Cavendish Hydrogen ASA: Results for the fourth quarter 2025

26 Feb 2026 07:00 CET

(February 26, 2026 -- Oslo, Norway) Cavendish Hydrogen ASA (Cavendish, the
company, Oslo Børs ticker: CAVEN) reported revenues of EUR 1.9 million for the
fourth quarter 2025. During the quarter, the company secured a new contract
with a customer in Italy, and hydrogen dispensed from Cavendish stations
reached a new all-time high of 372,000 kg, an important indicator of growing
demand. In addition, cost reduction measures are beginning to show effect,
most visibly in reduced cash consumption. Shortly after the quarter, Cavendish
was awarded one of its most significant contracts in recent years,
strengthening the company's order backlog.

Q4 2025 Highlights:
· Revenue was EUR 1.9 million and EBITDA result was EUR -3.9 million.
· Cash position was EUR 20.2 million at the end of the quarter.
· Secured an important new contract with a new customer, expanding presence in
Italy.
· An all-time high of 372 000 kg of hydrogen was dispensed from Cavendish
fueling stations this quarter.
· Commissioned a new station with our partner Mesure Process (MPH) in France,
adding to our expanding fleet of active stations across Europe.

Subsequent Events:
· January 14, 2026: Secured a new contract for a hydrogen fueling station for
buses including infrastructure in Germany reinforcing Cavendish's position in
Europe's energy transition.

Commenting on Cavendish's Q4 performance, CEO Robert Borin said:
"As I look back on the fourth quarter and the year behind us, it is clear to
see that it has been a challenging period. Our results have been negatively
impacted by the longer than expected dip in the market. However, it has been
encouraging to see the recent contract wins, the product improvements and the
cost reduction initiatives the organization has been working hard to
implement. These initiatives have already shown real impact, most visibly in
reduced cash consumption and improved equipment and organizational
performance. In Q4 we announced a new contract for hydrogen fueling equipment
in Italy and shortly after the quarter, we announced one of the largest
contract awards for Cavendish in recent years. These two important awards
validate our equipment performance, innovative product offering and strengthen
our European footprint. While Cavendish has experienced improved commercial
results with several new contract awards recently, the hydrogen market is
still slow and cost focused. We are continuously streamlining and adapting our
business to improve and stay resilient."

Outlook:
Cavendish expects group revenue for the first quarter of 2026 to be higher
than in the fourth quarter of 2025 and the first half of 2026 to be higher
than in the second half of 2025. Although the short-term outlook is cautious,
Cavendish is optimistic about the long-term potential for hydrogen fueling,
especially within buses and heavy-duty trucks.

The Q4 2025 results will be presented on February 26, 2026, at 10:00 CET 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/c1d41f61-673c-4384-b088-ecbce028a1ea@1c
376fce-a93e-4933-9295-5f367686af5b
.

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

For additional information, please contact:

Cavendish Hydrogen ASA Investor Relations
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. 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.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication,
through the agency of the contact persons set out above, at 2026-02-26 07:00
CET.

More information:
Access the news on Oslo Bors NewsWeb site

666872_Cavendish Hydrogen ASA Q4 Presentation.pdf
666872_Cavendish Hydrogen ASA Q4 Report.pdf