Hydrogenpro Asa · OSL:HYPRO
Hydrogenpro Asa — Q2 2025 Earnings Presentation
32 slides from Hydrogenpro Asa's earnings presentation, Aug 15, 2025
Slide 1: Q2 2025 Presentation
Q2 2025 Presentation 15 August 2025
Slide 2: Agenda
Agenda › Introduction › Highlights & recent developments › Financials › Market update › Partnership strategy Q&A
Slide 3: Disclaimer
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 event
Slide 4: Serving industrial applications and hard-to-abate sectors
Serving industrial applications and hard-to-abate sectors Power-To- Gas Refinery/ Decarbonization Renewables Synthetic fuel H2 Balancing + the grid O2 H2O Fertilizer/ ammonia Water Global provider of large-scale pressurized green hydrogen systems and game- Steel changing electrode technology Product
Slide 5: HydrogenPro delivers to 2 of the 10 largest projects
HydrogenPro delivers to 2 of the 10 largest projects (excl. China) (Electrolyzer capacity MW p.a.) ACES SALCOS® 5 Source: IEA “Hydrogen production projects” database
Slide 6: Agenda
Agenda › Introduction › Highlights & recent developments › Financials › Market update › Partnership strategy Q&A
Slide 7: Highlights
Highlights 1 2 3 HydrogenPro and Thermax Manufacturing site in Aarhus fully ANDRITZ opened giga assembly enter partnership in India operational, delivering Gen 3 site in Erfurt, Germany technology for SALCOS project 4 5 6 Additional cell voltage Europe driving global green hydrogen Equity investment
Slide 8: Continued positive HSE development
Continued positive HSE development Lost Time Injuries Frequence - Last Twelve Months 1,8 1,8 1,0 0,6 Remain zero since December 2024 Aug 24 Sep 24 Okt 24 Nov 24 Dez 24 Jan 25 Feb 25 Mrz 25 Apr 25 Mai 25 Jun 25 Jul 25 8
Slide 9: ACES starting up, SALCOS in assembly
ACES starting up, SALCOS in assembly PROJECT SIZE & USE SCOPE STATUS & NEXT STEPS › 220MW › Electrolyzer stacks › Manufacturing and ACES › Renewable + gas separator installation completed (USA) fuel for power › 2nd gen technology › Final commissioning stage generation › Main components › Electrolyze
Slide 10: ANDRITZ opened giga assembly site in Erfurt, Germany
ANDRITZ opened giga assembly site in Erfurt, Germany › HydrogenPro’s advanced stack technology will be assembled into complete electrolyzers – combining our proven innovation with the renowned precision of German engineering › ANDRITZ’ new facility will start with a capacity of ~1 gigawatt, equivale
Slide 11: 350 MW manufacturing capacity of 3rd generation technology in Aarhus, Denmark
350 MW manufacturing capacity of 3rd generation technology continues to evolve in Aarhus, Denmark Update on manufacturing capacity in Denmark › Coating Line 1 was installed and is fully operational at our Aarhus site in Denmark. This line provides a strong foundation for further performance improv
Slide 12: Full-scale validation test confirming Gen3 electrodes
Full-scale validation test confirming Gen3 electrodes and drives further performance improvements › In cooperation with Andritz validating stack performance and operating conditions Purpose including new design improvements to reduce shunt currents and 3rd gen technology Location › Herøya, Norway ›
Slide 13: Additional cell voltage improvement obtained for new electrodes
Additional cell voltage improvement obtained for new electrodes Significant progress has been achieved over the past 3–4 months, including: Gen2 (uncoated) › Uniform electrode coating › Improved electrode adhesion Gen 2 – Gen 3 = approx. 17% › 17% reduction in voltage (energy consumption) at Beginni
Slide 14: Agenda
Agenda › Introduction › Highlights & recent developments › Financials › Market update › Partnership strategy Q&A
Slide 15: Key P&L items
Key P&L items NOK million Q2 2025 Q1 2025 Q2 2024 FY 2024 Revenue from contracts with customers 13 22 50 196 › Q2 revenues mainly relates to deliveries to SALCOS Direct materials 10 15 58 147 project (ANDRITZ) Gross profit 3 7 -8 49 › Remaining deliveries on SALCOS project are 3rd Gen - electrode te
Slide 16: Cash balance, changes in cash and backlog
Cash balance, changes in cash and backlog NOK millio n Q2 2025 Q1 2025 Q2 2024 F Y 2024 Cash balan ce start o f perio d 165 191 185 161 EBITDA -48 -50 -65 -204 › Investments: primarily expansion in manufacturing Changes in NWC & other -6 -23 46 182 capacity in Aarhus (NOK 35 million is completed out
Slide 17: NOK 40 million annual savings plan on track
NOK 40 million annual savings plan on track Annualized cost savings (MNOK) Main driver: cost measures in China Main driver: downsizing in Europe and reduced > 40 use of consultants ~15 > 25 Achieved as of Initiatives in Target end of 2025 30 June 2025 H2 2025 Not in scope: all project-related expens
Slide 18: Agenda
Agenda › Introduction › Highlights & recent developments › Financials › Market update › Partnership strategy Q&A
Slide 19: Focusing on three main areas
Focusing on three main areas HydrogenPro’s focus areas › Established footprint in Europe and North America › Increased focus on India and Middle East Source: IEA Hydrogen database. Commissioning year 2023-2030, electrolysis, feasiiblity study/ FID/under construction 19
Slide 20: Most green H2 projects are in regions with strong economics, but demand comes from regulated markets
Most green H2 projects are in regions with strong economics, but demand comes from regulated, high-offtake markets like Europe EU (announced pipeline2: ~122 GW) China3 Economics:____6| Regulation:_____| Offtake: Economics:_____| Regulation:_____| Offtake: Binding targets in transport & industry (RED
Slide 21: Market Overview | Europe
Market Overview | Europe MARKET DIRECTION SECTOR LANDSCAPE A Economics • Nordic and Spanish power prices are competitive, but hydrogen production costs exceed MENA’s due to higher land, BOP, and grid costs. 122 GW B Regulation • RED III aligns H2 uptake across EU states, mandating 42% renewable hydr
Slide 22: National funding programs and regulation ramp up for countries with announced green H2 projects
National funding programs and regulation ramp up for countries with significant volumes of announced green H2 projects Projects most likely to reach completion in Spain & N. Example funding mechanisms by country Europe (non-exhaustive) Announced1 green H2 project pipeline, Europe (GW, ’25-’30) June
Slide 23: Market Overview | India
Market Overview | India MARKET DIRECTION SECTOR LANDSCAPE A Economics • Low stack/ BOP costs from Chinese/local producers, low-cost solar and expensive grey alternatives limit cost gap 27 GW B Regulation • Green Hydrogen Mission: 5 Mtpa production target by 2030 announced pipeline with COD by 2030 •
Slide 24: Market Overview | Middle East and North Africa
Market Overview | Middle East and North Africa MARKET DIRECTION SECTOR LANDSCAPE A Economics • Cheap solar and wind (20-40 USD/MWh), behind-the-meter set-ups, and GW project scales keep hydrogen production costs globally competitive 80 GW announced pipeline with B Regulation • 2.9 Mtpa target under
Slide 25: Agenda
Agenda › Introduction › Highlights & recent developments › Financials › Market update › Partnership strategy Q&A
Slide 26: Strong synergies between Thermax and HydrogenPro
Strong synergies between Thermax and HydrogenPro Headquarters Thermax at a glance Rationale of the Partnership 1 Enter the Indian market through a local and reliable mid-sized partner to tap into a substantial project pipeline with short timelines 2 Adopt an asset-light approach that enables a stron
Slide 27: Thermax Collaboration Spectrum – Key Highlights
Classification: Internal Thermax Collaboration Spectrum – Key Highlights 1 Exclusive rights in India for alkaline electrolyzer systems, including after-sales and upgrades. 2 Local manufacturing & Co-development of gas separation units. 3 Deep tech collaboration on engineering and localization of sub
Slide 28: Backed by equity injection in July, Longi and HydrogenPro are partnering
Backed by equity injection in July, Longi and HydrogenPro are partnering for global leadership for green hydrogen › Enable large-scale green hydrogen plants › Expanded product offering with competitive LCOH › Access to ~2/3 of global demand for A comprehensive › Expanded market opportunities electro
Slide 29: HydrogenPro's partnerships enable full scope delivery on large-scale projects
HydrogenPro’s partnerships enable full scope delivery on large-scale projects… Customers key Scope delivered with Target customers Green hydrogen project – key components selection criteria global partners 1 2 › Well-known developers Electrolyzer system › Technology of large renewable Electrolyzer G
Slide 30: …and lead to global reach
…and lead to global reach Shareholding: 16.7% We now have five strong industrial partners, including Thermax, committed to the energy transition, and these partnerships provide us with a global reach. Shareholding: 13.3% Shareholding: 12.3% 30
Slide 31: Key investment highlights
Key investment highlights Vast TAM and massive growth potential for green H2 underpinned by secular tailwinds Favorable government policies provide critical support; new end markets unlock a bigger TAM for green H2 HydrogenPro’s 3rd-generation technology drives significant LCOH reductions Technology
Slide 32: Powering innovation. Energizing tomorrow.
POWERING INNOVATION. ENERGIZING TOMORROW. \4ydrogenPro