Hexagon Composites — Earnings Release 2022

Nov 3, 2022

Hexagon Composites ASA: Third quarter 2022

Hexagon Composites ASA: Third quarter 2022

3 November 2022: Hexagon (excluding Hexagon Purus) delivered NOK 1 080 (848)

million in revenues and an operating profit before depreciation (EBITDA) of NOK

68 (110) million in third quarter 2022. The profitability was impacted by

significantly higher costs of production due to inflation and supply chain

challenges.

In the third quarter 2022, Hexagon Purus generated NOK 222 (103) million in

revenues and recorded an EBITDA of NOK -92 (-80) million. Revenue growth was

primarily driven by the hydrogen distribution segment. The market outlook is

expected to remain strong, short and long term.

Hexagon Purus remains fully consolidated in the Hexagon Group accounts, with

Hexagon Composites currently retaining 73% ownership.

Hexagon Group, including Hexagon Purus, generated NOK 1 243 (875) million in

revenues and recorded an operating profit before depreciation (EBITDA) of NOK

-24 (30) million.

"We continued to deliver strong revenue growth in the third quarter, up 42%

year-over-year," says Jon Erik Engeset, CEO of Hexagon Group. "Mitigating

actions to combat the challenging operating environment are being implemented to

improve margins in 2023."

Together with clients and partners, Hexagon is finding ways to make near-zero

and zero emission energy solutions available and affordable while delivering on

its purpose of driving energy transformation. REPower EU and the U.S. Inflation

Reduction Act are expected to significantly drive additional demand for

Hexagon's solutions in the coming years.

For further details, please see the attached third quarter 2022 report and

presentation.

Presentation of the results today at 08:30 am CET

Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at

08:30 am today in Oslo. The presentation will be held at the DEG8 building, in

Dronning Eufemias gate 8, Oslo.

The presentation will also be broadcast live via:

https://channel.royalcast.com/landingpage/hegnarmedia/20221103_11/

For more information:

Ingrid Aarsnes, VP Investor Relations & ESG, Hexagon Composites ASA

Telephone: +47 950 38 364 | ingrid.aarsnes@hexagongroup.com

Karen Romer, SVP Communications, Hexagon Composites ASA

Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

About Hexagon Composites ASA

Hexagon delivers safe and innovative solutions for a cleaner energy future. Our

solutions enable storage, transportation, and conversion to clean energy in a

wide range of mobility, industrial and consumer applications. Learn more

at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.