Year-end Report Q4 2025 - Presentation

Q4 2025 Presentation

27 February 2026

› Introduction and quarterly highlights

› Financials

› Commercial update Q&A

H2

+ O2

Renewables

H2O

Water

4

1

2

3

Pipeline maturing with expected FIDs in 2026 to a potential contract value of NOK ~1bn

Commissioning of ACES 220MW project nearing conclusion

Ramping up manufacturing of electrodes in Denmark

4

5

6

Streamlining operations with continued cost saving measures

HydrogenPro acquired full ownership of manufacturing site in Tianjin, China

New Chief Commercial Officer, started 1st of December

5

• HydrogenPro successfully delivered all stacks per agreement

• 100% load capacity across all 40 electrolyzer units

  
  
  

• Compressors have started filling caverns

  Operational timing

  & impact

• Commissioning phase nearing final conclusion.

• Testing all equipment

• The ACES I project will be capable of storing hundreds of GWhrs of energy in its two hydrogen salt caverns.

  Next phase

• Committed to supporting the LADWP/IPP vision for 100% green hydrogen operations

• Scaling hydrogen systems to meet the growing demand for large-scale energy transitions.

  6

  
  
  

  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)

  
  
  Delivering electrodes for 100MW SALCOS project

  © Salzgitter AG

  
  
  

  About the project

8

Bridging the cost gap vs. fossil energy remains the main hurdle for green hydrogen market scale-up

European protective initiative

• Reduced competition

• Drives competitiveness outside Europe

• Slower development pace vs. other parts of world

• Drives up cost

HydrogenPro

European OEM with a cost-competitive position

• High-efficient systems

• European engineering and R&D

• Diversified supply chain

• Cost-competitive manufacturing

• Lean and cost-efficient organization

9

› Introduction and quarterly highlights

› Financials

› Commercial update Q&A

› Revenue MNOK 17 in Q4 2025 vs. MNOK 35 in Q3 2025, mainly due to lower ACES project revenue

› The gross margin in Q4 impacted by ACES costs. Commissioning of ACES project nearing conclusion

› Reduction in personnel expenses and other operating expenses driven by continued cost reduction measures and lower project activity

11

› Positive cash impact from net working capital mainly due to reduction in trade receivables

Backlog

› Investments in the fourth quarter mainly related to expansion of electrode manufacturing capacity in Aarhus. Total investment budget of the manufacturing line: NOK 60 million, whereof NOK 47 million is completed as of 31 December 2025

› Electrode manufacturing line is fully operational, with remaining investments related to further improvements

12

Annualized cost savings (MNOK and %) vs. Q4 2024*

Achieved as of 30 June 2025

Achieved as of 30 September 2025

Achieved as of 31 December 2025

› Group-wide cost measures include

24%

20%

>50

> 40

12%

> 25

1. downsizing in Europe

2. reduced cost in our China operations

3. reduced use of external consultants

› Project execution not impacted

› HydrogenPro continues it focus on cost discipline and consider further cost measures in line with market activity

147

89

86

* Not included: all project-related expenses (incl. up-staffing for electrode deliveries in Aarhus, Denmark), non-recurring costs, warranty/other provisions

13

› Introduction and quarterly highlights

› Financials

› Commercial update

Q&A

Bloomberg New Energy Finance (BNEF)

"Policy carrots and sticks drive 5.5Mt of clean H2 demand by 2030"1

Selected quotes, 2025 Estimates for clean hydrogen, 2030 (Mtpa)

Shown range corresponds to

~25-35 GW electrolyser capacity5

7.0

6.0

5.5

Det Norske Veritas (DNV)

"Future demand for renewable and low-carbon hydrogen and its derivatives - ammonia, e-methanol, and other e-fuels - as energy carriers will grow from current negligible levels to surpass 6 MtH2/yr by 2030"2

10.2

International Energy Agency (IEA)

"Low-emissions hydrogen production from projects that are today operational or have reached FID is set to reach 4.2 Mtpa by 2030, a fivefold increase compared with 2024 production."

"…Moreover, a new, comprehensive assessment of the prospects of announced projects for this year's Review finds that an additional 6 Mt of low-emissions hydrogen production projects has strong potential to be operational by 2030 if effective policies to create demand and facilitate offtake are implemented."3

Hydrogen Council | McKinsey & Company

"Between 5 to 7 mtpa (15-20%) of the announced 34 mtpa of renewable capacity could come online by 2030, with 55% to 60% from Europe and China"4

BNEF DNV Hydrogen Council

IEA

15

1. BNEF Hydrogen Market Outlook 2H 2025

2. DNV Energy Transition Outlook, 2025

3. Global Hydrogen Review 2025, International Energy Agency

4. Global Hydrogen Compass 2025, Hydrogen Council, McKinsey & Company

5. Assuming 50/50 split on green vs. other types of hydrogen

Tech Permitting barriers

7%

4%

Missing

infra 2%

Elevated

costs 7%

Missing

offtake 16%

Policy and

market uncertainty 38%

Funding

challenges 27%

Global cumulative committed (FID+) investment in clean hydrogen projects by 2030, USD billion

110

75

45

30

20

10

2020 2021 2022 2023 2024 2025

Market sentiment recalibrated

90% of CEOs believe hydrogen is fairly valued or undervalued, not overhyped

Sharper focus on bankability Developers are prioritizing projects with secured offtake, policy support, and financing visibility

Risk profiles improving

Committed (FID+) projects now represent ~30% of total pipeline, up from ~17% in 2020

Higher certainty for OEMs

Overall, higher certainty on project pipeline

Investment accelerating into committed projects…

…while unviable projects have been cancelled

Now, hydrogen expectations normalizing

1. Hydrogen Counsil, McKinsey & Company, "Global Hydrogen Compass 2025"

16

Situational type 1

Situational type 2

1. BNEF Hydrogen Market Outlook 2H 2025

17

Momentum is building up for green hydrogen in key regions pushing down LCOH into competitive territory

India

Economics: | Regulation: | Offtake:

Europe

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 2030

• Financial subsidies available and incentives for production and green H2 R&D and infrastructure

  Effective incentives has fast-tracked into very competitive

  LCOH ≤ ₹300 (~3 €/kg)

  Cumulative € 6bn available from Innovation Fund calls, national budgets and 3rd Hydrogen Bank auction

  Hydrogen Mechanism

  • Increasing supply and demand transparency and

    helping buyers and suppliers connect

  • More than 260 projects have placed supply offers

within the Hydrogen Mechanism Prime location LCOH down to 4.3-4.5 €/kg

Source: European Hydrogen Observatory, European Commission, Green Hydrogen Organisation India, National Green Hydrogen Mission

2026-2030 horizon

Prospect opportunities

Representation across the most viable hydrogen applications

Power

Refinery

Steel

Industry

Transport

Final contract stage

Hot leads

Priority leads

Qualified leads

HydrogenPro

potential value of prospects in

final contract stage:

NOK ~1bn

with expected FID in 2026

19

Safety & compliance

Safety features and compliance with standards incl. for eligibility for incentives e.g., local content

After-sales & support

Assurance of uptime, incl. fast fault response, ready access to spare parts, esp. for remote or mission-critical sites

Scale & modularity

Electrolyzer suitability for scaling e.g., avoiding redundancies when building large projects

Technology & innovation

R&D for new electrolyzer technology, design and features

• Optimized cost of manufacturing

• 3rd gen electrode technology and optimized stack design

• Designed for long-term operation

• Track record on delivering large-scale projects

• Partnerships with bankable electrolyzer/EPC scope

• Comply with market standards

• Limited efforts today, opportunity to grow forward

• Modular solutions for medium to large-scale projects

• The "DNA" of the company

Relative Importance

Purchase criteria

CapEx (total plant cost)

Capital expenditure to purchase and replace equipment and implications for total system CapEx (BoP, civil, …)

Electrolyzer performance - quality

Technical quality e.g., efficiency, H2 yield, flexibility, purity

Electrolyzer performance - reliability

Stack uptime and lifetime, H2 consistency, design for repair

Track record & bankability

Proven deployments to reduce risk perceived by financiers and technical advisers

Guarantees & risk sharing

Binding guarantees incl. performance penalties and formalized risk sharing models

20

Source: Bain & Company

› Introduction and quarterly highlights

› Financials

› Commercial update

Q&A

21

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

220MW ACES project to start up early 2026; 100MW ANDRITZ (SALCOS) project in delivery

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

Owner of electrolyzer manufacturing site in Tianjin, China and electrode manufacturing in Aarhus, Denmark

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

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POWERING INNOVATION? ENERGIZING TOMORROW.

HydrogenPro