Q2 2026 Hexagon Composites ASA Earnings Call Transcript
Key Points
- Successfully completed the cost reduction program, reducing headcount by ~25% and achieving structural savings of NOK120 million, which improved profitability and lowered the break-even point.
- Strengthened the balance sheet through a NOK650 million equity raise, reducing net interest-bearing debt from ~NOK1.3 billion to NOK576 million and increasing available liquidity to NOK796 million.
- Secured the largest Mobile Pipeline order in company history (USD100 million from Certarus) for data center power generation, opening a significant new end market with an additional USD25 million option through 2028.
- Signed an exclusive three-year agreement with IVECO BUS to supply fuel systems and cylinders across its entire global CNG bus platform, strengthening market leadership in Europe.
- Delivered a significant profitability improvement, with Q2 2026 EBITDA of NOK69 million (11% margin), up NOK57 million from the downturn low a year ago, and raised full-year EBITDA guidance to ~NOK300 million.
- Fuel Systems delivered its best EBITDA quarter since Q4 2024, driven by strong transit bus activity, Mexico sleeper cab volumes, and operational cost improvements.
- Mobile Pipeline revenue was significantly down quarter-over-quarter (NOK101 million vs Q1), due to timing effects and lingering customer caution on capital investments in North America.
- The Aftermarket segment remains soft, with fleet operators extending service intervals and utilizing existing spare parts inventories, pressuring parts and service revenue.
- COGS percentage is expected to rise in the second half due to a normalized business mix with higher Mobile Pipeline volumes, material surcharges from higher energy and freight costs, and inventory build costs flowing back into the P&L.
- Uncertainty remains around the impact of EPA 2027 regulation revisions, which could extend diesel pre-buy activity into early 2027 and delay CNG adoption.
- Management acknowledged that achieving a 20% EBITDA margin in Mobile Pipeline is a stretch, indicating that profitability may not fully recover to historical highs in the near term.
- The company chose not to pursue certain South American opportunities where pricing did not meet return requirements, potentially limiting near-term revenue growth in emerging markets.
Good morning, everyone, welcome to Hexagon Composites second quarter presentation for 2026. My name is Berit-Cathrin Hoyvik , I'll be moderating today's presentation. Joining me in the studio today is our CEO, Philipp Schramm, and CFO, Eirik Lohre. They will take you through a company update, financials and outlook before we wrap up with the Q&A session.
With a reminder that you may submit questions on your screen at any point during the presentation.
And with that, I'll hand over to Philipp.
Thank you. Good morning, everyone, and thank you for joining us today for our Q2 2026 earnings call.
Let me start with the headlines. I can proudly describe this quarter as a turning point for Hexagon Composites. Over the last year, we've been focused on improving our resilience, strengthening our balance sheet, lowering our break-even point, and positioning the company for the
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