HydrogenPro ASA

Earnings Release • Feb 25, 2025

HydrogenPro ASA - Fourth quarter 2024 financial results

HydrogenPro ASA - Fourth quarter 2024 financial results

25 February 2025 - HydrogenPro ASA (OSE: HYPRO): HydrogenPro has today reported

its financial results for the fourth quarter 2024.

Achievements and highlights:

- Q4 2024 revenues of NOK 70 million in Q4 2024, with 41% gross margin

- ANDRITZ and MHI invested NOK 70 million, plus NOK70 million by LONGi (pending

ODI approval) with 22% premium

- New manufacturing line of advanced electrodes in Denmark in start-up,

delivered on time and below budget.

- Full-scale electrolyser validation test in start-up

- Main components delivered on SALCOS project. Electrodes to be delivered in

2025

Q4 2024 financials (Q3 2024 numbers in brackets):

- Revenues NOK 70 million (NOK 72 million)

- Gross Profit NOK 29 million (NOK 19 million)

- EBITDA NOK -44 million (NOK -38 million)

- Net result NOK -38 million (NOK -38 million)

- Order Backlog NOK 305 million (NOK 341 million)

- Cash Balance NOK 191 million (NOK 188 million)

Jarle Dragvik, CEO of HydrogenPro, comments: "This quarter, we are continuing

with stable deliveries to the SALCOS project with a good gross margin.

By end of the quarter HydrogenPro announced an equity raise of 70 MNOK by

existing partners Mitsubishi Heavy Industries Ltd. and Andritz AG. Additionally,

70 MNOK will be raised by new partner Longi conditioned upon the Chinese

Government's approval. This investment further strengthens the solid cooperation

within technology and market development between HydrogenPro and the partners.

We are also delighted to welcome LONGi Hydrogen as a strategic partner as we

continue to execute on our vision of delivering sustainable hydrogen solutions

globally. We see a great strategic fit together with all of our industrial

partners which will broaden our opportunities to further optimize our current

offering and supply chain on the market.

HydrogenPro continues its technology development to bring down LCOH by expanding

its delivery capacity of the 3[rd] generation electrodes in addition to further

improvements and testing. The 350 MW manufacturing facility of the 3rd

generation electrode technology in Aarhus, Denmark is now starting up.

It is reassuring to see HydrogenPro continue its positive development in health

and safety, by reaching 360 days without accidents as the foundation of all our

work in safety and quality."

The company will host a webcast presentation at 10:00 CET, followed by a Q&A

session. The presentation will be held by Jarle Dragvik (CEO) and Martin Thanem

Holtet (CFO). Questions can be posted online during the presentation. Link to

webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20250225_5/

For further information, please contact:

Martin Thanem Holtet (CFO)

Tel: +47 922 44 902

About HydrogenPro:

HydrogenPro is a technology company and an OEM for high pressure alkaline

electrolyser and supplies large scale green hydrogen plants, all ISO 9001, ISO

45001 and ISO 14001 certified. The Company was founded in 2013 by individuals

with background from the electrolysis industry which was established in

Telemark, Norway by Norsk Hydro in 1927. We are an experienced engineering team

of leading industry experts, drawing upon unparalleled experience and expertise

in the hydrogen and renewable energy industry.

This information is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act