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Hexagon Composites — Earnings Release 2022
Aug 11, 2022
3619_rns_2022-08-11_abcbb8aa-e35e-4b36-9128-46289c4b8949.html
Earnings Release
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Hexagon Composites ASA: Second quarter 2022
Hexagon Composites ASA: Second quarter 2022
11 August 2022: Hexagon (excluding Hexagon Purus) delivered NOK 1 034 (726)
million in revenues and an operating profit before depreciation (EBITDA) of NOK
90 (71) million in second quarter 2022. The underlying demand remains strong
with record-high demand for Mobile Pipeline and hydrogen distribution modules
for infrastructure and industrial segments. However, further cost escalation and
supply chain inefficiencies in the industry continue to weigh on margins.
In accordance with its ambitious business plan, Hexagon Purus more than doubled
revenues year over year to NOK 210 (94) million and recorded operating profit
before depreciation (EBITDA) of NOK -112 (-69) million. The strong revenue
growth was primarily driven by hydrogen distribution, and the company is
continuing its ramp-up in personnel and infrastructure to accelerate growth.
Hexagon Purus remains fully consolidated in the Hexagon Group accounts after its
spin-off in December 2020, with Hexagon currently retaining a 73% ownership.
Hexagon Group, including Hexagon Purus, generated NOK 1 180 (788) million
in revenues and recorded an operating profit before depreciation (EBITDA) of NOK
-21(3) million.
"We delivered strong 50% revenue growth year-over-year, and an acceptable EBITDA
when considering supply chain challenges and further cost inflation. Mitigating
actions are in place, but the effects of these actions lag the cost increases
and supply chain inefficiencies in the second half of the year. We expect
margins to improve and normalize from the first quarter 2023," says Jon Erik
Engeset, CEO of Hexagon Group. "We see that our results are backed by continued
high demand for Hexagon's clean energy solutions and growing supportive
regulatory frameworks."
"Looking ahead, we believe that the US Inflation Reduction Act and the European
Commission's REPower EU, as well as similar programs in other major economies,
will drive Hexagon's total addressable market to new levels," says Engeset.
Together with clients and partners, Hexagon is finding ways to make near-zero
and zero emission energy solutions available and affordable while delivering on
its purpose of driving energy transformation.
For further details, please see the attached second quarter 2022 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 Composites' offices, Haakon VIIs gate 2, on the lower level.
The presentation will also be broadcasted live
via:https://channel.royalcast.com/landingpage/hegnarmedia/20220811_3/
For more information:
Ingrid Aarsnes, VP Investor Relations & ESG, Hexagon Composites ASA
Telephone: +47 950 38 364 | [email protected]
(mailto:[email protected])
Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | [email protected]
(mailto:[email protected])
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.