Hexagon Composites

Earnings Release • Feb 16, 2023

Hexagon Composites ASA: Fourth quarter 2022

Hexagon Composites ASA: Fourth quarter 2022

16 February 2023: Hexagon (excluding Hexagon Purus) delivered topline growth in

all business areas with revenues totaling NOK 1 276 (1 013) million and

operating profit before depreciation (EBITDA) totaling NOK 105 (113) million in

fourth quarter 2022.

In the fourth quarter 2022, Hexagon Purus generated NOK 372 (259) million in

revenues and recorded an EBITDA of NOK -110 (-61) million. Revenue growth was

particularly strong in the hydrogen distribution segment. Hexagon Purus remains

fully consolidated in the Hexagon Group accounts, with Hexagon Composites

currently retaining 73% ownership.

Hexagon Group, including Hexagon Purus, generated NOK 1 493 (1 187) million in

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

-11 (51) million.

"Fourth quarter was a strong finish to a challenging year with all time high

revenues in all business areas, resulting in 26% year-over-year growth," says

Jon Erik Engeset, CEO of Hexagon Group. "High input costs continue to weigh on

the profit margins, however, the pricing and profitability initiatives we

established in 2022 are expected to result in gradual margin improvements in

2023."

For 2022, Hexagon (excluding Hexagon Purus) generated NOK 4 303 (3 278) million

in revenues, representing 31 % growth. EBITDA year-to-date was NOK 347 (381)

million, resulting in an EBITDA margin of 8% (12%). Hexagon Purus delivered

2022 revenues of NOK 964 (508) million, well above its full year revenue target

of NOK 900 million.

The demand across most segments continues to be healthy. Ongoing developments in

regulations and changes in industry dynamics are expected to support significant

long-term clean energy technology opportunities. Hexagon's diversified portfolio

and extensive industrial track record, provide a resilient platform for the

future.

For further details, please see the attached fourth 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 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/20230216_7

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.