Hexagon Composites ASA: Third quarter 2022

Thu 11, 2022 - Stock Exchange Release

3 November 2022: Hexagon (excluding Hexagon Purus) delivered NOK 1 080 (848) million in revenues and an operating profit before depreciation (EBITDA) of NOK 68 (110) million in third quarter 2022. The profitability was impacted by significantly higher costs of production due to inflation and supply chain challenges.

In the third quarter 2022, Hexagon Purus generated NOK 222 (103) million in revenues and recorded an EBITDA of NOK -92 (-80) million. Revenue growth was primarily driven by the hydrogen distribution segment. The market outlook is expected to remain strong, short and long term.

Hexagon Purus remains fully consolidated in the Hexagon Group accounts, with Hexagon Composites currently retaining 73% ownership.

Hexagon Group, including Hexagon Purus, generated NOK 1 243 (875) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK -24 (30) million.

“We continued to deliver strong revenue growth in the third quarter, up 42% year-over-year,” says Jon Erik Engeset, CEO of Hexagon Group. “Mitigating actions to combat the challenging operating environment are being implemented to improve margins in 2023.”

Together with clients and partners, Hexagon is finding ways to make near-zero and zero emission energy solutions available and affordable while delivering on its purpose of driving energy transformation. REPower EU and the U.S. Inflation Reduction Act are expected to significantly drive additional demand for Hexagon’s solutions in the coming years.

For further details, please see the attached third 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 at the DEG8 building, in Dronning Eufemias gate 8, Oslo.

The presentation will also be broadcast live via:

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.