Cavendish Hydrogene

Report Publication Announcement • Jul 17, 2024

Cavendish Hydrogen ASA: Trading update in relation to Nel ASA's Q2 2024 report

Cavendish Hydrogen ASA: Trading update in relation to Nel ASA's Q2 2024 report

Oslo, 17th July 2024: Reference is made to the stock exchange announcements by Cavendish Hydrogen ASA ("Cavendish", OSE: CAVEN) and Nel ASA ("Nel", OSE: NEL) on 12th June 2024 regarding the completion of Nel's spin-off of Cavendish and first day of trading of Cavendish's shares on the Oslo Stock Exchange.

Further to the stock exchange announcement by Nel pertaining to Nel's second quarter 2024 report published simultaneous with this announcement, Cavendish hereby provides the following trading update:

Nel reports from discontinued operations in connection with the spin-off total revenue and income for the period 1st April 2024 – 7th June 2024 of NOK 47.0 million compared to NOK 84.2 million in Q2 2023. Cavendish expects that the revenue for the full second quarter of 2024 is in line with previous quarters and on level or better than Q2 2023.

Nel reports from discontinued operations in connection with the spin-off an operating loss for the period 1st April 2024 – 7th June 2024 of NOK -68.7 million compared to NOK -81.3 million for Q2 2023. Cavendish expects that the operating loss for the full second quarter is in line with previous quarters and on level or better than Q2 2023. The operating loss of NOK -68.7 million includes approximately NOK 22 million in non-recurring costs related to the spin-off and listing of Cavendish on the Oslo Stock Exchange completed in June 2024.

Cavendish's second quarter 2024 report is scheduled for publication 29th August 2024.

For further information, please contact:

Marcus Halland, CFO, +47 930 90 190

About Cavendish Hydrogen ASA:

Cavendish Hydrogen ASA is a leading hydrogen fueling company that specializes in the development, production, marketing, sales and service of equipment for fueling hydrogen into on-road vehicles. The company operates globally with offices in Denmark, California (the U.S), South Korea and Austria. The ongoing focus of the company is to develop its product portfolio to meet the expected market expansion for long-distance heavy-duty trucking. For more information, please visit https://cavendishh2.com/.

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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.