Half Yearly Report and Accounts

• Stage Two HPA First Project construction progressing well
• Continued strong demand growth from semiconductor sector
• Conversion of LOI to binding supply contract for thermal fillers
• Product qualification and test work underway with 120+ end users

Alpha HPA Limited, an ASX-listed specialty materials and technology company, has reported its half-yearly results for the period ended 31 December 2025. Key highlights include significant progress on the construction of Stage Two of the HPA First Project, with completion of bulk earthworks, commencement of civils, and delivery of major process equipment. The company also saw continued demand growth from the semiconductor sector, with the conversion of a letter of intent into a binding CY2026 supply contract for thermal fillers in HBM chip packaging. Further supply contracts to Japanese customers are under negotiation, with customer contracts exceeding Stage One supply capacity. Alpha also surpassed its monthly record for semiconductor sector shipments in December 2025. The company is advancing product qualification and test work with over 120 separate end users across various sectors, including semiconductors, batteries, and pharmaceuticals. Subsequent to the reporting period, Alpha completed a $225 million capital raising, including $75 million from the National Reconstruction Fund Corporation, and fully drew down a $30 million corporate funding facility from the QIC Critical Minerals and Battery Technology Fund.

Alpha HPA expects continued strong demand growth from the semiconductor sector, with customer contracts exceeding the company's existing Stage One production capacity. The company is reviewing initiatives to increase Stage One capacity to meet CY2026 and CY2027 demand.