HEXAGON PURUS Q3 2022 PRESENTATION

1 NOVEMBER 2022

MORTEN HOLUM, CEO DILIP WARRIER, CFO

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Agenda

HIGHLIGHTS FROM Q3 2022

Key highlights from Q3 2022

Continue to deliver on revenue growth supported by strong order book

HEXA

PURUS

Include heavy-duty vehicles, rail, aerospace, transit bus and other (e.g. industrial gas) $6\overline{6}$ $2)$

Hydrogen distribution and rail drove majority of revenue growth in Q3'22

HEXAGON PURUS, GROUP REVENUES | PRO FORMA | NOKM

Revenue in Q3 2022 grew 61% YoY on a pro forma basis:

Increase in deliveries of hydrogen $\frac{1}{2}$ distribution cylinders and systems to, among others, Air Products, Everfuel, Linde, Van Kessel and Westfalen
Alstom and Stadler drove rail growth in $\equiv$ $Q₃$
Nikola pre-production cylinders main driver in heavy-duty vehicles
New Flyer, Solaris and Caetano drove $\equiv$ transit bus growth

Hydrogen distribution systems capacity fully booked for 2023

HEXAGO

YTD order intake in Wystrach related to hydrogen distribution, stationary storage and mobile refuelling 8

Hydrogen distribution systems assembly capacity for 2022 and 2023 $3)$

EUR/NOK: 10.0

$\left| \right|$

Hexagon Purus to supply hydrogen systems to Lhyfe for distribution of green hydrogen in Europe

COMMERCIAL COOPERATION

PRODUCER AND SUPPLIER OF GREEN HYDROGEN FOR INDUSTRY AND MOBILITY IN EUROPE

INAUGURAL PRODUCTION OF GREEN HYDROGEN IN SEPTEMBER 2021 WITH SITE CAPACITY OF UP TO 1,000 KG OF H2 PER DAY

LHYFE HAS A PROJECT PIPELINE OF 9.8GW SPLIT OVER THE NEXT DECADE¹

$i = m$

MITSUI HAS PLAYED AN IMPORTANT FACILITATING ROLE IN THIS COOPERATION AGREEMENT

Source: www.lhyfe.com 1) As per mid-September 2022 and corresponds to 3,300 tons of green hydrogen p

Hexagon Purus' core cylinder and systems technology supports Ze Pak Group in their strategy to accelerate the ongoing energy transition in Poland

Hexagon Purus selected as preferred supplier for CaetanoBus

ACT AND ACTION

MULTI-YEAR SUPPLY AGREEMENT SIGNED WITH CAETANOBUS

HEXAGON PURUS WILL BE CAETANO'S PREFERRED SUPPLIER OF HYDROGEN FUEL SYSTEMS FOR SERIAL PRODUCTION OF HYDROGEN TRANSIT BUSES FROM 2022-2025

EST. VALUE: EUR 35M

CAETANO

Strong hydrogen legislative push in Europe and the US

EUROPEAN HYDROGEN BANK

On 14 September 2022, Ursula von der Leyen announced the creation of the European Hydrogen Bank
. This is a EUR 3bn initiative that will guarantee the purchase of hydrogen and act as a market maker for hydrogen bridging the gap between investments and future supply/demand

$66$

HYDROGEN CAN BE A GAME CHANGER FOR EUROPE. WE NEED TO MOVE OUR HYDROGEN ECONOMY FROM NICHE TO SCALE

Ursula von der Leyen, President of the European Commission

FUNDING OF CLEAN HYDROGEN PROJECTS

On 24 September 2022, the US launched a USD 7bn program to create regional clean hydrogen hubs (H2Hubs) across the country
The H2Hubs will create networks of hydrogen producers, consumers and infrastructure - all while supporting net-zero carbon emissions by 2050

$\overline{\mathbf{G}}$ THESE H2HUBS ARE A ONCE-IN-A-GENERATION OPPORTUNITY TO LAY THE FOUNDATION FOR THE CLEAN HYDROGEN FUTURE PRESIDENT BIDEN IS BUILDING

Jennifer M. Granholm, U.S. Secretary of Energy "

HEXAGON

Roll-out of charging and refueling infrastructure in Europe and Canada aim to accelerate adoption of zero-emission mobility

EUROPEAN PARLIAMENT VOTED IN SUPPORT OF HYDROGEN AS A VIABLE AND REALISTIC SOLUTION FOR ENERGY TRANSITION

Maximum distance of 100km between each hydrogen refueling station¹
Target of 1,780 hydrogen refueling stations supplying a maximum of 1 million ton of hydrogen per year across Europe - sufficient to power 59,000 trucks²
Support increased hydrogen adoption for commercial and private use

CANADA INFRASTRUCTURE BANK LAUNCHES C\$500M CHARGING AND HYDROGEN REFUELING INFRASTRUCTURE INITIATIVE

Accelerate the roll-out of large-scale ZEV chargers and hydrogen refueling stations in Canada
Includes features to incentives earlier and wider implementation of ZEV infrastructure and reduced utilization risk
This initiative combines with Natural Resources Canada's C\$500m Zero Emission Vehicle Infrastructure Program (ZEVIP)

Mitsui & Co invests NOK 70 million in Norwegian Hydrogen

With this investment, Mitsui & Co., Ltd. becomes the second largest owner of Norwegian Hydrogen AS with 15.5% of the shares.

The transaction is a reinforcement and further strengthening of the strategic collaboration between Mitsui & Co., Ltd. and their hydrogen portfolio with significant investments in companies such as Hexagon Composites ASA, Hexagon Purus ASA, and US-based First Element Fuel. By optimizing the collaboration within this portfolio, Mitsui & Co., Ltd.'s commitment to the development and establishment of a global hydrogen economy is strong.

Norwegian Hydrogen AS will expand its green hydrogen production capacity across the Nordic region, and the company will build and operate an effective infrastructure for the distribution of zero-emission hydrogen to customer segments within mobility and other industries.

Investment to accelerate scale up of green hydrogen in the Nordics

Norwegian

ENANCIALS.

Financial highlights | Pro forma figures Q3 2022 and LTM

Revenue growth seen across most application areas with hydrogen distribution continuing to drive majority of YoY growth; transit bus and Nikola primary drivers of sequential revenue growth
Wystrach YTD revenue of NOK 394 million and 7% EBITDA margin
. Negative EBITDA driven by scale up costs - investments in organizational capacity/capabilities and product development
Q4 sequential revenue growth expected from heavy duty and hydrogen distribution

Revenue split by application

Balance sheet | Q3 2022

Cash balance of NOK 481m and equity ratio of 68%
Overall net working capital increase driven by higher inventory levels ahead of expected pick up in Q4 activity

Cash flow | YTD Q3 2022

NOKm

Cash outflow from operations includes c. NOK 71m increase in working capital
Investing outflows include NOK 34m for purchase of 40% stake in Cryoshelter's liquid hydrogen business
Cash flow from financing reflects private placement of NOK 600 million in Q1 2022

OUTLOOK AND Q&A

Reiterating 2022 revenue and EBITDA guidance for Hexagon Purus

$C.75%$ $c.50%$ $\sim$ 900) 592 508 100% covered by order book 2021A YTD Q3'2022 Q4 2022E 2022E

2022 REVENUE GUIDANCE

EBITDA 2021A EBITDA 2022E EBITDA losses expected to NOK widen by $\sim$ 1.5x $-272m$ compared to $2021$

2022 EBITDA GUIDANCE

Recent wins add to an already strong list of commercial agreements in various mobility segments

SELECTION OF MILESTONE COMMERCIAL AGREEMENTS TO BE EXECUTED IN THE COMING YEARS

Battery systems

On track to reach revenue target of NOK 4-5bn in 2025

Hexagon Purus is perfectly positioned for continuous growth backed by several supporting trends

COMMERCIAL MOMENTUM ACROSS THE BUSINESS

CONTINUED STRONG REGULATORY PUSH IN CORE MARKETS

MOVING AHEAD WITH CAPACITY EXPANSION TO BE READY FOR 2025

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

STRONG ORDER BOOK FOR 2023 AND IMPROVED VISIBILITY FOR 2025

APPENDIX

Financial highlights | Pro forma figures Q3 2022 and LTM breakdown

Financial highlights | Actual Q3 2022 and LTM

Financial statements | P&L

INCOME STATEMENT (NOK 1000)	Q3 2022	Q3 2021	9 Mos. 2022	9 Mos. 2021	FY 2021
Revenue from contracts with customers	221707	102 743	590 087	248 082	505 797
Rental income	336	400	905	400	799
Other operating income	327	132	534	402	1122
Total revenue	220 370	103 275	591 526	248 884	507 718
Cost of materials	120 056	64 3 60	322 931	148 522	324 566
Payroll and social security expenses	114 114	53788	309 158	140 198	209 602
Other operating expenses	80 40 2	65 28 3	255 988	170 847	245 327
Total operating expenses before depreciation	314 572	183 431	888077	459 567	779 495
Operating profit before depreciation (EBITDA)	$-92203$	$-80156$	$-296551$	$-210682$	$-271777$
Depreciation and impairment	23 857	15 806	69 653	33 944	53 098
Operating profit (EBIT)	$-116060$	$-95962$	$-366204$	$-244626$	$-324875$
Profit/loss from investments in associates and joint ventures	61853	178	59 115	51	$-2957$
Net finance income/(costs)	$-10646$	$-807$	$-663$	$-21067$	$-19441$
Profit/loss before tax	$-64853$	$-96590$	$-307752$	$-265643$	$-347273$
Tax	1454	$-651$	1269	$-1220$	$-2120$
Profit/loss after tax from continuing operations	$-66307$	$-95940$	$-309021$	$-264422$	$-345152$
Profit/loss after tax for the period from discontinued operations		$-13330$		$-31757$	$-8552$
Profit/loss after tax	$-66307$	$-109269$	$-309021$	$-296$ 180	$-353704$

Financial statements | Balance sheet & cash flow

BALANCE SHEET (NOK 1000)	30.09.2022	30.09.2021	31.12.2021
ASSETS
Property, plant and equipment	413 686	130 086	267705
Right-of-use assets	107 320	39 107	52 219
Intangible assets	797 593	407 712	752 294
Investment in associates and joint ventures	33 197	2 1 5 2	7024
Non-current financial assets	75 205
Non-current assets	2 5 14	2 4 7 6	2 4 7 6
Total non-current assets	1429 515	581 533	1081718
Inventories	452 803	145 782	261 235
Trade receivables	185 342	132 227	220 286
Contract assets (incl. prepayments)	7 210	2 141	4 1 6 5
Other current assets	79 655	39 883	80 943
Cash and short-term deposits	481026	717 428	453 398
Total current assets continuing operation	1206 037	1037461	1020027
Assets held for sale		275 030
Total assets	2 635 552	1894024	2 101 745
EQUITY AND LIABILITIES
Issued capital and share premium	1692077	1320 622	1 407 170
Other equity	92 908	15 141	8 2 2 8
Non-controlling interests	3 6 4 1	$\sim$
Total equity	1788 620	1335763	1415 398
Interest-bearing loans and borrowings	48 337	$\sim$	42 216
Lease liabilities	88738	15 4 5 9	31794
Non-current provisions	37	3	7 2 3 5
Other non-current financial liabilities	40 054		109 106
Net employee defined benefit liabilities	2 3 8 5	74	1892
Deferred tax liabilities	48 208	9 1 3 7	52 231
Total non-current liabilities	227 759	24 674	244 384
Trade and other payables	199 208	84 483	191 409
Contract liabilities	201968	45 041	121 827
Interest-bearing loans and borrowings	1587	164 369	13 6 35
Lease liabilities, short term	20 405	23 019	21 2 8 5
Income tax payable	10 2 8 5		8 1 7 8
Other current financial liabilities	75 551
Other current liabilities	85 361	27 390	72 247
Provisions	24 809	26 479	12 8 8 2
Total current liabilities continuing operation	619 173	370780	441964
Liabilities associated with assets held for sale		162 806
Total liabilities	846 932	558 260	686 347
Total equity and liabilities	2 635 552	1894024	2 101 745

CONDENSED CASH FLOW (NOK 1000)	YTD 2022
Profit before tax	$-307752$
Depreciation and write-downs	69 654
Changes in net working capital and other	$-71\overline{188}$
Other adjustments to operating cash flow	$-32080$
Net cash flow from operations	$-341365$
Net cash flow from investment activities	$-220285$
Net cash flow from financing activities	570 336
Net change in cash and cash equivalents	8685
Net currency exchange differences	18 944
Cash and cash equivalents at start of period	453 398
Cash and cash equivalents at end of period	481026

Investor relations information

Top 20 shareholders¹

SHAREHOLDER	NUMBER OF SHARES HELD	% OF SHARES OUTSTANDING
HEXAGON COMPOSITES ASA	189 300 496	73.3 %
2 CLEARSTREAM BANKING S.A.	19 933 403	7.7%
3 MITSUI & CO LTD	5 204 029	2.0%
4 Deutsche Bank Aktiengesellschaft	4 5 25 6 0 9	1.8%
5 FLAKK COMPOSITES AS	3 0 27 7 9 9	1.2%
6 Citibank Europe plc	2 508 592	1.0%
7 MP PENSJON PK	2 405 698	0.9%
8 Nordnet Bank AB	1641734	0.6%
The Bank of New York Mellon SA/NV 9.	1568704	0.6%
10 UBS Switzerland AG	1409450	0.5%
BRØDR. BØCKMANN AS 11	1363120	0.5%
12 Skandinaviska Enskilda Banken AB	1200 444	0.5%
13 The Bank of New York Mellon SA/NV	1 1 13 5 73	0.4%
14 The Bank of New York Mellon SA/NV	967856	0.4%
15 State Street Bank and Trust Comp	772 306	0.3%
16 KTF FINANS AS	756 950	0.3%
17 VERDIPAPIRFONDET STOREBRAND NORGE	685 570	0.3%
18 SIX SIS AG	564 900	0.2%
19 Saxo Bank A/S	553 665	0.2%
20 VERDIPAPIRFONDET DELPHI NORGE	500 000	0.2%
Top 20 shareholders	240 003 898	92.9%
Other shareholders	18 275 039	7.1%
Total number of shares outstanding	258 278 937	100.0%