HydrogenPro ASA – Third quarter 2026 results and update on strategic review

Financial highlights – Q3 2026 (Q2 2026 figures in brackets)

• Revenues: NOK 7 million (NOK 15 million)
• Gross profit: NOK 3 million (NOK 24 million)
• EBITDA: NOK -30 million (NOK -16 million)
• Net result: NOK -39 million (NOK -51 million)
• Cash balance at end of quarter: NOK 27 million (NOK 59 million). Note that the cash balance amounted to NOK 25 million on 9 November 2026.

Strategic review and financing

Reference is made to the strategic review announced on 13 May 2026.

As part of the strategic review, HydrogenPro has explored several strategic and financing alternatives, including potential transactions with financial and industrial parties.

While these efforts have provided valuable insights, they have not yet resulted in a financing solution or strategic transaction. Given the Company's liquidity position and the need to secure additional funding in the short to near term, the Board is continuing to evaluate alternative financing measures and will provide an update to the market as and when available.

Commercial update

On the commercial side, HydrogenPro remains engaged in advanced negotiations with several project owners. Final investment decisions remain pending, and the conversion of the project pipeline into firm orders remains dependent on the outcome and timing of these decisions.

Project timelines continue to be affected by several factors. In Europe, regulatory uncertainty remains a key consideration for certain customers, while others are undertaking increasingly comprehensive technology verification processes, particularly related to performance and durability. Although these processes extend decision timelines, they also provide opportunities to further demonstrate the robustness and reliability of HydrogenPro's technology.

Following several years of significant pricing pressure in the electrolyser market, HydrogenPro remains focused on strengthening its competitive position through continuous technology and cost optimization. The Company maintains a disciplined approach to pricing and performance commitments, recognizing that a competitive price-to-performance ratio, combined with reliable execution, is fundamental to building sustainable, long-term customer relationships.

HydrogenPro has recently further demonstrated the performance capabilities of its electrolyser platform, consistently achieving energy consumption below 4.5 kWh/Nm³, including well beyond the beginning-of-life phase.

Technology update

To succeed as a global electrolyser OEM, manufacturers must deliver world-class performance and cost competitiveness in an increasingly demanding market. HydrogenPro expects continued industry consolidation as the market evolves towards a more sustainable and competitive global supplier base.

Against this backdrop, HydrogenPro has built a strong foundation for success by consistently advanced its stack technology to strengthen performance and cost competitiveness. These efforts have unlocked the potential to develop a next-generation stack with twice the production capacity, half the size and almost half the weight. By combining a design developed and tested in Europe with an efficient supply chain, the Company aims to achieve industry-leading performance and cost efficiency.

Liquidity and going concern

The Board and management remain focused on identifying a viable financing solution while maintaining strict cost discipline and liquidity management. Extensive cost measures have been implemented and continued measures are continuously being assessed. The Board continues to assess the Company’s ability to operate as a going concern, taking into account its current liquidity position, developments in the contract pipeline and available alternatives pursuant to the ongoing strategic review process.

Quarterly reporting

The full third quarter 2026 report is enclosed and available on the Company's website.

Given the Company's ongoing evaluation of financing alternatives, HydrogenPro will not host its customary quarterly results webcast. The Company will provide further updates as appropriate and in accordance with applicable disclosure obligations.