Hexagon Composites went into this earnings season with a stock that had quietly climbed over the past quarter, yet the real story now sits in the income statement and cash metrics. The market is pricing in a recovery story. The headline is that Q2 2026 finally delivered clear profit traction, with group EBITDA of NOK 69m on NOK 626.94m in revenue and a smaller loss per share of NOK 0.06. Management also lifted full year EBITDA guidance to about NOK 300m, which puts the focus squarely on whether this margin turn is sustainable.

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Q2 2026 Earnings Summary

• Revenue (Q2 2026 vs. Q2 2025): NOK 626.94m vs. NOK 674.10m (moderate decline year on year)
• Net Income/Loss (Q2 2026 vs. Q2 2025): loss of NOK 78.61m vs. profit of NOK 55.27m (moved back into loss)
• Basic EPS (Q2 2026 vs. Q2 2025): loss of NOK 0.06 per share vs. earnings of NOK 0.25 per share (swing back to loss per share)
• Group EBITDA Margin (Q2 2026 vs. H1 2026 context): NOK 69m EBITDA on NOK 626.94m revenue; margin about 11% in Q2 2026 compared with about 10% margin on NOK 1.3b revenue for H1 2026 (Q2 margin slightly ahead of first half average)

Prefer clean charts instead of another dense block of earnings figures and guidance numbers? View Hexagon Composites' complete financial picture and see its valuation clearly in the visual company report for Hexagon Composites.

Hexagon Composites’ profit turn backs transition story

The bullish narrative around Hexagon Composites as a transport transition enabler finds some support in Q2. EBITDA of NOK 69m on NOK 626.94m revenue, with H1 EBITDA of NOK 126m and about 10% margin, shows improving earnings quality after prior volatility. Management lifted 2026 EBITDA guidance to about NOK 300m and highlighted higher margin Fuel Systems performance. A record US$100m Mobile Pipeline order linked to data center power and the IVECO BUS agreement both point to real commercial traction that fits the decarbonisation theme investors are watching.

Losses and lumpiness keep bearish concerns alive

The cautious narrative still has weight. Hexagon Composites moved back into a quarterly loss, with Q2 net loss of NOK 78.61m and loss per share of NOK 0.06, even as EBITDA improved. Revenue of NOK 626.94m was lower than Q2 2025, and Mobile Pipeline only reached breakeven with management flagging lumpy demand and timing risk. Guidance implies better H2, yet mix and cost of goods sold could move against margins as Mobile Pipeline ramps. The repaired balance sheet reduces pressure, but execution risk around large orders and capital discipline remains central.

Compare Hexagon Composites’ upgraded EBITDA guidance and new contract wins with how the street is reacting to the NOK13.78 share price after the Q2 release. See the consensus price target analysis for Hexagon Composites

Take Charge Of Your Next Move

If Hexagon Composites’ EBITDA guidance lift and new contract wins have caught your attention, register for free with Simply Wall St and add it to a Watchlist to track the share price against fair value and watch how the story develops from here. After you decide to invest, use the Portfolio Command Center to keep your holdings organised and focus only on the most important updates that matter to your thesis. For a broader view on sentiment and ideas around Hexagon Composites and peers, tap into the Community to see how other investors are thinking. This may make it easier to spot potential catalysts or emerging risks early and stay more informed about the market.

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