Hexagon Purus Asa · OSL:HPUR
Hexagon Purus Asa — Q2 2023 Earnings Presentation
38 slides from Hexagon Purus Asa's earnings presentation, August 2023
Slide 1: Hexagon Purus Q2 2023 Presentation
HEXAGON PURUS. Q2 2023 | PRES ENTATION. € : é 45 5 AuGuall 2023.
Slide 2: Disclaimer and important notice
Disclaimer and important notice This company presentation (the “Presentation”) has been prepared by Hexagon Purus ASA (Purus” or the “Company”). The Presentation has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated marketplace. The Company makes
Slide 3: Agenda
Agenda HEXAGON PURUS
Slide 4: Q2 2023 Highlights
Slide 5: Key highlights
5 Key highlights Wa as ~ SS CONTINUED STRONG REVENUE MULTI-YEAR AGREEMENT WITH MULTI-YEAR AGREEMENT WITH A HEXAGON COMPOSITES GROWTH MAJOR NorTH AMERICAN OEM FoR LEADING GLOBAL ENERGY COMPANY DISTRIBUTES 25% OF TOTAL COMPLETE VEHICLE INTEGRATION OF FOR SUPPLY OF HYDROGEN OUTSTANDING SHARES IN BATTER
Slide 6: Continue to deliver on revenue growth, supported by strong order book
Continue to deliver on revenue growth, supported by strong order book FY'24 57% REVENUE GROWTH YOY LTM REVENUE IS UP 60% YOY STRONG ORDER BACKLOG! Nok NOK ~1.4 BILLION 330 210 Infrastructure» ~60% Mobility & other*: ~40% ~65% FY'23 Q2'22A Q2'23A Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22
Slide 7: Strong momentum in hydrogen distribution, transit bus and aerospace drove revenue growth in Q2'23
Strong momentum in hydrogen distribution, transit bus and aerospace drove revenue growth in Q2'23 Q2 2023 YoY REVENUE BRIDGE | NOKM v ® * Strong underlying revenue growth 330 driven by increased sale of hydrogen 1 distribution systems. 90 210 * Astrong quarter for transit bus offset by lower activit
Slide 8: Complete vehicle integration of battery electric utility trucks for a major North American OEM
Hexagon Purus will provide complete vehicle integration of battery electric utility trucks for a major North American OEM HEXAGON PuRUS’ SCOPE OF CONTENT FOR THIS AGREEMENT 20 o © Battery Auxiliary Power Vehicle system module module level software Purus proprietary Purus proprietary Purus proprietar
Slide 9: Unique vehicle integration capabilities and proprietary product portfolio
Our unique vehicle integration capabilities and proprietary product portfolio have secured battery electric contracts for more than USD 2.0 billion iM Bn STRONG CUSTOMER RELATIONSHIPS BUILT SOLID TRACK RECORD WITH HIGH QUALITY PRODUCT PORTFOLIO WITH YEARS OF DEVELOPMENT WORK LEADING TECHNOLOGY DEVEL
Slide 10: Nikola multi-year contract for Type 4 cylinders
oh NIKOLA. HEXAGON PURUS MULTI-YEAR CONTRACT FOR SERIAL SUPPLY OF TYPE-4 CYLINDERS TO NIKOLA’S FUEL CELL TRUCK HEXAGON PuRUs’ TYPE-4 CYLINDER HEXAGON PURUS
Slide 11: Hydrogen distribution systems to a leading global energy company
Hexagon Purus to deliver hydrogen distribution systems to a leading global array eatopany, adds to an alrea HEXAGON Purus’ HYDROGEN DISTRIBUTION SYSTEMS WILL BE USED TO DELIVER HYDROGEN TO A NETWORK OF HYDROGEN REFUELING STATIONS IN Europe [T3 The demand continues to remain strong on the back of inc
Slide 12: Next generation mobile hydrogen refueling station for a large European OEM
12 Hexagon Purus will develop and deliver the next generation mobile hydrogen refueling station for 700 bar commercial vehicles to a large European OEM High-pressure nydregen refugis HEXAGON PuRUS’ MOBILE HYDROGEN REFUELING STATION WILL BE USED TO DEMONSTRATE AND VERIFY HYDROGEN ENERGY SUPPLY TO COM
Slide 13: Type 4 cylinder onboard the Ligier JS2 RH2 at Le Mans 2023
Hexagon Purus’ Type 4 cylinder onboard the Ligier JS2 RH2 at the 24 Hours Le Mans Centenary 2023 HEXAGON PURUS
Slide 14: Financials
Slide 15: Profit & loss statement, Q2 2023
15 Profit & loss statement, Q2 2023 PROFIT & LOSS (NOK 1,000) Q2 2023 Q2 2022 Hi 2023 H2 2022 FY 2022 Total revenue 329,567 210,109 573,544 369,156 963,925 Cost of materials 178,673 137,716 334,830 202,874 588,525 Payroll and social security expenses 156,472 101,414 295,899 195,044 443,496 Other ope
Slide 16: Revenue split by end-use application, Q2 2023
Revenue split by end-use application, Q2 2023 =, Q Omen eS fh APPLICATIONS: Maritime Aerospace APPLICATIONS Heavy duty’ Transit bus ip Distribution Refueling ystems, ‘systems iti Industrial gas Stationary storage Q2'23 vs. Q2'22 LTM? Q2'23 55% Q2 2023 Q2 2022 LTM Q2 2023 16 _ Note:1) includes hydrog
Slide 17: Balance sheet, Q2 2023
Balance sheet, Q2 2023 Assets | NOKm Equity & Liabilities | NOKm + Investments in production equipment 3,935 350 3,935 as part of ongoing capacity expansion = 3,818 3,818 pet y oar 210 program leads to increase in property, [8] ee plant & equipment 403 — 449 eae 283 ———e aes + Increase in inventory
Slide 18: Cash flow, Q2 2023
Cash flow, Q2 2023 NoKm OPERATING: -172M INVESTING: -264M. FINANCING & FX: +43M 1,366 -150 “141 973 Q1'23 Profit D&A Change Other += Capex _—Product Investments Wystrach Interest Cashflow Net. Q2'23 before tax in NWC' operating (PPE) dev. &loansto M&A received from FX cash flow associated financing
Slide 19: Outlook and Q&A
OUTLOOK AND Qi HEXAGON = PURUS
Slide 20: Recent major customer wins add to a diversified portfolio of long-term agreements
Recent major customer wins adds to an already strong and diversified portfolio of long-term agreements across several applications HYDROGEN DISTRIBUTION SYSTEMS we BATTERY ELECTRIC MOBILITY ws FUEL-CELL ELECTRIC MOBILITY Zi ss LONG-TERM AGREEMENT Ze Malon leer. FOR SUPPLY OF HYDROGEN ust NERGY DISTR
Slide 21: Capacity expansion program on track; two facilities opened in Q1 2023
Capacity expansion program on track; two facilities opened in Q1 2023 and a third facility opening in Kassel in September 2023 @ G @Q_ Ketowna WESTMINSTER D WEEZE ® suuiazHvanc AUTOMATED MANUFACTURING ENGINEERING & CYLINDER HYDROGEN SYSTEM JV HYDROGEN CYLINDER FACILITY FOR BATTERY AND MANUFACTURING
Slide 22: On track to reach revenue target of NOK 4-5bn in 2025
On track to reach revenue target of NOK 4-5bn in 2025 Revenue, NOKm ~4,000-5,000 CURRENT CUSTOMERS AND LONG-TERM AGREEMENTS PROVIDES LINE OF SIGHT TO 2025 TARGET REVENUE +182% i} i} 964 g g NOK ~0.5bn ' ‘order book! 508 : for 2024 _ = | {|__| L 2020A 2021A 2022A L 2024E 2025E ~100% covered by ‘order
Slide 23: Reiterating full-year 2023 and 2025 targets
Reiterating full-year 2023 and 2025 targets MEDIUM TERM FULL-YEAR 2025 TARGETS NOK 4-5 billion REVENUE , in revenue target for 2025 Breakeven in 2025 EBITDA driven by cost reduction and operating leverage 23 _ Note:1) Relative EBITDA margin is expected to significantly improve year-over-year, but EB
Slide 24: Strategic path set in 2020 and recent achievements
Hexagon Purus continues on the strategic path set in 2020, and recent strategic and commercial achievements creates solid foundation for future growth NOK 500m Successful carve- Entered JV for Acquisition of Strategicalliance Successfully Hexagon Composites capital raise via. out and IPO. NOK China
Slide 25: Q&A
Slide 26: Appendix
26 APPENDIX HEXAGON PURUS
Slide 27: Market developments
MARKET DEVELOPMENTS
Slide 28: Strong public support and regulatory push in core markets
28 Strong public support and regulatory push in core markets creates a strong foundation for future growth in Hexagon Purus’ core markets EU ramping up renewable investmentsto EUR 210bn by 2027 through RePowerEU Creation of EU's Hydrogen Bank to facilitate supply and demand as market maker an nent a
Slide 29: Alternative Fuel Infrastructure Regulation in Europe
The Alternative Fuel Infrastructure Regulation in Europe targets to increase hydrogen refueling and EV charging infrastructure = ALTERNATIVE FUEL INFRASTRUCTURE REGULATION (AFIR) Map OF THE EUROPEAN TEN-T NETWORK Sets mandatory deployment targets for electric vehicle charging and rou hydrogen refuel
Slide 30: U.S. DoE intends to invest up to USD 1bn to support hydrogen demand
In July, the U.S. DoE announced its intention to invest up to USD 1bn to support demand for hydrogen as part of the H2Hubs program “ BACKGROUND + U.S. Department of Energy as announced its intention to invest up to USD 1 billion in a demand-side initiative to support the Regional Clean Hydrogen Hubs
Slide 31: Financials & IR
FINANCIALS & IR
Slide 32: Quarterly revenue and EBITDA development
32 Quarterly revenue and EBITDA development 2720 Q3'20 420 Nat Qazi ar Q2'22 ares 223, Fy2021 FY2022 TM Q1'23 LTM Q2'23 HEXAGON PURUS
Slide 33: Financial statements | P&L
33 Financial statements | P&L Profit & Loss (NOK ‘000) 2.2023 2.2022 YTD 2023 YTD 2022 FY 2022 Revenue from contracts with customers 326,978 209,820 570.353 368,380 958,636 Rental income 322 253 629 569 1,255 Other operating income 2,267 36 2,562 207 4,034 Total revenue 329,567 210,109 573,544 369,1
Slide 34: Financial statements | Balance sheet
34 Financial statements | Balance sheet Balance sheet (NOK '000) Q2 2023 Q2 2022 FY 2022 FY 2021 Property, plant and equipment 725,778 362,51 494,990 267,705 Right-of-use assets 159,292 48,356 152,300 52,219 Intangible assets 874,545 783,845 802,654 752,294 Other current assets 157,708 14,297 116,05
Slide 35: Financial statements | Cash flow
Financial statements | Cash flow Cash flow (NOK 000) Q22023 Q22022 YTD 2023 YTD 2022 FY 2022 Profit before tax (149,882) (123,435) (304,584) (242,899) (440,898) Depreciation, amortisation and impairment 30,955 23,732 58,756 45,796 95,089 Net interest expense 3,795 (357) 9375 162 4,501 Changes in net
Slide 36: Investor relations information
Investor relations information (m) EXCHANGE INFORMATION 2 ‘SHARE TRADING STATISTICS INVESTOR BASE’ + TICKER SYMBOL: HPUR ~7,284 + ISIN: NO0010904923 NOK ~5.0bn SHAREHOLDERS + EXCHANGE: OSLO STOCK EXCHANGE MARKET CAPITALIZATION! 38.4% OWNED BY HEXAGON COMPOSITES ASA? EURONEXT NOK ~11.5m ° OSLO BORS D
Slide 37: Top shareholders
37 Top 20 shareholders # SHAREHOLDER NUMBER OF SHARES HELD % OF SHARES OUTSTANDING. 1 HEXAGON COMPOSITES ASA 106,306,356 38.4% 2 CLEARSTREAM BANKING S.A. 35,803,487 129% 3 MITSUIBCOLTD 20,934,815 7.6% 4 MP PENSION PK 7,558,074 27% 5 DANSKE BANK 6,919,936 25% 6 FLAKK COMPOSITES AS 6,864,344 25% 7__DN
Slide 38: Contact details
MorteN HOLUM PRESIDENT & CHIEF EXECUTIVE OFFICER E-MAIL MORTEN.-HOLUM@HEXAGONPURUS.COM DIRECT: +47 995 09 930 ‘SALMAN ALAM. CHIEF FINANCIAL OFFICER E-MAIL SALMAN.ALAM@HEXAGONPURUS.COM. DIRECT: +47 476 12713 Matuias MEIDELL ‘ DIRECTOR, INVESTOR RELATIONS E-MAIL MATHIAS.MEIDELL@HEXAGONPURUS.COM / "TE