HydrogenPro ASA (HYPRF) Q2 2026 Earnings Call Transcript

Good morning. I am Jarle Dragvik, and I will present an update on highlights, technology, and market. Today, I'm accompanied by CFO, Martin Holtet, 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. 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. 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 a partnership strategy where our partners enable a broader reach and wider offering projects in addition to bankability on large-scale projects.