Slides
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Philipp Schramm, CEO Eirik Løhre, CFO 12 February 2026 Q4 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 12 February 2026 , 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 Q4 2025
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4 Market softness continues to weigh on our business , with signs of gradual stabilization Market showing signs of gradual stabilization Limited willingness to invest in new technology EPA 2027 NOx emissions confirmed – incentivizing the shift towards CNG Macro economic uncertainty combined with low oil prices and low freight rates Key developments
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5 • Step - up in revenues from Q3’25 – Fuel Systems delivered its strongest quarter of the year • EBITDA of NOK 156 million including 119 million accounting gain and 13 million severance costs, leading to an adjusted EBITDA of NOK 49 million • Positive contribution from SES Composites , including 97 million top line, 4 million EBITDA Revenue ( NOKm ) EBITDA ( NOKm ) NOK 49m adjusted Sequential improvement in Q4 2025 Key developments
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6 Operating expenses • ~25% reduction in workforce • NOK 205m reduction in personnel and SG&A costs 1 (NOK 100m structural 2 ) • Additional effects building through 2026 Working capital Investment discipline • Reduction of working capital in Q4’25 • Expecting NOK 100 - 150 3 million in working capital reduction in 2026 Delivering cost savings and cash discipline • Limited capex in 2026, targeting NOK < 80 million • No new non - core cash investments planned All numbers exclude SES Composites 1) 2025 vs 2024. All SG&A costs plus direct and indirect personnel costs 2) Excl. FX effects, performance - based bonuses, severance expenses 3) Dependent upon sales consumption of inventory Key developments
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Commercial developments
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8 1) The Transport Project (2025) A ll - time high refuse demand in 2025 • Fuel Systems’ Refuse segment delivered record annual revenues of NOK ~800 million • 60% of new refuse vehicles on order in North America are now natural gas powered 1 • Strong circular - economy and cost advantages from self - produced waste - derived RNG Key developments
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9 Subsequent events Received significant order from leading Mexican truck operator • Valued at approx. NOK 110 million • Follows successful piloting of heavy - duty natural gas trucks over the last year • Transitioning and scaling its fleet of natural gas sleeper trucks
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10 Subsequent events Unlocking new opportunities through core capabilities • Inaugural order for cylinders for commercial aero space application valued at approx. USD 7 million • Produced at our facility in Lincoln , Nebraska • Evaluating future opportunities in adjacent verticals
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Financials Q4 2025 11
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12 Revenue ( NOKm ) EBITDA ( NOKm ) Financial highlights • Revenue of NOK 831m for the quarter and NOK 2 955m for the year o Softer demand, particularly in Mobile Pipeline, weighing on full year results vs. all - time high Q4 and FY 2024 o Seasonally strong Q4 with improved activity across most segments o NOK 97m contribution from SES Composites (acquired in October) • Adj. EBITDA was NOK 49m for the quarter and NOK 65m for the year, corresponding to 6% and 2% margin, respectively o Adjustments relate to non - cash accounting gain from the SES Composites acquisition 1 and severance expenses 2 o Profitability improved q/q driven by volume effects, underlying materials margin and cost initiatives o SES Composites delivered NOK 4m EBITDA in Q4; synergies expected to materialize through 2026 Q4 and full year 2025 results Group consolidated NOK 49m adjusted 1) Other income of NOK 119m in Q4 2) NOK 13m in Q4, NOK 10m in Q3 and NOK 27m in the year
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13 Revenue ( NOKm ) Q4 and full year 2025 results Fuel Systems EBITDA ( NOKm ) Financial highlights • Revenue of NOK 548m for the quarter and NOK 1 848m for the year o Seasonally strong quarter driven by higher truck volumes, despite continued freight market softness o Refuse market remained resilient, delivering record annual revenues of around NOK ~800m o NOK 97m contribution from SES Composites • EBITDA of NOK 61m for the quarter and NOK 82m for the year o Most profitable quarter of the year with margin of 11% o Higher volumes, favorable product mix, improved materials margin and cost savings impact driving improvement o NOK 4m contribution from SES Composites
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14 Revenue ( NOKm ) Q4 and full year 2025 results Mobile Pipeline EBITDA ( NOKm ) Financial highlights • Revenue of NOK 199m for the quarter and NOK 781m for the year o Soft market fundamentals and industry overcapacity continued to weigh on North American demand o Seasonal Q4 uplift versus Q3, albeit from subdued levels o EMEA delivered record revenues of NOK 100m in Q4, primarily driven by specific projects in the UK and the Middle East • EBITDA of NOK - 8m for the quarter and NOK - 44m for the year o Improvement driven by volume, however partly offset by price pressure in certain markets o Current activity levels remain below the structural break - even point
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15 Revenue ( NOKm ) Q4 and full year 2025 results Aftermarket EBITDA ( NOKm ) Financial highlights • Revenue of NOK 105m for the quarter and NOK 433m for the year o Modest q/q growth driven by higher service, testing and inspection activity o Softer industry sentiment versus 2024 led to lower install volumes, reduced discretionary fleet spend and extended service intervals o Lower MAE requalification activity as expected, weighing on volumes and margins in 2025 • EBITDA of NOK 12m for the quarter and NOK 28m for the year o Margin decrease vs. 2024 due to general price pressure and mix effects from lower testing & inspection activity o Profitability further eroded by non - recurring project work
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16 Q4 2025 results Cash flow development EBITDA to change in cash ( NOKm ) 1) Other income of NOK 119m in Q4 1
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17 Q4 2025 results Balance sheet Assets (NOKm) Equity and Liabilities ( NOKm ) NIBD NOK 1,031m Available liquidity NOK 561m Equity ratio 50% NWC 1 NOK 1,170m 1) NWC = Inventories + trade receivables + other current assets – trade payables – contract liabilities – other current liabilities – provisions (current)
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18 Covenants Requirements Leverage (NIBD/ EBITDA LTM) • Until Q3’26: Suspended • Q3’26: < 4.2x • 2027: < 3.0x Minimum liquidity NOK > 200 million Equity ratio > 30% • Leverage covenant suspended until Q3 2026 • In an uncertain market, management maintains strong focus on financial discipline, cost control and working capital management • Proactive and ongoing dialogue with relationship banks to ensure appropriate financial flexibility and a sound capital structure Q4 2025 Financial covenant update
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Outlook 2026
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20 2026 outlook Challenges, drivers and opportunities entering 2026 Mobile Pipeline 1) ACT Research , 2) UE = Ultrasonic Examination 3) EPA = U.S Environmental Protection Agency 4) MAE = Model Acoustic Emission • Optimization of product portfolio to capture growth in new markets • Opportunities in new geographies potentially materializing Aftermarket − Unfavorable supply / demand balance in the North American market − Increased price pressure from underutilized competitors − Class 8 truck volumes predicted to be in line with 2025 1 − Risk of diesel pre - buy due to EPA 2027 NOx emission rule • MAE 4 recertification of gas distribution trailers volumes • Shifting mix towards higher margin services − Continued low discretionary fleet spend − UE 2 market recovery uncertain • Clarity on EPA 3 2027 NOx emission rule • Larger pilot fleets potentially converting to orders • Positive CNG transit bus momentum in Europe and Latin America • Potential opportunities in adjacent verticals Fuel systems Challenges Drivers & Opportunities
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21 • Based on current visibility, top line is expected to be broadly in line with or moderately above 2025 levels • Normal seasonality with a back - end loaded year and relatively softer first half • Expecting meaningful improvement in profitability and positive free cash flow through 2026 2026 outlook Cautious optimism with gradual improvement through the year
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22 Sound financial management and operational optimization through uncertain environment Explor e new verticals Actively working to accelerate and facilitate the adoption of alternative fuels across verticals Technology leader with unmatched customer base and capacity Well positioned to deliver on key priorities and c apture long - term growth Well positioned for market recovery Protect long - term competitiveness
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23 Q&A
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24 Appendix
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25 Hexagon Composites – global leading provider of alternative fuel solutions for commercial fleets and gas transportation ~ 850 employees NOK 3 bn revenue LTM Q4 25 60+ years of heritage ~50 - 90 % 1 market share 1 1) In key markets, including Fuel Systems North America and Europe, and Mobile Pipeline North America and Europe Note: CNG = Compressed Natural Gas Corporate HQ Ålesund, Norway US facilities Rialto, CA Lincoln, NE Denver, CO Salisbury, NC European facilities Kassel, Germany Burscheid, Germany Słupsk , Poland
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26 Business segments Mobile Pipeline Gas distribution modules essential for energy supply chains Fuel Systems Aftermarket Alternative fuel systems for commercial vehicles Service, parts, testing and inspection 1 1) In cludes Hexagon Agility FleetCare and Hexagon Digital Wave
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Investor relations information NOK ~2 .1 bn 1 based on share price as of market close on 11 February 2026 . Q1 2026 Q2 2026 Q3 2026 Q4 2026 13 May 2026 6 August 2026 5 November 2026 11 February 2027 Ticker symbol: HEX ISIN: NO0003067902 Exchange: Oslo Børs Market capitalization Exchange Eirik Løhre Chief Financial Officer Email: eirik.lohre @hexagongroup.com Phone : + 1 704 777 5171 / +47 909 95 820 Investor relations contact ABG Danske Bank DNB Carnegie For details, please visit our website Equity analyst coverage Financial calendar 2026 Shareholders Investor base Market cap 27 ₁ ~ 33 % International ownership Pareto SEB Sparebank 1
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