Hexagon Composites Asa · OSL:HEX
Hexagon Composites Asa — Hexagon Composites Ord — Q2 2025 Earnings Presentation
29 slides from Hexagon Composites Asa's earnings presentation, Aug 14, 2025
Slide 1: Q2 2025 Earnings Presentation, 14 August 2025
14 August 2025 _ OF hea: * a . xt a ékat * igtex
Slide 2: $ ,&
$ ,&
Slide 3: Navigated a weak quarter with strategic progress and momentum building
Q2 2025 Navigated a weak quarter with strategic progress and momentum building Macro-economic Taking actions: _ Commercial momentum headwinds impacted Q2 Cost-savings, right-sizing building results and strategic steps (HEXAGON
Slide 4: Low activity resulting in weak financial performance in the quarter
Low activity resulting in weak financial performance in the quarter Fuel systems - outperforms the overall trucking market due to strong momentum in refuse Mobile Pipeline — continued uncertainty delays investment decisions Aftermarket — impacted the cyclicality in cylinder requalification services
Slide 5: athe
athe le i
Slide 6: Hexagon Q2 2025
Q2 2025 HEXAGON
Slide 7: Q2 2025 | Hexagon Group
Q2 2025 | Hexagon Group Weak quarter due to continued macroeconomic uncertainty * Weak Mobile Pipeline market due to customers pausing capex investments * Solid revenues for Fuel Systems, led by refuse sector strength + Further cost savings measures implemented to mitigate effects of headwinds * Upd
Slide 8: Updated segment reporting structure
Updated segment reporting structure Fuel Systems a ooc ol F 2 OD = Alternative fuel systems for commercial vehicles Mobile Pipeline = OUUUOOUOIS 1 COON Essential for gas supply chains and distribution @certarus @firliquide => PROMIGAS Rev) i Aftermarket ee Service, parts, install, and requalificatio
Slide 9: Q2 2025 | Fuel Systems
Q2 2025 | Fuel Systems Positive Fuel Systems results, despite depressed truck market Strong refuse sector offset by weaker truck Revenue EBITDA sector Rainn NOKm/% margin Steady development in transit 568 463 Commercial uptick for trucks powered by X15N engine 57 32 Profitability impacted by product
Slide 10: Q2 2025 | Mobile Pipeline
" Q2 2025| Mobile Pipeline Weak Mobile Pipeline volumes as customers delay capex spend Larger players favored module utilization over fleet expansion due to current uncertainty Decline in volumes significantly impacted group revenue and margins Revenue NOKm 482 Q2'24 132 Q2'25 EBITDA NOKm / % margin
Slide 11: Q2 2025 | Aftermarket
12 Q2 2025 | Aftermarket Stable revenue, profitability impacted by lower inspection activity Increased revenue in vehicle parts, services and install As expected, reduction in Mobile Pipeline MAE trailer inspection and requalification activities Lower sales of UE cylinder inspection machines Revenue
Slide 12: Securing profitability and financial liquidity
Securing profitability and financial liquidity oS S ©) a) . Inventory nesnnfih Responsible cost Capex* spend . Liquidity reserve of reduction, not reduced to reduction eects NOK 0.8 billion impacting ability to NOK 130 million na = Re f gear-up operations levels 0025. ° B “Excluding capitalised inte
Slide 13: Outlook
Slide 14: Hexagon enables the full value chain of natural gas and is #1 in its markets
Hexagon enables the full value chain of natural gas and is #1 in its markets Mobile Pipeline Fuel Systems Aftermarket Sn Mon \000 fap | g X38 t [=] a5 Wb Me 2h Sob eo a Essential for natural gas supply Key application for natural gas- Aftermarket service solely chains powered vehicles dedicated to a
Slide 15: Positioning for further growth with commercial momentum picking up
Positioning for further growth with commercial moment in picking up Continued regulatory Strategic steps Commercial momentum support for natural gas taken in Q2 building in the US 7 (HEXAGON
Slide 16: Supportive regulations
Supportive regulations Prioritization of technological neutrality, giving the industry back all available options to modernize and decarbonize. = Big Beautiful Bill extends RNG support until 2029 = EPA' keeps NOx standards <<} Internal combustion engine review underway 18 1) EPA: The U.S Environment
Slide 17: Strengthening our European footprint — acquisition of SES Composites
19 Strengthening our European footprint — acquisition of SES Composites + Significant supplier to European transit bus OEMs * Taking 100% ownership, from our 49% minority shareholding + Expected 2025 revenue of EUR 33 million and EBITDA of EUR 2 million * Transaction value of EUR 6.1 million, settle
Slide 18: Extended our strategic alliance agreement with Mitsui
Extended our strategic alli agreement with Mitsui & Mitsui & Co. has been a key strategic partner and shareholder of Hexagon since 2016 Mitsui & Co. has been essential tothe _ development of Hexagon Group g Extension of strategic alliance agreement through 2030
Slide 19: Inaugural order from Watani
+ Inaugural order from Watani to de Pipeline modules a Enabling the safe and efficient deli CNG across Jordan 7 a Driven by energy security and decarb
Slide 20: X15N market lift off
XI5N market lift off @ "haga ie * Two new fleets have placed significant orders following 6-month pilot stage powered by the X15N ccgmele Nn * Largest natural gas fuel system cane ever installed across Americas 22
Slide 21: Key takeaways
23 i z a he Key takeaways = Actively managing the impacts of macro-economic challenges As the market comes back — in pole position to capture long-term
Slide 22: (HEXAGON
(HEXAGON
Slide 23: Appendix
Slide 24: Investor relations information
26 Investor relations information Exchange Ticker symbol: HEX ISIN: NO0003067902 Exchange: Oslo Bors Financial calendar 2025 Q2 2025 14 August Q3 2025 6 November Q4 2025 12 February ‘based on share price as of market close on 13 August 2025. Market cap NOK ~4.1 bn' Market capitalization Investor bas
Slide 25: Hexagon Group | Balance sheet
27 Hexagon Group | Balance sheet NOKm 8.000 7000 6000 5000 4.000 3000 2000 1000 Assets Wi cash 7077 | Receivables and other current assets 5605 HI inventories py Other non-current assets Bi tovestmentin associates 1009 Goodwill and Wh ircangibies 17) PPEG RoW assets 31Dec 31 Mar 30June Equity ratio
Slide 26: Hexagon Group | Cash flow Q2
800 600 400 200 Hexagon Group | Cash flow Q2 NOKm i) i 1 ' 1 i) 1 1 i) 1 1 i) 1 1 i) 1 1 i) 1 1 i) 1 1 i) 1 1 i) 1 1 i) 1 1 i) 1 1 i) 1 12 ’ H , 1 -- 1 i) 1 i 1 i) C125 Sh ‘_ » = = 1 87 i) 1 1 “197 | 168 b-24 1 ql I 4 1 ' +S . 1 i) 1 1 I 1 i) 1 1 I 1 i) 1 1 I 1 i) 1 1 i) u 1 u i EBITDA Share based C
Slide 27: Hexagon Group | Cash flow YTD per June
800 600 200 -200 400 -600 Hexagon Group | Cash flow YTD per June NOKm Press pees Peres ' 1 i 1 I 1 1 I I , 1 ’ 1 , n f , 1 ’ 1 , f I , 1 ’ 1 , I f , 1 ’ 1 , f I , 1 ’ 1 , I f , 1 ’ 1 , f I , 1 ’ 1 , I f , 1 ’ 1 , f I , 1 ’ 1 , I ’ H i i 130 ’ ! ! ! B22) ! t t |_| 1 n n 1 T 1 T 1 T 1 a i = ' ma ’ ' 0
Slide 28: Hexagon Group leverage
Hexagon Group leverage NOKm 1560 BO ue + Following weaker operating performance, Leverage has increased slightly to 2.9x + Available liquidity of NOK ~0.8 billion as at end of quarter Total interest-bearing bank cebt Cash Net interest-bearing bank debt NIBD / EBITDA LTM 41x aes 3,0x 2,9x Bis 19%. 7
Slide 29: Clean air everywhere
Hexagon Composites Ord — Q2 2025 Earnings Presentation on 6ix