Hexagon Composites ASA
OSE:HEX
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.
Revenue Growth: Q4 revenue increased to NOK 831 million, showing sequential growth and benefiting from a strong Fuel Systems performance and the SES Composites acquisition.
Profitability Improvement: Q4 EBITDA improved to NOK 156 million (including significant one-offs), with adjusted EBITDA at NOK 49 million. Cost reduction programs and structural changes drove margin improvement.
Market Conditions: Core North American markets remained soft due to macro uncertainty and low investment, but signs of stabilization and regulatory clarity emerged late in the year.
Strategic Progress: The SES Composites acquisition strengthened the company’s European bus position, and new orders—including a significant aerospace contract and a large Mexican trucking deal—support diversification.
Cost Optimization: Structural cost actions, including workforce reduction and strict CapEx discipline, have lowered the breakeven point and are expected to yield further benefits in 2026.
2026 Outlook: Management expects 2026 revenue to be broadly in line with or moderately above 2025, and projects continued profitability improvements, especially in the second half.
Covenant & Liquidity: Financial discipline remains a priority. There is ongoing dialogue with banks about covenants, but current liquidity is described as solid and positive cash flow is expected in 2026.
Refuse Segment Strength: Record annual revenue of about NOK 800 million in the refuse sector underlines its resilience and the momentum of natural gas vehicle adoption in North America.
