Grenoble, 21 October 2026, 8:00 a.m. - HRS, a French designer and manufacturer of hydrogen infrastructure and the European leader in hydrogen refueling stations, (hereinafter the "Company" or " HRS"), announces the early closing of the capital increase announced on September 29, 2026, the subscription period of which had been extended until October 23, 2026. This announcement follows the decision of the Company's Board of Directors, which met on October 20, 2026, to revise the amount of the capital increase initially set at €3.81 million and reduce it to €1.5 million.

The adjustment of the capital increase amount follows the withdrawal of certain investors and the reduction of the subscription by Arago Technologie, the parent company of Azur DataCenter, to €0.5 million instead of the €1.5 million initially contemplated, due to ongoing administrative difficulties. Arago Technologie nevertheless remains committed to subscribing for the remaining €1.0 million of its commitment through a new reserved capital increase to be carried out at the same subscription price.

The transaction therefore reaches a final gross amount of €1.5 million, comprising €0.5 million in cash contributions and €1.0 million through the set-off of certain, liquid and due receivables owed by the Company (the "Capital Increase"). HRS will consequently issue 1,875,000 new shares at a subscription price of €0.80 per share (the "New Shares").

The holder of the Bonds who elected not to subscribe to the Capital Increase through the set-off of its €0.48 million bond claim has subscribed to the second €0.50 million tranche of straight bonds under the bond financing announced in August 2026.

Cash runway update

The Capital Increase and the second tranche of straight bonds result in an immediate strengthening of HRS 's cash position by €1.0 million of new liquidity. These transactions extend the Company's cash runway through the end of December 2026, taking into account a significant expected cash inflow from a customer, as well as either the drawdown of the remaining €1.0 million available under the straight bond facility or the additional €1.0 million subscription commitment from Arago Technologie.

This cash runway does not include any cash inflows that may result from potential new orders for which HRS is currently under consideration.

In addition, discussions with the Company's longstanding banking partners regarding the implementation of bank financing are continuing, and the terms of such financing will be adjusted to take into account the financing transactions described above.

Finally, the completion of the sale-and-leaseback transaction relating to the Company's headquarters, as well as the receipt of the related proceeds, remains expected by the end of 2026, subject solely to the fulfilment of outstanding administrative conditions precedent.

Should all of these financing sources materialize, HRS believes it would have sufficient resources to fund its operations for a period of at least 12 months.

Terms and Conditions of the Capital Increase

The Capital Increase was decided by the Board of Directors on September 28, 2026, pursuant to the authority delegated by the Shareholders' Meeting of November 27, 2025, under its 9th resolution (capital increase through an offering referred to in Article L.411-2, 1° of the French Monetary and Financial Code).

The subscription period, initially set to expire on October 7, 2026, had been extended until October 23, 2026. However, due to the administrative difficulties encountered by Arago Technologie in subscribing for the entirety of its commitment and the withdrawal of certain investors, the Board of Directors, at its meeting held on October 20, 2026, decided:

i. to reduce the amount of the Capital Increase to €1.5 million, following changes in the subscription commitments of certain investors; and

ii. to close the subscription period early, having noted that the Capital Increase, as reduced, had been fully subscribed.

Impact of the capital increase on the Company's shareholding structure

Following completion of the Capital Increase, the Company's share capital amounts to €2,186,515.10, divided into 21,865,151 ordinary shares with a par value of €0.10 each.

Prior to the Capital Increase, the Company's share capital was allocated as follows:

(1) Company 97.5%-owned by Mr. Hassen Rachedi

(2) Based on the total number of voting rights of the Company as of September 30, 2026

Following the Capital Increase, the Company's share capital is allocated as follows:

(1) Company 97.5%-owned by Mr. Hassen Rachedi

(2) Based on the total number of voting rights of the Company as of September 30, 2026

By way of illustration, a shareholder holding 1.00% of the Company's share capital prior to completion of the Capital Increase and who did not participate in the transaction would hold 0.84% of the Company's share capital following the issuance of the New Shares.

Impact of the Capital Increase on Consolidated Shareholders' Equity per Share

(1) Based on shareholders' equity as reported in the interim financial statements as of December 31, 2025, amounting to €23,874,447.

Admission to trading of the new shares

Settlement and delivery of the New Shares issued in connection with the Capital Increase, as well as their admission to trading on the Euronext Growth market, are expected to take place on October 22, 2026.

The New Shares will carry current dividend rights, rank pari passu with the Company's existing shares and will be admitted to trading on Euronext Growth under ISIN code FR0014001PM5 (ticker: ALHRS).

No prospectus or Information Document

The Capital Increase was not subject to the preparation of a prospectus requiring approval by the Autorité des marchés financiers (the "AMF"), nor to the filing with the AMF of an information document containing the information set out in Annex IX of Regulation (EU) 2017/1129 of the European Parliament and of the Council dated June 14, 2017, as amended.

ABOUT HRS (HYDROGEN REFUELING SOLUTIONS)

HRS is a French designer and manufacturer of hydrogen infrastructure.

It is one of the world leaders in high-capacity hydrogen refueling stations and offers a comprehensive range of modular and scalable stations, ranging from 300 kg/day up to 4 tonnes/day. As a pure player covering everything from design to commissioning of stations, HRS has state-of-the-art industrial production facilities, including a test facility that is unique in Europe, enabling it to test, trial and develop its products and solutions.

HRS currently has one of the largest installed bases of high-capacity stations on the market, with 31 stations ranging from 300 kg to 1 tonne per day, representing a combined capacity of over 6 tonnes per day. HRS also offers a comprehensive range of services, including maintenance, 24/7/365 on-call support and real-time monitoring via its ‘control room' – the only one of its kind in Europe. To date, 22 maintenance contracts for hydrogen stations have been signed.

HRS is also developing a range of filling centers dedicated to hydrogen logistics infrastructure, as well as Secure Power Units (SPUs) for generating electricity from hydrogen for critical infrastructure.

ISIN code: FR0014001PM5 – ticker symbol: ALHRS.

For further information, please visit our website www.hydrogen-refueling-solutions.fr

CONTACTS

DISCLAIMER

This press release contains “forward-looking statements.” All statements other than statements of historical fact included in this press release, including, without limitation, statements regarding the Company's financial position, business strategy, and management's plans and objectives for future operations, are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or industry results, to differ materially from the future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Company's current and future business strategies and the environment in which the Company will operate in the future. Other factors could cause actual results, performance or achievements to differ materially. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future developments or otherwise. This press release and the information contained herein do not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, any securities, and no securities will be sold in any state or jurisdiction in which such offer, solicitation or sale would be unlawful absent registration or approval under the securities laws of such state or jurisdiction.

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