HydrogenPro ASA

Investor Presentation • Aug 20, 2024

Q2 2024 Presentation

20 August 2024

This presentation contains forward-looking statements and information, including assumptions, opinions and views of the Company or third-party sources, and are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forwardlooking statements or information. The Company does not provide any assurance that the assumptions underlying such statements or information are free from errors nor accept any responsibility for the future accuracy of opinions expressed herein or as part of the Information, or the actual occurrence of forecasted developments.

Agenda

• › Quarterly highlights
• › Financials

Q&A

Q2 2024 highlights

Manufacturing capacity of 3rd generation technology increased to 350 MW p.a. – operational in Q1 2025

› Optimization work conducted

• Increase number of flight bars
• Increase drying positions evt. Baths
• Evaluate the process time in each bath
• Evaluate the use of the control system
• › Annual capacity increased to approx. 350 MW
• › No extra investment beyond total capex of NOK 70 million
• › On-going work for even further capacity expansions
• › Operational in Q1 2025

Delivering to large projects globally

PROJECT	SIZE & USE	SCOPE	STATUS & NEXT STEPS
ACES (USA)	• 220MW • Renewable fuel for power generation	• Electrolyser stacks + gas separator 2nd • gen technology	• Manufacturing completed • Installation and commissioning in H2 2024
SALZGITTER (GERMANY)	• 100 MW • Green steel production	• Electrolyser stacks • Partly 3rd generation technology	• Manufacturing to be completed in Sep/Oct 2024 • Installation and commissioning in 2025

Installation of ACES project in Delta, Utah (USA)

HydrogenPro delivers 2 of the 10 largest projects (excl. China) estimated to come online in 2025

(Electrolyser capacity MW p.a.)

Source: IEA "Hydrogen production projects" database

Joint full-scale validation program with ANDRITZ

Purpose	› Validate stack performance and operating conditions for the SALCOS project including new design improvements to 3rd reduce shunt currents and gen technology
Location	› Herøya, Norway
Equipment	3rd › One stack w/ 50% gen technology and gas separator + Coriolis measurement (gas production), continuous cell voltage monitoring, pressure drops, temperatures, pressure sensors etc.
Next steps	Stack assembling by ANDRITZ in Erfurt, Germany starting 26 August 500 hours test in late Q4 2024 at Herøya, Norway

Installation of HydrogenPro's facility at Herøya, Norway in September 2022

Large global sales pipeline

Note: All numbers exclude DG Fuels 1. Value is equivalent to €9.9bn and €2.2bn.

Key priorities in 2024	Status
• Successful installation & commissioning of ACES	On-going, to be completed in 2024
• Delivering on Salzgitter	First deliveries done, to be completed in 2024
• Increase order intake	Large pipeline, working on FEED studies
• Full-scale validation of electrode technology	To be completed in Q4 2024
• Conclude expansion of electrode manufacturing capacity	Concluded

Agenda

› Quarterly highlights

› Financials

Q&A

Key P&L items

NOK Million

› Revenue in Q2 2024 mainly driven by first deliveries on Salzgitter project

› Additional ACES project costs reduce the result with approx. NOK 36 million in Q2 2024

Cash balance, changes in cash and backlog

NOK Million

› Cash balance increased by NOK 62 million

› Strict capital discipline with committed capital mainly related to expansion of 3rd gen technology manufacturing capacity

› No significant contracts signed in Q2 2024

Scaling up with a strict capital discipline

• › Key focus area: technology & innovation mostly funded with R&D grants
• › Committed capital mainly related to expansion of 3rd gen technology manufacturing capacity
• › Lean global organization
• › Partnership with Andritz reduces need of building a large organization in Europe
• › Competitive and flexible supply chain
• › Retaining a sustainable net working capital

Key investment highlights

Vast TAM and massive growth potential for green H2 underpinned by secular tailwinds Favorable government policies provide critical support; new end markets unlock a bigger TAM for green H2

HydrogenPro's 3rd-generation technology drives significant LCOH reductions Technology developed for 10+ years with extensive R&D efforts

Substantial commercial traction with ACES hub and ANDRITZ contracts Manufacturing for 220MW ACES project completed; 100MW ANDRITZ project in progress

Manufacturing capacity in place to service demand today with plans to expand globally Existing 500MW capacity in China; investing in electrode capacity in Denmark

Scalable business model positioned to grow Recurring revenue and optimized production systems

World-class leadership team with deep industry knowledge Management team brings valuable insights and execution capabilities in the hydrogen sector

Market leading global provider of large-scale green hydrogen technology & systems

Agenda

› Quarterly highlights

› Financials

Q&A

APPENDIX APPENDIX

Income statement

Q2 2024	Q1 2024	Q2 20231	NOK million	H1 2024	H1 20231	FY 20231
50	4	137	Revenue from contracts with customers	54	220	568
72	4	108	Cost of goods sold	77	178	447
-22	-0	30	Gross profit/(loss)	-23	42	121
28	28	22	Personnel expenses	56	35	85
15	28	13	Other operating expenses	43	27	72
-65	-56	-5	EBITDA	-122	-20	-36
6	7	6	Depreciation and amortization expenses	12	11	22
-71	-63	-11	EBIT	-134	-31	-58
-6	16	17	Net financial income and expenses	10	28	-5
-77	-47	6	Profit/(loss) before income tax	-124	-3	-63
0	0	0	Income tax expense	0	-	0
-77	-47	6	Profit/(loss)	-124	-3	-63

1 See Note 10 Restatement of comparable information in First half year and Q2 2024 report

Balance sheet

NOK million	30 Jun 2024	30 June 20231	31 Dec 20231
Assets
Intangible assets	57	61	58
Property, plant and equipment	62	66	68
Right of use assets and financial investments	57	59	56
Total non-current assets	176	186	182
Current operating assets	219	267	301
Cash and cash equivalents	247	183	161
Total current assets	466	449	462
Total Assets	643	635	644
Equity and liabilities
Total equity	420	489	453
Total non-current liabilities	23	16	19
Total current liabilities	199	130	172
Total liabilities	222	146	191
Total equity and liabilities	643	635	644