Hexagon Composites — Investor Presentation 2024

May 8, 2024

Knut Flakk, Chair of the Board David Bandele, CFO

8 May 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 per 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 8 May 2024, and there may have been changes in matters which affect the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any 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.

Our Vision Clean Air Everywhere

Our Purpose Driving Energy Transformation

Our Values Integrity and Drive

Driving Energy Transformation

In 2023, Hexagon's solutions avoided

1 506 030

metric tons of CO2 equivalent emissions

Our own carbon footprint:

metric tons of CO2 equivalent

Avoided

more greenhouse gas emissions than generated in our operations

Key highlights Q1 2024

Linktra® SmartCylinder

Nationwide launch in Norway by Hexagon Ragasco and Linde

X15N Natural Gas Engine

Two leading Truck OEMs announced start of production from Q3'24

Hexagon Agility Mobile Pipeline

Record deliveries and record results - solid order book

Hexagon Purus

Very strong revenue growth - on track to positive EBITDA in 2025

Hexagon Ragasco Milestone event: First order of 20,000 Linktra® cylinders received

• Available nationwide in Norway
• Optimizes logistic operations for distributors and availability for customers
• · Expected to drive the conversion from steel to composites in the LPG industry

Hexagon Agility Two Truck OEMs starting serial production with the X15N engine in Q3

520

NATURAL

Destination Zero"

IEXAGON

Hexagon Agility The X15N engine unlocks the long-haul segment

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

Hexagon Agility Mobile Pipeline delivering record results for 8th consecutive quarter

Mobile Pipeline¹ revenue development USDm

Inaugural PromiGas Peru delivery of Titan450 modules for natural gas transportation

• · Deliveries started in Q1 2024
• Total value ~ USD 9 million, largest single order in LATAM to date

Hexagon Agility Increased Mobile Pipeline capacity in North America coming on stream in September 2024

Upgrading cylinder capacity in Lincoln, NE, USA

• 40%' in Mobile Pipeline capacity

USD ~3 million capacity investments

Financials

man

I

1

Q1 2024 Financial Highlights Record high-revenues in Hexagon Agility's Mobile Pipeline business, offset by seasonally slow development in the fuel system business

77

7%

• · Group revenues of NOK ~1.1 billion
• · EBITDA of NOK 77 million, stable EBITDA margin at 7%
• Debt facilities renewed on 30 April with additional financial flexibility

Hexagon Agility Strong Mobile Pipeline revenue drove performance in the quarter

• · Record-high Mobile Pipeline revenue
• Seasonally slow Truck volumes
• EBITDA gains from Mobile Pipeline volumes offsetting 50% lower y-o-y Truck activity

Hexagon Agility OEM's adopting the X15N natural gas engine

Hexagon Agility Further moderate investment doubles revenue capacity* for Truck

Hexagon Ragasco | Q1 2024

• · European market de-stocking effects continue from prior quarter
• Lower efficiency from lower volumes

Hexagon Digital Wave | Q1 2024

• · Expected soft UE volumes following record prior quarter
• Strong momentum within MAE
• · Continued growth opex y-o-y

Hexagon Group 2024 financial outlook Truck sales expected to increase significantly in second half of year

Mobile Pipeline Strong growth with almost full backlog for 2024; Includes sales to Hexagon Purus

Transit & Refuse truck Lumpy Transit, steady Refuse truck

Truck

Increased order activity in Q2 over Q1 nearing the new X15N engine launch in Q3; market up-tick generally in second half 2024

LPG cylinders

Slow Q1 in Europe followed by strong Q2 with larger orders from Middle-east & Africa throughout rest of year.

Cylinder testing and inspection technologies Stronger Q2 and continued profitable growth thereafter

Revenue

2024 NOK ~5.5 bn*

• · Back-end loaded truck revenues
• · Revenue opportunity from increased Mobile Pipeline capacity within Q3
• •

EBITD A

· of year, in line with increased truck volumes

2024 NOK ~600m*

• Profitability on track for 2025 target of ~15%

HEX AGON

Hexagon Group From local player to global leader

Note: 2017 and 2018 include 50% of revenues from Agility Fuel Systems.

Hexagon Group Our core competitive advantages

Substantial track record in technology development dating all the way back to NASA space programs in the 1960s

Decades of automated serial production experience securing efficient operations and high, consistent quality

World's largest producer of composite cylinders

Hexagon Agility Nearly all commercial vehicles sold in the world still run on diesel...

Truck sales by drivetrain

Heavy-duty trucks represent

~25%

of global road emissions

Hexagon Agility Undisputed market leader in fuel systems for natural gas vehicles in North America

100,000+

vehicles on the road

market share

~70%

T616C

23

Hexagon Agility Natural gas-powered heavy-duty truck sales expected to grow substantially

Source: ACT, Hexagon Agility, Cummins

Hexagon Agility The adoption of natural gas solutions is set to accelerate

Market drivers ...while barriers are getting are stronger being removed

Hexagon Agili Customers committed to decarbonize

Selected key customers

DAIMLER

Hexagon Agility Strong growth in renewable natural gas availability

The use of RNG in transport

In 2023, 79% of on-road fuel used in natural gas vehicles was RNG

RNG has the lowest carbon intensity of any clean fuel.

450+ new RNG facilities are under construction or in development

Hexagon Agility Natural gas has lower and more stable fuel cost

CilliG

Price development 2021-2023

28

Hexagon Agility The infrastructure for natural gas vehicles is well established

~1500 CNG/RNG

filling stations accessible along major transportation corridors in the US

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 >

V On the market in Asia for more than two years

CARB: California Air Resources Board EPA: US Environmental Protection Agency

Key takeaways

Established market leader serving a broad blue-chip customer base

Well positioned to capture significant growth from the renewable natural gas sector

On track to deliver on 2025 targets

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

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Appendix

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Investor relations information

Hexagon proforma financial highlights (1/3)

Hexagon Group (continuing operations)

· Hexagon Group (continuing operations) 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 (discontinued operations)1

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

Segment proforma financial highlights (2/3)

Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q1'24

• · 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 revenue split (after eliminations) NOKm

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

Mobile Pipeline1

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

Cash flow Q1 2024

Non-operational events - 200m investment in Hexagon Purus ton margin calls on Hexagon Purus TRS of NOK 137m - impact liquidity in Q1 Renewed debt facilities on 30 April with an additional NOK 500m in capacity

** Financial investments relate convertible debt investment in Hexagon Purus of NOK 200m on 1 February, and loans to Cryoshelter

*** TRS margin call refers to collateral cash payment due to share price in Purus falling below margin thresholds

Hexagon Group leverage

• After Refinancing on April 30th, Hexagon Group has NOK 672 million in available liquidity