Hexagon Composites ASA Advances in Aerospace and Financial Recovery
Hexagon Composites ASA, the Norwegian‑based specialist in high‑pressure composite cylinders, has announced two developments that signal both strategic expansion and a gradual rebound from the challenging 2025 market conditions.
Aerospace Order Signals New Growth Path
On 12 February 2026, the company’s subsidiary Hexagon Agility confirmed receipt of its first commercial‑aerospace order. The client will receive high‑pressure Type 4 carbon‑fiber cylinders, a product category that demands the highest levels of structural integrity and reliability. The order is valued at USD 7 million (approximately NOK 70 million) and will be manufactured in Hexagon Agility’s Lincoln, Nebraska facility, with deliveries scheduled throughout 2026.
Brad Garner, Chief Technology Officer of Hexagon Agility, highlighted the significance of this milestone. “Aerospace applications represent one of the most demanding environments, and this order reflects the innovation, dedication, and engineering excellence behind our technology,” he said. The order is expected to broaden Hexagon Agility’s customer base beyond its core natural‑gas‑fuel (CNG) vehicle segment and position the company within the fast‑growing clean‑energy aerospace market.
2025 Financial Performance: Resilience Amid Downturn
In a related disclosure, Hexagon Composites reported its fourth‑quarter 2025 results on the same day. Revenues for the quarter rose to NOK 831 million, a rise from NOK 538 million in the preceding quarter. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) improved to NOK 156 million, and after adjustments for non‑recurring items the company recorded NOK 49 million. The adjusted EBITDA margin for the quarter was 6 % (compared with –10 % in the prior quarter).
For the full 2025 year, the company generated NOK 2 955 million in revenue, down from NOK 4 877 million the year before. The decline was largely attributed to macroeconomic uncertainty in the North American market, where the company has a substantial presence. However, record demand in the Refuse segment partially offset this contraction. Full‑year EBITDA totaled NOK 158 million, while the adjusted figure stood at NOK 65 million.
Philipp Schramm, CEO, noted that the company managed to deliver sequential revenue growth and improved profitability in the final quarter, despite the broader industry downturn. He expressed optimism about early signs of gradual market stabilization and the positive impact of strategic and cost‑control measures.
Market Context and Outlook
Hexagon Composites operates across three segments—Hexagon Purus, Hexagon Mobile Pipeline & Other, and Hexagon Ragasco LPG—serving markets in Europe, North America, South‑East Asia, the Middle East, and beyond. The company’s core products include high‑pressure composite cylinders for hydrogen, compressed natural gas (CNG), and low‑pressure propane solutions.
With a market capitalization of 2 110 000 000 NOK and a closing share price of NOK 8.41 as of 10 February 2026, the company has experienced a significant price decline from its 52‑week high of NOK 32.6. The negative price‑earnings ratio of –1.07 reflects the recent revenue squeeze and the industry’s cyclical nature.
Nevertheless, the aerospace order and the recovery in Q4 earnings suggest that Hexagon Composites is positioning itself to capitalize on emerging clean‑energy demands while navigating the current market volatility. The company’s continued emphasis on innovation, cost discipline, and market diversification may well underpin a stronger 2026 performance, as it continues to deliver advanced composite cylinder solutions across a broad spectrum of industries.
