Hexagon Composites ASA Reports Record Revenues and EBITDA in Q4 2024

Hexagon Composites Reports Impressive Q4 2024 Performance

In its fourth quarter report for 2024, Hexagon Composites, a leader in composite cylinder technology, announced remarkable financial results, showcasing the company's commitment to innovations in clean energy solutions. The company reported revenues reaching NOK 1,533 million, a substantial increase from NOK 1,272 million in the comparable quarter of 2023. Furthermore, the EBITDA for Q4 2024 soared to NOK 257 million, up from NOK 99 million, which translates to a notable EBITDA margin improvement from 8% to 17%.

Philipp Schramm, CEO of Hexagon Composites, stated, "The Hexagon Group achieved all-time high revenues and recorded a second consecutive quarter of peak EBITDA at NOK 257 million in Q4, driven by strong volume sales enhancing our profitability." Despite facing challenges in the freight markets during early 2024, the company demonstrated a commendable performance in the second half of the year, helping it conclude 2024 on a high note.

For the complete fiscal year, Hexagon reported total revenues of NOK 4,877 million, compared to NOK 4,526 million in the previous year. The full-year EBITDA was an impressive NOK 637 million, significantly up from NOK 366 million in 2023, reflecting the robust activity in its Mobile Pipeline and Fuel Systems segments.

Looking Ahead

As Hexagon enters 2025, it anticipates a continued softening in the North American freight market through the first half of the year. However, with the expected rebound in the market and the availability of new natural gas truck platforms, the company is optimistic about enhancing performance in the latter half of 2025.

Schramm noted, "In the coming years, the push toward global emissions reductions and the competitive edge of natural gas (RNG/CNG) will stimulate higher volumes for our Mobile Pipeline and fuel systems. We're looking at an accelerated growth trend, with projections showing a potential 10x increase in natural gas trucking in North America by 2030."

Hexagon Composites is well-prepared to capitalize on this future growth, bolstered by a solid history of success, advanced product offerings, state-of-the-art production capabilities, and a team of industry experts. These strengths position the company favorably to harness opportunities that lie ahead from 2025 onwards.

The detailed financial results were shared in a presentation event held today at 8:30 AM CET, where CEO Schramm and CFO David Bandele provided insights into the company's performance.

For further information or inquiries, interested parties can reach out to David Bandele, CFO at Hexagon Composites, or Berit-Cathrin Høyvik, Senior Director of Communications, for more details. Together, they emphasize Hexagon's mission to deliver safe and innovative solutions for a cleaner energy future.

This performance and outlook highlight Hexagon Composites ASA's critical role in the evolving clean energy landscape, making it a pivotal player in the industry's future developments.