Hexagon Composites ASA: Third quarter 2022

03 Nov 2022 07:00 CET

3 November 2022: Hexagon (excluding Hexagon Purus) delivered NOK 1 080 (848)
million in revenues and an operating profit before depreciation (EBITDA) of NOK
68 (110) million in third quarter 2022. The profitability was impacted by
significantly higher costs of production due to inflation and supply chain
challenges.

In the third quarter 2022, Hexagon Purus generated NOK 222 (103) million in
revenues and recorded an EBITDA of NOK -92 (-80) million. Revenue growth was
primarily driven by the hydrogen distribution segment. The market outlook is
expected to remain strong, short and long term.

Hexagon Purus remains fully consolidated in the Hexagon Group accounts, with
Hexagon Composites currently retaining 73% ownership.

Hexagon Group, including Hexagon Purus, generated NOK 1 243 (875) million in
revenues and recorded an operating profit before depreciation (EBITDA) of NOK
-24 (30) million.

"We continued to deliver strong revenue growth in the third quarter, up 42%
year-over-year," says Jon Erik Engeset, CEO of Hexagon Group. "Mitigating
actions to combat the challenging operating environment are being implemented to
improve margins in 2023."

Together with clients and partners, Hexagon is finding ways to make near-zero
and zero emission energy solutions available and affordable while delivering on
its purpose of driving energy transformation. REPower EU and the U.S. Inflation
Reduction Act are expected to significantly drive additional demand for
Hexagon's solutions in the coming years.

For further details, please see the attached third quarter 2022 report and
presentation.

Presentation of the results today at 08:30 am CET
Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at
08:30 am today in Oslo. The presentation will be held at the DEG8 building, in
Dronning Eufemias gate 8, Oslo.

The presentation will also be broadcast live via:
https://channel.royalcast.com/landingpage/hegnarmedia/20221103_11/

For more information:
Ingrid Aarsnes, VP Investor Relations & ESG, Hexagon Composites ASA
Telephone: +47 950 38 364 | ingrid.aarsnes@hexagongroup.com

Karen Romer, SVP Communications, Hexagon Composites ASA
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

About Hexagon Composites ASA
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our
solutions enable storage, transportation, and conversion to clean energy in a
wide range of mobility, industrial and consumer applications. Learn more
at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.

More information:
Access the news on Oslo Bors NewsWeb site

574600_HEX Q3 2022 Presentation.pdf
574600_HEX Q3 2022 Report.pdf