Cavendish Hydrogen ASA: Results for the second quarter 2025

28 Aug 2025 07:00 CEST

(August 28, 2025 - Oslo, Norway) Cavendish Hydrogen ASA (Cavendish, Oslo Børs
ticker: CAVEN) reported revenues of EUR 5.6 million for the second quarter 2025
(Q2 2025). This represents a decrease of 39 per cent year over year and an
increase of 51 per cent quarter over quarter.

Q2 2025 highlights:

· Revenue was EUR 5.6 million, down 39 per cent year over year, and up 51 per
cent quarter over quarter
· The EBITDA result in Q2 ended at EUR -4.6 million, up 32 per cent year over
year, and up 35 per cent quarter over quarter
· Cash position of EUR 28.7 million at the end of quarter
· Opened two new fueling stations in California, the first two together with a
new major US customer
· An all-time high 298 000 kg of hydrogen was dispensed from Cavendish Fueling
Stations this quarter
· Appointed new Chief Commercial Officer to position Cavendish for growth

Commenting on Cavendish's Q2 performance, CEO Robert Borin said: "This past
quarter unfolded largely as expected, reflecting steady strategic execution in a
challenging but exciting market environment. What stands out this quarter is the
momentum in our operations. In the US, Cavendish has successfully opened two new
stations with a major US customer, located in California. The Moreno Valley and
Vacaville stations have been engineered to deliver industry-leading performance.
Since opening, the stations have demonstrated strong reliability, operating at
close to 100 per cent site availability and already completing 3 225 car
fuelings. The two new stations have dispensed around 8 740 kg of hydrogen to
date, contributing to an all-time high in volumes across Cavendish's network.
This strong utilization and reliable performance are clear indicators of growing
demand and pave the way for future sales. We're also very pleased with the
excellent feedback from end users, which reinforces our confidence in the
technology and the customer experience"

Outlook:

Cavendish expects group revenue for the second half of this year to be somewhat
lower than in the first half of the year. Although the short-term outlook is
cautious, Cavendish is optimistic about the long-term potential for hydrogen
fueling, especially within heavy-duty transportation.

The Q2 2025 results will be presented on August 28, 2025, via live webcast and
participants are invited to attend the presentation and Q&A session at the
following link: https://events.teams.microsoft.com/event/7f683865-07b0-4139-85ad
-c9d49e7cf677@1c376fce-a93e-4933-9295-5f367686af5b .

For the full report and presentation, please see the attachments or visit
www.cavendishh2.com/ .

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

For additional information, please contact:

Mirza Koristovic, Head of Investor Relations

IR@cavendishh2.com

+47 938 70 525

About Cavendish Hydrogen ASA | www.cavendishh2.com

Cavendish Hydrogen is a global leader in hydrogen fueling solutions for the
mobility sector. Driven by the vision to end emission from mobility, Cavendish
is committed to providing safe, competitive, and reliable hydrogen fueling
solutions, offering the convenience of traditional fuels but with zero
emissions. With a dedicated team across offices on three continents, the company
covers the entire value chain from development and production to installation,
commissioning, and maintenance. Through value creation and cutting-edge
technology, Cavendish is setting new standards for fueling heavy-duty vehicles
with reliable hydrogen solutions. Cavendish Hydrogen ASA is listed on the Oslo
Stock Exchange (CAVEN) and headquartered in Herning, Denmark.

More information:
Access the news on Oslo Bors NewsWeb site

654043_Cavendish_Q2_2025_Report.pdf
654043_Cavendish_Q2_2025_Presentation.pdf