HEXAGON PURUS Q4 2020 PRESENTATION

16 FEBRUARY 2021

MORTEN HOLUM, CEO DILIP WARRIER, CFO

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Agenda

HEXAGON PURUS IN BRIEF

HIGHLIGHTS FROM Q4 2020

FINANCIALS

OUTLOOK AND Q&A

Hexagon Purus in brief

Driving the hydrogen transition

Zero emission

Hexagon Purus is a global leader in key technologies needed for zero emission mobility

The green shift has crossed the tipping point...

The need for decarbonization drives tighter carbon emissions standards and clean mobility incentives

Large number of countries committing to "new green deal" programs

Global investments shifting towards green energy & zero emission technologies

...and hydrogen is in the fast lane as a key zero emission solution

Hydrogen is necessary to decarbonize "hard-to-abate" sectors

EU is investing up to EUR 470bn in renewable hydrogen by 2050

Cost of hydrogen is projected to decrease by up to 50% by 2030

Key levers to drive hydrogen adoption are moving in the right direction

emission society

Source: Hexagon Purus, third-party consultant, S&P Global ¹On 11 December 2019, according to the new Green Deal, it was revealed that the European Commission will revise car CO₂ standards once more moving towards ZEVs in the 2030s;² Hydrogen refueling stations

Sizeable market opportunity - hydrogen cylinder market expected to exceed USD ~7bn

Hexagon Purus' addressable hydrogen cylinder and cylinder systems revenue pool | USDbn¹

Addressable market for hydrogen cylinders expected to grow by >50% p.a. throughout the current decade

Medium and heavy-duty vehicles expected to make up c. 30% of hydrogen cylinder market in 2030

Hydrogen distribution module demand closely linked to growth in end-use applications

Source: Hexagon Purus, third-party consultant.

¹ Assuming all end-users use compressed gas hydrogen cylinders in all mobility segments; ² Includes mobility applications for marine, rail, drones, aviation, farming equipment, construction and mining equipment and HRS on-site storage; ³ % of vehicles sales

Hexagon Purus is a leading provider of type 4
cylinders - the optimal and preferred cylinder for
hydrogen applications

Type 4 cylinders provide a superior combination of weight, safety, efficiency and durability for hydrogen applications

NON-CORROSIVE Polymer liner is corrosion free

GOOD FATIGUE STRENGTH High-strength carbon fibre construction reduces impact damage and fatigue

LEAK-FREE Precision-machined valve interface to ensure leak free operations

LIGHTWEIGHT Reduces vehicles mass and enhances handling and driveability

Purus' hydrogen cylinder system serves a wide range of mobility & storage applications

EXAMPLE APPLICATIONS FOR PURUS' HYDROGEN CYLINDER SYSTEMS

PURUS

Hexagon Purus is a world leading provider of solutions for electric drivetrain integration

Examples of parts Hexagon Purus integrates in fuel cell electric heavy-duty trucks

Hexagon Purus offers hydrogen fuel systems, battery systems and integrated electric drivetrain integration for zero emission medium and heavy-duty vehicles, both battery electric and hydrogen electric

Our battery system and drivetrain offerings have demonstrated superior performance and garnered exceptional feedback from OEMs and end-users

Global organisation with engineering, manufacturing and R&D capabilities in Europe and North America

Hexagon Purus in pole position to benefit from the sizeable market opportunity

Highlights from
Q4 2020

Successful listing on Euronext Growth Oslo

Purus listed on Euronext Growth Oslo on 14 December 2020

Raised gross proceeds of NOK 750m following strong interest from Scandinavian and international institutional investor

Allows Purus to pursue an individual growth and investment agenda, and reinforce and develop its leading position in the emobility space

Hexagon Composites remains a majority owner and strong industrial partner, holding c. 75% of the shares in Hexagon Purus

Several recent contract announcements

HINO

Selected by Hino Trucks as development partner to provide battery packs and drivetrain integration on multiple Hino platforms

Selected to supply high-pressure hydrogen tanks for New Flyers Xcelsior CHARGE H2™ hydrogen fuel cell electric transit buses

STADLER

Awarded contract for supply hydrogen cylinder systems for first hydrogen powered commuter train in the US

Selected to deliver high pressure hydrogen cylinders for the first zeroemission hydrogen train in Spain

Everfuel^©

Multi-year frame agreement with worth €14m to deliver multiple units of hydrogen distribution systems through to 2025

Leading global industrial gas company

Substantial order from leading global gas company to provide type 4 hydrogen cylinders for transportation of hydrogen to industrial customers

Hexagon Purus is experiencing high activity levels across the mobility spectrum - some applications already in serial production

EXAMPLES OF PURUS CUSTOMERS

Exciting market for hydrogen maritime applications is emerging

Hydrogen is a compelling zero-emission fuel solution for maritime applications

hal Maritime Organization, Visit Norway. ¹Greenhouse gas emissions, ² Compared to 2008.

IMO targets reduction of

▼50%

in the total annual GHG¹ from international shipping by 2050²

Hexagon Purus is involved in several hydrogen maritime development projects, and intend to accelerate commercial efforts within the segment

Financials

Financial highlights | Q4 and FY 2020 Hexagon Purus e-mobility (excl. CNG LDV)

In this early stage of industry development, quarterly revenue variability is inherent
FY'19, and in particular Q4'19, characterized by strong contribution from an OEM heavy-duty BEV truck program which was completed in Q1 2020 as expected; partially offset by programs with new OEM customers in 2020
· Q4 2020 saw NOK 10m of expected revenue pushed out into Q1 2021 due to temporary supply chain delays
Fixed cost investments in personnel and infrastructure drive negative EBITDA
IPO and strategic costs amounted to NOK 10m, substantially recognized in Q4'20
Incremental corporate costs following spin off; NOK 5m impact in Q4'20

FY 2020 revenue split by application Hexagon Purus e-mobility (excl. CNG LDV)

Hydrogen storage systems, battery packs and EV drivetrain integration

Hydrogen distribution modules

Pressure and fuel tanks, development projects

Hydrogen cylinders and storage development projects

Ground storage, rail and marine development projects

Hydrogen cylinders and storage systems

Balance sheet | FY 2020

Solid balance sheet at year-end

Cash as of 31 December 2020 exceeded NOK 1.2bn and equity ratio stood at 78%

Substantially debt free; modest intercompany debt (NOK 161m) offset by pending transfer of net assets of CNG LDV business

Pro-forma cash flow | FY 2020 Hexagon Purus e-mobility

NOKm

Cash shored up by NOK 750m (gross) Purus private placement and August NOK 500m proceeds from Hexagon Composites private placement

CNG LDV (discontinued operations) drove NOK 41m cash outflow

Outlook and G&A

Large and diversified project pipeline

CARB ruling in California is a game-changer for vehicle electrification...

Diesel trucks make up 7% of the Californian vehicle fleet but is the largest single source of vehicle air pollution, responsible for 70% of the smog-causing emissions

Starting from the 2024 model year, 9% of all class 4-8 trucks sold to be zeroemission, rising to 30-50% in 2030

Commercial trucks and vans to be zero emission by 2045

Hexagon Purus was a key supplier to Daimler's Innovation Fleet in 2019 and 2020

· 22 eCascadia class 8 trucks battery packs
7 eM2 class 6 trucks battery packs and EV drivetrain

Development program underway with Hino and another OEM

In discussions with other OEMs, fleet customers and tier 1 partners to develop customized solutions

EU aims to be the world's leading region for hydrogen

6GW of renewable hydrogen electrolysers

1 million tons of renewable H2

Today-2024

H2 integrated into the energy system

40GW of renewable H2

10 million tons renewable H2

2025-2030

Hydrogen deployed at a large scale across all hard-to-decarbonize sectors

$\geq 2030$

Hydrogen infrastructure to grow manyfold during the decade

Number of hydrogen refueling stations is expected to grow by more than 35% per year this decade

Average HRS capacity/day is expected to increase from <200 kg of hydrogen in 2020 to >1,000 kg of hydrogen in 2030

Growth is mainly driven by roll-out of large truck fleets and related infrastructure and a general increase in FCEVs on the road

Solid hydrogen distribution momentum in 2021

Hydrogen distribution will be a key revenue driver for Hexagon Purus in 2021, with delivery of hydrogen distribution cylinders and systems to several European and North American customers

China is the world's largest hydrogen market - Hexagon Purus is in the final stages of JV negotiations

Discussions with partner CIMC ENRIC are progressing well, albeit somewhat delayed mainly due to COVID-19 related travel restrictions

Expect to finalize and sign the joint venture agreement in the next few months

China is expected to be the world's largest market for FCEVs and the partnership with CIMC ENRIC will give the company access to this exciting opportunity

Financial targets

2021 REVENUE TARGET

2025 REVENUE TARGET

LONG-TERM PROFITABILITY TARGET

Revenue to grow by at least 50%

NOK 4-5 billion

Double-digit EBITDA margins

Solid outlook driven by high activity and secular tailwinds

On track to meet revenue target of >50% YoY growth in 2021

Appendix

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$0 - 0$

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

Income Statement (NOK1000)	Q4 2020	Q4 2019	31.12.2020	31.12.2019
Revenue from contracts with customers	32 455	69 072	178 121	207 154
Other operating income	293	3529	1693	4 1 4 0
Total revenue	32749	72 601	179 814	211 294
Cost of materials	10 340	45 5 8 9	86 717	128 232
Payroll and social security expenses	40719	42 3 54	123 497	143 157
Other operating expenses	34 093	22724	110 322	83 167
Total operating expenses before depreciation	85 153	110 668	320 536	354 556
Operating profit before depreciation (EBITDA)	$-52404$	$-38067$	$-140722$	$-143261$
Depreciation and impairment	7 2 4 7	5 2 8 6	26 906	25 508
Operating profit (EBIT)	$-59652$	$-43353$	$-167628$	$-168769$
Profit/loss from investments in associates and joint ventures	$-1107$	90	$-1885$	$-749$
Finance income	1 2 0 7		10 110	3 2 4 3
Finance costs	$-66230$	$-8596$	$-113969$	$-27397$
Profit/loss before tax	$-125782$	$-51859$	$-273373$	$-193672$
Tax	20 25 3	$-11316$	35 579	$-25777$
Profit/loss after tax before discontinued operations	$-146035$	$-40544$	$-308952$	$-167895$
Profit/loss after tax for the period from discontinued operations	11 5 3 7	17 479	$-34602$	69 279
Profit/loss after tax	$-134498$	$-23065$	$-343554$	$-98616$

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

BALANCE SHEET (NOK 1000)	31,12.2020	31.12.2019*
ASSETS
Property, plant and equipment	76 634	103 359
Right-of-use assets	30 457	53 577
Intangible assets	413 324	475 378
Investment in associates and joint ventures	2066	651
Non-current financial assets	751	3 2 2 6
Deferred tax assets		41 213
Total non-current assets	523 232	677 404
Inventories	61586	100 678
Trade receivables	26 657	125 015
Contract assets (incl. prepayments)	814	3 100
Other current financial assets	12 8 4 2	5 9 4 1
Cash and short-term deposits	1246 351	65 0 93
Total current assets continuing operation	1348251	299 827
Assets held for sale	219 771
Total assets	2 091 254	977 231
EQUITY AND LIABILITIES
Issued capital	22 909	330
Other paid-in capital	372
Share premium	2 0 5 5 2 8 2	14 4 4 3
Other equity	$-45223$	$-119590$
Total equity	1626 341	$-104816$
Interest-bearing loans and borrowings, related party	161 016	729 428
Lease liabilities	21795	47828
Provisions	689	1613
Net employee defined benefit liabilities	2 6 3 5	2 0 7 6
Deferred tax liabilities	11930	22 3 25
Total non-current liabilities	198 065	803 269
Trade and other payables	83 988	139 207
Contract liabilities	32 068	33 276
Lease liabilities, short term	9 2 4 4	12 810
Income tax payable		20
Other current liabilities	64 3 9 0	93 4 65
Total current liabilities continuing operation	189 690	278 778
Liabilities directly associated with the assets held for sale	77 158
Total liabilities	464 913	1082047
Total equity and liabilities	2001254	077 221

CONDENSED CASH FLOW (NOK 1000)	31.12.2020
Profit before tax from continuing operations	$-273373$
Depreciation and write-downs	26 906
Change in net working capital and other	123 643
Net cash flow from operations	$-122823$
Net cash flow from investment activities	$-36288$
Net cash flow from financing activities	1387081
Net change in cash and cash equivalents	1227969
Net currency exchange differences	$-5395$
Discontinued operations	$-41316$
Cash and cash equivalents at start of period	65 0 93
Cash and cash equivalents at end of period	1246351

* Note: Balance sheet as of 31 December 2020 is that of Purus' e-mobility business with the CNG LDV business treated as a discontined operation; balance sheet as of 31 December 2019 inlcudes the CNG LDV business