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Investor Relations14 Oct 2025
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Hexagon Composites (HEX) investor relations material
Hexagon Composites Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Q2 2025 was marked by macroeconomic headwinds, low volumes, and customer investment delays, but cost-saving and organizational rightsizing actions were implemented.
Revenue declined to NOK 674 million from NOK 1,150 million year-over-year, with EBITDA dropping to NOK 12 million from NOK 137 million, mainly due to market uncertainty and investment delays, especially in Mobile Pipeline.
Strategic progress included the acquisition of SES/SCS Composites and an extended alliance with Mitsui & Co.
Commercial momentum is picking up, with significant new orders for X15N engine fuel systems and Mobile Pipeline modules.
The company remains well positioned for long-term growth as market conditions improve.
Financial highlights
Q2 2025 revenue was NOK 674 million, down 41% year-over-year; EBITDA margin fell to 2% from 12%.
EBIT for Q2 2025 was NOK -53 million, compared to NOK 75 million in Q2 2024.
Negative profit after tax of NOK 781 million, including NOK 556 million in losses and impairments from associates.
Free cash flow for Q2 was negative NOK 188 million, mainly due to weak EBITDA and higher working capital tie-ups.
Liquidity reserve at quarter-end was NOK 763 million, with unused credit facilities of NOK 633 million.
Outlook and guidance
Guidance for 2025 remains paused due to market uncertainty; will be reinstated when conditions improve.
Inventory reduction and improved working capital expected in the second half of 2025.
Positive commercial momentum is emerging, especially in North American natural gas-powered heavy-duty trucks.
Regulatory support in the US and EU is strengthening the outlook for natural gas and RNG solutions.
Management expects a reversal of negative working capital in the second half of the year, aiding liquidity.
Why did Mobile Pipeline revenue decline so sharply?
Assess impact of EPA's proposed GHG rule change.
Detail SES Composites acquisition synergies.
Quantify the expected SES Composites synergies.
Explain Mobile Pipeline's focus on the Middle East.
Detail the X15N engine's impact on fuel systems.
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Next Hexagon Composites earnings date
Q3 20256 Nov, 2025
Next Hexagon Composites earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Hexagon Composites ASA, produces composite pressure cylinders and systems for mobility, industrial, and consumer applications. The company's products include cylinders for gas storage and transportation; tanks for the onboard storage of various gases; and fuel systems consisting of a tank, frame and mounting system, fuel pump, valves, end caps, overfill protection system, safety mechanisms, and connections to the engine. Hexagon Composites ASA is headquartered in Ålesund, Norway.
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