Hexagon Purus Asa · OSL:HPUR
Hexagon Purus Asa — Q1 2025 Earnings Presentation
38 slides from Hexagon Purus Asa's earnings presentation, May 6, 2025
Slide 1: Hexagon Purus Q1 2025
Hexagon Purus Q1 2025 6 May 2025
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 make
Slide 3: Agenda
Agenda 1 2 3 Q1 2025 FINANCIALS OUTLOOK UPDATE AND Q&A 3
Slide 4: Company update Q1 2025
Company update Q1 2025
Slide 5: Key developments in Q1 2025 and after the balance sheet date
Key developments in Q1 2025 and after the balance sheet date WEAK FINANCIAL PERFORMANCE IN STRONG COMMERCIAL MOMENTUM INCREASED GEOPOLITICAL AND COST REDUCTION THE QUARTER AS EXPECTED IN TRANSIT BUS AND SELECTIVE WINS GLOBAL TRADE RISK COMBINED WITH PROGRAM ON TRACK IN OTHER APPLICATIONS REGULATORY
Slide 6: Lower activity in hydrogen infrastructure and hydrogen trucking in the quarter
Lower activity in hydrogen infrastructure and hydrogen trucking in the quarter Q1 2025 VS. Q1 2024 REVENUE DEVELOPMENT Q1 2025 VS. Q1 2024 EBITDA DEVELOPMENT -44% -97 407 230 NOKM 65 IN ONE-OFF COSTS IN Q1 -242 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 6
Slide 7: Significant year-over-year shift in revenue mix in Q1 2025
Significant year-over-year shift in revenue mix in Q1 2025 H2 Infrastructure H2 Mobility Battery Mobility Other Applications Q1 2025 vs. Q1 2024 LTM Q1 2025 NOK NOK NOK • Share of revenue from hydrogen 407M 230M 1,699M infrastructure business significantly down due to decline in hydrogen distributio
Slide 8: Lower activity in hydrogen infrastructure and mobility in Q1 2025
Lower activity in hydrogen infrastructure and mobility in Q1 2025 Q1 2025 YEAR-OVER-YEAR REVENUE BRIDGE | NOKM -177 • Significantly lower activity in the (-44%) hydrogen infrastructure business, driven 407 primarily by lower volumes of hydrogen distribution units in the quarter -178 • Lower activity
Slide 9: Hexagon Purus extends framework agreement with Solaris
Hexagon Purus extends framework agreement with Solaris SOLARIS “AT A GLANCE” • Leading European manufacturer of city buses • #1 supplier of hydrogen buses in Europe with over 60% market share in the hydrogen bus segment FRAMEWORK AGREEMENT • Supply of hydrogen fuel storage systems • Multi-year suppl
Slide 10: Hexagon Purus receives first order from MCV
Hexagon Purus receives first order from MCV ABOUT MCV • MCV is a leading bus manufacturer in the Middle-East and Africa • MCV’s new hydrogen transit bus will target public transportation in Europe COMMERCIAL AGREEMENT • Supply of hydrogen fuel storage systems • Order value approximately EUR 2.4 mill
Slide 11: Hexagon Purus signs multi-year agreement with Stadler
Hexagon Purus signs multi-year agreement with Stadler STADLER “AT A GLANCE” • A Swiss manufacturer of railway rolling stock • Portfolio include amongst other high-speed trains, intercity trains, regional and suburban trains as well as alternative drive solutions such as hydrogen train model (FLIRT H
Slide 12: Gradually ramping up dealer and customer activity for the Tern RC8 Truck
Gradually ramping up dealer and customer activity for the Tern RC8 Truck 14X TRUCKS DELIVERED TO HINO DEALERS IN CALIFORNIA FOR CUSTOMER DEMOS DURING 2025 4X CURRENT DEALERS SIGNED UP FOR THE TERN TRUCK IN CALIFORNIA 7X PLANNED DEMOS WITH BLUE-CHIP FLEET CUSTOMERS 12
Slide 13: Revenue visibility varies between applications
Revenue visibility varies between applications DEGREE OF FORWARD VISIBILITY OF CUSTOMER DEMAND FOR 2025 1 2 3 4 5 HYDROGEN INDUSTRIAL GAS HYDROGEN BATTERY HYDROGEN TRANSIT BUS & AEROSPACE DISTRIBUTION ELECTRIC TRUCKING ELECTRIC TRUCKING Continued strong commercial Stable and recurring customer Tempo
Slide 14: Sequential growth in order backlog
Sequential growth in order backlog NOKm Q1 2025 ORDER BACKLOG¹ Q1 2025 ORDER BACKLOG DISTRIBUTION (%) OTHER ORDERS OF APPLICATIONS HYDROGEN NOKM ~200 INFRASTRUCTURE² 1,357 RECEIVED AFTER 27% 1,278 QUARTER-END 1,242 35% 1,147 SPLIT PER 1,007 APPLICATION +9% 913 4% BATTERY 792 ELECTRIC 726 MOBILITY⁴ 3
Slide 15: Reducing costs to lower the break-even point is a key priority
Reducing costs to lower the break-even point is a key priority CUTTING ANNUALIZED COSTS BUSINESS BY NOK ~200 MILLION PORTFOLIO REVIEW ~15% reduction in workforce Reduction in SG&A Review of overall business portfolio and make further adjustments needed to cut costs and secure cash runway 2024 ANNUAL
Slide 16: Cost reduction program on track with further cost measures targeted
Cost reduction program on track with further cost measures targeted TARGET STATUS PER NEXT AT LAUNCH Q1 2025 STEPS Reducing annualized costs with Workforce reduction Planning to further adjust approximately NOK 200 million, executed according to plan operations within the including an approximate 15
Slide 17: Preparing for local certification in China
Preparing for local certification in China STEPWISE PROCESS REQUIRED UNTIL FINAL CERTIFICATION IS IN PLACE FOR THE CHINESE MARKET 2024 2025 2026 CONSTRUCTION IN-HOUSE PRODUCTION AND SUPPLY TO COMPLETED CYLINDER PRODUCTION THE CHINESE MARKET Completed construction of the joint- Partly ramping-up the
Slide 18: Financials Q1 2025
Financials Q1 2025
Slide 19: Group P&L | Q1 2025
Group P&L | Q1 2025 Profit & Loss (NOK ‘000) Q1 2025 Q1 2024 FY 2024 FY 2023 FY 2022 Total revenue 230,020 407,147 1,875,839 1,319,614 963,925 Cost of materials 146,579 220,589 1,081,574 776,841 588,525 • Revenue down 44% YoY in Q1 2025, driven mainly by significantly lower activity in Payroll and so
Slide 20: Hydrogen Mobility & Infrastructure (HMI)
Hydrogen Mobility & Infrastructure (HMI) HMI BUSINESS IN BRIEF • Hydrogen cylinders and systems manufacturing and assembly in Europe (Kassel and Weeze, Germany) and the US (Westminster, Maryland). Includes the Company’s industrial Weeze Kassel gas and aerospace business Westminster (Germany) (German
Slide 21: Hydrogen Mobility & Infrastructure (HMI) financial results
Hydrogen Mobility & Infrastructure (HMI) financial results REVENUE | NOKM EBITDA | NOKM Hydrogen Infrastructure Hydrogen Mobility Other -47% 388 -16 68 (17%) 100 (26%) 204 67 (33%) 220 -143 95 (57%) (46%) 42 (21%) Q1 2024 Q1 2025 Q1 2024 Q1 2025 • Revenue down 47% YoY in Q1 2025, driven mainly by si
Slide 22: Battery Systems and Vehicle Integration (BVI)
Battery Systems and Vehicle Integration (BVI) BVI BUSINESS IN BRIEF • Battery systems production (Kelowna, Canada) and complete vehicle integration of battery electric and fuel cell electric vehicles (Dallas and Ontario, US) for the North American Kelowna (Canada) market Ontario Dallas (California,
Slide 23: Battery Systems & Vehicle Integration (BVI) financial results
Battery Systems & Vehicle Integration (BVI) financial results REVENUE | NOKM EBITDA | NOKM +35% 25 19 -25 -54 Q1 2024 Q1 2025 Q1 2024 Q1 2025 • The year-over-year revenue growth was mainly driven by vehicle deliveries • EBITDA in Q1 2025 includes approximately NOK 10m of non-recurring costs, of the
Slide 24: Group balance sheet | Q1 2025
Group balance sheet | Q1 2025 ASSETS | NOKM EQUITY & LIABILITIES | NOKM 4,934 4,934 151 55 4,503 260 4,503 351 185 407 50 188 694 275 543 465 658 • NOK strengthened against USD 517 and EUR in Q1 2025, translating 1,204 to lower balance sheet values in 1,142 1,547 NOK terms 1,606 561 531 • Working ca
Slide 25: Group cash flow | Q1 2025
Group cash flow | Q1 2025 NOKm OPERATING: INVESTING: FINANCING: NOK -183M NOK -35M NOK 3M -234 1,028 • Release of working capital positively impacts operating cash flow -387 37 -28 -13 8 -1 -0 794 -2 -22 25 -19 61 • Limited CAPEX compared to 45 previous quarters 62 Q4 2024 PBT D&A Change in Net Othe
Slide 26: Outlook and Q&A Q1 2025
Outlook and Q&A Q1 2025
Slide 27: Outlook impacted by limited near-term demand visibility
Outlook impacted by limited near-term demand visibility HYDROGEN MOBILITY & INFRASTRUCTURE BATTERY SYSTEMS & VEHICLE INTEGRATION HYDROGEN MOBILITY HYDROGEN INFRASTRUCTURE BATTERY MOBILITY Commercial momentum for hydrogen transit Incoming orders picked up in Q1 2025 Increased activity expected toward
Slide 28: Key focus areas for 2025
Key focus areas for 2025 CONTINUE REDUCING COSTS TO CONTINUE BUSINESS EXTEND CASH RUNWAY WITH ENABLE PROFITABILITY AT PORTFOLIO REVIEW KEY PRIORITY OF MAKING LOWER VOLUMES CURRENT CASH LAST UNTIL EBITDA AND CASH BREAK EVEN 28
Slide 29: Q&A
Q&A 29
Slide 30: Appendix
APPENDIX HEXAGON PURUS
Slide 31: Quarterly Group revenue and EBITDA development
Quarterly Group revenue and EBITDA development -9% +42% 1,876 -44% 1,699 +37% 528 544 REVENUE +90% 1,320 407 396 372 380 366 964 NOK 330 MILLION 259 244 222 230 210 508 159 94 103 52 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 20
Slide 32: Financial statements | Group P&L
Financial statements | Group P&L Profit & Loss (NOK ‘000) Q1 2025 Q1 2024 FY 2024 FY 2023 FY 2022 Revenue from contracts with customers 229,630 405,360 1,843,525 1,311,811 959,205 Other operating revenue 391 1,787 32,314 7,803 4,720 Total revenue 230,020 407,147 1,875,839 1,319,614 963,925 Cost of ma
Slide 33: Financial statements | Segments P&L
Financial statements | Segments P&L Segment Profit & Loss (NOK ‘000) Q1 2025 Q1 2024 FY 2024 FY 2023 Hydrogen Mobility & Infrastructure (HMI) Revenue from contracts with customers 203,715 386,009 1,780,382 1,268,493 Other operating revenue 112 1,536 2,073 6,396 Total revenue 203,828 387,545 1,782,455
Slide 34: Financial statements | Group Balance sheet
Financial statements | Group Balance sheet Balance sheet (NOK ‘000) Q1 2025 Q1 2024 FY 2024 FY 2023 Property, plant and equipment 1,142,250 978,546 1,203,777 867,212 Right-of-use assets 530,533 567,483 561,162 544,765 Intangible assets 657,622 863,013 679,534 841,672 Investment in associates and joi
Slide 35: Financial statements | Group Cash flow
Financial statements | Group Cash flow Cash Flow (NOK ‘000) Q1 2025 Q1 2024 FY 2024 FY 2023 FY 2022 Profit before tax -387,257 -167,320 -1,211,669 -691,310 -440,898 Depreciation, amortisation and impairment 62,375 44,392 562,213 149,785 95,089 Net interest expense 60,659 45,760 225,450 13,236 4,501 C
Slide 36: Investor relations information
Investor relations information EXCHANGE INFORMATION SHARE TRADING STATISTICS INVESTOR BASE1 • TICKER SYMBOL: HPUR ~6,555 • ISIN: NO0010904923 • EXCHANGE: OSLO STOCK EXCHANGE NOK ~0.6bn SHAREHOLDERS MARKET CAPITALIZATION1 38.4% OWNED BY HEXAGON COMPOSITES ASA³ NOK ~9.5m DAILY TURNOVER2 52.4% FREE FLO
Slide 37: Top 20 shareholders
Top 20 shareholders # SHAREHOLDER NUMBER OF SHARES HELD % OF SHARES OUTSTANDING 1 HEXAGON COMPOSITES ASA 164,578,833 38.4 % 2 CLEARSTREAM BANKING S.A. 78,658,888 18.4 % 3 Sumitomo Mitsui Trust Bank (U.S.A) 58,978,293 13.8 % 4 MP PENSJON PK 12,986,489 3.0 % 5 FLAKK COMPOSITES AS 10,268,728 2.4 % 6 Th
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