Hydrogenpro Asa · OSL:HYPRO
Hydrogenpro Asa — Q4 2025 Earnings Presentation
23 slides from Hydrogenpro Asa's earnings presentation, Feb 27, 2026
Slide 1: Q4 2025 Presentation
Q4 2025 Presentation 27 February 2026
Slide 2: 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 3: Agenda
Agenda › Introduction and quarterly highlights › Financials › Commercial update Q&A
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: Highlights
Highlights 1 2 3 Pipeline maturing with expected Commissioning of ACES 220MW Ramping up manufacturing of FIDs in 2026 to a potential project nearing conclusion electrodes in Denmark contract value of NOK ~1bn 4 5 6 Streamlining operations with HydrogenPro acquired full New Chief Commercial Officer,
Slide 6: Commissioning of ACES 220MW project nearing conclusion
Commissioning of ACES 220MW project nearing conclusion Status of • HydrogenPro successfully delivered all stacks per agreement commissioning • 100% load capacity across all 40 electrolyzer units of electrolyzer • Compressors have started filling caverns plant • Commissioning phase nearing final conc
Slide 7: ACES project provides 2-3x greater storage capacity than all installed U.S. grid-connected battery storage
ACES project provides 2-3x greater storage capacity than all installed U.S. grid-connected battery storage1 1) Source: HydrogenInsight article (https://www.hydrogeninsight.com/production/exclusive-the-largest-green-hydrogen-project-in-the-us-is-now-95-complete/2-1-1921283)
Slide 8: Delivering electrodes for 100MW SALCOS project
Delivering electrodes for 100MW SALCOS project About the project • 100MW of pressurized alkaline electrolyzers for green steel • Partnering with ANDRITZ to decarbonize Salzgitter’s German operations © Salzgitter AG • Partly 3rd generation technology adopted Status • Main components manufactured • Co
Slide 9: Cost competitiveness is key to decarbonize Europe with affordable green hydrogen
Cost competitiveness is key to decarbonize Europe with affordable green hydrogen; protectionism will slow industry pace by driving up LCOH Bridging the cost gap vs. fossil energy remains the main hurdle for green hydrogen market scale-up European protective initiative HydrogenPro European OEM with a
Slide 10: Agenda
Agenda › Introduction and quarterly highlights › Financials › Commercial update Q&A
Slide 11: Key P&L items
Key P&L items NOK million Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024 Revenue from contracts with customers 17 35 70 87 196 › Revenue MNOK 17 in Q4 2025 vs. Direct materials 20 16 41 61 147 MNOK 35 in Q3 2025, mainly due to Gross profit -4 19 29 25 49 lower ACES project revenue Gross margin - -23 % 55 %
Slide 12: Cash balance, changes in cash and backlog
Cash balance, changes in cash and backlog NOK million Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024 Cash balance start of period EBITDA 121 -49 107 -45 188 -44 191 -193 161 -204 › Positive cash impact from net working capital mainly due to reduction in Changes in NWC & other 37 -3 58 5 182 trade receivabl
Slide 13: Continuing to execute on cost savings program
Continuing to execute on cost savings program Annualized cost savings (MNOK and %) vs. Q4 2024* 24% 20% >50 > 40 12% › Group-wide cost measures include i) downsizing in Europe > 25 ii) reduced cost in our China operations iii) reduced use of external consultants › Project execution not impacted › Hy
Slide 14: Agenda
Agenda › Introduction and quarterly highlights › Financials › Commercial update Q&A
Slide 15: Consensus on strong growth for clean hydrogen with estimated 5.5-10.2 Mtpa by 2030
Consensus on strong growth for the clean hydrogen with estimated 5.5-10.2 Mtpa by 2030 Selected quotes, 2025 Estimates for clean hydrogen, 2030 (Mtpa) Bloomberg New Energy Finance (BNEF) “Policy carrots and sticks drive 5.5Mt of clean H2 demand by 2030”1 10.2 Det Norske Veritas (DNV) Shown range cor
Slide 16: USD 110bn global investment in 2025 into a maturing global project pipeline
USD 110bn global investment in 2025 into a maturing global project pipeline with improved bankability Investment accelerating into …while unviable projects Now, hydrogen expectations normalizing committed projects… have been cancelled Global cumulative committed (FID+) investment Tech Missing Market
Slide 17: Levelised cost of green hydrogen is driven down by optimising project layout
Levelised cost of green is driven down by optimising project layout - large differences between optimal and worst archetypes Situational type 1 Situational type 2 Levelised cost of hydrogen $/kg Windy offshore Sunny Southern hemisphere export hub • High electricity prices or volatile grid supply • A
Slide 18: Momentum is building up for green hydrogen in key regions
Momentum is building up for green hydrogen in key regions pushing down LCOH into competitive territory India Economics: | Regulation: | Offtake: 2030 target of 5 MMT per annum hydrogen production, from +15GW ely capacity, supported by: • More than €90 billion investment in green hydrogen expected by
Slide 19: HydrogenPro has a healthy pipeline to support short-term growth
HydrogenPro has a healthy pipeline to support short-term growth; NOK ~1bn potential for projects in final contract stage 2026-2030 horizon Qualified Priority Hot leads leads leads Prospect Final opportunities contract HydrogenPro stage potential value of prospects in final contract stage: NOK ~1bn w
Slide 20: Our offering meets the most demanding customer purchase criteria
Our offering meets the most demanding customer purchase criteria Relative Purchase criteria Importance CapEx (total plant cost) Optimized cost of manufacturing Capital expenditure to purchase and replace equipment and implications for total system CapEx (BoP, civil, …) Electrolyzer performance – q
Slide 21: Agenda
Agenda › Introduction and quarterly highlights › Financials › Commercial update Q&A 21
Slide 22: 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 23: Powering Innovation. Energizing Tomorrow.
POWERING INNOVATION. ENERGIZING TOMORROW. \4ydrogenPro