Hexagon Composites — Investor Presentation 2025

May 15, 2025

Q1 2025

Philipp Schramm, CEO David Bandele, CFO

15 May 2025

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 prohibted. This Presentation speaks as of 5 May 2025, 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.

Company update Q1 2025

3

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(Tim

Challenging start of the year, however, natural gas is the best alternative to diesel

Broader economic uncertainty and limited visibility

Natural gas offers economic, environmental and health benefits over diesel

Natural gas is gaining momentum

Q1 2025 Delivered steady performance, despite headwinds, in a seasonally slow quarter

Revenue

NOK 912 million

EBITDA NOK 44 million

EBITDA margin

• · US truck market down 8%, YoY¹
• · Our Fuel systems segment up 64% YoY due to momentum in refuse sector

B	0010

• · Impacted by current uncertainty
• Delays in capital investments
• · Slowdown in RNG projects

Taking actions – adapting to the current market dynamics

Reduced workforce by 6%

Proactively managing supply chains - limited impact on own value chain

Positioning for further growth and expansion

Financials | Q1 2025

· Higher Truck sales in a seasonally slow quarter

01757
450000

25 vered by 11 Over 90% CO reduction

• · Softer Mobile Pipeline market
• · Cost savings measures implemented to mitigate effects of headwinds
• · Liquidity reserve of NOK 1.1 billion

Q1 2025 | Hexagon Group Steady performance in challenging market

• · Soft market in Mobile Pipeline due to customers pausing capex investments
• · Improved revenues year-over-year for Fuel Systems
• · In refuse, first major orders from a single customer covering all core businesses

Q1 2025 | Hexagon Agility Improved revenue in fuel systems with product mix impacting profitability

• · Major revenue drivers
  • Refuse up 68%
  • Heavy-duty truck up 36%
  • •

• Reduced profitability

• Negative mix effect from expected softer Mobile Pipeline market

Q1 2025 | Hexagon Digital Wave As expected, reduction in cyclical requalification testing

Revenue NOKm

EBITDA

NOKm / % margin

• · Reduced activity in MAE due to the fiveyear cycle on requalification
• Soft performance due to lower volumes also in UE
• Entered exclusive long-term agreement with Certarus

Guidance 2025

Guidance paused for 2025 - Results will depend on customers willingness to spend in the current climate

Delays in capital goods purchasing due to increased macro uncertainty

EU cylinder sales to Hexagon Purus impacted due to lower hydrogen related demand

US Fuel Systems revenue impacted by delayed fleet spend within Truck market

Weak US Mobile Pipeline outlook from general delays in spend, and uncertainty towards oil price development

Q1 2025 Backlog and reported revenue NOK 1.9 billion

Financial resilience to navigate 2025 headwinds

Market drivers point to recovery

Natural gas stole the show at ACT Expo

market Historically low truck sales, fleets will need to replace aging trucks

Not "if", but "when"

Oil & Gas will recover

Oil & Gas activity will stabilize

· RNG will continue growing, fasttrack to decarbonization

We enable the full value chain of natural gas, and are in pole position to capture growth

With our technologies, we enable our customers to adopt...

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Appendix

Investor relations information

Investor relations contact David Bandele Chief Financial Officer Email: david.bandele@hexagongroup.com Phone: +47 920 91 483

Hexagon Group leverage

NIBD / EBITDA LTM

Comments

• Following weaker operating performance, Leverage has increased slightly to 1.9x
• Available liquidity of NOK 1.1 billion as at end of quarter

23

NIBD: Net interest bearing debt

Hexagon financial development (1/3)

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

1) Heragon Ragascovas sold to Worthington Enterprises on 3 June 2017 perposes been presented as cliscontinued operations. Historical for the Group have been re-presented to show continuing operations refer to the operating segments Heragon Digital Wave in addition to Corporate overhead functions.

Hexagon financial development (2/3)

• Hexagon Agility offer a wide range of clean and renewable natural gas solutions for commercial vehicles and gaseous energy distribution
• Global leading provider within markets including Heavy-Duty/ Medium-Duty Trucks, Refuse Truck, Transit Bus, Gas Transportation and Mobile Refueling units

Hexagon revenue split (after eliminations)

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

Hexagon financial development (3/3)

Q1 '22 Q2 '22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25

• · 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

Clean air everywhere