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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.
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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.

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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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