SFC Energy AG / DE0007568578

Sales and earnings down year-on-year as expected due to a large project in India in Q1/2024 Group sales EUR 38,620 thousand (Q1/2024: EUR 40,048 thousand) Adjusted EBITDA EUR 6,317 thousand (Q1/2024: EUR 8,997 thousand); adjusted EBITDA margin 16.4% (Q1/2024: 22.5%) Adjusted EBIT EUR 4,515 thousand (Q1/2024: EUR 7,548 thousand); adjusted EBIT margin 11.7% (Q1/2024: 18.8%) Strong growth rates of 34% in Europe and 61% in the United States Full-year guidance for 2025 confirmed Brunnthal/Munich, Germany, 20 May 2025 – SFC Energy AG (“SFC”, F3C:DE, ISIN: DE0007568578), a leading supplier of fuel cells for stationary and mobile hybrid power solutions, has published its figures for the first quarter of 2025 today. Report by the Management Board Dr. Peter Podesser, CEO of SFC Energy AG: “The first quarter of 2025 was the second best first quarter in SFC’s history to date, and with this exceptionally solid beginning, we are thoroughly satisfied and fully on track to achieve our annual targets. As expected, revenue and earnings were below the extraordinary strong first quarter of 2024, but significantly above the average quarterly figures of the previous year. We are also benefiting from the increasingly better spread of our business across markets and regions. The strong growth of around 34% in Europe and of around 61% in the United States is particularly encouraging, although it should be noted that the latter also reflects pull-forward effects ahead of possible import tariffs. In the previous year, the Clean Energy segment had benefited from a major project in India, resulting in extremely high sales in Asia. This major order alone was worth a total of more than EUR 10 million. Adjusted for this figure, the overall development is very positive: sales were well above the average for the other quarters of 2024, thus highlighting the consistently strong demand for our clean, reliable and off-grid fuel cell solutions. Recording growth of 10.7%, the Clean Power Management segment also continued to perform gratifyingly. With a stable gross margin of about 44%, the first quarter thus confirms the positive trend and forms a solid basis for the rest of 2025. The investments we have made over the past two years in our global presence, capacities, (IT) systems and structures are reflected in our cost structure and lay the foundations for further growth. Looking ahead over the remainder of the year, we expect additional substantial impetus for growth to emerge from our newly acquired hydrogen fuel cell business in Scandinavia and from substantial follow-up business in the defence and public security sector in India, selected NATO countries and North America. So far, we have been able to directly address the potential negative effects of the current tariff dispute between the United States and the EU by bringing forward deliveries. At the same time, we are creating sustainable and long-term solutions by building up local production capacities. The ramp-up of our new Group companies in Denmark and the United States is proceeding according to plan.” Development of sales and order situation In the period from 1 January to 31 March 2025, the SFC Energy Group recorded sales of EUR 38,620 thousand (Q1/2024: EUR 40,048 thousand). They were therefore slightly (3.6% or EUR 1,428 thousand) down on the exceptionally strong prior-year quarter, which had been dominated by the completion of a major contract in the core target market defence and public security in India. Taking this extraordinary effect into account, the first quarter of 2025 shows solid growth in quarterly sales, with sales in the Clean Energy segment well above the other quarters of 2024. Regionally, Europe (excluding Germany), Germany and North America displayed the strongest momentum with growth rates of well over 20% in each case. Consequently, the share of Group sales attributable to Europe (excluding Germany) widened significantly to 42.0% (Q1/2024: 29.8%) and North America to 41.6% (Q1/2024: 32.5%).

Sales by segment in EUR thousand	Q1/2025	Q1/2024
Clean Energy	28,388	30,804
Clean Power Management	10,231	9,244
Total	38,620	40,048

Order intake in the reporting period totalled EUR 17,786 thousand. The order backlog was valued at EUR 84,675 thousand as of 31 March 2025 (31 December 2024: EUR 104,583 thousand). Segment performance Sales in the Clean Energy segment declined by 7.8% to EUR 28,388 thousand in the first quarter of 2025, down from EUR 30,804 thousand in the same quarter of the previous year. As described above, the lower quarterly sales in this segment are solely due to the extraordinary effect of lower sales from fuel cell solutions in the defence and public security sector (India) in the prior year. Sales of fuel cell solutions for industrial applications, which made the greatest contribution to segment sales, increased by around 15% over the same period of the previous year. The Clean Energy segment, whose share of Group sales shrank slightly to 73.5% in the reporting quarter (Q1/2024: 76.9%), remained the segment with the highest sales. Conversely, the Clean Power Management segment’s share of Group sales widened substantially to 26.5% (Q1/2024: 23.1%). Sales in this segment climbed by 10.7% to EUR 10,231 thousand in the reporting quarter, up from EUR 9,224 thousand in the previous year, thanks to the substantial growth in business in power management solutions. Earnings The Group's gross profit margin remained stable at 44.3% in the quarter under review (Q1/2024: 44.7%), almost at the same level as in the same quarter of the previous year. However, the slight decline in Group sales also resulted in a 4.3% decrease in gross profit for the Group, or TEUR 766 to EUR 17,127 thousand (Q1/2024: EUR 17,893 thousand) compared to the same period of the previous year. Gross profit for the individual segments compared to the previous year is as follows:

Gross profit by segment in EUR thousand	Q1/2025	Q1/2024
Clean Energy	13,931	15,296
Clean Power Management	3,197	2,597
Total	17,127	17,893

EBITDA adjusted for non-recurring effects fell year-on-year to EUR 6,317 thousand in the first quarter of 2025 (Q1/2024: EUR 8,997 thousand) due to the lower sales in conjunction with the resultant relatively higher operating costs, among other things. At 16.4%, the adjusted EBITDA margin was down on the same quarter of the previous year (Q1/2024: 22.5%) but above the full-year figure for 2024 (15.2%). EBIT adjusted for non-recurring effects came to EUR 4,515 thousand (Q1/2024: EUR 7,548 thousand). At 11.7% (Q1/2024: 18.8%), the adjusted EBIT margin fell short of the same quarter of the previous year but also exceeded the full-year margin for 2024 (10.7%). The first quarter of 2025 closed with a consolidated net result of EUR 2,273 thousand (Q1/2024: EUR 5,248 thousand). Basic and diluted earnings per share in accordance with IFRS came to EUR 0.13 in the reporting quarter (Q1/2024: EUR 0.30 and EUR 0.29, respectively). Balance sheet At 71.9% as of 31 March 2025, the equity ratio was more or less unchanged over the end of 2024 (71.7%). The net financial position (freely available cash and cash equivalents less liabilities to banks) stood at EUR 56,188 thousand as of 31 March 2025 and was also virtually unchanged (31 December 2024: EUR 56,359 thousand). As of 31 March 2025, the SFC Energy Group had 488 permanent employees (31 December 2024: 470). Forecast for 2025 After an exceptionally solid start to 2025 in line with expectations, SFC Energy remains on track to achieve its sales and earnings targets for the current year. Both segments – Clean Energy and Clean Power Management – recorded solid sales development in the first three months. On the basis of the current order backlog, the Management Board confirms the full-year forecast published on 25 February 2025, which envisages Group sales in a range of EUR 160.6 million to EUR 180.9 million (2024: EUR 144.8 million). Moreover, it projects adjusted EBITDA in a range of EUR 24.7 million to EUR 28.2 million (2024: EUR 22.0 million) and adjusted EBIT of between EUR 17.5 million and EUR 20.6 million (2024: EUR 15.6 million). Key figures Q1 2025/Q1 2024

EUR thousands	1 Jan. – 31 Mar. 2025	1 Jan. – 31 Mar. 2024
Sales	38,620	40,048
Gross profit	17,127	17,893
Gross margin	44.3%	44.7%
EBITDA	4,723	8,640
EBITDA margin	12.2%	21.6%
Adjusted EBITDA	6,317	8,997
Adjusted EBITDA margin	16.4%	22.5%
EBIT	2,921	7,191
EBIT margin	7.6%	18.0%
Adjusted EBIT	4,515	7,548
Adjusted EBIT margin	11.7%	18.8%
Consolidated net result for the period	2,273	5,248
Order backlog*	84,675	104,583

* As of 31 March 2025/31 December 2024 Detailed financial information SFC Energy AG’s interim statement for the first quarter of 2025 is available at www.sfc.com. SFC Energy AG will be holding a conference call in English for interested investors and members of the press today, 20 May 2025, at 9.00 a.m. To participate in the conference call, please register here: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=8481167&linkSecurityString=1478b1b5f1 About SFC Energy AG
SFC Energy AG (www.sfc.com) is a leading supplier of hydrogen and methanol fuel cells for stationary, portable and mobile hybrid power supply solutions. With its Clean Energy and Clean Power Management business segments, SFC Energy AG is a fuel cell producer characterised by sustained profitability. The company distributes its award-winning products worldwide and has sold more than 75,000 fuel cells to date. The company is headquartered in Brunnthal/Munich, Germany, and has operating subsidiaries in India, Canada, the Netherlands, Romania, Denmark, the United Kingdom and the United States of America. SFC Energy AG is listed in the Prime Standard of the German Stock Exchange and has been included in the SDAX selection index since 2022 (GSIN: 756857, ISIN: DE0007568578).

SFC Energy IR and press contact:
Susan Hoffmeister
Phone +49 89 125 09 03-33
Email: susan.hoffmeister@sfc.com
Web: sfc.com   * * *   This corporate news may contain certain forward-looking statements, estimates, opinions and projections regarding the future development of the company (“forward-looking statements”). Forward-looking statements can be recognised by terms such as “assume”, “plan”, “anticipate”, “expect”, “intend”, “will” or “should” as well as their negation and similar variants or comparable terminology. Forward-looking statements include all matters that are not based on historical facts. They are based on the current opinions, forecasts and assumptions of the Management Board of SFC Energy AG and involve substantial known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. All forward-looking statements contained in this corporate news apply only as of the date of this release. The company will not update or revise the information, forward-looking statements or conclusions contained in this corporate news to reflect any subsequent events, circumstances or inaccuracies that may arise after the date of this corporate news as a result of new information, future developments or otherwise, and assumes no obligation to do so. We provide no guarantee whatsoever that the forward-looking statements or assumptions contained herein will materialise.