Cavendish Hydrogene

Earnings Release • Nov 13, 2025

Cavendish Hydrogen ASA: Results for the third quarter 2025

Cavendish Hydrogen ASA: Results for the third quarter 2025

(November 13, 2025 - Oslo, Norway) Cavendish Hydrogen ASA (Cavendish, Oslo

Børs ticker: CAVEN) reported revenues of EUR 4.1 million for the third quarter

2025 (Q3 2025). An important new contract was secured with a long-standing

customer in Poland in the quarter and hydrogen dispensed from Cavendish

fueling stations reached a new all-time high of 324 000 kg, paving the way for

future sales.

Q3 2025 highlights:

· Revenue was EUR 4.1 million and EBITDA result was EUR -4.4 million

· Cash position of EUR 23.3 million at the end of the quarter

· Secured an important new contract with a long-standing customer in Poland

· An all-time high of 324 000 kg of hydrogen was dispensed from Cavendish

fueling stations

· Commissioned a new station to one of our important customers in Italy, to

support the upcoming 2026 Winter Olympics

· Announced the exit of the South Korean market, to adjust strategically and

reduce operational complexity and costs

Subsequent Events

· October 17, 2025: Secured a new contract for hydrogen fueling stations in

Italy, reinforcing Cavendish's position in Europe's energy transition

Commenting on Cavendish's Q3 performance, CEO Robert Borin said:

"The third quarter brought encouraging commercial activity with new station

sales, alongside strategic portfolio adjustments, including our exit from the

Korean market. In Q3 we secured an important contract with PAK PCE H2

Stations, a long-standing customer in Poland. This new contract win reaffirms

the strength of our existing relationships and the trust we've built over

time. Shortly after the end of the quarter, we continued the momentum with

another new contract with a new customer in Italy. These wins are a testament

to our team's ability to deliver value and reliability in a growing and

competitive market. Towards the end of the quarter, we announced the strategic

decision to exit the Korean market. While this move marks the end of our

current journey in one market, it allows us to adjust strategically and focus

our resources on markets with clearer growth trajectories and stronger

alignment with our capabilities. Operationally, we achieved a record-high

324 000 kg in hydrogen volumes dispensed this quarter. This milestone is not

only a reflection of our expanding footprint but also a clear signal that

hydrogen usage is on the rise. While I am not satisfied with our financial

performance, which has remained weak for some time and is expected to remain

under pressure in the short term due to a slow market, I am encouraged by

recent operational progress and early signs of market improvement, and I

believe that continued disciplined execution and cost control will gradually

strengthen our financial position."

Outlook:

Cavendish expects group revenue for the last quarter of this year to be

somewhat lower than in the third quarter. There will be some volatility

between the quarters in the first half of 2026 due to the timing of the

revenue recognition of the order backlog. Although the short-term outlook is

cautious, Cavendish is optimistic about the long-term potential for hydrogen

fueling, especially within heavy-duty transportation.

The Q3 2025 results will be presented on November 13, 2025, at 10:00 CET via

live webcast and participants are invited to attend the presentation and Q&A

session at the following link:

https://events.teams.microsoft.com/event/4a5f5619-2871-4491-94b7-1b71f26e6ea4@1c376fce-a93e-4933-9295-5f367686af5b

.

For the full report and presentation, please see the attachments or visit

www.cavendishh2.com (http://www.cavendishh2.com/) .

For additional information, please contact:

Cavendish Hydrogen ASA Investor Relations

Mirza Koristovic, Head of Investor Relations

IR@cavendishh2.com

+47 938 70 525

About Cavendish Hydrogen ASA | www.cavendishh2.com

Cavendish Hydrogen is a global leader in hydrogen fueling solutions for the

mobility sector. Driven by the vision to end emission from mobility, Cavendish

is committed to providing safe, competitive, and reliable hydrogen fueling

solutions, offering the convenience of traditional fuels but with zero

emissions. The company covers the entire value chain from development and

production to installation, commissioning, and maintenance. Through value

creation and cutting-edge technology, Cavendish is setting new standards for

fueling heavy-duty vehicles with reliable hydrogen solutions. Cavendish

Hydrogen ASA is listed on the Oslo Stock Exchange (CAVEN) and headquartered in

Herning, Denmark.

This information is subject to disclosure under the Norwegian Securities

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

2025-11-13 07:00 CET.