Cavendish Hydrogene — Earnings Release 2025

Feb 26, 2026

Cavendish Hydrogen ASA: Results for the fourth quarter 2025

Cavendish Hydrogen ASA: Results for the fourth quarter 2025

(February 26, 2026 -- Oslo, Norway) Cavendish Hydrogen ASA (Cavendish, the

company, Oslo Børs ticker: CAVEN) reported revenues of EUR 1.9 million for the

fourth quarter 2025. During the quarter, the company secured a new contract

with a customer in Italy, and hydrogen dispensed from Cavendish stations

reached a new all-time high of 372,000 kg, an important indicator of growing

demand. In addition, cost reduction measures are beginning to show effect,

most visibly in reduced cash consumption. Shortly after the quarter, Cavendish

was awarded one of its most significant contracts in recent years,

strengthening the company's order backlog.

Q4 2025 Highlights:

· Revenue was EUR 1.9 million and EBITDA result was EUR -3.9 million.

· Cash position was EUR 20.2 million at the end of the quarter.

· Secured an important new contract with a new customer, expanding presence in

Italy.

· An all-time high of 372 000 kg of hydrogen was dispensed from Cavendish

fueling stations this quarter.

· Commissioned a new station with our partner Mesure Process (MPH) in France,

adding to our expanding fleet of active stations across Europe.

Subsequent Events:

· January 14, 2026: Secured a new contract for a hydrogen fueling station for

buses including infrastructure in Germany reinforcing Cavendish's position in

Europe's energy transition.

Commenting on Cavendish's Q4 performance, CEO Robert Borin said:

"As I look back on the fourth quarter and the year behind us, it is clear to

see that it has been a challenging period. Our results have been negatively

impacted by the longer than expected dip in the market. However, it has been

encouraging to see the recent contract wins, the product improvements and the

cost reduction initiatives the organization has been working hard to

implement. These initiatives have already shown real impact, most visibly in

reduced cash consumption and improved equipment and organizational

performance. In Q4 we announced a new contract for hydrogen fueling equipment

in Italy and shortly after the quarter, we announced one of the largest

contract awards for Cavendish in recent years. These two important awards

validate our equipment performance, innovative product offering and strengthen

our European footprint. While Cavendish has experienced improved commercial

results with several new contract awards recently, the hydrogen market is

still slow and cost focused. We are continuously streamlining and adapting our

business to improve and stay resilient."

Outlook:

Cavendish expects group revenue for the first quarter of 2026 to be higher

than in the fourth quarter of 2025 and the first half of 2026 to be higher

than in the second half of 2025. Although the short-term outlook is cautious,

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

especially within buses and heavy-duty trucks.

The Q4 2025 results will be presented on February 26, 2026, 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/c1d41f61-673c-4384-b088-ecbce028a1ea@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 has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 17. The information was submitted for publication,

through the agency of the contact persons set out above, at 2026-02-26 07:00

CET.