Q2 2025 Presentation

15 August 2025

Agenda

› Introduction
› Highlights & recent developments
› Financials
› Market update
› Partnership strategy
Q&A

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.

Serving industrial applications and hard-to-abate sectors

HydrogenPro delivers to 2 of the 10 largest projects (excl. China)

(Electrolyzer capacity MW p.a.)

Agenda

› Introduction
› Highlights & recent developments
› Financials
› Market update
› Partnership strategy
Q&A

Continued positive HSE development

ACES starting up, SALCOS in assembly

PROJECT	SIZE & USE	SCOPE	STATUS & NEXT STEPS
ACES (USA)	› 220MW › Renewable fuel for power generation	› Electrolyzer stacks + gas separator › 2nd gen technology	› Manufacturing and installation completed › Final commissioning stage
SALCOS (GERMANY)	› 100 MW › Green steel production	› Electrolyzer stacks › Partly 3rd generation technology	› Main components manufactured and electrodes under delivery now › Installation and commissioning in 2026

ANDRITZ opened giga assembly site in Erfurt, Germany

› HydrogenPro's advanced stack technology will be assembled into complete electrolyzers – combining our proven innovation with the renowned precision of German engineering
› ANDRITZ' new facility will start with a capacity of ~1 gigawatt, equivalent to around 160–200 electrolyzers annually
› Nearly 100 specialists will be employed in the new plant
› The site combines 125+ years of industrial heritage and existing infrastructure
› The inauguration of the Electrolyzer Gigafactory in Erfurt marks a major leap forward in HydrogenPro and ANDRITZ' shared mission to accelerate the energy transition Mario Voigt, Ministerpräsident Thüringen

Joachim Schönbeck, CEO ANDRITZ

350 MW manufacturing capacity of 3rd generation technology continues to evolve in Aarhus, Denmark

Update on manufacturing capacity in Denmark

› Coating Line 1 was installed and is fully operational at our Aarhus site in Denmark. This line provides a strong foundation for further performance improvements.
- o Producing Gen 3 electrodes for SALCOS.
› Achieving excellent consistency and uniformity.
› Increasing productivity and output toward target capacity.
› Expanding testing capacity for:
- o quality control of production.
- o continued R&D activities

These achievements are part of the EU-funded H2-GIGA project with a grant of €16.5 million, supporting the European Unions Net-Zero goals through industrial-scale hydrogen technology.

Full-scale validation test confirming Gen3 electrodes and drives further performance improvements

Purpose	› In cooperation with Andritz validating stack performance and operating conditions 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.

› Electrodes produced in Aarhus
› Stack assembled by in Erfurt
› Test in start-up phase
› 500 hours testing Q1 2025 at Herøya
› Industrial manufacturing of European value chain demonstrated for pressurized alkaline electrolyzers

From Herøya, Norway

Additional cell voltage improvement obtained for new electrodes

Significant progress has been achieved over the past 3–4 months, including:

› Uniform electrode coating
› Improved electrode adhesion
› 17% reduction in voltage (energy consumption) at Beginning of Life (BoL)
› Based on recent modelling of reduced shunt currents, energy consumption is expected to reach 4.5 kWh/Nm³ (BoL)
› Successful launch and operation of a new full-size, net-shape production line

Agenda

› Introduction
› Highlights & recent developments
› Financials
› Market update
› Partnership strategy
Q&A

Key P&L items

NOK million	Q2 2025	Q1 2025	Q2 2024	FY 2024
Revenue from contracts with customers	13	22	50	196
Direct materials	10	15	58	147
Gross profit	3	7	-8	49
	-
Gross margin	22 %	32 %	-17 %	25 %
Personnel expenses Other operating expenses	- 32 19	39 18	32 25	144 109
EBITDA	-48	-50	-65	-204
Depreciation and amortization expenses	5	6	6	23
EBIT	-54	-55	-71	-227
Net financial income and expenses	-22	-10	-6	27
Profit/(loss) before income tax	-76	-65	-77	-200
Income tax expense	-	-	-	-
Profit/(loss)	-76	-65	-77	-200

› Q2 revenues mainly relates to deliveries to SALCOS project (ANDRITZ)
› Remaining deliveries on SALCOS project are 3rd Gen electrode technology supplied from Denmark
› Gross margin in second quarter 2025 is negatively impacted by NOK 5 million in additional project expenses
› NOK 18 million impairment of convertible note to DG Fuels

Cash balance, changes in cash and backlog

NOK million	Q2 2025	Q1 2025	Q2 2024	FY 2024
Cash balance start of period	165	191	185	161
EBITDA	-48	-50	-65	-204
Changes in NWC & other	-6	-23	46	182
Investments	-2	-22	-0	-25
Financing	-1	68	82	78
Total changes in cash	-58	-26	62	31

Cash balance end of period	107	165	247	191

Backlog	287	318	417	305

› Investments: primarily expansion in manufacturing capacity in Aarhus (NOK 35 million is completed out of total budget cost of NOK 60 million)
› Changes in NWC & other driven by increased inventory level
› Cash balance excludes LONGi Hydrogen's equity investment of NOK 70 million. The transaction was completed in July 2025

NOK 40 million annual savings plan on track

Annualized cost savings (MNOK)

Not in scope: all project-related expenses, incl. upstaffing in Denmark and H2 giga project preparations

Agenda

› Introduction
› Highlights & recent developments
› Financials
› Market update
› Partnership strategy Q&A

Focusing on three main areas

HydrogenPro's focus areas

› Established footprint in Europe and North America
› Increased focus on India and Middle East

Source: IEA Hydrogen database. Commissioning year 2023-2030, electrolysis, feasiiblity study/ FID/under construction

Most green H2 projects are in regions with strong economics, but demand comes from regulated, high-offtake markets like Europe

Note 1) Average across region; 2) Only includes green H2 with expected COD by 2030; 3) China capacity excluded due to database underrepresentation | Source: IEA; BNEF; Global Data; Lit. search

Market Overview | Europe

MARKET DIRECTION

122 GW

announced pipeline with

~30%

COD by 2030

CAGR ('25-'30)

SECTOR LANDSCAPE

Economics
- Nordic and Spanish power prices are competitive, but hydrogen production costs exceed MENA's due to higher land, BOP, and grid costs.

B Regulation

RED III aligns H2 uptake across EU states, mandating 42% renewable hydrogen in industry by 2030 (60% by 2035), though implementation lags.
RED III is supplemented by RFNBO uptake targets (e.g., RefuelEU, FuelEU Maritime) with penalties for noncompliance.
Some countries set higher goals (e.g., Germany, Denmark, Netherlands).
EU H2 tenders are expanding, likely supporting ~9 GW of mature projects by 2030.

Offtake C

Early demand comes from existing industry and regulation-driven high willingness to pay.
Additional momentum comes from rules enabling double-sided auctions (H2Global) and CfDs to bridge the gap between production costs and end-user prices.

Sources: European Commission, UK Department of Energy & Climate Change, GlobalData, Company Websites

National funding programs and regulation ramp up for countries with significant volumes of announced green H2 projects

Projects most likely to reach completion in Spain & N. Europe

Announced1 green H2 project pipeline, Europe (GW, '25-'30)

Example funding mechanisms by country (non-exhaustive)

June 2025: National H2 Valleys program awarded ~€1.2B, plus EU Hydrogen Bank projects (+40% of winning projects2)

Oct 2023: Danish PtX tender launched with ~€170M, plus EU Hydrogen Bank projects (+35% of 2024–2025 winners2)

Ongoing H2Global tender and emerging large-scale carbon contracts for difference3 program (approved by EU in March 2025)

July 2025 funding through national H2 auction (~€1B awarded) and participation in H2Global

Ongoing significant funding via HAR2 negotiations building

Note: 1) Full pipeline of publicly announced projects, unfiltered by development / FID status; 2) Round 2 winners announced in May 2025; 3) Funding available to other heavy industry decarbonisation levers as well; 4) e.g., Danish PtX tender | Source: Global Data, Bain analysis