Hexagon Composites ASA: Results for Q3 2021

Nov 04, 2021

The demand for Hexagon’s solutions remained high in the third quarter of 2021.

  • Hexagon Agility received orders from major global logistics customer with an estimated total value of USD 29 million (approx. NOK 253 million)
  • Hexagon Agility awarded additional order from Xpress Natural Gas (XNG) for Mobile Pipeline® modules to meet growing demand for clean natural gas with an estimated total value of USD 2.8 million (approx. NOK 25 million)
  • Hexagon Purus acquired Wystrach, adding industry leading hydrogen systems capacity to its platform, to accelerate the hydrogen transition
  • Hexagon Digital Wave signed a long-term partnership agreement with Linde, a leading industrial gas and engineering company, for supply and service of Ultrasonic Examination (UE) testing equipment.
  • Hexagon Digital Wave entered commercial service agreement to requalify Type-4 cylinders used for transportation of RNG/CNG
  • Hexagon Purus and Ballard Power Systems announced a new collaboration to produce Class 6 & 7 Fuel Cell Electric Trucks powered by Hexagon Purus’ turnkey electric and hydrogen solutions

In the third quarter of 2021, Hexagon (excluding Purus) generated NOK 848 (769) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 110 (85) million. The top-line growth, driven primarily by Hexagon Agility, was 14% before negative year-over-year foreign currency translation effects of NOK -27 million.

“We are experiencing significant demand for our solutions across all business areas,” says Jon Erik Engeset, CEO Hexagon Group. “We delivered a strong financial performance in the third quarter, but it is fair to say our performance could have been even stronger if we weren’t constrained by industry-wide shortages of chassis, semiconductors, and other components as global supply chains are still trying to recover from the effects of the pandemic.”

Presentation of the results:

Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at 08:30 CET. The presentation will be held in the Auditorium at Hexagon’s location in Oslo, Haakon VIIs gate 2, on the lower level.
As Covid-19 restrictions are lifted in Norway, we welcome those that want to attend the presentation in person.

The presentation will also be broadcasted live via: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20211104_16
A recording of the presentation will be made available on www.hexagongroup.com.

For more information:

Hiva Ghiri, VP Investor Relations, Hexagon Composites
Telephone: +47 958 66 790 | hiva.ghiri@hexagongroup.com

Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

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

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act