03.2023

Jon Erik Engeset, CEO David Bandele, CFO

9 November 2023

Disclaimer and important notice

This company presentation (the "Presentation") has been prepared by Hexagon" or the "Company"). The Presentation has not been reviewed or registed by, any public authority, stock exchange or regulated market place. The Company makes no representation or warrany (whether express or completeness of the information contained herein, and neither the Company nor any of its subsidiares, directors assume any liability connected to the Presentation and/or the statements set out herein. This presentation is not and does not one way. The information included in this Presentation may contain certain forwardlooking statements relating to the business and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "plans", "aims", "foreses", "anticipates", "targets", and similar expressions. The foward-looking statements contained in this Presentation, including and views of the Company or cited from third party sources are soley opinions and forecasts which are subject to risks, uncerfactors that may cause actual events to differ materially from any anticipated development. None of the Company or its advisors or any of their parent or such person's affiliates, officers or employees provides any assurance that the assumptions underlying statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the Company and its advisors assume no obligation to update any forward-looking statements or to conform these forward-looking statements. Investors are advised, however, to inform themselves about any ture dic disclosures made by the Company, such as filings made with the Oslo Stock Exchange or press releases. This Presentation has been purposes only. This Presentation does not constitute any solicitation for any offer to purchase or subscribe and is not an offer or invitation to sell or issue securities for sale in any jurisdiction, including the United States. Distribution of the Presentation in or into any jurisdiction may be unlawful, is prohibited. This Presentation speaks as of 9 November 2023, and there may have been changes in matters which after the date of this Presentation. Neither of this Presentation shall under any circumstion that the information contained herein is correct as of any time subsequent to the date hereof or the affairs of the Company have not since changed, and the Company does not assume any obligation, to update or correct any information in this Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo City Court as exclusive venue. By receiving this Presentation, you accept to be bound by the terms above.

Key highlights

· Strong growth in revenues and profitability yearover-year
· Record high activity for Mobile Pipeline
· Strategic review of Hexagon Ragasco initiated
Significant orders announced since end Q2:
- Hexagon Agility: NOK ~1.1 billion
- Hexagon Ragasco: EUR 20 million

Driving Energy Transformation

In the first three quarters of 2023, our solutions enabled the avoidance of

metric tons of CO2 equivalents

1,034,900

Equal to 250,000 petroleum cars off the road for one year

Q3 2023 Key financials

5 *) Excluding NOK 12 million of costs releated to Hexagon Ragasco strategic review

Mobile Pipeline

Mobile Pipeline revenue development USDm

Customer segmentation development and key comments

Strategic shift towards RNG
Substantial opportunities in other key markets
- Europe, Latin America and Middle East

*Includes oil & gas customers.

Next generation natural gas engine (X15N) expected to be launched mid-2024

• First OEMs expected to open order books in January 2024 - deliveries from Q3 2024

Certification of X15N expected mid 2024 with production commencing in 2H 2024
25 field test units including Hexagon Agility customers UPS and Matheson

US heavy-duty truck addressable market for natural gas solutions (# trucks sold per year)

2020-24 capacity investment program in Hexagon Agility allows for growth well above 2025 target

USD ~55m aggregated capacity investments

~200% increase in Truck and Bus cylinder capacity

~35% increase in Mobile Pipeline cylinder capacity

Capacity expansion in Salisbury

Footprint allows 4 additional lines at attractive incremental cost if / when required

2 new production lines

Hexagon Ragasco continues expanding customer base

Five-year distribution agreement with Gasco in Saudi-Arabia

· Five-year contract (2023-2028)
- · Deliveries starting in Q1 2024
Total value around EUR 20 million

New customers acquired 2022-2023 YTD

Hexagon Digital Wave - smart growth

Modal Acoustic Emissions

Composite cylinder testing and requalification services (Type 4)

Ultrasonic Examination

Metallic cylinder testing machines, software subscription and services (Type 1)

Smart Systems

Automation, optimization, telemetry and monitoring solutions

Hexagon Purus Continued revenue growth, strong order book

Last 12 months revenue is up 56% YoY

Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23

Highlights

· Strong momentum for hydrogen infrastructure solutions
· Inaugurated new hydrogen cylinder production hub in Kassel, Germany
· Strong order backlog with firm purchase orders of approximately NOK 1.1 billion
Frame agreements supporting 2025 target of NOK 4-5bn revenue and EBITDA break-even

Financials

Financial highlights | Q3 2023 Hexagon Group

costs

· 16% revenue growth driven by continued growth in Hexagon Agility
Significantly improved margins in Hexagon Agility
· Close to doubling year-over year EBITDA
- Includes NOK 12 million of costs related to strategic review of Hexagon Ragasco

Hexagon Agility | Q3 2023

· 19% revenue growth
Record Mobile Pipeline & strong -sales to Hexagon Purus
Solid Refuse Truck & Transit bus volumes
Lower y-o-y Heavy-Duty Truck; however improved q-o-q

· Recovering margins

Effects of higher pricing realized through P&L
Stable but high carbon fiber input cost

Diversified revenue streams supporting critical infrastructure and decarbonization targets

Hexagon Agility EBITDA margin progression

Quarterly EBITDA and Margin

Pricing effects are mitigating cost inflation

Short-term, margins can improve further with volume

Medium-term, margins will improve further with sustainable productivity gains and scale from new 15L natural gas engine launch

Hexagon Ragasco | Q3 2023

· Seasonally low revenues

Weak volumes in Europe
Strong growth in Middle-East and African volumes

• Profitability:

— Margins impacted mainly by lower volumes

Resilient business with growing global customer base

Hexagon Digital Wave | Q3 2023

· 3x growth in services (MAE) business 1
Lower machine sales in product (UE) business¹; timing related
Investment in operational capacity weigh on margins

Modal Acoustic Emission (MAE) technology is core to Hexagon's product differentiation strategy and certified pre-owned program

Hexagon Group leverage

As at Q3, Hexagon Group has NOK 711 million in available liquidity
- Total NIBD of NOK 986 million
- NIBD/EBITDA leverage of 2.2x

Qutlook

Hexagon Group 2023 outlook

Solid backlog and focus on operational output to deliver on rest of year

Mobile Pipeline Strong RNG driven growth with healthy backlog for 2024

Transit & Refuse Resilient volumes

Heavy-Duty Truck Q4 order book healthy with backlog extending into 2024; US OEM strike activity may delay small portion of revenues into 2024

LPG cylinders

Seasonally lower H2 2023; expect some pick up in Q4 vs Q3 2023 but weaker LPG cylinder than Q4 2022 primarily due to order postponements

Cylinder testing and inspection technologies Continued growth of Ultrasonic Examination products and Modal Acoustic Emission trailer requalification services expected

Revenue

Solid Group topline expected for Q4

EBITDA

Expecting 2023 full year margin at similar level as YTD

Key takeaways

Strong top-line growth

Margin improvement through 2023

Hexagon Purus equity accounted for from Q3 2023

2025 Targets Hexagon Group

Revenue: >NOK 6bn EBITDA margin: ~15%

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Investor relations information

Hexagon proforma financial highlights (1/3)

· Hexagon (excl. Hexagon Purus) provides clean solutions with strong ESG benefits

Hexagon Agility**: (renewable) natural gas clean mobility solutions
· Hexagon Ragasco: Portable LPG cylinders for household and leisure applications
· Digital Wave: smart technology for monitoring and testing of cylinder systems and creating circular economy by extending life expectancy

Hexagon Purus*

· Hexagon Purus provides clean and sustainable fuel solutions for battery electric and hydrogen vehicles

"2020 preliminary unaudied pro-formations; 2021 segment reported and is after central/corporate and eliminations within the segments

* peviously refered to a g-mobility and be consistent with other reported segments and alled of CNG DV business to Heagon Agility of CNC LDV by M.L.2

Segment proforma financial highlights (2/3)

· Hexagon Agility provides (renewable) natural gas clean mobility solutions for Heavy and Medium Duty Vehicles, Mobile Pipeline, and Light-Duty Vehicles
· Global leading provider within markets including Heavy-Duty/ Medium-Duty Trucks, Refuse Truck, Transit Bus, Gas Transportation, Mobile Refueling units and Passenger cars

Hexagon Agility split (after eliminations)* NOKm

Previously of ened to as g-mobility and being rebrants and aread of transfering generional responsibility of CNG LDV business to feargon Aglib (1.1.22) 2020: preliminary unaudited pro-forma figures after adjusting for reorganizations; 2021 segment reported

27 1) Corrected compared to previous quarters due to reclassifications.

Segment proforma financial highlights (3/3)

World leading provider of LPG composite cylinders
· Delivered over 20 million cylinders worldwide
· Strategic agenda include loT and digitalization providing connectivity and driving value chain transformation

Hexagon Digital Wave

· Proprietary safety technology Modal Acoustic Emission (MAE) technology for testing and certifying cylinders
Strategic agenda include cylinder digitalization with real-timing monitoring, testing and certification, creating a circular economy through enabling life extension

Group cash Q3 2023

Hexagon Group Balance sheet | Q3 2023 vs Q2 2023

Balance sheet strengthened through debt reduction in the quarter

AI Terminal

Hexagon Composites

3619_rns_2023-11-09_e9b12fec-d88d-466d-8439-cf877773e413.pdf