Hexagon Composites

Earnings Release • Apr 25, 2023

Hexagon Purus ASA: Results for the fourth quarter 2022

Hexagon Purus ASA: Results for the fourth quarter 2022

Q4 2022 highlights:

* Revenue grew 44% year over year to NOK 372 million, driven by strong demand

in hydrogen distribution applications.

* Full year revenue grew by 90% from NOK 508 million to NOK 964 million.

* Exited the quarter with total backlog of approximately NOK 1 billion.

In the fourth quarter of 2022, Hexagon Purus Group generated NOK 372 (259)

million in revenue and recorded operating profit before depreciation (EBITDA) of

NOK -109(-61) million. Revenue growth of 44% was driven primarily by driven by

strong demand in hydrogen distribution.

Reported revenue for the twelve months of 2022 grew 90% to NOK 964 (508)

million, mainly driven by increased sales in hydrogen distribution as well as

rail applications, while EBITDA was NOK -406 (-272) million.

Continued investments in personnel and infrastructure to support and accelerate

Hexagon Purus' future growth drive negative profitability.

Other key developments in Q4 2022:

* Received total orders in 2022 worth approximately EUR 67 million for

infrastructure applications such as hydrogen distribution systems and mobile

hydrogen refueling from various customers.

* Entered into commercial cooperation with Lhyfe, a leading producer of green

and renewable hydrogen, for hydrogen distribution modules in Europe.

* Selected by CaetanoBus as preferred supplier of high-pressure hydrogen fuel

systems for serially produced fuel cell transit buses. The estimated

potential value over the lifetime of the frame agreement was approximately

EUR 35 million.

* Received first order for 2024 to deliver hydrogen distribution systems to

Hypion in Germany. The value of the order was approximately EUR 2.2 million.

* Hexagon Purus Maritime received its first purchase order for a hydrogen fuel

storage system for Moen Marin, the world's largest supplier of service boats

to the aquaculture industry.

For more information:

Mathias Meidell, IR Director, Hexagon Purus ASA

Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com

(mailto:mathias.meidell@hexagonpurus.com)

Salman Alam, CFO, Hexagon Purus ASA

Telephone: +47 476 12 713 | salman.alam@hexagonpurus.com

(mailto:salman.alam@hexagonpurus.com)

About Hexagon Purus ASA

Hexagon Purus, a Hexagon Composites company, is a world leading provider of

hydrogen type 4 high-pressure cylinders, battery packs and vehicle systems

integration for fuel cell electric and battery electric vehicles. Hexagon Purus

enables zero emission solutions for light, medium and heavy-duty vehicles,

buses, ground storage, distribution, maritime, rail and aerospace applications.

Learn more at www.hexagonpurus.com and follow @HexagonPurus on Twitter and

LinkedIn.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act