Hexagon Composites

Hexagon Composites ASA: Second quarter 2024

15 August 2024: Hexagon Composites (OSE: HEX.OL), world leader in composite

cylinder technology and related systems for storage and transportation of clean

gaseous energy reported revenues of NOK 1 150 million for second quarter 2024

(Q2'23: 1?161 million). The reported EBITDA was NOK 137 million (Q2'23:?110

million), resulting in a 12% EBITDA margin (Q2'23:?9%).

"The main highlight of the quarter was the substantial increase in EBITDA for

the Group, reaching NOK 137 million, an improvement of 25%," says Jon Erik

Engeset, Group CEO of Hexagon Composites. "On June 3 we sold Hexagon Ragasco, a

proud member and important part of our Group for over 20 years, to Worthington

Enterprises for an enterprise value of NOK 1 050 million. The transaction

further sharpens Hexagon's focus on market leading solutions for alternative

fuels and high-pressure industrial gases."

Outlook

Heading into the second half of 2024, fuel systems revenues are expected to

increase - with deliveries on the UPS order received in Q2, and as the order

book related to the 15-liter (X15N) natural gas engine starts to build in

earnest. We expect sustained high demand for Mobile Pipeline driven by the

economic competitiveness of renewable natural gas (RNG) and compressed natural

gas (CNG) relative to conventional energy such as diesel, and customers'

decarbonization targets.

Hexagon's near completed capacity expansion program is timed to support and meet

the strong growth expected through 2025 and beyond.

For further details, please see the attached second quarter 2024 report and

presentation.

Presentation of the results today at 08:30 am CET

Knut Flakk, Chair of the Board 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.

The presentation will also be broadcast live via:

https://channel.royalcast.com/landingpage/hegnarmedia/20240815_4/

For more information:

Ingrid Aarsnes, VP Investor Relations & ESG, Hexagon Composites ASA

Telephone: +47 950 38 364 | [email protected]

Karen Romer, SVP Communications, Hexagon Composites ASA

Telephone: +47 950 74 950 | [email protected]

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 and industrial applications. Learn more

at www.hexagongroup.com and follow @HexagonASA on X and LinkedIn.

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