Cavendish Hydrogene

Investor Presentation • Nov 28, 2024

Q3 2024 Presentation 28 November 2024

Forward-looking information

This Presentation includes and is based, inter alia, on forward-looking information and statements relating to the business, financial performance and results of Cavendish Hydrogen ASA and/or industry and markets in which it operates that are subject to risks and uncertainties that could cause actual results to differ materially from the statements expressed or implied in this Presentation by such forward-looking statements. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Cavendish Hydrogen ASA and Cavendish Hydrogen ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" , "aims", "anticipates", "intends", "plans", "projects", "targets" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Cavendish Hydrogen ASA's businesses, raw material prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and other factors.

Although Cavendish Hydrogen ASA believes that its expectations, estimates and projections are based upon reasonable assumptions, it can give no assurance that these will be achieved or that forecasted results will be as set out in the Presentation, and you are cautioned not to place any undue reliance on any forward-looking statements. Cavendish Hydrogen ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Cavendish Hydrogen ASA nor any of its, or its subsidiaries' directors, officers or employees will have any liability to you or any other persons resulting from your use of this Presentation. This presentation was prepared in connection with the Cavendish Hydrogen ASA third quarter 2024 presentation 28. November 2024. Information contained in this Presentation is subject to change without notice and will not be updated. This Presentation should be read and considered in connection with the information given orally during the presentation. The Cavendish Hydrogen ASA shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

CAVENDISH HYDROGEN IN BRIEF

This is Cavendish Hydrogen

Uniquely positioned to capture the Hydrogen opportunity

Geographical presence in key markets

USA South Korea Poland France Germany Netherlands Canada Iceland United Kingdom Denmark Sweden Norway Latvia Belgium

Q3 Highlights Q3 2024 - HIGHLIGHTS

Key financial figures Key developments in Q3 2024

• Fewer Equipment deliveries resulted in a 19 per cent revenue decline
• Strong progress in gross margins and good cost control resulted in an improved EBITDA despite lower revenues
• Improved utilization, reliability, and customer satisfaction on delivered equipment
• Agreements secured for Service and I&C in the quarter, no new station orders
• Continued strong focus on the next generation High-Capacity station development
• Cash position of EUR 46.3 million at the end of the quarter

Q3 2024 – COMMERCIAL UPDATE

Our customers continue developing the Hydrogen Fueling Network

On-going Installation and Commissioning Stations handed over in 1H 2024

• 1H 2024 record-high number of 9 stations handed over to customers

• In Q3 we have progress on 3 stations and I&C is ongoing

Q3 2024 – COMMERCIAL UPDATE

Dispensed H² on Cavendish Equipment

DISPENSED HYDROGEN ON CAVENDISH EQUIPMENT (Kg H2 dispensed)

• Generally, positive trend in dispensed H² development
• Trend in EU is very positive driven by new stations opened in 2024
• South Korea volumes are stable since end 2021
• US volumes are close to zero since end 2023 due to lack of gaseous hydrogen supply

Hydrogen Fueling Market Development

• Final Investment Decision (FID) generally being postponed – longer time to decision
• All indications points towards a shift from Light Duty Vehicle to Heavy Duty Vehicle focus
• Several tenders targeting Heavy Duty fueling – not really related to AFIR yet
• Cavendish expects market will pick up when AFIR legislation gets into implementation

Market Trends Alternative Fuels Infrastructure Regulation (AFIR) timeline*

Q3 2024 – COMMERCIAL UPDATE

Next Generation Product Progressing

• Test Site in Denmark announced during Q2 2024 • Aiming to have Equipment for the Pilot Station on Site during 2025
• In dialogue with more potential partners for development and use of Pilot Station

Q3 2024 - FINANCIALS Financial highlights

19% revenue decrease from last year quarter

• Equipment revenue from one fewer station
• Project, I&C and service revenues slightly lower compared to last year
• YTD 2024 revenue of EUR 24.6m, 12% higher than YTD 2023

EBITDA improved 15% from last year despite lower revenues

• EBITDA of -4.1 million in the third quarter
• Lower cost of operating stations in the field
• Good cost control despite costs due to legal case and being independent company
• Inventory write-downs

Order intake of EUR 1.6 million, total order backlog of EUR 21.0 million

• Order intake relating to new service- and I&C agreements

Cash position of EUR 46.3 million at the end of Q3

Q3 2024 - FINANCIALS

Revenue and EBITDA - development

REVENUE AND EBITDA (EUR million)

Revenue decrease from previous quarters

• Lower order intake over time affecting activity levels´, hence revenue

EBITDA at stable level

• Lower costs from stations in operation
• Cost control and adjusting cost level to the activity level.
• Indirect cost level affected by higher cost from being a separately listed company and costs from adjusting organization to the activity level

Q3 2024 - FINANCIALS

Order intake and backlog

Order intake YTD 2024: EUR 12.2 million -39% y/y

Significant new order intake summarized:

• Q2 24; EUR 3.8 million purchase order with Alperia our first H2 station for Italy
• Q1 24; EUR 3.7 million termination of Nikola supply contract
• Q4 23; EUR 3.0 million purchase order for H2 station in France

ORDER BACKLOG (EUR million)

Order backlog Q3 2024: EUR 21.0 million -42% y/y

• Revenue is higher than order intake over time, reducing the backlog.
• General slowdown in the market, fewer projects are decided and initiated. Several promising prospects and leads but it takes time.

The order backlog consist of firm and signed purchase orders.

Q3 2024 - SUMMARY

Summary Q3 2024

Continued positive trend in utilization, reliability and dispensed Hydrogen over last year

Stable progress on installation projects but no handovers this quarter

Solid Market outlook for future High-Capacity Product

Q&A

Q&A to be hosted as live-session

13:00-13:30 CET, Thursday Nov. 28th