THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, OR INTO OR WITHIN THE UNITED STATES OF AMERICA, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

21 July 2025

AFC Energy plc

("AFC Energy", the "Group" or the "Company")

Result of RetailBook Offer

and

Notice of General Meeting

AFC Energy plc (AIM: AFC), a leading provider of hydrogen power generation technologies, announces that the RetailBook Offer launched on 16 July 2025 via RetailBook has now closed and the Company has conditionally raised gross proceeds of £4.5 million through the issue of 44,729,253 RetailBook Offer Shares at an issue price of 10 pence per new Ordinary Share (the "Issue Price"). Accordingly, the Company has conditionally raised total gross proceeds of approximately £27.5 million pursuant to the Placing, the Subscription and the RetailBook Offer (the "Fundraising").

The Firm Placing and the Subscription completed earlier today. The Conditional Placing and the RetailBook Offer are conditional upon, amongst other things, the Placing Agreement not being terminated in accordance with its terms and the Resolutions required to implement the Conditional Placing and the RetailBook Offer being passed by the Shareholders at the General Meeting proposed to be held at 10:00 a.m. on 7 August 2025.

The Circular, which provides further details of the Fundraising and includes a notice convening the General Meeting, is expected to be sent to Shareholders on 22 July 2025 and will also be available on the Company's website at www.afcenergy.com.

Admission to trading

Conditional on, amongst other things, the passing of the Fundraising Resolutions at the General Meeting, admission of the 44,729,253 RetailBook Offer Shares and the 144,455,321 Conditional Placing Shares to trading on AIM ("Second Admission") is expected to take place at 8.00 a.m. on or around 8 August 2025 (or such later time and/or date as the Joint Bookrunners and the Company may agree (being in any event no later than 8.00 a.m. on 22 August 2025). A separate announcement will be made following the General Meeting as to the results of the General Meeting and the total voting rights following Second Admission.

Capitalised terms not otherwise defined in this announcement have the meanings given to them in the Circular.

For further information, please contact:

Important Notices

References to times in this Announcement are to London time unless otherwise stated.

The times and dates mentioned throughout this Announcement may be adjusted by the Company in which event the Company will make an appropriate announcement to a Regulatory Information

Service giving details of any revised dates and the details of the new times and dates will be notified to London Stock Exchange plc (the "London Stock Exchange") and, where appropriate, Shareholders. Shareholders may not receive any further written communication.

This Announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This Announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

This Announcement and the information contained herein, is restricted and is not for publication, release or distribution, directly or indirectly, in whole or in part, in or into Australia, New Zealand, Canada, the Republic of South Africa, Japan or any other jurisdiction in which such publication, release or distribution would be unlawful.  Further, this Announcement is for information purposes only and is not an offer of securities in any jurisdiction.

Certain statements contained in this announcement constitute "forward-looking statements" with respect to the financial condition, results of operations and businesses and plans of the Company and its subsidiaries from time to time (the "Group"). Words such as "believes", "anticipates", "estimates", "expects", "intends", "plans", "aims", "potential", "will", "would", "could", "considered", "likely", "estimate" and variations of these words and similar future or conditional expressions, are intended to identify forward-looking statements and forecasts but are not the exclusive means of identifying such statements. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon future circumstances that have not occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements and forecasts. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements and forecasts. The forward-looking statements and (if any) forecasts contained in this announcement speak only as of the date of this announcement. The Company, its directors, Peel Hunt or their respective affiliates and any person acting on its or their behalf each expressly disclaim any obligation or undertaking to update or revise publicly any forward-looking statements and forecasts, whether as a result of new information, future events or otherwise, unless required to do so by applicable law or regulation or the London Stock Exchange.

RetailBook is a proprietary technology platform owned and operated by Retail Book Limited (registered address at 10 Queen Street Place, London EC4R 1AG). Retail Book Limited ("RetailBook") is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FRN 994238).

This announcement has been issued by and is the sole responsibility of the Company.