HydrogenPro (HYPRO) investor relations material

Executive summary

• Q2 2026 revenue was NOK 15 million, mainly from SALCOS and ACES projects, slightly down from NOK 16 million in Q1 2026 but up from NOK 13 million in Q2 2025.

• Achieved four major milestones: technology improvements, strategic review and capital raise, restructuring in China with OEM agreement, and pipeline conversion progress.

• Production of new Gen 4 electrodes began, offering improved design, efficiency, and durability.

• NOK 15 million was raised from new investors in Q2, with an additional NOK 6 million secured after quarter-end.

• Net loss for Q2 2026 was NOK -51 million, mainly due to a NOK 32 million impairment from closing China manufacturing.

Financial highlights

• Gross margin reached 158% in Q2 2026, boosted by a reversal of NOK 12 million in prior-year direct material expenses.

• EBITDA for the quarter was NOK -16 million, improved from NOK -32 million in Q1 2026.

• Order backlog stood at NOK 262 million at end of Q2 2026, up from NOK 252 million in Q1 2026.

• Payroll expenses reduced to NOK 24 million in Q2 2026, reflecting downsizing, especially in China.

• Net financial items improved to NOK 2 million in Q2 2026 from NOK -5 million in Q1, mainly due to favorable FX effects.

Outlook and guidance

• Project pipeline is growing, with advanced negotiations in Europe and India for high-efficiency alkaline systems.

• Near-term project pipeline of MNOK 300 expected to convert to contracts, with awards pending regulatory and technical review.

• Outlook maintained based on ongoing negotiations and expected FIDs in 2026 and 2027.

• Medium-term outlook remains robust, with 9-14 Mtpa of risk-adjusted global capacity by 2030 seen as achievable.

• Focus remains on converting pipeline to orders, delivering reference projects, and maintaining financial discipline.