OSLO, Norway , Nov. 7, 2024 /PRNewswire/ -- 7 November 2024: Hexagon Composites (OSE: HEX.OL), world leader in composite cylinder technology and related systems for storage and transportation of clean gaseous energy reported revenues of NOK 1 250 million for third quarter 2024 (Q3'23: 1 148 million). The reported EBITDA was NOK 184 million (Q3'23: NOK 120 million), resulting in a 15% EBITDA margin (Q3'23: 10%).

"Hexagon Group delivered a record-high EBITDA of NOK 184 million this quarter, thanks to significant operational efficiency improvements alongside increased heavy-duty truck activity in Hexagon Agility's fuel systems business," says Jon Erik Engeset, Group CEO of Hexagon Composites. "In Q3, despite overall overcapacity headwinds in the freight industry, we saw a nearly 40% increase in heavy duty truck sales compared to Q2, with high activity from several new RNG fuel adopters coming online."

Outlook

Complemented by a healthy backlog of orders, we expect Hexagon Group's improved margins and overall profitability to finish off 2024 at a strong level.

In the years ahead, global decarbonization targets and the economic competitiveness of compressed renewable natural gas (RNG) are expected to drive the growth and higher volumes for our Mobile Pipeline and fuel systems businesses.

Hexagon Agility's order book is expanding with customers new to RNG trucking. The new orders include over 30 leading Class 8 fleets of which 40% are new adopters of RNG. The breadth of fleets piloting and placing new orders, and the continued high quoting activity, signifies that the market is embracing this technology as expected.

The anticipated rise in demand for sustainable solutions in heavy-duty transport and gas distribution, lays a strong foundation for Hexagon's future success. 

For further details, please see the attached third quarter 2024 report and presentation.

Presentation of the results today at 08:30 am CET
Knut Flakk, Chair of the Board 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.

The presentation will also be broadcast live via: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241107_3

For more information:
David Bandele, CFO, Hexagon Composites ASA
Telephone +47 920 91 483 I david.bandele@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 and industrial applications. Learn more at www.hexagongroup.com and follow @HexagonASA on X and LinkedIn.

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