Hexagon Composites ASA: Results for the first quarter 2021

May 12, 2021 - Stock Exchange Release

In the first quarter of 2021, Hexagon (excl. Purus) generated NOK 690 (802) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 87 (82) million. The US Truck and European Transit bus business had a strong start to the year while it was a light quarter in Mobile Pipeline. Headwinds from the global semi-conductor shortage impacted the Light-Duty sector negatively. Hexagon Ragasco had a strong start with sales volumes primarily to European markets, while Hexagon Digital Wave started the year with modest sales volumes. However, development of a pipeline for digital products/services, strengthened the positioning of the Hexagon Digital Wave business.

Key developments in the quarter

  • Hexagon Purus selected for hydrogen fuel cell project for construction equipment
  • Hexagon Agility received orders from major global logistics customer with an estimated total value of USD 19 million (approx. NOK 165 million).
  • Hexagon Agility received orders from UPS for CNG trucks with a value of USD 8 million (approx. NOK 68 million)
  • Hexagon Purus signed Joint Venture agreements with CIMC Enric for China and South East Asia
  • Hexagon Agility and Hexagon Purus signed long-term agreement with Certarus for CNG, RNG and hydrogen solutions for a total value of up to USD 85 million (approx. NOK 718 million)
  • Hexagon Purus’ received hydrogen cylinder orders for leading gas distributors in new markets in Europe
  • Hexagon and Mitsui expanded and extended their strategic alliance
  • Hexagon Digital Wave selected by the Antarctic Fire Department for continued service life testing of SCBA cylinders

Key developments after balance sheet date

  • Hexagon Purus selected by Nikola Corporation to supply hydrogen cylinders for serial production with an estimated sales value in excess of EUR 200 million
  • Hexagon Agility received additional orders from major global logistics customer for RNG/CNG trucks with a combined value of USD 25 million (approx. NOK 199 million)
  • Hexagon Ragasco received first order in 2021 from key customer in South-Asia
  • Hexagon Purus to deliver high performance cylinders to Wystrach for industrial and mobility applications

Presentation of the results

Jon Erik Engeset (CEO) and David Bandele (CFO) will present the results at 08:30 CEST and the presentation will be broadcasted live. The presentation will be held in English.

Link to webcast: https://hexagongroup.kg5.no/

A recording of the presentation will be made available on www.hexagongroup.com.


Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com

Hiva Ghiri, VP Investor Relations, Hexagon Composites
Telephone: +47 958 66 790 | hiva.ghiri@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.