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Hexagon Composites ASA: First quarter 2022

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Strong growth year over year

12 May 2022: Hexagon (excluding Hexagon Purus) generated NOK 913 (690) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 84 (87) million. Overall demand remains high and top-line growth was achieved across all segments. Margins were, however, adversely impacted by increased cost of materials and components. Mitigating actions such as price increases and productivity programs are expected to gradually reverse the margin compression in the coming quarters.

Hexagon Purus generated NOK 159 (52) million in revenue and recorded operating profit before depreciation (EBITDA) of NOK -93 (-62) million. The strong growth path in Hexagon Purus continued due to both the newly acquired Wystrach business and organic 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 1 016 (692) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK -9 (25) million.

“We see continued strong momentum across all business areas and our significant order backlog is already covering the majority of 2022,” says Jon Erik Engeset, CEO of Hexagon Group.  

A complete portfolio of clean fuel storage solutions
In April, Hexagon took the next step to complete its portfolio of clean fuel storage solutions, acquiring 40% of Cryoshelter GmbH with an option to acquire the remaining interest over the next 3-10 years. Liquid (renewable) natural gas (LNG) offers higher energy density and an even longer driving range than compressed natural gas (CNG). This is critical for long-haul operations in Europe as European truck design limits space available for fuel systems.  LNG technology is well supported in Europe, including a fast-growing filling station network.

“Cryoshelter has developed potential disruptive technology for liquid gas storage solutions (cryogenic), including liquid (renewable) natural gas (LNG) and a liquid hydrogen unit (LH2). Hexagon will support Cryoshelter in its industrialization and commercialization in the years ahead” 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 first 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/20220512_4/.


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
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. 

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