17 August 2023: Hexagon Composites (OSE: HEX.OL), world leader in composite
cylinder technology and related systems that enable safe delivery of clean
gaseous energy for transportation, industries and homes, reported record high
revenues of NOK 1 368 (1 034) million (excluding Hexagon Purus) in the second
quarter 2023. This represents 32% growth compared to the same quarter last
year, driven by higher volumes and improved pricing. The EBITDA reached NOK 148
(90) million.
On 29 June, the board of directors of Hexagon Composites ASA resolved to
distribute 25% of the outstanding shares in Hexagon Purus ASA as a dividend-in-
kind to its shareholders and enter into a total return swap for an additional
5% of the shares, effectively reducing ownership in Hexagon Purus to 38.4%. This
reduction entailed deconsolidation of Hexagon Purus from Hexagon Composites and
generated an accounting gain of NOK 2.35 billion.
Chief Executive Officer statement
"We are pleased to see the profit improvement measures taking effect in Hexagon
Agility, and together with high recurring volumes in Hexagon Ragasco driving
increased profitability in the quarter," says Jon Erik Engeset, CEO Hexagon
Composites.
Outlook
The ongoing sustainability-driven developments in the EU and the US, as well as
changes in industry dynamics, support significant long-term clean energy
technology opportunities. These trends are positive for all Hexagon business
units.
For further details, please see the attached second quarter 2023 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's location in Oslo, Haakon VIIs gate 2, on the lower level. If you would
like to attend the presentation, please pre-register by emailing
ir@hexagongroup.com, alternatively register upon arrival.
The presentation will also be broadcast live via:
https://channel.royalcast.com/landingpage/hegnarmedia/20230817_2/
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 ASA
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.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
Â