Hexagon Composites Asa · OSL:HEX
Hexagon Composites Asa — Hexagon Composites Ord — Q3 2025 Earnings Presentation
29 slides from Hexagon Composites Asa's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025
Q3 2025 Philipp Schramm, CEO David Bandele, CFO 6 November 2025
Slide 2: Disclaimer and important notice
Disclaimer and important notice This company presentation (the “Presentation”) has been prepared by Hexagon Composites ASA (“Hexagon” or the “Company”). The Presentation has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated market place. The Comp
Slide 3: Company update Q3 2025
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Slide 4: Current macro environment continues to weigh on our business
Current macro environment continues to weigh on our business – significantly affecting our volumes and profitability Perfect storm Weak Q3 results Cost and cash Executing on discipline strategic steps Cyclical downturn Revenue combined with NOK 538 million Raised 590 million in Accelerating the unpr
Slide 5: Our resilient business segments provide stable cash flows through the cycle
Our resilient business segments provide stable cash flows through the cycle, while rebound in cyclical segments represent major upside Resilient – lower macro sensitivity Cyclical – higher macro sensitivity Aftermarket Refuse & Transit Truck Mobile Pipeline Recurring service & Stable demand tied to
Slide 6: Operating in a challenging environment
Operating in a challenging environment Macro factors impacting industry sentiment Mobile Pipeline1 Trucks3 Implications for Hexagon Strong focus on asset Fleets more reluctant to utilization in a capital adopt new technology and intensive industry, slowing incur higher upfront capex down demand for
Slide 7: Delivering on cost and cash optimization program announced in September
Delivering on cost and cash optimization program announced in September Targets announced in Sep 2025 Current status • ~20% reduction in headcount already executed • Personnel cost reduction Q3’25 annualized vs 2024: NOK ~190 million, with NOK ~70 million reflecting structural3 annualized run-rate i
Slide 8: Strategic steps to accelerate the adoption of natural gas trucks
Strategic steps to accelerate the adoption of natural gas trucks and diversify our customer base The industry’s first Launched own Completed the independent leasing demo truck program transaction of SES company dedicated to Composites alternative fuels Available across US & Canada, with high Strengt
Slide 9: Financials Q3 2025
Financials y M * Cleaner Air, Q3 2025 ale wm.com/CNG
Slide 10: Q3 2025 | Hexagon Group
Q3 2025 | Hexagon Group Uncertainty has driven prolonged reduction in customer spending Revenue EBITDA NOKm NOKm • Weaker volumes across all segments, especially in Mobile Pipeline -57% 1 250 • Group-wise cost savings program underway to mitigate effects, and secure profitability at lower -238 level
Slide 11: Q3 2025 | Fuel Systems
Q3 2025 | Fuel Systems Lower Truck volumes contributed to negative results • Lower Truck volumes compared to a high Q3’ 2024, bolstered by large UPS order Revenue EBITDA NOKm NOKm / % margin • Refuse volumes continued y.o.y. growth, with slightly 635 lower volumes than a record Q2 ‘25 372 • Transit
Slide 12: Q3 2025 | Mobile Pipeline
Q3 2025 | Mobile Pipeline Limited willingness to spend in current climate Revenue EBITDA NOKm -427 NOKm / % margin Customers utilizing existing assets in North America, 520 lower shale gas activity and falling LCFS and RIN credits impacting RNG sector -136 Mobile Pipeline, outside of North Ameri
Slide 13: Q3 2025 | Aftermarket
Q3 2025 | Aftermarket Delivered solid revenue with service mix impacting profitability • Parts & services delivered solid volumes across Revenue EBITDA FleetCare and Hexagon Digital Wave NOKm NOKm / % margin -8% • Unfavorable mix of internal services and one-off 106 charges reduced profitability 97
Slide 14: Accelerating actions to navigate headwinds
Accelerating actions to navigate headwinds 1 2 3 Lowering the Preserving Increasing measures to break-even point liquidity through accelerate the adoption through significant and beyond 2026 on natural gas vehicles cost reductions 14
Slide 15: Strengthening the balance sheet
Strengthening the balance sheet • Raised NOK ~ 590 million in September Covenants Requirements • Refinanced debt facilities to NOK 2 billion Leverage (NIBD/EBITDA) • Q3’26: <4.2x LTM EBITDA whereof NOK 1.6 billion available without • 2027: < 3.0x leverage restrictions Minimum liquidity NOK > 200 mil
Slide 16: Resilient liquidity while leverage highly sensitive to EBITDA levels
Resilient liquidity while leverage highly sensitive to EBITDA levels Impact ranges on cashflow and profitability1 • Expect to reduce NIBD level over the Effect of savings next four quarters Measures NOK million Working capital 150-200 Balance sheet • Dependent on sales and volume mix Capex 50-80 dev
Slide 17: Outlook
Outlook
Slide 18: Expecting a stable finish to 2025, with limited visibility into 2026
Expecting a stable finish to 2025, with limited visibility into 2026 Q4 2025 Entering 2026 Delivering on current backlog Disciplined execution amid uncertainty • Quarter over quarter uptick, supported by • Limited backlog visibility for cyclical segments entering short term backlog the year • Higher
Slide 19: Despite headwinds, our long-term growth ambitions remain firmly intact
Despite headwinds, our long-term growth ambitions remain firmly intact KEY DRIVERS STRATEGIC PRIORITIES US Class 8 Truck Natural gas is cost- X15N delivers diesel Broadening and Driving the market at a cyclical effective and offers like performance diversifying adoption of natural low with aging fle
Slide 20: Navigating current headwinds to position for long-term growth
Navigating current headwinds to position for long-term growth Weathering the storm Positioning for the Not if, but when next cycle Reducing cost base to Confident in the improve EBITDA and Driving adoption & long-term growth of secure liquidity moving exploring diversification Hexagon into 2026 oppo
Slide 21: Q&A
Q&A 21
Slide 22: Appendix
Appendix 22
Slide 23: Investor relations information
Investor relations information Exchange Market cap Investor base Shareholders Ticker symbol: HEX ₁ NOK ~2.2 bn ~ 35% ISIN: NO0003067902 Market capitalization International ~10,300 Exchange: Oslo Børs ownership Financial calendar 2025 Equity analyst coverage Investor relations contact ABG Pareto Davi
Slide 24: Updated segment reporting structure
Q3 2025 | Hexagon Group Updated segment reporting structure Fuel Systems Mobile Pipeline Aftermarket Alternative fuel systems for Essential for gas supply chains Service, parts, install, and commercial vehicles and distribution requalification, includes Hexagon Agility FleetCare and Hexagon Digital
Slide 25: Hexagon Group | Cash flow Q3 2025
Hexagon Group | Cash flow Q3 2025 NOKm 600 534 400 452 200 -419 82 563 -2 0 130 27 0 -43 9 -18 -15 -54 -61 -18 -45 -34 -36 -22 -1 -200 -189 -400 -600 EBITDA Share based Change in Taxes paid / Cash from CAPEX Free Invstmnt Loans to Purus TRS Net interest Leasing Other financial Change in Equiy raise
Slide 26: Hexagon Group | Cash flow YTD per September 2025
Hexagon Group | Cash flow YTD per September 2025 NOKm 600 534 400 452 200 82 -25 2 5 0 302 -142 -154 -24 -15 -200 -160 -116 120 -47 -195 -137 -276 563 -400 -101 -70 -75 -600 -2 -604 -800 EBITDA Share based Change in Taxes paid / Cash from CAPEX Free Earn-out Invstmnt Loans to Purus TRS Net interest
Slide 27: Hexagon Group | Balance sheet
Hexagon Group | Balance sheet NOKm Assets Equity and liabilities 8 000 7 284 Cash 7 284 Other current liabilities 7 077 7 077 7 000 517 Receivables and other 393 TRS liability 302 116 398 current assets 63 779 568 Trade payables and 951 554 139 6 000 5 605 5 518 Inventories 339 184 5 605 contract li
Slide 28: Hexagon Group leverage
Hexagon Group leverage NOKm 1 141 1 059 -82 • Leverage is 4.1x, covenants suspended. • Liquidity reserve* of NOK 534 million at end of quarter *(Excluding NOK 400m Tranche 2 RCF requiring <2x leverage to draw) Total interest-bearing bank debt Cash Net interest-bearing bank debt NIBD / EBITDA LTM 4,1
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