Cavendish Hydrogen Aktie

Good morning, everyone, and welcome to Cavendish Hydrogen's Second Quarter Presentation. My name is Robert Borin, and I am the CEO of Cavendish Hydrogen. And with me today, I have our CFO, Marcus Halland. The presentation will last for approximately 20 minutes, and there will be a live Q&A session after the presentation. Most of you know us well by now, but for those of you who are new to our company, I will start out with an introduction and briefly introduce you to what we do before the second quarter business update.

In Cavendish Hydrogen, we are in the business of ending emissions from mobility, and we do this through reliable hydrogen fueling solutions across the world. So why is it that we are focusing on hydrogen mobility and not other solutions like electricity or biofuel? Well, hydrogen fuel cell vehicles have strong advantages over combustion engine vehicles like, for instance, no emissions, which we consider to be a hygiene factor in the modern mobility business. On top of that, fuel cell electric vehicles have advantages over, for instance, battery electric vehicles like the longer driving range, where a long-range truck today need to have a range of about 800 kilometers in one charge or refill, a refill that should not take more than 15 minutes.

And finally, the grid connection needed to install a hydrogen fueling station for heavy-duty mobility is significantly smaller than the grid connection needed for a heavy-duty electrical charger able to charge a truck in the comparable time. And with the increased electrification of our society, the limitations of the grid is becoming a growing problem to the extent where it is already showstopper on many European markets where you need to wait many years to get even smaller grid connections. In Cavendish, we offer the complete scope of equipment required for installation of a fueling station or trailer filling panel. We start out with the connection panel out to the left here, and this is where the hydrogen comes into the station from the source. Then we have the storage where the size of the storage is very much depending on the type of the source. If you have a pipeline as source, the storage is smaller. If you have an electrolyzer, the storage can be larger, et cetera.

Then we have the fueling station, which is sort of the main event where we are keeping all the technology that we have. This is where the cooling, compression and the control is happening. Finally, we have the dispenser and the dispenser is primarily what the consumer sees when using the station. On top of that, we are also providing services ranging all the way from design and manufacturing to maintenance and operational services.

And on that note, I will now take you through the latest business update for the events in Q2. So in the second quarter, we announced an order in Luxembourg with our French EPC partner, MPH. This contract represents a new market entry for Cavendish and supports our continued expansion across the European continent. It is also a testament to our strong collaboration with our French EPC partner, MPH. We are also very happy to have announced a strategic partnership and EUR 4.8 million cornerstone investment from the Austrian company, BHDT. This investment corresponds to a 15% ownership post transaction. We see this partnership and investment as a validation of Cavendish Hydrogen's technology and strategy. And we have already moved from transaction to active collaboration in relation to technology development and R&D.

As an additional testament to the technical strength of our organization, Cavendish was awarded EUR 1.3 million in European funding. The funding is related to acceleration of development of the next-generation compressor technology, and I will come back to this a little bit later in the presentation. And finally, we are very pleased to announce that we have reached a full and final settlement in the U.S. case versus Iwatani Corporation of America, which is fully eliminating future legal costs and risk related to this case.

Taking a look at the hydrogen market development. We see increased activity in the market, but decision cycles are still long and especially in new markets. Policy deployment and financing are on the horizon for FIDs in mid-2027, which gives long-term trust in the market. However, it creates a gap for the rest of 2026 and the early 2027. The regulatory landscape is taking shape, but project time lines, especially regarding permitting remains volatile and especially local regulations are not yet fully in place. More hydrogen vehicle producers are actually entering the market, but vehicle availability is still lower than expected.

If we then look at the positive side, we see a 100% oversubscribed funding call in Germany, where applications for more than 70 stations were submitted here in June. This is a EUR 220 million funding program designed to support bundling of stations and vehicles in one application, which makes it significantly easier for projects to get the full financing in one place rather than going to several different entities. In the Netherlands, the SWiM funding program was completed with a total of EUR 45 million awarded for build-out of hydrogen infrastructure. This program was earlier announced to become an annual program or an annual award in the Netherlands, which, of course, is a great news for the future as well. And finally, we see that the geopolitical situation with the risk of higher oil prices is, of course, accelerating the development towards alternative fuels and energy resilience.

Looking a bit closer at the time line and the impact of the German and Dutch funding programs. The application deadline was passed here at the end of the second quarter, where we saw a 100% oversubscription of the German program. In total, applications for 71 stations were submitted in Germany, which is approximately double what the program is budgeted for as we see right now. So that, of course, says -- or shows that it's a great demand for building stations out there. A EUR 45 million program was awarded in the Netherlands, which is corresponding to approximately 12 stations to be built. The funding award is expected to be announced in the last quarter of 2026 and subsequently, the tendering process is expected to start shortly thereafter. And finally, FIDs and supplier awards are expected in the second quarter -- second and third quarters of 2027. And of course, this is the time line for when Cavendish is in contention for the awards naturally.

So coming back to the EUR 1.4 million project in Luxembourg. Cavendish Hydrogen supplies the station in cooperation with long-standing partner Mesure Process, MPH, who acts as the EPC and maintenance contractor. The customer is a leading European energy company and the project aims to decarbonize mobility and is part of a major initiative funded under the European Commission's Horizon Europe program. This project does not only give Cavendish high visibility recognition as a leading technology supplier, but it is also expanding Cavendish's footprint into a new European market.

As stated earlier, we are, of course, also now very pleased to announce that the long-term U.S. litigation process starting in early 2024 finally has come to a full and final settlement. This is not only removing further legal risk and spending, but it's also freeing up resources to focus on the capitalization of Cavendish position as the technology leader in the business. Another positive development from the quarter was the funding awarded in the European HyMEGA program. The HyMEGA program aims at developing the next-generation highly energy-efficient compressor technology. As a leader of the development consortium, Cavendish has been awarded EUR 1.3 million, which will cover a large part of the development cost. Since lower energy consumption and compression costs translate directly into lower cost of hydrogen for the consumer, this project will not only strengthen Cavendish's leading position within hydrogen compression technology, but also continue -- or contribute to the competitiveness of hydrogen as the best alternative for heavy-duty transport.

The target of the development is a more than 50% reduction of energy consumption, putting Cavendish well ahead of the competition. So exciting news here, of course. And we are, again, very happy to have announced a strategic partnership and a EUR 4.8 million cornerstone investment from the Austrian company, BHDT. This investment corresponds to a 15% ownership post transaction and the cash for the transaction was received in the second quarter. BHDT is a leading Austrian specialist in high-pressure equipment and now also a long-term anchor shareholder and industrial partner, combining Cavendish's system expertise with BHDT's manufacturing capabilities. Cavendish Hydrogen and BHDT are now deepening the partnership and are exploring for synergies. As an example, Cavendish is assessing BHDT's storage technology as a potential complement to our own systems. And on top of that, our 2 companies now continue to explore further collaboration across BHDT's broader group. So beyond the capital injection, this partnership is a clear vote of confidence in Cavendish from a well-established industrial player.

If we look into the details of this quarter's dispense hydrogen volumes, we continue to see a trend that the latest installations are contributing with the largest numbers where some stations are dispensing at full capacity. Again, this reemphasizes the trend that new build stations are no longer demo stations, but actually commercially backed stations installed to fill real volumes of hydrogen to real fleets of vehicles. This is obviously a very positive trend, indicating that hydrogen mobility is continuing to move into the group of financially sound and bankable projects, and this is especially clear in the European market.

Looking at ongoing projects in the second quarter, one station was handed over to our customer in Poland. This station was earlier presented as a capacity extension station -- of a station already in operation, which was delivered by Cavendish in 2023. The customer can now fill more than twice the amount of buses on the same location. The 2 latest stations in Italy have completed installation and are soon going into commissioning. The Luxembourg project awarded in the second quarter is scheduled for installation in 2027. And finally, the German bus project, OVAG, where Cavendish is having the full installation scope has now successfully completed the permitting phase and is moving on to the equipment delivery and installation phase.

So with that, I would like to hand over to our CFO for a quick walk-through of the financials. So please, Marcus, go ahead.

Thank you, Robert. I will take you through the financial highlights for the second quarter of 2026. The revenues ended at EUR 4.4 million, which is an increase of 57% from the previous quarter. The revenues have improved from the first quarter due to more equipment deliveries. Specifically, we delivered equipment for the 2 new hydrogen stations in Italy. The current ongoing projects, they are all in Europe. And this period, we have finalized the upgrade project of an existing station in Poland, and we have started the installation and commissioning projects of the 2 new Italian stations. This will be our second and third station in operation on the Italian market. The service business is generating stable revenues in line with previous quarters.

The EBITDA of negative EUR 5.9 million is significantly impacted by extraordinary costs for the settlement and related legal fees to finalize the U.S. legal case. By excluding the extraordinary costs, the underlying EBITDA is negative EUR 2.1 million, and that is a significant improvement from previous quarters. The gross margin from equipment deliveries were as expected and specifically, the service business had a good quarter where improved operational performance and fewer stations under warranty contributes to improved profitability. However, the main driver for the underlying EBITDA improvement is the reduced indirect cost base related to previous restructuring efforts with lower headcount and the more focused approach on the European market.

If we look at the order intake, Cavendish sold one new station to MPH for a project in Luxembourg. And together with renewed service contracts and service repair jobs, that amounts to an order intake of EUR 2.4 million this quarter. Our revenue was higher than our order intake in the quarter, something we would like to see the other way around. And we end the period with an order backlog of EUR 9.6 million. At the end of this period, Cavendish had a cash balance of EUR 16.4 million, and that is a minor decrease from the previous quarter, and that is driven by the investment of EUR 4.8 million from BHDT. There is a negative development from net working capital items due to timing of payments contributing negatively to the cash usage this period. But moving into the upcoming period, the lower indirect cost base and an expected improvement in working capital elements will reduce the underlying cash usage in the second half of the year.

If we look ahead on the revenue based on the current order backlog, it is expected that revenue levels are somewhat lower in the second half of 2026 compared to the first half, and this is mainly due to fewer expected equipment deliveries. The revenue from our ongoing installation project and service business is expected to perform according to the current level. There will, of course, be some volatility between the quarters due to the timing of the revenue recognition of the order backlog.

And that concludes the financial part of the presentation. And I will leave the word back to Robert to summarize and finalize the presentation.

Thank you very much, Marcus. I will now try to summarize the quarter that went. Starting out with the Q2 highlights. So the strategic investment from BHDT was completed, and the partnership is now moving from transaction into active collaboration. The Iwatani litigation has reached a full and final settlement, removing a legacy financial risk. The European HyMEGA EUR 1.3 million funding award is reinforcing our competitive position.

Moving on to the markets, which remain cautious but are advancing. The regulatory landscape is taking shape and is improving rapidly, but local regulations are still delaying project time lines. Germany's EUR 220 million June funding program was heavily oversubscribed, which is super positive and shows positive signals, of course, for the future. And the EUR 45 million SWiM program in the Netherlands was completed in Q2 with a continuation expected on an annual basis, which is also sort of giving us a little bit continuity over time. Cavendish is well positioned since our proprietary technology and track record sets us apart from the competition, where we own our own designs. Our financial position is stable, and we are now operating from a significantly leaner cost base.

That concludes our presentation. Thank you, everyone, for watching and listening in. We are looking forward to seeing you all again at the Q3 report in November. And we will now go on to the Q&A session. Before we start, I would like to repeat the practicalities. [Operator Instructions]

And now please let us know if there are any questions. I can see that there is one question in the chat from Anders Rosenlund and well, actually, there are 3 questions. The first question is, what is your annual revenue capacity with the current setup, number of employees? And yes, the quick answer to that is, of course, that we are continuously adapting the staffing level of employees that we have right now. We have a technical capacity, which is significantly higher than what we are currently producing at. We could easily produce up in the hundreds of stations. But we are on a continuous basis, of course, adapting the workforce to make sure that we are keeping the cost levels at the right level. In case of heavily increased order flow, then of course, we are able to quite rapidly increase the workforce to adapt to the situation.

And the second question was, do you expect material costs as a percentage of revenues to remain at 50% going forward?

Marcus?

I can try to answer that. It depends a bit on the revenue mix. In, for example, this quarter, we have quite a few equipment deliveries, and that would lead to a slightly higher material cost share. In the upcoming quarters, we -- the delivery of equipment will be lower and project service business are higher. And then the material cost might be slightly lower in percentage of the revenue at least. So it's not going to fluctuate significantly, but depending on the revenue mix, it can move a little bit from the 50%.

Yes. And the third station -- the third question is how many stations do your current backlog of EUR 9.6 million represent?

Currently, the EUR 9.6 million comprise approximately 50% of service revenue, so recurring revenue and the remaining is the equipment deliveries that we have to OVAG and MPH and the remaining on the projects for mostly then the Italian project and also then MPH and OVAG. And some minor equipment deliveries for upgrades and so on for stations around the world. Yes.

Any additional questions? Yes, Anders, again, you raised your hand. So please unmute your phone.

Yes. I just want to dig further into my first question on your revenue capacity. You have a cost base of roughly EUR 17 million a year on personnel expenses and other operating expenses. What kind of revenue capacity does that represent with full utilization? Is it EUR 20 million, EUR 50 million, EUR 100 million?

Yes, it's a good question. I think what we also tried to allude and answer to earlier is that right now, the utilization of the factory and our capacity is low. So we are somewhat potentially overstaffed on our indirect function compared to our direct functions. So we can grow significantly in our revenue levels without increasing the other operating expenses and personnel expenses significantly. But to some extent, when we ramp up in production, if we have the orders to defend that, then we will also need to ramp up in direct people working on that. But on the support functions, we are not fully utilizing the capacity.

And from a technical point of view, facilities, equipment and so on, we are well invested and no investments will be needed to increase capacity as of right now.

Okay. Let me try to ask the question in a different way. What's your targeted EBITDA margin longer term?

The EBITDA margin targeted over time, like long term, we would target a 10% to 15% EBITDA margin. We are very far from that. So that requires quite a big ramp-up in top line and in revenue. Yes, I don't know if that...

Okay. That's okay.

Yes. Thanks, Anders. Any other questions? Let me see if anyone is raising their hand. Not that I can see. We give it a little bit more time. I don't think that there are any more questions coming now. If you would have more questions, you are, of course, free to send them to our Investor Relations at cavendishh2.com after the presentation, and we will do our best to try to answer it as fast as we can. Other than that, I would say that, that concludes our session for today. Thank you all for participating, and we are looking forward to seeing you again at the third quarter presentation in November. So thank you very much for listening in, and have a great day. Bye-bye.

Good morning, everyone, and welcome to this virtual General Assembly in Cavendish Hydrogen ASA, where all of the shareholders and guests will participate virtually. My name is Jon Andre Lokke. I'm the Chair of the Board of the company. And I believe this is going to be a relatively efficient general assembly. It is now closed for additional shareholders to log in, and we will move on to the list of representatives and represented shares, and we'll get a summary from DNB.

So I'll pass the word over to you, Freddy, for a summary.

Thank you, Jon Andre. Freddy from DNB. Represented here today, we have a proxy to Chair of the Board for 1,355 shares. We have proxy with instructions from 1 share, and we have advanced votes from 1,538,487 shares. In total, this is 1,539,843 shares represented, constituting 4.61% of company's share capital. In addition to the capital, we have 10 guest logins that are following us today. Thank you.

Well, thank you very much, Freddy. These figures will also be presented in the minutes that will be published after the meeting in case you are interested.

Let me then move on to the first item of the agenda, which is the election of the Chairperson and the person to co-sign the minutes. And here, the Board of Directors has proposed Sverre Sandvik to be elected as the Chair of the meeting and Marcus Halland, CFO of Cavendish, to be elected to co-sign the meeting. And given that we have not received any comments regarding this item, the resolution has already been pre-approved. So maybe you can just quickly confirm that, Freddy.

Yes. Thank you, Jon Andre. I can confirm we have 99.99% in favor of this proposal.

Wonderful. Thank you very much. The item has then been approved, and I will then pass the word over to Sverre Sandvik to continue as Chairperson in this meeting. Go ahead, Sverre. Thank you.

Thank you. So my name is Sverre Sandvik, and I will go through the rest of the agenda. We then go to Item 2 on the agenda, which is the approval of the notice and the agenda of the meeting.

We have not received any questions or comments to this item. And the proposal has been approved by a majority of 99.99% of the votes cast.

So then we proceed to Item 3 on the agenda, which is the approval of the annual accounts and directors' report of 2025. The annual report is available on the web pages of the company.

We have not received any comments or questions to this proposal. And we note that the proposal has been approved by a majority of 99.99% of the votes cast.

We then move on to Item 4 on the agenda, which is a consultative vote on the report of remuneration to senior executives. The report has been made available at the web pages of the company. We have not received any comments or questions to the report. And the report -- the proposal to approve the report has been approved by a majority of 99.99% of the votes cast.

We then move on to Item 5 on the agenda, which is the approval of guidelines for the remuneration of leading persons. The Board of Directors has reviewed the existing guidelines of the company and prepared a revised version, which is available at the web pages of the company.

The Board has been of the view that the existing guidelines are overly detailed and not very practical. So the new version is easier to work with and cleaner while maintaining the key principles from the existing system.

We have not received any comments or questions to the proposal for revised guidelines. And we note that the proposal has been approved by a majority of 99.99% of the votes cast.

Then we move on to Item 6 on the agenda, which is approval of revised instructions for the nomination committee. Here once again, the company has done a review of the existing instructions and found that there is some room for improvement. The changes relate primarily to the mandate of the nomination committee and the tasks in connection with proposals for new candidates for the company's corporate bodies. The new instructions are available at the web pages of the company.

We have not received any comments or questions to the proposal, and it has been approved by a majority of 99.99% of the votes cast.

So then we move on to Item 7 on the agenda, which is election of the Board of Directors. Nomination committee has reviewed the composition of the Board of Directors in the opinion of the nomination committee, that the Board is both well functioning and competent. However, with BHDT coming in as a new major shareholder, it's proposed that Michael Simml is elected as a new member of the Board of Directors.

The nomination committee is of the view that it's best to keep the size of the Board to 5 members. And for this reason, one of the existing Board members has to step down and has been agreed that Kim Sogard Kristensen will then step down from the Board.

This should be made very clear that this is only a result of the change in shareholder structure. It is not in any way a negative reflection on the contribution of Mr. Kristensen who has been an excellent Board member and the company is truly grateful for the work he has performed as a Board member.

We have not received any questions or comments to this proposal and it has been approved by a majority of 99.99% of the votes cast.

Then move on to Item 8 on the agenda, which is the determination of remuneration to the members of the Board of Directors. The nomination committee has reviewed the remuneration level and compared that to the annual survey from the Norwegian Institute of Directors and concluded that, that level currently in place is appropriate given market terms and the company's financial position. So it is proposed to keep the level as has been.

We have not received any questions or comments to this proposal. And we see from the votes that it has been approved by a majority of 99.99% of the votes cast.

Then we move on to Item 9, which is determination of remuneration to the members of the nomination committee. The proposal is set out in the recommendation from the nomination committee, which is available at the company stock. We have not received any comments or questions to this proposal. And we see that it has been approved by a majority of 99.99% of the votes cast.

Next item on the agenda is #10, determination of remuneration to the company's director -- to the company's auditor. The proposal is set out in the notice. We have not received any comments or questions to the proposal, and it has been approved by a majority of 99.99% of the votes cast.

We then move on to Item 11 on the agenda, which is a proposal for authorization to the Board of Directors to increase the company's share capital. The Board considers that it's appropriate that it has an authorization that can be used to attract strategic investors to strengthen the equity of the company and its proposed that the size of the Board will -- should be set equal to 40% of existing share capital plan.

We have not received any questions or comments to this proposal. And once again, it has been approved by a majority of 99.99% of the votes cast.

We then move on to Item 12 on the agenda. This is also a proposal for authorization to the Board of Directors to increase the company's share capital, but this proposed authorization covers issuance of shares in connection with the company's incentive schemes.

The text of the proposal is set out in the notice. We have not received any questions or comments to this proposal. I note that the proposal has been approved this time with the majority of 99.35% of the votes cast.

Then we move on to the final item on the agenda, which is a proposal for an authorization to the company to acquire its own shares. The text of the proposal is set out in the notice of the meeting. We have not received any questions or comments to this proposal. And we see from the votes that it has been approved by a majority of 99.99% of the votes cast.

So we have been through all the items on the agenda, and we can then conclude the general meeting. So thanks to everybody who has attended the meeting. And the next news from the company will then be the presentation of the call on the second quarter results on August 27. Thank you.

Okay. Good morning, everyone, and welcome to Cavendish Hydrogen's First Quarter Presentation. My name is Robert Borin and I am the CEO of Cavendish Hydrogen. And with me today, I have our CFO, Marcus Halland. The presentation will last for roughly 20 minutes, and there will be a live Q&A session after the presentation.

So most of you know us pretty well by now. But for those of you who are new to our company, I will start with a short introduction before we move on to the first quarter business update. So in Cavendish Hydrogen, we are in the business of ending emissions from mobility. And we do this through reliable hydrogen fueling solutions across the world. So yes, why is it that we are focusing on hydrogen mobility and not on other solutions like electricity or biofuel?

Well, hydrogen fuel cell vehicles have strong advantages over conventional fossil combustion engine vehicles, like, for instance, no emissions, which we consider to be a hygiene factor in the modern mobility business of today. But on top of that, hydrogen fuel cell vehicles also have advantages over battery electric vehicles, like, for instance, the longer driving range, where a long-range heavy-duty truck need to have a range of above 800 kilometers in 1 charge or refill, which hydrogen vehicles can do today. A refill that should not take more than 15 minutes.

And finally, the grid connection needed to install a hydrogen fueling station for heavy-duty mobility is significantly smaller than the grid connection needed for a heavy-duty electrical charger, which is able to charge a truck in a comparable time line. And with the increased electrification of our society, the limitations of the grid is becoming a growing problem to the extent where it's already a showstopper on many European markets where you need to wait many years to even get smaller grid connections today.

So in Cavendish Hydrogen, we offer the complete scope of equipment required for installation of a fueling station. If we start out on the left side here, we have the connection panel where the hydrogen comes into the station from the source. And the source can be basically anything. It can be a pipeline, it can be an electrolyzer. It can be a trailer that is being parked on the location, et cetera. And then we have the hydrogen storage, if you move over to the right there. And the size of the hydrogen storage, the on-site storage is depending on what type of source you have.

If you have a pipeline as a source, for instance, you need a significantly smaller storage. And if you have an electrolyzer, for instance, you have a larger storage because then you typically produce hydrogen where electricity is cheap and then you fuel during the day.

Then we move over to the fueling station, which is sort of the main act, the main event, which we are most proud of here in Cavendish Hydrogen. This is where we do the cooling and the compression of the hydrogen and also putting over to the dispenser, which is what the consumer sees when utilizing the stations. We are also providing services ranging all the way from design and manufacturing to maintenance and operational services.

And on that note, I will now take you through the latest business updates during Q1. So in the first quarter, we won the OVAG bus station contract in Germany, which is the largest award here in Cavendish since we listed in 2024. This is the third bus station project that we are building in Germany. And with this contract, we reinforce our leading position as a bus station supplier in Germany. This is important since Germany is believed to have a large growth potential in relation to the bus market supported by the RED, the Renewable Energy Directive III funding program. In the quarter, we also successfully handed over the Carson station to Chevron in California. The Carson station is our largest and most complex installation in the United States to date with the possibilities to fill both cars and eventually also trucks.

Moving over to subsequent events. And this time, we have quite some big ones. We are very happy to have announced a strategic partnership with Cornerstone Investor from Austrian company, BHDT. And I will talk more about this a little bit later. On top of the Cornerstone Investment, we also announced an order with our French EPC partner for installation in Luxembourg. And this contract represents a new market for Cavendish and supports our continued expansion across the European continent. It is also a testament to our strong collaboration with our French EPC partner, MPH.

And moving on to a few words around the market sentiment and how we look at the market. And on one side, we see -- well, we continue to see headwinds characterized by longer customer decision cycles and policies and financial frameworks that are moving slower and at a pace that sort of clouds the near-term visibility. And this, in the end, leads to a bit of a volatile project time lines and delayed FIDs. However, there are also positive signals like Germany introducing short-term funding programs and simplifying administration structure to increase bankability of projects.

Basically, project developers can now apply for a full package funding instead of individual funding for separate parts of the program.

The SWiM funding program in the Netherlands, which is to be awarded in the second quarter here, is now expected to be an annual award program, which is really good, really cool because that is improving the long-term prospects for the market. We also see selected key projects in key markets, for instance, in Poland, approaching FID.

And finally, I would say that the total geopolitical situation that we are in right now is pushing towards hydrogen as a mean of independence from non-European energy sources.

Moving on to the OVAG project specifically. So the OVAG project represents the latest contract secured or the largest contract and the latest also secured since Cavendish listed in 2024. This is the bus station -- this is the third bus station contract in Germany, and it's based on a proven concept and an important strategic market for Cavendish. This project demonstrates Cavendish's ability to win and execute at scale and according to a winning concept that we have tried now 2 times before.

So the OVAG project will have -- also have a strong reference value for future German and European bus projects. And finally, the OVAG project is part of a growing track record where Cavendish has won projects in Poland, Italy, Germany and now recently also in Luxembourg.

So 2 weeks ago, we announced a Cornerstone Investment and strategic partnership with the Austrian company, BHDT. The EUR 4.8 million investment, which corresponds to a 15% ownership post transaction is not only providing Cavendish with additional financial security, but is also giving Cavendish a stable industrial investor with the intention to boost development and commercial efforts over time. On top of the investment agreement, 2 strategic collaboration agreements have been signed, focusing on both joint technology development and on future commercial collaboration.

Moving on to our operations. And if we are looking more into the details of the defense hydrogen volumes for this quarter. We continue to see a trend that the latest installations are contributing with the largest numbers where some stations are [ defending ] at full capacity more or less. This reemphasizes the trend that newly built stations are no longer demo stations, but commercially bus stations installed to fill real volumes of hydrogen to real fleets of vehicles. Again, a very positive trend, indicating that hydrogen mobility is now finally starting to move into the commercial rather than the demonstration side of things.

So in the fourth -- sorry, in the first quarter and in North America, we completed the Carson project together with Chevron. This was our third successful project with Chevron. And I am coming back to this a little bit later as well. In Europe, we are in the installation phase of 2 stations in Italy, scheduled to be completed before the end of the second quarter. We have 1 station, which is progressing well in Poland and the German bus project, OVAG, is now in the permitting phase. Finally, we -- as previously announced, we just won a project in Luxembourg, and that is now in the planning phase.

And coming back to a little bit more details around the Carson project in California. We have now successfully completed and handed over our third station to Chevron, which is increasing our fleet of stations in California. This is our largest installation in California and the first station to feature 3 station modules and 3 dispensers on the same location. This is also our most advanced installation in the region to date, where the station eventually will be equipped with the so-called Category D fueling protocol to enable heavy-duty vehicles to fill at the station, so larger trucks as well alongside with cars.

And with that, I would like to hand over to our CFO, for a quick walk-through of the financials. So Marcus, please go ahead.

Thank you, Robert. I will take you through the financial highlights for the first quarter. The revenues ended at EUR 2.8 million. That is a reduction year-over-year, but an increase of 47% from the previous quarter. The revenues have improved from the fourth quarter due to more equipment deliveries. Specifically this period, we delivered equipment to the upgrade project of an existing station in Poland. There is a moderate activity of ongoing installation and commissioning project this quarter with progress on the station upgrade project in Poland and the finalization of the Carson station in the U.S.

The revenue from our service business had a very good quarter, and that is also contributing to the increase in revenues from previous period. The EBITDA ended at a negative EUR 4 million. That is at the same level as the previous quarter despite the higher revenues. This is due to somewhat lower gross margins on projects and also higher payroll costs from terminating close to 20 employees during the period.

Regarding the general indirect cost level, we are seeing the effects from being a smaller and more focused organization, targeting the most attractive market, Europe. This has given us a more competitive cost base that we are continuously working on improving. If we look a bit ahead, the upcoming quarter, it is expected that the revenue will increase somewhat as we are preparing to deliver equipment for 2 stations in Italy. With the timing of the remaining order backlog, it is expected that revenue levels are somewhat lower in the second half of 2026 compared to the first half.

Focusing in at the order intake and backlog development, it has been a very good start to the year for Cavendish. The contract award of the German bus project with OVAG leads to an increased order backlog of 36% from the previous period. We have also started the second quarter with another contract win for a station in Luxembourg. And although the contract value here is somewhat smaller, it underlines the good trend of contract wins for new stations in every quarter since the third quarter in 2025.

At the end of the first quarter, Cavendish had a cash balance of more than EUR 16.5 million. The cash usage in the first quarter is slightly higher than the last period, but on a lower level compared to earlier quarters. Cash usage is expected to be lower for the remainder of this year as we get the full effect of earlier cost reductions. And in addition, the execution of the order backlog will have a positive effect on the net working capital levels, also reducing cash usage.

The investment from BHDT into Cavendish will give an additional EUR 4.8 million in fresh capital that will improve the cash balance by the end of the second quarter. As already mentioned by Robert, it is very positive for Cavendish to land a financially strong long-term industrial investor that share our excitement for hydrogen e-mobility and the share belief that hydrogen will play an important part in the green transition of the mobility sector.

Great. Thank you very much, Marcus, for summarizing the financials. Now I will try to summarize the quarter before we move over to the question part. So in the first quarter 2026, we were executing in a somewhat slow market. We received the OVAG bus project, the largest contract in the recent period, but also building on a positive trend in order intake. And if we're looking at our order backlog, it was visibly improved in the first quarter in 2026.

Our view of the outlook is cautiously positive in core European markets. We see funding programs advancing in Germany and in the Netherlands, but still market uncertainty gives limited near-term visibility. We believe that Cavendish is well positioned now with BHDT on board as a long-term investor partner, our financial position has been strengthened, and we are now also operating with a significantly leaner cost base.

So that concludes the first quarter presentation, and thanks, everyone, for participating and listening in. We are now also looking forward to seeing you all at the Annual General Assembly -- Annual General Meeting in a few days, which is on the 26th of May 2026.

And with that, we will go over to the Q&A session. But before we start, I would just like to repeat some of the practicalities. Please raise your hand. Remember to unmute on your side when you are given the word. Please also tell us who you are and who you represent after you have unmuted. So then please go ahead if there are any questions. So far, I can see no questions. No one is raising their hands. Let's give it a couple of seconds more or half a minute or so before we end the presentation to make sure that everyone has the ability to come up with a question.

So I think we have one question from Lars August Christensen. Please, unmute on your side.

I was just wondering how much revenue do you need to go breakeven on an EBITDA level? And also, when do you expect to be breakeven on an EBITDA level as an overall group in which year?

Thanks for the question, Lars August. We don't do specific guidance on that. But on a general term, we can say that if we are on a level of approximately EUR 30 million to EUR 35 million, we expect that we can breakeven. And of course, the timing of that is difficult to state with the current uncertainties in the market.

Does that answer your question?

Yes, it did.

Thank you very much for that. Any other questions?

Okay. Great. Then I thank you all for listening in this morning. And again, as I said, we look forward to see you at the Annual General Meeting in a few days from now. And again, thank you very much, and have a great day.

Good morning, everyone, and welcome to Cavendish Hydrogen's Q4 presentation. My name is Robert Borin, and I am the CEO of Cavendish Hydrogen. And with me today, I have our CFO, Marcus Halland. The presentation this morning will take approximately 20 minutes, and there will be a live Q&A session after the presentation. Most of you know us pretty well by now. But for those of you who are new to our company, I will start with a short introduction before I move on to the Q4 business update. In Cavendish Hydrogen, we are in the business of ending emissions from mobility. And we do this through reliable hydrogen fueling solutions across the world. Why is it then that we are focusing on hydrogen mobility and not other solutions like electricity or biofuel?

Well, hydrogen fuel cell vehicles have strong advantages over combustion engine vehicles like, for instance, no emissions and lower vibration and no noise, which are factors that we consider to be a hygiene factor in the modern mobility business of today. But hydrogen also have advantages over, for instance, battery electric vehicles. And to mention one of them is, of course, the longer driving range, where a well-functioning long-range truck today need to have a range well above 800 kilometers to be competitive. And when I talk about a range, of course, in one charge or one refill.

And finally, the grid connection needed to install the hydrogen refueling station for heavy-duty mobility is significantly smaller than the grid connection needed for a heavy-duty electrical charger able to charge a truck in the comparable time. And with the increased electrification of our society today, the limitations of the grid is becoming a growing problem to the extent where it's actually already a showstopper on many European markets where you today need to wait for up to many years to get even a smaller connection to the grid.

So in Cavendish, we offer the complete scope of equipment required for installation of a fueling station. If we start from the left to going to the right, the connection panel to the left is where we are connecting the hydrogen or where the hydrogen comes in from the source of hydrogen. Source can be many different things like an electrolyzer, it can be on the slot trailer, it can be pipeline, et cetera. And then the second part here is the hydrogen storage and the hydrogen storage is very much the size of the storage is depending on the type of the store. So if you have an electrolyzer, you typically have a larger storage. If you have a pipeline, there's almost no storage at all. Then we have the actual fueling station, which is sort of the main event. However, that is not really what the consumer sees in the end because the consumer typically interacts with the dispenser, which we have on the right here. And this is where you also have the nozzle, the hose which you are connecting to the vehicle. So where the driver is connecting it to his bus or to the truck or to the taxi if it's a taxi driver.

We are also providing services ranging all the way from design and manufacturing to maintenance and operation services. So a one-stop shop in relation to hydrogen mobility. And on that note, I will now take you through the latest business updates and events during the fourth quarter in 2025. In the quarter, we secured a second Italian contract with a new customer. The contract is for 2 fueling stations and with installation in 2026.

The volumes dispensed from Cavendish equipment continues to increase, and this quarter was not an exception with an all-time high of 372,000 kilos dispensed from Cavendish installed equipment. And given the recent order, our order backlog is visibly improved in the quarter and kept improving in the beginning of 2026 where we, in January, secured a contract in Germany to build the third bus station that we have supplied on the German market. And we also believe that Germany is a large growth potential market in relation to the bus market, specifically because there are quite some good subsidies in relation to -- or coming from the RED III, the Renewable Energy Directive III in Germany.

And if we are looking more into the details of the dispensed hydrogen volumes, we see that over 95% of all the hydrogen dispensed in the last quarter was dispensed by our 29 most recently installed stations with some of these stations filling large volumes of up to 800 kilos per day. And this is a clear trend that newly built stations are no longer, let's call them demo station, but actually commercially back stations installed to fill real volumes of hydrogen to real fleets of vehicles. And we see this as a very positive trend indicating that hydrogen mobility is now finally starting to move into the commercial rather than the demonstration side of things. So a good trend.

And looking at the operational side, in the fourth quarter, we completed and handed over the fourth French station together with our partner, MPH. Our third station with a large U.S. customer was in the end stages of completion. This station was later successfully handed over in the beginning of January. We have one station in Poland under construction still. We kicked off the project for 2 new stations in Italy, which are to be installed before the end of the second quarter 2026. We had one new contract award in Germany in the first week of January. And finally, our first Italian station was put into operation and performed really well during the 2026 Olympic Games.

And it's not that we are trying to brag or anything, but this is just a really beautiful station located in Brunico in the Italian South Tyrol province. So if you have your way past there, I can recommend to go there and take a look. And before moving on, I also just wanted to show you a picture of the fourth station that we installed in France together with our EPC partner, MPH. And coming from France, we move north to Germany, where we, in January, as I mentioned before, were awarded a rather large project with a value around somewhere between EUR 4 million to EUR 5 million. The contract is for bus station and includes everything from design and permitting to service and operation. The station will serve a fleet of up to 25 hydrogen fuel cell buses daily. And this is the third identical bus station that Cavendish is installing in Germany, where the first 2 ones in Frankfurt and Wuppertal are both performing exceptionally good. So this is a proven concept that we are continuing to develop on in the German market, which we believe is a good growth market.

And moving on to the hydrogen mobility market in general, the AFIR, the alternative fueling infrastructure regulation, the national review process is now even though it moves slower than anticipated, it's underway across the member states. In Germany, a new EUR 220 million funding [ call ] has been launched. The new scheme, which bundles the funding for vehicles and infrastructure aims at making the whole application process easier and more bankable in the end because it removes the insecurity and the risk of receiving funding for one part of the project, not the other one. So basically getting funding for the buses, but not the fueling equipment infrastructure.

So this is -- we see as a very positive trend moving forward. This model is based on the Dutch SWiM model, which so far has proven to be quite successful. And also in Italy, things are moving forward. Italy is now the second country in EU that follows the German initiative and fully implement RED III into legislation. RED is Renewable Energy Directive. This means that fleet operators, for instance, of buses or trucks can get a significant portion of the hydrogen dispense subsidized through green certificates. And this is, of course, an important milestone for hydrogen in not only the Italian but also the European market since it puts hydrogen side-by-side with electricity and biogas.

And finally, before I hand over to Marcus for the financials, I just wanted to mention that Cavendish is now also taking a larger space in both local and international media with a targeted information campaign towards European Parliament around following up on the implementation of AFIR and RED III in the member states. And so far, the response has been positive. We have had a number of politicians visiting us and revisiting them. So far, the response has been fairly positive, and we have mainly gained traction in national press, but we are, of course, pushing forward to make this EU topic moving forward. So the message is basically we don't sit and wait around. We are helping creating the change by ourselves here. So with that said, I would like to hand over to Marcus, our CFO, to walk you through the financials. So please, Marcus, go ahead.

Thank you, Robert. This is the highlights of the financials of the fourth quarter. The revenues ended at EUR 1.9 million, a reduction from EUR 6.4 million in the fourth quarter last year. The revenues are very low this quarter also when compared to the most recent quarters. The main reason for this is 0 deliveries of stations to customers. We have a moderate activity of ongoing installations and commissioning projects, but fewer than at the same time last year. The revenue from our service business is as expected and at the same level year-over-year. Although the revenue is at a lower level, we have managed to keep EBITDA almost in line with last year at a negative EUR 3.9 million. We are seeing the effects from a smaller organization with a more focused approach to the European market that gives us a smaller indirect cost base. So despite the sharp revenue shortfall, we end at an improved EBITDA performance compared to the most recent quarters due to the reductions in indirect cost.

Going forward, we expect that the revenue levels will increase somewhat as we are preparing to deliver equipment to the most recent awarded projects in Poland and in Italy. These equipment deliveries are expected to take place during the first half of 2026. With an expected modest increase in revenue, the lower indirect cost base will have a positive improvement of the profitability compared to this quarter. Finally, we see that the order intake is higher than the recognized revenue in the fourth quarter. Ultimately, we are growing our order backlog. And also with a close to EUR 5 million contract award for a new bus station in Germany in Q1, we expect the same for the next quarter. The order intake trend since Q3 2025 has been positive and securing new orders remain a key priority for us, and we have mature and promising dialogues with several potential customers.

At the end of the year, Cavendish had a cash balance of more than EUR 20 million, and the cash development in the fourth quarter is improved compared to previous quarters with the cash usage just above EUR 3 million. As already mentioned, we have implemented initiatives to improve the indirect cost base, and we target for further measures to improve our profitability. We also target a lower net working capital to improve the cash development during 2026 compared to 2025. The lower net working capital will happen with the timely delivery of the current order backlog. And if we are successful in order backlog execution, combined with optimizing inventory levels, this is expected to have a positive cash effect in 2026 compared to the levels we see in 2025. So that concludes the financial part of the presentation, and I will leave the word back to you, Robert.

Great. Thank you very much, Marcus. I will now move over to the summary of the year that went by. And for sure, 2025 was a challenging year with a slower-than-expected market activity, absolutely -- So again, 2025 was a challenging year with a slower-than-expected market activity, as I just said. In 2025, we completed significant cost-cutting initiatives, and we also completed some performance improving initiatives or quite some significant performance improving initiatives. And the impact from the initiatives are clearly visible in the fourth quarter, not only financially, but also on the operational performance of our equipment out in the field.

And of course, we see that as a result also in our service organization. The order backlog improved in the fourth quarter, leading to a higher revenue outlook for the first half of 2026 compared to the second half of 2025. And finally, we continue to see a positive long-term market outlook for heavy-duty mobility within hydrogen. And Cavendish is, of course, with our extensive knowledge and experience, well performance -- well positioned to take on the challenge to win this market going forward.

So that concludes the fourth quarter presentation. And we are now looking forward to seeing you all again in the Q1 presentation on the 21st of May 2026. And we are also now ready to move on with the Q&A session. But before we start, I just wanted to repeat some of the practicalities here. Raise your hand in queues and remember to unmute on your side when you are given the word and tell us who you are and who you represent and what's your question in the end if you have a question and do that after you have unmuted of course. So thank you very much, and we are now ready to take any questions if there are any.

Okay. I can -- so far, there are no questions coming in. So with that, I assume that we were extremely clear in this quarterly presentation, and that's good to see you also. If there are any additional questions or if there are any questions coming up after the presentation here after we conclude, then of course, you're always welcome to e-mail them to [email protected], and we will do our best to respond to your request or your questions afterwards. And with that, I would like to conclude the presentation for the fourth quarter and thank you, everyone, for logging on today and listening in. And again, we are looking forward to see you at the first quarter presentation on 21st of May 2026. Have a great day, everyone, and see you at the next presentation. Thank you.

Good morning, everyone, and welcome to Cavendish Hydrogen's Third Quarter Presentation in 2025. My name is Robert Borin. I am the CEO of Cavendish Hydrogen. And with me today, I have our CFO, Marcus Halland.

The presentation this morning will last approximately 20, 25 minutes, and there will be a live Q&A session after the presentation.

So most of you know us well, but for those of you who are new to our company, I will start out with introducing our company briefly before I move on to the Q3 business update. So in Cavendish Hydrogen, we are in the business of ending emissions from mobility, and we do so through reliable hydrogen fueling solutions across the world.

So -- and why are we then talking about hydrogen in the first place? Well, hydrogen has strong advantages over fossil fuels, like, for instance, no emissions, which we consider to be a hygiene factor in the mobility business today. But hydrogen also has advantages over battery electric vehicles, like, for instance, longer driving range, where we today regard a well-functioning truck to be able to -- require a well-functioning truck to have a range well above 800 kilometers in 1 charge or 1 refill. And that's something that we can do with hydrogen and which is hard to do with electric -- battery electric vehicles today.

And finally, the grid connection needed to install a hydrogen fueling station for heavy-duty mobility is significantly smaller than the grid connection needed for a heavy-duty electrical charger to be able to charge a truck in a comparable time. And with the increased electrification of our society that the grid connection is fast becoming the growing problem, which is -- which needs to be overcome because the grid is already becoming a limiting factor in many of our European markets that we see.

So moving on, in Cavendish, we offer the complete scope of equipment required for installing fueling stations. If we start out to the left here, we start out with the so-called connection panels, and the connection panel is where you connect the hydrogen source. It can be either an electrolyzer or a pipeline or trucking hydrogen to the site.

Then we have the on-site storage, which is depending on the size or the type of supply you have in the back. If you, for instance, are connected to pipeline or an electrolyzer, the on-site storage can be smaller. If it is a truck coming in and dumping off hydrogen, then typically the on-site storage is a little bit larger. Then, you have the actual fueling station. This is where we are doing the magic, where we are compressing hydrogen, where we are cooling it and where we are controlling it so that it's filled onto the vehicle in a good and safe way.

And finally, you have the dispenser and the dispensaries, where we have the interface to the vehicle. On top of that, we are providing services ranging all the way from design and manufacturing to maintenance and operational services.

So moving on to the business update. First of all, we secured a new contract for fueling stations from a long-standing customer in Poland. This station is going to be built on the same location as an already existing fueling station delivered by Cavendish, and this is to extend the capacity of this existing station already. So it's going to be 2 stations in 1 location.

We also announced that we are exiting the Korean market, and we are doing this to focus and adjust our strategy and our efforts. And they will also -- this will also lead to reduced operational complexity and reduced cost. We, also this quarter, see that the volumes dispensed from Cavendish equipment continue to increase, and this quarter was not an exception with an all-time high.

And finally, in October, just after the quarter closed, we recently announced that we have signed an important order for supply of hydrogen fueling stations in Italy, which we see as a very important growth market in Europe.

So moving on to the dispensed volumes in the third quarter, we, again, as I said, see an all-time high. We are 45% up compared to last year, both coming from more stations in the field and from higher volumes per station. We see especially high volumes in Germany and Poland, which are both key markets for us. Year-to-date, we have actually dispensed more volume as of September than in the totality of last year in 2024. So this is, of course, a really, really positive development.

So as a conclusion, high utilization and reliable operations is paving the way for future success and increased sales. And looking at the operational side of things in this quarter, we completed Cavendish's first station ever installed in Italy. This is also a very important station for us because this station will be filling the buses, which will be transporting the athletes during the 2026 Winter Olympic Games. So it will not only be a nice addition to -- with the green transport, but it will also be a good market opportunity for us.

We are currently working on one station in Poland, which is the one I just mentioned. And I will come back to that station a little bit later. The fourth station in France is about to be completed and 2 new stations in Italy are in the planning stage. And finally, the third station with our U.S. customer is about to be finalized.

So moving on to Poland, more specifically, so the Rybnik station here and the Rybnik extension, where our existing customer, PAK-PCE, is expanding their bus fleet to more than 30 buses, will after the expansion be one of the most utilized stations in Europe. And the existing Rybnik station has been in operation since third quarter 2023 and has fueled more than 7,500 buses and cars and dispensed more than 100,000 kilos of hydrogen. So this is really a high heating station.

Cavendish has already installed 7 stations, and we have 7 stations in operation in Poland. And since Poland is a key market with regional expansion potential, we regard this as an important step towards additional sales in the region. So that's really positive.

And moving on more specifically to Italy and the new contract that we announced here, so this was after the close of the quarter, but still in the beginning of October. We are proud to announce that we have signed a new contract with a customer building hydrogen stations in the Northern Italy, and these stations are expected to be completed by second quarter 2026. The contract includes hydrogen fueling station modules along with installation and commissioning services. So it's the full package here.

Cavendish already has a footprint, as I mentioned before, in Italy with our first station just installed and in operation for the 2026 Winter Olympic Games. And again, Italy is an important growth market for clean energy with significant heavy-duty and bus fleets, which are directly a good target for being fueled by hydrogen and fuel cell transport. So this is really, really positive. This project, again, shows that Cavendish can deliver competitive solutions. And finally, it's also strengthening our European footprint.

And moving on to a short update around the European market landscape. And we are now approaching the deadline for submitting the so-called national policy frameworks and targets to build hydrogen fueling networks in line with -- after the alternative fuels' infrastructure regulation. The deadline is by the end of 2025. So far, the submitted policy frameworks have surprised positively with approximately 30% more stations announced than we expected, but we haven't seen announcements from all European states yet. I think we are around 11, 12 states that have put their plans forward. So we're still waiting for that, but that deadline is getting closer.

In Germany, we see that the third renewable energy directive, the RED III, or the RED III, is continuing to set the direction for transformation from fossil fuels to renewable fuels of nonbiological origin, so the so-called RFNBO, and this pushes heavy-duty transport to go from fossil fuels over to renewable fuels.

In the Netherlands, a total of 8 partnerships will reduce up to EUR 40 million -- or has received up to EUR 40 million in subsidies from the so-called SWIM, and this is the subsidies for Wasserstoff in mobility, and that's a foundation that is aiming to build hydrogen fueling stations. And this subsidy will also enable these collaborations to purchase hydrogen-powered trucks and buses. So that's also really positive.

And finally, the EU Commission has awarded grants to 13 projects in their last funding round to produce and use hydrogen as fuel in heavy-duty mobility. So all in all, it's going slowly, but surely in the right direction here. Cavendish is right now having firm bids in several EU member states right now as we speak. So that's also going according to plan.

And then, I just wanted to point out that in September, we were proud to welcome over 80 hydrogen experts from around the world who participated in the Annual ISO Conference for Standards within heavy-duty hydrogen mobility. And this conference was hosted here in Herning, Denmark at the Cavendish facilities and contained a variety of presentations, workshops, meetings and you name it between the top names in the business.

And at the conference, the main topic was to advance technical standards for heavy-duty, high-flow hydrogen fueling. And it's, of course, a testament to our leading position in the business that Cavendish is not just waiting passively for someone to tell us the standards and how the standards will look like. We are very much part of creating the standards, and we take pride and honor in doing so. So that's also just a side note here.

And with that, I would like to hand over to Marcus to go through our financial numbers. And so please, Marcus, go ahead.

Thank you, Robert, and hi, everyone. The revenues came in at EUR 4.1 million this quarter, and this is in the lower end when comparing to the trend over the past quarters. The main reason is low order intake for new stations over some time now that, again, led to very few stations finalized for delivery to customers.

The low revenue from equipment deliveries is offset by higher revenues from installation and commissioning projects, as we have completed one new station in Italy and working on the finalization of another station in France and in the U.S. Included in that is also the effect from a project termination from a U.S.-based customer. And the settlement agreement with them led to revenue recognition of previously received payments for project work. This effect is EUR 1.7 million.

There is no risk for the revenue from the equipment deliveries that has been completed previously, but the timeline for the next commissioning projects is highly uncertain. And due to this high uncertainty, we have reduced the order backlog accordingly. The EBITDA came in at a negative EUR 4.4 million, an improvement from the previous 2 quarters.

Also, by excluding the one-off effect of EUR 1.2 million related to the decision to exit South Korea, the underlying profitability was negative, minus EUR 3.2 million. The revenue effect from the project termination in the U.S. is offset by a similar and related effect from writing down spare part inventory. And even with the low revenue level, the underlying profitability is improving due to the reduced cost base after the restructuring exercise in Q1 this year and the continued strong cost control.

Financial outlook for the rest of the year and first half of 2026 remain cautious, and we expect the revenue to be somewhat lower than this quarter and the financial performance in a similar range. The order intake situation has improved with 1 new station sold in Q3 and 2 more stations sold in October that will be part of the next quarter's order intake.

We still need more firm orders to increase revenue going forward. But the recent wins in the market, we see that as a start of positive trend. There is also a good development in the number of firm bids that are up for decision in the relative short term. And we ended the quarter with EUR 23 million in cash.

So with that, I hand the presentation back to you, Robert.

Great, Marcus. Thank you very much for that. Moving on to sort of summarizing the quarter. The third quarter brought encouraging commercial activity with new station sales, strategic portfolio adjustments and steady operations of our fueling stations, steady and increased, I would say, operations of our fueling stations. So positive trend there.

We secured important contracts in the quarter and also in the beginning of Q4, which was a subsequent ones there, of course. We announced strategic realignment as well as cost and complexity reduction by exiting the South Korean region. And we continue to see positive signals in a challenging hydrogen market.

And as Marcus just said before, we keep a cautious outlook for the remainder of the year. However, we see a positive long-term market outlook for heavy-duty hydrogen mobility, and Cavendish is very well positioned to take on that challenge.

So thank you, everyone -- thank you, everyone, for listening in and watching our presentation this morning. And we will now go on to the Q&A. And we are, of course, also looking forward to seeing you at the Q4 presentation, which will be in February 2026.

And with that, let's move on to the Q&A session. And just to mention a bit of the practicalities here, so before you start speaking, raise your hand and then tell us who you are and remember to unmute your microphone, and please, mute if you are not speaking. So please go ahead.

Anders Rosenlund in SEB. I have a question on this slide that you included in your quarterly presentations where you show dispensed hydrogen on Cavendish equipment. Does this include all the, I think, 145 stations that you've installed?

Well, some of the -- all in all, we have installed a little bit more than 150 stations since the start. Some of these stations, which were first generation technology, has been decommissioned since then. And that means that it's a lower number of stations that is dispensing the volumes than the 150 because we have discontinued some of the early technologies. But what we also see is that the newer and more modern stations are, of course, dispensing significantly larger volumes than the early ones. So the more stations we are putting in the market with the more modern technology, the higher the volume. So -- but it's basically -- so to answer your question, it's not including the very first stations that we installed. Some of them are -- most of them are out of operations today.

Okay. But let's say it's 120 stations or something like that or 100 or...

Yes. I don't know exactly the number, but I think we are close to, I think, around 100 stations in operation right now. Yes.

Okay. Okay. And it's the same number of stations throughout this time series? Or is it -- does it -- more stations towards the end than in the beginning?

It's -- as I said also, I mean, it's -- the increased volumes are coming from more stations in the field, but also increased volumes from those stations. So we can see, for instance, that -- for instance, the one I mentioned here, the Rybnik station in Poland, that's a very, very active bus station that is increasing more and more because the transport -- the customer here is adding more buses to their fleet. And now, they're actually reaching the capacity, so they need to buy an additional station put on the same location. So we see a lot of those positive trends coming along.

Okay. But my point is that you indicate roughly, say, 325,000 kilos dispensed. And as far as I understand this is in -- some in the quarter. And if you have 100 stations, and it's 90 days in a quarter, that's 36 kilos a day per station, and that's 1 bus -- tank volume of 1 bus. So I don't understand the figure. And does this indicate that there is a significantly growing demand for your equipment if you have stations where 1 bus is filled each day?

No. I mean it's -- if you look at the stations and the distribution of the stations, then it's -- the majority of the volumes is filled by, I would say, in vicinity of 30 to 40 stations, I would say. You have the high heaters are typically the bus stations we have in Holland and in Germany and in Poland. These stations are filling in the vicinity of somewhere between 2,000 to 15,000 kilos per month.

And then you have the taxi stations that we are seeing in the vicinity of France in the outskirts of Paris. They are also filling in the same range. And then you have stations, which are filling significantly lower numbers, which are bought in as demo stations or demonstration fleets. We have, for instance, one station up in the northern parts of Sweden, where there is -- they are using this to demonstrate and to test hydrogen trucks, and it's filling maybe a couple of trucks per month. So there, you're right, maybe 1 or 2 trucks per day.

So it's a varying, I would say, fleet utilization. But where we see the increased amount is on the stations that we have sold recently. So, for instance, the Polish stations here, we see quite high numbers. And also, the Dutch station we have in Groningen, here, we are dispensing somewhere between, yes, close to 10,000 kilos -- between 5,000 to 10,000 kilos on a monthly basis. So a few stations fill large volumes. So if you look at the full installed base from the beginning, also some of these early stations are quite low-volume stations, I would say.

Okay. I won't take up all your time, but I just want to ask a final question on the Iwatani situation. Can you give an update on that? I appreciate that you have made some comments in the report, but if you just give an update on what the status is and time line, and yes, what we can expect going forward?

Yes. I mean, again, the case is moving forward, but we can't really comment on any other details around the case as always. I mean, we are following the process, and we believe we have a very strong case here. And I think the best testament to that is the performance of our stations, especially both in the United States, and then, here in Europe, we see that everything is working great and the volumes are increasing on a day-to-day basis, so -- but we can't comment on any other details around the case.

Then, Lars, please go ahead.

Lars in Fearnley. I just have a question in relation to this AFIR regulation. In Europe, like you said now like the situations or like soon we will get more details about it. But like how should we view it? Is it still like you expect 400 stations driven from the ASIR regulations and then corridor investments and stuff like that would add the roughly 60 to 70 stations? Is that how we should view it in terms of how large this -- or how many hydrogen refueling stations this regulation will bring to the market?

Well, I mean, it's, of course -- we are dealing with legislation and local implementation of the same in the different EU member states. And it's up to the individual EU member states on how they are being compliant to the alternative fuels' infrastructure regulation. But what we have seen so far, and I mean, you can take it from 2 different directions. If you just take the number of kilometers along the Trans-European Transport Network, the TEN-T, which is the network, which is regulated by the alternative fuels' infrastructure regulation, if you just take the kilometers there and divide it by 200 because the AFIR says that for every 200 kilometers, you need to have 1 high-capacity heavy-duty mobility -- hydrogen mobility fueling station.

If you just do that, you get a significantly higher number, somewhere around 750 to 800 stations plus the ones in the urban nodes and the logistics centers. So that number is significantly high. We have taken a cautious approach to this. We also know that European Union and legislation typically comes with delays. That's where the 450 number is coming from. So we have done the math, let's put it this way, and then we have taken an extremely conservative view on the implementation of this and believe -- and said that we believe that there's going to be delays in this. And that's what we have based the number on.

However, what we see already now in the deployment plans that has been provided, we can see that roughly -- well, these 11 countries or 12 or in that vicinity who have submitted their plans have submitted numbers, which are in the vicinity of 30% higher than our estimated number. So that's the numbers that we are referring to.

Anyone else, questions, before we conclude?

Okay. Then I say thank you to everyone who logged on and viewed our presentation this morning. And again, I look forward to seeing you again in February for the fourth quarter presentation. So thank you, everyone, and have a great day.