Interim report
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Q2 2026 C607 COAXIS USDOT 3524467 MC 01205756 wwwwwwww Powered by FRONT LOU 4MKX HEXAGO HEXAGON AGILITY HEXAGON
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1 A word from the CEO Dea r shareholders, We have spent the first half of the year delivering on what we promised. This second quarter was a turning point for Hexagon Composites. During the second quarter, we significantly strengthened our balance sheet and improved our financial flexibility through the NOK 650 million private placement and the amended bank agreement. We also successfully completed the cost base reduction program introduced last year. The program has delivered over NOK 260 million of which NOK 120 million in structural annualized improvements compared to the start of 2025. The financial results of the second quarter highlighted this improved profitability. Hexagon generated steady volumes of NOK 627 million (NOK 674 million) in the quarter, mainly driven by the fuel systems segment, including aerospace. The quarter produced a significant step up in EBITDA due to a favorable product mix and our lowered operating costs. EBITDA improved to NOK 69 million (NOK 12 million), corresponding to an EBITDA margin of 11% (2%). Growing commercial momentum Following the market downcycle in 2025, we are now seeing positive traction across our key segments. Shortly after the close of Q2, we secured a USD 100 million order for Mobile Pipeline modules from Certarus, the North American leader in mobile compressed natural gas (CNG) solutions. As our largest order to date, the contract marks an important milestone for Hexagon. It establishes data centers as a new end-market for our technology and reflects years of dedicated effort to deliver industry-leading, high-quality, and efficient solutions to our customers. We are also seeing growing demand for CNG transit buses across continents. Natural gas is a proven, scalable solution for public transport, delivering immediate emissions r eductions and lower operating costs. Our recent exclusive, long-term agreement with IVECO BUS, for CNG fuel systems and Type 4 carbon fiber cylinders, underpins our market leading position and the growth potential of CNG buses globally. Well positioned for long-term growth I am confident in our ability to navigate both near-term challenges and to capture future opportunities. We are entering this next phase from a position of financial strength and with more favorable underlying market drivers supporting demand for our solutions across segments. As the market leader, Hexagon is well positioned to capture future growth and deliver long-term value for our shareholders. P hilipp Schramm CEO Hexagon Composites
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2 Key developments | Q2 2026 • Balance sheet significantly strengthened through refinancing and equity capital raise of NOK ~650 million • Profitability improved from lower operating costs and attractive mix • Completed European consolidation and closed Type 3 production in Poland
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3 Key figures – continuing operations 1) 2025 full-year figures for the Fuel Systems segment as reported were NOK 1 848 million in revenues and NOK 82 million in EBITDA. Hexagon Agility Poland has been classified and presented as a discontinued operation following the decision to discontinue its type 3 business and is therefore excluded from the segment results. Furthermore, SES Composites valve business (PTEC GmbH) has been re-allocated from the Fuel Systems segment to “Corporate and eliminations”. Combined, SES Composites contributed NOK 97 million in revenues and NOK 4 million of EBITDA to the Fuel Systems segment in 2025. Excluding this, and on a like-for-like basis for continuing operations, revenues were NOK 1 751 million and EBITDA was NOK 77 million for the Fuel Systems segment in 2025. For the other periods in the table above, there are no adjustments related to discontinued vs. continuing operations. 2) 2025 full-year figures for the Group as reported were NOK 2 955 million in revenues and NOK 158 million in EBITDA. Hexagon Agility Poland has been classified and presented as a discontinued operation following the decision to discontinue its type 3 business and is therefore excluded from the continuing operations. Hexagon Agility Poland contributed NOK 95 million in revenues and NOK 6 million of EBITDA to the Group in 2025. Excluding this, and on a like-for-like basis for continuing operations, revenues were NOK 2 860 million and EBITDA was NOK 152 million in 2025. For the other periods in the table above, there are no adjustments related to discontinued vs. continuing operations. Second quarter Year to date Full year (NOK millions) 2026 2025 2026 2025 2025 1) 2) Fuel Systems 1) Revenue 450 463 866 928 1 751 EBITDA 78 32 123 24 77 EBITDA margin 17% 7% 14% 3% 4% Mobile Pipeline Revenue 101 132 284 488 781 EBITDA 0 -33 14 12 -44 EBITDA margin 0% -25% 5% 3% -6% Aftermarket Revenue 98 109 187 231 433 EBITDA 11 4 14 8 28 EBITDA margin 11% 3% 8% 4% 6% Corporate and eliminations Revenue -22 -31 -41 -61 -105 EBITDA -20 10 -25 11 91 Hexagon Group 2) Revenue 627 674 1 296 1 586 2 860 EBITDA 69 12 126 56 152 EBITDA margin 11% 2% 10% 4% 5%
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4 Financial summary Hexagon Group Group structure The Hexagon Group is organized into three business segments: 1) Fuel Systems 2) Mobile Pipeline 3) Aftermarket. The Fuel Systems segment comprises fuel systems for commercial vehicles such as heavy-duty trucks, medium-duty trucks, refuse trucks and transit buses. The Mobile Pipeline segment comprises our Mobile Pipeline® gas distribution solutions for on-road transportation of CNG, RNG, hydrogen and industrial gases. The Aftermarket segment comprises our offering for maintaining and servicing commercial vehicles and gas distribution trailers (Mobile Pipeline) in the field, under the brand Hexagon Agility FleetCare, as well as Hexagon Digital Wave’s cylinder testing, inspection and requalification offerings. In addition to our core business segments, Hexagon has non-controlling interests in two associated companies - Hexagon Purus and heiserTEC GmbH (formerly Worthington Cylinders GmbH), both of which are being accounted for by use of the equity method. Operating results of the Group In the second quarter of 2026, Hexagon Group reported revenues of NOK 627 (674) million, a decline of 7% compared to the same period last year, largely driven by a weaker USD. Adjusted for FX, revenues were on par with the same period of last year. Within the segments, Fuel Systems saw somewhat higher volumes, which were offset by lower volumes in Mobile Pipeline. Reported EBITDA for the second quarter of 2026 was NOK 69 (12) million, corresponding to an EBITDA margin of 11% (2%). Significant operational cost savings, lower realized materials costs and improved product mix contributed to the margin uplift versus the same quarter last year. Total depreciation, amortization and impairment amounted to NOK 61 (66) million in the second quarter, resulting in a reported EBIT of NOK 8 (-53) million. For the first half of 2026, group revenues were NOK 1 296 (1 586) million, a decline of 18% compared to the same period last year. Adjusted for FX and a weaker USD in 2026, revenues were 9% lower than the same period last year. The decline is explained by significantly lower volumes in Mobile Pipeline. Reported EBITDA for the first half of 2026 was NOK 126 (56) million, and an EBITDA margin of 10% (4%). Healthy performance in the Fuel Systems segment in addition to a lower overall cost base explains the improved performance compared to last year. For the first half of 2026, total depreciation, amortization and impairment amounted to NOK 125 (136) million, resulting in a reported EBIT of NOK 2 (-80) million. See also the segment results section for further details regarding the operating performance of the Group.
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5 450 101 98 Fuel Systems Mobile Pipeline Aftermarket Revenues Q2'26 MNOK 945 1 150 1 250 1 533 912 674 538 737 669 627 - 250 500 750 1 000 1 250 1 500 1 750 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Group revenue (MNOK) 59 137 184 257 44 12 -54 150 57 69 -100 -50 0 50 100 150 200 250 300 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Group EBITDA (MNOK) Profit/loss from continuing operations Profit/loss before taxes from continuing operations in the second quarter was NOK -76 (48) million, negatively impacted by share of losses from associates of NOK -51 (-115) million and other financial items of NOK -33 (NOK -41) million. Last year’s figures also included a reversal of impairment loss in the associate Hexagon Purus of NOK 258 million, explaining the positive before tax in Q2 2025. In the first half of 2026, profit/loss before tax from continuing operations was NOK - 240 (-795) million. Share of losses from associates impacted the results by NOK -156 (- 289) million and other financial items were NOK -85 (-159) million. Last year’s figures also included an impairment loss of NOK -268 million in the associate Hexagon Purus, explaining the significant negative result in the first half of 2025. See also notes 12 and 4 for further details about associates and net financial items. Profit/loss from discontinued operations Profit/loss from discontinued operations in the second quarter of 2026 was NOK 9 million and relates to the Group’s discontinued type-3 business in Poland, Hexagon Agility Poland. Production in Poland ceased in May 2026 after having deliverer its final customer commitments. For the first half of 2026, profit/loss from the discontinued business was NOK -25 million including certain asset-impairments and close-down- related provisions. See note 14 for further details. Balance sheet development At quarter end, the Group’s balance sheet amounted to NOK 4 985 million compared to NOK 5 305 million at year-end 2025. The decrease in the balance sheet in the first half of 2026 was impacted by continued losses and lower book value of associates, depreciations and amortizations of fixed assets, coupled with some FX effects from a weaker USD. Following the refinancing of the Group’s debt facilities and the equity private placement completed in early June, the balance sheet was significantly strengthened. At quarter-end, interest-bearing debt amounted to NOK 972 million and net interest- bearing debt to NOK 678 million, compared with NOK 1,242 million and NOK 1,031 million, respectively, at year-end 2025. The reported figures do not include the NOK 102 million proceeds from the subsequent offering received in July.
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6 C ash flows Net cash flow from operating activities from continuing operations in the second quarter was NOK 128 (-158) million. Improved EBITDA performance supported by a working capital release explained the positive cash from operating activities from continuing operations in the quarter. For the first half of 2026, cash flow from operating activities from continuing operations was NOK 156 (-143) million. N et cash flow from investing activities from continuing operations in the second quarter was NOK 10 (7) million, including proceeds related to the settlement of the Hexagon Purus total return swap of NOK 16 million. For the first half of 2026, cash flow from investing activities from continuing operations was NOK -1 (-77) million. N et cash flow from financing activities from continuing operations was NOK -54 (136) million in the second quarter, impacted by net effects from the debt refinancing and equity raise in June 2026 of NOK 28 million, offset by interests and other financial outflows of NOK -82 million. For the first half of 2026, cash flow from financing activities from continuing operations was NOK -112 (70) million. N et change in cash from discontinued operations amounted to NOK 30 million in the quarter and NOK 29 million for the first half of 2026. See consolidated cash flow statement for further details. R efinancing of debt facilities On 9 June 2026, Hexagon Composites ASA refinanced its debt facilities with DNB and Danske Bank. The new debt facility agreement amounts to NOK 1,600 million and comprises a multi-currency term loan facility of NOK 950 million, two multi-currency revolving credit facilities (RCF) of NOK 150 million (Tranche 1) and NOK 200 million (Tranche 2), a multi-currency overdraft facility of NOK 250 million, and a guarantee facility of NOK 50 million. Of the total facility, NOK 1,400 million is available for drawdown without incurrence-based leverage restrictions. The additional NOK 200 million under RCF Tranche 2 is available subject to a leverage ratio (NIBD/EBITDA) below 3.0x. Effective from 30 June 2028, the total facility will be reduced by NOK 100 million in two semi- annual amortizations (total NOK 200m). Maturity of the refinanced facilities is 30 June 2029. Under the new debt facility agreement, unused credit facilities at the end of the quarter amounted to NOK 400 million, translating to a liquidity reserve of NOK 694 million. As the Group’s leverage is currently higher than 3.0x, the NOK 200 million under RCF tranche 2 is not included in the stated liquidity reserve. C ovenants Covenant requirements under the new debt facility are disclosed in note 9. The leverage covenant (NIBD/EBITDA) has been suspended until 31 December 2027, and the company was in compliance with all applicable covenants at the end of the quarter. E vents after the balance sheet date • Subsequent equity offering of NOK 102 million The share capital increase pertaining to the subsequent equity offering concluded on 22 June 2026 was registered in the Norwegian Register of Business Enterprises on 1 July 2026. Gross proceeds from the offering amounted to NOK 102 million and was received on account on 2 July. • H exagon Agility receives significant order from Certarus for Mobile Pipeline modules to service data center demand On 3 July, Hexagon Agility, a subsidiary of Hexagon Composites, received the largest single order for Mobile Pipeline[®] modules to date, from Certarus, the North American leader in mobile compressed natural gas (CNG) solutions. The order represents an estimated value of USD 100 million (approx. NOK 1 billion), and includes an option to purchase additional modules valued at up to USD 25 million (approx. NOK 250 million) by 2028. Deliveries under the order are expected to commence in the third quarter of 2026, with the majority completed over the following 12 months and final deliveries by 2028. • H exagon Agility signed exclusive long-term agreement with IVECO BUS Hexagon Agility, a business of Hexagon Composites and the world's leading provider of compressed natural gas (CNG) fuel systems, has signed an exclusive long-term agreement with IVECO BUS, a global leader in commercial vehicles, for the delivery of CNG fuel systems for transit buses globally. The three-year agreement covers the exclusive supply of Hexagon Agility’s fuel systems and Type 4 carbon fiber cylinders across IVECO’s CNG bus range. For 2026, annual revenues from deliveries to IVECO BUS, including deliveries under this agreement, are estimated to be EUR 20 million (approx. NOK 200 million).
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7 105 96180 70 Truck (HD/MD) Refuse Transit bus Aerospace/other Revenues Q2'26 MNOK Segment results Fuel Systems Global provider of alternative fuel systems for commercial vehicles. In the second quarter of 2026, the Fuel Systems segment recorded revenues of NOK 450 (463) million, representing a decline of 3% compared to the same period last year when presented in NOK. Adjusted for FX and a weaker USD, revenues increased by 6% - driven by higher volumes in transit bus and truck, further supported by the emerging aerospace business. EBITDA in the second quarter of 2026 was NOK 78 (32) million, with an EBITDA margin of 17% (7%). Favorable mix effects, operational efficiencies combined with effects from the cost savings program in 2025, supported healthy profitability in the quarter and the improvement from the same quarter last year. In the first half of 2026, the Fuel Systems segment recorded revenues of NOK 866 (928) million, representing a decrease of 7% compared to the same period last year when presented in NOK. Adjusted for FX and a weaker USD, revenues increased by 4%, largely explained by the same factors as for the second quarter. EBITDA in the first half of 2026 ended at NOK 123 million (24) with an EBITDA margin of 14% (3%). Positive effects from cost savings initiatives implemented in 2025, favorable mix effects and operational efficiencies contributed to the improved performance compared to last year. 327 568 635 757 464 463 372 451 416 450 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue (MNOK) - 68 57 102 90 - 8 32 - 4 57 45 78 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 EBITDA (MNOK)
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8 28 73 North America Europe Revenues Q2'26 MNOK Mobile Pipeline Gas distribution systems with the largest transport capacity worldwide for the safe transport of CNG, RNG, hydrogen and industrial gases. In the second quarter of 2026, the Mobile Pipeline segment recorded revenues of NOK 101 (132) million, down 24% compared to the same period last year when presented in NOK. Adjusted for FX effects, the decline was 16%, explained by lower volumes in North America, especially within the oil & gas sector. However, volumes and activity in Europe, were positive and offset the shortfall in North America. Volumes in North America are expected to pick up significantly in the second half of 2026 as deliveries commence under the recently awarded NOK 1 billion contract supporting Certarus’ CNG supply for hyperscale data center projects. EBITDA in the second quarter of 2026 was NOK 0 (-33) million, representing an EBITDA margin of 0%, compared to -25% in the same period last year. Despite lower revenues than the same period last year, EBITDA improved to break-even levels driven by favorable geographical mix as well as lower indirect and fixed costs. In the first half of 2026, the Mobile Pipeline segment recorded revenues of NOK 284 (488) million, a decline of 42% compared to same period last year when presented in NOK. Adjusted for FX, the decline was 34%. EBITDA for the first half of 2026 ended at NOK 14 (12) with an EBITDA margin of 5% (3%). The performance for the first half was largely explained by the same factors as for the second quarter described above. 518 482 520 646 356 132 93 199 184 101 0 100 200 300 400 500 600 700 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue (MNOK) 96 101 87 146 45 -33 -49 -8 15 0 -100 -50 0 50 100 150 200 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 EBITDA (MNOK)
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9 71 27Parts, service, and installs (Hexagon Agility FleetCare) Cylinder requalification (Hexagon Digital Wave) Revenues Q2'26 MNOK Aftermarket Aftermarket comprises parts, service, support, and fuel systems install for commercial vehicles from Hexagon Agility FleetCare, and cylinder requalification offering from Hexagon Digital Wave. In the second quarter of 2026, the Aftermarket segment recorded revenues of NOK 98 (109) million, whereof NOK 71 (92) million was attributed to the parts, service, and installs activity under Hexagon Agility FleetCare, and NOK 27 (17) to Hexagon Digital Wave’s requalification business. The decline within the parts, service and install business was largely explained by lower install activity, while parts and services were on par. EBITDA in the second quarter of 2026 was NOK 11 (4) million with an EBITDA margin of 11% (3%). Contribution from the parts, service and install business was somewhat softer than last year due to volume shortfall, while the cylinder requalification business under Hexagon Digital Wave delivered break-even performance, compared to a negative performance in the same period last year. In the first half of 2026, the Aftermarket segment recorded revenues of NOK 187 (231) and EBITDA of NOK 14 (8) with an EBITDA margin of 8% (4%). Contribution from cylinder requalification continued to be negative, although improved from the same period last year. The parts, service and install business experienced some profit contractions due to lower volumes. 101 109 106 134 122 109 97 105 89 98 0 50 100 150 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue (MNOK) 14 13 15 30 5 4 7 12 3 11 0 20 40 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 EBITDA (MNOK)
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10 Investments in associates Hexagon holds strategic investments in two associated companies: Hexagon Purus (HPUR.OL) with 34.6% ownership and heiserTEC with 49% ownership. Hexagon Purus – 34.6% ownership Hexagon Purus is a global leader in key technologies needed for zero-emission hydrogen and battery-electric mobility and infrastructure with production facilities in North America, Europe and Asia. In the first half of 2026, Hexagon Purus generated revenues of NOK 551 (424) million and an EBITDA of NOK -101 (-403) million. Profit after tax for Hexagon Purus in the first half of 2026 ended at NOK -387 (-657) million. Hexagon’s share of losses in Hexagon Purus amounted to NOK -143 (-260) million in the same period. See note 12 for further information on the equity method accounting of Hexagon Purus. For further details about the operational and financial development of Hexagon Purus, reference is made to the Company’s second quarter report published on 16 July 2026 on www.hexagonpurus.com/investors. heiserTEC (Worthington Cylinders GmbH) – 49% ownership Worthington Cylinders GmbH (formerly a part of “SES”) was rebranded to heiserTEC in December 2025. Following Hexagon’s acquisition of SES Composites in 2025, heiserTEC continues as a joint venture with Worthington Enterprises, where Hexagon holds an ownership 49%. heiserTec is a leading European supplier of type 1 steel cylinders for industrial gases, and development within adjacent industries, and has production facilities in Kienberg, Austria. Hexagon’s share of losses from heiserTEC amounted to NOK -13 (-10) million in the first half of 2026. See note 12 for further information on the equity method accounting of SES and heiserTEC.
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11 Outlook Hexagon’s core technology is key to solving global energy challenges, including energy security and resilience, emissions reductions, and, most importantly, lowering the total cost-of-ownership of transporting, storing and distributing energy. In the past year, the company has completed a cost and cash savings program that is contributing meaningful improvements in profitability and free cash flow compared to 2025. After navigating a year of uncertainty, the Company is seeing improvements in underlying market trends and a growing commercial pipeline across key segments. Updated EBITDA guidance for 2026 In the Q1 2026 trading update, the Company guided full-year 2026 EBITDA of above NOK 200 million. Supported by an improving market momentum, the Company is raising its full-year 2026 EBITDA guidance to around NOK 300 million. In North America, data centers (gas-to-power) is emerging as a high-growth end market for Hexagon’s Mobile Pipeline segment, highlighted by the recent USD 100 million contract award from Certarus. Tightening emission regulations, attractive fuel spreads and shorter payback supports a positive medium- to long-term outlook for natural gas vehicle adoption. Truck volumes are expected to improve in the second half of the year compared to the first half, although remaining at moderate levels due to diesel pre-buy activity ahead of implementation of the EPA 2027 NOx regulations. The Company remains laser focused on capturing new opportunities, whilst maintaining capital discipline and sound financial management. The Company is confident in achieving its 2026 targets, while acknowledging that risks remain in terms of the timing and execution of order deliveries. In addition, the ongoing conflict in the Middle East may create near-term headwinds through higher energy prices, raw material costs and freight cost. The Board believes the Company is well positioned to execute on its strategic priorities and capitalize on long-term growth opportunities. These forward-looking statements reflect current views about future events and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. For further information please refer to the section “Forward-Looking Statements” at the end of this report.
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12 Risks and uncertainties The Hexagon Composites Group is exposed to various risks and uncertainties that may affect its business operations, financial performance and future prospects. Global economic fluctuations, inflationary pressures, interest rate changes, geopolitical instability and regulatory changes may impact demand for Hexagon’s products and services, particularly in the mobility, energy, and industrial sectors. The Company relies on a global supply chain for raw materials and components. Disruptions due to logistical challenges, supplier insolvency or supplier production disruptions, import/export restrictions, and/or geopolitical events may affect production schedules and cost structures. To mitigate some of the supply chain risks, and in particular related to pricing and access to carbon fiber, the Group may from time to time enter into long-term supply agreements locking in price and volume. Even though such contracts are intended to mitigate supply chain risk, it could also potentially add risk – as such contracts may commit the Group to purchase material and components over and above actual demand, and market prices can fall. Hexagon operates in markets subject to evolving environmental, safety, and energy regulations. Changes in legislation or policy – especially related to decarbonization initiatives could impact strategic initiatives or require operational adjustments. Rapid technological advancements and increased competition in clean energy solutions may affect Hexagon’s market position. Failure to innovate or adapt to emerging technologies could result in reduced competitiveness. As an international company, Hexagon is exposed to currency fluctuations, particularly between NOK, EUR, and USD. The Group presents its financial results in NOK, while the underlying businesses are denominated in USD and EUR, which may impose volatility to the financial results. The Company is financed with interest-bearing loans subject to incurrence-based covenant testing. Failure to comply with these covenants may imply immediate repayment of loans and may require additional equity financing or other sources of financing. Extreme weather events and long-term climate change may affect operations, supply chains, and customer demand. Hexagon is committed to sustainability, but environmental risks remain a factor in strategic planning. The Company may be subject to legal claims, disputes, or compliance breaches in jurisdictions where it operates. These could result in financial penalties or reputational harm. While these risks are not exhaustive, they represent key areas of uncertainty that Hexagon Composites ASA actively monitors and manages. The Company remains committed to maintaining robust risk management practices to mitigate potential adverse impacts. For additional information about risks and uncertainties we refer to Hexagon Composites’ 2025 annual report. It is not expected that the above exposures and risks will have a material effect on the Group or its financial position in the next reporting period. Statement from the Board and CEO To the best of our knowledge, we confirm that: • the consolidated financial statements for the period 1 January to 30 June 2026 have been prepared in accordance with “IAS 34 Interim Financial Reporting”, • the information provided in the financial statements gives a true and fair view of the Company’s and Group’s assets, liabilities, financial position, and results for the period viewed in their entirety, and that; • the information presented in the financial statements gives a true and fair view of important events of the period, financial position, material related party transactions and principal risks and uncertainties of the Group for the next quarter. Oslo, 5 August 2026 The Board of Directors of Hexagon Composites ASA Knut Flakk Liv Astri Hovem Harald Arnet Ko Mizukawa Chair Deputy Chair Board member Board member Sam Gabbita Irene Egset Mimi Berdal Philipp Schramm Board member Board member Board member Chief Executive Officer
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13 Condensed Interim Financial Statements for the Group Consolidated statement of income (NOK 1000) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Unaudited Unaudited Unaudited Unaudited Audited and re-presented Revenue from contracts with customers 3 620 141 671 492 1 284 935 1 580 353 2 849 293 Other operating income 3 5 698 142 7 945 558 1 335 Rental income 3 1 101 2 609 3 289 5 101 9 788 Total revenue and other operating income 626 940 674 243 1 296 169 1 586 012 2 860 417 Other income 13 - - - - 119 438 Cost of materials 260 822 336 993 565 430 815 265 1 411 471 Payroll and social security expenses 11 208 775 222 914 414 648 487 564 966 812 Other operating expenses 88 325 101 919 189 606 226 851 449 726 Operating profit before depreciation and amortization (EBITDA) 69 018 12 416 126 485 56 333 151 846 Depreciation, amortization, and impairment 5, 6 61 456 65 805 124 927 135 909 306 607 Operating profit (EBIT) 7 563 - 53 389 1 558 - 79 577 - 154 761 Share of profit/loss from associates 12, 13 -50 802 - 115 427 -156 301 - 288 786 - 677 936 Impairments and other gains/losses from associates 12 0 258 000 0 - 267 533 - 135 458 Other financial items (net) 4 -32 991 - 41 393 -85 110 - 158 676 - 267 994 Profit/loss before taxes from continuing operations -76 230 47 791 -239 853 - 794 571 - 1 236 148 Income tax expenses 2 382 -7 475 2 427 - 13 986 - 72 880 Profit/loss after taxes from continuing operations -78 612 55 266 -242 280 - 780 585 - 1 163 268 Profit/loss after taxes from discontinued operations 13, 14 8 730 - -25 308 - 3 906 Total profit/loss after taxes -69 883 55 266 -267 588 - 780 585 - 1 159 362 Earnings per share in NOK for continuing operations Basic - 0.06 0.25 - 0.85 - 3.74 - 5.03 Diluted - 0.06 0.25 - 0.85 - 3.74 - 5.03
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14 Consolidated statement of comprehensive income (NOK 1000) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Unaudited Unaudited Unaudited Unaudited Audited and re-presented Total profit/loss after taxes - 69 883 55 266 -267 588 - 780 585 - 1 159 362 Other comprehensive income Translation differences when translating foreign activities 23 452 - 77 000 -45 281 - 229 642 -219 221 Share of other comprehensive income of associates 12 -14 619 1 169 -14 619 - 28 321 -27 988 Net total of items that may be reclassified to profit or loss in subsequent periods 8 833 - 75 831 -59 900 - 257 962 -247 210 Actuarial gains/losses for the period (net after tax) 0 0 0 0 0 Net total of items that will not be reclassified to profit or loss in subsequent periods 0 0 0 0 0 Total other comprehensive income 8 833 - 75 831 -59 900 - 257 962 -247 210 Attributable to: Equity holders of the parent 8 833 - 75 831 -59 900 - 257 962 - 247 210 Non-controlling interests 0 0 0 0 0 Total comprehensive income - 61 050 - 20 566 - 327 488 - 1 038 548 - 1 406 572
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15 Consolidated statement of financial position (NOK 1000) Note 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Audited ASSETS Property, plant, and equipment 5 812 352 826 936 879 267 Right-of-use assets 5 378 884 434 442 411 132 Intangible assets 6 1 624 819 1 722 200 1 678 887 Investment in associates 12, 13 9 022 452 352 179 529 Other non-current financial assets 10 179 021 160 461 197 459 Deferred tax assets 40 765 33 198 32 037 Total non-current assets 3 044 864 3 629 589 3 378 311 Inventories 1 126 106 1 204 674 1 124 660 Trade receivables 445 803 469 769 491 489 Other current financial assets 13 0 0 19 375 Other current assets 73 974 84 162 80 231 Cash and cash equivalents 294 113 129 538 211 406 Total current assets 1 939 995 1 888 143 1 927 161 Total assets 4 984 859 5 517 732 5 305 472
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16 Consolidated statement of financial position (cont.) (NOK 1000) Note 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Audited EQUITY AND LIABILITIES Paid-in capital 2 104 701 1 016 990 1 579 637 Other equity 743 250 1 397 566 1 065 067 Total equity 2 847 951 2 414 556 2 644 703 Interest-bearing liabilities (non-current) 9 971 762 1 443 434 1 241 981 Lease liabilities (non-current) 7 426 831 471 447 454 804 Other financial liabilities (non-current) 8 0 270 164 274 571 Pension liabilities 0 449 0 Deferred tax liabilities 78 613 139 264 61 488 Provisions (non-current) 24 497 18 745 21 767 Total non-current liabilities 1 501 702 2 343 503 2 054 611 Interest-bearing liabilities (current) 9 0 117 003 0 Lease liabilities (current) 7 52 370 56 683 54 488 Trade payables 254 651 279 356 178 186 Contract liabilities 49 971 74 086 54 213 Other financial liabilities (current) 8, 10 0 1 701 25 000 Income tax payable -1 093 794 0 Other current liabilities 212 926 158 889 227 782 Provisions (current) 66 381 71 161 66 489 Total current liabilities 635 206 759 673 606 158 Total liabilities 2 136 908 3 103 176 2 660 769 Total equity and liabilities 4 984 859 5 517 732 5 305 472
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17 Consolidated statement of cash flows (NOK 1000) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Unaudited Unaudited Unaudited Unaudited Audited and re-presented Operating cash flows Profit before taxes from continuing operations -76 230 47 791 -239 853 - 794 571 - 1 236 148 Profit before taxes from discontinued operations 14 9 367 0 - 11 663 0 4 026 Profit before taxes - 66 863 47 791 - 251 516 - 794 571 - 1 232 123 Gain from sale of subsidiary 13 0 0 0 0 0 Other financial items (net) 7 33 858 41 393 86 863 158 676 269 064 Impairments and other gains/losses from associates 12 0 - 258 000 0 267 533 135 458 Share of profit/loss from associates 12 50 802 115 427 156 301 288 786 677 936 Depreciation, amortization and impairment 5, 6 64 431 65 805 133 355 135 909 307 282 Other income (non-cash gains) 13 0 0 0 0 - 119 438 Share based payment expenses (non-cash) 11 3 367 -10 070 5 683 - 4 485 13 758 Changes in net operating working capital 1) 29 439 - 77 830 98 345 60 226 75 478 Other working capital items and adjustments to operating cash flow 41 618 -63 488 -44 753 -230 733 -190 011 Taxes paid / refunded - 2 589 -19 122 - 2 589 -24 395 - 4 419 Net cash flow from operating activities 154 063 -158 093 181 689 - 143 054 - 67 014 - of which from continuing operations 127 963 -158 093 155 819 - 143 054 - 58 127 - of which from discontinued operations (Hexagon Agility Poland) 26 100 0 25 870 0 - 8 887 Investing cash flows Purchase of property, plant & equipment 5 - 5 635 -20 583 -11 641 -44 368 - 85 806 Proceeds from sale of property, plant & equipment 1 371 0 1 371 0 0 Purchase of intangible assets 6 - 6 693 -10 661 - 7 417 - 27 979 - 48 256 Interest received 7 233 3 571 13 422 7 149 25 680 Total return swap cash collateral payments 8 15 576 34 254 15 576 -102 761 - 137 015 Proceeds from sale of shares in subsidiary 13 0 0 0 120 000 120 000 Investments in associates 12 0 0 0 -29 509 - 79 529 Other investments 10 0 0 - 11 250 0 - 15 429 Net cash flow from investing activities 11 852 6 580 60 - 77 469 - 220 355 - of which from continuing operations 10 481 6 580 -1 236 - 77 469 - 218 863 - of which from discontinued operations (Hexagon Agility Poland) 1 371 0 1 296 0 - 1 493 1) Changes in net operating working capital consist of net changes in inventories, trade receivables, trade payables and contract liabilities.
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18 Consolidated statement of cash flows (cont.) (NOK 1000) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Financing cash flows Net repayment (-) / proceeds (+) from interest-bearing loans and other financial liabilities 8,9 -496 556 267 003 -496 556 265 506 - 51 498 Interest payments on interest-bearing liabilities -46 238 -32 653 - 78 174 - 71 996 - 151 753 Other financial cash outflows 9 -11 841 0 - 15 952 0 0 Repayment of lease liabilities (incl. Interests) 7 -21 918 -23 712 -43 836 - 47 974 - 87 672 Net proceeds from share capital increase 525 052 0 525 052 0 562 454 Net proceeds from purchase (-) and sale (+) of treasury shares 0 -75 112 0 -75 112 - 75 112 Net cash flow from financing activities -51 502 135 525 -109 467 70 423 196 419 - of which from continuing operations -53 764 135 525 -111 729 70 423 196 419 - of which from discontinued operations (Hexagon Agility Poland) 2 262 0 2 262 0 0 Net change in cash and cash equivalents 114 413 - 15 988 72 282 -150 100 - 90 950 Net currency exchange differences 1 279 -5 426 1 953 -22 659 - 22 940 Cash and cash equivalents from acquired / sold businesses 13 0 0 8 472 0 23 000 Cash and cash equivalents at start of period 178 421 150 952 211 406 302 297 302 297 Cash and cash equivalents at end of period 294 113 129 538 294 113 129 538 211 406 Liquidity overview Cash and cash equivalents at end of period 294 113 129 538 294 113 129 538 211 406 Available unused credit facilities (excl. leverage-restricted RCF) 9 400 000 632 997 400 000 632 997 350 000 Liquidity reserve (excl. leverage-restricted RCF) 9 694 113 762 535 694 113 762 535 561 406
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19 Consolidated statement of changes in equity (NOK 1 000) Note Share capital Treasury shares Share premium Other capital reserves Foreign currency translation reserve Other equity Total equity As of 1 January 2025 21 007 - 40 996 230 226 672 481 640 1 807 191 3 532 700 Profit/loss after tax for the period - 780 585 - 780 585 Other comprehensive income for the period 13 - 229 642 -28 321 - 257 962 Total comprehensive income - 229 642 - 808 906 - 1 038 548 Share-based payments - 4 485 -4 485 Movement in treasury shares etc. -208 - 74 905 -75 112 As of 30 June 2025 21 007 - 247 996 230 222 187 251 998 923 380 2 414 556 (NOK 1 000) Note Share capital Treasury shares Share premium Other capital reserves Foreign currency translation reserve Other equity Total equity As of 1 January 2025 21 007 - 40 996 230 226 672 481 640 1 807 191 3 532 700 Profit/loss after tax for the period - 1 159 362 - 1 159 362 Other comprehensive income for the period - 219 221 - 27 988 - 247 210 Total comprehensive income - 219 221 - 1 187 350 - 1 406 572 Share-based payments 13 758 13 758 Movement in treasury shares etc. - 15 - 57 623 - 57 638 Share capital increase 4 201 583 996 588 197 Transaction cost related to capital increase - 25 743 - 25 743 As of 31 December 2025 25 208 -54 1 554 483 240 430 262 419 562 218 2 644 703 (NOK 1 000) Note Share capital Treasury shares Share premium Other capital reserves Foreign currency translation reserve Other equity Total equity As of 1 January 2026 25 208 -54 1 554 483 240 430 262 419 562 218 2 644 703 Profit/loss after tax for the period -267 588 -267 588 Other comprehensive income for the period -45 281 -14 619 -59 900 Total comprehensive income -45 281 -282 207 -327 488 Share-based payments 5 683 5 683 Movement in treasury shares etc. 12 -12 0 Share capital increase 6 875 543 125 550 000 Transaction cost related to capital increase -24 948 -24 948 As of 30 June 2026 32 083 -42 2 072 660 246 114 217 138 279 998 2 847 951
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20 The condensed consolidated interim financial statements for the second quarter of 2026, which ended 30 June 2026, comprise Hexagon Composites ASA and its subsidiaries (together referred to as “the Group”). The company’s headquarter is located in Korsegata 4B, 6002 Aalesund, Norway. Hexagon Composites ASA is listed on the Oslo Stock Exchange under the ticker HEX. These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year which ended 31 December 2025. For a more detailed description of accounting principles see the consolidated financial statements for 2025, available on the Company’s website www.hexagongroup.com/investors The accounting principles used in the preparation of these interim accounts are the same as those applied to the consolidated financial statements for 2025. The Group has not early-adopted any other standard, interpretation or amendment that has been issued but is not yet effective. These condensed consolidated interim financial statements were approved by the Board of Directors on 5 August 2026. New accounting standards and interpretations not yet adopted Hexagon is currently assessing the impact of IFRS 18, Presentation and Disclosure in Financial Statements. Based on the assessments performed to date, no significant effects on the operating category are expected, primarily due to the Group's production and sales activities in Germany and the United States being largely conducted in the same currencies as the respective entities' functional currencies. Overall, the adoption of IFRS 18 is not expected to result in material changes to the Group's financial reporting. The Group is also assessing which performance measures may qualify as Management-defined Performance Measures (MPMs). The assessment is ongoing. The preparation of the interim accounts entails the use of valuations, estimates and assumptions that affect the application of the accounting policies and the amounts recognized as assets and liabilities, income, and expenses. The actual results may deviate from these estimates. The material assessments underlying the application of the Group’s accounting policy and the main sources of uncertainty are the same as for the consolidated accounts for 2025. Note 1: General information and basis for preparation Note 2: Estimates
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21 Quarterly figures Fuel Systems Mobile Pipeline Aftermarket Corporate and eliminations Hexagon Group (NOK 1000) Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Total revenue and other operating income 449 965 463 044 100 548 132 266 97 944 109 442 -21 517 -30 510 626 940 674 243 Cost of materials 210 861 258 449 39 993 73 106 32 051 39 257 -22 082 -33 819 260 822 336 993 Payroll and social security expenses 79 804 95 084 24 045 36 793 38 783 50 301 66 143 40 736 208 775 222 914 Other operating expenses 81 571 77 175 36 914 55 415 15 858 16 267 -46 018 -46 938 88 325 101 919 Operating profit before depreciation and amortization (EBITDA) 77 729 32 337 -404 -33 049 11 252 3 617 -19 559 9 511 69 018 12 416 EBITDA-margin (%) 17% 7% 0% -25% 11% 3% 11% 2% Depreciation, amortization, and impairment 38 638 40 667 9 254 11 422 8 002 7 004 5 562 6 712 61 456 65 805 Operating profit (EBIT) 39 091 -8 331 -9 657 -44 471 3 250 -3 387 -25 121 2 799 7 563 -53 389 Year-to-date figures Fuel Systems Mobile Pipeline Aftermarket Corporate and eliminations Hexagon Group (NOK 1000) YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 Total revenue and other operating income 865 801 927 507 284 423 488 043 186 905 231 320 -40 960 -60 858 1 296 169 1 586 012 Cost of materials 415 224 525 368 140 785 265 635 61 284 88 877 -51 863 -64 615 565 430 815 265 Payroll and social security expenses 160 599 207 262 52 718 78 826 78 126 103 739 123 206 97 737 414 648 487 564 Other operating expenses 167 041 170 778 76 592 131 171 33 156 30 331 -87 182 -105 430 189 606 226 851 Operating profit before depreciation and amortization (EBITDA) 122 937 24 099 14 329 12 410 14 339 8 373 -25 120 11 450 126 485 56 333 EBITDA-margin (%) 14% 3% 5% 3% 8% 4% 10% 4% Depreciation, amortization, and impairment 78 172 84 558 20 086 23 354 15 052 14 344 11 617 13 653 124 927 135 909 Operating profit (EBIT) 44 765 -60 459 -5 756 -10 944 -713 - 5 971 -36 737 - 2 203 1 558 -79 577 Note 3: Operating segments
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22 (NOK 1000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Interest income 10 673 12 442 23 868 21 623 49 124 Interest expenses - 47 186 -37 909 - 87 470 - 73 591 - 163 034 Interest expenses on lease liabilities (IFRS 16) - 7 255 - 8 630 - 14 903 - 17 682 - 34 229 Net interest expenses - 43 769 -34 097 - 78 505 - 69 652 - 148 138 Change in fair value of total return swap instrument in Hexagon Purus 0 13 073 - 4 439 -41 704 - 54 242 Change in fair value of convertible bond investment in Hexagon Purus - 16 802 -35 433 - 20 554 -55 769 - 59 839 Other derivatives – gains/losses 5 985 - 777 17 752 -239 - 9 955 Foreign exchange gains/losses (net) 22 077 16 487 1 516 9 892 13 397 Other financial expenses/income (net) - 482 -645 - 880 -1 203 - 9 217 Other financial items (net) - 32 991 -41 393 - 85 110 -158 676 - 267 994 2026 2025 (NOK 1000) Property, plant, and equipment Right of use assets Total Property, plant, and equipment Right of use assets Total Carrying value as of 1 January 879 267 411 132 1 290 399 940 874 502 214 1 443 088 Additions continuing operations 11 566 7 466 19 032 44 368 6 882 51 250 Additions discontinued operations 75 0 75 0 0 0 Additions from acquisition of companies 14 800 0 14 800 0 0 0 Depreciations continuing operations - 63 206 - 29 856 - 93 061 - 69 079 - 32 876 - 101 955 Depreciations discontinued operations - 4 842 0 - 4 842 0 0 0 Disposals / expirations continuing operations 0 0 0 0 0 0 Disposals / expirations discontinued operations -219 0 -219 0 0 0 Impairments continuing operations -356 0 - 356 0 0 0 Impairments discontinued operations -747 0 -747 0 0 0 Currency translation differences continuing operations -19 108 - 9 858 -28 966 - 89 227 - 41 777 - 131 004 Currency translation differences discontinued operations -4 879 0 -4 879 0 0 0 Carrying value as of 30 June 812 352 378 884 1 191 237 826 936 434 442 1 261 378 Note 4: Other financial items (net) Note 5: Tangible assets
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23 2026 2025 (NOK 1000) Goodwill Customer relationships Other intangible assets1) Total intangibles Goodwill Customer relationships Other intangible assets1) Total intangibles Carrying value as of 1 January 1 158 779 200 338 319 769 1 678 887 1 338 158 253 420 334 836 1 926 414 Additions continuing operations, net of disposals 0 0 7 417 7 417 0 0 27 979 27 979 Additions discontinued operations, net of disposals 0 0 0 0 0 0 0 0 Additions from acquisition of companies 0 0 4 4 0 0 0 0 Amortizations continuing operations 0 -11 184 -19 941 -31 125 0 - 13 292 - 20 662 - 33 954 Amortizations discontinued operations 0 0 -9 -9 0 0 0 0 Impairments continuing operations 0 0 -385 -385 0 0 0 0 Impairments discontinued operations 0 0 -2 830 -2 830 0 0 0 0 Currency translation differences continuing operations -19 849 - 3 447 - 3 721 - 27 017 - 139 544 - 27 212 - 31 483 - 198 239 Currency translation differences discontinued operations 0 0 -122 -122 0 0 0 0 Carrying value as of 30 June 1 138 930 185 707 300 182 1 624 819 1 198 614 212 916 310 670 1 722 200 1) Other intangible assets consist of technology and development, patents and licenses and other rights (NOK 1000) 2026 2025 Carrying value as of 1 January 509 292 601 581 New lease liabilities recognized in the period 7 466 6 882 Cash payments for the principal portion of the lease liability - 28 933 - 30 290 Cash payments for the interest portion of the lease liability - 14 903 - 17 685 Interest on lease liabilities 14 903 17 685 Currency translation differences - 8 624 - 50 043 Carrying value as of 30 June 479 201 528 130 No lease liabilities are present in the discontinued operations, Hexagon Agility Poland. Note 6: Intangible assets Note 7: Lease liabilities
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24 The tables above and below show the movements of current and non-current other financial liabilities in the period. Note 8: Other financial liabilities (NOK 1000) Carrying value 1 January 2026 Fair value adjustment Additions in the period Settlements/ payments in the period Reclass. from non-current to current Reclass from liabilities to assets Carrying value 30 June 2026 Cross currency swap (fair value) 274 571 - 93 033 0 -181 538 0 0 0 Total non-current other financial liabilities 274 571 -93 033 0 -181 538 0 0 0 Other current financial liabilities 25 000 0 0 - 25 000 0 0 0 Total return swap 0 0 0 0 0 0 0 Total current other financial liabilities 25 000 0 0 - 25 000 0 0 0 (NOK 1000) Carrying value 1 January 2025 Fair value adjustment Additions in the period Settlements/ payments in the period Reclass. from non-current to current Reclass from liabilities to assets Carrying value 30 June 2025 Cross currency swap (fair value) 451 737 - 181 573 0 0 0 0 270 164 Total non-current other financial liabilities 451 737 - 181 573 0 0 0 0 270 164 Other current financial liabilities 0 0 0 0 0 0 0 Total return swap 62 758 41 704 0 -102 761 0 0 1 701 Total current other financial liabilities 62 758 41 704 0 - 102 761 0 0 1 701
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25 2026 2025 (NOK 1000) Non-current bank loans Current bank loans Total 2026 Non-current bank loans Current bank loans Total 2025 Liabilities as of 1 January 1 241 981 0 1 241 981 1 091 773 201 498 1 293 271 Financing activities with cash settlement: - New liabilities 934 983 0 934 983 350 000 0 350 000 - Transaction costs -15 952 0 -15 952 0 0 0 - Repayment of liabilities - 1 250 000 0 - 1 250 000 0 -84 494 - 84 494 Financing activities without cash settlement: - Reclassification 1st year`s instalments 0 0 0 0 0 0 - Reclassifications 0 0 0 0 0 0 - Currency translation differences 43 875 0 43 875 0 0 0 - Other transactions without cash settlement 16 875 0 16 875 1 660 0 1 660 Liabilities as of 30 June 971 762 0 971 762 1 443 434 117 003 1 560 437 Effective 9 June 2026, Hexagon Composites ASA refinanced its debt facilities with DNB and Danske Bank. The total facility amounts to NOK 1 600 million and comprises a multi-currency term loan facility of NOK 950 million, two revolving credit facilities (RCF) of NOK 150 million (Tranche 1) and NOK 200 million (Tranche 2), a multi-currency overdraft facility of NOK 250 million, and a guarantee facility of NOK 50 million. Of the total facility, NOK 1 400 million is available for drawdown without incurrence-based leverage restrictions. The additional NOK 200 million under RCF tranche 2 is available subject to a leverage ratio (NIBD/EBITDA) below 3.0x. Effective from 30 June 2028, the total facility will be reduced by NOK 100 million in two semi- annual amortizations (total NOK 200m). The refinanced facilities mature on 30 June 2029. Covenant requirements under the new debt facility agreements are presented below. Covenants Description Requirements 1) Leverage (NIBD / EBITDA) Net interest-bearing debt (NIBD) refers to interest-bearing debt (excluding lease liabilities) less cash and cash equivalents. EBITDA refers to reported EBITDA adjusted for IFRS 16 leasing expenses and share-based payment expenses Until end of Q3 2027: Suspended Q4 2027: < 4.0x Q1 2028: < 3.5x Q2 2028: <3.0x Q3 2029 and onwards: < 2.5x 2) Equity ratio Equity ratio refers to equity ratio as reported excluding the effects from IFRS 16 lease liabilities and right of use assets > 30% (may however be lowered to 25% for three consecutive quarters) 3) Minimum liquidity Minimum liquidity refers to the sum of cash and cash equivalents, undrawn amounts under the NOK 250m overdraft facility, undrawn amounts under the NOK 150m RCF tranche 1 facility and undrawn amounts under the NOK 200 RCF tranche 2 facility (subject to leverage restrictions) > NOK 200 million As of the reporting date, the Company was compliant with all financial covenants. Minimum liquidity amounted to NOK 694 million per period end. Note 9: Interest-bearing liabilities
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26 For financial instruments that are recognized at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data There were no transfers from one level to another in the measurement hierarchy from 2025 to the end of the current quarter of 2026. Hexagon Group has no items defined as level 1. Set out below is a comparison of the carrying amount and the fair value of financial instruments as of the current balance sheet date and 31 December 2025. 30 June 2026 31 December 2025 (NOK 1000) Level Carrying amount Fair value Carrying amount Fair value Financial assets: Interest rate swap 2 12 613 12 613 8 631 8 631 Investment in shares 3 28 924 28 924 23 529 23 529 Convertible bond at fair value 3 131 216 131 216 139 711 139 711 Total return swap (net of margin payments) 2 0 0 20 015 20 015 Other non-current financial assets 3 6 269 6 269 5 574 5 574 Total non-current financial assets 179 021 179 021 197 459 197 459 Other current financial assets 3 0 0 19 375 19 375 Total financial assets 179 021 179 021 216 834 216 834 Financial liabilities: Non-current financial liabilities 3 971 762 978 857 1 241 981 1 250 000 Other non-current financial liabilities (cross currency swap) 2 0 0 274 571 274 571 Current interest-bearing liabilities 3 0 0 0 0 Other current financial liabilities 3 0 0 25 000 25 000 Total return swap (net of margin payments) 2 0 0 0 0 Total financial liabilities 971 762 978 857 1 541 553 1 549 571 Note 10: Financial instruments
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27 Share-based payment in Hexagon Composites ASA The Company has a performance share unit (PSU) program and a restricted share unit (RSU) program covering certain employees in senior positions. Performance share unit programs (PSUs) All PSUs are non-transferable and will vest subject to satisfaction of the applicable vesting conditions (group revenue, group EBIT/EBITDA and share price targets). The actual number of PSUs vested will depend on performance and vary from minimum zero to the maximum awarded PSUs in each program. Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10. All PSU programs have a three-year vesting period. Restricted share unit programs (RSUs) The RSUs are subject to continued employment three years after date of grant, and each participant will at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated to them. Share-based payment programs PSUs (maximum) RSUs Outstanding 1 January 2026 13 808 084 417 617 Granted during the year 0 0 Instruments exercised 0 -122 862 Instruments lapsed/cancelled/adjusted -4 163 682 -17 755 Outstanding 30 June 2026 9 644 402 277 000 Exercise price (NOK) (in the case of new shares issued) 0.10 0.10 Expected lifetime (years) 3 years 3 years Weighted average exercised share price (NOK) during the year NA NA The fair value of the PSUs and RSUs was calculated on the grant date, based on the Black-Scholes model, and the cost is recognized over the service period. Cost associated with the programs were NOK 5.6 million incl. social security effects on a year-to-date basis. The cost in the second quarter was NOK 3.3 million. The unamortized fair value of all outstanding PSUs (maximum 9,644,402) and RSUs (277,000) is estimated to NOK 21.0 million per 30 June 2026. Note 11: Share-based payment
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28 List of associated companies Country Business segment Acquisition / recognition Ownership 30.06.2025 Ownership 31.12.2025 Ownership 30.06.2026 Accounting method Hexagon Purus ASA Norway Other 20 June 2023 38.4% 34.6% 34.6% Equity method heiserTEC GmbH (formerly Worthington Cylinders GmbH) Austria Other 29 May 2024 49.0% 49.0% 49.0% Equity method Cryoshelter Bio LNG GmbH (“Cryoshelter”) 1) Austria Other 1 August 2022 40.0% 40.0% 0.0% Equity method 1) Effective from January 2026, the Group acquired the remaining shares in Cryoshelter BioLNG GmbH and obtained 100% ownership. Accordingly, Cryoshelter BioLNG GmbH ceased to be accounted for as an associated from the acquisition date. No gain or loss arose from the acquisition. Income statement reconciliation Hexagon Purus ASA heiserTEC GmbH Cryoshelter Bio LNG GmbH Total (NOK 1000) 2026 2025 2026 2025 2026 2025 2026 2025 Share of profit after tax - 131 821 - 247 567 - 12 989 - 10 454 - 16 959 - 144 810 - 274 981 PPA amortizations - 11 491 - 12 448 - 1 356 - 11 491 - 13 804 Impairment / reversal of impairment -251 000 - 16 533 - 267 533 Total profits/losses and other gains/losses from investments in associates per 30 June - 143 311 - 511 015 - 12 989 - 10 454 - 34 849 -156 301 - 556 319 Balance sheet reconciliation Hexagon Purus ASA heiserTEC GmbH Cryoshelter Bio LNG GmbH Total (NOK 1000) 2026 2025 2026 2025 2026 2025 2026 2025 Carrying value as of 1 January 157 930 907 571 21 599 101 505 0 0 179 529 1 009 075 Loans classified as net investment in the associate provided in the period 28 533 28 533 Share of profit after tax incl. PPA amortizations -143 311 - 260 015 -12 989 - 10 454 - 18 316 -156 301 - 288 786 Share of other comprehensive income -14 619 - 28 321 -14 619 - 28 321 Impairment / reversal of impairment - 251 000 - 16 533 - 267 533 Currency translation effects 413 -616 413 -616 Carrying value per 30 June 0 368 235 9 022 90 434 - 6 317 9 022 452 352 Additional information Fair value (if there is a quoted market) per period end 177 709 373 594 n/a n/a n/a Accumulated impairment losses charged 1 014 000 Non-recognized share of profit/loss 0 Non-recognized share of OCI -2 332 Note 12: Investments in associates
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29 Hexagon Purus ASA Hexagon Purus became an associated company in June 2023 following a dividend-in-kind distribution of 25% of Hexagon Purus shares to Hexagon Composites' shareholders and a concurrent 5% share sale. The investment was initially recognized at fair value of NOK 2,105 million, consisting of Hexagon Composites' share of net assets of NOK 902 million and goodwill and excess values of NOK 1,203 million. Due to the significant decline in Hexagon Purus' share price during 2023 and 2024, Hexagon Composites recognized impairment losses, resulting in accumulated impairments of NOK 1,014 million as of 1 January 2026. Hexagon Composites held a 38.4% ownership interest in Hexagon Purus until 16 October 2025, when approximately 16.4 million shares were transferred as partial consideration for the acquisition of the remaining 51% interest in SES Composites. This reduced the ownership interest to 34.6%. Accordingly, the Group recognized its share of Hexagon Purus' losses based on the respective ownership percentages before and after the transaction. The share transfer resulted in a technical accounting loss of NOK 109 million. As of 30 June 2026, the recoverable amount of the investment (fair value less costs of disposal) was NOK 175 million (approximately NOK 12.00 per share), compared with NOK 209 million (approximately NOK 14.30 per share) at 31 December 2025. Following the recognition of the Group's share of losses in the first half of 2026, the carrying amount of the investment was reduced to zero. In addition, NOK 2.3 million of the Group's share of other comprehensive loss was not recognized, as this would have resulted in a negative carrying amount. The Group does not have any legal or constructive obligation to fund the associate further. Although the recoverable amount exceeded the carrying amount at 30 June 2026, no impairment reversal was recognized because the recoverable amount did not increase during the period. Consistent with Finanstilsynet's interpretation of IAS 28.42, impairment reversals for equity- accounted investments are limited to increases in recoverable amount during the reporting period. Consequently, accumulated impairment losses remained unchanged at NOK 1,014 million. heiserTEC GmbH (formerly Worthington Cylinders GmbH) In June 2024, Hexagon acquired a 49% interest in Worthington Cylinders GmbH, which together with its subsidiaries in Poland and Germany formed Sustainable Energy Solutions (“SES”). SES comprised a type 1 (steel) cylinder business operated from Austria and an alternative fuels business, SES Composites, which manufactured type 3 composite cylinders and fuel systems in Poland and operated a valve assembly facility in Germany. On 16 October 2025, Hexagon completed the acquisition of the remaining 51% of SES Composites. Until the acquisition date, Hexagon accounted for its investment in Worthington Cylinders GmbH using the equity method and recognized its share of SES's results. Following the acquisition, SES Composites has been fully consolidated, while the remaining type 1 (steel) cylinder business continued to be accounted for as an associate under the equity method. As part of the demerger accounting, the carrying value of Hexagon's investment in Worthington Cylinders GmbH was reduced by NOK 35 million, representing SES Composites' relative fair value share (47%) of SES at the demerger date. In 2026, Worthington Cylinders GmbH's type 1 cylinder business was rebranded as heiserTEC GmbH, which will be the name used for future references to the associate. Cryoshelter Bio LNG GmbH On 31 December 2025, the Group’s investment in Cryoshelter BioLNG GmbH was carried at zero value, following impairment testing performed in prior periods. On 9 January 2026, the Group acquired the remaining shares in Cryoshelter Bio LNG GmbH for one (1) euro and obtained control. From that date, Cryoshelter Bio LNG GmbH has been accounted for as a subsidiary and is consequently no longer presented as an investment in associates. No gain or loss arose from the acquisition.
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30 Acquisition of Cryoshelter Bio LNG GmbH in January 2026 On 9 January 2026, Hexagon Composites AS acquired the remaining 60% of the shares in Cryoshelter Bio LNG GmbH for a consideration of EUR 1. The transaction was accounted for as a step acquisition in accordance with IFRS 3 (Business Combinations). Accordingly, Hexagon’s previously held equity interest in Cryoshelter Bio LNG GmbH was remeasured at fair value at the acquisition date, and a purchase price allocation was performed. The purchase price allocation reflected fair value adjustments to identifiable assets and liabilities at the acquisition date and did not give rise to the recognition of goodwill or identifiable intangible assets. Acquisition of SES Composites in October 2025 On 14 July 2025, Hexagon Composites ASA announced the acquisition of the remaining 51% interest in SES Composites, SES' alternative fuels business. Prior to the transaction, Hexagon indirectly held a 49% interest through its ownership in Worthington Cylinders GmbH. The transaction closed on 16 October 2025 following the demerger of SES Composites from Worthington Cylinders GmbH. The consideration for the acquired 51% interest comprised approximately 1.8 million Hexagon Composites shares and 16.4 million Hexagon Purus shares, with a total fair value of NOK 50.6 million at closing, implying an equity value of NOK 99.2 million for 100% of SES Composites. SES Composites has been fully consolidated from 16 October 2025. The acquisition was accounted for as a step acquisition in accordance with IFRS 3 Business Combinations. Hexagon's previously held 49% interest was remeasured to fair value, resulting in a gain of NOK 13.6 million. The purchase price allocation further resulted in a bargain purchase gain of NOK 105.8 million. Combined, these gains amounted to NOK 119.4 million and were recognized as Other income in the 2025 statement of income. Gain from remeasurement of previously held interest in SES Composites as of 16 October (NOK 1000) Carrying value of 49% SES (as a whole) per 16 October 73 812 hereof allocated to the remaining type 1 business (Worthington Cylinders GmbH) 38 836 a) hereof allocated to the acquired alternative fuels business (“SES Composites”) 34 976 b) Fair value of 49% previously held interest in SES Composites 48 600 c=b-a) Gain from remeasurement of previously held interest in the associate 13 624 Purchase price allocation and gain from bargain purchase of SES Composites as of 16 October (NOK 1000) a) Fair value of net identifiable assets in SES Composites 204 997 Fair value of previously held interest in SES Composites (49%) 48 600 Fair value of consideration transferred for remaining interest in SES Composites (51%) 50 583 b) Fair value of consideration transferred to acquire SES Composites (100%) 99 183 c=b-a) Goodwill (negative goodwill) - 105 814 d) Recognition of negative goodwill as gain from bargain purchase through profit and loss 105 814 e=c+d Goodwill (negative goodwill) in the balance sheet 0 Note 13: Changes to the Group structure
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31 The after-tax profit or loss from discontinued operations relates to Hexagon Agility Poland Sp. z o.o. Following a decision in February 2026 to close and discontinue Hexagon Agility Polands type-3 business in Poland, the business was classified and presented as a discontinued operation in May 2026, when production ceased and all production employees' contracts were terminated, marking the effective cessation of the business's operating activities. Hexagon Agility Poland Sp. z o.o. operated from a separate geographical location and represented a major and separately identifiable area of operations within the Hexagon Group. Following the decision to discontinue and abandon these activities, management concluded that the component met the criteria for presentation as a discontinued operation in accordance with IFRS 5. Accordingly, the results of Hexagon Agility Poland Sp. z o.o. are presented as discontinued operations in the 2025 and 2026 financial statements, and the 2025 financial statements have been re-presented accordingly. The profit or loss from discontinued operations as presented in the consolidated statement of income is broken down as follows: Statement of income Hexagon Agility Poland (NOK 1000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Total revenue and other operating income 119 864 173 368 94 746 Cost of materials 85 873 123 730 71 161 Payroll and social security expenses 7 132 15 843 9 172 Other operating expenses 13 649 35 278 8 643 Total operating expenses before depreciation 106 654 174 851 88 975 Operating profit before depr. and amort. (EBITDA) 13 210 - 1 483 5 771 Depreciation, amortization, and impairment 2 976 8 428 676 Operating profit (EBIT) 10 234 - 9 910 5 096 Other financial items (net) - 867 - 1 753 - 1 070 Profit/loss before taxes from discontinued operations 9 367 - 11 663 4 026 Income tax expenses 637 13 645 119 Profit/loss after taxes from discontinued operations 8 730 -25 308 3 906 Note 14: Discontinued operations
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32 Statement of cash flows Hexagon Agility Poland (NOK 1000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Operating cash flows Profit before taxes 9 367 - 11 663 8 643 Other financial items (net) 867 1 753 1 070 Depreciation, amortization and impairment 2 976 8 428 676 Changes in net operating working capital 1) 21 011 31 338 -46 233 Other working capital items and adjustments to operating cash flow -7 483 - 3 347 31 575 Taxes paid / refunded -637 -637 -4 419 Net cash flow from operating activities 26 100 25 870 -8 887 Investing cash flows Purchase of property, plant & equipment 0 -75 -1 493 Proceeds from sale of property, plant & equipment 1 371 1 371 0 Purchase of intangible assets 0 0 0 Net cash flow from investing activities 1 371 1 296 -1 493 Financing cash flows Other financial cash flows 2 262 2 262 0 Net cash flow from investing activities 2 262 2 262 0 Net change in cash and cash equivalents 29 733 29 428 -10 379 Net currency exchange differences 42 -384 0 Cash and cash equivalents from acquired / sold businesses 0 0 16 615 Cash and cash equivalents at start of period 5 505 6 236 0 Cash and cash equivalents at end of period 35 280 35 280 6 236 1) Changes in net operating working capital consist of net changes in inventories, trade receivables, trade payables and contract liabilities.
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33 • Subsequent equity offering of NOK 102 million The share capital increase pertaining to the subsequent equity offering concluded on 22 June 2026 was registered in the Norwegian Register of Business Enterprises on 1 July 2026. Gross proceeds from the offering amounted to NOK 102 million and was received on account on 2 July. • Hexagon Agility receives significant order from Certarus for Mobile Pipeline modules to service data center demand On 3 July, Hexagon Agility, a subsidiary of Hexagon Composites, received the largest single order for Mobile Pipeline[®] modules to date, from Certarus, the North American leader in mobile compressed natural gas (CNG) solutions. The order represents an estimated value of USD 100 million (approx. NOK 1 billion), and includes an option to purchase additional modules valued at up to USD 25 million (approx. NOK 250 million) by 2028. Deliveries under the order are expected to commence in the third quarter of 2026, with the majority completed over the following 12 months and final deliveries by 2028. • Hexagon Agility signed exclusive long-term agreement with IVECO BUS Hexagon Agility, a business of Hexagon Composites and the world's leading provider of compressed natural gas (CNG) fuel systems, has signed an exclusive long-term agreement with IVECO BUS, a global leader in commercial vehicles, for the delivery of CNG fuel systems for transit buses globally. The three-year agreement covers the exclusive supply of Hexagon Agility’s fuel systems and Type 4 carbon fiber cylinders across IVECO’s CNG bus range. For 2026, annual revenues from deliveries to IVECO BUS, including deliveries under this agreement, are estimated to be EUR 20 million (approx. NOK 200 million). Note 15: Events after the balance sheet date
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34 Terminology BAR Unit of pressure. 1 millibar = 100 N/m2 BIOGAS Produced from raw materials such as agricultural waste, manure, municipal waste, plant material, sewage, green waste, or food waste BEV Battery Electric Vehicle CHASSIS The base frame of a car, carriage, or other wheeled vehicle CNG Compressed Natural Gas CO2 Carbon Dioxide COMPOSITE Combination of glass/carbon fiber and thermosetting plastic, exploiting the malleability of the plastic and the stiffness and strength of the glass/ carbon fiber EBIT Earnings before interests and taxes EBITDA Earnings before interest, taxes, depreciation, and amortization GHG Greenhouse Gas GVW Gross Vehicle Weight HDV Heavy-Duty Vehicle JOINT VENTURE Legally signed contractual agreement whereby two or more parties undertake an economic activity LDV Light-Duty Vehicle LNG Liquefied Natural Gas LPG Liquefied Petroleum Gas (propane gas) MOBILE PIPELINE® Gas distribution products NGV Natural Gas Vehicle OEM Original Equipment Manufacturer X-STORE® High-pressure composite cylinder for bulk transportation and storage of CNG RNG Renewable Natural Gas Pipeline compatible gaseous fuel derived from biogenic or other renewable sources that has lower lifecycle carbon dioxide equivalent (CO2- eq) emissions than geological natural gas SCBA CYLINDER Self-contained breathing apparatus SCM3 Standard cubic meters. Unit for volumetric measurement of oil, natural gas and natural gas condensate at standard conditions defined in the ISO standard ISO 13443 SES Sustainable Energy Solutions
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35 TITAN® High-pressure composite cylinder for bulk transportation and storage of CNG TUFFSHELL® High-pressure CNG cylinder for heavy duty vehicles TYPE 1 Steel cylinder TYPE 2 Steel cylinder, composite-reinforced TYPE 3 Composite cylinder with metal liner TYPE 4 Composite cylinder with polymer liner U.S. DOT U.S. Department of Transportation
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36 Forward looking statements This quarterly report (the “Report”) has been prepared by Hexagon Composites ASA (“Hexagon” or the “Company”). The Report has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated marketplace. 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 Report and/or the statements set out herein. This Report is not and does not purport to be complete in any way. The information included in this Report 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 Report, 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 Report 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 Report has been prepared for information purposes only. This Report 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 Report in or into any jurisdiction where such distribution may be unlawful, is prohibited. This Report speaks as of 5 August 2026, and there may have been changes in matters which affect the Company subsequent to the date of this Report. Neither the issue nor delivery of this Report 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 Report. This Report is subject to Norwegian law, and any dispute arising in respect of this Report is subject to the exclusive jurisdiction of Norwegian courts with Oslo City Court as exclusive venue. By receiving this Report, you accept to be bound by the terms above.
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Hexagon Composites ASA Korsegata 4B, 6002 Ålesund, Norway www.hexago ngroup.com