#1fluence INVESTOR PRESENTATION SEPTEMBER 2023 Sustainable Water Solutions#2Disclaimer This presentation has been prepared by Fluence Corporation Limited (ASX: FLC). All currencies quoted as "$" are US dollars unless otherwise specified. Some totals may vary slightly due to rounding. This presentation may contain forward-looking statements which are identified by words such as 'may', 'could', 'believes', 'estimates', 'targets', 'expects', or 'intends' and other similar words that involve risks and uncertainties. These statements are based on an assessment of past and present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this presentation, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors many of which are beyond the control of the Company, its Directors and management. Although the Company believes that the expectations reflected in and the assumptions underlying the forward-looking statements included in this presentation are reasonable, readers are cautioned not to place undue reliance on them, as the Company cannot give any assurance that the results, performance or achievements covered by the forward-looking statements will actually occur. This presentation contains summary information about FLC as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete, nor does it purport to contain all of the information that an investor should consider when making an investment decision. This presentation should not be considered as an offer or invitation to subscribe for or purchase any shares in FLC or as an inducement to make an offer or invitation to subscribe for or purchase any shares in FLC. No agreement to subscribe for securities in FLC will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation. This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under the law of any other jurisdiction. It has been prepared for informational purposes only and does not constitute an offer or invitation to apply for any securities, including in any jurisdiction where, or to any person to whom, such an offer or invitation would be unlawful. This presentation is not financial product advice or investment advice nor a recommendation to acquire any securities in FLC and has been prepared without taking into account the objectives, financial or other situation, or particular needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate advice, including financial, legal and taxation advice appropriate to their jurisdiction. To the maximum extent permitted by law, the Company and its professional advisors and their related bodies corporate, affiliates and each of their respective directors, officers, management, employees, advisers and agents and any other person involved in the preparation of this presentation disclaim all liability and responsibility (including without limitation and liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use of or reliance on anything contained in, or omitted from, this presentation. Neither the Company nor its advisors have any responsibility or obligation to update this presentation or inform the reader of any matter arising or coming to their notice after the date of this presentation document which may affect any matter referred to in the presentation. Readers should make their own independent assessment of the information and take their own independent professional advice in relation to the information and any proposed action to be taken on the basis of the information. Consolidated financial figures for 2020 and 2021 are presented on IFRS-basis and are audited. Figures for 2022 are unaudited. Past performance and pro forma financial information in this presentation is given for illustrative purposes only and should not be relied on and is not an indication of future performance. fluence 02 22#3Executive Summary New and Highly Experienced Leadership Strategic Shift to Higher-Margin Revenue Segments • Over 100 years of experience in the water and wastewater treatment industry Chairman, CEO, CFO, and CCO all joined within the last two years Notable turnaround experience and a number of highly successful exits leading to material returns for shareholders Restructuring and realignment announced in Q4 2022 - substantially reduced overhead and enhanced cross-selling and collaboration Focusing on high-margin Smart Product Solutions ("SPS") and Recurring Revenue Transitioning from lower-margin and higher-risk Custom Engineered Solutions ("CES") • Pipeline conversion (new orders) showing success of new strategy New Focus on Large, High-Growth End Markets US Environmental Protection Agency ("EPA") has assessed the need to spend >$200B in municipal water and wastewater treatment plant upgrades over the next 20 years to meet required standards² Global High-Strength Wastewater and Wastewater-to-Energy market estimated to be $6B² Proven and Established Technology and Product-line Leading ESG Impact • • • • • Over 800 global installations Membrane Aerated Biofilm Reactor technology ("MABR") is the lowest cost wastewater treatment technology for new effluent standards being adopted globally Major decarbonization initiatives in North America and Europe create significant demand for Wastewater-to-Energy projects Fluence has 41 installed anaerobic digester plants, typically used in Wastewater-to-Energy applications Water reuse applications (such as semiconductor chip manufacturing) and lithium mining to drive growth in industrial markets Fluence MABR and Wastewater-to-Energy technologies are highly energy efficient and lower CO2 and other harmful contaminants New Contracts Highlight Improving Financial Outlook • Shift in strategy to deliver sustainable revenue growth and higher margins • Large and growing sales pipeline driving strong new contract momentum • US$16M in SPS projects recently announced €48M Ivory Coast Addendum positions Fluence for long term O&M contract Contracted backlog (Orders in hand) currently stands at US$119M and forecast to be US$135M by year end Water and Wastewater Treatment Market by Type (Water Treatment, Wastewater Treatment), Offering, Application (Municipal, Industrial), and Geography - Global Forecast to 2032; June 2023, Meticulous Research. (1) fluence (2) GWI, independent research circa 2020. 3#4Company Profile Water 000 Fleet Coca-Cola Pacific Rubiales Energy Cargill PARSONS Stanford University QU PONT 国联环保能源集团 GUOLIAN ENVIRONMENT & ENERGY GROU SINORICHEN GLK 瑞霖环保 FOODS WASTEWATER ENT Eden Strauss Share Price ($) FLC Share Price Chart 1.00 8.0 Volume 0.80 Share Pricing 6.0 0.60 0.40 0.20 4.0 2.0 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 un-19 CAPITAL STRUCTURE Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 CUTRALE Today Tomorrow CH2MHILL. HALLIBURTON galil BUFFALO TRACE pepsi mountain VENTURES Current Share Price (18/09/23) Shares on Issue Market Capitalisation A$0.155 650,554,034 A$100.8m • Cash at Bank (30 June '23) US$18.1m Tianjin Capital Environmental Protection Group Compi 天津齒環保集團股份有限公司 Debt (30 June '23) US$31.2m Net Debt (30 June '23) Enterprise Value A$10.1m A$113.0m GM ArcelorMittal Tutor Perini CORPORA ④ 中国葛洲坝集团公司 caac CHINA GEZHOUBA (GROUP) CORPORATION BECHTEL KBR EXON PERONI Jinzi Leprino Foods fluence The Best seafood Chicken Sea Jun-23 Volume (m) • TOP SHAREHOLDERS RSL Investments Corporation (25.4%) Watermark Services LLC (9.5%) Richard Irving (5.7%) BOARD AND MANAGEMENT Tom Pokorsky - CEO and Managing Director Ben Fash - CFO Rick Cisterna - CCO Spencer Smith - CLO Doug Brown - Chairman Paul Donnelly - Non-executive Director Ross Haghighat - Non-executive Director Richard Irving - Non-executive Director Mel Ashton - Non-executive Director Melanie Leydin - Company Secretary (1) Water and Wastewater Treatment Market by Type (Water Treatment, Wastewater Treatment), Offering, Application (Municipal, Industrial), and Geography - Global Forecast to 2032; June 2023, Meticulous Research. 04 40#5STRATEGY & OPERATIONS#6World Class Management Team Newly appointed management team with significant experience in water treatment leading to multiple successful exits DOUG BROWN Chairman TOM POKORSKY CEO and Managing Director ⚫ Fluence BOD Advisor May 2022, BOD Chairman March 2023 . Ionics Incorporated (NYSE: ION) - membrane based water purification systems Product Manager (1976-1983) CEO (2003-05) ✓ Achieved significant business turnaround ✓ Increased entity value from $350 million to $1.3 BN in less than 2 years • Advent International - global private equity firm 1985-2002, CEO (1995-2002) Led global deal teams, raised $1 BN and $3.5 BN funds AquaVenture Holdings (NYSE: WAAS) - Water-as-a-Service provider Founder and CEO Sold to Culligan / Morgan Stanley Infrastructure Partners for $1.2 BN - March 2020 ⚫ MIT Chemical Engineering, Harvard MBA • Joined in March 2022 • Nexom Inc. - dedicated to selling technology and equipment in the nutrient removal sector of wastewater treatment CEO and Founder (2016-19) ✓ Realized a revenue CAGR of over 25% and EBITDA CAGR of 50% ✓ Exited less than 4 years after startup with an ROI exceeding 40% • Newterra - Leader in modular water and wastewater treatment solutions • Chairman (2014-20); Interim CEO (2015-16) Aquarius Technologies - Formed new company with VC partner to introduce and market two new wastewater treatment technologies President & CEO (2006-14) • Sanitaire / ITT Industries - Advanced Water Treatment (now Xylem) Sanitaire - President (1994-97), CEO (1997-02); ITT - President (2002-06) Grew from $60+ million to $350+ million • Water Pollution Control Corporation Project Engineer (74-79); Regional Sales Manager (79-85); VP Sales (85-94) B.S. Civil Engineering (1974), Marquette University fluence 06 90#7World Class Management Team (cont) Newly appointed management team with significant experience in water treatment leading to multiple successful exits BEN FASH Chief Financial Officer RICK CISTERNA Chief Commercial Officer ⚫Joined in January 2023 • Prior to joining Fluence, CFO at Dumas Mining (2021-22) Underground mining services provider with operations in Canada, US, & Mexico • Newterra - Leading provider of modular water and wastewater treatment solutions EVP Corporate Development (2012-2015) CFO (2015-21) ✓ Significant turnaround - EBITDA growth from $0 to $14.5M ✓ Successfully exited in October 2020 • Prior to joining Newterra, spent 8 years in progressive roles in investment banking and private equity with: Birch Hill Equity Partners - Canada's leading mid-market PE firm RBC Capital Markets and Credit Suisse • BA in Economics & Legal Studies from Williams College ⚫ Joined Fluence in Dec 2021 • 30 years of water industry management experience, $1B in contracts; $100M in recurring revenue • President of several renewable energy and water infrastructure development companies focused on build, own, operate, finance model • Natural Systems Utilities- design, build, operate, finance platform for decentralized infrastructure Executive VP Business Development • Hazen and Sawyer - International water and wastewater engineering and consulting company Partner and corporate water reuse practice leader • Stanford University - MS Environmental Engineering Full scholarship and honors fellowship • University of Nevada, Reno - BS Civil Engineering ■ Top graduating senior, College of Engineering fluence 10 07#8Leading ESG Impact in Water Treatment Water Sector Emissions: 1.8% of global CO2, 4.6% of global methane; existing Fluence plants mitigate the equivalent of 241k tons of CO2/year Sustainability Impact from Fluence's Installations MABR & NIROBOX Wastewater-to-Energy fluence 29 GWh/year in energy savings vs conventional technologies mitigates 20,200 Tons CO2 / year 182 GWh/year clean energy from biomass mitigates 128,600 Tons CO2 / year Committed to UN Sustainable Development Goals Fluence technologies are highly energy efficient (MABR, desalination) and lower CO2 and other harmful contaminants Many wastewater treatment technologies emit Nitrous Oxide (N2O): 300x worse than CO2 - Fluence MABR emits nitrogen: installed systems currently save 306 tons/year of N2O emissions, equivalent to 91,800 tons of CO2 Lower energy consumption saves 20,200 tons of CO2 per year Renewable biogas produced in wastewater-to-energy plants mitigates 128,600 tons of CO2 per year Fluence is committed to ESG and delivers on 10 of the 17 UN SDGS Reuse Water NO POVERTY ZERO HUNGER 3 GOOD HEALTH AND WELL-BEING QUALITY EDUCATION 5 GENDER EQUALITY 6 CLEAN WATER AND SANITATION Wastewater AFFORDABLE AND CLEAN ENERGY 8 DECENT WORK AND ECONOMIC GROWTH 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 17Bn Liters Water Recycled/year 158Bn Liters Drinking Water Produced/year 253Bn Liters Wastewater 13 ACTION CLIMATE 14 LIFE BELOW WATER 15 LIFE ON LAND Treated/year ✓ MABR installations remove >2,000 tons of nutrient pollution/year ✓ Lowers Nitrous Oxide emissions by 306 tons/year fluence 10 REDUCED INEQUALITIES 11 SUSTAINABLE CITIES AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 16 PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS 17 FOR THE GOALS SUSTAINABLE DEVELOPMENT GOALS 8#9Proven and Established Products and Technologies Trusted brand with extensive installation base with 842 installed plants across the world TOTAL PLANTS: 842 MABR-340 Canada Anaerobic Digestion - 41 Other Wastewater - 74 NIROBOX -34 Other Water - 353 KUSSIa Norway United Kingdom Poland Germany Ukraine Kazakhstan Mongolia Spain th United States fic an North Atlantic Ocean Algeria MOco Col Venezuela Türkiye Afgh istan Iraq Iran Pakistan Saudi Arabi India Thailand Mali Niger Sudan Chad Nigeria Etia DRC Kya Tzania Anga Namibia Madagascar Botswana South Pacific Ocean Chile South Atlantic Ocean Indian Ocean South Africa fluence Japan uthorea Indonesia Papua New Guinea Australia Excluding aerators and Tipton sales New Zealan 9#10The Water and Wastewater Market Opportunity is Large and Growing Wastewater treatment, water re-use, and Wastewater-to-Energy is becoming increasingly more important as the world seeks to address a growing global water scarcity crisis 9.7 billion 2.3 billion people live in water-stressed countries, of which 733 million live in high and critically water-stressed countries. (UN- Water, 2021) Global Water and Wastewater Treatment market is expected to grow at a CAGR of 5.4% from 2022 to-2032 to reach $957B by 2032(1) EPA has assessed the need to spend >$200B in municipal water and wastewater treatment plant upgrades over the next 20 years to meet required standards (2) Estimated that the US makes up ~40% of global market (2) Global High-Strength Wastewater and Wastewater-to-Energy market sized estimated to be $6B Wastewater estimated global population by 2050 • Global food 60% production • Manufacturing 400% water demand • Global water 2x consumption 40% water deficit expected by 2030 Water Municipal Industrial Decentralized wastewater & reuse $10B+ market 303 MABR plants deployed (3) 100% proprietary tech Large plant new-build & upgrade $79B market 28 MABR plants deployed serving 440K people 100% proprietarytech Hard-to-treat industrial wastewater & Wastewater-to-Energy $6B market (4) 42 plants deployed Proprietary solution Decentralized drinking water $8B market 48 plants deployed Industrial water $3B market 328 plants deployed Water and Wastewater Treatment Market by Type, Offering, Application, and Geography - Global Forecast to 2032; June 2023, Meticulous Research. (1) (2) US EPA. fluence (3) (4) Plus 30 legacy technology wastewater treatment plants. Independent estimate. 10#11Fluence Business Segments¹ The water and wastewater treatment market is highly fragmented, offering a direct opportunity for Fluence to focus on unserved markets DECENTRALIZED MUNICIPAL WATER & WASTEWATER ("DMWW") Market-leading MABR technology Proven products for multiple use-cases: - Modular: Aspiral and Nirobox - Larger Greenfield & Retrofit: SUBRE Significant global installation base Suez xylem newterra OVIVO Let's Solve Water EVOQuA WATER TECHNOLOGIES HIGH-STRENGTH WASTEWATER & Wastewater-to-Energy ("HSWW") • Process design more efficient than competition Technological expertise and robust installation base Deep knowledge of the food & beverage market including the production processes Turnkey system delivery (technology + equipment) • Smaller footprint compared to competitors EVOQUA WATER TECHNOLOGIES SPECIALIZED INDUSTRIAL WATER ("SIW") • 30 years of experience in South America Extensive reference list in target market Deep and experienced Engineering Team VEOLIA A&P WATER AGUAS&PROCESOS SOUTHEAST ASIA & CHINA ("SEA & China") Market Leader in MABR Large Installed Base • Reference in High Concentration NH3 and TN Removal Presence across Asia CHIUATEC Suez HEKU VIGA Anaergia flow Suez VEOLIA marel FLUID BRASIL newterra Suez www.nan HEXU HYUNDAI corporation Group OPERATIONS, MAINTENANCE, PARTS & SERVICE h₂o innovation ECODYNE TSG OVIVO MAKING EVERY DROP COUNT BUILD, OWN & OPERATE (WATER-AS-A-SERVICE) SEVEN SEAS WATER Water-as-a-Service™ fluence (1) NATURAL SYSTEMS UTILITIES WATER REIMAGINED See Appendix 1a for detailed business segments xylem Let's Solve Water EVOQUA WATER TECHNOLOGIES VEOLIA CONTECH ENGINEERED SOLUTIONS A QUIKRETE COMPANY 11 11#12Fluence Customers - Examples Fluence has developed strong customer relationships with a number of industrial, municipal, and developer end users Coca-Cola Fluence has a long-standing relationship with Coca Cola, with 15 projects over the last 12 years, that continues to grow throughout S America. We are now leveraging that relationship to grow our Industrial Business in North America SES Energy Services LLC SES Energy Services was one of Fluence's first customers in North America launching our MABR Aspiral installations in 2022 and is now planning with Fluence for its future needs by placing a recent order for another three Aspiral plants in 2023 and planning for more Aspiral in 2024 along with consideration for Fluence's Nirobox desalination plants JBS JBS is one of the largest meat processing companies in the world with over 40 plants in N America alone. As part of its corporate decarbonization and cost reduction goals, JBS is embarking on a campaign to seem renewable energy projects utilizing its own waste products. Fluence was selected for JBSS first project in Alberta Canada and has executed a services contract and exclusivity to negotiate a $20M+ waste to energy agreement FOODS fluence 12#13Shifting Focus on Smart Product Solutions ("SPS") and Recurring Revenue Focusing our business on SPS significantly improves profitability, recurring revenue and growth Stronger Focus on SPS: Ramping sales of our unique, proven water and wastewater treatment solutions + Proven technology deployed rapidly & widely TRANSITION TO HIGHER MARGIN SEGMENTS Illustrative increase in GM% across product lines + High margin and capital efficient + Highly attractive recurring revenue model I 35% 30% + Target markets can leverage additional capital with high IRRs + Higher growth segment within water 15% + SPS revenue to increase significantly as a percentage of total revenue in the medium term Transitioning Custom Engineered Solutions (CES): + fluence Emphasis on Fluence technology and O&M contracts 25% 40% Large Projects I Smart Product Solutions Proprietary Smart Waste to Energy Product Solutions Recurring Revenue Examples: Ivory Coast Project I I NIROBOX™ Aspiral™, SUBRE & Wastewater-to- Anaerobic Digestor Treatment -as-a-Service, O&M Energy 13#14Recurring Revenue - BOO, O&M, and Parts & Service Greater emphasis being placed on high-growth, high-margin recurring revenue segment that is offered across all market segments Product Offering • Build, Own, & Operate ("BOO") offers water-as-a-service where Fluence provides the treatment equipment and all required services to deliver water or wastewater to the customer in exchange for a fee for the volume of water or treatment that is delivered. Benefits includes: -Take-or-Pay minimum water requirement - Long-term contracts: typically 10-15 years - Attractive financial returns: 15-20% IRR • Operations & Maintenance ("O&M") offers the client the option to have Fluence operate their plant for a combination of a fixed and variable fee. Benefits include: - Hands off management of their water treatment equipment to experienced Fluence personnel - When paired with an equipment sale, decreases the risk of equipment underperformance - Maintains commercial relationship with the client after equipment sale and can lead to future equipment sale opportunities - Aftermarket Parts & Service leads • Parts & Service provides aftermarket parts and ancillary service from experienced technicians. Benefits include: - ― Parts typically sold at high margins (40-60%) - Ongoing relationship with the client fluence 14 14#15Case Study: Wastewater-to-Energy BOO Project: Confidential Client, USA Current Client needs 9,300 m³/day Fluence Situation wastewater treatment for meat processing plant Solution PROJECT ECONOMICS ⚫ CAPEX: $10.1M • OPEX: $1.9M/year ⚫ BOO Price: $0.74/m³ • . BOO wastewater treatment, anaerobic digester, biogas to the grid Project can be structured in a number of ways to allow for robust economics and benefits from tax credits for both the client and Fluence • Annual revenue: $3.8M ⚫ EBITDA margin: up to 50% • IRR*: 17% • Biogas production and incentive: $1.8M • Payback period (Capex/EBITDA): 5.3 years • Contract period: 15 years • Potential Close: 2024 Year O Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Annual cash flow Year 12 Year 13 Year 14 Year 15 Cumulative cash flow fluence 15#16FINANCIAL SUMMARY#173-Year Vision Focused on growing presence in North America and transitioning from CES revenue to SPS and Recurring Revenue segments 2022 Medium-Term TARGETS GEOGRAPHY • Increasing share in North America, Caribbean and SEA PRODUCTS • Increasing higher margin SPS and Recurring Revenue END MARKETS • De-risked business through broader end market mix fluence 58% 6% 8% 11% 10% 7% 10% 9% 12% 30% 19% 19% ■North America & Caribbean SEA & China South America Europe Middle East Others 29% 62% 7% 11% 13% 6% 61% 9% -SPS ■ O&M ■BOO ■ Parts & Service ■CES 14% 7% 58% 8% 10% 19% 10% 6% 29% 14% 22% ■DMWW HSWW ■SIW ■SEA & China BOO IVC 15 17#18US$132M in New Order Bookings Forecast in 2H 2023 New order bookings boosts revenue outlook $53 Actual Backlog¹ 1H 2023 $132 ($50) $135 Forecast Order Bookings² 2H 2023 Forecast revenue 2H 2023 Expected backlog 1H 2023 fluence (1) Backlog orders in hand (2) Order Bookings are recently signed and to be signed contracts 18#19US$81M in New Order Bookings in High Margin Segments Early wins from new strategy fluence $26 H1 2022A DMWW Orders ($million) $19 $19 H2 2022A H1 2023A BOO HSWW I SIW ■SEA/China (1) Excludes Ivory Coast Addendum, which will add $53M. (1) $81 H2 2023E 19#20Financial Summary As the business transitions to SPS, Wastewater-to-Energy and Recurring Revenue, profitability increases quickly Revenue Gross Margin (US$ millions) $119 $112 2021A 1% $80-85 $120+ 24% 21% 26% 32%+ 2022A 2023E Medium-Term Target 2021A 2022A 2023E Medium-Term Target SPS Waste to Energy Recurring Rev. CES Gross Margin EBITDA Margin 2% 2021A 2022A fluence 0% 2023E I EBITDA EBITDA Margin 10%+ Medium-Term Target • Commentary Revenue down in 2023 due to lower CES and Ivory Coast contribution 2023 revenue growth in SPS, Wastewater-to-Energy, and Recurring Revenue segments Gross margin forecast to rise to 29% in H2 2023 New order bookings and robust sales pipeline bodes well for revenue growth in 2024 and beyond Substantial operating leverage - higher revenues leading to stronger EBITDA margins 20 20#21APPENDIX 1a: BUSINESS SEGMENTS#22Organized by Market Segment: Decentralized Municipal Water & Wastewater GROWTH DRIVERS PRODUCTS AND TECHNOLOGIES • • Increasing regulations for nitrogen treatment, for which MABR is the most effective, energy-efficient technology in the world - Nitrogen is impairing water bodies and treatment is expensive and energy-intensive to treat Increasing limits on wastewater effluent and greater enforcement of regulations Already limited fresh water supplies are drying up and need for alternative water supplies (i.e. water reuse and desalination) Significant investment in sales and technical talent in North America • Increase in independent rep network - working to add another 15- 20 over the next 1-2 years End markets: • Municipal, private developers, hotel and resorts Products: • Wastewater: Aspiral, SUBRE, Nitro (all MABR-based systems) • Water treatment: Nirobox and Niroflex NIROFLEX NIR BOXTM aspiral fluence aspiral subre GEOGRAPHIC COVERAGE US, Canada, Dubai, Egypt, Israel fluence 22 22#23Organized by Market Segment: High-Strength Wastewater & Wastewater-to-Energy GROWTH DRIVERS Major decarbonization initiatives in North America and Europe creating high demand from industry for Wastewater-to-Energy technology that creates renewable natural gas addressed by Fluence anaerobic digestor • On-site energy cost reduction • Government incentives related to clean and renewable energy: - USA: Inflation Reduction Act - up to 50% tax credits - Argentina: RenovAr - Europe/Italy: Biomethane decree driving an estimated $2B annual market growing at 9%/year • Efficient wastewater treatment: compliance with new regulations and reduction of disposal costs PRODUCTS AND TECHNOLOGIES • ° Anaerobic digestion with dispersed or granular sludge technology: biogas/biomethane production Biogas desulphurization High efficiency anaerobic digestate pretreatment High efficiency industrial biological wastewater treatment for high COD/Nitrogen applications GEOGRAPHIC COVERAGE Italy, Continental Europe, Canada, US, Mexico, Argentina fluence 23#24Organized by Market Segment: Specialized Industrial Water GROWTH DRIVERS . Key vendors partnerships • Strong references in target markets • Growth in lithium mining linked to high-growth EV battery market • Focus on water reuse by manufacturing companies, particularly the Food & Beverage industry • Increased focus on regulatory compliance • Process engineering capabilities • Investment in the large US market through investment in Sales & . Technical staff Aftermarket sales: Aggressively pursue O&M Parts & consumables sales through key partnerships Highly qualified Service Team Remote monitoring capabilities fluence PRODUCTS AND TECHNOLOGIES • • • Membrane based water treatment systems (UF; NF; RO) Demi and ultrapure water by RO + CEDI Sea water desalination Tertiary treatment for reuse Lithium brine treatment (RO; NF; IX; others) Ozonation systems for bottled water Aftermarket services including remote monitoring (TAMI), Consumables (chemicals; filters; membranes) and spare parts GEOGRAPHIC COVERAGE South America (Argentina, Brazil, Chile, Peru), US, Canada, Mexico (1) Higher GM% due to a large inventory reversal. Without reversal, GM% would have been 26.0% and EBITDA margin would have been 4.8%. 24 24#25Organized by Market Segment: Southeast Asia & China GROWTH DRIVERS PRODUCTS AND TECHNOLOGIES End markets: aspiral Mic • Increase in Effluent Regulation • Land Redevelopment constraints and costs • Taiwan requirement for chip manufacturers to reuse water for process influent •⚫ Market leadership in wastewater and MABR • MABR acceptance as leading technology for: - High removal of Ammonia and TN - Small footprint - Low Opex • Municipal • Industrial: Semiconductors, Transportation, Power, and Steel Products: • Wastewater: Aspiral, SUBRE, Nitro (all MABR-based systems) • Desalination & Reuse: Nirobox and Niroflex GEOGRAPHIC COVERAGE fluence aspiral NIR BOX fluence fluence Yiyang Panjin Beijing CHINA Changzhou Shanghai Taiwan Singapore Manila 25#26APPENDIX 1b: FLUENCE PRODUCTS & TECHNOLOGIES#27Proven & Proprietary Wastewater Treatment Products Smart, automated wastewater products deploy fast, can upgrade existing plants and require minimal maintenance Modular WW Treatment aspiral Key Advantages • Turns wastewater into safe, reusable water Business Model Traditional model: Preferred model: fluence Wastewater Test Syst aspiral • 312 plants serving 420K people¹ TCO savings of 30+% Pre-engineered and installed in weeks • Automated operation, minimal maintenance and energy • Quiet, odorless operation Meets highest regulatory standards & enables sustainable reuse Equipment Sale Price: $50 750K GM: 35% O&M value: 10%+ of price/annum O&M GM: 30-40% Treatment/Reuse as a Service Financed by Fluence, customer signs TOP² contract Capex: $3/$1 TOP revenue TOP revenue is 50% EBITDA margin Unlevered IRR: 15-20% Payback: 5 years Larger WW Treatment subre MIXED INFLOW TO CLARIFIER ANEROBIC ZONE ПОРТОКАЦ TYPICAL INSTALLATION IN ANDRIC ZONE SEPARATION WALL AEROBIC ZONE • Key Advantages The most compelling way to increase plant capacity and improve discharge water quality with: Lower opex . Lower energy use • Lower chemical use No increase in plant footprint • Higher quality effluent Business Model Greenfield Price: $500K 10M+ GM: 35%-50% O&M value: 10% of price/annum O&M GM: 30-40% Retrofit Price: $500K - $5M+ GM: 35 50% O&M value: 10% of price/annum O&M GM: 30-40% Larger Plant Retrofit / New build 28 plants serving nearly 600K people¹ fluence Note: All numbers are illustrative, all plant numbers Dec 31 2022 1 Based on 120 l/person/day 2 TOP: Take or Pay 27 27#28MABR: Lowest Cost WW Treatment Technology for Meeting Stricter Standards Proprietary technology disrupts $100bn wastewater treatment market Fluence Smart MABR Beats Competing Technologies 1 30+% overall lower TCO vs competing technologies (1) Suez DUPONT▸ environnement MABR Competition fluence Scales from| Plant Scale cluster of homes to | Larger plants only Larger plants only cities TCO improvement using Fluence Technology Patents / Markets Cannot access Global Global US market Capex 20+% lower Opex 50+% lower Suez: 12 (2) Dupont: 3 (2) Energy Use 40+% lower Chemical Use 30+% lower Fluence: 340 (3) fluence 1234 Fluence has 96% MABR market share by plant count serving over 1M people (4) Total Cost of Ownership (TCO) based on a 10-year period compared to MBBR, MBR, and FMBR technologies. As at March 31, 2022. As of Dec 31, 2022. Based on 120 l/person/day. 28 20#29MABR: Clear Advantages over Hollow Fiber Robust, energy-efficient, and lower TCO Fluence MABR Membrane Robust Design: - - Spiral wound membrane configuration less sensitive to biofouling leading to more stable operations - Over time, spiral wound membrane configuration displaced hollow fiber in desalination due to being more robust Energy Efficient: - Uses low-pressure air feed compared to hollow fibers - No scouring required Low-Maintenance Operation: 30+% less chemical use • Proven Experience: Over 300 plants demonstrating a wide range of flows and applications, from 5 m³/d to 20,000 m³/d ⚫ Cost-Effective: 30+% overall lower TCO Nitrifying biofilm oxidizes ammonium compounds to nitrate using oxygen diffusing from air through the membrane WATER SIDE AIR SIDE OF THE MEMBRANE OF THE MEMBRANE Denitrification: suspended biomass oxidizes BOD using nitrate A SEMI-PERMEABLE MEMBRANE SPIRALLY WOUND MEMBRANE & SPACERS Simultaneous nitrification and denitrification Hollow Fiber Membranes fluence 29 29#30MABR Technology Validated by Industry Experts Black & Veatch independently validated the upgrade goals of the Mayan Zvi SUBRE installation were met and increased capacity achieved What have we learned about the MABR? Fundamental Understanding • Microbial Community Structure AOB/NOB ratio Operational Challenges • Optimal SRT Impact of C:N ratio • Resilience • Robustness • Quorum sensing • Biofilm Management Scale up Challenges •No of membranes • Nitrification rate Key remaining research questions are site specific and related to whole system integration Mayan Zvi Total Nitrogen Reduction - Past 3 months 27 R MZ upgrade actions map SUBRE is just a small section That binds with many others!! · 1. Pre-treatment Combined pretreatment machines with 1.5 mm fine screen 10 mm coarse screen Electricity and Electrical room Odor prevention 2. Distribution cell - modification Change hydraulic profile 3. SUBRE Retrofit Phase I-2019 Cleaning Coarse bubble diffusers 11 SUBRE modules Process blowers Local electrical and control cabinet Condensate pumps 4. Aerobic chamber - maintenance Cleaning Concrete cracks fix Fine diffusers replace Failures fix 5. Sludge holding tank - converting to a temporary biological treatment Cleaning WW rerouting pipes Mobile aeration system 6. Main Electrical and control room Add SUBRE main E&C cabinet Overall new plant control SW Plant control calibration with SUBRE 7. New temporary Sludge holding pool 8. Septic trucks discharge station 9. SUBRE phase II -2022 70 50 40 30 10 0 222° TN Concentration [mg/l] 3/25 4/4 Raw 4/14 4/24 -Anaerobic fluence 5/14 5/24 SUBRE -Seconday Effluent 6/3 PARAMETER WWTP DESIGN UPGRADE - BASED ON MEASURED CONDITIONS UPGRADE INCREASED CAPACITY - BASED LARGER VALUE 92% COD TSS 8,500 kg/d 3,492 kg/d 16,312 kg/d 8,755 kg/d 151% TKN 540 kg/d 706 kg/d 31% 30#31Cumulative sold plants Fluence MABR Installations have Increased Rapidly More than 350 installations and almost 200,000 m3/day of treatment capacity, most installed over the past 5 years 400 350 300 250 200 150 100 50 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 fluence 2016 2017 2018 2019 ■Plants 2020 2021 2022 2023 ■Flow [m3/d] 31 Cumulative treatment capacity [m3/d]#32Case Study: Cambodia Sihanoukville SUBRE Plants PS1 & PS2 alone treating the municipal wastewater for a population of more than 100,000 people fluence 32#33Proven Wastewater-to-Energy & Industrial Wastewater Products • • • Wastewater-to-Energy & Industrial Wastewater Products 41 plants serving meat, fish, dairy, candy processing Generate 182 GWh/year clean energy from biomass Mitigate 128,600 Tons CO₂ / year Arrollost Business Model Preferred model: Energy / Wastewater Recycling Equipment Sale Price: $3 - 10M GM: 30% as a Service* Financed by Fluence, customer signs 15-20 year service contract Capex: $2.7/$1 TOP revenue Key Advantages: Wastewater-to-Energy & Industrial Wastewater Products O&M Value: 10% of price/annum O&M GM: 30-40% TOP revenue has 50% EBITDA margin Unlevered IRR: 15 - 20%+ • Standardized solution for hard-to-treat food & beverage wastewater: excellent references with leading players • Fast to deploy, fully automated Substantially smaller footprint than competition Strong recurring revenue potential via BOO, O&M contracts Large US RNG market subsidized by Inflation Reduction Act fluence Note: All numbers 3Q 2022; TOP = Take or Pay Payback: 5 years 33#34Significant Experience in Wastewater-to-Energy Illustrated by Strong Installed Base Highly experienced with over 40 installations and 130,000 Nm³/hr of renewable natural gas production installed and demand growing rapidly • Seeing increased demand for its High- Strength Wastewater solutions which generate renewable natural gas as a byproduct Increased interest is, in part, being driven by by government subsidies, like the Inflation Reduction Act in the US, which has allocated $270B in tax credits for clean energy projects Added sales and technical staff in North America to capitalize on this opportunity fluence Cumulative sold plants Cumulative methane production [Nm³/h] 20 15 10 422525 40 140,000 35 30 0 2002 2005 2007 2008 2009 2010 2011 2012 2013 2014 2016 2017 2018 2019 /h] 2020 2021 2023 120,000 100,000 80,000 60,000 40,000 20,000 34#35Proven Industrial and Drinking Water Products Drinking Water NIR BOX™ Key Advantages . Turns sea/brackish/fresh water into drinking water Traditional model: NR BOX Тиво 30 plants serving 500K people Containerized Smart Packaged Plants NIROFLEX 18 plants serving 210K people¹ Industrial Water 329 plants serving 6.3M people in 31 countries Lithium mine brine treatment, Argentina fluence • • • Estimated ~65% shorter construction time & ~40% less capex than traditional desalination plants Pre-engineered and modular, allowing rapid deployment of plants Automated operation - quiet, odorless operation Vastly reduces process and related risks • Simple to maintain and upgrade Build inventory for emergency service at high margins Key Advantages Equipment Sale Price: $1 - 3M GM: 25% O&M Value: 10%+ of price/annum O&M GM: 30% Business Model Preferred model: Drinking Water as a Service Financed by Fluence, customer signs Take or Pay (TOP) contract Capex: $2.1/$1 TOP revenue TOP revenue is 50% EBITDA margin Unlevered IRR: 15-20% Payback: 5-7 years Business Model • Remove contaminants to purify water Equipment and Aftermarket Sales Rapid deployment of standardized solutions Price: 400K - 10M+ • • Excellent references lead to repeat business High-margin recurring revenue via spare parts, chemicals and O&M GM: 25% Recurring revenue: ~50% of sales (spare parts, chemicals, O&M) O&M GM: 30-40% Chemicals GM: up to 90% Strong BOO potential Customers include: Arcelor Mittal, BASF, BRF, Cargill, Carlsberg, Coca Cola, Ecolab, Eramine, Intel, Kimberley Clark, Minera Exar, Petrobras 1. fresh water 150 V/person/day, all numbers 3Q 2022 35#36fluence fluence www.fluencecorp.com For further information, please contact: Australia Andrew Angus Investor Relations E: [email protected] P: +61 402 823 757 United States of America Thomas Pokorsky CEO and Managing Director E: [email protected] 36