New Risk • Aug 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 119% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€8.2m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (119% increase in shares outstanding). Minor Risks Revenue is less than US$5m (€1.6m revenue, or US$1.8m). Market cap is less than US$100m (€61.5m market cap, or US$71.1m). Announcement • Aug 07
Haffner Energy Achieves Key Qualification Milestone For H6 Generation Technology Haffner Energy has achieved the key qualification milestone for the methodology and production data relating to syngas generated by its H6 technology. This milestone was reached under the supervision of a leading international certification body, which has validated both the methodology and the production data demonstrating the stable production of syngas, the synthesis gas produced through Haffner Energy's biomass thermolysis process. This independent qualification confirms that the technological enhancements developed by Haffner Energy are delivering the expected performance and that the new generation system operates reliably from commissioning at sustained production rates, in line with its design objectives. This qualification also validates the mechanical behaviour of the H6, in line with the modelling carried out during its design. It represents a decisive step towards the commercial deployment of this new generation, which is set to be installed in C-iC modules, notably as part of the CORE100 reservation programme. The performance of a thermochemical process such as thermolysis can only be assessed by analysing production data, which enables the thermal stability of the process, the behaviour of the plant and the quality of the syngas produced to be characterised. The next qualification milestone, scheduled for autumn 2026, will focus on the production of mobility-grade hydrogen, the most demanding application in terms of gas purity. Successful completion of this stage will extend the validated performance of the H6 technology to renewable methane and methanol production, both of which require less stringent gas purification. The conversion of purified syngas into renewable methane or methanol relies on proven industrial catalytic processes that have been deployed commercially for more than fifty years and are available off the shelf from multiple technology providers. Syngas is a synthetic gas composed primarily of hydrogen and carbon monoxide. Through well-established catalytic processes that have been proven at industrial scale for decades, these two molecules can be converted into a range of high-value products tailored to target markets, including biomethanol, renewable methane, green hydrogen, renewable diesel and sustainable aviation fuel (SAF). Reported Earnings • Aug 04
Full year 2026 earnings released Full year 2026 results: Net loss: €12.7m (loss widened 2.9% from FY 2025). 
