Hexagon Composites — Investor Presentation 2021

May 11, 2021

HEXAGON PURUS Q1 2021 PRESENTATION

11 May 2021

Morten Holum, CEO DILIP WARRIER, CFO

Disclaimer and important notice

This company presentation (the "Presentation") has been prepared by Hexagon Purus ASA ("Purus" or the "Company").

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Agenda

HIGHLIGHTS FROM Q1 2021

FINANCIALS

2

Outlook and Q&A

3

Highlights from Q1 2021

Hexagon Purus Key highlights from Q1 2021

GLOBAL ZERO EMISSION MOMENTUM CONTINUES TO STRENGTHEN

SEVERAL COMMERCIAL MILESTONES REACHED

INTERNAL SCALE-UP EFFORTS ACCELERATING

Hydrogen projects of unprecedented scale are being announced across the entire hydrogen value chain globally

223

announced projects globally

80bn USD

of investment in these projects can be considered mature, another >200bn has been announced

0 17

Giga-scale production Green H, projects >1GW and blue H, projects >200 kt p.a.

· 90

Large-scale industrial usage

Refinery, ammonia, methanol, steel, and industry feedstock

· 53

Transport Trains, ships, trucks, cars and other hydrogen mobility applications

· 45

Integrated H2 economy cross-industry, and projects with different types of end-પાર્ટકર

. 23

Infrastructure projects H2 distribution, transportation, conversion, and storage

Selected by Nikola Corporation to supply hydrogen cylinders for serial production

Hexagon Purus signed a long-term agreement with Nikola Corporation to develop and supply its highperformance type 4 hydrogen cylinders

The scope of the agreement is over a multi-year period with an estimated sales value in excess of EUR 200 million

The project's development phase is expected to commence in Q2 2021, with serial production from 2023

Signed joint venture agreement with CIMC Enric for China and Southeast Asia

China is expected to become the largest global market for FCEVs

JV for cylinder and cylinder systems production for FCEVs and hydrogen distribution in China and Southeast Asia

The parties are now preparing the joint venture formation and production footprint

Robust hydrogen distribution activity; several recent contract wins

HEXAGON PURUS' X-STORE® HYDROGEN DISTRIBUTION MODULE

CERTARUS

D

Long-term agreement; initial order for SMARTSTORE® hydrogen distribution modules worth USD 3.2m

Wystrachll.

EUR 2.5m contract for supply of type 4, 300 bar cylinders for industrial and hydrogen mobility applications in France and Germany

Orders worth EUR 1.9m for leading European gas distributors for Hexagon Purus' X-STORE®; used for transport of hydrogen for industry and mobility purposes in Germany, Spain and Switzerland

Internal scale-up efforts intensified Adding ~100+ employees in 2021

KUKA

Six cases reported in 2021

All production facilities have remained open during the quarter

Long lead times on certain key components such as battery cells

Remaining vigilant and ready to deploy additional counter measures if required

Financials

Financial highlights | Q1 2021 and LTM Hexagon Purus e-mobility (excl. CNG LDV)

• Solid year-over-year and sequential revenue growth in Q1'21 driven by increased activity in hydrogen distribution and transit bus applications; offset by lower heavy duty revenue due to the completion of an OEM BEV truck program in Q1 2020
• · Fixed cost investments in personnel and infrastructure drive negative EBITDA
• · Increased corporate costs following spin off; NOK 25m impact YoY in Q1

Revenue split by application | Q1'21 vs. Q1'20 Hexagon Purus e-mobility (excl. CNG LDV)

Hydrogen storage systems, battery packs and EV drivetrain integration

Hydrogen distribution modules

Hydrogen cylinders and storage systems

Pressure and fuel tanks, development projects

Hydrogen cylinders and storage development projects

Ground storage, rail and marine development projects

Balance sheet | Q1 2021 Hexagon Purus e-mobility

be extinguished once the transfer of the discontinued CNG LDV business to Hexagon Composites is completed

Cash flow | Q1 2021 Hexagon Purus e-mobility

NOKm

(CNG LDV)

Cash outflow from operations include c. NOK 44m in increase in working capital

CNG LDV (discontinued operations) drove NOK 24m cash outflow

Outlook and Q&A *

Large and diversified project pipeline

Hexagon Purus is preparing for market take-off...

30% MAIN DRIVERS OF COST BASE EXPANSION IN 2021 of all sold trucks emission-free by 2030 in 15 states (California, New York..) • Production support USD 55,000 · Engineering Organizational subsidy for each fuel cell • Program scale-up truck management • Sales & >> administration USD 2.3bn • Establishment of Chinese JV & for development of FCEV China related footprint ecosystem until 2022 • Development Product related to existing and potential new development contracts

~60BN NOK

ADDRESSABLE HYDROGEN CYLINDER AND CYLINDER SYSTEMS MARKET FOR HEXAGON PURUS IN 2030

USD 70bn

of government funding has been announced to support project and technology development

funding for the Green Deal, 6GW electrolysis capacity by 2024 targeted

EUR 1trn

EUR 7+2bn public support for hydrogen deployment, 5GW by 2030

...by investing on several fronts

Financial targets unchanged

NOKm

.......... .......... ...........

1988 0000000

Appendix

Financial statements | P&L Hexagon Purus e-mobility (excl. CNG LDV)

Income Statement (NOK 1 000)	Q1 2021	Q1 2020	31.12.2020
Revenue from contracts with customers	55 593	48 119	178 121
Other operating income	1 716	149	1 693
Total revenue	57 309	48 269	179 814
Cost of materials	28 939	26 783	86 717
Payroll and social security expenses	44 571	27 321	123 497
Other operating expenses	45786	37 436	110 322
Total operating expenses before depreciation	119 926	91 540	320 536
Operating profit before depreciation (EBITDA)	-61 986	-43 272	-140 722
Depreciation and impairment	8 425	5 953	26 906
Operating profit (EBIT)	-70 411	-49 225	-167 628
Profit/loss from investments in associates and joint ventures	-702	-436	-1 885
Finance income	2 421	430	10 110
Finance costs	-35 637	-17 094	-113 969
Profit/loss before tax	-104 330	-66 325	-273 373
Tax	195	-6 153	34 654
Profit/loss after tax before discontinued operations	-104 526	-60 172	-308 026
Profit/loss after tax for the period from discontinued operations	517	-8 937	-34 602
Profit/loss after tax	-104 008	-69 108	-342 628

Financial statements | Balance sheet & cash flow Hexagon Purus e-mobility (excl. CNG LDV)

BALANCE SHEET (NOK 1 000)	31.03.2021	31.03.2020	31.12.2020
ASSETS
Property, plant and equipment	84 080	130 059	76 634
Right-of-use assets	33 003	57 083	30 457
Intangible assets	397 009	545 609	415 097
Investment in associates and joint ventures	2 064	215	2 066
Non-current financial assets	1 260	160	751
Deferred tax assets		48 762
Total non-current assets	517 417	781 888	525 005
Inventories	93 843	139 480	61 586
Trade receivables	44 540	139 863	26 657
Contract assets (incl. prepayments)	370	6 293	814
Other current financial assets	31 074	18 105	14 440
Cash and short-term deposits	1 091 167	50 400	1 246 351
Total current assets continuing operation	1 260 993	354 140	1 349 849
Assets held for sale	282 789		219 771
Total assets	2 061 199	1136 028	2 094 625
EQUITY AND LIABILITIES lssued capital	22 909	330	22 909
	2 247	115 100	372
Other paid-in capital Share premium	1 605 802	14 443	1 605 739
Other equity	- 99 370	-327 968
Total equity	1 531 588	-198 094	1 629 021
Interest-bearing loans and borrowings (related party)		681 363
Lease liabilities	11 732	53 324	21 795
Provisions	3	1 880	3
Net employee defined benefit liabilities	259	2 419	2 635
Deferred tax liabilities	10 244	22 910	11 024
Total non-current liabilities	22 239	761 897	35 457
Trade and other payables	69 261	197 009	83 988
Contract liabilities	44 027	8 287	32 068
Interest-bearing loans and borrowings (related party)	179 501		161 016
Lease liabilities, short term	20 599	13 937	9 244
Income tax payable	26
Other current liabilities	48 750	331 146	49 512
Provisions	23 029	21 845	17 162
Total current liabilities continuing operation	385 193	572 225	352 990
Liabilities associated with assets held for sale	122 179		77 158
Total liabilities	529 611	1 334 122	465 604
Total equity and liabilities	2 061 199	1 136 028	2 094 625

CONDENSED CASH FLOW (NOK 1 000)	31.03.2021
Profit before tax from continuing operations	-104 330
Depreciation and write-downs	12 895
Change in net working capital and other	-44 045
Net cash flow from operations	-135 481
Net cash flow from investment activities	-5 565
Net cash flow from financing activities	10 848
Net change in cash and cash equivalents	-130 197
Net currency exchange differences	-943
Discontinued operations	-24 044
Cash and cash equivalents at start of period	1 246 351
Cash and cash equivalents at end of period	1 091 167

*Note: Balance sheet as of 31 December 2020 and 31 March 2021 is that of Purus' e-mobility business with the CNG LDV business treated as a discontinued operation; balance sheet as of 31 March 2020 inlcudes the CNG LDV business

24

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