Q2 2024

Knut Flakk, Chair of the Board David Bandele, CFO

15 August 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 juristibution may be unlawful, is prohibited. This Presentation speaks as of 15 August 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

In the first half of 2024, our solutions enabled the avoidance of

537,790

metric tons of CO2 equivalents

Equal to removing ~120,000 petroleum cars off the road for one year

Hexagon's near-term and net-zero greenhouse gas emissions reductions targets were validated in July 2024.

DRIVING AMBITIOUS CORPORATE CLIMATE ACTION

Key highlights Q2 was a solid quarter with significant margin growth, and we are on track to meet our 2024 targets¹

Hexagon Agility received significant new orders

Key highlights Hexagon Agility receives USD 57.7 million order from UPS, a frontrunner in the X15N natural gas engine

· New order with estimated value USD 57.7 million (approx. NOK 620 million)
· Renewed master agreement for 3 years
· Confirms continued momentum for renewable natural gas, despite a soft North American freight market.

Key highlights Mobile Pipeline receives USD 12.8 million order from a global gas company - the largest single order to date for an industrial gas

· The order supports the diversification of Mobile Pipeline applications
· Delivered all-time high revenues in the first half of 2024

Revenue, 12M rolling

Key highlights Hexagon Purus launched the TERN® truck

Morten Holum CEO Hensgin Pulla

ZEROVA

HEXAGON®

The Tern RC-8 is a groundbreaking heavy-duty battery electric truck tailored for regional & city use in North America

Tern trucks will be available exclusively through Hino's dealer network and will leverage that network for aftermarket service & support

Initial launch of Tern Trucks with selected dealers in California on the back of current strong zero-emission demand

11 Picture credit: Hino Trucks

Key highlight Successful sale of Hexagon Ragasco to Worthington Enterprises

· We have developed Hexagon Ragasco to become the world leader in composite LPG cylinders with more than 22+ million cylinders sold to over 100 countries
The transaction enables Hexagon Ragasco to grow in new geographies and verticals
Substantially strengthens Hexagon's balance sheet and positions the Group for strong growth in high pressure systems

Q2 2024 Financials

Higher heavy-duty Truck volumes
· Accelerated margin increase
Strengthened balance sheet o

Successful transactions in the second quarter

Hexagon Ragasco to Worthington Enterprises

Agreement completed on 3 June
· Hexagon Ragasco sale at enterprise value of NOK 1 050m with earn-out component -50 million to +100 million
Net gain of NOK 677 million
· Hexagon Ragasco reclassified and presented as discontinued operations

Acquired 49% of Worthington Enterprises' Sustainable Energy Solutions business

· Agreement signed and closed on 29 May
· SES acquisition of 49% for NOK 114 million
· SES classified as an associated company accounted for by use of the equity method

Q2 2024 Financial Highlights

Accelerated margin recovery sets up stronger second-half of year

· Solid Group revenues of NOK ~1.15 billion
Record-high EBITDA of NOK 137 million excl. Hexagon Ragasco
Substantial margin increase to 12%
· · Net debt at 753 million, leverage reduced to 1.6x after sale of Hexagon Ragasco

Hexagon Agility Margin appreciation from strong Mobile Pipeline and uptick in Truck volume

EBITDA

· Strong Mobile Pipeline revenue and performance
· 2.6x pick-up in heavy-duty Truck sales vs. low Q1
Recovering Truck volumes driving further EBITDA margin gains

Revenue

Hexagon Agility Significant quoting activity with fleets for X15N Natural Gas engine powered trucks, with orders to follow

Hexagon Digital Wave High activity in MAE Mobile Pipeline trailer testing

Increased revenues by 13%
Pick up in UE machine volumes from low Q1
· Modest profit due to continued growth opex year-over-year

(2023:NOK 4.5bn )

(2023:NOK 366m )

Hexagon Group What is at the core of Hexagon's success?

2000

Making composites cost competitive

2024

Making alternative fuel systems cost competitive

》 To enable the green shift > To stay ahead of the competition

Strengthened portfolio, focused on high-pressure gas and alternative fuel solutions

Hexagon Agility The X15N engine unlocks the long-haul segment, tripling our addressable market for fuel systems

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

Hexagon Agility

Continued momentum for X15N natural gas engine and RNG

Cummins X15N engine with Hexagon Agility's high-capacity RNG fuel systems matches diesel on power, range and reliability
· Kenworth and Peterbilt confirmed production start of trucks with X15N in Q3 2024
· Heavy-duty fueling stations expansion, leading indicator of incoming powertrain demand

HEXACION

Number of vehicles per 2023. Source: 2023 Sustainability reports WM, UPS and Amazon

Hexagon Agility The adoption of renewable natural gas is accelerating

· In 2023, 79% of on-road fuel used in natural gas vehicles was RNG, up from 69% the previous year.
· RNG has the lowest carbon intensity of any alternative fuel
· RNG is interchangeable with CNG and can decarbonize transportation, homes and industries.

Hexagon Agility Mobile Pipeline® is essential to renewable natural gas supply chains

Hexagon Agility Mobile Pipeline has pioneered the market and enabled high-pressure gas to be transported and used competitively without a fixed pipeline

The world's largest composite cylinders.

lighter compared to steel cylinders

Hexagon Agility Strong growth in the past years and the largest fleet of composite modules in operation

Selected customers

modules worldwide

2,000+

market share in North America

~60%

Hexagon Agility Stranded RNG will drive geographic market expansion of Mobile Pipeline®

Americas

Sustainability targets drive RNG production and demand
· · Decarbonization of energy intensive businesses
· Growing use of natural gas vehicles increases need for mobile refueling

Europe

Increased production of RNG due to environmental regulations and energy security

Asia / Middle East

Natural gas needed for domestic use. Lack of pipeline infrastructure, with several stranded gas sources

Hexagon Agility Increased capacity in Mobile Pipeline to meet future demand

Mobile Pipeline cylinder capacity

Key takeaways

Established market leader serving large and demanding blue-chip customers In pole position to capture significant growth from the renewable natural gas sector

On track to deliver on 2024 targets, adjusted for sale of Hexagon Ragasco

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JO O O O O O O O O O O O O O O O CHEXAGON

Appendix

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Investor relations information

Gain from sale of Hexagon Ragasco

* The Ecclow amount represents a contingent con-out component which has been recognized as a part of the baseline consideration
** Balance sheet adjustments represent net debt and working capital adjustments

** Transction colul in deal and egal and established in the base payments interners and bonus in mangement and employees of Hall million

Re-presentation of historical Group financials with Hexagon Ragasco as discontinued operations (example of 2023 re-presented below)

NOKm		2023 Hexagon Group as reported	hereof Hexagon Ragasco fully consolidated	"Hexagon ex Ragasco" before elims.	Reversal group elims. w/ Ragasco	Hexagon Ragasco presented net as discont. operations	2023 Hexagon Group re-presented
Continuing operations	Revenues	5 186	679	4 507	19		4 526
	EBITDA	480	114	366			366
	EBITDA margin	9%	17%	8%			8%
	EBIT	221	76	145			145
	EBIT-margin	4%	11%	3%			3%
	Profit/loss from associates	- 177	O	- 177			- 177
	Impairment loss on associates	- 702	O	- 702			- 702
	Net financial items	- 276	7	- 283			- 283
	Profit before tax	- 933	83 C	- 1 016			- 1 016
	Profit after tax	- 941	73	- 1 014			- 1 014
Discontinued operations	Profit after tax from discont. ops. - Purus	- 302	A = 1	- 302			- 302
	Profit after tax from discont. ops. - Ragasco					A 73 1	73
	Gain from deconsolidation - Purus	2 351		2 351			2 351
	Profit after tax from disc. operations	2 050		2 050			2 122
	Total profit after tax	1 109	73	1 036			1 109

2023 P&L from reported to re-presented

Hexagon Group leverage

NIBD / EBITDA LTM

Comments

Following the sale of Hexagon Ragasco, net-interest bearing bank debt is reduced to NOK 753 million as of Q2, compared to NOK 1 526 million end of Q1.
NIBD reduced to 1.6x during the quarter.
Available liquidity of NOK ~1.4 billion as at end of quarter

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) NOKm

Mobile Pipeline1

NOKm

Including revenues previously referred to as Cylinders/Other. Historical figures re-presented for comparability purposes.

Hexagon proforma financial highlights (3/4)

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

Hexagon proforma financial highlights (4/4)

Hexagon Ragasco (discontinued since 3 June 2024)V

Hexagon Purus (discontinued since 29 June 2023)²

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
· Sold to Worthington Enterprises on 3 June 2024 and presented as discontinued operations since.

1) Heragon Ragasco was sold to Worthington Enterprises for Q2 204 represent Apil and May 2024 only and is thus not comparable with previous quartes.