Enapter Ag · XETR:H2O
Enapter — Investor Presentation (November 2025)
15 slides from Enapter's investor presentation, November 2025
Slide 1: AEM Electrolyzers: Smart. Simple. Scalable
_AEM Electrolyzers Smart. Simple. Scalable Enapter Company Presentation
Slide 2: Enapter at a glance
_Enapter at a glance 15-year track record in AEM technology Commercial leader in patented AEM electrolysis Industrialized high-volume production with quality focus Uniquely modular product approach Product-driven innovation with AI software
Slide 3: 15 years of AEM technology
_15 years of AEM technology Enapter’s story is closely linked with AEM 2004-2009 2017 2021 2023 2024 2025 First prototype Sebastian-Justus Enapter receives Enapter unveils Enapter starts a Enapter launches of the AEM Schmidt starts Earthshot Prize the world’s first Joint Venture with the Stack T, el
Slide 4: Commercial leader in AEM electrolysis
_Commercial leader in AEM electrolysis ▪ Dynamic operation with renewable sources ▪ Strong patents ▪ Electrochemical compression to 35 bar ▪ Best-in-class efficiency ▪ Free from Iridium and PFAS
Slide 5: AEM: The best of both worlds
_AEM: The best of both worlds The strength of our technology Alkaline AEM PEM ▪ High ▪ No intermittent performance operation ▪ Iridium-free ▪ Dynamic ▪ Usage of scarce ▪ Highly corrosive ▪ Robust supply response materials (iridium) electrolyte chain (up to 40% KOH) ▪ Intermittent operation ▪Modular
Slide 6: Enapter's success
_Enapter’s success 375+ customers 55+ countries 12,000+ 17 MW AEM Electrolyzer Cores in Italy’s Hydrogen Valleys
Slide 7: Industrial Mass Production
_Industrial Mass Production 100% of our stacks are tested multiple times before leaving our factory Electrode Stack First Pressurized System Final Manufactung Assembly Performance Leak Assembly Acceptance & Coating Lines Test Test Test (FAT)
Slide 8: 5 reasons for Enapter
_5 reasons for Enapter ▪ Best-in-class efficiency to maximize hydrogen output and minimize LCOH ▪ Redundancy as a key design principle to guarantee continuous operation ▪ No Iridium or PFAS for lower supply chain risk and conformity with future regulations ▪ Highest flexibility to perfectly capture
Slide 9: Our product platform
_Our product platform Stack 4 EL 4 AEM Flex 120 AEM Nexus 1000 2.4 kW 2.4 kW 120 kW 1 MW Stack T AEM Nexus 2500 Skid AEM solutions 25 kW 2.5 MW Up to 100 MW
Slide 10: Applications enabled by Enapter
_Applications enabled by Enapter Enapter’s AEM electrolyzers at our client sites
Slide 11: Enapter's electrolyzers in hydrogen projects of any size
_Enapter’s electrolyzers in hydrogen projects of any size! Decentralized hydrogen Scaling of industrial Large-scale production Central production production systems solutions of hydrogen derivatives for global demand Stack 4 Stack T Hybrid applications 10 MW 100 MW >1 GW
Slide 12: Product-driven innovation with AI software
_Product-driven innovation with AI software • One Enapter Software for all devices in an energy system • Production optimization with innovative AI software • Based on 2.700.000 million total operating hours • All Enapter units constantly learning from each other in various climate zones and environ
Slide 13: Our AI software in action: battery storage and hybrid electrolysis
_Our AI software in action: Integrated battery energy storage and hybrid electrolysis systems Enapter EL + Battery Energy Storage System Enapter EL + Alkaline EL
Slide 14: Key Takeaway
_Key Takeaway Enapter – a reliable partner Commercial leader in AEM technology Design Principles: modularity and redundancy Thousands delivered, millions of operational data An AI software for all devices in your energy system Stack T and AEM Nexus 2500 – our next generation Enapter can participate
Slide 15: Smart. Simple. Scalable.
Smart. Simple. Scalable. @enapter @enapter youtube.com/enapter youtube.com/enapter www.enapter.com www.enapter.com