32/2023 Green Hydrogen Systems - Trading statement Q3 2023

Company announcement 32/2023

Green Hydrogen Systems – Trading statement Q3 2023

Business highlights

In Q3 2023, an electrolyser unit was revenue recognised and delivered to the Swiss customer Gaznat for green methane production
- Following that, in October 2023, additional electrolysers have been factory acceptance tested, and delivered
Supply chain challenges for certain components impacted deliveries in Q3 2023 but are gradually resolved illustrated by the customer deliveries in October 2023
- Green Hydrogen Systems sees a larger risk of not realising the revenue guidance for 2023 due to a concentration of A-Series factory acceptance tests, deliveries and thereby revenue recognition in the last two months of 2023

The X-Series prototype test and validation progresses toward high-pressure hydrogen production at the GreenLab test site. Letter of Intent with BioCirc on test and supply of an X-Series unit signed in October
Proceeds with a gross amount of DKK 719 million from the term loan and rights issue completed in July 2023 have been recognised in the balance sheets and are placed in AAA-rated bonds
The market for electrolysers and green hydrogen continued to develop with focus on small-scale direct application projects
Appointment of Peter Friis as interim Chief Executive Officer (CEO) and member of the company's Executive Management in October 2023

Guidance for 2023

Green Hydrogen Systems maintains guidance for 2023 as follows:

Revenue: DKK 120 to 160 million
EBITDA: DKK -280 to -240 million
CAPEX: DKK 270 to 300 million

Green Hydrogen Systems sees a larger risk of not realising the revenue guidance for 2023 due to a concentration of A-Series factory acceptance tests, deliveries and thereby revenue recognition in the last two months of 2023. The concentration of revenue in Q4 2023 originates from the previously communicated supply chain challenges related to critical component deliveries. Peter Friis, CEO of Green Hydrogen Systems comments:

“We continue and accelerate the roll-out of electrolysers to our customers as we head into the tail end of 2023. However, the high number of deliveries concentrated in Q4 2023 concerns me.

Ramping up customer deliveries and reaching new important hydrogen project milestones will support our ongoing sales efforts of converting the pipeline of non-binding offers to new orders to existing and new customers.

The testing and maturing of our X-Series 6MW prototype 1 is progressing at the project site in Skive, Denmark, and we see strong interest in our X-Series prototype 2 and X-Series product.”

Conference call detailsIn connection with this announcement, Green Hydrogen Systems will host a conference call. The conference call will be held on 1 November 2023 at 11:00-12:00 AM CET. Please visit investor.greenhydrogen.dk to access the presentation used for the meeting.

Link to the webcast

DK: +45 89 87 50 45International dial-in: +44 20 4587 0498Participant access code: 990814

For more info please contact:

Investors:Jens Holm Binger, Head of Investor Relations and FP&A,+45 6065 6525, jhb@greenhydrogen.dk

Media: Jesper Buhl, Head of Public Affairs and Media Relations, +45 5351 5295, jbu@greenhydrogen.dk

Forward-looking statements

This announcement contains forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘outlook’, ‘guidance’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect.

Please also refer to the overview of risk factors in the Annual Report 2022 available at greenhydrogen.dk.

Source: Green Hydrogen SystemsTicker: GREENHTag: Company announcement

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