Hexagon Purus

Q1 2026

HEXAGON PURUS

Description of the use of Alternative Performance Measures (APM) is presented in the notes of this report.

Key figures

(NOK million)

Key developments in Q1 2026 and after the balance sheet date

• Revenue and other income of NOK 405 million in the first quarter of 2026, 76% higher compared to same period last year. This includes a NOK 134m extraordinary gain related to the sale of the U.S. aerospace business and deconsolidation of the China JV following the financing agreement with CIMC Enric;
• EBITDA of NOK 2 million (0% margin) in the first quarter of 2026, compared to NOK -242 million (-105% margin) in the same period last year;
• Completed the divestment of the U.S. aerospace business to SpaceX;
• Received orders worth EUR 6.2 million for delivery of hydrogen distribution units to a leading European energy company;
• Signed financing agreement with CIMC Enric for the Chinese joint venture;
• Exited the quarter with order backlog consisting of firm purchase orders of approximately NOK 463 million.

Group revenue and other income
NOK million

Group EBITDA
NOK million

Description of the use of Alternative Performance Measures (APM) is presented in the notes of this report.

A word from the CEO

Q1 2026 is the first quarter where the restructuring actions of the past year are visible in our numbers. While the environment remains demanding, the liquidity position is strengthened, and our cost base is better aligned with demand than it was twelve months ago.

The external backdrop has not materially improved. Geopolitical uncertainty, including the ongoing conflict in the Middle East, continues to influence energy markets and supply chains. Order intake across our end markets remains at subdued levels, and our current backlog is below what is needed to support break-even operations. We are not satisfied with this position, and rebuilding order momentum is our number one priority.

For the first quarter of 2026, we reported increased year-over-year headline and underlying revenue. At the same time, our cash position increased compared to the fourth quarter 2025 due to the completion of the divestment of the U.S. aerospace business. Additionally, during the quarter, we signed a financing framework for our joint venture in China. Together, these steps have improved our liquidity position and reduced forward cash requirements.

Cost discipline remains core to how we are operating the business. We implemented further workforce reductions across our operating footprint in Q1. Although I regret the need to part with valued colleagues, the commitment of the many who remain has been a source of great encouragement.

Looking at the remainder of 2026, our priorities are unchanged: preserve liquidity, reduce cash requirements, and continue the move toward a sustainable operating model. Year-to-date revenue and existing backlog give us reasonable visibility on full-year revenue, and we need to continue to actively evaluate the Company's capital structure and broader financing framework, including structural measures, to support the long-term development of the business.

Over the longer term, the strategic rationale for hydrogen and battery electric solutions is reinforced by the growing focus on regional energy security. Although the pace and realization of these opportunities will depend on broader market development and the Company's continued financial and operational execution, the underlying forces of the energy transition continue to build, and our technology will be highly relevant as markets develop.

I would like to thank our employees, customers, suppliers, investors and partners for their continued support.

Morten Holum
Chief Executive Officer, Hexagon Purus

Hexagon Purus Q1 2026 consolidated financials

Profit and loss

In the first quarter of 2026, Hexagon Purus ("the Company" or "the Group") generated revenue and other income of NOK 405 million, up 76% compared to the corresponding period in 2025. Revenue and other income includes a NOK 134m extraordinary gain ("Items Affecting Comparability" or "IAC") related to the divestment of the U.S. aerospace business (NOK 72 million, effective 1 March) and the deconsolidation of the China JV (NOK 62 million, effective 31 March), following the financing agreement with CIMC Enric which diluted the Company's ownership in the joint venture to below 50%. Excluding IAC, revenue in the quarter was NOK 271 million, which is up 18% year-over-year. The main drivers for the revenue increase were higher revenue for hydrogen infrastructure, aerospace (until 1 March) and maritime applications. This was offset by lower year-over-year activity in transit bus and industrial gas applications as well as the battery systems and vehicle integration (BVI) segment.

Cost of materials as a percentage of revenue was 40% in the first quarter of 2026, and was positively impacted by the extraordinary gain described above. Excluding IAC, the cost of materials ratio was 60% (64%) in the quarter. Payroll-related expenses totaled NOK 163 (231) million in the first quarter of 2026, and included NOK 28 million of restructuring costs related to workforce reductions effectuated in the BVI and HMI segments.

Other operating expenses amounted to NOK 78 million in the first quarter of 2026, which compares to NOK 95 million in the same period last year. Total operating expenses in the first quarter of 2026 amounted to NOK 404 (472) million, leading to an operating profit before depreciation (EBITDA) of NOK 2 (-242) million. This includes NOK 92 million of net IAC.

Depreciation and impairment in the first quarter of 2026 was NOK 58 million, compared to NOK 62 million in the same period last year. Of the NOK 58 million, NOK 42 million relates to depreciation of property, plant & equipment and amortization of intangible assets, and NOK 12 million relates to right-of-use-assets (RoU) depreciation. Operating profit (EBIT) in the first quarter of 2026 ended at NOK -57 (-304) million.

Share of income from investments in associates, which reflects Hexagon Purus' minority shareholding in CIMC Hexagon Hydrogen Energy Systems Ltd., was NOK -3 (-3) million in the first quarter of 2026. Finance income in the quarter was NOK 19 (17) million, of which approximately NOK 2 million relates to interest income on bank deposits and approximately NOK 17 million relates to foreign exchange fluctuations. Finance expense in the first quarter of 2026 was NOK 134 (97) million, of which approximately NOK 68 million relates to non-cash interest on the 2023/2028 and 2024/2029 convertible bonds. A further approximately NOK 8 million is driven by interest on lease liabilities and other interest-bearing debt, and the remainder of approximately NOK 58 million relates to foreign exchange fluctuations.

Tax expense in the first quarter of 2026 was NOK -1 (-2) million, and net profit after tax ended at NOK -172 (-385) million.

Balance sheet

The balance sheet is not directly comparable year-over-year or sequentially, reflecting changes in the Group's consolidation perimeter during the period. The divestment of the U.S. aerospace business, effective 1 March, and the China JV funding agreement, which reduced the Group's ownership below 50% and resulted in loss of control and deconsolidation, have impacted the presentation of assets and liabilities, with a net deconsolidation effect of NOK 401 million. Accordingly, movements in the period reflect a combination of these structural changes and underlying operating developments (see note 6 for more information).

Total assets at the end of the first quarter of 2026 amounted to NOK 2,972 (4,503) million. Property, plant and equipment totaled NOK 648 (1,142) million at quarter-end, reflecting a reduction of NOK 230 million related to deconsolidation effects. Right-of-use assets similarly decreased sequentially by NOK 109 million to NOK 312 (530) million, of which NOK 81 million was attributable to deconsolidation.

Inventory amounted to NOK 388 (658) million at the end of the first quarter of 2026, down NOK 161 million sequentially. The decrease reflects a combination of the revenue activity during the quarter and deconsolidation effects of NOK 75 million. Trade receivables stood at NOK 238 (275) million at quarter-end, decreasing by NOK 75 million sequentially, driven by strong cash collections from customers as well as deconsolidation effects of NOK 40 million. No material trade receivable exposures are considered at risk as of the balance sheet date. Cash and cash equivalents amounted to NOK 364 (794) million at the end of the first quarter of 2026.

Total equity amounted to NOK 255 (1,676) million at the end of the first quarter of 2026, corresponding to an equity ratio of 9% (37%). While the equity ratio is at a low level, the Company has taken decisive measures to strengthen liquidity, reduce capital intensity and lower its cost base, including portfolio actions and funding arrangements that extend the liquidity runway. The current capital structure is not expected to constrain near-term operations. However, the Group continues to operate in uncertain market conditions, and continued losses are placing pressure on the Company's financial position. The Company therefore must continue to actively evaluate its capital structure and broader financial framework, including structural measures relating to the Group's outstanding convertible bonds, with the objective of strengthening the balance sheet and supporting the long-term development of the business. Maintaining sufficient liquidity and financial flexibility remains a key priority for the Company.

Non-current liabilities amounted to NOK 2,310 (2,174) million at the end of the first quarter, of which NOK 1,886 (1,628) million comprised interest-bearing debt, primarily related to the two outstanding convertible bonds, maturing in Q1 2028 and Q1 2029, respectively. Lease liabilities totaled NOK 385 (517) million at quarter-end, with the decrease partly reflecting deconsolidation effects of NOK 83 million. Total current liabilities stood at NOK 407 (653) million at the end of the first quarter of 2026, with trade payables amounting to NOK 113 (188) million.

Cash flow

Net cash flow from operating activities in the first quarter of 2026 amounted to NOK -44 (-183) million. The quarter included a working capital release of NOK 86 (45) million, primarily driven by reductions in accounts receivable and inventory. This reflects solid activity levels during the period as well as normal cash collections from customers.

Group net working capital

Net cash flow from investing activities amounted to NOK 119 (-35) million in the first quarter of 2026. Capital expenditures were limited in the quarter and ended at NOK -1 (-28) million. Capitalized product development was NOK -4 (-13) million, and primarily reflects targeted investment in a small number of next-generation product and technology initiatives.

A repayment of NOK 25 million was received during the quarter on a loan previously extended to Norwegian Hydrogen. In addition, net sales proceeds of NOK 98 million from the divestment of the U.S. aerospace business were received. The remaining consideration of USD 2.5 million is expected to be received in the first quarter of 2027, subject to the fulfilment of the earn-out criteria. Interest received on bank deposits amounted to NOK 1 (8) million in the first quarter of 2026.

Group capital expenditure (property, plant & equipment and capitalized product development) NOK million

Net cash flow from financing in the first quarter of 2026 was NOK -19 (3) million. Cash interest payments and repayment of interest-bearing debt amounted to NOK -1 (-1) million in the first quarter of 2026, and repayment of lease liabilities amounted to NOK -19 (-22) million.

Net change in cash and cash equivalents in the first quarter of 2026 was NOK 55 (-215) million, and currency exchange differences on cash was NOK -13 (-19) million. Cash and cash equivalents ended at NOK 364 (794) million as of the first quarter of 2026.

Hydrogen Mobility and Infrastructure (HMI)

Hexagon Purus' hydrogen storage solutions are based on its leading type 4 cylinder technology and enables the safe and efficient use of hydrogen in a variety of zero-emission mobility and hydrogen infrastructure applications. The Hydrogen Mobility and Infrastructure (HMI) segment covers Hexagon Purus' hydrogen cylinder and systems manufacturing activities in Europe, as well as its industrial gas business. The divested U.S. aerospace business was included in the reported figures until 1 March 2026.

Financial development

Revenue and other income for the HMI segment amounted to NOK 227 million in the first quarter of 2026, representing an 11% increase year-over-year. The growth was primarily driven by higher activity within hydrogen infrastructure, as 13 hydrogen distribution modules were delivered to customers in the quarter.

From a revenue mix perspective, hydrogen infrastructure solutions accounted for 45% (18%) of HMI segment revenue in the first quarter of 2026, corresponding to NOK 101 (42) million, an increase of 140% compared to the same period last year.

Hydrogen mobility, which includes the sale of Type 4 hydrogen cylinders and cylinder systems for hydrogen-powered on-road and off-road vehicles, generated revenue of NOK 57 million in the first quarter of 2026, down 40% from NOK 95 million in the same period last year. This application area represented 25% (41%) of total HMI revenue, with transit bus applications accounting for the majority of hydrogen mobility revenue at NOK 52 (86) million. The year-over-year decline is driven by lower activity levels with key customers, reflecting capacity constraints on their side.

Revenue from the Company's industrial gas business, which provides stationary storage solutions primarily for air gases such as nitrogen and oxygen, totaled NOK 23 million in the first quarter of 2026, reflecting a 45% year-over-year decline due to softer industrial activity in Germany.

EBITDA for the HMI segment was NOK -64 million in the first quarter of 2026, which includes NOK 30 million of IAC which mainly stems from restructuring costs related to workforce reductions in Germany. The underlying profitability for the segment in the quarter was negatively influenced by product mix.

Operational update

Operationally, the segment maintained a strong focus on execution during the quarter. Customer engagement remains broad-based across both large industrial gas companies and smaller logistics and distribution players, spanning traditional hydrogen transport and build-out of green hydrogen ecosystems.

Order intake during the quarter included a larger multi-unit distribution order from a major European energy company, contributing to revenue visibility in the second half of 2026. While the existing backlog provides reasonable visibility through the second quarter, coverage into the second half of the year remains limited and dependent on the conversion of ongoing commercial dialogues. Transit bus activity is expected to remain materially below 2025 due to capacity constraints at the customer level.

Overall, the HMI segment enters 2026 with a materially improved cost base and stronger operational footing. While activity levels have increased in selected applications, the demand visibility is limited and order intake remains below break-even levels. The Company will continue its review of its operational footprint and organizational setup to ensure alignment with market conditions.

5

Battery Systems and Vehicle Integration (BVI)

The Battery Systems and Vehicle Integration (BVI) segment covers Hexagon Purus' industry-leading battery storage systems technology and complete vehicle integration services for medium- and heavy-duty trucks in North America.

Financial development

Revenue and other income for the BVI segment totaled NOK 17 (25) million in the first quarter of 2026. This reflects vehicle deliveries to Hino, battery system deliveries to Toyota Motor North America, and sublease income from the Dallas facility. One Class 6 battery-electric truck was delivered to Hino during the quarter, with further deliveries expected in the second quarter as the Company executes on the 14-truck order secured earlier in the year.

EBITDA for the BVI segment amounted to NOK -26 (-54) million in the first quarter of 2026, and includes NOK 6 million of IAC related to restructuring costs from the workforce reductions announced in January.

Operational update

The restructuring program for the BVI segment announced in January has now been completed, resulting in a reduced operational footprint and cost base. The regulatory and market environment in the U.S. remains challenging, contributing to limited market visibility. However, recent increases in North American truck orders indicate that fleet investment activity is gradually returning.

Outlook

The cash requirement for 2026 is significantly reduced, and the liquidity runway is extended following the divestment of the U.S. aerospace business, the revised financing framework for the Chinese joint venture, and the restructuring measures implemented. As a result, the Group operates with a leaner cost base, improved financial flexibility and a lower EBITDA break-even level compared to the start of 2025.

Maintaining sufficient liquidity and balance sheet solidity remains a key priority, alongside ensuring that the Group's cost base and operational footprint remain aligned with market conditions. The Company is actively evaluating its capital structure and broader financial framework, including structural measures relating to the Group's outstanding convertible bonds which mature in 2028 and 2029, with the objective of strengthening the balance sheet and improving the Company's equity position. Continued losses will place further pressure on the Company's financial position, and successful implementation of additional financial and operational measures is therefore required.

Activity improved in parts of the business during the first quarter, most notably within hydrogen infrastructure. While order intake has yet to reach break-even levels, the overall sentiment for alternative energy carriers – hydrogen included – has improved, driven by the energy security agenda gaining traction, especially in Europe and East Asia. Recent regulatory developments, continued project progression from pre-FID into construction and operations, and renewed industry and investor focus on energy resilience and diversification all give reason for optimism. That said, the second half of the year and the period beyond remains dependent on conversion of commercial dialogues into firm orders.

6

7

Forward-looking statements

The forward-looking statements made above are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that are expected to occur in the future. They are therefore not guarantees of future performance. While the statements reflect the current views and expectations of Hexagon Purus based on information currently available to it, they are subject to various assumptions, in addition to risks and uncertainties that may be outside of its control.

In particular, statements regarding the Group's liquidity position, capital structure measures, future order intake and revenue depend on developments that are highly uncertain. Readers are cautioned against placing undue reliance on statements regarding the Group's future financial position.

Hexagon Purus cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor accept any responsibility for the future accuracy of the opinions expressed herein, or the actual occurrence of the forecasted developments. Actual results could differ materially from those expressed or implied in forward-looking statements. Any forward-looking statements are based only on conditions as of the date on which they are made and we are under no obligation to update or alter such forward-looking statements whether as a result of new information, future events or otherwise.

Risks and uncertainties

Hexagon Purus operates in markets with strict standards for quality and delivery, deviations from which could result in significant additional costs, lost sales and damage to the Group's reputation. The Group is exposed to production-related risks such as production errors or shutdowns of its facilities, which could have a material adverse effect on the Group's results of operations, cash flow and financial condition.

The Group continues to incur operating losses and has not yet reached operational break-even. While the Company has implemented significant measures to reduce cash burn and improve liquidity, future cash generation remains dependent on improved market conditions, increased order intake and continued operational execution. The Group is also evaluating capital structure measures, including measures relating to the outstanding convertible bonds, to support the long-term development of the business. There can be no assurance that such measures will be available on acceptable terms, or at all, and failure to improve operating performance or complete such measures could adversely affect the Group's financial position and future development.

The Group is exposed to competing technologies and processes that could have a negative effect on the Group's competitive positioning, and in turn profitability and financial position.

The Group is exposed to developments in the prices and availability of its raw materials and in particular the cost of carbon fiber and lithium-ion batteries. The prices and availability of these raw materials are linked to various factors including developments in the price of oil, precursor commodities and energy and the prevailing market balance where supply is dependent on a limited number of suppliers. To mitigate the risk, the Group will from time to time enter into long-term supply agreements, locking in price and quantity. Even though the contracts are intended to mitigate supply risk, it would also potentially add risk, as they commit the Group on material and components, where actual demand can turn out to be lower than forecasted, market prices can fall, or the development could make the committed volumes technologically less relevant.

The Group is also exposed to global macroeconomic developments including the impact of inflation, supply chain constraints and rising interest rates. In recent years, there have been several hydrogen initiatives from governmental and international bodies around the world which puts a spotlight on the role hydrogen technology can play in the global energy transition. The Group faces potential impacts from changes to current and future incentives related to decarbonization or ESG topics, which could affect the adoption of hydrogen or battery electric technologies and, consequently, the

Group's performance. Additionally, shifts in policies and legislation following changes to government may introduce new regulatory challenges and support for clean energy initiatives, posing further risks to the Group's performance. It is not possible to know the precise impacts of such developments and to what extent these may or may not persist.

Changes in international trade policies, including the imposition of new tariffs or adjustments to existing ones, may impact Hexagon Purus's cost structure and supply chain reliability. Tariffs on key raw materials or components could increase input costs, potentially affecting margins and pricing strategies. Additionally, evolving trade relations and regulatory shifts in key markets can introduce uncertainty that may influence investment decisions, production planning, and global market access.

For additional information about risks and uncertainties we refer to Hexagon Purus' 2025 annual report.

Oslo, 11 May 2026

The Board of Directors of Hexagon Purus ASA

Jon Erik Engeset
Chair

Rick Rashilla
Board member

Liv Fiksdahl
Board member

Espen Gundersen
Board member

Hidetomo Araki
Board member

Morten Holum
Group President & CEO

Martha Kold Monclair
Board member

Susana Quintana-Plaza
Board member

Hexagon Purus Group Financial Statements

Income statement

| (NOK 1000) | Note | Q1 2026
Unaudited | Q1 2025
Unaudited | FY 2025
Audited |
| --- | --- | --- | --- | --- |
| Revenue | 3,4 | 270 444 | 229 897 | 1 136 658 |
| Other income | 3,4,6 | 134 838 | 124 | 7 234 |
| Total revenue and income | | 405 282 | 230 020 | 1 143 892 |
| Cost of materials | | 162 333 | 146 579 | 704 436 |
| Payroll and social security expenses | 10 | 163 393 | 230 667 | 704 455 |
| Other operating expenses | | 77 949 | 94 776 | 353 201 |
| Total operating expenses before depreciation, amortization and impairment | | 403 675 | 472 022 | 1 762 091 |
| Operating profit before depreciation, amortization and impairment | 4 | 1 606 | -242 002 | -618 200 |
| Depreciation, amortization and impairment | | 58 115 | 62 375 | 539 127 |
| Operating profit | 4 | -56 509 | -304 377 | -1 157 327 |
| Share of profit/loss from investments in associates and joint ventures | 11 | -2 647 | -2 601 | -16 336 |
| Finance income | | 19 410 | 17 170 | 89 411 |
| Finance expense | 7,8 | 133 664 | 97 449 | 452 342 |
| Profit/loss before tax | | -173 410 | -387 257 | -1 536 594 |
| Tax expense | | -1 454 | -2 298 | -7 297 |
| Profit/loss after tax | | -171 956 | -384 959 | -1 529 297 |
| Attributable to: | | | | |
| Equity holders of the parent | | -166 372 | -379 780 | -1 501 945 |
| Non-controlling interest | | -5 584 | -5 179 | -27 352 |
| Earnings per share | | | | |
| Ordinary (NOK) | | -0,39 | -0,89 | -3,51 |
| Diluted (NOK)¹⁾ | | -0,39 | -0,89 | -3,51 |

¹⁾ The Company has potential dilutive shares through convertible bond instruments as well as share-based payment incentive plans. Diluted EPS is however set equal to ordinary EPS due to negative profit after tax.

Comprehensive income statement

Balance sheet

Statement of changes in equity

Note 1: General information and basis for preparation

The condensed consolidated interim financial statements for the first quarter of 2026, which ended 31 March, comprise Hexagon Purus ASA and its subsidiaries (together referred to as "the Group"). Hexagon Purus ASA, the parent of Hexagon Purus Group, is a public limited liability company with its registered office in Norway. The company's headquarters are at Haakon VII's gate 2, 0161 Oslo, Norway. Hexagon Purus ASA is listed on Oslo Børs, under the ticker HPUR.

The condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. For a more detailed description of accounting principles, reference is made to the consolidated financial statements for the year ended 31 December 2025, available on the Company's website: www.hexagonpurus.com/investors.

The accounting principles used in the preparation of these interim accounts are generally the same as those applied to the annual consolidated financial statements referred to above. The Group has not adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

These condensed consolidated interim financial statements were approved by the Board of Directors on 11 May 2026.

Note 2: Estimates

The preparation of the interim accounts entails the use of valuations, estimates and assumptions that affect the application of the accounting policies and the amounts recognized as assets and liabilities, income, and expenses. The actual results may deviate from these estimates.

The material assessments underlying the application of the Group's accounting policy and the main sources of uncertainty are the same as for the consolidated accounts for 2025.

Note 3: Revenue

Note 4: Operating segments

Hydrogen Mobility & Infrastructure (HMI): Comprised of Hexagon Purus' hydrogen cylinder and systems manufacturing business in Europe and North America, as well as the Company's aerospace and industrial gas business.

Battery systems and vehicle integration (BVI): Comprised of the Company's battery storage systems technology and complete vehicle integration services for battery electric medium- and heavy-duty trucks in North America.

Other and eliminations: Comprised of China joint venture and maritime activities, and corporate overhead.

1) Investments comprise of investments in PPE, intangible assets, and prepayment of assets in the period.

Note 5: Tangible assets

Note 6: Divestment and deconsolidation of subsidiaries

In Q1 2026, the Group generated other income of NOK 134 million. This represents a net gain of NOK 72 million on the divestment of 100% of the Company's U.S. aerospace business (Hexagon Masterworks Inc.) to SpaceX which was completed in February 2026. Additionally, a gain of NOK 62 million on the deconsolidation of CIMC-Hexagon Hydrogen Energy Technologies Limited on the back of the financing agreement with CIMC Enric for the funding of the Chinese joint venture, which brings the Company's ownership share in the joint venture to below 50%.

The gain on sale of Hexagon Masterworks Inc. of NOK 72 million is calculated as total consideration for the sale of NOK 141 million net of transaction fees of NOK 13 million and book value of net assets sold of NOK 55 million and reclassification of FX effects from OCI to profit and loss of NOK 56 million. The consideration includes a contingent payment of NOK 24 million that is booked as receivable. This will be paid upon the Company's completion of its obligations.

The financing arrangement relating to the Company's Chinese operations, under which the joint venture partner will provide funding in 2026 in exchange for an increased ownership interest, resulted in a dilution of ownership from 51% to 36.83% in March 2026. Following this event, management made a reassessment of its control assessment in CIMC-Hexagon Hydrogen Energy Technologies Limited, and after considering all relevant facts and circumstances, management concluded that control was lost as of 31 March. In concluding that control was lost, management considered in particular decision rights over relevant activities, governance/board control, reserved matters/veto rights, and other substantive rights, and concluded that the Group no longer has power to direct the relevant activities. As a result, the Group derecognized all assets and liabilities, including non-controlling interests, associated with CIMC-Hexagon Hydrogen Energy Technologies Limited as of 31 March, and the investment in CIMC-Hexagon Hydrogen Energy Technologies Limited is accounted for as an associated company applying the equity method. The initial recognition and measurement of CIMC-Hexagon Hydrogen Energy Technologies Limited under the equity method amounted to NOK 187 million, representing 36.83% of the fair value of 31 March.

The accounting gain of NOK 62 million resulting from the deconsolidation of CIMC-Hexagon Hydrogen Energy Technologies Limited is calculated as the fair value recognition of the shares in CIMC-Hexagon Hydrogen Energy Technologies Limited of NOK 187 million, derecognition of book value of net assets related to CIMC-Hexagon Hydrogen Energy Technologies Limited of NOK 242 million, book value of non-controlling interests related to CIMC-Hexagon Hydrogen Energy Technologies Limited of NOK -101

million and reclassification of positive FX translation differences from OCI to profit/loss of NOK 17 million. Of the total gain of NOK 62 million, NOK 62 million relates to the measurement of the retained interest at fair value at the date control was lost.

Result of divestment and deconsolidation of subsidiaries included in the Group's results for 2026

The results of Hexagon Masterworks Inc. and CIMC-Hexagon Hydrogen Energy Technologies Limited have been included in the Group's consolidated profit or loss up to the respective transaction dates. Accordingly, the results included in the Group's results for 2026 comprise the operating results of these entities for the periods during which they were part of the Group.

Operating result Hexagon Masterworks Inc.

Operating CIMC-Hexagon Hydrogen Energy Technologies Limited consolidated

Note 7: Interest bearing liabilities

Convertible bonds
The Company has two outstanding senior unsecured convertible bonds (2023/2028 and 2024/2029) amounting to a face value of 1,799,950 million at the respective time of issuance.

The 2023/2028 convertible bond with an outstanding amount of NOK 800,000,000 was issued in March 2023 and carries a fixed interest rate of 6% paid semi-annually in kind, through issuance of additional bonds. The conversion price of the bond is set at NOK 32.64, and the conversion right can be exercised at any time between the loan issue and the last conversion date, which is set to 16 March 2028, being the date which is 5 years after the Shareholders' Meeting that resolved the convertible bond. Mitsui & Co., Ltd. ("Mitsui"), which subscribed for an amount of NOK 500,000,000 under the 2023/2028 convertible bond, entered into a 2-year lock-up on its investment in the 2023/2028 convertible bond, under which it may not transfer its bonds during this time period. Further, Mitsui entered into a 180-day lock-up for shares received upon conversion prior to 3 years from the disbursement date of the 2023/2028 convertible bond, and a 90-day lock-up for shares received upon conversion after 3 years from the disbursement date of the 2023/2028 convertible bond. Furthermore, Mitsui has entered into an additional lock-up in respect of the 2023/2028 convertible bond and the 2024/2029 convertible bond, as described below.

The 2024/2029 convertible bond with an outstanding amount of NOK 999,950,000 was issued in February 2024 and carries a fixed interest rate of 10% paid semi-annually in kind, through issuance of additional bonds. The conversion price of the bond is set at NOK 12.20, and the conversion right can be exercised at any time between the loan issue and the last conversion date, which is set to 11 January 2029, being the date which is 5 years after the Shareholders' Meeting that resolved the convertible bond. Mitsui, which subscribed for an amount of NOK 500,000,000 under the 2024/2029 convertible bond, entered into a 2-year lock-up on its investment in the 2024/2029 convertible bond,

under which it may not transfer its bonds during this time period. Further, Mitsui entered into a 180-day lock-up for shares received upon conversion prior to 3 years from the issue date of the 2024/2029 convertible bond, and a 90-day lock-up for shares received upon conversion after 3 years from the issue date of the 2024/2029 convertible bond. Furthermore, Mitsui has entered into an additional lock-up in respect of the 2023/2028 convertible bond and the 2024/2029 convertible bond, as described below.

On 25 September 2024, the Company signed an agreement with Mitsui where the parties have agreed that Mitsui shall not use a right to convert to ordinary shares or to dispose of any of its convertible bonds under the 2023/2028 convertible bond or the 2024/2029 convertible bond, without the written consent of the Board of Directors of the Company until the earlier of (i) the date on which the Company becomes profitable on a Profit After Tax (PAT) basis (measured by PAT attributable to equity holders of the parent in the Company's group income statement), and (ii) 1 January 2028 for the 2023/2028 convertible bond and 1 January 2029 for the 2024/2029 convertible bond, respectively (together referred to as the "Additional Lock-up"). The Additional Lock-up applies to Mitsui only, and the rights for other holders of the 2023/2028 convertible bond and 2024/2029 convertible bonds are as per the original convertible loan agreements. The Additional Lock-up shall not apply in certain events, including the occurrence of a Corporate Transaction Event (as defined in the terms for the convertible bonds), event of default or tender offer relating to the Company. The terms of the existing lock-up undertakings provided by Mitsui, as described above, will remain in force.

The convertible bonds are compound financial instruments which contain an equity component and a debt component. Upon initial recognition, the debt component is calculated as the discounted value of the bond assuming no conversion with an approximate market interest rate for similar loans without the conversion feature as the discount rate. For calculation purposes, a 15% discount rate has been applied, yielding a fair value at initial recognition of the debt component of NOK 521.6 million for the 2023/2028 bond and NOK 790.3 million for the 2024/2029 bond. The equity component equals the residual difference between the fair value of the convertible bond at issuance and the fair value of the debt component and amounts thus to NOK 278.4 million for the 2023/2028 bond and NOK 209.7 million for the 2024/2029 bond. Transaction costs related to the bond issue amounted to NOK 23.1 million for the 2023/2028 bond and NOK 26.8 million for the 2024/2029 bond and have been capitalized pro rata between the debt and equity component. See summarized tables related to the convertible bonds below.

Note 8: Lease liabilities

Lease liabilities are largely related to lease agreements for office- and production premises, as well as leases for production equipment, machinery and vehicles.

Note 9: Intangible assets

The Group’s intangible assets primarily consist of goodwill related to prior acquisitions, capitalized technology and development costs, patents and licenses, and customer relationships. Intangible assets are tested for impairment whenever indicators of impairment exist, while goodwill and intangible assets under development are assessed at least annually or more frequently if impairment indicators are identified.

As described in the annual financial statements for 2025, impairment indicators were identified for certain operations during 2025, primarily reflecting weaker near-term market conditions, lower demand visibility and revised assumptions for parts of the business. As a result, impairment charges were recognized in 2025 related to the BVI CGU, including impairment of capitalized technology and development assets. No additional impairment charges related to intangible assets were recognized during the first quarter of 2026.

The impairment assessments performed are based on value-in-use calculations using discounted cash flow models. The calculations are inherently sensitive to assumptions regarding future revenue growth, EBITDA margins, timing of market recovery, discount rates and long-term market development. The current impairment models and recoverable amount assessments assume improved market conditions and future growth over the planning horizon, including gradual improvement in activity levels, commercialization and operating performance in the Group’s key markets.

The Group continues to closely monitor market developments, order intake, liquidity, operational performance and broader industry conditions. Given the current market uncertainty and limited near-term visibility in parts of the hydrogen and zero-emission mobility markets, further changes in assumptions, market outlook or execution could impact future impairment assessments and the carrying values of intangible assets and goodwill.

Note 10: Share-based payments

As of 31 March 2026, the Company had two share-based long-term incentive plans outstanding consisting of performance share units (PSU) and restricted share units (RSU).

| Performance share unit programs (PSU) | LTIP 2025
Issued December 2024 | LTIP 2024
Issued 2024 |
| --- | --- | --- |
| As of 1 January 2026, number of instruments | | 1 630 000 |
| Grants | - | - |
| Lapsed/cancelled/vested | - | |
| As of 31 March 2026, number of instruments | - | 1 630 000 |
| Fair value – at grant date (NOK) | - | 7.74 |
| Vesting period | - | 3 years |
| Expiry | - | Q1 2027 |
| Restricted share unit programs (RSU) | | |
| As of 1 January 2026, number of instruments | 4 840 000 | 910 000 |
| Grants | - | - |
| Lapsed/cancelled/vested | - | - |
| As of 31 March 2025, number of instruments | 4 840 000 | 910 000 |
| Fair value – at grant date (NOK) | 5.89 | 7.42 |
| Vesting period | 3 years | 3 years |
| Expiry | Q1 2028 | Q1 2027 |

PSU programs

All PSUs are non-transferable and will vest subject to satisfaction of the applicable vesting conditions. The actual number of PSUs vested will depend on performance and can vary from zero to the maximum awarded PSUs in each program.

RSU program

All RSUs are non-transferable and will vest subject to satisfaction of the applicable vesting conditions. The RSUs are subject to continued employment three years after date of grant, and each participant will at such time receive such number of Hexagon Purus shares as corresponds to the number of RSUs allocated to them.

The fair value of the PSUs is calculated on the grant date, using Black-Scholes and Monte Carlo simulation, and the cost is recognized over the service period. As of the first quarter of 2026, the year-to-date cost of the RSU and PSU schemes, including social security, was NOK 5,8 million. The unamortized fair value of all outstanding RSUs and PSUs as of 31 March 2026 is estimated to be NOK 21.4 million (NOK 49.0 million as of 31 March 2025). There are no cash settlement obligations.

Note 11: Investments in associated companies

¹⁾ CIMC Hexagon Hydrogen Energy Technologies Ltd. is being accounted for as an associated company applying the equity method as of 31.03.2026 following loss of control and deconsolidation of the company as a subsidiary effective on the same date, se note 6.

Note 12: Going concern

Throughout 2025 and into early 2026, the Company has implemented comprehensive measures to materially reduce cash burn and strengthen liquidity. These include a significant reduction in workforce, resizing of the BVI segment to align with near-term demand, completion of major capacity expansion programs resulting in a structurally lower capital expenditure profile, strengthened working capital discipline, and an ongoing review of the business portfolio and non-core assets.

In March 2026, the Company completed the divestment of its U.S. aerospace business, strengthening its financial position and extending the liquidity runway. In addition, a financing arrangement was entered into for the Chinese joint venture, under which the partner will provide funding in exchange for an increased ownership interest, reducing near-term cash outflows while maintaining market presence.

As a result of these measures, projected cash burn for 2026 is expected to be significantly lower than in 2025. However, the Group continues to operate in a market environment characterized by uncertainty, continued operating losses, a low equity ratio and limited near-term demand visibility. Current forecasts indicate that the Group has sufficient liquidity to meet its obligations for at least the next 12 months. Nevertheless, continued market uncertainty, order intake below break-even levels and weaker-than-expected operational performance remain key risks. The Company therefore continues to actively evaluate its capital structure and broader financial framework, including structural measures relating to the Group's outstanding convertible bonds, with the objective of strengthening the balance sheet and supporting the long-term development of the business. Maintaining sufficient liquidity and financial flexibility remains a key priority, and the Group's going concern assessment remains dependent on continued operational execution, liquidity preservation and progress on capital structure measures.

Note 13: Events after the balance sheet date

• The Company's general annual meeting was held on 24 April 2026. All proposals on the agenda were adopted as proposed. This, inter alia, included to implement a 10:1 share consolidation, including a minor share capital increase to ensure an appropriate number of shares post-consolidation.

Alternative Performance Measures (APMs)

Hexagon Purus discloses certain alternative performance measures (APMs) in addition to those normally required by IFRS as such performance measures are frequently used by analysts, investors and other parties as supplemental information to gauge the Group's operational and financial performance. The APMs are also used internally to drive performance in terms of monitoring operating performance and long-term target setting. APMs are adjusted IFRS measures that are defined, calculated and used in a consistent and transparent manner over the years and across the Group where relevant.

• Gross margin is defined as revenue less direct and indirect cost of goods sold, before selling, general & administrative expenses
• EBITDA is defined as earnings before interest, tax, depreciation, amortization and impairment. EBITDA corresponds to operating profit/(loss) before depreciation, amortization and impairment
• EBIT is defined as earnings before interest and taxes. EBIT corresponds to "operating profit" in the consolidated income statement in the report
• Equity ratio is defined as total equity divided by total assets
• Order backlog is defined as the estimated value of remaining work on firm purchase orders with agreed price, volume, timing, terms and conditions
• Order intake is defined as the estimated value of firm customer purchase orders received during the period, with agreed price, volume, timing, and terms and conditions. Order intake reflects the net change in order backlog from one period to the next less revenue recognized in the period and any adjustments or cancellations

Shareholder information

The total number of shares in Hexagon Purus ASA as of 31 March 2026 was 428 486 108 (par value NOK 0.10). In the quarter, the share price moved between NOK 0.98 and NOK 1.70, ending the quarter at NOK 1.70. The share price as of 31 March 2026 implies a market capitalization of NOK 727 million for the Company.

20 largest shareholders as per 31 March 2026

1) SUMITOMO MITSUI TRUST BANK (U.S.A) is a nominee account for Mitsui & Co Ltd.

Forward-looking statements

This quarterly report (the "Report") has been prepared by Hexagon Purus ASA ("Hexagon Purus" or the "Company"). The Report has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated marketplace. The Company makes no representation or warranty (whether express or implied) as to the correctness or completeness of the information contained herein, and neither the Company nor any of its subsidiaries, directors, employees or advisors assume any liability connected to the Report and/or the statements set out herein. This Report is not and does not purport to be complete in any way. The information included in this Report may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Report, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or its advisors or any of their parent or subsidiary undertakings or any such person's affiliates, officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Report or the actual occurrence of the forecasted developments. The Company and its advisors assume no obligation to update any forward-looking statements or to conform these forward-looking statements to the Company's actual results. Investors are advised, however, to inform themselves about any further public disclosures made by the Company, such as filings made with Euronext Growth or press releases. This Report has been prepared for information purposes only. This Report does not constitute any solicitation for any offer to purchase or subscribe any securities and is not an offer or invitation to sell or issue securities for sale in any jurisdiction, including the United States. Distribution of the Report in or into any jurisdiction where such distribution may be unlawful, is prohibited. This Report speaks as of 11 May 2026, and there may have been changes in matters which affect the Company subsequent to the date of this Report. Neither the issue nor delivery of this Report shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in this Report. This Report is subject to Norwegian law, and any dispute arising in respect of this Report is subject to the exclusive jurisdiction of Norwegian courts with Oslo City Court as exclusive venue. By receiving this Report, you accept to be bound by the terms above.