Q1 2026 Trading update

Philipp Schramm, CEO
Eirik Løhre, CFO
7 May 2026

HEXAGON

Disclaimer and important notice

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HEXAGON

Executive summary

Stronger balance sheet and improved financial flexibility

Executing a NOK 550 million equity raise and amended bank agreement¹
Trading is improving, but timing of full market recovery remains uncertain
Amended bank facilities with extended maturity and relaxed leverage covenant through Q3 2027
Increased flexibility to support working capital and execution during market recovery

Substantially reduced leverage covenant risk

A leaner cost base and tightened cash discipline

Significant cost reductions and organizational resizing already implemented
Leaner cost base driving lower break-even and improved operating leverage
Disciplined capital allocation and clear prioritization of core business

Cost actions implemented with retained capacity to scale

Well positioned for market recovery

Clear growth drivers across existing and adjacent markets, e.g.:
Growing adoption of natural gas vehicles driven by favorable fuel spreads and shorter payback periods
Demand for distributed energy solutions from new segments, e.g. data centers
Breakthrough in fast-growing geographies such as Latin America and Middle East
Entry into aerospace cylinder market

Positioned to capture profitable growth in the years ahead

Amended bank agreement in credit committee approved Term Sheet form. Subject to final approvals and binding, full form documentation.

HEXAGON

Highlights of the amended bank agreement

Key terms of the amended agreement¹

Tenor:	Q2 2029
Total commitment:	NOK 1,600 million²
Amortization:	NOK 100 million semi-annually in 2028
Covenants:	Equity ratio: 30%
Minimum liquidity: NOK 200 million
NIBD/EBITDA:
• Q4 2027: 4.00x
• Q1 2028: 3.50x
• Q2 2028: 3.00x
• Thereafter: 2.50x

Key benefits

Extended maturity from Q4 2027 to Q2 2029
Relaxation of leverage covenants
Robust liquidity headroom maintained
Consolidation of exposure and repayment of cross-currency swap

Pro-forma NIBD per Q1'26 (NOKm)

Pro-forma available liquidity per Q1'26 (NOKm)

HEXAGON

1) Amended bank agreement in credit committee approved Term Sheet form. Subject to final approvals and binding, full form documentation and completion of the equity raise
2) Total commitment of NOK 1,600 consists of NOK 1,550 in debt facilities and NOK 50m in guarantee facilities
3) Gross IBD of NOK 1,250m less non-amortized transaction costs of approx. NOK 10m
4) Current cross currency swap derivative to be settled. Settlement amount estimated to the current negative fair value of NOK ~200m
5) Gross proceeds NOK 550m less debt repayments of NOK 500m and estimated transaction costs of NOK 30m

HEXAGON

Q1 2026 trading update 5
Commercial update and market fundamentals 9
2026 outlook 19
Supporting materials 24

Q1 2026 trading update

Healthy financial performance in the quarter

Revenue (NOKm)

EBITDA (NOKm)

Financial highlights

Revenue of NOK 669m for the quarter
Fuel Systems somewhat lower than Q4'25 and Q1'25 due to softer truck and refuse volumes, partly offset by strong transit volumes and first deliveries to aerospace customer
Mobile Pipeline delivered largely on par with Q4'25; diversified sales mix including Latin America
EBITDA was NOK 57m for the quarter, corresponding to 8.5% margin
Favorable product mix effects, improved materials and production costs supporting higher contribution margin
Lower indirect and fixed costs further contributing to a healthy EBITDA margin in an otherwise seasonally soft quarter
Significant margin uplift compared to both Q1'25 (5.0%) and Q4'25 (6.0%)

HEXAGON

1) Q4'25 revenues as reported was NOK 831m including NOK 94m from SES Composites' fuel Systems business in Poland which is now presented and classified as discontinued operations. Adjusted for disc. ops, revenues were NOK 737m.

2) Q1'25 EBITDA as reported was NOK 44m including NOK 2m in severance-related expenses. Adjusted for this, EBITDA was NOK 40m

3) Q2'25 EBITDA as reported was NOK 12m including NOK 2m in severance-related expenses. Adjusted for this, EBITDA was NOK 14m.

4) Q3'25 EBITDA as reported was NOK -54 including NOK 10m in severance-related expenses. Adjusted for this, EBITDA was NOK -44m.

5) Q4'25 EBITDA as reported was NOK 156m including NOK 119m in one-off accounting gain, NOK 13 million in severance-related expenses and NOK 6m from SES Composites Poland (now discontinued operations) Adjusted for this, EBITDA was NOK 44m

Q1 2026 trading update

Cash flow development in the quarter

EBITDA to change in cash¹ (NOKm)

WC breakdown	NOK
Inventory:	+94m
Acc. Receivable:	-58m
Acc. Payable:	-8m
Prepayments:	-13m
Other WC/accruals:	-45m

1) Key cash flow metrics show cash flow development for continuing operations. Cash flow from discontinued operations included in "Other financial items"

HEXAGON

Q1 2026 trading update

Key balance sheet items

NIBD¹ (NOKm)

Equity ratio (%)

Available liquidity (NOKm)

1) Excluding NOK/USD cross-currency swap, and calculated as the balance sheet line-items for "interest-bearing liabilities" less cash and cash equivalents. Interest-bearing liabilities in the balance sheet includes non-amortized transaction costs. Change in NIBD may differ from change in net cash due to amortized transaction costs included in the line-item "interest-bearing debt"

HEXAGON

Q1 2026 trading update 5
Commercial update and market fundamentals 9
2026 outlook 19
Supporting materials 24

Business segments

Resilient segments support stable cash flows, with significant upside potential from high growth segments

Resilient

Aftermarket

Repeat service, inspection and parts sales from installed base

Revenue share, LTM Q1'26

60%

Refuse & Transit

Stable demand tied to public-sector backed critical social infrastructure services

Truck

Demand driven by freight market activity and CNG adoption economics

Mobile Pipeline

Demand driven by gas supply needs across applications and regions without pipeline

Revenue share, LTM Q1'26

40%

Fuel systems segment

Mobile Pipeline segment

Aftermarket segment

HEXAGON

Truck North America

CNG heavy-duty trucks now match diesel on performance, range and total cost of ownership

☑ Cummins' X15N engine and Hexagon's fuel systems have closed the efficiency gap to diesel
☑ Fueling infrastructure in place and improving
☑ Leasing offering available from 2025, addressing incremental capex challenge
☑ Significant emissions reductions compared to diesel

Truck North America

CNG payback improving from higher fuel spread and expected capex upcharge on diesel trucks from 2027

US retail fuel prices development, 2015-2026

Current fuel spread of USD 2.3 / DGE
Realized CNG prices typically USD 0.5-1.5 / DGE lower than pump price for large fleets which further increases fuel spread.

Illustrative pump price composition
Diesel
Diesel price primarily driven by commodity
The significant commodity component in diesel pricing creates direct sensitivity to global oil market shifts and unpredictable price fluctuations.

Attractive payback cycle for CNG trucks

2-5 years payback²

Depending on duty cycle and regional fuel spread

Incoming EPA³ NOx regulation from 2027
Expected to increase Capex of diesel trucks by USD 15k and add operational complexity for diesel trucks. CNG trucks already meet the regulation.

Sources: U.S. Department of Energy, U.S. Energy Information Administration, Clean Energy Fuels, U.S. Environmental Protection Agency

1) CNG contract price for fleet owners is typically significantly lower than pump price; today, expected approximately USD 0.90 lower than retail fuel price

2) Fuel spread reflecting the additional cost of Diesel above a locked CNG price of $2.3 per DGE, Capex estimates post EPA regulation per Fleet Owner, however increased Opex of diesel trucks post EPA regulation not accounted for

3) EPA: U.S. Environmental Protection Agency. Incoming Truck NOx emissions regulation from 2027.

Truck North America

The US heavy-duty truck market represents a substantial growth opportunity; limited new investments are required to capitalize

US Class 8 truck annual sales averages around 300k trucks over the cycle, today less than 1% is CNG
Industry ambition¹ is 8-10% of Class 8 trucks to be CNG, representing ~10x growth in CNG truck sales vs. current volumes
Increased confidence in market opportunity supported by higher competitor activity
Pilots with leading fleets demonstrate ample potential, with aggregated fleet size of 250-300k trucks

Annual revenue opportunity and capacity (USD)

0 Source: Cummins, Hexagon, ACT

2) UPS is estimated to have 30% CNG adoption in their Class 8 fleet. Assuming comparable CNG share of wallet for the piloting fleets, for illustrative purposes

3) Represents Hexagon's revenue capacity for the truck segment only

HEXAGON

Mobile Pipeline

Enables high-pressure gas to be transported and used competitively without a fixed pipeline

The world's largest Type 4 composite cylinder
75% lighter than steel cylinders, providing 2.5x capacity per load compared to steel
2,250+ modules in operation globally transporting industrial gases, including CNG, RNG and helium
Newest product innovation with even greater gas capacity, TITAN 510, launched May 2026

Mobile Pipeline

Security of supply and rapid power deployment supporting strong long-term demand for distributed energy solutions

Relevant addressable market¹
(USDm)

Key drivers of future growth

Higher oil prices to spur recovery in North American shale activity and conversion to NG-powered fracking
Rapid deployment of power for data centers awaiting permanent infrastructure
Utility resilience, supporting peak heating loads and acting as back-up for emergency situations
Geopolitical tension in Middle East expected to drive demand for distributed solutions to de-risk infrastructure
Infrastructure gaps and increasing gas supply (incl. RNG) driving demand in Latin America
Expanding mobile refueling network supported by accelerated adoption of CNG trucks

0 Defined as market accessible with Hexagon's Type 4 solutions today including limited growth from data centers, Hexagon estimates

HEXAGON

Mobile Pipeline

Emerging demand for Mobile Pipeline solutions to power data centers in the US

Data centers (gas-to-power) represent a new high potential end market for Mobile Pipeline
Hexagon has >50% market share in North America, and has on average delivered 200¹ Mobile Pipeline modules per year to the North American market
Hexagon’s key customer, Certarus, estimates ~200 CNG virtual pipeline modules are needed to support a hyperscale data center project (135MW)
Certarus’ current fleet is around 880 trailers

2014-16
Superior Announces Significant Data Center Growth at Certarus

All dollar amounts are in USD unless otherwise noted

TORONTO--(BUSINESS WIRE)-- Superior Plus Corp. ("Superior" or the "Company") (TSX: SPB) today announced that its wholly owned subsidiary, Certarus Ltd. ("Certarus"), the North American leader in mobile compressed natural gas ("CNG") solutions, is accelerating its growth in the rapidly expanding market of hyperscale data centers. Driven by increasing power and energy demands for data centers and related infrastructure, Certarus continues to secure significant new customer commitments, underscoring its unique capability to meet the scale and reliability demands of this evolving sector. Reflecting this momentum, Superior Plus is making a strategic shift to

16
0 Average number of modules delivered per year from 2022-2024

HEXAGON

New markets

Unlocking new opportunities through core capabilities and technology leadership

Inaugural order for cylinders for commercial aerospace application valued at approx. USD 7 million
Received a new order from second commercial aerospace customer valued at approx. USD 5 million
Actively evaluating follow-on opportunities

Competitive edge

Unique and difficult-to-replicate industry position

Proprietary testing & recertification technology

Superior non-destructive testing technology for pressure vessels
Key enabler of certified pre-owned programs

Deep relationships with key alternative fuels fleets

Trusted by leading fleet operators, OEMs, gas distribution companies
50-90% market share in key markets and global reference player

Unique system design & integration competence

Deep expertise in system design, integration and aftermarket solutions
Industry incumbent with more than 100,000 vehicle solutions delivered globally

Pioneers in composite cylinder manufacturing

Legacy dating back to the NASA space programs in the 1960s
Decades of innovation and serial manufacturing experience of high pressure cylinders
Unmatched track record and scale enabling strong cost position

600,000+
high-pressure composite cylinders
manufactured

100,000+
vehicles on the road
with our solutions

17+ billion
miles of real-world fuel system
validation

29
global OEM platforms integrated
and homologated with our fuel
systems

HEXAGON

Q1 2026 trading update 5
Commercial update and market fundamentals 9
2026 outlook 19
Supporting materials 24

20
1) UE = Ultrasonic Examination
2) EPA = US Environmental Protection Agency
3) MAE = Model Acoustic Emission
HEXAGON

Updated 2026 outlook

Market dynamics remain mixed, with improving underlying trends

	Challenges	Drivers & Opportunities
Mobile Pipeline	- Limited firm order backlog in North America; continued price pressure
- Short-term demand slowdown in the Middle East
- Volatility in raw material prices expected	- Increasing quoting activity related to new segments, e.g. data centers
- Opportunities in Latin America expected to emerge
Fuel systems	- Selective diesel pre-buy expected due to EPA² 2027 NOx emission rule
- Supply-driven freight market recovery
- Diesel price shock impacting fleet profitability, potentially deferring short term capex decisions	- Clarity on EPA² 2027 NOx emission rule and improving truck market
- Higher diesel prices potentially driving CNG conversion
- Positive CNG transit bus momentum
- Further activity in Aerospace
Aftermarket	- Continued low discretionary fleet spend
- UE¹ market recovery uncertain	- MAE³ recertification of gas distribution trailers volumes entering strong cycle
- Favorable mix shift towards higher-margin services

Updated 2026 outlook

Encouraging start to 2026, reinforcing a cautiously optimistic outlook for the year

Based on current visibility, revenue expected broadly in line with 2025
Commercial activity and pipeline is building, with order timing still uncertain
Near-term impact from higher energy prices, raw materials and freight costs amid Middle East conflict expected
Stronger second half expected, with somewhat smoother seasonality driven by product mix
Expecting meaningful improvement in profitability and positive free cash flow in 2026

EBITDA above NOK 200m for the year expected, subject to market conditions

HEXAGON

Long-term outlook

Well positioned to deliver long-term profitable growth

Established market position as the incumbent and technology leader
Structurally improved cost base following 2025 reset
Well-invested and scalable platform with strong revenue and EBITDA potential
Strong prospects for profitable growth in core markets and adjacencies

Q&A

HEXAGON

Q1 2026 trading update 5
Commercial update and market fundamentals 9
2026 outlook 19
Supporting materials 24

Hexagon Composites – global leading provider of alternative fuel solutions for commercial fleets and gas transportation

~850 employees

NOK 2.6 bn revenue LTM Q1 26
60+ years of heritage
~50-90%¹ market share in markets with significant growth potential

In key markets, including Fuel Systems North America and Europe, and Mobile Pipeline North America and Europe

HEXAGON

Hexagon Composites has pioneered composite technologies for mobility applications over decades

1963
Produced rocket motor cases for NASA

1990s
Developed the first natural gas fuel system for commercial vehicles

2012
Launched the world's first composite gas distribution module

Today
The only fully integrated alternative fuel systems provider – from source to care – in the US

Hexagon Composites is market leader across verticals essential to the natural gas value chain...

		Share of 2025 revenue	North American market position
Mobile Pipeline	Distribution containers for bulk gas transportation and mobile refueling	26%	#1
Fuel systems	CNG fuel systems for commercial vehicles, including Truck, Refuse and Transit	63%	#1
After market	Maintenance, service and non-destructive testing & inspection	11%	#1

HEXAGON

...and serves all major blue-chip customers

Customer type	Solutions			Sample customers
Automotive OEMs
Logistics Fleets
Waste Collection players
Industrial Gas players
Gas Distributors
Utilities
Aerospace	Undisclosed

HEXAGON

2025 marked a macro-driven setback following several years of strong growth

Revenue (NOKm)

EBITDA (NOKm)

Financial highlights

After years of sequential growth, 2025 was a significant setback – top line down 40% y/y
Heightened macro-economic uncertainty led to delayed fleet investments
Truck market impacted by soft freight rates, tariff volatility and unclear regulatory policy, with some stabilization towards year-end – refuse and transit segments relatively resilient
Mobile Pipeline activity impacted by industry oversupply following a period of significant growth, compounded by lower demand from RNG and oil & gas markets
EBITDA for continuing operations was NOK 59m, adjusted for certain one-offs
Profitability impacted by operating leverage and timing effects of cost actions
Full year effect of cost savings initiatives expected to be realized in 2026

Note: Historical financials have been re-presented to show continuing operations only. Continuing operations refer to the operating segments Fuel Systems, Mobile Pipeline and Aftermarket in addition to Corporate overhead functions.

1) 2025 revenues as reported was NOK 2.955m including NOK 94m from SES Composites Poland (now discontinued operations).

2) 2025 EBITDA as reported was NOK 158m including NOK 119m in one-off accounting gains, NOK 27m in severance-related expenses and NOK 6m from SES Composites Poland (now discontinued operations).

HEXAGON

Significant actions have been taken to reduce structural cost base and protect cash flow following a challenging 2025

Reduction of operating expenses

~25% reduction in workforce in 2025
NOK 205 million reduction in personnel and SG&A costs¹ in 2025
Run-rate savings largely realized, with modest carry-over in 2026

Release of working capital

Renegotiated supplier terms and contracts
Expecting NOK 100-150² million in working capital reduction in 2026
Inventory levels down NOK ~90 million to date in 2026

Investment discipline

Limited capex of NOK 25 million last six months
2026 capex of NOK 70-80 million focused on short payback and high impact
No new non-core cash investments planned

Plant closure and consolidation

Decision to close down Polish plant acquired from SES Composites in 2025
Consolidating production in Germany
Meaningful financial synergies expected in H2 2026

Note: All numbers exclude SES Composites

1) 2025 vs 2024. All SG&A costs plus direct and indirect personnel costs. NOK 100m structural excl. FX effects, performance-based bonuses, severance expenses

2) Dependent upon sales consumption of inventory

HEXAGON

Fuel systems

Core Fuel Systems markets have different CNG adoption rates

Geography	Segment	Market size (# sold p.a.)^{1}	Current powertrain mix (% of 2025 sales)			CNG value proposition
EU	Transit	35,000	68%	1%	24%	Biomethane access, energy security and emissions goals make CNG the preferred option for many large bus fleets
North Am.	Transit	6,000	30%	15%	33%	Urban noise and emissions limits, plus return-to-base and cheaper fueling, made CNG an early and ideal fit for large bus fleets
North Am.	Refuse	13,000	37%	60%	15%	RNG-driven circular economy enabled rapid fleet conversion, establishing CNG as the leading fuel across the refuse segment
North Am.	Truck, heavy-duty	300,000	99%			Range requirements, fast refueling, fuel stability, and lower costs - increasingly compelling as 2027+ EPA NOx rules drive up diesel engine and maintenance costs and reduce efficiency

Sources: American Public Transportation Association, American Society of Civil Engineers, The Transport Project, European Alternative Fuels Observatory, ACT Research

1) Estimated five-year average

HEXAGON

Truck North America

North American truck sentiment has turned more optimistic

US Class 8 truck sales volumes p.a.
Units (1,000)

US Class 8 truck sales forecast for 2026-27
monthly revisions Units (1,000)

32
Sources: ACT Research
HEXAGON

Truck North America

Diesel prices have historically been more volatile than CNG prices at the pump given its commodity dependence

US retail fuel prices development, 2015-2026¹

Illustrative pump price composition

Sources: U.S. Department of Energy, U.S. Energy Information Administration, Clean Energy Fuels

1) CNG contract price for fleet owners is typically significantly lower than pump price; today, expected approximately USD 0.90 lower than retail fuel price

Truck North America

Fuel spreads vary across the US, influencing CNG payback time

Current CNG vs. diesel price delta (USD / DGE)
Note: Representative fleet pricing

Region	Avg. fuel spread
California	$4.9
New England	$3.9
West Coast	$4.4
Lower Atlantic	$3.3
Midwest	$3.2
Gulf Coast	$3.3
Rocky Mountain	$3.0
Central Atlantic	$3.0
U.S. national avg.	$3.2

Note: Assumes a USD 0.90 / DGE large fleet discount on CNG pump price

Sources: Diesel prices - U.S. Energy Information Administration, CNG prices - Clean Energy Fuels, April 2026

HEXAGON

Truck North America

Payback improving from higher fuel spread, miles driven and expected capex upcharge on diesel trucks from 2027¹

Illustrative CNG truck upcharge vs. diesel truck

Day cab

Avg. 100k units p.a.

Illustrative CNG truck payback years from 2027 onwards²

Miles	Fuel spread (USD per DGE)
p.a.	1.5	2.0	2.5	3.0	3.5	4.0
60k	7.8y	5.2y	4.0y	3.2y	2.6y	2.3y
80k	5.9y	3.9y	3.0y	2.4y	2.0y	1.7y
100k	4.7y	3.1y	2.4y	1.9y	1.6y	1.4y
120k	3.9y	2.6y	2.0y	1.6y	1.3y	1.1y

Sleeper cab

Avg. 200k units p.a.

Note: EPA regulations² will increase capex, opex and operational complexity for Diesel trucks

Miles	Fuel spread (USD per DGE)
p.a.	1.5	2.0	2.5	3.0	3.5	4.0
100k	6.6y	4.5y	3.4y	2.7y	2.2y	1.9y
150k	4.4y	3.0y	2.2y	1.8y	1.5y	1.3y
200k	3.3y	2.2y	1.7y	1.3y	1.1y	1.0y
250k	2.7y	1.8y	1.3y	1.1y	0.9y	0.8y
	Historical avg. spread of realized prices		Today's spread of realized prices

Below 3 years payback deemed attractive by fleet owners

Sources: U.S. Energy Information Administration, Clean Energy Fuels, U.S. Environmental Protection Agency

1) Analyses for North America
2) Fuel spread reflecting the additional cost of Diesel above a locked CNG price of $2.3 per DGE, Capex estimates post EPA regulation per FleetOwner, however increased Opex of diesel trucks post EPA regulation not accounted for
3) Estimated incremental costs for a diesel truck to ensure compliance with EPA27 NOx rule effective from 1 January 2027

HEXAGON

Q1 2026 segment financials

Fuel Systems

Revenue (NOKm)

EBITDA (NOKm)

Financial highlights

Revenues of NOK 416m for the quarter, stable y/y adjusting for FX
Somewhat lower volumes in refuse after record-high volumes in 2025; truck volumes remained largely on par
Strong quarter for refuse in North America and Europe
First delivery of Aerospace business contributing to performance
EBITDA of NOK 45m for the quarter, corresponding to a 10.8% margin
Strong product mix effects supporting healthy margins despite lower top line compared to seasonally strong Q4
Favorable realized materials prices and lower operational expenses supporting second consecutive quarter with healthy margins

1) Q4'25 revenues as reported for Fuel Systems was NOK 548m including NOK 97m in revenues from SES Composites (now discontinued operations).

2) Q4'25 EBITDA as reported for Fuel Systems was NOK 61m including NOK 4m in revenues from SES Composites (now discontinued operations).

HEXAGON

Q1 2026 segment financials

Mobile Pipeline

Revenue (NOKm)

EBITDA (NOKm)

Financial highlights

Revenues of NOK 184m for the quarter, largely flat q/q but significantly down y/y
Q1'25 included significant carryover from strong 2024, and was followed by a slowdown of demand
North American market showing signs of recovery; increasing commercial activities driven by new segments, offsetting softness in oil & gas
EMEA volumes remain volatile and dependent on activity in the Middle East and the UK
EBITDA of NOK 15m for the quarter, corresponding to a 8.1% margin
Sequential improvement from Q4'25 at lower volumes
Improvement driven by favorable geographical mix as well as lower realized materials prices and labor efficiency

HEXAGON

Q1 2026 segment financials

Aftermarket

Revenue (NOKm)

EBITDA (NOKm)

Financial highlights

Revenues of NOK 89m for the quarter, down y/y and q/q
Revenue down y/y compared to last year due to lower Fuel Systems installation activity
Parts & service business remained stable and in line with previous quarters
Testing & inspection activity remained at subdued levels both in the MAE¹ and the UE² business
EBITDA of NOK 3m for the quarter, corresponding to a 3.4% margin
Soft margins in the quarter due to low testing & inspection volumes and continued price pressure on parts & service

MAE = "Modal Acoustic Emission" refers to requalification testing services
UE = "Ultrasonic Examination" refers to ultrasonic examination test equipment (machines)
HEXAGON

Q1 financial figures

Consolidated P&L

NOKm	2026 Q1	2025 Q4 as reported	2025 Q4 re-presented 1	2025 Q3	2025 Q2	2025 Q1	2025 Full year as reported	2025 Full year Re-presented 1
Revenues	669	831	737	538	674	912	2 955	2 860
Other income (gains from acquisition) 2	-	119	119	-	-	-	119	119
Cost of materials	-305	-414	-343	-253	-337	-478	-1 483	-1 411
Payroll and social security expenses	-206	-251	-242	-237	-223	-265	-976	-967
Other operating expenses	-101	-130	-121	-102	-102	-125	-458	-450
EBITDA	57	156	150	-54	12	44	158	152
EBITDA margin %	9%	19%	20%	-10%	2%	5%	5%	5%
Depreciations, amortizations & impairments	-63	-106	-105	-66	-66	-70	-307	-307
EBIT	-6	50	45	-120	-53	-26	-150	-155
Share of profit/loss from associates	-105	-203	-203	-186	-115	-173	-678	-678
Impairment (+reversal impairments) in associates	0	+64	+64	+68	+258	-526	-135	-135
Net interest expenses	-35	-35	-35	-43	-34	-36	-148	-148
Other financial gains/losses (net)	-17	-23	-22	-9	-7	-82	-121	-120
Profit before tax continuing operations	-164	-148	-152	-290	48	-842	-1 232	-1 236
Tax expense	0	32	32	26	7	7	73	73
Profit after tax continuing operations	-164	-115	-119	-264	55	-836	-1 159	-1 163
Profit after tax discontinued operations1)	-34	-	4	-	-	-	-	4
Total profit after tax	-198	-115	-115	-264	55	-836	-1 159	-1 159

1) 2025 re-presented due to SES Composites' type 3 fuel systems business in Poland (Hexagon Agility Poland) formally decided to be closed down in February 2026, is therefore classified and presented as discontinued operations. Q1 2026 shows SES Composites Poland as discontinued operations.

2) Non-recurring accounting gains from acquisition of SES Composites in Q4 2025 amounted to NOK 119m.

HEXAGON

Q1 financial figures

Consolidated balance sheet

NOKm	31.03.2026	31.03.2025	31.12.2025
ASSETS
Property, plant and equipment	830	868	879
Right-of-use assets	386	456	411
Intangible assets	1 607	1 797	1 679
Investment in associates	75	310	180
Other non-current financial assets	203	214	197
Deferred tax assets	41	33	32
Total non-current assets	3 141	3 678	3 378
Inventories	1 016	1 158	1 125
Trade receivables	528	535	491
Other current financial assets	-	-	19
Other current assets	100	83	80
Cash and cash equivalents	178	151	211
Total current assets	1 823	1 927	1 927
Total assets	4 964	5 605	5 305
NOKm	31.03.2026	31.03.2025	31.12.2025
---	---	---	---
EQUITY AND LIABILITIES
Paid-in capital	1 580	1 017	1 580
Other equity	801	1 503	1 065
Total equity	2 381	2 520	2 645
Interest-bearing liabilities (non-current)	1 240	1 293	1 242
Lease liabilities (non-current)	430	494	455
Other financial liabilities (non-current)	221	334	275
Deferred tax liabilities	79	146	61
Provisions (non-current)	20	19	22
Total non-current liabilities	1 991	2 287	2 055
Interest-bearing liabilities (current)	-	-	-
Lease liabilities (current)	52	57	54
Trade payables	208	350	178
Contract liabilities	39	100	54
Other financial liabilities (current)	-	-	25
Income tax payable	-2	3	-
Other current liabilities	226	194	228
Provisions (current)	68	93	66
Total current liabilities	592	798	606
Total liabilities	2 583	3 085	2 661
Total equity and liabilities	4 964	5 605	5 305

HEXAGON

Q1 financial figures

Consolidated cash flow and liquidity overview

NOKm	Q1 2026	Q4 2025	Q1 2025	Full year 2025 1)
OPERATING CASH FLOWS
Profit before taxes from cont. ops	-164	-152	-842	-1 236
Profit before taxes disc. ops	-21	4	-	4
Profit before taxes	-185	-147	-842	-1 232
Other financial items (net)	52	58	117	269
Impairments and other gains/losses from associates	-	-64	526	135
Share of profit/loss from associates	105	203	173	678
Depreciation, amortization and impairment	68	106	70	307
Other income (non-cash gains)	-	-119	-	-119
Share-based payment expenses (non-cash)	2	9	6	14
Changes in net operating working capital	69	-11	138	75
Other working capital items and accruals items	-85	40	-167	-190
Taxes paid / refunded	-	20	-5	-4
Net cash flow from operating activities	28	95	15	-67
of which from continuing operations	28	104	15	-58
of which from discontinued operations	0	-9	-	-9
INVESTING CASH FLOWS
Purchase of property, plant and equipment	-6	-12	-24	-86
Purchase of intangible assets	-1	-7	-17	-48
Interest received	6	14	4	26
Total return swap cash collateral payments	-	-	-137	-137
Proceeds from sale of shares in subsidiaries	-	-	120	120
Investments in associates	-	-32	-30	-80
Other investments	-11	-	-	-15
Net cash flow from investment activities	-12	-36	-84	-220
of which from continuing operations	-12	-35	-84	-219
of which from discontinued operations	0	-1	-	-1
(NOKm)	Q1 2026	Q4 2025	Q1 2025	Full year 2025 1)
---	---	---	---	---
FINANCING CASH FLOWS
Net repayment of interest-bearing loans	-	102	-1	-51
Interest payments on interest-bearing liabilities	-36	-39	-39	-152
Repayment of lease liabilities (incl. interests)	-22	-17	-24	-88
Net proceeds from share capital increase	-	-	-	562
Net proceeds from purchase / sale of treasury shares	-	-	-	-75
Net cash flow from financing activities	-58	45	-65	196
of which from continuing operations	-58	45	-65	196
of which from discontinued operations	0	0	-	0
Net change in cash and cash equivalents	-42	104	-134	-91
Net currency exchange differences	1	2	-17	-23
Cash and cash equivalents from acquired businesses	8	23	-	23
Cash and cash equivalents at start of period	211	82	302	302
Cash and cash equivalents at end of period	178	211	151	211
of which from continuing operations	173	205	151	205
of which from discontinued operations	5	6	-	6
LIQUIDITY OVERVIEW
Cash and cash equivalents at end of period	178	211	151	211
Available unused credit facilities	350	350	900	350
Liquidity reserve	528	561	1 051	561
Minimum liquidity covenant	200	200	n/a	200
Headroom to minimum liquidity covenant	328	361	n/a	361

HEXAGON

Historical financials

Historical financial development – pro-forma adjusted¹

Revenue (NOKm)

EBITDA (NOKm) and margin (%)

HEXAGON

Figures exclude divested businesses (Hexagon Ragasco), deconsolidated businesses (Hexagon Purus) and discontinued operations (5E5 Composites Poland). Financials for the Group have been re-presented to show continuing operations only. Continuing operations refer to the operating segments Fuel Systems, Mobile Pipeline and Aftermarket in addition to Corporate overhead functions.

2) Q4'20 revenues as reported was NOK 83tm including NOK 94m in revenues from 5E5 Composites' type 3 business in Poland which is now presented and classified as discontinued operations. Adjusted for disc. ops, revenues were NOK 73/m.

3) Q3'20 EBITDA as reported was NOK -54 including NOK 10m in severance-related expenses. Adjusted for this, EBITDA was NOK -44m

4) Q4'25 EBITDA as reported was NOK 156m including NOK 119m in one-off accounting gain, NOK 13 million in severance-related expenses and NOK 6m from 5E5 Composites Poland (now disc. ops). Adjusted for this, EBITDA was NOK 44m

Clean air everywhere

HEXAGON

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Hexagon Composites — Interim / Quarterly Report 2026

3619_rns_2026-05-07_0c1a8333-0df6-4d30-be38-c2eef39981d0.pdf

Q1 2026 Trading update

Disclaimer and important notice

Executive summary

Stronger balance sheet and improved financial flexibility

A leaner cost base and tightened cash discipline

Well positioned for market recovery

Highlights of the amended bank agreement

Key terms of the amended agreement¹

Key benefits

Healthy financial performance in the quarter

Financial highlights

Cash flow development in the quarter

Q1 2026 trading update

Key balance sheet items

Business segments

Truck North America

CNG heavy-duty trucks now match diesel on performance, range and total cost of ownership

Truck North America

CNG payback improving from higher fuel spread and expected capex upcharge on diesel trucks from 2027

2-5 years payback²

Truck North America

The US heavy-duty truck market represents a substantial growth opportunity; limited new investments are required to capitalize

Mobile Pipeline

Mobile Pipeline

Security of supply and rapid power deployment supporting strong long-term demand for distributed energy solutions

Key drivers of future growth

Mobile Pipeline

Emerging demand for Mobile Pipeline solutions to power data centers in the US

New markets

Competitive edge

Unique and difficult-to-replicate industry position

Proprietary testing & recertification technology

Deep relationships with key alternative fuels fleets

Unique system design & integration competence

Pioneers in composite cylinder manufacturing

Updated 2026 outlook

Market dynamics remain mixed, with improving underlying trends

Updated 2026 outlook

Long-term outlook

Well positioned to deliver long-term profitable growth

Q&A

Hexagon Composites – global leading provider of alternative fuel solutions for commercial fleets and gas transportation

Hexagon Composites has pioneered composite technologies for mobility applications over decades

Hexagon Composites is market leader across verticals essential to the natural gas value chain...

2025 marked a macro-driven setback following several years of strong growth

Financial highlights

Significant actions have been taken to reduce structural cost base and protect cash flow following a challenging 2025

Reduction of operating expenses

Release of working capital

Investment discipline

Plant closure and consolidation

Fuel systems

Core Fuel Systems markets have different CNG adoption rates

Truck North America

North American truck sentiment has turned more optimistic

Truck North America

Truck North America

Fuel spreads vary across the US, influencing CNG payback time

Truck North America

Payback improving from higher fuel spread, miles driven and expected capex upcharge on diesel trucks from 2027¹

Illustrative CNG truck upcharge vs. diesel truck

Illustrative CNG truck payback years from 2027 onwards²

Q1 2026 segment financials

Fuel Systems

Financial highlights

Q1 2026 segment financials

Mobile Pipeline

Financial highlights

Q1 2026 segment financials

Aftermarket

Financial highlights

Q1 financial figures

Consolidated P&L

Q1 financial figures

Consolidated balance sheet

Q1 financial figures

Consolidated cash flow and liquidity overview

Hexagon Composites Interim / Quarterly Report 2026