Q3 2024

Knut Flakk, Chair of the Board David Bandele, CFO

7 November 2024

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 7 November 2024, and there may have been changes in matters which affect 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 that 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.

Our Vision Clean Air Everywhere

Our Purpose Driving Energy Transformation

Our Values Integrity and Drive

Contributing to the green energy transition

The solutions we have supplied this year have enabled the avoidance of

1 million

metric tons of CO2 equivalents

Equal to removing ~238,000 petroleum cars off the road for one year

Hexagon Composites delivered record high EBITDA in Q3 driven by strong revenues and high operational efficiency

Key highlights Strong commercial momentum combined with solid operational performance

High activity in RNG fuel systems with a number of new adopters

Solid improvements in operational performance

Hexagon Purus fully funded

Hexagon Agility High activity in RNG fuel systems, with a number of new adopters

Significant order of USD 18 million for RNG fuel system from major US refuse collection company
· Recent wave of orders from over 30 different leading Class 8 fleets testing the X15N engine. 40% are new adopters of RNG.

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Hexagon Purus Successfully raised NOK 1 billion - fully funding the company

Hexagon Purus is delivering remarkable growth, expects revenue growth of 50% year-over-year for 2024.
The capital raise enables Hexagon Purus to execute on their growth plan past the point of cash flow break-even.

Q3 2024 Financials

· Strong revenues and record EBITDA
Delivered 15% EBITDA margin
NOK 300 million capital raise

Q3 2024 Financial highlights Record-high EBITDA from expected margin improvement

EBITDA

NOKm

Revenue NOKm

· Strong revenues of NOK 1.25 billion and record EBITDA of NOK 184 million
· High activity in Hexagon Agility's Truck and Mobile Pipeline businesses
· Substantial margin increase to 15%
Leverage at 1.1x

Hexagon Agility Higher Truck volumes and solid Mobile Pipeline drives profitability

37% pick-up in heavy-duty Truck sales vs. Q2'24
Continued strong performance in Mobile Pipeline

Hexagon Agility Significant quoting activity with fleets for X15N natural gas engine

Hexagon Agility Quoting and technical validation of X15N leading to orders as expected

Experienced CNG/RNG fleets

V ROI

√ Fueling strategy
V Performance
√ Driver acceptance
✓ Maintenance

New adopters

V ROI
ク Fueling strategy
Performance
? Driver acceptance
Maintenance

✓ Fueling strategy
V Performance
✓ Driver acceptance
✓ Maintenance

Hexagon Digital Wave Continued high activity in MAE Mobile Pipeline trailer testing

Revenue NOKm

Increased revenues by 11%
· Break-even due to continued growth opex year-over-year

Hexagon Group 2024 Financial outlook EBITDA guidance increased to over NOK 560 million

Mobile Pipeline Stable at high volumes for rest of year

Transit & Refuse truck Lumpy Transit, steady Refuse truck

Truck

Strong volumes expected for rest of year including demand for the new X15N engine

Cylinder testing and inspection technologies Strong Q4 expected to improve profitability for the year

Hexagon Agility Strong growth in the availability of renewable natural gas

Renewable natural gas (RNG) Million gasoline gallon equivalent

The use of RNG as a transportation fuel has increased by 92% over the last five years

Hexagon Agility The number of RNG facilities in North America are expected to double by 2030

Hexagon Agility The remote locations of RNG facilities are driving demand for Mobile Pipeline solutions

~35% of facilities are in rural areas without pipeline access

Hexagon Agility RNG recognized as the fast-track to decarbonization

RNG to displace diesel RNG Seen as Near-Term Answer to Trucking's Emission Hurdles Saia, UPS Leaders Among Those Touting the Fuel's LTERNATIVE POWER Financial, Environmental Benefits Renewable natural gas best diesel replacement, experts say Jay Traugott r/Getty Images art 'betting big' on Cummins new X15N natural T TNews in your inbox ] of carbon-negative Oct. 13, a pan and what it will take to ural gas (RNG) is not only on to dramatically reducing green portation industry, a panel of indust tendees today at the American Truckin ncerning cleaner fuel rence in Nashville, Tennessee

The lowest carbon intensity of any clean fuel

Average Carbon Intensity Score CO2 Equivalent

RNG is available today

79% of on-road fuel used in US natural gas vehicles was RNG (2023)

Hexagon Agility The X15N engine enables natural gas to go head-to-head with diesel

Matches diesel on power and range >

10% fuel economy improvement >
Compliant to CARB and EPA

On the market in Asia for more than two years V

Hexagon Agility Our addressable market for fuel systems is tripling

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

Hexagon Agility Significant growth in heavy-duty natural gas trucks

Market drivers are getting stronger

세

✓ Strong growth in RNG availability
✓ Favorable total cost of ownership
Supportive regulations

Market barriers are easing

Accelerated growth of natural gas trucks

by 2030

✓ X15N matches diesel power and range

√ Technology ready-to-deploy at scale
√ Increased operational experience
✔ Well established infrastructure

Key takeaways

High demand for our Truck and Mobile Pipeline applications

Strong profitability from higher volumes and improved operational performance

In pole position to capture significant growth from the renewable natural gas market

Clean air everywhere

Appendix

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Investor relations information

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Hexagon proforma financial highlights (1/4)

Hexagon Group as reported (incl. Ragasco)

Hexagon Group continuing operations (excl. Ragasco)1

· Hexagon Group (continuing operations) provides clean solutions with strong ESG benefits
- Hexagon Agility: (renewable) natural gas fuel systems for commercial vehicles and gas distribution solutions
- Digital Wave: smart technology for monitoring and testing circular economy by extending life expectancy

() Heagon Ragaco was sold o Worthington Energring and comparablit) purposes been presented as discontinued operations Hitorical financial for the Group have been te presented continuing operations only Continuing operating segments Hexagon Agility and Heragon Digital Wave in addition to Corporate overhead finctions.

Hexagon proforma financial highlights (2/4)

· 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 revenue split (after eliminations)

Fuel systems commercial vehicles (medium and heavy-duty vehicles)

Mobile Pipeline¹