Slides
Page 1
Q2 2026 Philipp Schramm , CEO Eirik Løhre , CFO 6 August 2026 C607 HEXAGON AGILITY enewable as foreless HEXAGON
Page 2
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 August 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
Page 3
Company update Q2 2026
Page 4
4 Strengthening market position with disciplined execution and new opportunities Secured exclusive global long - term agreement with IVECO BUS Awarded largest Mobile Pipeline order to date, USD 100m, to service data centers Improved profitability – cost base reduction program successfully completed Executed a NOK 650m equity raise and amended bank agreement Key developments
Page 5
5 Q2 2026 Delivered improved profitability from steady revenues Revenue NOK 627 million ▼7% (NOK 674m) EBITDA NOK 69 million ▲57m (NOK 12m) EBITDA margin 11% ▲9pp (2%) Comparisons to prior year (Q2 2025); margin changes are presented in percentage points (pp).
Page 6
6 Figures exclude Cryoshelter and Hexagon Poland (non - core - and discontinued operations) 1) Excl. FX effects, performance - based bonuses, severance expenses 2) Inventories + trade receivables – trade payables – contract liabilities. Compared to August 2025 Key developments Successfully completed cost base reduction program Delivered what we set out to achieve in 2025, and structurally improved our cost base and profitability ✓ 25% headcount reduction through 2025 ✓ NOK ~260m reduction in personnel and SG&A costs (NOK ~120m structural) 1 ✓ NOK ~60m core working capital 2 released, in spite of strategic inventory build ahead of second half ✓ Consolidated European manufacturing footprint
Page 7
7 Key developments Executed an equity raise to strengthen financial flexibility • Raised NOK 650 million, including proceeds from subsequent offering • Amended bank facilities with extended maturity • Relaxation of leverage covenants through Q3 2027 • Increased flexibility to support working capital and execution during market recovery NIBD ( NOKm ) Available liquidity ( NOKm ) 1,262 576 Q1 2026 1 Q2 2026 pro - forma 2 528 796 Q1 2026 1 Q2 2026 pro - forma 2 1) Including cross - currency swap 2) Including impact of subsequent offering (NOK 102m proceeds)
Page 8
8 Largest Mobile Pipeline order to date received, opening up service delivery to data center market • USD 100 million order secured from long - term customer Certarus • Additional option up to USD 25 million by 2028 • Data center power generation emerges as a meaningful new demand driver for Mobile Pipeline solutions Key developments
Page 9
9 Key developments Secured exclusive long - term agreement with IVECO BUS • Three - year exclusive agreement with IVECO BUS, the European leader in natural gas commercial vehicles • Covering fuel systems and Type 4 carbon fiber cylinders across IVECO’s global CNG bus range • Estimated full year 2026 revenues of EUR 20 million • Builds on more than 10,000 buses delivered together, supporting continued deployment of CNG and biomethane public transport
Page 10
Financials Q2 2026 10
Page 11
11 Revenue ( NOKm ) EBITDA ( NOKm ) Financial highlights • Revenue of NOK 627m for the quarter, and NOK 1,296m for the first half of 2026 o Steady top line q/q, adjusted for FX o Strong quarter by Fuel Systems, driven by transit volumes, aerospace and selected truck customers o Muted Mobile Pipeline sales activity ahead of an activity spike in the second half of the year • EBITDA of NOK 69m for the quarter (11% margin), and NOK 126m for the first half of 2026 (10%) o Favorable product mix supporting healthy gross margins on low volumes o Continued solid cost performance across materials, direct & indirect and fixed costs Q2 2026 results Group consolidated 1) Represented as Hexagon Poland (SES Composites) has been discontinued and classified as discontinued operations in 2026. 2) Represented as Hexagon Poland (SES Composites) has been discontinued and classified as discontinued operations in 2026. Exclu din g gain from SES Composites transaction of NOK 119m. 2 1
Page 12
12 Financial highlights • Revenues of NOK 450m for the quarter, and NOK 866m for the first half of 2026 o Strong seasonal performance; the best quarter since Q4 2024, adjusted for FX effects o Transit bus remains solid, including higher volumes from Kassel following the consolidation of the Polish operation o The truck segment remained relatively soft in the first half, activity increase expected for the second half • EBITDA of NOK 78m (17%) for the quarter, and NOK 123m (13%) for the first half of 2026 o Favorable mix across truck, transit and specialty products o Lower operational expenses supporting healthy EBITDA margin o Some inventory build ahead of expected pickup of activity in Q3/Q4 Q2 2026 results Fuel Systems Revenue ( NOKm ) EBITDA ( NOKm ) 1) Represented as Hexagon Poland (SES Composites) has been discontinued and classified as discontinued operations in 2026. 1
Page 13
13 Financial highlights • Revenues of NOK 101m for the quarter, and NOK 285m for the first half of 2026 o Very soft quarter in North America, partly due to timing effects o Europe delivered improved revenues from new RNG - driven projects in the UK and Ireland o Activity expected to pick up in the second half, supported by the Certarus order and other commercial opportunities • EBITDA of NOK 0m for the quarter, and NOK 15m for the first half of 2026 o Break - even EBITDA despite low volumes, supported by pricing, cost performance and lower fixed costs o Higher inventory build ahead of activity increase in the second half had a positive timing effect on cost absorption Q2 2026 results Mobile Pipeline Revenue ( NOKm ) EBITDA ( NOKm )
Page 14
14 Financial highlights • Revenues of NOK 98m for the quarter, and NOK 187m for the first half of 2026 o Parts & Services revenue remaining relatively stable helped by conquest growth from smaller fleets while larger fleets continue to extend service intervals o Testing & Inspection revenues grew q/q from higher Mobile Pipeline requalification volumes o Certified pre - owned and refurbishment activity showed encouraging growth from a low base • EBITDA of NOK 11m (11%) for the quarter, and NOK 14m (7%) for the first half of 2026 o Profitability improved from Q1, supported by higher service activity and FleetCare contribution o Overall market remains relatively soft, with continued low fleet spend MAE = “Modal Acoustic Emission” refers to requalification testing services UE = “Ultrasonic Examination” refers to ultrasonic examination test equipment (machines) Q2 2026 results Aftermarket Revenue ( NOKm ) EBITDA ( NOKm )
Page 15
15 Q2 2026 results Cash flow development EBITDA to change in cash ( NOKm ) 1) Not including proceeds from subsequent offering completed in July, NOK 102m 1 WC breakdown NOK Inventory: - 140m Acc. Receivable: +60m Acc. Payable: +98m Prepayments: +11m Other WC/ accruals : +29m
Page 16
16 Q2 2026 results Balance sheet Assets ( NOKm ) Equity and Liabilities ( NOKm ) NOK 678m (NOK 576m incl . repair offering ) NIBD NOK 694m (NOK 796m incl . repair offering ) Available liquidity 57% (58% incl . repair offering ) Equity ratio Net working capital NOK 1,062m
Page 17
Outlook
Page 18
18 Mobile Pipeline 1) UE = Ultrasonic Examination 2) EPA = US Environmental Protection Agency 3) MAE = Model Acoustic Emission • Improving order intake supported by new Certarus order • Tightening supply - demand balance in conventional end markets, including oil and gas • Increasing distributed energy needs for industrial users across different sectors Aftermarket − Short - term demand slowdown in the Middle East − Competition from low - cost players in emerging regions − Volatility in raw material prices expected − Selective diesel pre - buy expected due to EPA 2 2027 NOx emission rule − Supply - driven freight market recovery − Diesel fuel price shock impacting fleet profitability, potentially deferring short term capex decisions • MAE 3 recertification of gas distribution trailers volumes entering strong cycle • Favorable mix shift towards higher - margin services − Continued low discretionary fleet spend − UE 1 market recovery uncertain • Clarity on EPA 2 2027 NOx emission rule and improving truck market • Higher diesel prices driving long - term CNG conversion • Positive momentum in CNG transit Fuel systems Challenges Drivers & Opportunities Updated 2026 outlook Market dynamics shifting, with improving underlying trends
Page 19
19 Updated 2026 outlook Raising full year guidance • Based on current visibility, revenue is expected to be moderately above 2025 levels • Commercial pipeline and order book has improved significantly, however risk related to execution timing • Some near - term negative impact from higher energy prices, raw materials and freight costs amid Middle East conflict expected EBITDA around NOK 300m for the year expected, subject to timing
Page 20
20 Some facts: • Certarus is the biggest MP operator in the US with 879 modules in its fleet • Hexagons largest MP customer over time • Hexagon has 50% market share in MP North America • Release signals strategic shift towards more cng investments • 1 project of 135mw requiring 200 modules for three years • Average hexagon MP sales in North America last three years is [250 units per year] • Data centers (gas - to - power) now represent a new high growth end market for Mobile Pipeline • High commercial interest and activity • New TITAN 510 technology innovation enabling Mobile Pipeline to support higher volume gas demands Mobile Pipeline Confirmed demand for Mobile Pipeline solutions to power data centers
Page 21
21 1 2 3 4 5 6 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 USD / DGE Diesel CNG Sources: ACT Research, U.S. Department of Energy, U.S. Energy Information Administration, Clean Energy Fuels, U.S. Environme nta l Protection Agency 1) Fuel spread reflecting the additional cost of Diesel above a locked CNG price of $2.3 per DGE, Capex estimates post EPA regul ati on per Fleet Owner, however increased Opex of diesel trucks post EPA regulation not accounted for 2) EPA: U.S. Environmental Protection Agency. New Truck NOx emissions regulation coming into effect from 2027. Truck North America CNG payback improving alongside market recovery US retail fuel prices development, 2015 - 2026 Note: Realized CNG prices typically USD 0.5 - 1.5 / DGE lower than pump price for large fleets which further increases fuel spread U.S. Class 8 t ruck market rebounding Attractive payback cycle for CNG trucks 1 - 5 years payback 1 Depending on duty cycle and regional fuel spread Note: 2027 EPA 2 regulation expected to increase Capex of diesel trucks and add operational complexity 332 234 270 309 331 316 259 278 307 339 355 319 Sales volume p.a. Units (1,000)
Page 22
22 Clear growth drivers across existing and adjacent markets Technology leader with unmatched customer base and capacity Improved financials with retained capacity to scale Summary Well positioned to deliver on key priorities and capture long - term growth
Page 23
23 Q&A
Page 24
24 Appendix
Page 25
25 Hexagon Composites – global leading provider of alternative fuel solutions for commercial fleets and gas transportation ~ 850 employees NOK 3 bn 2025 revenues 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
Page 26
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
Page 27
Investor relations information NOK ~4 .1 bn 1 based on share price as of market close on 04 August 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 : +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 ~ 35 % International ownership Pareto SEB Sparebank 1
Page 28
28