Hexagon Composites ASA: First quarter 2024

OSLO, Norway, May 8, 2024 /PRNewswire/ -- 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 1 083 million for first quarter 2024 (Q1'23: 1 130 million). The reported EBITDA was NOK 77 million (Q1'23: 83 million).

"Hexagon Agility's Mobile Pipeline distribution business delivered record results for the eighth quarter in a row, offsetting a softer quarter for the other businesses," says Jon Erik Engeset, Group CEO of Hexagon Composites.

Outlook
Demand for natural gas trucks is expected to ramp up from the second half of 2024 with the new 15-liter engine becoming widely available. Continued growth is also expected in the Mobile Pipeline business, mainly driven by increased production of renewable natural gas (RNG). Hexagon Agility's capacity expansion program is timed to support strong growth through 2025 and beyond.

Hexagon Ragasco's smart Linktra® LPG (liquid petroleum gas) cylinder was launched in April by Linde in Norway providing convenience and efficiency for consumers and distributors. 

The Company is on track to deliver on its 2025 targets of more than NOK 6 billion in revenues and 15% EBITDA margin.

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

Presentation of the results today at 08:30 am CEST
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/20240508_6

For more information:

Ingrid Aarsnes, VP Investor Relations & ESG, Hexagon Composites ASA
Telephone: +47 950 38 364 | [email protected] 

Karen Romer, SVP Communications, Hexagon Composites ASA
Telephone: +47 950 74 950 | [email protected]  

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 X and LinkedIn.

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SOURCE Hexagon Composites ASA