Hexicon (HEXI) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw continued progress in South Korea, active portfolio management, and key developments for TwinWind technology amid a selective offshore wind market shaped by capital discipline and regulatory changes.

• Major events included the divestment of TwinHub, full acquisition of Mareld, and a favorable patent decision for Freia Offshore's Tilted Wind Tower; post-period, Mareld's permit was rejected by Swedish authorities.

• Liquidity remains highly constrained, with ongoing efforts to secure additional financing and maintain strict cost control.

Financial highlights

• Q2 2026 net revenue was SEK 1.3 million, down from SEK 5.2 million year-over-year; operating loss was SEK -12.5 million versus a profit of SEK 52.8 million.

• Loss before tax for Q2 was SEK -55.3 million (Q2 2025: -36.2 million); EPS was SEK -0.15 (Q2 2025: -0.11).

• YTD net revenue was SEK 2.1 million (H1 2025: 10.8 million); operating loss SEK -28.6 million (H1 2025: profit 32.6 million); profit before tax SEK 21.1 million (H1 2025: -57.9 million) due to non-recurring gains.

• Cash flow from operating activities was SEK -9.4 million in Q2 and SEK -22.1 million YTD.

• Total assets at period end were SEK 385.4 million, with cash at SEK 3.3 million.

Outlook and guidance

• South Korea remains a key market, with new government plans targeting 100 GW renewable capacity by 2030 and 30% renewable share by 2035.

• The Swedish offshore wind framework remains uncertain after the rejection of Mareld and other projects; future reconsideration possible under an auction-based system.

• Focus remains on financial resilience, advancing MunmuBaram, commercializing TwinWind, and managing the project portfolio.