Cavendish Hydrogene

Investor Presentation • Aug 28, 2025

Q2 2025 Presentation August 28, 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 quarterly presentation. 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.

Agenda

1. This is Cavendish Hydrogen 2. Business Update Q2 2025 3. Key Figures Q2 2025 4. Summary and Outlook

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We are in the business of ending emissions from mobility through reliable hydrogen fueling solutions

Why Hydrogen THIS IS CAVENDISH HYDROGEN

No Emissions

An obvious prerequisite for all modern vehicles, making all fossil fueled vehicles obsolete

Long Driving Range

A well-functioning truck must be able to drive 800 km on one tank

Short Fueling Time

Where the battery electric vehicle can not compete with a traditional fossil fueled vehicle on charging time, the fuel cell electric vehicle can

Limited Grid Connection

Battery charging a truck would require a 7-11,000 kW grid connection – hydrogen fueling only 900 kW

Cavendish Hydrogen at a Glance

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

Offering Fueling Equipment and Full Scope of Services

Cavendish Hydrogen's Roadmap and Ambitions

Initiated development of high-capacity stations for heavy-duty mobility in 2023

Capitalize on insights derived from the light-duty market to standardize products and de-risk the high-capacity fueling business case

Our next-generation hydrogen fueling stations are expected to be commercialized in 2025

Ambition to capture 15% of the high-capacity market for hydrogen fueling in Europe and Americas

What we said during IPO in 2024 How have we delivered and status today

Engineering, design, and bill of materials completed - Product ready for pilot sale

The design of the new high-capacity hydrogen fueling station fully integrates field experience gained from light- and medium-duty fueling stations - ensuring improved reliability and operational robustness

The product is now ready to commence pilot sale

Ambition remains – we see Europe as a frontrunner thanks to the current tender activity and regulatory signals (AFIR)

Agenda

1. This is Cavendish Hydrogen 2. Business Update Q2 2025 3. Key Figures Q2 2025 4. Summary and Outlook

Q2 Business Highlights

Q2 2025 | BUSINESS UPDATE

All-time-high dispensed volumes from Cavendish stations – 298 000kg

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Opened two new fueling stations in California, together with a major US customer

©2024 Cavendish – All rights reserved

Appointed new CCO to position Cavendish for growth

Q2 2025 | BUSINESS UPDATE

Record High Volumes Dispensed in Q2 2025 – Positive Signal for Future Sales

DISPENSED HYDROGEN ON CAVENDISH EQUIPMENT (Kg H2 dispensed) 0 50,000 100,000 150,000 200,000 250,000 300,000 Q1 2023 Q2 2023 Q3 2023Q4 2023 Q1 2024 Q2 2024 Q3 2024Q4 2024 Q1 2025 Q2 2025 +41%

SOUTH KOREA US EUROPE

Highlights Dispensed Figures

World:

• 41% increase year over year
• Driven by higher utilization in the North American market

North America:

▪ Close to 400% increase since last quarter, showing the hydrogen supply situation is improving and stations are being utilized

Key Takeaway:

▪ Higher utilization and reliable operations paving the way for future sales

Q2 2025 | BUSINESS UPDATE

Stations Completed or in Progress

• Completed first two stations with new major US customer third one to be completed before the end of the year
• First ever station in Italy to be completed in Q3 - ready for the Olympics in Feb. 2026
• The fourth station in France with a new customer soon to be completed

Moreno Valley and Vacaville, California; Opened Two New Stations

• Stations engineered to deliver industry leading performance
• Stations in operation since Q2 2025
• Operated with close to 100% availability, served 3 250 vehicles, and dispensed around 8 740kg hydrogen as of Aug 2025
• Excellent feedback from end users
• Third station is in construction and expected to be completed before end of the year

Germany: A Strategic Growth Market for Cavendish

Platform for Scalable Growth

• Positive market indications
• Supportive policy environment
• Proven operational success
• ▪Good product fit

The Hydrogen Market Is Challenging, but We Are Seeing Good Signals

Uncertain geopolitical climate

High energy/hydrogen prices affect customer business cases

Lack of commitment from heavy duty hydrogen vehicle OEMs

Incomplete funding structures

AFIR mandates: 1 HRS every 200 km + urban node coverage

AFIR forces member states to define and submit targets for build-out of hydrogen fueling network by end of this year

11 EU member states have submitted national policy frameworks under which they have introduced targets

Under RED III Germany sets mandates for green hydrogen in transport fuels

Alternative Fuels Infrastructure Regulation (AFIR) timeline

Agenda

1. This is Cavendish Hydrogen 2. Business Update Q2 2025 3. Key Figures Q2 2025 4. Summary and Outlook

Q2 2025 | KEY FIGURES

Financial Performance

Revenue

• 39 % revenue decrease from same quarter last year
• Fewer equipment deliveries and lower project activity
• Revenues from the service business were stable

EBITDA

• EBITDA up 32% yoy
• Adjusted for non-recurring costs due to IPO in 2024, EBITDA was down 12% due to lower volumes
• Good cost control contribute positively

Order Intake and Backlog

• Customer decisions take longer than expected
• Positive dialogue with existing and potential customers

Agenda

1. This is Cavendish Hydrogen 2. Business Update Q1 2025 3. Key Figures Q1 2025 4. Summary and Outlook

Summary and Outlook

• ▪Q2 largely as expected
• ▪Our fueling stations operating steadily at customer sites
• ▪Positive signals in a challenging hydrogen market
• ▪Cautious outlook for the remainder of the year
• ▪Positive long term market outlook for heavyduty transportation - Cavendish is well positioned

Next Quarterly Presentation

Q3 2025 November 13, 2025

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