Q2 2026 Highlights:

• Revenue was EUR 4.4 million and EBITDA result was EUR -5.9 million. The EBITDA includes -3.9 million in cost related to the settlement of the Iwatani case and thus the adjusted EBITDA was EUR -2.1 million. Cash position of EUR 16.4 million at the end of the quarter.

• New strategic partnership secured with BHDT GmbH through extensive equity investment, strengthening cash position by EUR 4.8 million, and the ability to deliver high-quality solutions through strategic and technical cooperation.

• Awarded EUR 1.3 Million in European Funding to Accelerate Next-Generation Hydrogen Compression Technology, reinforcing the company’s competitive position by enabling Cavendish Hydrogen to extend its proprietary technology reach.

• Awarded a new contract for a Hydrogen Fueling Station in Luxembourg, with long-standing partner Mesure Process.

• 336,203 kg of hydrogen was dispensed from Cavendish fueling stations this quarter.

• Settlement Agreement with Iwatani Corporation of America. The settlement eliminates further legal costs and mitigates litigation risk in the US.

Commenting on Cavendish's Q2 performance, CEO Robert Borin said:
" The second quarter brought two developments I consider particularly important. We closed out a legacy legal risk through a settlement with Iwatani Corporation of America, and we welcomed BHDT GmbH as a strategic investor and industrial partner, a relationship we are continuing to build. We also saw further progress on European funding programs relevant to our market. Germany’s EUR 220 million scheme for hydrogen stations and trucks closed its application window in June, heavily oversubscribed, and the Netherlands’ EUR 45 million SWiM scheme completed its 2026 round in May. Both are encouraging signals for the market. We closed the quarter with a legal matter behind us, and a promising new industrial partnership. The near-term market remains uncertain, but positive developments are advancing and the work done this quarter positions us well for the moment demand accelerates.”

Outlook:
Cavendish Hydrogen expects revenue for the second half of 2026 to be somewhat lower than the revenue of the first half in 2026 due to fewer equipment deliveries. There will be some volatility between the quarters due to the timing of the revenue recognition of the order backlog. Although the short-term outlook is cautious, Cavendish Hydrogen is optimistic about the long-term potential for hydrogen fueling, especially within buses and heavy-duty trucks.

The Q2 2026 results will be presented on August 27, 2026, at 10:00 CET via live webcast and participants are invited to attend the presentation and Q&A session at the following link: https://events.teams.microsoft.com/event/e1ffedd5-7475-41b3-88e7-0123ad756df6@1c376fce-a93e-4933-9295-5f367686af5b . For the full report and presentation, please see the attachments or visit www.cavendishh2.com (http://www.cavendishh2.com/).

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