Hexagon Composites ASA
OSE:HEX
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Hexagon Composites ASA
Hexagon Composites ASA engages in developing and commercializing competitive, innovative products and solutions. The company is headquartered in Alesund, More Og Romsdal and currently employs 1,505 full-time employees. The firm enables the safe delivery of clean energy in gaseous form to homes and industries and decarbonizes transportation on land and at sea. Hexagon is organized into four business areas: Hexagon Agility, Hexagon Ragasco, Hexagon Digital Wave and Hexagon Purus. Hexagon Agility is a global provider of clean fuel solutions for commercial vehicles and gas transportation solutions. Hexagon Ragasco is the manufacturer of composite liquefied petroleum gas (LPG) cylinders for leisure, household and industrial applications. Hexagon Digital Wave is engaged in cylinder testing and monitoring technologies, offering solutions that reduce down-time and inspection costs while improving inspection accuracy. Hexagon Purus is offers solutions within key technologies needed for zero emission mobility.
Hexagon Composites ASA engages in developing and commercializing competitive, innovative products and solutions. The company is headquartered in Alesund, More Og Romsdal and currently employs 1,505 full-time employees. The firm enables the safe delivery of clean energy in gaseous form to homes and industries and decarbonizes transportation on land and at sea. Hexagon is organized into four business areas: Hexagon Agility, Hexagon Ragasco, Hexagon Digital Wave and Hexagon Purus. Hexagon Agility is a global provider of clean fuel solutions for commercial vehicles and gas transportation solutions. Hexagon Ragasco is the manufacturer of composite liquefied petroleum gas (LPG) cylinders for leisure, household and industrial applications. Hexagon Digital Wave is engaged in cylinder testing and monitoring technologies, offering solutions that reduce down-time and inspection costs while improving inspection accuracy. Hexagon Purus is offers solutions within key technologies needed for zero emission mobility.
Weak Q3 Results: Hexagon reported Q3 revenue of NOK 538 million and an EBITDA loss of NOK 54 million, citing macroeconomic uncertainty and a cyclical downturn in core markets.
Equity Raise & Liquidity: The company raised NOK 590 million in equity and launched a cost savings program to strengthen its balance sheet and secure liquidity.
Cost Cutting Measures: Personnel costs were reduced by approximately NOK 190 million on an annualized basis, with further cost and cash savings initiatives ongoing.
Market Headwinds: Truck and Mobile Pipeline segments were hit hardest by market uncertainty, tariffs, and regulatory changes, while Refuse and Transit remained more resilient.
Strategic Moves: New partnerships (e.g., with Cummins and Clean Energy for Pioneer), a demo truck program, and the acquisition of SES Composites aim to drive future growth and market adoption.
Outlook: Management expects Q4 to improve over Q3, but visibility into 2026 remains limited. The company remains confident in long-term growth and CNG adoption.