Interim Report Q3 2025 - Report

Q3 2025 Presentation

14 November 2025

Agenda

› Introduction

› 2025Q3 Highlights

› Financials

› Market & Regulatory Update

› Operational Update Q&A

Serving industrial applications and hard-to-abate sectors

H2

+ O2

Renewables

H2O

Water

4

HydrogenPro delivers to 2 of the 10 largest projects (excl. China)

(Electrolyzer capacity MW p.a.)

ACES

5 Source: IEA "Hydrogen production projects" database

Agenda

› Introduction

› 2025Q3 Highlights

› Financials

› Market & Regulatory Update

› Commercial & Operational Update Q&A

2025Q3 Highlights

1

2

3

Revenues of 35 MNOK in Q3 vs. 13 MNOK in Q2

Gross margin of 55% in Q3 vs. 22% in Q2

Expanded testing hours to ensure electrolyzer optimization and quality control

4

5

6

Partnership with Thermax progressing well

Strengthening our footprint in Middle East

Appointment of new Chief Commercial Officer, effective from 1st of December

Agenda

› Introduction

› 2025Q3 Highlights

› Financials

› Market & Regulatory Update

› Commercial & Operational Update Q&A

Key P&L items

› Q3 revenues mainly related to ACES project

› SALCOS project: 3rd Gen electrode technology supplied from Denmark commenced in the quarter

› Gross margin in third quarter 2025 of 55% in Q3 vs.

22% in Q2

› Personnel expenses: increased mainly due to severance pay related to the reduced activity in Tianjin

› Other opex increase driven by project delivery and lower grants (reduced deduction of expenses)

Cash balance, changes in cash and backlog

› Investments in the third quarter mainly related to expansion of electrode manufacturing capacity in Aarhus

› Total budget of NOK 60 million whereof NOK 42 million is completed as of 30 Sep 2025

› Manufacturing line is fully operational, with remaining investments related to further

improvements

› Financing mainly reflects LONGi Hydrogen's equity investment of NOK 70 million completed in July

Completed cost savings target of > 40 MNOK p.a.

Our strategy with strong partners enables global reach with lean operations and low costs

Annualized cost savings (MNOK)

> 40

> 25

› Group-wide cost measures include i) downsizing in Europe, ii) reduced cost in our China operations and iii) reduced use of external consultants. Project execution not impacted

› Continued sharp focus on cost discipline

› Further cost measures to be implemented in line with market activity

Achieved as of 30 June 2025 Achieved as of 30 September 2025

147

89

FTEs

Headcount reduction driven by reduced work force in Tianjin

Not in scope: one-off expenses and all project-related expenses, incl. upstaffing in Denmark and H2 Giga project preparations.

Agenda

› Introduction

› 2025 Q3 Highlights

› Financials

› Market & Regulatory Update

› Commercial & Operational Update Q&A

Slow market: only 30% of clean hydrogen projects advanced in two years…

Hydrogen Projects by Development Stage (# of projects)

73%

Completed

Construction & Commissioning Approval

FEED (Front-End Engineering Design) Feasibility

Source: Bain Analysis

Dec 2022 Pipeline

50%

Dec 2024 Status of the 2022 Pipeline

…while 90% of 2023/24 COD projects face 1+ year delays

Hydrogen Projects by Expected Start Year (# of projects)

100%

90

80

70

60

50

40

30

20

10

0

~160

~200

~260

~140

~200

COD status Dec 2024

>3yr Delay 3yr Delay 2yr Delay 1yr Delay

Same Date/Accelerated

Source: Bain Analysis

2023 2024

2025

2026

Post-2026

Despite near-term challenges, solid progress shows strong fundamentals

From 2021 to 2025, green hydrogen has advanced significantly in investment, capacity and policy

Electrolyzer Installed Capacity (GW)

Number of Countries with Hydrogen Strategies

+145%

+43%

+100%

+17%

85

60

54

30

23

Investment in Electrolyzer & CCUS projects (Billion USD)

2021 2022 2023 2024 2025

2021 2022 2023 2024 2025

Source: Global Hydrogen Review (GHR) 2025

Regulation in key regions is maturing Stated policies chart the path to a large potential for green hydrogen

Green Hydrogen Production (million tons)

0.14

2024

(Current context)

› IEA's World Energy Outlook 2025 projects that by 2035, green hydrogen production and installed electrolyzer capacity will grow roughly 70x under the stated policies scenario

10

2035

(Stated policies scenario)

› This scenario reflects adopted policies, proposed measures, and policy intentions backed by market and infrastructure support

Source: World Energy Outlook 2025 by International Energy Agency

Agenda

› Introduction

› 2025Q3 Highlights

› Financials

› Market & Regulatory Update

› Commercial & Operational Update

Q&A

Changes to the Management Team

Effective from 1st December 2025:

Michael Caspersen will join HydrogenPro in the position as Chief Commercial Officer

› PhD in hydrogen technology

› 14 years of experience across the energy landscape and Hydrogen

› Hydrogen industry "incumbent", starting his career commercializing electrolyzers

› Industry background includes various technical and commercial roles in Siemens

› Last position: Associate Director at BCG, where he worked across the hydrogen value chain with strategic agendas and commercializing technology

ACES starting up, SALCOS in assembly

PROJECT

SIZE & USE SCOPE

STATUS & NEXT STEPS

ACES (USA)

SALCOS (GERMANY)

Progressing on rollout in Indian market…

Thermax Collaboration Spectrum - Key Highlights Update on the Partnership in 2025Q3

3

Deep tech collaboration on engineering and localization of

sub-systems and components

2

Local manufacturing & Co-development of gas separation

units.

1

Exclusive rights in India for alkaline electrolyzer systems,

including after-sales and upgrades.

› Access to an emerging market via a well-connected partner, potentially generating substantial order intake of 50-100+ MW starting H1-2026 with massive longterm growth

4

A provision to set up a stack assembly facility

› Joint technology development (like GSS, built under license in India), with innovations usable in other markets

5

Lifecycle support with O&M and refurbishment facilities

› Accelerated discussions about Thermax becoming a stacking partner in India

6

A short stack test station will be established at Thermax to

jointly develop advanced solutions for emerging markets

…and establishing foothold in the UAE

Green Hydrogen Price at Production Location

India

Saudi Arabia Chile

Chinese Mainland Egypt

United States Australia Argentina United Kingdom

1.8

› HydrogenPro is working closely with UAE partners across

government, academia, industry stakeholders to localize advanced electrolyzer technologies and empower local talent

› HydrogenPro aims to be a major player in the UAE's hydrogen

ecosystem, aligning with the 'National Hydrogen Strategy' of

1.0 million tons of green hydrogen by 2031, UAE Net Zero 2050 Initiative and 'Operation 300bn'

UAE has the lowest LCOH and is expected to maintain this

advantage through 2030, making it a highly cost-competitive hub for green hydrogen

3.2

2.9

3.4

3.1

3.8

3.9

4.5

5.2

5.0

1.8

2.1

2.4

2.3

2.5

2.7

3.1

3.5

Source: Green Hydrogen - India's Opportunity for a Strategic Shift in Global Energy Trade by Alvarez & Marsal

LCOH: Levelized Cost of Hydrogen. Levelized costs denote a single price which will be paid during the entire tenure of the contract/project.

HydrogenPro's partnerships enable full scope delivery on large-scale project, combining bankability, guarantees, quality

Target customers

Green hydrogen project - key components

Customers key selection criteria

1

Electrolyzer system

2

› Technology

› Leading developers of renewable energy hubs for green hydrogen production

Electrolyzer technology

Gas separator skids

Balance of Plant

› Cost

›

Track record

Electrolyzer assembly

Electrode technology

› Customers include global players in green steel, ammonia, and grid operations.

› Bankability

3

› Quality assurance

EPC

› Local content

› ESG

Single interface

› "EPC wrap" via ANDRITZ & Thermax with single interface to simplify & standardize

› "H2 module" via JHK: modular turnkey solution for small-scale

Aligned risks & guarantees

› Increased lender confidence & bankability via EPC balance sheet & contract consolidation

› Guarantee support through EPC holding risk on balance sheet

Joint product development

› Technical feedback loop via performance data access to learn and improve

› Knowledge & capability exchange with EPC to optimize total system

Clear roles & responsibilities

› Wider customer reach through partner allows lean internal sales team

› Efficient market expansion through local partners

Gen 3 electrodes: quality scale-up supported by 200k test hours

› Coating Line 1 (Aarhus, Denmark) is fully operational, producing Gen 3 SALCOS electrodes with consistency and driving major gains in productivity and output toward full capacity

› HydrogenPro has logged:

• 200 000 hours of testing

• 1 000 lab experiments

  showing its high-throughput capability for rapid electrode optimization and ensuring solid quality in current production

  Improved electrolyzer development results…

  Full-scale test 2

  Stack Design Version 1 Stack Design Version 2 NextGen Stack

› New and improved stack featuring:

…and optimization goals for full-scale electrolyzers

Performance

› Demo shunt current design improvements

› Higher H2yield

› Better flow distribution

› Lower energy consumption

› Improved electrodes

› 15 barg

› Optimized shunt current design and higher H2yield

› Better flow distribution

› Lower energy consumption

› Lower weight (CAPEX)

› Improved electrodes

› 30 barg

› Total optimization of electrolyzer stack and Gas Separator Skid design and materials (lower CAPEX)

› 50-70% higher current density

› Improved electrodes

› 30 barg

2026 2028 2030 Time

*TRL 8 = Technology Readiness Level 8, last step before full commercialization

Maintaining a robust sales pipeline

› Maintaining a robust pipeline, though market fluctuations have delayed FIDs by at least a year.

› Government funding and regulatory compliance are key enablers for project commitment

› Most European leads (20-200 MW) now target FIDs in 2026, with strong traction alongside partners ANDRITZ and JHK

› In the U.S., progress is gradual under current policies, but incentive-awarded projects still hold potential.

› A strong pipeline is being built with Thermax in India.

› In North-Africa, high-potential projects are progressing with established developers

Key investment highlights

Vast TAM and massive growth potential for green H2underpinned 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 developed for 10+ years with extensive R&D efforts

Substantial commercial traction with ACES hub and ANDRITZ contracts

Manufacturing for 220MW ACES project completed; 100MW ANDRITZ project in progress

Manufacturing capacity in place to service demand today with plans to expand globally

Existing 350 MW electrode capacity in Denmark and 500MW electrolyzer capacity in China

Market leading global provider of large-scale green hydrogen technology & systems

Scalable business model positioned to grow

Recurring revenue and optimized production systems

World-class leadership team with deep industry knowledge

Management team brings valuable insights and execution capabilities in the hydrogen sector

28

POWERING INNOVATION? ENERGIZING TOMORROW.

HydrogenPro