HydrogenPro Q3-25

Strategic Partnerships Drive Global Reach and Future Order Potential

HydrogenPro (“HydrogenPro” or “the Company”) is a leader in the green hydrogen space with the world’s largest single-stack high-pressure alkaline electrolyzer, which is used to produce green hydrogen. Electrolyzers are evaluated based on energy efficiency, where HydrogenPro’s latest tests confirmed a substantial improvement in efficiency with >12-14%, setting a new industry benchmark. The Company has strong global partners and has a proof of concept by delivering electrolyzers to some of the largest hydrogen projects to date. HydrogenPro is uniquely positioned to capitalize on expected market growth during the forecast period 2025-2027. With an estimated revenue in 2027 of NOK 750m, and by applying a P/S multiple of 1.25, with a discount rate of 15%, this presents a potential present value of NOK 7.3 (7.8) per share in a Base scenario.

• Signs of Improved Market Conditions Going Into 2026

During Q3-25, revenues amounting to NOK 34.4m, a decrease by 52% Y-Y, while the order backlog amounted to NOK 252m (341), a decrease of -26% Y-Y. This reflects a continued challenging market, as delays in final investment decisions (FID) for projects has continued during 2025. Nevertheless, several public funding awards have been funded, for instance from the European Hydrogen Bank, where an auction was closed in February 2025, awarding EUR 1bn in funding for 15 projects. Additionally, another auction is planned for the end of 2025 with a budget of another EUR 1bn. Analyst Group expects European stimulus programs and the ongoing maturation of project pipelines to support market progress, leading to FIDs in 2026. Analyst Group considers HydrogenPro to be well positioned to benefit from this, supported by strong partnerships, enabling global delivery capability while maintaining a lean cost structure, resulting in a scalable business model.

• Building a Pipeline in new Market With High Potential

HydrogenPros partnership with Thermax, a leading energy and environment solutions provider and a trusted partner in the energy transition in India, has generated a growing pipeline of potential projects, which could support higher order intake in 2026. The partnership provides access to one of the fastest-growing hydrogen markets globally. Moreover, HydrogenPro is expanding into the Middle East with partners, where interest in green hydrogen is increasing, thereby further reinforcing its international presence.

• Revised Outlook and Valuation

2025 has been a year with lack of order intake, on the contrary to what was expected going into the year. However, as explained above, several FIDs are expected in Europe during 2026, which in combination with expansion in India and the Middle East is expected to increase order intake. Nevertheless, the lack of order intake have led to a downward revision of our forecasts in the coming years, even though order intake is expected to pick up during 2026. The updated forecasts impacts our valuation scenarios for HydrogenPro.