Cavendish Hydrogene — Investor Presentation 2026

Feb 26, 2026

Q4 2025 Presentation

February 26, 2026

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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.

Cavendish Hydrogen

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Agenda

1. This is Cavendish Hydrogen
2. Business Update Q4 2025
3. Key Figures Q4 2025
4. Summary and Outlook

Cavendish Hydrogen

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

Cavendish

Hydrogen

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THIS IS CAVENDISH HYDROGEN

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

Cavendish

Hydrogen

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THIS IS CAVENDISH HYDROGEN

Offering Fueling Equipment and Full Scope of Services

Cavendish

Hydrogen

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Agenda

1. This is Cavendish Hydrogen
2. Business Update Q4 2025
3. Key Figures Q4 2025
4. Summary and Outlook

Cavendish Hydrogen

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Q4 2025 | BUSINESS UPDATE

Q4 Business Highlights

Secured an important new contract with a new customer in Italy

All-time-high dispensed volumes from Cavendish stations – 372 000 kg

Visibly improved order backlog and reduced cash consumption

In January:
Secured a new contract in Germany;
– Reinforcing Cavendish's position in Europe's energy transition

Cavendish

Hydrogen

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Q4 2025 | BUSINESS UPDATE

Record High Volumes Dispensed – Positive Signal for Future Sales

372 000 kg
Average equivalent to 40 cars per day
(+15% qoq)

29 stations
~95% of total volumes

60 stations
in active operation

C

Cavendish

Hydrogen

*Number of stations consistently dispensing more than 1,000 kilograms per month

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Q4 2025 | BUSINESS UPDATE

Stations Completed or in Progress

NORTH AMERICA

---> On-going Installation and Commissioning

EUROPE

---> Stations completed

• Completed the fourth station in France with our partner Mesure Process (MPH)
• Our third station with a large US customer was in the end stages of installation as of Q4 (Handed over successfully in Q1)
• One station under construction in Poland
• Two new stations in Italy in early project stage, to be completed before end Q2 2026
• One new station in Germany awarded in Q1
• Finally, our first Italian station put into operation and performed well during the 2026 Olympics (in Q1)

Cavendish

Hydrogen

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| MILANO CORTINA
2026 | | |
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Cavendish

Hydrogen

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Q4 2025 | BUSINESS UPDATE

Germany: New Significant Contract Award

• Marks one of Cavendish’s largest contract wins in recent years, valued at EUR 4–5 million
• Design, permitting, construction, and service and maintenance of a state-of-the-art hydrogen fueling station in the Western part of Germany
• The station will operate at 350 bar pressure and will fuel 25 buses daily
• This is our 3rd bus station in Germany with the previous 2 performing at an excellent level with high utilization

This project is a milestone in supporting Germany's transition toward zero emission public mobility

Cavendish

Hydrogen

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Q4 2025 | BUSINESS UPDATE

Germany & Netherlands: National H₂ Truck Funding Gain Momentum

• AFIR national review process now underway across Member States
• Germany launched a €220M hydrogen truck + fueling infrastructure funding
• The Netherlands progressing truck-focused H₂ rollout via national SWiM funding program
• Bundled vehicle + infrastructure funding ensures minimum station utilization and improves the investment case for HRS

Germany and the Netherlands setting early example of viable national delivery models for AFIR compliance

Cavendish

Hydrogen

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Q4 2025 | BUSINESS UPDATE

Italy Legislates Renewable Fuel of Non-Biological Origin (RFNBO) in Transport

• As of February 2026, Italy has officially implemented Renewable Energy Directive (RED) III into national legislation
• Renewable hydrogen is now recognized within the Italian transport target framework as defined by RED III
• Hydrogen use in mobility can generate tradable credits creating financial value per kg dispensed
• Hydrogen now competes with biofuels and renewable electricity for compliance

Cavendish

Hydrogen

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Q4 2025 | BUSINESS UPDATE

Leading the Conversation: Our Proactive Engagement is Making Headlines

We don't wait for change - we help create it

Cavendish

Hydrogen

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Agenda

1. This is Cavendish Hydrogen
2. Business Update Q4 2025
3. Key Figures Q4 2025
4. Summary and Outlook

Cavendish Hydrogen

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Q4 2025 | KEY FIGURES

Financial Performance

REVENUE & EBITDA

(EUR million)

ORDER INTAKE & BACKLOG

(EUR million)

Lower revenue impacted results, offset by lower indirect cost base

Revenue

• 71% revenue decrease you mainly from limited equipment deliveries and low project activity

EBITDA and Cash

• EBITDA down by 11% you, driven by the lower volumes
• Positive effects from earlier restructuring efforts and sharpened focus on EU market gives lower indirect cost base.
• Cash balance of EUR 20.2 million

Order Intake and Backlog

• Higher order intake in Q4 due to new order from Italy
• Bus fueling station sold to customer in Germany to be included in Q1 order intake
• Good development in number of firm bids to customers

Cavendish

Hydrogen

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Agenda

1. This is Cavendish Hydrogen
2. Business Update Q4 2025
3. Key Figures Q4 2025
4. Summary and Outlook

Cavendish Hydrogen

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Summary and Outlook

• 2025 has been a challenging period and the market has been slow
• Cavendish completed cost-, product-, and commercial initiatives during the year
• Initiatives are showing real impact, most visibly in reduced cash consumption, increased station performance and improved order backlog in Q4
• Revenue in Q1 26 to be higher than in Q4 25, and in 1H 2026 to be higher than in 2H 2025, driven by increased backlog
• Positive long term market outlook for heavy-duty transportation - Cavendish is well positioned

Cavendish

Hydrogen

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Financial Calendar

Annual Report 2025
Q1 2026
Ordinary General Meeting
Q2 2026
Q3 2026

April 28, 2026
May 21, 2026
May 26, 2026
August 27, 2026
November 12, 2026

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Q&A Session

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Cavendish
Hydrogen
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Hydrogen for Clean Mobility

Cavendish
Hydrogen