HydrogenPro ASA

Earnings Release • May 15, 2025

HydrogenPro ASA - First quarter 2025 financial results

HydrogenPro ASA - First quarter 2025 financial results

15 May 2025 - HydrogenPro ASA (OSE: HYPRO): HydrogenPro has today reported its

financial results for the first quarter 2025.

Achievements and highlights:

- Received purchase order of USD 2.5 million

- ANDRITZ to order 100 MW electrolyzer unit from HydrogenPro for project in

Germany

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

investment on time and below budget

- Successful completion of large-scale validation test confirmed performance

improvements

- ACES commissioning in 2025 and SALCOS® commissioning in 2026

- Equity injection by ANDRITZ and Mitsubishi Heavy Industries completed in

January 2025, LONGi expected during Q2, pending ODI approval

Q1 2025 financials (Q4 2024 numbers in brackets):

- Revenues NOK 22 million (NOK 70 million)

- Gross Profit NOK 7 million (NOK 29 million)

- EBITDA NOK -50 million (NOK -44 million)

- Net result NOK -65 million (NOK -38 million)

- Order Backlog NOK 318 million (NOK 305 million)

- Cash Balance NOK 165 million (NOK 191 million)

Jarle Dragvik, CEO of HydrogenPro, comments: "We have now successfully started

up production of Next generation electrodes at our new manufacturing line in

Denmark. This is a significant step forward in scaling up our capabilities for

delivery to the market. This facility represents a major investment in our

future and strengthens our position as a leading provider of green hydrogen

solutions. In collaboration with ANDRITZ, we completed a full-scale

electrolyzer validation test at Herøya, Norway. The test involved 500 hours of

continuous operation, confirming performance values and product quality. With

this, our electrode technology is now industrially proven. The system operated

safely across the full load range---from partial load up to 115% capacity.

This milestone confirms the performance and reliability of our technology

under real-world conditions. This initiative plays a vital role in enabling

low-carbon steel production and stands as a testament to our commitment to

supporting industrial decarbonization. ANDRITZ announced this quarter a 100 MW

electrolyzer project t in Rostock, Germany. Subject to the investment decision

of the final customer, ANDRITZ expects to receive the notice to proceed with

the supply of HydrogenPro electrolyzers. Additionally, we received a purchase

order for electrolyzers from an undisclosed customer, valued at USD 2.5

million."

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), Martin Thanem

Holtet (CFO) and Odd-Arne Lorentsen (CTO). Questions can be posted online

during the presentation.

Link to webcast:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250515_3

For further information, please contact:

Martin Thanem Holtet, CFO

+47 922 44 902

martin.holtet@hydrogenpro.com

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 disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-05-15 07:00 CEST.