Cavendish Hydrogen Asa · OSL:CAVEN
Cavendish Hydrogen Asa — Q3 2025 Earnings Presentation
21 slides from Cavendish Hydrogen Asa's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Presentation
Q3 2025 Presentation November 13, 2025
Slide 2: Forward-looking information
Forward-looking information This Presentation includes and is based, inter alia, on forward-looking Although Cavendish Hydrogen ASA believes that its expectations, estimates information and statements relating to the business, financial performance and projections are based upon reasonable assumptio
Slide 3: Agenda
Agenda 1. This is Cavendish Hydrogen 2. Business Update Q3 2025 3. Key Figures Q3 2025 4. Summary and Outlook 3
Slide 4: Ending emissions from mobility through reliable hydrogen fueling solutions
We are in the business of ending emissions from mobility through reliable hydrogen fueling solutions 4 4 ©2024 Cavendish – All rights reserved
Slide 5: Why Hydrogen
THIS IS CAV ENDISH HY DROGEN Why Hydrogen 10 min No Emissions Long Driving Range Short Fueling Time Limited Grid Connection An obvious prerequisite for A well-functioning truck must Where the battery electric Battery charging a truck would all modern vehicles, making be able to drive 800 km on one v
Slide 6: Offering Fueling Equipment and Full Scope of Services
THIS IS CAV ENDISH HY DROGEN Offering Fueling Equipment and Full Scope of Services Supply Source Design and Manufacturing Hydrogen Storage Fueling Station Dispenser Project Engineering Project Management Installation Commissioning Maintenance Operation Support Services Vehicles 6
Slide 7: Agenda
Agenda 1. This is Cavendish Hydrogen 2. Business Update Q3 2025 3. Key Figures Q3 2025 4. Summary and Outlook 7
Slide 8: Q3 Business Highlights
Q3 2025 | BU S INESS U PDATE Q3 Business Highlights In October, secured a new contract for Secured an important new contract with a hydrogen fueling stations in Italy long-standing customer in Poland – reinforcing Cavendish’s position in Europe’s energy transition. Announced the exit of the South Ko
Slide 9: Record High Volumes Dispensed in Q3 2025 – Positive Signal for Future Sales
Q3 2025 | BU S INESS U PDATE Record High Volumes Dispensed in Q3 2025 – Positive Signal for Future Sales Highlights Dispensed Figures DISPENSED HYDROGEN ON CAVENDISH EQUIPMENT (Kg H2 dispensed) ▪ 45% increase year over year 350 000 +45% ▪ Higher utilization in the North 300 000 American and European
Slide 10: Stations Completed or in Progress
Q3 2025 | BU S INESS U PDATE Stations Completed or in Progress NORTH AMERICA EUROPE ▪ Completed first ever station in Italy, ready for the 2026 Winter Olympics – second and third station to be completed in 2026 1 Station ▪ One new station in Poland to be completed 1H 2026 ▪ The fourth station in Fra
Slide 11: Poland: New Contract Award for Station Upgrade
Q3 2025 | BU S INESS U PDATE Poland: New Contract Award for Station Upgrade ▪ Existing customer expanding their bus fleet to more than 30 buses ▪ Rybnik station upgrade, with one more station module to accommodate expansion, will be the most utilized station in Europe ▪ The existing Rybnik station h
Slide 12: Italy: Contract Award for New Hydrogen Fueling Stations
Q3 2025 | BU S INESS U PDATE Italy: Contract Award for New Hydrogen Fueling Stations ▪ New customer building hydrogen stations in Northern Italy by Q2 2026 ▪ The contract includes advanced hydrogen fueling equipment along with installation and commissioning services ▪ Cavendish has already a footpri
Slide 13: Europe Emerging as a Frontrunner: Cavendish Well Positioned
Q3 2025 | BU S INESS U PDATE Europe Emerging as a Frontrunner: Cavendish Well Positioned ▪ AFIR end of 2025 deadline for submitting national policy frameworks and targets to build hydrogen fueling network is approaching ▪ Under RED III Germany sets mandates for hydrogen in transport fuels ▪ In Nethe
Slide 14: Cavendish Hosted Experts from Around the World
Q3 2025 | BU S INESS U PDATE Cavendish Hosted Experts from Around the World: Committed to Standardize Fueling for Heavy Duty Vehicles ▪ 80 hydrogen experts from around the world participated at the event hosted from the Cavendish factory in Herning in September ▪ 5 days of “ISO Technical Committee 1
Slide 15: Agenda
Agenda 1. This is Cavendish Hydrogen 2. Business Update Q3 2025 3. Key Figures Q3 2025 4. Summary and Outlook 15
Slide 16: Financial Performance
Revenue Q3 2025 | KEY FIGU RES ▪ 28 % revenue decrease yoy Financial Performance ▪ Low revenue from equipment deliveries, but offset with higher revenue from installation and commissioning and service business REVENUE & EBITDA ORDER INTAKE & BACKLOG (EUR million) (EUR million) EBITDA Intake Backlog
Slide 17: Agenda
Agenda 1. This is Cavendish Hydrogen 2. Business Update Q3 2025 3. Key Figures Q3 2025 4. Summary and Outlook 17
Slide 18: Summary and Outlook
Summary and Outlook ▪Encouraging commerical activity in Q3 with new station sales, strategic portfolio adjustments, and steady operations of our fueling stations ▪Important contract awards in the quarter and also in the beginning of Q4 ▪Strategic realignment as well as cost and complexity reduction
Slide 19: Financial Calendar
Financial Calendar Q4 2025 February 26, 2026 Annual Report 2026 April 28, 2026 Q1 2026 May 21, 2026 Ordinary General Meeting May 26, 2026 Q2 2026 August 27, 2026 Q3 2026 November 12, 2026 19 ©2024 Cavendish – All rights reserved
Slide 20: Q&A Session
Q&A Session We would kindly ask you to Please: RAISE YOUR HAND... TELL US WHO YOU ARE... ...AND REMEMBER TO UNMUTE 20
Slide 21: Hydrogen for Clean Mobility
Hydrogen for Clean Mobility © Cavendish Hydrogen