Cavendish Hydrogen Asa

Good day, everyone, and welcome to Cavendish Hydrogen's Q1 presentation. My name is Robert Borin, and I am the CEO of Cavendish Hydrogen.

And with me today, I have our CFO, Markus Halland. On today's agenda, we have Cavendish Hydrogen in brief.

We have a quick business update for the first quarter. We have some key figures which will be delivered by Marcus. And we round up with a short summary. And for Q&A, we have scheduled a live session later today, Thursday, May 15 at 1300 hours CET. In short, here at Cavendish, we develop and deliver hydrogen fueling solutions in the mobility market. And we have been doing so for 20 years, for the last 20 years. In 2024, our equipment dispensed more than 900,000 kilos of hydrogen worldwide, corresponding to filling 230,000 Toyota Mirais with hydrogen. Our facility here in Härning is one of the world's largest manufacturing facilities for hydrogen fueling stations. And in addition to the Härning location, we have service hubs on three different continents, including key markets in North America, Europe and Korea. We are roughly 150 dedicated employees globally. And in 2024, we had a revenue of approximately 31 million euros. Starting out as usual, I would like to take you through the latest business updates from the first quarter. And starting out in Germany, the Wuppertal station is the latest contribution to Germany's hydrogen bus network with a capacity of approximately 1000 kilos of hydrogen per day. The German bus market is showing great potential with plans for up to 60 plus sites. With funding already in place. Cavendish Hydrogen's bus station module is a perfect fit for bus fleets between 20 to 40 stations. That covers 20 to 40 buses. And which is a fairly standard size for a smaller city. So site availability at Wuppertal has since opening been more than 98%, which is great. And the station dispensed close to 10 tons of hydrogen during April 2025. Moving on to Canada, the light duty station in Vancouver is Cavendish's first installation on the Canadian market. This is an important milestone with an important customer. The station has been well received by the city of Vancouver since the handover was officially celebrated on April 2nd this year. The site is covered by an operations and maintenance agreement, which will be performed by Cavendish and the North American Cavendish service team. In the U.S., Cavendish has started up the first of several sites with light duty stations for a large U.S. customer in California. The site has been successfully started in a soft opening period with a 12 hours opening window. This period will go on until 1st of June when the station will go into full operation. The second site for the same customer is under commissioning and is planned to be open before the end of the second quarter. And the third site is in construction and planned to be handed over before year end. Looking at our Operational performance in first quarter 2025, we handed over three sites to customers, one in Germany, one in Canada, and one in the U.S. We have four sites in installation or in commissioning, two in U.S., one in Italy, and one in France. And moving on to the dispensed volumes, we continue to see increasing volumes quarter by quarter, and first quarter 2025 was no exception. Globally, we see an increase of 41%, and looking at Europe alone, the volumes have increased year over year with 78%. Stable volumes are dispensed in Korea, and in the U.S., we still see fairly small volumes. This is mainly due to the hydrogen shortage situation. However, there are indications that the supply situation is improving, which can also be seen in the small volume increase compared to the last quarter last year. Looking at the trends in the market in relation to our existing product portfolio, we do believe that the long-term trend is still pointing towards medium and heavy duty plus industrial applications. And industrial applications that could be trailer filling solutions, for instance. However, right now we see that light and medium duty projects are still standing for the majority of the announced projects, especially if we are looking at the European market. What has changed though is that we see a much higher degree of customer specific adaptations and local adaptations being required by the customer. And this is something that we are solving by incremental adaptations through our newly established application engineering team who are doing a great job. Looking forward, and as we have previously announced, we have reduced the resource spend on the development of the high capacity station. And this is to make sure that we hit the market at the right time. We keep developing the high-capacity equipment on a demand-based approach module by module. As an example, we prioritize development on modules like feed compressors and valve panels, because these modules can also be used in industrial applications, like I previously mentioned, like trailer filling and export terminals. So with a module-based development, we secure a cost-conscious approach, And continuous drive towards the full development of the total high capacity concept. So to conclude on the business update, our current focus is on installation, commissioning and service of existing agreements. We focus on flexibility in our product offering and we do this by incremental adaptation of the existing product portfolio. We do focus on customer partnerships and financing to enable the build out of and full scale testing of our next generation products, the high capacity product. So moving on to the key figures, I will now hand over to Marcus.