Operating income increased 3% in the third quarter to NOK 349.3 (339.3) million. Operating profit before depreciation (EBITDA) grew 33% to NOK 75.1 (56.4) million. Operating profit (EBIT) increased 36% to NOK 55.5 (40.7) million and profit before tax from continuing operations grew 70% to NOK 59.7 (35.1) million.

Hexagon Composites' operating results improved compared to the third quarter of the previous year driven by continued growth in the Low Pressure Cylinder market. Positive developments were partly offset by lower deliveries of fuel cylinders to the Heavy Duty Truck segment in North America. The Gas Distribution Products business continued to deliver solid results despite some delays in deliveries.

Key developments:

* Continued strong Group margins according to targets
* Very good utilization rates in the Low Pressure Cylinders segment
* Strong Gas Distribution Products order book and increasing order intake from Heavy Duty segment
* After the end of the quarter, Hexagon Lincoln acquired MasterWorks securing key technology and enhanced engineering capacity within the High Pressure Cylinder segment.

For more information:

Jon Erik Engeset, CEO, Hexagon Composites ASA
Telephone: +47 916 30 550 | [email protected]

David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | [email protected]

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | [email protected]

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