2024

Annual Financial Report

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

As we close the year of 2024 I would like to put focus on some of the key achievements for Cavendish in 2024 and share our outlook for the future:

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

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

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

Report from Board of Directors

Key Figures

An all-time high 907 520 kg of hydrogen was dispensed from Cavendish Fueling Stations in 2024 due to improved reliability and more stations in operation.

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

Accelerating the clean mobility future

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

Revenue & Order Intake, Order Backlog and Employees

Financial development

At 12th of June 2024 Cavendish Hydrogen ASA was established as a publicly listed company on the Oslo stock Exchange following a successful split from Nel ASA. Cavendish Hydrogen ASA derives out of Nel ASA's Fueling business and comparative figures have been established through applying predecessor accounting. See Note 1.2 for further details. On this basis the financial figures from 2024 and 2023 are comparable.

The cost from the listing process is considered non-recurring, it is part of other operating expenditures and amounts to EUR 2.6 million.

Cavendish Hydrogen ASA ended the year with revenues of EUR 31.0 million in 2024, a growth of 7% from last year of EUR 28.9 million. The increase is due to 13% higher equipment deliveries than last year. These deliveries were to a new US customer that are opening the first stations in 2025.

The revenue from projects, installation and commissioning and Service was on the same level in 2023.

The payment received due to the cancellation of the supply contract with Nikola in first quarter 2024 increased the revenue with EUR 3.7 million.

The progress in the European market was good in 2024 where 8 new hydrogen stations were opened for commercial use during the year. Several of these stations were bus stations in France, Poland and Germany. In the US we have opened 1 new station in 2024 that is fewer than expected since we have experienced customer delays due to shortage of gaseous hydrogen on the US market.

Raw materials expenses totalled EUR 15.1 million (14.2), an increase of 6% from 2023. The increase is due to a write down of inventory from a customer termination of a service contract

Income Statement

(Comparable amounts in brackets, in EUR million)

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of 7 stations in the US. This station product used several component of legacy technology that lead to certain spare parts being obsolete. In addition, we were charged for liquidated damages due to a project delay from the same US customer. These negative effects were partly offset by improved margins from equipment deliveries, projects in execution and lower cost from stations in operation due to improved station reliability.

Personal expenses amounted to EUR 21.5 million (23.5) a decrease of 9%. The company adapted the organization during 2024 due to lower activity in manufacturing and service due to operational improvements. Due to the listing the company added certain headcounts to cover for functions previously done by Nel. The headcount was 238 Full-Time Employees at year end, compared to 255 FTEs at 2023, a decrease of 7%. The restructuring that was completed in February 2025 reduced the number of FTE’s to 150, a reduction of 37%

Other operating expenses amount to EUR 13.8 million (12.1) an increase of 13%. The non- recurring cost from the listing process of EUR 2.6 million is the main reason for the increase

combined with legal fees from an ongoing US lawsuit. Due to tight cost control other operating costs have been reduced from last year.

EBITDA ended at EUR -19.0 million (-19.4m), negatively impacted by the non-recurring costs from the listing process.

Depreciation, amortisation and impairment decreased to EUR 4.6 million (4.7).

As a result of all of the above, the operating loss amounted to EUR -23.6 million (-24.1).

Net financial items amounted to EUR 0 million (-5.6). Cavendish received EUR 1.2 million (0) in interest from its cash reserves, while finance expenses decreased driven by conversion of loans to Nel ASA to equity and a lower impairment of HyNet in 2024 amounting to EUR -0.8 million (-2.7).

Net loss ended at EUR -22.8 million (28.9)

Financial position

Total assets were EUR 95.2 million at the end of 2024, compared to EUR 69.9 million at the end of 2023. Total equity was EUR 73.1 million (21.4). Thus, the equity ratio was 77%.

The significant increase in assets and equity is mainly a result of the split from Nel ASA, which increased cash and equity through capital

increases while long-term debt decreased through conversion of loans to Nel ASA to equity.

Furthermore, trade receivables and inventories have decreased due to recognized equipment deliveries in 2024, which were paid on the balance sheet date.

Cash flow

Net cash flow from operating activities in 2024 was EUR -24.0 million, compared to EUR -18.8 million in 2023. The development is positively impacted by a lower net loss and working capital development, but driven by other adjustment of -7.0 million from reduction of other liabilities and increase in other assets.

Net cash flow from investing activities was EUR -7.8 million (-4.3) mainly from new technology development for new product platform to

support high capacity fuelling solutions.

Net cash flow from financing activities was EUR 67.4 million (27.1) that derives from proceeds from capital raises into the company connected to the separate listing of the company.

Cavendish Hydrogen’s cash balance at the end of 2024 was EUR 41.8 million up from EUR 7.0 million in 2023.

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Parent Company Result for the Year and allocation

The Parent Company, Cavendish Hydrogen ASA, incurred a comprehensive loss for the year of EUR -4.5 million. The Board of Directors of Cavendish Hydrogen ASA propose the loss for the year is allocated as follows:

Going concern

The company estimates it has sufficient working capital and cash on hand to fund operations beyond the next 12 months following the report date. In accordance with section 3(3a) of the Norwegian Accounting Act, the

board of directors, therefore, confirms that the financial statements have been prepared on the assumption of a going concern.

Cavendish Hydrogen ASA | 2024 Annual Financial Report

Photo by Scott Webb on Unsplash

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

Dispensed Hydrogen and Operations

Europe

During 2024 our customers have opened 8 new Cavendish stations for commercial use. These stations are in France, Poland, Germany and Denmark and are serving buses, cars and taxi fleets. The newly opened stations are utilized on a moderate to high level and are the reason for the increase of 48 per cent in dispensed hydrogen in 2024. The reliability of our stations in Europe is continuing to improve and we see lower costs from operations.

North America

During 2024 one customer have opened one new Cavendish station. The station is located in South California and has relatively low utilization. During Q1 2024 a US customer closed 7 hydrogen stations in Northern California. In addition, the hydrogen supply situation in all of California has suffered from a general shortage of hydrogen, technical issues on trailers and high

prices, leading to very low levels of dispensed Hydrogen from the stations in North America. In total, dispensed hydrogen in the US decreased with 49 per cent from last year. During 2024 we have seen improvements in reliability on the stations in operation and we have been having progress on the installation of 2 stations in California and 1 station in Canada that is expected to open early in 2025.

Asia

Since the beginning of 2022 Cavendish Korea has serviced 15 Cavendish stations for our customers in the Korean market. The Korea stations have ever since 2022 had high utilization and high availability. 2024 marked another year with high dispensed figures at the same level as last year.

Dispensed Tonnes of Hydrogen over time

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Technology development

R&Ds focus in 2024 was the new product platform, a High-Capacity Hydrogen Refuelling Station, (HC-HRS). The HC-HRS product platform is aimed at public and private hydrogen fueling stations that mainly fill commercial vehicles. It is a modular product, covering the different customer requirements and capturing the experience and learnings we have had with our current product platform. The design is focused on cost optimization, reliability, serviceability and redundancy.

The development process applied by the company is a tailor-made stage-gate process that ensures involvement of all relevant stakeholders. It is focused on hard technical and commercial requirements like total cost of ownership, condition monitoring, maintenance, redundancy and availability of the product.

To succeed in the high-capacity market, the Company has over the past years worked on developing a new station that will integrate modules that have proven to work well in the field with new innovations to further enhance performance. Capitalizing on insights derived from the light-duty market and accessing new technology from world-class partners will in the Company’s view make the new high- capacity station unique. The new high-capacity

station is designed to deliver up to 65 kg in 10 minutes (~800 km range) with a targeted hourly capacity of 260 kg. The daily fueling volume target specifications are set between 3 to 4 tons of hydrogen from up to six 700 and 350 bar dispensers with certain unit combinations. Another key aspect of the future high-capacity station is that it will be based on a defined set of modules to allow different configurations. The high-capacity platform will allow multiple use- cases and configurations based on a limited set of core modules, all with total cost of ownership in mind. The focus on the customers’ total cost of ownership has been and will continue to be a guiding star for our strategy going forward.

Another focus of the R&D team was on continuous improvements related to existing products, mainly related to safety, station performance and reliability. This includes, among other things, the improvement of certain systems and components, such as gas detectors, valves and compressors, including the associated process control and documentation.

Total technology spend for 2024 in the company was EUR 11.2 million (10.7), of which EUR 6.2 million (3.0) and EUR 5.0 million (7.7) has been capitalised and expensed, respectively.

Strategy

Cavendish is one of the world’s largest and most experienced suppliers of hydrogen fueling stations - and the company is set to strengthen that position as the market accelerates.

Rooted in years of experience with hydrogen fueling and guided by the core values, Respect, Curiosity, and Reliability, the company builds on its strong position as a trusted global partner. With manufacturing in Denmark and active projects across Europe, North America, and Asia, Cavendish is positioned to meet the expected increase in international demand for hydrogen infrastructure.

The focus continues to be hydrogen fueling solutions for mobility, evolving with the market from light-duty solutions to high-capacity fueling systems for trucks, buses, and long- haul transport. As part of this transition in the market, the company continuously evaluates opportunities where its core capabilities can be applied most effectively to ensure value creation.

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Risk and opportunities

Cavendish is exposed to significant risk and uncertainty factors, which may affect some or all of the group’s activities. Cavendish is exposed to operational, financial, market and climate-related risk. These risks could occur individually or simultaneously.

The company places strong emphasis on quality assurance and has implemented quality- assurance systems in line with the requirements applicable to its business operations.

Cavendish Hydrogen is operating in a rapidly- evolving global industry. The need to address opportunities and make investments ahead of actual market demand and revenue recognition, balanced with the need to appropriately allocate capital and demonstrate a viable business model, is a continual challenge.

In this phase of development, the risks associated with technological change are higher than in more mature industries.

Competitors’ or new entrants’ innovations in the hydrogen industry could impact the speed of deployment of our current and new technologies. Additionally, if competitors gain advantages in the performance of current or in the development of alternative Fueling Station technologies, this could affect the competitive position of the company.

The overall market sentiment is impacted by a slow-down in government incentives combined with higher interest rates and overall cost increases. The Geo-political situation has developed negatively with higher uncertainty around the global trade situation with potential tariffs and customs. These factors and more have contributed to a general delay in start-up of new projects across the industry which in turn impacts our business.

Cavendish Hydrogen is also to a certain degree dependent on a limited number of third-party suppliers for key production components for its fueling station products. To reduce sourcing risk, the company’s supply chain strategy is to have more than one alternative of key components. Nevertheless, Cavendish does have a few single-source components and is at risk of temporary supply chain disruptions should one or more suppliers fail to deliver.

Another supply chain risk is whether suppliers can continue to operate under the uncertain market developments inherent in this industry. In addition to making its current supply chain more robust, the company is working to facilitate volumes from important sub-suppliers. The timing of addressing such elements and risks is important, as there are risks in both overshooting and not meeting market demand adequately.

“Reliability” is a commitment. That is why Cavendish takes a measured and responsible approach to market timing. In a landscape, currently shaped by hydrogen pricing uncertainty, geo-political volatility, and reduced short-term investor appetite within the green sector, the company is intensifying its customer- focused solutions within application engineering, platform refinement, and targeted innovation. This also means that the development of our next-generation station continues at a

meaningful and adjusted pace, as the company seeks to engage with the right partner or customer to bring the first high-capacity prototype to life.

With a scalable platform — in both technology and operations — deep industry insight, and a strategy grounded in Respect, Curiosity, and Reliability, we are shaping the future of hydrogen mobility: built to lead, built to last.

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Climate - related risk factors

Cavendish Hydrogen assesses climate transition risks into two major categories: (1) risks related to the transition to a low-carbon economy and (2) risks related to the physical impacts of climate change. No climate related risk has been identified to affect our physical assets or operations in the short and mid-term. In January 2025 we saw detrimental forest fires destroy parts of the city of Los Angeles, an area were we have stations in operation. No damages were inflicted on our equipment during this event. Although these events might be unlikely, due to the climate change, they will happen more and more frequent. Climate events may increase the requirements for product safety. These risks are not considered to have a severe impact to our operations. The climate transition will also allow customers and governments to select the product technology that better suit their need. Cavendish foresee an increased risk related to

product failure and technology obsolescence. The reputational damage risk from product failure and failure to meet high expectation from our customers may affect the eligibility of our equipment technology. The company prioritize investments in R&D, allocating resources to meet regulation and market demands. Lastly, the local authorities and governments have an important role in the renewable hydrogen sector by enacting legislations that support research and innovation and scalable investments in production and infrastructure. Reduced and/or delayed support from governments will delay the developments of the renewable hydrogen industry. Political incentive schemes such as the Inflation Reduction act in the United States and the Hydrogen Bank in the EU are expected to be important contributors to developing the industry.

The Company maintains a Directors and Officers Liability Insurance on behalf of the members of the Board of Directors and CEO. The insurance additionally covers any employee acting in a managerial capacity and includes subsidiaries owned with more than 50%. The insurance is worldwide. The purpose is to prevent employees and board members of Cavendish Hydrogen ASA

(incl. subsidiaries) from being held personally responsible for decisions made by the company.

Directors' and Officers' Liability Insurance

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Outlook

Based on the current order backlog, revenue from equipment sales in next year are expected to be lower than in 2024. Installation and commissioning projects are expected to generate slightly lower revenue levels next year as expected projects to be executed in Europe are fewer in 2025 compared to 2024. The company expects more stations to open in US and Canada. The service segment is expected to continue to grow as the installed base of stations in operation with a service contract is increasing and there is a full-year revenue effect of the stations that was put in commercial operation during 2024. As Cavendish has a project- based business, fluctuations in order intake and revenue recognition are to be expected.

To adapt and right-size the organisation to match the revised strategy and technology roadmap the company initiated a cost reduction and restructuring project. This was concluded in February 2025. 37% of our Full Time Equivalent employees have been laid-off. This will affect the cost levels negatively in the first half of 2025 while cost savings will be apparent in the second half of 2025.

During 2024 investment activities was according to plan with significant efforts made in the development of the High-Capacity Hydrogen Refuelling Station. As the market is delayed for this project the company has decided to adapt the investment effort to better tailor to the market needs. The company will continue its engineering efforts and explore customer and/or partner financing to build the first pilot HC-HRS.

Over the last year period, our stations have consistently delivered improved performance, leading to better uptime and reliability. Moving forward, operational improvements in the installed station fleet are expected to have a positive impact on margins.

With more than 20 years’ experience, constructive dialogues with existing and new customers, and with our equipment dispensing close to one million kg of Hydrogen in 2024, Cavendish is uniquely positioned to capture the hydrogen filling mobility market.

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Cavendish Hydrogen ASA | Q4 2024 Financial Report

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Cavendish Hydrogen ASA | 2024 Annual Financial Report

Human capital, working environment and Social conditions

Cavendish's values and drivers

At Cavendish, Respect, Curiosity and Reliability are the values and drivers behind Employer behavior and constitute the roots of the company integrity. Embracing diversity and valuing different opinions and points of view is a key enabler to create more innovation, better solutions and a great place to work at Cavendish. Management as well as employees globally are recognized as and asked to stay curious and open-minded towards all aspects of interaction with external as well as internal people and business relations to constantly seeking continuous learning, creating innovative solutions and improvements. Employees and management strive for and must be recognized as a reliable partner in everything the company does resulting in high quality solutions on time.

Curiosity

Cavendish strives for continuous learning and improvements in processes, products as well as in local and global leadership. As part of the mandatory APV (Arbejdspladsvurdering) across the organization, local work groups across roles and departments facilitated by HR were established as an outcome of the results to ensure all input was translated into concrete actions and taken seriously. This bottom-up process ensured employee buy-in and commitment to support local leadership in becoming better, adjusting and managing expectations between employees and leaders.

Another initiative and action to capture the voice of the employees was introducing a Pulse survey pilot project across the global Projects & Service organization in KR, US and Denmark. The purpose of the pulse survey is to create an understanding for leaders and management about our employees’ motivation, engagement and well-being across teams and departments locally and globally. The purpose with Cavendish’ pulse survey is to open for ongoing feedback from the organization to

ensure updated and constructive feedback is highlighted and made “visible” while potential issues, challenges or concerns are still relevant for the organization to address, react and adapt to the feedback as soon as possible.

Setting direction, aligning expectations and giving feedback

Each year all managers invite their employees to a formal Appraisal dialogue with the purpose of looking back and evaluating the year that passed by, giving constructive feedback and praise good performance and together with the employees setting direction and new targets for expected business results and behavior in the year to come. The aim is to align on “the past” (how to continuously learn and develop) and ensure common ground for the short and mid- term activities and priorities and creating the line of sight for each employee; how each and everyone contributes to the overall business plans and priorities.

Equal treatment and diversity

Cavendish values and consists of a diverse workforce, enriched by the knowledge and experience derived from various professional backgrounds, beliefs, races and cultures. Cavendish acknowledges the critical importance of fostering a culture that promotes diversity and integrity, with equal opportunities for all irrespective of gender, cultural backgrounds, or race. At Cavendish we have a zero tolerance for discrimination, bullying or harassment of any kind and in alignment with this commitment, we publicly declare our status as an equal opportunity employer in all job advertisements. HR drives the hiring process in close collaboration with the Hiring manager, advising and supporting the Hiring manager to ensure equitable treatment of candidates at every stage of the recruitment process.

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In performance cases our managers collaborate closely with HR and it’s always an aim and ambition to ensure the employees are met with mutual respect, no discrimination based on gender, pregnancy, maternity leave ethnicity, religion etc. but is solely based on the individual’s performance and development opportunities.

Training & Development of our people

At Cavendish, our colleagues come from diverse backgrounds (education and industry experience) as well as different nationalities. Interacting with colleagues across countries is required and a must in most roles. As the world gets “smaller” and collaboration across countries becomes a higher demand, several employees asked for the opportunity to participate in English language courses to overcome the language barriers by upgrading and strengthening day- to-day and business English capabilities. This was initiated in 2024 with a high participation rate and all training was conducted during normal working hours with a professional English teacher at the location in Herning, Denmark. The outcome and effect of the training was evaluated as “value for money” and time spent, and similar courses will be offered in 2025 when relevant

and needed.

As continuous learning and development are important at Cavendish, all employees are asked to discuss development opportunities (online training, courses, side-by-side training etc.) with their direct manager in the yearly Appraisal process where development opportunities are identified and plans for the coming years training activities are established. For Cavendish colleagues in technical roles, both mandatory and optional safety, product, process etc. training courses (internally/externally) are offered.

Works council

As part of “the cooperation agreement” which contains rules on how the company and employees mutually inform each other about working conditions.

The Works Council discusses workplace matters, and fosters collaboration between management and employee representatives on decisions affecting staff, ensuring compliance with labor laws, implementing workers council agreements, and promoting fair treatment in the workplace.

Employees

Employees measured as headcount number at year end.

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Parental leave

Cavendish supports that all employees, regardless of gender, can take parental leave. Cavendish applies same opportunities and conditions for maternity and paternity leave for employees covered by the CBA in Denmark as for Salaried employees outside of the CBA scope. Cavendish believes this approach is crucial for supporting an employee’s work-life balance and overall well-being.

Sick leave