Cavendish Hydrogen ASA

In June, we reached an important milestone as Cavendish Hydrogen ASA was officially listed on the Oslo Stock Exchange. This listing marked a new chapter in our journey and opened new opportunities for growth and expansion. It was a great achievement by our organization to pull through this work-intensive process, ending in a successful listing on the 12th of June 2024.

During the year we continued our efforts in developing our safe work-place culture. I am very happy to see that the hard work has paid off, with significant improvements in our reported KPIs, and zero lost time injuries during 2024. We will continue our focus on safety as a prerequisite for successful business.

Revenues and EBITDA for the year came in as expected, with improvements from last year. Revenues increased with 7% to EUR 31.0 million due to higher equipment deliveries. EBITDA ended at EUR -19 million including non-recurring costs from the listing process. Our new unit sales was lower than anticipated, mainly due to market delays, and while we are seeing a positive shift in discussions with existing and new customers, the sales cycle remains longer than expected.

Our focus towards operational excellence continues to be a vital part of Cavendish Hydrogen’s mission. We are continuously optimizing our processes to ensure that each station we deploy operates at best possible performance, and we continue the positive trends. We can be proud of a record high amount of stations delivered during the year with the majority opened on the European market. This year equipment delivered by Cavendish dispensed more than 900.000kg hydrogen, underlining that Cavendish is one of the most experienced suppliers of gaseous hydrogen refueling stations in Europe, North America and South Korea.

In January 2025, we announced significant restructuring measures to adjust our cost base and to improve our long-term operational ability. As a result of the restructuring efforts, we had to say farewell to 37 per cent of our workforce. It is never easy to say goodbye to talented and dedicated colleagues, but controlling our cost base is essential to ensure that we at Cavendish can fulfill our long term strategy to become the leader in Heavy Duty hydrogen mobility.

A key priority moving forward is to stay a long- term partner to our existing customers and adapt together to new market conditions. We will continue to work closely with our customers to ensure that we together keep our position for success. We will continue developing the High- Capacity Station to service the future market for heavy duty vehicles, while looking for partners to co-finance the pilot station and building of a test site.

Looking ahead, the short- and mid-term market is difficult to predict, influenced by factors beyond the company’s control, but the long-term potential of the hydrogen mobility market remains strong, particularly with support from initiatives like the Alternative Fuels Infrastructure Regulation (AFIR). We remain confident that hydrogen will continue to play a critical role in the transition to a sustainable mobility future. Our commitment to improve quality, -reliability, and -customer satisfaction remains the same as we navigate the current challenges.

We thank you, our dedicated team of employees, -shareholders and -partners, for your continued support as we move into this new chapter. The road ahead is not without challenges, but we are confident that we have a unique position to capture value creating growth, and supported by the dedication of our incredible team, we will keep leading the path towards a cleaner, greener and profitable future.

Sincerely,

Robert Borin

CEO

Cavendish Hydrogen

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

Our History

2003

2009

2011

2013

2015

2016

2018

2019

2020

2023

2024

H2 Logic is founded in Denmark

First 350 bar Fueling Station is developed

First 700 bar Fueling Station is developed

First H2Station TM for bus fueling

Nel acquires H2 Logic

Second Generation 700 bar H2Station TM

First office opens in California

Factory opens in Herning, Denmark

First UL Certified Fueling Station in US

HDV dedicated 350 bar station

First H2Station TM in Korea

First UL Certified Fueling Station in Canada

First station in Poland and France

Nel Fueling becomes Cavendish Hydrogen

New market listing on Oslo Stock Exchange

21 years of unwavering commitment to sustainability and innovation in the name of a greener future.

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

Nel acquires H2 Logic

Second Generation 700 bar H2Station TM

First office opens in California

Factory opens in Herning, Denmark

First UL Certified Fueling Station in US

About us

Cavendish Hydrogen ASA is a leading hydrogen fueling company that specializes in the development, production, marketing, sales, installation, commissioning and service of equipment for fueling hydrogen to on-road vehicles. The company operates globally with offices in Denmark, USA, South Korea and Austria.

Listed on the Oslo Stock Exchange on June 12, 2024, as a spin-off from Nel ASA, Cavendish Hydrogen ASA is uniquely positioned to capitalize on the growing hydrogen opportunity. With over 20 years of experience in hydrogen fueling, the company has sold more than 145 H2Station units and operates one of the largest hydrogen station factories globally.

Cavendish Hydrogen’s fueling equipment is now dispensing nearly 1 million kilograms of hydrogen for our customers on an annual basis. This is an important milestone on the jorney toward clean mobility.

Cavendish Hydrogen ASA employs a dedicated global team of hydrogen professionals, supported by local service hubs across three continents.

The company’s state-of-the-art production facility in Herning, Denmark, is one of the world’s largest, offering a complete value chain under one roof. This facility is central to the company’s commitment to innovation, with research and development experts working on the next generation of hydrogen refueling stations and over 75 patents on core technologies secured worldwide.

As the demand for long-distance heavy-duty transportation continues to rise, Cavendish Hydrogen ASA remains focused on expanding its product portfolio to meet the decarbonization needs of this rapidly growing market.

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

Our Ultimate Goal

Hydrogen for clean Mobility

Every hydrogen molecule we deliver represents our commitment to breaking the cycle of fossil fuel dependence. We’re not just building fueling stations - we’re constructing the foundation for a cleaner, healthier, more resilient world where mobility and sustainability finally move forward together.

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

Robert Borin

CEO

Robert Borin has many years of experience in the green energy business. Before he was appointed as CEO at Cavendish Hydrogen, Borin held a position as Senior Vice President for Nel Fueling for three years. Borin has also held several other senior management positions in MHI Vestas Offshore Wind A/S and Siemens Gamesa Renewable Energy A/S. From 2016 to 2021, Borin was Chief Supply Chain Officer, Senior Vice President, and member of the management team for MHI Vestas Offshore Wind A/S. Borin holds a Master of Science in Mechanical Engineering and Industrial Management from KTH Stockholm. Borin is a Swedish citizen and resides in Denmark.

Marcus Halland

CFO

Before Marcus Halland was appointed CFO of Cavendish, he worked at Nel’s fueling division as Director of Finance for four years. Prior to this Halland was Group Chief Accountant at Nel ASA in Norway, following six years as Group Chief Accountant in Align AS. Halland holds a Bachelor of Science in Business (accounting major) from Oakland University. Halland is a Norwegian citizen and resides in Norway.

Peder Hykkelbjerg Hansen

COO - From 1 March 2025

Before Peder Hykkelbjerg Hansen was appointed COO at Cavendish, he worked as Head of Projects and Services in Nel’s fueling division. Prior to joining Nel, Hykkelbjerg Hansen worked 17 years with Siemens Gamesa Renewable Energy A/S with management positions within Projects and Service. Hykkelbjerg Hansen holds a Bachelor within Production Engineering from University of Southern Denmark in Odense. Hykkelbjerg Hansen is a Danish citizen and resides in Denmark.

Michael Ewald Stefan

CTO - From 1 March 2025

Before Michael Ewald Stefan was appointed CTO at Cavendish, he worked as Head of Product Life Management (PLM),

and Senior Director for Product Management in Nel’s fueling division. Prior to joining Nel, Stefan worked four years at Linde Group’s main Hydrogen Fueling division at Linde Gas GmbH in Austria as Head of Serial Production for Hydrogen Fueling Stations and Head of Production and Production Engineering. Stefan holds a Master of Science in Industrial Engineering with focus on Technical Product Management from University of Applied Sciences Wiener Neustadt. Stefan is citizen of Austria and resides in Austria.

Executive Management

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

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Cavendish Hydrogen ASA | Q4 2024 Financial Report

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

Members of the board

Jon André Løkke

Chairman of the board

Jon André Løkke currently holds various board

positions, manages private investments and serves as an industrial advisor for Verdane Capital’s

decarbonization investments. From 2015 to 2022, he served as the CEO for Nel and from 2012 to 2015 he was the CEO for Norsk Titanum AS. Prior, he held multiple positions in Renewable Energy Corporation (REC Group) in the period from 2002 to 2012, including roles as the company’s CFO, head of Sales & Marketing as well as operational roles. Additionally, Løkke has extensive board experience, currently holding position as chair of the board in Bergen Carbon Solutions ASA and in Tunable AS. Løkke has previously held positions as board member (chair) in Hydrogen Europe, Viken Hydrogen AS and Green H2 Lillestrøm AS, and several Nel subsidiaries. Løkke holds an International Masters of Business and Administration from Glasgow University, and a bachelor’s degree in Business and Economics from Southampton University.

Løkke is a Norwegian citizen, and resides in Norway.

Mimi Kristine Berdal

Board member

Mimi Kristine Berdal currently works with independent investment and corporate consulting. Berdal has broad experience as board member, having served as board member in several companies the past 20 years. Berdal is presently chair of the board in Goodtech ASA and Connect Bus AS and board member in Norsk Titanium AS, Thor Medical ASA, EMGS ASA, KLP Eiendom AS and Energima Gruppen AS. Additionally, Berdal has professional experience as legal advisor in Total Norge AS (1988- 1990), and has held the position as partner in Arntzen de Besche law firm, Oslo (1996-2005). Berdal holds a master’s degree in law from the University of Oslo and is a Norwegian citizen, and resides in Norway.

Vibeke Strømme

Board member

Vibeke Strømme has experience as CEO, board member and executive advisor in several companies. Strømme currently works as an independent executive advisor, and serves as a board member in Laugstol AS and Solcellespesialisten AS. She also serves as the chair of the Corporate Assembly of Sporveien AS. Over the last 20 years, Strømme has held various board positions, inter alia, in Goodtech ASA, Multiconsult ASA and Revus Energy ASA. Strømme is an experienced CEO, and held position as CEO of Kiwa Norge AS from 2013- 2021 and Nettpartner AS from 2022-2023, among others. Strømme holds a master degree in petroleum engineering from the Norwegian University of Science and Technology and a master of business administration from The International Institute for Management Development (IMD) in Swiss city of Lausanne. Strømme is a Norwegian citizen, and resides in Norway.

Allan Bødskov Andersen

Board member

Allan Bødskov Andersen has years of CFO experience, and currently serves as CFO in Topsoe A/S. Andersen has previously held the position as Group CFO in DLF from 2022 to 2023 and as Senior Vice President, CFO Onshore & Head of Investor Relations in Ørsted from 2020 to 2022. Prior to this, Andersen was Senior Vice President, Head of Group Treasury & Risk Management in DONG Energy. Andersen holds a Master’s degree in Economics and Econometrics from the University of Southampton and a PhD in Finance from Aarhus University. Andersen is a Danish citizen, and resides in Denmark.