Cavendish Hydrogen Asa · OSL:CAVEN

Cavendish Hydrogen Asa — Fearnley Securities (November 2025)

14 slides from Cavendish Hydrogen Asa's conference presentation, Nov 25, 2025

1. Slide 1: Ending Emissions From Mobility

   Ending Emissions From Mobility Marcus Halland CFO Cavendish Hydrogen November 25, 2025

2. Slide 2: We are in the business of ending emissions from mobility

   We are in the business of ending emissions from mobility through reliable hydrogen fueling solutions 2 2 ©2025 Cavendish – All rights reserved

3. Slide 3: Hydrogen is the Essential Choice for Clean Energy

   Hydrogen is the Essential Choice for Clean Energy 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

4. Slide 4: Safe, Competitive, and Reliable Fueling Equipment and Full Scope of Services

   Offering Safe, Competitive, and Reliable Fueling Equipment and Full Scope of Services for the Mobility Sector Supply Source Design and Manufacturing Hydrogen Storage Fueling Station Dispenser Project Engineering Project Management Installation Commissioning Maintenance Operation Support Services Veh

5. Slide 5: A Leading Player in Hydrogen Fueling Equipment With Real Global Experience

   A Leading Player in Hydrogen Fueling Equipment With Real Global Experience Uniquely positioned to capture the Hydrogen opportunity Geographical presence in key markets +20 1.2 m Years of legacy within Kg. hydrogen One of the largest hydrogen fueling dispensed LTM hydrogen station factories globally

6. Slide 6: Cavendish Hydrogen's Roadmap and Ambitions

   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 pilot sale Capitalize on ins

7. Slide 7: The Hydrogen Market Is Challenging, but We Are Seeing Good Signals

   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 build-out of hydrogen fuelin

8. Slide 8: Moreno Valley and Vacaville, California; Opened Two New Stations

   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% site availability, served 4 200 vehicles, and dispensed around 11 000 kg hydrogen as of Sept 2025  Excel

9. Slide 9: Poland: New Contract Award for Station Upgrade

   Poland: New Contract Award for Station Upgrade  Existing customer expanding their bus fleet to more than 30 buses  Rybnik station upgrade, with one more station module to accommodate expansion, will be one of the most utilized stations in Europe  The existing Rybnik station has been in operation

10. Slide 10: Italy: Contract Award for New Hydrogen Fueling Stations

    Italy: Contract Award for New Hydrogen Fueling Stations  New customer building hydrogen stations in Northern Italy by Q2 2026  The contract includes advanced hydrogen fueling equipment along with installation and commissioning services  Cavendish has already a footprint in Italy with a station cu

11. Slide 11: Record High Volumes Dispensed as of Q3 2025

    Record High Volumes Dispensed as of Q3 2025 – Positive Signal for Future Sales Highlights Dispensed Figures DISPENSED HYDROGEN ON CAVENDISH EQUIPMENT (Kg H2 dispensed)  45% increase year over year 350 000 +45%  Higher utilization in the North 300 000 American and European market 250 000  Strong p

12. Slide 12: Recent Financial Development Reflecting a Challenging Hydrogen Market

    Recent Financial Development Reflecting a Challenging Hydrogen Market REVENUE & EBITDA ORDER INTAKE & BACKLOG (EUR million) (EUR million) Intake Backlog REVENUE 25.7 9.2 21.0 17.4 6.4 14.6 5.7 5.7 5.6 10.9 4.1 3.7 6.6 5.1 1.6 2.5 2.6 2.8 1.3 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q2 24 Q3 24 Q4 24 Q1 2

13. Slide 13: Cavendish Plays a Key Part in Solving The Decarbonation Challenge

    Cavendish Plays a Key Part in Solving The Decarbonation Challenge • Cavendish is redefining energy infrastructure with hydrogen as a viable alternative fuel • Hydrogen offers the same range and fueling time as fossil fuels, with zero emissions • Driven by a vision to end emissions from mobility, we

14. Slide 14: Hydrogen for Clean Mobility

    Hydrogen for Clean Mobility © Cavendish Hydrogen

Cavendish Hydrogen — Fearnley Securities (November 2025) on 6ix