12 March 2026

FORGENT PLC

("FORGENT" or the "Company")

Gasification Strategy - focus on commissioning and rebuilding revenue pipeline

Forgent plc, the technology-led energy transition company, is pleased to provide an update on the strategy and operational progress of its gasification business, which operates under the EQTEC brand.

The Company confirms that the immediate strategic priority for its gasification activities is the successful commissioning and stabilisation of operating reference plants at customer sites in Greece and at North Fork, California, USA.

The Board believes that sustained and reliable operations at these sites are critical to demonstrating the repeatability, bankability and commercial scalability of EQTEC's proprietary gasification technology. The Company's focus is therefore on disciplined project execution, technical optimisation and operational support to ensure that these facilities achieve consistent performance in line with design parameters and customer requirements.

Successful commissioning and stable operations at these sites are expected to:
• provide validated reference plants under EQTEC's technology and integration model;
• strengthen customer confidence in the Company's delivery capability;
• support the rebuilding and conversion of the commercial pipeline; and
• enhance the Company's ability to secure further scaled project opportunities.

Greece
In Greece, the Company is working closely with its customer Agrigas and local partners to complete final commissioning activities, optimise feedstock handling and syngas performance, and support the transition to steady-state operations. EQTEC personnel are on site this week and a further announcement will be made upon successful commissioning.

North Fork
At North Fork in California, EQTEC continues to provide technical oversight, engineering support and operational integration services as the plant progresses through commissioning and performance testing. The Company's technical teams have been deployed on site several times during Q4 2025 and Q1 2026 and are expected to return in April as commissioning progresses.

As previously announced the Company remains a joint defendant along with five others in a legacy claim brought by SCV North Fork LLC ("SCV"), the original tax-credit investor at the North Fork project. SCV was removed as a member of the project's operating company after failing to meet its payment obligations under the agreed tax credit schedule, a decision that was subsequently upheld by the bankruptcy court. SCV originally filed a number of claims, most of which were rejected by the Courts following defensive action, with just one legacy claim outstanding. The defendants, through their legal representatives, have filed a cross complaint against SCV and continue to believe that the SCV claim is without merit. As part of the legal process the defendants, including the Company, have agreed to a mediation in San Francisco in April 2026.

Market Opportunities

The Board notes the growing potential for EQTEC's gasification technology in applications such as sustainable aviation fuel ("SAF") production, where gasification provides a pathway to convert waste and biomass feedstocks into syngas that can be further processed into advanced fuels. This represents a potential route for EQTEC technology to participate in emerging low-carbon fuel markets where demand is expected to grow significantly in the coming years.

The Board also notes the opportunity for decentralised energy systems in island and remote-grid environments, where energy security challenges, waste management needs and high electricity costs create favourable conditions for waste-to-energy solutions. Hawaii represents a clear example where these factors are present, and where EQTEC's technology may provide a practical solution addressing both waste management and local energy generation needs.

Technology Insurance
The Company is also in advanced discussions with a specialist insurance broker and investment grade underwriter, which has already undertaken technical due diligence on EQTEC's technology platform, regarding the potential provision of insurance coverage for certain technical performance risks associated with plants deploying EQTEC's technology.

If progressed to binding coverage, such insurance would provide additional protection to project developers and financing counterparties and reduce reliance on the Company's balance sheet in respect of technology warranties.

Pipeline Rebuild
In parallel with commissioning activities, the Board is focused on a disciplined rebuild of the commercial pipeline, which it considers essential to restoring commercial momentum, improving contract conversion rates and establishing a more predictable and resilient revenue base over time.

This process includes a renewed focus on project quality, counterparty strength, feedstock security and appropriate capital structures, ensuring that future opportunities are aligned with EQTEC's delivery capabilities and financial position.

Review of Geographic Footprint and Subsidiaries
The Board has initiated a review of certain country-level joint ventures and subsidiaries, including in Croatia, France, Italy and Greece, as well as certain legacy dormant UK entities, as part of the Company's broader strategic progression.

The review will assess ongoing strategic relevance, cost base and alignment with the Company's revised priorities, and will consider whether the continued operation of certain entities remains appropriate or whether rationalisation would better support long-term value creation. The Board believes that a more focused operational footprint centred on a limited number of priority projects may represent a more sustainable model than maintaining a presence across multiple jurisdictions.

For further information on FORGENT PLC, visit the Company's website www.eqtec.com or contact:

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