Achievements and highlights:

• Revenues of 35 MNOK in Q3 vs 13 MNOK in Q2
• Gross margin of 55% in Q3 vs 22% in Q2
• Expanded testing hours to ensure electrolyzer optimization and quality control
• Partnership with Thermax progressing well
• Strengthening our footprint in Middle East
• Appointment of new Chief Commercial Officer, effective from 1st of December 

Q3 2025 financials (Q2 2025 numbers in brackets):

- Revenues: NOK 35 million (NOK 13 million)

- EBITDA: NOK -45 million (NOK -48 million)

- Net result: NOK -54 million (NOK -76 million)

- Order Backlog: NOK 252 million (NOK 284 million)

- Cash Balance at end of the quarter: NOK 121 million (NOK 107 million). Equity investment from LONGi was completed in July 2025.

Jarle Dragvik, CEO of HydrogenPro, comments: “We are continuing to see a robust sales pipeline, though market fluctuations have delayed FIDs by at least a year. Most European leads (20–200 MW) now target FIDs in 2026, with strong traction alongside partners ANDRITZ and JHK. A strong pipeline is being built with Thermax in India. Our partnership strategy enables a global reach with increased focus on India, North Africa and Middle East, while maintaining a lean organization with low costs.

Furthermore, we are continuing to deliver our 3rd generation technology by producing electrodes in Aarhus, Denmark for the 100 MW SALCOS project. We have completed the MNOK 40 annual savings target.

Last but not least, we are pleased to announce the appointment of Michael Caspersen as our new Chief Commercial Officer, effective from 1^st of December. His extensive technical and commercial experience will be instrumental in delivering our future growth.”

The company will host a webcast presentation at 10:00 CET, followed by a Q&A session. The presentation will be held by Jarle Dragvik (CEO) and Martin Thanem Holtet (CFO). Questions can be posted online during the presentation.

https://channel.royalcast.com/landingpage/hegnarmedia/20251114_3/