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Hexagon Composites (HEX) investor relations material
Hexagon Composites Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 showed sequential revenue and profitability improvement, driven by Fuel Systems, SES Composites acquisition, and strong refuse segment demand, despite ongoing market softness and macroeconomic uncertainty.
Regulatory clarity from the EPA 2027 NOx emission rule began to positively influence Class 8 truck sales and fleet investment sentiment.
Structural cost actions, including a 25% workforce reduction and over NOK 200 million in cost savings, have improved competitiveness and lowered the break-even point.
Diversification efforts included a record NOK 800 million in refuse segment revenue, a NOK 110 million order in Mexico, and entry into the space sector with a $7 million order.
Acquisition of SES Composites in October contributed NOK 97 million in revenue and NOK 4 million in EBITDA, positioning the group as a leading supplier to European transit bus OEMs.
Financial highlights
Q4 2025 revenue was NOK 831 million, up 50% sequentially; full-year revenue reached NOK 2,955 million, with profitability improving quarter-over-quarter due to higher volumes and cost initiatives.
Q4 EBITDA was NOK 156 million, including a NOK 119 million one-off gain and NOK 13 million in severance; adjusted EBITDA was NOK 49 million (6% margin).
Full-year adjusted EBITDA was NOK 65 million (2% margin); net loss after tax for Q4 was NOK -87 million, and for the year NOK -1,132 million.
Positive operational cash flow in Q4, with a NOK 37 million working capital release and NOK 104 million higher cash balance at quarter-end.
Net interest-bearing debt at year-end was NOK 1,031 million; available liquidity at NOK 561 million; equity ratio at 50%.
Outlook and guidance
2026 is expected to be back-end loaded, with a soft first half and gradual improvement in the second half as market fundamentals stabilize.
Top line for 2026 projected to be broadly in line with or moderately above 2025, with profitability and free cash flow improvements anticipated.
Strict financial discipline, cost optimization, and leveraging core technology remain top priorities.
Cautious optimism for 2026, with long-term growth confidence.
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