Dennis Müller: Hello and welcome everybody to this event. [technical difficulty] financial highlights and results of the first half of this year, 2024. This period ended at the 30th of June, 2024. May I have your attention to the forward-looking statements. This slide deck will contain forward-looking statements. You can read them in detail on slide number two. You will able to download the presentation afterwards on the Company's website. Before I hand over to our speakers, I will guide you through the agenda. We will start with a short summarization of the half year one. Then we will talk about market trends and challenges. After that, we will talk about our strategy and USPs. After that we will show you the financial highlights, and we will end up with a Q&A session where you will be able to send us your questions, we will answer them. You can send these questions during this event via the web portal, the webcast you are logged in. With that, I will hand over now to our CEO, Mr. Thomas Speidel.

Thank you, Dennis. Welcome dear ladies and gentlemen, investors. Thank you for taking your time, and I'm pleased to walk you through the first part before I will hand over to my colleague, the CFO, Wolfgang Breme. A few bullet points at the beginning, the review of the first half of 2024. We have been able to increase our revenues by 107% compared to last year, same period in 2023, so about 107% more, but the numbers will be explained by Wolfgang later. The adjusted EBITDA is positive in the first half year 2024. We have, and that is important, a significant amount of more customers, I will come to that later. And it turns out that our platform strategy and the concept of a multi-revenue business model is the right way, and I will give a little bit more input on that later on. We have meanwhile more than 2,500 high power charging points produced and delivered. Let me say a few words please about the market trends and challenges. I think we all are aware of the news and everything what's going through the channels, e-mobility, renewables, and I want to give a little bit an overview about the challenge and the volatile energy system. Who knows? ADS-TEC knows that we are dedicated to the transition of, let's say, the existing energy system to a decentralized sector crossing energy system, including also the mobility sector and transportation. We come from a decentralized, let's call it the old world centralized power supply, and we are heading, or we are already in the middle of that transformation to, we call it the new world. So decentralized, intelligent, renewable world. And that is exactly where ADS-TEC is dedicated to. So, we are not a charging company, we are not a utility…

Of course. Thank you, Thomas, and good day, everyone. Before giving you more insights into the state of our business from a financial perspective, I'm also, as Thomas, excited to report that ADS-TEC Energy continued its strong financial and operational performance in the first half of 2024, achieving key milestones that underscore the company's ongoing growth trajectory. We are delighted to report that first half of 2024 revenue was €79.3 million. For Q2, revenue reached €42.4 million. This reaffirms our confidence in the strength of our business model, robust customer demand, and the overall market opportunity. We remain committed to driving sustainable growth and long-term shareholder value. We are excited about the ongoing growth of our business, the progress we have made in the last years, and the opportunities that lie ahead. Before giving you an outlook for fiscal year 2024, let me go back to our H1 2024 numbers in more detail. You will find all the details in the appendix to this presentation where you'll find P&L balance sheet cash flow statement in detail. We are very excited to report strong performance year-to-date. Our revenue grew more than 107% compared to last year's period, which was €38.3 million. From a product perspective, most of our sales, like in previous reporting periods was generated by charging products which you have seen before, ChargeBox and ChargePost which accounted for the majority of total revenues. Commercial and industrial products, service and others were also contributing. From a geographic perspective, most of the revenue originates from Europe. This underlines that Europe is ahead of the United States in terms of EV adoption at this stage. ADS-TEC Energy, with a strong European footprint in service and production is well-positioned to cope with the expected strong growth in that geographical market. Important to mention…

As I tried to point out, we are in the middle of this huge transformation and that is something which is, I would say it's once in a century. We will see this hesitating period for maybe some more months or years, but then it will be very, very clear that the future will be based on decentralized energy. Also on the renewable side as well as on the consumption side, and so we need flexibility. I also want to emphasize again that the e-mobility will come, there is no doubt. And then I expect that the politics will be more clearer, because if it's without any doubt that this is the future, we may take down the hurdles and the investments in many things in parallel, and that will be an acceleration for our business and also the business of all our competitors and everybody who is in that market. But politics and regulations, and -- to answer your question, will play a big role. Dennis Müller: Thank you very much. Now, there are coming questions in, a lot of questions. Thank you for that. Next question. What percentage of revenue in the first half of the year came from Germany, and how will that change in the second half? Maybe Wolfgang.

So, as I said in my presentation, the majority of our revenue comes [technical difficulty] strong customer base here accounted approximately of three quarters of our revenue in the first half of the year. Dennis Müller: Thank you. Next question, could you describe your capacity to fulfill demand growth in next two to three years?

I guess we have pointed out that last time maybe we should have implemented in this presentation again. So, first of all, the production capacity in our factory in Dresden is high. We can produce 5,000 systems, 10,000 dispensers a year. This is not the amount we can sell today, unfortunately. So, we have spare capacity here, I would say, for the next one or two years, which has been the question at least. And we are prepared in North America to [technical difficulty] logistics within, let's say, one year or 1.5 year. We pointed that out during the last presentations, and that's still, I would say we are fully set for what we can expect over the next years. Dennis Müller: Thank you very much, Thomas. Next question. How does ADS-TEC expect to finance growth?

I think that's maybe for me. First of all, you have seen that also if you take our cash flow statement that [technical difficulty] as a public company [technical difficulty] we use the capital markets to -- with a private placement to [technical difficulty] the Norwegian investment [technical difficulty] were exercised, which gave us additional flexibility in financing to pay back the shareholder loans. And for those of you who follow the company, we've also entered into new shareholder loan facilities again a few days and weeks ago, which is also a public information, so you can see that out. We see continuous support of our shareholders and of course we are looking forward to making the company bankable because we, as a startup scale-up business right now we have to work on our bank rating, which we actively do so that we then can also leverage not only equity finance our business. So going forward, the first step as a startup scale-up will be going with existing shareholder support. Secondly, going to the capital markets, and then number three, as the company matures, setting up the credit side of the balance sheet with the equity and debt of course. Dennis Müller: Yes. Thank you very much. Maybe another question for Thomas. Can we get an update on your business development efforts in the U.S. market or maybe what will be there, the next steps?

We still are convinced that North America will be a huge market. So, even as Wolfgang said so far, it might be a little bit Europe ahead, but the U.S. and also North America totally such a huge, huge area that we believe it will be a strong EV market. We have started in the U.S., and you have seen our projects in Marina Palms, which is private charging, but also now other OEMs. We have deployed the first units to another OEM, which is Ford. We have started the direct sales, but we also do it on a very solid and careful way. We have seen others who from our perspective have invested very early also in Build in America and Made in America, which we are prepared to do. But we need to see the market to really catch up and ramp up. We are working on some specific projects also with numbers which would allow us to do so. And so, it's kind of being there, working on all of the opportunities, preparing the Made in America structure, but stepping into that and also doing the final -- or investments, which are pretty high, this will be done, and we explained that several times. If the business is according to then the production we will set up. And so it's a step-by-step approach, which we have always said, and that's still the same strategy. Dennis Müller: Thank you very much, Thomas. Another question for Wolfgang, I guess. Finance expense was very high in H1 half year one, were there some one-items in that? How should we think about interest expense on a normalized basis?

Yes, very good question. So, this is why I also tend to work more for communication purposes with operating expense, operating income or EBITDA. The finance expense which you see in the first half of the year are driven by the fair value, valuation of the warrants we have issued to our warrant holders. And when the stock price does what it thankfully did in the last six months is when the stock price increases, the fair value of the warrants increases as well. And the counter entry in accounting logically is finance expense, which we have to show there. So, it's not an interest expense, it's a non-cash item, if you go to our cash flow statement, it's simply driven by the fair valuation of the warrants, which we have outstanding, which are in the range, public warrants of around 11 million and another 5 million of private warrants. Dennis Müller: Thank you very much, Wolfgang. Next question, I think that's for Thomas. How do you intend to mitigate against an increasingly volatile EV market, in particular in Germany, impacting ADS-TEC business? And how do you intend to ensure the outline further close for ADS-TEC?

Yes. I guess that exactly comes to the core of our business strategy. So, as I said, we are not selling chargers, and so it's not a charging component, you can also charge. And if you look at the big picture then, it is the flexibility. And as I tried to explain, even if no car will show up, we will integrate and implement more and more business cases, such as trading, such as peak shavings, such as solar integration. And that gives a little bit of independency from the charging business, but nevertheless, I guess all of us, we expect that the EV fleets are going up. But I always said, and I did that over the last three years, that just relying on charging and the utilization of charging and selling electrons on a level which finances the whole infrastructure and business may not be the only opportunity. And this is I guess something we have to consider and see if there are more revenue streams paying into one investment, this is interesting, and that's something where our customers can mitigate the risks. So it's not about us, it's more that we are helping investors and infrastructure operators to mitigate their risk just coming from utilization of EV charging rather than adding other revenue streams. Dennis Müller: Thank you very much, Thomas. Wolfgang, I guess that's for you, could you expand on the decrease in SG&A year-over-year and your expectations for that going forward?

When I say -- frankly, we haven't decreased, we have relatively decreased the -- decreased SG&A. And what I said before, for the current setup the company is well equipped and the efficiency in those areas which is Selling, General and Admin is improving. But we talked about expansion in the U.S., we talked about expansion in service, we talk about expansion especially in our sales force, both in North America and in Europe, in the European countries as well. So we can expect an increase, but the increase will be significantly under the growth trajectory of our revenue growth. So, it's definitely growing. But as I said, broadly said, we doubled our revenues, more than doubled the revenues in H1 and the SG&A increase was around 11%, 12%, and this is something I would also model into going forward. Dennis Müller: Thank you very much, Wolfgang. Another question I guess for Thomas. Can you give some more outlook and guidance concerning your energy storage business, that means the C&I business, I guess. What are the updates on the expansion towards the residential segment?

Yes. I guess we already talked about that beginning of the year, but I want to say that again and explain. So, the -- first of all, the residential area, the residential market has basically been taken over by products coming from far east, we see that. So the deployment, we have now more than 1 million battery buffered systems in the residential area. We know that from the battery storage association these numbers are public. And we have decided that it makes no sense for us to go into that residential market. We rather want to keep the flexibility strategy as explained, and therefore we see now over the last years the size has changed. So, it's from the investment and also from the physical impact, much better to have higher power and higher capacities. And so, we have the fully combined Swiss army knife with the chargers, which is ChargePost, ChargeBox. And then, we stick to the C&I business. Yes, we have been over the last years more focused on charging because that was the biggest project in our company. And now we are also increasing the efforts in C&I, which means flexibility, which does not integrate the charging in one product, but it will be a battery buffered system within the inverter. But all the software and the services, again, comes from ADS-TEC. If you look at our references, you see over the last more than ten years now, we have many hundred megawatt hours of C&I chargers, battery systems out in the field, up and running, and we plan to increase that now in the next level. And we are working here as well on new battery technology so that we can also be on the competitive side of the business, because we all know that this is under a great pressure also in the market. So, we must be careful that we are not dropping into the naked component business, which, as I said, is always a difficult place to be and that's not our target. Dennis Müller: Thank you, Thomas. And then, with respect to the timing, I would propose the last question for Wolfgang. How about your cash needs in the next two years? Will you need further investments/capital? Do you expect the need for a capital increase?

This is a very good question. We discussed about the expansion in the United States, which is very clear. If we want to, would go into the United States with our own production to cope with the Buy America, Build America. We definitely need to look for further financing because that's, of course, something which we cannot finance out of our operational cash flow. On the other side, if we take just the ongoing business, so the charging business as it stands today, if you take a look into our cash flow statement, you will see that we're approaching the breakeven cash flow line and operating cash flows. So, this is something which we finance out of our operating cash flow. But, the expansion of the business would need further financing measures. And as I said before, currently we are supported by existing shareholders, and we will not exclude that we will also look for additional funding in the future, whether it's equity or whether it's also credits. Dennis Müller: Thank you very much, Wolfgang. Thank you, Thomas. Thank you to the audience for your time and attention. As I mentioned in the beginning, you will be able to download the presentation on the company's website after this event. And, yes, that's it from my side.

Thank you very much for attending and listening.