Hexagon Composites

Earnings Release • Nov 9, 2023

Hexagon Composites ASA: Third quarter 2023

Hexagon Composites ASA: Third quarter 2023

9 November 2023: Hexagon Composites (OSE: HEX.OL), world leader in composite

cylinder technology and related systems that enable safe delivery of clean

gaseous energy for mobility, distribution, industries and homes, reported

revenues of NOK 1 252 (1 080) million in the third quarter 2023.  This

represents 16% growth compared to the same quarter last year, mainly driven by

record high activity in Hexagon Agility's Mobile Pipeline distribution business.

The reported EBITDA was NOK 124 (68) million, after NOK 12 million in costs

related to the ongoing strategic review of Hexagon Ragasco.

"Our Hexagon Agility business delivered high revenues and improved operational

efficiency in the quarter. In combination with adjusted pricing, this resulted

in improved EBITDA margins," says Jon Erik Engeset, Group CEO of Hexagon

Composites. "During the quarter we also initiated a strategic review of Hexagon

Ragasco, a company we have owned for more than 20 years. It has an exciting

pipeline of growth opportunities, and we wish to evaluate whether the company's

full potential can best be realized inside or outside the Hexagon Group."

Outlook

In the second half of 2024, the launch of Cummins' new 15-liter natural gas

engine in the US is expected to be a game-changer in the heavy-duty truck

segment, expanding the addressable market for long-haul trucks in the US

threefold. To meet the expected demand, Hexagon is adding new cylinder capacity

to its existing operations in North Carolina, US. In addition, with the current

strong demand for Mobile Pipeline, capacity expansions for this segment are

ongoing both in the US (Nebraska) and in Germany.

For further details, please see the attached third quarter 2023 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 in the Auditorium at

Hexagon's location in Oslo, Haakon VIIs gate 2, on the lower level. If you would

like to attend the presentation, please pre-register by emailing

ir@hexagongroup.com, alternatively register upon arrival.

The presentation will also be broadcast live via:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20231109_4

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.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act