Cavendish Hydrogen Asa · OSL:CAVEN

Cavendish Hydrogen Asa — Q1 2026 Earnings Presentation

21 slides from Cavendish Hydrogen Asa's earnings presentation, May 21, 2026

  1. Slide 1: Q1 2026 Presentation

    Q1 2026 Presentation May 21, 2026

  2. 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

  3. Slide 3: Agenda

    Agenda 1. This is Cavendish Hydrogen 2. Business Update Q1 2026 3. Key Figures Q1 2026 4. Summary and Outlook 3

  4. 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

  5. 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

  6. Slide 6: Offering Fueling Equipment and Full Scope of Services

    THIS IS CAV ENDISH HY DROGEN Offering Fueling Equipment and Full Scope of Services Design and Manufacturing Supply Source Hydrogen Storage Fueling Station Dispenser Project Engineering Project Management Installation Commissioning Maintenance Operation Support Services Vehicles 6

  7. Slide 7: Agenda

    Agenda 1. This is Cavendish Hydrogen 2. Business Update Q1 2026 3. Key Figures Q1 2026 4. Summary and Outlook 7

  8. Slide 8: Q1 Business Highlights

    Q1 2026 | BU S INESS U PDATE Q1 Business Highlights Q1 Highligts Subsequent Events OVAG Contract – Largest Recent Win Strategic Investor – BHDT GmbH • Largest contract award in the recent period in Germany • EUR 4.8 million direct share issue – ~15% ownership • Third bus station in a key strategic m

  9. Slide 9: Market Remains Cautious, but Advancing

    Q1 2026 | BU S INESS U PDATE Market Remains Cautious, but Advancing Ongoing Headwinds Positive Signals • Customer decision cycles continue to be long • Germany funding scheme in June for new stations for • Policy and financing still moving at a pace that makes trucks and hydrogen powered commercial

  10. Slide 10: OVAG: Largest Contract Award in Recent Period

    Q1 2026 | BU S INESS U PDATE OVAG: Largest Contract Award in Recent Period • Largest contract secured in the recent period – a significant milestone for Q1 • Third bus station in Germany, an important strategic market for Cavendish Hydrogen • Demonstrates Cavendish Hydrogen’s ability to win and exec

  11. Slide 11: Strategic Investment: BHDT Becomes Cornerstone Investor

    Q1 2026 | BU S INESS U PDATE Strategic Investment: BHDT Becomes Cornerstone Investor EUR 4.8 million ~15% NOK 8.73 Strategic equity investment Share of capital (post-money) Subscription price per share About BHDT GmBH Strategic Value to Cevendish Hydrogen • Leading specialist in high-pressure and ul

  12. Slide 12: Solid Volumes Dispensed - despite reduced dispensing activity in the US

    Q1 2026 | BU S INESS U PDATE Solid Volumes Dispensed - despite reduced dispensing activity in the US Positive Signal for Future Sales 400 000 60 350 000 50 368 000 kg 300 000 (-1% qoq) Kg of hydrogen dispensed Number of stations* 250 000 40 (+28% yoy) 200 000 30 29 stations 150 000 20 ~92% of total

  13. Slide 13: Stations Completed or in Progress

    Q1 2026 | BU S INESS U PDATE Stations Completed or in Progress NORTH AMERICA EUROPE North America  Carson California – successfully completed and handed over to Chevron  First North American installation to 1 Station feature three light duty station modules and three dispensers 1 Station  Our mos

  14. Slide 14: Successful Completion of New Station in Carson, California

    Q1 2026 | BU S INESS U PDATE Successful Completion of New Station in Carson, California • Successfully completed and handed over our third station to Chevron, increasing our fleet of stations in California • First station to feature three light duty station modules and three dispensers • Our most te

  15. Slide 15: Agenda

    Agenda 1. This is Cavendish Hydrogen 2. Business Update Q1 2026 3. Key Figures Q1 2026 4. Summary and Outlook 15

  16. Slide 16: Financial Performance

    Q1 2026 | KEY F IGURES Financial Performance REVENUE & EBITDA ORDER INTAKE & BACKLOG Revenue (EUR million) (EUR million)  24% revenue decrease yoy mainly from fewer Intake Backlog equipment deliveries REVENUE EBITDA and Cash  EBITDA up by 44% yoy 5.6 14.6  Positive effects from earlier restructur

  17. Slide 17: Agenda

    Agenda 1. This is Cavendish Hydrogen 2. Business Update Q1 2026 3. Key Figures Q1 2026 4. Summary and Outlook 17

  18. Slide 18: Summary and Outlook

    Summary and Outlook Q1 2026: Executing in a Slow Market OVAG - largest contract in recent period, building on a positive trend in order intake Backlog visibly improved Outlook: Cautiously Positive in Core European Markets Funding schemes advancing in Germany and the Netherlands Market uncertaint

  19. Slide 19: Financial Calendar

    Financial Calendar Ordinary General Meeting May 26, 2026 Q2 2026 August 27, 2026 Q3 2026 November 12, 2026 19 ©2024 Cavendish – All rights reserved

  20. 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

  21. Slide 21: Hydrogen for Clean Mobility

    Hydrogen for Clean Mobility © Cavendish Hydrogen

Cavendish Hydrogen — Q1 2026 Earnings Presentation on 6ix