Hexagon Composites

Investor Presentation • Nov 6, 2025

Disclaimer and important notice

This company presentation (the "Presentation") has been prepared by Hexagon Composites ASA ("Hexagon" or the "Company").

The Presentation has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated market place. 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 forwardlooking 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 November 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.

Current macro environment continues to weigh on our business – significantly affecting our volumes and profitability

Cyclical downturn combined with unprecedented macro environment

Perfect storm Weak Q3 results

Revenue NOK 538 million

EBITDA NOK –54 million

Cost and cash discipline

Raised 590 million in equity and launched Group-wide cost savings program

Executing on strategic steps

Accelerating the adoption of natural gas

Our resilient business segments provide stable cash flows through the cycle, while rebound in cyclical segments represent major upside

Recurring service & parts revenues from installed base

Revenue share, LTM Q3'25

49%

Aftermarket Refuse & Transit

Stable demand tied to public-sector backed critical services

Revenue share, LTM Q3'25

Resilient – lower macro sensitivity Cyclical – higher macro sensitivity

Truck

Lower freight demand and selective fleet replacement amid macro uncertainty

Mobile Pipeline

Impacted by lower shale activity, RNG credit prices and high cost of capital

51%

Operating in a challenging environment

Mobile Pipeline1 Trucks Macro 3 factors impacting industry sentiment

Implications for Hexagon

Strong focus on asset utilization in a capital intensive industry, slowing down demand for new Mobile Pipeline trailers

Fleets more reluctant to adopt new technology and incur higher upfront capex despite positive total cost of ownership of CNG

¹⁾ Defined as market accessible with Hexagon's Type 4 solutions today, Hexagon estimates

²⁾ Commercial breakthrough for Hexagon in Middle East in 2023 (Manaseer Oil ) and 2025 (Watani)

³⁾ ACT Research October 2025

Delivering on cost and cash optimization program announced in September

Targets announced in Sep 2025 Current status

• ~20% reduction in headcount already executed
• Personnel cost reduction Q3'25 annualized vs 2024: NOK ~190 million, with NOK ~70 million reflecting structural3 annualized run-rate improvements. Further improvements expected in the coming quarters.
• Investments in 2025, well below 2024 levels. In 2026 maximum capex target of NOK ~80 million
• Inventory optimization initiatives and payment improvements underway. Expecting NOK 150-200¹ million reduction in the first half of 2026²
• No new non-core projects planned; disciplined capital allocation focused on profitability and payback.

Positive momentum and visible progress – further effects building through 2026

All numbers and targets exclude SES Composites

• 1) Compared to 2024A. Represents ~50m of direct and ~100m of indirect and SG&A
• 2) Dependent upon sales consumption of inventory
• 3) Excl. FX effects, bonuses, severance and other one-off items

Strategic steps to accelerate the adoption of natural gas trucks and diversify our customer base

The industry's first independent leasing company dedicated to alternative fuels

Launched own demo truck program

Available across US & Canada, with high interest from fleets

Completed the transaction of SES Composites

Strengthening our position in the European transit bus segment

Q3 2025 | Hexagon Group

Uncertainty has driven prolonged reduction in customer spending

• Weaker volumes across all segments, especially in Mobile Pipeline
• Group-wise cost savings program underway to mitigate effects, and secure profitability at lower levels
• Balance sheet strengthened by NOK 590 million capital raise, with amended Bank Agreement

Q3 2025 | Fuel Systems

Lower Truck volumes contributed to negative results

• Lower Truck volumes compared to a high Q3' 2024, bolstered by large UPS order
• Refuse volumes continued y.o.y. growth, with slightly lower volumes than a record Q2 '25
• Transit bus volumes remained steady, with deliveries to large order from Dallas
• Break-even point lowered by initial cost savings, with further measures underway to drive profitability at these volume levels

Q3 2025 | Mobile Pipeline

Limited willingness to spend in current climate

• Customers utilizing existing assets in North America, lower shale gas activity and falling LCFS and RIN credits impacting RNG sector
• Mobile Pipeline, outside of North America, delivered results on par with Q2

Q3 2025 | Aftermarket

Delivered solid revenue with service mix impacting profitability

• Parts & services delivered solid volumes across FleetCare and Hexagon Digital Wave

• Unfavorable mix of internal services and one-off charges reduced profitability

• Cyclically low MAE cylinder inspection and testing activity this year, close to break-even EBITDA level achieved

• Stable performance delivered profitability, despite headwinds

EBITDA

NOKm / % margin

Q3'24 Q3'25

Accelerating actions to navigate headwinds

Preserving liquidity through and beyond 2026

1 2 3

Lowering the break-even point through significant cost reductions

Increasing measures to accelerate the adoption on natural gas vehicles

Strengthening the balance sheet

• Raised NOK ~ 590 million in September
• Refinanced debt facilities to NOK 2 billion whereof NOK 1.6 billion available without leverage restrictions
• NOK 1.6bn freely accessible
• NOK 0.4bn accessible if leverage <2x
• Covenant suspension through Q2'26

Covenants	Requirements
Leverage (NIBD/EBITDA)	• Q3'26: <4.2x LTM EBITDA • 2027: < 3.0x
Minimum liquidity	NOK > 200 million
Equity ratio	> 30%

Resilient liquidity while leverage highly sensitive to EBITDA levels

• Expect to reduce NIBD level over the next four quarters
• Dependent on sales and volume mix developments
• Laser focused to hit covenant target at Q3'26

Impact ranges on cashflow and profitability1
		Effect of savings
Balance sheet	Measures	NOK million
	Working capital	150-200
	Capex	50-80
	Interest costs	20-30
	Balance sheet impact	220- 310
P&L	Measures	NOK million
	Current cost savings	80-130
	Potential cash improvement	300 - 440

Expecting a stable finish to 2025, with limited visibility into 2026

Delivering on current backlog

• Quarter over quarter uptick, supported by short term backlog
• Higher volumes and increasing effect of cost savings program supporting improved margins
• Focus on backlog execution and continued efficiency measures including cost optimization initiatives

Entering 2026

Disciplined execution amid uncertainty

• Limited backlog visibility for cyclical segments entering the year
• Aftermarket and public-service segments continue to provide base load of relatively stable cash flow
• Continued focus on cost optimization and working capital management

Sound liquidity and operational discipline through uncertainty

Despite headwinds, our long-term growth ambitions remain firmly intact

STRATEGIC PRIORITIES

US Class 8 Truck market at a cyclical low with aging fleet

Natural gas is costeffective and offers economic payback over diesel

X15N delivers diesel like performance Industry ambition of 8-10% growth from current volumes

Driving the adoption of natural gas vehicles

Broadening and diversifying geographic exposure and product offering

Navigating current headwinds to position for long-term growth

Weathering the storm

Reducing cost base to improve EBITDA and secure liquidity moving into 2026

Positioning for the next cycle

Driving adoption & exploring diversification opportunities

Not if, but when

Confident in the long-term growth of Hexagon

Q&A

Investor relations information

Exchange

Ticker symbol: HEX

ISIN: NO0003067902

Exchange: Oslo Børs

NOK ~2.2 bn ₁

Market capitalization

Q4 2025 12 February 2026

Financial calendar 2025 Equity analyst coverage

ABG Pareto

Danske Bank SEB

DNB Carnegie Sparebank 1

For details, please visit our website

Investor relations contact

David Bandele Chief Financial Officer

Email:

david.bandele@hexagongroup.com

Phone: +47 920 91 483

Q3 2025 | Hexagon Group

Updated segment reporting structure

Alternative fuel systems for commercial vehicles

Hexagon Group | Cash flow Q3 2025

Free cash flow year-to-date weak and negative of NOK -61m due to negative EBITDA performance and CAPEX offset by some positive working capital effects. Including other financial cash flows as depicted above, cash development (before equity and debt financing) was negative by NOK -189m. Net proceeds from equity raise in September of NOK 563m used to repay drawings on the RCF facilities and the overdraft facility. Unused credit facilities end of September 2025 was NOK 452m, resulting in NOK 534m in available liquidity as of period end when adding ending balance cash.

Hexagon Group | Cash flow YTD per September 2025

Free cash flow year-to-date weak and negative due to weak EBITDA performance in addition to higher working capital tie-up impacted by carbon fiber take or pay arrangement and some strategic build-to-inventory effects. Positive effect of earn-out from Ragasco sale of NOK 120m offset significant financial investments (NOK 15m equity investment in Pioneer, NOK 47m in loans to Cryoshelter, NOK 137m in margin on the total return swap (TRS) agreement re Purus), interest and lease payments of NOK 171m in total, and repurchase of shares of NOK 75m, resulting in a cash-burn of NOK 604m YTD. Cash burn in the period amounted to NOK 604m, financed by cap raise of NOK 563m (Sep 2025), increased drawings under the debt facilities of NOK 154m and a reduction in cash position of NOK 195m. Unused credit facilities end of September 2025 was NOK 452m, resulting in NOK 534m in available liquidity as of period end when adding ending balance cash.

Hexagon Group | Balance sheet

Compared to year-end 2024, the balance sheet is reduced due to negative profit after tax of NOK 1,044m, including share of losses and impairments of associates of NOK ~675m, in addition to significantly stronger NOK versus USD and EUR, causing assets and liabilities of subsidiaries to shrink when presented in NOK.

Hexagon Group leverage

NOKm

• Leverage is 4.1x, covenants suspended.

^*(Excluding NOK 400m Tranche 2 RCF requiring <2x leverage to draw)

NIBD / EBITDA LTM