Q4 2025 Hexagon Purus ASA Earnings Call Transcript
Key Points
- Hexagon Purus ASA (HPURF) reported a significant revenue increase of 18% year-over-year and 85% from Q3 2025, driven by higher volumes in transit bus, hydrogen distribution, and aerospace.
- The company successfully diversified its customer base, particularly in hydrogen distribution, which contributed to the uptick in Q4 volumes.
- Cost reduction measures have positively impacted profitability, with the underlying EBITDA margin improving to minus 5%, closer to breakeven.
- The order backlog at the end of Q4 was NOK728 million, providing satisfactory demand and revenue visibility through Q1 and parts of Q2 2026.
- The sale of the aerospace business to SpaceX is expected to strengthen Hexagon Purus ASA (HPURF)'s financial position and allow a more focused approach on core strategic priorities.
- 2025 was a challenging year with a dramatic drop in activity due to market uncertainty, regulatory changes, tariffs, and geopolitical factors, leading to lower demand and weaker revenue compared to 2024.
- The company faced significant impairments and inventory write-downs, impacting EBITDA negatively, with a full-year EBITDA of minus NOK618 million.
- The BVI segment faced challenges due to regulatory uncertainty and market conditions in North America, leading to a strategic review and significant workforce reductions.
- The hydrogen infrastructure segment experienced a decline in revenue due to delays in new green hydrogen projects and customer fleet additions.
- Despite improvements, the order intake is still below what is needed to break even, and the market remains uncertain with limited demand visibility beyond the first half of 2026.
Hi, and welcome to Hexagon Purus' Q4 2025 presentation. My name is Mathias Meidell, and I am the IR Director of Hexagon Purus. I will be moderating from the studio in Oslo. And from the studio, I'm also joined by Group CEO, Morten Holum; and Group CFO, Salman Alam. The agenda for today includes, as usual, the highlights from the quarter, a company update, the financials and the outlook.
We will end the presentation with a Q&A session as usual. So please feel free to enter your question via the function on your screen. And with that, I would like to pass the word over to you, Morten, who will take us through the highlights of the quarter.
Thank you, Mathias, and good morning, everyone. Thanks for joining our webcast this morning. 2025 was a challenging year. Looking back, we had four key points. One, after a long period of significant growth, the activity in '25 dropped dramatically, driven by
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