Dear Fellow H2X Shareholder,

The way H2X is now being assessed by investors has shifted.

We are no longer being viewed as a concept or early-stage technology story. Instead, we are increasingly being evaluated as an execution-stage platform, one approaching delivery, demonstrating real-world capability, and positioned to scale.

This is the start of a clear important inflection point.

Board Strengthening: Capital Markets and Scaling Capability

We are pleased to welcome Giles Bourne to the H2X Global Board as a Non-Executive Director. Giles is Co-founder and Executive Director of Scalare Partners (ASX: SCP), a listed technology venture firm backing high-growth companies across Australia, the United States and international markets. He brings a powerful combination of capital markets experience, scaling expertise and strategic network access, developed over more than a decade as a Managing Director of an ASX-listed technology company and through his broader board and advisory roles. Giles has a demonstrated track record of securing expansion capital, structuring strategic partnerships, and executing growth pathways that transition companies from early validation into scaled, investable platforms. This experience is directly aligned with H2X’s current position as we move from execution into commercial scale and public market readiness.

Giles has already moved quickly to come up to speed across the business and is actively contributing to our capital strategy and investor engagement. His focus is clear: to help H2X scale. This includes strengthening our capital markets positioning ahead of listing, refining how we articulate the long-term growth opportunity to investors, and unlocking strategic pathways across partnerships, joint ventures and licensing. Through his leadership at Scalare and involvement across a portfolio of scaling businesses, Giles brings both the discipline and network required to accelerate H2X’s transition into a multi-market hydrogen platform. As we move into delivery, revenue generation and international expansion, his contribution will be instrumental in ensuring H2X not only executes, but scales efficiently and captures the full commercial opportunity ahead.

Paroo Delivery: Converting Execution into Proof

The Paroo design program is now funded and underway, with first delivery targeted to Renova.

This represents a defining moment for H2X. A vehicle operating within a government fleet provides tangible validation that cannot be replicated through development alone. It demonstrates performance, builds confidence and establishes a clear pathway to follow-on orders.

From a design perspective, the Paroo has been engineered specifically for real-world commercial fleet use. The current configuration integrates the latest Toyota fuel cell (Gen 2.5) with H2X’s proprietary hydrogen storage system, consisting of six Type IV 700 bar tanks. Each tank carries approximately 2.21 kg of hydrogen, delivering a total onboard capacity of ~13 kg.

This enables an estimated real-world range of approximately 450–500 kilometres, with full refuelling achievable in 5 to 10 minutes. a critical requirement for high-utilisation fleets operating across multiple shifts.

Importantly, the hydrogen storage system is based on H2X’s certified technology platform (UN ECE R134), with a 15-year service life. This forms part of our broader modular architecture, which is designed to optimise lifecycle economics for fleet operators.

The market opportunity for the Paroo platform is substantial. There are approximately 29.5 million light commercial vehicles currently in operation across the European Union. Industry analysis suggests that more than one-third of this fleet operates in colder climates, representing millions of vehicles where hydrogen fuel-cell solutions may offer clear operational advantages over battery-electric alternatives, particularly in terms of range consistency, payload retention and uptime.

H2X does not need to capture a large share of this market to build a meaningful business. Even a small penetration of this constrained segment represents a significant opportunity.

With our German partner FES engaged for production, we have materially de-risked the delivery pathway and positioned the business to move from first delivery into repeatable, scalable production.

Platform Advantage: Reducing the Cost of Hydrogen Adoption

H2X is not simply building vehicles. We are developing a modular hydrogen platform designed for real-world fleet economics and scalable deployment.

A key advantage of our approach is focus. Rather than spreading engineering effort across multiple vehicle architectures, H2X is concentrating on two core platforms, Paroo and Yarra, which together address the commercial vehicle market from 3.5 tonnes through to 40 tonnes.

Both platforms are built on the same modular design philosophy, enabling shared components, common engineering architecture and a consistent hydrogen integration approach. This significantly reduces development complexity, shortens time to market and lowers overall engineering cost.

At the centre of this system is our removable hydrogen powertrain, which allows the core hydrogen system to be transferred between vehicles over its lifecycle. This extends asset life, reduces replacement cost and provides flexibility for fleet operators as their requirements evolve.

Importantly, this approach directly addresses one of the key barriers to hydrogen adoption, capital efficiency, while aligning with how governments and national hydrogen strategies are approaching deployment, particularly through modular systems and retrofit pathways.

Additionally, this retrofit-at-scale model is directly aligned with government-led hydrogen strategies, including Estonia’s Hydrogen Roadmap, which prioritises retrofit as a scalable, capital-efficient pathway to rapid fleet decarbonisation.

Looking ahead, this platform strategy also provides a clear pathway for expansion. The Darling program represents the next phase, a ground-up platform designed to further extend H2X’s capability into additional commercial segments once initial deployment and scale are established.

This combination of focused execution today, supported by a defined platform expansion pathway, creates a structural advantage for H2X that becomes increasingly valuable as the business scales.

Commercial Platform: Vehicles and Tanks

Alongside vehicle development, H2X continues to build a broader commercial platform.

Our hydrogen tank systems are already operating on-road in Europe, providing immediate commercial validation and creating an independent revenue stream. This reduces reliance on full vehicle production ramp and strengthens the overall business model.

Together, vehicles and hydrogen systems position H2X as both a platform provider and a deployment partner in the transition to zero-emission commercial fleets.

Listing Pathway: Progressing as Planned

We continue to progress our in-principle listing application.

As expected, this involves an ongoing and constructive information exchange with the relevant stock exchange. H2X has been preparing for this process for some time.

We are ready, organised and committed to a high level of transparency throughout.

We are comfortable providing the necessary information to support the process and ensure that H2X enters public markets as a credible, execution-ready company.

Government Support – Scaling with Capital Efficiency

In parallel, H2X is progressing a government-supported grant submission to support the next phase of growth and scale the business further.

This is strategically important. Government-backed funding provides non-dilutive capital, reduces execution risk and accelerates deployment. Combined with the R&D Tax Incentive, it enables a capital-efficient growth model that strengthens the Company’s ability to scale.

Roadshow Feedback: Clear Alignment, Clear Next Step

Following our recent AGM roadshow across Sydney, Melbourne and Brisbane, the feedback from investors has been consistent and constructive.

There is strong alignment with our current strategy and clear confidence in our near-term execution. At the same time, we have heard clearly that we need to better articulate the full scale of the opportunity, a more expansive, “blue sky” view of how H2X can grow over time.

The Board and management have taken this feedback on board. We recognise the importance of not only delivering in the near term, but also clearly communicating the longer-term platform opportunity.

We remain confident that the long-term potential of H2X is significant. Importantly, we also have a clear framework for how value can evolve with execution, from initial delivery to scaled production, and ultimately to a broader multi-market hydrogen platform.

As a result, we have refined our investor materials and will continue to strengthen how we communicate both near-term milestones and longer-term scale as part of our listing preparation.

We look forward to continuing these discussions in person, including reconnecting with investors in Perth during May, and in New Zealand next month.

As always, I remain available to any H2X shareholder or option holder, please feel free to contact me directly at any time.

Global Engagement: Austrade and Europe

We are pleased that H2X has been selected to participate in Austrade’s Team Australia delegation to the World Hydrogen Summit in Rotterdam in May.

This is an important development for the business. Austrade’s role is not simply promotional, it provides structured, government-backed access to international markets, including direct introductions to government agencies, municipal fleet operators and strategic industry participants.

Through this program, H2X will engage with Dutch, German and Polish government and industry stakeholders who are actively shaping some of the most dynamic hydrogen markets in Europe. These markets are at an early stage of large-scale deployment, where procurement decisions, infrastructure planning and policy frameworks are being established.

Importantly, Austrade facilitates warm introductions into these networks. This materially changes the nature of engagement. Rather than approaching potential customers through traditional commercial channels, H2X is introduced through the Australian Government, providing immediate credibility and significantly shortening sales cycles.

For a business operating in government-led fleet transition markets, this is highly valuable. Procurement pathways in these environments are relationship-driven, structured and often require a level of institutional trust. Austrade’s involvement helps position H2X as a credible participant in these discussions from the outset.

This creates a meaningful opportunity to progress:

• Direct engagement with municipal and government fleet operators
• Strategic partnerships and joint ventures
• Early-stage project participation in emerging hydrogen corridors
• Export pathways aligned with government-supported programs

From an investor perspective, this reduces market entry friction and enhances the probability of converting pipeline into contracts. It also supports H2X’s positioning as a deployment partner within government-backed hydrogen initiatives, rather than simply a vehicle supplier.

This engagement is another step in positioning H2X within the global hydrogen ecosystem, and importantly, doing so with the support and endorsement of the Australian Government.

What Comes Next

Over the coming period, our focus is firmly on execution and value creation.

We are progressing capital initiatives and our listing pathway in parallel, while moving toward the delivery of the first Paroo vehicle to Renova, a key catalyst that will convert engineering into revenue and real-world validation. At the same time, we continue to expand hydrogen system deployment and strengthen how we articulate the full scale of the H2X opportunity.

These are not independent activities. Together, they represent the transition of H2X into a revenue-generating, scalable industrial platform.

In Closing

H2X now stands at a clear inflection point.

The foundations have been established, the platform has been validated, and execution is underway. What lies ahead is the transition from early-stage positioning to visible delivery, revenue and scale.

Importantly, this transition does not require full market adoption. Even modest penetration into a structurally constrained segment of the European commercial vehicle market represents a significant commercial outcome for H2X.

The opportunity in front of us is not theoretical, it is being driven by regulation, infrastructure rollout and fleet replacement cycles already in motion.

Our focus is to execute with discipline, deliver into that demand, and progressively build a scalable platform that can expand across markets and applications.

As this occurs, we expect the market’s understanding of H2X to evolve, from a technology company to a deployable, revenue-generating industrial business.

This is the phase where that transition begins to be reflected in value.

Thank you for your continued support and engagement as we move into this next stage.

Antony Tolfts

Chief Executive Officer

 

H2X Global Limited

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.

Dear Fellow H2X Shareholder,

Momentum continues to build across your company, and H2X is now entering a pivotal phase in its development.

Over the past two years we have stabilised the business, validated our technology and partnerships, and strengthened governance and financial discipline. With these foundations now firmly in place, H2X is transitioning into its next stage: execution, commercial deployment and preparation for the public markets.

Three developments define where H2X stands today:

1. Your company has commenced the in-principle listing review process with a stock exchange
2. The Paroo vehicle program is commencing
3. International engagement with investors and industry partners is accelerating

Together, these milestones position your company for the next stage of growth.

Listing preparation update

The FY2025 Annual Report has recently been finalised, signed off by auditors RSM and approved by the H2X Board.

Your company has now completed the submission of an in-principle listing application to a stock exchange, including this FY2025 Annual Report and supporting materials.

The exchange has already completed an initial review of H2X’s submission and has provided a constructive set of clarification questions covering areas such as:

• working capital forecasts
  • capital structure and capital raising timing
  • governance readiness
  • subsidiary matters
  • listing pathway considerations

This is exactly what we would expect at this stage of the process. Exchanges must demonstrate that listing applicants are reviewed carefully and thoroughly.

Importantly, detailed questions from the exchange are a positive signal. They indicate the application is actively progressing through the review process.

Management will now work through the queries methodically and respond in detail.

At the same time, your company is evaluating the optimal listing pathway and is in discussions with potential lead managers or corporate advisers.

Our objective remains simple: pursue the structure that best serves shareholders and positions H2X for long-term liquidity and access to growth capital.

A successful listing would also provide an important commercial quality stamp on the H2X brand in the eyes of fleet operators, government customers and international partners.

Listing readiness requires market visibility

Preparing for public markets is not purely a compliance exercise. A successful listing also requires market awareness, investor education and institutional engagement.

For this reason, your company is evaluating options for a company marketing and investor awareness campaign to accompany the listing process.

This campaign will be aligned with the chosen listing structure and delivered alongside the appointed lead manager.

Execution milestone: the Paroo program

A key operational milestone has also been reached.

H2X has now paid the upfront engineering costs for the Paroo design, our flagship 3.5 to 5.5 tonne hydrogen commercial vehicle platform.

The engineering program formally commences next week.

The Paroo sits at the centre of H2X’s long-term strategy because it targets one of the largest segments of the global commercial vehicle market.

According to data from the European Automobile Manufacturers’ Association (ACEA), there are approximately 29.5 million light commercial vehicles in operation across the European Union.

Industry analysis suggests more than one-third of this fleet operates in colder climates, representing millions of vehicles where hydrogen fuel-cell solutions may offer operational advantages over battery-electric alternatives.

These are precisely the duty cycles where hydrogen vehicles can provide a practical advantage, maintaining payload, range and rapid refuelling capability.

The Paroo platform will also integrate H2X hydrogen storage systems, strengthening the commercial link between:

• vehicle sales
  • hydrogen component sales

This strategy allows H2X to scale a genuine European footprint across both vehicles and hydrogen systems.

Australian Government R&D support

H2X has now received the latest Australian Government R&D Tax Incentive rebate, which continues to provide meaningful non-dilutive funding to support our engineering activities.

This program remains an important structural advantage for your company. Capital invested directly into H2X supports engineering and delivery, and where eligible R&D activity occurs, the government rebate can materially enhance the impact of invested capital.

In practical terms, investment through the company does more than simply change who holds shares, it strengthens the balance sheet, supports execution, and accelerates value creation.

Your company is particularly grateful for the support of shareholders who have continued to participate in the $0.15 share offer and exercised options during recent months.

Unsolicited share offers

Several shareholders have recently contacted us regarding unsolicited approaches from other investors seeking to buy or sell H2X shares.

While H2X is not involved in those discussions, it is worth highlighting that capital invested directly into the company supports:

• strengthening the balance sheet
  • vehicle development
  • listing preparation
  • delivery of vehicles to customers

The upcoming delivery program remains the clearest value inflection point for H2X.

In industrial businesses like ours, nothing builds confidence like seeing vehicles operating in the real world. Delivery transforms potential into proof.

Annual General Meeting

H2X will hold its fourth Annual General Meeting on 20 March 2026.

AGM packs were distributed to shareholders on 26 February 2026.

The AGM provides an important opportunity for shareholders to:

• hear directly from the Board and management
  • review the company’s strategy and progress
  • ask questions and engage with leadership

Before the formal AGM process begins, I will provide a CEO overview of H2X’s performance from FY2025 to the present day.

A virtual attendance option will again be available for shareholders unable to attend in person.

Proxy voting instructions must be received no later than 6:00pm (Sydney time) on Wednesday, 18 March 2026.

Constitution Update: Virtual Meetings

The Notice of Meeting includes a resolution seeking shareholder approval to amend the Company’s Constitution to reflect amendments to the Corporations Act 2001 (Cth) that permit companies to hold hybrid and, where expressly authorised in the constitution, fully virtual shareholder meetings.

The proposed amendment does not require the Company to hold virtual-only meetings. Rather, it provides the Board with additional flexibility in determining the most appropriate meeting format in the circumstances at the time.

The Board considers this amendment to be a sensible governance update that would allow the Company to:

• reduce the costs associated with physical meeting venues and logistics
  • improve accessibility for interstate and international shareholders
  • facilitate efficient meeting administration where appropriate

A number of Australian public companies have adopted similar constitutional amendments following the permanent legislative changes introduced to the Corporations Act.

I am aware that a small number of shareholders have indicated that they intend to vote against this resolution. Shareholder views on governance matters are important and respected. The intention of the amendment is simply to provide greater flexibility while preserving shareholder participation and voting rights.

If any shareholder would like further clarification regarding the resolution, I would be very happy to discuss it directly prior to the AGM.

Australian Roadshow

Shareholder engagement remains extremely important to your company, particularly as H2X moves through this exciting phase of execution and capital markets preparation.

Over the coming weeks I will be meeting with shareholders and prospective investors to discuss H2X’s strategy, progress and outlook. During March I will be visiting:

• Sydney
  • Melbourne
  • Brisbane

In May, the roadshow will extend to Perth as we travel onward to the World Hydrogen Summit in Rotterdam as part of the Team Australia delegation.

These meetings provide an excellent opportunity for shareholders to hear directly about the progress your company is making, ask questions, and engage with management during what is shaping up to be a very important period in H2X’s development.

If you are located in any of these cities and would like to attend or receive further information, please feel free to contact me directly. I would welcome the opportunity to meet with you.

World Hydrogen Summit 2026: Team Australia

H2X will participate in the World Hydrogen Summit in Rotterdam (20–21 May 2026) as part of an Australian Government supported Team Australia delegation.

The World Hydrogen Summit is widely regarded as the largest global hydrogen industry event, bringing together governments, infrastructure providers, fleet operators, technology developers and investors.

As part of Team Australia, H2X will participate in:

• pavilion events
  • roundtables
  • investor networking sessions

These events connect Australian hydrogen capability with European partners and global investors.

My sincere thanks to the Australian Trade and Investment Commission (Austrade) for their continued support.

Delivery Remains the Catalyst

Ultimately, the most powerful validation for any industrial technology company is real-world deployment.

H2X’s first deliveries of hydrogen tank systems into Europe are now in operation and have been well received, with positive feedback on both performance and reliability in active use.

As the Paroo program progresses, H2X hydrogen storage systems will be deployed both within our own vehicles and as a stand-alone commercial product line supplied to external customers.

With proven performance now demonstrated on European roads, your company has the opportunity to scale both hydrogen vehicle sales and hydrogen storage system deliveries into one of the world’s most active emerging hydrogen mobility markets.

In Closing

Thank you for your continued support of H2X. As your company enters this exciting stage of execution and market preparation, I welcome the opportunity to engage directly with shareholders who would like to discuss our progress and strategic direction.

I look forward to seeing many of you at the AGM and meeting shareholders during our Sydney, Melbourne, Brisbane and Perth roadshows in the coming weeks.

Antony Tolfts

Chief Executive Officer

 

H2X Global Limited

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.

Dear H2X Shareholder

Two years ago, we stabilised.

Last year, we validated.
This year, we execute and list.

As we approach our upcoming Annual General Meeting, I am pleased to confirm that the FY2025 Annual Report is complete and will be reviewed by the Board at Tuesday’s meeting. RSM has finalised the audit.

This Annual Report is particularly significant. It is not simply another reporting cycle, it is expected to form part of our listing application materials.

I strongly encourage all shareholders to attend the AGM next month. Your engagement matters. This is an important inflection point for your company.

Financial Progress: A Four-Year Foundation

Since incorporation on 30 June 2021, H2X revenue and income have built steadily:

• FY22: $320,970
• FY23: $680,739
• FY24: $981,923
• FY25: $1,328,224

Revenue and income have grown consistently, driven primarily by increasing R&D Tax Incentive rebates and receipts.

Over the past year, H2X has also tightened execution discipline, transitioned to a leaner operating structure, preserved core intellectual property and technical capability, and materially reduced operating cash outflows.

These results are not accidental. They reflect deliberate financial stewardship and operational discipline, precisely the profile required of a listing-ready company.

A further FY25 Australian Government R&D rebate strengthens our position. The 12-month AusIndustry review that approved our R&D activities is highly significant. It provides:

1. Non-dilutive capital that increases shareholder value, and
2. Independent validation that H2X is undertaking genuine, differentiated and technically advanced engineering work.

We are not replicating existing solutions. We are building original hydrogen systems and vehicles that address real operational gaps in zero-emission transport.

Regulatory Pull is Structural, Not Cyclical

Europe has now entered a legally binding fleet transition phase:

• 50% CO₂ reduction for new vans by 2030
• 100% zero-emission new vans by 2035
• Heavy-duty CO₂ reduction pathways legislated
• Hydrogen corridor infrastructure mandated across key networks

This is a regulated transition already underway. It is creating structural, non-cyclical demand for zero-emission commercial vehicles, particularly in heavy-duty, high-utilisation and cold-climate segments where hydrogen fuel-cell solutions outperform battery-electric alternatives.

Hydrogen is not a speculative technology cycle. It is increasingly a compliance solution.

H2X sits directly within that structural shift.

Delivery to Renova: The Catalyst Event

As outlined in prior CEO Letters, delivery is what validates an industrial business.

Our immediate operational priority remains delivery of the first Paroo vehicle to Renova in Sweden. This first delivery is the catalyst event for H2X:

• Revenue recognition
• Operational proof in a government fleet
• Municipal follow-on demand a clear pathway to scale

That moment represents a valuation inflection point.

The current capital raise at $0.15 per share underpins the near-term work required to achieve that catalyst and progress listing in parallel:

• Paroo production and contract fulfilment
• Listing and compliance costs
• Working capital reserves required by exchanges
• Free float and deal execution certainty

Once this raise completes, the key gating items to both listing and delivery are addressed.

IPO Readiness: Boxes Being Ticked

Over the past 24 months, H2X has completed a substantial restructure so that we list a scalable industrial company, not a fragile one.

Today, H2X is structurally prepared.

From a listing readiness perspective, key hurdles are already addressed:

• 518 shareholders, with 507 holding more than $2,000 of H2X ordinary       shares at the current offer price
• Three+ years of audited financials complete
• Comfortable free float, with the majority of securities held by non-related shareholders
• Strengthened governance and experienced Board leadership
• Escrow principles discussed and workshopped at Board level
• A full data room prepared and ready to support exchange engagement and investor diligence

Over the festive period, the Board revisited global listing venues. We remain grateful for the support of the London Stock Exchange and have reserved a trading ticker. However, while AIM remains under consideration, we are also evaluating additional exchanges that may accelerate timing and better serve long-term liquidity for shareholders.

We have engaged with one additional exchange this year which encouraged submission of an in-principle listing application. The Board expects to progress a venue decision shortly and may lodge an in-principle application in the coming week or two.

Listing is no longer aspirational. It is practical and imminent, and the completion of the current offer is what unlocks the financial reserves required to proceed with confidence.

The Offer: Shareholder Participation

As outlined in CEO Letters 15 to 17, H2X has an offer open priced at $0.15 per share, structured to provide the capital required to sustain execution momentum and progress our listing pathway in parallel.

If you are an existing shareholder and would like to participate, I encourage you to contact me directly. Many shareholders have increased their holdings through prior rounds, and we welcome continued support as we move into delivery and listing.

I am always available to discuss the offer, use of funds, or where H2X sits in the listing pathway.

Capital Alignment & Option Exercise

It was extremely encouraging to see the majority of the $0.12 options exercised ahead of the November 2025 expiry date. That vote of confidence has been noticed, and it directly strengthens the balance sheet.

Further option classes expire during 2026. We encourage holders to review their positions early. Exercising options strengthens working capital, supports delivery, and accelerates listing preparation.

Market Signal: External Administrator Share Parcel

Last month, I noted that a block of H2X shares was being sold by an external administrator unrelated to the Company. While H2X is not involved in that process, it was encouraging to learn that multiple investors were bidding for the parcel.

Demand for stock at scale reinforces the market’s view of H2X’s positioning.

At the same time, shareholders are reminded that the current $0.15 offer remains open and directly funds:

• Paroo design finalisation and build progression
• Initial contract delivery
• Listing readiness and compliance
• Working capital reserves required for the listing application

This raise transitions H2X from demonstration to commercial scale.

Legacy Engineering Update

As previously disclosed, a third-party engineering contractor engaged on the Warrego program entered insolvency proceedings in the Netherlands. The liquidator has acknowledged H2X’s claim of EUR 771,186.

While disappointing, this does not derail H2X’s broader production plans. Alternative engineering and production pathways are already advanced. The Board will continue to monitor developments and update shareholders where appropriate.

Industry Positioning

H2X will participate in the Team Australia delegation at the World Hydrogen Summit 2026 in May. This event provides a valuable platform to deepen engagement with investors, partners and government stakeholders in one of the world’s most active hydrogen markets.

We are also exploring additional Australian Government introduced opportunities relating to the Paroo program, which we will update shareholders on as they progress.

Momentum. Opportunity. Urgency.

The business now requires one thing: completion of the current capital raise.

With it, we will:

• Deliver Paroo to Renova
• Trigger commercial inflection and real-world operating proof
• Unlock the working capital reserves required for our listing application
• Lodge the listing application and progress exchange processes
• Transition to public markets

Without it, execution slows.

The opportunity window is open now. Regulation is accelerating. Fleet operators are making procurement decisions today that will define emissions profiles for the next decade. Hydrogen infrastructure is being mandated by law.

This is the moment to convert positioning into execution.

Conclusion

H2X now stands as:

• Technically validated
• Financially disciplined
• Contractually positioned
• Governance strengthened
• Structurally ready for public markets
• Data-room ready for exchange and investor diligence

The foundation is built.
The catalyst is delivery.
The pathway to listing is clear.

Thank you for your continued confidence and support as we move into what we believe will be a defining phase for your company.

Antony Tolfts

Chief Executive Officer

 

H2X Global Limited

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.

Dear H2X Shareholder,

As we enter 2026, H2X Global is firmly focused on one priority: execution.

The foundations have been reset, our technology has been validated, and the pathway forward is clear. This update outlines how your company is now aligning engineering capability, capital discipline, and delivery to progress confidently toward commercial deployment and the public markets.

Next week marks two years since I joined H2X Global as your Chief Executive Officer. I stepped into the role at a time of significant challenge, with the business facing both internal and external pressures. Since then, the Board and management have worked methodically to restore clarity, discipline, and momentum across the organisation.

Over this period, H2X has been reshaped from the ground up. We have built a strong leadership team, sharpened strategic focus, refined the product roadmap, embedded a performance-driven culture, and aligned the organisation around a clear commercial objective. These changes have been essential in stabilising the business, rebuilding investor confidence, and positioning H2X for sustainable growth as a global hydrogen mobility company.

2025: A Year of Foundation, Validation and Positioning

During 2025, H2X accelerated its transition from concept-led innovation to a delivery-focused industrial business. The year was defined by three clear priorities: strengthening our technology platform, deepening strategic partnerships, and positioning your company for public markets.

Key achievements during 2025 included:

• Confirmation of ongoing eligibility under the Australian Government R&D Tax Incentive through to 30 June 2026, following a rigorous review of H2X’s activities. Beyond the financial benefit, this outcome represents meaningful recognition by the Australian Government of the depth, originality, and technical credibility of the engineering being delivered by H2X Global.
• Commercial launch of H2X hydrogen storage tanks, with first sales into Germany and early validation of a profitable and scalable component business.
• Execution of the Distribution and Production Agreement with FES GmbH, providing immediate access to certified hydrogen vehicles and scalable European production capacity.
• Strengthening of governance, including the appointment of Stefan Müller as Chair and Danny Bernstein as Non-Executive Director, materially enhancing capital markets capability and hydrogen and fuel-cell expertise at Board level.
• Continued cost discipline and operational focus, ensuring H2X remains capital-efficient while maintaining momentum across all major programs.

Collectively, these milestones moved H2X from early-stage development into a position where execution, delivery, and listing are now the clear priorities.

Engineering Partners and Vehicle Readiness

FES GmbH Engagement and Technical Validation

Last month (December 2025), H2X undertook an on-site engagement with FES GmbH in Germany, reviewing tank deliveries, vehicle programs, engineering quality, and system integration firsthand. Feedback from the FES engineering team was positive and highly constructive, with particular emphasis on the performance and design advantages of H2X’s hydrogen storage systems.

FES engineers identified several material advantages of H2X tanks compared with current-generation alternatives:

• Full-empty operation without liner damage, delivering a meaningful benefit from a maintenance, durability, and lifecycle perspective.
• Support for On-Tank Valve (OTV) assembly and servicing, allowing for independent maintenance and greater operational flexibility for fleet operators.
• Replaceable OTV components without compromising the tank, materially reducing whole-of-life costs and improving serviceability.

This technical validation reinforces our confidence that H2X’s tank systems are not only robust from an engineering standpoint, but also commercially compelling for fleet operators focused on uptime, serviceability, and total cost of ownership.

The partnership with FES also provides H2X with immediate access to certified, roadworthy hydrogen vehicles in the 18-tonne class, built on a platform capable of scaling to 40 tonnes. This capability addresses a clear gap in the global market and positions H2X with a credible heavy-duty hydrogen solution available today, rather than at a future development stage.

Importantly, these vehicles are already certified and operating on public roads. This allows H2X to tender with confidence, which we are actively doing, and fundamentally shifts our commercial position from concept-based engagement to execution-ready delivery. The result is reduced risk, shorter sales cycles, and more substantive engagement with fleet operators and government customers.

Alongside the Yarra heavy-duty platform, the current funding round is specifically intended to support the development and delivery of the Paroo 3.5-tonne light commercial vehicle in partnership with FES. With approximately 29.5 million light commercial vehicles operating across Europe, tightening regulatory requirements from 2030, and average fleet lifecycles extending beyond a decade, operators need to begin transitioning to zero-emission solutions now. The Paroo is expected to become H2X’s “hero” vehicle, a scalable, fleet-ready platform positioned directly at the centre of this regulatory and commercial shift.

Legacy Engineering Firm Update

Shareholders will be aware of the legacy engineering firm previously involved in the Warrego program. H2X remains in contact with the appointed administrator and continues to work constructively to secure the best possible outcome for shareholders under the circumstances.

While disappointing, this situation does not detract from H2X’s broader production plans or our strengthened engineering ecosystem. We now have partners capable of supporting vehicle completion and future scale.

Vehicles, Delivery and the Importance of Renova

Ultimately, delivery is what validates any industrial business. Our immediate operational priority remains the delivery of the first vehicles to Renova, the Swedish Government-owned waste and recycling company.

Once the first vehicles are delivered and operating on public roads, they will provide powerful real-world demonstration of H2X’s capability. Vehicles in service; generating data, visibility, and customer confidence; are far more persuasive than prototypes or presentations. These deliveries will mark a critical inflection point as H2X moves from development into demonstrated commercial deployment.

Shareholder Communication from an External Administrator

Some investors may have received correspondence from an external administrator in relation to a separate parcel of H2X shares held by a third party. This process is entirely independent of H2X Global and its current capital activities, and your company cannot comment on the administrator’s process or any pricing outcomes.

As shareholders will be aware, H2X Global currently has an offer open to support the next phase of your company’s development, including vehicle delivery and preparation for the public markets. The offer is priced at AUD 0.15 per share and includes one attaching option per share, structured to provide the capital required to sustain execution momentum and advance H2X’s transition into its next stage of growth.

Shareholders and prospective investors who are interested in supporting this phase of H2X’s development, or who would like further information on the current offer, are welcome to contact me directly. As always, investors should consider their own circumstances and seek independent advice as appropriate.

IPO Preparation and Capital Focus

Advancing H2X toward a public listing remains a core priority for the Board and management. The business is operationally and strategically ready to IPO, subject to the successful completion of the current funding round. This round is structured to fund final listing preparation costs while ensuring your company can maintain execution momentum through vehicle delivery and commercial expansion.

The strategy is clear, the pathway is defined, and execution is being managed with discipline and intent, always aligned with shareholder interests. A public listing is expected to enhance transparency, broaden access to capital, and strengthen market credibility, all of which are increasingly important as H2X engages with government customers, fleet operators, and long-term strategic partners.

Capital Alignment and Option Exercise

Late in 2025, three option classes expired, and it was particularly rewarding to see that almost all eligible investors exercised their options. The Board and I sincerely respect the capital you have invested and the trust you have placed in H2X, and we look forward to deploying these funds to grow your business.

Several option classes expire during 2026. We encourage all option holders to review their positions via the H2X share registry and consider their choices well ahead of expiry. Exercising options directly strengthens the balance sheet and accelerates delivery across vehicles, hydrogen systems, and IPO preparation.

If you have any questions, please feel free to contact me directly.

Looking Ahead

With validated technology, certified vehicles, proven engineering partners, and a disciplined capital strategy in place, H2X has entered a pivotal execution phase. The foundations are complete; the focus now is delivery.

As we move through the first quarter of 2026, our priorities are clear and tightly aligned with building long-term shareholder value:

• Finalise the current funding round and advance your company’s IPO pathway
• Deliver vehicles into service and establish visible, real-world operating performance
• Expand sales and tender activity using certified, road-ready platforms
• Progress the Paroo light commercial vehicle as H2X’s long-term hero product
• Continue disciplined, capital-efficient growth across all programs

Momentum is now tangible across engineering, commercial activity, and capital alignment. Thank you for your continued support and confidence as H2X moves decisively into what we believe will be a defining year for your company.

Antony Tolfts

Chief Executive Officer

 

H2X Global Limited

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.

Dear H2X Shareholder

H2X Global and FES GmbH agree on cooperation for production and distribution of hydrogen vehicles

Sydney/Zwickau – The Australian company H2X Global Limited (H2X) and FES GmbH Fahrzeug-Entwicklung Sachsen (FES) from Zwickau have signed a sales and production agreement to expand the manufacturing and delivery of hydrogen-powered commercial vehicles.

According to both companies, H2X will act as the exclusive sales partner for FES hydrogen vehicles in Australasia and South America, and as a non-exclusive partner in other regions. The agreement initially provides for the annual production of up to 100 heavy-duty Yarra trucks (18 tons) and 200 Paroo light commercial vehicles. Production capacity is to be increased as demand grows.

The partnership will, according to H2X, enable the short-term delivery of already road-certified vehicles, initially for customers in Europe and Scandinavia. Expansion into additional markets is planned from 2026 onwards.

The cooperation focuses on the H2X Yarra and H2X Paroo models. The Yarra truck is already certified and tested in practical operations, according to the company. It is primarily intended for use in logistics, construction, and municipal applications. The Paroo light commercial vehicle targets trades, fleet operators, and urban delivery services.

At the core of the project is the combination of H2X’s proprietary Type 4 hydrogen storage systems with the development and manufacturing expertise of FES. The two companies aim to establish a complete value chain for hydrogen mobility – from development to series production.

Background: EU targets for zero-emission vehicles

EU regulations require new vans to reduce CO₂ emissions by 50 percent by 2030 and to be fully emission-free from 2035. According to the European Automobile Manufacturers’ Association (ACEA), around 29.5 million vans are currently in operation across Europe. Since many vehicles remain in use for more than ten years, a large proportion of the fleet will still be on the road when the new rules take effect.

Industry representatives expect rising demand for zero-emission commercial vehicles. Hydrogen-powered models are seen as a potential alternative to battery-electric vehicles due to their greater range, short refueling times, and higher payload capacities.

With this agreement, H2X and FES aim to respond early to this trend. At the start of the cooperation, an annual joint production of around 300 vehicles is planned.

Statements from the companies

H2X CEO Antony Tolfts said the agreement enables the delivery of certified and field-tested hydrogen vehicles. “We highly value the technical expertise of FES and look forward to further developing our programs together,” Tolfts said.

Hartmut Schimmel, Head of Drivetrain and Chassis Development at FES, added: “With H2X, we have found a partner that allows us to bring our vehicle engineering know-how developed in Germany to markets beyond Europe.”

Company profiles

FES GmbH Fahrzeug-Entwicklung Sachsen has been active in vehicle development for more than 30 years. The company provides services in design, analysis, documentation, software development, prototype construction, and vehicle testing. For around ten years, FES has focused increasingly on the integration of hydrogen fuel cell systems and the development of its own small-series vehicles.

H2X Global is an Australian clean mobility company developing hydrogen-powered commercial vehicles and Type 4 hydrogen tank systems. H2X combines its own drivetrain technologies with certified tank systems to offer scalable zero-emission solutions for fleet and government applications.

Press contacts:

H2X Global: [email protected]

FES GmbH Fahrzeug-Entwicklung Sachsen: [email protected]

 

Antony Tolfts

Chief Executive Officer

 

H2X Global Limited

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.

Dear H2X Shareholder,

Over recent months, H2X Global Limited has achieved significant progress across our vehicle programs, partnerships, and capital initiatives. While we continue to navigate the challenges typical of early-stage industrial ventures, our mission remains clear — to deliver the world’s most capable, zero-emission commercial vehicles powered by hydrogen fuel-cell technology.

Capital Raise and Investor Participation

As described in last month’s CEO Letter 15, we opened our next funding round priced at AUD $0.15 per share with a 1:1 attaching option (exercisable at $0.15, 12-month expiry). The raise supports the next stage of growth as we complete the initial delivery of vehicles to the Swedish Government–owned Renova. The Australian Government R&D rebate applies to this initial design and build, providing valuable non-dilutive support for shareholders.

The offer was introduced during our European roadshow, where we saw immediate take-up in both Europe and Australia — a strong vote of confidence in H2X’s growth strategy.

If any current shareholder wishes to participate, please contact me directly. This raise also supports the next phase of our expansion, including completion of the Paroo light truck, our “hero” product, and progress toward our planned public listing.

Shareholder Options

Two option classes expired last month, and it was encouraging to see the majority in each category exercised their rights before expiry. The next option class is due to expire on 7 November 2025, and we are already seeing early participation.

We encourage all holders to carefully consider the benefits of exercising their options. For those who choose to do so, your support plays an important role in enabling H2X to deliver on its product roadmap and advance toward listing.

We sincerely thank shareholders who have already exercised their options and reaffirmed their belief in H2X’s long-term vision.

Strategic Partnership with FES GmbH

H2X is pleased to announce a major Distribution and Production Agreement with Fahrzeug-Entwicklung Sachsen GmbH (FES), one of Germany’s leading automotive engineering and development firms.

Under this partnership, H2X becomes the exclusive distributor for FES hydrogen-powered vehicles across Australasia and South America, and a non-exclusive distributor globally. The agreement unlocks annual production capacity of up to 100 Yarra (18-tonne) hydrogen trucks and up to 200 Paroo (3.5 to 5.5 tonne) light commercial vehicles, scalable with demand.

This partnership enables the immediate delivery of proven, roadworthy hydrogen vehicles — beginning with the Yarra 18-tonne hydrogen logistics truck, which is certified, road-proven, and commercially ready. Combining long range, high torque, and rapid refuelling, the Yarra delivers a practical, zero-emission solution for logistics, construction, and municipal operations.

Importantly, the Yarra has already been submitted by H2X into a UK public tender, highlighting its readiness for deployment and reinforcing our expanding European presence.

Product Strategy – The Yarra and Paroo Platforms

Our product roadmap continues to strengthen. The Paroo (3.5 to 5.5 tonne) light commercial platform remains H2X’s largest long-term opportunity, addressing a market of over 29 million light commercial vehicles operating across Europe — the largest transport segment yet to decarbonise.

The Paroo captures H2X’s design philosophy: real-world capability, extended range, and zero emissions. Building on this foundation, the Yarra 18-tonne truck represents the next step — translating H2X’s fuel-cell expertise into heavier-duty applications. As vehicle weight increases, battery-electric systems require proportionally larger batteries for propulsion, which dramatically reduces payload capacity. For example, an 18-tonne battery-electric truck could retain as little as one or two tonnes of usable payload once battery weight is accounted for. Moreover, large lithium-ion batteries are highly sensitive to cold weather, with efficiency and range reductions of up to 40%.

This is why global automotive leaders such as H2X’s largest shareholder, Volvo, Daimler, and Hyundai are focusing their hydrogen efforts on heavier commercial classes – but all above the 18-ton class. The Yarra fills a key market gap — no other scale producer currently offers an 18-tonne hydrogen truck.

Battery-electric technology will remain an attractive zero-emission option for short-range and light-duty vehicles in warmer climates. However, it cannot alone deliver net-zero outcomes for high-duty or long-range operations. Hydrogen fuel-cell systems maintain consistent range and payload in all climates, refuel in minutes, and provide the scalability required for continuous commercial use.

Europe’s regulatory timeline further strengthens this opportunity. Under Regulation (EU) 2019/631, new vans must cut CO₂ emissions by 50% by 2030 and achieve 100% zero-emission status by 2035. It is also worth noting that the zero-emission requirement for new heavy-duty vehicles (N2/N3) is progressing under Regulation (EU) 2024/1243, which mandates a 90% CO₂ reduction by 2040 — reinforcing the strategic timing of the Yarra and Paroo platforms.

With an average fleet lifespan of 12 years, many vehicles purchased today will still be operating when these targets take effect — just four years away. Around 40% of Europe’s commercial fleet operates in cold-climate regions, where lithium-ion efficiency falls sharply.

Fleet operators must transition now. H2X is ready to support that shift through vehicles combining Toyota’s proven fuel-cell technology, certified Type IV hydrogen storage systems, and German manufacturing expertise — delivering scalable, high-performance zero-emission transport.

Hydrogen Systems and Component Sales

H2X’s hydrogen systems achieved its first commercial milestone with the sale of Type IV tank systems to customers in Germany. Though modest in size, these initial deliveries mark entry into a substantial and growing market segment.

High-pressure composite tanks represent one of the most valuable components in hydrogen mobility. Capturing even a small share of the European tank market could translate into tens to hundreds of millions USD in annual addressable revenue by the end of the decade — a meaningful driver of long-term growth and margins.

Financial and Governance Update

H2X continues to strengthen its financial and governance foundations in preparation for listing. The company remains pre-approved for the Australian Government R&D rebate through 30 June 2026, providing valuable non-dilutive support.

The 30 June 2025 audit with RSM is nearing completion, pending final classification items. H2X has been advised that the Dutch engineering firm previously engaged in the Warrego program has entered insolvency. While disappointing, this does not materially affect H2X’s broader production plans.

Our legal team is working with the appointed administrator to recover H2X assets. H2X has already been approached by several qualified engineering and manufacturing firms to complete the project, which will be evaluated once the recovery process is finalised.

Upon completion of the FY25 audit, H2X will submit its R&D rebate claim, representing a minimum payment of AUD $559,941 to the company.

European Investor Roadshow and Industry Engagement

This month I joined DGWA for a roadshow across Frankfurt, Munich, and Hamburg. We met with institutional and strategic investors throughout Germany, where engagement was exceptionally strong.

While in Germany, I attended the Hydrogen Technology World Expo 2025, the world’s largest hydrogen trade fair. It was an energising three days of discussion and innovation — from the Hydrogen Leadership Summit to meetings with partners including Toyota and Duksan Aether CT. With more than 20,000 attendees, the Expo underscored both the maturity and the vast potential of the global hydrogen sector.

Before the Expo, I was honoured to attend the Australian Business in Europe (ABIE) 50th Anniversary Reception at Australia House, London — celebrating five decades of partnership between Australia and Europe.

A sincere thank you to Austrade for its continued support of Australian companies abroad.

Looking Ahead

H2X moves forward with discipline, purpose, and momentum — positioning the company for sustained growth and long-term value creation as we advance toward our planned IPO.

Thank you for your continued confidence and support.

Antony Tolfts

Chief Executive Officer

 

H2X Global Limited

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.

Dear H2X Shareholder,

Your company continues to advance with discipline and momentum as we move toward our planned listing, with timing and progress aligned to the successful completion of our current funding round. This month’s update provides clarity on valuation, partnerships, product development, and governance, along with a renewed opportunity for investors to participate in H2X’s journey.

New Capital Raise – Priced at $0.15 per Share*

Your Board and I are pleased to confirm that the  capital raise will be priced at AUD $0.15 per share, a 25% uplift from our last raise in December at $0.12. This valuation increase reflects the significant progress your company has made since that time. With 287,923,286 shares currently on issue, we believe this pricing is both fair and well supported by recent achievements, including:

• Australian Government R&D rebate confirmed through 30 June 2026, amplifying the value of our R&D spend.
• Strategic partnership: DS Aether CT (Duksan Group) joining as both shareholder and supplier, securing long-term tank supply (see below for more information).
• Commercial traction: Tank sales, with shipment expected in October.
• Partnerships: Yarra distribution agreement under legal review, supporting capacity of up to 100 trucks annually.
• Governance & leadership: Stefan Müller as Chair; new director Danny Bernstein.
• Listing roadmap: Working timetable; shareholder engagement scheduled for the AGM.

If any shareholder wishes to participate in this round, please email me. Existing investors are welcome to increase their holding and support our planned listing and the rollout of the Paroo light truck—our “hero” product. Completion of this raise is an essential step in advancing our listing timetable and ensuring we are strongly positioned for the next phase of growth.

DS Aether CT joins H2X as a strategic shareholder

H2X is proud to announce that DS Aether CT, our trusted hydrogen tank manufacturing partner, has joined as a strategic shareholder.

Based in South Korea and fully owned by the Duksan Group – a leading industrial conglomerate with core strengths in defence technologies, advanced materials, chemicals, and hydrogen systems—DS Aether CT produces one of the industry’s most comprehensive ranges of hydrogen storage solutions. Their portfolio spans from Type 1 metallic tanks to ultra-light, high-pressure Type 4 carbon-fibre composite tanks across multiple capacities.

This partnership expands H2X’s offering from three tank sizes to a fully certified lineup ready for diverse applications. All H2X vehicles now feature tank systems manufactured to the highest global safety standards, made in South Korea, and seamlessly integrated into our platforms. Importantly, DS Aether CT’s dual role as both supplier and investor secures supply chain continuity, strengthens collaboration, and aligns our shared vision for advancing hydrogen mobility.

Strengthened Leadership

Following last month’s appointment of Stefan Müller as Chair—a recognised capital markets leader with experience across more than 250 financial transactions—H2X continues to strengthen both governance and technical depth.

We are also pleased to welcome Danny Bernstein, a hydrogen and fuel cell expert with a proven global track record in applied research and strategic operations. Danny brings extensive experience in automotive engineering and leadership roles across Europe and Australia, with a strong focus on scalable hydrogen solutions. He currently leads research and operations at Hycel, Deakin University’s hydrogen innovation hub, one of Australia’s leading centres for hydrogen technology.

Together, this leadership team enhances execution capability, broadens international reach, and reinforces the strategic direction required as we move toward our planned listing.

Commercial Progress

Hydrogen Tanks
In August, H2X received its first confirmed commercial tank order, with a 50% deposit already received. Manufacturing is underway in South Korea, with shipment scheduled for 26 October 2025.

While H2X is a vehicle manufacturer, the sale of tanks as a standalone product represents an important new and diversified revenue stream. It reduces reliance solely on vehicle sales, strengthens our commercial base, and is a product category we believe has substantial growth potential. Future H2X vehicles, including the Paroo light truck and the Yarra heavy vehicle, are being designed with H2X tanks integrated from the outset, embedding our technology across the product range.

Yarra (18-tonne Heavy Vehicle)
The Yarra is H2X’s entry into the heavy vehicle segment. We have a distribution agreement under legal review supporting capacity of up to 100 trucks annually. The Yarra has also been included in a UK local government tender submitted for heavy vehicles. This is an exciting step for H2X as it validates demand for our technology in heavier classes, opening up significant future opportunities.

Paroo (3.5t Light Truck)
The Paroo remains our “hero” product as we move towards listing. Engineering is advancing, and the vehicle will incorporate our own H2X tank systems. This product underpins our commercial growth strategy and remains the central focus of our near-term rollout.

Warrego Utility
The Warrego remains a key part of our technology platform. Updates on further developments will follow in upcoming communications.

Listing and Audit Update

H2X is working with our auditors, RSM, to complete the audit of financials for the year ended 30 June 2025. These audited accounts are expected to form part of our exchange application. Progression to listing will follow the successful completion of our current funding round, ensuring that H2X enters the market with the capital strength required to deliver on its commitments. We anticipate the audit will be completed next month and look forward to sharing the results with our investors.

This follows last year’s strong financial discipline, where we reduced operating expenses by 60%.

Further detail will be sent to shareholders in the AGM pack.

Shareholder Options

Several tranches of H2X options are approaching expiry, with the next batch due to lapse on 17 September 2025.

Option holders with a valid email address on the register have already been sent direct exercise forms. These forms, along with full details of your options, are also available at any time via the Automic Investor Portal.

H2X option holders have the following choices:

• Exercise Your Options – You may choose to exercise all or part of your options prior to the expiry date. Exercising your options provides a cost-effective pathway to increase your shareholding in H2X Global. Importantly, exercising options directly strengthens the company’s balance sheet and accelerates investment into our clean transport programs and listing preparation. In addition, through the Australian Government’s R&D Tax Incentive, a portion of this capital is leveraged by non-dilutive funding, further multiplying the impact of your support.
• Transfer Your Options (if permitted) – If your options are transferable, you may transfer them to another party before the expiry date. Please consult your legal or financial adviser and contact Automic if you require assistance with a transfer.
• Take No Action – If you do not exercise or transfer your options before the expiry date, they will lapse, and all rights under the options will cease.

We encourage all holders to carefully consider the benefits of exercising options. For those who choose to do so, your support plays an important role in enabling H2X to deliver its product programs and advance toward our public listing.

We thank shareholders who have already exercised their options and reaffirmed their belief in H2X’s long-term vision.

Industry Engagement and Investor Meetings

I look forward to representing H2X at the Hydrogen Technology World Expo in Hamburg, Germany, from 21–23 October 2025—an important platform to showcase our technology and connect with key partners.

While in Europe, I will also be meeting with a number of potential new H2X investors. Following this, I will travel around Australia in November to engage with existing and potential investors.

Closing Remarks

This month’s milestones reflect continued momentum:

• Capital raise launched at $0.15 per share.
• DS Aether CT joins as shareholder and supplier.
• First tank sales confirmed, representing a significant new revenue stream.
• Expanded commercial pipeline with Yarra and Paroo.
• Strengthened governance and progress towards listing.

We remain committed to execution, transparency, and delivery, with a clear priority on completing the listing.

Thank you for your ongoing support. Together, we are building a secure and scalable hydrogen mobility company with global impact.

 

Antony Tolfts

Chief Executive Officer

H2X Global Limited

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.

Dear H2X Shareholder,

Your company has entered the next phase of its journey with clarity, confidence, and discipline. Our mission remains to commercialise clean transport solutions powered by hydrogen fuel cell and electric powertrain technologies.

This update outlines progress across governance, innovation, delivery execution, and our path to becoming a publicly listed company.

Strengthening Governance and Global Leadership
I am pleased to formally welcome Stefan Müller as the new Chair of H2X Global. Stefan serves as Chief Executive Officer of DGWA, Germany’s leading investment banking boutique for international small and medium-sized enterprises. He brings over three decades of experience in capital markets, governance, and investment across global markets. DGWA’s team has participated in over 250 financial markets transactions in the last decade.

Stefan has held senior roles at Dresdner Kleinwort Benson, Sal Oppenheim, and Partner at Swiss asset management firm Proprietary Partners, and has served on the boards of multiple public and private companies worldwide. His appointment marks a strategic milestone for H2X and reinforces our shared objective of completing a global listing by the end of 2025.

We extend our sincere gratitude to James Walker, our outgoing Chair, for his leadership and steady guidance, and wish him well in his future endeavours.

We are also pleased to welcome Mr Danny Bernstein to the H2X Board. Danny is a hydrogen and fuel cell technology expert with an international track record in applied research and innovation. He leads operations at Hycel, Deakin University’s hydrogen innovation hub, and has held senior roles across Australia and Europe. His knowledge and commitment to practical, scalable hydrogen solutions will be invaluable to our product and infrastructure programs.

These appointments reflect our sharpened focus on execution and our belief in collaboration between industry, research institutions, and capital markets.

R&D Driven Innovation Backed by the Australian Government
Innovation sits at the heart of H2X’s mission to deliver advanced commercial transport solutions—including hydrogen fuel cell and battery electric vehicles, and critical infrastructure such as storage tanks and refuelling systems.

We have successfully completed a comprehensive review under the Australian Government’s Research and Development Tax Incentive program, resulting in an initial rebate of AUD $986,083, with a further tranche of at least AUD $559,941 expected in the coming month. H2X remains pre-approved for eligible R&D activities through to 30 June 2026.

This non-dilutive funding delivers more than financial benefit—it validates the innovation and engineering depth within H2X and effectively multiplies every dollar invested in R&D. This multiplier effect accelerates product development, testing, and deployment without increasing cost to shareholders, strengthening our competitive advantage in the global market.

We are grateful for this continued government support and the opportunity it provides to scale faster.

Path to Public Listing
From his first day as Chair, Stefan has made it clear that listing H2X Global is a strategic priority. We are now formalising our working timetable, and shareholders can expect to receive materials for review and voting as part of the Annual General Meeting (AGM) pack in October or November this year.

Your company is finalising its annual financial statements and preparing for external audit—key steps in supporting the listing application.

The upcoming AGM will offer shareholders the opportunity to hear directly from the Board, meet our new Chair, and review our strategy. A virtual attendance option should again be provided.

We also note that Pure Hydrogen Corporation, H2X’s largest shareholder, is dual-quoted on the Frankfurt Open Market (ticker:7NL:FRA), improving visibility and liquidity among European investors and providing a useful reference point for H2X.

Commercial Progress – Launch of Hydrogen Storage Tanks
In June, we soft-launched our hydrogen storage tank product line—an essential step in our commercialisation strategy. July marked the start of our first commercial sales, with tanks manufactured in South Korea, globally certified, and already demonstrating profitability. These early transactions validate both our pricing and product-market fit.

Vehicle Platform Progress

• Yarra (18-tonne Heavy Vehicle): Finalising details of a distribution agreement with a German manufacturer. The first H2X-branded Yarra truck is expected to be available for delivery by the end of this year, with production capacity of up to 100 vehicles per annum.
• Paroo (3.5-tonne Light Truck): Updated donor platforms are under review, with final design to be completed shortly. Early engineering work is already underway.
• Warrego (Utility Vehicle): Recent time in the Netherlands has clarified key program questions. While no final decisions have been made, shareholders will be kept fully informed.

Shareholder Options
Several shareholders hold options expiring over the next six months, beginning in September 2025. Exercising these options provides an efficient opportunity to increase your shareholding in H2X Global.

For those who choose to exercise, your capital directly strengthens our balance sheet and enables further investment into key programs. Importantly, thanks to the R&D Tax Incentive, a portion of this capital is effectively multiplied through non-dilutive funding—further amplifying its impact.

We thank shareholders who have already exercised their options and reaffirmed their support for H2X’s long-term vision. If you are eligible and wish to exercise, or have any questions about the process, please contact us directly.

Industry Engagement – Hydrogen Technology World Expo
I look forward to representing H2X Global at the Hydrogen Technology World Expo in Hamburg, Germany, from 21–23 October 2025. This premier event brings together the full hydrogen value chain to showcase solutions for a low-carbon future. It will be an important opportunity to connect with industry partners, government stakeholders, and investors.

Closing Remarks
This month has marked meaningful momentum:

• Appointment of a new Chair with international capital markets leadership
• First commercial transaction from hydrogen tanks
• Tangible progress across all key vehicle programs

We are building a stronger team, sharpening our execution, and delivering—vehicle by vehicle, deal by deal—on the promise of zero-emission transport.

As we move toward a public listing, we value the essential role of our shareholders and look forward to your participation in our AGM.

Antony Tolfts

Chief Executive Officer

H2X Global Limited

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.

Dear H2X Shareholder,

As I enter my 17th month as CEO of H2X Global, I am pleased to share this latest update on our mission to commercialise clean transport solutions and build long-term value for our shareholders.

I arrived in the Netherlands last night to better understand what is holding up Warrego’s completion. While I share the frustration, I will not pre-empt conclusions. My focus is on getting us back on track.

That said, we cannot afford to stand still. Our broader momentum—strengthened by government support, new partnerships, and expanding product lines—continues to build.

R&D Tax Rebate – Government-Backed Innovation and Shareholder Value

At H2X, our focus is on developing the next generation of zero-emission commercial transport—including our proprietary powertrain, storage systems, and control architecture.

Following a rigorous independent review, H2X has received a positive Overseas Finding under the Australian Government’s R&D Tax Incentive. This confirmation ensures that our European and UK-based innovation activities qualify under the program through to at least June 2026. As a result, we recently received an initial rebate of AUD $986,083, with the next tranche expected as early as next month.

The R&D Tax Incentive is a vital, non-dilutive funding source that rewards deep innovation and accelerates time to market—multiplying the impact of every dollar our shareholders invest. This national validation of our technology comes on the back of H2X being named one of Australia’s Most Innovative Companies at the AFR BOSS Awards in October 2024.

Commercial Progress – Hydrogen Tanks Launch with Early Traction

Alongside our vehicle development programs, we have now launched H2X’s hydrogen storage tanks as a standalone commercial product line.

Initially designed for internal use, these tanks are certified under UN ECE R134, have a 15-year service life, and are designed to operate in harsh temperature environments from –40°C to +65°C. Early orders—while modest in volume—point to an immediately profitable product, with applications across transport, industrial, and stationary energy sectors.

We will soon launch a refreshed product section on our website with technical documentation and product specifications ranging from 1.6 to 7.2 kilograms of hydrogen capacity.

Paroo – A Scalable, Fleet-Focused Hero Vehicle

While the Warrego platform has demonstrated our hydrogen powertrain technology in action, our long-term focus remains on the Paroo 3.5-tonne light truck—a flexible, scalable model purpose-built for fleet deployment in urban logistics, trades, and municipal services.

Our engineering team is currently evaluating several potential UK- and EU-based partners for the initial build. We are also reviewing updated donor vehicle platforms that can provide OEM-approved software access, which is critical to reducing integration complexity and enabling smoother fleet servicing.

We aim to commence engineering work shortly and will be seeking targeted funding to support the build of the first Paroo vehicle. If you are interested in participating in this upcoming investment opportunity, please feel free to contact me directly.

The Paroo will incorporate H2X’s hydrogen tanks and the latest Toyota fuel cell system, maintaining full alignment with our core technology platform.

Strategic Execution – The 18-Tonne Yarra and Building at Scale

Last week, I visited Germany to meet with several leading engineering firms capable of supporting our 18-tonne Yarra hydrogen truck. I am pleased to report that we have identified a highly credible partner with capacity to produce up to 100 vehicles annually, and a willingness to support scaling manufacturing—potentially in Australia—as the platform matures.

Engineering programs in both Germany and the Netherlands, would create a dynamic ecosystem of collaboration, accountability, and performance benchmarking. This dual-track approach will also provide optionality for the Paroo program as development progresses.

Corporate Progress and Investor Engagement

Last week, DGWA, the leading German investment bank for international SMEs (www.dgwa.org), arranged an investor and shareholder lunch for H2X in Munich. The event provided a strong platform to present our product roadmap, hydrogen technology portfolio, and commercialisation strategy to a targeted group of European investors. The reception was highly encouraging, and I am now following up on several promising discussions that emerged from the event.

In parallel, we are progressing a series of corporate and governance initiatives to support H2X’s next phase of growth. These developments are focused on strengthening operational execution, enhancing transparency, and positioning the company for long-term value creation. I look forward to outlining more detail in the next CEO Letter.

Closing Thoughts

As we close out the Australian financial year ending 30 June 2025, I am pleased to report that we continue to operate with strong financial discipline. Unaudited results show a further 50% reduction in operating expenses, and we maintain a solid balance sheet, giving us the flexibility to respond quickly to future growth opportunities.

While early-stage commercialisation brings complexity, the direction is clear: we are progressing toward delivery, scaling our engineering footprint, and validating our platform with investors, government, and industry partners.

Thank you again for your continued support and confidence in H2X. If you would like to discuss our progress or strategic direction in more detail, I remain available and welcome the opportunity to connect.

Antony Tolfts
Chief Executive Officer

H2X Global Limited

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.

Dear H2X Shareholder,

Over the past 15 months, your company has sharpened its focus—building proprietary hydrogen vehicle technology and establishing a capital-efficient platform for long-term growth. In this twelfth CEO Letter, I am pleased to share key developments that continue to reinforce H2X Global’s potential and momentum.

Australian Government Support for H2X’s R&D Efforts

Following a thorough assessment process, H2X Global has received a positive overseas finding from the Australian Government. This confirmation means our research and development activities outside Australia—particularly in Europe and the UK—now qualify under the Australian R&D rebate program through to at least June 2026.

This outcome affirms the strength of our innovation in areas such as modular fuel cell systems, vehicle integration, and hydrogen retrofits, while also reflecting confidence in H2X’s long-term strategy and technical capabilities.

As outlined in previous letters, H2X Global is proudly an Australian company. While Europe and Scandinavia currently offer the largest commercial opportunities, we remain committed to supporting Australia’s hydrogen economy and returning vehicle manufacturing to the country as local demand develops.

This R&D rebate amplifies the impact of shareholder investment, with funds from the rebate expected to flow in the near term.

Operational Oversight: Warrego Delivery and European Execution

The delays in completing Warrego’s final certification have been frustrating for both our team and customers. While several external and technical factors have contributed, we fully recognise that our customers expect results. To help ensure a strong finish, I will be in the Netherlands to support the final stages of vehicle completion—improving coordination, streamlining progress, and reinforcing accountability.

H2X Hydrogen Tanks Now Commercially Available

As part of our broader strategy, H2X is launching our hydrogen tanks as a standalone commercial product, following strong market interest.

Originally designed for H2X vehicles, our tanks are manufactured in South Korea and certified under the UN ECE R134 international standard. They offer a 15-year service life, operate in temperatures from –40°C to +65°C, and feature a serviceable valve design for easy maintenance.

We currently offer standard storage sizes between 1.61 and 7.19 kg of hydrogen capacity—with other configurations available to suit various commercial and industrial applications.

I will visit the hydrogen tank production facility en route to the Netherlands to support quality assurance, scale-up planning, and future product development. Our website will soon be refreshed to reflect this new offering, including additional language options.

Toyota’s Fuel Cell Breakthrough Aligns with H2X Vision

Toyota’s next-generation hydrogen fuel cell system was recently announced and represents a significant industry step up and directly supports H2X’s product roadmap.

This new system delivers major advances in durability, efficiency, and cost-effectiveness. It can now operate up to 1,000,000 kilometres—putting it on par with diesel engines. It offers higher power output within the same footprint, enabling lighter, more efficient vehicle designs. A 20% increase in cruising range benefits long-haul and fleet operations, and the lower cost structure accelerates hydrogen transport commercialisation.

We will begin planning to integrate this new system across all H2X vehicles.

Strong Platform, Clear Vision – Now Execution Requires Capital

With validated technology, growing demand, and government support, H2X is stronger than ever. However, scaling operations and delivering rapidly depends on access to sufficient capital.

Your company is now ready to execute—built on a stronger, more resilient business model. Additional funding is required to:

• Complete vehicle testing and handovers
• Expand production and retrofit programs
• Accelerate hydrogen tank commercialisation
• Prepare for a successful IPO on a global exchange

Looking Ahead

To our investors, partners, and team—thank you. While early-stage commercialisation is never without challenge, we remain focused to our vision and mission.

Sincerely,

Antony Tolfts
Chief Executive Officer

H2X Global Limited

About H2X Global

H2X Global is a leader in zero-emission hydrogen fuel cell vehicles, setting new standards for commercial transportation with extended driving ranges and fast refuelling times. From the world’s only hydrogen-powered 4×4, the Warrego, to our innovative retrofit strategy and upcoming Paroo truck, H2X is driving the future of clean, sustainable transportation.