Hexagon Composites — Investor Presentation 2023

May 9, 2023

HEXAGON PURUS Q1 2023 Presentation :

9 MAY 2023 MORTEN HOLUM, CEO SALMAN ALAM, CFO

Disclaimer and important notice

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

The Presentation has not been eviewed or registed with and out of the schange or regulated market lace. The Company males no representation or waranty (whether express or completeness or completeness of the information contained herein, and neither he Company nor any of its subsidiaries, directors employees or advisors assume any libility connected to the statements set cut herein. This presentation is not and does not purport to be complete in any way.

The information included in this Presentation may contain cating to the business, francial performance and results of the Company and/or the industry in which it operates. Forward lobling statements concern fully and other statements that are not historical facts, sometimes identified by the words "believ", "predict", "intends", "plans", "aim", "foreses", "anticipates", "anticipates", "anticipates", "anticipates", "and similar explessions. The forward-looking this Pesentation, including assumptions, ppinions and views of the Company or cited from third party sources are solely opinions and forector isks, uncertainies and other factors that may cause actual events to differ materially from any anticipated development. None of the Company of their parent or subscitings or any such person's affiliates, officers or employees provides any assurance hat the assumptions underlying statements are from errors not does any of them accept any responsibility for the luxure acuracy 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 the enthe to the Company's atual results. Investors are advised, however, to inform themselves about any further public discosures made with the Oslo StockExhange or press releases. This Presentation has been prepared for information purposes only.

This Presentation does not constitute any offer to purchase or subscribe any securities and is not an offeror invitation to selection of color issue securites for sele in any jurisdicion, including the United States of the Presentation in or into any jurisdiction may be unlawlul, is pronibled. This Presentation speaks of 9 May 2023, and there may have sin matters which affect the Company subsequent to the deep the Presentation. Neither he issue no delivery of this Presentation shall under and inplication that the information contained heein is correct as of any time subsequent to the date hereof or that he affairs of the Company does not intend, and the Company does not assume any obligation to update or correct any information included in this Presentation is subject o Nontegian law, and any dispute arising in respect of this Presentation is subject to he exclusive jurisdiction of Norwegian courts with Oslo Court as exclusive venue. By receiving this Presentation you accept to be bound by the terms above.

Agenda

Q1 2023 Highlights

Key company highlights for Q1 2023

Continue to deliver on revenue growth, supported by strong order book

Strong momentum in hydrogen distribution drove revenue growth in Q1'23

• • Strong underlying revenue growth driven by increased sale of hydrogen distribution systems in the quarter.
  • A strong quarter for rail last year combined with lower activity for heavy-duty and transit bus in North America during the quarter resulted in a somewhat flat quarter for mobility applications.
  • Stable activity within industrial gas offset by a lower activity within aerospace.

Successfully raised total gross proceeds of NOK ~1,300 million and entered into a deeper strategic partnership with Mitsui

WHAT THE SUCCESSFUL TRANSACTION AND MITSUI STRATEGIC PARTNERSHIP ENABLES

SUMMARY OF THE TRANSACTION

• · On 1 March 2023, Purus successfully raised total gross proceeds of NOK ~1,300 million
• · The transaction comprised of (i) an equity private placement of NOK 500 million through issuance of 18 518 519 shares at a price of NOK 27.0 and (ii) a convertible bond private placement of NOK 800 million.
• · The convertible bonds is senior unsecured with a 5-year tenor, 6.0% fixed semi-annually interest payable in-kind with a conversion price of NOK 33.75
• Mitsui subscribed for, and was allocated, NOK 500 million in the convertible bond private placement

On 30 March 2023 Hexagon Purus successfully transferred from Euronext Growth Oslo to the main list of the Oslo Stock Exchange

0

Hexagon Purus

HPUR TICKER LAST TRADE TURNOVER MARKET VALUE (MNOK)

Hexagon Purus will produce and supply complete battery electric trucks to Hino Truck for the U.S market

Signed long-term agreement with Panasonic for battery cell supply

BATTERY CELLS IS A KEY COMPONENT OF PURUS' BATTERY SYSTEM

SUPPLY AGREEMENT WITH PANASONIC

• · Multi-year supply contract starting January 1, 2026.
• · Prepayment of USD ~43 million payable through 2025 subject to the achievement of certain milestones.
• · This prepayment will secure battery cell capacity for Hexagon Purus out of Panasonic's production facility in Kansas.

PANASONIC IS A PIONEER IN THE BEV MARKET

• · Panasonic has been a key enabler of the battery electric transition through long-term support of Tesla.
• Battery cells produced at the new facility in Kansas (U.S.) will be compliant with USMCA¹ and are also expected to benefit from the Inflation Reduction Act of 2022 incentives available for U.S. based producers of battery cells

Advanced Clean Truck and Advanced Clean Fleet regulations create demand certainty for zero emission trucks in the US

100% )

130.0

NUMBER OF CLASS 4-8 ZEV1 TRUCKS EXPECTED IN CARB STATES

Approximately 130k diesel trucks sold in CARB states2 in 2022, and the below graph conservatively assuming a flat sales growth going forward

ZEV truck sales ('000)

CARB3 ruling in brief

• CARB has introduced a requlation for truck manufacturers (Advanced Clean Truck standard), and more recently, a regulation for fleet owners (Advanced Clean Fleet standard4), aiming to reduce emissions and accelerate the adoption of ZEVs in California.
• The truck manufacturers and fleet owners are required to have an incrementally higher ZEV content when selling or operating a fleet of trucks in California from 2024 onwards.
• · In example, the Advanced Clean Truck standard entail:
  • Starting from the 2024 model year 9% of all class 4-8 trucks sold to be zero-emission, rising to 50% in 2030.
  • 100% of commercial trucks and vans sold to be zero emission by 2045.

Source: Company data, California Air Resources Board and NADA.org

Note: 1/ZE/ = Zeo Enission Velice, 214 chirdia adopt Calfornia's standards, collectively refered on "CAB states", 3) Calfornia Air Reources Board; 4) Aproved by CAB on 28 April 2023

Selected by New Flyer for the third consecutive year

THE VALUE WA

Welcome to cleaner, smarter mobility.

HEXAGON PURUS TO PROVIDE TYPE 4 HYDROGEN STORAGE CYLINDERS FOR NEW FLYER'S SERIALLY PRODUCED FUEL CELL TRANSIT BUS

Print Section of the contraction of the comments of the comments of the comments of the comments of the contraction of the comments of the contribution of the consisted to th

IN TOTAL, DELIVERED TO MORE THAN 80 FUEL CELL TRANSIT BUSES

FREEDERS

xcelsior CHARGE FC

CELL-ELECTRIC AND ZERO EMIS

Hexagon Purus has opened a new hydrogen cylinder manufacturing facility in Westminster, USA

• Hydrogen cylinder engineering and production facility
• The facility will primarily supply North American mobility and aerospace customers
• · Completed January 2023

SIZE 60,000 square foot facility

CAPACITY

Support annual production of up to 10,000 cylinders

PERSONNEL Up to 150 skilled

labour

Hexagon Purus has opened a new manufacturing facility for battery and hydrogen storage systems in Kelowna, Canada

• · Engineering and manufacturing facility for battery and hydrogen storage systems
• The facility will amongst other serve as a highly automated battery system production site for heavy-duty vehicles in North America
• · Completed April 2023, equipment installed in 2023-2024

SIZE 60,000 square foot facility

CAPACITY

Annual production of >1,000 battery systems for heavy-duty vehicles

Personnel

Up to 150 engineers and assembly technicians

. FINANCIALS

Profit & loss statement

PROFIT & LOSS (NOK 1,000)	Q1 2073	Q1 2072	FY 2022
Total revenue	243,977	159,047	963,925
Cost of materials	156,157	65,158	588,525
Payroll and social security expenses	139,426	94,630	443,496
Other operating expenses	60,405	92,070	337,408
Total operating expenses	355,989	251,858	1,369,430
EBIDA	(112,012)	(92,811)	(405,505)
Depreciation and amortization	27,801	22,064	95,089
EBIT	(139,813)	(114,875)	(500,594)
Profit/loss from investments in associates	(1,947)	(1,349)	51,888
Finance income	10,438	2,504	37,356
Finance costs	23,379	5,744	29,548
Profit/loss before tax	(154,702)	(119,464)	(440,898)
Tax expense	(550)	(1,023)	(9,380)
Profit/loss after tax	(154,151)	(118,441)	(431,518)
Ratios (% of total revenue)
Cost of materials	64%	41%	61%
Payroll and social security expenses	57%	59%	46%

25%

(46%)

58%

(58%)

35%

(42%)

• Revenues up 53% YoY in Q1 2023, mainly driven by hydrogen infrastructure applications such as hydrogen distribution and mobile refueling systems.
• Increase in total operating expenses comes from; (i) continued investments in organizational scale-up and; (ii) somewhat higher material costs due to inflationary pressure as well as product mix and higher proportion of pre-assembled third-party components for infrastructure applications.
• Depreciation increased mainly on the back of higher investments in property, plant and equipment as part of the ongoing capacity expansion programs.
• · Financial items impacted by FX movements.

EBITDA

Other operating expenses

Revenue split by end-use application

• · Hydrogen infrastructure applications accounted for majority of total revenues in Q1 2023.
• Sale to heavy-duty and transit bus applications accounted for about 75% of total revenues from mobility applications.
• Storage bundles for industrial gas applications makes up the majority of revenue from "other applications" in the quarter.

Balance sheet

• · The increase in the balance sheet during the quarter is mainly due to the NOK 1.3bn capital raise in early March, and weak NOK which has inflated EUR and USD balance sheet positions.
• Convertible bond of NOK 800m split in a debt and equity component according to IAS 32.
• · Cash position of NOK 1,366m and equity ratio of 60% at the end of the quarter.

Cash flow

• Increase in working capital driven by higher inventory but offset by increase in contract liabilities (i.e., pre-payments).
• · CAPEX in the quarter is largely attributed to investments related to the ongoing capacity expansion programs.
• Net cash flow from financing reflects the issuance of NOK 500m (gross) in new equity and NOK 800m (gross) in convertible bonds in March.

Quilook and Q&A.

Increased revenue visibility driven by recent major customer wins and recurring business with existing customers

SELECTION OF LONG-TERM COMMERCIAL AGREEMENTS TO BE EXECUTED IN THE COMING YEARS

SELECTION OF RECENT RECURRING CUSTOMERS

RECENT CUSTOMER WINS

Capacity expansion program on track with two facilities recently opened and three more to come in second half 2023

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

Full-year 2023 and 2025 targets

APPENDIX

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Biden-Harris Administration announces USD 750 million to advance clean hydrogen technologies

INFLATIONARY REDUCTION ACT
and the US Senate passes bill earmarking ~USD 370bn for climate and clean energy initiatives to reduce emissions and improve energy security
ENVEST IN LOWER ENERGY INCREASE ENERGY DECARBONIZE THE SUPPORT RURAL DISADVANTAGED SECURITY ECONOMY COMMUNITIES COSTS COMMUNITIES Energy Security and Climate Change Investments as part of the U.S on a patch to roughly 40% emissions reduction by 2000
WEST INC. HOWEN CONSUMER > SUPPORT INSTITUTION SUPPRY SECOL WEEKLY WE START PARKET INCOMMENTATION > FISCIE PHOTOS COMMUNITIES > > SISTE PHOTOS COMMENTIAL

ANNOUNCED 16 AUGUST 2023

HEXAGON

Contains \$500 billion in new spending and tax incentives that aim to boost clean energy, reduce healthcare costs, and increase tax revenues

Announced 24 September 2023

Launch of \$7.0 billion program to create regional clean hydrogen hubs for production, infrastructure and consumption

den-Harris Administration Announc 750 Million to Advance Clean Hydroge
Technologies

Announced 15 March 2023

Initial package of \$750 million for research, development, and demonstration efforts to dramatically reduce the cost of clean hydrogen

RECENT REGULATORY PUSH PROVIDES A STRONG PLATFORM FOR INVESTING IN U.S. BASED GREEN HYDROGEN PRODUCTION AND INFRASTRUCTURE

Source Financial Times, Senate Deniy and Cimate Charge Investments in the Inflation Act of 2022, Hyringen Central, U.S. Department of Enegy Note:1) First phase of a total \$1.5 bilion funding package as part of the law by President Biden on 15 November 2021

29

European Commission launches the Green Deal Industrial Plan for Europe

THE GREEN DEAL INDUSTRIAL PLAN

• · Speeding up the contribution of Europe's innovative clean tech industries to net-zero
• With the Green Deal Industrial Plan, the European Commission will promote the creation of more supportive environment for deploying the clean tech manufacturing capacity required to meet Europe's ambitious green targets

AN IMPORTANT PIECE IN EU'S OVERALL PLAN

KEY TARGETS ANNOUNCED MARCH 2023

| Net-zero technology manufacturing in the EU to | provide at least 40% of total demand for net-' zero technologies by 2030'

i Domestic capacity by 2030 of at least 10%, 40% | and 15% of the EU's annual consumption of | strategic raw materials2 for extraction, processing : ı and recycling, respectively.

| EUR 800m are dedicated to the first Hydrogen | Bank auction during the fall of 2023³

1ST FEBRUARY 2023

EU announced the outlined response to U.S. Inflation Reduction Act

The Green Deal

Be the first climate-neutral continent by 2050 by redirecting funding schemes towards net zero projects

MAIN OBJECTIVE

Preserve EU's competitiveness in the net zero technology sector and accelerate clean energy projects

Source: European Commission

30

Note: () Indudes () solar pover and solar themal (i) orshore wird power, (ii) bateris and energy storage, (ii) heat pumps and geothermal enegy, (y electrolyers and fiel cels, (i) sustanable biggal bione (ii) crided control (ii) grid econologies, 2) notudes (i) ithium, coathand incle and (ii) silicon 3) Set to cover a fixed green premium per kilo of hydrogen price between the cost of production and willingness of consumers o pay

Quarterly revenue and EBITDA development

Financial statements | P&L

Profit & Loss (NOK '000)	Q1 2023	Q1 2022	FY 2022
Revenue from contracts with customers	243,375	158,875	958,636
Rental income	307	172	1,255
Other operating income	295	O	4,034
Total revenue	243,977	159,047	963,925
Cost of materials	156,157	65,158	588,525
Payroll and social security expenses	139,426	94,630	443,496
Other operating expenses	60,405	92,070	337,408
Total operating expenses	355,989	251,858	1,369,430
EBITDA	(112,012)	(92,811)	(405,505)
Depreciation and impairment	27,801	22,064	95,089
EBIT	(139,813)	(114,875)	(500,594)
Profit/loss from investments in associates	(1,947)	(1,349)	51,888
Finance income	10,438	2,504	37,356
Finance costs	23,379	5,744	29,548
Profit/loss before tax	(154,702)	(119 464)	(440,898)
Tax	(550)	(1,023)	(9,380)
Profit/loss after tax	(154,151)	(118,441)	(431,518)

Financial statements | Balance sheet

Balance sheet (NOK '000)	31.03.2023	31.03.2022	31.12.2022	31.12.2021
Property, plant and equipment	621,919	304,225	494,990	267,705
Right-of-use assets	161,416	46,105	152,300	52,219
Intangible assets	858,319	737,304	802,654	752,294
Other current assets	122,014	11,137	116,059	9,500
Total non-current assets	1,763,669	1,098,771	1,566,003	1,081,718
Inventories	403,267	324,359	332,218	261,235
Trade receivables & contract assets	236,613	143,653	238,418	224,451
Other current assets	165,029	69,321	136,560	80,943
Cash and short-term deposits	1,366,383	889,859	381,705	453,398
Total current assets	2,171,292	1,427,192	1,088,901	1,020,027
Total assets	3,934,961	2,525,963	2,654,904	2,101,745
Issued capital and share premium	1,888,382	1,882,595	1,568,708	1,407,170
Other equity	478,517	(11,604)	118,913	8,228
Total equity	2,366,900	1,870,991	1,687,621	1,415,398
Interest-bearing loans and borrowings	549,501	38,571	39,358	42,126
Lease liabilities	134,207	27,139	132,479	31,794
Other non-current financial liabilities	1,705	38,730	41,228	118,233
Deferred tax liabilities	47,214	48,451	45,543	52,231
Total non-current liabilities	732,626	152,891	258,608	244,384
Trade and other payables (inc. contract liabilities)	519,588	353,985	468,504	313,236
Interest-bearing loans and borrowings	3,380	3,553	4,673	13,635
Lease liabilities, short term	30,404	20,357	22,230	21,285
Other current liabilities	282,063	124,185	213,268	93,807
Total current liabilities	835,434	502,080	708,675	441,963
Total liabilities	1,568,060	654,972	967,283	686,347
Total equity and liabilities	3,934,960	2,525,963	2,654,904	2,101,745

Financial statements | Cash flow

Cash flow (NOK '000)	Q1 2023	Q1 2022	FY 2022
Profit before tax	(154,702)	(119,464)	(440,898)
Depreciation, amortisation and impairment	27,801	22,064	95,089
Net interest expense	5,579	519	4,501
Changes in net working capital 17	(18,161)	58,424	70,318
Other adjustments to operating cash flows	20,207	(34,179)	(54,322)
Net cash flow from operating activities	(119,274)	(72,635)	(325,313)
Purchase of property, plant, and equipment, net of proceeds from sale	(95,106)	(49,488)	(240,030)
Purchase and development of intangible assets	(10,112)	(13,050)	(52,625)
Investments in associated companies	0	0	(41,481)
Loans to associated companies	(5,195)	0	(11,989)
Interest received	4,738	O	8,111
Net cash flow from investing activities	(105,675)	(62,538)	(338,014)
Net repayment (-) / proceeds (+) from interest bearing loans	775,616	(13,637)	(11,731)
Interest payments	(6,866)	(519)	(10,141)
Repayment of lease liabilities (incl. interests)	(9,606)	(6,042)	(26,127)
Net proceeds from share capital increase in parent company	474,154	593,866	593,866
Net proceeds from share capital increase in subsidiary	10,365	O	34,935
Net cash flow from financing activities	1,243,662	573,668	580,802
Net change in cash and cash equivalents	1,018,713	438,495	(82,524)
Net currency exchange differences on cash	(34,035)	(2,034)	10,832
Cash and cash equivalents beginning of period	381,706	453,398	453,398
Cash and cash equivalents end of period	1,366,383	889,859	381,706

Convertible bond | Summary of key terms

5-YEAR SENIOR UNSECURED CONVERTIBLE BOND

lssuer	Hexagon Purus ASA
Amount	NOK 800,000,000
Issue Date	March 2023
Maturity Date	March 2028'
Interest Rate	6.0% per annum
Interest Period	Semi-annual2
Conversion Price	NOK 33.75 per share3
Conversion Rights	Each bond (incl. PIK interest) shall entitle a bondholder to convert at the Conversion Price into new and/or existing shares at any time during the conversion period4
Call Option	The Issuer may redeem all but not only some of the outstanding bonds from and including 36 months after the Issue Date at a price equal to 112% of the nominal amount of each redeemed bond®

PURPOSE:

· All amounts from the issuance of the bonds shall be applied for general corporate purposes and towards the capital expenditure and working capital requirements of the group.

Warrant structure:

• · 100 million non-transferable warrants and 4.5 million additional warrants issued pro rata among the convertible bondholders.
• · The warrants provides a right to subscribe for (i) new shares in any future equity financing, limited to the relative pro rata share of the convertible bond, and (ii) additional shares limited to 3.0% of the number of shares allocated in any such equity financing.
• All warrants expire five years after the date of EGM6.

Note: 1) The bonds will nature in fill and shall be redents (10% of the knoun; 2) Fist interst pyrnent doe fals skir norths affer the ISVE (10) penium to the NOVE (10) 2010 o 35 price per share in the equily private place until he dae falling 5 business days not to the Maturiy Date, 9 Provided that the daily WAP on each of a least 30 consective trading on earler than the trading day provins the dated the Call Option notice, has exceeded 10% of the Conversion Price) (5 Mach 2023.

Investor relations information

Top 20 shareholders

#	SHAREHOLDER	NUMBER OF SHARES HELD	% OF SHARES OUTSTANDING
1	HEXAGON COMPOSITES ASA	189,300,496	68.4 %
2	CLEARSTREAM BANKING S.A.	28,419,602	10.3 %
3	MITSUI & CO LTD	5,204,029	1.9 %
ব	Deutsche Bank Aktiengesellschaft	4,532,551	1.6 %
5	MP PENSJON PK	3,956,485	1.4 %
e	Citibank Europe plc	3,208,592	1.2 %
7	The Bank of New York Mellon SA/NV	2,345,963	0.8 %
8	VERDIPAPIRFONDET STOREBRAND NORGE	1,822,098	0.7 %
9	Nordnet Bank AB	1,638,871	0.6 %
10	Morgan Stanley & Co. International	1,514,993	0.5 %
11	UBS Switzerland AG	1,449,243	0.5 %
12	BRØDR. BØCKMANN AS	1,363,120	0.5 %
13	The Bank of New York Mellon SA/NV	1,243,696	0.4 %
14	State Street Bank and Trust Comp	1,199,711	0.4 %
15	VERDIPAPIRFONDET DELPHI NORDIC	1,183,334	0.4 %
16	SIX SIS AG	866,160	0.3 %
17	KTF FINANS AS	756,950	0.3 %
18	VERDIPAPIRFONDET DNB GRØNT NORDEN	755,626	0.3 %
19	SKANDINAVISKA ENSKILDA BANKEN AB	710,747	0.3 %
20	J.P. MORGAN SECURITIES PLC	660,308	0.2 %
	Top 20 shareholders	252 132 575	91.1 %
	Other shareholders	24 664 881	8.9 %
	Total number of shares outstanding	276 797 456	100.0 %

MORTEN HOLUM

President & Chief Executive Officer E-MAIL: MORTEN.HOLUM@HEXAGONPURUS.COM DIRECT: +47 995 09 930

SALMAN ALAM

Chief Financial Officer E-MAIL: SALMAN.ALAM@HEXAGONPURUS.COM Direct: +47 476 12 713

MATHIAS MEIDELL

DIRECTOR, INVESTOR RELATIONS E-MAIL: MATHIAS.MEIDELL@HEXAGONPURUS.COM DIRECT: +47 909 82 242