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Philipp Schramm, CEO David Bandele, CFO 6 November 2025 Q3 2025
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Disclaimer and important notice This company presentation (the “Presentation”) has been prepared by Hexagon Composites ASA (“Hexagon” or the “Company”). The Presentation has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated market place. The Company makes no representation or warranty (whether express or implied) as to the correctness or completeness of the information contained herein, and neither the Company nor any of its subsidiaries, directors, employees or advisors assume any liability connected to the Presentation and/or the statements set out herein. This presentation is not and does not purport to be complete in any way. The information included in this Presentation may contain certain forward- looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors 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 subsidiary undertakings or any such person’s affiliates, officers or employees provides any assurance that the assumptions underlying such forward-looking 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 forecasted developments. The Company and its advisors assume no obligation to update any forward-looking statements or to conform these forward-looking statements to the Company’s actual results. Investors are advised, however, to inform themselves about any further public disclosures made by the Company, such as filings made with the Oslo Stock Exchange or press releases. This Presentation has been prepared for information purposes only. This Presentation does not constitute any solicitation for any offer to purchase or subscribe any securities 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 where such distribution may be unlawful, is prohibited. This Presentation speaks as of 6 November 2025, and there may have been changes in matters which affect the Company subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication 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 intend, and does not assume any obligation, to update or correct any information included in this Presentation. 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. 2
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Company update Q3 2025
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4 Current macro environment continues to weigh on our business – significantly affecting our volumes and profitability Cyclical downturn combined with unprecedented macro environment Perfect storm Weak Q3 results Raised 590 million in equity and launched Group-wide cost savings program Cost and cash discipline Accelerating the adoption of natural gas Revenue NOK 538 million EBITDA NOK –54 million Executing on strategic steps
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5 Our resilient business segments provide stable cash flows through the cycle, while rebound in cyclical segments represent major upside Resilient – lower macro sensitivity Cyclical – higher macro sensitivity Refuse & TransitAftermarket Stable demand tied to public-sector backed critical services Recurring service & parts revenues from installed base Truck Lower freight demand and selective fleet replacement amid macro uncertainty Mobile Pipeline Impacted by lower shale activity, RNG credit prices and high cost of capital 49% Revenue share, LTM Q3’25 Fuel systems segment Mobile Pipeline segment Aftermarket segment Revenue share, LTM Q3’25 51% Note: RNG = Renewable Natural Gas
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6 Operating in a challenging environment Mobile Pipeline1 Trucks3 Macro factors impacting industry sentiment Implications for Hexagon Strong focus on asset utilization in a capital intensive industry, slowing down demand for new Mobile Pipeline trailers Fleets more reluctant to adopt new technology and incur higher upfront capex despite positive total cost of ownership of CNG 1) Defined as market accessible with Hexagon’s Type 4 solutions today, Hexagon estimates 2) Commercial breakthrough for Hexagon in Middle East in 2023 (Manaseer Oil ) and 2025 (Watani) 3) ACT Research October 2025
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7 Delivering on cost and cash optimization program announced in September Targets announced in Sep 2025 Current status • ~20% reduction in headcount already executed • Personnel cost reduction Q3’25 annualized vs 2024: NOK ~190 million, with NOK ~70 million reflecting structural3 annualized run-rate improvements. Further improvements expected in the coming quarters. • Investments in 2025, well below 2024 levels. In 2026 maximum capex target of NOK ~80 million • Inventory optimization initiatives and payment improvements underway. Expecting NOK 150-200 1 million reduction in the first half of 20262 • No new non-core projects planned; disciplined capital allocation focused on profitability and payback. Positive momentum and visible progress – further effects building through 2026 All numbers and targets exclude SES Composites 1) Compared to 2024A. Represents ~50m of direct and ~100m of indirect and SG&A 2) Dependent upon sales consumption of inventory 3) Excl. FX effects, bonuses, severance and other one-off items
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8 Strategic steps to accelerate the adoption of natural gas trucks and diversify our customer base The industry’s first independent leasing company dedicated to alternative fuels Launched own demo truck program Available across US & Canada, with high interest from fleets Completed the transaction of SES Composites Strengthening our position in the European transit bus segment
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Financials Q3 2025 9
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10 Q3'25Q3'24 1 250 538 -57% EBITDA NOKm Q3'25Q3'24 Q3'25 before severances 184 -45 -54 15% -10% -238 Revenue NOKm Q3 2025 | Hexagon Group Uncertainty has driven prolonged reduction in customer spending • Weaker volumes across all segments, especially in Mobile Pipeline • Group-wise cost savings program underway to mitigate effects, and secure profitability at lower levels • Balance sheet strengthened by NOK 590 million capital raise, with amended Bank Agreement
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11 Q3'25Q3'24 635 372 Revenue NOKm EBITDA NOKm / % margin Q3 2025 | Fuel Systems Lower Truck volumes contributed to negative results Q3'25Q3'24 102 -4 16% -1% -106 • Lower Truck volumes compared to a high Q3’ 2024, bolstered by large UPS order • Refuse volumes continued y.o.y. growth, with slightly lower volumes than a record Q2 ‘25 • Transit bus volumes remained steady, with deliveries to large order from Dallas • Break-even point lowered by initial cost savings, with further measures underway to drive profitability at these volume levels
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12 Q3'25Q3'24 520 93 -427 Revenue NOKm EBITDA NOKm / % margin Q3 2025 | Mobile Pipeline Limited willingness to spend in current climate Q3'25Q3'24 87 -49 17% -136 Customers utilizing existing assets in North America, lower shale gas activity and falling LCFS and RIN credits impacting RNG sector Mobile Pipeline, outside of North America, delivered results on par with Q2 -52%
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13 Q3 2025 | Aftermarket Delivered solid revenue with service mix impacting profitability Q3'25Q3'24 106 97 67 39 79 18 -8% Q3'25Q3'24 15 714% 8% -8 Revenue NOKm EBITDA NOKm / % margin Hexagon Digital Wave Hexagon Agility FleetCare • Parts & services delivered solid volumes across FleetCare and Hexagon Digital Wave • Unfavorable mix of internal services and one-off charges reduced profitability • Cyclically low MAE cylinder inspection and testing activity this year, close to break-even EBITDA level achieved • Stable performance delivered profitability, despite headwinds
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14 Accelerating actions to navigate headwinds Preserving liquidity through and beyond 2026 Lowering the break-even point through significant cost reductions Increasing measures to accelerate the adoption on natural gas vehicles 1 2 3
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15 Strengthening the balance sheet Covenants Requirements Leverage (NIBD/EBITDA) • Q3’26: <4.2x LTM EBITDA • 2027: < 3.0x Minimum liquidity NOK > 200 million Equity ratio > 30% • Raised NOK ~ 590 million in September • Refinanced debt facilities to NOK 2 billion whereof NOK 1.6 billion available without leverage restrictions • NOK 1.6bn freely accessible • NOK 0.4bn accessible if leverage <2x • Covenant suspension through Q2’26
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16 P&L Balance sheet Measures NOK million Working capital 150-200 Capex 50-80 Interest costs 20-30 Balance sheet impact 220- 310 Measures NOK million Current cost savings 80-130 Potential cash improvement 300 - 440 Effect of savings Impact ranges on cashflow and profitability1 • Expect to reduce NIBD level over the next four quarters • Dependent on sales and volume mix developments • Laser focused to hit covenant target at Q3’26 Resilient liquidity while leverage highly sensitive to EBITDA levels 1) Excluding additional cash generation from sales
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Outlook
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18 Expecting a stable finish to 2025, with limited visibility into 2026 Delivering on current backlog Entering 2026 Disciplined execution amid uncertainty • Quarter over quarter uptick, supported by short term backlog • Higher volumes and increasing effect of cost savings program supporting improved margins • Focus on backlog execution and continued efficiency measures including cost optimization initiatives • Limited backlog visibility for cyclical segments entering the year • Aftermarket and public-service segments continue to provide base load of relatively stable cash flow • Continued focus on cost optimization and working capital management Sound liquidity and operational discipline through uncertainty Q4 2025
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19 Despite headwinds, our long-term growth ambitions remain firmly intact US Class 8 Truck market at a cyclical low with aging fleet Natural gas is cost- effective and offers economic payback over diesel X15N delivers diesel like performance Industry ambition of 8-10% growth from current volumes Broadening and diversifying geographic exposure and product offering STRATEGIC PRIORITIES Driving the adoption of natural gas vehicles KEY DRIVERS
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20 Navigating current headwinds to position for long-term growth Weathering the storm Reducing cost base to improve EBITDA and secure liquidity moving into 2026 Positioning for the next cycle Driving adoption & exploring diversification opportunities Not if, but when Confident in the long-term growth of Hexagon
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21 Q&A
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22 Appendix
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Investor relations information NOK ~2.2 bn 1 based on share price as of market close on 5 November 2025. Q4 2025 12 February 2026 Ticker symbol: HEX ISIN: NO0003067902 Exchange: Oslo Børs Market capitalization Exchange David Bandele Chief Financial Officer Email: david.bandele@hexagongroup.com Phone: +47 920 91 483 Investor relations contact ABG Danske Bank DNB Carnegie For details, please visit our website Equity analyst coverageFinancial calendar 2025 Shareholders Investor baseMarket cap 23 ₁ ~ 35% International ownership ~10,300 Pareto SEB Sparebank 1
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24 Q3 2025 | Hexagon Group Updated segment reporting structure Mobile Pipeline Essential for gas supply chains and distribution Fuel Systems Aftermarket Alternative fuel systems for commercial vehicles Service, parts, install, and requalification, includes Hexagon Agility FleetCare and Hexagon Digital Wave
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CAPEX Closing balance cash EBITDA Available liquidity Invstmnt shares in Pioneer Leasing payments Free cash flow Change in cash before incr./decr. in debt Change in cash in the period Cash from operations Equiy raiseLoans to Cryoshelter Net interest payments Increase / decrease in debt Purus TRS margin calls Taxes paid / refunded Share based payments (non cash) Opening balance cash Change in NOWC, other WC and accrual items Unused credit facilities FX effect cash balance Other financial items -54 -18 -61 -189 -45 82 534 9 0 -43 -15 -18 -34 -36 -22 -1 563 -419 130 -2 452 27 -600 -400 -200 0 200 400 600 25 Hexagon Group | Cash flow Q3 2025 NOKm Free cash flow year-to-date weak and negative of NOK -61m due to negative EBITDA performance and CAPEX offset by some positive working capital effects. Including other financial cash flows as depicted above, cash development (before equity and debt financing) was negative by NOK -189m. Net proceeds from equity raise in September of NOK 563m used to repay drawings onthe RCF facilities and the overdraft facility. Unused credit facilities end of September 2025 was NOK 452m, resulting in NOK 534m in available liquidity as of period end when adding ending balance cash.
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CAPEXEBITDA Closing balance cash Unused credit facilities Other financial items Invstmnt shares in Pioneer Available liquidity Share buy-back Free cash flow Leasing payments Change in cash in the period Cash from operations Equiy raise Increase / decrease in debt Loans to Cryoshelter Change in NOWC, other WC and accrual items Earn-out payment Ragsco sale Taxes paid / refunded Net interest payments Purus TRS margin calls Share based payments (non cash) Opening balance cash FX effect cash balance Chng in cash before incr./decr. in debt 2 -160 -276 -604 -195 82 534 5 -24 -116 120 -15 -47 -137 -101 -70 -75 -2 563 -154 302 -25 452 -142 -800 -600 -400 -200 0 200 400 600 26 Hexagon Group | Cash flow YTD per September 2025 NOKm Free cash flow year-to-date weak and negative due to weak EBITDA performance in addition to higher working capital tie-up impacted by carbon fiber take or pay arrangement and some strategic build-to-inventory effects. Positive effect of earn-out from Ragasco sale of NOK 120m offset significant financial investments (NOK 15m equity investment in Pioneer, NOK 47m in loans to Cryoshelter, NOK 137m in margin on the total return swap (TRS) agreement re Purus), interest and lease payments of NOK 171m in total, and repurchase of shares of NOK 75m, resulting in a cash-burn of NOK 604m YTD. Cash burn in the period amounted to NOK 604m, financed by cap raise of NOK 563m (Sep 2025), increased drawings under the debt facilities of NOK 154m and a reduction in cash position of NOK 195m. Unused credit facilities end of September 2025 was NOK 452m, resultingin NOK 534m in available liquidity as of period end when adding ending balance cash.
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Compared to year-end 2024, the balance sheet is reduced due to negative profit after tax of NOK 1,044m, including share of losses and impairments of associates of NOK ~675m, in addition to significantly stronger NOK versus USD and EUR, causing assets and liabilities of subsidiaries to shrink when presented in NOK. 31 Dec 2024 30 Jun 2025 31 Mar 2025 30 Sept 2024 30 Sept 2025 7 284 7 077 5 605 5 518 5 240 82 1 368 1 770 1 108 491 1 252 779 517 1 443 1 926 1 009 253 1 192 951 302 1 325 1 797 310 247 1 158 618 151 1 261 1 722 452 194 1 205 554 130 1 230 1 702 349 233 1 199 445 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 27 Hexagon Group | Balance sheet Assets Equity and liabilities Cash Receivables and other current assets Inventories Other non-current assets Investment in associates Goodwill and intangibles PPE & RoU assets 31 Dec 2024 30 Jun 2025 31 Mar 2025 30 Sept 2024 30 Sept 2025 7 284 7 077 5 605 5 518 5 240 228 4 064 1 090 576 339 139 568 116 393 3 533 1 293 602 452 184 554 63 398 2 520 1 293 552 334 166 450 0291 2 415 1 560 528 270 158 353 2231 2 707 1 141 511 246 152255 0 Other current liabilities TRS liability Trade payables and contract liab. Other long-term liabilities Cross currency swap liability Lease liabilities Interest-bearing bank debt Equity Equity ratio -> NOKm 56 % 50 % 45 % 44 % 52 %
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Cash Net interest-bearing bank debtTotal interest-bearing bank debt 1 141 1 059-82 28 Hexagon Group leverage • Leverage is 4.1x, covenants suspended. • Liquidity reserve* of NOK 534 million at end of quarter *(Excluding NOK 400m Tranche 2 RCF requiring <2x leverage to draw) NOKm Q1 '23 PF Q3 '22 PF Q4 '22 PF Q2 '23 Group Q3 '23 Group Q4 '23 Group Q1 '24 Group Q2 '24 Group Q3 '24 Group Q4 '24 Group Q1 '25 Group Q2 '25 Group Q3 '25 Group 4,1x 3,9x 3,8x 3,0x 2,2x 2,0x 3,2x 1,6x 1,1x 1,5x 1,9x 2,9x 4,1x NIBD / EBITDA LTM NIBD: Net interest bearing debt
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