HEXAGON PURUS THE Q2 2022 Presentation

9 August 2022

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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The information included in this Presentation oward-looking statements relating to the business, financial performance and results of the Company and/or the industy in which it operates. Forward-loble circumstances and results and other statements that are not historical facts, sometimes identified by the words "believe", "predict", "intends", "plans", "estimates", "aims", "foreses", "anticipates", "argets", "and similar explossions. The forward-looking statements on this Presentation, including assumptions and views of the Company or cited from third party sources are solely opinions and forecasts which and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or its advisors or subscitary undertakings or any such person's affiliates, officers or employees provides any assurance that the assumptions underlying statements are from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation of the forecasted developments. The Company and its advisors assume no obligation to update any forward-looking statements or to conform these forwards to the Company's actual results. Investors are advised, however, to inform themselves about any further public disclosures made by the Company such as filings made with the Oslo Stock Exchange or prepared for information purposes only.

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Agenda

HIGHLIGHTS FROM Q2 2022

Key highlights from Q2 2022

STRONG REGULATORY SUPPORT FOR DECARBONIZATION AND ENERGY SECURITY INITIATIVES

Continue to deliver on revenue growth and profitability in Wystrach

Hydrogen distribution and rail drove majority of revenue growth in Q2'22

HEXAGON PURUS, GROUP REVENUES | PRO FORMA | NOKM

Revenue in Q2 2022 grew 34% YoY on a pro forma basis:

Increase in deliveries of hydrogen distribution cylinders and systems to, among others, Air Liquide, Calvera, Deutsche Bahn, Linde, and Nippon Gases
Alstom drove strong rail growth in Q2
Timing effects and a strong Q2 2021 for bus negatively impacted revenue growth. Expect activity to pick up in second half

Robust commercial momentum in hydrogen distribution

8 2) Hydrogen distribution systems assembly capacity for 2022 and 2023

Addressable market for hydrogen distribution expected to reach ~USD 5.6bn in 2030

HEXAGON PURUS' ADDRESSABLE HYDROGEN MOBILITY AND DISTRIBUTION MARKET (USDBN)

|
| Hydrogen distribution 1
()Percentage hydrogen distribution of total addressable market

28%

Our diversified portfolio is a significant strength at the current stage of industry maturity ...

...and our infrastructure portfolio is highly relevant in the early stage of hydrogen adoption

Our strategic core is focussed - but relevant for a wide range of customer applications, enabling early scale

Compressed hydrogen storage for maritime is a natural extension of Hexagon Purus' existing cylinder and distribution systems capabilities

Distribution and maritime are closely connected applications

HEXAGON PURUS HYDROGEN DISTRIBUTION SYSTEM

Onboard VESSEL SWAPPABLE STORAGE CONTAINER

Hexagon Purus Maritime received its inaugural hydrogen cylinder order of ~EUR 1.1 million earlier this year for use in onboard swappable storage containers

Hexagon Purus has received an order of ~NOK 10m from Norwegian Hydrogen to deliver hydrogen distribution systems to Hellesylt Hydrogen Hub

PRODUCTION	Production of 1.3 tonnes a day from Q4 2023. All major contracts are placed by Norwegian Hydrogen		A complete value	OWNER & OPERATOR Norwegian Hydrogen
DISTRUBUTION AND SALES	Delivery of hydrogen through refuelling and container-based solutions	HEXAGON ~NOK 10m purchase order	chain for green hydrogen, based in the World	PARTNERS HEXAGON HYON
MARITIME BUNKERING	Maritime bunkering through cascade filling		Heritage area of the Geiranger	SIC TAFJORD Innovation Norway e > Forskningsrådet GEXCON
BONUS PRODUCTS	Utilizations of oxygen and heat from the electrolysis		Fjord	(9) SINTEF Stranda Stranda kommun

Inland/coastal, passenger and offshore vessels identified as best candidates for commercial adoption of compressed hydrogen gas...

... supported by several local government projects aiming to drive hydrogen adoption within the maritime sector

17 Source: Hexagon Purus, third-party consultant and Enova

2) Enova supported hydrogen projects announced in June 2022

The addressable market for maritime expected to approach NOK ~5bn in 2030

HEXAGON PURUS MARITIME' TOTAL ADDRESSABLE MARKET (NOKBN)

FINANCIALS

Hexagon Purus included in Euronext Tech Leaders

Financial highlights | Pro forma figures Q2 2022 and LTM

contribution drove YoY and

sequential revenue growth in Q2

Q3 and Q4 driven by hydrogen

organizational capabilities, product

development and production support drive negative EBITDA

EBITDA

distribution and transit bus

Revenue split by application

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

Hydrogen cylinders and storage systems

Ground storage, marine development projects and industrial gas

Balance sheet | Q2 2022

Cash balance of NOK 702m and equity ratio of 72%
relatively flat but inventory up in line with expectations for back half loaded year

Cash flow | YTD Q2 2022

NOKm

Cash outflow from operations includes c. NOK 13m increase in working capital
Cash flow from financing reflects successful private placement of NOK 600 million in Q1 2022 to finance future growth

OUTLOOK AND Q & A

European Union ramping up its effort to increase hydrogen production to decarbonize and create energy independence...

... and the US Senate passes bill earmarking ~USD 370bn for climate and clean energy initiatives to reduce emissions and improve energy security

Energy Security and Climate Change hyestion Reduction Act will put the U.S on a path to roughly Φ% emissions reduction by 2000

ENERGY EFFICIENT APPLIANCES
CLEAN VEHICLES
ROOFTOP SOLAR

Support ENERGY RELIABILITY AND CLEANER ENERGY PRODUCTION
Invest in on-shore clean ENERGY MANUFACTURING IN THE U.S. ACROSS THE FULL SUPPLY CHAIN OF CLEAN ENERGY AND TRANSPORTATION TECHNOLOGIES

REDUCE EMISSIONS IN EVERY SECTOR OF THE ECONOMY:
ELECTRICITY PRODUCTION
TRANSPORTATION
INDUSTRIAL MANUFACTURING
BUILDINGS
AGRICULTURE

INVESTMENTS INTO DISADVANTAGED

COMMUNITIES THROUGH AMONGST

ZERO EMISSION EQUIPMENT AT

CLEAN HEAVY DUTY VEHICLES

BUSES AND UTILITY TRUCKS

SUCH AS SCHOOL AND TRANSIT

OTHER:

PORTS

ENSURE THAT RURAL COMMUNITIES ARE AT THE FOREFRONT OF CLIMATE SOLUTIONS
INVESTING IN CLIMATE-SMART AGRICULTURE, FOREST RESTORATION AND LAND CONSERVATION

- 27 Source: Financial Times, Senate Democration of Clinate Change Investments in the inflation Reduction Act of 2022 and Heagon Prus 1) From 2005 levels

Reiterating 2022 revenue and EBITDA guidance for Hexagon Purus

c. +75% ) c. +25% ~900) 731 508 2021A LTM Q2'2022 2022E

2022 REVENUE GUIDANCE

2022 EBITDA GUIDANCE

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

Q&A

APPENDIX

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Financial highlights | Pro forma figures Q2 2022 and LTM breakdown

Financial highlights | Actual Q2 2022 and LTM

Financial statements | P&L

INCOME STATEMENT (NOK 1 000)	072092	Q2 2021	First-half 2022	First-half 2021	FY 2021
Revenue from contracts with customers	210 073	93 921	368 949	145 339	506 039
Other operating income	36	156	207	270	1 679
Total revenue	210 109	94 077	369 156	145 609	507 718
Cost of materials	137 716	55 223	202 874	84 162	324 566
Payroll and social security expenses	100 414	41 838	195 044	86 410	209 602
Other operating expenses	83 515	65 556	175 586	105 564	245 327
Total operating expenses before depreciation	321 646	162 617	573 504	276 136	779 495
Operating profit before depreciation (EBITDA)	-111 537	-68 540	-204 348	-130 527	-271 777
Depreciation and impairment	23 732	9 713	45 796	18 138	53 098
Operating profit (EBIT)	-135-270	-78 254	-250 144	-148 665	-324 875
Profit/loss from investments in associates and joint ventures	-1 389	575	-2738	-127	-2 957
Net finance income/(costs)	13 222	12 956	9 983	-20 261	-19 441
Profit/loss before tax	-123 436	-64 723	-242 899	-169 053	-347 273
Tax	838	-765	-185	-570	-2 120
Profit/loss after tax before discontinued operations	-124 274	-63 957	-242 714	168 483	-345 152
Profit/loss after tax for the period from discontinued operations		-18 945		-18 427	-8 552
Profit/loss after tax	-124 274	-82 901	-242 714	-186 910	-353 704

Financial statements | Balance sheet & cash flow

BALANCE SHEET (NOK 1 000)	31.06.2022	31.06.2021	31.12.2021
ASSETS
Property, plant and equipment	362 151	95 530	267 705
Right-of-use assets	48 356	42 600	52 219
Intangible assets	783 845	410 974	752 294
Investment in associates and joint ventures	4 286	1 974	7 024
Non-current financial assets	10 011	1 339	2 476
Deferred tax assets
Total non-current assets	1 208 649	552 416	1 081 718
Inventories	391 515	73 882	261 235
Trade receivables	159 717	84 687	220 286
Contract assets (incl. prepayments)	5 059	1 016	4 165
Other current assets	60 084	78 835	80 943
Cash and short-term deposits	702 024	892 186	453 398
Total current assets continuing operation	1 318 400	1 130 606	1 020 027
Assets held for sale		271 582
Total assets	2 527 048	1 954 605	2 101 745
EQUITY AND LIABILITIES
Issued capital and share premium	1758 322	1 430 084	1 407 170
Other equity	55 702	14 505	8 228
Total equity	1 814 024	1 444 588	1 415 398
Interest-bearing loans and borrowings	43 906		42 216
Lease liabilities	29 500	18 678	31 794
Provisions	4	3	7 235
Other non-current financial liabilities	39 164		109 106
Net employee defined benefit liabilities	2 228	83	1 892
Deferred tax liabilities	49 351	9 678	52 231
Total non-current liabilities	164 152	28 442	244 384
Trade and other payables	205 988	87 533	191 409
Contract liabilities	164 362	32 195	121 827
Interest-bearing loans and borrowings	2 315	166 973	13 635
Lease liabilities, short term	20 778	23 269	21 285
Income tax payable	6 889	16	8 178
Other current financial liabilities	73 871
Other current liabilities	54 955	32 596	72 247
Provisions	19 714	23 641	12 882
Total current liabilities continuing operation	548 871	366 221	441 964
Liabilities associated with assets held for sale		115 353
Total liabilities	713 024	510 018	686 347
Total equity and liabilities	2 527 048	1954 605	2 101 745

CONDENSED CASH FLOW (NOK 1 000)	YID 2022
Profit before tax	-242 899
Depreciation and write-downs	45 796
Change in net working capital and other	-11 372
Net cash flow from operations	-208 475
Net cash flow from investment activities	-126 257
Net cash flow from financing activities	572 592
Net change in cash and cash equivalents	237 859
Net currency exchange differences	10 767
Cash and cash equivalents at start of period	453 398
Cash and cash equivalents at end of period	702 024

Investor relations information

Top 20 shareholders'

SHAREHOLDER #	NUMBER OF SHARES HELD	% OF SHARES OUTSTANDING
HEXAGON COMPOSITES ASA	189 300 496	73.3 %
2 CLEARSTREAM BANKING S.A.	18 123 663	7.0 %
3 MITSUI & CO LTD	5 204 029	2.0 %
4 Deutsche Bank Aktiengesellschaft	4 525 609	1.8 %
5 FLAKK COMPOSITES AS	3 027 799	1.2 %
6 Citibank Europe plc	2 508 592	1.0 %
7 MP PENSJON PK	2 395 987	0.9 %
8 Nordnet Bank AB	1 659 788	0.6 %
9 UBS Switzerland AG	1 402 763	0.5 %
10 BRØDR. BØCKMANN AS	1 363 120	0.5 %
11 The Bank of New York Mellon SA/NV	1332 483	0.5 %
12 Skandinaviska Enskilda Banken AB	1330 872	0.5 %
13 The Bank of New York Mellon SA/NV	1 180 539	0.5 %
14 J.P. Morgan SE	1 144 908	0.4 %
15 The Bank of New York Mellon SA/NV	1035 096	0.4%
16 State Street Bank and Trust Comp	831 366	0.3 %
17 NØDINGEN AS	787 228	0.3 %
18 KTF FINANS AS	756 950	0.3 %
19 VERDIPAPIRFONDET STOREBRAND NORGE	727 816	0.3 %
20 SIX SIS AG	609 261	0.2 %
Top 20 shareholders	239 248 365	92.6%
Other shareholders	19 030 572	7.4%
Total number of shares outstanding	258 278 937	100.0%