ErreDue (RDUE) investor relations material

Executive summary

• H1 revenue rose 96.7% YoY to €14.21m; EBITDA increased 127% to €4.11m and net income rose 148.4% to €2.43m.

• Energy-transition demand drove growth, with hydrogen-related products contributing €11.9m, up 150.8% YoY.

• The €27m order book at June 30 supports growth expectations for H2 2026 and 2027.

• Recurring revenues rose 10.8% YoY to €3.50m, supported by service, spare parts and rental activities.

Financial highlights

• Sales revenue was €14.21m versus €7.22m in H1 2025; value of production was €17.02m, up 90.2%.

• EBITDA reached €4.11m, up 127%; EBIT was €3.16m, up 263.4%, and net income was €2.43m.

• The €2.8m inventory variation in value of production reflected finished goods and work in progress for H2 2026 deliveries.

Outlook and guidance

• The €27m backlog includes ~€1.3m of machinery being built for lease; ~50% is scheduled for H2 2026 and the remainder for 2027.

• Five additional MW-scale PEM and alkaline units are scheduled for delivery in H2 2026, following 5 MW of PEM units delivered in H1.

• The new Gigafactory is expected to open in the final months of 2026, expanding capacity and supporting order fulfilment, vertical integration and margins.

• Commercial expansion includes Spain, Portugal, France and extra-EU markets, targeting high-margin industrial hubs and energy-transition opportunities.