Cavendish Hydrogene — Earnings Release 2024

Aug 29, 2024

Cavendish Hydrogen ASA: Second quarter 2024 financial results

Cavendish Hydrogen ASA: Second quarter 2024 financial results

(29 August 2024 - Oslo, Norway) Following the spin-off from Nel Hydrogen,

Cavendish Hydrogen ASA (Cavendish, OSE:CAVEN) reported revenues as a stand-alone

listed company in the second quarter of EUR 9.2 million, up 38% YoY from EUR 6.7

million. Adjusted for non-recurring costs, EBITDA was EUR -4.0 million, up 39%

YoY.

In the second quarter, Cavendish Hydrogen ASA ("Cavendish") successfully

completed a record-high number of seven new stations. Coupled with increased

equipment sales, this generated a 38% growth compared to the second quarter last

year.

Quarterly highlights

· Revenues in the second quarter totaled EUR 9.2 million, compared with EUR

6.7 million in the prior-year period.

· The EBITDA result was EUR -6.6 million, of which EUR 2.6 million were non

-recurring costs related to the spin-off and stock-listing of Cavendish during

the quarter.

· Adjusted for non-recurring costs, EBITDA was EUR -4.0 million, corresponding

to an improvement of 39% from EUR -6.7 million in Q2 2023.

· At quarter-end, Cavendish had an order backlog of EUR 25.6 million, compared

with EUR 32.7 million at year-end 2023.

"As we report our first quarter as a stand-alone listed company, I am proud to

report a solid quarter for our company. Over the past months, our installation

team has demonstrated exceptional commitment and expertise, leading to the

successful deployment of seven hydrogen refueling stations across Europe," says

Robert Borin, CEO of Cavendish Hydrogen ASA.

Based on the current order backlog, activity levels in the second half of the

year are expected to be on par with the first half year related to equipment

sales, while installation and commissioning projects will be slightly lower.

Moving forward, reduced quality costs related to operational improvements in the

installed station fleet are expected to have a positive impact on margins.

"As we continue to expand and enhance our network of stations, we remain focused

on meeting the needs and business objectives of our customers, while also

driving positive environmental change," Borin adds.

The presentation material and report for the second quarter of 2024 are attached

to this notice. The recording of the presentation can be seen on the company web

site by following this link (https://cavendishh2.com/news/q2-financial-results

-presentation).

Also, CEO Robert Borin and CFO Marcus Halland will host a live Q&A session today

at 13:00 CET. Please register to join the session via Teams by following this

link (https://events.teams.microsoft.com/event/2ab4e2e9-973d-48c5-991d

-04fbb9c6c940@76311e5d-2c31-404e-a148-a4c38d285e9e).

ENDS

For additional information, please contact:

Marcus Halland, CFO, +47 930 90?190

About Cavendish Hydrogen ASA | cavendishh2.com

Cavendish Hydrogen ASA is a leading hydrogen fueling company that specializes in

the development, production, marketing, sales and service of equipment for

fueling hydrogen into on-road vehicles. The company operates globally with

offices in Denmark, California (the U.S), South Korea and Austria. The ongoing

focus of the company is to develop its product portfolio to meet the expected

market expansion for long-distance heavy-duty trucking.

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

-12 of the Norwegian Securities Trading Act.