Cavendish Hydrogene — Investor Presentation 2025

Nov 13, 2025

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Q3 2025 Presentation

November 13, 2025

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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.

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Agenda

• 1. This is Cavendish Hydrogen
• 1. Business Update Q3 2025
• 1. Key Figures Q3 2025
• 1. Summary and Outlook

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

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Why 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

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Offering Fueling Equipment and Full Scope of Services

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Agenda

• 1. This is Cavendish Hydrogen
• 1. Business Update Q3 2025
• 1. Key Figures Q3 2025
• 1. Summary and Outlook

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Q3 Business Highlights

Secured an important new contract with a long-standing customer in Poland

In October, secured a new contract for hydrogen fueling stations in Italy – reinforcing Cavendish's position in Europe's energy transition.

Announced the exit of the South Korean market, to adjust strategically and reduce operational complexity and costs

All-time-high dispensed volumes from Cavendish stations – 324,000 kg

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Q3 2025 | BUSINESS UPDATE

Record High Volumes Dispensed in Q3 2025 – Positive Signal for Future Sales

Highlights Dispensed Figures

• 45% increase year over year
• Higher utilization in the North American and European market
• Strong performance in Germany and Poland
• Year to date as of September already exceeded FY level of 2024

Key Takeaway:

▪ Higher utilization and reliable operations paving the way for future

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Stations Completed or in Progress

• Completed first ever station in Italy, ready for the 2026 Winter Olympics – second and third station to be completed in 2026
• One new station in Poland to be completed 1H 2026
• The fourth station in France with a new customer soon to be completed

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Poland: New Contract Award for Station Upgrade

• Existing customer expanding their bus fleet to more than 30 buses
• Rybnik station upgrade, with one more station module to accommodate expansion, will be the most utilized station in Europe
• The existing Rybnik station has been in operation since Q3 2023, fueled more than 7,500 buses and cars, and dispensed more than 100,000 kg of hydrogen
• Cavendish's already 7 stations in operation in Poland have delivered leading performance in terms of technology reliability
• Poland is a key market with regional expansion potential, with strong growth and commitments from key players

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Italy: Contract Award for New Hydrogen Fueling Stations

• New customer building hydrogen stations in Northern Italy by Q2 2026
• The contract includes advanced hydrogen fueling equipment along with installation and commissioning services
• Cavendish has already a footprint in Italy with a station currently being installed and in operation for the 2026 Winter Olympics
• Italy is an important growth market for clean energy solutions with significant heavy duty and bus fleets, viable for hydrogen as a valuable alternative fuel solution
• This project shows that Cavendish can deliver competitive solutions and strengthens our European footprint

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Europe Emerging as a Frontrunner: Cavendish Well Positioned

• AFIR end of 2025 deadline for submitting national policy frameworks and targets to build hydrogen fueling network is approaching
• Under RED III Germany sets mandates for hydrogen in transport fuels
• In Netherlands a total of 8 partnerships will receive EUR 40 million in subsidies from SWIM to build hydrogen fueling stations and purchase hydrogen powered trucks and buses
• In Europe the EU commission has awarded grants to 13 hydrogen projects in their last funding round to produce and use hydrogen as a fuel
• Cavendish currently with firm bids in several EU member states

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Cavendish Hosted Experts from Around the World: Committed to Standardize Fueling for Heavy Duty Vehicles

• 80 hydrogen experts from around the world participated at the event hosted from the Cavendish factory in Herning in September
• 5 days of "ISO Technical Committee 197" hydrogen technology meetings
• Advancing technical standards for heavy-duty, high flow hydrogen fueling
• Cavendish is part of the committee and honored to welcome the industry to our facilities and host this important event

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Agenda

• 1. This is Cavendish Hydrogen
• 1. Business Update Q3 2025
• 1. Key Figures Q3 2025
• 1. Summary and Outlook

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Q3 2025 | KEY FIGURES

Financial Performance

Revenue

• 28 % revenue decrease yoy
• Low revenue from equipment deliveries, but offset with higher revenue from installation and commissioning and service business

EBITDA

• EBITDA down by 8% yoy, but up 22% adjusted for non-recurring costs from the exit from South Korea
• Cost control and effects from restructuring is driving the underlying improved profitability

Order Intake and Backlog

• Higher order intake due to new order from Poland
• Order backlog impacted by customer cancellation of station projects expected to be initiated in 2026 in the US.
• Stations sold to customer in Italy to be included in Q4 order backlog
• Good development in number of firm bids to customers Cavendish

Hydrogen

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Agenda

• 1. This is Cavendish Hydrogen
• 1. Business Update Q3 2025
• 1. Key Figures Q3 2025
• 1. Summary and Outlook

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Summary and Outlook

• ▪Encouraging commerical activity in Q3 with new station sales, strategic portfolio adjustments, and steady operations of our fueling stations
• ▪Important contract awards in the quarter and also in the beginning of Q4
• ▪Strategic realignment as well as cost and complexity reduction by exiting South Korea
• ▪Positive signals in a challenging hydrogen market
• ▪Cautious outlook for the remainder of the year
• ▪Positive long term market outlook for heavy-duty transportation - Cavendish is well positioned

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Financial Calendar

Annual Report 2026 April 28, 2026

Ordinary General Meeting May 26, 2026

Q4 2025 February 26, 2026

Q1 2026 May 21, 2026

Q2 2026 August 27, 2026

Q3 2026 November 12, 2026

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Q&A Session

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Hydrogen for Clean Mobility