Q1 2025 Presentation May 15th. 2025

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 first quarter 2025 presentation 15. May 2025. 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.

This is Cavendish Hydrogen CAVENDISH HYDROGEN IN BRIEF

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 Italy

4 Source: Company information, 5/2025

Wuppertal project completed for Everfuel Q1 2025 | BUSINESS UPDATE

Wuppertal, Germany

Germany's Hydrogen Bus network
Wuppertal Latest contribution to German Bus market is showing great potential with plans for up to 60 more bus stations
Cavendish's European bus station is a perfect fit for bus fleets from 20-40 busses
Site Availability at Wuppertal since opening is above: 98.8%
Close to 10 tons H2 dispensed during April 2025

Vancouver Site completed for HTEC Q1 2025 | BUSINESS UPDATE

Vancouver, Canada

Vancouver Cavendish's first station in the Canadian market
Important milestone with important customer
The station was officially handed over on April 2nd
Cavendish is responsible for Service and Maintenance

Q1 2025 | BUSINESS UPDATE

Moreno Valley CA project completed for customer

Moreno Valley, California

Cavendish started up the first of several stations with a large US customer
Successful soft opening agreement with 12 hours opening window from 21. April to 1. June
Second station under commissioning and to be handed over before end Q2 2025 Third station in construction and expected to be handed over before
end of year

Stations handed over or in progress Q1 2025 | BUSINESS UPDATE

Three stations handed over 1 in Germany 1 in Canada and Four stations in progress

-

1 in US
2 in US
1 in Italy and
1 in France

Q1 2025 | BUSINESS UPDATE

Record high volumes dispensed in Q1 2025

DISPENSED HYDROGEN ON CAVENDISH EQUIPMENT

Highlights in dispensed figures

Europe:

Strong growth in Europe from last quarter thanks to improved performance and additional stations Growth in the US from last quarter - from low

South Korea:

Stable volumes

US:

levels but positive trend

Current products will bridge the gap Q1 2025 | BUSINESS UPDATE

The long-term trend is still pointing towards medium- and heavy duty plus industrial applications (e.g. trailer filling) Light- and Medium duty projects are still Higher degree of customer specific- and
standing for the majority of announced projects
local adaptations required
Incremental adaptation through application engineering

Q1 2025 | BUSINESS UPDATE

On demand driven development of next generation technology

Development timeline adapted to time the market
Develop and sell HC equipment on a demand-based approach, module by module
E.g. feed-compressor and valve-panel integration in industrial applications like trailer filling
Module based development approach will secure cost conscious approach and continuous drive towards full HC-station

Continued focus on delivering to promise Q1 2025 | BUSINESS UPDATE

Continue our focus on:

1. Customer commitments
1. Flexibility in product offering
1. Partnerships and investors

Financial Performance Q1 2025 | KEY FIGURES

Revenue

38 % revenue decrease from same quarter last year after one-off
Fewer equipment deliveries and lower project activity in Europe,
Revenues from the service business were stable 14.6

EBITDA

Excluding restructuring costs of EUR 2.3 million, the underlying EBITDA was on par with the first quarter last year.
The completion of the restructuring project will lead to lower cost levels in upcoming quarters Q4 2024: 41.8m