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Hexagon
Quarterly Report • Oct 24, 2025
2919_10-q_2025-10-24_750fe703-ba92-42f8-ae59-588470c2866b.pdf
Quarterly Report
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Interim Report
Hexagon Interim report 1 January - 30 September 2025 1
Third quarter
Solid development in our financial metrics
- 4% organic revenue growth (using fixed exchange rates and a comparable group structure)
- Net sales increased by 0% to 1.303.8 MEUR (1.299.8)
- Net sales including the reduction of acquired deferred revenue amounted to 1,303.1 MEUR (1,299.8)
- Adjusted gross margin of 66.9% (67.1)
- Adjusted operating earnings (EBIT1) decreased by -7% to 349.3 MEUR (376.6)
- Adjusted operating margin amounted to 26.8% (29.0)
- Earnings per share, excluding adjustments, amounted to 9.6 Euro cent (10.1)
- Earnings per share, including adjustments, amounted to -1.3 Euro cent (8.8)
- Operating cash flow before non-recurring items increased to 177.8 MEUR (165.9)
- Cash conversion amounted to 77% (70)
- Recurring revenue grew 6% organically and amounted to 564.2 MEUR (564.9)
operating
Cash conversion
Adjusted key figures2)
| MEUR | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% |
|---|---|---|---|---|---|---|
| Operating net sales | 1,303.8 | 1,299.8 | 4 1) | 3,997.3 | 3,953.1 | 2 1) |
| Gross earnings | 872.4 | 872.1 | 0 | 2,680.4 | 2,647.6 | 1 |
| Gross margin, % | 66.9 | 67.1 | -0.2 | 67.1 | 67.0 | 0.1 |
| Operating earnings (EBITDA) | 479.2 | 489.5 | -2 | 1,421.3 | 1,481.0 | -4 |
| EBITDA margin, % | 36.8 | 37.7 | -0.9 | 35.6 | 37.5 | -1.9 |
| Operating earnings (EBIT1) | 349.3 | 376.6 | -7 | 1,054.6 | 1,152.6 | -9 |
| Operating margin, % | 26.8 | 29.0 | -2.2 | 26.4 | 29.2 | -2.8 |
| Earnings before taxes | 317.3 | 332.4 | -5 | 953.9 | 1,023.6 | -7 |
| Earnings per share, Euro cent | 9.6 | 10.1 | -5 | 28.9 | 31.0 | -7 |
ted to fixed exchange rates and a comparable group structure, i.e. organic growth
Anders Svensson, President and CEO, Hexagon AB commented
"In the third quarter of 2025 we have delivered a solid financial performance while taking actions to set us up for the future.
Organic growth was 4%, driven mainly by the continued strength of our Autonomous Solutions business and good demand in some customer segments like aerospace & defence, machine control and electronics. Operating margins improved quarter-on-quarter but remained below our potential. Cash conversion was seasonally strong. The potential separation of Octave continues to progress well and is on course for completion in the first half of 2026.
Initial feedback indicates that the current market environment will remain unchanged in the fourth quarter of 2025. However, with major new product releases supported by our strong market position, an updated operating model, and a reduced cost base, we will be well positioned as a more positive market environment returns.
In my first full quarter as CEO of Hexagon I confirmed my initial hypothesis that there is a strong foundation for continued profitable growth. To unlock this opportunity further I have within Hexagon core established a new operating model with 17 P&Ls within our externally reported segments. By making these businesses fully accountable for all operational decisions and financial performance we place decisions close to customers and increase responsiveness and speed. I am convinced that decentralised accountability, guided by a common blueprint and supported by strong governance and active performance management will enable stronger growth and improved financial performance going forward.
In a review of our cost base, we identified potential cost improvements of 110MEUR on annual basis, with a one-off associated charge of 113MEUR. These savings, across both Hexagon & Octave, will gradually benefit the cost base from Q4 of 2025, reaching a full run-rate at the end of 2026. We also identified 186 MEUR of investments in R&D and associated inventories, which no longer meet customer or market needs. We have taken the decision to impair these costs, which also allows effective performance management under the new operating model. Going forward, the new operating model will ensure that divisional managers are fully responsible for their day-to-day P&I s and balance sheets
Comments from the CEO
Organic growth in the third quarter was 4%, driven by strong a performance in our Autonomous Solutions business and good demand in some other customer segments including aerospace & defence, machine control and electronics.
The Hexagon core businesses (excluding Octave) generated organic growth of 5%. Autonomous Solutions was the standout performer, with 19% organic growth, driven by demand in aerospace & defence and mining. Manufacturing Intelligence recorded stable organic growth of 3% and after several quarters of negative growth Geosystems recorded 1% year-on-year organic growth.
Octave recorded organic growth of 1%. SaaS revenues continued to grow at strong double-digit rates and SaaS bookings achieved a record for the quarter. This resulted in organic recurring revenues growth of 6%. Offsetting this progress were continued delays in customer decision-making which particularly impacted perpetual sales during the quarter. The Board remains committed to the potential separation of the Octave business, which is on course for completion in the first half of 2026. In September, the Board also announced that in addition to Octave's planned primary U.S. listing, there will be a Swedish Depository Receipt (SDR) programme, for about two years. It is expected that the Board of Octave will evaluate the status of the SDR from time to time, particularly in light of liquidity considerations.
For Hexagon overall, gross margins were stable at 67%, with the benefits of product innovation somewhat offset by the overall mix and currency. In October, Geosystems launched the Leica TS20, our first new total station platform in 20 years. It is also the first total station to market with on-device AI, enabling a number of features which improve usability and reduce operator dependency.
Operating margins were 26.8%, an improvement quarter-on-quarter despite normal seasonality, but below target levels. As a result, the Hexagon group, including Octave, has undertaken a cost improvement programme which will deliver 110 MEUR in annual efficiencies, with benefits gradually starting in Q4 2025 and reaching full run rate by the end of 2026. The one-off costs to achieve these savings will be 113 MEUR, which will be taken alongside a one-off charge of 186 MEUR, relating to a review of R&D investments & inventory on the Hexagon core balance sheet.
During the quarter we announced the sale of Manufacturing Intelligence's Design & Engineering business to Cadence for 2.7bn EUR. The sale is expected to close in Q1 2026 and will enable Hexagon to increase focus on areas of market leadership. In 2024 the D&E business contributed approximately 265 MEUR to the revenues of Manufacturing Intelligence, at a profitability level above Hexagon group averages. The transaction is expected to generate a gain of around 1.4bn EUR net of tax, transaction costs and currency impacts, which will be used to improve balance sheet flexibility and invest in future growth. For further details see page 23.
In September, in preparation for the potential separation of Octave, we made some changes to the Executive management team. Ben Maslen will become CFO of Octave on the potential separation. He will remain on Hexagon's Executive committee until then, as EVP, Octave. Replacing Ben will be Andreas Wenzel, who joins from ABB as Hexagon's Chief Strategy Officer. Tony Zana will, on potential separation, become Octave's Chief Legal Officer and Corporate Secretary. He will remain General Counsel and Chief Compliance Officer of Hexagon until then. Tony will ultimately be succeeded by Thomas De Muynck, who joins us from Jones Day. We also announced that David Mills had resigned as CFO of Hexagon, for personal reasons. He is replaced, on an interim basis, by Norbert Hanke, until a successor is identified.
Both Hexagon and Octave will be hosting capital markets days in the near future. Octave will host their event in the first quarter of 2026 in New York and Hexagon will host an event in London on 30th April 2026. We look forward to seeing you there.
Contacts
Investor Relations
Tom Hull [email protected] Anton Heikenström [email protected]
Conference call
The Interim report for the third quarter 2025 will be presented on 24 October at 10:00 CET at a webcast and telephone conference call. Please view instructions at Hexagon's website on how to participate.
https://investors.hexagon.com/en/upcoming-investor-events
Financial calendar
Hexagon gives financial information at the following occasions: Year-End Report 2025 30 January 2026 Interim Report Q1 2026 23 April 2026 Octave Capital Markets Day Q1 2026 Hexagon Capital Markets Day 30 April 2026 Interim Report Q2 2026 29 July 2026
Net sales
Operating net sales increased by 0% to 1,303.8 MEUR (1,299.8). Using fixed exchange rates and a comparable group structure (organic growth), net sales increased by 4%. Structure added 1% to growth, reflecting the net contribution of the acquisitions and divestments made in the last 12 months. More details on acquisitions and divestments are given in note 6.
Development by Geography
Regionally, organic growth was -2% in EMEA, 9% in the Americas and 3% in Asia.
In EMEA, Western Europe recorded -3% organic growth, primarily due to continued weakness in construction and automotive markets in Geosystems and Manufacturing Intelligence. EEMEA recorded 3% organic growth, with strong growth in emerging markets in Manufacturing Intelligence.
In the Americas, North America recorded 8% organic growth, with strong growth in aerospace & defence markets within both Autonomous Solutions and Manufacturing Intelligence. South America recorded 13% growth with strong demand for mining solutions.
In Asia, China recorded -2% organic growth, with growth in Manufacturing Intelligence from a solid performance in general manufacturing and electronics markets, offset by continued weakness in heavy infrastructure construction in Geosystems. The rest of Asia recorded 8% organic growth, fueled by continued progress in manufacturing markets in India and from the autonomous road train project in Australia within Autonomous Solutions.
Development by Product Type
Software and services recorded 3% organic growth, driven by continued strong growth in SaaS and subscription software revenues, partially offset by a weaker quarter for perpetual licence sales in Octave. Recurring revenues maintained their upward trajectory, recording 6% organic growth, with solid growth across all businesses.
The sensors & robotic solutions portfolio recorded 5% organic growth.
Sales bridge - Third quarter
| Operating net sales 1) | |
|---|---|
| 2024, MEUR | 1,299.8 |
| Structure, % | 1 |
| Currency, % | -4 |
| Organic growth, % | 4 |
| 2025, MEUR | 1,303.8 |
1) Net sales from acquisitions and divestments during the last twelve months are reported as "Structure" in the table above. Percentages are rounded to the nearest whole per cent.
Growth trend
Sales product type - third quarter
| MEUR | Q3 2025 | % of sales | Q3 2024 | % of sales | Organic Δ% |
|---|---|---|---|---|---|
| Software & services Sensors & robotics solutions |
799.1 504.7 |
61.3% 38.7% |
817.5 482.3 |
62.9% 37.1% |
3% 5% |
| Total | 1,303.8 | 1,299.8 | 4% | ||
| Recurring revenue | 564.2 | 43.3% | 564.9 | 43.5% | 6% |
Sales by geography - third quarter
| MEUR | Q3 2025 | % of sales | Q3 2024 | % of sales | Organic Δ% |
|---|---|---|---|---|---|
| North America | 457.6 | 35% | 461.9 | 36% | 8% |
| South America | 63.1 | 5% | 57.1 | 4% | 13% |
| Western Europe | 342.6 | 25% | 345.3 | 27% | -3% |
| Eastern Europe, Middle East, Africa | 113.1 | 9% | 103.1 | 8% | 3% |
| China | 161.5 | 12% | 173.2 | 13% | -2% |
| Asia, excl China | 165.9 | 13% | 159.2 | 12% | 8% |
| Total | 1,303.8 | 1,299.8 | 4% |
Earnings Q3
Adjusted operating earnings (EBIT1) decreased by -7% to 349.3 MEUR (376.6), which corresponded to an adjusted operating margin of 26.8% (29.0). The adjusted operating margin (EBIT1) was impacted by negative currency impacts and product mix. The adjusted operating margin including amortisation of surplus values (PPA) of -27.2 MEUR (-27.6) amounted to 24.7% (26.9).
Adjusted operating earnings (EBIT1) were negatively impacted by currency transaction effects of -4.8 MEUR (-7.7) and negatively impacted by currency translation effects of -22.6 MEUR. Earnings before taxes, excluding adjustments, amounted to 317.3 MEUR (332.4).
Total R&D spend (including capitalised amounts) was 215.2 MEUR (213.2), equivalent to 17% (16) of net sales, whereof 121.4 MEUR (119.7) was capitalised. Amortisation of previously capitalised R&D amounted to 76.7 MEUR (60.3) The adjusted net R&D cost expensed to EBIT in the quarter was 170.5 MEUR (153.8).
Hexagon's net capital investments, excluding acquisitions and divestitures, amounted to -157.9 MEUR (-151.5) in the third quarter. Depreciation, amortisation and impairment amounted to -313.5 MEUR (-140.5) in the third quarter, whereof impairment charges amounted to -162.4 MEUR (-8.0).
The adjustments for the quarter consist of share-based program expenses (LTIP) of -14.1 MEUR (-14.6), amortisation of surplus values (PPA) of -27.2 MEUR (-27.6), acquired deferred revenue of -0.6 and items affecting comparability consisting of -320.3 MEUR (-0.4) whereof -21.7 MEUR reflecting costs related to the potential spin-off of Octave, -112.8 MEUR related to the cost improvement programme and -185.8 MEUR related to impairment of capitalised R&D and inventory in Hexagon core.
Tax and financial net expense
The Group's tax income (expense) for the quarter totalled 13.0 MEUR (-52.2). The reported tax rate was 29.0% (18.0) for the quarter. The tax rate, excluding adjustments, was 18.0% (18.0) for the quarter. The financial net expenses amounted to -32.0 MEUR (-44.2).
Sales and operating profit bridge
| MEUR | Q3 2024 | Currency | Structure | Organic | Q3 2025 |
|---|---|---|---|---|---|
| Operating net sales | 1,299.8 | -55 | 12 | 47 | 1,303.8 |
| Adjusted operating earnings (EBIT1) | 376.6 | -20 | 10 | -18 | 349.3 |
| Adjusted operating margin | 29.0% | 36% | 84% | -38% | 26.8% |
| Accretion (dilution) on margin | -0.3% | 0.5% | -2.4% |
Currency translation impact compared to EUR - third quarter
| Movement 1) | Income less cost | Earnings impact | ||
|---|---|---|---|---|
| CHF | Strengthened | 2% | Negative | Negative |
| USD | Weakened | -6% | Positive | Negative |
| CNY | Weakened | -6% | Positive | Negative |
| EBIT1, MEUR | -22.6 |
1) Compared to Q3 2024
Adjustments in the quarter
| MEUR | Q3 2025 | Adjustments | Total adjustments | Q3 2025 | ||
|---|---|---|---|---|---|---|
| Non-IFRS | PPA LTIP |
Def rev 2) | IAC 1) | IFRS | ||
| Operating earnings (EBIT1/EBIT) | 349.3 | -27.2 -14.1 |
-0.6 | -320.3 | -362.2 | -12.9 |
| Depreciation, amortisation and impairment | 129.9 | 27.2 | 156.4 | 183.6 | 313.5 | |
| EBITDA | 479.2 | 300.6 | ||||
| Share programme expenses | 0 | 12.8 | 12.8 | 12.8 | ||
| Capital gain/loss and other non-cash items | -21.5 | 1.3 | 0.6 | 163.9 | 165.8 | 144.3 |
| Cash flow from operations before change in working capital excluding taxes and interest |
457.7 | 457.7 |
1) Items affecting comparability
2) Acquired deferred revenue
Reporting segments
| MEUR | Q3 2025 | Q3 2024 | Reported Δ% | Organic Δ% | 9M 2025 9M 2024 | Reported Δ% | Organic Δ% | |
|---|---|---|---|---|---|---|---|---|
| Operating net sales | ||||||||
| Manufacturing Intelligence | 445.3 | 444.9 | 0% | 3% | 1,362.2 | 1,369.0 | 0% | 1% |
| Geosystems | 352.6 | 363.1 | -3% | 1% | 1,096.7 | 1,125.8 | -3% | -1% |
| Autonomous Solutions | 178.0 | 134.8 | 32% | 19% | 496.3 | 411.5 | 21% | 11% |
| Octave | 324.3 | 356.0 | -9% | 1% | 1,035.5 | 1,045.4 | -1% | 3% |
| Other operations & Group costs | 3.6 | 1.0 | 260% | n.a. | 6.6 | 1.4 | 371% | n.a. |
| Total operating net sales | 1,303.8 | 1,299.8 | 0% | 4% | 3,997.3 | 3,953.1 | 1% | 2% |
| Adjusted operating earnings (EBIT1) | ||||||||
| Manufacturing Intelligence | 111.9 | 113.0 | -1% | 336.7 | 354.6 | -5% | ||
| Geosystems | 94.9 | 118.2 | -20% | 295.6 | 360.6 | -18% | ||
| Autonomous Solutions | 65.2 | 45.7 | 43% | 167.4 | 146.0 | 15% | ||
| Octave | 83.8 | 105.8 | -21% | 277.9 | 309.3 | -10% | ||
| Other operations & Group costs | -6.5 | -6.1 | -7% | -23.0 | -17.9 | -28% | ||
| Total adjusted EBIT | 349.3 | 376.6 | -7% | 1,054.6 | 1,152.6 | -9% | ||
| Adjusted operating margin, % | ||||||||
| Manufacturing Intelligence | 25.1% | 25.4% | -0.3% | 24.7% | 25.9% | -1.2% | ||
| Geosystems | 26.9% | 32.6% | -5.7% | 27.0% | 32.0% | -5.0% | ||
| Autonomous Solutions | 36.6% | 33.9% | 2.7% | 33.7% | 35.5% | -1.8% | ||
| Octave | 25.8% | 29.7% | -3.9% | 26.8% | 29.6% | -2.8% | ||
| Other operations and Group costs | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | ||
| Total adjusted EBIT margin % | 26.8% | 29.0% | -2.2% | 26.4% | 29.2% | -2.8% |
Cash flow and balance sheet
Operating cash flow before tax, interest and non-recurring items amounted to 267.4 MEUR (263.7), an increase of 1% compared to the prior year. The cash conversion ratio amounted to 77% (70) during the quarter. Working capital saw an outflow of -32.4 MEUR.
Net interest payments amounted to -33.1 MEUR (-40.8) during the quarter. Taxes paid amounted to -56.5 MEUR (-57.0).
Operating cash flow before non-recurring items amounted to 177.8 MEUR (165.9), corresponding to an increase of 7% compared to the prior year.
Cash flow statement
| MEUR | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% |
|---|---|---|---|---|---|---|
| Adjusted operating earnings (EBIT1) | 349.3 | 376.6 | -7 | 1,054.6 | 1,152.6 | -9 |
| D&A (excl adjustments) | 129.9 | 112.9 | 15 | 366.7 | 328.4 | 12 |
| Adjusted EBITDA | 479.2 | 489.5 | -2 | 1,421.3 | 1,481.0 | -4 |
| Non-cash items | -21.5 | -18.1 | 18 | -37.2 | -45.7 | -19 |
| Capital expenditures | -157.9 | -151.5 | 4 | -461.8 | -453.6 | 2 |
| Cash flow post investment | 299.8 | 319.9 | -6 | 922.3 | 981.7 | -6 |
| Working capital | -32.4 | -56.2 | -42 | -35.2 | -46.6 | n.a. |
| Operating cash flow before tax and interest | 267.4 | 263.7 | 1 | 887.1 | 935.1 | -5 |
| Cash conversion | 77% | 70% | 7 | 84% | 81% | 3 |
| Taxes paid | -56.5 | -57.0 | -1 | -185.2 | -178.9 | 4 |
| Interest received and paid, net | -33.1 | -40.8 | -19 | -99.3 | -122.4 | -19 |
| Operating cash flow before non-recurring items | 177.8 | 165.9 | 7 | 602.6 | 633.8 | -5 |
Net debt bridge
| MEUR | Q3 2025 |
|---|---|
| Net debt opening balance | -3,887.9 |
| Operating cash flow | 139.0 |
| Divestments in subsidiaries | 44.2 |
| Investments/divestments in financial fixed assets | 0.7 |
| Changes to pension liability | 3.8 |
| Dividend | -1.6 |
| New/changed lease contracts | -13.3 |
| Currency | -8.0 |
| Other | -0.6 |
| Net debt closing balance | -3,723.7 |
| Net debt to EBITDA | 1.9 |
Cash conversion
Capital efficiency
Capital employed decreased to 14,346.9 MEUR (14,392.5), mainly due to negative currency movements, impairments and acquisitions. Return on average capital employed for the last twelve months was 10.3% (11.1). Return on average shareholders' equity for the last twelve months was 6.4% (9.8). The capital turnover rate was 0.4 times (0.4).
Financial position
Total shareholders' equity decreased to 10,007.6 MEUR (10,237.1). The equity ratio was 59.1% (60.3). Hexagon's total assets decreased to 16,945.9 MEUR (16,980.5), primarily driven by acquisitions, negative currency movements and impairments.
Hexagon's main sources of financing consist of:
- 1) A multicurrency revolving credit facility (RCF) established in 2021. The RCF amounts to 1,500 MEUR with a tenor of 5+1+1 years.
- 2) A Swedish Medium Term Note Programme (MTN) established during 2014. The MTN programme amounts to 20,000 MSEK with tenor up to 6 years.
- 3) A Swedish Commercial Paper Programme (CP) established during 2012. The CP programme amounts to 15,000 MSEK with tenor up to 12 months.
On 30 September 2025, cash and unutilised credit limits totalled 1,563.4 MEUR (1,471.7). Hexagon's net debt was 3,723.7 MEUR (3,565.4). The net indebtedness was 0.35 times (0.32). Interest coverage ratio was -0.2 times (7.2).
Manufacturing Intelligence – Q3 2025
Manufacturing Intelligence provides customers with hardware and software solutions to allow for improved design, process, quality and efficiency. Key solution areas include Design and Engineering Software (conceptual design and detailed engineering tools), Production Software (CAD & CAM software) and Metrology (stationary & portable metrology, automated inspection). By geography Manufacturing Intelligence revenues in the last twelve months were split 29% Americas, 30% EMEA and 41% APAC.
Net sales and earnings
| MEUR | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% |
|---|---|---|---|---|---|---|
| Operating net sales | 445.3 | 444.9 | 3% 1) | 1,362.2 | 1,369.0 | 1% 1) |
| Adjusted operating earnings (EBIT1) | 111.9 | 113.0 | -1% | 336.7 | 354.6 | -5% |
| Adjusted operating margin, % | 25.1% | 25.4% | -0.3% | 24.7% | 25.9% | -1.2% |
1)Adjusted to fixed exchange rates and a comparable group structure, i.e. organic growth.
Net sales
Manufacturing Intelligence (MI) operating net sales amounted to 445.3 MEUR (444.9). Using fixed exchange rates and a comparable group structure (organic growth), net sales increased by 3%. Growth in the quarter was driven by general manufacturing and electronics, alongside positive demand for solutions in aerospace & defence. Growth remained muted within the automotive industry overall, where EMEA remained weak. Geopolitical uncertainties continued to impact decision making and the overall demand environment.
By geography, the Americas grew, supported by strong aftermarket growth. EMEA saw modest growth, with solid growth in aerospace & defence. Asia also grew, with 3% growth in China from a solid development in electronics and general manufacturing, and good demand in the rest of Asia.
By product type, the performance in the metrology and sensor portfolio was mixed, with solid growth in the stationary metrology and aftermarket businesses, offset by tough comparatives in the tracker business. Recurring revenues increased during the quarter, reflecting continued growth in software and services.
Earnings
EBIT1 decreased compared to the prior year, resulting in an adjusted operating margin of 25.1% (25.4), reflecting negative currency effects.
Acquisitions and notable product launches
On 4 September 2025, Hexagon announced that it has entered into a definitive agreement to sell its Design & Engineering business ("D&E"), which includes the business formerly known as MSC Software, to Cadence Design Systems, Inc. The transaction is consistent with Hexagon's ongoing portfolio strategy to create focused market leading positions and sharpen future investment behind core business areas. Under the terms of the definitive agreement, Cadence will pay approximately 2.7bn EUR for the business, with 30% of the consideration to be paid through the issuance of Cadence common stock to Hexagon AB and the remainder to be paid in cash. The transaction is expected to close in Q1 2026. Upon closing, the divestment will result in a gain of around 1.4 billion EUR net of tax, transaction costs and currency impacts.
Geosystems – Q3 2025
Geosystems provide a comprehensive portfolio of digital solutions that capture, measure, and visualise the physical world and enable data-driven transformation across industry ecosystems. Their reality-capture technologies create digital worlds from different views, whether a single dimension between two walls in a house, cadastral boundaries of properties or 3D representations of cities, infrastructures, utilities, entire countries or even crime scenes. These digital worlds provide actionable information vital for understanding, planning and execution. Key solution areas include reality capture sensors and software, mapping solutions and map data, survey hardware and software and machine control solutions. By geography Geosystems revenues in the last 12 months were split 33% Americas, 47% EMEA and 20% APAC.
Net sales and earnings
| MEUR | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% |
|---|---|---|---|---|---|---|
| Operating net sales | 352.6 | 363.1 | 1% 1) | 1,096.7 | 1,125.8 | -1% 1) |
| Adjusted operating earnings (EBIT1) | 94.9 | 118.2 | -20% | 295.6 | 360.6 | -18% |
| Adjusted operating margin, % | 26.9% | 32.6% | -5.7% | 27.0% | 32.0% | -5.0% |
1)Adjusted to fixed exchange rates and a comparable group structure, i.e. organic growth.
Net sales
Geosystems operating net sales amounted to 352.6 MEUR (363.1). Using fixed exchange rates and a comparable group structure (organic growth), net sales increased by 1%. Growth turned positive in the quarter, driven by strong momentum in the construction software portfolio, with recurring revenues also showing solid growth. The sensor and robotic solutions portfolio declined, reflecting continued weakness in infrastructure and construction markets.
Geographically, the Americas grew mid-single digits, supported by solid growth in both the U.S. and South America. EMEA recorded a return to modest growth, despite continued market challenges. Demand in Asia fell at double-digit rates, as continued good growth in India was more than offset by declines in China, where demand in heavy infrastructure construction, in particular high-speed rail, remained weak.
By solution area, software and services saw solid growth. The sensor and robotics solutions portfolio continued to benefit from new product launches and strong growth in machine control solutions during the quarter, but this was more than offset by weakness elsewhere, particularly in surveying in China and Europe.
Earnings
EBIT1 decreased compared to the prior year, resulting in an adjusted operating margin of 26.9% (32.6), reflecting the combined effects of low volumes, product mix and negative currency impacts.
Acquisitions and notable product launches
On 2 October 2025, Geosystems launched the Leica TS20, the first new total station platform in 20 years. It is also the first total station to market with on-device AI, enabling a number of features which improve usability and reduce operator dependency.
Autonomous Solutions – Q3 2025
Autonomous Solutions brings together our mining, positioning and autonomy capabilities. Our Mining product portfolio empowers mines to connect all parts of their business with technologies that make sense of data in real time, while integrating, automating and optimising critical workflows, resulting in improved productivity, reduced cost and enhanced safety. Key solution areas include surveying, design, fleet management, production optimisation and collision avoidance in a single life-of-mine solution. Positioning provides high-precision GNSS, sensor fusion, antenna, and perception technologies to advanced navigation systems, delivering safety, security, reliability, and availability for applications requiring assured positioning. Key solution areas include agriculture, defense, marine, automotive, and other mission-critical applications. Autonomous Solutions pioneers end-to-end solutions for assured autonomy in mobile industrial applications such as autonomous haulage. By geography Autonomous Solutions revenues in the last 12 months were split 55% Americas, 26% EMEA and 19% APAC.
Net sales and earnings
| MEUR | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% |
|---|---|---|---|---|---|---|
| Operating net sales | 178.0 | 134.8 | 19% 1) | 496.3 | 411.5 | 11% 1) |
| Adjusted operating earnings (EBIT1) | 65.2 | 45.7 | 43% | 167.4 | 146.0 | 15% |
| Adjusted operating margin, % | 36.6% | 33.9% | 2.7% | 33.7% | 35.5% | -1.8% |
1)Adjusted to fixed exchange rates and a comparable group structure, i.e. organic growth.
Net sales
Autonomous Solutions operating net sales amounted to 178.0 MEUR (134.8). Using fixed exchange rates and a comparable group structure (organic growth), net sales increased by 19%. Growth was driven by strong demand in the aerospace & defence segment, supported by key customer wins during the quarter. Mining also experienced strong growth, despite continued tariff-related delays. However, the agriculture market remained challenging.
By geography, North America delivered double-digit growth, primarily driven by strong performance in aerospace & defence. EMEA declined, reflecting tough comparisons within the same segment, while APAC grew strongly, supported by the autonomous road train project in Australia.
By solution area, there was strong growth in high-precision GNSS and anti-jamming solutions in aerospace & defence, as well as in mine planning solutions and the autonomous road train project.
Earnings
EBIT1 increased compared to the prior year, corresponding to an adjusted operating margin of 36.6% (33.9). Margins were positively impacted by high volumes, strong product mix, but negatively by currency.
Acquisitions and notable product launches
There were no acquisitions during the quarter.
Octave – Q3 2025
Octave is a market leading provider of enterprise software that helps customers design, build, operate, and protect critical industrial and infrastructure assets. By integrating disparate operational and engineering data into a unified system of record and applying analytics and automation, the company enables organizations to improve performance, increase efficiency, and achieve better outcomes at scale.
Octave's platform leverages deep industry expertise to transform complex, siloed data into actionable intelligence across different stages of the asset lifecycle; Design supports complex 3D modeling, engineering analysis, digital simulations, and geospatial intelligence; Build streamlines construction workflows and project management within the supply chain; Operate ensures ongoing asset management, quality assurance, monitoring, and maintenance and Protect strengthens public safety, industrial cybersecurity, and physical security.
Octave includes the former Asset Lifecycle Intelligence (ALI) and Safety, Infrastructure & Geospatial (SIG) businesses, previously reported as separate entities, as well as ETQ and Bricsys, previously part of Manufacturing Intelligence and Geosystems respectively. By geography Octave revenues in the last 12 months were split 50% Americas, 32% EMEA and 18% APAC.
Net sales and earnings
| MEUR | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% |
|---|---|---|---|---|---|---|
| Operating net sales | 324.3 | 356.0 | 1% 1) | 1,035.5 | 1,045.4 | 3% 1) |
| Adjusted operating earnings (EBIT1) | 83.8 | 105.8 | -21% | 277.9 | 309.3 | -10% |
| Adjusted operating margin, % | 25.8% | 29.7% | -3.9% | 26.8% | 29.6% | -2.8% |
1)Adjusted to fixed exchange rates and a comparable group structure, i.e. organic growth.
Net sales
Octave operating net sales amounted to 324.3 MEUR (356.0). Using fixed exchange rates and a comparable group structure (organic growth), net sales increased by 1%. Recurring revenues, which represent around 70% of the total, grew by 6% during the quarter.
By revenue type, the quarter saw a decline in perpetual licence revenue, reflecting delayed decision making in certain market segments and the ongoing strategy to gradually transition towards subscription pricing models. Against this, SaaS revenues continued to grow at strong double-digit rates, particularly in the build and operate portfolios, and SaaS bookings achieved a record for the quarter. Lease revenue saw a stable development, with new logo wins offset by lower usage at some customers, reflecting recent project completions.
By region, the Americas and EMEA recorded modest growth, while Asia declined in the quarter, reflecting tough comparatives.
Earnings
EBIT1 decreased compared to the prior year period, resulting in an operating margin of 25.8% (29.7). The decrease primarily reflects the lower level of perpetual license revenue recorded during the quarter, as well as additional investments in new product development and public company readiness. These investments will be balanced going forward by the cost actions announced in conjunction with this report, which will support greater operating efficiencies within the Octave perimeter ahead of the potential separation. The sale of noncore businesses resulted in a capital gain of 6.1 MEUR in the quarter, which was partially offset by a number of smaller negative items.
Potential separation
The Board remains committed to the potential separation of the Octave business, which is on course for completion in the first half of 2026. In September, the Board also announced that in addition to Octave's planned primary U.S. listing, there will be a Swedish Depository Receipt (SDR) programme, for about two years. It is expected that the Board of Octave will evaluate the status of the SDR from time to time, particularly in light of liquidity considerations.
Financial summary – 9M 2025
Net sales
Operating net sales amounted to 3,997.3 MEUR (3,953.1) for the first nine months of the year. Using fixed exchange rates and a comparable group structure (organic growth), net sales increased by 2%.
Earnings
Adjusted operating earnings (EBIT1) amounted to 1,054.6 MEUR (1,152.6), which corresponds to an adjusted operating margin of 26.4% (29.2). Adjusted operating earnings (EBIT1) were negatively affected by currency translation effects of -41.7 MEUR and negatively affected by currency transaction effects of -21.3.
The financial net amounted to -100.7 MEUR (-129.0) for the first nine months of the year.
Earnings before taxes, excluding adjustments, amounted to 953.9 MEUR (1,023.6). Earnings before taxes, including these items, amounted to 466.8 MEUR (901.8).
Net earnings, excluding adjustments after tax, amounted to 782.2 MEUR (839.4) or 28.9 Euro cent (31.0) per share. Net earnings, including these items, amounted to 387.7 MEUR (739.5) or 14.2 Euro cent (27.2) per share.
Currency translation impact compared to EUR - 9M 2025
| Movement 1) | Income less cost | Earnings impact | ||
|---|---|---|---|---|
| CHF | Strengthened | 2% | Negative | Negative |
| USD | Weakened | -3% | Positive | Negative |
| CNY | Weakened | -3% | Positive | Negative |
| EBIT1, MEUR | -41.7 |
1)Compared to 9M 2024.
SUBSEQUENT EVENTS
No significant events effecting the financial reporting have occurred during the period between quarter-end and date of issuance of report.
ANNUAL GENERAL MEETING AND NOMINATION COMMITTEE
The AGM will be held on 24 April 2026 at 10:30 CET at IVA Konferenscenter, Grev Turegatan 16, Stockholm. The composition of the Hexagon Nomination Committee for the AGM 2026 is: Chairman Mikael Ekdahl (Melker Schörling AB), Jan Dworsky (Swedbank Robur fonder) Brett Watson, (Infor) and Daniel Kristiansson (Alecta).
The Board of Directors and the President and CEO declare that this Interim Report provides a true and fair overview of the Company´s and the Group´s operations, its financial position and performance, and describes material risks and uncertainties facing the Company and companies within the Group.
Stockholm, Sweden, 24 October 2025 Hexagon AB (publ)
Ola Rollén Chair of the Board
Björn Rosengren Vice Chairman of the Board Anders Svensson President and CEO Tomas Eliasson Board Member
Annika Falkengren Board Member Ralph Haupter Board Member Erik Huggers Board Member
Gun Nilsson Board Member Märta Schörling Andreen Board Member Sofia Schörling Högberg Board Member
AUDITORS' REVIEW REPORT
Introduction
We have conducted a limited review of the condensed interim financial information (interim report) for Hexagon AB (publ) (556190-4771) as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review.
The focus and scope of the limited review
We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has.
Conclusion
Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act
Stockholm, 24 October 2025
PricewaterhouseCoopers AB
Bo Karlsson Authorised Public Accountant Partner in charge
Helena Kaiser de Carolis Authorised Public Accountant
This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
Condensed income statement
| MEUR | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | 2024 |
|---|---|---|---|---|---|
| Net sales | 1,303.1 | 1,299.8 | 3,995.8 | 3,953.1 | 5,401.1 |
| Cost of goods sold | -462.1 | -428.9 | -1,348.6 | -1,308.7 | -1,791.4 |
| Gross earnings | 841.0 | 870.9 | 2,647.2 | 2,644.4 | 3,609.7 |
| Sales expenses | -292.6 | -262.4 | -856.2 | -800.4 | -1,083.9 |
| Administration expenses | -146.5 | -103.3 | -375.2 | -312.5 | -426.7 |
| Research and development expenses | -365.0 | -171.0 | -743.5 | -507.9 | -683.7 |
| Other income and expenses, net | -49.8 | 0.2 | -104.8 | 7.2 | 16.8 |
| Operating earnings 1) | -12.9 | 334.4 | 567.5 | 1,030.8 | 1,432.2 |
| Financial income | 4.0 | 2.7 | 10.8 | 10.0 | 13.5 |
| Financial expenses | -36.0 | -46.9 | -111.5 | -139.0 | -183.6 |
| Earnings before taxes | -44.9 | 290.2 | 466.8 | 901.8 | 1,262.1 |
| Taxes | 13.0 | -52.2 | -79.1 | -162.3 | -227.1 |
| Net earnings | -31.9 | 238.0 | 387.7 | 739.5 | 1,035.0 |
| Attributable to: | |||||
| Parent company shareholders | -33.9 | 235.2 | 380.4 | 731.0 | 1,023.4 |
| Non-controlling interest | 2.0 | 2.8 | 7.3 | 8.5 | 11.6 |
| 1) of which adjustments | -362.2 | -42.2 | -487.1 | -121.8 | -170.7 |
| Earnings include depreciation, amortisation and impairments of | -313.5 | -140.5 | -627.0 | -411.9 | -577.5 |
| - of which amortisation of surplus values (included in adjustments) | -27.2 | -27.6 | -83.6 | -83.5 | -112.4 |
| Basic earnings per share, Euro cent | -1.3 | 8.8 | 14.2 | 27.2 | 38.1 |
| Earnings per share after dilution, Euro cent | -1.3 | 8.7 | 14.1 | 27.0 | 37.8 |
| Total shareholder's equity per share, EUR | 3.72 | 3.80 | 3.72 | 3.80 | 4.16 |
| Closing number of shares, thousands | 2,684,378 | 2,684,378 | 2,684,378 | 2,684,378 | 2,684,378 |
| Average number of shares, thousands | 2,684,378 | 2,684,378 | 2,684,378 | 2,684,378 | 2,684,378 |
| Average number of shares after dilution, thousands | 2,705,478 | 2,705,478 | 2,705,478 | 2,705,478 | 2,705,478 |
Condensed comprehensive income statement
| MEUR | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | 2024 |
|---|---|---|---|---|---|
| Net earnings | -31.9 | 238.0 | 387.7 | 739.5 | 1,035.0 |
| Other comprehensive income Items that will not be reclassified to income statement |
|||||
| Remeasurement of pensions | -0.3 | -1.6 | -0.4 | 0.2 | -11.8 |
| Taxes on items that will not be reclassified to income statement | 0.0 | 0.0 | 0.0 | 0.0 | 2.0 |
| Total items that will not be reclassified to income statement, net of taxes |
-0.3 | -1.6 | -0.4 | 0.2 | -9.8 |
| Items that may be reclassified subsequently to income statement Exchange rate differences |
-15.9 | -421.3 | -1,224.4 | -141.4 | 542.0 |
| Taxes on items that may be reclassified subsequently to income statement |
0.7 | 14.3 | 37.2 | 1.8 | -17.5 |
| Total items that may be reclassified subsequently to income statement, net of taxes |
-15.2 | -407.0 | -1,187.2 | -139.6 | 524.5 |
| Other comprehensive income, net of taxes | -15.5 | -408.6 | -1,187.6 | -139.4 | 514.7 |
| Total comprehensive income for the period | -47.4 | -170.6 | -799.9 | 600.1 | 1,549.7 |
| Attributable to: | |||||
| Parent company shareholders | -49.4 | -173.1 | -804.0 | 591.6 | 1,537.0 |
| Non-controlling interest | 2.0 | 2.5 | 4.1 | 8.5 | 12.7 |
Condensed balance sheet
| MEUR | 30/9 2025 | 30/9 2024 | 31/12 2024 |
|---|---|---|---|
| Intangible fixed assets | 12,203.6 | 13,050.7 | 13,767.1 |
| Tangible fixed assets | 581.3 | 594.6 | 611.3 |
| Right-of-use assets | 178.4 | 188.3 | 192.4 |
| Financial fixed assets | 146.0 | 155.9 | 167.3 |
| Deferred tax assets | 180.9 | 178.4 | 161.0 |
| Total fixed assets | 13,290.2 | 14,167.9 | 14,899.1 |
| Inventories | 528.0 | 584.2 | 566.4 |
| Accounts receivables | 1,115.9 | 1,207.4 | 1,331.9 |
| Other receivables | 238.4 | 223.3 | 194.4 |
| Prepaid expenses and accrued income | 195.2 | 207.7 | 194.9 |
| Total current receivables | 1,549.5 | 1,638.4 | 1,721.2 |
| Cash and cash equivalents | 587.8 | 590.0 | 663.8 |
| Assets held for sale | 990.4 | - | - |
| Total current assets | 3,655.7 | 2,812.6 | 2,951.4 |
| Total assets | 16,945.9 | 16,980.5 | 17,850.5 |
| Equity attributable to parent company shareholders | 9,975.9 | 10,205.5 | 11,160.9 |
| Equity attributable to non-controlling interest | 31.7 | 31.6 | 35.2 |
| Total shareholders' equity | 10,007.6 | 10,237.1 | 11,196.1 |
| Interest bearing liabilities | 2,620.1 | 2,843.3 | 2,959.6 |
| Lease liabilities | 132.0 | 138.1 | 140.5 |
| Other liabilities | 63.2 | 131.1 | 122.5 |
| Pension liabilities | 49.1 | 52.6 | 63.9 |
| Deferred tax liabilities | 534.3 | 576.6 | 581.6 |
| Other provisions | 6.1 | 6.9 | 6.1 |
| Total long-term liabilities | 3,404.8 | 3,748.6 | 3,874.2 |
| Interest bearing liabilities | 1,463.4 | 1,060.0 | 667.5 |
| Lease liabilities | 58.3 | 61.4 | 63.4 |
| Accounts payable | 278.0 | 263.6 | 328.3 |
| Other liabilities | 296.5 | 319.0 | 327.4 |
| Other provisions | 151.3 | 91.8 | 72.9 |
| Deferred income | 711.4 | 782.0 | 883.6 |
| Accrued expenses | 397.1 | 417.0 | 437.1 |
| Liabilities related to assets held for sale | 177.6 | - | - |
| Total short-term liabilities | 3,533.5 | 2,994.8 | 2,780.2 |
| Total equity and liabilities | 16,945.9 | 16,980.5 | 17,850.5 |
Financial instruments
In Hexagon's balance sheet derivatives and other long-term securities holdings are carried at fair value. Derivatives are measured at fair value based on valuation techniques with observable market data as input (level 2 according to definition in IFRS 13). Other long-term securities holdings amount to insignificant numbers. Liabilities for contingent considerations are measured at fair value and based on management's best estimation of the most probable outcome (level 3 according to definition in IFRS 13). Other assets and liabilities are carried at accrued cost.
For financial assets and liabilities that are carried at accrued cost, the fair value is deemed to be coincident with the carrying amount except for long-term liabilities to credit institutions. The difference between the fair value and the carrying amount for these long-term liabilities is deemed to be insignificant relative to the total balance sheet since the interest rate duration is short.
Condensed cash flow statement
| -12.9 334.4 567.5 1,030.8 1,432.2 Operating earnings 313.5 140.5 627.0 411.9 577.5 Depreciation, amortisation and impairment 12.8 13.6 23.4 36.9 46.9 Share programme expenses 144.3 -17.1 166.2 -44.3 -71.4 Capital gain/loss and other non-cash items -56.5 -57.0 -185.2 -178.9 -243.2 Taxes paid -33.1 -40.8 -99.3 -122.4 -158.3 Interest received and paid, net 368.1 373.6 1,099.6 1,134.0 1,583.7 Cash flow from operations before change in working capital -11.3 -12.8 -35.8 -33.3 2.7 Change in inventories -10.7 -8.6 28.7 50.9 15.7 Change in current receivables -10.4 -34.8 -28.1 -64.2 75.6 Change in current liabilities 335.7 317.4 1,064.4 1,087.4 1,677.7 Cash flow from operations -29.9 -24.2 -70.3 -75.4 -105.6 Investments tangible assets, net -128.0 -127.3 -391.5 -378.2 -516.8 Investments intangible assets 177.8 165.9 602.6 633.8 1,055.3 Operating cash flow before non-recurring items Non-recurring cash flow 1) -38.8 -22.7 -86.2 -71.0 -89.5 139.0 143.2 516.4 562.8 965.8 Operating cash flow 44.2 -1.6 -496.5 -40.8 -84.6 Cash flow from acquisitions and divestments 0.7 -1.8 -1.3 -3.7 -3.1 Cash flow from other investing activities 183.9 139.8 18.6 518.3 878.1 Cash flow after other investing activities -1.6 -1.6 -383.4 -357.2 -357.8 Dividends paid - - -28.6 -88.8 -88.8 Share programme -133.0 -55.1 404.7 -25.2 -317.5 Cash flow from other financing activities 49.3 83.1 11.3 47.1 114.0 Cash flow for the period 575.5 511.4 663.8 547.1 547.1 Cash and cash equivalents, beginning of period -9.1 -4.5 -59.4 -4.2 2.7 Effect of translation differences on cash and cash equivalents 49.3 83.1 11.3 47.1 114.0 Cash flow for the period 615.7 590.0 615.7 590.0 663.8 Cash and cash equivalents, end of period 27.9 - 27.9 - - Cash reported as assets held for sale 587.8 590.0 587.8 590.0 663.8 Cash and cash equivalents, in balance sheet 1) Non-recurring cash flow consists of restructuring costs and costs related to the potential spin-off of Octave |
MEUR | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | 2024 |
|---|---|---|---|---|---|---|
| Operating cash flow before interest, tax and non-recurring cash | ||||||
| 267.4 263.7 887.1 935.1 1,456.8 flow |
||||||
| 77% 70% 84% 81% 91% Cash conversion |
||||||
| 12.5 11.8 39.7 40.5 62.5 Cash flow from operations per share, Euro cent |
||||||
| 13.7 13.9 41.0 42.2 59.0 Cash flow per share before change in working capital, Euro cent |
Condensed statement of changes in equity
| MEUR | Q3 2025 | Q3 2024 | 2024 |
|---|---|---|---|
| Opening shareholders' equity | 11,196.1 | 10,046.1 | 10,046.1 |
| Total comprehensive income for the period1) | -799.9 | 600.1 | 1,549.7 |
| Share programme | -28.6 | -88.8 | -88.8 |
| Dividend | -383.4 | -357.2 | -357.8 |
| Share based programme (LTIP) | 23.4 | 36.9 | 46.9 |
| Closing shareholders' equity2) | 10,007.6 | 10,237.1 | 11,196.1 |
| 1) Of which: Parent company shareholders | -804.0 | 591.6 | 1,537.0 |
| Non-controlling interest | 4.1 | 8.5 | 12.7 |
| 2) Of which: Parent company shareholders | 9,975.9 | 10,205.5 | 11,160.9 |
| Non-controlling interest | 31.7 | 31.6 | 35.2 |
Key ratios
| MEUR | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | 2024 |
|---|---|---|---|---|---|
| Adjusted operating margin, % | 26.8 | 29.0 | 26.4 | 29.2 | 29.7 |
| Profit margin before taxes, % | -3.4 | 22.3 | 11.7 | 22.8 | 23.4 |
| Return on shareholders' equity, 12-month average, % | 6.4 | 9.8 | 6.4 | 9.8 | 9.8 |
| Return on capital employed ,12-month average, % | 10.3 | 11.1 | 10.3 | 11.1 | 11.1 |
| Equity ratio, % | 59.1 | 60.3 | 59.1 | 60.3 | 62.7 |
| Net indebtedness | 0.35 | 0.32 | 0.35 | 0.32 | 0.26 |
| Interest coverage ratio | -0.2 | 7.2 | 5.2 | 7.5 | 7.9 |
| Average number of shares, thousands | 2,684,378 | 2,684,378 | 2,684,378 | 2,684,378 | 2,684,378 |
| Basic earnings per share excl. adjustments, Euro cent | 9.6 | 10.1 | 28.9 | 31.0 | 43.3 |
| Basic earnings per share, Euro cent | -1.3 | 8.8 | 14.2 | 27.2 | 38.1 |
| Cash flow per share, Euro cent | 12.5 | 11.8 | 39.7 | 40.5 | 62.5 |
| Cash flow per share before change in working cap, Euro cent | 13.7 | 13.9 | 41.0 | 42.2 | 59.0 |
| Share price, SEK | 111.90 | 109.20 | 111.90 | 109.20 | 105.60 |
| Share price, translated to EUR | 10.12 | 9.66 | 10.12 | 9.66 | 9.22 |
Condensed Parent company income statement
| MEUR | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | 2024 |
|---|---|---|---|---|---|
| Net sales | 9.1 | 7.6 | 27.1 | 22.7 | 30.3 |
| Administration expenses | -18.6 | -10.7 | -41.2 | -30.8 | -50.0 |
| Operating earnings | -9.5 | -3.1 | -14.1 | -8.1 | -19.7 |
| Earnings from shares in Group companies | 649.1 | 0.0 | 3,317.3 | 212.4 | 5,199.2 |
| Interest income and expenses, net | -10.0 | -78.6 | -169.9 | -97.1 | -51.3 |
| Appropriations | - | - | - | - | 8.5 |
| Earnings before taxes | 629.6 | -81.7 | 3,133.3 | 107.2 | 5,136.7 |
| Taxes | 4.9 | 16.0 | 38.5 | 48.2 | 36.9 |
| Net earnings | 634.5 | -65.7 | 3,171.8 | 155.4 | 5,173.6 |
Condensed Parent company balance sheet
| MEUR | 30/9 2025 | 30/9 2024 | 31/12 2024 |
|---|---|---|---|
| Total fixed assets | 19,598.7 | 14,388.8 | 18,556.9 |
| Total current receivables | 2,591.1 | 2,061.3 | 2,694.4 |
| Cash and cash equivalents | 52.2 | 80.4 | 123.6 |
| Total current assets | 2,643.3 | 2,141.7 | 2,818.0 |
| Total assets | 22,242.0 | 16,530.5 | 21,374.9 |
| Total shareholders' equity | 13,923.8 | 6,087.7 | 11,113.4 |
| Total long-term liabilities | 2,625.5 | 2,842.6 | 2,965.4 |
| Total short-term liabilities | 5,692.7 | 7,600.2 | 7,296.1 |
| Total equity and liabilities | 22,242.0 | 16,530.5 | 21,374.9 |
Note 1 Accounting principles
Hexagon applies International Financial Reporting Standards (IFRS) as adopted by the European Union. Hexagon's report for the Group is prepared in accordance with IAS 34, Interim Financial Reporting and the Annual Accounts Act. Parent company accounts are prepared in accordance with the Annual Accounts Act. Accounting principles and calculation methods are unchanged from those applied in the Annual Report for 2024, see note 1 for further information.
Note 2 Risks and uncertainty factors
As an international group, Hexagon is exposed to a number of business and financial risks. The business risks can be divided into strategic, operational and legal risks. The financial risks are related to such factors as exchange rates, interest rates, liquidity and the ability to raise funds. Risk management in Hexagon aims to identify, control and reduce risks. This work begins with an assessment of the probability of risks occurring and their potential effect on the Group. There has been no change in the risks facing the Group compared to what was reported in the Annual Report 2024.
Note 3 Related party transactions
No significant related party transactions have been incurred during the quarter.
Note 4 Employees
The average number of employees during the third quarter was 24,768 (24,625). The number of employees at the end of the quarter was 24,733 (24,667).
Note 5 Share data
Earnings per share, including adjustments, for the third quarter amounted to -1.3 Euro cent (8.8). Earnings per share, excluding adjustments, for the third quarter, amounted to 9.6 Euro cent (10.1).
On 30 September 2025, equity per share was 3.72 EUR (3.80) and the share price was 111.90 SEK (109.20).
Hexagon's share capital amounts to 85,761,451 EUR, represented by 2,684,377,888 outstanding shares, of which 110,250,000 are of series A with ten votes each and 2,574,127,888 are of series B with one vote each. Hexagon holds 21,100,000 treasury shares.
Note 6 Acquisitions and divestments
Acquisitions
| MEUR | 9M 2025 | 9M 2024 |
|---|---|---|
| Fair value of acquired assets and assumed liabilities | ||
| Intangible fixed assets | 84.0 | 16.0 |
| Other fixed assets | 12.0 | 0.4 |
| Total fixed assets | 96.0 | 16.4 |
| Total current assets | 59.4 | 10.0 |
| Total assets | 155.4 | 26.4 |
| Total long-term liabilities | -46.5 | -4.5 |
| Total current liabilities | -17.5 | -6.2 |
| Total liabilities | -64.0 | -10.7 |
| Fair value of acquired assets and assumed liabilities, net | 91.4 | 15.7 |
| Goodwill | 477.1 | 73.6 |
| Total purchase consideration transferred | 568.5 | 89.3 |
| Less cash and cash equivalents in acquired companies | -41.0 | -4.7 |
| Adjustment for non-paid consideration and considerations | ||
| paid for prior years' acquisitions | 13.2 | -16.0 |
| Cash flow from acquisition of companies/businesses | 540.7 | 68.6 |
During the first nine months of the year 2025, Hexagon acquired the following companies:
- CAD Service, a developer of advanced visualisation tools
- Scasa, a provider of 3D point cloud data processing software
- Septentrio, a leading OEM provider of Global Navigation Satellite System (GNSS) technologies
- 3D Systems' Geomagic software, a suite of interoperable software packages, used to create high quality 3D models
- Unified Communications Radio Suite (UCRS) software assets from CONET Communications GmbH (CCOM), part of CONET Group
- Drill assist technology from Arizona-based Phoenix Drill Control, LLC.
- APEI, a French company specialising in aerial mapping
Acquisition of Septentrio
In March 2025, Hexagon acquired Septentrio, a leading OEM provider of Global Navigation Satellite System (GNSS) technologies. Septentrio, headquartered in Leuven, Belgium, has around 150 employees, and generated revenues of over 50 MEUR in 2024, with strong growth rates and margins in line with the Hexagon Group. From the date of acquisition, Septentrio has contributed 40.7 MEUR of net sales in 2025. If the acquisition had taken place at the beginning of the year, the contribution to net sales would have been 50.2 MEUR. The contribution to the group operating margin has been accretive.
The acquisitions are individually assessed as immaterial from a group perspective which is why only aggregated information is presented. The analysis of the acquired net assets is preliminary and the fair value might be subject to change. Contingent considerations are recognised to fair value (level 3 according to definition in IFRS 13) each reporting period and based on the latest relevant forecast for the acquired company. The valuation method is unchanged compared to the previous period. The estimated liability for contingent considerations amounted to 104.1 (150.9) as of 30 September, whereof the fair value adjustment in 2025 amounted to 26.5 MEUR (38.4). In connection with the valuation of contingent considerations the assets acquired and liabilities assumed in the purchase price allocation are reviewed. Any indication of impairment due to the revaluation of contingent considerations is considered and adjustments are made to off-set the impact from revaluation.
Divestments
| MEUR | 9M 2025 | 9M 2024 |
|---|---|---|
| Carrying value of divested assets and liabilities, net | ||
| Intangible fixed assets | 25.2 | - |
| Other fixed assets | 0.7 | - |
| Total fixed assets | 25.9 | - |
| Total current assets | 15.8 | - |
| Total assets | 41.7 | - |
| Total current liabilities | 3.5 | - |
| Total liabilities | 3.5 | - |
| Carrying value of divested assets and liabilities, net | 38.2 | - |
| Capital gain (+) / loss (-) | 6.1 | - |
| Total purchase consideration transferred | 44.3 | - |
| Less cash and cash equivalents in divested companies | - | - |
| Cash flow from divestment of companies/businesses | 44.3 | - |
Assets held for sale
| MEUR | 9M 2025 | 9M 2024 |
|---|---|---|
| Assets held for sale | ||
| Intangible fixed assets | 858.7 | - |
| Other fixed assets | 25.2 | - |
| Total fixed assets | 883.9 | - |
| Current assets | 78.6 | - |
| Cash and cash equivalents | 27.9 | - |
| Total current assets | 106.5 | - |
| Total assets classified as held for sale | 990.4 | - |
| Total long-term liabilities | 19.1 | - |
| Total current liabilities | 158.5 | - |
| Total liabilities associated with assets classified as held for sale | 177.6 | - |
| Net book value of assets classified as held for sale | 812.8 | - |
Divestments
On 2 July 2025 Hexagon announced the divestment of certain non-core assets within Safety, Infrastructure & Geospatial to sharpen its focus on core software, particularly its growing public safety business, ahead of the potential separation of Octave. The business was carved out and deconsolidated during July 2025.
On 4 September, Hexagon announced that it has entered into a definitive agreement to sell its Design & Engineering business ("D&E"). Under the terms of the definitive agreement, Cadence will pay approximately 2.7bn EUR for the business, with 30% of the consideration to be paid through the issuance of Cadence common stock to Hexagon AB and the remainder to be paid in cash. Upon closing, the divestment will result in a gain of around 1.4bn EUR after tax, transaction costs and currency impacts. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals. Proceeds from the transaction will be used for general corporate purposes, which may include de-leveraging and funding future acquisitions aligned with the strategies for long term profitable growth at both Hexagon and Octave, which if approved is still on track to be separated during the first half of 2026.
Note 7 Segment breakdown
Net sales per segment*
| MEUR | Q3 2025 | Q2 2025 | Q1 2025 | 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Intelligence | 445.3 | 468.0 | 448.9 | 1,362.2 | 510.0 | 444.9 | 464.6 | 459.5 | 1,879.0 |
| Geosystems | 352.6 | 378.5 | 365.6 | 1,096.7 | 386.8 | 363.1 | 395.5 | 367.2 | 1,512.6 |
| Autonomous Solutions | 178.0 | 167.2 | 151.1 | 496.3 | 146.5 | 134.8 | 141.2 | 135.5 | 558.0 |
| Octave | 324.3 | 355.2 | 356.0 | 1,035.5 | 402.9 | 356.0 | 352.1 | 337.3 | 1,448.3 |
| Other operations | 3.6 | 1.8 | 1.2 | 6.6 | 1.8 | 1.0 | 0.0 | 0.4 | 3.2 |
| Group | 1,303.8 | 1,370.7 | 1,322.8 | 3,997.3 | 1,448.0 | 1,299.8 | 1,353.4 | 1,299.9 | 5,401.1 |
Adjusted operating earnings (EBIT1) per segment
| MEUR | Q3 2025 | Q2 2025 | Q1 2025 | 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Manufacturing Intelligence | 111.9 | 114.4 | 110.4 | 336.7 | 151.4 | 113.0 | 122.4 | 119.2 | 506.0 |
| Geosystems | 94.9 | 100.4 | 100.3 | 295.6 | 118.3 | 118.2 | 127.6 | 114.8 | 478.9 |
| Autonomous Solutions | 65.2 | 54.5 | 47.7 | 167.4 | 46.0 | 45.7 | 52.6 | 47.7 | 192.0 |
| Octave | 83.8 | 99.7 | 94.4 | 277.9 | 142.9 | 105.8 | 104.4 | 99.1 | 452.2 |
| Other operations and Group costs | -6.5 | -8.4 | -8.1 | -23.0 | -8.3 | -6.1 | -7.5 | -4.3 | -26.2 |
| Group | 349.3 | 360.6 | 344.7 | 1,054.6 | 450.3 | 376.6 | 399.5 | 376.5 | 1,602.9 |
| Adjusted operating margin, % | 26.8 | 26.3 | 26.1 | 26.4 | 31.1 | 29.0 | 29.5 | 29.0 | 29.7 |
Net sales by region*
| MEUR | Q3 2025 | Q2 2025 | Q1 2025 | 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | 2024 |
|---|---|---|---|---|---|---|---|---|---|
| EMEA | 455.6 | 477.9 | 458.3 | 1,391.8 | 494.9 | 448.3 | 477.1 | 449.7 | 1,870.0 |
| Americas | 520.8 | 527.9 | 500.3 | 1,549.0 | 554.7 | 519.1 | 519.7 | 498.2 | 2,091.7 |
| Asia | 327.4 | 364.9 | 364.2 | 1,056.5 | 398.4 | 332.4 | 356.6 | 352.0 | 1,439.4 |
| Group | 1,303.8 | 1,370.7 | 1,322.8 | 3,997.3 | 1,448.0 | 1,299.8 | 1,353.4 | 1,299.9 | 5,401.1 |
*Operating net sales, i.e. excluding revenue adjustment (haircut)
Note 8 Exchange rates
| Average | Q3 2025 | Q2 2025 | Q1 2025 | 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | 2024 |
|---|---|---|---|---|---|---|---|---|---|
| SEK/EUR | 0.0899 | 0.0913 | 0.0891 | 0.0901 | 0.0870 | 0.0873 | 0.0870 | 0.0887 | 0.0875 |
| USD/EUR | 0.8562 | 0.8823 | 0.9505 | 0.8938 | 0.9374 | 0.9103 | 0.9288 | 0.9210 | 0.9239 |
| CNY/EUR | 0.1196 | 0.1220 | 0.1307 | 0.1238 | 0.1303 | 0.1271 | 0.1283 | 0.1281 | 0.1284 |
| CHF/EUR | 1.0691 | 1.0674 | 1.0573 | 1.0646 | 1.0684 | 1.0513 | 1.0271 | 1.0537 | 1.0497 |
| Closing | Q3 2025 | Q2 2025 | Q1 2025 | 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | 2024 |
| SEK/EUR | 0.0904 | 0.0897 | 0.0922 | 0.0904 | 0.0873 | 0.0885 | 0.0880 | 0.0868 | 0.0873 |
| USD/EUR | 0.8517 | 0.8532 | 0.9246 | 0.8517 | 0.9626 | 0.8932 | 0.9341 | 0.9250 | 0.9626 |
| CNY/EUR | 0.1196 | 0.1191 | 0.1275 | 0.1196 | 0.1319 | 0.1274 | 0.1286 | 0.1280 | 0.1319 |
Note 9 Number of shares
| series A | series B | Total | |
|---|---|---|---|
| 2014-12-31 Total issued and outstanding | 15,750,000 | 341,639,213 | 357,389,213 |
| New issue, warrants exercised | - | 2,947,929 | 2,947,929 |
| 2015-12-31 Total issued and outstanding | 15,750,000 | 344,587,142 | 360,337,142 |
| New issue, warrants exercised | - | 106,000 | 106,000 |
| 2016-12-31 Total issued and outstanding | 15,750,000 | 344,693,142 | 360,443,142 |
| 2017-12-31 Total issued and outstanding | 15,750,000 | 344,693,142 | 360,443,142 |
| New issue, warrants exercised | - | 2,481,550 | 2,481,550 |
| 2018-12-31 Total issued and outstanding | 15,750,000 | 347,174,692 | 362,924,692 |
| New issue, warrants exercised | - | 4,614,610 | 4,614,610 |
| 2019-12-31 Total issued and outstanding | 15,750,000 | 351,789,302 | 367,539,302 |
| New issue, warrants exercised | - | 11,500 | 11,500 |
| Repurchase of treasury shares | - | -646,000 | -646,000 |
| 2020-12-31 Total outstanding | 15,750,000 | 351,154,802 | 366,904,802 |
| Repurchase of treasury shares | - | -204,000 | -204,000 |
| Split 7:1 outstanding shares | 94,500,000 | 2,105,704,812 | 2,200,204,812 |
| Repurchase of treasury shares | - | -1,400,000 | -1,400,000 |
| Issue in kind | - | 132,622,274 | 132,622,274 |
| Repurchase of treasury shares | - | -2,000,000 | -2,000,000 |
| 2021-12-31 Total outstanding | 110,250,000 | 2,585,877,888 | 2,696,127,888 |
| Repurchase of treasury shares | - | -850,000 | -850,000 |
| Repurchase of treasury shares | - | -2,350,000 | -2,350,000 |
| Repurchase of treasury shares | - | -2,000,000 | -2,000,000 |
| Repurchase of treasury shares | - | -1,250,000 | -1,250,000 |
| 2022-12-31 Total outstanding | 110,250,000 | 2,579,427,888 | 2,689,677,888 |
| Repurchase of treasury shares | -5,300,000 | -5,300,000 | |
| 2023-12-31 Total outstanding | 110,250,000 | 2,574,127,888 | 2,684,377,888 |
| 2025-09-30 Total outstanding | 110,250,000 | 2,574,127,888 | 2,684,377,888 |
| Total amount of treasury shares | - | 21,100,000 | 21,100,000 |
| 2025-09-30 Total issued | 110,250,000 | 2,595,227,888 | 2,705,477,888 |
Each share of series A carries entitlement to ten votes and each share of series B carries entitlement to one vote.
Restated reporting segments
| MEUR | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Hexagon | ||||||||
| Operating net sales | 1,299.9 | 1,353.4 | 1,299.8 | 1,448.0 | 5,401.1 | 1,322.8 | 1,370.7 | 1,303.8 |
| Organic growth | 3% | 0% | -2% | 1% | 0% | 0% | 3% | 4% |
| EBIT1 | 376.5 | 399.5 | 376.6 | 450.3 | 1,602.9 | 344.7 | 360.6 | 349.3 |
| EBIT1 margin % | 29.0% | 29.5% | 29.0% | 31.1% | 29.7% | 26.1% | 26.3% | 26.8% |
| Manufacturing Intelligence | ||||||||
| Operating net sales | 459.5 | 464.6 | 444.9 | 510.0 | 1,879.0 | 448.9 | 468.0 | 445.3 |
| Organic growth | 5% | 0% | -2% | -3% | 0% | -3% | 3% | 3% |
| EBIT1 | 119.2 | 122.4 | 113.0 | 151.4 | 506.0 | 110.4 | 114.4 | 111.9 |
| EBIT1 margin % | 25.9% | 26.3% | 25.4% | 29.7% | 26.9% | 24.6% | 24.4% | 25.1% |
| Geosystems | ||||||||
| Operating net sales | 367.2 | 395.5 | 363.1 | 386.8 | 1,512.6 | 365.6 | 378.5 | 352.6 |
| Organic growth | -2% | -6% | -5% | -2% | -4% | -3% | -2% | 1% |
| EBIT1 | 114.8 | 127.6 | 118.2 | 118.3 | 478.9 | 100.3 | 100.4 | 94.9 |
| EBIT1 margin % | 31.3% | 32.3% | 32.6% | 30.6% | 31.7% | 27.4% | 26.5% | 26.9% |
| Octave | ||||||||
| Operating net sales | 337.3 | 352.1 | 356.0 | 402.9 | 1,448.3 | 356.0 | 355.2 | 324.3 |
| Organic growth | 4% | 8% | 5% | 10% | 7% | 4% | 4% | 1% |
| EBIT1 | 99.1 | 104.4 | 105.8 | 142.9 | 452.2 | 94.4 | 99.7 | 83.8 |
| EBIT1 margin % | 29.4% | 29.7% | 29.7% | 35.5% | 31.2% | 26.5% | 28.1% | 25.8% |
| Autonomous Solutions | ||||||||
| Operating net sales | 135.5 | 141.2 | 134.8 | 146.5 | 558.0 | 151.1 | 167.2 | 178.0 |
| Organic growth | 8% | -2% | -12% | -2% | -2% | 2% | 11% | 19% |
| EBIT1 | 47.7 | 52.6 | 45.7 | 46.0 | 192.0 | 47.7 | 54.5 | 65.2 |
| EBIT1 margin % | 35.2% | 37.3% | 33.9% | 31.4% | 34.4% | 31.6% | 32.6% | 36.6% |
Financial definitions
In addition to the financial measures as required by the financial reporting framework based on IFRS, this report also includes other measures and indicators that are used to follow-up, analyse and manage the business. These measures also provide Hexagon stakeholders with useful financial information on the Group's financial position, performance and development in a consistent way. Below is a list of definitions of measures and indicators used in this report.
Amortisation of surplus values When a company is acquired, the purchase consideration is allocated to the identified assets and liabilities of the
company. The amortisation of surplus values is defined as the difference between the amortisation of such identified intangible assets and what the amortisation would have been in the acquired company had the acquisition not taken
place at all
Adjusted gross earnings Operational net sales less cost of goods sold excluding adjustments related to cost of goods sold
Adjusted gross margin Adjusted gross earnings divided by operating net sales
Adjusted operating earnings (EBIT1) Operating earnings excluding capital gains on shares in group companies and adjustments. Adjustments are excluded
to facilitate the understanding of the Group´s operational development and to give comparable numbers between
periods
Adjusted operating earnings (EBITDA) Adjusted operating earnings (EBIT 1) excluding amortisation, depreciation and impairment of fixed assets. The measure
is presented to give depiction of the result generated by the operating activities
Adjusted EBITDA margin Adjusted operating earnings (EBITDA) as a percentage of operating net sales Adjusted operating margin Adjusted operating earnings (EBIT1) as a percentage of operating net sales
Adjustments Adjustments consists of expenses related to the share programme (LTIP), amortisation of surplus values (PPA) and
items affecting comparability which refer to income and expenses that are not expected to appear on a regular basis
and impact comparability between periods
Capital employed Total assets less non-interest-bearing liabilities Capital turnover rate Net sales divided by average capital employed
Cash conversion Operating cash flow excluding interest, tax payments and non-recurring items divided by operating earnings (EBIT1)
Cash flow per share Cash flow from operations, after change in working capital, excluding non-recurring items divided by average number of
shares
Earnings per share Net earnings excluding non-controlling interest divided by average number of shares
Equity ratio Shareholders' equity including non-controlling interests as a percentage of total assets
Interest coverage ratio Earnings before taxes plus financial expenses divided by financial expenses
Investments Purchases less sales of tangible and intangible fixed assets, excluding those included in acquisitions and divestitures of
subsidiaries
Net debt Interest-bearing liabilities including pension liabilities and interest-bearing provisions less cash
Net indebtedness Interest-bearing liabilities less interest-bearing current receivables and liquid assets divided by shareholders' equity
including non-controlling interests
Organic growth Net sales compared to prior period excluding acquisitions and divestments and adjusted for currency exchange
movements
Operating net sales Net sales adjusted by the difference between fair value and book value of deferred revenue regarding acquired
businesses.
Profit margin before taxes Earnings before taxes as a percentage of net sales
Recurring revenues Contractually recurring revenues from software (SaaS, subscription & maintenance), services and hardware
subscriptions, plus recurring services and consumables
Return on capital employed Twelve months to end of period earnings after financial items, excluding adjustments, plus financial expenses as a
(12-month average) percentage of twelve months to end of period average capital employed. The twelve months average capital employed is based on average quarterly capital employed
Return on shareholders' equity (12-month average) Twelve months to end of period net earnings excluding non-controlling interests as a percentage of twelve months to
average shareholders' equity is based on quarterly average shareholders' equity.
end of period average shareholders' equity excluding non-controlling interests last twelve months. The twelve months
Shareholders' equity per share Shareholders' equity excluding non-controlling interests divided by the number of shares at year-end
Share price Last settled transaction on Nasdaq Stockholm on the last business day for the period
Hexagon is the global leader in measurement technologies. We provide the confidence that vital industries rely on to build, navigate, and innovate. From microns to Mars, our solutions ensure productivity, quality, and sustainability in everything from manufacturing and construction to mining and autonomous systems.
Hexagon (Nasdaq Stockholm: HEXA B) has approximately 24,800 employees in 50 countries and net sales of approximately 5.4bn EUR. Learn more at hexagon.com and follow us @HexagonAB.
Business definitions
Americas North, South and Central America Asia Asia, Australia and New Zealand EMEA Europe, Middle East and Africa
Financial information
Financial information is available in Swedish and English at the Hexagon website and can also be ordered via phone +46 8 601 26 20 or e-mail [email protected]
This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
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This communication may contain forward-looking statements. When used in this communication, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. They may involve risks and uncertainties, including technological advances in the measurement field, product demand and market acceptance, the effect of economic conditions, the impact of competitive products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of Hexagon's management as of the date made with respect to future events and are subject to risks and uncertainties. All of these forward-looking statements are based on estimates and assumptions made by Hexagon's management and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forward-looking statements. Hexagon disclaims any intention or obligation to update these forward-looking statements.
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