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Hydrogen Infrastructure, Delivered Sep 15, 2026 Robert Borin, CEO The Future of Energy Virtual Conference Hosted by mwb research AG
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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 A S A’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 A S A’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. Investment Case 3. Financials & Operations 4.Near-Te r m Growth Catalysts 5. Delivering T oday 6. Summary & Outlook
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4 We are in the business of ending emissions from mobility through reliable hydrogen fueling solutions
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20+ Years of Developing Fueling Solutions Across the World 5 THIS IS CAVENDISH HYDROGEN STATIONS IN OPERATION 57 MARKET PRESENCE Europe & USA CORE SEGMENT Heavy-Duty & Buses LEGACY 20+ Y ears STATIONS UNDER DEVELOPMENT OPERATING STATIONS Europe USA Asia Germany Luxembourg Italy Poland OFFICE LOCATIONS Herning, Denmark HQ Oslo, Norway Vienna, Austria Irvine, CA USA
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Why Hydrogen 6 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 Congestion Comparing Battery electric and Hydrogen fueling, a battery electric heavy-duty charging station requires 10 times more grid connection
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Why Heavy-Duty 7 THIS IS CAVENDISH HYDROGEN Source: Council of the European Union, March 2026 Hydrogen can cut this significantly High decarbonization potential, without overloading the grid >25% of European transport emissions come from heavy- duty vehicles
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Offering Fueling Equipment and Full Scope of Services 8 THIS IS CAVENDISH HYDROGEN Fueling StationSupply Source DispenserHydrogen Storage Project Management Project Engineering Installation Commissioning Maintenance Operation Support Services Design and Manufacturing Vehicles
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Agenda 9 1. This is Cavendish Hydrogen 2. The Investment Case 3. Financials & Operations 4.Near-Te r m Growth Catalysts 5. Delivering T oday 6. Summary & Outlook
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10 Why Invest in Cavendish Hydrogen THE INVESTMENT CASE Proven Execution Stations built, commissioned, and generating recurring service revenue across Europe, Asia, and the US Proprietary Te c h n o l o g y 20+ years of hydrogen fueling know-how in a scalable platform Strategic Partnerships BHDT, a strategic anchor investor and industrial partner Policy T ailwinds National funding programs for fueling stations in Germany and the Netherlands
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Agenda 11 1. This is Cavendish Hydrogen 2. The Investment Case 3. Financials & Operations 4.Near-Te r m Growth Catalysts 5. Delivering T oday 6. Summary & Outlook
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Recent Financial Performance FINANCIALS & OPERATIONS 12 REVENUE & EBITDA (EUR million) 2.6 0.1 0.0 0.9 2.1 3.0 4.0 1.8 1.8 2.3 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 -3.6 -3.1 -3.8 -3.1 -2.1 -1.2 -0.5 -1.0 -0.1 -0.1 -0.4 -3.9 -4.4 -3.9 -4.6 REVENUE EBITDA One-off items related to restructuring ORDER INTAKE & BACKLOG & Cash (EUR million) 2.8 11.6 9.6 10.9 6.6 Intake Backlog -5.9 6.0 2.42.6 8.5 3.8 -5.8 -5.4 -3.1 -3.7 -0.1 CASH USAGE DEVELOPMENT Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 -4.0 ORDERS One-off costs related to legal case in the US Adjusted EBITDA as described in Alternative Performance Measures in the quarterly report 5.6 4.1 1.8 2.8 4.4 Revenue from projects, I&C and service Revenue from equipment sales
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A Track Record Built on 20+ Years of Continuous Improvement Newest-generation stations account for more than 90% of volume dispensed T echnology improved across successive station generations, built on 20 years of field experience Quality and reliability remain a central focus of the product roadmap 13 FINANCIALS & OPERATIONS 90+ Stations sold since start 57 Stations in operation >330 000 kg Hydrogen dispensed, quarterly Currently developing stations in Germany Poland Italy Luxembourg
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Agenda 14 1. This is Cavendish Hydrogen 2. The Investment Case 3. Financials & Operations 4.Near-Te r m Growth Catalysts 5. Delivering T oday 6. Summary & Outlook
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Germany & The Netherlands; A Near-Term Catalyst Germany - NOW/BMV1 EUR 220 million funding program in June for new stations for trucks and hydrogen powered commercial vehicles – heavily oversubscribed with 70+ applications for hydrogen fueling stations The Netherlands – SWiM2 EUR 45 million SWiM funding program in Q2 completed, annual continuation of the program committed 15 NEAR -TERM GROWTH CATALYSTS 1. NOW GmbH, on behalf of Germany's Federal Ministry of Transport (BMV), coordinates the funding program. 2. SWiM (Subsidieregeling Waterstof in Mobiliteit), administered by RVO on behalf of the Dutch Ministry of Infrastructure and Water Management. Oversubscribed On Schedule
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Order Conversion Timing NEAR -TERM GROWTH CATALYSTS 16 Applications received Germany funding oversubscribed Funding awards announced T endering processes initiated FID and award to suppliers Cavendish in contention Q2 2026 Q4 2026 Q2/Q3 2027 EUR 220M ~40 stations EUR 45M ~12 stations
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Market Situation in Europe Increased activity in the market, but customer decision cycles continue to be long 17 NEAR -TERM GROWTH CATALYSTS Policy and financing on the horizon for mid-2027 FIDs, make 2026 visibility challenging across the industry Regulatory landscape is taking shape, but project timing remains volatile as regulations are not yet fully in place More hydrogen vehicle producers are entering the market, but vehicle availability is still lower than expected
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Agenda 18 1. This is Cavendish Hydrogen 2. The Investment Case 3. Financials & Operations 4.Near-Te r m Growth Catalysts 5. Delivering T oday 6. Summary & Outlook
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19 Strengthening Our Platform: Recent Headlines DELIVERING TODAY Legal Settlement Agreement in the US A legacy legal matter, settled full and final, and closed out in Q2 EUR 4.8 Million Cornerstone Investment:~15% ownership Strategic equity investment and cooperation and a deepening relationship with BHDT GmbH EUR 1.3 Million Funding Award in Europe European funding to accelerate next-generation hydrogen compression technology Importance Removes a long-running drain of time, cost and risk to the company, with no further financial exposure Importance External validation from an industrial anchor investor with deep engineering expertise Importance Reinforcing our competitive position by enabling Cavendish Hydrogen to extend its proprietary technology reach
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20 Converting Backlog Into Stations DELIVERING TODAY Station Status Note Chevron, USA (two stations) Commissioned in Q2 2025 Alperia, Italy Commissioned in Q3 2025 Mesure Process, France Commissioned in Q4 2025 Chevron, USA Commissioned in Q1 2026 PAK PCE, Poland Expect to be commissioned in H2 2026 Hydroalp, Italy (two stations) Expect to be commissioned in H2 2026 Mesure Process, Luxembourg Expect to be commissioned in H1 2027 OVAG, Germany (two stations) Expect to be commissioned in H1 2027 Commissioning Operational Operational Operational Operational Commissioning Under Construction Under Construction
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Agenda 21 1. This is Cavendish Hydrogen 2. The Investment Case 3. Financials & Operations 4.Near-Te r m Growth Catalysts 5. Delivering T oday 6. Summary & Outlook
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22 Why Invest in Cavendish Hydrogen SUMMARY & OUTLOOK Proven Execution Proprietary Te c h n o l o g y Strategic Partnerships Policy T ailwinds Near-T erm Catalysts T o Watch Germany/Netherlands order conversion, from H1 2027 Germany, Poland, Italy, and Luxembourg stations progressing
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Cavendish Hydrogen ASA Questions 24 INVESTOR RELATIONS CONTACT LISTING Mirza Koristovic IR@cavendishh2.com Oslo Børs Head of Treasury & Investor Relations +47 938 70 525 CAVEN