Interim report
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Hexagon Purus Q3 2026
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1 Description of the use of Alternative Performance Measures (APM) is presented in the notes of this report. Key figures (NOK million) Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change Revenue and other income 150 252 -40% 701 676 4% Operating profit before depreciation (EBITDA) -83 -116 - -184 -519 - Operating profit (EBIT) -124 -184 - -327 -715 - Profit/loss before tax -241 -367 - -631 -1,027 - Profit/loss for the period -242 -365 - -628 -1,021 - Key developments in Q3 2026 • Revenue and other income of NOK 150 million in the third quarter of 2026, 40% lower compared to the same period last year (20% lower excluding the deconsolidated business). Year-to-date revenue and other income of NOK 701 million, up 4% compared to the first nine months of 2025; • EBITDA of NOK -83 million in the third quarter of 2026, compared to NOK -116 million in the same period last year. Year-to-date EBITDA of NOK -184 million, compared to NOK -519 million in the first nine months of 2025; and • Exited the quarter with order backlog consisting of firm purchase orders of NOK 508 million. Group revenue and other income Group EB ITDA NOK million NOK million 252 468 405 146 150 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 -116 -99 2 -102 -83 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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2 A word from the CEO The third quarter is the first quarter to reflect most of the significant cost reductions undertaken to date. The EBITDA improvement in the quarter was limited by volumes that slipped into Q4, unfavorable mix effects and restructuring costs, which partly offset the savings achieved. We have made substantial changes to the size and cost of our operations since the beginning of 2025, and most of the intended structural measures are now complete. Annualizing third-quarter payroll and other operating expenses indicates a cost base around 50% 1 below the level at which we exited 2024, which shows that the targeted cost cuts have been delivered. These changes have required difficult decisions, and I want to thank our employees and acknowledge the considerable effort they have made while continuing to serve our customers and other stakeholders. We expect the hydrogen market to remain challenging for some time and have adapted our operations accordingly, with the aim of reaching EBITDA break-even under these conditions. We recorded positive EBITDA in our Kassel facility in two of the quarter’s three months, reflecting progress at the operational level. We expect a volume uplift in the fourth quarter, and most of the expected fourth quarter revenue is covered by firm orders, including deliveries that moved from Q3. Together with the cost reductions, these volumes provide an opportunity to approach underlying EBITDA break-even at Group level in Q4 for the first time. During the quarter, we also secured significant orders for hydrogen distribution modules for delivery in 2027, strengthening the visibility into next year. Customer dialogues on further volume for next year are ongoing, with the aim of supporting a healthier level of activity. Alongside these commercial efforts, management and the Board are working intensively on the Company’s financial restructuring. The Group ended the third quarter with negative consolidated equity, and the current balance sheet position is not sustainable. We are in dialogue with key stakeholders on solutions to address the Company’s debt burden and establish a sustainable capital structure. 1 Around 40% when adjusting for structural measures. While we have done most of the hard work on costs, we now need to turn that into consistent break-even performance and a balance sheet that supports the business. I would like to thank the Hexagon Purus team for their commitment, our customers and suppliers for their continued trust, and our key stakeholders for their constructive engagement. Morten Holum Chief Executive Officer, Hexagon Purus
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3 Hexagon Purus Q3 2026 consolidated financials Profit and loss In the third quarter of 2026, Hexagon Purus (“the Company” or “the Group”) generated revenue and other income of NOK 150 million, down 40% compared to the corresponding period in 2025. Excluding the deconsolidated business which occurred in the first quarter of 2026, the decrease in revenue was 20% and primarily driven by lower activity within hydrogen infrastructure, transit bus and industrial gas applications, partly offset by higher activity in battery electric mobility and rail applications. Year-over-year comparisons are affected by the divestment of the U.S. business and the deconsolidation of CIMC- Hexagon (now an associate) in the first quarter of 2026. Both were fully consolidated in the third quarter of 2025, contributing revenue and other income of NOK 74 million, operating expenses of NOK 60 million and EBITDA of NOK 14 million in that period. Comparisons with the second quarter of 2026 are on a like-for-like basis. Cost of materials as a percentage of revenue was 56% (47%) in the third quarter of 2026, unchanged from the second quarter of 2026. The ratio was impacted by high materials cost relative to revenue on the truck deliveries in BVI, as well as an inventory write-down of NOK 5 million in HMI. Payroll-related expenses totaled NOK 90 (187) million in the third quarter of 2026, which now broadly reflects the full payroll effect of the approximately 50% headcount reduction implemented to date. Other operating expenses amounted to NOK 59 million in the third quarter of 2026, compared to NOK 62 million in the same period last year, and include approximately NOK 6 million in strategic and consultancy costs related to the restructuring. Total operating expenses in the third quarter of 2026 amounted to NOK 233 (368) million, leading to an operating profit before depreciation (EBITDA) of NOK -83 (-116) million. Depreciation and impairment in the third quarter of 2026 was NOK 40 million, compared to NOK 68 million in the same period last year. Of the NOK 40 million, NOK 32 million relates to depreciation of property, plant & equipment and amortization of intangible assets, and NOK 9 million relates to right-of-use-assets (RoU) depreciation. Operating profit (EBIT) in the third quarter of 2026 ended at NOK -124 (-184) million. Share of profit/loss from investments in associates, which reflects Hexagon Purus’ minority shareholding in CIMC-Hexagon, accounted for as an associate following the transaction in the first quarter of 2026, was NOK -6 (-2) million in the third quarter of 2026. Finance income in the quarter was NOK 32 (10) million, of which approximately NOK 2 million relates to interest income on bank deposits and approximately NOK 30 million relates to foreign exchange fluctuations. Finance expense in the third quarter of 2026 was NOK 144 (191) million, of which approximately NOK 74 million relates to non-cash interest on the 2023/2028 and 2024/2029 convertible bonds. A further approximately NOK 8 million is driven by interest on lease liabilities and other interest-bearing debt, and the remainder of approximately NOK 62 million relates to foreign exchange fluctuations. Tax expense in the third quarter of 2026 was NOK 0 (-2) million, and net profit after tax ended at NOK -242 (-365) million. Balance sheet Like the profit and loss statement, the balance sheet is not directly comparable year- over-year, reflecting the change in the Group’s consolidation perimeter during the first quarter of 2026 (the divestment of the U.S. business and the deconsolidation of CIMC- Hexagon, now accounted for as an associate). At the end of the third quarter of 2025, the two entities accounted for approximately NOK 977 million of total assets, including NOK 232 million of property, plant and equipment and NOK 75 million of inventory, and NOK 216 million of total liabilities; the remaining interest in CIMC-Hexagon is now presented as an investment in associates. Sequential movements during the third quarter of 2026 primarily reflect underlying operating developments. Total assets at the end of the third quarter of 2026 amounted to NOK 2,623 (3,988) million. Property, plant and equipment totaled NOK 589 (1,102) million at quarter-end. Right-of-use assets amounted to NOK 299 (499) million at quarter-end, while intangible assets ended at NOK 563 (674) million. Inventory amounted to NOK 360 (758) million at the end of the third quarter of 2026 down NOK 22 million from the second quarter of 2026. Trade receivables stood at NOK 198 (234) million at quarter-end, up from NOK 180 million in the second quarter of 2026, mainly reflecting the higher revenue in BVI in the quarter. Cash and cash equivalents amounted to NOK 220 (360) million at the end of the third quarter of 2026. Total equity amounted to NOK -224 (1,054) million at the end of the third quarter of 2026. Continued losses have resulted in negative consolidated equity. Management and the Board are holding discussions with key stakeholders on a financial restructuring, including measures relating to the outstanding convertible bonds, with
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4 the objective of reducing the Company’s debt burden and restoring positive consolidated equity. Further information on liquidity and the going concern assessment is provided in Note 10. Non-current liabilities amounted to NOK 2,438 (2,298) million at the end of the third quarter, of which NOK 2,031 (1,754) million comprised interest-bearing debt, primarily related to the two outstanding convertible bonds, maturing in Q1 2028 and Q1 2029, respectively. Non-current lease liabilities totaled NOK 369 (492) million at quarter-end. Total current liabilities stood at NOK 409 (636) million at the end of the third quarter of 2026, up from NOK 383 million in the second quarter. The increase was driven by trade payables of NOK 134 (179) million and contract liabilities of NOK 71 million, up from NOK 36 million in the second quarter, primarily reflecting customer pre-payments. Cash flow Net cash flow from operating activities in the third quarter of 2026 amounted to NOK - 67 (-115) million. The quarter included a favorable working capital development of NOK 64 (-26) million, driven by an increase in trade payables and customer pre-payments of NOK 60 million and lower inventory (NOK 22 million), partly offset by higher trade receivables (NOK 18 million). Group net working capital NOK million Net cash flow from investing activities amounted to NOK 9 (-34) million in the third quarter of 2026. Capital expenditures in the quarter ended at NOK -1 (-14) million. Capitalized product development was NOK -2 (-16) million, and primarily reflects targeted investment in a small number of next-generation product and technology initiatives. Interest received on cash deposits amounted to NOK 2 (3) million in the quarter, and the release of NOK 10 million from escrow and working capital true-up related to the U.S. divestiture contributed positively to investing cash flow in the quarter. Group capital expenditure (property, plant & equipment and capitalized product development) NOK million Net cash flow from financing in the third quarter of 2026 was NOK -19 (-15) million. Cash interest payments and repayment of interest-bearing debt amounted to NOK -1 (-1) million in the quarter, and repayment of lease liabilities amounted to NOK -18 (-23) million. Net change in cash and cash equivalents in the third quarter of 2026 was NOK -77 (-164) million, and currency exchange differences on cash was NOK -11 (-3) million. Cash and cash equivalents ended at NOK 220 (360) million as of the third quarter of 2026. 648 579 474 417 353 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 30 41 5 4 4 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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5 Hydrogen Mobility and Infrastructure (HMI) Hexagon Purus’ hydrogen storage solutions are based on its leading type 4 cylinder technology and enables the safe and efficient use of hydrogen in a variety of zero- emission mobility and hydrogen infrastructure applications. The Hydrogen Mobility and Infrastructure (HMI) segment covers Hexagon Purus’ hydrogen cylinder and systems manufacturing activities in Europe, as well as its industrial gas business. The divested U.S. business was included in the reported figures for the comparative period, until its divestment on 1 March 2026. Revenue and other income EBITDA NOK million NOK million Financial development Revenue and other income for the HMI segment amounted to NOK 104 million in the third quarter of 2026, representing a decrease of 55% year-over-year. Excluding the divested U.S. business, which occurred during the first quarter of 2026, segment revenue declined by 38% year-over-year. The underlying revenue development was primarily impacted by lower activity within hydrogen infrastructure, transit bus and industrial gas applications, partly offset by increased revenue from rail applications. From a revenue mix perspective, hydrogen infrastructure solutions accounted for 40% (32%) of HMI segment revenue in the third quarter of 2026, corresponding to NOK 41 (75) million. Hydrogen mobility, which includes the sale of Type 4 hydrogen cylinders and cylinder systems for hydrogen-powered on-road and off-road vehicles, generated revenue of NOK 32 million in the third quarter of 2026, down 66% from NOK 94 million in the same period last year. This application area represented 30% (40%) of total HMI revenue, with transit bus applications accounting for NOK 19 (92) million and rail applications for NOK 11 (0) million. Revenue from the Company’s industrial gas business, which provides stationary storage solutions primarily for air gases such as nitrogen and oxygen, totaled NOK 27 million in the third quarter of 2026, reflecting a 19% year-over-year decline. EBITDA for the HMI segment was NOK -34 (-47) million in the third quarter of 2026. Operational update Hydrogen infrastructure was the main contributor to new orders during the quarter, with significant commitments for distribution modules scheduled for delivery in 2027. These orders strengthen the segment’s backlog into next year. The effects of restructuring are notable in the segment’s operations. At Kassel, a lower cost base and improved productivity supported periods of profitable operation during the quarter. A substantial volume of hydrogen distribution modules is scheduled for delivery in the latter part of Q4. This concentration makes execution a key risk to fourth quarter performance and management is focused on coordinating production and component availability to complete the planned deliveries while maintaining quality. Product development continued with the Company’s next-generation hydrogen distribution system, HyCarrier. Following quarter-end, the HyCarrier was introduced at a customer launch event in October, with rollout to customers planned from 2027. Designed for transportation by road, rail and inland waterways, the modular system offers increased payload capacity and a ten-year inspection interval, supporting lower operating costs and reduced downtime. 233 104 Q3 2025 Q3 2026 -47 -34 Q3 2025 Q3 2026
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6 Battery Systems and Vehicle Integration (BVI) The Battery Systems and Vehicle Integration (BVI) segment covers Hexagon Purus’ industry-leading battery storage systems technology and complete vehicle integration services for medium- and heavy-duty trucks in North America. Revenue and other income EBITDA NOK million NOK million Financial development Revenue and other income for the BVI segment totaled NOK 35 (13) million in the third quarter of 2026. The year-over-year revenue growth reflects eight vehicle deliveries to Hino and sublease revenue from the Dallas facility. EBITDA for the BVI segment amounted to NOK -28 (-30) million in the third quarter of 2026. The higher revenue did not translate into improved profitability year-over-year, as the vehicle deliveries in the quarter carried high materials cost from legacy inventory and required additional temporary labour to support the truck builds. Operational update BVI continued to execute its existing customer programs within the smaller organization established through the restructuring earlier this year. Some hydrogen system deliveries to Toyota Motor North America and truck deliveries to Hino shifted from the third to the fourth quarter, weighing on Q3 revenue and increasing the volume scheduled for delivery towards year-end. Management is focused on executing a substantial fourth quarter delivery schedule while controlling production costs and cash requirements. Although the North American commercial EV market remains weak, the Company is engaged in constructive customer discussions that could translate into firm orders in the coming months. Outlook The Company enters the fourth quarter with most of the expected revenue covered by firm orders and a substantially lower cost base. The anticipated volumes provide an opportunity to approach underlying EBITDA break-even at Group level for the first time, although this remains dependent on completing a demanding delivery schedule at expected margins. Hydrogen distribution deliveries are concentrated in Q4, leaving limited room to absorb delays before year-end. Recent orders have strengthened visibility into 2027, with the backlog for delivery next year broadly comparable in absolute terms to the following-year backlog at the end of Q3 2025. Supported by the reduced cost base, the Company’s target is to reach EBITDA break-even in the current market environment. Sustained positive EBITDA on a full-year basis will require some increase in order intake, alongside continued cost discipline. Recent datapoints on growth in clean hydrogen production and investments into a heavy-duty transportation ecosystem in parts of Europe are encouraging, but high costs, infrastructure constraints and policy dependence continue to weigh on market development. The Company will continuously assess these conditions and adjust operations, costs or strategic priorities as needed. Strengthening the Company’s financial position remains a central priority given the Group’s negative consolidated equity and continued cash consumption. Management and the Board are holding discussions with key stakeholders on a financial restructuring to address the Company’s debt burden and establish a sustainable capital structure. 13 35 Q3 2025 Q3 2026 -30 -28 Q3 2025 Q3 2026
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7 Forward -looking statements The forward-looking statements made above are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that are expected to occur in the future. They are therefore not guarantees of future performance. While the statements reflect the current views and expectations of Hexagon Purus based on information currently available to it, they are subject to various assumptions, in addition to risks and uncertainties that may be outside of its control. In particular, statements regarding the Group's liquidity position, capital structure measures, future order intake and revenue depend on developments that are highly uncertain. Readers are cautioned against placing undue reliance on statements regarding the Group's future financial position. Hexagon Purus cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor accept any responsibility for the future accuracy of the opinions expressed herein, or the actual occurrence of the forecasted developments. Actual results could differ materially from those expressed or implied in forward-looking statements. Any forward-looking statements are based only on conditions as of the date on which they are made and we are under no obligation to update or alter such forward-looking statements whether as a result of new information, future events or otherwise. Risks and uncertainties Hexagon Purus operates in markets with strict standards for quality and delivery, deviations from which could result in significant additional costs, lost sales and damage to the Group’s reputation. The Group is exposed to production-related risks such as production errors or shutdowns of its facilities, which could have a material adverse effect on the Group’s results of operations, cash flow and financial condition. The Group continues to incur operating losses and has not yet reached operational break-even. While the Company has implemented significant measures to reduce cash burn and improve liquidity, future cash generation remains dependent on improved market conditions, increased order intake and continued operational execution. The Group is also evaluating capital structure measures, including measures relating to the outstanding convertible bonds, to support the long-term development of the business. There can be no assurance that such measures will be available on acceptable terms, or at all, and failure to improve operating performance or complete such measures could adversely affect the Group’s financial position and future development. The Group is exposed to competing technologies and processes that could have a negative effect on the Group’s competitive positioning, and in turn profitability and financial position. The Group is exposed to developments in the prices and availability of its raw materials and in particular the cost of carbon fiber and lithium-ion batteries. The prices and availability of these raw materials are linked to various factors including developments in the price of oil, precursor commodities and energy and the prevailing market balance where supply is dependent on a limited number of suppliers. To mitigate the risk, the Group will from time to time enter into long-term supply agreements, locking in price and quantity. Even though the contracts are intended to mitigate supply risk, it would also potentially add risk, as they commit the Group on material and components, where actual demand can turn out to be lower than forecasted, market prices can fall, or the development could make the committed volumes technologically less relevant. The Group is also exposed to global macroeconomic developments including the impact of inflation, supply chain constraints and rising interest rates. In recent years, there have been several hydrogen initiatives from governmental and international bodies around the world which puts a spotlight on the role hydrogen technology can play in the global energy transition. The Group faces potential impacts from changes to current and future incentives related to decarbonization or ESG topics, which could affect the adoption of hydrogen or battery electric technologies and, consequently, the Group’s performance. Additionally, shifts in policies and legislation following changes to government may introduce new regulatory challenges and support for clean energy initiatives, posing further risks to the Group’s performance. It is not possible to know the precise impacts of such developments and to what extent these may or may not persist. Changes in international trade policies, including the imposition of new tariffs or adjustments to existing ones, may impact Hexagon Purus's cost structure and supply chain reliability. Tariffs on key raw materials or components could increase input costs, potentially affecting margins and pricing strategies. Additionally, evolving trade relations and regulatory shifts in key markets can introduce uncertainty that may influence investment decisions, production planning, and global market access. For additional information about risks and uncertainties please see to Hexagon Purus’ 2025 annual report.
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8 Oslo, 19 October 2026 The Board of Directors of Hexagon Purus ASA Jon Erik Engeset Chair Espen Gundersen Board member Martha Kold Monclair Board member Rick Rashilla Board member Hidetomo Araki Board member Susana Quintana -Plaza Board member Liv Fiksdahl Board member Morten Holum Group President & CEO
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Hexagon Purus Group Financial Statements Income statement (NOK 1000) Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Unaudited Unaudited Unaudited Unaudited Audited Revenue 3,4 141 756 247 242 554 099 670 585 1 136 658 Other income 3,4 8 611 5 084 147 376 5 255 7 234 Total revenue and income 150 367 252 326 701 475 675 840 1 143 892 Cost of materials 84 037 119 037 327 388 366 544 704 436 Payroll and social security expenses 8 90 267 186 619 379 926 569 716 704 455 Other operating expenses 59 171 62 184 177 785 258 302 353 201 Total operating expenses before depreciation, amortization and impairment 233 476 367 840 885 100 1 194 562 1 762 091 Operating profit before depreciation , amortization and impairment 4 -83 108 -115 515 -183 625 -518 723 -618 200 Depreciation, amortization and impairment 5 40 409 68 230 142 939 196 393 539 127 Operating profit 4 -123 517 -183 744 -326 563 -715 116 -1 157 327 Share of profit/loss from investments in associates 9 -5 964 -2 081 -13 248 -7 484 -16 336 Finance income 31 992 9 938 71 475 65 834 89 411 Finance expense 6,7 143 786 190 759 362 342 369 812 452 342 Profit/loss before tax -241 275 -366 646 -630 678 -1 026 578 -1 536 594 Tax expense 470 -2 065 -2 364 -5 151 -7 297 Profit/loss after tax -241 746 -364 582 -628 314 -1 021 427 -1 529 297 Attributable to: Equity holders of the parent -241 746 -358 239 -622 730 -1 002 945 -1 501 945 Non-controlling interest - -6 343 -5 584 -18 482 -27 352 Earnings per share Ordinary (NOK) -5,64 -8,36 -14,53 -23,41 -35,05 Diluted (NOK)1) -5,64 -8,36 -14,53 -23,41 -35,05 1) The Company has potential dilutive shares through convertible bond instruments as well as share -based payment incentive plans. Diluted EPS is however set equal to ordinary EPS due to negative profit after tax. In May 2026, the Company completed a reverse share split whereby ten existing shares were consolidated into one share. EPS for all periods presented has accordingly been retrospectively adjusted.
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Comprehensive income statement (NOK 1000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Unaudited Unaudited Unaudited Unaudited Audited Profit/loss after tax -241 746 -364 582 -628 314 -1 021 427 -1 529 297 OTHER COMPREHENSIVE INCOME: Items that will be reclassified through profit or loss in subsequent periods Exchange difference on translation of foreign operations -26 636 -15 150 -75 575 -117 602 -97 912 Net of total items that will be reclassified through profit and loss in subsequent periods -26 636 -15 150 -75 575 -117 602 -97 912 Total comprehensive income, net of tax -268 381 -379 732 -703 890 -1 139 029 -1 627 209 Attributable to: Equity holders of the parent -268 381 -372 856 -698 357 -1 091 315 -1 573 131 Non-controlling interest - -6 876 -5 532 -47 714 -54 078
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Balance sheet Note 30.09.2026 30.09.2025 31.12.2025 Note 30.09.2026 30.09.2025 31.12.2025 (NOK 1000) Unaudited Unaudited Audited (NOK 1000) Unaudited Unaudited Audited ASSETS EQUITY AND LIABILITIES Property, plant, and equipment 5,7 588 853 1 102 030 952 380 Issued capital 42 849 42 849 42 849 Right-of-use assets 5,7 299 016 499 428 421 315 Share premium 258 999 2 297 019 258 999 Intangible assets 5 562 559 674 435 664 032 Other equity -525 454 -1 397 354 160 310 Investment in associates 9 203 552 36 087 34 659 Equity attributable to equity holders of the parent -223 606 942 514 462 158 Non-current financial assets 1 232 25 005 - Non-controlling interests - 111 315 117 289 Non-current assets 116 462 119 558 120 819 Total equity -223 60 6 1 053 828 579 447 Total non-current assets 1 771 674 2 456 544 2 193 204 Interest-bearing loans and borrowings 6 2 031 201 1 754 158 1 818 956 Inventories 359 653 758 036 549 400 Lease liabilities 7 369 246 492 412 485 274 Trade receivables 198 170 234 023 313 488 Net employee defined benefit liabilities 1 479 1 916 1 275 Current financial assets - - 25 000 Deferred tax liabilities 16 900 24 633 22 616 Other current assets 74 153 178 927 107 398 Non-current provisions 19 147 24 430 25 528 Cash and short-term deposits 219 721 360 320 321 804 Total non -current liabilities 2 437 973 2 297 549 2 353 647 Total current assets 851 698 1 531 307 1 317 089 Trade and other payables 133 846 178 556 146 892 Total assets 2 623 371 3 987 850 3 510 293 Contract liabilities 71 378 165 197 136 532 Interest-bearing loans and borrowings 6 446 495 1 937 Lease liabilities, short term 7 35 911 47 935 48 848 Income tax payable - - - Other current liabilities 101 774 176 601 153 279 Provisions 65 648 67 687 89 709 Total current liabilities 409 003 636 472 577 198 Total liabilities 2 846 976 2 934 021 2 930 845 Total equity and liabilities 2 623 371 3 987 850 3 510 293
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Cash flow statement (NOK 1000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Note Unaudited Unaudited Unaudited Unaudited Audited Profit before tax -241 275 -366 646 -630 678 -1 026 578 -1 536 594 Depreciation, amortization, and impairment 40 409 68 230 142 939 196 393 539 127 Other income from sale of subsidiary -6 981 - -79 482 - - Other income deconsolidation effects - - -61 934 - - Impairment of financial assets - - - - 102 746 Net interest expense 79 620 68 133 231 097 194 141 266 711 Changes in net working capital 1) 64 233 -25 980 207 506 -22 145 46 699 Other adjustments to operating cash flows -3 484 141 572 31 565 163 848 100 847 Net cash flow from operating activities -67 479 -114 692 -158 987 -494 341 -480 464 Purchase of property, plant, and equipment 5 -1 424 -13 947 -4 733 -66 292 -81 672 Purchase and development of intangible assets -2 373 -16 088 -7 658 -50 519 -76 032 Investments in associated companies - -7 585 - -17 490 -25 233 Loans to other investments - - 25 000 -14 990 -14 990 Proceeds from sale of shares 10 499 - 121 545 - - Transaction cost - - -12 847 - - Interest received 2 200 3 310 4 634 17 404 20 444 Net cash flow from investing activities 8 903 -34 310 125 941 -131 887 -177 482 Repayment of interest bearing loans 6 -412 -926 -1 337 -2 822 -3 360 Interest payments -406 -45 -626 -200 -1 312 Repayment of lease liabilities (incl. interests) 7 -17 846 -22 507 -48 173 -64 598 -85 283 Proceeds from capital increase in subsidiary (NCI contribution) - 8 800 - 52 728 65 066 Net cash flow from financing activities -18 663 -14 679 -50 136 -14 893 -24 889 Net change in cash and cash equivalents -77 238 -163 681 -83 181 -641 121 -682 834 Net currency exchange differences on cash -10 739 -2 568 -18 902 -26 292 -23 094 Cash and cash equivalents beginning of period 307 698 526 567 321 804 1 027 732 1 027 732 Cash and cash equivalents end of period 219 721 360 320 219 721 360 320 321 804 1) Net working capital refers to inventory, trade receivables, contract assets, trade payables and contract liabilities .
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Statement of changes in equity (NOK 1000) Issued capital Share premium Other paid-in capital Accumulated Loss Foreign currency translation reserve Equity attributable to equity holders of the parent Non- controlling interest Total equity As of 1 January 2026 42 849 258 999 - - 160 311 462 158 117 289 579 447 Profit for the period - - - -622 730 - -622 730 -5 584 -628 314 Other comprehensive income - - - - -75 627 -75 627 52 -75 575 Total comprehensive income - - - -622 730 -75 627 -698 357 -5 532 -703 890 Share-based payments - - 12 593 - - 12 593 - 12 593 Deconsolidation of non-controlling interest - - - - - - -111 756 -111 756 Other changes - - - - - - - - As of 30 September 2026 42 849 258 999 12 593 -622 730 84 684 -223 606 - -223 60 6 Issued capital Share premium Other paid-in capital Accumulated Loss Foreign currency translation reserve Equity attributable to equity holders of the parent Non- controlling interest Total equity As of 1 January 2025 42 849 2 297 019 -555 869 - 231 496 2 015 495 106 300 2 121 795 Profit for the period - - -1 002 945 - - -1 002 945 -18 482 -1 021 427 Other comprehensive income - - - - -88 369 -88 369 -29 232 -117 602 Total comprehensive income - - -1 002 945 - -88 369 -1 091 315 -47 714 -1 139 029 Share-based payments - - 18 334 - - 18 334 - 18 334 Share capital increase in subsidiary - - - - - - 52 728 52 728 As of 30 September 2025 42 849 2 297 019 -1 540 481 - 143 127 942 514 111 315 1 053 828 Issued capital Share premium Other paid-in capital Accumulated Loss Foreign currency translation reserve Equity attributable to equity holders of the parent Non- controlling interest Total equity As of 1 January 2025 42 849 2 297 019 -555 869 - 231 496 2 015 495 106 300 2 121 795 Profit for the period - -1 501 945 - - - -1 501 945 -27 352 -1 529 297 Other comprehensive income - - - - -71 186 -71 186 -26 726 -97 912 Total comprehensive income - -1 501 945 - - -71 186 -1 573 132 -54 078 -1 627 210 Share-based payments - - 19 795 - - 19 795 - 19 795 Share capital increase in subsidiary - - - - - - 65 066 65 066 Reclassification - -536 074 536 074 - - - - - As of 31 December 2025 42 849 258 999 - - 160 31 1 462 158 117 289 579 447
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Note 1: General information and basis for preparation The condensed consolidated interim financial statements for the first nine months of 2026, which ended 30 September, comprise Hexagon Purus ASA and its subsidiaries (together referred to as “the Group”). Hexagon Purus ASA, the parent of Hexagon Purus Group, is a public limited liability company with its registered office in Norway. The company’s headquarters are at Haakon VII's gate 2, 0161 Oslo, Norway. Hexagon Purus ASA is listed on Oslo Børs, under the ticker HPUR. The condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. For a more detailed description of accounting principles, reference is made to the consolidated financial statements for the year ended 31 December 2025, available on the Company’s website: www.hexagonpurus.com/investors. The accounting principles used in the preparation of these interim accounts are generally the same as those applied to the annual consolidated financial statements referred to above. The Group has not 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 19 October 2026. Note 2: Estimates 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.
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Note 3: Revenue (NOK 1000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Revenue from contracts with customers Sale of cylinders and systems 131 712 218 947 519 363 606 087 1 021 237 Sale of services and funded development 5 153 5 650 10 946 13 033 17 506 Contracts with customers at a point in time 136 865 224 597 530 309 619 119 1 038 743 Sale of cylinders and systems - 15 218 1 125 42 043 77 756 Sale of services and funded development 2 554 4 977 13 296 5 836 13 105 Contracts with customers over time 2 554 20 195 14 421 47 880 90 860 Total revenue from contracts with customers 139 419 244 792 544 731 666 999 1 129 603 TYPE OF GOODS OR SERVICE Sale of cylinders and systems 131 712 234 165 520 488 648 130 1 098 993 Sale of services and funded development 7 707 10 627 24 243 18 869 30 610 Leasing revenue 2 337 2 450 9 368 3 586 7 055 Other income 8 611 5 084 147 376 5 255 7 234 Total revenue and income 150 367 252 326 701 475 675 840 1 143 892
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Note 4: Operating segments Hydrogen Mobility & Infrastructure (HMI): Comprised of Hexagon Purus’ hydrogen cylinder and systems manufacturing and industrial gas business in Europe. Battery systems and vehicle integration (BVI): Comprised of the Company’s battery storage systems technology and complete vehicle integration services for battery electric medium- and heavy-duty trucks in North America. Other and eliminations: Comprised of maritime activities and corporate overhead. Q3 2026 Q3 2025 (NOK 1000) Hydrogen Mobility & Infrastructure Battery Systems & Vehicle Integration Other and eliminations Total Hydrogen Mobility & Infrastructure Battery Systems & Vehicle Integration Other and eliminations Total Revenue 103 568 34 377 3 812 141 756 233 275 9 911 4 056 247 242 Other income 836 464 7 312 8 611 - 2 696 2 388 5 084 Total revenue and income 104 404 34 840 11 124 150 367 233 275 12 607 6 444 252 326 Cost of materials 48 116 34 778 1 143 84 037 106 667 13 274 -904 119 037 Payroll and social security expenses 59 634 13 536 17 097 90 267 138 764 15 353 32 502 186 619 Other operating cost 30 968 14 977 13 226 59 171 34 460 14 088 13 635 62 184 Total operating expenses before depreciation, amortization and impairment 138 718 63 292 31 466 233 476 279 892 42 715 45 233 367 840 EBITDA -34 314 -28 451 -20 342 -83 108 -46 617 -30 109 -38 789 -115 515 Depreciation, amortization & impairment 29 311 8 962 2 136 40 409 42 690 17 713 7 827 68 230 EBIT -63 625 -37 413 -22 478 -123 517 -89 306 -47 822 -46 616 -183 744 Segment assets 1 588 764 412 990 621 617 2 623 371 2 366 077 764 072 857 701 3 987 850 Segment investments in the period 1) 3 038 235 525 3 797 330 9 561 20 145 30 035 Segment liabilities 672 591 351 685 1 822 700 2 846 976 1 898 114 278 348 757 559 2 934 021 1) Investments comprise of investments in PPE, intangible assets, and prepayment of assets in the period.
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YTD 2026 YTD 2025 (NOK 1000) Hydrogen Mobility & Infrastructure Battery Systems & Vehicle Integration Other and eliminations Total Hydrogen Mobility & Infrastructure Battery Systems & Vehicle Integration Other and eliminations Total Revenue 457 026 66 171 30 901 554 099 600 870 60 233 9 482 670 585 Other income 4 034 1 508 141 834 147 376 136 2 696 2 423 5 255 Total revenue and income 461 060 67 680 172 735 701 475 601 006 62 929 11 905 675 840 Cost of materials 241 821 58 918 26 649 327 388 285 839 78 528 2 178 366 544 Payroll and social security expenses 267 859 48 353 63 714 379 926 424 728 54 703 90 285 569 716 Other operating cost 102 096 35 285 40 404 177 785 156 330 45 139 56 833 258 302 Total operating expenses before depreciation, amortization and impairment 611 776 142 557 130 767 885 100 866 897 178 370 149 296 1 194 562 EBITDA -150 716 -74 877 41 968 -183 625 -265 891 -115 441 -137 391 -518 723 Depreciation, amortization & impairment 96 575 37 334 9 030 142 939 124 455 54 020 17 918 196 393 EBIT -247 291 -112 211 32 938 -326 563 -390 346 -169 461 -155 309 -715 116 Segment assets 1 588 764 412 990 621 617 2 623 371 2 366 077 764 072 857 701 3 987 850 Segment investments in the period 1) 8 689 765 2 938 12 391 42 485 34 292 40 035 116 811 Segment liabilities 672 591 351 685 1 822 700 2 846 976 1 898 114 278 348 757 559 2 934 021 1) Investments comprise of investments in PPE, intangible assets, and prepayment of assets in the period.
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Note 5: Tangible and intangible assets 2026 2025 (NOK 1000) Property, plant, and equipment Right of use assets Intangible assets Total Property, plant, and equipment Right of use assets Intangible assets Total Carrying value as of 1 January 952 380 421 315 664 032 2 037 726 1 203 777 561 162 679 534 2 444 472 Additions 4 733 - 7 658 12 391 66 292 22 702 50 519 139 517 Modifications - 14 614 - 14 614 - 481 - 481 Disposal through company sale and deconsolidation -230 132 -81 038 -28 199 -339 369 - - - - Depreciations and impairments -77 909 -29 769 -35 260 -142 939 -103 045 -49 272 -44 077 -196 393 Disposal -1 851 - - -1 851 - - - - Currency translation differences -58 367 -26 106 -45 672 -130 145 -64 995 -35 645 -11 545 -112 184 Carrying value as of 30 September 588 853 299 016 562 559 1 450 428 1 102 030 499 428 674 435 2 275 893 The Group’s tangible assets primarily relate to production facilities and equipment. Intangible assets primarily consist of goodwill related to prior acquisitions, capitalized technology and development costs, patents and licenses, and customer relationships. Assets are tested for impairment whenever indicators of impairment exist. Goodwill and intangible assets not yet available for use are tested at least annually, or more frequently if impairment indicators are identified. Given continued operating losses and uncertainty in the market outlook, the Group updated its impairment assessments for the HMI and BVI cash-generating units as of 30 September 2026. Recoverable amounts were determined using value-in-use calculations based on discounted future cash flows, incorporating probability-weighted scenarios. The methodology is consistent with that applied in the 2025 annual financial statements (Note 9). The cash flow projections have been updated to reflect the Group's latest business plan and management's updated assessment of scenario probabilities, and the pre-tax discount rates applied have increased to 14.2–14.4% (31 December 2025: 13.3–13.4%), mainly reflecting higher risk-free interest rates. Other key assumptions are broadly consistent with those disclosed in the annual financial statements. The assessments supported the carrying amounts of the tested assets, and no impairment was identified. However, these carrying amounts are supported by forecast future cash flows that require a significant and sustained improvement in earnings from current levels, including increased revenue, improved margins and better capacity utilisation. The calculations involve significant judgement, particularly regarding the timing and extent of the earnings improvement, scenario probabilities, discount rates and long-term growth. Relatively modest adverse changes in key assumptions, individually or in combination, could materially reduce the excess of recoverable amounts over carrying amounts and result in impairment. The Group continues to monitor commercial and operational developments and will reassess carrying amounts as circumstances change.
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Convertible bonds The Company has two outstanding senior unsecured convertible bonds with a combined principal at issuance of NOK 1,799.95 million. Interest is paid semi-annually in kind through additional bonds. Conversion rights are exercisable from issuance until the respective last conversion dates, subject to Mitsui’s restrictions below. Mitsui subscribed for NOK 500 million in each bond, subject to two-year transfer restrictions. Shares received on conversion are subject to a 180-day lock-up if converted before the third anniversary of the relevant disbursement date (2023/2028) or issue date (2024/2029), and 90 days thereafter. Under an additional agreement dated 25 September 2024, Mitsui may neither convert nor dispose of its bonds without the Board’s written consent until the earlier of positive profit after tax attributable to equity holders of the parent or 1 January 2028 (2023/2028) and 1 January 2029 (2024/2029), respectively. Exceptions include a Corporate Transaction Event as defined in the bond terms, an event of default or a tender offer. Existing lock-up undertakings remain in force; other bondholders’ rights are unchanged. The bonds are compound financial instruments. At initial recognition, the debt components were measured by discounting contractual cash flows assuming no conversion at a 15% market rate for comparable non-convertible debt. The residual issuance value was recognised as equity. Transaction costs were allocated proportionately between debt and equity. Note 6: Interest bearing liabilities 2026 2025 (NOK 1000) Non-current bond loan Non-current bank loan Current bank loan Total Non-current bond loan Non-current bank loan Current bank loan Total Liabilities as of 1 January 1 798 572 20 385 1 937 1 820 893 1 546 923 22 328 3 346 1 572 598 Financing activities with cash settlement New liabilities - - - - - - - - Transaction costs - - - - - - - - Settlements in the period - - -1 337 -1 337 - - -2 822 -2 822 Financing activities without cash settlement Reclassification of 1st year installments - - - - - - - - Exchange differences - -1 622 -154 -1 775 - -112 -28 -140 Equity component of convertible bond - - - - - - - - Other transactions without cash settlement 213 939 -73 - 213 865 185 098 -79 - 185 019 Liabilities as of 30 September 2 012 510 18 690 446 2 031 647 1 732 021 22 137 495 1 754 653
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2023/2028 convertible bond Convertible bond accounting reconciliation Principal amount Transaction costs Amount at initial recognition Accumulated interests Accumulated amortized transaction costs Carrying amount 30.09.2026 Liability component 521 648 -15 057 506 591 345 525 9 315 861 431 Equity component 278 352 -8 034 270 318 - - 270 318 Total 800 000 -23 091 776 909 345 525 9 315 1 131 749 2024/2029 convertible bond Convertible bond accounting reconciliation Principal amount Transaction costs Amount at initial recognition Accumulated interests Accumulated amortized transaction costs Carrying amount 30.09.2026 Liability component 790 290 -21 193 769 097 372 638 9 343 1 151 079 Equity component 209 660 -5 622 204 037 - - 204 037 Total 999 950 -26 815 973 135 372 638 9 343 1 355 116 Including interest paid in kind through the issuance of additional bonds, the outstanding nominal amount as of 30 September 2026 was NOK 984.627 million for the 2023/2028 bond and NOK 1,297.488 million for the 2024/2029 bond. Note 7: Lease liabilities (NOK 1000) 2026 2025 Carrying value as of 1 January 534 121 592 836 New lease liabilities recognized in the period - 22 702 Disposals through divestment and deconsolidation -82 541 - Modifications of existing contracts 14 614 481 Lease payments -48 173 -64 598 Interest expense on lease liabilities 21 167 27 913 Currency translation differences -34 031 -38 986 Carrying value as of 30 September 405 157 540 347 Lease liabilities are largely related to lease agreements for office- and production premises, as well as leases for production equipment, machinery and vehicles.
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PSU programs All PSUs are non-transferable and will vest subject to satisfaction of the applicable vesting conditions. The actual number of PSUs vested will depend on performance and can vary from zero to the maximum awarded PSUs in each program. RSU program All RSUs are non-transferable and will vest subject to satisfaction of the applicable vesting conditions. 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 Purus shares as corresponds to the number of RSUs allocated to them. The fair value of the PSUs is calculated on the grant date, using Black-Scholes and Monte Carlo simulation, and the cost is recognized over the service period. As of 30 September 2026, the year-to-date cost of the share-based payment schemes, including social security, was NOK 12.0 million. The unamortized fair value of all outstanding RSUs and PSUs as of 30 September 2026 is estimated to be NOK 14.3 million (NOK 35.0 million as of 30 September 2025). There are no cash settlement obligations. Note 8: Share-based payments As of 30 September 2026, the Company had two share-based long-term incentive plans outstanding consisting of performance share units (PSU) and restricted share units (RSU). The number of outstanding instruments has been adjusted on a 10:1 basis to reflect the share consolidation completed in May 2026. Performance share unit programs (PSU) LTIP 2025 Issued December 2024 LTIP 2024 Issued 2024 As of 1 January 202 6, number of instruments - 1 630 000 Share consolidation - -1 467 000 Lapsed/cancelled/vested - -5 000 As of 30 September 2026, number of instruments - 158 000 Fair value – at grant date (NOK) - 77.4 Vesting period - 3 years Expiry - Q1 2027 Restricted share unit programs (RSU) As of 1 January 202 6, number of instruments 4 840 000 910 000 Share consolidation -4 356 000 -819 000 Lapsed/cancelled/vested - -4 000 As of 30 September 2026, number of instruments 484 000 87 000 Fair value – at grant date (NOK) 58.9 74.2 Vesting period 3 years 3 years Expiry Q1 2028 Q1 2027
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Company Country Business segment Ownership share 30.09.2026 Ownership share 31.12.2025 Ownership share 30.09.2025 Accounting method CIMC Hexagon Hydrogen Energy Systems Ltd. Hong Kong Other 34% 49% 49% Equity method CIMC Hexagon Hydrogen Energy Technologies Ltd.1) Hong Kong Other 37% 51% 51% Equity method 1) CIMC Hexagon Hydrogen Energy Technologies Ltd. is being accounted for as an associated company applying the equity method as of 31 .03.2026 following loss of control and deconsolidation of the company as a subsidiary effective on the same date. Note 10: Going concern The restructuring and portfolio measures implemented during 2025 and 2026 have substantially reduced the Group’s operating costs and funding requirements. Based on current forecasts, the Group has sufficient liquidity to meet its obligations as they fall due for at least 12 months from 30 September 2026. These forecasts remain sensitive to delivery timing, margins, customer payments and order intake. Adverse developments could reduce liquidity headroom. The Group ended the third quarter with negative consolidated equity. In line with the Board’s responsibilities under Sections 3-4 and 3-5 of the Norwegian Public Limited Companies Act, and building on measures pursued for some time, management and the Board are holding discussions with key stakeholders on restructuring the outstanding convertible bonds to reduce the Company’s debt burden and restore positive consolidated equity. Timely completion of this work is a priority to preserve financial and operational flexibility. Based on its assessment of current forecasts, available liquidity and planned measures, the Board has concluded that the financial statements are appropriately prepared on a going concern basis. Note 11: Events after the balance sheet date There have been no material events after the balance sheet date that have not already been disclosed in this report. Note 9: Investments in associated companies
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Alternative Performance Measures (APMs) Hexagon Purus discloses certain alternative performance measures (APMs) in addition to those normally required by IFRS as such performance measures are frequently used by analysts, investors and other parties as supplemental information to gauge the Group’s operational and financial performance. The APMs are also used internally to drive performance in terms of monitoring operating performance and long-term target setting. APMs are adjusted IFRS measures that are defined, calculated and used in a consistent and transparent manner over the years and across the Group where relevant. • Gross margin is defined as revenue less direct and indirect cost of goods sold, before selling, general & administrative expenses • EBITDA is defined as earnings before interest, tax, depreciation, amortization and impairment. EBITDA corresponds to operating profit/(loss) before depreciation, amortization and impairment • EBIT is defined as earnings before interest and taxes. EBIT corresponds to “operating profit” in the consolidated income statement in the report • Equity ratio is defined as total equity divided by total assets • Order backlog is defined as the estimated value of remaining work on firm purchase orders with agreed price, volume, timing, terms and conditions • Order intake is defined as the estimated value of firm customer purchase orders received during the period, with agreed price, volume, timing, and terms and conditions. Order intake reflects the net change in order backlog from one period to the next less revenue recognized in the period and any adjustments or cancellations
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Shareholder information The total number of shares in Hexagon Purus ASA as of 30 September 2026 was 42 848 611 (par value NOK 1.0). In the quarter, the share price moved between NOK 3.9 and NOK 13, ending the quarter at NOK 4.3. The share price as of 30 September 2026 implies a market capitalization of NOK 184 million for the Company. 20 largest shareholders as per 30 September 2026 Number of shares Share of 20 largest Share of total Type Citizenship HEXAGON COMPOSITES ASA 14 821 421 39.0 % 34.6 % Ordinary Norway CLEARSTREAM BANKING S.A. 10 662 277 28.0 % 24.9 % Nominee Luxembourg Sumitomo Mitsui Trust Bank (U.S.A)1) 5 897 829 15.5 % 13.8 % Nominee Japan Worthington Industries Int S.a.r.l. 1 636 460 4.3 % 3.8 % Ordinary Luxembourg FLAKK COMPOSITES AS 895 500 2.4 % 2.1 % Ordinary Norway MP PENSJON PK 807 749 2.1 % 1.9 % Ordinary Norway The Bank of New York Mellon SA/NV 734 143 1.9 % 1.7 % Nominee United Kingdom Deutsche Bank Aktiengesellschaft 452 423 1.2 % 1.1 % Nominee Germany Nordnet Bank AB 377 281 1.0 % 0.9 % Nominee Sweden BNP Paribas 300 000 0.8 % 0.7 % Nominee France The Bank of New York Mellon SA/NV 207 250 0.5 % 0.5 % Nominee United Kingdom J.P. Morgan SE 170 000 0.4 % 0.4 % Nominee United Kingdom Citibank Europe plc 169 578 0.4 % 0.4 % Nominee Ireland UBS Switzerland AG 159 859 0.4 % 0.4 % Nominee Switzerland Saxo Bank A/S 158 429 0.4 % 0.4 % Nominee Denmark Danske Bank A/S 136 707 0.4 % 0.3 % Nominee Denmark Avanza Bank AB 133 201 0.4 % 0.3 % Broker Sweden BNP Paribas 125 406 0.3 % 0.3 % Nominee France Interactive Brokers LLC 102 326 0.3 % 0.2 % Nominee United States Hongkong and Shanghai Banking Corp 101 580 0.3 % 0.2 % Nominee Korea, Republic of Total of 20 largest shareholders 38 049 419 100.0 % 88.8 % Remainder 4 799 192 11.2 % Total 42 848 611 100.0 % 1) SUMITOMO MITSUI TRUST BANK (U.S.A) is a nominee account for Mitsui & Co Ltd.
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Forward-looking statements This quarterly report (the “Report”) has been prepared by Hexagon Purus ASA (“Hexagon Purus” 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 Oslo Børs 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 19 October 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.