Integrated annual report
2025
Climate change is a severe threat to our planet's
ecosystems and therefore to humanity. Hexagon
Purus' decades of experience, innovative mindset
and strong culture allow us to believe that we can
play a part in delivering some of the solutions
needed. This belief motivates our employees
and drives our business forward.
The future
is now
A driving force for
a sustainable planet
Our team is the cornerstone of our success. We are dedicated to fostering an
environment where our team members can deliver their best. Hexagon Purus’
strong values-based culture drives our performance and guides our decision-
making processes and behavior. Our team works hard at turning our purpose
into reality because we strongly believe that technology is no longer a barrier
and that the need for change is urgent. We hold ourselves accountable for
our interactions internally, as well as externally with our customers, suppliers,
shareholders and communities.
PURPOSE
To be a driving force for
a sustainable planet
VALUES
Integrity and Drive
BEHAVIORS
Work for each other’s
success
Take responsibility
Build trust and be
inclusive
Embrace challenges
and failures
33
OUR ORGANIZATION
Hexagon Purus at a glance
OUR RESULTS
1
including temporary workers,
excluding agency workers
Workforce
1
Global footprint
Revenue Cash Total assets
6
1 144
322
3 510
623
locations across
3 continents
Employees
MNOK MNOK MNOK
Hexagon Purus ASA | Annual report 2025
4
Reflecting on 2025
6
A word from the CEO
6
Highlights 2025
8
Objectives for 2026
10
Our strategy
11
Our business
12
From the Board room
25
Board of Directors’ report
25
Corporate governance report
41
Sustainability statements
46
Value creation
47
General
51
Environment
60
Social
86
Governance
107
ESRS index
111
ESRS data points from other EU Legislation
116
Financial statements
119
Financial statements Group
120
Financial statements Parent Company
169
Auditor’s report
184
Sustainability assurance report
188
Financial calendar
194
Contents
This is Hexagon Purus’ Integrated Annual Report
2025, presenting our financial statements, notes
to the financial statements, the Board of Directors
report, and the sustainability statements prepared
in accordance with the European Sustainability
Reporting Standards (ESRS). The report also includes
information about Hexagon Purus’ strategy, business
model, and approach to sustainable value creation.
Unless otherwise specified, the information covers
the Hexagon Purus Group and its subsidiaries. An
overview of the various ESRS topics and disclosure
requirements we report on, in addition to any
references, comments, or omissions, can be found
in the ESRS index in this report. Hexagon Purus
has engaged our financial auditor to perform
external assurance on our ESRS reporting and/or
sustainability reporting.
Hexagon Purus ASA | Annual report 2025
A word from the CEO
The past year was heavily impacted by significant market and
regulatory uncertainty and extensive restructuring across the
Group. 2025 became a year of decisive action and necessary
adjustment. The Company took meaningful steps to adapt its
operating model, reduce its cost base, and protect liquidity
to navigate a markedly more challenging near-term market
environment.
Throughout the year, our primary focus was to align the cost
base with realistic demand expectations, while preserving the
Company’s long-term strategic positioning. As part of this effort,
we reduced our total workforce by more than one third, including
the substantial actions in the Battery Systems and Vehicle
Integration (BVI) segment after year-end. We also implemented
a range of measures to improve capital efficiency and extend the
liquidity runway. These actions were difficult but essential, and
they have materially lowered the Company’s break-even level.
Operationally, the Company exited 2025 with improved
performance, especially within the HMI segment, compared
to earlier in the year. Revenue development was in line with
expectations, and by year-end the Hydrogen Mobility and
Infrastructure (HMI) segment was operating close to break-
even EBITDA. This progress reflects the combined effect of
a leaner cost structure and increased operational discipline
across the organization.
In the BVI segment, the restructuring of the business,
combined with recent order intake, is expected to enable
the segment to operate at close to cash-neutral levels in
aggregate through mid-2026. While demand visibility remains
limited, we have chosen to maintain strategic exposure
towards a potential technology shift in North America. At
the same time, we remain focused on improving capital
efficiency in this business and will continue exploring strategic
partnerships and other structural options.
In January 2026, we also announced the divestment of our U.S.
aerospace business to SpaceX, which has now been completed.
The transaction strengthens the Company’s financial position,
extends the liquidity runway, and allows us to further
concentrate on our core strategic priorities.
The Chinese market remains strategically important for
Hexagon Purus, representing the largest global market for
hydrogen-related mobility and infrastructure solutions. The
CIMC-Hexagon joint venture continues to adapt its operating
model to current market conditions while progressing
certification for the Chinese market. We are also pleased to have
reached an agreement with our joint venture partner regarding
the funding of the joint venture for 2026. The arrangement
minimizes Hexagon Purus’ cash contributions while ensuring
continued operations and market presence.
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66
REFLECTING ON 2025 | A WORD FROM THE CEOREFLECTING ON 2025 | A WORD FROM THE CEO
At year-end, the Company continues to face uncertain market
conditions and limited near-term demand visibility. However,
the actions taken during 2025 have significantly improved the
underlying resilience of the business. With a leaner cost base
in the HMI segment, structural measures in the BVI segment,
and enhanced liquidity following the portfolio actions, Hexagon
Purus is better positioned to navigate the current environment
while preserving strategic optionality.
2025 has been a particularly tough year for our organization, as
well as for our business partners and investors. I deeply regret
that many valued colleagues have had to leave the Company
as part of the restructuring. At the same time, I have been
encouraged by the continued commitment, professionalism,
and morale of those who remain, and I am sincerely grateful for
their dedication.
I would also like to thank our customers, suppliers, investors
and other partners for their continued support. Your confidence
and collaboration enable Hexagon Purus to continue building
for the long term in an environment that remains demanding,
but one that we believe still holds significant opportunity.
Morten Holum
President & CEO
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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REFLECTING ON 2025 | A WORD FROM THE CEOREFLECTING ON 2025 | A WORD FROM THE CEO
Executed on a comprehensive
cost realignment program
to adapt the organization to
near-term market conditions
following a prolonged period
of growth and expansion.
This included a reduction
of more than one-third of
the total workforce and the
implementation of measures to
improve capital efficiency and
extend the liquidity runway
Highlights 2025…
Renegotiated long-term
battery cell supply agreement,
eliminating the previously
outstanding pre-payment
obligation of USD 12.9 million
Renewed long-term agree-
ment for supply of hydrogen
fuel storage systems with
leading European bus
manufacturer until 2028
Photo: Solaris
Signed agreement with
Stadler for delivery of
hydrogen fuel storage
systems for rail applications
in California
Received first order from
MCV for delivery of hydrogen
fuel storage systems for
transit bus applications
Signed new supply agreement
with Hino Trucks for production
and supply of Class 6 &
7 battery electric straight
trucks for the U.S market
Photo: Stadler
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88
REFLECTING ON 2025 | HIGHLIGHTS 2025REFLECTING ON 2025 | HIGHLIGHTS 2025
Following a strategic review of
the BVI segment, the Company
decided to scale down the
business to a minimum
operating level to preserve
long-term optionality at a
materially reduced cost base.
Approximately two-thirds of
the segment workforce was
reduced, and operations are
planned to be consolidated
to the Dallas facility
…and after the balance sheet date
Announced and completed
the divestment of the U.S.
aerospace business to SpaceX
for USD 15.0m, which includes
a contingent cash earn-out
of USD 2.5 million. The
transaction strengthens the
Company’s financial position,
extends the liquidity runway,
and enables increased focus
on core strategic priorities
Received orders worth
EUR 6.2 million for delivery
of hydrogen distribution
units from a leading Central
European integrated
energy company
Entered into a financing
arrangement relating to its Chinese
joint venture, under which the
Company’s joint venture partner
will provide funding in 2026 in
exchange for an increased ownership
interest. The arrangement minimizes
the Company’s near-term cash
outflow towards the Chinese
joint venture, while supporting
continued market presence and
operations in the Chinese market
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
99
REFLECTING ON 2025 | HIGHLIGHTS 2025REFLECTING ON 2025 | HIGHLIGHTS 2025
Hexagon Purus enters 2026 with a materially
lower cost base and reduced capital requirements
following the comprehensive restructuring measures
implemented throughout 2025 and the announced
divestment of the U.S. aerospace business.
Notwithstanding these structural improvements,
market conditions remain challenging and
near-term demand visibility remains limited.
While the order book entering 2026 supports good
activity in the first half of the year, ongoing market
volatility and regulatory uncertainty constrain forward
visibility beyond the first half of the year. At the current
run rate, order intake remains below break-even levels,
and achieving sustainable profitability will therefore
require a sustained improvement in order intake.
Continued capital discipline and rigorous execution of
the initiatives launched in 2025 remain critical priorities.
Objectives
for 2026
Increase
order book
Execute on further cost
reductions, operational
excellence and business
portfolio review
Maintain sufficient
liquidity
Hexagon Purus ASA | Annual report 2025
1010
REFLECTING ON 2025 | OBJECTIVES FOR 2026REFLECTING ON 2025 | OBJECTIVES FOR 2026
Production capacity
We are present with production facilities across three
continents.
Innovation
We use our extensive engineering and technological
knowledge and capabilities to innovate and improve zero-
emission technologies for tomorrow.
Workforce
Our workforce of dedicated and competent employees is
the cornerstone of our business, contributing significantly to
ensure the quality and safety of our products.
Relationships and business partners
Our zero-emission
2
technology solutions rely on close and
proactive cooperation with our suppliers and business
partners, and we are proud to work together with them for a
more sustainable planet.
Financial capital
We are backed by world-class strategic partners, such as
Mitsui & Co. and Hy24, providing strong industrial support in
an evolving market environment.
Natural capital
Our products and solutions rely on natural resources either as
unrefined materials or derivatives. We must optimize the use
of our resources, integrating sustainability in decision making.
Operational growth
Since listing on Oslo Stock Exchange in 2020, revenue has
grown by approximately 6x to NOK 1,144 million in 2025.
Customer growth
During 2025, we further diversified our customer base
by securing several new customer relationships across
strategic markets, alongside continued engagement and
support of our existing customers.
Workforce development
We continue to train our employees. In 2025, we took a
major step by rolling out a learning management system
to employees at all locations, to further expand training
efforts and improve visibility and tracking of training and
certifications.
Health & safety
Our facilities in Weeze and Kassel are ISO 14001 and
ISO 45001 certified, a testament to our commitment
to environmental and occupational health & safety
performance.
PURPOSE
Be a driving force for a sustainable planet
Strengthen quality and reliability
• Robust and resilient supply chain
• Continuous product improvement
and standardization
• Systematic learning from field
data and quality incidents
INPUT
1
OUTPUTVALUE CREATION
STRATEGIC FOCUS AREAS
PRODUCTS AND SOLUTIONS
Hydrogen
storage systems
Hydrogen
storage cylinders
Battery
systems
Hydrogen fuel
storage systems
Vehicle
integration
1
SBM-1 42
2
By “zero-emission” we refer to “zero-tailpipe carbon emission”. “Zero-emission” or “zero emission” will be used throughout the report.
Increase operational efficiency
and structural competitiveness
• Health & safety as a non-negotiable foundation
• Operational excellence and
productivity improvements
• Lean organization with clear accountability
• Lower EBITDA break-even
Improve capital efficiency and cost discipline
• Maintain structurally reduced cost base
• Tight working capital management
• Disciplined procurement and
supplier optimization
• Focused R&D with clear commercial priorities
Build sustainable order intake
• Strengthen commercial execution
• Prioritize segments with clearer
near-term demand
• Deepen customer partnerships
1111
REFLECTING ON 2025 | OUR STRATEGYREFLECTING ON 2025 | OUR STRATEGY
OUR BUSINESS
|
HYDROGEN AND BATTERY STORAGE OFFERING
1
Core component
and systems
technology offering
Hexagon Purus’ Type 4 hydrogen cylinders and systems
Hexagon Purus’ proprietary battery systems for heavy-duty trucks
Type 4 cylinder Hydrogen fuel
storage systems
Battery systems Power module
(eBTC)
Auxiliary module
Hexagon Purus is a leading player in the
hydrogen infrastructure and zero-emission
mobility space offering hydrogen and
battery energy storage solutions. The
company’s hydrogen systems based on
Type 4 cylinder technology and battery
systems and vehicle-level software enable
safe and efficient use of hydrogen and
battery electricity in a variety of zero-
emission infrastructure and mobility
applications.
1
1 SBM-1 40ai
Hexagon Purus ASA | Annual report 2025
12
REFLECTING ON 2025 | OUR BUSINESS
OUR BUSINESS
|
HYDROGEN AND BATTERY STORAGE OFFERING
1
Hydrogen Mobility
and Infrastructure
Transit bus MaritimeRail
Highlighted hydrogen mobility applications
Hydrogen electric
heavy-duty trucking
Highlighted infrastructure applications
Hydrogen distribution Mobile refueling Stationary storage
Hexagon Purus’ core hydrogen cylinder and systems technology
enable energy to be stored and consumed across multiple
applications including hydrogen distribution, hydrogen mobile
refueling, transit bus, heavy-duty trucking, rail and maritime.
Our technology offering is a key enabler to decarbonize
hard-to-abate industries.
1
SBM-1 40aii, 40e, 40f, 40g
Hexagon Purus ASA | Annual report 2025
13
REFLECTING ON 2025 | OUR BUSINESS
Overview of Hexagon Purus’ proprietary portfolio technology
OUR BUSINESS
|
PROPRIETARY BATTERY ELECTRIC TRUCK PLATFORM
1
Proprietary
battery electric
truck platform
in North America
Our vehicle integration capabilities
in North America, combined with our
proprietary portfolio of key electrification
components and technologies, position
us as a differentiated partner to truck
OEMs. Through this integrated model, we
manufacture Class 6, 7 and 8 battery-electric
trucks utilizing our own core technologies.
1
SBM-1 40aii, 40e, 40f, 40g
Power modules
(eBTC)
Battery
systems
Auxiliary
modules
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REFLECTING ON 2025 | OUR BUSINESSREFLECTING ON 2025 | OUR BUSINESS
Manufacturing footprint
Hexagon Purus has production footprint present on
three continents supporting local end-markets
BATTERY SYSTEMS AND VEHICLE INTEGRATION
Kelowna Canada
Battery systems and
auxiliary modules
1
Dallas USA
Vehicle integration
facility
HYDROGEN MOBILITY AND INFRASTRUCTURE
Kassel Germany
Hydrogen cylinders
and systems
Weeze Germany
Infrastructure systems
CHINA JOINTVENTURE
Shijiazhuang China
Hydrogen cylinders
and systems
MARITIME
Ålesund Norway
Maritime systems
1
Facility planned to be wound down or subleased over time
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REFLECTING ON 2025 | OUR BUSINESSREFLECTING ON 2025 | OUR BUSINESS
HYDROGEN MOBILITY AND INFRASTRUCTURE
Kassel Germany
Footprint: Approximately
22 000 square meter facility
Status: In operation
Weeze Germany
Footprint: Approximately
20 000 square meter facility
Status: In operation
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REFLECTING ON 2025 | OUR BUSINESSREFLECTING ON 2025 | OUR BUSINESS
BATTERY SYSTEMS AND VEHICLE INTEGRATION
Dallas USA
Footprint: Approximately
200 000 square foot facility
Status: In operation
Kelowna Canada
Footprint: Approximately
64 000 square foot facility
Status: In operation
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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REFLECTING ON 2025 | OUR BUSINESSREFLECTING ON 2025 | OUR BUSINESS
HEXAGON PURUS MARITIME CHINA JOINT VENTURE
Ålesund Norway
Footprint: Approximately
600 square meter facility
Status: In operation
Shijiazhuang China
Footprint: Approximately
22 000 square meter facility
Status: In operation
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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REFLECTING ON 2025 | OUR BUSINESSREFLECTING ON 2025 | OUR BUSINESS
Hexagon Purus addresses the need to transport
hydrogen for industrial and mobility use through its
hydrogen distribution system by allowing cost effective
transportation from point of production to point of
consumption.
Hexagon Purus’ hydrogen distribution technology is
agnostic to the color of the hydrogen molecule and is
equally relevant for grey hydrogen, which is widely used
in several industrial applications today.
The market for transportation of hydrogen has
historically been dominated by major industrial
gas players. In addition to the major industrial gas
players, demand is increasingly coming from smaller
industrial gas and logistics companies, where use cases
remain a mix of traditional grey hydrogen transport
and emerging green hydrogen applications. Both
sets of customers rely on Hexagon Purus’s Type 4
distribution modules for efficient transport of hydrogen
for use in both mobility and industrial applications.
Industrial applications includes chemical processing,
semiconductors, and food production. The major
industrial gas players have traditionally transported
hydrogen using older Type 1 technology but are
replacing it with the Type 4 technology offering a lower
total cost of ownership. The Type 4 technology also
INFRASTRUCTURE APPLICATIONS
1
Hydrogen distribution
Our hydrogen distribution systems, built on type 4
high-pressure cylinders offer a superior combination of
weight and payload, enabling greater hydrogen capacity
compared to type 1 cylinders and a lower total cost of
ownership. Today, type 4 cylinders have become the
preferred technology for transporting hydrogen from
point of production to end-use location.
allows for higher pressure compared to Type 1 technology, which
makes it ideal for transportation of hydrogen to certain industrial
and mobility applications.
The Company believes that the market for hydrogen distribution
systems will be an attractive long-term market for Hexagon Purus
as more hydrogen becomes available. The demand for hydrogen
distribution systems largely correlates with completion of new
clean hydrogen projects increasing the availability of hydrogen to
be used in industry and mobility applications. The Company is well
positioned for future market opportunities with a diverse customer
base of both traditional and emerging hydrogen producers,
combined with state-of-the-art manufacturing capacity footprint in
Kassel and Weeze (Germany).
Weeze Germany Kassel Germany
1
SBM-1 40aii, 40e, 40f, 40g
ENDMARKET
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REFLECTING ON 2025 | OUR BUSINESSREFLECTING ON 2025 | OUR BUSINESS
INFRASTRUCTURE APPLICATIONS
1
Mobile hydrogen refueling
INFRASTRUCTURE APPLICATIONS
Stationary hydrogen storage
Hexagon Purus delivers mobile refueling solutions for hydrogen mobility applications. A
mobile refueling unit is essentially a distribution unit with dispensing technology added on
board and can be modified to serve both on-and off-road mobility. The lack of developed
hydrogen refueling infrastructure presents a significant barrier to the widespread adoption
of hydrogen electric vehicles. Mobile hydrogen refueling stations address this gap by
offering a flexible, cost-effective solution for customers not yet ready to invest in permanent
refueling infrastructure, enabling lower initial capital costs compared to fixed hydrogen
refueling stations and allowing for gradual build-up of hydrogen mobility fleets.
Hexagon Purus delivers stationary ground storage solutions for hydrogen based on a
modular and flexible design. A stationary ground storage unit is a flexible and scalable
solution allowing for further expansion after initial installation. The units come in a range
of pressure levels (200-1 000 bar) and are stackable to ensure optimal use of available floor
space. Stationary ground storage is optimal for storing large quantities of hydrogen at
refueling stations or close to industrial applications.
Weeze Germany Kassel Germany Weeze Germany Kassel Germany
1
SBM-1 40aii, 40e, 40f, 40gHexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
2020
REFLECTING ON 2025 | OUR BUSINESSREFLECTING ON 2025 | OUR BUSINESS
MOBILITY APPLICATIONS
1
Heavy-duty trucking
Hexagon Purus delivers hydrogen storage cylinders and
systems for heavy-duty trucking in Europe and North
America, in addition to battery systems and complete
vehicle integration of battery electric and fuel-cell electric
vehicles in North America. Hexagon Purus has more than
20 years’ experience working with OEMs integrating energy
storage systems and offers best-in-class electric drivetrain
components and storage technology for battery and
hydrogen electric trucking.
Kelowna Canada
Dallas USA
Kassel Germany
Zero-emission heavy-duty trucking will play an important
role in reducing emissions within the transportation
sector, however, the broader adoption across key markets
in Europe and North America is developing slower
than previously anticipated. Zero-emission heavy-duty
adoption is expected to develop unevenly across regions.
China continues to lead deployment. Europe maintains
its long-term regulatory ambitions, but near-term
growth is likely to remain measured due to long policy
implementation timelines in the different member states
. Over the longer term, particularly post-2030, Europe is
expected to represent a meaningful growth opportunity
as regulatory frameworks mature and infrastructure
develops. In North America, the lack of regulatory push in
the US has delayed the adoption of zero-emission heavy-
duty trucking among customers. Successful adoption
of both battery- and hydrogen electric technologies will
require continued regulatory support as well as improved
availability of charging and refueling infrastructure.
For hydrogen trucking, there are limited expectations for
meaningful volumes in the near to medium term as most
incumbent OEMs target hydrogen model introductions
towards the end of this decade. In the longer term,
Hexagon Purus is well positioned as a key component
and system supplier for hydrogen trucking with a leading
technology offering as well as its established manufacturing
capacity footprint in Kassel, Germany.
For battery electric trucking in North America, the increasing
political and regulatory uncertainty continues to negatively impact
near-term demand visibility and further pushing out the volume
ramp-up. Hexagon Purus is well positioned to serve the battery
electric heavy-duty trucking market in North America through its
comprehensive know-how and technology solutions.
1
SBM-1 40aii, 40e, 40f, 40g
ENDMARKET
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REFLECTING ON 2025 | OUR BUSINESSREFLECTING ON 2025 | OUR BUSINESS
MOBILITY APPLICATIONS
1
Transit bus
Hexagon Purus delivers hydrogen cylinders and storage
systems to transit bus manufacturers globally. Our flexible
and customizable range of high-pressure cylinders systems
is well-suited for installation onboard buses and can help
reduce noise and harmful emissions into the environment.
Kassel Germany
The push for zero-emission fleets continues in cities and
local municipalities and for transit authorities seeking
alternatives to battery-electric buses, hydrogen buses offer
a complementary solution. Several thousand hydrogen
buses are already in operation. Many operators, particularly
public ones, are planning to transition their fleets to zero
emission. A hydrogen bus has several unique advantages in
terms of extended range, high operational frequency, rapid
refueling and performance in both hot and cold climates
where significant onboard energy is needed for heating
and cooling. Additionally, hydrogen buses can refuel at
centralized depots, making them less dependent on wide-
spread public refueling infrastructure like heavy-duty trucks.
In Europe, hydrogen buses have gained momentum on the
back of strong regulatory support and increasing numbers
of ambitious transit bus manufacturers introducing hydro-
gen platforms as part of their zero-emission offerings.
Leading European manufacturers, including Solaris and
CaetanoBus are pushing adoption across European cities.
The EU is also supporting adoption through ambitious
policies including 100% zero-emission city bus sales by
2035 and a 90% emissions reduction for most new trucks
and buses by 2040. Germany has the largest current fleet
of hydrogen buses and is expected to remain an important
market for hydrogen transit bus adoption in the coming
years together with countries like UK, France and Poland.
However, activity levels in 2026 are expected to be softer than
in 2025, reflecting lower volumes across several customers. This
is driven by a combination of capacity constraints at certain key
customers and ramp-up limitations at others. While volume
contributions from additional incumbent customers and new
customer wins in new geographies are expected to provide some
offset, these are not anticipated to fully compensate for the lower
volumes expected in 2026. Accordingly, while the long-term
structural outlook for hydrogen transit buses remains supported by
regulatory ambitions and fleet decarbonization targets, near-term
market development is expected to be more gradual.
Hexagon Purus remains well positioned to serve future demand in
the hydrogen transit bus application area and to capitalize on future
market opportunities with a strong customer base across Europe, as
well as through its manufacturing capacity in Kassel, Germany.
1
SBM-1 40aii, 40e, 40f, 40g
ENDMARKET
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REFLECTING ON 2025 | OUR BUSINESSREFLECTING ON 2025 | OUR BUSINESS
OTHER MOBILITY APPLICATIONS
1
Rail Maritime
Hexagon Purus delivers on-board hydrogen storage solutions to rail applications. Our Type
4 high-pressure cylinders are designed for hydrogen-powered trains, offering high energy
density and long-range capability. Hydrogen is an attractive solution to decarbonize rail
transport, especially for regions where direct electrification is not viable. Hydrogen based rail
transport does not require massive track overhauls and can be achieved also by retrofitting
existing diesel trains. Hexagon Purus’ storage technology supports the shift to zero-emission
rail applications by providing a reliable, efficient, and safe solution.
Hexagon Purus combines extensive hydrogen storage and maritime expertise to provide
a holistic approach to zero emission maritime solutions. Hydrogen’s energy density and
range make it particularly suitable for scenarios requiring continuous operations that would
not suit regular charging. Hexagon Purus plays a key role in developing maritime industry
standards for onboard fuel storage of hydrogen and are working closely with class societies
on setting industry safety standards. Strong focus on safety and performance is critical for
hydrogen fueled shipping to succeed in the longer term.
Ålesund NorwayKassel Germany
1
SBM-1 40aii, 40e, 40f, 40gHexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
2323
REFLECTING ON 2025 | OUR BUSINESSREFLECTING ON 2025 | OUR BUSINESS
Michael Kleschinski
EVP, Hydrogen Mobility
& Infrastructure
Todd Sloan
EVP, Battery Systems
& Vehicle Integration
Experience
Salman Alam joined Hexagon Purus in 2020 and was appointed
CFO in March 2023. Prior to that, he served as SVP, Corporate
Development. Before to joining Hexagon Purus, he was
Director of Finance at Hexagon Composites. Salman has broad
international experience within financial services, including from
investment banking at Goldman Sachs in London and equity
research at Carnegie Investment Bank (now DNB Carnegie) in
Oslo.
Education
Salman holds a BSc in Business and Economics from BI
Norwegian Business School and an MSc in Finance from
London Business School.
Board positions in other companies
4
Not applicable.
Relevant skills and competencies
Management: CFO, finance and audit committee · Investor
and capital market relationships · Financing · Mergers
and acquisitions · Strategy · Legal and public affairs · Risk
management
Other: Energy sector · Manufacturing operations
Experience
Morten Holum was appointed President & CEO of Hexagon
Purus in March 2020. He joined Hexagon Composites in 2019
as Executive Vice President and Chief Operating Officer. Prior
to joining Hexagon, he was CFO and then CEO of Saferoad
Group, a leading European supplier of road safety and road
infrastructure solutions. He has also held management
positions in Norske Skog, Norsk Hydro and American Airlines.
Education
Morten has a BSc in Finance and Psychology from Østfold
University College and the University of Oslo and an MBA from
the University of North Carolina.
Board positions in other companies
4
Chair of the Board of Jets Vacuum AS
Chair of the Board of Jets AS
Relevant skills and competencies
Management: General · CEO / large scale leadership · CFO,
finance and audit committee · Investor and capital market
relationships · Mergers and acquisitions · Strategy
Other: Safety · Manufacturing operations
ESG: Environmental · Social · Governance
Experience
Michael Kleschinski was appointed Executive Vice President
in March 2020. From 2016, Michael was President of Hexagon
Purus and has previously held different management positions
within production and engineering in Hexagon Composites.
Before joining Hexagon Composites, he was the Managing
Director of Xperion Energy & Environment.
Education
Michael has a BSc with Honors in Mechanical Engineering from
the University of Glasgow, Dipl.-Ing. general engineering and a
Ph.D. in composite materials from Darmstadt University.
Board positions in other companies
4
Not applicable.
Relevant skills and competencies
Management: General · CEO / large scale leadership · Strategy
Other: Safety · Quality · Energy sector · Innovation ·
Manufacturing operations
Experience
Todd Sloan was appointed Executive Vice President in February
2019. Previously he was Senior Vice President Innovation and
Global Business Development at Agility Fuel Solutions. Todd
is one of the founders of Agility Fuel Solutions, now part of
Hexagon Composites. He is a 25-year veteran in the clean
vehicle technology industry and holds multiple patents.
Education
Todd holds a Bachelor of Engineering (BEng) in Mechanical
Engineering.
Board positions in other companies
4
Not applicable.
Relevant skills and competencies
Management: General · Large scale leadership · Strategy ·
Innovation · Sales & Marketing
Other: Safety · Quality · Innovation · Manufacturing operations
ESG: Environmental
Nationality: German
No. of shares: 247 052
Tenure: 2014
Nationality: Canadian
No. of shares: 204 811
Tenure: 2001
Salman Alam
CFO
Morten Holum
President & CEO
Nationality: Norwegian
No. of shares: 140 711
Tenure: 2020
Nationality: Norwegian
No. of shares: 349 630
3
Tenure: 2020
Executive management
1,2
1
Per 31.12.2025
2
GOV-1 20a, 20c
3
Includes shares owned by related parties
4
Board positions in external companies only
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
2424
REFLECTING ON 2025 REFLECTING ON 2025
BOARD OF DIRECTORS’ REPORT
Board of Directors’ report
Hexagon Purus is a global leader in the hydrogen infrastructure
and zero-emission mobility space offering hydrogen and battery
energy storage solutions and heavy-duty vehicle integration. Our
solutions enable the safe and effective use of hydrogen of all colors
and battery electric systems in a variety of applications including
hydrogen distribution, mobile refueling, industrial manufacturing,
transit bus, heavy-duty trucking and maritime. Hexagon Purus ASA
is headquartered in Oslo, Norway with business activities mainly
located in Europe, North America and China.
Key developments of 2025
and after balance sheet date
• Hexagon Purus renews long-term agreement
for supply of hydrogen fuel storage systems
with transit bus customer;
• Executed on a comprehensive cost realignment
program to adapt the organization to near-
term market conditions following a prolonged
period of growth and expansion. This included
a reduction of more than one-third of the total
workforce and the implementation of meas-
ures to improve capital efficiency and extend
the liquidity runway
• Following a strategic review of the BVI
segment, the Company decided to scale down
the business to a minimum operating level to
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
2525
FROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORTFROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORT
preserve long-term optionality at a materially
reduced cost base. Approximately two-thirds
of the segment workforce was reduced, and
operations are planned to be consolidated to
the Dallas facility
• Announced the divestment of the U.S. aer-
ospace business to SpaceX for USD 15.0m.
The transaction strengthens the Company’s
financial position, extends the liquidity runway,
and enables increased focus on core strategic
priorities
• Renegotiated long-term battery cell supply
agreement, eliminating the previously out-
standing pre-payment obligation of USD 12.9
million
• Renewed long-term agreement for supply of
hydrogen fuel storage systems with leading
European bus manufacturer until 2028;
• Signed agreement with Stadler for delivery of
hydrogen fuel storage systems for rail applica-
tions in California;
• Received first order from MCV for delivery of
hydrogen fuel storage systems for transit bus
applications;
• Signed new supply agreement with Hino Trucks
for production and supply of Class 6 & 7 battery
electric straight trucks for the U.S market;
• Received orders worth EUR 6.2 million for
delivery of hydrogen distribution units from a
leading Central European integrated energy
company; and
• Entered into a financing arrangement relating
to its Chinese joint venture, under which the
Company’s joint venture partner will provide
funding in 2026 in exchange for an increased
ownership interest. The arrangement mini-
mizes the Company’s near-term cash outflow
towards the Chinese joint venture, while
supporting continued market presence and
operations in the Chinese market.
Financial results
Profit/loss
In 2025, Hexagon Purus (“the Company” or
“the Group”) generated NOK 1 144 million in
revenue, down 39 per cent compared to the full-
year revenue in 2024. The decrease was mainly
driven by significantly lower activity in hydrogen
infrastructure and hydrogen heavy-duty mobility,
only partly offset by strong performance in the
transit bus and aerospace applications.
Cost of materials as % of revenue was 62 per cent
for the full-year 2025, compared to 58 per cent
for the full-year 2024. The increase was primarily
driven by items affecting comparability (“IAC”)
of approximately NOK 63 million recognized in
cost of materials for the full-year 2025, mainly
related to inventory write-downs and revaluations.
These inventory adjustments were largely a
consequence of the announced scale-down of
the BVI segment, which led to a reassessment
of inventory composition, bills of materials and
future use, resulting in certain inventory being
deemed obsolete. In addition, cost of materials
was impacted by certain other warranty-related
provisions recognized for the full-year 2025.
In relative terms, as a % of revenue, payroll
expenses for the full-year 2025 increased to
62 per cent (40 per cent) but decreased on
an absolute basis to NOK 704 (752) million
as a function of the workforce reductions
implemented throughout 2025. The total
payroll expenses for the full-year 2025 include
approximately NOK 74 million of restructuring
costs related to the workforce reductions taken
in 2025. Other operating expenses amounted
to NOK 353 (390) million for the full-year 2025
and included approximately NOK 49 million of
items affecting comparability. These primarily
were related to write-offs and scrap arising from
discontinued or re-scoped product development
initiatives and bad debt expense that was
recorded following customer insolvencies.
Total operating expenses for the full-year 2025
ended at NOK 1 762 (2 224) million, leading to an
operating profit before depreciation (EBITDA)
of NOK -618 (-348) million. This includes items
affecting comparability of NOK 186 million.
Depreciation and impairment for the full-
year 2025 was NOK 539 (562) million, and was
impacted by year-end impairment of fixed assets
of NOK 282 (355) million. This comprised of an
impairment of NOK 223 million relating to the
Company’s BVI segment, recognized as part of
the annual impairment testing based on updated
assumptions and the revised business outlook
for the segment, and NOK 59 million relating
to the HMI segment, reflecting write-downs of
production equipment that is no longer in use.
Operating profit (EBIT) for the full-year 2025
consequently ended at NOK -1 157 (-911) million.
Share of income from investments in associates,
which reflects Hexagon Purus’ minority
shareholdings in CIMC Hexagon Hydrogen
Energy Systems td., was NOK -16 (-36) million
for the full-year 2025. Finance income for the
full year 2025 was NOK 89 (100) million, of which
approximately NOK 67 million relates to foreign
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
2626
FROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORTFROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORT
exchange fluctuations and approximately
NOK 22 million relates to interest income on
bank deposits. Finance costs for the full year
2025 were NOK 452 (365) million, of which
approximately NOK 252 million relates to non-
cash interest on the 2023/2028 and 2024/2029
convertible bonds. Approximately NOK 38 million
stems from interest on lease liabilities and other
interest-bearing debt and NOK 59 million relates
to foreign exchange fluctuations. The remaining
relates to an impairment charge of NOK 102
million related to the Company’s investment in
Norwegian Hydrogen AS and Vireon AS.
Tax expense for the full-year 2024 was NOK -7
(-9) million, and net profit after tax ended at NOK
-1 529 (-1 202) million.
Cash flow
Net cash flow from operating activities for the
full-year 2025 was NOK -480 (-682) million.
The negative cash flow was primarily driven by
operating losses, combined with an increase in
net working capital of NOK 47 (-288) million.
Net cash flow from investing activities was
NOK-177 (-535) million for the full-year 2025,
of which NOK -82 (-428) million relates to
investments in production equipment and
facilities. Capitalized product development
expenditure was NOK -76 (-49) million in
2025. Contributions to associated companies
amounted to NOK -40 (-37) million in 2025, and
interest received on cash deposits amounted to
NOK 20 (21) million.
Net cash flow from financing in 2025 was NOK
-25 ( 1 907) million. Most of the outflow from
financing is related to lease payments, which for
the full year 2025 amounted to NOK -85 (-81)
million. This was offset by share capital increases
made by the Company’s joint venture partner
in China, amounting to NOK 65 (54) million.
Cash interest payments for the full year 2025
amounted to NOK -1 (-3) million.
Net change in cash and cash equivalents for
the full-year 2025 was NOK -683 (690) million,
and currency exchange differences on cash was
NOK -23 (30) million. Cash and cash equivalents
ended at NOK 322 (1 028) million.
Balance sheet
Total assets at year-end 2025 amounted to
NOK 3 510 (4 934) million. The year-over-year
decrease in total assets is primarily reflecting
the impairment charges taken on property,
plant and equipment (NOK 168 million), intan-
gible assets (NOK 47 million) and right-of-use
assets (NOK 68 million) mainly driven by the
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
2727
FROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORTFROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORT
impairments recognized in the BVI and HMI
segments. Additionally, inventory at year-end
2025 decreased to NOK 549 (694) million primar-
ily reflecting inventory release following strong
revenue development in the last quarter of 2025,
as well as inventory write-downs and revaluations
amounting to approximately NOK 60 million.
Trade receivables decreased to NOK 313 (351)
million at year-end 2025.
Total equity and liabilities at year-end
2025 decreased to NOK 3 510 (4 934) million
compared to year-end 2024 primarily driven
by a decrease in total equity which amounted
to NOK 579 (2 122) million at year-end 2025,
corresponding to an equity ratio of 17 per cent
(43 per cent). The reduction in equity primarily
reflects negative profit after tax recognized during
2025, which includes impairment charges to
tangible, intangible, and financial assets taken
over the year. While the equity ratio has declined,
it should be viewed in the context of the Group’s
balance sheet structure, which includes significant
long-lived assets, and the non-cash nature of
the impairment charges recognized during the
year. The Company has taken decisive measures
to increase liquidity, reduce capital intensity and
lower its cost base, including portfolio actions and
funding arrangements that extend the Company’s
liquidity runway. As a result, the current equity
ratio is not expected to constrain near-term
operations, and the Company continues to focus
on maintaining sufficient liquidity and retain
financial flexibility going forward.
Hydrogen mobility and infrastructure
Hexagon Purus’ hydrogen storage solutions are
based on its leading Type 4 cylinder technology
and enable the safe and efficient use of hydrogen
in a variety of zero-emission mobility and hydrogen
infrastructure applications. The Hydrogen Mobility
and Infrastructure segment covers Hexagon Purus’
hydrogen cylinder and systems manufacturing
activities in Europe and North America, as well as
its aerospace and industrial gas business.
Financial update
In 2025, the HMI segment generated NOK 1 028
(1 782) million, down 42 per cent compared to 2024.
The decrease was mainly driven by significantly
lower activity in hydrogen infrastructure and
hydrogen heavy-duty mobility, only partly offset by
strong performance in the transit bus and aero-
space segments.
Revenue from HMI’s hydrogen infrastructure
solutions for the full year 2025 amounted to
NOK 329 (1 058) million, of which NOK 273 (906)
million relates to the sale of hydrogen distribution
units to customers predominantly in Europe. The
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORTFROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORT
remaining revenue from hydrogen infrastructure
solutions relates to mobile refueling stations and
stationary storage applications.
Revenue from HMI’s hydrogen mobility solutions
for the full-year 2025 amounted to NOK 411 (470)
million, of which NOK 389 (311) million relates
to the sale of hydrogen storage cylinders and
systems to transit bus customers in Europe and
North America. The remaining revenue from
hydrogen mobility solutions mainly relates
to hydrogen heavy-duty trucking and rail
applications.
Revenue from HMI’s industrial gas business,
delivering solutions for stationary storage of
primarily air gases such as nitrogen and oxygen to
industrial customers, amounted to NOK 126 (175)
million in 2025. Lastly, revenue from the segment’s
aerospace activities, which supports privately held
space exploration companies in North America
with storage solutions for space expeditions,
amounted to NOK 146 (56) million in 2025.
EBITDA for the HMI segment for the full-year
2025 ended at NOK -268 million, equal to an
EBITDA margin of -26 per cent (-1 per cent).
EBITDA includes items of comparability of 108
million in 2025.
Operational update
The HMI business unit delivered a strong finish
to 2025, with disciplined execution to convert a
sizeable order backlog into deliveries. Revenue
in the last quarter of 2025 was robust and
resulted in close to break-even EBITDA, reflecting
both high activity levels and the effects of cost
reduction measures taken throughout 2025.
Workforce reductions implemented during 2025
have reduced the segment’s headcount by
approximately 30 per cent, leaving a cost base
that is more appropriate given the current level
of activity. The Company will continue to monitor
capacity requirements closely in light of the
ongoing market uncertainty.
The transit bus segment had high activity levels
and demonstrated solid year-over-year revenue
growth in 2025, driven by growing demand
from municipal and local public transportation
authorities across Europe. Activity levels in
2026 are expected to be softer, driven by lower
volumes across several customers. This reflects
a combination of capacity constraints at certain
key customers and ramp-up limitations at others.
Volume contributions from additional incumbent
customers and new customer wins in new geog-
raphies are expected to provide some offset but
are not anticipated to compensate for the lower
volumes expected in 2026.
Activity levels in hydrogen infrastructure were
significantly lower compared to 2024 during
most of the year but improved gradually in the
second half. In addition to the major industrial
gas players, demand is increasingly coming from
smaller industrial gas and logistics companies,
where use cases remain a mix of traditional grey
hydrogen transport and emerging green hydro-
gen applications. Demand visibility is limited for
the full-year 2026. However, while near-term
demand visibility remains limited, current cus-
tomer dialogues and the existing order backlog
indicate the potential for 2026 to be somewhat
stronger than 2025.
Battery systems and vehicle integration
The Battery Systems and Vehicle Integration
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 update
In 2025, the BVI segment generated NOK 101
(97) million of revenue, up 4 per cent compared
to 2024. Revenue in 2025 primarily reflected the
delivery of 12 Class 8 battery-electric trucks and
10 Class 6 battery-electric trucks to Hino, as well
as income from the sublease of a portion of the
Company’s Dallas facility to Hino.
EBITDA for the BVI segment in 2025 ended at
NOK -178 (-139) million. This includes total items
affecting comparability of NOK 56 million.
Operational update
As outlined in the announcement on 27 January
2026, the Company has implemented significant
cost and operational measures in the BVI
segment to align the business with current
market conditions while preserving long-term
optionality. These measures, together with
recently received orders from Hino for the
delivery of 14 Class 6, 7 and 8 battery-electric
trucks, are expected to support operations at
close to cash-neutral levels during the first half
of 2026.
Operationally, the demonstration program
for the Class 8 battery-electric truck has been
successful, with vehicles being tested at several
leading logistics and distribution customers
across the U.S. The feedback from these pro-
grams has been very encouraging, highlighting
drivability, range efficiency and reliability. A
pilot program with a leading U.S. freight carrier
was also recently concluded, delivering strong
operational performance and very positive
customer feedback, with the customer signaling
an intention to purchase vehicles following the
pilot. Nevertheless, the current U.S. market
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
2929
FROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORTFROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORT
environment and regulatory sentiment for heavy-
duty electrification continue to create uncertainty,
contributing to longer sales cycles and limited
visibility on the timing of additional customer
orders.
On 10 December 2025, the Company entered into
a second amendment to its multi-year battery
cell supply agreement. Under the amended
terms, the previously outstanding pre-payment
obligation of USD 12.9 million was fully elimi-
nated, while continued supply of battery cells to
the Company is ensured. The amendment mean-
ingfully improves the Company’s liquidity profile
and reduces near-term capital requirements in
the BVI segment.
The Company will continue to closely monitor the
performance and market conditions of the BVI
segment, actively assess the best path forward on
an ongoing basis, and continue exploring dia-
logues regarding potential strategic opportunities.
Organization
At the end of 2025, Hexagon Purus had a total
of 623 employees (including temporary workers,
excluding agency workers). The Company oper-
ates a global organization and remains committed
to fostering a diverse, inclusive and respectful
workplace, while continuing to strengthen its
organizational capabilities following the restruc-
turing measures implemented during the year.
Health and safety remain a key operational pri-
ority across all business units. In 2025, the Group
recorded 21 lost time incidents, a reduction from
29 in 2024, and a significant decrease in lost days
compared to the prior year. While this develop-
ment is encouraging, the Company acknowledges
that performance remains below long-term ambi-
tions, and continued focus is required to further
reduce incident frequency and severity.
During 2025, the Company has taken steps to
strengthen its safety culture, including increased
focus on shop floor management, enhanced
reporting of near-misses and observations,
and the implementation of new digital tools
to improve incident reporting and transpar-
ency. These initiatives are expected to support
improved awareness, earlier risk identification
and continuous improvement going forward.
The Company remains committed to further
improving health and safety performance, with
a continued focus on prevention, accountability
and operational discipline across all sites.
At the end of the year, EVP People & Culture left
the Company.
Share price development and dividends
At the end of 2025 the total number of shares in
Hexagon Purus ASA was 428 486 108 (par value
NOK 0.10). The share price moved between
NOK 5.75 and NOK 1.17, ending the year at
NOK 1.43 and representing a market value of
approximately NOK 0.6 billion. The Board of
Directors does not propose a dividend for the
year 2025.
Financial risk
The Group has a centralized finance function
with overall responsibility for accounting, cash
management, capital management, financing
arrangements and management of the Group’s
financial risk factors. In addition, the operating
subsidiaries have local finance functions that
perform similar tasks at the subsidiary level.
Cash is primarily generated through operating
activities in the Group’s subsidiaries, including
sales of hydrogen cylinders, systems and
battery electric trucks and related engineering
services. The majority of external revenues are
invoiced and collected at subsidiary level, and
cash is primarily retained within the operating
entities to finance ongoing operations, working
capital requirements and local investment
needs. Surplus liquidity may, where legally and
practically feasible, be up-streamed to the parent
company or managed through centralized cash
pooling arrangements.
The Group is exposed to credit risk related to
counterparty default on contractual agreements
and trade, and other current receivables. The
Company has policies and procedures to
ensure that sales are made to customers with
appropriate credit profiles within defined limits.
No individual impairment charges on outstanding
receivables were considered material in 2025 or
2024. However, certain bad debt expenses were
recognized, primarily related to certain customer
insolvencies. Trade receivables at the end of 2025
amounted to NOK 313 (351) million.
Liquidity risk is the risk of the Group not being
able to fulfil its financial liabilities when they fall
due. The Group’s strategy for managing liquidity
risk is to set a level of available liquidity to enable
it to discharge its financial liabilities when they
fall due, both under normal and unexpected
circumstances, without risking unacceptable
losses or damaging the Group’s reputation.
The Group has two outstanding convertible
bond loans with maturities in the first quarter of
2028 and the first quarter of 2029, with carrying
amounts of NOK 1 041 million and NOK 1 232
million respectively as of 31 December 2025.
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3030
FROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORTFROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORT
Based on the current share price relative to the
conversion prices of the instruments, conversion
is currently considered unlikely. The Company
will therefore continue to evaluate potential
refinancing or other capital structure measures
in advance of the respective maturities as part of
its ongoing capital structure management. To the
extent the Group does not generate sufficient
cash from operations to fund its existing and
future business plans, the Group will need to
raise additional funds through public or private
debt or equity. Adequate sources of capital
funding might not be available when needed,
which could lead to a situation where the Group
no longer is in a position to honor its obligations.
As the Group has production and sales in
different countries with different functional
currencies, it is exposed to currency risk
associated with movements of the Norwegian
krone (its presentation currency) against other
currencies. The Group’s profit after tax is also
affected by currency movements, as the results of
foreign companies are translated to Norwegian
kroner using the weighted average exchange
rate for the period. The most important foreign
currencies to the Company are the Euro and US
Dollar. The Group currently does not use financial
instruments to manage foreign exchange risk.
Please see Note 19 to the consolidated financial
statements for further information related to
financial risk factors and mitigating actions.
Governance framework
Hexagon Purus ASA is committed to following
the Norwegian Code of Practice for Corporate
Governance (NUES). We aim to secure a clear
division of roles and responsibilities between
shareholders, the Board of Directors and
executive management to ensure appropriate
corporate governance. We believe that good
corporate governance and high ethical standards
contribute to value creation for all interest groups
and strengthens trust in the Company among
shareholders, in the capital markets and with
other key stakeholders.
Board of Directors
Together with executive management of the
Company, the Board of Directors are responsible
for the management of the company. The CEO is
selected by the Board of Directors.
The Board is responsible for ensuring that
the Group is managed in accordance with
its corporate objectives, values and ethical
guidelines, in addition to strategic management
of the Group. The Board has an annual plan
with particular emphasis on objectives, strategy
and implementation and submits an evaluation
of its work, including a self-assessment, to the
nomination committee annually. The Board
makes decisions concerning risk management,
investment strategy, control and audit matters,
in addition to ad-hoc significant operational
issues. We have included a summary of the most
important sustainability tasks overseen by the
Board in 2025:
• Compliance review
1
and risk management
framework and policies
• Health & safety awareness and reporting
• Sustainability, including double materiality
assessment, CSRD reporting and KPI
The Board has established two separate com-
mittees; i) a remuneration committee and; ii) an
audit committee.
The remuneration committee assists the Board
of Directors in matters relating to remuneration
of the Executive Management. The committee
prepares and makes recommendations to the
Board on the Company’s remuneration policy,
including principles for fixed and variable
compensation, long-term incentive programs,
pension arrangements and other employment
terms. The committee evaluates the structure and
level of executive remuneration to ensure align-
ment with the Company’s strategic objectives,
long-term value creation and shareholder
interests. It also reviews performance criteria and
target setting for variable remuneration, monitors
outcomes against established goals, and ensures
that remuneration practices are transparent,
market-competitive and compliant with applica-
ble laws, regulations and approved remuneration
guidelines. Through this work, the remuneration
committee supports the Board in maintaining a
balanced and responsible remuneration frame-
work that promotes sustainable performance and
sound governance.
The audit committee reviews the Group’s overall
risk management policies and procedures, as
well as the effectiveness of its internal control
framework. The audit committee serves as a
preparatory and advisory body to the Board of
Directors and supports the Board in fulfilling
its oversight responsibilities relating to risk
management, corporate governance, financial
reporting, financial information and auditing.
The audit committee monitors the integrity of
the Company’s financial statements, including
significant accounting policies, estimates and
judgments, and oversees the external audit
process, including auditor independence and
audit findings. It also evaluates the adequacy and
effectiveness of internal controls over financial
reporting and key operational and compliance
1
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3131
FROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORTFROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORT
risks. In addition, the audit committee oversees
the assessment of impacts, risks and opportu-
nities related to sustainability matters, ensuring
that such considerations are appropriately
reflected in the Company’s reporting, risk frame-
work and governance processes.
Risk and Impact Management
2
Operating in a global environment and across
three continents, the Company is exposed to
internal and external risks and opportunities.
We aim to mitigate risk and seize opportunities
by integrating risk management and internal
controls in our business processes. When we are
developing goals, strategies, and business plans
aiming for sustainable value creation, we must
balance expansive opportunities and growth with
business risk and profitability.
The Board of Directors has the overall responsibil-
ity to ensure that the Group has adequate systems
for risk and impact management and internal
control that are appropriate in relation to the
nature and extent of the Group’s activities. We aim
to improve our enterprise risk management pro-
cesses to further understand and review risks and
opportunities both short-term and long-term. The
Board of Directors reviews enterprise risk annually,
also suggesting risk mitigating procedures. Our
FIRST LINE OF DEFENSE SECOND LINE OF DEFENSE THIRD LINE OF DEFENSE
WHOWHAT
First line of defense acts on company
culture and attitudes. Responsible
for day-to-day incidents, in addition
to taking necessary action to report,
monitor, control, mitigate, and
escalate risk.
Second line of defense works with internal controls to ensure that company
policies and guidelines are properly followed. Second line of defense is also in
charge of new policies and procedures, in addition to monitoring compliance
with company policies and guidelines. Company Internal Controls Function
and the CEO have the main responsibility for understanding and monitoring
risks, including financial, strategic, and sustainability risks.
HOW
• Performing internal controls
• Ad hoc responses to risk related
incidents
• Escalating incidents based on
severity
• Building internal controls to
mitigate risk
• Implementing policies and
guidelines
• Using enterprise management risks
• Escalating incidents based on
severity
• Answering to both the first and third
line of defense
• Building the bridge between
Executive Management, subsidi-
aries/corporate, and Board/Audit
Committee
• Reviewing enterprise management
risks continuously
• Engaging third-party assessments
of internal controls
Subsidiaries
Corporate Staff
Company Internal
Controls Function
CEO
Board / Audit Committee
Auditor
External resources
2
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FROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORTFROM THE BOARD ROOM | BOARD OF DIRECTORS’ REPORT
risk management platform is an integrated part of
our overall business processes and decisions.
We actively monitor exposure to strategic,
operational, financial, reputational, and
sustainability risks by relying on our first and
second line of defense. Our third line of defense,
the Board of Directors and the Audit Committee,
are responsible for reviewing and concluding on
the overall risk exposure for the company. This is
aimed at enabling effective implementation of
mitigating measures.
Business and sustainability risk and opportuni-
ties are assessed through a dedicated process,
respectively, and are consolidated together at the
Group level on a regular basis An aggregated risk
assessment is reviewed by the Board of Directors
quarterly, including suggested risk mitigating
procedures.
Business risks are communicated by the local
entities and assessed by members of the
Executive Team at least monthly. Sustainability
risks and opportunities follow a separate process
led by the sustainability function twice a year.
The process and results of this assessment are
reviewed by the Board of Directors through the
audit committee. One of the assessments, with
subsequent review, coincides with the double
materiality assessment performed annually. The
list of material impacts, risks, and opportunities
addressed by the governing bodies can be found
in the double materiality assessment section in
the sustainability statements.
Seizing opportunities and mitigating risks are
foundational factors to sustainable growth.
However, we must acknowledge the impact
our business operations have on the planet.
For impact management we are also relying on
the first line of defense
3
to work with impact
reductions during our operations. In case impacts
are assessed as severe, they are escalated to the
second line of defense. The Board of Directors are
involved in case there are any impacts, whether
potential or actual, that might lead to significant
strategic, operational, financial, or reputational
risks on an aggregated business level.
Applying terms and methodology from
sustainability due diligence, we connect
identified impacts, risks, and opportunities
to relevant policies and actions. Policies are
approved by the Board of Directors and adopted
by relevant stakeholders in the Executive
Management team. The policies are used to
inform the organization about Hexagon Purus’
aspirations and to instigate action concerning our
impact, risks, and opportunities.
Policies and actions are also used to
communicate sustainability KPIs and targets, and
the Company’s progress in these areas. KPIs and
progress on the KPIs are reported to Executive
Management and the Board of Directors
on a regular basis, based on nature of the
respective KPIs. An overview of the most material
sustainability KPIs can be found on page 48.
Risk management and internal controls
for sustainability reporting
4
The sustainability statements in the annual report
are reviewed by the Executive Management
team and the Board of Directors prior to the
release of the annual report. The sustainability
statements are prepared according to CSRD and
its accompanying reporting standards ESRS and
are subject to external assurance performed by
the auditor. The risk management and internal
controls covering sustainability reporting have
3
The “three lines of defence” model is a commonly used governance framework for risk management and internal control, originally developed by the Institute of Internal Auditors (IIA)
4
GOV-5 36
5
Some policies are internal policies that are available only internally on intranet.
Hexagon Purus’ Policies
5
Published or last updated on
Code of Conduct 29 September 2025
Risk, Impact and Opportunity Management Policy 18 December 2025
Human Rights and Working Conditions Policy 18 December 2025
Policy on Diversity, Equity and Inclusion 19 March 2024
Environmental, Health and Safety Policy 21 November 2025
Business Partner Risk Management Policy 18 December 2025
Supplier and Business Partner Code of Conduct 18 December 2025
Whistleblowing Policies 19 March 2024
Internal Control Policy 18 December 2025
Policy on processing personal data 18 December 2025
Privacy Statement for Employees 18 December 2025
Corporate Governance Policy 9 May 2022
Hexagon Composites’ policies that are still adopted by Hexagon Purus Published or last updated on
Product Safety Policy July 2025
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been reviewed and updated with formalized
policies and processes at the end of 2025. With
the updated risk management framework, the
operating effectiveness for risks and controls
concerning sustainability reporting will be
assessed from 2026. Hexagon Purus will also
incorporate findings addressed by the auditor
provided on an annual basis.
Executive remuneration
As a leading, international company within
the zero-emission mobility industry, Hexagon
Purus must offer a level of total remuneration
that ensures that it can attract and retain
its Executives. The individual remuneration
components and total remuneration that Purus
offers strive to support Purus’ competitiveness
as an employer at all locations. Remuneration
for Executives has been designed to comply
with established local practice and mandatory
rules in the jurisdiction of their employment,
considering, to the extent possible, the overall
purpose of the remuneration policy. The
guidelines for remuneration of the Executive
Management of Hexagon Purus can be found on
the Company’s website. The remuneration policy
balances short-term and long-term performance,
taking into consideration business strategy,
purpose and values, and aim to deliver value for
shareholders over time. In addition to short-term
and long-term performance incentive schemes,
remuneration of the Executive Team includes
fixed salary, pension or retirement schemes,
and other benefits facilitating the duties as
Executives, such as costs related to e.g. internet
access and company phone.
Bonuses, variable cash salary, Short-
term Incentive Program (“STIP”)
6
The short-term incentive program (STIP)
is based on a set of pre-determined and
measurable performance criteria. From the
remuneration policy these criteria can include
both financial and non-financial parameters,
where the latter may include a range of
strategic objectives, including sustainability
targets. Variable cash salary for Executives in
2025 was based on a set of pre-determined
and measurable performance criteria. The STIP
parameters in 2025 were:
• Year-end cash balance (40 per cent)
• EBITDA (35 per cent)
• Execution milestones (25 per cent)
Sustainability-related targets were included as
part of the execution milestones for 2025, where
learning management system and leadership
engagement in health and safety were part
of the execution milestones. Climate-related
considerations were not factored into the
remuneration of members of the administrative,
management and supervisory bodies.
All participants in the program are measured
on overall company results. Determination of
the extent to which the criteria for the STIP are
fulfilled is determined upon expiry of the relevant
measurement period by measuring criteria
against actual performance.
In 2025, the Board approved a targeted retention
element under the short-term incentive
framework for a limited number of key executives
and managers. The purpose of the program was
to support continuity and stability within the
leadership team during a period of significant
transition and operational and strategic activity.
The awards were conditional upon continued
employment through the approval of the 2025
6
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annual financial statements. The Board considered
the measure appropriate in order to ensure
effective execution of ongoing strategic priorities
and to safeguard organizational continuity.
Bonuses, variable share-based incentive
programs: Longterm incentive program (“LTIP”)
Share-based payments are used as part of
Hexagon Purus’ incentive schemes. The Board
of Directors views share-based long-term
incentive programs as an important part of the
total compensation for Executives. The purpose
of the LTIP is to ensure a shareholder mindset,
and retention and attraction of competence and
talent. According to the remuneration policy,
LTIP programs shall be linked to value creation of
shareholders and is therefore tied to share price.
Directors and Officers insurance
The Board of Directors and key management
personnel of Hexagon Purus ASA are covered
by the Company’s Directors and Officers liability
insurance policy. The insurance covers personal
legal liabilities including defense and legal
costs of the directors and officers of the parent
company and all controlled subsidiaries globally.
In addition, cover is also extended to personnel
that serve at the request or direction of the
Company who may be sitting on the boards of
jointly or non-controlled entities.
After the balance sheet date
• Announced and completed the divestment
of the Company’s US aerospace business to
SpaceX for an enterprise value of USD 15.0
million, comprising a cash consideration of
USD 12.5 million and a contingent cash earn-
out of USD 2.5 million;
• Took further steps in the strategic review of
the BVI segment, including significant cost
reductions, a new 14-truck order from Hino,
and actions expected to materially reduce
near-term cash requirements;
• Received orders worth EUR 6.2 million for
delivery of hydrogen distribution units from a
leading Central European integrated energy
company; and
• Entered into a financing arrangement relating
to its Chinese joint venture, under which
the Company’s joint venture partner will
provide funding in 2026 in exchange for an
increased ownership interest. The arrangement
minimizes the Company’s near-term cash
outflow towards the Chinese joint venture,
while supporting continued market presence
and operations in the Chinese market.
Outlook
The combined effect of the restructuring
measures taken to date and the divestment of
the Company’s aerospace business is expected
to meaningfully reduce the Company’s cash
requirements and extend the Company’s liquidity
runway. The Company now operates with a
significantly leaner cost base, improved financial
flexibility and lower EBITDA break-even levels
compared to the start of 2025. Capital expenditure
going forward will be limited as the capacity
expansion programs have been completed.
Current customer dialogues give reason for
careful optimism for 2026, although market
volatility and regulatory uncertainty cause limited
demand visibility and make forecasting unusually
challenging. At the current run rate, order intake
remains below the break-even level. Achieving
profitability is therefore contingent on a material
and sustained improvement in order intake.
Geopolitical developments, including the
ongoing conflict in the Middle East, have
contributed to increased macroeconomic
uncertainty and energy price volatility. While
the direct impact on the Company is limited,
a potential weakening of broader economic
conditions, including reduced industrial activity
and investment levels, could negatively affect
demand in certain end markets over time. The
Company continues to monitor developments
closely.
The Company will continue its business portfolio
review and assessment of potential initiatives
that may further strengthen its financial position.
Maintaining sufficient liquidity to support ongoing
operations will remain a key priority, while preserv-
ing flexibility to support long-term value creation.
Going concern
Throughout 2025, and continuing into early 2026,
the Company has implemented comprehensive
measures to materially reduce cash-burn and
strengthen liquidity:
• Reduction of the total workforce by more than
one-third across the Group;
• Restructuring and resizing of the BVI segment
to a minimum operating level aligned with
near-term expected demand;
• Completion of the Group’s major capacity
expansion programs, leading to a structurally
lower capital expenditure profile going
forward. Capital expenditure going forward
is expected to be limited to maintenance,
focused product development and selective
production equipment investments, and to
be materially below the levels incurred in
recent years;
• Strengthened working capital discipline; and
• Ongoing business portfolio review and
assessment of non-core assets.
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In March 2026, the Company completed the
divestment of its U.S. aerospace business
through the sale of 100% of the shares in
Hexagon Masterworks Inc. The transaction
strengthens the Company’s financial position
and extends its liquidity runway.
In March 2026, the Company entered into a
financing arrangement relating to its Chinese
joint venture, under which the joint venture
partner will provide funding in 2026 in exchange
for an increased ownership interest. The
arrangement minimizes the Company’s near-
term cash outflow towards the Chinese joint
venture, while supporting continued market
presence and operations in the Chinese market.
As a result of the measures mentioned,
combined with the cost measures taken,
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 and
limited near-term demand visibility.
The current forecasts, with completed
restructuring measures, a reduced capital
expenditure profile, including proceeds from
the divestment of the U.S. aerospace business
and reduced outflow to the China joint venture,
shows that the Group has sufficient liquidity to
meet its obligations as they fall due for at least
the next 12 months. Nevertheless, continued
market uncertainty and order intake below break-
even levels represent risks that require close and
ongoing monitoring. The Group must therefore
continue to actively implement and follow up
measures to safeguard liquidity, and sustainable
profitability will depend on significantly improved
order intake and continued disciplined execution.
Based on the above, the Board of Directors has
assessed in accordance with Section 4-5 and
2-2(8) of the Norwegian Accounting Act, that
the going concern assumption is present and
confirms that the annual financial statements
have been prepared on a going concern basis.
The Parent Company Hexagon Purus ASA
incurred a loss for the year after tax of
NOK 2 129.8 million in 2025. The Board of
Directors of Hexagon Purus ASA propose the loss
for the year is allocated as follows:
(NOK 1 000) 2025
Other paid in capital 573 719
Share premium 1 556 066
Total allocation 2 129 785
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Corporate governance
CREATING VALUE FOR OUR STAKEHOLDERS
Hexagon Purus ASA is committed to following the Norwegian Code of
Practice for Corporate Governance (NUES). The Company aims to secure
a clear division of roles and responsibilities between shareholders, the
Board of Directors and executive management to ensure appropriate
corporate management. We believe that good corporate governance and
high ethical standards contribute to value creation for all interest groups
and strengthens trust in the Company among shareholders, in the capital
markets and with other key stakeholders.
The Company is subject to reporting
requirements for corporate governance under
the Accounting Act section 2-9 (available at
www.lovdata.no) as well as Oslo Børs’ “Oslo rule
book II – Issuer Rules” section 4.4 (available at
Oslo Børs’ website, www.euronext.com). The
principal purpose of the Corporate Governance
Code is to ensure (i) that listed companies
implement corporate governance practices that
regulate the division of responsibilities between
the shareholders, the Board of Directors and
Executive Management more comprehensively
than the legislation requires, and (ii) effective
management and control over activities with the
aim of securing value creation over time in the
best interest of shareholders, employees and
other stakeholders.
1. Implementation and reporting
of Corporate Governance
The Company has adopted a corporate
governance regime which is based on, and
complies with, the Norwegian Code of Practice
for Corporate Governance, dated 28 August 2025
GENERAL
MEETING
CEO
GROUP
EXECUTIVE
TEAM
NOMINATION
COMMITTEE
AUDIT
COMMITTEE
REMUNE
RATION
COMMITTEE
AUDITOR
BOARD
Nomination
Selection
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(the “Corporate Governance Code”), with the
following exceptions:
• The Company encourages shareholders to
attend the general meeting. It is also the
intention to have representatives of the Board
of Directors and the Chair of the nomination
committee to attend the general meeting.
The Company invites all board members to
attend, but will, however, normally not require
that the entire board attend the meeting as
this is considered unnecessary. This represents
a deviation from the Corporate Governance
Code which states that arrangements shall be
made to ensure participation by all directors.
The Board is spread over several geographical
areas, and it may be impractical for all board
members to attend the general meeting. In the
Company’s experience, the general meeting
shave historically proven satisfactory although
not all board members have been present.
• The Company has entered into consultancy
agreements with board member Rick Rashilla
and Chair Jon Erik Engeset in order to leverage
their respective industry expertise and
experience. The services provided under these
agreements are operational and advisory in
nature and are qualitatively different from, and
in addition to, their duties and responsibilities
as members of the Board of Directors. These
engagements secure access to specialized
industrial and strategic competence of
significant value to the Company. The Board
of Directors considers the arrangements to be
in the best interests of the Company and its
shareholders.
Neither the Board of Directors nor the Company's
general meeting of shareholders have adopted
any resolutions which are deemed to have
a material impact on the Group's corporate
governance regime.
2. Business
Hexagon Purus is a leading player in the
hydrogen infrastructure and zero-emission
mobility space offering hydrogen and battery
energy storage solutions. The Company’s
hydrogen systems based on Type 4 cylinder
technology and battery systems enable safe
and efficient use of hydrogen and battery
electricity in a variety of zero-emission
infrastructure and mobility applications.
The scope and objectives of our business
are defined in the Company’s articles of
association §3: “The purpose of the company
is to conduct business within development
of solutions in the field of clean fuels, and
everything connected therewith, including
investment in other companies.” A more
comprehensive discussion and analysis of
business activities, strategic priorities and
operating results are included in the Integrated
Annual Report and the Company’s website
www.hexagonpurus.com. The Board has defined
clear objectives, strategies and risk profiles for
the Company’s business activities such that
the Company creates value for shareholders in
a sustainable manner. When carrying out this
work, the Board of Directors considers financial,
environmental, social and governance-related
considerations. These objectives, strategies
and risk profiles are subject to annual review
by the Board. Sustainability, including social
responsibility, is an integral part of Hexagon
Purus’s corporate governance process. Formal
guidelines for corporate sustainability have
been approved by the Board and integrated
into the Group’s management systems. The
Company strives for diversity across its Board,
board committees, and the executive team
with regards to age, backgrounds, nationalities,
educational backgrounds, competencies and
genders. Presently, the Board has a 43 per
cent female representation and represents a
variety of backgrounds. Guided by a robust
diversity, equity, and inclusion policy, the
Company diligently advances efforts to enhance
diversity. For further insights, please refer to
the sustainability section of the Integrated
Annual Report.
3. Equity and dividends
The Company aims to maintain a capital structure
considered appropriate to the Group’s objectives,
strategies and risk profile. As of 31 December
2025, the total number of shares in Hexagon
Purus ASA was 428 486 108 (par value NOK 0.10).
The share price moved between NOK 5.75 and
NOK 1.17, ending the year at NOK 1.43, which
represented a market value of approximately
NOK 0.6 billion. The Board of Directors does not
recommend a dividend for the year 2025.
Authorization to the Board for capital transactions
is normally restricted to defined objectives and
time limitations that do not exceed the next
ordinary general meeting. This applies to the
issuance of new shares as well as the purchase
of own shares. The Board is currently and until
the General Meeting of 2026, but no later than
30 June 2026, authorized to acquire own shares
on one or more occasions. The Board is also
granted authorization for increases in share
capital relating to general corporate purposes
and share issues in connection with share incen-
tive programs. The Company will propose that
these authorizations are renewed at the next
annual general meeting.
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4. Equal treatment of shareholders
Hexagon Purus has one class of shares with
equal rights, and its policy is to comply with the
equal treatment principles of applicable law
in capital transactions. Where circumstances
require deviation from the main rule of equal
treatment of shareholders, the reasoning for
such deviations have been and will be included
in the stock exchange announcement made in
connection with the transaction. Any transactions
in own shares will be carried out in compliance
with applicable law and reflecting prices quoted
on the exchange.
5. Shares and negotiability
All shares in Hexagon Purus are freely negotiable
shares with full voting rights. No form of
transferor voting restrictions have been stipulated
in the articles of association.
6. General meetings
Hexagon Purus has well-established procedures
for publicly announcing and issuing information
regarding the general meeting, and all relevant
information is published through newsweb.no,
and the Company’s website. Notice of the general
meeting and supporting documents, including
the recommendations from the nomination
committee, are distributed and published 21 days
in advance of the meeting
date. The Board will ensure that the Company’s
shareholders can participate in the general
meeting, that the resolutions and supporting
information distributed are sufficiently detailed,
comprehensive and specific to allow shareholders
to form a view on all matters to be considered at
the meeting. Deadline for shareholders to give
notice of their intention to attend the meeting is
set close to the date of the meeting, and as per
applicable regulations. Normally, shareholders
will be able to vote on each individual matter,
including on individual candidates nominated
for election to the Company’s corporate bodies.
Hexagon Purus will aim to prepare and facilitate
the use of proxy forms that allows for separate
voting instructions to be given for each item on
the agenda and should nominate a person who
will be available to vote on behalf of shareholders
as their proxy. The Company has routines for
ensuring that the shareholders may elect an
independent chairperson for its general meetings.
7. Nomination committee
The Company’s nomination committee is
regulated by the articles of association. The
nomination committee’s main responsibility
is to evaluate the work and expertise profile of
the Board of Directors and to propose suitable
candidates. The nomination committee also
proposes the fees to be paid to members
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of the Board. Proposals for candidates,
including the reasons for selection and other
relevant information are distributed with other
documentation related to the annual general
meeting. The nomination committee is currently
comprised of two members, none of whom
are board members. The composition of the
committee is intended to reflect the interests
of all shareholders, and the members are
independent of the Board and other executive
management. Members are elected at the
annual general meeting.
8. Board of Directors:
composition and independence
The Board is composed of individuals with
sufficient competence and expertise, capacity and
diversity to enable independent evaluations of the
Group’s operations in the common interests of
all shareholders and to ensure its effectiveness as
a governing body. The composition of the Board
ensures that it can operate independently of any
special interests. The majority of the shareholder
elected board members are independent of
the Company’s executive personnel, material
business contacts and the Company’s major
shareholders. Six of the shareholder-elected
board members are independent of the
Company’s major shareholders, and the Board
does not include members of the Company’s
executive management. The general meeting
elects the chair of the Board and the term of
office for members of the Board is no longer
than two years at a time. The Annual Report and
Hexagon Purus’ website provide information
about the expertise of the members of the
Board of Directors, information on their record
of attendance at board meetings, as well as
identifying which members are considered
independent. Members of the Board are
encouraged to own shares in the Company.
9. The work of the Board of Directors
The composition of the Board of Directors is
specified in the annual accounts. The Board
of Directors works with the Chief Executive
Officer and external auditors to ensure that
the Group is managed in accordance with
its corporate objectives, values and ethical
guidelines. The Board has an annual plan with
particular emphasis on objectives, strategy and
implementation and submits an evaluation of
its work to the nomination committee annually
and also conducts a self-assessment annually.
Clear guidelines require board members and
executive management to notify the Board of
any significant indirect interest in transactions
executed by the Company. These guidelines
are incorporated into the board’s instructions
and instructions for the Chief Executive Officer.
These instructions state how agreements with
related parties are handled, including whether
an independent valuation must be obtained.
The Board of Directors will present any such
agreements in the Board of Directors' report.
The Board ensures that members of the Board
and executive management make the Company
aware of any material interests that they may
have in items to be considered by the Board. In
the event that the Board Chair has been actively
engaged in such interests, the Chair will recuse
himself and appoint a Deputy Chair that will
assume responsibility for the matter in question.
The Company’s audit committee is governed by
the Norwegian Public Limited Liability Companies
Act as well as separate instruction adopted by the
Board of Directors. The Board's audit committee
is comprised of members that are independent
of the Company’s executive personnel, material
business contacts and the major shareholders.
In 2025, the audit committee held five meetings
and at year-end the committee comprised of
Espen Gundersen (chair of audit committee),
Liv Fiksdahl and Martha Kold Monclair. The
remuneration committee is governed by a
separate instruction adopted by the Board
of Directors. The remuneration committee
is independent of the Company’s executive
management and is currently composed of Jon
Erik Engeset (chair of remuneration committee),
Hidetomo Araki and Espen Gundersen. The
remuneration committee held three meetings
in 2025. The participation in both the audit and
compensation committee was 100 per cent.
10. Risk management and internal controls
Hexagon Purus works systematically to identify
and manage the specific risks facing its business.
Risk management is executed by Group
management and management of business
areas and subsidiaries. The Group CEO, with
designated support from the Group CFO, is
responsible for the implementation of effective
internal control across the Group, including
controls over financial reporting. Responsibility
for compliance with the Group’s accounting
principles and financial controls rests with the
CFO, supported by relevant finance personnel
across the organization.
Hexagon Purus believes that its overall strategy,
management principles and organizational
structure provide a good control environment.
The Group’s ethical guidelines include
considerations related to the Company’s
stakeholders in value creation and contribute to a
culture and values that support this environment.
The Board has the overall responsibility and
oversight for the Group’s risk management
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system and internal control framework and these
are appropriate in relation to the scope and type
of our business operation. This includes ensuring
that the Group’s risk management and internal
controls are adequate and systematic and that
processes are established in accordance with
laws and regulations, articles of association,
instructions and external and internal guidelines.
At least annually, the Board assesses strategies
and guidelines for risk management and internal
control. The Board's audit committee reviews the
overall risk management policy and procedures
and the Group’s internal control routines. The
committee functions as a preparatory and
advisory committee for the Group’s Board and
provides support for exercising its responsibilities
relating to risk, corporate governance
management, financial and non-financial
reporting, financial information and auditing.
Please see Risk and Impact Management (see
page 32) section of the Board of Directors' report
in the Integrated Annual Report for further
information on the Group’s main risks.
11. Remuneration to the Board
The remuneration of the Board of Directors
is approved by the Company’s general
meeting based on a recommendation from
the nomination committee, and is intended
to reflect the Board's responsibility, expertise,
time commitment and the complexity of the
Company’s activities. Fees are fixed and are not
linked to the Company’s performance. Board
members are not eligible for share option
programs. Members of the Board of Directors
and/or companies with which they are associated
should not take on specific assignments for the
Company in addition to their appointment as a
member of the Board. If they do nonetheless take
on such assignments this should be disclosed
to the full board. The remuneration for such
additional duties should be approved by the
Board of Directors and specified in the Annual
Report.
The Company has entered into consultancy
agreements with board member Rick Rashilla and
Chair Jon Erik Engeset in order to leverage their
respective industry expertise and experience.
The services provided under these agreements
are operational and advisory in nature and are
qualitatively different from, and in addition to,
their duties and responsibilities as members
of the Board of Directors. These engagements
secure access to specialized industrial and
strategic competence of significant value to the
Company. The Board of Directors considers the
arrangements to be in the best interests of the
Company and its shareholders.
During the financial year 2025, Jon Erik Engeset
received approximately NOK 0.2 million and
Rick Rashilla received NOK 0.3 million in
compensation for services provided under these
consultancy agreements.
12. Salary and other remuneration
for executive personnel
The Board has established clear and transparent
guidelines on salary and other remuneration
of the executive management. Reference is
made to the Guidelines for remuneration of
executive management of Hexagon Purus
ASA approved by the annual general meeting
on 25 April 2025. As a leading international
company within the zero-emission technology
industry, Hexagon Purus must offer a level of
total remuneration that ensures that it can attract
and retain its Executives. The Company has a
global presence with facilities in several locations
across several continents, and as such competes
for senior management talent worldwide. The
individual remuneration components and total
remuneration that Hexagon Purus offers strive
to support the Company’s competitiveness as
an employer at all locations. Remuneration for
Executives has been adapted to comply with
established local practice and mandatory rules
in the jurisdiction of their employment and the
overall purpose of the remuneration policy.
It is Hexagon Purus’ policy that base salaries
shall reflect the individual Executive’s position
and degree of responsibility. The size of the
total remuneration shall be in line with market
conditions, at the relevant location and shall
consider inter alia the scope and responsibility
associated with the position, as well as the skills,
experience, and performance of each executive
management team member.
Hexagon Purus’ arrangements in respect of
salary and other remuneration are considered
to ensure that the executive management and
shareholders have converging interests.
The Board of Directors views short-term
incentive programs and share-based long-
term incentive programs as important parts
of the total compensation for Executives. The
purpose of the long-term incentive program is
to ensure shareholder mindset and retention of
competence and talent.
The Company shall ensure that both the
remuneration policy and the remuneration
report are approved and made available on the
Company’s website in accordance with statutory
legislation. For further details on remuneration
of the executive management, refer to the
remuneration report for 2025. As further
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described in the Company's remuneration
policy, absolute limits shall apply for variable
compensation.
13. Information and communication
The Group follows the Oslo Stock Exchange’s
recommendations for reporting investor
information. The Group’s information policy is
based on openness and equal treatment of all
shareholders and participants in the securities
market. Hexagon Purus’ policy is to provide all
shareholders with correct, consistent, relevant
and timely information. Efforts are being directed
towards developing disclosures on major value
drivers and risk factors. The Company believes it
is important that employees, shareholders and
investors have equal opportunities to monitor the
Company’s performance and receive sufficient
information to value the Company correctly.
The Group seeks to communicate information
about its products and markets to central target
groups, while ensuring that all stakeholders have
equal access to all relevant information provided.
All stock exchange releases, financial reports
and presentations, other public presentations
and press releases are made available on the
Company’s website www.hexagonpurus.com
together with other relevant information. All
information distributed to the Company’s
shareholders will be published on the Company’s
website at the same time as it is sent to
shareholders. Hexagon Purus holds open
presentations in connection with its quarterly
financial reporting, and these presentations are
broadcasted live via webcast.
14. Take-overs
The Company’s policy is to comply with NUES’
recommendations on take-overs, unless any
deviation in the concrete instance would be in the
best interests of the shareholder community. The
Board acknowledges that it should not prevent
or obstruct offers for purchase of the Company’s
business operations or shares. Agreements
that restrict the possibility of obtaining other
offers for the Company’s shares should only
be entered into when clearly justified as being
in the joint interests of the Company and its
shareholders. Agreements between the Company
and an offeror that are important to the market’s
assessment of the offer will be made public
before or at the same time as notice is given that
an offer will be made. Any proposed transaction
that in reality will involve the divestment of the
Company’s operations as such will be subject to a
shareholder vote at a general meeting.
15. Auditor
Each year, the Company’s external auditor
provides an annual written confirmation of his/
her independence and objectivity. The auditor
attends board meetings that address the annual
accounts and presents to the audit committee
the main features of a plan for implementing
the auditing work. The auditor holds an annual
presentation to the Board with an opinion on
the Company’s accounting principles, asset
management and internal control procedures.
The Group’s auditor is EY, who was appointed
by the general meeting. The auditor has no
engagements with the Company that could
impair their independence, and the Board,
through the audit committee, has established
guidelines in respect of the use of the auditor
for services other than the audit. See Note 29 to
the consolidated annual financial statements for
information about remuneration to the auditor,
including statutory audit and other services.
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FROM THE BOARD ROOM | CORPORATE GOVERNANCE REPORTFROM THE BOARD ROOM | CORPORATE GOVERNANCE REPORT
Statement from the Board of Directors
and Chief Executive Officer
We confirm to the best of our knowledge that:
• The financial statements for the Group for 2025 have been prepared in accordance with applicable
accounting standards, and that the information provided in the financial statements gives a true and fair
view of the Group’s assets, liabilities, financial position and financial performance as a whole, and
• The Board of Directors’ Report gives a true and fair overview of the Group’s development, profit and
financial position, together with a description of the principal risks and uncertainties that they face.
Oslo, Norway, 24 March 2026
The Board of Directors of Hexagon Purus ASA
Jon Erik Engeset
Chair of the Board
Espen Gundersen
Board Member
Martha Kold Monclair
Board Member
Hidetomo Araki
Board Member
Susana Quintana-Plaza
Board Member
Liv Fiksdahl
Board Member
Rick Rashilla
Board Member
Morten Holum
President & CEO
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FROM THE BOARD ROOM | CORPORATE GOVERNANCE REPORTFROM THE BOARD ROOM | CORPORATE GOVERNANCE REPORT
Board of
Directors
1
Jon Erik Engeset
Chair of the Board
Chair of the remuneration
committee
Nationality: Norwegian
Attendance: 100%
No. of shares: 310 9732
2
Martha Kold Monclair
Board member
Member of the audit
committee
Nationality: Norwegian
Attendance: 100%
No. of shares: 4 124
2
Board tenure
· Joined as Board member in 2020
· Elected Chair in 2023
· Elected as Board member in 2025
Experience
Espen Gundersen is currently a full-time non-executive board
member. He played a key role in the international growth
and expansion of Tomra Systems ASA in 1999-2022, where he
had various positions, including CFO from 2003 and CFO and
Deputy CEO from 2009. Previous experience includes positions
in Selmer ASA (VP Business Development) and Arthur Andersen
(audit and consulting).
Education
Espen is a professional accountant and has an MBA from NHH
Norwegian School of Economics.
Executive functions in other enterprises
and other board positions
Espen sits on the board and is the head of the audit committee
of Scatec ASA. He is a board member and member of the audit
committee in Norsk Hydro ASA, and he is chair of the board at
Kid ASA, where he also is a member of the audit committee.
Relevant skills and competencies
Management: Large scale leadership · CFO · Finance and
audit committee · Investor and capital market relationships
· Mergers and acquisitions · Strategy · Risk management
· HR / remuneration
Other: Energy sector · Manufacturing operations
ESG: Environmental · Social · Governance
Board tenure
· Joined as Chair in 2019
· Elected as board member in 2023
· Re-elected as Chair in 2025
Experience
Jon Erik Engeset was the President & CEO of Hexagon
Composites ASA from 2013 to 2024. Prior to joining Hexagon,
Jon Erik was the CEO of Saferoad Group, a leading European
supplier of road safety solutions. He also has extensive
experience from management positions at Rolls Royce and
Norsk Hydro.
Education
Jon Erik holds an MSc and MBA from NHH – Norwegian School
of Economics.
Executive functions in other enterprises
and other board positions
Jon Erik is chairman of the board of Hotel Alexandra
AS, Loenfjord Hotel AS, EC Trading AS, Dionysos AS,
Hygge Design AS, iSi AS and Skipsteknisk AS. He is
also deputy chair of heiserTEC GmbH and a board
member of Jets Vacuum AS and Loen Skylift AS.
Relevant skills and competencies
Management: General · CEO / large scale leadership · Investor
and capital market relationships · Mergers and acquisitions
· Strategy · Legal and public affairs · Risk management
· HR / remuneration
Other: Innovation
ESG: Environmental · Social · Governance
Board tenure
· Joined as board member in December 2020
Experience
Martha Kold Monclair has extensive board experience from
various industries, including Kongsberg Gruppen, BW Group
and Reach Subsea. She was the CEO of Deepwell from
2007-2017.
Education
Martha holds two PhDs, one of them specializing in Strategies
for Commercialization of New Technology from BI Norwegian
Business School.
Executive functions in other enterprises
and other board positions
Martha is chair of the board of Fjord1 AS and Ænes
Inkubator AS and a board member of Ocean
GeoLoop AS, Edda Wind and Reach Subsea.
Relevant skills and competencies
Management: General · CEO / large scale leadership · Investor
and capital market relationships · Mergers and acquisitions
· Strategy · Risk management · HR / remuneration
Other: Energy sector
ESG: Environmental · Social · Governance
Espen Gundersen
Board member
Chair of the audit committee
Member of the remuneration
committee
Nationality: Norwegian
Attendance: 100%
No. of shares: 45 619
1
As per 31.12.2025
2
Includes shares owned by related parties
GOV-1 20a, 20c, 21, 23
Number of executive board members = 0
Number of non-executive board members = 7 (GOV-1 21a)
Gender ratio = 42.86% (GOV-1 21d)
Independent board members = 87.5% (GOV-1 21e)
Hexagon Purus ASA | Annual report 2025
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FROM THE BOARD ROOM | CORPORATE GOVERNANCE REPORTFROM THE BOARD ROOM | CORPORATE GOVERNANCE REPORT
Liv Fiksdahl
Board member
Member of the audit
committee
Nationality: Norwegian
Attendance: 90%
No. of shares: 0
Rick Rashilla
Board member
Nationality: United States of America
Attendance: 100%
No. of shares: 117 362
Board tenure
· Joined as Board member in 2023
Experience
Susana Quintana Plaza is the CEO and founder of BM2Solar.
Susana has many years of international experience from senior
positions in aerospace, energy, venture capital, and consulting
at top firms such as Boeing, Booz Allen Hamilton, E.ON
Siemens and Galp. From 2018-2019, Susana was a member of
the Board of Directors of Hexagon Composites ASA.
Education
Susana holds a BSc and MSc in Aeronautical and Astronautical
Engineering from the University of Washington and an MBA
from Harvard Business School.
Executive functions in other enterprises and other
board positions
Susana is a supervisory board member of
Topsoe A/S and a strategic advisor to several
private equity and venture capital funds.
Relevant skills and competencies
Management: General · CEO / large scale leadership · Investor
and capital market relationships · Strategy · HR / remuneration
Other: Energy sector · Innovation · Digitalization
ESG: Environmental · Social · Governance
Board tenure
· Joined as Board member in 2023
Experience
Hidetomo Araki is currently Regional Operating Officer of
Chemicals Division and Nutrition & Agriculture Business
Division in Europe Bloc for Mitsui & Co. Ltd and Senior Vice
President for Mitsui & Co. Europe Plc. He joined Mitsui in 2003
and has since held several management positions in Japan,
Canada and Germany within the basic and specialty chemicals
divisions, performance materials division and financial
management division. Prior to joining Mitsui, Hidetomo Araki
worked in investment banking and advised on several cross-
border M&A transactions in various industries.
Education
Hidetomo has a BA, Economics from Keio University and
an Executive MSc in Innovation and Entrepreneurship
from HEC Paris.
Executive functions in other enterprises and other
board positions
Hidetomo is a supervisory board member of
Nutrinova Netherlands BV, a board member
of Aglobis AG, and MAIC Europe Ltd.
Relevant skills and competencies
Management: General · Large scale leadership · Mergers and
acquisitions · Strategy · Remuneration
Other: Business Development · Innovation · Digitalization
· Sustainability Transformation - Intrapreneurship
ESG: Environmental · Social · Governance
Board tenure
· Joined as Board member in 2023
Experience
Liv Fiksdahl is currently Head of CIT at the Norwegian Cyber
Defence Force, a branch of the Norwegian Armed Forces which
is responsible for military communication’s and defensive
cyberwarfare in Norway.
Liv has more than 20 years of experience from the banking
sector, in which her primary focus has been transformation,
technology and operations. She has held several executive
positions, including spending close to 11 years as Group COO/
CIO at DNB Bank ASA and Vice President at Capgemini Invent
in Norway. She has over years had Board roles at Scandinavian
Airlines, Intrum, Nille and Posten Norge.
Education
Liv is educated at Trondheim Business School, BI Norwegian
Business School and has completed executive education from
INSEAD, Stanford University and Massachusetts Institute of
Technology (MIT).
Executive functions in other enterprises
and other board positions
Liv is a board member at Å Energi.
Relevant skills and competencies
Management: General · Large scale leadership · Finance and
audit committee · Mergers and acquisitions · Strategy · Risk
management · HR / remuneration
Other: Safety · Quality · Energy sector · IT & cybersecurity
· Innovation · Digitalization · Manufacturing operations
ESG: Environmental · Social · Governance
Board tenure
· Joined as Board member in 2020
Experience
Rick Rashilla has extensive leadership experience in automotive
and aerospace industries. He was a member of the Hexagon
Composites executive management team until early 2024,
serving as SVP Sustainability, SVP Research & Development
and VP Hydrogen Products. Prior to his R&D role, Rick was the
VP Hydrogen Automotive at Hexagon Purus’ location in Kassel,
Germany. Rick has 40+ years’ experience in composite materials
technology applications including filament wound pressure
vessels.
Education
Rick has a BS in Industrial Management from the University of
Cincinnati.
Executive functions in other enterprises
and other board positions
He held general management positions with General
Dynamics, Brunswick Defense and Lincoln Composites.
He served as a member of the internal management
board for various Hexagon Composites companies.
Relevant skills and competencies
Management: General · CEO / large scale leadership · Investor
and capital market relationships · Mergers, reverse mergers,
divestment, acquisitions · Strategy · Business Development ·
Legal compliance and public affairs · Risk management
Other: Safety · Quality · Aerospace sector · Sustainability ·
Technology Innovation & Transfer · Codes and Standards devel-
opment · Manufacturing operations · Relationship development
ESG: Environmental · Governance
Susana Quintana-Plaza
Board member
Nationality: Portuguese
Attendance: 100%
No. of shares: 0
Hidetomo Araki
Board member
Member of the remuneration
committee
Nationality: Japanese
Attendance: 100%
No. of shares: 0
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
4545
FROM THE BOARD ROOM | CORPORATE GOVERNANCE REPORTFROM THE BOARD ROOM | CORPORATE GOVERNANCE REPORT
Sustainability
statements
Value creation
47
Our value chain
49
General
51
ESRS 2 | Basis for preparation
51
Double materiality assessment
53
Interests and views of stakeholders
58
Environment
60
ESRS E1 | Climate change
61
Climate change mitigation
62
Energy
69
Climate scenario impacts
71
EU Taxonomy
74
ESRS E5 | Resource use and circular economy
80
Social
86
ESRS S1 | Own Workforce
87
Working conditions
88
Equal treatment and opportunities for all
91
ESRS S2 | Workers in the value chain
97
Working conditions
98
Human rights due diligence
100
ESRS S4 | Consumers and end-users
102
Information-related impacts for consumers
and/or end-users
103
Personal safety of consumers and end-users
105
Governance
107
ESRS G1 | Business Conduct
108
ESRS index
111
ESRS data points from other EU Legislation
116
Statement from the Board of Directors and Chief
Executive Officer
118
Hexagon Purus ASA | Annual report 2025
4646
SUSTAINABILITY STATEMENTS SUSTAINABILITY STATEMENTS
VALUE CREATION
A driving force for
a sustainable planet
Sustainable value creation starts from identifying and
understanding the impact we have on the planet and how
the planet impacts us through risks and opportunities.
Focusing on the environmental, social, and governance
(ESG) aspects, we have identified material impacts, risks,
and opportunities within the following topics:
• Climate change
• Resource use and circular economy
• Own workforce
• Workers in the value chain
• Consumers and end-users
• Business conduct
Our approach, actions, and outcomes for the material topics
are elaborated in their respective chapters. How we understand
and work with our sustainability strategy is aligned with our
purpose to be a driving force for a sustainable planet.
Our progress in these ESG topics will be measured by eight
internal sustainability KPIs established in 2024. These KPIs will be
monitored and reviewed regularly, and revised when necessary.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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SUSTAINABILITY STATEMENTS | VALUE CREATIONSUSTAINABILITY STATEMENTS | VALUE CREATION
Environmental Social Governance
APPROACH APPROACH APPROACH
Our products and solutions are key technology enablers in
the transition towards zero-emission mobility, contributing
to lower in-use emissions for our customers. Our
products and solutions require materials with substantial
embedded emissions, environmental impacts, or with
limited or costly applications in a circular economy.
We must limit our impacts by reducing material waste
and encouraging circularity, and minimize our own
carbon footprint to accelerate the energy transition.
Our people are the cornerstone of our success. Our value creation
relies on our employees and their competence, behaviors and
commitment. We will continue to build a safe environment, both
physically and psychologically, that allows people to be at their best.
The quality and safety of our products and solutions are essential
to our business model and future growth. We have an impact
on our value chain workers through our sourcing practices. Our
customers trust our ability to provide safe and reliable product.
Professional business conduct and solid governance structures
are fundamental to our license to operate. Hexagon Purus
originates from a proud industrial heritage with a strong culture
driving business performance and innovation, and acting with
integrity. This represents our core values – integrity and drive.
We are committed to carrying out business fairly, honestly,
and openly with no tolerance of business misconduct
in our own operations and business relationships.
ACTIONS ACTIONS ACTIONS
• Kassel and Weeze facilities passed ISO 14001 surveillance audits
• Improvement in tracking of resource inflows
• Further streamlined safety incident reporting
and consolidation process
• Kassel and Weeze facilities passed ISO 45001 surveillance audits
• Developed and launched Business Partner
Risk Management policy
• Updated Supplier and Business Partner Code of Conduct to
strengthen commitment to human rights and working conditions
• Launched company-wide learning management
system, Purus Academy, to further upskill our
employees and facilitate learning globally
• Updated and developed company policies and
procedures to strengthen governance, compliance
and risk management framework
KPIS KPIS KPIS
• GHG emissions
• Waste from manufacturing
• Lost time incident frequency rate
• Environmental and social due diligence of
suppliers and business partners
• Product related safety incidents
• Number of training hours per employee
• Gender diversity
• Completion rate of Code of Conduct training
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4848
SUSTAINABILITY STATEMENTS | VALUE CREATIONSUSTAINABILITY STATEMENTS | VALUE CREATION
Our value chain
DOWNSTREAMUPSTREAM OWN OPERATIONS
HEXAGON PURUS MANUFACTURING SITESSUPPLY CHAIN FOOTPRINT ZEROEMISSION MOBILITY
We transform purchased goods and raw materials into our products and solutions,
using the capabilities of our people and our machinery. We use energy to produce
our products and solutions, generating emissions from our production.
Our zero-emission technologies help customers reduce their
in-use GHG emissions. We always strive to ensure responsible
handling of our products at the end of their service life.
We depend on raw materials and the energy required to turn them into
components for our products and solutions. These processes account
for most of our upstream environmental and social impact.
Hydrogen
storage systems
Hydrogen
storage cylinders
Battery
systems
Hydrogen fuel
storage systems
Vehicle
integration
Use of our mobility and
infrastructure solutions
Power
generation
Mining of
minerals
and metals
Resource
extracting and
processing
Manufacturing
components
and material
Producing Hydrogen Infrastructure
and Mobility Solutions and
Battery Electric Vehicles
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SUSTAINABILITY STATEMENTS | VALUE CREATIONSUSTAINABILITY STATEMENTS | VALUE CREATION
General
ESRS 2 | Basis for preparation
51
Double materiality assessment
53
Interests and views of stakeholders
58
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SUSTAINABILITY STATEMENTS | VALUE CREATIONSUSTAINABILITY STATEMENTS | VALUE CREATION
ESRS 2 | Basis for preparation
Frameworks and data selection
The sustainability statements are prepared in
accordance with the European Sustainability
Reporting Standards (ESRS), as a part of the
Corporate Sustainability Reporting Directive
(CSRD), and the Norwegian Accounting
Act §2-3. The sustainability statements are
based on the material environmental (E),
social (S), and governance (G) topics and
datapoints identified through Hexagon Purus’
Double Materiality Assessment (DMA). The
methodology, scope, limitations, process
and outcome of the DMA can be read on
pages 53-57.
Hexagon Purus reports its greenhouse gas
(GHG) emissions following the Greenhouse
Gas Protocol (GHG Protocol). Our human rights
and working conditions reporting is based on
the OECD Guidelines, and is required by the
Norwegian Transparency Act.
Hexagon Purus operates in the following high
climate impact sectors:
• Manufacture of electrical and electronic
equipment for motor vehicles (C29.31)
• Manufacture of other parts and accessories
for motor vehicles (C29.31)
• Manufacture of other transport equipment
not covered elsewhere (C30.99)
• Manufacture of other fabricated metal
products not covered elsewhere (C25.99)
Consolidation and accounting policies
Hexagon Purus’ sustainability statements
for 2025 cover the same companies as the
financial reporting. A complete overview of
the subsidiaries included for 2025 are listed in
Note 1 in the Group Financial Statements. For
any future mergers, acquisitions, or disposals,
historical figures will be adjusted to reflect any
such events.
Hexagon Purus has three associated companies
as of 2025: CIMC-Hexagon Hydrogen Energy
Systems Limited, Norwegian Hydrogen,
and Vireon, located in China and Norway,
respectively. These companies are treated
as investments in accordance with the GHG
Protocol. As such Scope 1 and 2 GHG emissions
from the associated companies are included
in Scope 3 Category 15: Investments. Other
quantitative sustainability data points from the
associated companies are not included in the
consolidated sustainability statements.
The accounting policies for the sustainability
statements have been applied consistently
throughout the reporting period and specified
in the respective quantitative reporting. If
applicable, historical and comparative figures
have been updated accordingly.
Reporting scope boundaries
The qualitative information presented in the
sustainability statements covers our upstream
and downstream value chain, thus reflecting
the process of the DMA from a value chain
perspective. Apart from the Scope 3 GHG
inventory, which will include our value chain
data, our sustainability data points solely
include figures aligned with our consolidation
and accounting policies. We have not used the
option to omit a specific piece of information
corresponding to intellectual property, know-
how, or the results of innovation.
Changes in preparation and presenta-
tion of sustainability information
The following changes were made in 2025:
• Based on the Double Materiality Assessment
updated in 2025, three sub-sub-topics under
Own Workforce (ESRS S1) and one sub-topic
under Business Conduct (ESRS G1) are no
longer considered material for Hexagon Purus.
This change is further explained in the Double
Materiality Assessment (page 57), and reflected
in the relevant topic chapters.
• The taxonomy reporting was updated in
accordance with the EU Taxonomy Regulation
and the amended Disclosures Delegated Act
(EU) 2026/73.
• We are continuously working to improve our
reporting process and metrics. Historic data
is restated in case material reporting errors
in prior period are identified. In 2025, the
market-based Scope 2 GHG emissions have
been restated due to correction of prior-period
errors. Please see section: climate change
mitigation for more information.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
5151
SUSTAINABILITY STATEMENTS | GENERALSUSTAINABILITY STATEMENTS | GENERAL
Key accounting estimates and judgements
Hexagon Purus discloses relevant and topical
accounting policies, including estimates and
judgements, for all material topics in their
respective sections. If we do not have accurate
and complete data, we use judgments and
estimates for the reporting of some data points.
We will on a continuous basis assess the use
of estimates and judgements based on the
development of ESG reporting, increased
data maturity, and inspiration from peers,
among other factors. Changes in estimates are
recognized in the period where the estimate in
question is revised, and historical figures are
updated accordingly.
The social metrics related to own operations are
based on primary data. Certain environmental
metrics associated with own operation and/or
value chain activities are estimated using indirect
sources. This mainly applies to the environmental
data including Scope 3 GHG emissions (E1-6)
and Resource inflows (E5-4). For these data
points we have used “High”, “Medium” or
“Low” to indicate the degree of measurement
uncertainty. The measurement uncertainty is
determined based on the sources of estimations,
assumptions taken, if any, and disclosed next to
the respective metrics.
Phase-in requirements
ESRS allows for the phase-in of certain disclosure
requirements or datapoints of disclosure
requirements, which may be omitted or are not
applicable for the first year(s) of the sustainability
reporting under the ESRS. If considered material
from our DMA, these disclosure requirements,
or datapoints of disclosure requirements, will be
reported as “phase-in” in the ESRS Index.
Incorporation by reference
The disclosure requirements and data points
listed below are incorporated through reference
in management review or the financial
statements within this Annual Report, or to the
remuneration report published separately.
ESRS Index
An overview of the disclosures we report on
in accordance with ESRS, in addition to any
references, comments or omissions, can be
found in the ESRS Index in the appendix of this
report.
Assurance
The information presented in the sustainability
statements has been subject to external
assurance performed by our auditor EY. The
assurance report can be found on page 188-191.
Incorporation by reference
Topic DR Reference in AR Page(s)
GOV-1 20a, 20c Executive Management - overview
Board of Directors - overview
24, 44-45
GOV-1 20b Risk and Impact Management
32-34
GOV-1 21 Board of Directors - overview
44-45
GOV-1 22 Risk and Impact Management
32-34
GOV-1 23 Board of Directors - overview
44-45
GOV-2 26a, 26b Risk and Impact Management
32-34
GOV-2 26c Board of Directors
31
GOV-3 29 Bonuses, variable cash salary, Short-term Incentive Program
34-35
GOV-5 36 Risk management and internal controls over sustainability reporting
33-34
SBM-1 40ai,
40aii, 40e,
40f, 40g
Our business | Hydrogen and battery storage offering
Our business | Proprietary battery electric truck platform
Infrastructure applications
Mobility applications
12-13
14
19-20
21-23
SBM-1 40b
Financial Statements - Note 4 Operating segments 132-133
SBM-1 42 Strategy
11
SBM-2 45d Risk and Impact Management
32-34
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SUSTAINABILITY STATEMENTS | GENERALSUSTAINABILITY STATEMENTS | GENERAL
Double materiality assessment
Introduction
Hexagon Purus’ double materiality assessment
(DMA) was first conducted in 2024 and further
updated in 2025 in accordance with the ESRS.
During the DMA, we looked at how Hexagon
Purus’ own operations and its value chain impact
the environment and society (impact materiality).
We also assessed the financial consequences
associated with sustainability-related risks and
opportunities our business may face (financial
materiality).
The outcome of the DMA not only sets the
foundation for the CSRD reporting but also
informs the areas that are strategically important
for Hexagon Purus.
Methodologies and assumptions
Scope
Following the ESRS guidelines we developed
our methodology and defined the process steps
to perform the DMA. We started the DMA by
mapping our activities in our value chain from
upstream, our own operations, to downstream,
to identify areas where and when impacts, risks
and opportunities (IROs) may arise. The key
categories of our value chain activities include
material sourcing, product development,
manufacturing and application of products, and
treatment of end-of-life products. As we operate
a global business, the geography of these
activities was also considered.
Our value chain analysis was performed based
on our internal knowledge and the information
available to us to date. This means that our
understanding of our value chain beyond our
own operations may not be comprehensive. As
we continue to collaborate with our business
partners and engage with relevant stakeholders,
we will update and improve the DMA at least
annually or when information becomes available.
Stakeholder engagement
Stakeholder engagement is an essential part of
the DMA. We engaged both internal and external
stakeholders to gather their perspectives and
insights into the sustainability topics and how the
topics relate to Hexagon Purus. For the DMA 2025,
employee representatives and a selected customer
were the main stakeholders we engaged.
Impact materiality
How we impact
the world
Double
materiality
Financial materiality
How the world
impacts us
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SUSTAINABILITY STATEMENTS | GENERALSUSTAINABILITY STATEMENTS | GENERAL
We interviewed these stakeholders using a
pre-defined list of questions to ensure that the
interviews were conducted in a structured and
consistent manner. Before the interviews, all
the invited stakeholders received introduction
material of Hexagon Purus’ DMA. The findings
from the stakeholder interviews provided input
to the IRO identification process as well as the
establishment of thresholds for material topics.
In addition, workshops were organized with the
internal stakeholders in various steps of the DMA
to review, calibrate, and validate the identified
IROs and their significance.
For this DMA, we have not directly consulted
with the affected stakeholders beyond our own
operations such as value chain workers and
others. We mainly relied on Hexagon Purus’ own
knowledge and the feedback collected from the
stakeholders interviewed who may interact with
these affected stakeholders. We will continue to
identify and engage with our stakeholders and
make sure their interest and views are taken into
consideration in future materiality assessment.
Timeframes
When assessing the IROs, we consider when
the IROs are expected to occur in different
time horizons. These horizons align with the
definitions in ESRS.
• Short term: Impact, risk or opportunity that
currently exists or may arise within 0-1 year
• Medium term: Impact, risk or opportunity that
may arise within 2-5 years
• Long term: Impact, risk or opportunity that may
arise in >5 years
Scoring materiality and thresholds
We applied the ESRS guidance to rate the
significance of the identified IROs. The
impacts were scored based on their scale,
scope, irremediability (negative impact), and
likelihood. For the risks and opportunities, we
used the EBITDA-effect as an indicator to assess
the financial magnitudes. The product of the
financial magnitude and the likelihood gives the
significance of the risks and opportunities.
The short-term IROs were scored quantitatively,
while for the medium- and long-term IROs, a
qualitative assessment was done by commenting
on the potential development over time.
The thresholds were established after rating
the significance of the identified IROs. This
method makes it easy to determine which IROs
exceed the threshold, but allows adjustments
solely based on judgements. We will assess the
methodology for thresholds going forward.
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Processes
The DMA for 2025 was facilitated by the
global sustainability function with support
from the executive management team. The
DMA comprised four phases. The stakeholder
engagement activities provided input throughout
the first three phases before the material topics
were established. The approaches taken during
each phase are summarized below.
1. Research and gather insights
Building on the value chain analysis, we
conducted desktop research and reviewed the
information from the following sources to analyze
and pre-screen potential material topics. The
pre-screened topics were further used in the
stakeholder interviews to obtain the stakeholders’
views on them. The first phase established a
comprehensive context for the subsequent
phases of the DMA.
• ESG reporting frameworks and ratings
• Peer benchmark
• Previous materiality assessment
• Findings of the environmental and social
assessments such as human rights due
diligence
1. Research and gather insights
• Value chain analysis
• Desktop research and benchmarking
2. Identify and assess impact, risks and opportunities
• Identify, assess, and score the impact, risk and opportunity
3. Review and validate
• Workshops to review the identified IROs and their scorings.
• A validation meeting to discuss thresholds and finalize the assessment
4. Report and monitor
Stakeholder
engagement
Calibrate
The DMA Process Steps
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2. Identify and assess impact,
risks and opportunities
Based on the insights from the first phase
and the stakeholders’ input, we identified and
assessed the impacts, risks and opportunities
(IRO). When assessing impacts during this DMA,
we have not considered business activity and/
or geography specific factors that may increase
the risk of potential adverse impact. Risks or
opportunities arising from dependencies are
addressed directly in the IRO overviews in
the respective chapter. We also describe our
dependencies in our value chain overview on
page 49 and in our value creation on page 11.
3. Review and validate
An iterative process was adopted to review and
validate the IROs. The initial IROs identified
during the second phase were presented in inter-
nal workshops with members of the executive
management team. The discussion and feedback
from the workshops were taken to calibrate the
IROs and their significance.
The updated IROs were then reviewed in a valida-
tion meeting where the executive management
and the sustainability team discussed and deter-
mined the thresholds, adjusted and finalized the
assessment. Finally, the material sustainability
topics for Hexagon Purus were established.
4. Report and monitor
We will report on the material topics resulting
from the DMA process in accordance with the
CSRD on a yearly basis. Appropriate processes
and review cycles will be set up to monitor our
progress on each material topic, ranging from
addressing impacts, assessing strategy, targets,
and plans, and to implement internal controls
and enhance data quality.
For more information about how sustainability
and sustainability impacts, risks, and oppor-
tunities, resulting in the DMA, are integrated
in management processes, please refer to the
Board of Directors’ report, with subheadings Risk
and Impact Management (page 32) and Risk
management and internal controls for sustaina-
bility reporting (page 33).
Outcome
The DMA identified six material sustainability
topics for Hexagon Purus. For topics where we
primarily identified risks and/or opportunities,
these were assessed as financially material. For
topics where we primarily identified negative
and/or positive impacts, these were assessed as
material from an impact perspective. Where we
identified impacts, risks, and opportunities for
specific topics, these were assessed as material
from both an impact and a financial perspective.
Knowledge
and ownership
Gap
analysis
Double
materiality
Strategy, targets
and plants
Plan and publish
ESG reporting
Monitor
progress
Monitor regulatory
development
Internal controls
and assurance
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Our material topics:
• Climate change
• Own workforce
• Workers in the value chain
• Resource-use and circular economy
• Consumers and end-users
• Business conduct
Compared with the 2024 DMA result, we adjusted
a few sub-topics within own workforce and-
business conduct. Three sub-sub-topics under
ESRS S1 (secure employment, adequate wages,
freedom of association, the existence of works
councils and the information, consultation and
participation rights of workers) and one sub-topic
under ESRS G1 are considered not material,
based on the further review of our operations,
benchmarking against peers, as well as our
improved knowledge of ESRS. Further informa-
tion of the 2025 material topics overview, why
these topics are material, and the accompanying
impacts, risks, and opportunities in our value
chain, can be found in the introduction of each
ESRS topic chapter.
One of the intended outcomes of the DMA is
to identify which topics are not material. These
topics still serve informative purposes, and they
also inform how we should work with sustainabil-
ity. Further, it promotes the dynamic attributes of
a DMA, allowing us to consider the materiality of
these topics in the annual DMA review.
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Interests and views of stakeholders
Stakeholders both internally and externally play a crucial role in shaping Hexagon Purus’ operations. We strive for active and regular engagement and collaboration with
them. The table below explains why we engage, how we engage, what we discuss, and what we want to achieve when engaging with our stakeholders.
WHY WE ENGAGE HOW WE ENGAGE KEY TOPICS INTENDED OUTCOME
Employees and potential employees
Hexagon Purus’ employees are fundamental to our
competitive advantage and for our sustainable value
creation. They are the cornerstone of our success.
• Internal communication
platforms
• Global and local
town halls
• Department meetings
• Employee surveys and
follow-up processes
• Leadership meetings
• Training
• 1:1s
• Social gatherings
• Career fairs
• Social media
• Workforce development
• Occupational health
and safety
• Diversity, equity
and inclusion
Understanding our employees’ perception of the working
environment in order to further improve our workplace,
so that employees can develop, thrive and deliver.
Customers
Hexagon Purus’ customers have a direct impact
on our business through the purchase and use of
our products. Collaborating with our customers is
important to drive sustainable value creation.
• Emails
• Meetings
• Presentations
• Site visits
• Conferences
• Industry events
• Customer surveys
• Operational efficiency
• Pricing
• Delivery schedules
• Financial position
• Product safety
• Low carbon technology
solutions
• Climate action
• Product lifetime
• Governance
• Human rights
We are frequently in touch with our customers to
address their needs and work together on new solutions.
Close dialogue with our customers is key to plan
production schedules, ensure operational efficiency,
while maximizing the value from our products.
Investors and strategic partners
Investors and strategic partners have a direct
impact on our company through funding and their
control functions. Our investors are integral to
provide the financial and organizational capacity
to accommodate sustainable value creation.
• Presentations
• Annual General Meeting
• Meetings and roadshows
• Annual Report
• Website
• Financial position
• Corporate governance
• Compliance
• Ethics and anti-corruption
• EU taxonomy
Close dialogue with our investors and strategic partners
is important for short-term and long-term strategies.
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WHY WE ENGAGE HOW WE ENGAGE KEY TOPICS INTENDED OUTCOME
Suppliers
We source complex materials and products to enable
a future with zero-emission mobility. Building good
and stable relationships with our suppliers important
for our company. We are directly impacted by our
suppliers through their procurement methods and
ethical practices. We seek collaboration with our
suppliers and business partners to ensure that they are
aligned with our vision of sustainable value creation.
• Emails
• Supplier questionnaires
• Social media
• Website and press releases
• Meetings
• Industry events
• Presentations
• Supplier visits and audits
• Quality
• Financial position
• Responsible procurement
• Environmental action
• Anti-corruption
and integrity
• Governance
• Human rights
As with our customers, we are in touch with our suppliers
every day. We have high quality standards for our products
and solutions, thus cascading these standards to our
suppliers. With close supplier dialogue and collaboration,
we can optimize our production schedules and our
operational efficiency, while work together to reduce the
sustainability footprint in the upstream value chain.
NGOs, governments, regulators
Our operations are global. Both national and
international regulations affect our business plans and
strategy. NGOs, governments and regulators also have
expectations for us. These impact our license to operate
and accommodate our sustainable value creation.
• Partnerships
• Conferences
• Industry events
• Community events
• Public forums
• Industry associations,
advisory boards
and committees
• Research and development
• Product safety
• Regulatory development
• Anti-corruption
and integrity
• Health and safety
• Diversity and inclusion
• Environmental action
• Local community
By participating in partnerships, industry associations,
and research programs, we contribute to the energy
transition that would be favorable for our business.
Simultaneously we are informed of changes to laws and
regulations that could affect our business and operations.
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Environment
ESRS E1 | Climate change
61
Climate change mitigation
62
Energy
69
Climate scenario impacts
71
EU Taxonomy
74
ESRS E5 | Resource use and circular economy
80
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ESRS E1 | Climate change
IRO OVERVIEW
SUBTOPIC IRO VALUE CHAIN DESCRIPTION MEDIUMTERM
DEVELOPMENT
LONGTERM
DEVELOPMENT
Climate change mitigation
Products and solutions with
embedded upstream emissions
Actual negative impact Upstream Our products require materials and components that are energy- and/or material-intensive (e.g. carbon fiber,
steel, aluminum, batteries). These materials and components have embedded GHG emissions, contributing to
increasing greenhouse gas emissions
Increase Increase
Products and solutions reduce
downstream emissions
Actual positive impact Downstream Our products and solutions enable zero-emission mobility and allow our customers to avoid tailpipe CO
2
emissions.
Increase Increase
Increased speed in green
energy transition
Opportunity Downstream Positive developments in the green energy transition, regulations, and governments' supporting schemes,
increase the demand for alternative technologies and energy in the mobility sector, leading to higher demand for
our products and solutions
Increase Increase
Reduced speed in the green
energy transition
Risk Downstream Negative developments in the green energy transition, regulations, and governments' supporting schemes,
decrease the demand for our products and solutions
Stable Stable
Challenge to decarbonize Risk Own operations Regulations become more stringent and customer expectations are getting higher with regards to companies’
carbon footprint and decarbonization ability. Inability to decarbonize own operations might affect our
ticket-to-play.
Increase Increase
Energy
Energy-intensive materials
and components
Actual negative impact Upstream The key materials and components we source are energy-intensive (e.g. carbon fiber, steel, aluminum, batteries),
where increased demand for our solutions will increase energy consumption in the upstream
Increase Increase
Carbon intensive grid mix Actual negative impact Downstream Fuel cell electric vehicles (FCEV) and battery electric vehicles (BEV) are powered by hydrogen-to-electricity
conversion or electricity, respectively. The GHG emissions associated with hydrogen production and electricity
generation depend on the energy mix.
Increase Increase
Energy shortage and higher prices Risk Upstream Energy prices may go up, thus increasing the prices of materials and components which are crucial for our
products and solutions
Increase Increase
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INTRODUCTION
To combat climate change, we
need smart and scalable solutions
to reduce greenhouse gas (GHG)
emissions. Our products and
solutions are key technology
enablers in the transition towards
zero-emission mobility. We
believe our technologies and
capabilities can play an integral
role in combating climate change.
This is why we exist.
Climate change mitigation
Our approach
Climate change mitigation is at the core of our
business. We are a global leader in the hydrogen
infrastructure and zero-emission mobility space
offering hydrogen and battery energy storage
solutions and heavy-duty vehicle integration. Our
products and solutions allow our customers to
accelerate their decarbonization journey.
At the same time, we acknowledge that our
operations and supply chain activities also have
an impact on climate change. We assess this
impact through calculating and monitoring our
GHG emissions. Our Scope 1 and 2 emissions
provide us with an understanding of our own
energy use and the associated climate impact.
We are still working on completing the Scope 3
inventory across the group. Our products and
solutions require energy- and/or material-inten-
sive components and materials. Similar to other
manufacturing companies, the majority of our
sustainability footprints occur in our upstream
value chain. Carbon fiber, batteries, aluminum,
and steel, represent some of the largest contrib-
utors to the embedded GHG emissions in our
sourced materials.
Minimizing our carbon footprint is important to
lower our negative impact on climate change.
Once we have a complete overview of the GHG
inventory, we will be able to identify and imple-
ment possible emission reduction measures.
This requires resources and collaboration with
suppliers and business partners. Given the
current business challenges we are facing, decar-
bonization related initiatives are anticipated to be
planned after 2026.
We have not used climate change-related
scenario analysis such as Representative
Concentration Pathways, or similar representa-
tions of future GHG concentrations and its
expected changes in radiative forcing, to deter-
mine transition risks and opportunities or their
magnitude. We can still assess the resilience of
our business, since our strategy and business
model are largely dependent on the energy tran-
sition from fossil fuels to renewables. We are thus
exposed to both short- and long-term climate
change transition risks and opportunities, such
as developments in policy and legal frameworks,
emerging technologies, and changes in market
demand.
Our most significant climate change transition
risks originate from the delayed adoption of
zero-emission infrastructure and mobility solu-
tions. Such delays can have an impact on the
execution of our business strategy and plan.
Increased cost of capital and uncertain regulatory
support are both causing this delay. We also
experience uncertainty concerning environmental
policies in some of our key markets, contributing
to the overall transition risks. Our large capital
investments in the recent years provide us with
the operational flexibility to scale and scope the
production based on market development and
the speed of this transition, to some extent mit-
igating the risks attributed to delayed transition.
More information about market outlook and
market development can be found in the CEO
letter, the BoD report, and financial statements
respectively.
Our physical climate risk assessment indicates
that some of our facilities will be increasingly
exposed to physical climate risks in the future.
We will monitor the identified risks going forward
and continue to assess their potential impact on
our business operations.
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We do not have a stand-alone global policy
specifically referring to climate change. Our
global Environmental, Health and Safety (EHS)
Policy sets out our principles in environmental
responsibility, contributing to lowering our
climate footprint.
Our actions
Climate-related actions within own operations
are closely connected with our energy use. In
2025 our main effort has been implementing the
existing energy efficiency measures. Please see
the Energy chapter (page 69) for more informa-
tion. Wider emission reduction initiatives beyond
own operations are anticipated to be planned
after 2026.
Actions this year
• A paper baler was installed in the Weeze facil-
ity and is used to minimize the paper waste
volume. As a result, the required waste disposal
frequency is significantly reduced, which lowers
emissions from waste company’s transporta-
tion activities. A mill baler was installed in our
Kelowna facility for recyclable cardboard pack-
ages to minimize waste volume and outgoing
transportation.
Planned actions
• For our Battery Systems and Vehicle
Integration (BVI) segment, we may co-locate
battery pack production and assembly with
vehicle integration to optimize production and
minimize transportation impacts. We are also
planning to move overseas suppliers to North
America, bringing the main supplier base
closer to our North American operations. This
will further reduce transportation costs.
Targets
We have not set quantifiable climate-related
targets, including GHG emission reduction
targets for 2026 or any future period as of the
publication of this report. We will plan to set
reduction targets for Scope 1 and 2 GHG emis-
sions after 2026. This will also apply to Scope 3
categories when the inventory is complete or
improved with lower measurement uncertainty.
As such we have not established a transition
plan for climate change mitigation, including
any referenced GHG emission reduction targets,
actions, or decarbonization levers.
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RESULTS
Retrospective Milestones and target years
Base year 2024 2025 (N) % N / N-1 2025 2030 2050
Annual target % /
Base year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
2
eq) 681 883 30% N/A N/A N/A N/A
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) - - - N/A N/A N/A N/A
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 3 802 4 136 9% N/A N/A N/A N/A
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 1 922 2 812 46% N/A N/A N/A N/A
Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO
2
eq) 59 381 35 597 (40%) N/A N/A N/A N/A
Purchased goods and services 40 701 28 300 (30%) N/A N/A N/A N/A
Capital goods 15 765 3 685 (77%) N/A N/A N/A N/A
Fuel- and energy-related activities (not included in scope 1 or scope 2) 867 949 9% N/A N/A N/A N/A
Upstream transportation and distribution - - - N/A N/A N/A N/A
Waste generated in operations 265 1 122 323% N/A N/A N/A N/A
Business travel 550 358 (35%) N/A N/A N/A N/A
Employee commuting 872 774 (11%) N/A N/A N/A N/A
Upstream leased assets - - - N/A N/A N/A N/A
Downstream transportation and distribution - - - N/A N/A N/A N/A
Use of sold products - - - N/A N/A N/A N/A
End-of-life treatment of sold products - - - N/A N/A N/A N/A
Investments 361 410 14% N/A N/A N/A N/A
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq) 63 864 40 616 (36%) N/A N/A N/A N/A
Total GHG emissions (market-based) (tCO
2
eq) 61 984 39 292 (37%) N/A N/A N/A N/A
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GHG intensity per net revenue
Base year
2024 2025 (N) % N / N-1
Total GHG emissions (location-based) per net revenue (tCO
2
eq/tNOK) 0.034 0.036 4%
Total GHG emissions (market-based) per net revenue (tCO
2
eq/tNOK) 0.033 0.034 4%
Net revenue 1 875 839 1 143 892 N/A
Net revenue is reconciled with Total revenue in our Income Statement and in Note 4 Operating Segments.
Restatement
Market-based Scope 2 GHG emissions have been restated due to correction of prior-period errors. The
2024 GHG accounting did not account for the Guarantees of Origins included in the electricity purchased
by Kassel and Weeze facilities. The Guarantee of Origins should apply to market-based GHG emissions,
resulting in a reduction of market-based Scope 2 emissions (-69%) and total market-based GHG emissions
(-6%). We restate the figures for transparency and future comparability.
2024 restatement Unit
Previously
reported
Corrected
figure Change
Market-based Scope 2 GHG emissions 2024 tCO
2
eq 6 184 1 922 (69%)
Total GHG emissions (market-based) 2024 tCO
2
eq 66 246 61 984 (6%)
Total GHG emissions (market-based) per net revenue tCO
2
eq/tNOK 0.035 0.033 (6%)
Scope 1 and 2 GHG emissions
Scope 1 and 2 GHG emissions increased in 2025. This is due to a combination of the grid mix in the respec-
tive sites and their energy consumption. Our Scope 1 GHG emissions mainly originate from the natural
gas used for heating in our facilities. Weeze and Shijiazhuang constitute 26% and 22% of the total Scope
1 GHG emissions, respectively. Our facilities in Kassel and Shijiazhuang are the main contributors to our
location-based Scope 2 GHG emissions.
Scope 3 GHG emissions
Compared with 2024, the total Scope 3 GHG decreased in 2025. The reductions were mainly in purchased
goods and services (Category 1) and capital goods (Category 2), due to lower volume of purchased goods
and CapEx. In 2025 these two categories (Category 1 and 2) constitute 79% of the total location-based GHG
emissions. Scope 3 emissions from waste (Category 5) significantly increased, mainly driven by scrap cylin-
ders and their waste treatment and/or recycling processes.
The percentage of emissions calculated using primary data obtained from suppliers or other value chain
partners is 5.1%. This is applicable to Category 3 (Fuel-and energy related activities not included in Scope 1
and 2) and Category 5 (Waste). Please refer to the Methodology for GHG Accounting for more information
on estimation and uncertainty.
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Methodology for GHG Accounting
The reported metric tons of CO
2
equivalents (tCO
2
e) are calculated in accordance with the Greenhouse Gas Protocol, its standards, recommendations, and guiding documents. The data used to calculate the GHG account
includes internal and external sources and is calculated by the in-house sustainability team. The calculation method, data, and references are summarized in the following table.
Gases included for Scope 3 GHG emissions are CO
2
, CH
4
, and N
2
O. The consolidation approach follows our financial consolidation approach.
Scope 3 Categories 8, 13, and 14 are not applicable for Hexagon Purus. Scope 3 Categories 4, 9, 10, 11 and 12 are not estimated in 2025 due to lack of information and represent omissions from ESRS.
METHOD DESCRIPTION BY SCOPE AND CATEGORY
Scope Method description
Level of measurement
uncertainty
Scope 1 Direct
emissions
Emissions are calculated using activity data, and by multiplying the applicable fuel consumptions with respective emission factors. Gases included in the calculations
are CO
2
, CH
4
and N
2
O. The UK Government GHG Conversion Factors for Company Reporting (referred to as DEFRA),
1
with references to the IPCC AR5 for GWP rates, are
adopted. The activity data also covers consumption for any company-leased and owned vehicles. No direct biogenic emission is generated in 2025.
Low
Scope 2 Energy indirect emissions The product of the purchased electricity and the corresponding emission factors gives the estimated energy indirect emissions. Gases included in the calculations are CO
2
,
CH
4
and N
2
O.
Location-based emission factors: the Norwegian Water Resources and Energy Directorate (NVE)
2
(Norway) and Carbon Data Intelligence
3
(Canada, China, and U.S.).
Market-based emission factors: NVE
4
(Norway) and Carbon Data Intelligence (Canada, China, and U.S.)
Guarantees of origin are included in the electricity purchased by Kassel and Weeze facilities and applies to the market-based emissions.
Low
Scope 3 Category 1
Purchased goods
and services
Limited product- or supplier-specific data is currently available. Average-data method is applied to estimate emissions for the top 10 materials (sorted based on spend)
purchased by each facility or business unit in 2025.
5
The emissions are calculated by multiplying the material mass with emission factors from ecoinvent 3.11 and EuCIA. We
have assumed that the forementioned materials represent the majority of purchased goods in terms of emissions. The remaining purchased goods, non-production-related
products and services are not included in the calculation.
To capture emissions associated with sales, general, and administrative expenses (SG&A), spend-based method is adopted using the US Environmentally-Extended Input-
Output model (USEEIO v2.0.1-411.6).
The uncertainty of this category is high, due to the large degree of generalization in the assumptions and emission factors taken in both average- and spend-based methods.
High
Category 2
Capital goods
Supplier- or product-specific information is not available, average spend-based method is applied to estimate the emissions with the company’s capital expenditures
during the reporting period. The referenced emission factors are based on 2021 data for average purchases for each category in Norway, with update from 2024, from
the Norwegian Agency for Public and Financial Management (DFØ).
6
Emissions from capital goods include Spend-based method relies on secondary (e.g., industry
average) emission factors, which is considered less representative than product- or supplier-specific data. The uncertainty of this category is therefore high.
High
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SUSTAINABILITY STATEMENTS | ENVIRONMENTSUSTAINABILITY STATEMENTS | ENVIRONMENT
Scope Method description
Level of measurement
uncertainty
Scope 3 Category 3
Fuel- and energy-related
activities not included in
Scope 1 or Scope 2
Under this category, the upstream emission of purchased fuels and purchased electricity are relevant to Hexagon Purus. The emissions are
estimated using the amount of fuel and electricity and the corresponding well-to-tank emission factors from DEFRA and Carbon Footprint. Under
this category, the upstream emission of purchased fuels and purchased electricity are relevant to Hexagon Purus. The emissions are estimated
using the amount of fuel and electricity and the corresponding well-to-tank emission factors from DEFRA and Carbon Footprint.
7
Low
Category 4
Upstream transportation
and distribution
This category is not estimated for 2025 due to lack of information. -
Category 5
Waste generated in operations
Waste-type-specific method is applied. Emissions are calculated by multiplying the quantity of waste treated and the corresponding emission
factors. The emission factors are from DEFRA and ecoinvent v3.11. For scrap cylinders and scrap carbon fiber recycling, the emission factor reported
by the JEC Group
8
is adopted with the assumption that the ultimate product of both recycling activities would be recycled carbon fiber.
Emissions data directly from waste treatment companies is currently not available. Using emission factors from DEFRA means
a large degree of generalization. Certain characteristics of waste treatment activities and regional or country differences may
be overlooked in this calculation. The uncertainty of this category’s emission estimation is therefore high.
High
Category 6
Business travel
Only the emissions arising from business air travel are accounted for in this category in 2025. Distance-based method is applied. For the travels undertaken by the employees
based in Norway and Germany, the emissions are calculated by multiplying the passenger-kilometers traveled and the DEFRA emission factors capturing non-CO
2
radiative
forcing. For the U.S., Canada, and China, the data is currently insufficient to apply either distance- or spend-based method. Business travel emissions from these locations
are estimated by calculating passenger-kilometers travelled per employee for Norway and Germany, multiplied by number of employees for the respective countries.
Conversion factors account for domestic, continental, and inter-continental flights. For simplicity the differences
among business and economy classes are not considered due to data limitations.
Medium
Category 7
Employee commuting
A commuting survey conducted across all our locations in early 2025 was used to estimate Category 7 emissions. This survey captured work location,
commuting distance to work, modes of transportation, and home working. Due to change in headcounts during 2025, we have assumed the same
commuting pattern and ratios apply to the existing employees. Distance-based method is used together with DEFRA emission factors.
Medium
Category 8
Upstream leased assets
Not applicable. -
Category 9
Downstream transportation
and distribution
This category is not estimated for 2025 due to lack of information. -
Category 10
Processing of sold products
This category is not estimated for 2025 due to lack of information. -
Category 11
Use of sold products
This category is not estimated for 2025 due to lack of information. -
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SUSTAINABILITY STATEMENTS | ENVIRONMENTSUSTAINABILITY STATEMENTS | ENVIRONMENT
Scope Method description
Level of measurement
uncertainty
Scope 3 Category 12
End-of-life treatment
of sold products
This category is not estimated for 2025 due to lack of information.
-
Category 13
Downstream leased assets
Not applicable.
-
Category 14
Franchises
Not applicable.
-
Category 15
Investment
A combination of average-data method and investment specific method is used. Average-data method is used for the
investment in Norwegian Hydrogen AS with the following input factors: investment share in the respective companies; most
recent available revenue figures; spend-based factors from EXIOBASE 3, specific to countries and industries.
For the investment in CIMC-Hexagon Hydrogen Energy Systems Ltd, the investment-specific method was used. Estimates are made by collecting relevant activity data for
Scope 1 and 2, e.g. emissions originating from consumption of natural gas and electricity respectively, and multiplying this with Hexagon Purus’ share in the company.
Scope 3 emissions of investment are not considered significant given the share of investment, activity level and types undertaken by these investment companies.
High
1
UK Government, “Greenhouse Gas Reporting: Conversion Factors 2025,” June 10, 2025, https://www.gov.uk/government/publications/
greenhouse-gas-reporting-conversion-factors-2025.
2
Noregs vassdrags- og energidirektorat, “Hvor Kommer Strømmen Fra?,” February 20, 2025, https://www.nve.no/energi/energisystem/
kraftproduksjon/hvor-kommer-stroemmen-fra/.
3
Carbon Data Intelligence by Carbon Footprint, https://www.carbondi.com/
4
Noregs vassdrags- og energidirektorat, “Varedeklarasjon for Strømleverandører,” January 10, 2024, https://www.nve.no/energi/virkemidler/
opprinnelsesgarantier-og-varedeklarasjon-for-stroemleverandoerer/varedeklarasjon-for-stroemleverandoerer/.
5
Please refer to E5-4 Resource inflow in Chapter ESRS E5 Resource use and circular economy
6
the Norwegian Agency for Public and Financial Management (DFØ), “Utslippsfaktorer for Statlige Innkjøp,” 2022, https://dfo.no/
nokkeltall-og-statistikk/innkjop-i-offentlig-sektor/utslippsfaktorer-statlige-innkjop.
7
Carbon Footprint Ltd, “International Electricity Factors,” International Electricity Factors, 2024, https://www.carbonfootprint.com/docs/2024 07
international electricity factors 1.xlsx.
8
JEC Group, “Thermolysis Launches Fully Recyclable Products Using Recycled Carbon Fibre at JEC World 2024,” 2024,
https://www.jeccomposites.com/news/spotted-by-jec/thermolysis-launches-fully-recyclable-products-using-recycled-
carbon-fibre-continuing-to-promote-the-carbon-fibre-industry-towards-a-circular-economy/?news type=annou
ncement,business,process-manufacturing,product-technology&end use application=aerospace,automotive-road-
transportation,other-composites-end-use-areas,sports-leisure-recreation&tax product=carbon-fiber,recycling&exceptionaltags=
jec-world-2024,sustainability.
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SUSTAINABILITY STATEMENTS | ENVIRONMENTSUSTAINABILITY STATEMENTS | ENVIRONMENT
Energy
Our approach
The speed of the energy transition is impacted
by a balancing act between accommodating for
current and future needs. Shifting from fossil fuel
sources to renewable energy requires investments
in technologies and infrastructure. This balancing
act also affects us. Our main input materials and
components, such as carbon fiber, batteries,
aluminum, and steel, are energy-intensive in
the extraction or the processing of raw materials.
Increased demand for our zero in-use emission
solutions will also increase energy consumption in
our upstream value chain.
Increased demand for our products and solutions
will also affect energy demand in our downstream
value chain. Our battery-electric mobility solutions
rely on electrical energy, while our hydrogen infra-
structure and mobility applications support the
use of hydrogen as a fuel source, the production
of which may also be energy-intensive.
Both our suppliers and our customers are
therefore affected by changes in energy prices.
Higher energy prices increase our expenses for
important materials and components, and will at
the same time also increase cost of ownership for
our customers. We mitigate some of our upstream
risks with longer-term, strategic agreements with
our most important suppliers, thus reducing our
exposure to volatile energy prices.
Guided by our global Environmental, Health
and Safety (EHS) policy, we promote the use
of renewable energy and energy conservation
wherever feasible in our own operations. Many
of our facilities have been built or upgraded in
recent years with energy efficient designs. Our
Kassel facility’s heating technology is based
on heat pumps. LED is used for the majority
of lighting equipment in both the Weeze and
Kassel facilities. In these two locations we also
have photovoltaics (PV) installed on the roof. The
generated energy is primarily used for our own
consumption. The extra electricity is provided to
the grid whenever energy consumption is lower
than the energy produced.
Our actions
Actions this year
• Kassel and Weeze facilities passed ISO 14001
surveillance audits and continue to operate
according to the standard to systematically
improve our environmental management.
Planned actions
• The solar PV installed in the Weeze facility will
go online in 2026. This was originally planned
in 2025 but postponed to 2026. The PV system’s
is designed to provide maximum output of 527
kWp. Once operational, this will reduce reliance
on external energy sources and increase the
use of renewable energy
Targets
Although quantifiable energy-related targets
have not yet been set for 2025 or future periods
as of the publication of this report, energy opti-
mization will always be a priority for Hexagon
Purus. We continue to identify and implement
measures lowering our energy intensity. While
total energy consumption may increase when we
go from scale-up to mass production, we expect
to reap the benefits of more streamlined and
efficient operations.
Photo: Stadler
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SUSTAINABILITY STATEMENTS | ENVIRONMENTSUSTAINABILITY STATEMENTS | ENVIRONMENT
RESULTS
Fuel and energy consumption
(MWh) 2025 2024 Unit
Coal and coal products - - MWh
Crude oil and petroleum products 436 190 MWh
Natural gas 3 990 3 269 MWh
Other fossil sources - - MWh
Purchased/acquired energy from fossil sources 5 060 4 496 MWh
Electricity 5 060 4 496 MWh
Heat (district heating) - - MWh
Steam - - MWh
Cooling - - MWh
Fossil sources 9 487 7 956 MWh
Nuclear 782 549 MWh
Nuclear sources 782 549 MWh
Biomass - - MWh
Biofuels - - MWh
Biogas - - MWh
Green hydrogen 1 - MWh
Purchased/acquired energy from renewable sources 4 231 4 127 MWh
Electricity 4 195 4 086 MWh
Heat (district heating) 36 41 MWh
Steam - - MWh
Cooling - - MWh
Consumption of self-generated non-fuel renewable energy 614 35 MWh
Renewable sources 4 847 4 162 MWh
Total fuel and energy consumption 15 115 12 666 MWh
Share of fossil sources in total energy consumption 63% 63%
Share of nuclear sources in total energy consumption 5% 4%
Share of renewable sources in total energy consumption 32% 33%
Energy intensity based on net revenue
2025 2024 Unit
Total fuel and energy consumption 15 115 12 666 MWh
Net revenue 1 143 892 1 875 839 tNOK
Energy intensity 0.0000132 0.0000068 MWh/NOK
§ - Accounting policies
The consumption of each energy and/or fuel cate-
gory is reported by each facility, then consolidated at
the group level. Hexagon Purus generates electricity
from renewable sources at the Kassel facility (solar
PV). The energy consumed from this generation
is reported under consumption of self-generated
non-fuel renewable energy, thus avoiding dou-
ble-counting. All of Hexagon Purus’ activities are
in high climate impact sectors as defined in Com-
mission Delegated Regulation (EU) 2022/1288. As
such, both total energy and fuel consumption and
revenue figures include all consolidated entities. The
denominator in the energy intensity calculation is
equivalent to “Total revenue” in our Group Income
Statement, found on page 120, and in Note 4 Oper-
ating Segments and Note 5 Revenue from contracts
with customers in the Group Financial Statements.
The reported metrics have not been validated by an
external body.
Estimates
To allocate the share between purchased/acquired/
energy from fossil sources, nuclear sources, and
renewable sources, the grid mix in the respective
countries has been used.
Energy from natural gas has been converted to
MWh using suitable conversion factors, following
Annex II of the Fifth Assessment IPCC report.
Level of measurement uncertainty: Low
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Climate scenario impacts
Operating production facilities in five different countries across three
continents means we are exposed to various climate change risks
and opportunities.
Our strategy and business model are directly
linked to the opportunities in the energy
transition from fossil fuels to renewables. We
also face equivalent risks in case the transition
happens slower than initially expected. Climate-
related transition risks and opportunities are
therefore an integrated aspect of our business.
We monitor changes in regulatory development,
innovation and new technology, and consumer
preferences in the markets where we operate,
ultimately affecting the applicability of our
products and solutions.
In 2023, a physical climate change risk
assessment was conducted for our production
facilities in Germany, Canada, and the U.S. Our
facilities in Dallas (U.S.), Shijiazhuang (China),
and Norway were not part of this assessment.
These facilities will be included when we reassess
physical climate change risks for our production
facilities. The scope of the risk assessment was
limited to our own physical assets. We have not
yet assessed the climate risk of our supply chain
and sourcing of our key input materials.
Our exposure to climate-related natural hazards
has been evaluated for present-day conditions
and 2030 and 2050, using Shared Socioeconomic
Pathways (SSP) from IPPC’s Sixth Assessment
Report on climate change in 2021. SSPs are used
to derive GHG scenarios with different climate
policies. The pathways used in this assessment
are SSP1-2.6 (Paris-aligned below 2°C warming
by 2100), and SSP3-7.0 (reasonable worst-
case scenario) where the former estimates a
temperature increase of 1.8°C and the latter a
temperature increase of 3.6°C in 2100.
The following climate hazards were included in
the screening:
RISK TYPE TEMPERATURE WIND WATER SOLID MASS
Chronic
Change in
temperature patterns
Changing wind
patterns
Changing precipitation
patterns
Coastal
erosion
Heat stress
Hydrological
variability
Soil
degradation
Temperature
variability
Ocean acidification Soil erosion
Permafrost
thawing
Saline intrusion Solifluction
Sea level rise
Water stress
Acute
Heatwave Extreme wind Drought Avalanche
Cold wave
Dust and
sandstorms
Extreme
precipitation
Landslide
Wildfire Tornado River flooding Subsidence
Thunderstorm Coastal flooding
Denotes hazards found to be negligible sites in scope of risk assessment
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The climate risk exposure assessment has been
performed in three time periods: Present (2020),
near-term (2030), and long-term (2050). These
time horizons deviate from the ones defined by
ESRS for short-, medium- and long-term, but
align with near-term and long-term milestones
set in the Paris Agreement for emissions
reductions and aligns with the requirements in
the EU Taxonomy.
The table to the right summarized the findings
of the climate risk assessment. Risks are only
indicated for facilities with existing risk exposure
assessed as “High” or above, irrespective of
whether risk exposure is expected to change over
the years, or with existing risk exposure assessed
as “Low” or above, where the risk exposure is
likely to change.
RISKS KASSEL KELOWNA ONTARIO WEEZE WESTMINSTER
Flooding River flood
High
Extreme
precipitation
Low Low High Low High
Flash flooding
terrain
Yes Yes Yes
Wildfire Wildfire
High Very high
Wind/storm Extreme wind
Medium High Medium
Thunderstorm
Low Low Low
Heat Heat stress
Medium
Heat wave
Low Medium High Medium Low
Dry Water stress
High Medium Very high High
Drought
High Medium Very high High
Cold Ice storm
High
Heavy snowfall
Medium High High
Cold wave
Low Medium High Medium Low
Arrow pointing up represents (likely) increasing exposure over time Arrow pointing down represents (likely) decreasing exposure over time
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The assessment shows that our facilities in
Ontario, Weeze, and Westminster are the most
exposed to acute and chronic climate change
risks in the future. Wildfires already poses risks
to our facility in Ontario, and the risk is expected
to increase in the future. However, the facility in
Ontario will be vacated once its lease expires in
March 2026, and will no longer be a part of the
Company’s operating footprint going forward.
For Weeze, the climate risk exposure to river
flooding, water stress, and droughts is currently
high and expected to increase.
The current climate risk assessment is limited to
hazard screening and the exposure of climate-
related hazards in the present and the future
for the facilities listed above. We have not yet
evaluated the potential financial implications
originating from physical climate risks in each
scenario. The climate scenarios used in the
physical risk assessment are not connected
with climate-related assumptions made in the
financial statements, if any.
Our facilities in Weeze and Kassel have included
general climate-related considerations in their
emergency preparedness and contingency
planning. Going forward we aim to complete the
climate risk assessment for all Hexagon Purus’
production facilities, assess vulnerability to the
risks identified, and build adaptive measures, if
relevant. This quantitative physical climate risk
assessment should be supported by a climate
transition risk assessment.
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EU Taxonomy
Hexagon Purus’ disclosure on the EU Taxonomy
for 2025 is prepared in accordance with the
EU Taxonomy Regulation and the amended
Disclosures Delegated Act (EU) 2026/73.
Taxonomy-eligible activities
Hexagon Purus has identified its taxonomy-
eligible activities by screening the economic
activities in the Climate Delegated Act, the
Complementary Climate Delegated Act,
the Environmental Delegated Act, and the
amendments to the Climate Delegated Act.
The following activities are identified as eligible
activities in relation to the climate change
mitigation objective.
• 3.2 Manufacture of equipment for the
production and use of hydrogen
• 3.4 Manufacture of batteries
• 3.6 Manufacture of other low
carbon technologies
• 3.18 Manufacture of automotive
and mobility component
Hexagon Purus also engages in manufacture of
low carbon technologies for transport (activity
3.3) and manufacture of rail rolling stock constit-
uents (activity 3.19) that are taxonomy-eligibility
relevant for climate change mitigation. We have
opted to exclude these two activities in the rele-
vant taxonomy KPIs assessment for 2025 as they
are below the materiality threshold.
Taxonomy alignment assessment
To qualify as a sustainable economic activity
(taxonomy-aligned), an economic activity must:
• Substantially contribute to one or more of the
six environmental objectives (climate change
mitigation; climate change adaptation; water;
pollution; circular economy; and/or biodiversity);
• Do no significant harm (DNSH) to the other five
environmental objectives;
• Comply with minimum safeguards covering
social and governance standards; and
• Comply with the technical screening criteria for
the environmental objectives.
Hexagon Purus’ eligible activities have been
assessed against Annex I of the Climate Delegated
Act. The technical screening criteria have been
assessed for each activity, while the minimum
safeguards have been assessed at the Group level.
Substantial contribution
Climate change mitigation
Hexagon Purus has assessed whether any of our
taxonomy-eligible activities fulfil the substantial
contribution criteria (SCC) to climate change
mitigation.
Activity 3.2 (Manufacture of equipment for the
production and use of hydrogen)
Hexagon Purus manufactures equipment for the
use of hydrogen, such as hydrogen distribution
modules, hydrogen ground storage solutions, and
hydrogen refuelers. This meets the substantial
contribution criteria for climate change mitigation.
Activity 3.4 (Manufacture of batteries)
Hexagon Purus provides high energy density
battery packs and fully integrated electrified
accessory systems for applications in commercial
medium- and heavy-duty vehicles that have
zero-tailpipe carbon emissions. The substantial
contribution criteria set out in activity 3.4 are
considered met.
Activity 3.6 (Manufacture of other low carbon
technologies)
Our industrial gas distribution and ground
storage solutions are currently used for a variety
of gases, including hydrogen. The technology
supports activities aimed at substantial GHG
emission reductions in several sectors. As life cycle
assessment and life-cycle GHG emission savings
calculations have not yet been performed, the
substantial contribution criteria for activity 3.6
could not be deemed fulfilled in 2025.
Activity 3.18 (Manufacture of automotive and
mobility components)
Hexagon Purus manufactures Type 4 cylinders
designated for hydrogen-powered vehicles.
We also provide vehicle integration for battery-
electric heavy-duty trucks. These products and
solutions allow various mobility applications to
operate with zero tailpipe CO
2
emissions. To the
best of our knowledge, none of our customers
use our products and services to transport fossil
fuels. The substantial contribution criteria are
considered met.
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SUSTAINABILITY STATEMENTS | ENVIRONMENTSUSTAINABILITY STATEMENTS | ENVIRONMENT
Do no significant harm
Climate change adaptation
A physical climate risks assessment for current
and future chronic and acute climate hazards
was conducted in 2023. Please see chapter:
Climate Risk Scenarios (page 71). This climate
risk screening did not cover all our taxonomy
eligible activities (Dallas and Shijiazhuang were
not assessed). For the sites where climate risks
have been identified in the 2023 assessment,
vulnerability assessments have not been
performed. Based on the above we are not
able to conclude whether the DNSH criteria for
climate change adaptation are met.
Sustainable use and protection of
water and marine resources
Hexagon Purus’ manufacturing activities and
operations at our current locations require
insignificant water use relative to the identified
water quality and water stress, using both a 2030
and 2050 scenario. For processes that require
some water usage, we rely on closed-loop water
systems. The criteria are considered met.
Transition to a circular economy
All Hexagon Purus economic activities assess
the availability of and, where feasible, adopt
techniques that support:
b. design for high durability, recyclability, easy
disassembly and adaptability of products
manufactured; and
c. waste management prioritizing recycling over
disposal in the manufacturing process.
For a) reuse and use of secondary raw
materials, and re-used components in products
manufactured; and d) information on and
traceability of substances of concern throughout
the life cycle of the manufactured products,
the assessment and/or adoption of supporting
techniques have not yet been performed and/or
documented.
Pollution prevention and control
Hexagon Purus follows the applicable regulations
concerning pollution and use of regulated
chemical substances. We are currently compiling
the relevant documentation. For 2025 we have
not been able to provide a complete list of
documentation demonstrating compliance with
Appendix C to Annex I of the Climate Delegated
Act. DNSH for pollution prevention and control
cannot yet be concluded.
Protection and restoration of bio-
diversity and ecosystems
Our facilities in Kassel, Kelowna, and Weeze
are located near biodiversity-sensitive areas.
Although Environmental Impact Assessment is
not required by regulation for the forementioned
sites, we have not yet conducted or documented
a screening to determine whether an appropriate
impact assessment on protected habitats and
species is required. For 2025 this criterion cannot
yet be concluded.
Minimum safeguards
Hexagon Purus’ Human Rights and Working
Conditions Policy sets out our commitment
to respect human rights. The policy lives up
to the UN Guiding Principles on Business and
Human Rights, and the OECD Guidelines
for Multinational Enterprises, including the
principles in the Declaration of the International
Labor Organization on Fundamental Principles
and Rights at Work (ILO) and the International Bill
of Human Rights throughout our own operations
and in our supply chain. Hexagon Purus
regularly conducts human rights due diligence
and risk screening, in line with the Norwegian
Transparency Act, and communicate our key
actions and progress in our annual Transparency
Act Statement.
Hexagon Purus’ standards and expectations with
respect to human rights, corruption and bribery,
fair competition and taxation are included in
our Code of Conduct. The Code of Conduct
is applicable to all employees and is part of
mandatory modules in the global Learning
Management System.
As part of the Group’s risk management
framework, the risks associated with minimum
safeguards in our own operation as well as value
chain are assessed and monitored on a regular
basis. In 2025, no signs of non-compliance with
the minimum safeguards were identified nor
reported.
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SUSTAINABILITY STATEMENTS | ENVIRONMENTSUSTAINABILITY STATEMENTS | ENVIRONMENT
Performance
In both 2024 and 2025, Hexagon Purus’ taxono-
my-aligned turnover (revenue), CapEx, and OpEx
remain unchanged (0 per cent).
Turnover (revenue)
83 per cent of our 2025 revenue is taxonomy-
eligible (2024: 96 per cent). The change compared
with 2024 is mainly due to the increased
proportion of revenue from non-eligible activities
such as aerospace applications. In 2025, 39 per
cent of the taxonomy-eligible revenue is related
to activity 3.18, and 30 per cent related to activity
3.2. For more information about key drivers to
changes in revenue, please refer to the financial
results in the BOD report (page 26) and the
financial statement.
CapEx
The 2025 capital expenditure (209 418 tNOK) has
decreased (2024: 636 470 tNOK) as most of our
major capital investments have been completed
during and before 2024. With the combination
of this change and the relevant expenditures
associated with each eligible activity, 82 per cent of
our 2025 CapEx is taxonomy-eligible (2024: 96 per
cent). In 2025 the taxonomy-eligible CapEx is
mainly related to activity 3.4, activity 3.2, and activity
3.18. Please refer to the accounting policies for
more information about taxonomy-eligible CapEx.
OpEx
Of our 2025 OpEx, 95 per cent is taxonomy-eligible
(2024: 98 per cent). 65 per cent of the eligible
OpEx is related to activity 3.18 (2024: 65 per cent).
CapEx Plan
Under the EU Taxonomy regulation, CapEx and
OpEx can be assessed as taxonomy-aligned if they
are part of a plan that allows taxonomy-eligible
economic activities to become taxonomy-aligned
or expand the taxonomy-aligned economic
activities. In 2025 Hexagon Purus management
has approved an investment plan (CapEx Plan)
as part of our commitment to meet the criteria
set out by the EU Taxonomy in the next five years.
This CapEx Plan includes actions primarily related
to technical assessment and measures of DNSH
criteria and life cycle assessment. The outcome
of the technical assessments would inform the
degree of the taxonomy alignment, and/or
whether further actions are required to achieve
alignment. The progress of the CapEx Plan will
be regularly monitored and potential adjustment
to the CapEx Plan may be made in the coming
reporting periods.
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Summary KPIs
Breakdown by environmental objectives of Taxonomy-aligned activities
2025
Total
Proportion
of Taxonomy
eligible
activities
Taxonomy
aligned
activities
Proportion
of Taxonomy
aligned
activities
Climate Change
Mitigation
Climate Change
Adaptation Water
Circular
Economy Pollution Biodiversity
Proportion
of enabling
activities
Proportion of
transitional
activities
Not assessed
activities
considered
non-material
Taxonomy
aligned
activities
in previous
financial year
(2024)
Proportion
of Taxonomy
aligned
activities
in previous
financial year
(2024)KPI
tNOK % tNOK % % % % % % % % % % tNOK %
Turnover 1 143 892 83 - - - - - - - - - - 1 - -
CapEx 209 419 82 - - - - - - - - - - 1 - -
OpEx 49 594 95 - - - - - - - - - - 1 - -
Proportion of turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities
Environmental objective of Taxonomy aligned activities
2025
Code
Proportion of
Taxonomy eligible
Turnover
Taxonomy aligned
KPI (monetary
value of Turnover)
Taxonomy aligned
KPI (Proportion of
Taxonomy aligned
Turnover)
Climate
Change
Mitigation
Climate
Change
Adaptation Water
Circular
Economy Pollution Biodiversity
Enabling
activity
Transitional
activity
Proportion of
Taxonomy aligned
in Taxonomy
eligibleEconomic Activities
% tNOK % % % % % % %
(E where
applicable)
(T where
applicable) %
Manufacture of equipment for the production and use of hydrogen CCM 3.2 30 - - - - - - - - E n.a. -
Manufacture of batteries CCM 3.4 4 - - - - - - - - E n.a. -
Manufacture of other low carbon technologies CCM 3.6 11 - - - - - - - - E n.a. -
Manufacture of automotive and mobility components CCM 3.18 39 - - - - - - - - E n.a. -
Sum of alignment per objective - - - - - -
Total 83 - - - - - - - - -
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Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities
Environmental objective of Taxonomy aligned activities
2025
Code
Proportion
of Taxonomy
eligible CapEx
Taxonomy
aligned KPI
(monetary value
of CapEx )
Taxonomy
aligned KPI
(Proportion
of Taxonomy
aligned CapEx)
Climate
Change
Mitigation
Climate
Change
Adaptation Water
Circular
Economy Pollution Biodiversity
Enabling
activity
Transitional
activity
Proportion of
Taxonomy aligned
in Taxonomy
eligibleEconomic Activities
% tNOK % % % % % % %
(E where
applicable)
(T where
applicable) %
Manufacture of equipment for the production and use of hydrogen CCM 3.2 19 - - - - - - - - E n.a. -
Manufacture of batteries CCM 3.4 36 - - - - - - - - E n.a. -
Manufacture of other low carbon technologies CCM 3.6 5 - - - - - - - - E n.a. -
Manufacture of automotive and mobility components CCM 3.18 23 - - - - - - - - E n.a. -
Sum of alignment per objective - - - - - -
Total 82
- - - - - - - - -
Proportion of OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities
Environmental objective of Taxonomy aligned activities
2025
Code
Proportion
of Taxonomy
eligible OpEx
Taxonomy
aligned KPI
(monetary value
of OpEx)
Taxonomy
aligned KPI
(Proportion
of Taxonomy
aligned OpEx)
Climate
Change
Mitigation
Climate
Change
Adaptation Water
Circular
Economy Pollution Biodiversity
Enabling
activity
Transitional
activity
Proportion of
Taxonomy aligned
in Taxonomy
eligibleEconomic Activities
% tNOK % % % % % % %
(E where
applicable)
(T where
applicable) %
Manufacture of equipment for the production and use of hydrogen CCM 3.2 18 - - - - - - - - E n.a. -
Manufacture of batteries CCM 3.4 8 - - - - - - - - E n.a. -
Manufacture of other low carbon technologies CCM 3.6 4 - - - - - - - - E n.a. -
Manufacture of automotive and mobility components CCM 3.18 65 - - - - - - - - E n.a. -
Sum of alignment per objective - - - - - -
Total 95
- - - - - - - - -
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§ - Accounting policies
Turnover (revenue)
For turnover in the taxonomy reporting, Hexagon Purus refers to revenue from contracts with customers (IFRS 15).
Hexagon Purus maintains an overview of revenue based on application for determining taxonomy-eligible turn-
over. This ensures appropriate allocation among the economic activities and avoids double-counting. In 2025, the
BVI revenue has been allocated between activity 3.4 (Kelowna) and activity 3.18 (Dallas). This updated allocation
reflects the different economic activities at these two locations in accordance with the EU Taxonomy. The change
was previously described as a future development in the 2024 Annual Report.
The sum of taxonomy-aligned revenue, taxonomy-eligible revenue, and taxonomy non-eligible revenue can be
reconciled with Total revenue in the Group Income statement. For further information on our revenue accounting
principles, please refer to Note 2 in the Group’s financial statements.
CapEx
CapEx in the taxonomy disclosure includes net additions at cost price to Property, Plant and Equipment (Note 7),
Intangible Assets (Note 8), and Leases (Note 10). Some of Hexagon Purus’ facilities manufacture products and
solutions for multiple taxonomy-eligible activities. For these facilities, we allocate capital expenditure between
the activities based on the proportion of revenue per application. This also ensures no double counting. Table
1 provides the breakdown of the figures included in the CapEx reporting at economic activity level.
Table 1 CapEx breakdown by economic activity
(tNOK)
Activity PPE Intangibles RoU
3.2 Manufacture of equipment for the production and use of hydrogen 22 003 10 293 6 541
3.3 Manufacture of low carbon technologies for transport
1
1144 - -
3.4 Manufacture of batteries 38 297 37 723 -
3.6 Manufacture of other low carbon technologies 7 619 5 2 727
3.18 Manufacture of automotive and mobility components 25 358 21 414 789
3.19 Manufacture of rail rolling stock constituent
1
239 128 13
Non-eligible activities 16 115 6 467 12 545
Total 110 775 76 029 22 614
1
This activity is considered non-material for 2025. Its relevant CapEx is provided for information purpose only.
OpEx
Hexagon Purus has a conservative approach to defining OpEx for taxonomy reporting by only including oper-
ating expenditures related to non-capitalized costs for research and development. Some of Hexagon Purus’
facilities manufacture products and solutions for multiple taxonomy-eligible activities.
For these facilities, we allocate operational expenditure between the activities based on the proportion of revenue
per application. Table 2 shows the breakdown of the figures included in the OpEx reporting at economic activity
level.
Table 2 OpEx breakdown by economic activity
(tNOK)
Activity
Plant/equipment
maintenance
and repair
Engineering and
technical product
3.2 Manufacture of equipment for the production and use of hydrogen 4 455 4 345
3.3 Manufacture of low carbon technologies for transpor
2
7 -
3.4 Manufacture of batteries 2 634 1 178
3.6 Manufacture of other low carbon technologies 1 250 839
3.18 Manufacture of automotive and mobility components 13 128 19 284
3.19 Manufacture of rail rolling stock constituent
2
214 334
Non-eligible activities 1 614 312
Total 23 303 26 291
3
This activity is considered non-material for 2025. Its relevant OpEx is provided for information purpose only.
Taxonomy non-eligible KPIs
Turnover, CapEx, and OpEx associated with non-eligible activities (not included in the Delegated Acts) have
been determined. With a conservative approach to taxonomy non-eligible KPIs, Hexagon Purus does not include
turnover, CapEx, and/or OpEx where there might be uncertainties concerning eligibility and/or alignment.
Restatements will be addressed in cases where incidents requiring historical restatement are identified.
Non-eligible activities are either classified as Aerospace or Other, where the former is not defined in the EU
Taxonomy and the latter represents the conservative approach.
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ESRS E5 | Resource use and circular economy
IRO OVERVIEW
SUBTOPIC IRO VALUE CHAIN DESCRIPTION
MEDIUMTERM
DEVELOPMENT
LONGTERM
DEVELOPMENT
Resource inflows, including resource use
Resource-intensive materials
and components
Actual negative impact Upstream Our products and solutions require material and components that use energy and natural or industrial resources
during their production processes, causing environmental burden.
Carbon fiber, steel, aluminum, and batteries are typically energy- and resource-intensive and are all crucial to our
business.
Increase Increase
Use of virgin materials Actual negative impact Upstream Use of recycled materials is not yet feasible due to quality constraints. None of our key materials and components
are currently from recycled sources, which contributes to resource use and depletion.
Increase Increase
Material efficiency in own operations Actual negative impact Own operations The material efficiency in our production processes has a direct effect and impact on resource use. Stable Stable
Lack of circularity measures and design Risk Own operations Very few feasible solutions exist today to properly recycle composite materials and batteries, which makes
designing and implementing circularity measures difficult. Lack of circularity measures and design may make our
products less favorable.
Increase Stable
Resource outflows related to products and services
Lack of circularity measures and design Actual negative impact Downstream The end-of-life products containing composite materials and/or batteries are difficult to recycle. Treatment often
involves energy-intensive and/or chemical processes.
Increase Increase
Waste
Waste handling requiring
energy and resources
Actual negative impact Own operations Waste generated from our production activities are incinerated, chemically or physically treated, sent to landfill, or
recycled (when possible). These waste disposal activities require energy and resources, leading to environmental
impacts.
Increase Increase
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INTRODUCTION
Hexagon Purus’ cylinders, hydrogen storage and distribution systems,
and fuel cell and battery electric systems are key technology enablers
in the transition towards zero-emission mobility. We acknowledge
that our products require materials and components with substantial
embedded emissions and environmental impact, and the challenge
of treating end-of-life products given the feasible solutions today.
We are responsible for minimizing our environmental impacts
by improving material efficiency, reducing material waste and
encouraging circularity in our entire value chain. This would rely on
continuous operational improvement, engineering innovation, and
close collaborations with key suppliers and customers.
A screening of our assets and activities at business unit level was
conducted as part of the identification of our impacts, risks and
opportunities related to resource use and circular economy. The
screening was based on the knowledge and experience from
internal subject matter experts and the feedback from stakeholder
interviews. Direct consultation with affected communities has not
been conducted.
Our approach
Guided by our Environmental, Health and Safety
(EHS) Policy, we are committed to minimizing
resource use for our products and solutions
where feasible in our own operations. We should
design our products and operate our facilities to
minimize environmental impact and promote
sustainability. The EHS policy, approved and
owned by the CEO, is applicable to all entities
that are controlled by Hexagon Purus and is
available on the company website and intranet.
The production of the composite material, metal
parts and components required for our Type 4
cylinders and battery systems is resource- and/
or energy-intensive. When our products reach
end-of-life, the nature of materials used, such as
composite material and substances contained,
makes it difficult to recycle or dispose in an envi-
ronmentally friendly and efficient manner. This
means responsible and effective design and use of
materials and components in the manufacturing
activities is crucial to minimizing our environmen-
tal impact as we continue to grow our business.
Resource inflow
We are still at the early stage of integrating
circular design in our product development. For
our Type 4 cylinders, we are increasingly working
on using material with higher mechanical
specifications, combined with experience on
exploiting higher material utilization. This is
expected to reduce material consumption, pro-
cessing time, product weight and waste in the
future. Currently none of our materials are from
secondary (recycled) sources. We try to source
our materials with a focus on lowering the envi-
ronmental footprint where possible, although
some material groups have limited possibilities
for alternatives due to technical requirement for
specialty materials and/or available suppliers in
the market. At the design and engineering stage,
the data sampled during testing and the use of
Finite Element Analysis model response allow us
to achieve more optimal safety design with more
efficient material usage.
For our battery packs, we are identifying
opportunities to eliminate existing parts while
maintaining functionality through our design.
We are also investigating pack remanufacturing
solutions in collaboration with a third-party.
For our battery systems, we strive to utilize mate-
rials with high recyclability, such as aluminum
and copper, wherever possible. As our product
designs mature and stabilize, we will be looking
into removing product weight. In addition, we
are also looking into localized supply as much
as feasible for our entire supply chain, including
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battery cells. For our battery packs and systems,
the focus has been on engineering and design-
ing our products so that they will last the entire
life of our target application.
Resource outflow – product
Our products and solutions do not generate waste
during the use-stage. However, the handling of
our end-of-life products is technically challenging
due to the material types and compositions. While
we are exploring better end-of-life treatment
solutions, we also work to identify ways of enabling
extended use of our products.
Our Type 4 high-pressure cylinders have high
durability. A typical lifetime for our cylinders is at
least 15 years or more, depending on the applica-
tion and standards. Development of integrated
sensors in the future will allow us to have full
track of the usage and handling of the cylinders
during their first life. All cylinders that have been
used within the specifications can be re-qualified
for lower pressure levels for recommissioning in
new application with an approved history and
specified lifespan. This can be repeated until
maximum pressure levels are too low for effi-
cient use, potentially giving a cylinder multiple
decades of extended life.
Cylinders reaching end-of-life after repurposing
can be recycled through qualified technologies.
Once these technologies pass the required tests
in the coming years, the regained carbon fiber
material is envisaged to be reused as new second-
ary structural parts, which could be used in our
storage and distribution system when qualified.
Resource outflow – waste
Process optimization is one of the keys to reducing
waste generated from manufacturing activities.
Improved production processes will elevate mate-
rial efficiency as well as reduce material waste.
Production process improvement is an on-going
effort and could support waste monitoring by
process, when matured, allowing a more precise
assessment to identify areas of improvement.
Materials such as metal, carbon fiber, plastic, and
resin are significant contributors to the total waste
generated from our production, in addition to
general waste from our employee activities. All
waste is segregated and sent for disposal and/
or recycling by waste companies according to
local laws and regulations. All our production
sites work to reduce our environmental footprint
by prioritizing directing waste to recycle where
possible. We also make sure that hazardous waste
is safely treated and disposed by qualified and
licensed waste contractors
Hydrogen and Mobility Infrastructure
INFLOW OUTFLOW
Battery and Vehicle Integration
Hydrogen
storage systems
Distribution
modules
Hydrogen
storage cylinders
Plastics
Carbon
fiber
Resin
Steel
Aluminium
Batteries
Copper
Electronic
components
Battery
packs
Truck
assembly
Auxilliary/
accessory drive
Power
distribution
Waste from
production
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In North America we work with a specialized
company to recycle scrapped composites
materials. In Europe our scrap cylinders are sent
to a recycler.
Battery packs and our electric powertrain
components can be recycled at end of life. We
will be looking into second life applications in the
upcoming years to prolong the usage phase of
our products before recycling.
Our actions
Actions this year
• Our global EHS policy was developed and has
been implemented since November 2025
• Test and evaluation on the recycling of
polymer liner material though regrind and
reuse, reducing the waste from the liner
manufacturing process
• Reduction of carbon fiber waste through
improved fiber handling and carbon
fiber spool exchange process. This allows
manufacturing until carbon fiber spools are
close to empty before replacing new spools,
minimizing the residual carbon fiber waste.
Planned actions
• Reuse of recycled carbon fiber into secondary
parts or structures in our own products to
reduce the use of virgin materials in the future
and lower the overall environmental footprint.
This is a long-term focus area, where we
expect stepwise improvements over time, with
continued efforts extending to at least 2030
and beyond.
Targets
Understanding our material flows and waste
profiles is fundamental for establishing
actionable and measurable targets in relation
to circularity and waste minimization. 2025 is
the first year Hexagon Purus reports on the
Resource inflows (E5-4) relying on estimates
and assumptions. Completing material inflow
and waste inventory and analysis remain a key
focus for 2025 and onwards, which will serve as
a foundation for us to set meaningful targets
on resource use and circular economy in the
future. No targets have therefore been adopted
at this stage, as reliable baseline data on
material inflows and waste outflows must first
be established before credible and actionable
targets can be set. This connects with the
sustainability KPIs we will monitor going forward.
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ESRS E54 RESOURCE INFLOWS
Resource inflow 2025 2024 Unit
Total weight of products and technical and biological materials used during the reporting period 2 188 n.a. tonne
Percentage of biological materials (and biofuels used for non-energy purposes) used - n.a. %
The weight of secondary reused or recycled components, secondary intermediary products and
secondary materials used to manufacture the undertaking’s products and services
(including packaging). - n.a. tonne
Percentage, of secondary reused or recycled components, secondary intermediary products and
secondary materials used to manufacture the undertaking’s products and services
(including packaging). - n.a. %
§ - Accounting policies
The resource inflows are calculated based on the purchase information in
2025. The top 10 production materials purchased by each production facility
are sorted based on spend. By production material we mean the materials or
components used for manufacturing. The purchase information is retrieved from
each business unit or location’s own ERP system, and all the inter-company
transactions are excluded to avoid double counting. The top 10 materials of
each facility are then consolidated at the group level to obtain the total
material inflow during the reporting period.
The Ålesund and Shijiazhuang facilities are excluded for 2025 due to low/
limited production activities at these two locations.
Currently none of our key materials are from secondary (recycled) sources.
No biological materials are used in the manufacture of our products.
Estimates
In this calculation we assume that top 10 purchased materials sorted based
on spend should capture the majority of resource inflow at each facility. The
potential underestimation is acknowledged.
Another key assumption applied is material weight calculation. Unit weight is
not always available or applicable for certain types of material or component.
When such information is not available, unit weight is estimated with average
data and/or based on personnel knowledge. In case where components or
parts contain several material types, we assume that the main material is
representative for estimating unit weight. This applies mostly to metal parts
where steel or aluminum is dominant.
Level of measurement uncertainty: High
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ESRS E55 RESOURCE OUTFLOWS
Waste type 2025 2024 Unit
Total waste generated 1 359 1 606 tonne
Total non-hazardous waste diverted from disposal 1 000 1 194 tonne
Non-hazardous waste diverted from disposal due to preparation for reuse 30 - tonne
Non-hazardous waste diverted from disposal due to recycling 964 1 194 tonne
Non-hazardous waste diverted from disposal due to other recovery options - - tonne
Total hazardous waste diverted from disposal 6 0.4 tonne
Hazardous waste diverted from disposal due to preparation for reuse - - tonne
Hazardous waste diverted from disposal due to recycling 6 0.4 tonne
Hazardous waste diverted from disposal due to other recovery options - - tonne
Total non-hazardous waste directed to disposal 316 324 tonne
Non-hazardous waste directed to disposal by incineration 124 166 tonne
Non-hazardous waste directed to disposal by landfill 143 158 tonne
Non-hazardous waste directed to disposal by other disposal operations - - tonne
Total hazardous waste directed to disposal 37 87 tonne
Hazardous waste directed to disposal by incineration 33 7 tonne
Hazardous waste directed to disposal by landfill - - tonne
Hazardous waste directed to disposal by other disposal operations 4 80 tonne
Total amount of hazardous waste 43 88 tonne
Total amount of radioactive waste - - tonne
Total amount of non-recycled waste 353 412 tonne
Percentage of non-recycled waste 26 26 %
The non-hazardous waste mainly includes general metal, liners, plastic, and wood. For hazardous waste,
the main materials present in the waste are abrasives, resin, and solvents.
§ - Accounting policies
Waste is handled in accordance with local regulations and will therefore
differ between the various entities in the Group. The waste data is collected
from each facility based on the information provided by waste companies.
In case where weight information is not available, the waste is estimated by
the operation management team based on judgement, short-term meas-
urement or average. This is due to the contract type with waste companies
or local industrial park (e.g. service agreement based on waste containers or
disposal frequency). This applies to non-hazardous waste (e.g. general trash)
in Ontario, Kelowna, Dallas, Ålesund and Shijiazhuang, where the operation
or production activities are low.
All waste generated is segregated and stored according to local regulations
before transported for off-site treatment. In every facility each waste type
has a corresponding disposal method, thus double counting is avoided. We
take a conservative approach when reporting disposal types, and assume
that waste is directed to landfill unless otherwise specified by the waste
companies.
Estimates
Where figures from local entities are reported in e.g. cubic feet, gallons, etc.,
they are converted to tonnes using suitable conversion factors.
Level of measurement uncertainty: Low
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Social
ESRS S1 | Own Workforce
87
Working conditions
88
Equal treatment and opportunities for all
91
ESRS S2 | Workers in the value chain
97
Working conditions
98
Human rights due diligence
100
ESRS S4 | Consumers and end-users
102
Information-related impacts for consumers and/or end-users
103
Personal safety of consumers and end-users
105
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ESRS S1 | Own Workforce
IRO OVERVIEW
SUBTOPIC IRO VALUE CHAIN DESCRIPTION
MEDIUMTERM
DEVELOPMENT
LONGTERM
DEVELOPMENT
Working conditions
Working time and work-life balance Actual negative impact Own operations The Company is in a scale-up phase. We are growing fast and establishing processes and routines along the way.
This can be a demanding period where people might need to work many hours or at inconvenient times. This can
have a negative impact on people’s well-being, safety, and productivity.
Stable Stable
Health and safety Actual negative impact Own operations Our employees are exposed to hazards in our production environment, such as metal works and work at heights. This
may lead to risk of injury or damage to health of our workers. Our health and safety management is put in place to
mitigate risks
Stable Stable
Equal treatment and opportunities for all
Diversity Potential negative
impact
Own operations We have an impact on all employees working in our company. Limited diversity, particularly gender imbalance,
represents a potential negative impact as it may affect diversity of perspectives, employee engagement, and fair
access to opportunities. Through our recruitment, development, and retention practices, we influence workforce
composition and broader societal inclusion. Our policies and practices impact equal treatment and opportunities
for all.
Increase Increase
Training and skills development Risk Own operations Employee development and well-being are crucial factors for our success. Increased competition for talent and
competence makes it more challenging for us to develop and retain the competence needed to deliver on our
ambitious growth plans.
Increase Increase
The workforce-related risk identified above arise from the Company’s dependency on its own workforce,
as the availability, development and retention of critical competencies are essential to the execution of the
Hexagon Purus’s business model and strategy.
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INTRODUCTION
Our people are the driving force behind our success, and our value
creation relies on them and their competence, behaviors and com-
mitment. We are fortunate to have a global team of highly skilled
and dedicated employees across our sites. We remain committed to
fostering a safe environment, both physically and psychologically,
that allows people to be at their best.
While previous years have been challenging because of substantial
growth, the market downturn in 2025 unfortunately resulted in
the need to reduce our headcount. This naturally affected the
organization. We have worked hard to give our employees as much
predictability and stability as possible, through for instance close and
tailored internal communication, and outplacement services.
We believe that shaping our workplace and further building our
culture is best done in collaboration, across sites and countries, with
leaders and employees, guided by our values and desired behaviors.
Working conditions
Our approach
The safety of our people is our highest priority.
This is especially important for employees who
are exposed to hazards in our production envi-
ronment, such as metal processing and work at
heights. Our health and safety standards aim to
prevent hazards and incidents for all our employ-
ees and parties working on behalf of Hexagon
Purus, and for everyone inside our premises.
Everyone working for or representing Hexagon
Purus must follow our Environmental, Health &
Safety (EHS) policy.
Our executive management team has the overall
responsibility for safety and sets the tone for the
rest of the company. The CEO has overall respon-
sibility and oversight for the implementation for
adequate EHS standards in Hexagon Purus. The
role modelling of top management is essential
to lead, promote, and develop a culture where
everyone works towards a zero-injury work envi-
ronment. This should be operationalized by every
employee and guided by our EHS, Operations,
and People & Culture teams. EHS data is also
regularly reviewed and discussed with the Board
of Directors.
All sites follow local EHS regulations and stand-
ards, where we have had site specific guidelines.
Our goal is to continue implementing global
health and safety management systems in accord-
ance with ISO 45001. Our locations in Kassel and
Weeze have been ISO 45001 certified since 2024.
We are committed to fostering and encouraging
an open reporting culture with a clear reporting
process, supporting our employees to step forward
with concerns and observations without fear of ret-
ribution. To align our priorities across our sites we
have launched common Golden Safety Rules and
a global EHS policy. We are encouraging reporting
of both near misses and incidents. We deliberately
avoid having targets for incidents and near misses,
although reduction is a long-term goal.
Hexagon Purus requires reporting of any work-
related hazards and unsafe situations. It is the duty
of all employees and business partners to report
health and safety incidents, concerns, violations,
or potential violations of any applicable law or
Hexagon Purus’ policies and/or procedures.
Our Whistleblowing Policies support the
protection of the whistleblower. The local People
& Culture teams track and monitor locally
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reported concerns at each site, and the numbers
are consolidated annually at Group level. With
most employees based in Germany, the majority
of our employees are supported by a works
council, which represent an additional channel
for reporting concerns, helping to ensure the
effectiveness of our communication pathways.
There are also other ways to report concerns
which include an external whistleblowing channel
that complies with national and international
standards and is monitored and managed by
an external party. This external whistleblowing
channel is also open to any external grievances.
We regularly seek external legal advice locally
to ensure that concerns are handled in an
appropriate manner. Each case is unique
and complex, requiring individual process,
assessment and remedy. If the company has
caused or contributed to a significant negative
impact on our workforce, it is handled according
to relevant legislation. For more information, see
chapter ESRS G1-1 Business Conduct.
We do make sure that employees are aware
of, and understand, the mechanisms available
to raise concerns, through the roll-out of
mandatory Code of Conduct training delivered
via our learning management system, where we
track training completion. The training includes
information on whistleblowing and reporting
concerns, as set out in the Code of Conduct and
Whistleblowing Policy. The training includes
interactive elements such as quizzes and true/
false questions to validate understanding.
Employees are encouraged to raise concerns in
good faith through multiple channels, including
their manager, People & Culture representatives,
employee representatives such as the works
councils, the Compliance Officer, and the external
whistleblowing channel. The Code of Conduct and
Whistleblowing Policy include clear provisions on
confidentiality, follow-up, and protection against
retaliation, including for workers’ representatives.
Please see chapter ESRS G1 for more details
regarding reporting of concerns and our
whistleblowing policy and procedures.
Our commitment to human rights and decent
working conditions for our own workforce can
be found in our Human Rights and Working
Conditions Policy. The policy is founded on inter-
nationally recognized frameworks, including the
OECD Guidelines for Multinational Enterprises,
the UN Guiding Principles on Business and
Human Rights, the ILO Declaration on Funda-
mental Principles and Rights at Work, and the
International Bill of Human Rights– encompassing
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the Universal Declaration of Human Rights as well
as the International Covenants on Civil and Politi-
cal, and Economic, Social and Cultural Rights.
There have not been found any significant risks of
incidents of forced labour, compulsory labour or
child labour.
Our Human Rights and Working Conditions Policy
clearly prohibits all forms of trafficking in human
beings, forced or compulsory labour, and child
labour, including any use of bonded, indentured or
involuntary labour and any employment of children
below legal minimum age or in hazardous work.
This policy also covers suppliers, business partners,
and communities affected by our business activi-
ties. Here we state, among others, our aspirations
for working hours, benefits, and wages, employee
development, and freedom of association and col-
lective bargaining (please see chapter S2 for more
information). The policy doesn’t directly influence
our overall strategy or business model, however, it
does influence our strategy on compensation and
benefits for our own employees, and influence
the planning of shifts in operation. S1-1 AR13 is
described in chapter S2.
Our policies are available to all our employ-
ees through our intranet pages and Learning
Management System, and employees have
received an email informing them where the
policies can be accessed.
An overview of selected policies can be found in
the Board of Directors report (page 33). When
setting policies, we have taken interests of key
stakeholders into account.
We actively support employees’ rights to rep-
resentation and participation in decision-making
processes, and listening to our employees is a key
priority, with an open-door policy. We encourage
our employees to voice their opinions through
dialogue with their leaders, where we have
regular and frequent check-ins between man-
agers and employees as part of our performance
management approach. We also have other
forums, such as Q&A sessions in townhalls, and
anonymous suggestion boxes.
We have works councils at both our German
locations, and we have seen the benefits of struc-
tured collaboration. We are continuing to further
improve working conditions together with them.
Employees are raising concerns through the
works councils, which liaise with management
regularly. The works councils meet weekly with
our People & Culture team, and monthly with the
management team.
Our actions
Actions this year
In 2025, we implemented several measures to
strengthen working conditions across our global
operations, focusing on governance, competence
development, safety culture, and structured
employee dialogue.
• Strengthened governance framework
for working conditions
We updated our Human Rights and Working
Conditions Policy and established a global EHS
Policy to clarify expectations related to health
and safety, fair treatment, and employee rights
across all sites. These policies provide a common
global standard and support consistent imple-
mentation. In addition, our manufacturing sites
in Weeze and Kassel successfully completed
surveillance audits for ISO 14001 and ISO 45001
(DIN EN ISO), and were re-certified according to
ISO 9001, reinforcing structured management
systems for quality, environment and occupa-
tional health and safety.
• Strengthened safety culture and internal
EHS competence
We continued to reinforce a proactive safety
culture through senior leadership safety walks,
joint committee safety walks, and systematic
integration of EHS topics into leadership
meetings. To increase internal competence
and ownership, we certified internal EHS
representatives (occupational safety spe-
cialists), reducing dependency on external
advisors and strengthening local expertise.
We also rolled out EHS training and policies
through our new Learning management
system (LMS), see more in next subchapter.
• Improved preventive systems and
employee collaboration
We further structured the regular review
and analysis of near misses and unsafe con-
ditions to enhance preventive actions and
reduce workplace risks. We also continued to
strengthen collaboration with works councils. In
Weeze, several new company agreements were
introduced to formalize and further improve
working conditions and workforce dialogue.
Planned actions
• Further development of health and
safety practices
We will continue improving health and safety
procedures at each site based on local needs.
Planned activities include first aid training, an
internal Health and Safety Day, more safety
walks with shopfloor employees, and making
workplace safety instructions available in the
LMS.
Targets
We have not set any specific targets for 2026.
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Equal treatment and opportunities for all
Our approach
As a competence-based organization, we see
training and skills development as integral to
our success. The overarching goal of our People
& Culture department is to attract, develop, and
retain the talent and expertise required to deliver
on the Company’s strategy and business plan.
The Learning Management System gives us a plat
-
form to structure and expand training opportunities
for our organization. For employee development,
a core part is our research-based approach to
performance management, named Performance,
Development and Drive (PDD). It's designed to
strengthen the interaction between employees
and managers, and it focuses on building the right
conditions for people to perform at its best.
Diversity, Equity and Inclusion (DEI) is important
for Hexagon Purus, which we see as a key part of
the ESRS topic “equal treatment and opportunities
for all”. We are eager to increase representation
among underrepresented groups and strengthen
a culture of inclusion. We are committed to
fostering an environment where our people can
be their authentic selves, guided by our values of
Integrity and Drive.
For us, diverse organizations produce better results
and outcomes, and diversity includes many factors
in addition to gender, such as age, social and
cultural background, sexual orientation, religion,
nationality etc. We have an impact on all employees
working in our company. We also influence society
by recruiting, developing, and retaining a diverse
workforce.
Our commitment to DEI is stated in our Diversity,
Equity, and Inclusion Policy and sets clear
expectations and requirements for all Hexagon
Purus personnel or workers whose work is
controlled by us. Our DEI policy influences how
we attract, grow, and retain talent across our
organization, which includes across the full
employment lifecycle, including recruitment,
promotion, compensation, development and
retention. We base employment and promotion
decisions on merit, considering qualifications,
skills, performance and achievements. See the
policy on our website to see all commitments set
out in the policy. Managers are accountable for
achieving the objectives of the policy, and the CEO
is responsible for the effective implementation of
the Code of Conduct, which also includes diversity
and inclusion.
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Currently we do unfortunately not have the
targeted gender balance in our workforce. The
competition for talent is tough and the demand
for female representation among manufacturing
companies is high.
Our actions
Actions this year
• To further increase the positive impact of
recruitment, development and retention, we
in 2025 had a focus on development where
we made important progress in expanding
training opportunities for our employees by
revamping, improving, and rolling out our
Learning Management System across all our
locations. All our employees now have access,
and substantial work went into setting up the
necessary infrastructure, including workstations
for all production employees. Our goal was for
the majority of our employees globally to use
our LMS in 2025, which we are proud to have
accomplished. The system enables structured
tracking of training and certifications. In 2025,
key modules included Health and Safety
training and Code of Conduct training. In
North America, we relaunched bullying and
harassment training in Canada and completed
legally required harassment training in the
United States.
• We have also introduced initiatives to support
leaders in developing and delivering training,
including a new e-learning creation tool and
train-the-trainer programs at selected sites,
to strengthen knowledge sharing across the
organization.
• We went through a downsizing process that
we believe was handled with care under chal-
lenging circumstances and with a strong focus
on maintaining our company culture. At the
same time, we acknowledge that even though
we think we handled the process with care, this
can have had negative consequences for the
people involved. We also acknowledge that the
process has had unintended consequences for
diversity, including a decrease in the propor-
tion of senior female leaders.
Planned actions
• To reinforce the behaviors that we want our
leaders to encompass, we will continue with
targeted initiatives – such as ongoing internal
communication initiatives and leadership
development. As the majority of our employees
and leaders are in Germany, we will focus our
efforts on leadership development training at
these locations. The effectiveness of this will be
assessed for instance through interviews with
leaders.
• Greater consistency in employment
conditions in Germany
We will move from two salary systems to one
unified system, supporting more consistent
and transparent pay practices across our
German locations, further promoting equal
pay. This is connected to the IRO Equal
treatment and opportunities for all.
Targets
Learning and development are key focus areas
for us in 2026. To further enhance training and
development, we will continue to roll out courses
through our LMS. Having the LMS implemented
will now give us the ability to track training hours
per employee in 2026, and we will use 2026 to set
a baseline for which we can further improve in
2027. We have therefore not set specific targets
for 2026.
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RESULTS
S16 CHARACTERISTICS OF THE UNDERTAKING’S EMPLOYEES
1) Employees by contract type and gender
Headcount
2025
Total
2024
Total Unit
Number of permanent employees 600 822 #
of these male 500 683 #
of these female 99 139 #
of these gender unspecified 1 - #
Number of temporary employees 23 26 #
of these male 17 21 #
of these female 6 5 #
of these gender unspecified - - #
2) Part-time and full-time employees per gender
Headcount
2025
Total
2024
Total Unit
Number of full-time employees 599 807 #
of these male 508 686 #
of these female 90 121 #
of these gender unspecified 1 - #
Number of part-time employees 24 41 #
of these male 9 17 #
of these female 15 24 #
of these gender unspecified - - #
Total number of employees per site 623 848 #
Hexagon Purus does not have any non-guaranteed hours employees in 2025, and as such this is not appli-
cable. Most temporary employees are trainees engaged in structured training programs that are temporary
by nature.
Turnover
Headcount 2025 2024 Unit
Number of employees who have left the Company in 2025
(only permanent employees) 232 100 #
Employee turnover rate (permanent employees) 33% 13% %
See Financial statement Note 5 Payroll costs and number of employees for cross-reference for geographic
representation, here measured in FTE.
§ - Accounting policies
The numbers in this chapter represent headcount as of December 31, 2025. Our payroll systems at each
location serve as the primary source of information. The data has therefore been collected at the local level
and consolidated at Group level.
Our workforce is composed of a diverse range of professions, reflecting the complexity of our operations.
A significant portion of our employees work in production. Additionally, our workforce consists of functions
such as Engineering, R&D, Finance, People & Culture, Sales & Marketing, and IT.
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S17 CHARACTERISTICS OF NONEMPLOYEES IN THE UNDERTAKING'S OWN WORKFORCE
Non-employees
Headcount
2025
Total
2024
Total Unit
Number of non-employees 48 20 #
of these male 42 20 #
of these female 6 - #
of these gender unspecified - - #
S19 DIVERSITY METRICS
Headcount 2025 2024
Rank <30y 30y-50y >50y Total <30y 30y-50y >50y Total Unit
Executive Management - 1 4 5 - 2 3 5 #
of these male - 1 3 4 - 2 2 4 #
of these female - - 1 1 - - 1 1 #
of these gender unspecified - - - - - - - - #
Directors (M5) and above - 24 9 33 - 38 14 52 #
of these male - 18 7 25 - 25 13 38 #
of these female - 6 2 8 - 13 1 14 #
of these gender unspecified - - - - - - - - #
Staff 142 249 194 585 205 418 168 791 #
of these male 108 207 173 488 161 352 147 660 #
of these female 34 41 21 96 44 65 21 130 #
of these gender unspecified - 1 - 1 - - - - #
Headcount
Rank 2025 2024 Unit
Executive Management 100% 100% %
of these male 80% 80% %
of these female 20% 20% %
of these gender unspecified - - %
§ - Accounting policies
The majority of our non-employees are agency workers, brought in to provide extra capacity during peak
periods, and they are paid by their respective agencies. The year-end 2025 figure was elevated due to a
specific arrangement in Dallas. Hexagon Purus is subleasing space to Hino for a Hino operation conducted
on-site. In connection with this, we source temporary workforce to support Hino’s operational needs.
Workforce demand varies on a daily basis depending on Hino’s production and delivery schedule, which
results in fluctuations in the number of non-employees reported at any given point in time. From January
through July 2025, there were no non-employees in Dallas, compared to 44 in December, reflecting activity
levels under this arrangement rather than a structural change in our own operations.
§ - Accounting policies
Our payroll systems at each location serve as the primary source of information.
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S114 HEALTH AND SAFETY METRICS
Employees
Headcount 2025 2024 Unit
Number of people covered by the H&S management system 623 848 #
Percentage of people covered by the H&S management system 100% 100% %
No. of hours worked 1 108 737 1 216 462 #
Number of fatalities - - #
Number of recordable work-related injuries 21 29 #
Rate of recordable work-related injuries 19 24 %
Number of lost days 127 479 #
Non-employees
Headcount 2025 2024 Unit
Number of people covered by the H&S management system 48 20 #
Percentage of people covered by the H&S management system 100% 100% %
No. of hours worked 38 429 51 984 #
Number of fatalities - - #
Number of recordable work-related injuries - 1 #
Rate of recordable work-related injuries - 26 %
Number of lost days - 3 #
S115 WORKLIFE BALANCE METRICS
Family-related leave
Headcount 2025 2024 Unit
Number of employees entitled to take family-related leave 623 848 #
of these male 517 704 #
of these female 105 144 #
of these gender unspecified 1 - #
Percentage of employees entitled to take family-related leave 100% 100% %
Number of entitled employees that took family-related leave 37 30 #
of these male 25 19 #
of these female 12 11 #
of these gender unspecified - - #
Percentage of entitled employees that took family-related leave, male
5% 3% %
Percentage of entitled employees that took family-related leave, female
11% 8% %
Percentage of entitled employees that took family-related leave, gender unspecified
- - %
§ - Accounting policies
When computing the rate of work-related injuries, the respective number of cases is divided by the number of
total hours worked by people in its own workforce and multiplied by 1 000 000. We are only reporting incidents
occurring directly from operating our machinery, equipment, or other assets of the Company. As such, incidents
not connected with work, incidents from business commuting, or incidents occurring during business travels
are not a part of the reported figures. Incidents at our sites are registered, no matter who is involved, guests,
contractors or employees.
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S117 INCIDENTS, COMPLAINTS AND SEVERE HUMAN RIGHTS IMPACTS
As people come together to work, conflicts naturally arise. Our goal is to cultivate a healthy culture where
feedback is exchanged openly, and disagreements are resolved constructively in the workplace. The People
& Culture departments at all sites have been involved in employee relations matters related to conflicts or
concerns, which is a natural part of any organization. It has been possible to find good solutions together.
We have handled one matter that we classify as a reported concern, which was related to working environ-
ment. There have not been any concerns reported through the external channel on our website.
1) Reported complaints
2025 2024 Unit
Number of reported working environment related complaints,
including discrimination and harassment 1 7 #
Number of complaints filed through channels for people in the
undertaking's own workforce 1 7 #
The total amount of fines, penalties, and compensation for damages - - $
2) Human rights incidents
2025 2024 Unit
Number of severe human rights incidents - - #
of these cases of non-respect of UNGP/OECD/ILO guidelines - - #
The total amount of fines, penalties, and compensation for damages - - $
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ESRS S2 | Workers in the value chain
IRO OVERVIEW
SUBTOPIC IRO VALUE CHAIN DESCRIPTION
MEDIUMTERM
DEVELOPMENT
LONGTERM
DEVELOPMENT
Working conditions
Health and safety Potential negative impact Upstream Our value chain workers are exposed to a variety of hazards such as heat, chemicals. We
have an impact through our Supplier and Business Partner Code of Conduct
Stable Increase
Equal treatment and opportunities for all
Training and skills development Risk Upstream We currently rely on single-source suppliers for certain key materials. Availability of
sufficient competence in our supply chain can affect delivery or quality of parts and
materials that we need to provide products and solutions to our customers.
Increase Increase
Other work-related rights
Forced and child labor Potential negative impact Upstream We have suppliers that are supplying products and solutions where materials such as cobalt and steel are
integral. The metal extraction activities might take place in areas of higher probability of forced and/or child labor.
Increase Increase
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INTRODUCTION
Maintaining integrity and drive is essential to the impact we have in
our entire value chain. As a manufacturing company, we are aware
of the potential social and environmental impact we might have in
our supply chain through our sourcing practices. This is why human
and labor rights are an important part of how we want to operate.
Compliance with applicable regulations and standards is
fundamental to secure the quality of our products and the future
of our business. We continuously work to protect human and
labor rights throughout our own operations, among our business
partners, and our value chain, especially among our suppliers.
Working conditions
Our approach
We have a responsibility to ensure the quality and
safety of our products and solutions throughout
the value chain. This responsibility begins with
the sourcing of materials and components used
in our product portfolio. We can only provide
products and solutions with the desired quality
if our suppliers are equipped with the appropri-
ate management systems, workforce, and the
same dedication to quality and safety as we are.
Therefore, we work proactively with our suppliers
to collaborate on these topics. Information about
our downstream value chain workers and how
we work with impacts, risks, and opportunities
for this stakeholder group can be found in the
chapter ESRS S4 Consumers and end-users
(page 102).
Our expectations for our suppliers are described
in our Supplier and Business Partner Code of
Conduct (“Supplier CoC”). The Supplier CoC sets
out our requirements concerning business ethics,
human rights and working conditions, occupa-
tional health and safety, environment, product
safety, and management systems for our suppli-
ers and business partners. The Supplier CoC also
describes our right to audit and our approach
to managing non-compliance. Although local
procedures at each business unit or location may
differ, the Supplier CoC is always included in the
supplier self-assessment questionnaire during
the qualification stage and/or in the purchase
agreement.
This Supplier CoC is supported by our Human
Rights and Working Conditions Policy, which
emphasizes our human rights commitments
relevant to our own workforce and the workers
in our value chain. The current Human Rights
and Working Conditions Policy refers to the
Norwegian Transparency Act, the OECD
Guidelines for Multinational Enterprises on
Responsible Business Conduct, the UN Guiding
Principles (UNGP) on Business and Human
Rights, the principles and rights set out in the
eight fundamental conventions identified in the
Declaration of the ILO on Fundamental Principles
and Rights at Work, the Universal Declaration of
Human Rights, the International Bill of Human
Rights and any applicable local human rights and
worker rights legislation. These guidelines and
principles, both in isolation and in combination,
address trafficking in human beings, forced or
compulsory labor, and child labor.
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As part of our effort to strengthen the com-
pany’s risk and compliance management, in
2025 Hexagon Purus developed a Business
Partner Risk Management Policy setting out
requirements and principles to identify and
assess potential integrity risks associated with all
suppliers and business partners. The assessment
activities, from risk categorization, integrity due
diligence, to regular monitoring, should evaluate
adherence to Hexagon Purus’ Code of Conduct
including human rights and labor standards
among others. More information of our due
diligence practices concerning human rights is
provided in the next section of this chapter.
We currently perform supplier audits with par-
ticular attention to quality. With the launch of
Business Partner Risk Management Policy, the
key functions involved in supplier management
are expected to integrate the key elements of
integrity risk assessment to their procedures
including audits.
Workers in the value chain can use Hexagon
Purus’ external whistleblowing channel to raise
concerns or needs. This channel, managed
by an external party, is publicly accessible on
our website and open for external grievances.
The current mechanisms cannot guarantee
anonymity. Information about the protection
against retaliation of individuals who files an
external grievance can be found in the busi-
ness conduct chapter (page 108). Through this
channel and through this process, we have not
received any reports concerning non-respect of
the UNGP, the ILO conventions, nor the OECD
Guidelines for Multinational Enterprises that
involve value chain workers in 2025. Should we
receive any such reports, our frameworks and
processes will be rigorously assessed to ensure
that any such incidents will not occur again. With
no reports of non-respect we have not yet had a
chance to review the effectiveness of these chan-
nels, or assess whether the provided remedy can
be effective.
Currently we do not yet have a general process
to engage proactively with workers in the value
chain, nor its legitimate representatives or cred-
ible proxies, focusing on sustainability and EHS
topics. As we gain more information and knowl-
edge from our suppliers and value chain in the
future, we also expect these engagement pro-
cesses to be further developed and/or updated.
Hexagon Purus’ current approach to managing
our impact, risk and opportunities associated
with value chain workers is solely based on the
generic nature of manufacturing industries.
Given the long and complex supply chain of our
materials and components, we are still in the
process of understanding the characteristics of
the value chain workers. Mapping the value chain
workers against the industries and geographies
and identifying potential environmental and
social risks that vulnerable groups, if any, may be
exposed to, would strengthen our future impact
management.
Our actions
Actions this year
• Developed and launched Business Partner
Risk Management Policy to strengthen our risk
management and due diligence on suppliers
and business partners.
• Updated the Supplier and Business Partner
Code of Conduct to facilitate compliance with
the minimum safeguards of the EU Taxonomy
and further emphasize our commitments to
human rights and working conditions.
Planned actions
• In 2026 we plan to improve, update and
implement the local supplier management
procedures in accordance with the new
Business Parter Risk Management Policy. This
is a gradual process and relies on the teams
interacting with business partners, such as
procurement and sales. This would help us
systematically identify, mitigate or prevent
potential impact on human rights and social
risk in the supply chain, and promote further
collaboration with suppliers.
Targets
Building on the newly developed Business
Partner Risk Management Policy and the updated
Supplier and Business Partner Code of Conduct, in
2026 we will continue to incorporate sustainability
inquiries and risk assessment in our procurement
and supplier management processes, and plan
environmental and social audits of selected sup-
pliers as informed by the significant of integrity
risks identified. These activities would allow us to
engage directly and indirectly with workers in our
supply chain. Quantifiable targets for engagement
with workers in the value chain have not yet been
set in 2025. From 2026 we will monitor the risks
identified through environmental and social due
diligence on suppliers and business partners.
These due diligence activities and engagement
with value chain workers will inform and guide us
in establishing meaningful and actionable targets.
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Human rights due diligence
Understanding the risks and impacts on the
environment and human rights and decent
working conditions and where these lie in our
value chain is the preliminary action in the due
diligence system. The form of due diligence and
the level of review detail are determined based
on any known geographical and industry risks
associated with environmental and human rights
and decent working conditions, the saliency of
such risks, the scale of potential business impact,
and strategic importance of suppliers.
While Hexagon Purus is in the process of
systemizing its human rights due diligence
and management procedures, we follow the
framework of the OECD Due Diligence Guidance
for Responsible Business Conduct.
1. Embed responsible business conduct into
policies and management systems
Hexagon Purus’ Board of Directors is responsible
for ensuring that sustainability, including human
rights and decent working conditions, is an
integral part of Hexagon Purus’s corporate
governance process. The executive management
is responsible for establishing and implementing
policies and procedures in line with the applicable
standards. Hexagon Purus’ commitment to
respect for human rights is integrated in our
Code of Conduct, Human Rights and Working
Conditions Policy, Supplier and Business Partner
Code of Conduct. Continuous involvement
and oversight of the Board of Directors and the
executive management strengthen Hexagon
Purus’ work with human rights in our own
operations as well as in relation to our business
partners, particularly our supply chain.
Hexagon Purus implemented a Business Partner
Risk Management Policy in December 2025. The
new policy sets targeted minimum requirements
for the Group and requires procurement and
sales teams to adapt their current procedures to
include a risk-based assessment of human rights
risks and impacts both in initial due diligence
and ongoing monitoring. The approach will need
to be tailored to the various business units or
functions to address the underlying human rights
and other ESG risks in 2026.
Human rights risks and impacts will also be part
of the holistic risk management framework that
was adopted on 18 December 2025. This will
further improve the process for identification,
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monitoring, and mitigation of relevant risks and
ensure adequate focus by top management.
2. Identify and assess adverse impacts in
operations, supply chains, and business
relationships
We conducted our first human rights due
diligence process in 2024, and published
a statement as required by the Norwegian
Transparency Act. The supply chain human rights
risks were reviewed and evaluated based on
contextual information of the main procurement
streams, the regions or countries from which key
materials or components are sourced, and the
locations of our own facilities. The forementioned
geographies span across continents as we
operate a global business, so do our value chains.
Internationally recognized human rights indices
and databases were referenced to perform the
assessment. Our high-level assessment indicated
that the main risks related to Hexagon Purus
Group’s supply chain lie in the procurement of
batteries and the purchase of steel.
3. Cease, prevent or mitigate adverse impacts
Hexagon Purus strives to proactively
collaborate with business partners, suppliers,
and communities to ensure appropriate and
proportional actions and measures. In the
absence of necessary effort taken by our business
partners or suppliers to mitigate adverse impacts
on human rights and decent working conditions
that was identified, we may reassess or consider
ceasing the business relationships.
No actual adverse impact has been identified
or reported in 2025. A formalized process with
allocated resources and ownership will need
to be established to mitigate and prevent any
potential adverse impacts in the future.
Our main battery cell supplier is a member
of the Responsible Minerals Initiative and is
committed to conducting human rights due
diligence based on the United Nations’ Guiding
Principles on Business and Human Rights and
OECD Due Diligence Guidance for Responsible
Business Conduct. Our supplier reports that it
systematically identifies and addresses issues that
could lead to human rights violations. The key
risks related to the procurement of batteries are
related to sub-suppliers to our supplier. Hexagon
Purus is currently a small customer of the battery
cell supplier and thus has limited visibility and
influence on such risks.
Steel parts and components are mainly procured
by our business unit in Germany from various
European companies. Some of our primary
suppliers are involved in the steel and metal
processing industries.
The contextual human rights and working
conditions due diligence performed in 2024
has not identified anything that would indicate
actual adverse impacts in our supply chain. This
assessment is reviewed annually and there has
been no major change as the procurement
streams and supply base remain largely the
same. In the meantime, we do maintain dialogue
with suppliers and monitor their high-level ESG
performance.
In 2025 Hexagon Purus updated its risk
management framework including Business
Partner Risk Management Policy. Human rights
risks and due diligence will be conducted and
monitored as part of the risk management
framework.
4. Tracking implementation and results
For each update of our compliance with the
Norwegian Transparency Act, we provide key
measures and progress related to how we work
with human rights in our operations and in the
value chain. Although formal mechanisms to
track the effectiveness of the measures and
actions are yet to be established, the outcome
of these measures will naturally be reviewed and
published as part of our Norwegian Transparency
Act Statement.
In 2025 we updated the Group’s risk
management framework, and reviewed and
revised policies related to human rights and
decent working conditions. We also launched
Code of Conduct training through the Learning
Management System to raise business ethics and
human rights awareness of all employees.
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ESRS S4 | Consumers and end-users
IRO OVERVIEW
SUBTOPIC IRO VALUE CHAIN DESCRIPTION
MEDIUMTERM
DEVELOPMENT
LONGTERM
DEVELOPMENT
Information-related impacts for consumers and/or end-users
Access to quality information Potential negative
impact
Downstream We are responsible for providing the necessary and correct information and relevant trainings to ensure that
customers choose the appropriate products or solution, and that the products are used safely as they are designed
for. Lack of access to or mis-interpretation of product information may have safety risks for end-users.
Stable Stable
Personal safety of consumers and end-users
Health and safety Potential negative
impact
Downstream Hexagon Purus sets product quality as a top priority. By providing safe products to end-users, we ensure safe
operations for end-users. Potential mis-use or malfunction of our products may cause risks of safety incidents
leading to harm to people and/or damage to the environment.
Stable Stable
Product safety risk for own
products and solutions
Risk Downstream If a major accident occurs, due to issues with our products and solutions, we can be financially liable for the
damage caused. Any such accidents will also damage our reputation in the market.
Increase Increase
Product safety in the hydrogen industry Risk Downstream The hydrogen industry is rapidly evolving with many newcomers. If a major accident occurs within the industry, the
public might re-assess the safety of products and solutions involving hydrogen.
Increase Increase
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INTRODUCTION
The quality and safety of our products and solutions are essential to
our business model and future growth. Our customers trust our ability
to provide safe and reliable products. We sell business-to-business,
but the end-users of our products and solutions are vehicle and vessel
operators and, where relevant, passengers. Before products leave our
facilities, we ensure all the necessary measures are taken to prevent
or minimize safety risks. All our products and solutions are tested
according to appropriate internal, national, industrial, and international
standards before being shipped to the customer, built into systems, or
installed on vehicles at our own facilities.
Information-related impacts for
consumers and/or end-users
Our approach
The safety of people operating our products, such
as drivers, operators, passengers, and potential
bystanders is of the utmost importance for both
us and our customers. It is essential that every-
one involved with our products and solutions,
from material sourcing to end-of-life treatment,
understands our products and solutions and the
correct handling information.
Our Product Safety Policy is currently adopted
from Hexagon Composites. The Product Safety
Policy describes key requirements for how we work
with product safety in areas including compliance
with regulations, testing and validation, and
training and continuous improvement. This Policy
is applicable to all Hexagon Purus employees and
available on Hexagon Composites’ website.
We exert our influence and assess the quality of
materials and components used in our products
and solutions. If these materials and components
do not meet our quality standards, we will look
for better and safer alternatives. At our facili-
ties we also carry out internal quality audits to
identify and prevent potential issues, supporting
a rigorous testing regime for our products and
solutions. We will not deliver products to our
customers unless the quality standards are met.
Should we identify anything during these audits
or tests, we will engage in corrective actions. This
approach to product safety is described in our
Product Safety Policy.
Control of ownership is transferred from us to
the customer on delivery of the products and
solutions. At this stage in the value chain, we
are responsible for providing the necessary and
correct information and relevant training to
ensure that customers choose the appropriate
products or solution, and that the products are
operated safely and in accordance with their
intended design and specified operating param-
eters. Proactive collaboration with our customers
during the design, production, and the use
stage of our products is important to increase
awareness about product safety. This collabora-
tive approach is not mandated in a Group-wide
procedure and is handled case-by-case and
facility-by-facility.
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We offer training courses for our customers and
end-users to ensure the safe handling of our
products. Proper operation, regular mainte-
nance, diagnostics, and repair procedures are
all critical elements to ensure that our products
are handled properly to deliver the safety and
quality we promise. For hydrogen infrastructure
solutions we provide service engineers on-site
to commission the first containers together with
the customer, including presentations on how
to safely operate the equipment. For hydrogen
cylinders and systems we provide the customers
with information about safe handling, integra-
tion, operation, and services and inspections, as
well as safety data sheets.
We closely monitor all warranty claims to gather
user feedback regarding product performance.
This feedback is also valuable for us to tailor or
update information that would be relevant for
our customers and the safety associated with our
products. For hydrogen infrastructure customers
we provide feedback templates that can be used
by customers to inform us about potential issues.
This feedback is reviewed by our quality depart-
ments, who assess the necessary action based
on the nature and potential consequence of the
issue. All issues are closed and concluded with
reports shared internally and with the customer.
In case any of the issues should lead to changes
in our production process, these changes are
also documented. Representatives from the
executive team are always included in this com-
munication. The Executive Vice Presidents of the
HMI and BVI business segments are accountable
for the implementation Product Safety Policy
and responsible for ensuring effective feedback
channels and corrective actions in their respective
business areas.
The process of raising concerns varies case-
by-case and depends on the severity of the
complaint. As such the timeframe and remedy, if
required, will vary. The number of complaints is
consolidated on an aggregated basis and con-
sists of all types of smaller and more significant
complaints. Going forward we will continue to
monitor number and content of complaints,
which will inform the effectiveness of our actions
in mitigating any actual or potential risks arising
from impacts and dependencies on consumers
and end-users.
Our actions
Actions this year
• The safety training for our customers and
intended users within the hydrogen mobility
and infrastructure business has been further
developed and improved to ensure proper
handling of our products and services. Safety
training for operators is an on-going action
and planned as needed and when delivering
products to new customers. One of the train-
ings in 2025 was a practical session with Solaris
focused on our hydrogen fuel storage system.
Planned actions
• ISO 9001 quality management system certi-
fication for the Ålesund facility was originally
planned in 2025 but postponed to 2026. If this
is successful, all our production sites will be
ISO 9001 certified by the end of 2026.
Targets
We never compromise on product safety. Our
license to operate with hydrogen storage and
distribution solutions and both fuel cell and
battery electric vehicles demand quality in
everything we do. We focus on product safety at
all stages and provide our customers with the
right set of tools to operate our products safely
and in the way they are intended.
Setting quantitative targets related to infor-
mation-related impacts for consumers and/
or end-users is still an on-going process as we
are still establishing appropriate global metrics
suited for various products and applications.
Customers have not been directly involved in
setting any objectives. The customers’ feedback
is, however, relevant to inform us about how
we can improve the quality of our products and
processes.
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Personal safety of consumers and end-users
Our approach
We operate two business segments: i) Hydrogen
Mobility & Infrastructure (HMI), and; ii) Battery
Systems and Vehicle Integration (BVI). We have
the same rigorous and holistic approach to safety
and compliance for our portfolio, with safety
measures tailored and adapted to the unique-
ness of HMI and BVI solutions. Our focus on
product and process quality contributes positively
to safe operations for our end-users.
The personal safety of consumers and end-users
is paramount. Both HMI and BVI applications are
closely monitored from a safety perspective and
face substantial existential risks in case of any
major incidents within the industry. Any incidents,
either in the industries or customers’ application
of our products and solutions, can have direct
and indirect financial effects for us, from financial
liability or through damaged market reputation,
respectively.
This is also why safety considerations are an
integral part of our product development
process, and they are systematically addressed
at every stage, particularly during design review
procedures. The functions most directly involved
in product safety are product development and
quality management teams. As product safety
involves various aspects, our colleagues in sup-
plier management or process engineering also
participate in related work where necessary.
We adhere to the most rigorous automotive
methodologies, utilizing tools like Advanced
Product Quality Planning and Design Failure
Modes and Effects Analysis. We follow all relevant
product safety regulations and demonstrate
compliance with global standards through a
combination of actual test results, qualification
based on similarity, and analytical modeling. We
go beyond regulatory requirements where possi-
ble. In BVI we include tests vehicle crash testing,
rollover, and durability testing in our design and
development processes. Once the validation
testing is successfully completed, our products
and solutions receive the necessary certifications
for operation.
All hydrogen cylinders are designed, tested, and
qualified to strict codes and regulations defined
for the different segments the specific cylinder
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is designed for. The quality of our products is
assured through internal tests, verification, and
qualification programs, involving the material,
process technology and related parameters,
as well as third-party qualifications of the final
cylinders.
In BVI, all vehicle sub-assemblies and battery
systems comply with Society of Automotive
Engineers standards. Suppliers that are critical
to the part functionality are onboarded through
a production part approval process. Through this
process, we verify a supplier’s ability to reliably
and repeatedly produce a part or components
for mass production. Parts are always inspected
before, during and after a production run. We
also conduct assessments in the end-of-life
stage on products that have exceeded their
initial expected lifespan to gain insights into
aging effects and the remaining performance
capabilities, which can be used for continuous
development of the safety of our products and
solutions.
In case of any incidents where our products and
solutions are involved, we provide information
and, if possible, participate in any investigations
and root cause analysis together with our cus-
tomers and relevant authorities. As set out in our
Supplier and Business Partner Code of Conduct,
we also require suppliers and business partners
to cooperate in product-safety investigation or
corrective action where relevant.
In 2025, there were no reports about injuries or
specific material negative impacts affecting the
personal safety of our consumers and end-users.
Should Hexagon Purus be a responsible party
for any incident, necessary action will be taken
based on the nature and potential consequence.
Representatives from the executive management
team are always included in this communication.
In case we need to provide or enable remedy in
any such event, including product liability cases,
the Group prepares an estimate of this remedy
based on experience, professional judgment of
legal counsel, and other assumptions it believes
to be reasonable. This is in line with how we make
provisions for warranties.
Our actions
Actions this year
• Quality audits conducted on our BVI suppliers,
with particular focus on product quality and
safety, to support a zero-incident vision and
mitigate potential material negative impacts
on our consumers and end-users.
Planned actions
• Completion of UN ECE R100 testing for the
third generation of our battery system, which
addresses the safety requirements specific to
BVI and to electric powertrain of road vehicles,
including rechargeable battery systems. Plan
compliance in 2026 with the new FMVSS
1
305a
for BVI before mandated implementation date
(September 1, 2029).
• BVI Quality will initiate non-conformance
reports following the Supplier Quality Manual
and Control of Non-Conforming Material
Procedure providing feedback and scoring
when applicable to our suppliers.
Targets
We work with technologies requiring high
safety and quality standards. We emphasize the
responsibility and importance we put on all our
employees to ensure that the risk is minimized.
All our products and solutions are certified. Third-
party verifications are essential to communicate
the safety and quality of our products to custom-
ers and relevant stakeholders. Our ambition is to
maintain any such certifications going forward.
While quantifiable target related to personal
safety of consumer and end-users has not been
set, we continue to have a zero-vision for safety
incidents involving our products and solutions.
We share the responsibility with our customers
and end-users to meet this vision. We work pro-
actively with safety, and our proactive approach
will contribute to improving safety performance
and quality of our products.
1
FMVSS No. 305a Electric-Powered Vehicles: Electric Powertrain Integrity Global Technical Regulation No. 20
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Governance
ESRS G1 | Business Conduct
108
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ESRS G1 | Business Conduct
IRO OVERVIEW
SUBTOPIC IRO VALUE CHAIN DESCRIPTION
MEDIUMTERM
DEVELOPMENT
LONGTERM
DEVELOPMENT
Corporate culture
Corporate culture Potential negative
impact
Own operations The company's conscious approach to people and culture is a critical succes factor for creating an
open and transparent environment, where people are empowered to speak up and make ethical
decisions. We are a global company, with global supply chains. Operating globally increases the
complexity of ensuring consistent cultural standards. Insufficient implementation or awareness of our
policies may create a potential negative impact through misconduct or non-compliance.
Increase Increase
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INTRODUCTION
Professional business conduct and solid governance structures are
fundamental to our license to operate. Hexagon Purus has a proud
industrial heritage with a strong corporate culture driving business
performance. Our core values are Integrity and Drive, with integrity as
the first priority. This serves as a guiding principle for the Company’s
governance and internal practices. We see an open and transparent
environment as crucial for good business conduct, where we strive to
empower people to speak up and make ethical decisions.
Corporate culture
Our approach
Our commitment to governance is commu-
nicated through our purpose and values,
responsible business conduct and company
policies, guiding us on how to act in accordance
with our governing principles. We have high
ethical standards and expect all our internal and
external stakeholders to act with integrity and in
compliance with laws and regulations, as well as
our policies.
The Hexagon Purus Code of Conduct, which is
the overarching guiding governance document,
helps us navigate situations and dilemmas that
may arise in our business operations. The Code
of Conduct sets clear guidelines and principles
on behavior in important ESG areas, including
human and labor rights, anti-corruption and
bribery, sanctions and export controls, data
privacy, among others. In addition, Hexagon
Purus is in the process of implementing a holistic
management and internal control framework that
allows us to identify, manage and monitor rele-
vant business and ESG-related risks, impacts and
opportunities in a proactive manner. The frame-
work includes regular Group-wide assessments
of key risks, impacts and opportunities, allows
management to identify and allocate resources
in an effective manner, and ensures continuous
and systematic follow up of key risks, impacts and
opportunities over time.
The Board of Directors has the ultimate respon-
sibility to ensure that Hexagon Purus operates in
line with the requirements for ethical business
conduct and has an adequate risk management
and internal control framework in place; it super-
vises the management and business operations
of Hexagon Purus. The CEO is responsible for the
implementation in the organization on a day-to-
day basis. The expertise and competence of the
Board of Directors and the executive manage-
ment team can be found on page 44-45 and 24,
respectively.
Our purpose, values, and overarching policy
commitments are available to all stakeholders
via our policy repository on our web pages.
Hexagon Purus’ policies are designed with view
to our business operations and organization, and
the requirements set out in the minimum social
safeguards under Article 18 of the EU Taxonomy
(Regulation (EU) 2020/852). We also have an inter-
nal policy repository in our learning management
system. An overview of selected policies can be
found in the Board of Directors report (page 33).
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Hexagon Purus is committed to conducting
business in a responsible and ethical manner.
Reports from our employees, business partners,
and other stakeholders are an important mech-
anism for uncovering and addressing concerns
within our operations and value chain.
We encourage anyone who becomes aware of
actual or potential violations of the principles of
ethical business conduct set out in our Code of
Conduct, our policies or procedures, or applica-
ble laws and regulations to report their concerns
so that we can take appropriate action. Anyone
may report concerns, including Hexagon Purus
employees, temporary workers, contractors,
workers in the supply chain, business partners,
members of affected communities, and other
external parties. Hexagon Purus encourages
internal reporting as a first step. Alternatively,
the reporting channels set out in Hexagon Purus'
Whistleblowing Policy and on our webpage can
be used, including an external whistleblowing
channel. More information and our related pol-
icies can be found on our website, under Ethics
and Compliance.
Our actions
Actions this year
• During the year, we adopted and implemented
several updated and new policies and pro-
cedures in order to establish a holistic risk,
impact and opportunity management and
internal control framework that addresses
the requirements set out in the minimum
social safeguards under Article 18 of the EU
Taxonomy (Regulation (EU) 2020/852), includ-
ing the OECD Guidelines for Multinational
Enterprises on Responsible Business Conduct,
the UN Guiding Principles on Business and
Human Rights, and the ILO Core Conventions.
All policies relevant for external audience
can be found on our website under Ethics
and Compliance. The list of new policies can
be found in the Board of Directors’ report.
All policies have been made available to
employees through intranet and our Learning
Management System (LMS).
• We implemented a Learning Management
System across all our locations, establishing a
foundation for employee upskilling, and ena-
bling more structured and efficient distribution
and tracking of policy awareness and under-
standing. The LMS had previously been piloted
at selected locations in North America. Internal
policies and procedures are available in the
LMS and are also distributed to relevant target
groups through the system.
• We put in substantial efforts to create a thor-
ough and interactive Code of Conduct training.
This was rolled out through our LMS to both
employees and the Board of Directors. To
ensure effective implementation, the training
was translated into relevant local languages
and we also improved the working stations for
production employees.
Planned actions
• Following the establishment of a holistic risk,
impact and opportunity management and
internal control framework and updates to
our policies and procedures, we will focus on
training relevant resources and assessing and
updating existing local processes as necessary
across the organization in 2026.
• We will continue to strengthen awareness
and adherence to applicable policies and
procedures through targeted training of
employees and – to the extent adequate –
third parties.
• We will establish a new external whistleblowing
channel.
Targets
We do not have a quantitative target concerning
corporate culture. Our objective is to ensure
employees understand and act on the guiding
principles set out in our Code of Conduct. Our
Code of Conduct training is part of the standard
employee curriculum and will from 2026 be part
of the Hexagon Purus mandatory onboarding
process. The course will be updated on an
as-needed basis or if there are changes to the
Code of Conduct.
We also believe that transparency and good
communication throughout the organization
promotes a better working culture. Stakeholders’
feedback and any reported concern are taken
seriously and handled appropriately and are
important for us to continuously improve our
governance and corporate culture.
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ESRS index
DISCLOSURE REQUIREMENT OMISSION COMMENT / REASON FOR OMISSION PAGE
(
S
)
General disclosure
BP-1 General basis for preparation of the sustainability statement 51-52
BP-2 Disclosures in relation to specific circumstances 51-52
GOV-1 The role of the administrative, management and supervisory bodies 31-34, 44-45
GOV-2 Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
31-34
GOV-3 Integration of sustainability-related performance in incentive schemes 34-35
GOV-4 Statement on sustainability due diligence 100-101
GOV-5 Risk management and internal controls over sustainability reporting 32-34
SBM-1 Strategy, business model and value chain (products, markets, customers) 11, 49
SBM-1 Strategy, business model and value chain (headcount by country) 134
SBM-1 Strategy, business model and value chain (breakdown of revenue) 132
SBM-2 Interests and views of stakeholders 58-59
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Covered in the respective ESRS material topic chapters
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities 53-57
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement This table 111-115
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DISCLOSURE REQUIREMENT OMISSION COMMENT / REASON FOR OMISSION PAGE
(
S
)
ESRS E1 Climate change
E1-1 Transition plan for climate change mitigation 14, 16-17 We do not have a transition plan. We have not yet decided
whether and, if so, we will adopt a transition plan.
62-63
SBM-3 Material impacts, risks and opportunities, and their interaction with
strategy and business model
18-19 Our climate risk assessment does not include a resilience analysis of
our strategy and business model in relation to climate change.
61-63, 71-73
IRO-1 Description of the processes to identify and assess material
climate-related impacts, risks and opportunities
AR 11 (c), AR 12, 21 Our climate risk assessment does not include a resilience analysis of our strategy and
business model in relation to climate change. The physical climate risk assessment
conducted did not include all our sites. The scope did not include a resilience analysis.
61-63, 71-73
E1-2 Policies related to climate change mitigation and adaptation 24-25 We do not yet have a policy specifically referring to climate change. 62-63
E1-3 Actions and resources in relation to climate change policies 28-29 We do not present key climate change mitigation actions by decarbonization
levers and/or including nature-based solutions. We do not report the expected
GHG emission reductions. The presented climate change mitigation action
do not constitute significant monetary amounts of CapEx and OpEx.
62-63
E1-4 Targets related to climate change mitigation and adaptation 16 (a)-(b), 32-34, AR 25
(a)-(b), AR 30 (c)
We do not have any specific targets related to climate change mitigation and adaptation. 62-63
E1-5 Energy consumption and mix 69-70
E1-6 Gross Scopes 1, 2, 3 and total GHG emissions 64-68
E1-9 Anticipated financial effects from material physical and transition
risks and potential climate-related opportunities
66-69, AR 72 (a)(b), AR
73 (a)-(b), AR 76 (b),
Phase-in requirement
ESRS E5 Resource use and circular economy
IRO-1 Description of the processes to identify and assess material
climate-related impacts, risks and opportunities
53-57, 80
E5-1 Policies related to resource use and circular economy 81-83
E5-2 Actions and resources related to resource use and circular economy 81-83
E5-3 Targets related to resource use and circular economy 23-25 We do not have any specific targets related to resource use and circular economy. 81-83
E5-4 Resource inflows 81-84
E5-5 Resource outflows 81-83, 85
E5-6 Anticipated financial effects from resource use and circular
economy-related impacts, risks and opportunities
43 Phase-in requirement
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DISCLOSURE REQUIREMENT OMISSION COMMENT / REASON FOR OMISSION PAGE
(
S
)
ESRS S1 Own workforce
SBM-2 Interests and views of stakeholders 58-59
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 15-16 For the double materiality assessment, we have not assessed whether employees
with particular characteristics, working in particular contexts, or undertaking
particular activities may be at greater risk of harm. As such the assessment
was based on the knowledge of the engaged stakeholders (described in
General - Double materiality assessment - Stakeholder engagement).
53-57, 87
S1-1 Policies related to own workforce 88-92
S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 27 (e), 28 We have not assessed the effectiveness of engagement with own workforce in 2025. 88-92
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 88-92
S1-4 Taking action on material impacts on own workforce, and approaches
to managing material risks and pursuing material opportunities
related to own workforce, and effectiveness of those actions
88-92
S1-5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
88-92
S1-6 Characteristics of the undertaking’s employees 93-96
S1-7 Characteristics of non-employees in the undertaking’s own workforce 93-96
S1-9 Diversity metrics 93-96
S1-13 Training and skills development metrics 83 Phase-in requirement
S1-14 Health and safety metrics 93-96
S1-15 Work-life balance metrics 93-96
S1-17 Incidents, complaints and severe human rights impacts 88-96
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DISCLOSURE REQUIREMENT OMISSION COMMENT / REASON FOR OMISSION PAGE
(
S
)
ESRS S2 Workers in the value chain
SBM-2 Interests and views of stakeholders 58-59, 98-99
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 10-12 For the double materiality assessment, we have not directly consulted with the
affected stakeholders such as employees, value chain workers and others. As such
the understanding of how people with particular characteristics, those working
in particular contexts, or those undertaking particular activities may be at greater
risk of harm was based on the knowledge of the engaged stakeholders (described
in General - Double materiality assessment - Stakeholder engagement).
53-57, 97-99
S2-1 Policies related to value chain workers 17 (b)-(c) Phase-in requirement 98-99
S2-2 Processes for engaging with value chain workers about impacts 22-24 Phase-in requirement 98-101
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 27 (a), 27 (c)-(d), 28 Phase-in requirement 98-101
S2-4 Taking action on material impacts on value chain workers, and approaches
to managing material risks and pursuing material opportunities related
to value chain workers, and effectiveness of those actions
35 Phase-in requirement 98-101
S2-5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
41, 42(b)(c) Phase-in requirement 98-99
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DISCLOSURE REQUIREMENT OMISSION COMMENT / REASON FOR OMISSION PAGE
(
S
)
ESRS S4 Consumers and end-users
SBM-2 Interests and views of stakeholders 58-59, 102-106
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 10-12 For the double materiality assessment, we have not directly consulted with the
affected stakeholders such as value chain workers and others. The understanding
of how people with particular characteristics, those working in particular contexts,
or those undertaking particular activities may be at greater risk of harm was
generic and based on the knowledge of the stakeholders engaged (described
in General - Double materiality assessment - Stakeholder engagement).
53-57, 102-106
S4-1 Policies related to consumers and end-users 16-17 Phase-in requirement 103-106
S4-2 Processes for engaging with consumers and end-users about impacts 103-106
S4-3 Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
25-26 Phase-in requirement 103-106
S4-4 Taking action on material impacts on consumers and end-users, and
approaches to managing material risks and pursuing material opportunities
related to consumers and end-users, and effectiveness of those actions
31(d) Phase-in requirement 103-106
S4-5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
38, 40-41 Phase-in requirement 104, 106
ESRS G1 Business conduct
GOV-1 The role of the administrative, supervisory and management bodies 31-34, 109-110
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 53-57
G1-1 Business conduct policies and corporate culture 108-110
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ESRS data points from other EU Legislation
Disclosure
Requirement Data point Legislation Pages(s)
ESRS 2 GOV-1 21(d) Board's gender diversity SFDR/BMR 44
21(e) Percentage of board members who are independent BMR 44
ESRS 2 GOV-4 30 Statement on due diligence SFDR 100-101
ESRS 2 SBM-1 40(d)(i) Involvement in activities related to fossil fuel activities SFDR/P3/BMR Not relevant
40(d)(ii) Involvement in activities related to chemical production SFDR/BMR Not relevant
40(d)
(iii)
Involvement in activities related to controversial weapons SFDR/BMR Not relevant
40(d)
(iv)
Involvement in activities related to cultivation
and production of tobacco
BMR Not relevant
ESRS E1-1 14 Transition plan to reach climate neutrality by 2050 EUCL Omission
16(g) Undertakings excluded from Paris-aligned Benchmarks P3/BMR Not relevant
ESRS E1-4 34 GHG emission reduction targets SFDR/P3/BMR Omission
ESRS E1-5 37 Energy consumption and mix SFDR 70
38 Energy consumption from fossil sources
disaggregated by sources
SFDR 70
40-43 Energy intensity associated with activities
in high climate impact sectors
SFDR 70
ESRS E1-6 44 Gross Scope 1, 2, 3 and Total GHG emissions SFDR/P3/BMR 64
53-55 Gross GHG emissions intensity SFDR/P3/BMR 65
ESRS E1-7 56 Gross GHG removals and carbon credits EUCL Not material
Disclosure
Requirement Data point Legislation Pages(s)
ESRS E1-9 66 Exposure of the benchmark portfolio to
climate-related physical risks
BMR Phase-in
66(a)(c) Disaggregation of monetary amounts by
acute and chronic physical risk; and location of
significant assets at material physical risk
P3 Phase-in
67(c) Breakdown of the carrying value of its real
estate assets by energy-efficiency classes
P3 Phase-in
69 Degree of exposure of the portfolio to
climate-related opportunities
BMR Phase-in
ESRS E2-4 28 Amount of each pollutant listed in Annex II of the
E-PRTR Regulation emitted to air, water, and soil
SFDR Not material
ESRS E3-1 9 Water and marine resources SFDR Not material
13 Dedicated policy SFDR Not material
14 Sustainable oceans and seas SFDR Not material
ESRS E3-4 28(c) Total water recycled and reused SFDR Not material
29 Total water consumption in m
3
per net
revenue in own operations
SFDR Not material
ESRS E4, ESRS
2 SBM-3
16(a)(i) Activities negatively affecting biodiversity-sensitive areas SFDR Not material
16(b) Land degradation, desertification, or soil sealing SFDR Not material
16(c) Threatened species SFDR Not material
ESRS E4-2 24(b) Sustainable land/agriculture practices or policies SFDR Not material
24(c) Sustainable oceans/seas practices or policies SFDR Not material
24(d) Policies to address deforestation SFDR Not material
Legislation
SFDR Sustainable Finance Disclosure Regulation
P3 EBA Pillar 3 disclosure requirements
BMR EU Benchmarks Regulation
EUCL EU Climate Law
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Disclosure
Requirement Data point Legislation Pages(s)
ESRS E5-5 37(d) Non-recycled waste SFDR 85
39 Hazardous waste and radioactive waste SFDR 85
ESRS S1, ESRS
2 SBM-3
14(f) Risk of incidents of forced labor SFDR 87-92
14(g) Risk of incidents of child labor SFDR 87-92
ESRS S1-1 20 Human rights policy commitments SFDR 87-92
21 Due diligence policies on issues addressed by
the fundamental ILO Conventions 1 to 8
BMR 87-92, 100-101
22 Processes and measures for preventing
trafficking in human beings
SFDR 87-92
23 Workplace accident prevention policy
or management system
SFDR 88-90
ESRS S1-3 32(c) Grievance/complaints handling mechanisms SFDR 88-90
ESRS S1-14 80(b)(c) Number of fatalities and number and
rate of work-related accidents
SFDR/BMR 95
88(e) Number of days lost to injuries, accidents, fatalities or illness SFDR 95
ESRS S1-16 97(a) Unadjusted gender pay gap SFDR/BMR Omission
97(b) Excessive CEO pay ratio SFDR Omission
ESRS S1-17 103(a) Incidents of discrimination SFDR 96
104(a) Non-respect of UNGPs on Business and
Human Rights and OECD Guidelines
SFDR/BMR 96
Disclosure
Requirement Data point Legislation Pages(s)
ESRS S2, ESRS
2 SBM-3
11(b) Significant risk of child labour or forced
labour in the value chain
SFDR 97-101
ESRS S2-1 17 Human rights policy commitments SFDR 97-101
18 Policies related to value chain workers SFDR 97-101
19 Non-respect of UNGPs on Business and Human
Rights principles and OECD guidelines
SFDR/BMR 97-101
19 Due diligence policies on issues addressed by
the fundamental ILO Conventions 1 to 8
BMR 100-101
ESRS S2-4 36 Human rights issues and incidents connected to
its upstream and downstream value chain
SFDR 97-101
ESRS S3-1 16 Human rights policy commitments SFDR Not material
17 Non-respect of UNGPs on Business and Human
Rights principles and OECD guidelines
SFDR/BMR Not material
ESRS S3-4 36 Human rights issues and incidents SFDR Not material
ESRS S4-1 16 Policies related to consumers and end-users SFDR 33, 102-106
ESRS S4-1 17 Non-respect of UNGPs on Business and Human
Rights principles and OECD guidelines
SFDR/BMR 102-106
ESRS S4-4 35 Human rights issues and incidents SFDR 102-106
ESRS G1-1 10(b) United Nations Convention against Corruption SFDR 108-110
10(d) Protection of whistleblowers SFDR Not material
ESRS G1-4 24(a) Fines for violation of anti-corruption and anti-bribery laws SFDR/BMR Not material
24(b) Standards of anti- corruption and anti- bribery SFDR Not material
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
117117
SUSTAINABILITY STATEMENTS | ESRS DATA POINTS FROM OTHER EU LEGISLATIONSUSTAINABILITY STATEMENTS | ESRS DATA POINTS FROM OTHER EU LEGISLATION
Jon Erik Engeset
Chair of the Board
Espen Gundersen
Board Member
Martha Kold Monclair
Board Member
Hidetomo Araki
Board Member
Susana Quintana-Plaza
Board Member
Liv Fiksdahl
Board Member
Rick Rashilla
Board Member
Morten Holum
President & CEO
Statement from the Board of Directors
and Chief Executive Officer
We confirm to the best of our knowledge that:
The sustainability statements have been prepared in accordance with sustainability reporting standards
established in accordance with the Accounting Act Section 2-6, and in accordance with rules established
pursuant to Article 8(4) of the Taxonomy Regulation
Oslo, Norway, 24 March 2026
The Board of Directors of Hexagon Purus ASA
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
118
SUSTAINABILITY STATEMENTSSUSTAINABILITY STATEMENTS
Income statement Group
120
Statement of comprehensive income
121
Statement of financial position Group
122
Cash flow statement Group
124
Statement of changes in equity
126
Notes
127
Note 1 Corporate information
127
Note 2 Basis of preparation
128
Note 3 Revenue from contracts with customers
129
Note 4 Operating segments
132
Note 5 Payroll costs and number of employees
134
Note 6 Other operating expenses
134
Note 7 Property, plant and equipment
135
Note 8 Intangible assets
136
Note 9 Impairment
138
Note 10 Leases
141
Note 11 Investments in associates
144
Note 12 Non-current financial assets and other
non-current assets
146
Note 13 Inventory
146
Note 14 Trade receivables
147
Note 15 Other current assets
148
Note 16 Bank deposits, cash and cash equivalents
148
Note 17 Net financial items
149
Note 18 Financial assets and financial liabilities
149
Note 19 Financial risk management
152
Note 20 Short term provisions
155
Note 21 Share capital and share premium
156
Note 22 Share-based payment
157
Note 23 Earnings per share
158
Note 24 Interest-bearing liabilities
159
Note 25 Short-term interest-bearing loans
162
Note 26 Other current liabilities
162
Note 27 Related parties disclosure
163
Note 28 Income tax
165
Note 29 Government grants
167
Note 30 Purchasing commitments
168
Note 31 Events after the balance sheet date
168
Income statement – Parent Company
169
Balance sheet – Parent Company
170
Cash flow statement – Parent Company
172
Notes – Parent Company
173
Note 1 Basis of preparation
173
Note 2 Revenue and Intra-group transactions and balances
173
Note 3 Payroll, number of employees, remuneration, loans to employees etc.
174
Note 4 Share-based payment
175
Note 5 Pensions and benefit obligations
176
Note 6 Other operating expenses
177
Note 7 Net financial items
177
Note 8 Tax
178
Note 9 Shares in subsidiaries and associates
179
Note 10 Non-current receivables
180
Note 11 Bank deposits
180
Note 12 Share capital and shareholder information
181
Note 13 Financial market risk
182
Note 14 Equity
182
Note 15 Interest bearing loan and borrowings
183
Note 16 Public duties payable
183
Note 17 Events after the balance sheet date
183
Auditor’s report
184
Sustainability assurance report
188
Financial statements
Financial statements Group Financial statements Parent Company
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS FINANCIAL STATEMENTS
Income statement Group
1 JANUARY
–
31 DECEMBER
(NOK 1 000) | Note | 2025 | 2024 |
Revenue | 3, 4 | ||
| Other income | 3, 4 | ||
Total revenue and income | |||
| Cost of materials | 13 | ||
| Payroll expenses | 5, 22, 27 | ||
| Other operating expenses | 6 | ||
Total operating expenses before depreciation, amortization and impairment | |||
Operating profit before depreciation, amortization and impairment | 4 | ( | ( |
| Depreciation, amortization | 7, 8, 10 | ||
| Impairment | 7, 8, 9, 10 | ||
Operating profit (EBIT) | ( | ( | |
| Share of profit (loss) from investments in associates | 11 | ( | ( |
| Finance income | 17, 18 | ||
| Finance costs | 17, 18, 24 | ||
Profit/loss before tax | ( | ( | |
| Tax | 28 | ( | ( |
Profit/loss after tax | ( | ( |
(NOK 1 000) | Note | 2025 | 2024 |
| Attributable to: | |||
| Equity holders of the parent | 21, 23 | ( | ( |
Non-Controlling interests | ( | ( | |
| Earnings per share | |||
| Ordinary (NOK) | 23 | ( | ( |
| Diluted (NOK) | 23 | ( | ( |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Statement of comprehensive income
1 JANUARY
–
31 DECEMBER
(NOK 1 000) | 2025 | 2024 |
Profit/loss after tax | ( | ( |
| OTHER COMPREHENSIVE INCOME: | ||
| Items that will be reclassified through profit or loss in subsequent periods | ||
Exchange differences on translation of foreign operations | ( | |
Total comprehensive income, net of tax | ( | ( |
| Attributable to: | ||
Equity holders of the parent | ( | ( |
Non-controlling interests | ( | ( |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Statement of financial position Group
(NOK 1 000) | Note | 31 Dec 2025 | 31 Dec 2024 |
| ASSETS | |||
| Property, plant and equipment | 7, 9 | ||
| Right-of-use assets | 9, 10 | ||
| Intangible assets | 8, 9 | ||
| Investment in associates | 11 | ||
| Non-current financial assets | 12, 18 | ||
| Other non-current assets | 12 | ||
Total non-current assets | |||
| Inventories | 13 | ||
| Trade receivables | 3, 14, 18 | ||
| Current financial assets | 12 | ||
| Other current assets | 15 | ||
| Cash and short-term deposits | 16 | ||
Total current assets | |||
Total assets |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | Note | 31 Dec 2025 | 31 Dec 2024 |
| EQUITY AND LIABILITIES | |||
| Issued capital | 21 | ||
| Share premium | 21 | ||
Other equity | ( | ||
Equity attributable to holders of the parent | |||
Non-controlling interests | |||
Total equity | |||
| Interest-bearing loans and borrowings | 18, 19, 24 | ||
| Lease liabilities | 10, 24 | ||
| Net employee defined benefit liabilities | 20 | ||
| Deferred tax liabilities | 28 | ||
Other non-current liabilities | |||
Total non-current liabilities | |||
| Trade and other payables | 18 | ||
| Contract liabilities | 3 | ||
| Interest-bearing loans and borrowings | 18, 19, 24, 25 | ||
| Lease liabilities, short term | 10, 24, 25 | ||
| Income tax payable | 28 | ||
| Other current liabilities | 26 | ||
| Provisions | 20 | ||
Total current liabilities | |||
Total liabilities | |||
Total equity and liabilities |
Oslo, Norway, 24 March 2026
The Board of Directors of Hexagon Purus ASA
Jon Erik Engeset
Chair of the Board
Espen Gundersen
Board Member
Martha Kold Monclair
Board Member
Hidetomo Araki
Board Member
Susana Quintana-Plaza
Board Member
Liv Fiksdahl
Board Member
Rick Rashilla
Board Member
Morten Holum
President & CEO
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
123123
FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Cash flow statement Group
1 JANUARY
–
31 DECEMBER
(NOK 1 000) | Note | 2025 | 2024 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
Profit before tax | ( | ( | |
| Adjustments to reconcile profit before tax to net cash flows | |||
| Depreciation and impairment of property, plant and equipment | 7 | ||
| Depreciation and impairment of right-of-use assets | 10 | ||
| Amortization and impairment of intangible assets | 8 | ||
| Change in fair value of financial investments | 12 | ||
| Share-based payment expense | 22 | ||
| Share of net profit of associates | 11 | ( | |
Movements in pensions | ( | ( | |
| Interest income | 17 | ( | ( |
| Interest expense | 17 | ||
| Working capital adjustments | |||
| Change in trade receivables and contract assets | 14 | ( | |
| Change in inventories | 13 | ( | |
| Change in trade and other payables, contract liabilities | 26 | ( | |
| Change in other accrual | 20, 26 | ||
Net cash flow from operating activities | ( | ( |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | Note | 2025 | 2024 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||
| Purchase of property, plant and equipment | 7 | ( | ( |
| Purchase and development of intangible assets | 8 | ( | ( |
Settlement of contingent consideration of business combination | ( | ||
| Investments in associated companies | 11 | ( | ( |
| Interest received | 17 | ||
Loans to associated companies | ( | ||
Loans to other investments | ( | ( | |
Net cash flow used in investing activities | ( | ( | |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Proceeds from loans | 24 | ||
Transaction costs on issue of loans | ( | ||
| Repayment of loans | 24 | ( | ( |
| Interest payments | 17 | ( | ( |
| Repayment of principal portion of lease liabilities | 10, 24 | ( | ( |
| Interest on lease liabilities | 10, 24 | ( | ( |
| Proceeds from new equity | 21 | ||
| Transaction costs on issue of equity instruments | 21 | ( | |
Proceeds from share capital increase in subsidiary | |||
Net cash flow (used in)/from financing activities | ( | ||
Net decrease/increase in cash and cash equivalents | ( | ||
Net foreign exchange difference | ( | ||
| Cash and cash equivalents at 1 January | 16 | ||
Cash & cash equivalents outgoing balance |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
125125
FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Statement of changes in equity
| Equity attributable | ||||||||
| Other paid-in | Foreign currency | to holders | Non-controlling | |||||
(NOK 1 000) | Note | Issued capital | Share premium | capital | translation reserve | of the parent | interest | Total equity |
As of 1 January 2025 | ( | |||||||
Profit for the period | ( | ( | ( | ( | ||||
Other comprehensive income | ( | ( | ( | ( | ||||
Total comprehensive income | ( | ( | ( | ( | ( | |||
| Share-based payments | 21 | |||||||
Share capital increase in subsidiary | ||||||||
Reclassification | ( | |||||||
As of 31 December 2025 | ||||||||
As of 1 January 2024 | ||||||||
Profit for the period | ( | ( | ( | ( | ||||
Other comprehensive income | ||||||||
Total comprehensive income | ( | ( | ( | ( | ||||
| Share-based payments | 21 | |||||||
Share capital increase | ||||||||
Share capital increase in subsidiary | ||||||||
| Equity portion of convertible debt | 23 | |||||||
Transaction cost | ( | ( | ( | ( | ||||
As of 31 December 2024 | ( |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
126126
FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Notes
Note 1 Corporate information
Company information
Group, is a public limited liability company with its
registered office in Norway . The company’s head-
quarters is at Haakon VII gate 2, 0161 Oslo, Norway .
Morten Holum is President & CEO of Hexagon
Purus Group and General Manager of Hexagon
Purus ASA.
Company | Home country | Registered office | Ownership | Votes |
Hexagon Technology H2 AS | Norway | Oslo | 100% | 100% |
Hexagon Purus HK Holding AS | Norway | Oslo | 100% | 100% |
Hexagon Purus Maritime AS | Norway | Langevag | 100% | 100% |
Hexagon Purus Germany Holding GmbH | Germany | Herford | 100% | 100% |
Hexagon Purus GmbH | Germany | Kassel | 100% | 100% |
Hexagon Purus Real Estate GmbH | Germany | Kassel | 100% | 100% |
Hexagon Purus Weeze GmbH | Germany | Weeze | 100% | 100% |
Hexagon Purus Rental Solutions GmbH | Germany | Weeze | 100% | 100% |
xperion E&E US Holding Inc. | USA | Heath, OH | 100% | 100% |
xperion E&E USA LLC | USA | Heath, OH | 100% | 100% |
Hexagon Purus North America Holdings Inc. | USA | Lincoln, NE | 100% | 100% |
Hexagon Purus LLC | USA | Lincoln, NE | 100% | 100% |
Hexagon MasterWorks Inc. | USA | Lincoln, NE | 100% | 100% |
Hexagon Purus Systems USA, LLC | USA | Costa Mesa, CA | 100% | 100% |
Hexagon Purus Texas LLC | USA | Texas | 100% | 100% |
Hexagon Purus Systems Canada Ltd | Canada | Vancouver | 100% | 100% |
CIMC- Hexagon Hydrogen Energy Technologies Limited | China | Hong Kong | 51% | 51% |
CIMC- Hexagon Hydrogen Energy Technologies (Beijing) Co,, Ltd | China | Beijing | 100% | 100% |
CIMC- Hexagon Hydrogen Energy Technologies (Heibei) Co,, Ltd | China | Heibei | 100% | 100% |
Hexagon Purus (Beijing) Ltd. | China | Beijing | 100% | 100% |
| Associates | ||||
CIMC- Hexagon Hydrogen Energy Systems Limited | China | Hong Kong | 49% | 49% |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
127127
FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Note 2 Basis of preparation
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
128128
FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
129129
FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
Sale of cylinders and systems | 1 021 237 | 1 773 589 |
Sale of services and funded development | 17 506 | 49 354 |
Contracts with customers at a point in time | 1 038 743 | 1 822 943 |
Sale of cylinders and systems | 77 756 | 20 582 |
Sale of services and funded development | 13 105 | - |
Contracts with customers over time | 90 860 | 20 582 |
Total revenue from contracts with customers | 1 129 603 | 1 843 525 |
| Type of goods or service | ||
Sale of cylinders and systems | 1 098 993 | 1 794 171 |
Sale of services and funded development | 30 610 | 49 354 |
Leasing revenue | 7 055 | 1 059 |
Other income | 7 234 | 31 256 |
Total revenue and income | 1 143 892 | 1 875 839 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
130130
FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
Trade receivable | 313 488 | 351 432 |
Contract liabilities | 136 532 | 159 179 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
131131
FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
2025 | 2024 | |||||||
| Hydrogen | Battery Systems | Hydrogen | Battery Systems | |||||
| Mobility & | & Vehicle | Other and | Mobility & | & Vehicle | Other and | |||
| (NOK 1 000) | Infrastructure | Integration | eliminations | Total | Infrastructure | Integration | eliminations | Total |
Revenues | 1 028 124 | 98 794 | 9 740 | 1 136 658 | 1 780 435 | 68 236 | (4 088) | 1 844 583 |
Other income | 53 | 2 696 | 4 486 | 7 234 | 2 020 | 29 103 | 133 | 31 256 |
Total revenue and income | 1 028 177 | 101 489 | 14 226 | 1 143 892 | 1 782 455 | 97 339 | (3 955) | 1 875 838 |
Cost of materials | 546 186 | 156 007 | 2 243 | 704 436 | 1 011 487 | 73 734 | (3 648) | 1 081 574 |
Other operating cost | 749 859 | 123 122 | 184 675 | 1 057 656 | 782 824 | 162 734 | 197 069 | 1 142 627 |
Total operating expenses before depreciation, amortization and impairment | 1 296 045 | 279 129 | 186 918 | 1 762 091 | 1 794 311 | 236 468 | 193 421 | 2 224 200 |
EBITDA | (267 868) | (177 640) | (172 690) | (618 199) | (11 856) | (139 129) | (197 376) | (348 361) |
Depreciation, amortization and impairment | 221 872 | 294 806 | 22 449 | 539 127 | 389 782 | 44 230 | 128 202 | 562 213 |
EBIT | (489 740) | (472 446) | (195 139) | (1 157 327) | (401 638) | (183 359) | (325 578) | (910 575) |
Segment assets | 2 263 094 | 470 593 | 776 607 | 3 510 293 | 2 692 351 | 933 699 | 1 307 729 | 4 933 780 |
Segment investments in the period | 51 621 | 54 941 | 51 142 | 157 704 | 131 381 | 217 178 | 128 053 | 476 612 |
Segment liabilities | 878 162 | 281 510 | 1 771 173 | 2 930 844 | 910 076 | 451 403 | 1 450 504 | 2 811 984 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
| Geographical regions | ||
Norway | 5 856 | 5 501 |
Europe, excluding Norway | 722 514 | 1 531 015 |
North America | 359 209 | 328 038 |
Asia | 20 368 | 4 560 |
Others | 35 944 | 6 724 |
Total | 1 143 892 | 1 875 839 |
(NOK 1 000) | 2025 | 2024 |
| Geographical regions | ||
Norway | 147 170 | 155 305 |
Europe, excluding Norway | 1 260 597 | 1 381 104 |
North America | 366 915 | 692 024 |
Asia | 263 045 | 216 039 |
Total | 2 037 726 | 2 444 472 |
| Property, plant | Intangible | Property, plant | Intangible | |
| and equipment | assets | and equipment | assets | |
| (NOK 1 000) | 2025 | 2025 | 2024 | 2024 |
| Geographical regions | ||||
Norway | 1 261 | 14 204 | 1 492 | 17 011 |
Europe, excluding Norway | 29 640 | 8 273 | 101 219 | 11 884 |
North America | 60 469 | 40 216 | 215 607 | 45 195 |
Asia | 19 405 | 13 336 | 169 364 | 7 690 |
Total | 110 776 | 76 030 | 487 683 | 81 779 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | Note | 2025 | 2024 |
Salaries/fees | 532 484 | 633 168 | |
Contractors/hired personnel | 2 055 | 23 067 | |
Board remuneration | 3 117 | 2 724 | |
Share-based payments | 19 780 | 31 363 | |
| Bonuses and incentive programs | 21 | 27 692 | 22 227 |
Pension expense, defined-benefit plans | 136 | 218 | |
Pension expense, defined-contribution plans | 10 831 | 11 281 | |
Other personnel related expenses | 7 470 | 7 077 | |
Social security costs | 37 916 | 31 934 | |
Capitalized personnel costs (development projects) | (8 567) | (10 724) | |
Restructuring costs | 71 541 | - | |
Payroll costs | 704 455 | 752 335 |
2025 | 2024 | |
Canada | 63 | 97 |
China | 49 | 36 |
Norway | 25 | 27 |
Germany | 461 | 518 |
USA | 70 | 72 |
Total, average, number of full-time equivalents | 669 | 749 |
(NOK 1 000) | 2025 | 2024 |
IT and communication cost | 44 431 | 40 541 |
Operating and maintenance for property, plant and machines | 104 319 | 117 811 |
Professional fees | 85 186 | 150 275 |
Indirect costs of sales | 24 042 | 21 532 |
Travel and living | 19 549 | 29 034 |
Other | 75 674 | 31 099 |
Other operating expeses | 353 201 | 390 292 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
| Buildings and | Machinery | Assets | ||
| real estate | and | under | ||
| (NOK 1 000) | properties | equipment | construction | 2025 total |
| Fixed assets | ||||
Opening balance at cost price | 280 799 | 962 430 | 440 683 | 1 683 912 |
Opening balance accumulated depreciation and impairment | (65 271) | (293 527) | (121 337) | (480 135) |
Opening balance book value | 215 528 | 668 903 | 319 346 | 1 203 777 |
Additions | 1 879 | 35 423 | 73 474 | 110 776 |
Transfers from assets under construction | 27 120 | 159 481 | (203 942) | (17 341) |
Depreciations | (9 853) | (124 751) | - | (134 605) |
Impairments | - | (166 506) | (1 328) | (167 834) |
Translation differences | 679 | (26 004) | (17 068) | (42 393) |
Closing balance 31.12.2025 | 235 353 | 546 545 | 170 482 | 952 380 |
Closing balance at cost price | 310 477 | 1 131 330 | 293 147 | 1 734 954 |
Closing balance accumulated depreciations and Impairment | (75 124) | (584 784) | (122 665) | (782 574) |
Useful life | 10-20 years | 3-15 years | ||
Depreciation method | Straight-line Straight-line |
| Buildings and | Machinery | Assets | ||
| real estate | and | under | ||
| (NOK 1 000) | properties | equipment | construction | 2024 total |
| Fixed assets | ||||
Opening balance at cost price | 161 601 | 643 906 | 321 614 | 1 127 120 |
Opening balance accumulated depreciation and impairment | (56 704) | (203 204) | - | (259 909) |
Opening balance book value | 104 897 | 440 701 | 321 614 | 867 212 |
Additions | 33 258 | 211 418 | 243 006 | 487 683 |
Transfers from assets under construction | 83 052 | 63 208 | (146 260) | - |
Depreciations | (8 567) | (84 302) | - | (92 869) |
Impairments | - | (6 021) | (121 337) | (127 358) |
Translation differences | 2 888 | 51 454 | 22 333 | 76 675 |
Disposals | - | (7 556) | (10) | (7 566) |
Closing balance 31.12.2024 | 215 528 | 668 903 | 319 346 | 1 203 777 |
Closing balance at cost price | 280 799 | 962 430 | 440 683 | 1 683 912 |
| Closing balance accumulated depreciations | ||||
and impairment | (65 271) | (293 527) | (121 337) | (480 135) |
Useful life | 10-20 years | 3-15 years | ||
| Depreciation method | Straight-line | Straight-line |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
| Technology and | Patents and | Customer | |||
| (NOK 1 000) | development | licenses | relationships | Goodwill | 2025 total |
| Intangible assets | |||||
Opening balance at cost price | 330 704 | 21 676 | 188 252 | 586 486 | 1 127 119 |
| Opening balance accumulated amortizations | |||||
and impairment | (77 284) | (12 394) | (131 340) | (226 567) | (447 584) |
Opening balance book value | 253 420 | 9 282 | 56 912 | 359 920 | 679 534 |
Additions | 75 738 | 292 | - | - | 76 030 |
Amortizations | (36 377) | (385) | (19 588) | - | (56 351) |
Translation differences | (5 433) | (1 962) | 803 | 1 465 | (5 127) |
Impairment | (47 397) | - | - | - | (47 397) |
Transfer from asset under construction | 17 341 | - | - | - | 17 341 |
Closing balance 31.12.2025 | 257 292 | 7 229 | 38 127 | 361 385 | 664 032 |
Closing balance at cost price | 418 350 | 20 006 | 189 055 | 587 951 | 1 215 363 |
| Closing balance accumulated amortizations | |||||
and Impairment | (161 058) | (12 778) | (150 928) | (226 566) | (551 331) |
Useful life | 5-20 years | 6-17 years | 7-9 years | Indefinite | |
Amortization method | Straight-line Straight-line Straight-line | None |
| Technology and | Patents and | Customer | |||
| (NOK 1 000) | development | licenses | relationships | Goodwill | 2024 total |
| Intangible assets | |||||
Opening balance at cost price | 251 248 | 15 143 | 184 810 | 559 941 | 1 011 143 |
| Opening balance accumulated amortizations | |||||
and impairment | (49 898) | (11 117) | (108 456) | - | (169 471) |
Opening balance book value | 201 350 | 4 026 | 76 354 | 559 941 | 841 671 |
Additions | 75 566 | 6 213 | - | - | 81 779 |
Amortizations | (27 385) | (1 277) | (22 052) | - | (50 714) |
Translation differences | 3 890 | 320 | 3 441 | 26 545 | 34 197 |
Impairment | - | - | (832) | (226 567) | (227 399) |
Closing balance 31.12.2024 | 253 420 | 9 282 | 56 912 | 359 920 | 679 534 |
Closing balance at cost price | 330 704 | 21 676 | 188 252 | 586 486 | 1 127 119 |
| Closing balance accumulated amortizations | |||||
and impairment | (77 284) | (12 394) | (131 340) | (226 567) | (447 584) |
Useful life | 5-20 years | 6-17 years | 7-9 years | Indefinite | |
Amortization method | Straight-line Straight-line Straight-line | None |
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Climate risk
The Group has conducted a physical climate risk assessment for most of the facilities indicating that some of
the facilities will be increasingly exposed to climate risks in the future. The Group will monitor the identified risks
going forward and continue to assess their potential impact on our business operations. For further information
see the Sustainability section. The risk assessment has not had any material financial impact on the impairment
tests for 2025.
Basis for impairment testing
When testing for impairment the assets are grouped in CGUs. The Group’s CGUs are:
•
HMI Europe
•
HMI North America
•
BVI
•
China Cylinder Production Company (CPC)
The recoverable amount of each CGU is determined using the value-in-use approach, which is based on
discounted cash flows. The basis for the estimated cash flows is the Group’s budget for 2026 and 2027 and man-
agement long term plan for the years 2028-2030, incorporating a range of forward-looking scenarios reflecting
different market and operational outcomes. These scenarios have been probability-weighted to reflect manage-
ment’s current assessment of relative likelihood. For certain activities, the analysis also considers a downside case
reflecting a more conservative operational outcome, which has been included with a limited probability weighting.
Both the base scenarios and the downside scenarios are based on an expectation of improved performance, but
the resulting cash flow estimates should reflect a balanced assessment of both upside potential and downside risk
across the planning horizon.
The net present value of the cash flows is calculated based on a weighted average. The cash flows projections relate
to the cash generating unit in the current condition which means future investments not commenced have not
been included in the valuation. Therefore, the measured enterprise value calculated does not fully consider the
longer-term growth potential in the various markets the Company is active in.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
HMI Europe | 361 385 | 359 920 |
Total goodwill | 361 385 | 359 920 |
| Change in WACC | ||||
(NOK 1 000) | (2.0%) | 0.0% | 2.0% | |
| Percentage point change in | 2.0% | 1 008 575 | 268 288 | (144 323) |
| EBITDA – margin in terminal value | 0.0% | 61 716 | 8 951 1 | (331 051) |
(2.0%) | 225 746 | (250 385) | (517 770) |
Sensitivity in headroom | Change in WACC | |||
(NOK 1 000) | (2.0%) | 0.0% | 2.0% | |
| Percentage point change in revenue | 5.0% | 755 854 | 97 160 | (270 195) |
| in final year | 0.0% | 617 160 | 8 951 1 | (331 051) |
(5.0%) | 478 466 | (79 257) | (391 907) |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Additional sensitivity
The sensitivities in the table below show the change in assumptions that results in zero headroom, all else being equal.
(NOK 1 000) | HMI Europe |
Revenue in terminal value year | (0.07%) |
Revenue growth in the year 2025-2029 | (0.91%) |
EBITDA margin in terminal year | (1.24%) |
Change in WACC (PPS) | (0.88%) |
The Group assesses property, plant, equipment (PPE), and intangible assets for impairment when indicators of
impairment exist. Potential indicators can include a more uncertain near-term market outlook and a market capital-
ization of the Group that has fallen below the book value of equity. HMI Europe has been assessed in the goodwill
impairment test, and no indication of impairment has been identified. The divestment of the U.S. aerospace busi-
ness to SpaceX for USD 15.0 million exceeds the book values for HMI North America, and therefore no impairment
indicators have been identified for this unit. The Company has entered into a financing agreement with CIMC Enric
for the Chinese operations, under which future funding will be provided by CIMC Enric in exchange for increased
equity ownership. The dilution is expected to be based on original book values prior to impairment, which exceed
current carrying amounts, and therefore no impairment indicators have been identified for CPC.
Impairment tests have been performed on the following CGUs:
CGU
(NOK 1 000) | Carrying amount |
BVI | 325 303 |
BVI
The BVI CGU covers Hexagon Purus’ industry-leading battery storage systems technology and complete vehicle
integration services for medium- and heavy-duty trucks in North America.
Based on this assessment, the Company has recognized an impairment charge of NOK 194 million related to the
BVI CGU, reflecting updated assumptions and a revised business outlook for the segment following the decision
to scale down BVI’s operations to a minimum operating level. The impairment is distributed pro-rata among
assets based on their carrying amounts:
CGU
| Carrying amount | Impairment | Carrying amount | ||
(NOK 1 000) | Asset category | before impairment | recognized | after impairment |
BVI | Property, plant and equipment | 175 300 | 79 307 | 95 993 |
Right-of-use assets | 150 017 | 67 644 | 82 373 | |
Intangible assets | 103 847 | 47 050 | 56 796 | |
429 164 | 194 001 | 235 162 |
The table below shows the sensitivity analysis for the BVI CGU in the range of +/-2 percentage points in WACC
and +/-2 percentage points in EBITDA margin in the terminal value.
BVI
Sensitivity in headroom | Change in WACC | |||
(NOK 1 000) | (2.0%) | 0.0% | 2.0% | |
| Percentage point change in EBITDA | 2.0% | 261 284 | 117 293 | 31 475 |
| – margin terminal value | 0.0% | 94 105 | - 1 | (55 899) |
(2.0%) | (73 073) | (117 293) | (143 273) |
1
Represents headroom in impairment calculation for the CGU after an impairment of NOK 194 million has been recognized. Negative numbers
in the table indicate impairment.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
The table below shows the sensitivity analysis for the BVI CGU in the range of +/-2 percentage points in WACC
and +/-5 percentage points in revenue in final year.
BVI
Sensitivity in headroom | Change in WACC | |||
(NOK 1 000) | (2.0%) | 0.0% | 2.0% | |
| Percentage point change in revenue | 5.0% | 132 152 | 26 673 | (36 045) |
| in final year | 0.0% | 94 105 | - 1 | (55 899) |
(5.0%) | 56 058 | (26 673) | (75 753) |
1
Represents headroom in impairment calculation for the CGU after an impairment of NOK 194 million has been recognized. Negative numbers
in the table indicate impairment
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
| Land and | Machinery and | Fixtures, fittings, | ||
| (NOK 1 000) | buildings | equipment | vehicles | 2025 total |
Opening balance at cost price | 688 264 | 28 950 | 13 048 | 730 262 |
Opening balance accumulated deprecations | (146 493) | (14 583) | (8 024) | (169 100) |
Opening balance 1 January 2025 | 541 771 | 14 367 | 5 024 | 561 162 |
Additions | 12 404 | 9 711 | 499 | 22 614 |
Modifications | 481 | - | - | 481 |
Depreciations | (57 955) | (4 877) | (2 194) | (65 025) |
Impairment | (67 916) | - | - | (67 916) |
Reclass | 7 425 | (7 697) | 272 | - |
Translation differences | (29 921) | (81) | 2 | (30 001) |
Closing balance 31 December 2025 | 406 289 | 11 424 | 3 602 | 421 315 |
Useful life | 3- 10 years | 2 - 7 years | 2 - 5 years | |
Depreciation method | Linear | Linear | Linear |
| Land and | Machinery and | Fixtures, | ||
| (NOK 1 000) | buildings | equipment | fittings, vehicles | 2024 total |
Opening balance at cost price | 609 982 | 28 434 | 11 575 | 649 992 |
Opening balance accumulated deprecations | (88 812) | (10 873) | (5 541) | (105 227) |
Opening balance 1 January 2024 | 521 170 | 17 561 | 6 034 | 544 765 |
Additions | 65 814 | - | 1 194 | 67 008 |
Disposal | (28 116) | - | - | (28 116) |
Depreciations | (57 681) | (3 709) | (2 483) | (63 874) |
Translation differences | 40 584 | 516 | 278 | 41 378 |
Closing balance 31 December 2024 | 541 771 | 14 367 | 5 024 | 561 162 |
Useful life | 3- 10 years | 2 - 7 years | 2 - 5 years | |
Depreciation method | Linear | Linear | Linear |
(NOK 1 000) | 2025 | 2024 |
| Summary of lease liabilities | ||
Opening balance 1 January | 592 836 | 558 068 |
New lease liabilities recognized | 22 702 | 67 008 |
Derecognition | - | (34 782) |
Modification of existing contracts | 481 | - |
Lease payments | (85 283) | (81 872) |
Interest expense on lease liabilities | 36 654 | 38 851 |
Currency exchange differences | (33 268) | 45 563 |
Lease liabilities 31 December | 534 121 | 592 836 |
| hereof: | ||
Current lease liabilities | 48 848 | 49 994 |
Non-current lease liabilities | 485 274 | 542 842 |
Total lease liabilities 31 December | 534 121 | 592 836 |
(NOK 1 000) | 2025 | 2024 |
| Lease liability cash flow (excl interests) | ||
Less than a month | 3 969 | 3 633 |
1-3 months | 8 637 | 8 838 |
3-12 months | 36 242 | 37 522 |
Less than 1 year | 48 848 | 49 994 |
1-5 years | 209 450 | 194 494 |
More than 5 years | 275 824 | 348 349 |
Total discounted lease liabilities 31 December | 534 121 | 592 836 |
(NOK 1 000) | 2025 | 2024 |
| Lease interest expense cash flow | ||
Less than a month | 2 875 | 3 256 |
1-3 months | 5 684 | 6 448 |
3-12 months | 24 438 | 27 872 |
Less than 1 year | 32 998 | 37 576 |
1-5 years | 97 462 | 115 924 |
More than 5 years | 45 009 | 66 874 |
Total lease interests following periods | 175 469 | 220 374 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
| Undiscounted cash outflow | ||
Less than a month | 6 844 | 6 889 |
1-3 months | 14 321 | 15 286 |
3-12 months | 60 680 | 65 394 |
Less than 1 year | 81 845 | 87 570 |
1-5 years | 306 911 | 310 418 |
More than 5 years | 320 833 | 415 222 |
Total undiscounted lease liabilities 31 December | 709 590 | 813 210 |
(NOK 1 1000) | 2025 | 2024 |
| The following are the amounts recognised in profit or loss | ||
Depreciation and impairment expense of right-of-use assets | 132 940 | 63 874 |
Interest expense on lease liabilities | 36 651 | 38 851 |
Expenses related to short term leases and leases of low value | 36 454 | 33 000 |
Total amount recognised in profit or loss | 206 046 | 135 725 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
| Ownership | Ownership | ||||
| Business | share | share | Accounting | ||
| Country | segment | 31.12.2025 | 31.12.2024 | method | |
| Companies | |||||
Cryoshelter LH2 GmbH | Austria | Other | - | 40.0% | Equity method |
CIMC Hexagon Hydrogen Energy Systems Ltd. | Hong Kong | Other | 49.0% | 49.0% | Equity method |
| CIMC Hexagon Hydrogen | ||||||
| Cryoshelter LH2 GmbH | Energy Systems Ltd. | Total | ||||
(NOK 1000) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Share of profit after tax | - | (22 599) | (16 336) | (13 123) | (16 336) | (35 722) |
Total profit/loss from investments in associated companies as per 31.12 | - | (22 599) | (16 336) | (13 123) | (16 336) | (35 722) |
| CIMC Hexagon Hydrogen | ||||||
| Cryoshelter LH2 GmbH | Energy Systems | Total | ||||
(NOK 1000) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Carrying value as at 01.01 | - | 23 062 | 22 969 | 27 082 | 22 969 | 50 144 |
Share capital contribution | - | - | 25 233 | 4 502 | 25 233 | 4 502 |
Share of profit after tax incl. PPA amortizations | - | (22 599) | (16 336) | (13 123) | (16 336) | (35 722) |
Currency translation effects | - | (463) | 2 793 | 4 508 | 2 793 | 4 045 |
Carrying value as per 31.12 | - | - | 34 659 | 22 969 | 34 659 | 22 969 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
Loans (as lender) 1 | - | 15 000 |
Other shares 2 | - | 95 403 |
Other non-current assets 3 | 120 819 | 132 150 |
Total other non-current assets | 120 819 | 242 552 |
(NOK 1 000) | 2025 | 2024 |
Raw materials and consumables | 297 068 | 418 328 |
Work in progress | 170 859 | 139 784 |
Finished goods | 81 473 | 135 949 |
Total inventories | 549 400 | 694 061 |
Provision for obsolete inventory in balance sheet | 86 602 | 27 882 |
Carrying amount of holdings used as pledged assets | - | - |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
Trade receivables | 318 000 | 355 399 |
Provisions for loss | (4 511) | (3 967) |
Trade receivables after provision for losses | 313 488 | 351 432 |
Carrying amount of trade receivables used as pledged assets | - | - |
| Trade receivables | |||||||
| 30–60 | 60–90 | ||||||
| Contract | <30 days | days | days | >90days | |||
assets | Not due | past due | past due | past due | past due | Total | |
| 2025 | |||||||
Expected credit loss rate | - | - | 0.1% | 0.5% | 0.5% | 12.2% | |
Gross carrying amount at default | - | 258 803 | 14 311 | 7 671 | 617 | 36 598 | 318 000 |
Expected credit loss | - | - | (12) | (41) | (3) | (4 455) | (4 511) |
Net carrying amount | - | 258 803 | 14 299 | 7 630 | 614 | 32 143 | 313 488 |
| 2024 | |||||||
Expected credit loss rate | - | - | - | 3.2% | 5.2% | 12.2% | |
Carrying amount at default | - | 221 619 | 77 315 | 30 782 | 2 230 | 23 453 | 355 399 |
Expected credit loss | - | - | - | (985) | (115) | (2 867) | (3 967) |
Net carrying amount | - | 221 619 | 77 315 | 29 797 | 2 115 | 20 586 | 351 432 |
(NOK 1 000) | 2025 | 2024 |
Opening balance 1 January | 3 967 | 2 988 |
Provision for losses | 624 | 785 |
Translation differences | (80) | 195 |
Closing balance 31 December | 4 511 | 3 967 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
Prepaid expenses | 32 881 | 78 142 |
Entitlement to VAT and sales tax | 51 122 | 47 998 |
Other | 23 395 | 24 421 |
Total other current assets | 107 398 | 150 561 |
(NOK 1 000) | 2025 | 2024 |
Bank deposits, cash and cash equivalents | 321 804 | 1 027 732 |
Restricted funds included in cash & cash equivalents 1 | 2 196 | 13 606 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
Interest income | 21 940 | 24 282 |
Foreign exchange items | 67 471 | 75 738 |
Other finance income | - | 12 |
Total finance income | 89 411 | 100 032 |
Loss on exchange items | 58 742 | 58 932 |
Cost of interest on loans | 252 970 | 210 129 |
Cost of interest on lease liabilities | 36 651 | 38 851 |
Other finance expense | 103 979 | 57 492 |
Total finance expense | 452 342 | 365 404 |
Net financial items | (362 932) | (265 372) |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
| Financial assets at amortized costs | ||
Trade receivables | 313 488 | 351 432 |
Other non-current financial assets | - | 15 000 |
Other current financial assets | 25 000 | - |
| Financial assets at fair value | ||
Norwegian Hydrogen AS | - | 95 403 |
Total | 338 488 | 461 835 |
Total current | 338 488 | 351 432 |
Total non-current | - | 110 403 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
| Financial liabilities at amortized cost | ||
Trade and other payables | 146 892 | 260 153 |
Non-current interest bearing loans and borrowings | 1 818 956 | 1 569 251 |
Current interest bearing loans and borrowings | 1 937 | 3 346 |
| Financial liabilities at fair value | ||
Other current financial liabilities (Contingent liabilities) | - | - |
Total | 1 967 786 | 1 832 750 |
Total current | 148 829 | 263 499 |
Total non-current | 1 818 956 | 1 569 251 |
2025 | 2024 | ||||
(NOK 1 000) | Level | Book value | Fair value | Book value | Fair value |
| Financial assets | |||||
Other non-current financial assets | 3 | - | - | 95 403 | 95 403 |
Other non-current assets | 2 | - | - | 15 000 | 15 000 |
Other current financial assets | 2 | 25 000 | 25 000 | - | - |
Total financial assets | 25 000 | 25 000 | 110 403 | 110 403 | |
Total current | 25 000 | 25 000 | - | - | |
Total non-current | - | - | 110 403 | 110 403 | |
| Financial liabilities | |||||
Interest bearing loans and borrowings | 2 | 1 820 893 | 1 820 893 | 1 572 597 | 1 572 597 |
Other current financial liabilities | 3 | - | - | - | - |
Total financial liabilities | 1 820 893 | 1 820 893 | 1 572 597 | 1 572 597 | |
Total current | 1 937 | 1 937 | 3 346 | 3 346 | |
Total non-current | 1 818 956 | 1 818 956 | 1 569 251 | 1 569 251 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
2025 | 2024 | |
Loan from related party | na | na |
Loan from financial institutions | 1.55% - 1.95% | 1.56% - 2.88% |
Convertible bond | 6% and 10% | 6% and 10% |
Leases | 2.50% - 10.50% | 2.50% - 10.50% |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
| Less than | 3–12 | |||||
| (NOK 1 000) | 1 month | 1–3 months | months | 1–5 years | 5 years+ | Total |
Loans from financial institutions | - | 484 | 1 453 | 9 685 | 9 868 | 21 491 |
| Interest on loans from financial | ||||||
institutions | 30 | 60 | 269 | 823 | 628 | 1 810 |
Leases | 3 969 | 8 637 | 36 242 | 209 450 | 275 824 | 534 121 |
Interest on leases | 2 875 | 5 684 | 24 438 | 97 462 | 45 009 | 175 469 |
Convertible bond | - | - | - | 2 703 946 | - | 2 703 946 |
Trade payables | 87 313 | 17 919 | 40 013 | 1 268 | 379 | 146 892 |
Total | 94 188 | 32 784 | 102 415 | 3 022 634 | 331 708 | 3 583 729 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
| Less than | 1–3 | 3–12 | ||||
| (NOK 1 000) | 1 month | months | months | 1–5 years | 5 years+ | Total |
Loans from financial institutions | 279 | 836 | 2 230 | 9 646 | 11 757 | 24 747 |
| Interest on loans from financial | ||||||
institutions | 41 | 122 | 325 | 1 715 | 234 | 2 437 |
Leases | 3 633 | 8 838 | 37 522 | 194 494 | 348 349 | 592 836 |
Interest on leases | 3 256 | 6 448 | 27 872 | 115 924 | 66 874 | 220 374 |
Convertible bond | - | - | - | 2 703 946 | - | 2 703 946 |
Trade payables | 188 617 | 57 850 | 13 686 | - | - | 260 153 |
Total | 195 826 | 74 095 | 81 635 | 3 025 725 | 427 213 | 3 804 494 |
(NOK 1 000) | Movement of NOK against USD | Effect on profit/ loss before tax | Effect on OCI pre tax |
2025 | +10% | (46 235) | (6 594) |
(10%) | 46 235 | 6 594 | |
2024 | +10% | (22 754) | 2 060 |
(10%) | 22 754 | (2 060) |
(NOK 1 000) | Movement of NOK against EUR | Effect on profit/ loss before tax | Effect on OCI pre tax |
2025 | +10% | (72 503) | (287) |
(10%) | 72 503 | 287 | |
2024 | +10% | (53 418) | 4 679 |
(10%) | 53 418 | (4 679) |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
Balance 1 January | 69 435 | 65 782 |
Translation differences | 67 | 3 793 |
Provisions for the year | 28 023 | 16 074 |
Provisions used during the year | (34) | (9 444) |
Reversals of provision | (7 782) | (6 770) |
Balance 31 December | 89 708 | 69 435 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
2025 | 2024 | |
Ordinary shares of NOK 0.10 | 428 486 108 | 428 486 108 |
Total number of shares | 428 486 108 | 428 486 108 |
Number of shares | Share capital (NOK 1 000) | Share premium (NOK 1 000) | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Ordinary shares | ||||||
Issued and paid 1 January | 428 486 108 | 276 797 456 | 42 849 | 27 680 | 2 297 019 | 1 342 308 |
Issued new share capital | - | 151 688 652 | - | 15 169 | - | 986 000 |
Transaction cost | - | - | - | - | - | (31 289) |
Issued and paid, end of period | 428 486 108 | 428 486 108 | 42 849 | 42 849 | 2 297 019 | 2 297 019 |
Transferred to share premium | (2 038 019) | - | ||||
Net total | 258 999 | 2 297 019 |
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| Number of | ||
shares | Shareholding | |
HEXAGON COMPOSITES ASA | 148 214 226 | 34.6% |
CLEARSTREAM BANKING S.A. | 91 967 511 | 21.5% |
Sumitomo Mitsui Trust Bank (U.S.A) | 58 978 293 | 13.8% |
Worthington Industries Int S.a.r.l | 16 364 607 | 3.8% |
FLAKK COMPOSITES AS | 10 268 728 | 2.4% |
MP PENSJON PK | 9 948 131 | 2.3% |
DNB Markets Aksjehandel/-analyse | 6 919 936 | 1.6% |
The Bank of New York Mellon SA/NV | 6 727 512 | 1.6% |
Deutsche Bank Aktiengesellschaft | 4 529 487 | 1.0% |
Nordnet Bank AB | 4 056 198 | 0.9% |
DANSKE BANK A/S NUF | 3 869 407 | 0.9% |
BNP Paribas | 3 000 000 | 0.7% |
NØDINGEN AS | 2 460 626 | 0.6% |
The Bank of New York Mellon SA/NV | 2 072 500 | 0.5% |
Citibank Europe plc | 1 767 936 | 0.4% |
UBS Switzerland AG | 1 754 387 | 0.4% |
UBS AG LONDON BRANCH | 1 696 867 | 0.4% |
Saxo Bank A/S | 1 440 148 | 0.3% |
REODOR AS | 1 170 833 | 0.3% |
BNP Paribas | 1 163 061 | 0.3% |
Total of 20 largest shareholders | 378 370 394 | 88.3% |
Remainder | 50 115 714 | 11.7% |
Total | 428 486 108 | 100.0% |
Note 22 Share-based payment
Programs
As of 31 December 2025, the Company had three share-based long-term incentive plans outstanding consisting
of performance share units (PSU) and restricted share units (RSU).
Performance share units 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.
Restricted share units 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 RSUs and PSUs are calculated on the grant date, using Black-Scholes and Monte Carlo
simulation, and the cost is recognized over the service period. Cost of the RSU and PSU schemes, including social
security, was NOK 18.6 million in 2025 (NOK 31.4 million in 2024). The unamortized fair value of all outstanding
RSUs and PSUs as of 31 December 2025 is estimated to be NOK 27.3 million (NOK 58.0 million).
There are no cash settlement obligations.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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Performance share units’ programs (PSUs)
| LTIP 2025 - | |||
| LTIP 2023 - | LTIP 2024 - | Issued | |
| Issued 2023 | Issued 2024 | December 2024 | |
Opening balance, number of instruments | 1 585 823 | 1 925 000 | - |
Grants | - | - | - |
Lapsed/cancelled/vested | (282 065) | (295 000) | - |
Closing balance | 1 303 758 | 1 630 000 | - |
Fair value – at grant date (NOK) | 22.57 | 7.74 | |
Vesting period | 3 years | 3 years | |
Expiry | Q1 2026 | Q1 2027 |
Restricted share units’ programs (RSUs)
| LTIP 2022 - | LTIP 2023 - | LTIP 2024 - | |
| Issued 2022 | Issued 2023 | Issued 2024 | |
Opening balance, number of instruments | 109 284.00 | 960 000 | 4 840 000 |
Grants | - | - | - |
Lapsed/cancelled/vested | (15 612) | (50 000) | - |
Closing balance | 93 672 | 910 000 | 4 840 000 |
Fair value – at grant date (NOK) | 22.04 | 7.42 | 5.89 |
Vesting period | 3 years | 3 years | 3 years |
Expiry | Q1 2026 | Q1 2027 | Q1 2028 |
Note 23 Earnings per share
(NOK 1 000) | Note | 2025 | 2024 |
| Profit/loss for the year flowing to holders of ordinary shares | |||
Profit/loss for the year | (1 501 945) | (1 109 795) | |
| Weighted average number of shares outstanding 31 December | |||
| Ordinary shares issued 01.01 | 22 | 428 486 108 | 276 797 456 |
Own shares | - | - | |
Issued new shares | - | 151 688 652 | |
Outstanding number of shares 31.12 | 428 486 108 | 428 486 108 | |
Weighted average number of shares outstanding 31.12 | 428 486 108 | 302 774 819 | |
Profit/loss per share | (3.51) | (3.67) | |
| Diluted number of shares outstanding 31 December | |||
| Ordinary shares issued 01.01 | 22 | 428 486 108 | 276 797 456 |
Own shares | - | - | |
Issued new shares | - | 151 688 652 | |
| Effect of employee options issued | |||
Outstanding shares 31.12 adjusted for dilution effects | 428 486 108 | 428 486 108 | |
| Weighted average number of shares outstanding 31.12 | |||
adjusted for dilution effects | 428 486 108 | 302 774 819 | |
Diluted profit/loss per share | (3.51) | (3.67) |
There are 8 777 430 instruments (including contingently issuable shares), consisting of 2 933 758 RSUs and
5 843 672 PSUs, that could potentially dilute basic earnings per share in the future.
The subscribers in the Convertible Bond Private Placements received a total of 370 million non-transferable
warrants and 18.5 million non-transferable additional warrants, see note 24 for more information.
These are not included in the calculation of diluted earnings per share because they are anti-dilutive for the
periods presented.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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Note 24 Interest-bearing liabilities
(NOK 1 000) | 2025 | 2024 |
Opening balance | 1 572 597 | 598 799 |
Exchange difference | 114 | 1 413 |
Repayment of loans | (3 360) | (5 260) |
Transaction cost and accrued interest | 251 542 | 208 548 |
Proceeds from new loans | - | 769 097 |
Closing balance 31 December | 1 820 893 | 1 572 597 |
Convertible debt issuance
The Company has two outstanding senior unsecured convertible bonds (2023/2028 and 2024/2029) amounting to
a face value of NOK 1 799 950 million at the respective time of issuance.
The 2023/2028 convertible bond with a face value at the time of issuance of NOK 800 000 000 was issued in
March 2023 and carries a fixed interest rate of 6 per cent paid semi-annually in kind, through issuance of addi-
tional 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 a face value at the time of issuance of NOK 999 950 000 was issued in
February 2024 and carries a fixed interest rate of 10 per cent 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 per cent 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.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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2023/2028 Convertible bond
Convertible bond accounting reconciliation
| Amount | Amortized | Carrying | ||||
| Principal | Transaction | at initial | Accumulated | transaction | amount | |
| (NOK 1 000) | amount | costs | recognition | interests | costs | 31.12.2025 |
Liability component | 521 648 | (15 057) | 506 591 | 256 816 | 6 891 | 770 298 |
Equity component | 278 352 | (8 034) | 270 318 | - | - | 270 318 |
Total | 800 000 | (23 091) | 776 909 | 256 816 | 6 891 | 1 040 616 |
2024/2029 Convertible bond
Convertible bond accounting reconciliation
| Amount | Amortized | Carrying | ||||
| Principal | Transaction | at initial | Accumulated | transaction | amount | |
| (NOK 1 000) | amount | costs | recognition | interests | costs | 31.12.2025 |
Liability component | 790 290 | (21 193) | 769 097 | 252 846 | 6 330 | 1 028 274 |
Equity component | 209 660 | (5 622) | 204 037 | - | - | 204 037 |
Total | 999 950 | (26 815) | 973 134 | 252 846 | 6 330 | 1 232 311 |
As of 31 December 2025, Hexagon Purus Weeze GmbH has two secured bank loans with Volksbank an der Niers
eG and Deutsche Bank AG. The loans carry fixed interest rates and mature between 30 September 2036 and
30 March 2037. There are no financial covenants under the financing agreement. Movements in the year on
non-current and current loans were primarily due to repayments and reclassifications.
Carrying amount
| Interest rate | |||||
| (NOK 1 000) | conditions | Currency | Maturity | 2025 | 2024 |
| Secured loans | |||||
Volksbank an der Niers eG | 1.55% | EUR | 30/09/2036 | 6 479 | 7 052 |
Deutsche Bank AG | 1.95% | EUR | 30/03/2037 | 15 012 | 16 280 |
Deutsche Bank AG | 1.79% | EUR | 30/11/2025 | - | 1 417 |
Total non-current liabilities, not including 1 st year’s instalments | 21 491 | 24 748 |
As of 31 December 2025
(NOK 1 000) | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter |
| Repayments structure for non- | 1 937 | 1 937 | 1 937 | 1 937 | 1 937 | 11 805 |
current liabilities (1 st year as current) |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Reconciliation for liabilities arising from financing activities
| Financial | Lease | ||
| (NOK 1 000) | liabilities | liabilities | Total |
Liabilities 1 January 2025 | 1 572 597 | 592 836 | 2 165 433 |
| Financing activities with cash settlement: | |||
Repayment of loans and liabilities | (3 360) | - | (3 360) |
Repayment of lease liabilities | (48 629) | (48 629) | |
Proceeds from loans and liabilities | - | - | - |
| Settlement of contingent consideration of business | |||
combination | - | - | - |
| Financing activities without cash settlement | |||
Accrued interest and transaction cost | 251 542 | - | 251 542 |
Equity component bond loan | - | - | - |
Modification of contract | - | 481 | 481 |
New lease liabilities | - | 22 702 | 22 702 |
Disposals of lease liabilities | - | - | - |
Exchange differences | 114 | (33 268) | (33 155) |
Balance 31 December 2025 | 1 820 893 | 534 121 | 2 354 534 |
| Financial | Lease | ||
| (NOK 1 000) | liabilities | liabilities | Total |
Liabilities 1 January 2024 | 641 339 | 558 068 | 1 199 407 |
| Financing activities with cash settlement: | |||
Repayment of loans and liabilities | (5 260) | - | (5 260) |
Repayment of lease liabilities | - | (43 022) | (43 022) |
Proceeds from loans and liabilities | 999 950 | - | 999 950 |
| Settlement of contingent consideration of business | |||
combination | (42 539) | - | -(42 539) |
| Financing activities without cash settlement | |||
Accrued interest and transaction cost | 181 713 | - | 181 713 |
Equity component bond loan | (204 037) | - | (204 037) |
New lease liabilities | - | 67 008 | 67 008 |
Disposals of lease liabilities | - | (34 782) | (34 782) |
Exchange differences | 1 431 | 45 563 | 46 994 |
Balance 31 December 2024 | 1 572 597 | 592 836 | 2 165 433 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
| Secured current interest-bearing liabilities | ||
1 st year’s instalments, non-current interest-bearing liabilities | 1 937 | 3 346 |
Total | 1 937 | 3 346 |
1 st year’s instalments, lease liabilities | 48 848 | 49 994 |
(NOK 1 000) | 2025 | 2024 |
Public duties payable 1 | 39 149 | 18 001 |
Accrued expenses and other current liabilities | 34 354 | 45 041 |
Other current liabilities 2 | 79 776 | 61 569 |
Total | 153 279 | 124 611 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
Sales revenue | 29 141 | 63 074 |
Cost of materials | 36 931 | 468 426 |
Other operating expenses | 2 390 | 54 218 |
(NOK 1 000) | 2025 | 2024 |
Trade receivables | 17 113 | 7 143 |
Trade payables | 1 512 | 23 123 |
| Total | ||||||
| Salaries and | One-year | Employment | Paid pension | Multi-year | remuneration | |
| NOK 1 000 | fees | variable 1 | benefits | premium | variable 2 | 2025 |
| Executive | ||||||
management | 15 573 | 11 561 | 293 | 945 | 15 813 | 44 184 |
Board of directors 3 | 3 076 | - | - | - | - | 3 076 |
Total remuneration | 18 648 | 11 561 | 293 | 945 | 15 813 | 47 260 |
| Total | ||||||
| Salaries and | One-year | Employment | Paid pension | Multi-year | remuneration | |
| NOK 1 000 | fees | variable 1 | benefits | premium | variable 2 | 2024 |
| Executive | ||||||
management | 21 845 | 11 796 | 643 | 1 310 | 17 213 | 52 806 |
Board of directors | 3 599 | - | - | - | - | 3 599 |
Total remuneration | 25 444 | 11 796 | 643 | 1 310 | 17 213 | 56 405 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
2025 | 2024 | |
Jon Erik Engset (Chairman) 1 | 301 973 | 301 973 |
Espen Gundersen 2 | 45 619 | 45 619 |
Rick Rashilla | 117 362 | 117 362 |
Martha Kold Bakkevig | 4 124 | 4 124 |
Liv Fiksdahl | - | - |
Susana Quintana-Plaza | - | - |
Hidetomo Araki | - | - |
2025 | 2024 | |
Morten Holum - President and CEO | 349 630 | 349 630 |
Salman Alam - CFO | 140 711 | 140 711 |
Michael Kleschinski - EVP Light duty, Distribution & Cylinders | 247 052 | 247 025 |
Todd Sloan - EVP Systems | 204 811 | 204 811 |
Anne Lise Hjelseth - EVP People & Culture 1 | na | 84 715 |
Heiko Chudzick - EVP Operations 2 | na | 90 045 |
Frank Häberli - SVP Asia 3 | na | 60 664 |
(NOK 1 000) | 2025 | 2024 |
Statutory audit and auditing-related services | 7 993 | 8 294 |
Other attestation services | - | 160 |
Tax advice | 1 145 | 225 |
Total | 9 138 | 8 679 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
Income tax payable in the income statement | - | - |
Change in deferred tax in income statement | (8 515) | (7 379) |
Adjustments previous years | 1 139 | - |
Foreign exchange translation effects on tax expense | 79 | (1 898) |
Tax expense | (7 297) | (9 277) |
Income tax payable in the balance sheet | - | 346 |
Settled tax not paid | - | (346) |
Total income tax payable in the income statement | - | - |
Nominal tax rates in Norway | 22% | 22% |
Profit before tax | (1 536 594) | (1 211 669) |
Tax based on nominal tax rate in Norway | (338 051) | (266 567) |
Varying foreign tax rates vs. Norwegian tax rate | (48 158) | (25 426) |
Other non-taxable income and non-taxable expenses | 48 478 | 76 079 |
Deferred tax asset not recognized in statement of financial position | 305 037 | 185 437 |
Interest deduction limitation | 23 240 | 17 788 |
Other differences relating to foreign subsidiaries | (2 611) | 356 |
Share of profit/loss from associates | 3 629 | 3 057 |
Tax expense from prior periods | 1 139 | - |
Tax expense in income statement | (7 297) | (9 277) |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Balance sheet | Change in deferred tax in income statement | |||
(NOK 1 000) | 2025 | 2024 | 2025 | 2024 |
| Deferred tax asset | ||||
Loss carried forward | (710 199) | (524 760) | (185 439) | (177 801) |
Property, plant & equipment | 24 581 | 27 406 | (2 825) | 18 395 |
Intangible assets | 5 118 | 5 765 | (647) | 5 753 |
Inventories | (8 365) | (9 423) | 1 058 | (2 994) |
Trade receivables | (129) | (145) | 16 | 17 |
Provisions for liabilities/other current liabilities | (9 597) | (9 879) | 282 | (2 332) |
Interest deduction limitation reserve carry forward | (42 353) | (23 760) | (18 593) | (18 408) |
Other | (2 462) | (14 907) | 12 445 | (11 146) |
Deferred tax asset – gross | (743 407) | (549 703) | (193 703) | (188 515) |
Reduction of tax assets due to uncertainty | 743 407 | 549 703 | 193 703 | 188 515 |
Deferred tax assets – net carrying amount | - | - | - | - |
| Deferred tax liabilities | ||||
Property, plant & equipment | (564) | 602 | (1 166) | (154) |
Intangible assets | 22 624 | 30 628 | (8 004) | (7 424) |
Provisions for liabilities/other current liabilities | 556 | (99) | 655 | 199 |
Deferred tax liabilities – gross | 22 616 | 31 131 | (8 515) | (7 379) |
Net recognized deferred tax liabilities/assets (-) | 22 616 | 31 131 | (8 515) | (7 379) |
| Carrying amounts | ||||
Deferred tax asset | - | - | ||
Deferred tax liabilities | 22 616 | 31 131 | ||
Net recognized deferred tax assets/ deferred tax liabilities | 22 616 | 31 131 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
Norway | (284 318) | (247 929) |
USA | (1 338 588) | (979 572) |
Germany | (1 928 170) | (1 311 270) |
China | (267 105) | (225 069) |
Total | (3 818 181) | (2 763 840) |
(NOK 1 000) | 2025 | 2024 |
Governmental grants reducing R&D personnel cost | 15 435 | 23 902 |
Governmental grants presented as general cost reduction | 10 874 | 14 061 |
Total governmental grants related to income | 26 310 | 37 963 |
Investment grants | 1 028 | 23 732 |
Grant total governmental grants | 27 338 | 61 695 |
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
(NOK 1 000) | 2025 | 2024 |
First year | 82 243 | 105 333 |
Second year | 2 374 | 31 455 |
Thereafter | - | 5 902 |
Total | 84 617 | 142 690 |
(NOK 1 000) | 2025 | 2024 |
First year | 6 152 | 65 149 |
Second year | - | - |
Thereafter | - | - |
Total | 6 152 | 65 149 |
(NOK 1 000) | 2025 | 2024 |
First year | 81 845 | 87 570 |
Second year | 114 260 | 82 547 |
Thereafter | 513 485 | 643 094 |
Total | 709 590 | 813 210 |
Note 31 Events after the balance sheet date
•
Announced and completed the divestment of the Company’s U.S. aerospace business to SpaceX for an
enterprise value of USD 15.0 million, comprising a cash consideration of USD 12.5 million and a contingent cash
earn-out of USD 2.5 million. The closing of the transaction is subject to applicable closing conditions and;
•
Took further steps in the strategic review of the BVI segment, including significant cost reductions, a new
14-truck order from Hino, and actions expected to materially reduce near-term cash requirements.
•
Received orders worth EUR 6.2 million for delivery of hydrogen distribution units from a leading Central
European integrated energy company
•
Entered into a financing arrangement relating to its Chinese joint venture, under which the joint venture
partner will provide funding in 2026 in exchange for an increased ownership interest. The arrangement mini-
mizes the Company’s near-term cash outflow towards the Chinese joint venture, while supporting continued
market presence and operations in the Chinese market.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP
Income statement – Parent Company
HEXAGON PURUS ASA
1 JANUARY
–
31 DECEMBER
(NOK 1 000) Note 2025 2024
Revenue 2 96 003 100 472
Other revenue 1 030 1 006
Total operating income 97 032 101 478
Payroll & social security expenses
3, 4, 5 73 446 70 554
Depreciation 230 448
Other operating expenses
6 48 700 47 195
Total operating expenses 122 375 118 197
Operating profit (EBIT) (25 343) (16 719)
Finance income
7 123 830 153 032
Finance expense
7, 8 2 226 476 2 057 563
Profit/loss on ordinary activities before tax (2 127 989) (1 921 251)
Tax
8 1 796 -
Profit/loss on ordinary activities (2 129 785) (1 921 251)
Profit/loss for the year (2 129 785) (1 921 251)
Share premium (2 129 785) (1 921 251)
Total transferred (2 129 785) (1 921 251)
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Balance sheet – Parent Company
HEXAGON PURUS ASA
(NOK 1 000) Note 31 Dec 2025 31 Dec 2024
ASSETS
Financial assets
Property, plant & equipment 77 306
Investments in subsidiaries
9 1 074 803 2 475 798
Investments in shares
9 - 21 016
Non-current receivables group companies
10 487 052 451 278
Non-current receivables associated companies
10 - 15 000
Total non-current assets 1 561 932 2 963 399
Current assets receivables
Other receivables group
2 181 806 124 461
Other short term receivables
10 25 000 -
Other receivables
2 2 347 928
Bank deposits, cash and cash equivalents
11 667 437 1 181 109
Total current assets 876 590 1 306 498
Total assets 2 438 522 4 269 897
(NOK 1 000) Note 31 Dec 2025 31 Dec 2024
EQUITY AND LIABILITIES EQUITY
Paid-in capital
Share capital 42 849 42 849
Share premium
12 547 964 2 104 029
Other paid-in capital - 553 923
Total paid-in capital 590 813 2 700 801
Total equity
14 590 813 2 700 801
LIABILITIES
Non-current liabilities
Interest-bearing loans and borrowings
15 1 798 572 1 546 914
Total other non-current liabilities 1 798 572 1 546 914
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
(NOK 1 000) Note 31 Dec 2025 31 Dec 2024
Current liabilities
Trade payables 2 269 1 876
Trade payables to group companies
2 - 91
Public duties payable
16 29 519 5 519
Current tax payable
8 657 -
Other current liabilities 16 691 14 694
Total non current liabilities 49 136 22 181
Total liabilities 1 847 708 1 569 096
Total equity and liabilities 2 438 522 4 269 897
Oslo, Norway, 24 March 2026
The Board of Directors of Hexagon Purus ASA
Jon Erik Engeset
Chair of the Board
Espen Gundersen
Board Member
Martha Kold Monclair
Board Member
Hidetomo Araki
Board Member
Susana Quintana-Plaza
Board Member
Liv Fiksdahl
Board Member
Rick Rashilla
Board Member
Morten Holum
President & CEO
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Cash flow statement – Parent Company
HEXAGON PURUS ASA
1 JANUARY
–
31 DECEMBER
(NOK 1 000) Note 2025 2024
Cash flow from operating activities
Profit before tax (2 127 989) (1 921 251)
Depreciation 230 448
Share-based payment expense
4 19 795 15 755
Change in receivables (95 345) (29 047)
Changes in payables 303 (30)
Changes in other current items 25 107 (71 838)
Impairment of investment in subsidiaries
9 1 882 880 1 705 947
Impairment of loan and investment in associates - 88 891
Impairment of loan and investment in other 28 360 -
Other financial items 249 862 153 478
Net cash flow from operating activities (16 797) (57 645)
Cash flow from investment activities
Investments in subsidiaries
9 (481 885) (1 106 487)
Other Investments
7 (14 990) (30 720)
Net cash flow from investing activities (496 875) (1 137 207)
(NOK 1 000) Note 2025 2024
Cash flow from financing activities
Changes in long term loans - 999 500
Proceeds from issues of shares - 1 001 169
Transaction costs - (57 287)
Net cash flow from financing activities - 1 943 383
Net change in cash & cash equivalents
11 (513 672) 748 530
Cash & cash equivalents at beginning of period 1 181 110 432 579
Cash & cash equivalents at end of period 667 437 1 181 110
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Notes – Parent Company
HEXAGON PURUS ASA
Note 1 Basis of preparation
The annual accounts have been prepared in accordance with the provisions of the Norwegian Accounting Act and
generally accepted accounting principles in Norway.
Use of estimates
Preparation of the annual financial statements in accordance with good accounting practice requires the use of
estimates and assumptions by management which influence the income statement and the valuation of assets
and liabilities, and disclosures on uncertain assets and obligations at the balance sheet date.
Contingent losses which are probable and quantifiable, are expensed as incurred.
Note 2 Revenue and Intra-group transactions and balances
Accounting principles
Receivables
Trade and other receivables are recognized in
the balance sheet at their nominal value, fol-
lowing deductions for provisions for expected
losses. Provisions for losses are made on the
basis of the individual claims.
Interest-bearing loans and borrowing costs
Loans are recognized at the initial amount
received less directly related transaction costs.
In subsequent periods, interest-bearing loans
are measured at amortized cost using the
effective interest method. Profit and loss are
entered in the income statement when liabil-
ities are deducted from the balance and via
amortization. Borrowing costs are expensed as
they arise.
Intra-group transactions and balances
(NOK 1 000) 2025 2024
Income
Administrative services
to subsidiaries 96 003 100 472
Total 96 003 100 472
Receivables and loans
Loans to group companies 487 052 451 278
Other receivables group 181 806 124 461
Total 668 858 575 739
Liabilities
Liabilities to group
companies - current - 91
Total - 91
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Note 3 Payroll, number of employees, remuneration, loans to employees etc.
Payroll costs
(NOK 1 000) 2025 2024
Wages/salaries and fees 27 878 27 451
Share-pased payments/bonuses 29 695 22 272
Employer’s contribution 5 583 6 497
Contracted personnel 433 6 726
Board remuneration 2 997 2 604
Pension expense 3 279 2 717
Other contributions 3 581 2 288
Total 73 446 70 554
There were 18 (20 in 2024) employees in the Company during the financial year. Some key personnel are con-
tracted from subsidiaries in the Group and are presented here as contracted personnel.
(NOK 1 000)
Salaries and
fees
One-year
variable
1
Employment
benefits
Paid pension
premium
Multi-year
variable
2
Total remu-
neration 2025
2025
Executive management 15 573 11 561 293 945 15 813 44 184
Board of Directors
3
3 076 - - - - 3 076
Total remuneration 18 648 11 561 293 945 15 813 47 260
Salaries and
fees
One-year
variable
1
Employment
benefits
Paid pension
premium
Multi-year
variable
2
Total remu-
neration 2024
2024
Executive management 21 845 11 796 643 1 310 17 213 52 806
Board of Directors
3
3 599 - - - - 3 599
Total remuneration 25 444 11 796 643 1 310 17 213 56 405
1
Bonuses earned in the financial year
2
Calculated value of the instruments at grant date, distributed over the vasting time.
3
Includes consultancy fee to Rick Rashilla of NOK 0.26 million (NOK 1.043 million) and to Jon Erik Engeset of NOK 0.2 million.
The Chair of the Board of Directors has no agreement relating to termination benefits. In his employment
agreement, the Group CEO has a period of notice of 6 months and an agreement for up to 12 months' severance
pay. The executive management of the Group have target-based bonus agreements. For further details, see the
Company’s remuneration report.
Management participates in the Company's general pension arrangements, which are described in Note 5
Pension and benefit obligations. The Group CEO participates in the Group's defined contribution plan.
Group management participate in the Company's share-based incentive schemes, which are described in
note 22 of the consolidated financial statements. As of 31 December 2025, the Group CEO holds 350 (350) thou-
sand shares, has 335 (423) thousand provisional performance share units (PSUs) outstanding, and 1 400 (1 400)
thousand restricted share units (RSUs) outstanding. The Group CFO holds 141 (141) thousand shares, 1 090 (1 090)
thousand restricted share units (RSUs), and 250 (315) thousand provisional performance share units (PSUs) out-
standing as per 31 December 2025.
No loans have been made, or security provided for loans, to any member of Group management, the Board of
Directors or other elected standing committees or any of their related parties.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Shares owned by board members or related parties
2025 2024
Jon Erik Engset (Chairman)
1
301 973 301 973
Espen Gundersen
2
45 619 45 619
Rick Rashilla 117 362 117 362
Martha Kold Bakkevig 4 124 4 124
Liv Fiksdahl - -
Susana Quintana-Plaza - -
Hidetomo Araki - -
1
Chair of the Board of Directors from 2 July 2025 and board member until 1 July 2025.
2
Board member from 2 July 2025, Chair of the Board of Directors until 1 July 2025.
Shares held by key management personnel
2025 2024
Morten Holum - President and CEO 349 630 349 630
Salman Alam - CFO 140 711 140 711
Michael Kleschinski - EVP Light duty, Distribution & Cylinders 247 025 247 025
Todd Sloan - EVP Systems 204 811 204 811
Expensed auditors’ fees and comprised of the following services (not including VAT)
(NOK 1 000) 2025 2024
Statutory audit and auditing-related services 4 410 4 700
Other attestation services - 160
Tax advice 1 050 141
Other non-auditing services - -
Total 5 460 5 001
Note 4 Share-based payment
Accounting principles
Share based payment are accounted for in accordance with NRS 15A, applying IFRS 2 under Norwegian
Legislation. The fair value of share options and PSUs are measured at the grant date and the cost is
recognized, together with a corresponding increase in other paid-in capital, over the period in which the
performance and/or service conditions are fulfilled. The fair value is calculated using the Black & Scholes
model. The employer’s contribution is accrued over the period in which the service conditions are fulfilled,
based on the intrinsic value.
Programs
As of 31 December 2025, the Company had three share-based long-term incentive plans outstanding consisting
of performance share units (PSU) and restricted share units (RSU).
Performance share units 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.
Restricted share units 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 RSUs and PSUs are calculated on the grant date, using Black-Scholes and Monte Carlo
simulation, and the cost is recognized over the service period. Cost of the RSU and PSU schemes, including social
security, was NOK 18.6 million full year in 2025 (NOK 31.4 million as of 31 December 2024). The unamortized fair
value of all outstanding RSUs and PSUs as of 31 December 2025 is estimated to be NOK 27.3 million (NOK 58.0
million).
There are no cash settlement obligations.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Performance share units’ programs (PSUs)
LTIP 2025 -
Issued
December 2024
LTIP 2024 -
Issued 2024
LTIP 2023 -
Issued 2023
Opening balance, number of instruments - 1 925 000 1 585 823
Grants - - -
Lapsed/cancelled - (295 000) (282 065)
Closing balance - 1 630 000 1 303 758
Fair value – at grant date (NOK) 7.74 22.57
Vesting period 3 years 3 years
Expiry Q1 2027 Q1 2026
Restricted share units’ programs (RSUs)
LTIP 2025 -
Issued
December 2024
LTIP 2024 -
Issued 2024
LTIP 2023 -
Issued 2023
Opening balance, number of instruments 4 840 000 960 000 109 284
Grants - - -
Lapsed/cancelled - (50 000) (15 612)
Closing balance 4 840 000 910 000 93 672
Fair value – at grant date (NOK) 5.89 7.42 22.04
Vesting period 3 years 3 years 3 years
Expiry Q1 2028 Q1 2027 Q1 2026
Note 5 Pensions and benefit obligations
Accounting principles:
Pension premiums relating to defined contribution plans are recognized as an expense as they are incurred.
Pension
The Company is legally obliged to have occupational pension arrangements under the Norwegian Mandatory
Occupational Pension Act. The Company’s pension arrangements satisfy the requirements of this Act.
The parent Company’s pension arrangements cover 18 (20) employees.
The defined contribution pension plan’s contribution rates are 7 per cent for salaries in the range of up to 7.1
times the national insurance base rate (G) and 25.1 per cent for salaries in the range 7.1 to 12 G. Contributions for
the year amounted to NOK 3.3 million (NOK 2.7 million), excluding employer’s contributions.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Note 6 Other operating expenses
(NOK 1 000) 2025 2024
Rental of facility 4 381 4 153
Professional fees 6 517 20 314
Travel and living 4 092 5 572
Insurance 7 275 6 825
Other 26 435 10 330
Other operating expeses 48 700 47 195
Note 7 Net financial items
Finance income
(NOK 1 000) 2025 2024
Interest income from group companies 37 811 21 591
Interest assosiates 47 384 42 236
Interest from other investments 2 354 -
Other finance income (currency gains) 36 282 89 205
Total finance income 123 830 153 032
Finance expense
(NOK 1 000) 2025 2024
Other interest expenses 252 119 208 597
Currency losses 62 180 51 875
Impairment of investment in subsidiaries 1 882 880 1 705 947
Impairment of investment in associate - 88 891
Impairment of investment in other 28 360 -
Other finance expense 937 2 252
Total finance expense 2 226 476 2 057 563
See note 9 for more information related to impairment of shares in subsidiaries.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Note 8 Tax
Accounting principles
Tax expense in the income statement includes income tax payable for the period and changes in deferred
tax. Deferred tax is calculated at 22% based on the temporary differences between accounting and fiscal
values and loss carry forwards at the end of the financial year.
Tax expense for the year consists of
(NOK 1 000) 2025 2024
Income tax payable 657 -
Change in deferred tax - -
Tax prior year 1 139 -
Total tax expense 1 796 -
Calculation of tax base for the year
(NOK 1 000) 2025 2024
Profit before tax (2 127 989) (1 921 251)
Permanent differences 2 038 301 1 848 630
Change in temporary differences 5 444 (12 167)
Interest deduction limitation 87 229 80 853
Change in loss carryforwards - 3 934
Tax base for the year 2 985 -
Overview of temporary differences
(NOK 1 000) 2025 2024
Non-current assets (603) (543)
Provisions 9 106 14 489
Interest deduction limitation reserve carry forward (87 229) (80 853)
Loss carryforwards (146 451) (139 614)
Deferred tax asset not recognised in statement of financial position 225 176 206 521
Total - -
Deferred tax 22% - -
The company has an interest deduction limitation reserve carry forward of NOK 88.3 million that expires in 10
years and NOK 79.8 million that expires in 9 years.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Note 9 Shares in subsidiaries and associates
Accounting principles
In the company accounts, the cost method of accounting is used for all shares. All shares are valued at cost,
less accumulated impairment losses, in the company accounts.
Subsidiaries
(NOK 1 000) Registered office
Ownership
share
Voting
share
Carrying
amount
Hexagon Technology H2 AS Ålesund, Norway 100% 100% 138 030
Hexagon Purus HK Holding AS Ålesund, Norway 100% 100% 41 530
Hexagon Purus Maritime AS Ålesund, Norway 100% 100% 54 000
Hexagon Purus Germany Holding GmbH Herford, Germany 100% 100% 686 189
Hexagon Purus NA Holding Inc. USA 100% 100% 125 246
Hexagon Purus Beijing Beijing, China 100% 100% 29 808
Total 1 074 803
In light of observed impairment indicators, impairment assessments have been performed for relevant CGUs
in the Group. Based on the outcome of these assessments, the carrying values of the shares held by Hexagon
Purus AS have been determined. The calculation of equity value based on the impairment test of HMI Europe
and BVI resulted in an impairment of the shares in Hexagon Purus Germany Holding GmbH of NOK 596 million
and Hexagon Purus NA Holding Inc. of NOK 1.287 million respectively. See note 9 in the consolidated financial
statements for information regarding the impairment tests.
Equity and profit/loss as reported in most recent annual accounts of subsidiaries (company)
(NOK 1 000)
Hexagon
Technology
H2 AS
Hexagon
Purus HK
Holding AS
Hexagon
Purus
Maritime AS
Hexagon Purus
Germany
Holding GmbH
Hexagon
Purus NA
Holding Inc.
Hexagon
Purus Beijing
Cost of acquisition 138 030 41 530 54 000 2 140 815 376 568 29 808
Equity at 31.12.2025 58 947 475 2 698 2 778 732 1 655 612 15 447
Profit 2025 (9 953) (13 204) (17 914) 415 - (4 708)
Investments in other investments
(NOK 1 000) Registered office
Ownership
share Voting share
Carrying
amount
Norwegian Hydrogen AS Norway 12.54% 12.54% -
Vireon Norway 12.54% 12.54% -
During the third quarter of 2025, the Company recognized an impairment charge of NOK 28 million related to
its investments in Norwegian Hydrogen AS and Vireon AS. The valuation was reassessed based on observable
market inputs indicating a lower fair value compared to previous reporting periods. Accordingly, the carrying
amounts were adjusted to reflect prevailing market conditions.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Note 10 Non-current receivables
(NOK 1 000) 2025 2024
Due for payment after 1 year
Loans to group companies 487 052 451 278
Loans to other investments
1
- 15 000
Total 487 052 466 278
1
Loan to Norwegian Hydrogen AS. Per 31.12.2025 the loan is NOK 25 million and is booked as a short term receivable.
Note 11 Bank deposits
Accounting principles
The cash flow statement has been prepared using the indirect method. Cash & cash equivalents include
cash and bank deposits.
The bank deposits, cash and cash equivalents includes the following restricted amounts.
(NOK 1 000) 2025 2024
Restricted tax withholdings 1 732 13 316
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Note 12 Share capital and shareholder information
Share capital consists of
(Amounts in NOK) Number Nominal
Carrying
amount
A shares 428 486 108 0.10 42 848 611
The Company's share capital consists of one class of shares and is fully paid-up.
20 Largest shareholders as of 31 December 2025
Number of shares Shareholding
HEXAGON COMPOSITES ASA 148 214 226 34.6%
CLEARSTREAM BANKING S.A. 91 967 511 21.5%
Sumitomo Mitsui Trust Bank (U.S.A) 58 978 293 13.8%
Worthington Industries Int S.a.r.l 16 364 607 3.8%
FLAKK COMPOSITES AS 10 268 728 2.4%
MP PENSJON PK 9 948 131 2.3%
DNB Markets Aksjehandel/-analyse 6 919 936 1.6%
The Bank of New York Mellon SA/NV 6 727 512 1.6%
Deutsche Bank Aktiengesellschaft 4 529 487 1.0%
Nordnet Bank AB 4 056 198 0.9%
DANSKE BANK A/S NUF 3 869 407 0.9%
BNP Paribas 3 000 000 0.7%
NØDINGEN AS 2 460 626 0.6%
The Bank of New York Mellon SA/NV 2 072 500 0.5%
Citibank Europe plc 1 767 936 0.4%
UBS Switzerland AG 1 754 387 0.4%
UBS AG LONDON BRANCH 1 696 867 0.4%
Saxo Bank A/S 1 440 148 0.3%
REODOR AS 1 170 833 0.3%
BNP Paribas 1 163 061 0.3%
Total 20 largest shareholders 378 370 394 88.3%
Remainder 50 115 714 11.7%
Total 428 486 108 100.00%
The total number of shareholders as of 31 December 2025 was 6 131 of whom 414 were foreign shareholders. The
number of shares held by foreign shareholders was 182 115 531 or 50.4%.
The Board proposes to the general meeting that there will be no dividend to be paid for the fiscal year 2025.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Note 13 Financial market risk
Accounting Policy
Foreign currency transactions are recognized at the exchange rate prevailing at the transaction date.
Foreign currency monetary items are valued using the exchange rate prevailing at the balance sheet date.
Currency gains/losses on receivables/liabilities are classified as financial items.
The Company's international activities expose it to currency risk and interest risk.
Interest rate risk
Interest rate risk arises in the short and medium term from its financing activities. The convertible bond loan have
fixed interest rates, which means it is not affected by changes in interest rates. The Company holds cash in bank
deposits at year-end. The risk related to this is considered to be limited.
Currency risk
Fluctuations in exchange rates represent a financial risk to the Company, both directly and indirectly. Also refer to
note 19 of the consolidated financial statements.
Note 14 Equity
(NOK 1 000)
Issued
capital
Share
premium
Other paid
in capital
Total
equity
Equity as of 01.01.2025 42 849 2 104 029 553 923 2 700 801
Profit/loss for the year (1 556 066) (573 719) (2 129 785)
Share-based payments - - 19 795 19 795
Equity at 31.12.2025 42 850 547 963 - 590 813
(NOK 1 000)
Issued
capital
Share
premium
Other paid
in capital
Total
equity
Equity as of 01.01.2024 27 679 3 070 568 318 524 3 416 772
Profit/loss for the year - (1 921 251) - (1 921 251)
Share-based payments - - 31 363 31 363
Share capital increase 15 169 986 000 - 1 001 169
Equity portion of convertible debt - - 209 660 209 660
Transaction costs - (31 289) (5 622) (36 911)
Equity at 31.12.2024 42 849 2 104 029 553 923 2 700 801
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
In the fourth quarter of 2024, the Company issued 145 000 000 new shares in a private placement at the price of
NOK 6.90 per share. The Company raised approximately NOK 1.000 million in gross proceeds.
In connection with the issuance of the 2023/2028 and the 2024/2029 convertible bonds, the Company issued a
total of 370 million warrants and 18.5 million additional warrants. Each warrant represents a right for the sub-
scriber to subscribe for one new ordinary share in the Company if there is a capital increase. The subscription
price per share when exercising the Warrants shall equal the subscription price per share in the relevant capital
increase as the Warrants are exercised in connection with. These warrants are classified as debt instruments with
a fair value of NOK 0 as the subscription price is equal to market value. For the additional warrants the subscrip-
tion price per share shall equal the par value of the Company’s shares at the relevant date. These warrants are
classified as equity instruments combined with the equity portion of the convertible debt.
Note 15 Interest bearing loan and borrowings
See note 18, 19 and 24 in the Annual report 2025 for the Hexagon Purus Group for more information on the
Interest bearing loan.
Note 16 Public duties payable
The Norwegian Tax Administration (NTA) has issued a preliminary reassessment for the fiscal years 2021–2022
related to VAT deductions and tax deductibility of certain historical costs. While the matter remains under discus-
sion with the NTA, the Group recognized a provision of NOK 20.1 million in 2025.
Note 17 Events after the balance sheet date
See note 31 in the Annual report 2025 for the Hexagon Purus Group for more information.
Hexagon Purus ASA | Annual report 2025Hexagon Purus ASA | Annual report 2025
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FINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANYFINANCIAL STATEMENTS | FINANCIAL STATEMENTS PARENT COMPANY
Statsautoriserte revisorer
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Independent auditor’s report – Hexagon Purus ASA 2025
A member firm of Ernst & Young Global Limited
To the General Meeting in Hexagon Purus ASA
INDEPENDENT AUDITOR'S REPORT
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Hexagon Purus ASA (the Company), which
comprise:
The financial statements of the Company, which comprise the balance sheet as at 31
December 2025, the income statement and statement of cash flows for the year then
ended and notes to the financial statements, including a summary of significant
accounting policies, and
The consolidated financial statements of the Group, which comprise the statement of
financial position as at 31 December 2025, income statement, statement of
comprehensive income, cash flow statement and statement of changes in equity for
the year then ended and notes to the financial statements, including material
accounting policy information.
In our opinion:
the financial statements comply with applicable statutory requirements,
the financial statements of the Company give a true and fair view of the financial
position of the Company as at 31 December 2025, and its financial performance and
cash flows for the year then ended in accordance with the Norwegian Accounting Act
and accounting standards and practices generally accepted in Norway, and
the consolidated financial statements of the Group give a true and fair view of the
financial position of the Group as at 31 December 2025, and its financial performance
and cash flows for the year then ended in accordance with IFRS Accounting Standards
as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for
the audit of the financial statements section of our report. We are independent of the Company
and the Group in accordance with the requirements of the relevant laws and regulations in
Norway and the International Ethics Standards Board for Accountants’ International Code of
Ethics for Professional Accountants (including International Independence Standards) (the
IESBA Code) as applicable to audits of financial statements of public interest entities, and we
have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for eight years from the election by the general
meeting of the shareholders on 2018 for the accounting year 2018.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial statements for 2025. These matters were addressed in the context of
our audit of the financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
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Independent auditor’s report – Hexagon Purus ASA 2025
A member firm of Ernst & Young Global Limited
Impairment assessment
Basis for the key audit matter
As of 31 December 2025, the carrying amount of Goodwill amounted to NOK 362 million, while
Property, Plant, and Equipment amounted to NOK 952 million. These figures represent
approximately 10 % and 27 % of the total assets, respectively. The Group conducted impairment
testing of Goodwill, Property, plant, and equipment, Right-of-use assets and Intangible assets as
impairment triggers were identified to estimate the recoverable amounts. The impairment tests
resulted in an impairment charge of NOK 194 million at the group level related to the CGU
Battery Systems and Vehicle Integration (BVI). The impairment charge was allocated with NOK
79.3 million to Property, Plant and Equipment, NOK 67.6 million to Right of use assets and NOK
47 million to Intangible assets. Estimating recoverable amounts involve significant estimation
uncertainties and management's judgments, which includes projections of future sales, EBITDA
margins, growth rates, capital expenditures and discount rates. Management's assessment of
impairment was identified as a key audit matter due to the significant estimates and judgments
involved and the uncertainties associated with these estimates.
Our audit response
We assessed the internal controls related to the impairment assessment and evaluated the
appropriateness of the valuation methodology applied. We compared future cash flows against
board approved budget for 2026 and 2027 and management long term plan for the years 2028 –
2030. We considered underlying assumptions for expected growth rates and the related cash
flows and examined the accuracy of management's estimates from the prior year. Additionally,
we tested the assumptions for the weighted average cost of capital against comparable market
data and considered management's adjustments for company-specific factors. We also verified
the mathematical accuracy of the impairment models and conducted sensitivity analyses for the
key assumptions. Finally, we assessed the disclosures in Note 9 of the financial statements.
Other information
The Board of Directors and the President & CEO (management) is responsible for the
information in the Board of Directors’ report and the other information presented with the financial
statements. Other information consists of the information included in the annual report other than
the financial statements and our auditor’s report thereon. Our opinion on the financial statements
does not cover the information in the Board of Directors’ report and the other information
presented with the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the
information in the Board of Directors’ report and for the other information presented with the
financial statements. The purpose is to consider if there is material inconsistency between the
information in the Board of Directors’ report and the other information presented with the financial
statements and the financial statements or our knowledge obtained in the audit, or otherwise the
information in the Board of Directors’ report and for the other information presented with the
financial statements otherwise appears to be materially misstated. We are required to report if
there is a material misstatement in the Board of Directors’ report and the other information
presented with the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
is consistent with the financial statements and
contains the information required by applicable statutory requirements.
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A member firm of Ernst & Young Global Limited
Our statement on the Board of Directors’ report applies correspondingly for the statement on
Corporate Governance.
Our statement that the Board of Directors’ report contains the information required by applicable
law does not cover the sustainability report, for which a separate assurance report is issued.
Responsibilities of management for the financial statements
Management is responsible for the preparation of financial statements of the Company that give
a true and fair view in accordance with the Norwegian Accounting Act and accounting standards
and practices generally accepted in Norway, and for the preparation of the consolidated financial
statements of the Group that give a true and fair view in accordance with IFRS Accounting
Standards as adopted by the EU. Management is responsible for such internal control as
management determines is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s
and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or the Group, or to cease operations, or has no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with ISAs will always detect a material
misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company’s and the Group’s internal
control.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company’s
and the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the
Company and the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express an opinion on the
consolidated financial statements. We are responsible for the direction, supervision
and performance of the group audit. We remain solely responsible for our audit
opinion.
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Independent auditor’s report - Hexagon Purus ASA 2025
A member firm of Ernst & Young Global Limited
We communicate with the Board of Directors regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Report on other legal and regulatory requirement
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Hexagon Purus ASA we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements
included in the annual report, with the file name hexagonpurusasa-2025-12-31-1-en, have been
prepared, in all material respects, in compliance with the requirements of the Commission
Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (the ESEF
Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act,
which includes requirements related to the preparation of the annual report in XHTML format and
iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all
material respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
Regulation. This responsibility comprises an adequate process and such internal control as
management determines is necessary.
Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all
material respects, the financial statements included in the annual report have been prepared in
accordance with the ESEF Regulation. We conduct our work in accordance with the International
Standard for Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits
or reviews of historical financial information”. The standard requires us to plan and perform
procedures to obtain reasonable assurance about whether the financial statements included in
the annual report have been prepared in accordance with the ESEF Regulation.
As part of our work, we perform procedures to obtain an understanding of the Company’s
processes for preparing the financial statements in accordance with the ESEF Regulation. We
test whether the financial statements are presented in XHTML-format. We evaluate the
completeness and accuracy of the iXBRL tagging of the consolidated financial statements and
assess management’s use of judgement. Our procedures include reconciliation of the iXBRL
tagged data with the audited financial statements in human-readable format. We believe that the
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 25 March 2026
ERNST & YOUNG AS
The auditor's report is signed electronically
Asbjørn Bugge
State Authorised Public Accountant (Norway)
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Statsautoriserte revisorer
Ernst & Young AS
Stortorvet 7, 0155 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske revisorforening
A member firm of Ernst & Young Global Limited
To the General Meeting in Hexagon Purus ASA
INDEPENDENT SUSTAINABILITY AUDITOR'S LIMITED ASSURANCE REPORT
Limited assurance conclusion
We have conducted a limited assurance engagement on the consolidated sustainability
statement of Hexagon Purus ASA («the Group») included in sustainability statement of the Board
of Directors’ report (the “Sustainability Statement”), as at 31 December 2025 and for the year
then ended.
Based on the procedures we have performed and the evidence we have obtained, nothing has
come to our attention that causes us to believe that the Sustainability Statement is not prepared,
in all material respects, in accordance with the Norwegian Accounting Act section 2-3, including:
compliance with the European Sustainability Reporting Standards (ESRS), including
that the process carried out by the Group to identify the information reported in the
Sustainability Statement (the “Process”) is in accordance with the description set out in
disclosure Double materiality assessment, and
compliance of the disclosures in subsection EU Taxonomy within the environmental
section of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the
“Taxonomy Regulation”).
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on
Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or
reviews of historical financial information (“ISAE 3000 (Revised)”), issued by the International
Auditing and Assurance Standards Board.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis
for our conclusion. Our responsibilities under this standard are further described in the
Sustainability auditor’s responsibilities section of our report.
Our independence and quality management
We have complied with the independence and other ethical requirements as required by relevant
laws and regulations in Norway and the International Code of Ethics for Professional
Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), which is founded on fundamental principles of
integrity, objectivity, professional competence and due care, confidentiality and professional
behavior.
The firm applies International Standard on Quality Management 1, which requires the firm to
design, implement and operate a system of quality management including policies or procedures
regarding compliance with ethical requirements, professional standards and applicable legal and
regulatory requirements.
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Independent Sustainability Auditor's Limited Assurance Report - Hexagon Purus ASA
A member firm of Ernst & Young Global Limited
Responsibilities for the Sustainability Statement
The Board of Directors and President & CEO (management) are responsible for designing and
implementing a process to identify the information reported in the Sustainability Statement in
accordance with the ESRS and for disclosing this Process in disclosure Double materiality
assessment of the Sustainability Statement. This responsibility includes:
understanding the context in which the Group's activities and business relationships
take place and developing an understanding of its affected stakeholders;
the identification of the actual and potential impacts (both negative and positive)
related to sustainability matters, as well as risks and opportunities that affect, or could
reasonably be expected to affect, the, Group's financial position, financial
performance, cash flows, access to finance or cost of capital over the short-, medium-,
or long-term;
the assessment of the materiality of the identified impacts, risks and opportunities
related to sustainability matters by selecting and applying appropriate thresholds; and
making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, in
accordance with the Norwegian Accounting Act section 2-3, including:
compliance with the ESRS;
preparing the disclosures in subsection EU Taxonomy within the environmental section
of the Sustainability Statement, in compliance with the Taxonomy Regulation;
designing, implementing and maintaining such internal control that management
determines is necessary to enable the preparation of the Sustainability Statement that
is free from material misstatement, whether due to fraud or error; and
the selection and application of appropriate sustainability reporting methods and
making assumptions and estimates that are reasonable in the circumstances.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, management is required to
prepare the forward-looking information on the basis of disclosed assumptions about events that
may occur in the future and possible future actions by the Group. Actual outcomes are likely to
be different since anticipated events frequently do not occur as expected.
Sustainability auditor’s responsibilities
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance
about whether the Sustainability Statement is free from material misstatement, whether due to
fraud or error, and to issue a limited assurance report that includes our conclusion.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence decisions of users taken on the basis
of the Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise
professional judgement and maintain professional skepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
Obtaining an understanding of the Process, but not for the purpose of providing a
conclusion on the effectiveness of the Process, including the outcome of the Process;
Considering whether the information identified addresses the applicable disclosure
requirements of the ESRS; and
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Independent Sustainability Auditor's Limited Assurance Report - Hexagon Purus ASA
A member firm of Ernst & Young Global Limited
Designing and performing procedures to evaluate whether the Process is consistent
with the Company’s description of its Process set out in disclosure Double materiality
assessment.
Our other responsibilities in respect of the Sustainability Statement include:
Identifying where material misstatements are likely to arise, whether due to fraud or
error; and
Designing and performing procedures responsive to where material misstatements are
likely to arise in the Sustainability Statement. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the
Sustainability Statement. The procedures in a limited assurance engagement vary in nature and
timing from, and are less in extent than for, a reasonable assurance engagement. Consequently,
the level of assurance obtained in a limited assurance engagement is substantially lower than
the assurance that would have been obtained had a reasonable assurance engagement been
performed.
The nature, timing and extent of procedures selected depend on professional judgement,
including the identification of disclosures where material misstatements are likely to arise in the
Sustainability Statement, whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the Process, we:
Obtained an understanding of the Process by:
o performing inquiries to understand the sources of the information used by
management (e.g., stakeholder engagement, business plans and strategy
documents), and
o reviewing the Company’s internal documentation of its Process, and
Evaluated whether the evidence obtained from our procedures with respect to the
Process implemented by the Company was consistent with the description of the
Process set out in disclosure Double materiality assessment.
In conducting our limited assurance engagement, with respect to the Sustainability Statement,
we:
Obtained an understanding of the Group's reporting processes relevant to the
preparation of its Sustainability Statement by
o obtaining an understanding of the Group's control environment, processes,
control activities and information system relevant to the preparation of the
Sustainability Statement, but not for the purpose of providing a conclusion
on the effectiveness of the Group's internal control; and
o obtaining an understanding of the Group's risk assessment process.
Evaluated whether the information identified by the Process is included in the
Sustainability Statement;
Evaluated whether the structure and the presentation of the Sustainability Statement is
in accordance with the ESRS;
Performed inquires of relevant personnel and analytical procedures on selected
information in the Sustainability Statement;
Performed substantive assurance procedures on selected information in the
Sustainability Statement;
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Independent Sustainability Auditor's Limited Assurance Report - Hexagon Purus ASA
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Where applicable, compared disclosures in the Sustainability Statement with the
corresponding disclosures in the financial statements and other sections of the Board
of Directors’ report;
Evaluated the methods, assumptions and data for developing estimates and forward-
looking information;
Obtained an understanding of the Group's process to identify taxonomy-eligible and
taxonomy-aligned economic activities and the corresponding disclosures in the
Sustainability Statement;
Evaluated whether information about the identified taxonomy-eligible and taxonomy-
aligned economic activities is included in the Sustainability Statement; and
Performed inquiries of relevant personnel, analytical procedures and substantive
procedures on selected taxonomy disclosures included in the Sustainability Statement.
Oslo, 25 March 2026
ERNST & YOUNG AS
The assurance report has been signed electronically
Asbjørn Bugge
State Authorised Public Accountant (Norway) – Sustainability Auditor
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Hexagon Purus ASA | Annual report 2025
Glossary
CO
2
Carbon Dioxide
CSRD Corporate Sustainability Reporting Directive
DEI Diversity, Equity, and Inclusion
DEFRA Department for Environment, Food and Rural Affairs
DMA Double materiality assessment
DNSH Do no significant harm
EFRAG European Financial Reporting Advisory Group
EHS Environment, Health and Safety
ESG Environmental, Social, and Governance
ESRS European Sustainability Reporting Standards
GHG Greenhouse Gas
GO Guarantees of Origin
GWP Global Warming Potential
IPCC Intergovernmental Panel on Climate Change
IRA Inflation Reduction Act
IRO impact, risk and opportunity
ISO International Organization for Standardization
JV Joint Venture
KPI Key Performance Indicator
LMS Learning Management System
NUES Norwegian Corporate Governance Board
NVE The Norwegian Water Resources and Energy Directorate
PDD Performance, Development and Drive
R&D Research and development
SSP Shared Socioeconomic Pathways
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Hexagon Purus ASA | Annual report 2025
Contact us
IR contact
Mathias Meidell
Director Investor Relations
Phone: +47 90 98 22 42
Address
Hexagon Purus ASA
Haakon VII's gate 2
0161 Oslo
Norway
Phone: +47 70 30 44 50
hexagonpurus.com
Financial calendar 2026
Annual General Meeting
24 April 2026
1
st
quarter 2026
12 May 2026
2
nd
quarter and
half year report 2026
16 July 2026
3
rd
quarter 2026
20 October 2026
4
th
quarter 2026
9 February 2027
Details
Interim report and presentation material will be released at
07:00 CET and made available on www.hexagonpurus.com
and www.newsweb.no
The interim results are presented live at 8:30 am CET.
Hexagon Purus ASA reserves the right to change the dates. All
presentations are broadcasted live and open to all
interested parties.
Two weeks before the presentation of the interim report
Hexagon Purus practice a quiet period where contact with
analysts, investors and media are limited. This is done
to minimize the risk of information leakage and potential
different information in the market.
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artbox.no
hexagonpurus.com