Slide 1: Q1 2026 Trading update
Q1 2026 Trading update Philipp Schramm, CEO Eirik Løhre, CFO 7 May 2026
Slide 2: Disclaimer and important notice
Disclaimer and important notice This Presentation and its appendices (the " Presentation ") has been produced by Hexagon Composites ASA (the " Company ", and together with its subsidiaries, the " Group ") solely for information purposes in connection with a potential private placement of shares by t
Slide 3: Executive summary
Executive summary Stronger balance sheet and A leaner cost base and Well positioned improved financial flexibility tightened cash discipline for market recovery • Executing a NOK 550 million equity raise • Significant cost reductions and • Clear growth drivers across existing and and amended bank ag
Slide 4: Highlights of the amended bank agreement
Highlights of the amended bank agreement Key terms of the amended agreement 1 Pro- forma NIBD per Q1’26 (NOKm ) Tenor: Q2 2029 Total commitment: NOK 1,600 million 2 Amortization: NOK 100 million semi - annually in 2028 Equity ratio : 30% Minimum liquidity : NOK 200 million NIBD/ EBITDA : Covenants:
Slide 5: Agenda
Q1 2026 trading update 2 Commercial update and market fundamentals 9 3 2026 outlook 19 4 Supporting materials 24 HEXAGON
Slide 6: Healthy financial performance in the quarter
Q1 2026 trading update Healthy financial performance in the quarter Revenue (NOKm ) Financial highlights • Revenue of NOK 669m for the quarter o Fuel Systems somewhat lower than Q4’25 and Q1’25 due to softer truck and refuse volumes, partly offset by strong transit volumes and first deliveries to ae
Slide 7: Cash flow development in the quarter
Q1 2026 trading update Cash flow development in the quarter EBITDA to change in cash 1 (NOKm ) WC breakdown NOK Inventory: +94m Acc. Receivable: - 58m Acc. Payable: - 8m Prepayments: - 13m Other WC/accruals: - 45m 7 1) Key cash flow metrics show cash flow development for continuing operations. Cash
Slide 8: Key balance sheet items
Q1 2026 trading update Key balance sheet items NIBD 1 (NOKm ) Equity ratio (%) Available liquidity (NOKm ) 1142 50% 48% 1051 45% 1061 561 528 1031 Q1'25 Q4'25 Q1'26 Q1'25 Q4'25 Q1'26 Q1'25 Q4'25 Q1'26 8 1) Excluding NOK/USD cross - currency swap, and calculated as the balance sheet line - items for
Slide 9: Commercial update and market fundamentals
1 Q12026 trading update 5 Commercial update and market fundamentals 3 2026 outlook 19 4 Supporting materials 24 HEXAGON
Slide 10: Resilient segments support stable cash flows, with significant upside potential
Business segments Resilient segments support stable cash flows, with significant upside potential from high growth segments Resilient Cyclical Aftermarket Refuse & Transit Truck Mobile Pipeline Repeat service, inspection Stable demand tied to public - Demand driven by freight Demand driven by gas su
Slide 11: CNG heavy-duty trucks now match diesel on performance, range and total cost
Truck North America CNG heavy - duty trucks now match diesel on performance, range and total cost of ownership Cummins’ X15N engine and Hexagon ’s fuel systems have closed the efficiency gap to diesel Fueling infrastructure in place and improving Leasing offering available from 2025, addressing incr
Slide 12: CNG payback improving from higher fuel spread and expected capex upcharge
Truck North America CNG payback improving from higher fuel spread and expected capex upcharge on diesel trucks from 2027 US retail fuel prices Illustrative p ump price Attractive payback cycle for development, 2015 - 2026 1 composition CNG trucks Diesel 6 Taxes 5 CNG Distribution 2- 5 years payback
Slide 13: The US heavy-duty truck market represents a substantial growth opportunity
Truck North America The US heavy - duty truck market represents a substantial growth opportunity; limited new investments are required to capitalize • US Class 8 truck annual sales averages around 300k trucks over the cycle, today less than 1% is CNG Annual revenue opportunity and capacity (USD) • I
Slide 14: Enables high-pressure gas to be transported without a fixed pipeline
Mobile Pipeline Enables high - pressure gas to be transported and used competitively without a fixed pipeline The world’s largest Type 4 composite cylinder 75% lighter than steel cylinders, providing 2.5x capacity per load compared to steel 2,250+ modules in operation globally transporting industria
Slide 15: Security of supply and rapid power deployment supporting long-term demand
Mobile Pipeline Security of supply and rapid power deployment supporting strong long - term demand for distributed energy solutions Relevant addressable market 1 Key drivers of future growth (USDm ) Higher oil prices to spur recovery in North American shale activity and conversion to NG - powered fr
Slide 16: Emerging demand for Mobile Pipeline solutions to power data centers in the US
Mobile Pipeline Emerging demand for Mobile Pipeline solutions to power data centers in the US • Data centers (gas - to- power) represent a new high potential end market for Mobile Pipeline • Hexagon has >50% market share in North America, and has on average delivered 200 1 Mobile Pipeline modules pe
Slide 17: Unlocking new opportunities through core capabilities and technology leadership
New markets Unlocking new opportunities through core capabilities and technology leadership • Inaugural order for cylinders for commercial aerospace application valued at approx. USD 7 million • Received a new order from second commercial aerospace customer valued at approx. USD 5 million • Actively
Slide 18: Unique and difficult-to-replicate industry position
Competitive edge Unique and difficult - to - replicate industry position Proprietary testing & recertification technology • Superior non - destructive testing technology for pressure vessels • Key enabler of certified pre - owned programs 600,000+ Deep relationships with key alternative fuels fleets
Slide 19: 2026 outlook
1 Q12026 trading update 5 2 Commercial update and market fundamentals 9 2026 outlook 4 Supporting materials 24 HEXAGON
Slide 20: Market dynamics remain mixed, with improving underlying trends
Updated 2026 outlook Market dynamics remain mixed, with improving underlying trends Challenges Drivers & Opportunities − Limited firm order backlog in North America; continued price pressure • Increasing quoting activity related to new segments, e.g. data centers Mobile Pipeline − Short - term deman
Slide 21: Encouraging start to 2026, reinforcing a cautiously optimistic outlook
Updated 2026 outlook Encouraging start to 2026, reinforcing a cautiously optimistic outlook for the year • Based on current visibility, revenue expected broadly in line with 2025 • Commercial activity and pipeline is building, with order timing still uncertain EBITDA above NOK 200m for the • Near -
Slide 22: Well positioned to deliver long-term profitable growth
Long - term outlook Well positioned to deliver long - term profitable growth Established market position as the incumbent and technology leader Structurally improved cost base following 2025 reset Well - invested and scalable platform with strong revenue and EBITDA potential Strong prospects for pro
Slide 23: Q&A
Q&A 23
Slide 24: Supporting materials
1 Q12026 trading update 5 2 Commercial update and market fundamentals 9 3 2026 outlook 19 Supporting materials HEXAGON
Slide 25: Hexagon Composites – global leading provider of alternative fuel solutions
Hexagon Composites – global leading provider of alternative fuel solutions for commercial fleets and gas transportation Corporate HQ ~850 employees Ålesund, Norway NOK 2.6 bn revenue LTM Q1 26 60+ years of heritage European facilities Kassel, Germany Burscheid , Germany 1 ~50 - 90 % 1 market share i
Slide 26: Hexagon Composites has pioneered composite technologies for mobility applications
Hexagon Composites has pioneered composite technologies for mobility applications over decades MOBILE REFUELING VEHICLE FLEETCARE DIGITAL CYLINDER TESTING FUEL SYSTEM VEHICLE INSTALLATION GAS DISTRIBUTION MODULES – ‘ MOBILE PIPELINE ’ GAS FUEL SYSTEMS FOR COMMERCIAL VEHICLES COMPOSITE CARBON FIBER C
Slide 27: Hexagon Composites is market leader across verticals
Hexagon Composites is market leader across verticals essential to the natural gas value chain… North American Share of 2025 revenue market position Distribution containers for Mobile 26% #1 bulk gas transportation and Pipeline mobile refueling CNG fuel systems for Fuel 63% #1 commercial vehicles, in
Slide 28: …and serves all major blue-chip customers
…and serves all major blue - chip customers Customer type Solutions Sample customers Automotive OEMs Logistics Fleets Waste Collection players Industrial Gas players Gas Distributors Utilities Aerospace Undisclosed 28
Slide 29: 2025 marked a macro-driven setback following several years of strong growth
2025 marked a macro - driven setback following several years of strong growth Revenue (NOKm ) Financial highlights • After years of sequential growth, 2025 was a significant setback – top line down 40% y/y o Heightened macro - economic uncertainty led to delayed fleet investments o Truck market impa
Slide 30: Significant actions have been taken to reduce structural cost base
Significant actions have been taken to reduce structural cost base and protect cash flow following a challenging 2025 Reduction of Release of Investment Plant closure and operating expenses working capital discipline consolidation ✓ ~25% reduction in ✓ Renegotiated supplier ✓ Limited capex of NOK 25
Slide 31: Core Fuel Systems markets have different CNG adoption rates
Fuel systems Core Fuel Systems markets have different CNG adoption rates Market size Current powertrain mix Geography Segment CNG value proposition (# sold p.a.) 1 (% of 2025 sales) Biomethane access, energy security and emissions EU Transit 35,000 goals make CNG the preferred option for many large
Slide 32: North American truck sentiment has turned more optimistic
Truck North America North American truck sentiment has turned more optimistic US Class 8 truck sales volumes p.a. US Class 8 truck sales forecast for 2026 - 27 Units (1,000) monthly revisions Units (1,000) 357 332 331 333 400 2026E 2027E 309 316 270 279 279 259 350 Annual sales forecast bottom 234 o
Slide 33: Diesel prices have historically been more volatile than CNG prices
Truck North America Diesel prices have historically been more volatile than CNG prices at the pump given its commodity dependence US retail fuel prices development, 2015 - 2026 1 Illustrative pump price composition 6 Current spread: USD 2.3 /DGE 10y avg spread: USD 0.9 / DGE 5y avg. spread: USD 1.2
Slide 34: Fuel spreads vary across the US, influencing CNG payback time
Truck North America Fuel spreads vary across the US, influencing CNG payback time Current CNG vs. diesel price delta (USD / DGE) Note: Representative fleet pricing WA ME MT ND Region Avg. fuel spread MN VT OR NH California $4.9 ID WI NY MA SD WY MI CT RI New England $3.9 IA PA NJ NV NE West Coast $4
Slide 35: Payback improving from higher fuel spread, miles driven and capex upcharge
Truck North America Payback improving from higher fuel spread, miles driven and expected capex upcharge on diesel trucks from 2027 1 Illustrative CNG truck upcharge vs. diesel truck Illustrative CNG truck payback years from 2027 onwards 2 Miles Fuel spread (USD per DGE) Day p.a. 1.5 2.0 2.5 3.0 3.5
Slide 36: Fuel Systems
Q1 2026 segment financials Fuel Systems Revenue (NOKm ) Financial highlights • Revenues of NOK 416m for the quarter, stable y/y adjusting for FX o Somewhat lower volumes in refuse after record - high volumes in 2025; truck volumes remained largely on par 1 o Strong quarter for refuse in North Americ
Slide 37: Mobile Pipeline
Q1 2026 segment financials Mobile Pipeline Revenue (NOKm ) Financial highlights • Revenues of NOK 184m for the quarter, largely flat q/q but significantly down y/y o Q1’25 included significant carryover from strong 2024, and was followed by a slowdown of demand o North American market showing signs
Slide 38: Aftermarket
Q1 2026 segment financials Aftermarket Revenue (NOKm ) Financial highlights • Revenues of NOK 89m for the quarter, down y/y and q/q o Revenue down y/y compared to last year due to lower Fuel Systems installation activity o Parts & service business remained stable and in line with previous quarters o
Slide 39: Consolidated P&L
Q1 financial figures Consolidated P&L 2026 2025 2025 2025 2025 2025 2025 2025 NOKm Q1 Q4 Q4 Q3 Q2 Q1 Full year Full year as reported re - presented 1 as reported Re - presented 1 Revenues 669 831 737 538 674 912 2 955 2 860 Other income (gains from acquisition) 2 - 119 119 - - - 119 119 Cost of mate
Slide 40: Consolidated balance sheet
Q1 financial figures Consolidated balance sheet NOKm 31.03.2026 31.03.2025 31.12.2025 NOKm 31.03.2026 31.03.2025 31.12.2025 ASSETS EQUITY AND LIABILITIES Property, plant and equipment 830 868 879 Paid - in capital 1 580 1 017 1 580 Right - of- use assets 386 456 411 Other equity 801 1 503 1 065 Inta
Slide 41: Consolidated cash flow and liquidity overview
Q1 financial figures Consolidated cash flow and liquidity overview Full year Full year NOKm Q1 2026 Q4 2025 Q1 2025 (NOKm ) Q1 2026 Q4 2025 Q1 2025 2025 1) 2025 1) OPERATING CASH FLOWS FINANCING CASH FLOWS Profit before taxes from cont. ops - 164 - 152 - 842 - 1 236 Net repayment of interest - beari
Slide 42: Historical financial development – pro-forma adjusted
Historical financials Historical financial development – pro - forma adjusted 1 Revenue (NOKm ) EBITDA (NOKm ) and margin (%) 1 533 257 1 272 1 250 1 161 1 148 1 150 1 046 184 965 945 945 912 846 137 758 120 737 110 674 669 99 538 61 60 52 59 17% 57 51 12% 15% 46 44 36 9% 10% 8% 7% 7% 6% 5% 6% 4% 9%
Slide 43: Clean air everywhere