#1HEXAGON PURUS Q2 2023 PRESENTATION 15 AUGUST 2023 MORTEN HOLUM, CEO SALMAN ALAM, CFO HEXAGON PURUS#22 Disclaimer and important notice This company presentation (the "Presentation") has been prepared by Hexagon Purus ASA ("Purus" or the "Company"). The Presentation has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated marketplace. The Company makes no representation or warranty (whether express or implied) as to the correctness or completeness of the information contained herein, and neither the Company nor any of its subsidiaries, directors, employees or advisors assume any liability connected to the Presentation and/or the statements set out herein. This presentation is not and does not purport to be complete in any way. The information included in this Presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. 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HEXAGON PURUS#33 Agenda 1 Q2 2023 HIGHLIGHTS 2 FINANCIALS 3 OUTLOOK AND Q&A HEXAGON PURUS#4Q2 2023 HIGHLIGHTS HEXAGON PURUS#55 Key highlights CONTINUED STRONG REVENUE GROWTH NOK YOY Q2'23 330m +57% YOY NOK LTM¹ 1,168m +60% 1 LTM = last twelve months as of Q2 2023 MULTI-YEAR AGREEMENT WITH MAJOR NORTH AMERICAN OEM FOR COMPLETE VEHICLE INTEGRATION OF BATTERY ELECTRIC UTILITY TRUCKS DO MULTI-YEAR AGREEMENT WITH A LEADING GLOBAL ENERGY COMPANY FOR SUPPLY OF HYDROGEN DISTRIBUTION IN EUROPE BAN HEXAGON HEXAGON COMPOSITES DISTRIBUTES 25% OF TOTAL OUTSTANDING SHARES IN HEXAGON PURUS AS DIVIDEND- IN-KIND HEXAGON HEXAGON PURUS#610 6 Continue to deliver on revenue growth, supported by strong order book 57% REVENUE GROWTH YOY NOKm 210 Q2'22A +57% 330 Q2'23A 180 183 231 LTM REVENUE IS UP 60% YOY 282 508 615 731 850 +60% 964 1,049 1,168 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Hexagon Purus Group trailing L12M revenue FY'23 STRONG ORDER BACKLOG¹ NOK ~1.4 BILLION ~65% Infrastructure²: ~60% Mobility & other³: ~40% Note: 1) Firm purchase orders only, i.e., excluding framework agreements or other long-term agreements where purchase orders are not yet received. Backlog values are converted to NOK using currency rates as of quarter-end; 2) Distribution-, mobile refueling- and stationary storage systems; 3) Includes amongst other heavy-duty vehicles, transit bus, rail, aerospace and industrial gas ~35% FY'24 HEXAGON PURUS#77 Strong momentum in hydrogen distribution, transit bus and aerospace drove revenue growth in Q2'23 210 Q2'22 Q2 2023 YOY REVENUE BRIDGE NOKM 90 HYDROGEN INFRASTRUCTURE +119 (+57%) MOBILITY DISTRIBUTION REFUELING STATIONARY HEAVY DUTY TRANSIT SYSTEMS SYSTEMS STORAGE VEHICLES¹ BUS 000 RAIL 29 OTHER MARITIME AEROSPACE INDUSTRIAL GAS 330 Q2'23 Note: 1) Includes hydrogen storage systems, battery storage systems and full vehicle integration for heavy-duty vehicles in North America ● Strong underlying revenue growth driven by increased sale of hydrogen distribution systems. A strong quarter for transit bus offset by lower activity for heavy-duty vehicles in North America and rail resulted in flat revenue growth YoY for mobility applications. Increased sale of aerospace and maritime applications supported by stable activity within industrial gas contributed positively to revenue growth. HEXAGON PURUS#88 Hexagon Purus will provide complete vehicle integration of battery electric utility trucks for a major North American OEM Battery system Purus proprietary HEXAGON PURUS' SCOPE OF CONTENT FOR THIS AGREEMENT BI COMPLETE VEHICLE INTEGRATION OF BATTERY ELECTRIC UTILITY TRUCKS Auxiliary module Purus proprietary Power module Purus proprietary ESTIMATED POTENTIAL SALES VALUE OF USD ~150 MILLION To Vehicle level software Purus proprietary FR MULTI-YEAR AGREEMENT WITH START OF PRODUCTION IN 2024 TICO MERASION ww HEXAGON F HEXAGON PURUS www.hexagonpurus.com HEXAGON HEXAGON PURUS#99 Our unique vehicle integration capabilities and proprietary product portfolio have secured battery electric contracts for more than USD 2.0 billion N STRONG CUSTOMER RELATIONSHIPS BUILT WITH YEARS OF DEVELOPMENT WORK Strong relationships with key OEMs in the North American truck industry through running joint development programs, resulting in strong commercial traction TOYOTA DAIMLER HINO SOLID TRACK RECORD WITH LEADING TECHNOLOGY DEVELOPMENT Technology leading solutions that pushes the zero-emission mobility industry forward ONE OF THE MOST ENERGY DENSE BATTERY SYSTEMS IN THE COMMERCIAL VEHICLE INDUSTRY MODULAR SPACE EFFICIENT LIGHTWEIGHT HIGH QUALITY PRODUCT PORTFOLIO WITH AN "OEM-LIKE" OFFERING In-house developed capabilities around energy storage solutions (BEV and FCEV), combined with entire powertrain and vehicle understanding BATTERY SYSTEM POWER MODULE HYDROGEN SYSTEM 8 VEHICLE-LEVEL SOFTWARE AUXILIARY MODULE HEXAGON PURUS#1010 Hexagon Purus has commenced serial production of hydrogen cylinders for the Nikola TRE fuel-cell electric heavy-duty truck NIKOLA HEXAGON PURUS MULTI-YEAR CONTRACT FOR SERIAL SUPPLY OF TYPE-4 CYLINDERS TO NIKOLA'S FUEL CELL TRUCK Picture credit: Nikola Motor HEXAGON PURUS' TYPE-4 CYLINDER NIKOLA لو PURPAR PAPPADVI MARE FRA KIN HEXAGON PURUS#1111 Hexagon Purus to deliver hydrogen distribution systems to a leading global energy company; adds to an already strong customer portfolio Tiger ABUS 101 HEXAGON PURUS' HYDROGEN DISTRIBUTION SYSTEMS WILL BE USED TO DELIVER HYDROGEN TO A NETWORK OF HYDROGEN REFUELING STATIONS IN EUROPE TOTAL ESTIMATED VALUE OF EUR 27 MILLION The demand continues to remain strong on the back of increased use of hydrogen in industry processes but also increasingly for zero- emission mobility HEXAGON PURUS HEXAGON PURUS *****#1212 Hexagon Purus will develop and deliver the next generation mobile hydrogen refueling station for 700 bar commercial vehicles to a large European OEM High-pressure hydrogen refueling www.hexagonpurus.com II 700 bar HEXAGON PURUS' MOBILE HYDROGEN REFUELING STATION WILL BE USED TO DEMONSTRATE AND VERIFY HYDROGEN ENERGY SUPPLY TO COMMERCIAL VEHICLES TOTAL ORDER VALUE OF EUR 3.0 MILLION The next generation of 700bar mobile refuelers will help to drive increased adoption of hydrogen within commercial vehicles HEXAGON PURUS 95 HEXAGON Wystrachli. PURUS HEXAGON PURUS#1313 Hexagon Purus' Type 4 cylinder onboard the Ligier JS2 RH2 at the 24 Hours Le Mans Centenary 2023 HEXAGON PURUS Picture credit: Ligier JS2 RH2 press book H₂E LIGIER 352 RHE HEXAGON At ya BOSCH HEXAGON PURUS#14FINANCIALS HEXAGON PURUS#1515 Profit & loss statement, Q2 2023 PROFIT & LOSS (NOK 1,000) Total revenue Cost of materials Payroll and social security expenses Other operating expenses Total operating expenses EBITDA Depreciation and amortization EBIT Profit/loss from investments in associates Finance income Finance costs Profit/loss before tax Tax expense Profit/loss after tax Ratios (% of total revenue) Cost of materials Payroll and social security expenses Other operating expenses EBITDA Q2 2023 329,567 178,673 156,472 83,441 418,586 (89,019) 30,955 (119,974) (2,455) 22,508 49,961 (149,882) (2,434) (147,449) 54% 47% 25% (27%) Q2 2022 210,109 137,716 101,414 83,515 321,646 (111,537) 23,732 (135,270) (1,389) 21,099 7,877 (123,436) 838 (124,274) 66% 48% 40% (53%) H1 2023 573,544 334,830 295,899 143,846 774,575 (201,031) 58,756 (259,787) (4,402) 32,946 73,341 (304,584) (2,984) (301,600) 58% 52% 25% (35%) H2 2022 369,156 202,874 195,044 175,586 573,504 (204,348) 45,796 (250,144) (2,738) 23,603 13,620 (242,899) (185) (242,714) 55% 53% 48% (55%) FY 2022 963,925 588,525 443,496 337,408 1,369,430 (405,505) 95,089 (500,594) 51,888 37,356 29,548 (440,898) (9,380) (431,518) 61% 46% 35% (42%) ● ● ● Revenues up 57% YoY in Q2 2023, mainly driven by hydrogen infrastructure applications as well as hydrogen storage systems for transit bus and aerospace. Higher volume and more favorable product mix are the main contributors to the decrease in relative materials costs compared to same period last year. Investments in organizational scale-up continues to increase payroll expenses, albeit increased scale leads to relative YoY improvement (as % of revenue) Depreciation increased mainly on the back of higher investments in property, plant and equipment as part of the ongoing capacity expansion programs. Financial items impacted by non-cash interest on the outstanding convertible bond and FX movements. HEXAGON PURUS#1616 Revenue split by end-use application, Q2 2023 OTHER APPLICATIONS MOBILITY APPLICATIONS HYDROGEN INFRASTRUCTURE APPLICATIONS Maritime 4 Heavy duty¹ 00000000 OO OO Distribution systems Å M Aerospace Industrial gas Transit bus 10000 outo Refueling systems 000 Rail 00 Stationary storage Q2'23 vs. Q2'22 NOK 330M 32% 14% 55% Q2 2023 NOK 210M 35% 21% 44% Q2 2022 LTM² Q2'23 NOK 1,168M 29% 21% 50% LTM Q2 2023 Note: 1) Includes hydrogen storage systems, battery storage systems and full vehicle integration for heavy-duty vehicles; 2) Last twelve months ● Hydrogen infrastructure applications accounted for majority of total revenues in Q2 2023. Sale to transit bus applications accounted for more than half of total revenues from mobility applications. Storage bundles for industrial gas applications makes up the majority of revenue from "other applications" in the quarter coupled with a strong quarter for aerospace. HEXAGON PURUS#1717 Balance sheet, Q2 2023 Assets | NOKm 3,935 165 237 403 283 858 622 1,366 31 March 2023 Other current assets Receivables Inventory¹ Other non-current assets 3,818 210 268 449 317 875 726 973 30 June 2023 CASH AND CASH EQUIVALENTS: NOK 973m Intangible assets Property, plant & equipment Cash Equity & Liabilities | NOKm 3,935 316 225 256 263 507 270 2,097 31 March 2023 Other current liabilities Other non-current liabilities Payables Contract liabilities 3,818 206 211 236 289 528 270 2,078 30 June 2023 Debt component CB² Equity component CB² Common equity EQUITY RATIO³: 62% Investments in production equipment as part of ongoing capacity expansion program leads to increase in property, plant & equipment. Increase in inventory due to preparations for higher activity level in second half of the year. Cash position of NOK 973m. Decrease in liabilities mainly due to settlement of deferred consideration and parts of the contingent consideration related to the Wystrach acquisition from 2021. Equity ratio remains solid at 62%. Note: 1) Including contract assets; 2) For more information regarding the accounting treatment of the convertible bond, please refer to note 6 in the financial statements for Q2 2023; 3) Including equity component of the outstanding convertible bond of NOK 800m HEXAGON PURUS#1818 Cash flow, Q2 2023 NOKm 1,366 Q1'23 - 150 Profit before tax OPERATING: -172M 31 D&A -71 | 18 -141 -393 (-29%) INVESTING: -264M 6 U -37 -86 Change Other Capex Product Investments Wystrach Interest in NWC' operating (PPE) M&A received dev. cash flow & loans to associated companies Note: 1) Net working capital refers to inventory, trade receivables, contract assets, trade payables and contract liabilities. FINANCING & FX: +43M 56 Cash flow from financing -13 Net FX 973 Q2'23 ● Increase in working capital mainly driven by higher inventory to cater for increased activity in the second half of 2023. Other operating cash flow includes first pre-payment to Panasonic for long-term battery cell supply agreement. CAPEX in the quarter is largely attributed to investments related to the ongoing capacity expansion programs as well as settlement of the deferred consideration and parts of the contingent consideration related to the Wystrach acquisition. Financing cash flow includes share capital increase in CIMC Hexagon Hydrogen Energy Technologies Ltd., a 51% owned subsidiary of Hexagon Purus. HEXAGON PURUS#19OUTLOOK AND Q&A HEXAGON PURUS#20RECENT CUSTOMER WINS 20 Recent major customer wins adds to an already strong and diversified portfolio of long-term agreements across several applications MAJOR GLOBAL ENERGY COMPANY HYDROGEN DISTRIBUTION SYSTEMS Lhyfe Air Liquide ZEPAK HEXAGON Linde LONG-TERM AGREEMENT FOR SUPPLY OF HYDROGEN DISTRIBUTION SYSTEMS IN EUROPE ESTIMATED CONTRACT VALUE: EUR 27M COMMERCIAL AGREEMENT FOR DELIVERY OF HYDROGEN DISTRIBUTION SYSTEMS IN EUROPE ESTIMATED CONTRACT VALUE: UNDISCLOSED MULTI-YEAR GLOBAL AND NATIONAL SUPPLY EXCLUSIVITY AGREEMENT FOR HYDROGEN DISTRIBUTION SYSTEMS SELECTION OF CURRENT RECURRING CUSTOMERS: NIPPON GASES The Cye Pulvedi ESTIMATED CONTRACT VALUE: UNDISCLOSED MESSER Gases for Life Everfuel Westfalen CERTARUS Low Casor Energy Solutions MAJOR NORTH AMERICAN OEM ө HINO BATTERY ELECTRIC MOBILITY LONG-TERM AGREEMENT FOR COMPLETE VEHICLE INTEGRATION OF BATTERY ELECTRIC UTILITY TRUCKS IN NORTH AMERICA ESTIMATED CONTRACT VALUE: USD 150M LONG-TERM DISTRIBUTION AGREEMENT FOR COMPLETE BATTERY ELECTRIC TRUCKS FOR U.S. MARKET ESTIMATED CONTRACT VALUE: USD 2BN CaetanoBus EUROPEAN BUS OEM NIKOLA FUEL-CELL ELECTRIC MOBILITY MULTI-YEAR SUPPLY AGREEMENT FOR SERIAL SUPPLY OF HYDROGEN STORAGE SYSTEMS FOR TRANSIT BUSES ESTIMATED CONTRACT VALUE: EUR 35M EXCLUSIVE MULTI-YEAR AGREEMENT FOR SERIAL SUPPLY OF HYDROGEN STORAGE SYSTEMS FOR TRANSIT BUSES ESTIMATED CONTRACT VALUE: EUR 30M MULTI-YEAR AGREEMENT FOR SERIAL SUPPLY HYDROGEN CYLINDERS TO NIKOLA'S TRE HEAVY-DUTY TRUCK ESTIMATED CONTRACT VALUE: EUR >200M HEXAGON PURUS#2121 Capacity expansion program on track; two facilities opened in Q1 2023 and a third facility opening in Kassel in September 2023 A KELOWNA AUTOMATED MANUFACTURING FACILITY FOR BATTERY AND HYDROGEN STORAGE SYSTEMS CONSTRUCTION COMPLETED OPENED APRIL 2023 B A Note: Definition of completion varies depending on site ENGINEERING & CYLINDER MANUFACTURING FACILITY WESTMINSTER 77mm B IN OPERATION OPENED JANUARY 2023 KASSEL HYDROGEN CYLINDER ENGINEERING AND PRODUCTION HUB HAK OPENING SOON STIMATED COMPLETION: SEPT. 2023 WEEZE HYDROGEN SYSTEM ENGINEERING AND ASSEMBLY HUB UNDER CONSTRUCTION ESTIMATED COMPLETION: Q4 2023 E E SHIJIAZHUANG JV HYDROGEN CYLINDER MANUFACTURING AND SYSTEMS ASSEMBLY FACILITY UNDER CONSTRUCTION ESTIMATED COMPLETION: Q4 2023 HEXAGON PURUS#2222 On track to reach revenue target of NOK 4-5bn in 2025 Revenue, NOKm CURRENT CUSTOMERS AND LONG-TERM AGREEMENTS PROVIDES LINE OF SIGHT TO 2025 TARGET REVENUE 180 2020A +182% 508 2021A +90% 964 2022A ≥ 50% NOK ~0.9bn order book¹ for 2023 YTD² NOK 0.6bn 2023E ~100% covered order book and YTD2 revenue Note: 1) Backlog values are converted to NOK using currency rates as of quarter-end; 2) Year-to-date I NOK ~0.5bn order book¹ for 2024 2024E ~4,000-5,000 2025E SELECTION OF CURRENT CUSTOMERS AND LTAS NIKOLA NIKOLA (HINO SOF CaetanoBus SOLARIS NEW FLYER. THE LINDE GROUP Wystrach MAJOR NORTH AMERICAN OEM Air Liquide Lhyfe NIPPON GASES The Ca Pronaa polsat Everfuel Air Liquide HEXAGON PURUS#2323 Reiterating full-year 2023 and 2025 targets REVENUE EBITDA SHORT TERM FULL-YEAR 2023 TARGETS $ >50% revenue growth year-over-year ~10% widening of EBITDA losses year-over-year¹ MEDIUM TERM FULL-YEAR 2025 TARGETS A NOK 4-5 billion in revenue target for 2025 Breakeven in 2025 driven by cost reduction and operating leverage Note: 1) Relative EBITDA margin is expected to significantly improve year-over-year, but EBITDA will continue to be impacted by ramp up of the organisation and production facilities in 2023. HEXAGON PURUS#2424 Hexagon Purus continues on the strategic path set in 2020, and recent strategic and commercial achievements creates solid foundation for future growth NOK 500m capital raise via Hexagon Composites 000 HEXAGON Successful carve- out and IPO. NOK 750m in capital raise 2020 Strategic milestones Commercial milestones 0 00 HEXAGON FURUS HEXAGON FURNIS Entered JV for China and SE with CIMC Enric CIMC HEXAGON 中集・合斯康 NIKOLA Long-term agreement for hydrogen cylinders HEXAGON EXAGON Acquisition of Wystrach, adding best-in-class H2 systems HEXAGON FURUS Wystrachli. 2021 Long-term agreement for hydrogen storage systems HEXAGON FURNS HEXAGON FURUS Air Liquide Global supply agreement of hydrogen distribution systems NOK 600m capital raise 00 HEXAGON HEXAGON PURNIS Lhyfe Commercial cooperation with Lhyfe for delivery of hydrogen distribution systems 2022 $3 HEXAGON PURUS CaetanoBus Serial supply of hydrogen storage systems Strategic alliance with Mitsui & successfull NOK 1.3bn capital raise MITSUI & CO HEXAGON TRUS HEXAGON FURUS Innn Opening of new facilities in Westminster (U.S.) and Kelowna (CAN) Successfully transferred to the main list of Oslo Stock Exchange HEXAGON HEXAGON 2023 THEXAGON PURUS (HINO Exclusive supply agreement for complete BEV trucks Hexagon Composites distributes Hexagon Purus shares as dividend-in-kind THEXAGON PURUS Supply agreement of hydrogen distribution systems with leading global energy company HEXAGON HEXAGON TURNE Complete vehicle integration agreement for utility trucks in North America HEXAGON PURUS#25Q&A HEXAGON PURUS#2626 APPENDIX HEXAGON PURUS#2727 MARKET DEVELOPMENTS HEXAGON PURUS#2828 Strong public support and regulatory push in core markets creates a strong foundation for future growth in Hexagon Purus' core markets EU ramping up renewable investments to EUR 210bn by 2027 through RePowerEU European Union ramping up its effort to increase hydrogen production to decarbonize and create energy independence... TOTAL OF EUR 210 BILLION TO BE INVESTED BY 2027 Q1 2022 LOW INT ... and the US Senate passes bill earmarking-USD 370bn for climate and clean energy initiatives to reduce emissions and improve energy security THE AND AND TO 400OF SOLAR HEXAGON PURUS A Q2 2022 Energe Secunty and Climate Changements part of the station Reduction Act wipit the US on a pathto roughly 40% amons reduction by -------- SAND 27 CC at 1000 vagas Purse SUPPORT RURAL co T Creation of EU's Hydrogen Bank to facilitate supply and demand as market maker AGAFOR ORATION AND ARE Strong hydrogen legislative push in Europe... F 2 Cardbeg EUROPEAN HYDROGEN BANK On 14 September 2022, Ursula von der Leyen announced the creation of the European Hydrogen U.S. earmarking USD 370bn to clean energy initiatives through Inflation Reduction Act This is a EUR be initiative that will guant the purchase of hydrogen and act as a mark hydrogen bridging the gap between inventand future supply demand HEXAGON 33 66 Q3 2022 ...and the US... FUNDING OF CLEAN HYDROGEN PROJECTS E On 24 September 2002, the US launched a USD 7hn program to creste regional clean fydges habe H2Hubs) across the country The Hubs will create networks of hydrogen producers, consumers and infrastructure-all while supporting net-zero carbon emissions by 2050 HEXAGON Launch of the European Green Deal as response to U.S.' Inflation Reduction Act U.S. funding regional clean hydrogen hubs creating networks for producers and consumers European Commission launches the Green Deal Industrial Plan for Europe THE GREEN DEAL INDUSTRIAL PLAN Speeding up the conf watch Q4 2022 With the Green Deal Industrial Plas the European Commission wil promote the creation of more supportive event for deploying the dean tech manufacturing capacity required to het Europe's ambitious green targets 1ST FEBRUARY 2023 ANPORTANT PECE IN EU'S OVERALL MAN 2004 the ZEV truck sales ('000) Mn. ZEV % of new class 4-8 trucks sold SV 143 THE GREEN DEAL NUMBER OF CLASS 4-8 ZEV TRUCKS EXPECTED IN CARB STATES Approximately 30 diesel trucks sold in CARB states in 20122, and the below graph conservatively assuming a flat sales growth going forward BY HI 2028 & N 2029 Advanced Clean Truck and Advanced Clean Fleet regulations create demand certainty for zero emission trucks in the US KEY ANNOUNCED MANCH 3023 Domestic capacity of leat and of the nation of 2045 FUR som are dedicated to the first Hydrogen Q1 2023 MAIN OBJECTIVE Zak.dgtskom HEXAGON MEAN CARB RULING IN BRET CARE has introduced a regulation for truck manufacturers (Advanced Clean Truck standar and more recently, regulation for flaw standang ming to and accelerate the adoption of ZEV The truckmanufacturers and feet owners are required to have an incrementally higher ZEV content when saling or operating a fleet of trucks in Califomis from 2024 onward In example, the Advanced Clean Truck standard Starting from the 2004 model year 9% of all cle 4-8 truck old to be zero-massion, ring 100% in 2030 100% of commercial bucks and vans sold to be o emission by 2045 HEXAGON Advanced Clean Fleet Regulations creating demand certainty for zero emission trucks Deep dive to follow EU targets to increase hydrogen refueling and EV charging infrastructure The Alternative Fuel Infrastructure Regulation in Europe targets to increase hydrogen refueling and EV charging infrastructure ALTERNATIVE FUEL INFRASTRUCTURE REGULATION (AFIR) Sets mandatory deployment targets for electric vehicle changing and Shydrogen refueling infrastructure along the TEN-T network in Europe **********‒‒‒‒‒‒‒‒‒‒‒‒‒ TRANS-EUROPEAN TRANSPORT NETWORK (TEN-T) The TEN-T is planned network of roads, railways, airports and water infrastructure in Europe **************** HYDROGEN REFUELING INFRASTRUCTURE Refueling stations serving both light and heavy-duty vehicles must be deployed in all urban nodes and every 200km along the TEN-T by 2030 **************** BATTERY CHARGING INFRASTRUCTURE infrastructure for +350 recharging of heavy-duty every 60km along the comeng and every mang the com FUNDING Each EU member state cities and regions are responsible for providing incentives and grants to accelerate the deployment of the infrastructure *FIT FOR S The Atamative Fuat infrastructure Regulation is part of the "fors package targeting at least 55% reduction in GHG emissions by 2030 ********* Q2 2023 MAP OF THE EUROPEAN TEN-T NETWORK TEN-T RULING AND CHARGING FRASTRUCTURE B Hydrogen HEXAGON Q3 2023 Deep dive to follow In July, the U.S. DoE announced its intention to invest up to USD 1bn to support demand for hydrogen as part of the H2Hubs program Source: Financial Times, Senate Democrats Summary of Energy Security and Climate Change Investments in the Inflation Reduction Act of 2022, Hydrogen Central, U.S. Department of Energy, REPowerEU with Clean Energy Fact Sheet and Financing REPowerEU, European Commission, California Air Resources Board and NADA.org, Council of the EU and H2-view.com BACKGROUND use of Energy and its intern to USD 1ton in a demand side inve pport the Regional Can Hydrogen Hubs program The gets to ensure beth producers and and in the betwee the markanty demand side they need to unlock privin and the full potential of clean hydrog Achaving comma claan hydrogenera anglong tem decadenitation REGIONAL CLEAN HYDROGEN HUBS PROGRAM The Real clean hedregen hubs (2) USD gramate regional en hyg for prodation instructure and con will help form the foundation of a national hydrogen valoducing man from industrial and chemesl processes and heavy-duty on Region/pects selected for award negotiations will HEXAGON Invest of up to USD 1bn to support demand of hydrogen as part of H2Hubs program HEXAGON PURUS#2929 The Alternative Fuel Infrastructure Regulation in Europe targets to increase hydrogen refueling and EV charging infrastructure 1 2 2 LOSO 4 ALTERNATIVE FUEL INFRASTRUCTURE REGULATION (AFIR) Sets mandatory deployment targets for electric vehicle charging and hydrogen refueling infrastructure along the TEN-T network in Europe TRANS-EUROPEAN TRANSPORT NETWORK (TEN-T) The TEN-T is a planned network of roads, railways, airports and water infrastructure in Europe HYDROGEN REFUELING INFRASTRUCTURE Refueling stations serving both light- and heavy-duty vehicles must be deployed in all urban nodes and every 200km along the TEN-T by 2030 BATTERY CHARGING INFRASTRUCTURE Infrastructure for +350kW recharging of heavy-duty every 60km along the core TEN-T and every 100km along the comprehensive TEN-T by 2025¹ FUNDING Each EU member state, cities and regions are responsible for providing incentives and grants to accelerate the deployment of the infrastructure "FIT FOR 55" The Alternative Fuel Infrastructure Regulation is part of the "Fit for 55" package targeting at least 55% reduction in GHG emissions by 2030² 1 (2 H₂ MAP OF THE EUROPEAN TEN-T NETWORK ● Ma BY END OF 2025 BY END OF 2030 60KM C RECHARGING STATIONS TEN-T REFUELING AND CHARGING INFRASTRUCTURE ठ BY END OF 2030 Senky Source: Council of the EU and H2-view.com Note: 1) Fast charging supporting +150kW recharging for passenger vehicles to be installed every 60km along the TEN-T network by 2025; 2) Compared to 1990 levels and to achieve climate neutrality by 2050; 3) At least one refueling station in every urban node with all stations having a designed capacity to provide 1 ton of hydrogen per day at 700bar. Constan Oburge O O Derince O Sevedopol For OLIVE Novorossiysk STATIONS³ O Sergun 200KM HYDROGEN REFUELING O sati Deep dive HEXAGON PURUS#30In July, the U.S. DoE announced its intention to invest up to USD 1bn to support demand for hydrogen as part of the H2Hubs program 30 OLII Hydrogen Picture credit: Business Wire Source: U.S. Department of Energy BACKGROUND U.S. Department of Energy as announced its intention to invest up to USD 1 billion in a demand-side initiative to support the Regional Clean Hydrogen Hubs program The initiative targets to ensure both producers and end-users in the H2Hubs have the market certainty and demand-side they need to unlock private investments and realize the full potential of clean hydrogen Achieving commercial-scale clean hydrogen is critical to achieving long-term decarbonization REGIONAL CLEAN HYDROGEN HUBS PROGRAM ● ● ● The Regional clean hydrogen hubs (H2Hubs) is a USD 7bn program to create regional clean hydrogen hubs for production, infrastructure and consumption H2Hubs will help form the foundation of a national clean hydrogen network vital to reducing emissions from industrial and chemical processes and heavy-duty transportation Regions/projects selected for award negotiations will be announced during the fall 2023. Deep dive HEXAGON PURUS#3131 FINANCIALS & IR HEXAGON PURUS#3232 Quarterly revenue and EBITDA development REVENUE Nok MILLION EBITDA NOK MILLION 48 46 -43 53 -20 33 -25 52 -52 94 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 -62 103 -69 259 -80 159 -61 210 -93 -112 222 Q3'22 -92 +57% 372 244 - 109 330 Q4'22 Q1'23 Q2'23 FY2021 -112 508 -89 -272 964 +21% - 406 1 049 +11% FY2022 LTM Q1'23 LTM Q2'23 - 425 1168 -402 HEXAGON PURUS#3333 Financial statements | P&L Profit & Loss (NOK '000) Revenue from contracts with customers Rental income Other operating income Total revenue Cost of materials Payroll and social security expenses Other operating expenses Total operating expenses EBITDA Depreciation and impairment EBIT Profit/loss from investments in associates Finance income Finance costs Profit/loss before tax Tax Profit/loss after tax Q2 2023 326,978 322 2,267 329,567 178,673 156,472 83,441 418,586 (89,019) 30,955 (119,974) (2,455) 22,508 49,961 (149,882) (2,434) (147,449) Q2 2022 209,820 253 36 210,109 137,716 100,414 83,515 321,646 (111,537) 23,732 (135,269) (1,389) 21,099 7,877 (123,436) 838 (124,274) YTD 2023 570.353 629 2,562 573,544 334,830 295,899 143,846 774,575 (201,031) 58,756 (259,787) (4,402) 32,946 73,341 (304,584) (2,984) (301,600) YTD 2022 368,380 569 207 369,156 202,874 195,044 175,586 573,504 (204,348) 45,796 (250,144) (2,738) 23,603 13,620 (242,899) (185) (242,714) FY 2022 958,636 1,255 4,034 963,925 588,525 443,496 337,408 1,369,430 (405,505) 95,089 (500,594) 51,888 37,356 29,548 (440,898) (9,380) (431,518) HEXAGON PURUS#3434 Financial statements | Balance sheet Balance sheet (NOK '000) Property, plant and equipment Right-of-use assets Intangible assets Other current assets Total non-current assets Inventories Trade receivables & contract assets Other current assets Cash and short-term deposits Total current assets Total assets Issued capital and share premium Other equity Total equity Interest-bearing loans and borrowings Lease liabilities Other non-current financial liabilities Deferred tax liabilities Total non-current liabilities Trade and other payables (inc. contract liabilities) Interest-bearing loans and borrowings Lease liabilities, short term Other current liabilities Total current liabilities Total liabilities Total equity and liabilities Q2 2023 725,778 159,292 874,545 157,708 1,917,324 448,665 267,643 210,462 973,413 1,900,183 3,817,508 1,743,737 604,467 2,348,204 558,036 132,290 1,778 46,085 738,189 525,145 982 31,517 173,471 731,115 1,469,304 3,817,508 Q2 2022 362,151 48,356 783,845 14,297 1,208,649 391,515 164,776 60,084 702,024 1,318,399 2,527,048 1,758,322 55,702 1,814,024 43,906 29,500 41,396 49,351 164,152 370,350 2,315 20,778 155,428 548,871 713,023 2,527,048 FY 2022 494,990 152,300 802,654 116,059 1,566,003 332,218 238,418 136,560 381,705 1,088,901 2,654,904 1,568,708 118,913 1,687,621 39,358 132,479 41,228 45,543 258,608 468,504 4,673 22,230 213,268 708,675 967,283 2,654,904 FY 2021 267,705 52,219 752,294 9,500 1,081,718 261,235 224,451 80,943 453,398 1,020,027 2,101,745 1,407,170 8,228 1,415,398 42,126 31,794 118,233 52,231 244,384 313,236 13,635 21,285 93,807 441,963 686,347 2,101,745 HEXAGON PURUS#3535 Financial statements | Cash flow Cash flow (NOK '000) Profit before tax Depreciation, amortisation and impairment Net interest expense Changes in net working capital ¹ 1) Other adjustments to operating cash flows Net cash flow from operating activities Purchase of property, plant, and equipment, net of proceeds from sale Purchase and development of intangible assets Cash paid related to acquistion of subsidiary, net of cash acquired Investments in associated companies Loans to associated companies Proceeds from sale of shares in associated companies Interest received Net cash flow from investing activities Net repayment (-) / proceeds (+) from interest bearing loans Interest payments Repayment of lease liabilities (incl. interests) Net proceeds from share capital increase in parent company Net proceeds from share capital increase in subsidiary Net cash flow from financing activities Net change in cash and cash equivalents Net currency exchange differences on cash Cash and cash equivalents beginning of period Cash and cash equivalents end of period Q2 2023 (149,882) 30,955 3,795 (70,871) 14,364 (171,639) (140,535) (8,619) (85,693) (29,305) (8,316) 8,194 (264,274) (17,796) (8,613) (9,208) (172) 91,833 56,045 (379,868) (13,101) 1,366,383 973,413 Q2 2022 (123,435) 23,732 (357) (71,916) 36,136 (135,840) (47,791) (13,098) (3,918) 1,087 (63,719) 4,096 (729) (4,443) (1,077) (200,635) 12,800 889,859 702,024 YTD 2023 (304,584) 58,756 9,375 (89,031) 34,571 (290,914) (235,642) (18,731) (85,693) (29,305) (13,510) 12,932 (369,949) 757,820 (15,479) (18,814) 473,982 102,198 1,299,708 638,844 (47,136) 381,705 973,413 YTD 2022 (242,899) 45,796 162 (13,492) 1,958 (208,475) (97,278) (26,148) (3,918) 1,087 (126,257) (9,540) (1,249) (10,485) 593,866 572,592 237,859 10,767 453,398 702,024 Note: 1) Net working capital refers to inventories, trade receivables, contract assets, trade payables and contract liabilities; 2) Other cash flow from operating and investing activities FY 2022 (440,898) 95,089 4,501 70,318 (54,322) (325,313) (240,030) (52,625) (41,481) (11,989) 8,111 (338,014) (11,731) (10,141) (26,127) 593,866 34,935 580,802 (82,525) 10,832 453,398 381,705 HEXAGON PURUS#3636 Investor relations information HI ● ● TICKER SYMBOL: HPUR ISIN: NO0010904923 EXCHANGE: OSLO STOCK EXCHANGE Q3 2023 EXCHANGE INFORMATION Q4 2023 HPUR EURONEXT OSLO BØRS 2023 FINANCIAL CALENDAR 2023 07-Nov 2024 13-Feb SHARE TRADING STATISTICS NOK ~5.0bn MARKET CAPITALIZATION¹ NOK ~11.5m DAILY TURNOVER² EQUITY ANALYST COVERAGE CARNEGIE: FABIAN JØRGENSEN [email protected] SEB: ANDERS ROSENLUND [email protected] SPAREBANK 1 MARKETS: THOMAS D. NÆSS [email protected] NORDEA: ELLIOT JONES [email protected] DANSKE BANK: JOAKIM PETTERSSON [email protected] ABG: HAAKON AMUNDSEN [email protected] DNB: HELENE K. BRØNDBO HELENE.KVILHAUG, [email protected] Th INVESTOR BASE¹ ~7,284 SHAREHOLDERS 38.4% OWNED BY HEXAGON COMPOSITES ASA³ 52.4% FREE FLOAT4 INVESTOR RELATIONS CONTACTS MATHIAS MEIDELL DIRECTOR, INVESTOR RELATIONS E-MAIL: [email protected] DIRECT: +47 909 82 242 SALMAN ALAM CHIEF FINANCIAL OFFICER E-MAIL: [email protected] DIRECT: +47 476 12 713 Note: 1) As of 11 August 2023; 2) Average daily turnover from 14 December 2020 to 5 May 2023; 3) Including outstanding Total Return Swap (TRS); 4) Defined as total shares outstanding less shares owned by Hexagon Composites ASA, Mitsui & Co Ltd and shares provided to Mr. Wolfgang Wolter and Mr. Jochen Wystrach in relation to the acquisition of Wystrach GmbH in November 2021. HEXAGON PURUS#3737 Top 20 shareholders # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 SHAREHOLDER HEXAGON COMPOSITES ASA CLEARSTREAM BANKING S.A. MITSUI & CO LTD MP PENSJON PK DANSKE BANK FLAKK COMPOSITES AS DNB Markets Aksjehandel/-analyse Deutsche Bank Aktiengesellschaft Citibank Europe plc BRØDR. BØCKMANN AS The Bank of New York Mellon SA/NV VERDIPAPIRFONDET STOREBRAND NORGE KTF FINANS AS State Street Bank and Trust Comp Nordnet Bank AB NØDINGEN AS UBS Switzerland AG Brown Brothers Harriman & Co. The Bank of New York Mellon SA/NV VERDIPAPIRFONDET DELPHI NORDIC Top 20 shareholders Other shareholders Total number of shares outstanding Note: Shareholder register as per 11 August 2023 NUMBER OF SHARES HELD 106,306,356 35,803,487 20,934,815 7,558,074 6,919,936 6,864,344 6,785,206 4,560,763 4,129,953 3,227,044 3,071,935 2,610,680 2,473,035 2,263,320 2,081,593 1,664,048 1,615,560 1,569,420 1,469,367 1,333,334 223,242,270 53,555,186 276,797,456 % OF SHARES OUTSTANDING 38.4% 12.9 % 7.6% 2.7% 2.5% 2.5% 2.5 % 1.6 % 1.5 % 1.2 % 1.1 % 0.9 % 0.9 % 0.8% 0.8 % 0.6% 0.6% 0.6 % 0.5% 0.5% 80.7% 19.3 % 100.0 % HEXAGON PURUS#38MORTEN HOLUM PRESIDENT & CHIEF EXECUTIVE OFFICER E-MAIL: [email protected] DIRECT: +47 995 09 930 SALMAN ALAM CHIEF FINANCIAL OFFICER E-MAIL: [email protected] DIRECT: +47 476 12 713 MATHIAS MEIDELL DIRECTOR, INVESTOR RELATIONS E-MAIL: [email protected] DIRECT: +47 909 82 242 HEXAGON PURUS