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Q2 2025 Presentation August 28, 2025
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Forward-looking information 2 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. 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 HydrogenASA’sbusinesses, raw material prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and other factors.
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Agenda 3 1. This is Cavendish Hydrogen 2. Business Update Q2 2025 3. Key Figures Q2 2025 4.Summary and Outlook
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We are in the business of ending emissions from mobility through reliable hydrogen fueling solutions 4 4 ©2024 Cavendish – All rights reserved
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Why Hydrogen 5 THIS IS CAVENDISH 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 10 min 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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Cavendish Hydrogen at a Glance THIS IS CAVENDISH HYDROGEN Source: Company information6 Geographical presence in key markets USA South Korea Poland France Germany Netherlands Canada Iceland United Kingdom Denmark Sweden Norway Latvia Belgium Italy Uniquely positioned to capture the Hydrogen opportunity One of the largest hydrogen station factories globally Employees ≈150 EUR million revenue 2024 31 Local service hubs on 3 different continents Years of legacy within hydrogen fueling +20 Kg. hydrogen dispensed in 2024 900.000
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Offering Fueling Equipment and Full Scope of Services 7 THIS IS CAVENDISH HYDROGEN Fueling Station Supply Source DispenserHydrogen Storage Project Management Project Engineering Installation Commissioning Maintenance Operation Support Services Design and Manufacturing Vehicles
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Cavendish Hydrogen’s Roadmap and Ambitions 8 THIS IS CAVENDISH HYDROGEN 2023 2025 15% Initiated development of high-capacity stations for heavy-duty mobility in 2023 Capitalize on insights derived from the light-duty market to standardize products and de-risk the high-capacity fueling business case Our next-generation hydrogen fueling stations are expected to be commercialized in 2025 Ambition to capture 15% of the high-capacity market for hydrogen fueling in Europe and Americas What we said during IPO in 2024 How have we delivered and status today Engineering, design, and bill of materials completed - Product ready for pilot sale The design of the new high-capacity hydrogen fueling station fully integrates field experience gained from light- and medium-duty fueling stations - ensuring improved reliability and operational robustness The product is now ready to commence pilot sale Ambition remains – we see Europe as a frontrunner thanks to the current tender activity and regulatory signals (AFIR)
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Agenda 9 1. This is Cavendish Hydrogen 2. Business Update Q2 2025 3. Key Figures Q2 2025 4.Summary and Outlook
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Q2 Business Highlights 10 Q2 2025 | BUSINESS UPDATE Appointed new CCO to position Cavendish for growth Opened two new fueling stations in California, together with a major US customer All-time-high dispensed volumes from Cavendish stations – 298 000kg ©2024 Cavendish – All rights reserved
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Record High Volumes Dispensed in Q2 2025 – Positive Signal for Future Sales 11 Source: Company data DISPENSED HYDROGEN ON CAVENDISH EQUIPMENT (Kg H2 dispensed) 0 50,000 100,000 150,000 200,000 250,000 300,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024Q4 2024 Q1 2025 Q2 2025 +41% SOUTH KOREA US EUROPE Q2 2025 | BUSINESS UPDATE Highlights Dispensed Figures World: ▪ 41% increase year over year ▪ Driven by higher utilization in the North American market North America: ▪ Close to 400% increase since last quarter, showing the hydrogen supply situation is improving and stations are being utilized Key T akeaway: ▪ Higher utilization and reliable operations paving the way for future sales
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Stations Completed or in Progress Q2 2025 | BUSINESS UPDATE 12 ▪ Completed first two stations with new major US customer - third one to be completed before the end of the year ▪ First ever station in Italy to be completed in Q3 - ready for the Olympics in Feb. 2026 ▪ The fourth station in France with a new customer soon to be completed NORTH AMERICA EUROPE 2 Sites 1 Site 1 Site 1 Site On-going Installation and Commissioning Stations completed
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Moreno Valley and Vacaville, California; Opened Two New Stations ▪ Stations engineered to deliver industry leading performance ▪ Stations in operation since Q2 2025 ▪ Operated with close to 100% availability, served 3 250 vehicles, and dispensed around 8 740kg hydrogen as of Aug 2025 ▪ Excellent feedback from end users ▪ Third station is in construction and expected to be completed before end of the year STRICTLY PRIVATE AND CONFIDENTIAL – ©2024 Cavendish – All rights reserved 13 Q2 2025 | BUSINESS UPDATE Availability + reliability = T rust
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Germany: A Strategic Growth Market for Cavendish Platform for Scalable Growth ▪ Positive market indications ▪ Supportive policy environment ▪ Proven operational success ▪ Good product fit 14 Q2 2025 | BUSINESS UPDATE
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15 AFIR mandates: 1 HRS every 200 km + urban node coverage AFIR forces member states to define and submit targets for build-out of hydrogen fueling network by end of this year 11 EU member states have submitted national policy frameworks under which they have introduced targets Under RED III Germany sets mandates for green hydrogen in transport fuels Uncertain geopolitical climate High energy/hydrogen prices affect customer business cases Lack of commitment from heavy duty hydrogen vehicle OEMs Incomplete funding structures Q2 2025 | BUSINESS UPDATE The Hydrogen Market Is Challenging, but We Are Seeing Good Signals
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16 Q2 2025 | BUSINESS UPDATE Source: Hydrogen Europe Alternative Fuels Infrastructure Regulation (AFIR) timeline
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Agenda 17 1. This is Cavendish Hydrogen 2. Business Update Q2 2025 3. Key Figures Q2 2025 4.Summary and Outlook
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Financial Performance Q2 2025 | KEY FIGURES 18 REVENUE & EBITDA (EUR million) Revenue ▪ 39 % revenue decrease from same quarter last year ▪ Fewer equipment deliveries and lower project activity ▪ Revenues from the service business were stable EBITDA ▪ EBITDA up 32% yoy ▪ Adjusted for non-recurring costs due to IPO in 2024, EBITDA was down 12% due to lower volumes ▪ Good cost control contribute positively Order Intake and Backlog ▪ Customer decisions take longer than expected ▪ Positive dialogue with existing and potential customers Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 9.2 5.7 6.4 3.7 3.7 -4.2 -6.6 -4.6 -2.3-2.6 -4.0 -3.5 -4.8 -2.3 REVENUE EBITDA One-off items related to contract termination (Q1 24), Spin-out (Q2 24) & restructuring (Q1 25) ORDER INTAKE & BACKLOG (EUR million) 5.1 Q2 24 Q3 24 Q4 24 Q1 25 2.6 Q2 25 25.7 21.0 17.4 14.6 10.9 Cash balance Q2 2025 EUR 28.7 million Q1 2025: 34.5m Intake Backlog 5.6 -7.1
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Agenda 19 1. This is Cavendish Hydrogen 2. Business Update Q1 2025 3. Key Figures Q1 2025 4.Summary and Outlook
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20 * Based on average 4 kg. h2 dispensed per fueling ©2024 Cavendish – All rights reserved ▪Q2 largely as expected ▪Our fueling stations operating steadily at customer sites ▪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 Summary and Outlook
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Next Quarterly Presentation Q3 2025 November 13, 2025 ©2024 Cavendish – All rights reserved 21
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