Announcement PDF ASX ANNOUNCEMENT 30 APRIL 2026 www.carnegiece.com 1 ACHIEVE Programme Update Carnegie Clean Energy (ASX: CCE) (“Carnegie” or the “Company”) is pleased to provide an update on activities underway as part of the ACHIEVE Programme, which will deploy and operate a scaled CETO unit at the Biscay Marine Energy Platform (BiMEP). Following the progress made in 2025, the ACHIEVE team has successfully transitioned several key workstreams from procurement into the final stages of fabrication, assembly and testing as the project moves towards the planned deployment, commissioning and grid connection later this year. Work completed in recent months has focused on the fabrication, manufacture, assembly, integration and testing of components and sub-systems of the ACHIEVE CETO unit. In addition, the team has been preparing for upcoming testing activities including full power take-off system testing and engaging with deployment contractors for offshore operations. In parallel, the Company continue engaging with Project stakeholders across the Basque Country and broader industry stakeholders across Europe in relation to the CETO commercialisation pathway. Carnegie’s CETO unit indicating key sub-components Fabrication, Manufacture and Assembly In collaboration with supply chain partners, fabrication and manufacture of many key components has been completed, with the final component fabrication work packages underway. As examples of work over recent months, the team has taken delivery of off the shelf components including the dynamic cable and export cable connector — alongside the completed manufacturing of specialised equipment, including primary mooring connectors. Fabrication of structural elements, such as the Electrical Module and bespoke metal equipment including the drums and sheaves has also been completed. www.carnegiece.com 2 CETO Electrical Module (top left to bottom right): fabrication, coating, fit out and inspection Following the fabrication and coating of the Electrical Module (EM) frame, the fit out of the EM is now complete, with all previously tested control and electrical systems assembled and installed in situ. The EM acts as the "brain" of the CETO unit and contains critical communications tools that will be utilised during deployment. It also contains elements such as the cooling system which has been tested to ensure thermal management for these high-performance electronics. Key metal elements of the power take-off system such as the main drum, sheaves, and tensioner metallic elements have been manufactured successfully using local Basque suppliers. Main Drum Manufacture www.carnegiece.com 3 Final fabrication work is being undertaken on the Power Take-Off (PTO) Module frames. The three PTO Modules serve as the "powerhouse" of the CETO unit, and contain the generators, drums, and belt systems that produce the onboard electricity for export back to shore. Once the module fabrication is complete, they will be fitted with their internal components and undergo a final testing regime before being integrated into the Buoyant Actuator (BA) and deployed. Manufacture of Power Take-Off Modules Additional equipment nearing completion includes elements such the quick connector developed with Quoceant Ltd. This component is a key enabler of CETO’s "plug-and-play" strategy, allowing for more efficient offshore operations through diverless deployment. The mooring tensioner units are also nearing completion, with the first batch of composite elements ready for assembly ahead of upcoming system testing. As a critical component of the PTO, the tensioner provides passive tension to the system, acting as a mechanical battery to store and release energy. Component and sub-system onshore testing The ACHIEVE CETO Unit is being subjected to a range of onshore testing campaigns at component, sub-system and system levels, in order to deliver valuable learnings and validation in controlled environments before the first deployment offshore. Many of the components procured for the ACHIEVE CETO unit had undergone commissioning tests by the supplier before being delivered to Carnegie last year. Over recent months, functional testing has been completed on bespoke components such as the primary mooring connector. The electrical and control systems have undergone multiple testing campaigns including sub-system tests and full integration tests following Electrical Module fit-out. The team has also concluded the Control System Hardware-in-the-Loop (HIL) testing, allowing the control software to be validated against simulated extreme sea states using the actual control hardware. The electrical and control testing has been completed ahead of the back-to-back PTO test campaign which will utilise the completed Electrical Module. www.carnegiece.com 4 Integration testing of the electrical, control and cooling system prior to installation in the Electrical Module Mechanical system testing has also been undertaken, for example with belt testing undertaken last year and with testing underway for the belt terminations and initial tracking of the self-aligning sheave. Validating the sheave design through testing is a valuable task, as the sheave is a key component designed to keep the belt centred under high tension, a critical interface for CETO’s power generation. In the coming months, the team will undertake final back-to-back PTO testing regime of PTO Modules at SKF in Germany before all the Modules are integrated into the BA in the Basque Country, ready for deployment. CEO Jonathan Fievez at SKF in April inspecting testing facilities (left) and assembly progress (right) Delivering ACHIEVE’s rigorous testing regime is important to ensure the mechanical and electrical systems are validated against modelling and ready for final integration and deployment of the ACHIEVE CETO unit. Ultimately, all of the lessons learned through onshore and offshore testing will deliver significant value to the commercialisation pathway of the CETO technology. www.carnegiece.com 5 Stakeholder engagement across the Basque Country Active engagement with local and international stakeholders remains a priority to ensure strategic alignment as the ACHIEVE Programme matures. Carnegie recently hosted students at its Basque office as part of the Egin eta Ekin programme, an initiative designed to foster an entrepreneurial culture and inspire the next generation of wave energy professionals. Carnegie Technologies Spain team present at industry and stakeholder events across the Basque Country Furthering regional cooperation, CTO Alexandre Pichard presented at the "Perspectives for Development and Cooperation in Offshore Renewable Energy" event in Bayonne, France. This session highlighted the growing energy hub between Nouvelle-Aquitaine and Euskadi, emphasising the importance of regional supply chains and world-class testing facilities like BiMEP. View and engage with this announcement on Carnegie’s dedicated Investor Hub: https://investors.carnegiece.com/link/PKN3Vr This announcement has been authorised by the Chairman and CEO. For more information Carnegie Clean Energy Limited +61 8 6168 8400 enquiries@carnegiece.com www.carnegiece.com www.carnegiece.com 6 ABOUT CARNEGIE AND ITS SUBSIDIARIES Carnegie Clean Energy (ASX: CCE) is a technology developer focused on delivering ocean energy technologies to make the world more sustainable. Carnegie Technologies Spain and CETO Wave Energy Ireland are wholly owned subsidiaries of Carnegie Clean Energy. Carnegie is the owner and developer of the CETO® and MoorPower® technologies, which capture energy from ocean waves and convert it into electricity. Using the latest advances in artificial intelligence and electric machines, Carnegie optimally controls our technologies and generates electricity in the most efficient way possible. The company has a long history in ocean energy with a track record of world leading developments. https://www.carnegiece.com ABOUT ACHIEVE PROGRAMME The ACHIEVE Programme is an initiative being delivered by Carnegie’s subsidiaries CETO Wave Energy Ireland under contract by EuropeWave Buyers Group (ACHIEVE Project) and Carnegie Technologies Spain with the support of funding awarded by the Spanish Government through the RENMARINAS Demos Programme (AGUAMARINA Project) and the Basque Government through a grant from the Ente Vasco de la Energia (ACHIEVE+ Project). Through this collaborative initiative, Carnegie will deploy and operate a CETO prototype at the Basque Marine Energy Platform (BiMEP) in the Basque Country, Spain, marking a key step on CETO’s commercialisation pathway. The CETO Unit will operate at this open ocean site and the data collected will be used to validate the performance of the CETO technology and propel it along the commercialisation pathway. ABOUT EUROPEWAVE EuropeWave PCP is an innovative R&D programme for wave energy technology, which runs from 2022 to 2026. It combines over €22.5m of national, regional and EU funding to drive a competitive Pre-Commercial Procurement (PCP) programme for wave energy. Originally pioneered by the Wave Energy Scotland programme, the PCP model provides a structured approach, fostering greater openness, collaboration and sharing of risk between the public sector and technology developers. The programme will focus on the design, development, and demonstration of www.carnegiece.com 7 cost-effective wave energy converter (WEC) systems for electrical power production that can survive in the harsh ocean environment. Match-funded by the EU’s Horizon 2020 programme, EuropeWave is a collaboration between Wave Energy Scotland (WES), the Basque Energy Agency (EVE) and Ocean Energy Europe (OEE). This collaboration is closely aligned with the decarbonisation, industrial and competitiveness objectives of the European Green Deal, and is part of a range of actions being taken to meet the European Commission’s targets of 100MW of ocean energy by 2027 and at least 1GW by 2030. The EuropeWave Project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement No 883751. https://www.europewave.eu/ ABOUT RENMARINAS DEMOS The RENMARINAS DEMOS Programme was established by Spain’s Ministerio para la Transición Ecológica y el Reto Demográfico (Ministry for Ecological Transition and the Demographic Challenge) to grant aid for investment in pilot projects, test platforms and port infrastructure for marine renewables. This was established within the framework of the European Union-funded Recovery, Transformation and Resilience Plan, Next Generation EU. The programme provides aid in the form of a non-refundable grant managed by IDAE, Instituto para la Diversificación y Ahorro de la Energía (Institute for Diversifcation and Energy Saving). ABOUT ENTE VASCO DE LA ENERGIA (EVE) The Ente Vasco de la Energía (EVE) is the Basque Country's energy agency, a public body established by the Basque Government. EVE serves as a central force in the region's energy sector, with a focus on the promotion of energy efficiency, the expansion of renewable energy sources, the development of sustainable energy policy, and the advancement of innovative energy technologies. The funding has been provided through the Grants programme for investment in the demonstration and validation of emerging marine renewable energy technologies 2023 to further support the ACHIEVE Programme.