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Q2 2026 Presentation August 27, 2026
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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. Business Update Q2 2026 3. Key Figures Q2 2026 4.Summary and 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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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 Congestion Battery charging a truck would require a 7-11,000 kW grid connection – hydrogen fueling only 900 kW
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Offering Fueling Equipment and Full Scope of Services 6 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 7 1. This is Cavendish Hydrogen 2. Business Update Q2 2026 3. Key Figures Q2 2026 4.Summary and Outlook
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8 Q2 Business Highlights Legal Settlement Agreement in the US • Settlement Agreement with Iwatani Corporation of America • Eliminates further legal costs and mitigates litigation risk in the US New Contract Award in Luxembourg • Back-to-back commercial momentum • Continued expansion across key European markets • Building on long-standing partnership with Mesure Process EUR 1.3 Million Funding Award in Europe • European funding to accelerate next-generation hydrogen compression technology • Reinforcing our competitive position by enabling Cavendish Hydrogen to extend its proprietary technology reach EUR 4.8 Million Cornerstone Investment • EUR 4.8 million direct share issue – ~15% ownership • Validation of Cavendish Hydrogen’s technology & strategy • Moving from transaction to active collaboration with BHDT Q2 2026 | BUSINESS UPDATE
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Near-term Market Uncertain, but Positive Developments Advancing Market Situation • Increased activity in the market, but customer decision cycles continue to be long • 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 Positive Developments • Germany 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 • Netherlands EUR 45 million SWiM funding program in Q2 completed, annual continuation of the program comitted • Geopolitics and higher oil prices driving increased focus on hydrogen production 9 Q2 2026 | BUSINESS UPDATE Project timing volatile, but the underlying drivers in our core markets are moving in the right direction
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Germany and Netherlands Funding Creates New Bidding Opportunities for Cavendish 10 Q2 2026 | BUSINESS UPDATE 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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Contract Award in Q2: Hydrogen Fueling Station in Luxembourg • Cavendish Hydrogen supplies the station • Long-standing partner Mesure Process acts as EPC and maintenance contractor • The customer is a leading European energy company • The project aims to decarbonize mobility and is part of a major initiative funded under the European Commission's Horizon Europe Program 11 Q2 2026 | BUSINESS UPDATE Proof of scale, competitiveness, and commercial momentum building across Europe EUR 1.4 Million Contract Value 2027 Delivery Industrial Users & Bus Fleets Application Growing Cavendish European Commercial Track-Record Poland Italy Germany Luxembourg
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Litigation Concluded Settlement removes future legal costs and mitigates litigation risk in the US. Cavendish, Nel, and Iwatani affirm continuing commitment to the hydrogen fueling industry. Resolution of US Litigation 12 Q2 2026 | BUSINESS UPDATE EUR 2.6 Million Cavendish Settlement FEB 2024 Lawsuit filed JUN 2026 Settlement reached Full and F inal Resolution: No Admission of Liability No Impact Expected Outlook
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Production Compression HyMEGA Focus Storage & Dispensing HyMega: EU Funding for Next-Gen Compression Sized for approx. 5 MW electrolyzer flow rates 13 Q2 2026 | BUSINESS UPDATE EUR 1.3 Million Funding Awarded CET Partnership Program Consortium Leader Cavendish Role Why Compression Matters • Most energy-intensive step after production • Major contributor to delivered hydrogen cost Why it Matters for Cavendish • Further develops our proprietary compression technology • Lower compression cost means lower cost for customers • Sharpens our edge in heavy-duty transport and buses
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Transaction Completed: BHDT Becomes Cornerstone Investor BHDT, a leading Austrian specialist in high- pressure hydrogen equipment, is now a long- term anchor shareholder and industrial partner, combining Cavendish’s systems expertise with BHDT’s manufacturing capabilities. Cash received in Q2. Cavendish Hydrogen and BHDT are now deepening and exploring the partnership for synergies. Cavendish is assessing BHDT’s storage as a potential complement to its own systems. The two companies continue to explore further collaboration across BHDT’s broader group. 14 Q2 2026 | BUSINESS UPDATE EUR 4.8 million Strategic Equity Investment ~15% Share of Capital NOK 8.73 Subscription Price per Share Beyond the capital, this partnership is a vote of confidence in Cavendish from an established industrial player
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Europe Dispensing Near Record Levels as Overall Volumes Stay High - US Softer 0 10 20 30 40 50 60 0 100 000 200 000 300 000 400 000 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 South Korea US Europe Number of stations* 336 203 kg +12% yoy 29 stations ~93% of total volumes 57 stations in active operation 15 Q2 2026 | BUSINESS UPDATE *Number of stations consistently dispensing more than 1,000 kilograms per month Kg of hydrogen dispensed Number of stations*
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Stations Completed or in Progress Q2 2026 | BUSINESS UPDATE 16 EUROPE 2 Stations On-going Installation and Commissioning Stations completed 1 Station 1 Station Europe Finalizing one station in Poland in Q2 Delivered equipment for two stations in Italy, progressing toward commissioning Luxembourg station awarded in Q2 - delivery scheduled for 2027 German project OVAG completed permitting phase, moving into equipment delivery phase 1 Station
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Agenda 17 1. This is Cavendish Hydrogen 2. Business Update Q2 2026 3. Key Figures Q2 2026 4.Summary and Outlook
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Financial Performance Q2 2026 | KEY FIGURES 18 REVENUE & EBITDA (EUR million) Revenue Revenue growth of 57% from previous quarter due to more equipment deliveries. 23% revenue decrease yoy, mainly from lower installation and commissioning activity in the US EBITDA and Cash Costs from the legal case including the settlement amounts to EUR 3.9m (EUR 1.0m second quarter LY) Lower indirect cost base -> see the results from earlier restructuring sharpened focus on EU market Cash balance of EUR 16.4 million, including the BHDT investment of EUR 4.8 million completed in Q2 Order Intake and Backlog Order intake includes new order from Luxembourg 5.6 4.1 1.9 2.8 4.4 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 Increased revenue in Q2 - cost reductions showing results -5.8 -5.4 -3.1 -3.7 -0.1 CASH DEVELOPMENT Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 -4.0 ORDERS One-off costs related to legal settlement in the US Adjusted EBITDA as described in Alternative Performance Measures in the quarterly report
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Agenda 19 1. This is Cavendish Hydrogen 2. Business Update Q2 2026 3. Key Figures Q2 2026 4.Summary and Outlook
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20 ©2024 Cavendish – All rights reserved Q2 2026 Highlights BHDT strategic investment completed, cornerstone industrial partnership moving from transaction to active cooperation Iwatani litigation amicably resolved, removing a legacy risk European funding award reinforcing our competitive position Markets Remain Uncertain, but Advancing Regulatory landscape is taking shape, but project timing remains volatile as regulations are not yet fully in place Germany’s June funding program heavily oversubscribed Netherlands SWiM program completed in Q2, continuation expected Cavendish is Well-Positioned Proprietary technology and track-record set us apart Financial position stable Leaner cost base Summary and Outlook
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Financial Calendar Q3 2026 November 12, 2026 ©2024 Cavendish – All rights reserved 21
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