Q2 2026 HydrogenPro ASA Earnings Call

August 21, 2026

Jarle Dragvik: Jarle Dragvik, and I will present an update on highlights, technology, and market. Today, I am accompanied by CFO Martin Holtet, who will present the financials. First, a general presentation of HydrogenPro. HydrogenPro's core business is the development of technology, manufacturing, and delivery of key components to a green hydrogen factory. That is the electrolyzer for splitting water, what we call cell stacks, and separation skid for the two gases, hydrogen and oxygen. As customers are looking for an end-to-end delivery, we are teamed up with strategic EPC partners for full-scope turnkey solutions. Our technology is well-suited for renewable energy sources with variations in energy load, such as solar and wind. We address markets for decarbonization of selected large-scale industry. Segments already using gray hydrogen or where decarbonization is hard to achieve through electrification, such as refinery, fertilizer and ammonia, and steel production.

Jarle Dragvik: Jarle Dragvik, and I will present an update on highlights, technology, and market. Today, I am accompanied by CFO Martin Holtet, who will present the financials. First, a general presentation of HydrogenPro. HydrogenPro's core business is the development of technology, manufacturing, and delivery of key components to a green hydrogen factory. That is the electrolyzer for splitting water, what we call cell stacks, and separation skid for the 2 gases, hydrogen and oxygen. As customers are looking for an end-to-end delivery, we are teamed up with strategic EPC partners for full-scope turnkey solutions. Our technology is well-suited for renewable energy sources with variations in energy load, such as solar and wind. We address markets for decarbonization of selected large-scale industry. Segments already using gray hydrogen or where decarbonization is hard to achieve through electrification, such as refinery, fertilizer and ammonia, and steel production.

Speaker #1: Hydraulic, and I will present an update on highlights, technology, and market. Today I'm accompanied by CFO Martin Holter, who will present the financials. But first, a general presentation of HydrogenPro: HydrogenPro's core business is the development of technology, manufacturing, and delivery of key components to a green hydrogen factory.

Speaker #1: That is the electrolyzer for splitting water, what we call cell stacks, and the separation skid for the two gases—hydrogen and oxygen. As customers are looking for an end-to-end delivery, we have teamed up with strategic EPC partners for full-scope, turnkey solutions.

Speaker #1: Our technology is well-suited for renewable energy sources with variations in energy load, such as solar and wind. We address markets for decarbonization of selected large-scale industry.

Speaker #1: Segments already using gray hydrogen, or where decarbonization is hard to achieve through electrification, such as refineries, fertilizer and ammonia, and steel production. Synthetic fuels are also now coming up as a major market potential, with EU regulations on reducing emissions from road and air transportation.

Jarle Dragvik: Synthetic fuels are also now coming up as a major market potential with EU regulations on reducing emissions from road and air transportation. I will not go in details on all the pros and cons between the most common technologies, but highlight HydrogenPro's focus on the technology driving down the total levelized cost of hydrogen, which I will come back to later in my presentation. The projects we have installed are among the largest green hydrogen projects in the world. Very few OEMs have similar type of references, which is one of the first things prospect customers are asking. We have partnership strategy, where our partners enable a broader reach and wider offering projects, in addition to bankability on large-scale projects. Through these partnerships, we have full scope offering at local presence. Common for all partners is that they are committed to energy transition and hydrogen.

Speaker #1: I will not go into detail on all the pros and cons between the most common technologies, but I will highlight HydrogenPro's focus on the technology driving down the total levelized cost of hydrogen.

Speaker #1: Which I will come back to later in my presentation. The projects we have installed are among the largest green hydrogen projects in the world. Very few OEMs have similar types of references, which is one of the first things prospective customers are asking.

Speaker #1: We have a partnership strategy where our partners enable a broader reach and a wider offering of projects, in addition to bankability, on large-scale projects. Through these partnerships, we have a full-scope offering with local presence.

Speaker #1: Common for all partners is that they are committed to energy transition and hydrogen. They represent a broader delivery scope and give bankability towards the customers, and have strong technical and engineering resources.

Jarle Dragvik: They represent a broader delivery scope and gives bankability towards the customers and having strong technical and engineering resources. To the quarterly update, which is recognized through four major milestones. One, technology improvements on optimized stack design and electrode improvements. Launch of a strategic review and completed a capital raise in July. Although the strategic review process continues. Restructuring in China, where we made an OEM agreement with LONGi and are now adapting organization and asset base to a much leaner structure. Pipeline conversion. As earlier announced, there are projects where HydrogenPro is selected as supplier, where the final contract award is now pending on a regulatory approval and a technical review. 2026 has demonstrated a slower market than we expected, and overall, few FIDs have been taken up to now.

Speaker #1: Then, to the quarterly update, which is recognized through four major milestones. One, technology improvements on optimized stack design and electrode improvements. Launch of a strategic review, and completed a capital raise in July, although the strategic review process continues.

Speaker #1: Restructuring in China where we made an OEM agreement with Longi, and are now adapting organization and asset base to a much leaner structure. And pipeline conversion.

Speaker #1: As previously announced, there are projects where HydrogenPro has been selected as the supplier, and the final contract award is now pending regulatory approval and a technical review.

Speaker #1: 2026 has demonstrated a slower market than we expected, and overall, few FIDs have been taken up to now. Despite the sluggishness, are we seeing a pipeline that is growing in absolute terms and fed with new requests?

Jarle Dragvik: Despite the sluggishness, we are seeing a pipeline which is growing in absolute terms and fed with new requests. Projects are maturing and continued development through the funnel. At the same time, we do see delays in expected FIDs, as originally communicated by the customers. Although delays, we do not see much cancellations, especially by projects in the mature part of the funnel. We do maintain our outlook, as stated earlier, based on a pool of projects currently under negotiation of commercial and technical terms and target FID again given by the customers throughout 2026 and 2027, where some are in competition with one to 3 competitors and some are pure exclusive basis. Of the near-term projects where we are selected as supplier, we have progressed towards finalization during this quarter. But final contracts are being subject to a regulatory approval and some technical reviews.

Speaker #1: Projects are maturing and continuing development through the funnel. At the same time, we do see delays in expected FIDs, as originally communicated by the customers. Although there are delays, we do not see many cancellations, especially for projects in the mature part of the funnel.

Speaker #1: We do maintain our outlook as stated earlier, based on a pool of projects currently under negotiation, of commercial and technical terms. And target FID again given by the customers, throughout 2026 and 2027, where some are in competition with one or three competitors, and some are pure exclusive basis.

Speaker #1: Of the near-term projects where we are selected as supplier, we have progressed towards finalization during this quarter. However, final contracts are subject to regulatory approval and some technical reviews.

Speaker #1: We do remain confident in these projects and are ready to execute based on the customers' final goals. I will now hand over to Martin.

Jarle Dragvik: We do remain confident on these projects and ready to execute based on the customer's final go. I will now give the word over to Martin.

Speaker #2: Thank you, Yara. I will now walk you through the Q2 2026 financials.

Martin Thanem Holtet: Thank you, Jarle. I will walk you through the Q2 2026 financials. We are continuing to deliver on the SALCOS order and also doing some on-site work at the ACES site in Utah, US. In the second quarter, we generated revenues of NOK 15 million related to those two projects, the main part being on the SALCOS project. The direct materials are negative with NOK 9 million in the quarter, driven by a reversal of some NOK 12 million that had been recognized in the previous year. Payroll came in at NOK 25 million in the quarter, versus NOK 30 million in the first quarter. This reflects downsizing mainly in our Chinese operations. Let's look at other operating expenses. The accounted costs increased from NOK 11 million in the first quarter to NOK 15 million in the second quarter.

Speaker #1: So, we are continuing to deliver on the Sulcus order, and also doing some on-site work at the ACES site in Utah, US. In the second quarter, we generated revenues of $15 million related to those two projects.

Speaker #1: The main part is on the Sulcus project. The direct materials are negative, with $9 million in the quarter, driven by a reversal of some $12 million that had been recognized in the previous year.

Speaker #1: Payroll came in at $25 million in the quarter, versus $30 million in the first quarter. This reflects downsizing, mainly in our Chinese operations.

Speaker #1: And then let's look at other operating expenses. So, the accounted costs increased from 11 million in the first quarter to 15 million in the second quarter.

Speaker #1: But then bear in mind, in the first quarter, that included a reversal of prior year provisions. In addition, we incurred approximately NOK 2 million related to the capital raise in the quarter.

Martin Thanem Holtet: Bear in mind, in the first quarter, that included reversal of prior year provisions. In addition, we incurred approximately NOK 2 million related to capital raise in the quarter. This means that the underlying trend is a continued reduction in other operating costs. The totality here is that the EBITDA came in at -NOK 16 million. Following the decision to outsource production to LONGi, we are now in the process of divesting equipment and machinery in Tianjin. The accounting impact in the second quarter is a NOK 32 million impairment, mainly on our intangible assets related to Tianjin operations. Depreciation amounted to approximately NOK 5 million. We have also now started depreciating our investment in Denmark in the second quarter. The bottom line, the net result was then -NOK 51 million. Let's look into the development in the liquidity position in the quarter.

Speaker #1: So this means that the underlying trend is a continued reduction in other operating costs. So the totality here is that the EBITDA then came in at minus 16 million.

Speaker #1: Following the decision to outsource production to Longi, we are now in the process of divesting equipment and machinery in Tianjin. So the accounting impact in the second quarter is a $32 million impairment, mainly on our intangible assets related to the Tianjin operations.

Speaker #1: Depreciation amounted to approximately 5 million. So, we have also now started depreciating our investment in Denmark in the second quarter. And the bottom line, the net result, was then minus 51 million.

Speaker #1: Then let's look into the development in the liquidity position in the quarter. Net cash increased by 3 million, from 56 million at the end of the first quarter to 59 million at the end of the second quarter.

Martin Thanem Holtet: Net cash increased with NOK 3 million from NOK 56 million at end of the first quarter to NOK 59 million at end of the second quarter, driven by positive working capital movements. That was mainly then some payments received by our customers. We also then executed a private placement in June. The changes in the cash position were as follows. EBITDA of -NOK 16 million, changes in net working capital were +NOK 10 million, and the financing cash flow with NOK 14 million positive impact, where of this private placement then was at NOK 15 million, deducted with some leasing costs of around NOK 1 million. Further in July, we completed a subsequent offering, bringing in approximately NOK 6 million on top of this. NOK 3 million were invested in the quarter, and the manufacturing line is now, of course, fully operational.

Speaker #1: Driven by positive working capital movements—that was mainly due to some payments received by our customers. And we also then executed the private placement in June.

Speaker #1: So, the changes in the cash position were as follows: EBITDA of minus 16, changes in net working capital were plus 10, and the financing cash flow was a 14 million positive impact, whereof this private placement then was at 15 million, deducted with some leasing costs of around 1 million.

Speaker #1: And then further in July, we completed a subsequent offering, bringing in approximately NOK 6 million on top of this. NOK 3 million were invested in the quarter, and the manufacturing line is now, of course, fully operational.

Speaker #1: And finally, the backlog stood at 262 million at the end of the quarter, up from 252 million in the previous quarter. So, with our business model and strong partners, we have a very lean cost base.

Martin Thanem Holtet: The backlog stood at NOK 262 million at the end of the quarter, up from NOK 252 million in the previous quarter. With our business model, with strong partners, we have a very lean cost base, and we try to adapt the size and overall cost side of the company to the activity level in the industry. We have a lot of very, very valuable competence in our organization, but we need to make sure that we show cost discipline. We are always assessing our cost level and potential further measures will then be implemented in line with the development in the market. I will now give the word back to Jarle to give an update on the technology and the market developments.

Speaker #1: And we try to adapt the size and overall cost side of the company to the activity level in the industry. We have a lot of very, very valuable competence in our organization.

Speaker #1: But we need to make sure that we show cost discipline, and we're always assessing our cost level. Potential further measures will then be implemented in line with developments in the market.

Speaker #1: I will now give the word back to Yara to give an update on the technology and market developments. During this quarter, as in previous quarters, we have continued to develop our stack design and electrode technology.

Jarle Dragvik: During this quarter, and also as previous, we have continued to develop our stack design and electrode technology based on what our customer wish for: a light, efficient, and cost-effective electrolyzers. Driving down the cost on both the CapEx side as well as in operation. The stack is lighter with less steel in it and thereby substantially lower stack weight. With also a lighter separation skid, we are cutting down the transport and installation cost. This is all part of our delivery model for our modular system that are easy to install on the ground.

Speaker #1: Based on what our customer wished for: a light, efficient, and cost-effective electrolyzer, driving down the cost both on the CAPEX side as well as in operation.

Speaker #1: The stack is lighter, with less steel in it, and thereby sustains a substantially lower stack weight. With also a lighter separation skid, we are cutting down the transport and installation costs.

Speaker #1: This is all part of our delivery model. For our modular systems, these are easy to install on the ground. The efficiency is optimized by both improved electrodes, which I will come back to, and a new design for LiFlow, or energy going through the electrolyzer, by producing heat instead of hydrogen.

Jarle Dragvik: The efficiency is optimized by both improved electrodes, which I will come back to, and a new design for li-flow or energy going through the electrolyzer by producing heat instead of hydrogen, what we call shunt currents, that can cause loss of efficiency if present. With both better efficiency of the electrodes and reduced shunt currents, there is less need of cooling, leading to even additional energy savings. While our products are already among the best in the market, we keep chasing each percentage point for improvement because it will make us stand out with lower CapEx and better efficiency. It is resulting in more cost-effective project operation and bringing down the cost per kilo of hydrogen for customers. The next step on the stack development journey is to complete a pilot electrolyzer for 30 bar pressure, which we are doing in partnership with Thermax in India.

Speaker #1: These are what we call shunt currents, which can cause a loss of efficiency if present. With both better efficiency of the electrodes and reduced shunt currents, there is less need for cooling, leading to even additional energy savings.

Speaker #1: While our products are already among the best in the market, we keep chasing each percentage point of improvement because it will make us stand out with lower CAPEX and better efficiency.

Speaker #1: It is resulting in more cost-effective project operation and bringing down the cost per kilo of hydrogen for customers. The next step on the stack development journey is to complete a pilot electrolyzer for 30-bar pressure, which we are doing in partnership with Thermax in India.

Speaker #1: As mentioned, there are two forces impacting the energy efficiency: one, the energy loss to shunt currents, and two, the electrode efficiency, which is a result of sophisticated metallurgical know-how.

Jarle Dragvik: As mentioned, there are two forces impacting the energy efficiency. One, the energy loss to shunt currents, and two, the electrode efficiency, which is a result of sophisticated metallurgical know-how. There is a third element, which is degradation, which is the natural wear and tear of the electrodes that will, over the years, influence the performance. Therefore, in addition to initial energy efficiency at beginning of life, it is also important to test the electrode over time. In our R&D center in Aarhus, Denmark, we have therefore set up an extensive test facility that runs 24/7 with test programs for our coatings that are developed in-house. We run these programs to simulate continuous and dynamic operations to verify a reduced degradation. This has been running for more than a year and modeled into full-scale operation.

Speaker #1: But there is a third element, which is degradation, which is the natural wear and tear of the electrodes. That will, over the years, influence the performance. Therefore, in addition to initial energy efficiency at the beginning of life, it is also important to test the electrode over time.

Speaker #1: In our R&D center in Aarhus, Denmark, we have therefore set up an extensive test facility that runs 24/7, with test programs for all coatings that are developed in-house.

Speaker #1: We run these programs to simulate continuous and dynamic operations to verify reduced degradation. This has been running for more than a year and has been modeled into a full-scale operation.

Speaker #1: The degradation equation matters commercially because it underpins the lifetime and performance guarantees that we can offer. The electrode efficiency determines the cell voltage and is measured through the stack.

Jarle Dragvik: The degradation equation matters commercially because it underpins the lifetime and performance guarantees that we can offer. The electrode efficiency determines the cell voltage and is measured through the stack. The lower cell voltage, the better, within obviously the boundary of physics. By continuing optimizing the electrode coating, we are now reaching energy consumption below 4.5 kilowatt hour per normal cubic meter. Understanding the underlying physics and material science helped us design more durable coatings with low degradation over its lifetime, a number which moves customer economics. The real breakthrough here, though, is that we are now producing this, our latest generation, stably at full scale in our new production line. In June, I was visiting the Salzgitter plant together with colleagues from Andritz to observe the installation of our electrolyzer. It is always impressive to see the real life and assuring to see a plant progress.

Speaker #1: The lower the cell voltage, the better—within, obviously, the boundaries of physics. By continuing to optimize the electrode coating, we are now reaching energy consumption below 4.5 kilowatt-hours per normal cubic meter.

Speaker #1: And understanding the underlying physics and material science helped us design more durable coatings with low degradation over their lifetime—a number which moves customer economics. The real breakthrough here, though, is that we are now producing this, our latest generation, stably at full scale in our new production line.

Speaker #1: In June, I was visiting the Salzgitter plant together with colleagues from Andritz to observe the installation of our electrolyzer. It is always impressive to see real life, and assuring to witness a plant's progress.

Speaker #1: The last stacks currently in production will be equipped with our latest electro technology, which will demonstrate further improvements, as I just talked about, in efficiency and in real production setup.

Jarle Dragvik: The last stacks currently in production will be equipped with our latest electrode technology, which will demonstrate the further improvements, as I just talked about, in efficiency in real production setup. The green hydrogen market is currently dependent on regulatory incentive regimes. These frameworks are continuing to take shape with six policies approved by EU, which are targeting the largest emission sectors with a need of transitioning to greener solutions and driving demand where green hydrogen is a significant part of the solution. Looking at one of these sectors, the ReFuelEU Aviation, to illustrate how these policies are driving demand for green hydrogen. The European real aviation policy is mandated and in force. Airlines have no way out of the eSAF, and the eSAF cannot be made without hydrogen electrolysis.

Speaker #1: The green hydrogen market is currently dependent on regulatory incentive regimes. These frameworks are continuing to take shape, with six policies approved by the EU, which are targeting the largest emission sectors with a need to transition to greener solutions and driving demand where green hydrogen is a significant part of the solution.

Speaker #1: Looking at one of these sectors, the refuel aviation, to illustrate how these policies are driving demand for green hydrogen. The European ReFuel Aviation policy is mandated and enforced.

Speaker #1: Airlines have no way out of the SAF, and SAF cannot be made without hydrogen electrolysis. Typically, a SAF plant needs 100 to 500 megawatts of electrolysis, and for the relatively modest blend of 1.2% in 2030, this translates into 3 gigawatts, which again equals the capacity of 600 HydrogenPro electrolyzers.

Jarle Dragvik: Typically, eSAF plant needs 100 to 500 megawatt of electrolysis, and for the relatively modest blend of 1.2% in 2030 translates into 3 gigawatt, which again equals to the capacity of 600 of HydrogenPro's electrolyzers. In order to comply to these requirements, ordering of electrolyzers will have to be placed in 2027, 2028. Airlines can choose not to comply, but then it will trigger penalties of twice the cost of green premium. For the continuation of 2026, we maintain focus on three main priorities. Convert the pipeline to orders and build backlog. Deliver and hand over the reference projects, including electrode development. As Martin was pointing out, maintaining financial discipline. We remain optimistic and maintain our outlook. Now I would like to invite also Martin to join me in the Q&A session.

Speaker #1: And in order to comply with these requirements, orders for electrolyzers will have to be placed in 2027 or 2028. Airlines can choose not to comply.

Speaker #1: But then, it will trigger penalties of twice the cost of the green premium. For the continuation of 2026, we maintain focus on three main priorities.

Speaker #1: Convert the pipeline to orders and build backlog. Deliver and hand over the reference projects, including electrode development, and, as Martin was pointing out, maintain financial discipline.

Speaker #1: We remain optimistic and maintain our outlook. Now, I would also like to invite Martin to join me for the Q&A session.

Speaker #2: Thank you. That concludes our quarterly update. With that, we would like to open the floor for questions. So, first question: Where does the strategic review stand today, and should shareholders expect the outcome to be a financing transaction, a strategic partnership, a sale of assets, or a potentially broader strategic transaction involving the company?

[Company Representative] (HydrogenPro): Thank you. That concludes our quarterly update. With that, we would like to open the floor for questions. First question, where does the strategic review stand today? Should the shareholders expect the outcome to be a financing transaction, strategic partnership, sale of assets, or a potentially broader strategic transaction involving the company?

Speaker #1: We are not communicating details on the strategic review other than what is implied in our review. This is still ongoing. We have made one transaction.

Jarle Dragvik: We are not communicating details on the strategic review other than what implies in our review. This is still ongoing. We have made one transaction, and we will come back with further information in due course.

Speaker #1: And we will come back with further information in due course.

Speaker #2: And to follow up on that question, what is HydrogenPro's preference? Would HydrogenPro prefer to bring in a strategic industrial investor who can contribute capital, as well as commercial and technology capabilities?

[Company Representative] (HydrogenPro): What is the preference of HydrogenPro? Would HydrogenPro prefer to bring in a strategic industrial investor who can contribute to both capital and commercial and technology capabilities, or relying solely on our conventional equity financing?

Speaker #2: Or relying solely on conventional equity financing?

Speaker #1: Please.

Jarle Dragvik: Please.

Martin Thanem Holtet: I should first. I think what we are seeing in this industry is it is all about building now up an industry, and that requires some patience. We have seen that things take a bit of time. We believe to combine the funding side with the strategic or commercial part of it makes sense. But again, it is a combination. We want to invite all type of investors, but to take on a more long-term view, it makes more sense with a type of a strategic investor. Yes.

Speaker #3: I'll shoot first. I think what we're seeing in this industry is that it's all about building up an industry now, and that requires some patience.

Speaker #3: We have seen that things take a bit of time. And we believe sort of to combine sort of the funding side with the strategic or commercial part of it, that makes sense.

Speaker #3: So, again, it's a combination, right? We want to invite all types of investors, but to take on a more long-term view, it could make more sense with, call it, a type of strategic investor. Yes.

Speaker #2: Thank you. And another question is about the manufacturing in China. So, HydrogenPro has exited equipment manufacturing in China and moved to an OEM model with Non-G.

[Company Representative] (HydrogenPro): Thank you. Another question is about the manufacturing in China. HydrogenPro has exited equipment manufacturing in China and moved to an OEM model with LONGi. As a pure middleman selling stacks from China with HydrogenPro own electrodes, what is your gross margin? Is it sufficient to cover the cost base of the company?

Speaker #2: As a pure middleman selling stacks from China with HydrogenPro's own electrodes, what is your gross margin, and is it sufficient to cover the cost base of the company?

Speaker #3: Yeah. So looking at our business model, with strong partners and a lean setup, I think what we did now with the OEM agreement with Non-G is that we further accelerate that business model.

Martin Thanem Holtet: Yeah. Looking at our business model with strong partners and a lean setup, I think what we did now with the OEM agreement with LONGi is that we further accelerate that business model. Meaning that we want to keep our cost base at a minimum level while maintaining delivery capabilities. And also with that change, we see that we have lower fixed cost and even lower variable costs through that partnership with LONGi compared to producing the electrolyzers at our own factory in Tianjin. You can call it, this is, I would say, more of a commodity type of production with the stacks. What we really bring to the table is, of course, our high technology with our electrode technology in Denmark, which we then keep 100% ownership of.

Speaker #3: Meaning that we want to keep our cost base at a minimum level, while maintaining delivery capabilities. And also, with that change, we see that we have lower fixed costs and even lower variable costs.

Speaker #3: Through that partnership with Non-G, compared to producing the electrolyzers at our own factory in Tianding. And you can call it—this is, I would say, more of a commodity-type of production.

Speaker #3: With the stacks, what we really bring to the table is, of course, our high technology with our electrode technology in Denmark, which we then keep 100% ownership of.

Speaker #3: So that's the route we're heading, right? Partnering up with others who are doing a lot of work in the field, and also on the manufacturing of the stacks.

Martin Thanem Holtet: That is the route we are heading with partnering up with partners, doing a lot of work on the field, and also on the manufacturing all the stacks, and then we focusing on our high technology with higher margins in Europe.

Speaker #3: And then we are focusing on our high technology with higher margins in Europe.

Jarle Dragvik: Not to make it too long, but just to add that and emphasize that although the manufacturing of the steel parts is made through our partnership, we maintain the technology and the technology development. That is both on the technology in the electrolyzer, it is the electrode technology, and it is the gas separation technology. So we control all those elements, which is the real value of the company.

Speaker #1: Not to make it too long, but just to add that and emphasize that although the manufacturing of the steel parts is made by through our partnership, we maintain the technology and the technology development that is both on the technology in the electrolyzer is the electrode technology and it's the gas separation technology.

Speaker #1: So we control all those elements, which is the real value of the company.

Speaker #2: Okay, thank you. So that's all from the Q&A session this time—it's a short session. Thank you all for joining us today, and we appreciate your continued interest in HydrogenPro.

[Company Representative] (HydrogenPro): Okay. Thank you. That is all from Q&A session this time. It is a short session. Thank you all for joining us today, and we appreciate your continued interest in HydrogenPro. If you have any follow-up questions, feel free to contact us. We are looking forward to updating you again next quarter. Have a good day.

Speaker #2: If you have any follow up questions, so feel free to contact us. And we are looking forward to updating you again next quarter. Have a good day.

Jarle Dragvik: Thanks.

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Q2 2026 HydrogenPro ASA Earnings Call

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