Cavendish Hydrogene — Earnings Release 2026

May 21, 2026

Cavendish Hydrogen ASA: Results for the first quarter 2026

Cavendish Hydrogen ASA: Results for the first quarter 2026

(May 21, 2026 -- Oslo, Norway) Cavendish Hydrogen ASA (Cavendish, the Company,

Oslo Børs ticker: CAVEN) today reported revenues of EUR 2.8 million for the

first quarter of 2026. The company delivered on key commercial milestones

during the quarter, including securing a significant new contract for a

hydrogen bus fueling station in Germany, its third in that market, reinforcing

Cavendish's track record of repeatable execution across Europe. Hydrogen

dispensed from Cavendish fueling stations remained strong at 368,157 kg in the

quarter, reflecting high utilization of the installed base and underpinning

the long-term demand case. Subsequent to quarter end, Cavendish announced a

new strategic partnership with BHDT GmbH, which will acquire newly issued

shares representing approximately 15% of the Company's outstanding shares,

strengthening the cash position by approximately EUR 4.8 million and providing

external validation of Cavendish's strategy and technology platform.

Q1 2026 Highlights:

· Revenue was EUR 2.8 million and EBITDA result was EUR -4.0 million.

· Cash position was EUR 16.5 million at the end of the quarter.

· Secured a significant new contract for a H2 Bus station with OVAG, expanding

our presence in Germany.

· Continued high level 368,157 kg of hydrogen was dispensed from Cavendish

fueling stations this quarter.

· Commissioned the third station with major US customer, increasing the fleet

of stations in California.

Subsequent Events:

· April 27, 2026: Awarded a new contract for a Hydrogen Fueling Station in

North-West Europe, with long-standing partner Mesure Process.

· May 5, 2026: New strategic partnership secured through equity investment.

BHDT GmbH will purchase newly issued shares amounting to approximately 15% of

the ownership of Cavendish Hydrogen ASA, for the price per share of 8.73 NOK.

This partnership will strengthen our cash position with EUR 4.8 million, and

our ability to deliver high-quality solutions through strategic and technical

cooperation.

Commenting on Cavendish's Q1 performance, CEO Robert Borin said:

"Q1 unfolded in a cautious market, and our response has been to focus on what

we can control, which is executing on the right opportunities and building a

leaner, more resilient platform. Securing the OVAG contract in Germany, our

largest award in the recent period, demonstrates that we are competitive and

able to convert in a demanding environment. The entry of BHDT GmbH as a

cornerstone investor is a landmark moment for Cavendish, as it is a meaningful

validation that an experienced industrial partner is choosing to commit to our

technology and market position. We are not where we ultimately want to be

financially, but the foundation we are building positions us well to execute

as activity picks up. I want to sincerely thank our employees for their

continued commitment and dedication, especially during a period that has

required difficult adjustments. Your efforts and spirit continue to move us

forward. "

Outlook:

Cavendish Hydrogen expects revenue for the second quarter of 2026 to be

somewhat higher than the revenue of the first quarter in 2026 due to more

deliveries of equipment. The second half of 2026 is expected to be lower than

the first half, depending on the order intake success. Although the short-term

outlook is cautious, Cavendish Hydrogen is optimistic about the long-term

potential for hydrogen fueling, especially within buses and heavy-duty trucks.

The Q1 2026 results will be presented on May 21, 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/de483bbe-5657-4a89-aef9-5edd7b1f56d8@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. The information was submitted for publication, through the

agency of the contact persons set out above, at 2026-05-21 07:00 CEST.