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RNS - Hexagon Purus ASA: Results for the first quarter 2025

Company: Hexagon Purus ASA Date: 2025-05-06 Language: English Register to download
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# **Hexagon Purus**

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**6 May 2025**

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#### **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. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or its advisors or any of their parent or subsidiary undertakings or any such person's affiliates, officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company and its advisors assume no obligation to update any forward-looking statements or to conform these forward-looking statements to the Company's actual results. Investors are advised, however, to inform themselves about any further public disclosures made by the Company, such as filings made with the Oslo Stock Exchange or press releases. This Presentation has been prepared for information purposes only.

This Presentation does not constitute any solicitation for any offer to purchase or subscribe any securities and is not an offer or invitation to sell or issue securities for sale in any jurisdiction, including the United States. Distribution of the Presentation in or into any jurisdiction where such distribution may be unlawful, is prohibited. This Presentation speaks as of 6 May 2025, and there may have been changes in matters which affect the Company subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo City Court as exclusive venue. By receiving this Presentation, you accept to be bound by the terms above.

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#### **Agenda**

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# **Company update**

**Q1 2025**

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#### **Key developments in Q1 2025 and after the balance sheet date**

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#### **Lower activity in hydrogen infrastructure and hydrogen trucking in the quarter**

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**Q1 2025 VS. Q1 2024 REVENUE DEVELOPMENT Q1 2025 VS. Q1 2024 EBITDA DEVELOPMENT**

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#### **Significant year-over-year shift in revenue mix in Q1 2025**

H2 Infrastructure H2 Mobility Battery Mobility Other Applications

**Q1 2025 18% 41% 11% 29% Q1 2024 54% 25% 5% 17% LTM Q1 2025 52% 27% 6% 14% Q1 2025 vs. Q1 2024 LTM Q1 2025 NOK 407M NOK 230M NOK 1,699M DOWN 36 pp. VERSUS Q1 2024 UP 16 pp. VERSUS Q1 2024**

#### • Share of revenue from hydrogen infrastructure business significantly down due to decline in hydrogen distribution in the quarter

- Increased share of hydrogen mobility driven mainly by continued strong demand of hydrogen transit bus applications, offset by lower volumes in hydrogen heavy-duty trucking
- Battery mobility positively impacted by shipment of trucks to Hino in the quarter

## **Lower activity in hydrogen infrastructure and mobility in Q1 2025**

#### **Q1 2025 YEAR-OVER-YEAR REVENUE BRIDGE | NOKM**

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- Significantly lower activity in the hydrogen infrastructure business, driven primarily by lower volumes of hydrogen distribution units in the quarter
- Lower activity in hydrogen heavy-duty partly offset by continued strong commercial momentum in transit bus in the quarter
- Revenue from battery electric mobility is mostly made up of delivery of Tern RC8 battery electric trucks to Hino
- Stable year-over-year activity in industrial gas and aerospace

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# **Hexagon Purus extends framework agreement with Solaris**

#### **SOLARIS "AT A GLANCE"**

- Leading European manufacturer of city buses
- #1 supplier of hydrogen buses in Europe with over 60% market share in the hydrogen bus segment

#### **FRAMEWORK AGREEMENT**

- Supply of hydrogen fuel storage systems
- Multi-year supply agreement until 2028
- Production will be out of Hexagon Purus' facility in Kassel (Germany)

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#### **Hexagon Purus receives first order from MCV**

#### **ABOUT MCV**

- MCV is a leading bus manufacturer in the Middle-East and Africa
- MCV's new hydrogen transit bus will target public transportation in Europe

#### **COMMERCIAL AGREEMENT**

- Supply of hydrogen fuel storage systems
- Order value approximately EUR 2.4 million and with delivery scheduled in 2025
- Production will be out of Hexagon Purus' facility in Kassel (Germany)

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#### **Hexagon Purus signs multi-year agreement with Stadler**

#### **STADLER "AT A GLANCE"**

- A Swiss manufacturer of railway rolling stock
- Portfolio include amongst other high-speed trains, intercity trains, regional and suburban trains as well as alternative drive solutions such as hydrogen train model (FLIRT H2)

#### **SUPPLY AGREEMENT**

- Supply of hydrogen fuel storage systems
- Multi-year supply agreement for rail applications in California
- Production will be out of Hexagon Purus' facility in Kassel (Germany)

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#### **Gradually ramping up dealer and customer activity for the Tern RC8 Truck**

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**TRUCKS DELIVERED TO HINO DEALERS IN CALIFORNIA FOR CUSTOMER DEMOS DURING 2025**

> **CURRENT DEALERS SIGNED UP FOR THE TERN TRUCK IN CALIFORNIA**

**4X**

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**PLANNED DEMOS WITH BLUE-CHIP FLEET CUSTOMERS**

**7X**

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## **Revenue visibility varies between applications**

attractive growth opportunities in aerospace applications

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distribution trailer fleet

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# **Sequential growth in order backlog**

**NOKm**

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14 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) Hydrogen distribution, mobile refueling and stationary storage and 3) Fuel-cell electric mobility including heavy-duty, transit bus and rail; 4) Battery Systems and Vehicle Integration business in North America

# **Reducing costs to lower the break-even point is a key priority**

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#### **Cost reduction program on track with further cost measures targeted**

**TARGET AT LAUNCH**

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Reducing annualized costs with approximately NOK 200 million, including an approximate 15% reduction in workforce and reduced SG&A spend

**STATUS PER Q1 2025**

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Workforce reduction executed according to plan and are on track with reducing SG&A spend

**NEXT STEPS**

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Planning to further adjust operations within the hydrogen business and take additional cost measures to enable profitability at lower volumes

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## **Preparing for local certification in China**

#### **STEPWISE PROCESS REQUIRED UNTIL FINAL CERTIFICATION IS IN PLACE FOR THE CHINESE MARKET**

**2024 2025**

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**CONSTRUCTION COMPLETED**

Completed construction of the jointventure cylinder and systems facilities in Shijiazhuang in 2024

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**IN-HOUSE CYLINDER PRODUCTION**

Partly ramping-up the facility by producing a small volume of cylinders for in-house use for the European hydrogen infrastructure market

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**2026**

#### **PRODUCTION AND SUPPLY TO THE CHINESE MARKET**

Process for local certification in China initiated with expected approval in 2026

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# **Financials**

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# **Group P&L | Q1 2025**

| Profit & Loss<br>(NOK '000)                | Q1 2025  | Q1 2024  | FY 2024    | FY 2023   | FY 2022   |
|--------------------------------------------|----------|----------|------------|-----------|-----------|
| Total revenue                              | 230,020  | 407,147  | 1,875,839  | 1,319,614 | 963,925   |
| Cost of materials                          | 146,579  | 220,589  | 1,081,574  | 776,841   | 588,525   |
| Payroll and social security expenses       | 230,667  | 190,756  | 752,335    | 621,436   | 443,496   |
| Other operating expenses                   | 94,776   | 92,496   | 390,291    | 366,810   | 337,407   |
| Total operating expenses                   | 472,022  | 503,840  | 2,224,200  | 1,765,087 | 1,369,428 |
| EBITDA                                     | -242,002 | -96,693  | -348,361   | -445,473  | -405,503  |
| Depreciation and amortization              | 62,375   | 44,392   | 562,213    | 149,785   | 95,089    |
| EBIT                                       | -304,377 | -141,085 | -910,575   | -595,258  | -500,592  |
| Profit/loss from investments in associates | -2,601   | -1,934   | -35,722    | -12,503   | 51,888    |
| Finance income                             | 17,170   | 36,099   | 100,032    | 103,673   | 37,356    |
| Finance costs                              | 97,449   | 60,400   | 365,404    | 187,223   | 29,550    |
| Profit/loss before tax                     | -387,257 | -167,320 | -1,211,669 | -691,310  | -440,898  |
| Tax expense                                | -2,298   | -2,281   | -9,277     | -7,793    | -9,380    |
| Profit/loss after tax                      | -384,959 | -165,039 | -1,202,392 | -683,517  | -431,518  |
| Ratios (% of total revenue)                |          |          |            |           |           |
| Cost of materials                          | 64%      | 54%      | 58%        | 59%       | 61%       |
| Payroll and social security expenses       | 100%     | 47%      | 40%        | 47%       | 46%       |
| Other operating expenses                   | 41%      | 23%      | 21%        | 28%       | 35%       |
| EBITDA                                     | (105%)   | (24%)    | (19%)      | (34%)     | (42%)     |

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- Revenue down 44% YoY in Q1 2025, driven mainly by significantly lower activity in hydrogen infrastructure and hydrogen heavy-duty mobility
- Revenue decline partly offset by higher activity for hydrogen transit bus and vehicle deliveries of Tern RC8 to Hino
- Cost of materials ratio influenced by product mix and non-recurring items
- EBITDA margin of -105% in Q1 2025, a significant decline compared to Q1 2024 margin (-24%)
- Non-recurring items impacting EBITDA in Q1 2025 was NOK 65 million, whereof NOK 43 million is restructuring costs

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# **Hydrogen Mobility & Infrastructure (HMI)**

#### **HMI BUSINESS IN BRIEF**

- Hydrogen cylinders and systems manufacturing and assembly in Europe (Kassel and Weeze, Germany) and the US (Westminster, Maryland). Includes the Company's industrial gas and aerospace business
- Main drivers of growth has been hydrogen infrastructure solutions and hydrogen mobility
- Business unit led by Dr. Michael Kleschinski, Executive Vice President, based in Kassel, Germany

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# **SELECTION OF KEY CUSTOMERS HYDROGEN CYLINDERS HYDROGEN SYSTEMS**

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# **Hydrogen Mobility & Infrastructure (HMI) financial results**

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- Revenue down 47% YoY in Q1 2025, driven mainly by significant lower activity in hydrogen infrastructure and hydrogen heavy-duty trucking
- Continued high activity in hydrogen transit bus partly offsetting the lower activity in hydrogen heavy-duty trucking in the quarter
- Stable activity for industrial gas and aerospace in the first quarter
- EBITDA margin of -70% in Q1 2025, a significant decline compared to Q1 2024 margin (-4%)
- Profitability in the quarter negatively impacted by significantly lower revenue and less favourable product mix
- Restructuring costs (NOK 38m) related to cost cuts and bad debt expense (NOK 16m) related to two insolvent customers recognized in the quarter

#### **Battery Systems and Vehicle Integration (BVI)**

#### **BVI BUSINESS IN BRIEF**

- Battery systems production (Kelowna, Canada) and complete vehicle integration of battery electric and fuel cell electric vehicles (Dallas and Ontario, US) for the North American market
- Complete suite of key components developed in-house required for electrification of heavy-duty trucking
- Business unit led by Todd Sloan, Executive Vice President, based in Kelowna, Canada

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**BATTERY ELECTRIC HEAVY-DUTY TRUCKS**

**FUEL CELL ELECTRIC HEAVY-DUTY TRUCKS**

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**SELECTION OF KEY CUSTOMERS**

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## **Battery Systems & Vehicle Integration (BVI) financial results**

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- The year-over-year revenue growth was mainly driven by vehicle deliveries of the Tern RC8 to Hino as well as delivery of battery systems to Toyota Motors North America
- Revenue in Q1 2024 was mainly made up of an extraordinary payment from an OEM customer for design and engineering services
- EBITDA in Q1 2025 includes approximately NOK 10m of non-recurring costs, of which NOK 4m is restructuring costs and the remainder relates to inventory impairment

# **Group balance sheet | Q1 2025**

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24 Note: 1) For more information regarding the accounting treatment of the convertible bond, please refer to note 6 in the financial statements.

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# **Group cash flow | Q1 2025**

**NOKm**

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- Release of working capital positively impacts operating cash flow
- Limited CAPEX compared to previous quarters

# **Outlook and Q&A Q1 2025**

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#### **Outlook impacted by limited near-term demand visibility**

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#### **HYDROGEN MOBILITY**

Commercial momentum for hydrogen transit bus in Europe is expected to remain strong following high activity in Q1 2025

> **ACTIVITY EXPECTED TO REMAIN STRONG FOR FULL-YEAR 2025**

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#### **HYDROGEN INFRASTRUCTURE**

Incoming orders picked up in Q1 2025 and the activity is expected to increase in the second half of 2025

**FULL-YEAR 2025 REVENUE EXPECTED TO BE SIGNIFICANTLY DOWN VERSUS 2024**

#### **HYDROGEN MOBILITY & INFRASTRUCTURE BATTERY SYSTEMS & VEHICLE INTEGRATION**

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#### **BATTERY MOBILITY**

Increased activity expected towards second half of 2025 despite challenging market environment causing slower ramp-up

**REVENUE EXPECTED TO GROW YEAR-OVER-YEAR FOR THE FULL YEAR 2025** 

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#### **Key focus areas for 2025**

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**CONTINUE REDUCING COSTS TO ENABLE PROFITABILITY AT LOWER VOLUMES**

**CONTINUE BUSINESS PORTFOLIO REVIEW**

**EXTEND CASH RUNWAY WITH KEY PRIORITY OF MAKING CURRENT CASH LAST UNTIL EBITDA AND CASH BREAK EVEN**

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29

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# **APPENDIX**

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#### **Quarterly Group revenue and EBITDA development**

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# **Financial statements | Group P&L**

| Profit & Loss<br>(NOK '000)                | Q1 2025  | Q1 2024  | FY 2024    | FY 2023   | FY 2022   |
|--------------------------------------------|----------|----------|------------|-----------|-----------|
| Revenue from contracts with customers      | 229,630  | 405,360  | 1,843,525  | 1,311,811 | 959,205   |
| Other operating revenue                    | 391      | 1,787    | 32,314     | 7,803     | 4,720     |
| Total revenue                              | 230,020  | 407,147  | 1,875,839  | 1,319,614 | 963,925   |
| Cost of materials                          | 146,579  | 220,589  | 1,081,574  | 776,841   | 588,525   |
| Payroll and social security expenses       | 230,667  | 190,756  | 752,335    | 621,436   | 443,496   |
| Other operating expenses                   | 94,776   | 92,496   | 390,291    | 366,810   | 337,407   |
| Total operating expenses                   | 472,022  | 503,840  | 2,224,200  | 1,765,087 | 1,369,428 |
| EBITDA                                     | -242,002 | -96,693  | -348,361   | -445,473  | -405,503  |
| Depreciation and amortization              | 62,375   | 44,392   | 562,213    | 149,785   | 95,089    |
| EBIT                                       | -304,377 | -141,085 | -910,575   | -595,258  | -500,592  |
| Profit/loss from investments in associates | -2,601   | -1,934   | -35,722    | -12,503   | 51,888    |
| Finance income                             | 17,170   | 36,099   | 100,032    | 103,673   | 37,356    |
| Finance costs                              | 97,449   | 60,400   | 365,404    | 187,223   | 29,550    |
| Profit/loss before tax                     | -387,257 | -167,320 | -1,211,669 | -691,310  | -440,898  |
| Tax expense                                | -2,298   | -2,281   | -9,277     | -7,793    | -9,380    |
| Profit/loss after tax                      | -384,959 | -165,039 | -1,202,392 | -683,517  | -431,518  |

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# **Financial statements | Segments P&L**

| Segment Profit & Loss<br>(NOK '000)           | Q1 2025  | Q1 2024 | FY 2024   | FY 2023   |
|-----------------------------------------------|----------|---------|-----------|-----------|
| Hydrogen Mobility & Infrastructure (HMI)      |          |         |           |           |
| Revenue from contracts with customers         | 203,715  | 386,009 | 1,780,382 | 1,268,493 |
| Other operating revenue                       | 112      | 1,536   | 2,073     | 6,396     |
| Total revenue                                 | 203,828  | 387,545 | 1,782,455 | 1,274,889 |
| Total operating expenses                      | 346,831  | 403,181 | 1,794,311 | 1,368,936 |
| Operating profit before depreciation (EBITDA) | -143,003 | -15,636 | -11,856   | -94,047   |
| Depreciation and impairment                   | 39,908   | 33,790  | 389,782   | 124,126   |
| Operating profit (EBIT)                       | -182,911 | -49,426 | -401,638  | -218,173  |
| Battery Systems & Vehicle Integration (BVI)   |          |         |           |           |
| Revenue from contracts with customers         | 25,468   | 18,882  | 62,519    | 30,817    |
| Other operating revenue                       | 0        | 0       | 34,820    | 9,564     |
| Total revenue                                 | 25,468   | 18,882  | 97,339    | 40,381    |
| Total operating expenses                      | 79,632   | 44,153  | 236,468   | 180,100   |
| Operating profit before depreciation (EBITDA) | -54,164  | -25,271 | -139,129  | -139,719  |
| Depreciation and impairment                   | 19,049   | 9,329   | 44,230    | 21,282    |
| Operating profit (EBIT)                       | -73,213  | -34,600 | -183,359  | -161,001  |
| Other & Eliminations                          |          |         |           |           |
| Revenue from contracts with customers         | 447      | 468     | 623       | 12,500    |
| Other operating revenue                       | 278      | 252     | -4,578    | -8,156    |
| Total revenue                                 | 725      | 720     | -3,955    | 4,344     |
| Total operating expenses                      | 45,560   | 56,506  | 193,421   | 216,051   |
| Operating profit before depreciation (EBITDA) | -44,835  | -55,786 | -197,376  | -211,707  |
| Depreciation and impairment                   | 3,419    | 1,273   | 128,202   | 4,376     |
| Operating profit (EBIT)                       | -48,253  | -57,059 | -325,578  | -216,083  |

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## **Financial statements | Group Balance sheet**

| Balance sheet<br>(NOK '000)                         | Q1 2025   | Q1 2024   | FY 2024   | FY 2023   |
|-----------------------------------------------------|-----------|-----------|-----------|-----------|
| Property, plant and equipment                       | 1,142,250 | 978,546   | 1,203,777 | 867,212   |
| Right-of-use assets                                 | 530,533   | 567,483   | 561,162   | 544,765   |
| Intangible assets                                   | 657,622   | 863,013   | 679,534   | 841,672   |
| Investment in associates and joint ventures         | 25,048    | 53,157    | 22,968    | 50,143    |
| Non-current financial assets                        | 110,403   | 136,057   | 110,403   | 129,651   |
| Non-current assets                                  | 124,363   | 34,921    | 132,150   | 33,767    |
| Total non-current assets                            | 2,590,219 | 2,633,177 | 2,709,993 | 2,467,210 |
| Inventories                                         | 658,047   | 577,091   | 694,062   | 481,695   |
| Trade receivables                                   | 275,347   | 359,431   | 351,432   | 274,974   |
| Contract assets (accrued revenue)                   | 0         | 10,959    | 0         | 11,168    |
| Other current assets                                | 185,313   | 286,332   | 150,561   | 230,474   |
| Cash and short-term deposits                        | 793,598   | 965,161   | 1,027,732 | 307,485   |
| Total current assets                                | 1,912,305 | 2,198,974 | 2,223,787 | 1,305,797 |
| Total assets                                        | 4,502,524 | 4,832,151 | 4,933,780 | 3,773,007 |
| Issued capital and share premium                    | 2,339,868 | 1,209,131 | 2,339,868 | 1,369,987 |
| Other equity                                        | -772,566  | 719,818   | -324,373  | 427,681   |
| Equity attributable to equity holders of the parent | 1,567,301 | 1,928,949 | 2,015,495 | 1,797,668 |
| Non-controlling interests                           | 108,599   | 156,346   | 106,301   | 121,459   |
| Total equity                                        | 1,675,901 | 2,085,295 | 2,121,795 | 1,919,127 |
| Interest-bearing loans and borrowings               | 1,627,737 | 1,407,788 | 1,569,251 | 596,482   |
| Lease liabilities                                   | 517,052   | 541,552   | 542,842   | 518,138   |
| Net employee defined benefit liabilities            | 935       | 1,855     | 1,696     | 1,717     |
| Deferred tax liabilities                            | 27,782    | 37,797    | 31,131    | 38,510    |
| Total non-current liabilities                       | 2,173,506 | 1,988,992 | 2,144,920 | 1,154,848 |
| Trade and other payables                            | 188,492   | 243,071   | 260,153   | 220,457   |
| Contract liabilities                                | 163,725   | 244,146   | 159,179   | 196,327   |
| Interest-bearing loans and borrowings               | 2,319     | 2,829     | 3,346     | 2,317     |
| Lease liabilities, short term                       | 47,305    | 46,330    | 49,994    | 39,930    |
| Income tax payable                                  | 0         | 541       | 346       | 509       |
| Other current financial liabilities                 | 0         | 44,212    | 0         | 42,539    |
| Other current liabilities                           | 184,388   | 102,042   | 124,611   | 131,171   |
| Provisions                                          | 66,887    | 74,693    | 69,435    | 65,782    |
| Total current liabilities                           | 653,116   | 757,863   | 667,064   | 699,032   |
| Total liabilities                                   | 2,826,622 | 2,746,855 | 2,811,984 | 1,853,880 |
| Total equity and liabilities                        | 4,502,524 | 4,832,151 | 4,933,780 | 3,773,007 |

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# **Financial statements | Group Cash flow**

| Cash Flow<br>(NOK '000)                                               | Q1 2025   | Q1 2024  | FY 2024    | FY 2023   | FY 2022  |
|-----------------------------------------------------------------------|-----------|----------|------------|-----------|----------|
|                                                                       |           |          |            |           |          |
| Profit before tax                                                     | -387,257  | -167,320 | -1,211,669 | -691,310  | -440,898 |
| Depreciation, amortisation and impairment                             | 62,375    | 44,392   | 562,213    | 149,785   | 95,089   |
| Net interest expense                                                  | 60,659    | 45,760   | 225,450    | 13,236    | 4,501    |
| Changes in net working capital                                        | 44,985    | -109,210 | -288,032   | -248,922  | 70,318   |
| Other adjustments to operating cash flows                             | 36,562    | -54,003  | 29,720     | 64,295    | -54,322  |
| Net cash flow from operating activities                               | -182,676  | -240,381 | -682,318   | -712,916  | -325,313 |
| Purchase of property, plant, and equipment, net of proceeds from sale | -28,364   | -100,452 | -428,093   | -442,644  | -240,030 |
| Purchase and development of intangible assets                         | -13,153   | -4,040   | -48,518    | -39,628   | -52,625  |
| Cash paid related to acquistion of subsidiary, net of cash acquired   | 0         | 0        | -42,539    | -85,693   | 0        |
| Investments in associated companies                                   | -2,021    | 0        | -4,502     | -29,305   | -41,481  |
| Loans to associated companies                                         | -0        | -5,059   | -32,589    | -29,373   | -11,989  |
| Proceeds from sale of shares in associated companies                  | 0         | 0        | 0          | 0         | 0        |
| Interest received                                                     | 8,306     | 6,376    | 20,967     | 29,564    | 8,111    |
| Net cash flow from investing activities                               | -35,233   | -103,175 | -535,275   | -597,079  | -338,015 |
| Net repayment (-) / proceeds (+) from interest bearing loans          | -913      | 972,195  | 973,497    | 756,909   | -11,731  |
| Interest payments                                                     | -133      | -403     | -2,626     | -20,539   | -10,141  |
| Repayment of lease liabilities (incl. interests)                      | -21,571   | -18,933  | -81,872    | -51,798   | -26,127  |
| Net proceeds from share capital increase in parent company            | 0         | 0        | 964,258    | 473,982   | 593,866  |
| Net proceeds from share capital increase in subsidiary                | 25,314    | 32,221   | 54,089     | 102,198   | 34,935   |
| Net cash flow from financing activities                               | 2,697     | 985,079  | 1,907,347  | 1,260,751 | 580,802  |
| Net change in cash and cash equivalents                               | -215,212  | 641,523  | 689,754    | -49,243   | -82,525  |
| Net currency exchange differences on cash                             | -18,921   | 16,154   | 30,492     | -24,977   | 10,832   |
| Cash and cash equivalents beginning of period                         | 1,027,732 | 307,485  | 307,485    | 381,705   | 453,398  |
| Cash and cash equivalents end of period                               | 793,599   | 965,162  | 1,027,732  | 307,485   | 381,705  |

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#### **Investor relations information**

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36

#### **Top 20 shareholders**

| #  | SHAREHOLDER                        | NUMBER OF SHARES HELD | % OF SHARES OUTSTANDING |
|----|------------------------------------|-----------------------|-------------------------|
| 1  | HEXAGON COMPOSITES ASA             | 164,578,833           | 38.4 %                  |
| 2  | CLEARSTREAM BANKING S.A.           | 78,658,888            | 18.4 %                  |
| 3  | Sumitomo Mitsui Trust Bank (U.S.A) | 58,978,293            | 13.8 %                  |
| 4  | MP PENSJON PK                      | 12,986,489            | 3.0 %                   |
| 5  | FLAKK COMPOSITES AS                | 10,268,728            | 2.4 %                   |
| 6  | The Bank of New York Mellon SA/NV  | 8,882,657             | 2.1 %                   |
| 7  | Citibank Europe plc                | 7,739,629             | 1.8 %                   |
| 8  | DNB Markets Aksjehandel/-analyse   | 5,876,633             | 1.4 %                   |
| 9  | Deutsche Bank Aktiengesellschaft   | 4,563,809             | 1.1 %                   |
| 10 | Nordnet Bank AB                    | 3,859,650             | 0.9 %                   |
| 11 | The Bank of New York Mellon        | 2,697,287             | 0.6 %                   |
| 12 | The Bank of New York Mellon SA/NV  | 2,555,500             | 0.6 %                   |
| 13 | NØDINGEN AS                        | 2,460,626             | 0.6 %                   |
| 14 | UBS Switzerland AG                 | 1,658,000             | 0.4 %                   |
| 15 | Interactive Brokers LLC            | 1,636,932             | 0.4 %                   |
| 16 | Saxo Bank A/S                      | 1,502,529             | 0.4 %                   |
| 17 | BNP Paribas                        | 1,148,312             | 0.3 %                   |
| 18 | SKANDINAVISKA ENSKILDA BANKEN AB   | 1,135,482             | 0.3 %                   |
| 19 | REODOR AS                          | 1,100,000             | 0.3 %                   |
| 20 | SIX SIS AG                         | 1,088,944             | 0.3 %                   |
|    | Top 20 shareholders                | 373,377,221           | 87.1 %                  |
|    | Other shareholders                 | 55,108,887            | 12.9 %                  |
|    | Total number of shares outstanding | 428,486,108           | 100.0 %                 |

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