22 February 2024: The Board of Directors of Hexagon Composites ASA ("Hexagon Composites" or the "Company") has resolved to provisionally award up to 5,443,690 Performance Share Units ("PSUs") to executives. The PSU allocation is in accordance with the Board of Director's compensation policy for the executive management. This policy is described in the Company's Guidelines for remuneration of executive management as approved at the Annual General Meeting on 28 April 2021. The PSUs are non-transferable and will vest on 31 March 2027 subject to satisfaction of the applicable vesting conditions.

The actual number of PSUs to be allocated will depend on 2026 financial performance in addition to the development of market cap of the Company from award up to vesting. The number of PSUs will attain minimum zero and maximum 5,443,690 . Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10. The total number of outstanding restricted share units and PSUs are now 512,376 and provisionally 2,721,845 respectively. Of the maximum 5,443,690 provisionally awarded PSUs, maximum 1,510,680 PSUs will provisionally be awarded to primary insiders.

Further details of the primary insider's transactions pursuant to the market abuse regulation article 19 are attached.

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