The following are some key points that we have chosen to highlight in connection with the report:

• Projects are moving towards FIDs (Final investment decisions)
• Strong partnerships enable HydrogenPro to capitalize on improved market conditions in a scalable way
• Cost saving program finalized – NOK 40m in savings annually

In conclusion, Analyst Group views HydrogenPro’s Q3-25 report as a demonstration of resilience in a still-challenging market, with clear signs pointing toward stronger activity in 2026. While order intake remained limited due to project delays, several large-scale hydrogen projects are now progressing toward final investment decisions, providing a foundation for renewed growth. The Company’s strong global partnerships, including the newly signed partnership with Thermax in India, position HydrogenPro to capture future demand through a scalable, low-cost business model. With a stable cash position and ongoing investments in high-efficiency electrode production, Analyst Group considers HydrogenPro well prepared to capitalize on the expected market recovery.

Read Analyst Group’s comment on the report here

About Analyst Group: One of Sweden's leading equity research boutiques with focus on small and medium-sized listed companies.
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This is a press release from Analyst Group regarding the publication of a comment on HydrogenPro. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.