Oslo ,17th July 2024 : Reference is made to the stock exchange announcements by Cavendish Hydrogen ASA ("Cavendish", OSE: CAVEN) andNel ASA ("Nel", OSE: NEL) on12th June 2024 regarding the completion of Nel's spin-off of Cavendish and first day of trading of Cavendish's shares on theOslo Stock Exchange . Further to the stock exchange announcement by Nel pertaining to Nel's second quarter 2024 report published simultaneous with this announcement, Cavendish hereby provides the following trading update: Nel reports from discontinued operations in connection with the spin-off total revenue and income for the period1st April 2024 -7th June 2024 ofNOK 47.0 million compared toNOK 84.2 million in Q2 2023. Cavendish expects that the revenue for the full second quarter of 2024 is in line with previous quarters and on level or better than Q2 2023. Nel reports from discontinued operations in connection with the spin-off an operating loss for the period1st April 2024 -7th June 2024 ofNOK -68.7 million compared toNOK -81.3 million for Q2 2023. Cavendish expects that the operating loss for the full second quarter is in line with previous quarters and on level or better than Q2 2023. The operating loss ofNOK -68.7 million includes approximatelyNOK 22 million in non-recurring costs related to the spin-off and listing of Cavendish on theOslo Stock Exchange completed inJune 2024 . Cavendish's second quarter 2024 report is scheduled for publication29th August 2024 . For further information, please contact:Marcus Halland , CFO, +47 930 90 190 About Cavendish Hydrogen ASA: Cavendish Hydrogen ASA is a leading hydrogen fueling company that specializes in the development, production, marketing, sales and service of equipment for fueling hydrogen into on-road vehicles. The company operates globally with offices inDenmark ,California (theU.S ),South Korea andAustria . The ongoing focus of the company is to develop its product portfolio to meet the expected market expansion for long-distance heavy-duty trucking. For more information, please visit https://cavendishh2.com/. * * * This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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