NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

7 May 2026 - Oslo, Norway: Reference is made to the stock exchange release from Hexagon Composites ASA ("Hexagon" or the "Company") published on 7 May 2026 regarding a contemplated private placement. The Company announces today that it has raised NOK 550 million in gross proceeds through a private placement (the "Private Placement") of 68,750,000 new shares (the "Offer Shares"), at a price of NOK 8.0 per Offer Share (the "Offer Price"). The Private Placement took place through an accelerated bookbuilding process managed by the joint bookrunners after close of markets on 7 May 2026.

The net proceeds of the Private Placement will be used for (i) proactively strengthening the balance sheet - including partial repayment of the term loan and settlement of the existing cross currency swap, and (ii) general corporate purposes. Subject to completion, the combined effect of the amended bank agreement announced earlier today and the Private Placement is expected to improve the Company's financial flexibility, restore covenant headroom and enhance its capacity to support working capital requirements and operational execution. Together with implemented cost reductions and organizational resizing, these measures position the Company to capture profitable growth during market recovery.

The Private Placement
The following members of the Executive Management have been allocated a total of 450,000 Offer Shares:

• Philipp Schramm (CEO): 250,000 Offer Shares
• Eirik Løhre (CFO): 93,750 Offer Shares
• Eric Bippus (CCO): 62,500 Offer Shares
• Brad Garner (CTO): 31,250 Offer Shares
• Ashley Remillard (General Counsel): 12,500 Offer Shares

The following members of the Board of Directors have been allocated a total of 162,500 Offer Shares

• Harald Arnet: 125,000 Offer Shares
• Mimi Berdal: 37,500 Offer Shares

Settlement
Conditional allocation of the Offer Shares the Private Placement has been resolved by the Company's board of directors (the "Board"). Completion and delivery of Offer Shares to investors is subject to (i) all necessary corporate resolutions required to implement the Private Placement being validly made by the Company, including without limitation, the Company's annual general meeting (the "AGM") resolving to issue the Offer Shares, (ii) the allocated Offer Shares having been fully paid, and (iii) the share capital increase pertaining to the issuance of the Offer Shares being registered with the the Norwegian Register of Business Enterprises ("NRBE"). The Private Placement is expected to be settled on a delivery-vs-payment basis (DVP) after the AGM which is expected to be held on or about 4 June 2026, subject to a pre-funding agreement to be entered into between the Company and the Managers. The new shares allocated in the Private Placement are expected to be tradeable on T+1 upon the latter of the registration of the share capital increase in the NRBE and the approval of a listing prospectus, which is expected on or around 5 June 2026. Settlement is expected to take place on or around 8 June 2026. Listing of the Offer Shares is conditional on the approval of the listing prospectus. Notices of conditional allocation of Offer Shares are expected to be distributed to the applicants being allocated Offer Shares in the Private Placement on 8 May 2026. Following registration of the new share capital pertaining to the Private Placement, the Company will have 320,834,496 shares outstanding, each with a par value of NOK 0.10.

The Chairman of the Board, Knut Flakk, has committed to vote in favour of the Private Placement for his associated companies Flakk Composites AS and KTF Finans AS (together controlling approx. 20m shares or 8% of the Company) at the AGM, and has entered a 180 days lock-up agreement in connection with the Private Placement.

Completion of the Private Placement implies a deviation from the pre-emptive rights of the existing shareholders of the Company under the Norwegian Public Limited Companies Act. When resolving the issuance of the Offer Shares in the Private Placement, the Board considered this deviation and also the equal treatment obligations under the Norwegian Public Limited Companies Act and Norwegian Securities Trading Act. The Board is of the opinion that there are sufficient grounds to deviate from the pre-emptive rights and that the Private Placement is in compliance with the equal treatment requirements. By structuring the transaction as a private placement, the Company was able to raise capital in an efficient manner, with a lower discount to the current trading price and with significantly lower completion risks compared to a rights issue, and to strengthen the Company's shareholder base. The Board has, subject to completion of the Private Placement and certain other conditions, resolved to propose to the AGM that it grants the Board an authorization to carry out a subsequent offering of up to 15,625,000 new shares towards the Company's shareholders as of 7 May 2026 (as registered with the VPS two trading days thereafter) who (i) were not included in the pre-sounding phase of the Private Placement, (ii) were not allocated Offer Shares in the Private Placement and (iii) are not resident in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any prospectus filing, registration or similar action (the "Subsequent Offering"). The subscription price in the Subsequent Offering will be equal to the subscription price in the Private Placement. The Subsequent Offering is subject to (i) a prospectus being approved and published, (ii) the prevailing market price of the Company's shares following the Private Placement and (iii) the AGM resolving to authorize the Board to issue new shares for such purpose. The Board may decide that the Subsequent Offering will not be carried out in the event that the Company's shares trade below the subscription price in the Subsequent Offering at adequate volumes. The subscription period for the Subsequent Offering, if any, is expected to commence during June 2026 following the approval and publication of a prospectus.

Danske Bank A/S NUF, DNB Carnegie, a part of DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ) act as joint bookrunners in the Private Placement. Advokatfirmaet Wiersholm AS is acting as legal advisor to the Managers. Advokatfirmaet Schjødt AS is acting as the Company's legal advisor.

This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act. This information was issued as inside information pursuant to the EU Market Abuse Regulation, and was published by Ingrid Aarsnes, VP ESG & Corporate Compliance, Hexagon Composites ASA, on the date and time provided.

For more information
Eirik Løhre, CFO, Hexagon Composites
Telephone: +47 909 95 820 | eirik.lohre@hexagongroup.com

About Hexagon Composites
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 and industrial applications. Learn more at hexagongroup.com and follow @HexagonASA on LinkedIn.

Important Notices
This announcement is not for publication or distribution in, directly or indirectly, Australia, Canada, Japan, Hong Kong, South Africa or the United States or any other jurisdiction in which such release, publication or distribution would be unlawful, and it does not constitute an offer or invitation to subscribe for or purchase any securities in such countries or in any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

This announcement does not constitute an offer of securities for sale, or a solicitation of an offer to purchase or subscribe for, any securities of the Company in the United States. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The securities of the Company may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and in accordance with applicable U.S. state securities laws. The securities of the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (together with any applicable implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons in the United Kingdom that are "qualified investors" as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024, and who are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.

This announcement is made by, and is the responsibility of, the Company. The Managers are acting exclusively for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, or for advice in relation to the contents of this announcement or any of the matters referred to herein. Neither the Managers nor any of their affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Managers nor any of their affiliates accepts any liability arising from the use of this announcement.

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