Hexagon Purus Asa · OSL:HPUR
Hexagon Purus Asa — Q2 2025 Earnings Presentation
35 slides from Hexagon Purus Asa's earnings presentation, Jul 17, 2025
Slide 1: Hexagon Purus Q2 2025
Hexagon Purus Q2 2025 17 July 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 Q2 2025 FINANCIALS OUTLOOK UPDATE AND Q&A 3
Slide 4: Company update Q2 2025
Company update Q2 2025
Slide 5: Key developments in Q2 2025 and after balance sheet date
Key developments in Q2 2025 and after balance sheet date WEAK RESULTS IN Q2 2025 STRONG ORDER INTAKE IMPROVES SIGNED NEW AGREEMENT WITH HINO EXTENDING COST REDUCTION DEMAND VISIBILITY FOR H2 2025 FOR CLASS 6 & 7 BEV TRUCKS AND PROGRAM TO ENABLE PROFITABILITY LAUNCHED STRATEGIC REVIEW OF AT LOWER VOL
Slide 6: Significantly lower revenue and profitability in Q2 2025
Significantly lower revenue and profitability in Q2 2025 Q2 2025 VS. Q2 2024 REVENUE DEVELOPMENT Q2 2025 VS. Q2 2024 EBITDA DEVELOPMENT -55% 935 -63% 528 -97 -194 424 -161 193 NOK ~89M IN NON- RECURRING -403 ITEMS Q2 2024 Q2 2025 YTD 2024 YTD 2025 Q2 2024 Q2 2025 YTD 2024 YTD 2025 6
Slide 7: Notable year-over-year shift in revenue mix in Q2 2025
Notable year-over-year shift in revenue mix in Q2 2025 H2 Infrastructure H2 Mobility Battery Mobility Other Applications Q2 2025 vs. Q2 2024 LTM¹ Q2 2025 NOK NOK NOK • Share of revenue from hydrogen 528M 193M 1,364M infrastructure business significantly down due to decline in deliveries of hydrogen
Slide 8: Sharply lower activity in hydrogen infrastructure and mobility in Q2 2025
Sharply lower activity in hydrogen infrastructure and mobility in Q2 2025 Q2 2025 YEAR-OVER-YEAR REVENUE BRIDGE | NOKM -335 • Significantly lower activity in the (-63%) hydrogen infrastructure business, driven 528 primarily by lower volume of hydrogen distribution units in the quarter • Sustained hi
Slide 9: Demand outlook varies between applications
Demand outlook varies between applications DEGREE OF FORWARD VISIBILITY OF CUSTOMER DEMAND 1 2 3 4 5 6 HYDROGEN AEROSPACE HYDROGEN INDUSTRIAL BATTERY HYDROGEN TRANSIT BUS APPLICATIONS DISTRIBUTION GAS ELECTRIC TRUCKS ELECTRIC TRUCKS Continued strong Strong demand from Very weak revenue Stable and re
Slide 10: Highest quarterly order intake since 2023
Highest quarterly order intake since 2023 ORDER BACKLOG¹ APPLICATION SPLIT YEARLY SPLIT AS PER Q2 2025 AS PER Q2 2025 AS PER Q2 2025 (NOKM) (%) (%) APPROX. 4% 1,242 NOK 1,150M 29% SECURED FOR +33% 32% 26% FY2025² 1,056 1,007 913 4% 792 69% 726 35% HYDROGEN INFRASTRUCTURE³ FY2025 HYDROGEN MOBILITY⁴ F
Slide 11: Hexagon Purus expands relationship with Hino in North America
Hexagon Purus expands relationship with Hino in North America for delivery of complete Class 6 & 7 battery electric straight trucks 11
Slide 12: Strategic review initiated to evaluate alternatives for BVI
Strategic review initiated to evaluate alternatives for BVI 12
Slide 13: Increasing cost reduction target to support profitability at lower volumes
Increasing cost reduction target to support profitability at lower volumes NOKM FEBRUARY 2025 JULY 2025 ESTIMATED (PHASE 1) (PHASE 2) COST TARGET UP TO 350M TOP-UP REDUCTIONS 150M Includes (i) ~30% reduction in PREVIOUS COST Group workforce and (ii) TARGET reduction in other OPEX 200M ~15% reduction
Slide 14: Reviewing overall portfolio to target further adjustments to secure cash runway
Reviewing overall portfolio to target further adjustments to secure cash runway BUSINESS PORTFOLIO REVIEW BATTERY SYSTEMS & HYDROGEN MOBILITY & CHINA VEHICLE INTEGRATION INFRASTRUCTURE JOINT-VENTURE 14
Slide 15: Financials Q2 2025
+ Financials” -Q2 2025
Slide 16: Group P&L | Q2 2025
Group P&L | Q2 2025 Profit & Loss (NOK ‘000) Q2 2025 Q2 2024 YTD 2025 YTD 2024 FY 2024 Total revenue 193,494 528,351 423,514 935,498 1,875,839 Cost of materials 100,928 327,645 247,507 548,234 1,081,574 • Revenue down 63% YoY in Q2 2025, driven Payroll and social security expenses 152,430 195,104 383
Slide 17: 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 18: Hydrogen Mobility & Infrastructure (HMI) financial results
Hydrogen Mobility & Infrastructure (HMI) financial results REVENUE | NOKM EBITDA | NOKM Hydrogen Infrastructure Hydrogen Mobility Other 17 (3%) 1 (0%) -69% -60% 526 914 50 129 (10%) (14%) 147 247 (28%) -76 (-47%) (27%) 368 164 127 329 537 60 (34%) (62%) (59%) (37%) 183 16 88 58 (50%) (10%) (54%) (16
Slide 19: 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 20: Battery Systems & Vehicle Integration (BVI) financial results
Battery Systems & Vehicle Integration (BVI) financial results REVENUE | NOKM EBITDA | NOKM +140% 50 +1077% 25 -31 21 -85 -85 -60 2 Q2 2024 Q2 2025 YTD 2024 YTD 2025 Q2 2024 Q2 2025 YTD 2024 YTD 2025 • The year-over-year revenue growth continues to be driven by vehicle • Year-over-year EBITDA improve
Slide 21: Group balance sheet | Q2 2025
Group balance sheet | Q2 2025 ASSETS | NOKM EQUITY & LIABILITIES | NOKM 4,503 4,503 185 4,266 50 4,266 188 275 182 51 148 244 465 658 478 • Some inventory build during 714 517 the quarter in anticipation of 503 significantly higher revenue in H2 2025 1,142 1,147 1,606 • Receivables and payables down
Slide 22: Group cash flow | Q2 2025
Group cash flow | Q2 2025 NOKm OPERATING: INVESTING: FINANCING & FX: NOK -197M NOK -62M NOK -8M -267 794 • Operating losses was the main driver of operating cash flow in the quarter • Increase in working capital -273 reflecting inventory build to -14 cater for higher activity in the -37 second half
Slide 23: Outlook and Q&A Q2 2025
Outlook and Q&A Q2 2025
Slide 24: Higher activity expected in second half of 2025 based on current order backlog
Higher activity expected in second half of 2025 based on current order backlog BATTERY SYSTEMS HYDROGEN MOBILITY & INFRASTRUCTURE & VEHICLE INTEGRATION HYDROGEN HYDROGEN AEROSPACE AND INDUSTRIAL BATTERY MOBILITY INFRASTRUCTURE GAS APPLICATIONS ELECTRIC MOBILITY High revenue visibility with focus Str
Slide 25: Key focus areas for 2025
Key focus areas for 2025 CONTINUE REDUCING COSTS TO CONTINUE BUSINESS REDUCE CASH OUTFLOW ENABLE PROFITABILITY AT LOWER PORTFOLIO REVIEW IN THE SECOND HALF OF THE YEAR VOLUMES 25
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% 1,876 -63% 1,699 +37% 528 544 1,364 REVENUE +90% 1,320 407 396 372 380 366 964 NOK 330 MILLION 259 244 222 230 210 193 508 159 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 Q4 2023 Q1 202
Slide 29: Financial statements | Group P&L
Financial statements | Group P&L Profit & Loss (NOK ‘000) Q2 2025 Q2 2024 YTD 2025 YTD 2024 FY 2024 Revenue from contracts with customers 192,577 527,655 422,207 933,015 1,843,525 Other operating revenue 916 695 1,307 2,483 32,314 Total revenue 193,494 528,351 423,514 935,498 1,875,839 Cost of materi
Slide 30: Financial statements | Segments P&L
Financial statements | Segments P&L Segment Profit & Loss (NOK ‘000) Q2 2025 Q2 2024 YTD 2025 YTD 2024 Hydrogen Mobility & Infrastructure (HMI) Revenue from contracts with customers 163,852 525,671 367,568 911,681 Other operating revenue 51 343 163 1,879 Total revenue 163,903 526,014 367,731 913,560
Slide 31: Financial statements | Group Balance sheet
Financial statements | Group Balance sheet Balance sheet (NOK ‘000) Q2 2025 Q2 2024 FY 2024 FY 2023 Property, plant and equipment 1,146,868 1,066,078 1,203,777 867,212 Right-of-use assets 512,302 551,346 561,162 544,765 Intangible assets 665,462 836,304 679,534 841,672 Investment in associates and j
Slide 32: Financial statements | Group Cash flow
Financial statements | Group Cash flow Cash Flow (NOK ‘000) Q2 2025 Q2 2024 YTD 2025 YTD 2024 FY 2024 Profit before tax -272,675 -223,612 -659,932 -390,932 -1,211,669 Depreciation, amortisation and impairment 65,788 49,593 128,163 93,985 562,213 Net interest expense 65,349 58,628 126,008 104,388 225,
Slide 33: Investor relations information
Investor relations information EXCHANGE INFORMATION SHARE TRADING STATISTICS INVESTOR BASE1 • TICKER SYMBOL: HPUR ~6,454 • ISIN: NO0010904923 • EXCHANGE: OSLO STOCK EXCHANGE NOK ~1.0bn SHAREHOLDERS MARKET CAPITALIZATION1 38.4% OWNED BY HEXAGON COMPOSITES ASA³ NOK ~9.0m DAILY TURNOVER2 52.4% FREE FLO
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. 87,442,087 20.4 % 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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