16 February 2023: Hexagon (excluding Hexagon Purus) delivered topline growth in
all business areas with revenues totaling NOK 1 276 (1 013) million and
operating profit before depreciation (EBITDA) totaling NOK 105 (113) million in
fourth quarter 2022.
In the fourth quarter 2022, Hexagon Purus generated NOK 372 (259) million in
revenues and recorded an EBITDA of NOK -110 (-61) million. Revenue growth was
particularly strong in the hydrogen distribution segment. Hexagon Purus remains
fully consolidated in the Hexagon Group accounts, with Hexagon Composites
currently retaining 73% ownership.
Hexagon Group, including Hexagon Purus, generated NOK 1 493 (1 187) million in
revenues and recorded an operating profit before depreciation (EBITDA) of NOK
-11 (51) million.
"Fourth quarter was a strong finish to a challenging year with all time high
revenues in all business areas, resulting in 26% year-over-year growth," says
Jon Erik Engeset, CEO of Hexagon Group. "High input costs continue to weigh on
the profit margins, however, the pricing and profitability initiatives we
established in 2022 are expected to result in gradual margin improvements in
2023."
For 2022, Hexagon (excluding Hexagon Purus) generated NOK 4 303 (3 278) million
in revenues, representing 31 % growth. EBITDA year-to-date was NOK 347 (381)
million, resulting in an EBITDA margin of 8% (12%). Hexagon Purus delivered
2022 revenues of NOK 964 (508) million, well above its full year revenue target
of NOK 900 million.
The demand across most segments continues to be healthy. Ongoing developments in
regulations and changes in industry dynamics are expected to support significant
long-term clean energy technology opportunities. Hexagon's diversified portfolio
and extensive industrial track record, provide a resilient platform for the
future.
For further details, please see the attached fourth quarter 2022 report and
presentation.
Presentation of the results today at 08:30 am CET
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/hegnarmedia/#!/hegnarmedia/20230216_7
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.