HydrogenPro ASA

Investor Presentation • Feb 25, 2025

Q4 2024 Presentation

25 Februrary 2025

This presentation contains forward-looking statements and information, including assumptions, opinions and views of the Company or third-party sources, and are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forwardlooking statements or information. The Company does not provide any assurance that the assumptions underlying such statements or information are free from errors nor accept any responsibility for the future accuracy of opinions expressed herein or as part of the Information, or the actual occurrence of forecasted developments.

Agenda

• › Quarterly highlights
• › Financials

Q&A

Implementation of a solid HSE culture gives results

Lost Time Injuries Frequence - Last Twelve Months

Serving industrial applications and hard-to-abate sectors

HydrogenPro delivers 2 of the 10 largest projects (excl. China) estimated to come online in 2025

(Electrolyser capacity MW p.a.)

Source: IEA "Hydrogen production projects" database

Leading industry position validated by strong partners

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A cooperation with LONGi enables global leadership

Solid partnerships enable delivery power on large-scale projects globally

Our partners provide HydrogenPro with a global reach

Committed to energy transition and Hydrogen as a key enabler

Geopolitical tensions increases risk of delayed energy transition …

… but HydrogenPro has made several proactive measures to maneuver in today's market conditions

Market backdrop

• Market is slower than expected, leading to oversupply of electrolyser capacity
• Increased competition from Chinese OEMs
• Increased focus on track record, safe, reliable and documented technology

HydrogenPro positioning

• Headquartered in Norway combined with cost-leading supply chain position on a global scale
• Raised capital from strategic partners, at a premium
• Strict capital discipline with postponed US expansion plan
• Entered into partnership with ANDRITZ
• Entering into partnership with LONGi to strengthen competitiveness further
• Delivering two of the 10 largest projects globally (ex. China)
• Offering well-documented high-pressure alkaline with advanced electrodes

China continues as the driving force in the renewable era

In 2024, mainland China invested more in the energy transition than US, EU and UK combined

Underlying alkaline electrolyser deliveries in 2025 and 2026 estimated to exceed NOK 50bn

Alkaline market forecast

Sources:

1) Electrolyser deliveries (GW): S&P Global Commodity Insights Update (28 August 2024).

2) Electrolyser deliveries (NOK bn): Company analysis based on S&P's GW deliveres and assumed price of NOK 3 million per MW

Despite several project cancellations in the market, HydrogenPro's pipeline remains strong

Note: All numbers exclude DG Fuels 1. Value is equivalent to €9.9bn and €3.7bn. Numbers in brackets: data as of previous quarter

HydrogenPro will meet the new requirements from the European Hydrogen Bank

• › On 27 September 2024, the European Hydrogen Bank introduced new terms where prospective projects will not be allowed to source more than 25% of electrolyser stacks — covering surface treatment, cell unit production, and stack assembly—from China
• › HydrogenPro fully complies with the European Hydrogen Bank's funding requirements for our European projects. Any necessary adjustments to our supply chain will be minimal.
• › HydrogenPro currently delivers electrolyser systems to one of the largest projects (100MW) in Europe a project with significant support (€ 700 million in federal funding and € 300 million from the state government)

Superior positioning vs. other technologies

Continuing R&D and technology development for cost leadership and lower LCOH

		PEM	Alkaline
		High pressure	Atmospheric pressure	High pressure		3rd Gen
	Plant efficiency
	Low cooling need
	No noble materials
	Suitable for renewable energy
	High pressure on O2
	Suitable for P2X1 plants
	Proven for large-scale plants
Best capability Average capability Legend: 1. P2X = Power-to-X				No/limited capability

Delivery update on ACES and SALCOS projects

PROJECT	SIZE & USE	SCOPE	STATUS & NEXT STEPS
ACES (USA)	• 220MW • Renewable fuel for power generation	• Electrolyser stacks + gas separator 2nd • gen technology	• Manufacturing completed • Installation and commissioning in 2025
SALCOS (GERMANY)	• 100 MW • Green steel production	• Electrolyser stacks • Partly 3rd generation technology	• Main components manufactured, electrodes to be delivered in 2025 • Installation and commissioning in 2025/ 2026

SALCOS project groundbreaking cermony

Press release 20 February 2025:

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350 MW manufacturing capacity of 3rd generation technology to start up in Aarhus, Denmark

• › Delivered on time and below budget (NOK 70 million)
• › Full production later in Q1 2025
• › On-going work for even further capacity expansions

Pictures from Aarhus, Denmark

Joint full-scale validation program with ANDRITZ

Purpose	› Validate stack performance and operating conditions for the SALCOS project including new design improvements to reduce shunt currents and 3rd gen technology
Location	› Herøya, Norway
Equipment	One stack w/ 50% 3rd › gen technology and gas separator + Coriolis measurement (gas production), continuous cell voltage monitoring, pressure drops, temperatures, pressure sensors etc.
Status and next steps	› Stack assembled by ANDRITZ in Erfurt › Test in start-up phase › 500 hours test during Q1 2025 at Herøya, Norway

From Herøya, Norway

Agenda

› Quarterly highlights

› Financials

Q&A

Key P&L items

NOK million	Q4 2024	Q3 2024	Q4 2023	FY 2024
Revenue from contracts with customers	70	72	127	196
Direct materials	41	53	71	147
Gross profit/(loss)	29	19	56	49
Gross margin	41 %	26 %	44 %	25 %
Personnel expenses	42	40	22	144
Other operating expenses	31	18	22	109
EBITDA	-44	-38	12	-205
Depreciation and amortization expenses	6	6	6	23
EBIT	-50	-44	6	-228
Net financial income and expenses	12	6	-11	27
Profit/(loss) before income tax	-38	-38	-5	-200
Income tax expense	0	0	0	0
Profit/(loss)	-38	-38	-5	-200

• › Q4 revenues mainly related to deliveries on SALCOS project
• › Manufacturing of main components completed.
  • − Electrodes to be manufactured in Aarhus, Denmark and delivered during 2025
• › Higher gross margin mainly driven by lower ACES costs in Q4 2024 vs. Q3 2024
• › Opex increase of NOK ¹³ million in Q4 '24 vs Q3'24 due to i) NOK 6 million provision reversal in Q3, ii) NOK 3 million higher professional services and other costs partly related to capital raise, and iii) NOK 4 million recognized project costs related to SALCOS

Cash balance, changes in cash and backlog

NOK million	Q4 2024	Q3 2024	Q4 2023	FY 2024
Cash balance start of period	188	247	133	161
EBITDA Changes in NWC & other Investments Financing	-44 58 -9 -1	-38 -3 -15 -3	12 25 -8 -1	-205 183 -25 78
Cash balance end of period	191	188	161	191
Backlog	305	341	423	305

› Investments mainly related to expansion of electrode manufacturing capacity in Aarhus, Denmark.The expansion is completed on time and well within budget in February 2025

› No significant new contracts signed in Q4 2024

Cost leadership is a key competitive advantage

• › One core technology
• › Large-scale solutions
• › Lean global organization with strong partnerships
• › Cost-competitive supply chain

Foundation Key focus areas

• › Cost measures to adjust cost base in line with project deliveries
• › Very limited committed capital. Expansion in Denmark delivered on time and below budget
• › Technology & innovation mostly funded with R&D grants
• › Retain a sustainable net working capital

Cost reduction measures

› Downsizing in Europe

› Reduced use of external consultants

› Reducing Tianjin manufacturing activity

› Shanghai office "dormant"

> 40 MNOK annual savings

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Agenda

› Quarterly highlights

› Financials

Q&A

Key investment highlights

Vast TAM and massive growth potential for green H2 underpinned by secular tailwinds Favorable government policies provide critical support; new end markets unlock a bigger TAM for green H2

HydrogenPro's 3rd-generation technology drives significant LCOH reductions Technology developed for 10+ years with extensive R&D efforts

Substantial commercial traction with ACES hub and ANDRITZ contracts Manufacturing for 220MW ACES project completed; 100MW ANDRITZ project in progress

Manufacturing capacity in place to service demand today with plans to expand globally Existing 500MW capacity in China; investing in 350 MW electrode capacity in Denmark

Scalable business model positioned to grow Recurring revenue and optimized production systems

World-class leadership team with deep industry knowledge Management team brings valuable insights and execution capabilities in the hydrogen sector

Market leading global provider of large-scale green hydrogen technology & systems