Hexagon Composites (HEX) Q3 2026 earnings summary

Executive summary

• Strongest quarter since Q4 2024: revenue rose 73% YoY to NOK 929m and EBITDA reached NOK 108m, as demand normalized and activity improved across segments.

• Record global transit-bus volumes and a Mobile Pipeline rebound supported results; free cash flow was NOK 266m.

• First major South American vehicle OEM partnership signed with Agrale Argentina for CNG bus fuel systems.

Financial highlights

• Q3 revenue was NOK 929m, up 48% QoQ and 73% YoY; 9M revenue was NOK 2,225m, up 5% reported and ~15% FX-adjusted.

• Q3 EBITDA was NOK 108m versus NOK -54m, at a 12% margin versus -10%; 9M EBITDA was NOK 234m at an 11% margin.

• Q3 EBIT was NOK 45m versus NOK -120m; continuing-operations loss after tax was NOK 26m, while 9M continuing-operations loss after tax was NOK 273m.

• Higher volumes on a relatively stable cost base improved operating leverage despite less favorable mix, pricing and inventory effects.

• Strong cash generation included a NOK 127m inventory release as first-half finished goods converted to deliveries.

Outlook and guidance

• FY 2026 EBITDA guidance remains ~NOK 300m, with confidence toward the higher end; delivery timing and product mix determine potential upside.

• Solid backlog and typical Q4 seasonality support the outlook, though some volumes shifted into Q3 and supply chains may affect execution.

• 2027 revenue is expected to grow from 2026; contracted Mobile Pipeline demand extends into 2027, while truck volumes are expected to improve but remain moderate.

• Long-term EBITDA margin target is 15%; cost, cash and capital discipline remain priorities.