McPhy

McPhy Reports Annual Revenue Growth of +17% Overall and +25% for its Electrolyzer Business - Seite 2

Revenue within expected range

Revenue for the 2023 financial year amounts to €18.8 million, up +17% versus 2022, in line with the double-digit growth range given at the half-year results publication. Sales accelerated in the 2^nd half, compared with the 1^st half, driven mainly by the consumption of the backlog. The annual 2023 revenue for the continued electrolyzer business reaches €13.7 million, up +25%. Electrolyzer sales are divided between the supply of either large capacity McLyzer (74%) or from the Piel range (26%).

Growth was fueled by major projects currently under execution, and the initial benefits of contracts signed in the industrial sector, such as the "green metal" project with the Plansee Group³ and the low-carbon steel production project with ArcelorMittal and VEO⁴. In addition, as part of its partnership with L&T, McPhy recorded the first revenues related to the initial acquisition price of its pressurized alkaline electrolysis technology. Regarding the station business in the process of sale, McPhy recorded stable revenue, linked to a slowdown in subsidized programs in the mobility sector.

Update on current business and projects

In € million	2023	2022	Change
Firm Oder Intake	13.0	29,4	-56%
Total Backlog5	23.8	30.6	-22%
Backlog – Electrolyzers	20.1	22.2	-9%

McPhy records a -56% drop in firm order intake, which amounts to €13.0 million. This noticeable decline, beyond the induced backlog consumption, is mainly due to the postponement of the major 20 MW Djewels project, for which the contract has been signed with HyCC during the second half of 2023, but the final investment decision has not yet been taken. As a result, and in line with its strict definition, McPhy was unable to book this contract as part of its firm order intake as initially anticipated, and the total backlog therefore stood at €23.8 million at December 31, 2023, compared with €30.6 million at December 31, 2022.