Slide 1: Q2 2025 Presentation
Q2 2025 Presentation August 28, 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 Q2 2025 3. Key Figures Q2 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: Cavendish Hydrogen at a Glance
THIS IS CAV ENDISH HY DROGEN Cavendish Hydrogen at a Glance Uniquely positioned to capture the Hydrogen opportunity Geographical presence in key markets +20 900.000 Years of legacy within Kg. hydrogen One of the largest hydrogen fueling dispensed in 2024 hydrogen station factories globally ≈150 31 L
Slide 7: 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 7
Slide 8: Cavendish Hydrogen's Roadmap and Ambitions
THIS IS CAV ENDISH HY DROGEN Cavendish Hydrogen’s Roadmap and Ambitions What we said during IPO in 2024 How have we delivered and status today Initiated development of high-capacity stations for Engineering, design, and bill of materials completed - Product ready for 2023 heavy-duty mobility in 2023
Slide 9: Agenda
Agenda 1. This is Cavendish Hydrogen 2. Business Update Q2 2025 3. Key Figures Q2 2025 4. Summary and Outlook 9
Slide 10: Q2 Business Highlights
Q2 2025 | BU S INESS U PDATE Q2 Business Highlights All-time-high dispensed Opened two new fueling Appointed new CCO to volumes from Cavendish stations in California, together position Cavendish for stations – 298 000kg with a major US customer growth 10 ©2024 Cavendish – All rights reserved
Slide 11: Record High Volumes Dispensed in Q2 2025 – Positive Signal for Future Sales
Q2 2025 | BU S INESS U PDATE Record High Volumes Dispensed in Q2 2025 – Positive Signal for Future Sales Highlights Dispensed Figures DISPENSED HYDROGEN ON CAVENDISH EQUIPMENT (Kg H2 dispensed) World: +41% ▪ 41% increase year over year 300,000 ▪ Driven by higher utilization in the North American mar
Slide 12: Stations Completed or in Progress
Q2 2025 | BU S INESS U PDATE Stations Completed or in Progress NORTH AMERICA EUROPE ▪ Completed first two stations with new major US customer - third one to be completed before the end of the year ▪ First ever station in Italy to be completed in Q3 - ready for the 1 Site Olympics in Feb. 2026 ▪ The
Slide 13: Moreno Valley and Vacaville, California; Opened Two New Stations
Q2 2025 | BU S INESS U PDATE Moreno Valley and Vacaville, California; Opened Two New Stations ▪ Stations engineered to deliver industry leading performance ▪ Stations in operation since Q2 2025 ▪ Operated with close to 100% availability, served 3 250 vehicles, and dispensed around 8 740kg hydrogen a
Slide 14: Germany: A Strategic Growth Market for Cavendish
Q2 2025 | BU S INESS U PDATE Germany: A Strategic Growth Market for Cavendish Platform for Scalable Growth ▪ Positive market indications ▪ Supportive policy environment ▪ Proven operational success ▪ Good product fit 14
Slide 15: The Hydrogen Market Is Challenging, but We Are Seeing Good Signals
Q2 2025 | BU S INESS U PDATE The Hydrogen Market Is Challenging, but We Are Seeing Good Signals Uncertain geopolitical climate AFIR mandates: 1 HRS every 200 km + urban node coverage High energy/hydrogen prices affect customer business cases AFIR forces member states to define and submit targets for
Slide 16: Alternative Fuels Infrastructure Regulation (AFIR) timeline
Q2 2025 | BU S INESS U PDATE Alternative Fuels Infrastructure Regulation (AFIR) timeline 16 Source: Hydrogen Europe
Slide 17: Agenda
Agenda 1. This is Cavendish Hydrogen 2. Business Update Q2 2025 3. Key Figures Q2 2025 4. Summary and Outlook 17
Slide 18: Financial Performance
Q2 2025 | KEY FIGU RES Financial Performance Revenue ▪ 39 % revenue decrease from same quarter last year REVENUE & EBITDA ORDER INTAKE & BACKLOG (EUR million) (EUR million) ▪ Fewer equipment deliveries and lower project activity Intake Backlog REVENUE 25.7 ▪ Revenues from the service business were s
Slide 19: Agenda
Agenda 1. This is Cavendish Hydrogen 2. Business Update Q1 2025 3. Key Figures Q1 2025 4. Summary and Outlook 19
Slide 20: Summary and Outlook
* Based on average 4 kg. h2 dispensed per fueling Summary and Outlook ▪Q2 largely as expected ▪Our fueling stations operating steadily at customer sites ▪Positive signals in a challenging hydrogen market ▪Cautious outlook for the remainder of the year ▪Positive long term market outlook for heavy- du
Slide 21: Next Quarterly Presentation
Next Quarterly Presentation Q3 2025 November 13, 2025 21 ©2024 Cavendish – All rights reserved
Slide 22: 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 22
Slide 23: Hydrogen for Clean Mobility
Hydrogen for Clean Mobility © Cavendish Hydrogen