Hexagon Composites Asa · OSL:HEX
Hexagon Composites Asa — Hexagon Composites Ord — Q4 2025 Earnings Presentation
28 slides from Hexagon Composites Asa's earnings presentation, Feb 12, 2026
Slide 1: Q4 2025
Q4 2025 Philipp Schramm, CEO Eirik Løhre, CFO 12 February 2026
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 Co
Slide 3: Company update Q4 2025
| SiMe iraeeer B * as Company update jj) = |e a Nianenes
Slide 4: Market softness continues to weigh on our business
Key developments Market softness continues to weigh on our business , with signs of gradual stabilization Macro economic Limited willingness to Market showing EPA 2027 NOx uncertainty combined invest in new signs of gradual emissions confirmed – with low oil prices and technology stabilization incen
Slide 5: Sequential improvement in Q4 2025
Key developments Sequential improvement in Q4 2025 • Step - up in revenues from Q3’25 – Revenue (NOKm ) Fuel Systems delivered its strongest quarter of the year • EBITDA of NOK 156 million including 119 million accounting gain and 13 million severance costs, leading to an adjusted EBITDA of NOK 49 m
Slide 6: Delivering cost savings and cash discipline
Key developments Delivering cost savings and cash discipline Operating expenses Working capital Investment discipline • ~25% reduction in workforce • Reduction of working • Limited capex in 2026, capital in Q4’25 targeting NOK < 80 million • NOK 205m reduction in personnel and SG&A costs 1 • Expecti
Slide 7: Commercial developments
Commercial developments
Slide 8: All-time high refuse demand in 2025
Key developments All- time high refuse demand in 2025 • Fuel Systems’ Refuse segment delivered record annual revenues of NOK ~800 million • 60% of new refuse vehicles on order in North America are now natural gas powered 1 • Strong circular - economy and cost advantages from self - produced waste -
Slide 9: Received significant order from leading Mexican truck operator
Subsequent events Received significant order from leading Mexican truck operator • Valued at approx. NOK 110million • Follows successful piloting of heavy - duty natural gas trucks over the last year • Transitioning and scaling its fleet of natural gas sleeper trucks 9
Slide 10: Unlocking new opportunities through core capabilities
Subsequent events Unlocking new opportunities through core capabilities • Inaugural order for cylinders for commercial aero space application valued at approx. USD 7 million • Produced at our facility in Lincoln , Nebraska • Evaluating future opportunities in adjacent verticals 10
Slide 11: Financials Q4 2025
an £ = — 4 Financials Q4 2025
Slide 12: Group consolidated
Q4 and full year 2025 results Group consolidated Revenue (NOKm ) Financial highlights • Revenue of NOK 831m for the quarter and NOK 2 955m for the year o Softer demand, particularly in Mobile Pipeline, weighing on full year results vs. all - time high Q4 and FY 2024 o Seasonally strong Q4 with impro
Slide 13: Fuel Systems
Q4 and full year 2025 results Fuel Systems Revenue (NOKm ) Financial highlights • Revenue of NOK 548m for the quarter and NOK 1 848m for the year o Seasonally strong quarter driven by higher truck volumes, despite continued freight market softness o Refuse market remained resilient, delivering recor
Slide 14: Mobile Pipeline
Q4 and full year 2025 results Mobile Pipeline Revenue (NOKm ) Financial highlights • Revenue of NOK 199m for the quarter and NOK 781m for the year o Soft market fundamentals and industry overcapacity continued to weigh on North American demand o Seasonal Q4 uplift versus Q3, albeit from subdued leve
Slide 15: Aftermarket
Q4 and full year 2025 results Aftermarket Revenue (NOKm ) Financial highlights • Revenue of NOK 105m for the quarter and NOK 433m for the year o Modest q/q growth driven by higher service, testing and inspection activity o Softer industry sentiment versus 2024 led to lower install volumes, reduced d
Slide 16: Cash flow development
Q4 2025 results Cash flow development EBITDA to change in cash (NOKm ) 1 16 1) Other income of NOK 119m in Q4
Slide 17: Balance sheet
Q4 2025 results Balance sheet Assets (NOKm) Equity and Liabilities (NOKm ) NIBD NOK 1,031m NWC 1 NOK 1,170m Available liquidity NOK 561m Equity ratio 50% 17 1) NWC = Inventories + trade receivables + other current assets – trade payables – contract liabilities – other current liabilities – provision
Slide 18: Financial covenant update
Q4 2025 Financial covenant update • Leverage covenant suspended until Q3 2026 Covenants Requirements • In an uncertain market, management maintains • Until Q3’26: Suspended Leverage (NIBD/ strong focus on financial discipline, cost control and • Q3’26: < 4.2x EBITDA LTM) working capital management •
Slide 19: Outlook 2026
Outlook 2026
Slide 20: Challenges, drivers and opportunities entering 2026
2026 outlook Challenges, drivers and opportunities entering 2026 Challenges Drivers & Opportunities − Unfavorable supply / demand balance • Optimization of product portfolio to Mobile Pipeline in the North American market capture growth in new markets − Increased price pressure from • Opportunities
Slide 21: Cautious optimism with gradual improvement through the year
2026 outlook Cautious optimism with gradual improvement through the year • Based on current visibility, top line is expected to be broadly in line with or moderately above 2025 levels • Normal seasonality with a back - end loaded year and relatively softer first half • Expecting meaningful improveme
Slide 22: Well positioned to deliver on key priorities
Well positioned to deliver on key priorities and capture long - term growth Protect long - term Explor e new Well positioned for competitiveness verticals market recovery Sound financial management Actively working to accelerate Technology leader with and operational optimization and facilitate the
Slide 23: Q&A
Q&A 23
Slide 24: Appendix
2 3 c ® a. a. <= 24
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 3 bn revenue LTM Q4 25 60+ years of heritage European facilities Kassel, Germany Burscheid, Germany 1 ~50 - 90 % 1 market share US f
Slide 26: Business segments
Business segments Fuel Systems Mobile Pipeline Aftermarket Alternative fuel systems for Gas distribution modules Service, parts, testing and commercial vehicles essential for energy supply chains inspection 1 26 1) In cludes Hexagon Agility FleetCare and Hexagon Digital Wave
Slide 27: Investor relations information
Investor relations information Exchange Market cap Investor base Shareholders Ticker symbol: HEX ₁ NOK ~2 .1bn ~ 33% ISIN: NO0003067902 Market capitalization International Exchange: Oslo Børs ownership Financial calendar 2026 Equity analyst coverage Investor relations contact ABG Pareto Eirik Løhre
Slide 28: 28
28
Hexagon Composites Ord — Q4 2025 Earnings Presentation on 6ix