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 1 533 million for fourth quarter 2024 (Q4'23: 1 272 million). The reported EBITDA was NOK 257 million (Q4'23: NOK 99 million), resulting in a 17% EBITDA margin (Q4'23: 8%).
"Hexagon Group delivered all-time high revenues and a second consecutive record-high EBITDA quarter of NOK 257 million in Q4, thanks to robust volumes driving our profitability," says Philipp Schramm, CEO of Hexagon Composites. "Despite an overall downturn in freight markets and a slow start to 2024, our team has executed an impressive second half performance to exit 2024 on record levels."
For 2024, full year revenues were NOK 4 877 (4 526) million, mainly driven by record high activity in the Mobile Pipeline and Fuel Systems businesses. The full year EBITDA totaled NOK 637 (366) million.
Outlook
Entering 2025, we see a continued soft North American freight market in the first half. With the anticipated freight market rebound, and the increased availability of North American X15N natural gas truck platforms in Q3, we expect a strong second half of 2025.
In the years ahead, global emissions reductions targets and the economic competitiveness of natural gas (RNG/CNG) are expected to drive higher volumes for our Mobile Pipeline and fuel systems businesses. With an expected accelerated 10x growth of natural gas trucking in North America by 2030.
With our proven track record, market-leading products, state-of-the-art production facilities and team of industry experts, Hexagon Group is in pole position to capture growth from 2025 and beyond.
For further details, please see the attached fourth quarter 2024 report and presentation.
Presentation of the results today at 08:30 am CET
Philipp Schramm, CEO and David Bandele, CFO will present the results at 08:30 am today. The presentation will be held in the Auditorium at Hexagon's location in Oslo, Haakon VIIs gate 2, on the lower level.
