Hexagon Composites (HEX) Q2 2026 earnings summary

Executive summary

• Q2 2026 marked a significant turnaround, with improved profitability, a strengthened balance sheet via NOK 650 million equity raise, and a shift from defense to offense in business strategy.

• Completed a cost reduction program, reducing headcount by 25% and SG&A by NOK 260 million, with NOK 120 million in structural savings.

• Secured a record $100 million Mobile Pipeline order and a three-year exclusive supply agreement with IVECO BUS.

Financial highlights

• Q2 2026 revenue was NOK 627 million, down 7% year-over-year but steady with Q1 after FX adjustments.

• Q2 2026 EBITDA reached NOK 69 million (11% margin), up from NOK 12 million in Q2 2025; H1 EBITDA was NOK 126 million (10% margin).

• Cash flow from operations was NOK 128 million; net cash flow NOK 115 million, including proceeds from equity raise and discontinued operations.

• CapEx spend was NOK 12 million in Q2, NOK 20 million YTD, against full-year guidance of NOK 70–80 million.

Outlook and guidance

• Full-year 2026 EBITDA guidance raised from above NOK 200 million to around NOK 300 million.

• Revenue growth expected to be moderately above 2025, with stronger H2 and improving 2027 outlook.

• Mobile Pipeline activity to increase in H2 and 2027, driven by Certarus contract and new data center demand.

• Some margin compression expected in H2 due to business mix normalization and raw material surcharges.

• Risks include timing and execution of order deliveries, Middle East conflict, and potential cost inflation.