Cavendish Hydrogene — Investor Presentation 2024

Aug 29, 2024

Q2 2024 Presentation August 29, 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 ("Cavendish") 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 and Cavendish' (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' 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 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 is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Cavendish 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 second quarter 2024 presentation 29. August 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 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

Q2 2024 - HIGHLIGHTS

Quarterly highlights

Key financial figures

Key Developments in Q2 2024

• Listed on the Oslo Stock Exchange June 12, 2024
• Improved revenue & EBITDA compared to Q2 2023
• Record-high 7 installations completed during quarter
• Cash position of EUR 53.6 million at the end of quarter
• Continued focus on the next generation high-capacity station

Record-high number of new installations during first half 2024

Cavendish was responsible for approx. 50% of all European installations first half 2024 Improved process and product performance

Country	City	Type	Date
France	Paris	Truck/Bus/Car	Mar 2024
Poland	Gdansk	Bus/Car	Mar 2024
USA	San Diego	Car	Apr 2024
Poland	Gdynia	Bus/Car	Apr 2024
Germany	Frankfurt	Bus	May 2024
Poland	Lublin	Bus/Car	May 2024
Denmark	Aarhus	Car	Jun 2024
Poland	Wroclaw	Bus/Car	Jun 2024
France	Paris	Truck	Jun 2024

• Stability and performance significantly improved in the installation work
• Station reliability significantly improved
• Gross margin improved

COMMERCIAL UPDATE – INSTALLATION AND COMMISSIONING PROJECT

Filling the official Olympic cars in Paris

• Location: Paris, France

• Installation: Spring 2024
• Customer: Hysetco

COMMERCIAL UPDATE – REGULATORY STATUS

428 high-capacity Hydrogen Refueling Stations supported by 1.5BEUR in subsidies until the end of 2030

428 stations in scope for 1.5BEUR AFIR Funding

• 330 HRS in urban nodes
  • (urban nodes: blue; existing stations in nodes: green)
• 98 HRS along TEN-T** networks
• (required stations along corridors: orange)
• 45 existing HRS are not eligible (red)

*AFIR: Alternative Fuels Infrastructure Regulation **TEN-T: Trans European Transport Network

Alternative Fuels Infrastructure Regulation (AFIR) timeline

COMMERCIAL UPDATE – HIGH CAPACITY FUELING STATION

Our answer to AFIR

Source: Internal data from Product Management. High capacity fueling station will be ready for full sales release around end 2025

• End-users expect same performance as internal combustion engines (ICE)
• Today, vehicles are fueled with 1.5-3 kg H² /min
• Heavy-duty vehicles will require 6.5 kg /min – 2.2x the current market technology
• The high-capacity solution delivering 6.5 kg / min equates to a 12.8 MW¹ average for a BEV charger - equivalent to a small city

COMMERCIAL UPDATE – SITE FOR PILOT TEST

Test site for high-capacity pilot station acquired

• Continued full focus on highcapacity product development

• Cavendish has acquired a site for testing the high-capacity pilot station
• Located close to our factory and technology development centre in Herning, Denmark
• Strategic positioned close by key highway and logistic centers in the area
• ~5.600 m²

Financial highlights

Cash balance Q2 2024 EUR 53.6 million

38% YoY revenue increase

• Increased revenue from equipment deliveries
• Successful hand-over of seven stations in Q2 and nine stations in H1

Underlying EBITDA improvement of 39%

• EBITDA of -4.0 million excluding non-recurring costs from spin-off and separate listing of Cavendish

Order intake of EUR 5.1 million, total order backlog of EUR 25.7 million

• Signed new purchase order for a H2 station for the Italian market

Cash position of EUR 53.6 million at the end of Q2

• Solid cash balance after completed spin-off and listing on Oslo Stock Exchange

Revenue and EBITDA - development

REVENUE AND EBITDA (EUR million) 6,7 7,4 8,2 9,8 9,2 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 +38% -6,7 -4,6 -2,4 -4,8 -6,6 Revenue EBITDA Incl. EUR 2.6 million non-recurring IPO cost

• Revenue from core equipment deliveries stable but slightly growing trend
• The installation and commissioning projects have developed positively with record high number of H² stations handed over to customers.
• The underlying EBITDA improvement of 39% was driven by:
  • Higher gross margin from equipment deliveries and execution of projects.
  • Lower warranty costs from operational improvements in the installed fleet
  • Lower indirect cost levels improved due to improved utilization of resources

Q2 2024 - FINANCIALS

Order intake and backlog

ORDER INTAKE (EUR million)

Order intake 2024: EUR 5.1 million -70% y/y

• Q2 24; EUR 3.8 million purchase order with Alperia 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
• Q2 23; EUR 15.7 million purchase order signed with US Energy Company

ORDER BACKLOG

(EUR million)

Order backlog Q2 2024:	EUR 25.7 million	-39%	y/y
The order backlog has been reduced quarter by quarter. •
The order backlog consist of firm and signed purchase orders. The backlog is subject to risks such as delays and/or cancellations

Financial highlights - details

EUR million	Q2 2024	Q2 2023	H1 2024	H1 2023
Revenue	9.2	6.7	18.9	13.6
EBITDA	-6.6	-6.7	-11.4	-12.5
Operating loss	-7.8	-7.8	-13.8	-14.8
Pre-tax income (loss)	-8.1	-10.5	-14.4	-18.7
Net income (loss)	-7.9	-10.3	-14.0	-18.3
Net cash flow from operating activities	-15.5	-9.2	-14.2	-8.8
Cash balance at end of period	53.6	5.2	53.6	5.2
Order intake	5.1	16.8	10.5	19.1
Order backlog	25.6	42.0	25.6	42.0

Summary Q2 Q2 2024

Listed on the Oslo Stock Exchange June 12, 2024

Record-high 7 installations during Q2 2024 (9 in H1)

Acquired a strategically located site for the highcapacity pilot station testing

Cavendish is well funded and ready to conquer the heavyduty fueling market

Q&A to be hosted as live-session 13:00-13:30 CET, Thursday Aug. 29th Please use the below link to join the event: Q&A Cavendish Q2 Presentation