Company Announcements

OSLO, Norway , Aug. 28, 2025 /PRNewswire/ -- 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

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