changes in equity not recognised through profit and loss	Group unap propriated surplus/ cumulative deficit	Attributable to the owners of SFC AG	Non controlling interests	Consolidated equity
Amount on 1 January 2024 (RETROACTIVELY ADJUSTED*)	17,363,691	175,204,721	-1,059,432	-63,346,756	128,162,225	-29,009	128,133,216
Total comprehensive in come for the period
Consolidated net result				5,826,590	5,826,590	15,311	5,841,901
Net result for the year from currency translation recog nised directly in equity			107,847		107,847	5,874	113,721
Equity-settled share-based payments		1,257,531			1,257,531	0	1,257,531
Amount on 30 June 2024 (RETROACTIVELY ADJUSTED*)	17,363,691	176,462,252	-951,584	-57,520,165	135,354,193	-7,824	135,346,369

SELECTED EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

General principles and scope of consolidation

Information on the Company

SFC Energy AG ("Company" or "SFC AG") is a stock corporation domiciled in Germa-ny. Its registered offices are located at Eugen-Sänger-Ring 7, 85649 Brunnthal, Germany. The Company is entered in the commercial register of the Munich Local Court under HRB 144296. The main activities of the Company and its subsidiaries ("SFC" or "Group") entail the development, production and marketing of products, systems and solutions for stationary and mobile off-grid energy supplies based on proton-exchange membrane and direct methanol fuel cells for customers in the private, industrial and public sectors in various markets, the execution of the investments required for this purpose and all other related business.

The Company is listed in the Prime Standard segment of the Frankfurt Stock Exchange (GSIN: 756857, ISIN: DE0007568578).

Summary of significant accounting policies

The interim financial statements as of 30 June 2025 have been prepared in abridged form in accordance with the guidance provided by IAS 34 on the basis of the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board, London, and the interpretations of the IFRS Interpretations Committee as endorsed by the European Union. The abridged consolidated financial statements do not contain all the information required of the consolidated financial statements for a financial year and should be read in conjunction with the consolidated financial statements as of 31 December 2024. The disclosures contained in the notes to the consolidated financial statements for 2024 particularly apply with respect to the significant accounting policies. The interim financial statements have been prepared in euros (EUR). Unless otherwise stated, the figures in these interim financial statements are rounded to full euros (EUR). It should be noted that the use of rounded figures and percentages may result in differences due to commercial rounding.

New accounting standards applied

The Group applied the following amendments to standards for the first time from 1 January 2025:

Amendments to IAS 21 – Lack of exchangeability

The application of the amended standard did not have any material impact on the SFC Group in the current financial year.

New accounting standards not yet implemented

In May 2024, the IASB published amendments to IFRS 9 and IFRS 7 on the classification and measurement of financial instruments. They must be applied in accounting periods commencing on or after 1 January 2026. This is not expected to have any material effects on the SFC Group.

In December 2024, the IASB published amendments to IFRS 9 and IFRS 7 on accounting for contracts for nature-dependent electricity with the aim of improving the presentation of power purchase agreements. They must be applied in accounting periods commencing on or after 1 January 2026. This is not expected to have any material effects on the SFC Group.

In July 2024, the IASB published the annual improvements to IFRS (Volume 11), which contain amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. The purpose is to eliminate inconsistencies and outdated references. They must be applied in accounting periods commencing on or after 1 January 2026. This is not expected to have any material effects on the SFC Group.

In April 2024, the IASB published IFRS 18 on presentation and disclosure in financial statements. Subject to endorsement by the European Commission, the amendments are to be applied in accounting periods beginning on or after 1 January 2027. Earlier adoption is permissible. IFRS 18 will have an impact on the presentation and disclosures in the consolidated financial statements of SFC AG. The aforementioned effects and necessary adjustments are currently being analysed.

In May 2024, the IASB published IFRS 19 on the application of full IFRS with reduced disclosure requirements for subsidiaries without public accountability. Subject to endorsement by the European Commission, the amendments are to be applied in accounting periods beginning on or after 1 January 2027. This is not expected to have any material effects on the SFC Group.

Estimation uncertainties and discretionary decisions

The preparation of the consolidated financial statements in accordance with IFRS requires management to make certain assumptions that affect the application of accounting policies and the carrying amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the reporting date and the income and expenses recognised in the reporting period. However, actual results may differ from these estimates. The estimates and underlying assumptions are reviewed by management on an ongoing basis. Revisions to accounting estimates are recognised in the period in which these revisions are made and in all future periods affected.

In preparing these interim financial statements, management made the same discretionary decisions and used the same key sources of estimation uncertainty in applying the Group's accounting policies as those applied in the preparation of the consolidated financial statements as of 31 December 2024.

Corrections

Expenses from share-based payment

In 2025, the Group determined that historical modifications to the share-based payment programmes relating to the cap on the amount paid out under the programmes had been incorrectly taken into account. The error was corrected by retrospectively adjusting the relevant items in the financial statements for the comparative period.

The following tables summarise the effects on the consolidated financial statements:

STATEMENT OF FINANCIAL POSITION (EXCERPT) in EUR

	31 DEC. 2024	INCREASE/ DECREASE	31 DEC. 2024 (RETROAC TIVELY ADJUSTED)
Share premium	175,026,938	2,616,670	177,643,608
Profit/loss carried forward	-61,309,272	-2,037,484	-63,346,755
Consolidated net result for the period	9,395,914	-579,187	8,816,727

INCOME STATEMENT (EXCERPT) in EUR

	31 DEC. 2024	INCREASE/ DECREASE	31 DEC. 2024 (RETROAC TIVELY ADJUSTED)
General administrative expenses	-9,090,832	-579,187	-9,670,019
Consolidated net result for the period	6,421,088	-579,187	5,841,902
Earnings per share
Basic	0.37	-0.03	0.34
Diluted	0.36	-0.03	0.33

Reporting entity structure

As of 30 June 2025, nine (31 December 2024: nine) companies, including the parent company SFC Energy AG, were fully consolidated.

The Company's direct and indirect shareholdings in subsidiaries included in the reporting entity structure as of 30 June 2025 are shown in the following table:

FULLY CONSOLIDATED SUBSIDIARIES					in %
Company	Seat	Share in the capital		Currency
		Indirectly	Directly	Total
SFC Energy B.V. ("SFC NL")	Almelo Netherlands	100%	-	100%	EUR
SFC Energy Power SRL ("SFC RO CP")	Cluj-Napoca Romania	-	100%	100%	RON
SFC Energy Ltd. ("SFC CA")	Calgary Canada	100%	-	100%	CAD
SFC Energy India Pvt. Ltd. ("SFC IN")	Gurgaon India	92%	-	92%	INR
SFC Clean Energy SRL ("SFC RO CE")	Cluj-Napoca Romania	100%	-	100%	RON
SFC Energy UK Ltd. ("SFC UK")	Swindon UK	100%	-	100%	GBP
SFC Energy LLC ("SFC USA")	Wilmington United States	100%	-	100%	USD
SFC Energy Denmark ApS ("SFC DK")	Hobro Denmark	100%	-	100%	DKK

As of the reporting date, there were no changes in ownership interests within the Group that would have led to a loss of control. There are no significant restrictions on the ability of the Group or its subsidiaries to gain access to and use the Group's assets or to settle the Group's liabilities.

Macroeconomic and seasonal influences on business

Trends pointing to changes in the geopolitical order have been evident since the beginning of 2025. In the first half of the year, the Group's business activities were significantly impaired both directly and indirectly by the effects of, for example, import tariffs, taxes, administrative actions and political decision-making. Uncertainty over the future course of US trade policies dampened the confidence of companies and investors, triggering greater uncertainty, particularly in the North American market.

In the core target region of North America, the acquisition of new customers progressed more slowly than expected, partly due to muted demand on the part of the US companies that were affected by tariff uncertainties. In the first quarter, however, pull-forward effects emerged for exports to the United States.

In the core target region of Asia, business in the target market of public security and defence in particular was negatively affected by the postponement of major investment programmes for fuel cells.

The extraordinarily strong appreciation of the euro against the Canadian dollar, the US dollar and the Indian rupee left negative traces on the consolidated income statement in the first half of the year.

The legal framework underlying SFC's operating business remained largely unchanged in the reporting period. Despite the challenging market environment, the long-term structural growth drivers in SFC's core target markets remain intact.

Property, plant and equipment

In the first six months of 2025, the Group completed purchases of property, plant and equipment totalling EUR 1,391,196 (previous year: EUR 4,322,301). These mainly entail right-of-use assets for buildings, technical equipment and machinery as well as other equipment and operating and office fittings.

Other liabilities

Other liabilities include liabilities under the stock appreciation rights programme (SAR Programme) for the Management Board members Daniel Saxena and Hans Pol as well as for selected members of the management staff. Details of this arrangement can be seen below in the section entitled "Share-based payment".

Share-based payment

As of 30 June 2025, SFC had three share-based payment programmes: the stock appreciation rights programme (SAR), the stock option programme (SOP) and the performance share programme (PSP).

Stock appreciation rights programme

The SAR programmes still in place for the Management Board provide for variable remuneration in the form of virtual share options. The SARs issued under the programme are virtual remuneration instruments not backed by equity. If the performance targets are achieved and other conditions are met, they grant entitlement to cash settlement at the reference price on the exercise date less the exercise price. Since 2024, some SARs have been settled with shares.

In the second quarter of 2025, the virtual option rights issued comprised the following tranches:

OVERVIEW OF SARs IN Q2/2025

	Tranche HP3	Tranche DS1
Allocation day	1 July 2018	1 July 2020
Number of SARs	180,000	228,000
Sub-tranches	3	4
Maximum duration of the SAR programme	7.0 years	8.0 years
Reference price		Average market price of the Company's shares (arithmetic mean of XETRA closing prices) on the last 30 trading days prior to the applicable date
Expiry date of the last sub-tranche	1 July 2021	1 July 2024
Target price	EUR 16.50	EUR 22.00
Vesting period (from allocation date) in years	4.0 - 6.0	4.0 - 7.0
Exercise price		The exercise price is EUR 1.00 per virtual stock option
Cap	n/a	EUR 1.5 million
End of the exercise period of the last sub-tranche	1 July 2025	1 July 2028

The number of SARs vested may change up to the expiry date depending on the reference price on this date. If the reference price on the expiry date does not reach the price target specified in the term sheet, only a fixed number of SARs will vest. The remaining SARs expire on the applicable date without replacement or compensation.

After the expiry of the applicable vesting period, SARs can be exercised within a period of one year, provided that the performance targets are met and the blackout periods observed. The number of SARs that can be exercised within each sub-tranche depends on the average market price of the Company's shares on the last 30 trading days before the exercise date (reference price on the exercise date) reaching or exceeding the thresholds specified in the term sheet. If the reference price does not reach at least the target price, only a portion of the SARs can be exercised under the sub-tranches. The cash settlement under the applicable subtranche of tranche DS1 is capped at a maximum of EUR 1.5 million.

No further SARs were granted in 2025. Some entitlements under tranche DS1 as well as all other entitlements under HP3 were exercised in the reporting period.

The grant of the remaining SARs was classified and measured as cash-settled share-based payment in accordance with IFRS 2.30. The fair value of the SARs is remeasured on each reporting date using a Monte Carlo model for the relevant sub-tranche and taking into account the conditions under which the SARs were granted.

The SARs changed as follows in the reporting period:

OVERVIEW OF SARs IN Q2/2025

	Tranche HP3	Tranche DS1
Number of SARs	180,000	228,000
Remaining period (in years)	0.0	3.0
SARs outstanding at the beginning of the 2025 reporting period (1 January 2025)	41,666	228,000
In 2025
SARs granted	0	0
SARs forfeited	0	0
SARs exercised	41,666	57,000
SARs expired	0	0
SARs outstanding at the end of 2025 (30 June 2025)	0	171,000
SARs vested at the end of 2025 (30 June 2025)	0	57,000

The SARs performed as follows in the previous year:

DEVELOPMENT OF SARs IN 2024

	Tranche HP3	Tranche DS1	Tranches CB1/BL1/FT1
Number of SARs	180,000	228,000	01
Remaining period (in years)	0.5	3.5	n/a
SARs outstanding at the beginning of the 2024 reporting period (1 January 2024)	83,333	228,000	40,500
In 2024
SARs granted	0	0	0
SARs forfeited	0	0	0
SARs exercised	41,667	0	0
SARs expired	0	0	40,5001
SARs outstanding at the end of 2024 (31 December 2024)	41,666	228,000	0
SARs vested at the end of 2024 (31 December 2024)	41,666	57,000	0

1) The exercise option was updated resulting in conversion into share option programmes.

The following parameters were applied in the measurement of the SARs as of 30 June 2025:

Q2/2025

	Tranche DS1
Measurement date	30 June 2025
Remaining period (in years)	0.0 - 3.0
Volatility	39.4% - 40.2%
Risk-free interest rate	1.82% - 1.92%
Expected dividend yield	0.0%
Exercise price	EUR 1.00
Price of SFC share on measurement date	EUR 17.20
Fair value (EUR)	2,209,690

The following parameters were applied in the measurement for the previous year (30 June 2024):

Q2/2024			in EUR
	Tranche HP3	Tranche DS1	Tranches CB1/BL1/FT1
Measurement date	30 June 2024	30 June 2024	30 June 2024
Remaining period (in years)	1.0	1.0 - 4.0	n/a
Volatility	41.0%	41.4% - 48.4%	n/a
Risk-free interest rate	3.12% - 3.63%	2.45% - 3.12%	n/a
Expected dividend yield	0.0%	0.0%	n/a
Exercise price	EUR 1.00	EUR 1.00	n/a
Price of SFC share on measurement date	EUR 19.28	EUR 19.28	n/a

Volatility was calculated as the historical volatility of the SFC share over the remaining term of the applicable sub-tranche. The expected dividend yield is based on market expectations of planned future dividend on SFC shares.

If control of the Company is acquired within the meaning of Section 29 (2) of the German Securities Acquisition and Takeover Act (WpÜG), SARs that have not yet expired may be settled in cash.

As of 30 June 2025, a liability of EUR 2,209,690 (of which EUR 1,104,845 was non-current) was recognised under other liabilities in connection with the SAR programmes (31 December 2024: EUR 2,269,042; of which EUR 802,117 was non-current). The expense/income for the pro rata financial year 2025 amounts to EUR 1,387,498 (same period of 2024: EUR 253,542).

The intrinsic value of the vested SARs on the reporting date breaks down as follows:

INTRINSIC VALUE OF THE VESTED SARs AS OF 30 JUNE 2025 in EUR

	Exercise price	Share price on 30 June 2025	Number of vested SARs	Intrinsic value
DS1 1	EUR 1.00	EUR 21.75	171,000	EUR 3,719,250

1 ) The cash settlement under the respective sub-tranche of tranche DS1 is capped at a maximum of EUR 1.5 million. The cap is duly taken into account in the calculation of the intrinsic value of the vested SARs.

Stock option programmes (equity-settled)

The SOP programmes provide for variable remuneration in the form of virtual stock options. The SOPs issued under the programme are virtual remuneration instruments that are backed by equity. They grant entitlement to one no-par value ordinary bearer share in SFC if the performance targets are achieved and other conditions are met.

In Q2/2025, the share option rights issued broke down as follows:

OVERVIEW OF SOPs IN Q2/2025

	Tranche PP3	Tranche HP4	Tranche MC1	Tranche SA2	Tranches CB1/BL1/FT1
Allocation day	9 July 2020	1 March 2021	1 January 2021	5 May 2023	11 March 20241
Number of SOPs	504,000	500,000	22,800	22,800	21,000
Sub-tranches	4	4	3	3	3
Maximum duration of the SOP programme	8.0 years	7.0 years	8.0 years	7.0 years	7.0 Years
Reference price	Average market price of the Company's shares (arithmetic mean of XETRA closing prices) on the last 30 trading days prior to the applicable date
Expiry date of the last sub-tranche	9 July 2024	1 March 2025	1 January 2024	5 May 2026	1 January 2023
Target price	EUR 19.00	EUR 51.54	EUR 32.72	EUR 44.59	EUR 19.00
Vesting period (from allocation date) in years	4.0 - 7.0	4.0 - 7.0	4.0 - 6.0	4.0 - 6.0	4.0 - 6.0
Exercise price	EUR 1.00	EUR 24.41	EUR 15.50	EUR 21.12	EUR 1.00
Cap per tranche (in EUR million)	2.75	1.0	n/a	n/a	n/a
End of the exercise period of the last sub-tranche	9 July 2028	1 March 2029	1 January 2028	5 May 2030	1 July 2027

1) The allocation day corresponds to the modification date.

The number of SOPs vested may change up to the expiry date, depending on the reference price on this date. If the reference price on the expiry date does not reach the price target specified in the term sheet, only a fixed number of SOPs will vest. The remaining SOPs expire on the respective reporting date without any replacement or compensation. The same contractual conditions as those for SARs apply with regard to the exercise. In the case of the PP3 and HP4 tranches, the relevant sub-tranche of the SOP can only be exercised if the total intrinsic value does not exceed EUR 2.75 million and EUR 1.0 million, respectively, when the sub-tranche is exercised (cap).

The grant of the programmes mentioned in this section was classified and measured as cash-settled sharebased payment in accordance with IFRS 2.10. The fair value of the programmes is measured a single time using a Monte Carlo model for the relevant sub-tranche and taking into account the conditions under which the SOPs were granted.

The SOPs changed as follows in the reporting period:

STOCK OPTIONS IN Q2/2025

	Tranche PP3	Tranche HP4	Tranche MC1	Tranche SA2	Tranches CB1/BL1/FT1
Number of SOPs	504,000	500,000	22,800	22,800	21,000
Remaining period (in years)	3.0	3.7	2.5	4.8	1.5
SOPs outstanding at the beginning of 2025 (1 January 2025)	504,000	125,000	8,687	15,200	12,000
In 2025
Stock options granted	0	0	0	0	0
Stock options forfeited	0	125,000	0	6,878	0
Stock options exercised	0	0	0	0	0
Stock options expired	0	0	0	0	0
SOPs outstanding at the end of the reporting period (30 June 2025)	504,000	0	8,687	8,322	12,000
SOPs exercisable at the end of the reporting period (30 June 2025)1	126,000	0	4,343	0	6,000

1) The exercise shown does not take into account the required price targets.

The stock options changed as follows in 2024:

STOCK OPTIONS 2024

	Tranche PP3	Tranche HP4	Tranche MC1	Tranche SA2	Tranches CB1/BL1/FT1
Number of SOPs	504,000	500,000	22,800	22,800	21,000
Remaining period (in years)	3.5	4.2	3.0	5.3	2.0
SOPs outstanding at the beginning of 2024 (1 January 2024)	504,000	250,000	14,849	22,800	0
In 2024
Stock options granted	0	0	0	0	21,000
Stock options forfeited	0	125,000	6,162	7,600	3,000
Stock options exercised	0	0	0	0	6,000
Stock options expired	0	0	0	0	0
SOPs outstanding at the end of the reporting period (31 December 2024)	504,000	125,000	8,687	15,200	12,000
SOPs exercisable at the end of the reporting period (31 December 2024)1	126,000	0	0	0	0

1) The exercise shown does not take into account the required price targets.

As of 30 June 2025, a share premium of EUR 5,465,057 was recognised in connection with the SOP programme (31 December 2024: EUR 5,419,264). Expenses/income for Q2/2025 totalled EUR 45,793 (previous year: EUR 747,701), excluding the expenses for the conversion of the CB1, BL1 and FT1 tranches.

The following parameters were applied for measurement purposes as of 30 June 2025:

Q2/2025

	Tranche PP3	Tranche HP4	Tranche MC1	Tranche SA2	Tranches CB1/BL1/FT1
Measurement date	4 September 20201	1 March 2021	1 Februar 2021	5 May 2023	31 March 2024
Remaining period (in years)	8 years	8 years	7 years	7 years	2.8 years
Volatility	45.18%	49.49%	50.34%	52.42%	35.89% - 41.28%
Risk-free interest rate	-0.54%	-0.47%	-0.69%	2.15%	2.6% - 3.4%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%
Exercise price	EUR 1.00	EUR 24.41	EUR 15.50	EUR 21.12	EUR 1.00
Price of SFC share on measurement date	EUR 10.00	EUR 28.50	EUR 22.75	EUR 21.80	EUR 17.98
Fair value on the date of issue (EUR)	676,954	704,186	247,383	223,553	759,6652

1) The PP3 programme was measured for issuing purposes on 4 September 2020. In addition, the incremental fair value was measured on two modification dates: 19 May 2021 and 5 June 2023. 2) The fair value shown corresponds to the total of all tranches, with each tranche accounting for EUR 253,222.

The period from the measurement date until the end of the applicable contract was used to calculate the duration. In the case of the converted CB1, BL1 and FT1 tranches, the period from the measurement date until the end of the exercise period of the applicable sub-tranche was used as the duration. Volatility was calculated as the historical volatility of the SFC share over the remaining term. The expected dividend yield is based on market expectations concerning the planned future dividend on SFC shares on the applicable measurement dates.

Performance share programmes (equity-settled)

The PSPs provide for variable remuneration in the form of virtual stock options. The PSPs issued under the programme are virtual remuneration instruments that are not backed by equity. At the end of the performance period, they grant entitlement to payment in cash or SFC shares, depending on the overall level of achievement of various long-term performance targets (LTI) and the fulfilment of other conditions at the Company's discretion.

In Q2/2025, the allocated PSPs comprised the following tranches:

OVERVIEW OF PSPs IN Q2/2025					in EUR
	Tranches PP4.1/PP4.2	Tranches DS2.1/DS2.2	Tranches CB2/FT2/BL2/ KE1/RG1/TM1	Tranches PV1/DH1	Tranche HP5
Allocation day	21 March 2024 4 February 2025	25 July 2024 4 February 2025	28 June 2024	28 June 2024	25 March 2025
Target amount (total)	999,000 1,332,000	450,000 900,000	377,431	123,205	750,00
Initial price of the SFC share1	18.94 18.20	18.94 18.20	18.94	18.94	18.20
Initial number of PSPs	52,746 73,187	23,759 49,451	19,933	6,505	41,209
Performance period	1 January 2024 31 December 2027	1 January 2024 31 December 2027	1 January 2024 31 December 2027	1 January 2024 31 December 2027	1 January 2025 31 December 2028
	1 January 2025 31 December 2028	1 January 2025 31 December 2028
Number and weighting of share price targets	1 (70%)	1 (70%)	1 (70%)	1 (70%)	1 (70%)
Number and weighting of ESG targets	4 (7.5% each))	4 (7.5% each)	4 (7.5% each)	4 (7.5% each))	4 (7.5% each))
Percentage cap on the target amount	250%	250%	150%	150%	250%
Cap (EUR)	2,497,500 3,330,000	1,125,000 2,250,000	562,298	184,806	1,875,000

1) Average market price of the Company's shares (arithmetic mean of XETRA closing prices) on the last 60 trading days prior to the applicable reporting date.

The expected final number of PSPs may vary according to the overall degree of achievement of the relevant performance criteria and is calculated by multiplying the initial number of PSPs by the overall target achievement level at the end of the performance period. The targets are made up of one share price-based target (marketbased condition) and four ESG targets (non-market-based condition). The share price-based target is determined on the basis of the relative performance of the SFC shareholders compared to the SDAX as a reference index. The four non-financial sustainability targets (LTI ESG targets) are weighted equally between two targets each relating to carbon reduction and the optimisation of the circular economy.

In this reporting period, one PSP programme and the second tranche of the Management Board programmes PP4 and DS2 were granted to the members of the Management Board (HP5).

The grant of the programmes mentioned in this section was classified and measured as cash-settled sharebased payment in accordance with IFRS 2.10. The fair value of the programmes is measured at the grant date using a Monte Carlo model for the respective sub-tranche and taking into account the conditions under which the PSPs were granted, and is updated if the expected achievement of the non-market targets changes.

The PSPs changed as follows in the reporting period:

PSPs IN Q2/2025

	Tranche PP4	Tranche DS2	Tranches CB2/FT2/BL2/ KE1/RG1/TM1	Tranches PV1/DH1	Tranche HP5
Number of PSPs (total)	52,746	23,759	19,993	6,505	41,209
Remaining period (in years)	2.5 3.5	2.5 3.5	2.5	2.5	3.5
PSPs outstanding at the beginning of 2025	52,746	23,759	19,993	6,505	0
In 2025
Allocated PSPs (initial number)	73,187	49,451	19,993	6,505	41,209
PSPs expired	0	0	0	0	0
PSPs settled	0	0	0	0	0
PSPs outstanding at the end of the reporting period (30 June 2025)	52,746 73,187	23,759 49,451	19,993	6,505	41,209
PSPs exercisable at the end of the reporting period (30 June 2025)	0	0	0	0	0
Expected number of PSPs (Grant date)	95,674	58,403	14,283	4,995	35,657
Expected number of PSPs (30 June 2025)	99,905	60,309	14,807	5,168	35,657

The PSPs developed as follows in 2024:

PSPs 2024

	Tranche PP4	Tranche DS2	Tranches CB2/FT2/BL2/ KE1/RG1/TM1	Tranches PV1/DH1
Number of PSPs (total)	52,746	23,759	19,993	6,505
Remaining period (in years)	3.0	3.0	3.0	3.0
PSPs outstanding at the beginning of 2023	0	0	0	0
In 2024
Allocated PSPs (initial number)	52,746	23,759	19,993	6,505
PSPs expired	0	0	0	0
PSPs settled	0	0	0	0
PSPs outstanding at the end of the reporting period (31 December 2024)	52,746	23,759	19,993	6,505
PSPs exercisable at the end of the reporting period (31 December 2024)	0	0	0	0
Expected number of PSPs (Grant date)	38,345	19,668	14,283	4,995
Expected number of PSPs (31 December 2024)	42,576	21,574	14,807	5,168

As of 30 June 2025, a share premium of EUR 1,633,609 was recognised under the PSP programme (31 December 2024: EUR 814,332). The expenses arising for 2025 amount to EUR 819,277 (previous year: EUR 330,035). The measurement is based on the fair value of the equity instruments granted on the grant date, taking into account the achievement of non-market conditions (ESG targets) updated as of the reporting date.

The following parameters were applied:

	Tranches PP4,1/PP4,2	Tranches DS2,1/DS2,2	Tranches CB2/FT2/BL2/ KE1/RG1/TM1	Tranches PV1/ DH1	Tranche HP5
Measurement date	21 March 2024 4 February 2025	25 July 2024 4 February 2025	28 June 2024	7 August 2024	25 March 2025
Remaining period (in years)	0.8 - 3.8 years 0.9 - 3.9 years	0.5 - 3.5 years 0.9 - 3.9 years	0.5 - 3.5 years	0.4 - 3.4 years	0.8 - 3.8 years
Volatility of the SFC share	38.82% - 60.44% 36.78% -	39.24% - 53.13% 36.78% -	40.43% - 55.63%	38.73% - 51.36%	40.67% - 49.03%
Volatility of the SDAX	49.68% 15.33% - 19.81%	49.68% 14.13% - 19.68%	14.22% - 19.60%	15.76% - 19.69%	16.49% - 19.67%
	15.26% - 19.15%	15.26% - 19.15%
Risk-free interest rate	2.44% - 3.45%	2.35% - 3.33%	2.44% - 3.45%	2.19% - 3.24%	2.13% - 2.27%
	2.03% - 2.18%	2.03% - 2.18%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%
Initial price of the SFC share	EUR 18.94 EUR 17.08	EUR 18.94 EUR 17.08	EUR 18.94	EUR 18.94	EUR 23.35
Initial SDAX level	Points 12,969.15 Points 14,485.34	Points 12,969.15 Points 14,485.34	Points 12,969.15	Points 12,969.15	Points 16,149.27
Cap on target achievement	250%	250%	150%	150%	250%
Fair value on the date of issue (EUR)	1,641,1001	1,038,6331	222,6511	80,7261	719,662

PSP PARAMETERS IN Q2/2025 in EUR

1) The fair value shown corresponds to the sum of all tranches.

The initial share price was derived from the XETRA closing price at the start of the commencement period. Volatility was calculated as the historical volatility of the SFC share and the SDAX over the remaining term. The expected dividend yield is based on market expectations concerning the planned future dividend on SFC shares on the applicable measurement dates. If control of the Company is acquired within the meaning of Section 29 (2) of the German Securities Acquisition and Takeover Act (WpÜG), the PSPs that have not yet expired may be settled in cash.

Breakdown of sales

Sales in the reporting period and in the comparison period break down as follows:

SALES BY SEGMENT						in EUR
		Clean Energy Clean Power Management			Total
	2025	2024*	2025	2024*	2025	2024*
Regions
North America	20,217,826	18,135,279	7,495,664	8,033,857	27,713,490	26,169,136
of which United States	8,492,998	6,432,873	271,265	110,133	8,764,263	6,543,006
of which Canada	11,724,828	11,702,406	7,224,399	7,923,724	18,949,227	19,626,130
Europe	24,487,280	17,983,270	13,894,806	10,589,720	38,382,086	28,572,990
of which Germany	6,360,205	4,737,933	475,515	879,012	6,835,720	5,616,945
of which Netherlands	10,725,612	5,700,679	8,430,584	5,241,587	19,156,196	10,942,266
Asia	6,922,387	14,603,170	67,304	289,994	6,989,691	14,893,164
of which India	3,643,947	11,098,281	0	0	3,643,947	11,098,281
Rest of the World	133,372	138,102	388,049	1,083,058	521,421	1,221,160
Total	51,760,865	50,859,821	21,845,823	19,996,627	73,606,688	70,856,449
Date of revenue recognition
Point-in-time transfer of goods	51,399,824	50,859,821	18,378,257	19,996,627	69,778,081	70,856,449
Over-time recognition of revenu es/provision of services	361,041	0	3,467,566	0	3,828,607	0
Total	51,760,865	50,859,821	21,845,823	19,996,627	73,606,688	70,856,449

* Presentation changed: main countries shown separately.

Cost of goods sold

The cost of goods sold break down as follows in the reporting period:

COST OF GOODS SOLD		in EUR
	2025	2024
Cost of materials	32,348,824	32,804,489
Personnel expenses	5,272,187	4,035,746
Transport costs	1,307,965	873,541
Amortisation of capitalised development expenditure	1,304,615	955,696
Other depreciation/amortisation	1,134,261	824,352
Cost of premises	468,127	534,603
Audit, legal and consulting costs	206,694	120,836
Warranties	-691,716	620,990
Other	985,877	543,844
Total	42,336,834	41,314,097

Selling expenses

Selling expenses break down as follows in the reporting period:

SELLING EXPENSES		in EUR
	2025	2024
Personnel expenses	6,096,285	5,762,111
Advertising and travel expenses	1,484,873	1,321,456
Audit, legal and consulting costs	371,453	260,434
Amortisation and depreciation	325,261	498,868
Vehicle costs	206,222	202,728
Cost of materials	28,509	14,220
Other	532,291	648,119
Total	9,044,894	8,707,936

Research and development expenses

Research and development expenses break down as follows in the reporting period:

RESEARCH AND DEVELOPMENT EXPENSES		in EUR
	2025	2024
Personnel expenses	3,883,862	2,621,794
Cost of materials	979,336	1,606,847
Other depreciation/amortisation	418,902	374,855
Cost of premises	159,232	112,695
Audit, legal and consulting costs	42,244	24,239
Capitalisation of internally generated intangible assets	-898,194	-1,489,824
Netting with grants received	-266,423	-383,159
Other	367,350	515,805
Total	4,686,309	3,383,250

General administrative expenses

General administrative expenses break down as follows in the reporting period:

GENERAL ADMINISTRATIVE EXPENSES		in EUR
	2025	2024* (RETROACTIVELY ADJUSTED)
Personnel expenses	6,775,489	4,688,285
Audit, legal and consulting costs	3,811,897	1,946,421
Amortisation and depreciation	699,178	552,784
Hardware and software maintenance	532,710	553,601
Travel expenses	435,676	632,673
Cost of premises	346,908	330,223
Insurance	249,242	210,527
Remuneration of the Supervisory Board	103,750	103,750
Vehicle costs	78,309	129,699
Other	1,379,809	522,056
Total	14,412,968	9,670,019

* See disclosures in the notes concerning retrospective corrections to eliminate an error

** Presentation changed: office space costs shown separately

The change in audit, legal and consulting costs is due to a non-recurring effect of EUR 1,390,000 arising from the Group-wide roll-out of an ERP system. The change in personnel expenses is mainly due to share-based payments.

Other operating income and expenses

Other operating income totalled EUR 1,616,481 in the reporting period (previous year: EUR 636,166) and mainly includes currency translation gains of EUR 1,313,333 (previous year: EUR 460,292).

Other operating expenses came to EUR 3,976,448 in the reporting period (previous year: EUR 657,847) and comprise solely currency translation expenses (previous year: EUR 157,847).

Income taxes

As with the consolidated financial statements as of 31 December 2024, deferred tax assets on unused tax losses in the SFC Group are recognised in an amount equalling the future taxable income that is assumed to be sufficiently certain.

Segment report

For the purposes of Group segment reporting in accordance with IFRS 8 "Operating Segments", the segments are defined in accordance with internal reporting to the Management Board and the Supervisory Board used as the basis for corporate planning and resource mapping.

The accounting methods of the reportable segments correspond to the Group accounting methods.

The Management Board uses sales, gross profit, EBITDA adjusted (adjusted earnings before interest, taxes, depreciation and amortisation) and EBIT adjusted (earnings before interest and taxes adjusted for special items) as key performance indicators for measuring the operating performance of the two segments Clean Energy and Clean Power Management and for managing the Group.

Sales, gross profit, EBITDA and the reconciliation of EBITDA with operating earnings (EBIT) as presented in the consolidated income statement are as follows for the reporting period:

FROM 1 JANUARY TO 30 JUNE 2025 (UNAUDITED) in EUR

	Clean Energy		Clean Power Management			Group
	2025	2024 (RETROACTIVELY ADJUSTED*)	2025	2024 (RETROACTIVELY ADJUSTED*)	2025	2024 (RETROACTIVELY ADJUSTED*)
Revenues	51,760,865	50,859,821	21,845,823	19,996,628	73,606,688	70,856,449
Cost of goods sold	-27,438,150	-26,500,309	-14,898,684	-14,813,788	-42,336,834	-41,314,097
Gross profit	24,322,715	24,359,512	6,947,139	5,182,840	31,269,854	29,542,352
Selling expenses	-7,788,557	-7,596,351	-1,256,337	-1,111,585	-9,044,894	-8,707,936
Research and development expenses	-3,185,314	-2,273,402	-1,500,995	-1,109,848	-4,686,309	-3,383,250
General administrative expenses	-12,199,365	-7,553,761	-2,213,603	-2,116,258	-14,412,968	-9,670,019
Other operating income	1,446,213	602,485	170,268	33,681	1,616,481	636,166
Other operating expenses	-3,784,453	-643,376	-191,995	-14,471	-3,976,448	-657,847
Change in impairment of financial assets	-40,165	-106,956	-27,161	15,346	-67,326	-91,610
Earnings before interest and taxes (EBIT)	-1,228,926	6,788,151	1,927,316	879,705	698,390	7,667,856
EBIT adjustments	3,941,449	1,889,898	0	0	3,941,449	1,889,898
Adjusted EBIT	2,712,523	8,678,049	1,927,316	879,705	4,639,839	9,557,754
Amortisation and depreciation	-3,037,376	-2,171,755	-844,842	-796,365	-3,882,218	-2,968,120
EBITDA	1,808,450	8,959,906	2,772,158	1,676,070	4,580,608	10,635,976
EBITDA adjustments	3,941,449	1,889,898	0	0	3,941,449	1,889,898
Adjusted EBITDA	5,749,899	10,849,804	2,772,158	1,676,070	8,522,057	12,525,874
Financial result					-235,916	432,091
Earnings before taxes					462,474	8,099,947
Income taxes					-205,221	-2,258,045
Consolidated net result for the period					257,253	5,841,902

* See disclosures in the notes concerning retrospective corrections to eliminate an error

The Clean Energy segment comprises the broad range of products, systems and solutions for stationary and mobile off-grid energy supplies based on proton-exchange membrane (PEMFC) and direct methanol (DMFC) fuel cells for customers from the private, industrial and public sector operating in different markets.

The Clean Power Management segment pools all of the Group's business in standardised and semi-standardised power management solutions such as voltage converters and coils, which are used in devices for the high-tech industry. It also includes business in frequency converters for the upstream oil and gas industry.

Other disclosures on financial instruments

The carrying amounts of the financial assets and financial liabilities recognised at amortised cost are listed below:

CARRYING AMOUNTS ACCORDING TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION		in EUR
	30 June 2025	31 Dec. 2024
Financial assets Assets at amortised cost
Trade receivables	41,561,480	35,843,263
Other assets and receivables – current	462,593	355,008
Other assets and receivables – non-current	150,858	0
Cash and cash equivalents	50,596,623	60,494,360
Restricted cash and cash equivalents	285,620	285,620
Financial liabilities Liabilities at amortised cost
Liabilities to banks	4,430,202	4,135,719
Trade payables	17,429,873	15,554,573
Lease liabilities	13,171,981	14,006,795
Other liabilities – current	436,988	456,459

The carrying amounts of the financial assets and financial liabilities recognised at amortised cost match their fair values. For this reason, they are not allocated to separate levels in accordance with IFRS 7.29(a). In accordance with IFRS 7.29(d), the fair value of lease liabilities is not disclosed.

Employees

The number of the permanent employees breaks down as follows on the reporting date:

EMPLOYEES

	30 June 2025	30 June 2024
Full-time employees	484	382
Part-time employees	25	39
Total	509	421

In addition, a total of 11 (previous year: 14) interns, undergraduates and working students were employed at the end of June 2025.

Earnings per share

Basic earnings per share are calculated by dividing the consolidated net result attributable to the shareholders of the parent company by the average number of shares outstanding. As of 30 June 2025, there were 17,381,691 shares (30 June 2024: 17,363,691 shares) outstanding. Basic earnings per share came to EUR 0.02 in the reporting period (previous year: retroactively adjusted EUR 0.34).

Diluted earnings per share are calculated on the basis of the earnings attributable to the ordinary shareholders and a weighted average of the ordinary shares outstanding after adjustments for all dilutive effects of potential ordinary shares. Diluted earnings per share for the reporting period totalled EUR 0.02 (previous year: retroactively adjusted EUR 0.33).

Material events after the reporting date

There were no events of particular significance liable to have a significant impact on the Group's net assets, financial position and results of operations as of the date on which this interim quarterly statement was prepared.

Brunnthal, 26 August 2025

The Management Board

Chairman of the Management Board (CFO) Management Board (COO) Management Board (CEO)

Dr. Peter Podesser Daniel Saxena Hans Pol

RESPONSIBILITY STATEMENT

To the best of our knowledge, and in accordance with the applicable reporting principles for financial reporting, the consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.

Brunnthal, 26 August 2025

The Management Board

Management Board (CEO)

Dr. Peter Podesser Daniel Saxena Hans Pol

Chairman of the Management Board (CFO) Management Board (COO)

FINANCIAL CALENDAR 2025

27 AUGUST 2025	HAMBURG INVESTORS DAYS, HIT
24 SEPTEMBER 2025	BERENBERG AND GOLDMAN SACHS
	CONFERENCE, MUNICH
18 NOVEMBER 2025	QUARTERLY STATEMENT Q3 2025
24 NOVEMBER 2025	DEUTSCHES EIGENKAPITALFORUM,
	FRANKFURT (MAIN)

SHARE INFORMATION

F3C:GR
F3CG.DE
756857
DE0007568578
17,381,691
No-par value shares
Prime standard
Renewable energies
SDAX
Frankfurt, FWB
mwb fairtrade Wertpapierhandelsbank AG

INVESTOR-RELATIONS

SFC Energy AG Eugen-Saenger-Ring 7 85649 Brunnthal Germany

Phone: +49 (0)89 / 673 592 - 378 Telefax: +49 (0)89/673 592 - 169 E-mail: ir@sfc.com

IMPRINT

SFC Energy AG Eugen-Saenger-Ring 7 85649 Brunnthal Germany Phone: +49 (0)89/673 592–0 Fax: +49 (0)89/673 592–369

Responsible: SFC Energy AG Text & Editing: SFC Energy AG Concept and Design: CROSS ALLIANCE communication GmbH Photo credit: SFC Energy AG

Statements about the future

This interim Group management report contains forward-looking statements and information - i.e. statements about events that lie in the future, not in the past. These forward-looking statements can be recognised by words such as "expect", "intend", "plan", "believe", "aim", "estimate" or similar terms. Such forward-looking statements are based on our current expectations and certain assumptions. They therefore involve a number of risks and uncertainties. A large number of factors, many of which are beyond the control of SFC Energy AG, influence the business activities, success, business strategy and results of SFC Energy AG. These factors could cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. SFC Energy AG assumes no obligation to update forward-looking statements.