QUARTER 1 2024 FINANCIAL RESULTS

GUELPH, Ontario, April 29, 2024 -- Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A) a leading manufacturer of dry-type
transformers, power quality products and related magnetics, today announced its financial results for the first quarter 2024.

“We begin 2024 at a strong pace as we continued to grow our quarterly sales volumes. Higher bookings versus 2023
maintained the backlog even with higher shipments, and we are now seeing bookings and shipments somewhat evenly
matched. The distribution network stood out again as a source of strength as more projects continued to flow through this
channel. Canada was also a standout as we shipped several key projects in commercial construction, electric vehicle (“EV”)
charging, data centres, public infrastructure, oil & gas, mining, and utilities,” said Adrian Thomas, CEO of Hammond Power
Solutions. “With the strong project demand, we have made further commitments to equipment spending as we forecast
demand from emerging market segments to continue. We also implemented a price increase that will take effect in the second
quarter of 2024, after having not done so since 2022. The increase was in consideration of persistent inflation and resilient
demand. Regarding the Mesta and Power Quality business, a large customer project delay impacted our shipments for the
quarter, but we still expect full year shipments to remain close to expectations. We are gaining recognition within the technical
community and among our customers, as demonstrated by receiving the Rockwell Automation Technology Partner Innovation
award for our Active Harmonic Filter.”

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