Hexagon Composites

Earnings Release • May 11, 2023

Hexagon Composites ASA: First quarter 2023

Hexagon Composites ASA: First quarter 2023

11 May 2023: Hexagon (excluding Hexagon Purus) reported revenues of NOK 1 130

(913) million, representing 24% growth compared to the same quarter last year

driven by higher volumes, improved pricing as well as favorable FX translation

effects. Operating profit before depreciation (EBITDA) totaled NOK 83 (84)

million for the quarter.

In the first quarter of 2023, Hexagon Purus revenues grew 53% year-over-year to

NOK 244 (159) million with an EBITDA of NOK -112 (-93) million. In March,

Hexagon Purus raised gross NOK 500 in new equity and NOK 800 in a convertible

bond. Following the capital raise Hexagon Composites ASA holds 68.4% of the

shares in Hexagon Purus and Hexagon Purus remains fully consolidated in the

Hexagon Group accounts.

Hexagon Group (including Hexagon Purus) generated NOK 1 261 (1 016) million in

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

-29 (-9) million in the first quarter of 2023.

Chief Executive Officer statement

"Hexagon Ragasco, Hexagon Purus and Hexagon Digital Wave delivered a strong

quarter, while Hexagon Agility's profit margins were unsatisfactory. Profit

improvement initiatives are expected to yield effect in the coming quarters,"

says CEO Jon Erik Engeset.

Outlook

The fundamental market drivers are strong for all Hexagon's business segments

and demand across most segments is healthy. Government policies and regulations

in relevant geographies are expected to drive significant growth.

For further details, please see the attached first 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/20230511_5/

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