Hexagon Composites ASA: First quarter 2023
11 May 2023: Hexagon (excluding Hexagon Purus) reported revenues of NOK 1 130 (913) million, representing 24% growth compared to the same quarter last year driven by higher volumes, improved pricing as well as favorable FX translation effects. Operating profit before depreciation (EBITDA) totaled NOK 83 (84) million for the quarter.
In the first quarter of 2023, Hexagon Purus revenues grew 53% year-over-year to NOK 244 (159) million with an EBITDA of NOK -112 (-93) million. In March, Hexagon Purus raised gross NOK 500 in new equity and NOK 800 in a convertible bond. Following the capital raise Hexagon Composites ASA holds 68.4% of the shares in Hexagon Purus and Hexagon Purus remains fully consolidated in the Hexagon Group accounts.
Hexagon Group (including Hexagon Purus) generated NOK 1 261 (1 016) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK -29 (-9) million in the first quarter of 2023.
Chief Executive Officer statement
“Hexagon Ragasco, Hexagon Purus and Hexagon Digital Wave delivered a strong quarter, while Hexagon Agility’s profit margins were unsatisfactory. Profit improvement initiatives are expected to yield effect in the coming quarters,” says CEO Jon Erik Engeset.
Outlook
The fundamental market drivers are strong for all Hexagon’s business segments and demand across most segments is healthy. Government policies and regulations in relevant geographies are expected to drive significant growth.
For further details, please see the attached first quarter 2023 report and presentation.
Presentation of the results today at 08:30 am CEST
Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at 08:30 am today in Oslo. The presentation will be held in the Auditorium at Hexagon's location in Oslo, Haakon VIIs gate 2, on the lower level. If you would like to attend the presentation, please pre-register by emailing ir@hexagongroup.com, alternatively register upon arrival.
The presentation will also be broadcast live via:
https://channel.royalcast.com/landingpage/hegnarmedia/20230511_5/
For more information:
Ingrid Aarsnes, VP Investor Relations & ESG, Hexagon Composites ASA
Telephone: +47 950 38 364 | ingrid.aarsnes@hexagongroup.com
Karen Romer, SVP Communications, Hexagon Composites ASA
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