Hexagon Composites (2HX) Q2 2026 Earnings Report

The call presented multiple meaningful strategic and financial improvements: completion of a cost reduction program, a NOK 650 million equity raise, a record USD 100 million Mobile Pipeline order (entering data center power generation), an exclusive IVECO BUS agreement, improved liquidity and a clear EBITDA step-up with raised full-year guidance to ~NOK 300 million. Offsetting these positives are continued lumpiness in Mobile Pipeline, cautious customer CapEx behavior, aftermarket softness, potential input-cost and mix pressures that could compress margins in H2, and some uncertainty around minority exposure to Hexagon Purus. On balance, the operational progress, balance sheet strengthening and high-profile commercial wins outweigh the near-term execution and market risks.

Management guided that 2026 revenue should be “moderately above last year” and raised full‑year EBITDA guidance from “above NOK 200m” to around NOK 300m, expecting the second half to be stronger than H1 and an improving base in 2027; this outlook is supported by Q2 revenue of NOK 627m (H1 ~NOK 1.3bn), Q2 EBITDA NOK 69m (11% margin) and H1 EBITDA NOK 126m (10% margin). Segment and order metrics cited include Fuel Systems Q2 revenue NOK 450m and EBITDA NOK 78m (17% margin), Mobile Pipeline Q2 revenue NOK 101m with a July Certarus order of USD 100m (~NOK 1bn) plus a ~$25m option through 2028 expected to drive H2/2027, and Aftermarket Q2 revenue NOK 98m with EBITDA NOK 11m. Management also pointed to strengthened liquidity and capital structure—NOK 650m equity raise, gross debt end‑Q2 NOK 972m, cash NOK 294m, net interest‑bearing debt NOK 678m (pro forma NOK 576m after the repair offering), available liquidity NOK 694m (pro forma NOK 796m), Q2 operating cash flow NOK 128m and net cash flow NOK 115m—plus low YTD CapEx ~NOK 20m (NOK 12m in Q2) versus full‑year guidance NOK 70–80m, and structural cost actions (≈25% headcount reduction, ~NOK 260m lower personnel/SG&A with underlying savings ~NOK 120m, ~NOK 60m working‑capital release) and a recent COGS level around 42% as reasons supporting the higher EBITDA target.