Hexagon Purus ASA · OSL:HPUR
Hexagon Purus ASA — Q2 2022 Earnings Presentation
37 slides from Hexagon Purus ASA's earnings presentation, August 2022
Slide 1: Hexagon Purus
HEXAGON PURUS
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 HEXAGON PURUS
Slide 4: Highlights from Q2 2022
HIGHLIGHTS FROM @Q2 2022 eee sh it be } se —4 HEXAGON PURUS
Slide 5: Key highlights from Q2 2022
Key highlights from Q2 2022 © CONTINUED REVENUE STRONG REGULATORY ROBUST COMMERCIAL GROWTH SUPPORT FOR MOMENTUM IN HYDROGEN DECARBONIZATION AND DISTRIBUTION ENERGY SECURITY INITIATIVES GLOBAL INDUSTRIAL GAS COMPANY GERMAN INDUSTRIALGAS. COMPANY Everfuel® NOK YoY Q2'22, 210m +123% NOK YoY 731M +316%
Slide 6: Continue to deliver on revenue growth and profitability in Wystrach
Continue to deliver on revenue growth and profitability in Wystrach 34% PRO FORMA REVENUE GROWTH YOY (NOKM) QUARTERLY LTM REVENUE (NOKM) STRONG MARGIN IN WYSTRACH Wystrach delivered 10% EBITDA in Q2 2022 Q2'21 actual Q2'21 pro Q2'22 Q4'20) QI'21. Q2'21) 321. 421. Q1'22, Q2'22 forma —® Hexagon Purus
Slide 7: Hydrogen distribution and rail drove majority of revenue growth in Q2'22
Hydrogen distribution and rail drove majority of revenue growth in Q2'22 Revenue in Q2 2022 grew 34% Yo’ HEXAGON Purus, Group REVENUES | PRo FoRMA | NOKm A pro forma basis: (53 \ee9/ ‘ 7 210 Increase in deliveries of hydrogen distribution cylinders and systems to, among others, Air Liquide, Calvera,
Slide 8: Robust commercial momentum in hydrogen distribution
Robust commercial momentum in hydrogen distribution ACCUMULATED YTD ORDER VALUE OF MORE THAN EUR 35 MILLION WITHIN HYDROGEN DISTRIBUTION! [yrp 2021 Gyro 2022 110% GROWTH 82 vs. YTD 2021 9, 149 16.7 2022 CAPACITY 02s cae 60% : FULLY BOOKED? | OF CAPACITY’ ad ALREADY BOOKED 898.9 9 67 8182 40 4.1 | 24
Slide 9: Addressable market for hydrogen distribution expected to reach ~USD 5.6bn in 2030
Addressable market for hydrogen distribution expected to reach ~USD 5.6bn in 2030 HEXAGON PURUS' ADDRESSABLE HYDROGEN MOBILITY AND DISTRIBUTION MARKET (USDBN) (5 Mobility and other [TA ydrogen distribution ' © Percentage hydrogen distribution of total addressable market 20.0 1.9 09 12 PS 44 Fo 3=064
Slide 10: Our diversified portfolio is a significant strength at the current stage of industry maturity
Our diversified portfolio is a significant strength at the current stage of industry maturity... INFRASTRUCTURE MOBILITY APPLICATIONS HYDROGEN DISTRIBUTION MODULES, STATIONARY STORAGE HYDROGEN AND BATTERY ENERGY STORAGE AND FULL VEHICLE INTEGRATION AND MOBILE REFUELLING STATIONS HEXAGON PURUS
Slide 11: Our infrastructure portfolio is highly relevant in the early stage of hydrogen adoption
..and our infrastructure portfolio is highly relevant in the early stage of hydrogen adoption e DISTRIBUTION G STATIONARY So MOBILE SYSTEMS STORAGE REFUELING ‘SELECTION OF B ‘SELECTION OF ‘SELECTION OF ZF GLoBaL INDUSTRIAL CUSTOMER Braga CUSTOMER CUSTOMER RELATIONSHIPS pereel: RELATIONSHIPS \ RELATI
Slide 12: Our strategic core is focussed but relevant for a wide range of customer applications
Our strategic core is focussed — but relevant for a wide range of customer applications, enabling early scale HYDROGEN INFRASTRUCTURE TRANSIT BUS MARITIME RAIL HEAVY-DUTY f =, q OSE HY 7) a ad PURUS 12 (HEXAGON
Slide 13: Compressed hydrogen storage for maritime is a natural extension of Hexagon Purus' capabilities
Compressed hydrogen storage for maritime is a natural extension of Hexagon Purus’ existing cylinder and distribution systems capabilities COMPONENTS SYSTEMS INTEGRATION Suitable for a vast variety of applications due to superior Energy storage systems and distribution modules applicable Solutions fo
Slide 14: Hexagon Purus Maritime received its inaugural hydrogen cylinder order
Hexagon Purus Maritime received its inaugural hydrogen cylinder order of ~EUR 1.1 million earlier this year for use in onboard swappable storage containers
Slide 15: Order of ~NOK 10m from Norwegian Hydrogen for Hellesylt Hydrogen Hub
Hexagon Purus has received an order of ~NOK 10m from Norwegian Hydrogen to deliver hydrogen distribution systems to Hellesylt Hydrogen Hub Owner & OPERATOR Production of 1.3 tonnes a day PRODUCTION from Q4 2023. All major contracts e are placed by Norwegian Norwegian Hydrogen A complete value Hydrog
Slide 16: Inland/coastal, passenger and offshore vessels identified as best candidates
Inland/coastal, passenger and offshore vessels identified as best candidates for commercial adoption of compressed hydrogen gas... ADOPTION COMPRESSED HYDROGEN huystearive BatTery COMPRESSED HYDROGEN GAS OTHER HYDROGEN-BASED CARRIERS -N ¢ Ss 7 weawo/corsa 7 EG. BARGES AND FREIGHT) 4 ‘ 7 vassenoer \
Slide 17: Supported by several local government projects aiming to drive hydrogen adoption
... supported by several local government projects aiming to drive hydrogen adoption within the maritime sector ©) NETHERLANDS | RH2INE' ANNOUNCED HYDROGEN PROJECTS Norway | MAariTIME SUPPORTED GREEN HYDROGEN PROJECTS” Example of H,-fueled inland shipping projects » NOK 669 million supporting five g
Slide 18: Addressable market for maritime expected to approach NOK ~5bn in 2030
The addressable market for maritime expected to approach NOK ~5bn in 2030 HEXAGON PURUS MARITIME’ TOTAL ADDRESSABLE MARKET (NOKBN) KEY FACTORS FOR INCREASED COMPRESSED HYDROGEN ADOPTION &> > 7 ~5.0 ‘SUCCESS OF LOCAL HYDROGEN INITIATIVES, PROGRESS ON IMO STANDARDS FOR COMPRESSED HYDROGEN CO, TAX LEVE
Slide 19: HEXAGON
HEXAGON PURUS
Slide 20: Hexagon Purus included in Euronext Tech Leaders
Hexagon Purus included in Euronext Tech Leaders Euronext, the #1 venue for private and public Tech companies in Europe 20 1) Market data as of 30 April 2022 f-—— EURONEXT #1 equity listing venuein Europe +1,900 companieslisted on Euronext €6.5tn total aggregated marketcapitalisation EURONEXT TECH EC
Slide 21: Financial highlights | Pro forma figures Q2 2022 and LTM
21 Financial highlights | Pro forma figures Q2 2022 and LTM 105 157 138 776 | ar2iPF Q2'21PF Q3'21PF Q421PF are 222 2021PF LTM Q2'22PF -64 63 -93 112 ~259 ‘| “345 HEXAGON PURUS
Slide 22: Revenue split by application
Revenue split by application Q1 2022 vs. Q1 2021 YTD 2022 vs. YTD 2021 Hydrogen storage systems, battery packs and EV drivetrain integration Hydrogen distribution modules OTHER Rai Hydrogen cylinders and Lishr-pury 1% 2% storage systems VEHICLES VEHICLES Pressure and fuel tanks, Pom development proj
Slide 23: Balance sheet | Q2 2022
23 Balance sheet | Q2 2022 Assets |NOKm Equity & Liabilities | NOKm 2,102 ) 31 December 2021 31June 2022 CASH AND CASH EQUIVALENTS: NOK 702m Assets held forsale [lll Receivables [ll Fixed assets Hl Othercurrent assets Ill Inventory MM cash * Cash balance of NOK 702m and (2,527 equity ratio of 72% 2,
Slide 24: Cash flow | YTD Q2 2022
Cash flow | YTD Q2 2022 NoKm 4249) v 702 453 -208 126 Cash balance Cash flow from Cash flow from Cash flow from Cash balance 31 December 2021 operations investments financing andnet FX 30 June 2022 24 Cash outflow from operations includes c. NOK 13m increase in working capital Cash flow from financi
Slide 25: _ (Hexagon
as Py _ (Hexagon PURUS
Slide 26: European Union ramping up its effort to increase hydrogen production
European Union ramping up its effort to increase hydrogen production to decarbonize and create energy independence... EUR4BNFOR ADAPTING INDUSTRY TO USE LESS FOSSIL —— Renewable hydrogen to reach 20Mt by 2030 DESL Msc9 [Ei Domestic hydrogen production [Z] Hydrogen imports EFFICIENCY AND Avani a HEAT
Slide 27: US Senate passes bill earmarking ~USD 370bn for climate and clean energy
... and the US Senate passes bill earmarking ~USD 370bn for climate and clean energy initiatives to reduce emissions and improve energy security SS) LOWER ENERGY INCREASE ENERGY DECARBONIZE THE DL Si RenINED *g ‘SUPPORT RURAL costs SECURITY ECONOMY ey Gans COMMUNITIES Energy Security and Climate Cha
Slide 28: Reiterating 2022 revenue and EBITDA guidance for Hexagon Purus
Reiterating 2022 revenue and EBITDA guidance for Hexagon Purus 2022 REVENUE GUIDANCE 2022 EBITDA GUIDANCE EBITDA 2021A EBITDA 2022E EBITDA losses expected to widen by ~1.5x compared to 2021 20214 LTM @2'2022 2022E 28 (HEXAGON PURUS
Slide 29: On track to reach revenue target of NOK 4-5bn in 2025
29 On track to reach revenue target of NOK 4-5bn in 2025... NOkm ~4,000-5,000 ~50% OF TARGETED 2025 REVENUE EXPECTED TO BE Commercial wins DRIVEN BY CURRENT CUSTOMERS since IPO have AND ANNOUNCED LONG-TERM significantly de-risked AGREEMENTS Hexagon Purus’ business outlook Tobe secured Potential reve
Slide 30: Q&A
30 Q&A EXAGON PURUS —
Slide 31: Appendix
31 APPENDIX HEXAGON PURUS
Slide 32: Financial highlights | Pro forma Q2 2022 and LTM breakdown
32 Financial highlights | Pro forma figures Q@2 2022 and LTM breakdown 716 Il intercompany eliminations {il Hexagon Purus organic revenue [ wystrach organic revenue 668 -261 Qr2iPF Q2'21PF Q3'21PF Q4'21PF azz 2021PF LTM Q2'22PF Bi | | || = a 7 1} “ 63 | | W HEXAGON PURUS
Slide 33: Financial highlights | Actual Q2 2022 and LTM
33 Financial highlights | Actual Q@2 2022 and LTM 73 508 94 103 48 53 52 Hhatant a | qrz0 720 3'20 20a 221 Q3'21 Qazi qiz2@z'2022— 2021 LTM 222, i) “ * i ~43 52 62 -61 “69 -80 = “272 “12 346 HEXAGON PURUS
Slide 34: Financial statements | P&L
34 Financial statements | P&L INCOME STATEMENT (NOK 1 000) Q22022 Q22021 First-half 2022 _First-half 2021 FY 2021 Revenue from contracts with customers 210 073 93921 368.949 145339 506 039 Other operating income 36 156 207 270 1679 Total revenue 210 109 94077 369 156 145.609 507718 Cost of materials
Slide 35: Financial statements | Balance sheet & cash flow
35 Financial statements | Balance sheet & cash flow BALANCE SHEET (NOK 1000) 31.06.2022 31.06.2021 31.12.2021 CONDENSED CASH FLOW (NOK 1.000) ‘YTD 2022 ASSETS Profit before tax 242.899 Property, plant and equipment 362151 95530 267 705 Right-of-use assets 48 356 42.600 52219 Depreciation and write-d
Slide 36: Investor relations information
Investor relations information INVESTOR BASE! (i) EXCHANGE INFORMATION | ‘SHARE TRADING STATISTICS + TICKER SYMBOL: HPUR * ISIN: NO0010904923 NOK ~7.7bn ~4,400 + EXCHANGE: EURONEXT GROWTH OSLO MARKET CAPITALIZATION’ ‘SHAREHOLDERS \HPUR NOK ~13.6m 73.3% GROWTH DalLy TURNOVER? OWNED BY HEXAGON COMPOSI
Slide 37: Top shareholders
37 Top 20 shareholders' # SHAREHOLDER NUMBER OF SHARES HELD '% OF SHARES OUTSTANDING 1 HEXAGON COMPOSITES ASA 189 300 496 73.3% 2 __CLEARSTREAM BANKING S.A. 18 123 663 7.0% 3 MITSUI & CO LTD 5 204 029 2.0 % 4 Deutsche Bank Aktiengesellschaft 4525 609 18% 5 FLAKK COMPOSITES AS 3.027799 1.2% 6 Citiban