HEXAGON COMPOSITES ASA
Sector unknown·HEX · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Natural gas
Raw materials and inputs
DriverPositive impact: strengthens
“Shaping the future of sustainable heavy-duty trucking We renewed our master service agreement with UPS and received orders totaling NOK 620 million for RNG fuel systems for heavy-duty trucks.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Alternative fuels are essential to the global energy mix As the world’s energy needs change, we are confident that our solutions will continue solving global energy demand, energy security, energy independence and decarbonization challenges.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Combined, Hexagon Agility delivered revenues of NOK 4 716 (4 321) million and an EBITDA of NOK 662 (381) million, resulting in a much improved EBITDA margin of 14% (9%).”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The Mobile Pipeline distribution business entered 2024 with a very strong order book and were close to sold out for 2024 already in the first quarter.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Historically, around two thirds of all heavy-duty trucks in the US have been addressed by diesel only due to range and power requirements, but with the introduction of Cummins’ new X15N natural gas engine, which entered the market in 2024, RNG/CNG will compete head-to-head with diesel on range and power.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“In the fourth quarter of 2024, Hexagon Agility received several smaller orders from 30 leading Class 8 series (heavy-duty) fleet owner of RNG fuel systems of which 40% were new adopters of RNG/ CNG.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“When combined with RNG fuel, this offers a ready-to-deploy and fast-track route to decarbonization for fleets and OEMs.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Adjusting for these effects, the underlying growth rate was 7%, principally achieved by the Mobile Pipeline distribution business which superseded its record-year of 2023.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“Factors which can impact the competitive position include new players in the industry, pressure on market prices and future demand and supply factors, including the price of natural gas and the relative price of gas compared with diesel.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Regulations previously targeted at promoting a tailpipe-only approach, tending to favor battery-electric and hydrogen technologies, are being revisited and/or scaled back, expected to be replaced with a technologyneutral approach. Hexagon is actively engaged with legislative and regulatory bodies in the EU and the US to promote a “well- to -wheel” approach to evaluating emissions, which supports the increased deployment of CO2- neutral fuels such as biomethane/renewable natural gas (RNG).”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“As both 2015 and 2020 were historically low years for distribution modules, 2025 is expected to have a significant dip in inspection-driven revenues, before restoring to higher levels from the strong development in Mobile Pipeline in subsequent years.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The full year results are heavily dependent on volumes from the steadily increasing adoption of the new X15N engine. Other factors influencing this trend are: i.) increasingly large order sizes from new adopters of NG, ii.) the start of production of DTNA (Freightliner) trucks with the X15N engine sometime in mid-2025, allowing significantly more trucks to be available to equip with the X15N engine, iii.) expected improvements to freight rates after a historically low market, enabling higher customer capital allocations.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Hexagon is focused on carbon negative and near-zero emission energy solutions, supported by world-class manufacturing and digitalization, enabling customers to reach their net-zero ambitions. Together with customers and partners, the Company is finding new ways to make alternative energy solutions available and affordable.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Looking further out towards 2030, and with 3 of 6 major OEMs representing approximately twothirds of the North American heavy-duty truck market equipped with the new engine, the route to 10x growth in heavy duty Truck by 2030 is achievable.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“For 2025, the organization is prepared for a more meagre first-half versus the expectation of exiting the second-half strongly; with guided revenues of NOK 4.9 - 5.3 billion, and EBITDA of NOK 640 – 740 million.”
Annual report 2024A · The company itself
Market
“We are one of the world’s leading manufacturers of high-pressure composite cylinders and fuel systems for alternative fuels.”
Annual report 2024A · The company itself
Market
“Leader in cryogenic tank technology for liquid (renewable) natural gas (LNG) and liquid hydrogen (LH2).”
Annual report 2024A · The company itself
Market
“A leading European supplier of high-pressure cylinders and systems for storage and distribution of compressed gases. structure CONTENTS Hexagon Composites ASA is headquartered in Ålesund, Norway and listed on the Oslo Stock Exchange.”
Annual report 2024A · The company itself
Market
“Hexagon is one of the leading global providers of clean fuel solutions for commercial vehicles.”
Annual report 2024A · The company itself
Market
“Our solutions have the largest transport capacity worldwide and enable the safe transport of compressed (renewable) natural gas (RNG/ CNG), hydrogen or other industrial gases.”
Annual report 2024A · The company itself
Market
“Hexagon Agility is a global provider of SHARE OF GROUP REVENUE 96% natural gas fuel systems for commercial vehicles and gas distribution solutions.”
Annual report 2024A · The company itself
Market
“Operating results from continuing operations For the full year 2024, Hexagon Group reported revenues of NOK 4 877 (4 526) million, including approximately NOK 81 million of positive FX translation effects. Excluding FX, the underlying revenue growth was 6%, predominantly explained by Hexagon Agility’s Mobile Pipeline distribution business which has delivered consistently high volumes throughout the year as a consequence of strong demand for transportation of oil & gas, helium and renewable natural gas (RNG) in the US. The Fuel Systems business of Hexagon Agility had a rather flat revenue development, but improved its profit margins notably, so did also Hexagon Digital Wave.”
Annual report 2024A · The company itself
Market
“The improvement is largely attributed to higher heavy-duty truck volumes, including the NOK ~620 million UPS order for RNG fuel systems in May 2024, as well as significant volumes in the Mobile Pipeline business following the strong order intake in 2023.”
Annual report 2024A · The company itself
Market
“Sustainable Energy Solutions (SES) - 49% ownership SES is a leading European supplier of highpressure cylinders and systems for storage and distribution of compressed natural gas, hydrogen and industrial gases, with production facilities in Austria, Poland and Germany.”
Annual report 2024A · The company itself
Market
“Hexagon’s addressable market for Natural Gas driven heavy-duty trucks increases threefold due to the X15N engine, as it opens the long-haul segment served by diesel engines, while meeting required stringent NOx emissions CONTENTS reductions targets is pushing OEMs to increase their share of NG trucks within their product portfolios.”
Annual report 2024A · The company itself
Automotive
End markets
DriverPositive impact: strengthens
“Turning point in the US Heavy Duty Truck sector The game-changing X15N natural gas engine entered the North American market in 2024, tripling the addressable market for heavy-duty natural gas trucks in the U.S..”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Historically, around two thirds of all heavy-duty trucks in the US have been addressed by diesel only due to range and power requirements, but with the introduction of Cummins’ new X15N natural gas engine, which entered the market in 2024, RNG/CNG will compete head-to-head with diesel on range and power.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Hexagon’s addressable market for natural gas driven heavy-duty trucks are expected to increase threefold due to the X15N engine.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Looking further out towards 2030, and with 3 of 6 major OEMs representing approximately twothirds of the North American heavy-duty truck market equipped with the new engine, the route to 10x growth in heavy duty Truck by 2030 is achievable.”
Annual report 2024A · The company itself
Market
“Our solutions enable OEMs, fleet owners and gas distributors to make the switch to clean energy.”
Annual report 2024A · The company itself
Market
“Our testing technologies are used by industrial gas, fire service equipment, medical oxygen, automotive and gas distribution industries.”
Annual report 2024A · The company itself
Market
“Our systems are installed on heavy-duty trucks, refuse collection trucks, buses, delivery trucks and vans.”
Annual report 2024A · The company itself
Market
“Shaping the future of sustainable heavy-duty trucking We renewed our master service agreement with UPS and received orders totaling NOK 620 million for RNG fuel systems for heavy-duty trucks. In addition, we delivered RNG fuel systems to over 30 leading Class 8 fleets in North America, piloting Cummins pioneering X15N engines.”
Annual report 2024A · The company itself
Market
“Hexagon Agility is a global provider of SHARE OF GROUP REVENUE 96% natural gas fuel systems for commercial vehicles and gas distribution solutions.”
Annual report 2024A · The company itself
Market
“The Fuel Systems business had a seasonally soft first half of 2024, but picked up significantly in the second half of 2024, predominantly explained by higher heavy-duty truck activity, supported by a couple of significant orders from key customers, including UPS.”
Annual report 2024A · The company itself
Market
“So far, two of the top four North American truck brands, Kenworth and Peterbilt, have opened order books for trucks powered by the new engine, with Daimler Truck North America (DTNA) through its truck brand Freightliner, flagging start of production in Q3 2025.”
Annual report 2024A · The company itself
Market
“Hexagon’s addressable market for Natural Gas driven heavy-duty trucks increases threefold due to the X15N engine, as it opens the long-haul segment served by diesel engines, while meeting required stringent NOx emissions CONTENTS reductions targets is pushing OEMs to increase their share of NG trucks within their product portfolios.”
Annual report 2024A · The company itself
Hydrogen and Power-to-X
Technology
DriverNegative impact: weakens
“As of 31 December 2024, the Hexagon Purus share price closed at NOK 5.60 per share, translating to a fair value of Hexagon’s share in Hexagon Purus of NOK 922 million. Compared to the share price as of the date of Hexagon’s initial fair value recognition of Hexagon Purus as an associated company (29 June 2023) of NOK 19.8/share, this represents more than 70 per cent decline.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Hexagon is focused on carbon negative and near-zero emission energy solutions, supported by world-class manufacturing and digitalization, enabling customers to reach their net-zero ambitions. Together with customers and partners, the Company is finding new ways to make alternative energy solutions available and affordable.”
Annual report 2024A · The company itself
Market
“Leader in cryogenic tank technology for liquid (renewable) natural gas (LNG) and liquid hydrogen (LH2).”
Annual report 2024A · The company itself
Market
“Our portfolio offers solutions that cover compressed (renewable) natural gas, hydrogen and battery electric.”
Annual report 2024A · The company itself
Market
“Sustainable Energy Solutions (SES) - 49% ownership SES is a leading European supplier of highpressure cylinders and systems for storage and distribution of compressed natural gas, hydrogen and industrial gases, with production facilities in Austria, Poland and Germany.”
Annual report 2024A · The company itself
Batteries and energy storage
Technology
DriverNegative impact: weakens
“As of 31 December 2024, the Hexagon Purus share price closed at NOK 5.60 per share, translating to a fair value of Hexagon’s share in Hexagon Purus of NOK 922 million. Compared to the share price as of the date of Hexagon’s initial fair value recognition of Hexagon Purus as an associated company (29 June 2023) of NOK 19.8/share, this represents more than 70 per cent decline.”
Annual report 2024A · The company itself
Market
“Hexagon Purus is a global leader in key technologies needed for zero emission hydrogen and battery-electric mobility and infrastructure with production facilities in North America, Europe and Asia.”
Annual report 2024A · The company itself
Electrification
Technology
StrategyPositive impact: strengthens
“Hexagon is focused on carbon negative and near-zero emission energy solutions, supported by world-class manufacturing and digitalization, enabling customers to reach their net-zero ambitions. Together with customers and partners, the Company is finding new ways to make alternative energy solutions available and affordable.”
Annual report 2024A · The company itself
Market
“Hexagon Purus is a global leader in key technologies needed for zero emission hydrogen and battery-electric mobility and infrastructure with production facilities in North America, Europe and Asia.”
Annual report 2024A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Energy security
Regulation
DriverPositive impact: strengthens
“Alternative fuels are essential to the global energy mix As the world’s energy needs change, we are confident that our solutions will continue solving global energy demand, energy security, energy independence and decarbonization challenges.”
Annual report 2024A · The company itself
Market
“Our Mobile Pipeline modules are in use as mobile refueling units, for users and industries lacking pipeline infrastructure and as solutions to energy demand, energy security and energy independence challenges.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine strengthens
Chains out: this strengthens Wind power, strengthens Power grid expansion
Fuel
Raw materials and inputs
DriverMixed impact: mixed
“Factors which can impact the competitive position include new players in the industry, pressure on market prices and future demand and supply factors, including the price of natural gas and the relative price of gas compared with diesel.”
Annual report 2024A · The company itself
Market
“Operating results from continuing operations For the full year 2024, Hexagon Group reported revenues of NOK 4 877 (4 526) million, including approximately NOK 81 million of positive FX translation effects. Excluding FX, the underlying revenue growth was 6%, predominantly explained by Hexagon Agility’s Mobile Pipeline distribution business which has delivered consistently high volumes throughout the year as a consequence of strong demand for transportation of oil & gas, helium and renewable natural gas (RNG) in the US. The Fuel Systems business of Hexagon Agility had a rather flat revenue development, but improved its profit margins notably, so did also Hexagon Digital Wave.”
Annual report 2024A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Oil
Raw materials and inputs
Market
“Operating results from continuing operations For the full year 2024, Hexagon Group reported revenues of NOK 4 877 (4 526) million, including approximately NOK 81 million of positive FX translation effects. Excluding FX, the underlying revenue growth was 6%, predominantly explained by Hexagon Agility’s Mobile Pipeline distribution business which has delivered consistently high volumes throughout the year as a consequence of strong demand for transportation of oil & gas, helium and renewable natural gas (RNG) in the US. The Fuel Systems business of Hexagon Agility had a rather flat revenue development, but improved its profit margins notably, so did also Hexagon Digital Wave.”
Annual report 2024A · The company itself
Market
“The newly designed TITAN 450 module with 25% greater gas capacity and 20% weight benefit, coupled with strong underlying demand for transportation of oil & gas, helium and renewable natural gas (RNG) were key drivers for the increase in top line performance.”
Annual report 2024A · The company itself
Chains out: this strengthens Plastics and polymers
Semiconductors and electronic components
Raw materials and inputs
InputNegative impact: weakens
“Shortages in key raw materials can impact the whole industry that the Company operates in, especially in relation to high-grade carbon fiber and automotive batteries and electronic components.”
Annual report 2024A · The company itself
Market
“We are one of the world’s leading manufacturers of high-pressure composite cylinders and fuel systems for alternative fuels.”
Annual report 2024A · The company itself
Chains in: Artificial intelligence strengthens
Utilities
End markets
Market
“Our solutions enable OEMs, fleet owners and gas distributors to make the switch to clean energy.”
Annual report 2024A · The company itself
Market
“Our Mobile Pipeline modules are in use as mobile refueling units, for users and industries lacking pipeline infrastructure and as solutions to energy demand, energy security and energy independence challenges.”
Annual report 2024A · The company itself
Electric vehicles and EV batteries
End markets
Market
“Our portfolio offers solutions that cover compressed (renewable) natural gas, hydrogen and battery electric.”
Annual report 2024A · The company itself
Healthcare and hospitals
End markets
Market
“Our testing technologies are used by industrial gas, fire service equipment, medical oxygen, automotive and gas distribution industries.”
Annual report 2024A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Industrial manufacturing
End markets
Market
“Our testing technologies are used by industrial gas, fire service equipment, medical oxygen, automotive and gas distribution industries.”
Annual report 2024A · The company itself
Shipping and logistics
End markets
Market
“Our solutions enable OEMs, fleet owners and gas distributors to make the switch to clean energy.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Plastics and polymers
Raw materials and inputs
InputNegative impact: weakens
“The Group is exposed to developments in the price of its raw material and, in particular, the cost of carbon fiber. The price of carbon fiber is primarily linked to the prevailing market balance where supply is dependent on a limited number of manufacturers.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Shortages in key raw materials can impact the whole industry that the Company operates in, especially in relation to high-grade carbon fiber and automotive batteries and electronic components.”
Annual report 2024A · The company itself
Chains in: Oil strengthens
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“While the MAE business had had a positive development, the UE business has seen challenges on the volume side due to specific key customers holding back its own capital expenditures in 2024.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Consumer spending
Macro
DriverNegative impact: weakens
“While the MAE business had had a positive development, the UE business has seen challenges on the volume side due to specific key customers holding back its own capital expenditures in 2024.”
Annual report 2024A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“Regulations previously targeted at promoting a tailpipe-only approach, tending to favor battery-electric and hydrogen technologies, are being revisited and/or scaled back, expected to be replaced with a technologyneutral approach. Hexagon is actively engaged with legislative and regulatory bodies in the EU and the US to promote a “well- to -wheel” approach to evaluating emissions, which supports the increased deployment of CO2- neutral fuels such as biomethane/renewable natural gas (RNG).”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Inflation
Macro
DriverNegative impact: weakens
“The aftermath of the covid pandemic has caused increased market risk, especially related to unpredictable supply chains and inflation levels worldwide and a following increase of interest rates to combat the heightened inflation levels. In 2024, the Group had largely neutralized the inflationary effects of inflation of input cost prices, but higher interest rates in 2024 and 2023 weighed down profits.”
Annual report 2024A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Interest rates
Macro
DriverNegative impact: weakens
“The aftermath of the covid pandemic has caused increased market risk, especially related to unpredictable supply chains and inflation levels worldwide and a following increase of interest rates to combat the heightened inflation levels. In 2024, the Group had largely neutralized the inflationary effects of inflation of input cost prices, but higher interest rates in 2024 and 2023 weighed down profits.”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Sea freight and freight rates
Raw materials and inputs
DriverPositive impact: strengthens
“Other factors influencing this trend are: i.) increasingly large order sizes from new adopters of NG, ii.) the start of production of DTNA (Freightliner) trucks with the X15N engine sometime in mid-2025, allowing significantly more trucks to be available to equip with the X15N engine, iii.) expected improvements to freight rates after a historically low market, enabling higher customer capital allocations.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
United States
Geography
Geography
“We have a strong presence across North America and Europe, with 1 033 employees dedicated to driving the energy transition - enabling our customers to reduce their CO2 emissions.”
Annual report 2024A · The company itself
Geography
“Turning point in the US Heavy Duty Truck sector The game-changing X15N natural gas engine entered the North American market in 2024, tripling the addressable market for heavy-duty natural gas trucks in the U.S..”
Annual report 2024A · The company itself
Geography
“In 2024, we completed the final stage of our multi-year expansion program with the installation of new capacity and production lines in Lincoln, Nebraska, Salisbury, North Carolina and Rialto, California.”
Annual report 2024A · The company itself
Geography
“Operating results from continuing operations For the full year 2024, Hexagon Group reported revenues of NOK 4 877 (4 526) million, including approximately NOK 81 million of positive FX translation effects. Excluding FX, the underlying revenue growth was 6%, predominantly explained by Hexagon Agility’s Mobile Pipeline distribution business which has delivered consistently high volumes throughout the year as a consequence of strong demand for transportation of oil & gas, helium and renewable natural gas (RNG) in the US.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Europe
Geography
Geography
“We have a strong presence across North America and Europe, with 1 033 employees dedicated to driving the energy transition - enabling our customers to reduce their CO2 emissions.”
Annual report 2024A · The company itself
Geography
“Sustainable Energy Solutions (SES) - 49% ownership SES is a leading European supplier of highpressure cylinders and systems for storage and distribution of compressed natural gas, hydrogen and industrial gases, with production facilities in Austria, Poland and Germany.”
Annual report 2024A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Based on the assessment, Hexagon has identified extreme wind and tornados in the US as events that may cause significant damage or disruptions. More specifically, Hexagon Agility’s cylinder production facilities in Lincoln, Nebraska is one of the most tornado- prone areas in the US, and a direct hit from a major tornado could be a catastrophic event.”
Annual report 2024A · The company itself
Chains out: this weakens Agriculture and food production
USD vs DKK/EUR
Macro
DriverPositive impact: strengthens
“For the full year 2024, Hexagon Agility reported revenues of NOK 4 716 (4 321) million, including favorable FX effects of approximately NOK 78 million.”
Annual report 2024A · The company itself
Chains out: this mixed effect United States
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 4.88 bn NOK |
| Revenue growth vs. the year before, same method | 7.8 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 1.59 bn NOK |
| Diluted EPS per share | -1.36 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.