Hexagon Composites

Earnings Release • Aug 17, 2023

Hexagon Composites ASA: Second quarter 2023

Hexagon Composites ASA: Second quarter 2023

17 August 2023: Hexagon Composites (OSE: HEX.OL), world leader in composite

cylinder technology and related systems that enable safe delivery of clean

gaseous energy for transportation, industries and homes, reported record high

revenues of NOK 1 368 (1 034) million (excluding Hexagon Purus) in the second

quarter 2023.  This represents 32% growth compared to the same quarter last

year, driven by higher volumes and improved pricing. The EBITDA reached NOK 148

(90) million.

On 29 June, the board of directors of Hexagon Composites ASA resolved to

distribute 25% of the outstanding shares in Hexagon Purus ASA as a dividend-in-

kind to its shareholders and enter into a total return swap for an additional

5% of the shares, effectively reducing ownership in Hexagon Purus to 38.4%. This

reduction entailed deconsolidation of Hexagon Purus from Hexagon Composites and

generated an accounting gain of NOK 2.35 billion.

Chief Executive Officer statement

"We are pleased to see the profit improvement measures taking effect in Hexagon

Agility, and together with high recurring volumes in Hexagon Ragasco driving

increased profitability in the quarter," says Jon Erik Engeset, CEO Hexagon

Composites.

Outlook

The ongoing sustainability-driven developments in the EU and the US, as well as

changes in industry dynamics, support significant long-term clean energy

technology opportunities. These trends are positive for all Hexagon business

units.

For further details, please see the attached second quarter 2023 report and

presentation.

Presentation of the results today at 08:30 am CEST

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/landingpage/hegnarmedia/20230817_2/

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