Announcement PDF 2025 Annual General Meeting 2025 Fremantle, Western Australia 18 November, 2025 CEO Update “We harness ocean energy to make the world more sustainable”. 2 ▪ Technology Developer ▪ Owner of IP including: • Patents • Know-how • Trade secrets (i.e. code, drawings) ▪ Manufacturer of CETO and MoorPower ▪ Service provider for project developers and owners Who is Carnegie Clean Energy We harness ocean energy to make the world more sustainable The Problem to Solve 3 ▪ Clean energy is essential for a stable climate ▪ Solar and Wind are highly variable and inconsistent ▪ Community pushback on wind developments is growing, even solar and batteries ▪ Nuclear is expensive and takes decades to build ▪ Electrification, EVs and datacentres are driving demand up rapidly ▪ Geopolitical issues with importing energy 4 Global Recognition ▪ The European Commission (EC) has set a target of 1 GW installed ocean energy capacity by 2030 and 40 GW by 2050 ▪ This represents up to $5.7bn of capex on ocean energy projects by 2030 in the EU alone where €195m in funding went toward ocean energy in 2023 ▪ Regional governments in the EU such as Spain, France and Portugal are providing funds in combination with the EU to support ocean energy ▪ The US has spent $60m USD on the PacWave test site in Oregon ▪ Funding of $112m USD was committed to advancing wave energy technologies in the US but currently paused ▪ The UK is supporting wave energy through a Contracts for Difference scheme, essentially revenue support EU, UK and US are committing $ for solutions Our core technology is unique and avoids known issues ▪ CETO operates fully submerged, avoiding issues of visual amenity and damaging forces from breaking storm waves ▪ Artificial intelligence helps us capture more by adapting to every individual wave that passes ▪ 1 MW capacity leads the industry ▪ Direct conversion to electricity (no hydraulics) delivers flexibility and efficiency gains ▪ CLICK TO SEE ANIMATION CETO – The leading solution at scale 5 5 A round object under water Description automatically generated 6 Features WEC Rating 1000 kW Spatial Density 30 MW / km 2 Capacity factor 30-50% Operational Wave Range 0.5 - 14 m significant wave height Water Depth > 40 m (130 ft). Deeper sites simply require longer ropes Buoy Diameter 20 m Buoy Height 4 m Visual Impact None – fully submerged Extreme Wave Survival Deep diving to 20 m, power production continues Installation & Recovery Small tow vessels, diverless and rapid with quick connectors Maintenance Swappable WECs at sea and PTOs in port Specifications 7 Carnegie Business Model ▪ Sales of CETO, MoorPower and specialist systems ▪ Supply spares and assist with operations and maintenance ▪ Provide engineering services and software upgrades ▪ Note: • Revenues commence up to 4 years prior to commissioning • CETO units are estimated to be 75% of the construction capex Future revenue sources 8 EuropeWave Contracted Deployment ✓ Phase 1 [ COMPLETE ] ✓ Phase 2 [ COMPLETE ] ✓ From initial 36 applicants, Carnegie’s ACHIEVE project ranked number one at commencement of Phase 3 (€3.75m) ✓ Judged on criteria including LCOE, performance, reliability, availability and survivability ✓ Deployment at BiMEP after winter with realtime stream of performance data ✓ Two year of operation ✓ Carnegie team in Spain (Bilbao) driving the project Additional National Recognition to Support and Enhance Project ✓ Spanish Government (IDAE - Renmarinas) awarded €1.2m Dec 2023 ✓ Basque energy agency EVE awarded €2.1m March 2024 ACHIEVE Project – Basque Country Deployment Total funding pool of €7.05m 9 BiMEP (Biscay Marine Energy Platform) ACHIEVE Update Power Take-Off equipment supplied 1010 ACHIEVE Update Fabricated parts arriving 11 11 ACHIEVE Update Foundation frame fabrication, chain storage at Bermeo Port & Dynamic Cable manufacture 12 12 ACHIEVE Update Offshore site preparation 13 13 Key Supply Partner Example 14 ▪ Scope • Design much of the drivetrain • Supply key components • Assemble and host testing (back-to-back config) ▪ Opportunity • Potential turn-key supply of PTOs for future 1 MW WEC • Implement serial production to drive cost down 15 Project Team • Based in Bilbao, Basque Country • Engineers and Project Management 6 MW Array 16 ▪ MW scale project is the next step in commercialisation ▪ EU support for +60% CAPEX exists ▪ BiMEP supportive with MoU signed in July 2025 ▪ Discussions commenced with project participants ▪ Supply Chain developed through ACHIEVE including agreements with HPE and SKF Three key European projects offering innovations for CETO ▪ MEGA WAVE PTO • Developing an all-electric modular PTO for wave energy up to MW capacities ▪ WECHULL+ • Developing a new, sustainable, circular and reliable concrete material for offshore structures ▪ COIN (starts Nov ‘25) • Developing Control Oriented Innovations for future wave energy farms, including AI control and wave prediction 17 Research and Development driving future economics MoorPower: Wave Energy for Aquaculture and Offshore Demand Demonstrator Project Complete ✓ Scaled Demonstrator deployed at Carnegie’s offshore test site in 2024 ✓ Operations completed successfully Commercial Scale Design Underway ✓ Product developed based on requirements and characteristics of offshore aquaculture ✓ BE CRC funding awarded to complete preliminary design Offshore Demand Application Opportunities ✓ Other demand applications for aquaculture and defence are emerging 1818 Energy Autonomy at Sea Advanced Strategic Capabilities Accelerator (ASCA) 2025 Pitch Day ✓ Carnegie was selected through a competitive tender to present at the Department of Defence’s Advanced Strategic Capabilities Accelerator Pitch Day ✓ Awarded the Innovation Award for Power and Energy. 1919 20 Global Footprint Be part of the innovation that will unlock the power of the world’s oceans 21 Q&A Thank you 22 Carnegie Technologies Spain Bilbao, Bizkaia Carnegie Clean Energy Ltd Head Office 21 North Mole Drive, North Fremantle Western Australia 6159 +61 8 6168 8400 carnegiece.com CETO Wave Energy UK Edinburgh, Scotland CETO Wave Energy Ireland Dublin, Ireland Carnegie Clean Energy LLC San Francisco, USA