In the second quarter 2018 Hexagon Composites generated NOK 366.8 (372.0) million in revenue and made an operating profit before depreciation (EBITDA) of NOK 73.6 (47.8) million. Operating profit (EBIT) was NOK 54.3 (29.1) million and profit/loss before tax came to NOK 69.0 (18.0) million.

Operating results in the second quarter were impacted positively by continued strong sales volumes within Hexagon Ragasco LPG and improved volumes within Hexagon Mobile Pipelines compared to same quarter last year. The EBITDA for the quarter includes a positive impact of NOK 40 million relating to a reduction in a long-term provision. This is partly offset by the dilutive impact of activities in the early growth-phase of the Hydrogen business unit, totaling NOK 20 million.

The first half year of 2018 provided a revenue of NOK 783.0 (718.2) million and produced an operating profit before depreciation (EBITDA) of NOK 140.1 (82.9) million. The operating profit (EBIT) was NOK 101.6 (45.8) million and profit before tax was NOK 100.3 (24.2) million.

Key developments

* Selected by a leading OEM to supply hydrogen tanks for serial production of fuel cell electric vehicles (FCEV). Combined value for development and serial production in the range of MUSD 120-150 (approx. NOK 1.0-1.2 billion)

* Launched TITAN®53 gas transport module, with the largest composite cylinder tanks in the world

After balance sheet date

* Received the first TITAN®53 order from XNG with a total value of MUSD 10.6 (approx. MNOK 86)

For more information:

Jon Erik Engeset, CEO, Hexagon Composites ASA
Telephone: +47 916 30 550 | jon.erik.engeset@hexagon.no

David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@hexagon.no

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | solveig.saether@hexagon.no

About Hexagon Composites ASA

Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway. The Group is a leading global supplier of composite pressure cylinders and systems for storage and transportation of various gases.

For more information, please visit www.hexagon.no. Follow us on Twitter: @HexagonASA

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.