St0{fill-rule: evenodd;clip-rule

Published: 2026-04-29 11:48:25 ET ADSE

Published on 04/29/2026 at 11:48 am EDT

Investor presentation

April 2026

The information contained in this Presentation has been obtained from the Issuer, other members of the Group and/or their Representatives. The Managers have not independently verified the information contained in this Presentation and no third-party due diligence investigations (neither legal, commercial nor technical) or other third-party verifications have been carried out by the Managers or by any other parties in connection with the Presentation, other than conducting a due diligence call and obtaining certain customary written confirmations from the Issuer and its representatives. While the information herein is believed to be in all material respects correct, neither the Issuer, any other member of the Group, the Managers nor any of their respective Representatives (the "Covered Persons") make any representation or warranty, expressed or implied, as to the fairness, accuracy or completeness of the information contained in this Presentation, or regarding any other additional information which has or will be made available to the Recipients in connection with any investment in the Bonds. Accordingly, no Covered Person accepts any liability whatsoever (for negligence or otherwise) for any loss of any nature howsoever arising from use of this Presentation or its contents or the additional information referred to above or otherwise arising in connection therewith, except as may follow from mandatory law.

THIS PRESENTATION HAS NOT BEEN REVIEWED BY OR REGISTERED WITH ANY PUBLIC AUTHORITY, STOCK EXCHANGE OR REGULATED MARKET, IS NOT A KEY INFORMATION DOCUMENT ("KID") UNDER THE REGULATION (EU) 1286/2014 (THE "PRIIPS REGULATION") AND DOES NOT CONSTITUTE A PROSPECTUS UNDER THE EU PROSPECTUS REGULATION (REGULATION (EU) 2017/1129), AS AMENDED (THE "EU PROSPECTUS REGULATION"). NEITHER THE ISSUER, NOR THE MANAGER, HAS AUTHORISED ANY OFFER TO THE PUBLIC OF SECURITIES, OR HAS UNDERTAKEN OR PLANS TO UNDERTAKE, ANY ACTION TO MAKE AN OFFER OF SECURITIES TO THE PUBLIC REQUIRING THE PUBLICATION OF AN OFFERING PROSPECTUS, IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA WHICH HAS IMPLEMENTED THE EU PROSPECTUS REGULATION. NO OFFER OF ANY SECURITIES IS DIRECTED TO PERSONS IN ANY JURISDICTION WHERE SUCH AN OFFER WOULD BE IN VIOLATION OF APPLICABLE LAWS OR WHOSE ACCEPTANCE OF SUCH AN OFFER WOULD REQUIRE THAT (I) FURTHER DOCUMENTS ARE ISSUED IN ORDER FOR THE OFFER TO COMPLY WITH LOCAL LAW OR (II) REGISTRATION OR OTHER MEASURES ARE TAKEN PURSUANT TO LOCAL LAW. NEITHER THE ISSUER NOR THE MANAGER, OR ANY OF THEIR RESPECTIVE REPRESENTATIVES, SHALL HAVE ANY RESPONSIBILITY OR LIABILITY WHATSOEVER (IN NEGLIGENCE OR OTHERWISE) ARISING DIRECTLY OR INDIRECTLY IN CASE OF ANY VIOLATIONS OF SUCH LAWS OR REGULATIONS.

In relation to each Member State of the European Economic Area (each, a "Relevant State"), no offer of Bonds will be made to the public in that Relevant State other than: (a) to any legal entity which is a qualified investor as defined in the Prospectus Regulation; (b) to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation); or (c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of Bonds shall require the Issuer or the Managers to publish a prospectus pursuant to Article 3 of the Prospectus Regulation. For the purposes of this provision, the expression an "offer of Bonds to the public" in relation to any Bonds in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and the Bonds to be offered so as to enable an investor to decide to purchase or subscribe for the Bonds.

In the United Kingdom, the Bonds may only be offered to "relevant persons", meaning persons who are (i) "investment professionals" for the purposes of article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) other persons to whom the communication may otherwise lawfully be made. The Bonds will only be offered in reliance on an exemption from the requirement to publish a prospectus under the UK Public Offers and Admissions to Trading Regulations 2024 (the "POATRs"), including to "qualified investors" (as defined in the POATRs), or where the minimum denomination of the Bonds is at least £ 100,000 (or an equivalent amount), or another applicable exemption under Schedule 1 to the POATRs applies. Any offer of Bonds will only be available for "relevant persons".

The Bonds will be offered or sold within the United States only to Qualified Institutional Buyers ("QIBs") as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The Bonds have not and will not be registered under the

U.S. Securities Act or any state securities law. The Bonds may not be offered or sold within the United States to, or for the account or benefit of, any U.S. person (as such term is defined in Regulation S of the U.S. Securities Act), except for QIBs. Bondholders will not be permitted to reoffer, resell, pledge or otherwise transfer the Bonds, except (i)(a) pursuant to an effective registration statement under the U.S. Securities Act, (b) to a person who the transferee reasonably believes is a QIB within the meaning of Rule 144A under the U.S. Securities Act purchasing for its own account or for the account or benefit of a QIB in a transaction meeting the requirements of Rule 144A (if available), (c) in an offshore transaction in accordance with Regulation S under the U.S. Securities Act, including a transaction on any designated offshore securities market, or (d) pursuant to any other exemption from registration under the U.S. Securities Act, including Rule 144 thereunder (if available) and (ii) in accordance with all applicable securities laws of the states of the United States and any other jurisdiction.

By receiving this Presentation, each Recipient agrees to be bound by the terms and conditions set forth above and represents that it is a qualified institutional or other professional investor who is sufficiently experienced to understand the aspects and risks related to an investment in the Bonds, and who will obtain additional expert advice where and when needed.

This Presentation speaks as of the date set out on its cover and is and is subject to change without notice. Neither the delivery of the Presentation nor any further discussions of the Company or the Managers shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend, and does not assume any obligation to update the Presentation, and neither the Company nor the Managers or any other Covered Person undertakes any obligation to review or confirm, or to release publicly or otherwise to investors or any other person, any revisions to the information contained in this Presentation to reflect events that occur or circumstances that arise after the date hereof.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts, with Oslo District Court (No. Oslo tingrett) as legal venue.

Agenda

Company introduction

The SKM project

Market outlook

Historical financials

A Appendix

ADS-TEC Energy at a glance Product overview

Battery storage solutions

BESS5000

Utility-scale battery container system with 5MWh nominal capacity

BESS760

Modular battery block system with 760kWh and easy scalability

ADS-TEC Energy ("ADSE") is a Germany-based provider of battery storage solutions and ultra-fast charging solutions for electric vehicles

The company develops and manufactures advanced lithium-ion battery storage systems designed for commercial, industrial, and mobility applications, enabling peak shaving, load management, grid stabilization, and the integration of renewable energy sources

ADSE was founded in 2010 as a business unit in ADS-TEC to develop and commercialize advanced energy storage and charging platforms, before it was spun-out as a separate entity in 2017

The company is headquartered in Nürtingen, Germany, and employs >250 people

ADSE has been listed on NASDAQ under the ticker "ADSE" since 2021

>2,500

Charge points delivered

~20

Years of experience

4 sites

From Germany to the USA

EUR 32m

Revenue 2025

USD 709m

Market capitalization1

ChargePost

Ultra-fast charger with advertisement displays and grid feed-in capability

ChargeBox

Flexible ultra-fast charger with box and dispenser

Battery-buffered charging solutions

Key stats

>250

Employees

Made in Germany: Secure. Locally engineered, locally produced.

Launch of first portable battery solutions

320 kW battery buffered EV charger

NASDAQ listed

The modular battery storage solution

2007

2018

2021

2025

1980

2012

2018

2023

Today

ADS-TEC was founded, establishing the roots as a technology company

First containerized energy storage solution

Bosch acquires 39 % of ads-tec Energy GmbH

The smart platform solution ChargePost

Focus on executing on the SKM project while continuing to position itself as a leader within new BESS opportunities, alongside successful roll-out of ChargePost

Simplified overview of the grid infrastructure value chain

Power generation Transmission Distribution

Electricity consumption by commercial, industrial, residential and transportation

Battery storage and energy management systems to manage load and provide flexibility

Grid-connected infrastructure and equipment

Grid-edge and flexibility End-use applications solutions

Electricity produced from renewable or conventional sources

High-voltage electricity transported over long distances from generation sites to regional grids

Medium- and low voltage delivery of electricity to local networks

Substations, transformers, and grid hardware enabling safe and stable delivery

Battery and Energy Storage Solutions (BESS)

Battery buffered ultra-fast charging solutions

Commercial & Industry Energy Infrastructure

Fleets & Automotive

Mobility & Transport Retail

Data Center

Co-Location (PV/Wind)

Trade/industry

Agricultural businesses

Waste disposal

Energy suppliers and grid operators

Renewable energies

Charging infrastructure providers

Large logistics players

Major fleet operators

Car rentals

OEMs incl. dealerships

Petrol stations

Highway service stations

Charging parks

Airports

DIY shops

Drugstores

Groceries

Shopping malls

>2k other

locations

>2.5k Data

Centers

~10k bio-gas

power plants

>150k locations

>400k locations

>150k locations

Battery and Energy Storage Solutions (BESS)

Battery buffered ultra-fast charging solutions

ChargeBox

Flexible ultra-fast charger with box and dispenser

ChargePost

All-in-one ultra-fast charger with advertisement display

BESS760

Modular battery block system for industrial applications

BESS5000

Utility-scale resilient battery container system

5MWh storage capacity

2.5MW power capacity

Optimized for energy trading and support of renewable energy system

Built for demanding environments

Dimensions: 6.06 × 2.44 × 2.90 m

within ultra-fast charging

~1,200 stations planned - 9 stations operational - 7 under construction

Winner of German

Environmental Award 2024

Winner of Best of Mobility

2025

Winner of German

Innovation Award 2024

Winner of Green Product

Award 2024

Further details

in chapter 3

Main focus going forward

Own and Operate (O&O)

Installs and operates ChargePosts, generating recurring revenue through charging margins, GHG quotas, energy management, and digital advertising

EUR +250m in BESS pending project proposals - EUR 9m in order backlog

87 service contracts

ADSE is developing one of the world's biggest large-scale utility BESS projects with 1GW and 4GWh - Utilizing BESS 5000

Sale of battery-buffered fast-charging hardware, software, and service packages to B2B customers who operate the infrastructure themselves as Charge Point Operators

Winner of Red Dot Award

2024

Sale of utility-scale and C&I battery storage systems to energy companies and industrial clients, earning from hardware sales and optional long-term service contracts

Charging Solutions Supplier

250 service contracts

+3,700 battery-buffered fast-charging points installed in +40 countries

Scalable to the multi-MW range

760KWh storage capacity

380kW power capacity

Optimized for local flexibility support and energy trading

Highest energy density in the smallest space:

1.40 × 2.40 × 2.50 m

Scalable to the multi-MW range

Battery-buffer

201 kWh of battery capacity

Up to 300 kW of ultra-fast charging

Network services/VPP1

Energy management

Advertising

Bidirectional charging

Battery-buffer

140 kWh of battery capacity

Up to 320 kW of ultra-fast charging

Network services/VPP

Energy management

ADSE operates through fully in-house hardware and software, with components manufactured in Germany using long-term supplier partnerships

Business models

Commercial & Industrial (C&I)

SKM Project

Typical contract structure

BESS | High-margin, turn-key solutions with recurring revenues

Commercial & Industrial (C&I)

EUR 256m

in pending project proposals1

Project 1

Project 2

Project 3

Project 4

Project 5

Unit Economics | BESS (C&I)

Products

BESS760

BESS5000

Battery lifetime cycles

9,500

13,000

Avg. order size

760 - 3,800 kWh

5 - 10 MWh

Avg. sales price

EUR 200 - 250 per kWh

Target gross margin

30%

Avg. lead time

9 - 12 months

Service revenue

EUR 15,000 - 30,000 per year

Service contract length

8 - 10 years recurring revenue

The project pipeline is based on the two new products (BESS5000 & BESS760)

ADSE had sold ~1,500 smaller indoor and outdoor storage units by the time the C&I portfolio was updated in May 2025

ADSE provides turn-key battery solutions for clients across a variety of industries

within C&I for several unique applications including backup power, peak shaving, grid stabilization, energy management and self-consumption optimization

>30 utility-scale

units delivered

With an asset light approach, revenues are generated from sale of battery modules

and service agreements - currently 87 service contracts

Most projects include a service contract under a standard SLA covering maintenance and repairs, typically with +1-year terms and automatic renewal. ADSE is the only provider able to service these systems

Upon estimated lifetime of the batteries of 10-15 years, ADSE will offer replacement hence generating repeat revenues from key clients

Scope

Revenue

2.5-10MW / 5-20MWh

EUR 1.1-4.4m

Example counterparties

Payment terms

60/30/10 upon order, delivery & commissioning

EUR 9m

in order backlog

Current pipeline and projects order backlog

Current backlog

In the area of large BESS containers, ADSE has delivered 24 projects to 17 clients including PolarStructure, Bosch, MAN, Statkraft across Europe for total sales of EUR +20m

As of early 2026, there are five projects for five clients in Germany and Austria

Roll-out of current projects is expected to ramp-up throughout 2026 and 2027, and ADSE estimates a further significant increase in demand driven by market fundamentals and the overall energy markets

Charging solutions | Ultra-fast charging regardless of available grid

Charging Solutions Supplier

Sale of battery-buffered fast-charging hardware, software, and service packages to B2B customers who operate the infrastructure themselves as Charge point operators

Projects typically include multi-year service agreements, covering uptime, monitoring, firmware updates & repairs - currently 250 service contracts

Revenues from hardware sales, installation & commissioning, service contracts, software/energy-management and digital advertising

Software & energy-management (load balancing, PV integration, peak-load reduction, smart scheduling) is sold on a subscription/per-site basis

Systems are sold as turnkey, modular units with project-based pricing, with revenues of

EUR ~160k per unit and targeted 30% gross margin on ChargePost systems

+3,700 charge points

+40 countries

+2,000 MWh capacity

+250 MW grid extension avoided

Charging solutions | Prioritizing rollout of ChargePost, with multi-

Own and Operate (O&O)

Business plan

Deployment roadmap

ChargePost rollout plan for 2026

ADSE will act as an integrated Charge Point Operator (CPO), covering the entire charging infrastructure value chain and subcontracting where required with three revenue streams, utilizing the in-house developed ChargePost:

75%1

Core

charging

Ultra-fast charging at locations with low grid capacity

15%1

Energy

management

Features to offer cost-optimized operation of the assets or to trade energy at the spot markets

# of installed ChargePost

140

5 5 6

5 8 12 15 15 15 15 7

120

100

Installed monthly Cumulative

120

For a site host, the solution reduces grid connection fees, avoids demand charges, and enables fast amortization through combined revenue streams

ADSE is developing a scalable O&O pipeline of ~1,200 stations, with 160 sites already secured and 120 ChargePosts planned installed by YE 2026

Strong unit economics2 through recurring revenues from three sources with a unit repaid within ~4 years (life-time of ~8-10 years) from initial capex investment, while a monthly fee are paid for the parking slots rented from the retailers

Proof of concept - ChargePost at Wertheim Village

1-30 Oct'25 - Energy throughput

Total throughput : 7.361 kWh

Avg. throughput per day: 254 kWh Avg. charging daily sessions: 7.1 Avg. kWh per session: 35.8 kWh

One of ADSE's first ChargePosts

under the O&O model was installed at a location with strong competition in terms of multiple DC-Fast-Charger at the same spot

The actual data shows that after

the successful Go-Live of ChargePost, the acceptance of the charging infrastructure has risen to an above-average market level

Location partners

10%1 DOOH

Advertisement campaigns leveraging eisbach.media's network

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

BESS C&I - over 30 utility-scale EV charging - over 2,500 charging points

Client 2018

since

Units >510 sold

>40

Units

sold

Client

since 2021

Units

sold

Client

since 2024

>10

Units

sold

Client

since 2022

>90

Units

sold

Client

since 2022

European investor specializing in

real estate and infrastructure

Client

since 2024

Units

sold

400

Client

since 2023

Units

sold

MWh installed

C&I >100

C&I >50

Year

2016

C&I <10

Power 3 MW

Year

2022

Year

2023

Power 3 MW

Power 20 MW

Year

2019

Year

NATO

2022

Power 20 MW

Power n.a.1

Year

2025

Year

2017

Year

2019

Power 2.5 MW

Power 1 MW

Power 0.5 MW

MWh installed

Client since

Units sold

2024

Charging >100

Charging >50

Charging <10

>15

Client 2021

since

Units >130 sold

Client since

Units sold

2021

>15

Agenda

Company introduction

The SKM project

Market outlook

Historical financials

A Appendix

Weather-driven renewable supply creates

persistent price volatility, making flexibility assets critical for system stability and value capture

Renewables energy create supply-demand mismatches

kWh

Renewable energy generation

e.g. sun or wind

Consumption

Demand >

Supply

Demand <

Supply

Demand >

Supply Generation

= Energy surplus

Renewables drive volatility and demand for flexibility

Limited grid capacity at peak demand,

combined with structural expansion challenges, drives demand for energy storage solutions

Grid queues in relevant European markets(GW)

Storage

Wind

Solar

Solar and storage

Wind and storage Hybrid storage

Germany

Italy UK

Spain

France

0 100 200 300 400 500 600

Grid constraints accelerate storage demand

"We must significantly scale up renewable

electricity generation and the infrastructure to store it."

Dan Jorgensen - EU Energy Commissioner

"Energy prices are skyrocketing once

again. […] As long as Europe depends on fossil fuel imports, our bills will hinge on autocrats and geopolitical crises."

Marie Toussaint - European Parliament

Supply disruptions and price shocks

underscore the urgency of domestically anchored, flexible generation - creating a compelling structural tailwind for BESS

Geopolitical developments highlighting need for independent and secure energy

Nuclear phase-out and rapid renewable

growth have structurally increased volatility, with negative price hours surging to 575 in 2025 - strengthening the case for BESS

Price spread and negative day-ahead price hours increase

Price spread (€/MWh)

Hours of negative day-ahead prices

110 97 146 134

211

298 187 301

139

80 69

98 117 130

30 29 30 32 30

Germany's energy shift drives storage demand

459

575

BESS is a critical enabler of the energy transition, providing grid flexibility and balancing supply and demand

Widening price spreads from renewable growth create recurring arbitrage opportunities

Nuclear and coal phase-outs are creating a growing gap in dispatchable capacity

BESS relieves grid congestion by balancing supply locally

BESS closes the flexibility gap between intermittent supply and constant demand

Secured grid access next to one of Germany's largest substations in the South - with most of the large-scale BESS projects located in the North and large demand clusters in the North, resulting in a strategic advantage

SKM will have direct access to the 400kV transmission grid, allowing for its significant scale of ~1GW and 4GWh, making it one of the largest BESS projects in Europe

The site will have privileged status, with land already secured for up to 75 years, allowing for a much more long-term outlook than other projects

As a local player, ADSE has established connections with local stakeholders, suppliers and grid operators, reducing the site's risk exposure

Expected ready-to-build status

Baden-Württemberg, Germany Project can cover the daily energy consumption of ~490,000 single-family homes

2029

Expected project go-live

8 fully independent units with 480 MWh capacity each enable maximum flexibility for go-to-market, commercial strategies and operational or trading changes

800x BESS5000s to be deployed

Full technological and IT integration based on ADS-TEC's in-house systems and expertise enabling highest operational and safety standards

Full in-house operations capabilities reduce third-party risk and ensure long-term plannability for offtakers and operators

Co-location with solar PV on-site to supply self-consumption needs reducing operational costs

Project size makes it attractive for contracted revenues through tolling and capacity markets, lowering capital costs

Project SKM is expected to reach RTB (Ready to Build) in Q3 2026

Slide 15

Location characteristics

Project characteristics

Market Description Key value driver Market outlook assessment1

Day ahead

Day-Ahead markets are the largest and most liquid wholesale markets. Batteries can participateby anticipating and discharging during high-price hours.

The key value driver on day-ahead markets for batteries are Day-Ahead spreads, i.e. the volatility between high and low prices

Spreads expected to increase in mid-term

Intraday

Intraday markets enable trading until a few

minutes before delivery. By optimizing on Continuous Intraday markets, batteries can arbitrage across energy markets

The key value driver on Intraday markets are

both Intraday Spreads as well as the ability to optimize across different timescales on Intraday Continuous markets

Spreads expected to increase in mid-term

aFRR

aFRR markets require fast response times, allowing batteries to bid capacity and energy products to the transmission grid operator (TSO) as an ancillary service

aFRR capacity and energy prices as well as the opportunity cost to participate on ancillary markets

Competition on Ancillary markets to increase

FCR

FCR is the fastest ancillary services, with

activation times of 30 seconds. Batteries can bid capacity to the TSO to reserve their availability to stabilize grid frequency

FCR prices as well as the opportunity cost to

withhold capacity to participate on FCR markets

Competition on Ancillary markets to increase

Valuation per MW in precedent BESS transaction (EURk/MW)1

SKM

project

1,100

RTB

shovel-ready

4hr

duration

634

~1GW

capacity

SKM bolsters several unique features

relative to comparable projects, making it a highly compelling story in the current BESS development pipeline

Nofar/Stendal Total/AllianzGI

Dec 2025

Mar 2026

104.4 MW / 2hr

789 MW / 2hr (avg.)

(11-project portfolio)

Construction

Precedent transactions highlighting value potential

Applying precedent transactions, the illustrative value of the SKM would be in the range of ~EUR 634-1,100m

Stage

Capacity/duration

Signing

Geography

Broad investor interest expected for a sales process

Up to

[51]%

SKM SPV

ADSE plans to sell a stake in the SKM while

retaining a meaningful stake, using proceeds to support SKM financing and future refinancing

Q4 2026

Illustrative SPV structure for the SKM sales process

[49]%

ADSE GM

To be initiated

in Q3 2026 $ for up to

[51]% of SPV

New Investor

ADSE PLC

Long-term financing

Illustrative investor buckets for a SKM sales process

Utilities / strategics

Infrastructure funds

Pension funds

Other financial sponsors

Project SKM will be carved out upon reaching RTB

Early-mover for 4-hour BESS in Germany Largest 4-hour assets in the south of Germany with ability to participate in all key markets

Scale providing benefits for tolling and offtake Sizeable ~1 GW project making it attractive for tolling-and offtake agreements

Leveraging substantial in-house capabilities Own production of battery systems reducing third-party risk and ensures strong cost control

Note(s): 1) Valuation references refer to Nofar Energy Ltd's sale of its interest in the Stendal battery project, and Allianz Global Investors' acquisition of a stake in TotalEnergies' portfolio of 11 BESS

BESS Index for a 4h, 2 cycles/day asset, All markets EUR/kW Commentary

400

300

200

100

Jan 24 Apr 24 Jul 24 Okt 24 Jan 25 Apr 25 Jul 25 Okt 25

In the past two years, a 4h BESS asset trading on all markets currently available in Germany1) would have achieved gross profit of around 243 EUR/kW

An exemplary 4-hour asset participating on all available markets without restrictions and unexpected unavailability could have earned gross margins of around 243 EUR/kW, with individual months allowing margins of up to 400 EUR/kW

The margin stack is dominated by Day-Ahead and aFRR capacity markets, the former because 4h-assets can benefit from longer spreads and the latter because aFRR capacity market prices have been increasing in the past years

Compared to assets with shorter durations, 4h-assets earn more of their margins on wholesale markets

Assets with longer durations earn more of their total margin on wholesale markets, i.e. the Day-Ahead and Intraday markets, as they can benefit from longer spreads than 1-2h assets. In the long-term, this is likely going to be an advantage, as 4h-assets will be less exposed to market saturation on the smaller ancillary markets

Agenda

Company introduction

The SKM project

Market outlook

Historical financials

A Appendix

Renewables create supply-demand mismatches… …leading to volatility and a greater need for flexibility

Europe's energy system is under structural stress

Russia's war against Ukraine, dependence on fossil fuel imports, and rapid renewable integration have increased costs and volatility, threatening competitiveness and grid stability

Supply-demand imbalances are becoming more frequent

Weather-driven renewable supply creates surpluses during low-demand periods, straining the grid and increasing price volatility, as well as a sharp rise in negative wholesale prices

Rising volatility highlights the need for flexibility

Beyond high prices, increasing volatility underscores the need to ramp supply or demand as electrification, EV adoption, air-conditioning use, and data-centre growth accelerate

Battery storage helps close the flexibility gap

Battery storage absorbs excess generation and supplies power during peaks, reducing curtailment, stabilizing prices, and improving renewable utilization

kWh

Renewable energy generation

e.g. sun, wind, …

Consumption

Demand > Supply

Demand < Supply

Demand > Supply

Generation

Energy surplus

German power supply and demand balance throughout 20252 Average daily power price spreads 20242

In GW

EUR/Mwh

Supply balance

Demand balance

74 109 145

Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26

Case study | Germany's power market has structurally shifted toward

The German market has become volatile over the last years Increased imports after nuclear phase-out1

Germany's power system has undergone a major structural shift: renewable 80

output has expanded sharply, while nuclear generation was fully phased out in 70

April 2023, and coal generation has continued to decline. These trends have 60

reshaped the supply mix and reduced the share of stable baseload generation 50

As the share of weather-dependent wind and solar increased, the need for 30

system flexibility has grown, strengthening the economic case for storage 20

solutions such as BESS 10

Energy flows to/from Germany (2025)1

German energy mix

Monthly figures

Biomass & Waste Oil

Gas Coal Nuclear

With the loss of nuclear capacity and increasing variability in renewables, Germany has become more reliant on

EUR 118/MWh

EUR 9/MWh

NO2

DK1

Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Load

imports, especially during periods of low wind and solar output. This shift is clearly visible in the rising import flows after 2023

These developments have contributed to greater market volatility, shown by wider price spreads and a sharp rise in negative-price hours since 2021. This volatility highlights the growing value of flexible assets that can absorb excess generation and arbitrage price swings

DK2 SE4

CH AT

Price spread and negative day-ahead price hours increase2

575

459

298

301

211

187

110

146

134

139

130

117

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Supply and demand peaks don't justify full grid expansion European grid investment demand to meet net zero target1

Too expensive - Building grid capacity for rare peaks drives high capital costs

USDbn

2.500

Historical

Scenario

2020

2025

2030

2040

2050

Inefficient - Most of the infrastructure remains under utilized and unprofitable

2.000

Limited scalability - Regulations, physics and construction capabilities constrain how much the grid can expand

1.500

1.000

Battery storage shaves demand peaks - Germany is Europe's leading BESS market, with 500+ GW in grid requests signaling rapid growth

500

Grid queues in relevant European markets1 (GW) Energy transition metal demand is outpacing supply1

Italy

Spain France

Aluminium

Million metric tons

Secondary supply Primary supply Demand NZS

200

150

100

Copper

Million metric tons

Secondary supply Primary supply Demand NZS

Steel

Million metric tons

Secondary supply Primary supply Demand NZS

3 000

2 000

1 000

0 100 200 300 400 500 600

Increasing population & consumption Key electrification demand drivers Electric mobility4

103

Electrifications of building and heating

SCthroanrggcinognsiunmferar sinttreurecsttuirseacmceulesrtatsincgalBeEVraapdoidpltyion, with ~61% of

BEV sales share is expected to more than double by 2030, though adoption may be gradual. Meeting this demand requires

~3.5 million public charging points by 2030, including ~2.5 million new installations within five years

Population projections for European home markets population1

In millions

102

DACH

BeNeLux France

418 424 428 431

434 434

Electric Vehicles (EVs) & Charging Infrastructure

103

104

Data Centres, Cloud Computing & AI Workloads

In millions of cars

BEV Others

12.9

12.8

12.7

~ 30%

~ 85%

~ 70%

2-2.5x

~ 70%

~ 15%

2024

~ 30%

2025

…

2030

BEV new car sales forecast in Europe

2025

2030

2035

2040

2045

2050

Spain &

Portuga 60 61 63

Industrial Electrification (Hydrogen, Process Heat, Manufacturing)

Ital

UK 70 72 75

Nordics 28

29 29 30

Energy consumption and prosperity2

Per capita energy consumption

Projected annual energy electricity demand in Europe3

+23%

4.350

4.121

3.778

3.529

In TWh

"Prosperity

requires energy"

Canada

Norway

Germany

India

Syria

Mozambique

Ethiopia

Burundi

GDP per capita

($ in 2021 prices)

EU-27

100,000 kWh

In millions of charging points

3.5

~ 30%

0.9

~ 15%

1.0

~ 17%

3-3.5x

~ 70%

~ 85%

2024

2025

…

2030

Charging point infrastructure forecast in Europe

~ 83%

2.937

3.148

3.429

3.611

Non-EU

592

630

692

739

2028

2030

2033

2035

10,000 kWh

1,000 kWh

$1,000

$2,000

$5,000

$10,000 $20,000 $50,000 $100,000

Source: 1) Eurostat, Short-term population projections (2024-2050) for Europe expect UK where Office of National Statistics is used until 2047 (2047 figures assumed for 2050); 2) U.S. Energy Information

Slide 23

Agenda

Company introduction

The SKM project

Market outlook

Historical financials

A Appendix

Revenue Gross profit EBITDA

EURm

26,4

31,6

107,4 110,0

19.4

(4.5)

(2.9)

(-1,9)

(-29,4)

(-39,7)

2022 2023 2024 20251

(16.3)

2022 2023 2024 20251

(-46,1)

2022 2023 2024 20251

Revenue grew significantly from EUR 26.4m in 2022 to EUR 107.4m in 2023, partly reflecting the release of delayed deliveries from the prior years supply chain disruptions

2025 was a structural transition year, with emphasis on pipeline building, rolling out the CPO operator model, sales-team restructuring, and a shift in customer focus toward higher-quality leads

Despite lower overall revenue, service revenue doubled and C&I launched a new container product in Q4

The company posted the first positive gross profit EUR

19.4m in 2024, driven by an 18% reduction in cost of sales from EUR 110.3m in 2023 to EUR 90.6m in 2024

Inventory write-downs of EUR 10.2m were recognised in cost of sales in 2025, reflecting valuation adjustments within raw materials and finished goods during the period

EBITDA improved significantly from EUR (39.7)m in 2023 to EUR (1.9)m in 2024, a ~EUR 38m turnaround driven by improved operational efficiency

For 2025, the weak performance was largely driven by the insolvency of a key customer in the legacy

EV-charging hardware business combined with a cost base built for growth and a strategic pivot toward new business models that had not yet translated into revenue

R&D continued to work on new CBX 2.0 and skilled staff was kept to be available when sales regain momentum

COGS OPEX (excluding other income) Commentary

EURm

COGS

EURm

R&D expenses SG&A

Other expenses

COGS as a percentage of revenue declined from 2022 to 2024, reflecting operational improvements and efficiency initiatives

90.6

47.8

30.9

110.3

42.3 42.4 42.7

Relative to revenue, COGS increased in 2025 due to underutilization of production plant due to low sales and write down of inventory

34.3

Higher opex in 2025 driven by increased SG&A and continued investments in R&D, despite lower sales

SG&A mainly consist of personnel expenses, legal and consulting fee and other expenses

G&A comprises holding expenses, administration staff, site administration charges and warranties

Other expenses include exchange rate losses, provision for onerous contracts, warranties, other expenses, and Impairment gains (losses)

R&D expenses is expected to stay at 7.5% of sales due to development of new CBX 2.0 to be launched H2'27

Selling expenses will be tightly managed and staff increased along increasing sales

2022 2023 2024 20251 2022 2023 2024 20251

Total Assets Total Equity and Liabilities Commentary

EURm

Non-current assets Current assets

Cash

EURm

Equity

Non-current liabilities

145

Current liabilities

Total assets declined from EUR 145m in 2024 to EUR 96m in 2025, primarily reflecting lower current assets

The decrease in current assets was mainly driven by a

~EUR 20m reduction in trade and other receivables and

~EUR 6m in inventories

139

124

Total liabilities decreased, mainly due a reduction of warrant liabilities, repayment of loans and lower trade and other payables

The company has historically been financed predominantly by equity and shareholder capital, supplemented by hybrid and short-term borrowings

The main components of the company's asset base are inventories, receivables and cash

Inventories stood at EUR 57m in 2025, consisting mainly of raw materials, WIP and finished goods for charging and BESS systems

Intangibles consist primarily of capitalised development costs and software (e.g. ChargeBox and ChargePost platforms)

145

139

124

2022 2023 2024 20251

The increase in capital reserves reflects the convertible notes issued in April 2025. The company fully redeemed the notes in November 2025, settling USD 27.9 million in cash using existing liquidity and its revolving credit facility

Working capital development Commentary

EURm

Inventories are the largest working-capital component, amounting to EUR 63.7m at FY 2024 EUR 57.2m in 2025

Inventories consist primarily of raw materials,

work-in-progress and finished goods related to charging and storage systems

(21)

(15)

(17)

(19)

(35)

(34)

(35)

(18)

(22)

Inventory write-downs of EUR 10.2m were recognised in cost of sales in 2025, reflecting valuation adjustments within raw materials and finished goods during the period

Trade receivables declined materially in line with lower delivery volumes, from EUR 14.9m in FY 2024 to EUR 8.0m at Q4 2025, consistent with lower revenues

Working capital is currently highly dependent on inventories. Focus on selling off the finished goods in stock and clean up the position

Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-251 Q4-251

Capex additions Commentary

EURm

In 2022, investments were primarily directed toward the production facility (EUR 8m) and internally generated intangible assets (EUR 3m)

In 2023, investments focused on the production facility (EUR 2m), internally generated intangible assets (EUR 5m) and R&D laboratory equipment (EUR 1m)

In 2024, investments remained focused on the production facility (EUR 1m), internally generated intangible assets (EUR 0.5m) and R&D laboratory equipment (EUR 0.5m)

In 2025, the first investment in CPT for O&O was made (EUR 1m), alongside internally generated intangible assets and R&D laboratory equipment (EUR 0.5m each)

The battery supplier went bankrupt in October 2025, consequently, a delay in the roll-out of own CPT in O&O until the new product in H2 27 is available

In the meantime, we will install CPT that customers bought in 2024 on our contracted sites, operate the chargers for them and share the profit generated

No capex yet incurred for SKM as of end of 2025

2022 2023 2024 2025

Agenda

Company introduction

The SKM project

Market outlook

Historical financials

A Appendix

Management team

Chief Operations Officer

Michael Rudloff

Chief Sales Officer

Heinz Nowicki

Chief Financial Officer

Torsten Klee

Board member, Founder and Chief Executive Officer

Thomas Speidel

CEO of the company since end of the nineties and started ADS-TEC Energy within the ADS-TEC Group, having decades of executive experience with sophisticated industrial goods and services for the B2B market and serving as President of the German Energy Storage Systems Association.

Serving as Chief Financial Officer, having more than 30 years of leadership experience in finance, accounting and controlling, with prior engagements at AMD EMEA, Infineon, Enercon and Aquila Clean Energy

Serving as Chief Sales Officer, having more than 25 years of international leadership experience across sales, strategy, and business development in industrial, electronics, energy and e-mobility markets.

Serving as Managing Director and Chief Operations Officer of the ADS-TEC Energy Group, having a vast experience in the management of medium-sized, family-run industrial companies with expertise in technology leadership, strategy development and performance improvement.

Senior Vice President Product Marketing & Communication

Dennis Müller

Human Resources Director

Claudia Morskate

Chief Technology Officer

Christoph Fehrenbacher

Chief Purchase & Logistics Officer

Sebastian Schypulla

Serving as Chief Purchase & Logistics Officer, spent more than ten years at Porsche AG, having expertise in the complexity of holistic value chains as well as the development and implementation of efficient procurement processes and structures

Serving as Chief Technical Officer at ADS-TEC Energy, having more than 10 years of research and development experience at A123 and expertise in electromobility, Li-Ion batteries and thermal management.

Serving as a Human Resources Director at ADS-TEC Energy, having more than 15 years of experience in executive search, talent management and outplacement with a focus on industrial clients.

Serving as Senior Vice President Product Marketing & Communication at ADS-TEC Energy, having a 12 years of experience in e-mobility and joined from Porsche AG.

Prof. Dr. Kurt Lauk

Thomas Speidel

Joseph Brancato

Alwin Epple

Dr. Andreas Fabritius

Dr. Sonja Harms

Chairman

Board member

Board member Board member Board member Board member

Chairman of the Nominating Committee, formerly member of the European Parliament for the Economic and Monetary Affairs Committee and Deputy Member of the Foreign and Security Affairs Committee, Founder and President of Globe CP GmbH, a personally owned family office since 2000 and today serving as advisory board at several startup companies in the

US and Israel

Founder and CEO of ADS-TEC Energy, has taken over the family-owned ADS-TEC business 1998 from his father who founded the initial company in 1980 and started ADS-TEC Energy within the ADS-TEC Group, having decades of executive experience with sophisticated industrial goods and services for the B2B market and serving as President of the German Energy Storage Systems Association

Joseph Brancato leads Gensler, a global architecture and design firm as Managing Principal for the Northeast and Latin America regions. He is Chairman of the firm's Board of Directors, for which he sits on the Executive & Governance Committee, Finance & Audit Committee, and Compliance Committee. He is a registered architect in 23 U.S. states and three Canadian provinces. Joseph Brancato is chair of the Compensation Committee

Alwin Epple has held prominent positions in Daimler AG and Mercedes Benz Group for the past 20 years. Most recently, he served as Chief Audit Executive at Mercedes-Benz Group.

Worked as Head of Project Management for Daimler AG and President and CEO of Mercedes-Benz Italia, also served as Chairman of the Advisory Board for AMANN & Söhne GmbH & Co. KG, a worldwide operating manufacturer of industrial sewing threads and embroidery yarns and as a member of the Board of Management of Hanns

A. Pielenz-Stiftung, a non-profit foundation, since 2016

Dr. Fabritius has served as a Partner at Freshfields Bruckhaus Deringer at a global law firm, where he specializes in public and private M&A as well as general corporate law. His clients include German and international companies, banks, financial investors, and government agencies. He serves as British Honorary Consul in Frankfurt am Main

Founder and Managing partner of GREEN MINE GmbH

specializes in implementation consulting for financial and sustainability reporting according to national and international requirements. Before founding

GREEN MINE, she worked for a total of 20 years for Big 4 audit and consulting firms and DAX40-listed companies. Dr. Sonja Harms is the Chairwoman of the Audit Committee

ads-tec

Energy GmbH

Germany

100%

ads-tec Energy Austria GmbH

Austria

ads-tec Energy Schweiz GmbH

Switzerland

ads-tec Energy Service GmbH

Germany

ads-tec Energy Inc.

USA

66%

Other shareholders

34%

ads-tec Holding GmbH Germany

ads-tec Energy plc Ireland

100%

Income statement

EURk

2020

2021

2022

2023

2024

20251

Continuing operations

Revenue

47,370

33,035

26,430

107,384

110,013

31,559

Cost of sales

(45,548)

(35,310)

(30,904)

(110,270)

(90,585)

(47,842)

Gross profit (loss)

1,822

(2,275)

(4,474)

(2,886)

19,427

(16,283)

Research and development expenses

(749)

(2,012)

(1,701)

(2,832)

(8,971)

(8,488)

Selling and general administrative expenses

(7,570)

(13,321)

(31,319)

(27,823)

(31,588)

(32,797)

Impairment gains (losses) on trade receivables, contract assets, and other investments

(9)

(171)

(228)

104

(58)

(55)

Other income

541

4,538

2,383

667

14,369

2,264

Other expenses

(2,224)

(5,402)

(1,084)

(11,755)

(1,787)

(1,334)

Operating result

(8,190)

(18,643)

(36,423)

(44,525)

(8,609)

(56,694)

Finance income

20,515

190

60,788

Finance expenses

(2,135)

(2,835)

(427)

(13,887)

(88,883)

(59,542)

Share listing expenses

(65,796)

Net finance result

(2,135)

(68,583)

20,089

(13,697)

(88,858)

1,246

Result before tax

(10,325)

(87,227)

(16,335)

(58,221)

(97,467)

(55,447)

Income tax benefits (expenses)

(413)

(2,572)

3,141

(491)

257

Result for the period

Items that are or may be reclassified subsequently to profit or loss

(10,280)

(87,640)

(18,906)

(55,081)

(97,958)

(55,190)

Foreign operations - foreign currency translation differences

(2)

939

(432)

Other comprehensive income (loss) for the period, net of tax

(2)

939

(432)

Total comprehensive income (loss) for the period

(10,280)

(87,642)

(18,860)

(55,020)

(97,019)

(55,622)

Assets Equity and liabilities

EURk

2020

2021

2022

2023

2024

20251

EURk

2020

2021

2022

2023

2024

20251

Intangible assets

15,337

17,038

22,059

25,041

20,529

12,910

Share capital

Right-of-use assets

2,503

1,988

3,366

3,286

3,273

2,981

Capital reserves

20,950

214,100

216,815

225,007

245,298

332,907

Other equity

(2)

106

1,044

613

Retained earnings

(29,571)

(117,211)

(136,117)

(191,198)

(289,339)

(344,347)

Total equity

(8,589)

96,892

80,747

33,919

(42,992)

(10,822)

Lease liabilities (non-current)

2,004

1,537

2,635

2,580

2,336

1,866

Loans and borrowings (non-current)

12,767

2,439

21,626

119,581

54,808

Trade and other payables (non-current)

25,457

158

150

169

209

214

Property, plant, and equipment 2,019 2,958 5,389 6,391 6,195 7,614

Other investments and other assets 140 2,084 3,373 179 179 169

Trade and other receivables (non-current) 4 4 4 4 6 -Deferred tax assets - - - - - 15

Non-current assets

20,003

24,072

34,192

34,900

30,182

23,689

Inventories

21,605

13,063

53,137

39,119

63,666

51,010

Contract assets

1627

973

Trade and other receivables (current)

2,075

11,304

17,666

21,227

28,478

8,563

Cash and cash equivalents

101,813

34,441

29,162

22,858

6,987

Contract liabilities (non-current)

132

138

265

Current assets

25,325

127,152

105,250

89,509

115,042

66,560

Other provisions (non-current)

1,543

7,438

6,719

4,513

2,132

747

Total assets

45,328

151,224

139,442

124,408

145,224

90,249

Deferred tax liabilities

1,446

1,859

4,241

1,189

1,859

1,345

Non-current liabilities

30,450

23,892

16,322

30,142

126,382

58,982

Lease liabilities (current)

551

528

842

853

1,144

1,322

Loans and borrowings (current)

354

7,522

13,908

13,333

5,010

Trade and other payables (current)

12,455

14,000

15,702

22,021

34,963

20,652

Contract liabilities (current)

8,142

6,208

23,583

7,454

6,809

11,955

Income tax liabilities (current)

189

(102)

Other provisions (current)

1,964

2,182

2,056

16,212

5,586

3,075

Current liabilities

23,467

30,440

42,373

60,347

61,835

42,089

Total liabilities

53,917

54,332

58,695

90,489

188,217

101,071

Total equity and liabilities

45,328

151,224

139,442

124,408

145,224

90,249

Note: 1) 2025 figures are preliminary unaudited consolidated figures; 2) Includes Change in trade receivables not attributable to investing or financing activities, Change in inventories, Change in write-

downs on inventories and Change in trade payables

Slide 36

EURk

2020

2021

2022

2023

2024

20251

Result for the period

(10,280)

(87,640)

(18,906)

(55,081)

(97,958)

(55,190)

Depreciation and amortization

1,641

3,485

4,336

4,850

6,699

10,588

Finance income excluding foreign currency (gains) losses

(47)

(10,587)

(187)

(24)

(60,788)

Finance expense

2,135

2,835

427

13,886

82,222

59,542

Share listing expense

58,523

Non-cash effective foreign currency gains

(9,928)

(35)

6,352

Stock compensation

2,767

1,451

3,866

2,655

Gain (loss) on disposal of property, plant, and equipment

115

Change in working capital2

21,203

(1,184)

(43,222)

17,976

(4,378)

4,996

Change in contract assets

(565)

654

967

(40)

Change in contract liabilities

(29,686)

(1,802)

17,387

(16,185)

(462)

4,906

Change in other investments and other assets

(140)

(2,577)

(872)

3,190

101

(341)

Change in other provisions

3,082

6,112

(845)

11,928

(13,063)

(3,996)

Change in other liabilities

(45)

2,870

(1,921)

692

(116)

394

Income tax expenses (benefits)

413

2,572

(3,141)

491

(257)

Interest received

187

395

Income taxes paid

(203)

(3)

(15)

Cash flow from operating activities

(12,584)

(18,304)

(57,805)

(20,659)

(16,287)

(36,934)

Purchase of property, plant, and equipment

(1,059)

(1,576)

(3,484)

(2,297)

(958)

(2,883)

Investments in intangible assets, including internally generated intangible asset

(5,564)

(4,009)

(7,586)

(7,623)

(445)

(399)

Interest received

Proceeds from sale of property, plant, and equipment

196

107

Cash flow from investing activities

(6,623)

(5,585)

(10,874)

(9,920)

(1,296)

(3,262)

Proceeds from borrowings, shareholder contribution, and loans

10,354

26,409

12,033

13,966

6,275

Net convertible Loan

16,926

Proceeds from issues of shares and other equity securities

6,741

766

661

Proceeds from the issue of warrants presented as financial liabilities

8,592

9,000

Repayment of loans and borrowings

(354)

(7,522)

(703)

(11,225)

Proceeds from issuance of shares to equity holders of the parent

265,372

Proceeds from the exercise of warrants

9,260

26,950

Cash election by shareholders in lieu of shares

(84,112)

Transaction cost deducted from equity

(14,991)

Repayment of shareholder loans

(43,257)

(22,026)

Redemption of equity

(19,976)

Repayment of lease liabilities

(454)

(569)

(706)

(912)

(996)

(1,273)

Interest paid

(2,571)

(427)

(259)

(1,183)

(12,517)

Cash flow from financing activities

9,900

125,950

(8,655)

25,492

10,598

23,995

Net decrease (-) / increase in cash and cash equivalents

(9,307)

102,062

(77,334)

(5,087)

(6,985)

(16,201)

FX effects

(267)

9,962

(192)

681

331

Net cash and cash equivalents at the end of the period

101,813

34,441

29,162

22,858

6,987

Disclaimer

ADS-TEC Energy plc published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 15:47 UTC.