Hexagon Purus ASA

Investor Presentation • Jul 17, 2025

Hexagon Purus Q2 2025

17 July 2025

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 17 July 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.

Agenda

Company update Q2 2025

Key developments in Q2 2025 and after balance sheet date

Significantly lower revenue and profitability in Q2 2025

Q2 2025 VS. Q2 2024 REVENUE DEVELOPMENT Q2 2025 VS. Q2 2024 EBITDA DEVELOPMENT

Notable year-over-year shift in revenue mix in Q2 2025

H2 Infrastructure H2 Mobility Battery Mobility Other Applications

Q2 2025 8% 46% 12% 34% Q2 2024 62% 28% 0% 10% LTM Q2 2025 42% 30% 9% 19% Q2 2025 vs. Q2 2024 LTM¹ Q2 2025 NOK 528M NOK 193M NOK 1,364M DOWN ⁵⁴ pp. VERSUS Q2 2024 UP 18 pp. VERSUS Q2 2024 UP 12 pp. VERSUS Q2 2024

• 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 and aerospace contributing positively

Sharply lower activity in hydrogen infrastructure and mobility in Q2 2025

Q2 2025 YEAR-OVER-YEAR REVENUE BRIDGE | NOKM

• Significantly lower activity in the hydrogen infrastructure business, driven primarily by lower volume of hydrogen distribution units in the quarter
• Sustained high activity level in hydrogen transit bus offset by negligible revenue contribution from hydrogen heavy-duty mobility
• Revenue from battery electric mobility continues to be mostly made up of delivery of Tern RC8 battery electric trucks to Hino
• High activity in aerospace contributing positively to revenue in the quarter

Demand outlook varies between applications

Highest quarterly order intake since 2023

10 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) Sum of YTD revenue as of Q2 2025 plus order backlog scheduled for execution in H2 2025. Subject to timing and operational execution; 3) Hydrogen distribution, mobile refueling and stationary storage; 4) Fuel-cell electric mobility including heavy-duty, transit bus and rail; 5) Battery Systems and Vehicle Integration business in North America; 6) Industrial gas, Aerospace, Maritime and Other applications

Hexagon Purus expands relationship with Hino in North America for delivery of complete Class 6 & 7 battery electric straight trucks

Strategic review initiated to evaluate alternatives for BVI

Increasing cost reduction target to support profitability at lower volumes

NOKM

Reviewing overall portfolio to target further adjustments to secure cash runway

BUSINESS PORTFOLIO REVIEW

BATTERY SYSTEMS & VEHICLE INTEGRATION

HYDROGEN MOBILITY & INFRASTRUCTURE

CHINA JOINT-VENTURE

Financials Q2 2025

Group P&L | Q2 2025

Profit & Loss (NOK '000)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024
Total revenue	193,494	528,351	423,514	935,498	1,875,839
Cost of materials	100,928	327,645	247,507	548,234	1,081,574
Payroll and social security expenses	152,430	195,104	383,097	385,860	752,335
Other operating expenses	101,342	102,674	196,118	195,170	390,291
Total operating expenses	354,700	625,424	826,722	1,129,264	2,224,200
EBITDA	-161,206	-97,073	-403,208	-193,766	-348,361
Depreciation and amortization	65,788	49,593	128,163	93,985	562,213
EBIT	-226,994	-146,666	-531,372	-287,751	-910,575
Profit/loss from investments in associates	-2,801	-1,733	-5,403	-3,667	-35,722
Finance income	38,725	11,034	55,896	47,132	100,032
Finance costs	81,605	86,247	179,054	146,647	365,404
Profit/loss before tax	-272,675	-223,612	-659,932	-390,932	-1,211,669
Tax expense	-789	-2,269	-3,087	-4,550	-9,277
Profit/loss after tax	-271,887	-221,343	-656,845	-386,382	-1,202,392
Ratios (% of total revenue)
Cost of materials	52%	62%	58%	59%	58%
Payroll and social security expenses	79%	37%	90%	41%	40%
Other operating expenses	52%	19%	46%	21%	21%
EBITDA	(83%)	(18%)	(95%)	(21%)	(19%)

• Revenue decline partly offset by higher activity in the quarter for aerospace applications and vehicle deliveries of Tern RC8 to Hino
• Cost of materials ratio influenced by product mix
• EBITDA impacted by significantly lower revenue year-over-year and non-recurring items of NOK 24 million

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
• Business unit led by Dr. Michael Kleschinski, Executive Vice President, based in Kassel, Germany

Hydrogen Mobility & Infrastructure (HMI) financial results

1 (0%)

• Significantly decline in profitability in the quarter and year-to-date due to

YTD 2024 YTD 2025

-219 (-60%)

• Workforce in Germany, including reductions announced earlier this year, expected to be reduced by ~30% by year-end compared to 2024 levels

lower revenue

• Revenue down 69% YoY in Q2 2025, driven mainly by significant lower activity for hydrogen infrastructure in the quarter
• Limited heavy-duty trucking volumes in the quarter compared to same period last year mainly driving negative performance in hydrogen mobility
• Strong activity for aerospace applications only partly compensating lower activity for the HMI business 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

BATTERY ELECTRIC HEAVY-DUTY TRUCKS

FUEL CELL ELECTRIC HEAVY-DUTY TRUCKS

SELECTION OF KEY CUSTOMERS

Battery Systems & Vehicle Integration (BVI) financial results

REVENUE | NOKM EBITDA | NOKM Q2 2024 Q2 2025 -60 -31 YTD 2024 YTD 2025 21 50 +140% Q2 2024 Q2 2025 2 25 +1077%

• The year-over-year revenue growth continues to be driven by vehicle deliveries of the Tern RC8 to Hino
• Additionally, battery system deliveries were made to Toyota Motor North America during the quarter

• Year-over-year EBITDA improvement in Q2 2025 on the back of higher revenue and cost reductions
• YTD EBITDA development on par with last year

Group balance sheet | Q2 2025

21 Note: Quarterly figures are unaudited

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

Group cash flow | Q2 2025

NOKm

• Operating losses was the main driver of operating cash flow in the quarter
• Increase in working capital reflecting inventory build to cater for higher activity in the second half of 2025
• Limited CAPEX in the quarter as the expansion program is reaching completion

Outlook and Q&A

Q2 2025

Higher activity expected in second half of 2025 based on current order backlog

BATTERY SYSTEMS & VEHICLE INTEGRATION HYDROGEN MOBILITY & INFRASTRUCTURE

BATTERY ELECTRIC MOBILITY

Continue building and delivering prototype trucks for customer trials ahead of any firm orders

HYDROGEN MOBILITY

High revenue visibility with focus on executing order backlog in second half of 2025

Customer dialogues for 2026 orders initiated

HYDROGEN INFRASTRUCTURE

Stronger order backlog supports higher revenue in second half of 2025

Customer dialogues for 2026 orders initiated

AEROSPACE AND INDUSTRIAL GAS APPLICATIONS

High revenue visibility with focus on executing order backlog in second half of 2025

Already strong orderbook for 2026

Key focus areas for 2025

CONTINUE REDUCING COSTS TO ENABLE PROFITABILITY AT LOWER VOLUMES

CONTINUE BUSINESS PORTFOLIO REVIEW

REDUCE CASH OUTFLOW IN THE SECOND HALF OF THE YEAR

26

APPENDIX

Quarterly Group revenue and EBITDA development

Financial statements | Group P&L

Profit & Loss (NOK '000)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024
Revenue from contracts with customers	192,577	527,655	422,207	933,015	1,843,525
Other operating revenue	916	695	1,307	2,483	32,314
Total revenue	193,494	528,351	423,514	935,498	1,875,839
Cost of materials	100,928	327,645	247,507	548,234	1,081,574
Payroll and social security expenses	152,430	195,104	383,097	385,860	752,335
Other operating expenses	101,342	102,674	196,118	195,170	390,291
Total operating expenses	354,700	625,424	826,722	1,129,264	2,224,200
EBITDA	-161,206	-97,073	-403,208	-193,766	-348,361
Depreciation and amortization	65,788	49,593	128,163	93,985	562,213
EBIT	-226,994	-146,666	-531,372	-287,751	-910,575
Profit/loss from investments in associates	-2,801	-1,733	-5,403	-3,667	-35,722
Finance income	38,725	11,034	55,896	47,132	100,032
Finance costs	81,605	86,247	179,054	146,647	365,404
Profit/loss before tax	-272,675	-223,612	-659,932	-390,932	-1,211,669
Tax expense	-789	-2,269	-3,087	-4,550	-9,277
Profit/loss after tax	-271,887	-221,343	-656,845	-386,382	-1,202,392

Financial statements | Segments P&L

Segment Profit & Loss (NOK '000)	Q2 2025	Q2 2024	YTD 2025	YTD 2024
Hydrogen Mobility & Infrastructure (HMI)
Revenue from contracts with customers	163,852	525,671	367,568	911,681
Other operating revenue	51	343	163	1,879
Total revenue	163,903	526,014	367,731	913,560
Total operating expenses	240,174	509,111	587,005	912,292
Operating profit before depreciation (EBITDA)	-76,271	16,903	-219,274	1,267
Depreciation and impairment	41,858	38,079	81,765	71,869
Operating profit (EBIT)	-118,128	-21,176	-301,039	-70,602
Battery Systems & Vehicle Integration (BVI)
Revenue from contracts with customers	24,260	2,112	49,728	20,994
Other operating revenue	594	0	594	0
Total revenue	24,854	2,112	50,322	20,994
Total operating expenses	56,023	61,698	135,654	105,851
Operating profit before depreciation (EBITDA)	-31,168	-59,586	-85,332	-84,858
Depreciation and impairment	17,258	10,035	36,307	19,363
Operating profit (EBIT)	-48,426	-69,621	-121,640	-104,221
Other & Eliminations
Revenue from contracts with customers	4,465	-128	4,912	341
Other operating revenue	271	352	549	604
Total revenue	4,736	225	5,461	945
Total operating expenses	58,503	54,615	104,063	111,120
Operating profit before depreciation (EBITDA)	-53,767	-54,390	-98,602	-110,176
Depreciation and impairment	6,672	1,479	10,091	2,752
Operating profit (EBIT)	-60,439	-55,869	-108,693	-112,928

Financial statements | Group Balance sheet

Balance sheet (NOK '000)	Q2 2025	Q2 2024	FY 2024	FY 2023
Property, plant and equipment	1,146,868	1,066,078	1,203,777	867,212
Right-of-use assets	512,302	551,346	561,162	544,765
Intangible assets	665,462	836,304	679,534	841,672
Investment in associates and joint ventures	28,555	51,850	22,968	50,143
Non-current financial assets	125,393	140,589	110,403	129,651
Non-current assets	121,458	126,817	132,150	33,767
Total non-current assets	2,600,038	2,772,984	2,709,993	2,467,210
Inventories	713,575	610,763	694,062	481,695
Trade receivables	243,879	400,960	351,432	274,974
Contract assets (accrued revenue)	0	10,691	0	11,168
Other current assets	181,847	280,630	150,561	230,474
Cash and short-term deposits	526,567	542,994	1,027,732	307,485
Total current assets	1,665,869	1,846,038	2,223,787	1,305,797
Total assets	4,265,907	4,619,022	4,933,780	3,773,007
Issued capital and share premium	2,339,868	1,370,078	2,339,868	1,369,987
Other equity	-1,031,210	301,732	-324,373	427,681
Equity attributable to equity holders of the parent	1,308,658	1,671,811	2,015,495	1,797,668
Non-controlling interests	109,391	175,532	106,300	121,459
Total equity	1,418,050	1,847,343	2,121,795	1,919,127
Interest-bearing loans and borrowings	1,690,564	1,460,833	1,569,251	596,482
Lease liabilities	502,762	524,087	542,842	518,138
Net employee defined benefit liabilities	1,864	1,611	1,696	1,717
Deferred tax liabilities	26,951	34,569	31,131	38,510
Total non-current liabilities	2,222,141	2,021,100	2,144,920	1,154,847
Trade and other payables	147,991	250,389	260,153	220,457
Contract liabilities	187,136	191,647	159,179	196,327
Interest-bearing loans and borrowings	1,452	1,444	3,346	2,317
Lease liabilities, short term	46,403	47,665	49,994	39,930
Income tax payable	2	856	346	509
Other current financial liabilities	0	0	0	42,539
Other current liabilities	173,398	181,059	124,611	131,171
Provisions	69,333	77,518	69,435	65,782
Total current liabilities	625,716	750,578	667,064	699,032
Total liabilities	2,847,857	2,771,679	2,811,984	1,853,880
Total equity and liabilities	4,265,907	4,619,022	4,933,779	3,773,007

Financial statements | Group Cash flow

Cash Flow (NOK '000)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024
Profit before tax	-272,675	-223,612	-659,932	-390,932	-1,211,669
Depreciation, amortisation and impairment	65,788	49,593	128,163	93,985	562,213
Net interest expense	65,349	58,628	126,008	104,388	225,450
Changes in net working capital	-41,150	-120,114	3,835	-229,324	-288,032
Other adjustments to operating cash flows	-14,286	3,256	22,276	-50,747	29,720
Net cash flow from operating activities	-196,973	-232,249	-379,649	-472,630	-682,317
Purchase of property, plant, and equipment, net of proceeds from sale	-37,411	-133,199	-65,776	-233,651	-428,093
Purchase and development of intangible assets	-7,846	-4,026	-21,000	-8,066	-48,518
Cash paid related to acquistion of subsidiary, net of cash acquired	0	-42,539	0	-42,539	-42,539
Investments in associated companies	-7,883	0	-9,905	0	-4,502
Loans to associated companies	-14,990	-5,879	-14,990	-10,937	-32,589
Proceeds from sale of shares in associated companies	0	0	0	0	0
Interest received	5,787	5,815	14,093	12,191	20,967
Net cash flow from investing activities	-62,344	-179,828	-97,577	-283,002	-535,275
Net repayment (-) / proceeds (+) from interest bearing loans	-983	-881	-1,896	971,314	973,497
Interest payments	-22	-761	-155	-1,164	-2,626
Repayment of lease liabilities (incl. interests)	-20,520	-25,435	-42,091	-44,368	-81,872
Net proceeds from share capital increase in parent company	0	91	0	91	964,258
Net proceeds from share capital increase in subsidiary	18,614	21,869	43,928	54,089	54,089
Net cash flow from financing activities	-2,911	-5,117	-214	979,962	1,907,347
Net change in cash and cash equivalents	-262,229	-417,194	-477,440	224,329	689,754
Net currency exchange differences on cash	-4,802	-4,976	-23,723	11,179	30,492
Cash and cash equivalents beginning of period	793,598	965,162	1,027,731	307,485	307,485
Cash and cash equivalents end of period	526,567	542,994	526,567	542,994	1,027,732

Investor relations information

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.	87,442,087	20.4 %
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	7,798,445	1.8 %
7	DNB Markets Aksjehandel/-analyse	6,048,110	1.4 %
8	Citibank Europe plc	4,669,094	1.1 %
9	Deutsche Bank Aktiengesellschaft	4,559,487	1.1 %
10	Nordnet Bank AB	3,758,754	0.9 %
11	NØDINGEN AS	2,460,626	0.6 %
12	The Bank of New York Mellon SA/NV	2,454,500	0.6 %
13	UBS Switzerland AG	1,685,278	0.4 %
14	DANSKE BANK A/S NUF	1,647,649	0.4 %
15	Saxo Bank A/S	1,454,388	0.3 %
16	Citibank Europe plc	1,254,232	0.3 %
17	Morgan Stanley & Co. International	1,236,136	0.3 %
18	Interactive Brokers LLC	1,234,103	0.3 %
19	BNP Paribas	1,148,311	0.3 %
20	SKANDINAVISKA ENSKILDA BANKEN AB	1,135,482	0.3 %
	Top 20 shareholders	376,799,025	87.9 %
	Other shareholders	51,687,083	12.1 %
	Total number of shares outstanding	428,486,108	100.0 %