Hexagon Composites ASA: Fourth quarter 2022

Thu 02, 2023 - Stock Exchange Release

16 February 2023: Hexagon (excluding Hexagon Purus) delivered topline growth in all business areas with revenues totaling NOK 1 276 (1 013) million and operating profit before depreciation (EBITDA) totaling NOK 105 (113) million in fourth quarter 2022.

In the fourth quarter 2022, Hexagon Purus generated NOK 372 (259) million in revenues and recorded an EBITDA of NOK -110 (-61) million. Revenue growth was particularly strong in the hydrogen distribution segment. Hexagon Purus remains fully consolidated in the Hexagon Group accounts, with Hexagon Composites currently retaining 73% ownership.

Hexagon Group, including Hexagon Purus, generated NOK 1 493 (1 187) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK -11 (51) million.

“Fourth quarter was a strong finish to a challenging year with all time high revenues in all business areas, resulting in 26% year-over-year growth,” says Jon Erik Engeset, CEO of Hexagon Group. “High input costs continue to weigh on the profit margins, however, the pricing and profitability initiatives we established in 2022 are expected to result in gradual margin improvements in 2023.”

For 2022, Hexagon (excluding Hexagon Purus) generated NOK 4 303 (3 278) million in revenues, representing 31 % growth. EBITDA year-to-date was NOK 347 (381) million, resulting in an EBITDA margin of 8% (12%). Hexagon Purus delivered 2022 revenues of NOK 964 (508) million, well above its full year revenue target of NOK 900 million.

The demand across most segments continues to be healthy. Ongoing developments in regulations and changes in industry dynamics are expected to support significant long-term clean energy technology opportunities. Hexagon’s diversified portfolio and extensive industrial track record, provide a resilient platform for the future.

For further details, please see the attached fourth quarter 2022 report and presentation.

Presentation of the results today at 08:30 am CET
Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at 08:30 am today in Oslo. The presentation will be held in the Auditorium at Hexagon's location in Oslo, Haakon VIIs gate 2, on the lower level. If you would like to attend the presentation, please pre-register by emailing [email protected], alternatively register upon arrival.

The presentation will also be broadcast live via: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230216_7

For more information:
Ingrid Aarsnes, VP Investor Relations & ESG, Hexagon Composites ASA
Telephone: +47 950 38 364 | [email protected]

Karen Romer, SVP Communications, Hexagon Composites ASA
Telephone: +47 950 74 950 | [email protected]

About Hexagon Composites ASA
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation, and conversion to clean energy in a wide range of mobility, industrial and consumer applications. Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.