Hexagon Composites ASA: Second quarter and half year results 2021

Aug 12, 2021

Hexagon had an active quarter with strong demand and multiple important ​contract awards. Capacity expansion plans underway based on positive outlook.

Highlights in Q2 2021

  • Hexagon Agility received orders from major global logistics customer with an estimated total value of USD 23.7 million (approx. NOK 211 million).
  • Hexagon Agility received an order from Estes Express Lines for compressed natural gas (CNG)/renewable natural gas (RNG) fuel systems with a value of USD 8 million (approx. NOK 71 million)
  • Empresa Municipal de Transporte (EMT) in Madrid announced a tender award of 520 compressed renewable natural gas (RNG) buses. Solaris, Mercedes Benz and Scania, all customers of Hexagon Agility, will supply the buses to EMT
  • Hexagon Agility received order from REV LNG for Mobile Pipeline® modules to deliver Renewable Natural Gas with an estimated total value of USD 7.8 million (approx. NOK 69 million)
  • Hexagon Agility received 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 8 million (approx. NOK 71 million)
  • Hexagon Digital Wave signed a contract with a US-based Type 3 composite cylinder manufacturer to supply Ultrasonic Examination (UE) equipment for cylinders intended for the aerospace industry
  • Hexagon Purus signed a global supply agreement with Air Liquide for supply of Type 4 hydrogen cylinders used for transport of hydrogen for industry and mobility
  • Hexagon Purus enters partnership with Velocity Vehicle Group supplying 100 zero emission electric medium duty commercial vehicles in California
  • Hexagon Purus accelerated its efforts in the zero-emission maritime segment with the launch of a dedicated maritime business

In the second quarter of 2021, Hexagon (excl.Purus) generated NOK 726 (691) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 71 (38) million. The top-line growth was 17% before negative year-over-year foreign currency translation effects of NOK -80 million. These impacts, mainly driven by US and German based operations, apply also to the cost base of those operations and are therefore less significant at EBITDA level.

The Hexagon (excl. Purus) results are robust in light of global supply chain challenges mainly related to the pandemic. These resulted in delayed sales of NOK 72 million within Hexagon Agility as well as somewhat higher prices of inbound raw materials and transport costs, mainly affecting Hexagon Ragasco.

In the second quarter of 2021, Hexagon Group, including Hexagon Purus, generated NOK 788 (683) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 3(19) million.

Presentation of the results:

Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at 08:30 CEST and the presentation will be broadcasted live via https://hexagongroup.kg5.no/. A recording of the presentation will be made available on www.hexagongroup.com after the presentation.

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