Hexagon Purus Asa · OSL:HPUR
Hexagon Purus Asa — Q3 2025 Earnings Presentation
35 slides from Hexagon Purus Asa's earnings presentation, Oct 21, 2025
Slide 1: Hexagon Purus Q3 2025
Hexagon Purus Q3 2025 21 October 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 Q3 2025 FINANCIALS OUTLOOK UPDATE AND Q&A 3
Slide 4: Company update Q3 2025
Company update Q3 2025
Slide 5: Key developments in Q3 2025
Key developments in Q3 2025 SEQUENTIAL REVENUE SEQUENTIAL IMPROVEMENT IN COMPLETED THE SECOND ROUND OF GROWTH IN THE QUARTER FINANCIALS DRIVEN BY HIGHER WORKFORCE REDUCTIONS IN GERMANY VOLUMES AND LEANER COST BASE Q3 2025 Q3 2025 REVENUE EBITDA % NOK 252M -46% YoY Δ QoQ Δ YoY Δ QoQ Δ -54% +30% -36PP
Slide 6: Sequential improvement in performance with continued strong order book for 2025
Sequential improvement in performance with continued strong order book for 2025 INTRA-YEAR REVENUE HIGH IMPROVED EBITDA PERFORMANCE STRONG ORDERBOOK FOR 2025 NOKM NOK 974 MILLION +30% -46% 252 30% 31% 230 193 31M 4% NON-RECURRING -83% ITEMS IN Q3 35% -105% HYDROGEN INFRASTRUCTURE² HYDROGEN MOBILITY³
Slide 7: Continued shift in year-over-year revenue mix
Continued shift in year-over-year revenue mix H2 Infrastructure H2 Mobility Battery Mobility Other Applications Q3 2025 vs. Q3 2024 LTM¹ Q3 2025 • Share of revenue from hydrogen NOK NOK NOK infrastructure business declined in 544M 252M 1,072M the quarter due to lower activity for hydrogen distributi
Slide 8: Lower year-over-year activity in hydrogen infrastructure and heavy-duty mobility
Lower year-over-year activity in hydrogen infrastructure and heavy-duty mobility Q3 2025 YEAR-OVER-YEAR REVENUE BRIDGE | NOKM • Higher activity in hydrogen infrastructure in Q3 2025 compared to -292 earlier in 2025, but still significantly (-54%) down year-over-year on lower volume 544 for hydrogen
Slide 9: Demand dynamic varies between applications
Demand dynamic varies between applications A B C D E HYDROGEN AEROSPACE HYDROGEN INDUSTRIAL GAS BATTERY DISTRIBUTION ELECTRIC TRUCKS TRANSIT BUS Strong current commercial Robust demand from Solid order book for Q4 Developed customer base Customer demonstration momentum supported by privately held US
Slide 10: Ongoing customer demonstration programs for the Tern RC8
Ongoing customer demonstration programs for the Tern RC8 • Demonstration units are now operating with several leading logistics and distribution companies across the US • A large-scale demonstration with a leading US freight carrier commenced during the quarter • Feedback from these demonstration pr
Slide 11: Current order book provides good revenue visibility for the remainder of 2025
Current order book provides good revenue visibility for the remainder of 2025 ORDER BOOK¹ APPLICATION SPLIT YEARLY SPLIT AS PER Q3 2025 AS PER Q3 2025 AS PER Q3 2025 (NOKM) (%) (%) 5% 1,242 30% 31% +7% 1,056 40% 1,007 974 56% 913 4% 792 726 35% HYDROGEN INFRASTRUCTURE³ FY2025 HYDROGEN MOBILITY⁴ FY20
Slide 12: Cumulative workforce reduction of ~30% year-to-date compared to 2024 levels
Cumulative workforce reduction of ~30% year-to-date compared to 2024 levels EXCERPT FROM Q2 2025 PRESENTATION • The second round of workforce reductions in Germany was completed in Q3 2025; restructuring charge of NOK 31m recognized in the quarter • This brings the total workforce reduction YTD to ~
Slide 13: Steady progress on the portfolio review that was initiated earlier this year
Steady progress on the portfolio review that was initiated earlier this year BUSINESS PORTFOLIO REVIEW BATTERY SYSTEMS & HYDROGEN MOBILITY & CHINA VEHICLE INTEGRATION INFRASTRUCTURE JOINT VENTURE 13
Slide 14: Financials Q3 2025
Financials Q3 2025
Slide 15: Group P&L | Q3 2025
Group P&L | Q3 2025 Profit & Loss (NOK ‘000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 • Revenue declined 54% year-over-year in Q3 Total revenue 252,326 544,038 675,840 1,479,536 1,875,839 2025, primarily due to reduced activity in hydrogen infrastructure and heavy-duty mobility. Cost of materials 11
Slide 16: 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 17: Hydrogen Mobility & Infrastructure (HMI) financial results
Hydrogen Mobility & Infrastructure (HMI) financial results REVENUE | NOKM EBITDA | NOKM Hydrogen Infrastructure Hydrogen Mobility Other 11 (3%) 13 (0%) -58% -55% 1,427 514 196 66 -47 (-47%) (14%) (13%) 394 147 (28%) (29%) 233 601 65 191 301 (28%) 838 (32%) 94 (59%) 277 (59%) (40%) (46%) 75 133 -266
Slide 18: 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 19: Battery Systems & Vehicle Integration (BVI) financial results
Battery Systems & Vehicle Integration (BVI) financial results REVENUE | NOKM EBITDA | NOKM +26% 63 -57% -21 50 29 -30 13 -106 -115 Q3 2024 Q3 2025 YTD 2024 YTD 2025 Q3 2024 Q3 2025 YTD 2024 YTD 2025 • Revenue was primarily comprised of vehicle deliveries to Hino and income • EBITDA for the BVI segme
Slide 20: Group balance sheet | Q3 2025
Group balance sheet | Q3 2025 ASSETS | NOKM EQUITY & LIABILITIES | NOKM 4,503 4,503 185 4,266 50 4,266 188 275 182 3,988 51 3,988 • Inventory increased during the 148 244 179 73 quarter in preparation for the 179 658 234 expected ramp-up in revenue 714 1,606 in Q4 2025, primarily driven by 758 1,668
Slide 21: Group cash flow | Q3 2025
Group cash flow | Q3 2025 NOKm OPERATING: INVESTING: FINANCING & FX: NOK -115M NOK -34M NOK -17M -166 • Net cash flow of NOK -166m in the quarter, resulting in cash 527 balance of NOK 360m • Operating losses was the main driver of the negative -14 operating cash flow in the -16 -8 360 quarter -0 3 -
Slide 22: Lowest quarterly cash outflow in over two years, with further improvement expected ahead
Lowest quarterly cash outflow in over two years, with further improvement expected ahead Cash outflow HIGHER REVENUE AND WORKING CAPITAL RELEASE Gradual release of working capital expected, as a large share of the materials for upcoming deliveries is already held in inventory — meaning higher revenue
Slide 23: Outlook and Q&A Q3 2025
Outlook ‘and:Q Nv Q3 2025 eee PURUS :
Slide 24: Current order book provides good revenue visibility for remainder of 2025
Current order book provides good revenue visibility for remainder of 2025 BATTERY SYSTEMS HYDROGEN MOBILITY & INFRASTRUCTURE & VEHICLE INTEGRATION HYDROGEN MOBILITY & AEROSPACE AND INDUSTRIAL BATTERY INFRASTRUCTURE GAS APPLICATIONS ELECTRIC MOBILITY High revenue visibility for Q4 2025 with focus on
Slide 25: Foundation in place for gradual recovery and financial stabilization
Foundation in place for gradual recovery and financial stabilization RIGHTSIZED THE GRADUALLY IMPROVING SOLID ORDER BOOK PORTFOLIO ORGANIZATION PERFORMANCE FOR 2025 REVIEW Adjusted the cost Higher activity and Current order book for Steady progress base to match the leaner cost base 2025 pointing to
Slide 26: Q&A
Q&A 26
Slide 27: Appendix
APPENDIX HEXAGON PURUS
Slide 28: Quarterly Group revenue and EBITDA development
Quarterly Group revenue and EBITDA development -9% +42% -20% -54% 1,876 +37% 1,699 -21% 528 544 1,364 REVENUE +90% 1,320 407 396 372 380 366 1,072 964 NOK 330 MILLION 259 244 252 222 230 210 193 508 159 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
Slide 29: Financial statements | Group P&L
Financial statements | Group P&L Profit & Loss (NOK ‘000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Revenue from contracts with customers 244,792 514,894 666,999 1,447,909 1,843,525 Other operating revenue 7,534 29,144 8,841 31,627 32,314 Total revenue 252,326 544,038 675,840 1,479,536 1,875,839 Cost
Slide 30: Financial statements | Segments P&L
Financial statements | Segments P&L Segment Profit & Loss (NOK ‘000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Hydrogen Mobility & Infrastructure (HMI) Revenue from contracts with customers 233,257 513,804 600,825 1,425,485 Other operating revenue 18 38 182 1,917 Total revenue 233,275 513,842 601,006 1,427,4
Slide 31: Financial statements | Group balance sheet
Financial statements | Group balance sheet Balance sheet (NOK ‘000) Q3 2025 Q3 2024 FY 2024 FY 2023 Property, plant and equipment 1,102,030 1,262,016 1,203,777 867,212 Right-of-use assets 499,428 526,869 561,162 544,765 Intangible assets 674,435 849,638 679,534 841,672 Investment in associates and j
Slide 32: Financial statements | Group cash flow
Financial statements | Group cash flow Cash Flow (NOK ‘000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Profit before tax -366,646 -151,162 -1,026,578 -542,094 -1,211,669 Depreciation, amortisation and impairment 68,230 55,425 196,393 149,410 562,213 Net interest expense 68,133 63,769 194,141 168,157 2
Slide 33: Investor relations information
Investor relations information EXCHANGE INFORMATION SHARE TRADING STATISTICS INVESTOR BASE1 • TICKER SYMBOL: HPUR • ISIN: NO0010904923 • EXCHANGE: OSLO STOCK EXCHANGE NOK ~0.7bn ~6,351 MARKET CAPITALIZATION1 SHAREHOLDERS 52.4% NOK ~8.5m FREE FLOAT3 DAILY TURNOVER2 2025 FINANCIAL CALENDAR EQUITY ANAL
Slide 34: 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. 90,052,534 21.0 % 3 Sumitomo Mitsui Trust Bank (U.S.A) 58,978,293 13.8 % 4 MP PENSJON PK 11,836,489 2.8 % 5 FLAKK COMPOSITES AS 10,268,728 2.4 % 6 Th
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