Slides
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21 August 2026 Q2 2026 Presentation
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Disclaimer 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.
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3 Agenda 1 Introduction 2 Financials 3 Technology and market update 3
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Cell stacks Gas separator HydrogenPro Scope of Supply EPC H2 Buffering Purification Compression EPC Current breaker Transformer Rectifier Cooling Water Feedwater Nitrogen strippingN + Control and Safety philosophy / Software HydrogenPro delivers the core components in a hydrogen factory – cell stacks and gas separators …and can facilitate end-to-end scope via our EPC partners End-to-end scope can be supplied through HP’s partners
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5 Serving industrial applications and hard-to-abate sectors Fertilizer/ ammonia Steel production Balancing the grid H2O Renewables Water Power-to-gas Refinery/ decarbonization Synthetic fuel O2 + H 2 Global provider of large-scale pressurized green hydrogen systems and game- changing electrode technology
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6 Optimized high-pressure alkaline technology is our baseline – advanced electrodes provide competitive edge Plant efficiency Alkaline Atmospheric pressure High pressure PEM High pressure Best capability Average capability No/limited capability 2 Low cooling need No noble materials Suitable for intermittent renewable energy High pressure on H2 and O2 Suitable for P2X1 plants Proven for large-scale plants 1. P2X = Power-to-X, 2. High BoP cost 2. High BoP cost
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7 Two world-class reference projects establish proven delivery credentials ACES — 220 MW (Utah, USA) SALCOS — 100 MW (Salzgitter, Germany) © Salzgitter AG
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8 Global scale through partners: Resilience through lean core HQ R&D / Electrode Coating Sales/admin QHSE/admin EPC/system integrator EPC/system integrator EPC/system integrator <50MW Manufacturing of HydrogenPro electrolyzer stacks Partnership ecosystem EPC/system integrator
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9 Q2 2026 — four milestones sharpened our focus Technology improvements Production of new Gen 4 electrodes started, delivering improved design, efficiency and durability. Strategic review Strategic review launched in May 2026; capital raise completed in July. Review process continues. China restructuring Following the OEM agreement with LONGi, China operations move to a leaner team with asset disposals underway. Near-term pipeline Projects worth MNOK 300 expected. Awards pending final regulatory approval and technical review. II IIII IV
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10 HP pipeline maturing with projects of almost MNOK 300 in total value closest to contract EARLY-STAGE PIPELINE MATURE PIPELINE CONTRACT NEGOTIATIONS Phase 4NEAR-TERM PROJECTS Active dialogue, FEEDs, tenders — broad opportunity set across EU, APAC, US and MENA Customer-side funding clarified; HydrogenPro shortlisted or in commercial negotiation ~NOK 1 bn through 2026/2027 with FIDs spread across quarters HydrogenPro selected as supplier Total value close to MNOK 300 Contract awards awaiting final regulatory approval and detailed technological review
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11 Agenda 1 Introduction 2 Financials 3 Technology and market update 11
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12 › Q2 2026 revenues mainly driven by SALCOS project deliveries › The gross margin in Q2 positively impacted by the reversal of MNOK 12 in direct material expenses that had been recognized in the prior year › Reduced payroll in line with downsizing, mainly in China › The increase in other operating expenses vs. Q1 is mainly driven a reversal of prior-year provisions in Q1 2026. In addition, the Group incurred approx. MNOK 2 in expenses related to the capital raise during the second quarter, i.e. underlying continued reduction in other operating expenses › MNOK 32 impairment related to HydrogenPro’s China operations following decision to outsource production to LONGi Key P&L items NOKm Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue 35 17 16 15 Direct material 16 20 6 -9 Gross profit 19 -4 10 24 Gross margin (%) 55 -23 62 158 Payroll 36 30 30 25 Other Opex 28 16 11 15 EBITDA -45 -49 -32 -16 Dep & Impairment -6 -5 -5 -37 Net Financial Items -3 -5 -5 2 Net result -54 -44 -41 -51
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13 Cash balance, changes in cash and backlog › Net cash increased with MNOK 3, driven by positive working capital movements and private placement › Investments mainly related to expansion of electrode manufacturing capacity in Aarhus › Financing cash flow: MNOK +14. Private placement of MNOK 15, partly offset by lease-liability payments NOKm Q3 2025 Q4 2025 Q1 2026 Q2 2026 Cash balance start of period 107 121 102 56 EBITDA -45 -49 -32 -16 Changes in NWC & other -2 37 -10 8 Financing 68 -5 -2 14 Investments -6 -3 -3 -3 Cash Balance end of period 121 102 56 59 Order Backlog 252 275 252 262
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14 Lowering our cost base, while maintaining delivery capacity Payroll expenses (excl. severance pay) (MNOK) 93 86 91 74 Q3 25 Q4 25 Q1 26 Q2 26 33 28 30 24 Q3 25 Q4 25 Q1 26 Q2 26 Number of FTEs -20% -28%
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Agenda 1 Introduction 2 Financials 3 Technology and market update 15
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16 The next-generation design is ready to be launched. Three main levers continue to drive down the cost of hydrogen. LIGHT Less raw materials, easier logistics and installation COST EFFECTIVE Lower cost per kilo of hydrogen EFFICIENT Higher yield per stack across the full operating range Lower capex per installed MW Lower levelized cost of hydrogen (LCOH) Light, efficient and cost-effective electrolysers for low LCOH
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17 Validated performance of recent innovations has led to great efficiency and lifetime gains as the outcome 01 DYNAMIC TESTING Tested extensively for more than 20,000 hours combined during steady and dynamic operation Recent innovations continues to drive efficiency gain - 20% voltage reduction through three electrode generations 0 1000 2000 Voltage (V) Time (hours) Gen 2 (2022) Gen 3 (2024) Gen 4 (2026) -20% 02 EFFICIENCY GAIN Optimized electrode coating secures best-in-class coatings below the 4.5 kWh/Nm³ mark 03 LIFETIME EXTENSION Captured learnings to design functional and durable coatings for a lifetime
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18 Delivering to 100MW SALCOS project in Germany Electrolyzers installed with latest generation electrodes HydrogenPro CEO Jarle Dragvik visited ANDRITZ at the Salzgitter site in June 2026, where one of Germany’s flagship green hydrogen projects is taking shape.
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19 RED III - Transport ReFuelEU Aviation FuelEU Maritime RED III - Industry ETS I / CBAM Industrial Accelerator Act Six EU policies drive demand – moving from ambition to obligation
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20 Fuel must contain e-SAF 1.2% from 2030, rising to 35% by 2050 → Only electrolysis qualifies Biofuel does not count as e-SAF; blue hydrogen is excluded → Penalty ≥ 2x e-SAF green premium Required installed electrolysis capacity implied by the EU e-SAF mandate ~3 GW 2030-31 1.2% mandate ~5 GW 2032-34 2% mandate ~13 GW 2035 5% mandate ~26 GW 2040 10% mandate ~40 GW 2045 15% mandate ~90 GW 2050 35% mandate Regulation (EU) 2023/2405 (ReFuelEU Aviation), Articles 4-5, 12 and Annex I. Cost of non-compliance based on EASA reference prices (conventional EUR 734/t, e- SAF EUR 7,695/t). Germany has set EUR 17,000/t. Capacity is a HydrogenPro illustration, not a forecast of order intake: EU/EEA jet fuel held constant, 0.40- 0.55 t H2 per t e-SAF, 55 kWh/kg, 4,000-5,000 full-load hours. Equipment orders will need to be placed ~2-3 years prior to operation, i.e. from 2027 In Europe, airlines will need to use e-SAF; only green hydrogen from electrolysis qualifies as hydrogen source Compliance pays off
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21 I Convert pipeline to backlog › Together with partners, convert near- term ~MNOK300 projects to contracts › Drive ~NOK 1 bn of late-stage opportunities to FID through 2027 › Target diversified geographic mix across the EU, US, APAC, and MENA II Deliver and de-risk reference projects › ACES Delta — completion and clean handover; activate service revenues › SALCOS — electrode deliveries on schedule › Continue electrode performance improvements (energy consumption) III Maintain financial discipline › Run optimized lean set-up › Sustainable working capital on projects › Operationalize OEM agreement for improved cost base › Continue strategic review 14 / 16 Three main priorities going forward
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Q&A