Cavendish Hydrogen Asa · OSL:CAVEN
Cavendish Hydrogen Asa — Q3 2024 Earnings Presentation
19 slides from Cavendish Hydrogen Asa's earnings presentation, Nov 28, 2024
Slide 1: Q3 2024 Presentation
Q3 2024 Presentation 28 November 2024
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. Cavendish Hydrogen in Brief 2. Q3 Highlights 3. Commercial Update 4. Financials 5. Summary 3
Slide 4: This is Cavendish Hydrogen
CAV ENDISH HY DROGEN IN BRIEF This is Cavendish Hydrogen Uniquely positioned to capture the Hydrogen opportunity Geographical presence in key markets +20 +145 Years of legacy within H2StationTM units sold One of the largest hydrogen fueling hydrogen station factories globally ≈250 30 Local service h
Slide 5: Agenda
Agenda 1. Cavendish Hydrogen in Brief 2. Q3 Highlights 3. Commercial Update 4. Financials 5. Summary 5
Slide 6: Q3 Highlights
Q3 2024 - HIGHLIGHTS Q3 Highlights Key financial figures Key developments in Q3 2024 Revenues Q3 2024 • Fewer Equipment deliveries resulted in a 19 per cent revenue decline EUR 5.7 million Q3 2023: 7.0m • Strong progress in gross margins and good cost control resulted in an improved EBITDA Q3 2024 E
Slide 7: Agenda
Agenda 1. Cavendish in Brief 2. Q3 Highlights 3. Commercial Update 4. Financials 5. Summary 7
Slide 8: Our customers continue developing the Hydrogen Fueling Network
Q3 2024 – COM MERCIAL U PDATE Our customers continue developing the Hydrogen Fueling Network NORTH AMERICA EUROPE 1 Station • 1H 2024 record-high 1 Station 1 Station number of 9 stations handed over to customers 1 Station 1 Station • In Q3 we have progress 1 Station on 3 stations and I&C is ongoing
Slide 9: Dispensed H2 on Cavendish Equipment
Q3 2024 – COM MERCIAL U PDATE Dispensed H2 on Cavendish Equipment DISPENSED HYDROGEN ON CAVENDISH EQUIPMENT • Generally, positive trend in dispensed H2 development (Kg H2 dispensed) 240,000 220,000 • Trend in EU is very positive driven by 200,000 new stations opened in 2024 180,000 160,000 • South K
Slide 10: Hydrogen Fueling Market Development
Q3 2024 – M ARKET U PDATE Hydrogen Fueling Market Development Market Trends Alternative Fuels Infrastructure Regulation (AFIR) timeline* • Final Investment Decision (FID) generally being postponed – longer time to decision • All indications points towards a shift from Light Duty Vehicle to Heavy Dut
Slide 11: Next Generation Product Progressing
Q3 2024 – COM MERCIAL U PDATE Next Generation Product Progressing • Test Site in Denmark announced during Q2 2024 • Aiming to have Equipment for the Pilot Station on Site during 2025 • In dialogue with more potential partners for development and use of Pilot Station 11
Slide 12: Agenda
Agenda 1. Cavendish Hydrogen in Brief 2. Q3 Highlights 3. Commercial Update 4. Financials 5. Summary 12
Slide 13: Financial highlights
Q3 2024 - FINANCIALS Financial highlights 19% revenue decrease from last year quarter Revenues Q3 2024 • Equipment revenue from one fewer station EUR 5.7 million • Project, I&C and service revenues slightly lower compared to last year Q3 2023: 7.0m • YTD 2024 revenue of EUR 24.6m, 12% higher than YT
Slide 14: Revenue and EBITDA - development
Q3 2024 - FINANCIALS Revenue and EBITDA - development REVENUE AND EBITDA Revenue decrease from previous quarters (EUR million) • Lower order intake over time affecting activity Revenue levels´, hence revenue -19% 9.7 9.2 8.2 7.0 5.7 EBITDA at stable level • Lower costs from stations in operation • C
Slide 15: Order intake and backlog
Q3 2024 - FINANCIALS Order intake and backlog ORDER INTAKE ORDER BACKLOG (EUR million) (EUR million) +33% -42% 5.4 36.4 5.1 32.7 4.5 27.7 25.7 21.0 5.4 5.1 36.4 4.5 32.7 1.8 27.7 25.7 1.2 21.0 1.6 1.2 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Order intake YTD 2024: EUR 12.2 million
Slide 16: Agenda
Agenda 1. Cavendish Hydrogen in Brief 2. Q3 Highlights 3. Commercial Update 4. Financials 5. Summary 16
Slide 17: Summary Q3 2024
Q3 2024 - SU MMARY Summary Q3 2024 Continued positive trend Stable progress on Solid Market outlook for in utilization, reliability installation projects but future High-Capacity and dispensed Hydrogen no handovers this Product over last year quarter 17 STRICTLY PRIVATE AND CONFIDENTIAL – ©2024 Cave
Slide 18: Q&A
Q&A Q&A to be hosted as live-session 13:00-13:30 CET, Thursday Nov. 28th 18
Slide 19: Hydrogen for Clean Mobility
Hydrogen for Clean Mobility © Cavendish Hydrogen