Slide 1: Q4 2025 report
Q4 2025 report 30 January 2026
Slide 2: Cautionary statement
Cautionary statement This communication may contain forward-looking statements, estimates and projections. When used in this communication, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements, estimates and p
Slide 3: Agenda
Agenda Hexagon group & core Q4 performance 1 Anders Svensson Octave Q4 performance 2 Mattias Stenberg Hexagon group Q4 financials 3 Norbert Hanke Question & answer session 4 Anders Svensson, Mattias Stenberg, Norbert Hanke, Ben Maslen
Slide 4: Q4 2025 performance summary
Q4 2025 performance summary Anders Svensson 4
Slide 5: Highlights of the quarter
Highlights of the quarter Board proposing a dividend of 0.14 EUR per share A good financial performance Key financial metrics Key operational achievements 3 − Announced acquisition of Inertial Sense, strengthening the breadth of the % Organic growth positioning portfolio − Acquisition of IconPro, im
Slide 6: Appointment of new Hexagon CFO
Appointment of new Hexagon CFO Enrique Patrickson appointed as CFO of Hexagon Joining during July 2026 at the latest Brings a great deal of CFO experience and strategic leadership: − Operating partner at Triton − CFO & Head of Strategy at Viaplay − CFO & senior finance roles at Electrolux & Assa Abl
Slide 7: Organic growth
1,600 10% Organic growth 1,400 8% 1,200 6% Good growth while making decisions 1,000 800 4% 2% for the longer term 600 0% 400 200 -2% – Delivered good organic growth while: 0 -4% – Octave prioritised SaaS growth over perpetual – Geosystems de-stocked channels in weaker Revenue Organic growth markets
Slide 8: Regional and industry development
Regional and industry development Industry % of sales Americas Q4 EMEA Q4 China Q4 Rest of Asia Q4 2025 11% org. growth 4% org. growth -5% org. growth -14% org. growth Construction* 22% General manufacturing 14% Aerospace & defence 11% Mining 9% Automotive 7% Growth in quarter YoY Energy & power** 8
Slide 9: Gross margin
Gross margin Record gross margin Rolling 12-months gross margin Gross margin by quarter Innovation supports gross margins 70% 67.3% 67.5% – Gross margin development 67.1% 67.2% 67.0%66.9% 66.5% 66.7% across business areas 66.5% 65% – Strong product mix 60% – Pricing and cost management 55% – Benefit
Slide 10: Adjusted operating earnings (EBIT1)
Adjusted operating earnings (EBIT1) Operating margin of 29.4% 500 450 32% – Underlying progress offset by: 400 30% – Negative currency impacts of -150 basis points 350 – Reduced gap between capitalisation & 300 28% amortisation 250 26% – Restructuring programme implemented to improve 200 underlying
Slide 11: Hexagon core performance
Hexagon core performance Continued organic growth Manufacturing Q4 2025, MEUR Geosystems Autonomous Solutions Hexagon core* Intelligence Revenue 491.3 363.0 196.4 1,056.6 Organic Growth 1% (-3) -1% (-2%) 23% (-2%) 4% (-2%) EBIT1 139.3 103.0 67.7 300.4 Operating Margin 28.4% (29.7%) 28.4% (30.6%) 34.
Slide 12: Manufacturing Intelligence
Manufacturing Intelligence Revenue by industry (FY 2025) 2% 9% 4% General manufacturing Q4 2025, MEUR (Q4 2024) Business update 11% 35% Automotive Aerospace & defense Category Achievement − Market dynamics broadly Electronics unchanged from Q3 2025 Revenue Energy & power 491.3 − China grew 5%, Ameri
Slide 13: Geosystems
Geosystems Revenue by industry (FY 2025) 8% 4% 2% Surveying 28% Heavy construction 5% Q4 2025, MEUR (Q4 2024) Business update Buildings − Growth impacted by the proactive 8% Mining Category Achievement decision to destock in channels Utilities Revenue where demand has been soft 363.0 23% Mapping Pub
Slide 14: Autonomous Solutions
Autonomous Solutions Revenue by industry (FY 2025) 9% 5% Mining Q4 2025, MEUR (Q4 2024) Business update Aerospace & defense 12% Agriculture − Record growth in aerospace & 47% Category Achievement Marine defence and mining, agriculture Other Revenue weakness persists 196.4 (146.5) − Strong growth in
Slide 15: Q4 2025 Octave update
Q4 2025 Octave update Mattias Stenberg 15
Slide 16: Octave: Delivering Intelligence at Scale
Octave: Delivering Intelligence at Scale We focus on industries and assets with both a high cost of failure and that are technically complex Octave enables sophisticated organisations to run with more clarity, fewer failures, and faster response - by connecting the intelligence that flows through cu
Slide 17: Octave technology leadership
Octave technology leadership 35+ 15+ 15+ Total industry Research inclusions Years market recognitions by leading analyst leadership firms − Sustained market leadership for over 15 years in core Q4'25 Awards engineering design software Leader in Gartner’s latest Magic Quadrant for Quality Management
Slide 18: Octave
Octave Revenue by type (FY 2025) 16% Q4 2025, MEUR (Q4 2024) Business update Subscription Revenue Category Achievement − Recurring revenue grew 3% License Revenue 17% organically compared to the prior Services & Other Revenue 372.6 year – SaaS revenue continues to grow at 67% (402.9) strong double-d
Slide 19: Octave core pillars
Octave core pillars Description Revenue type Q4’25 Revenue trends Approximate revenue contribution Complex 3D modeling, Strength in cross- Combination of engineering analysis, digital platform sales offset Design simulations, and geospatial subscription and by lower monthly license revenue intellige
Slide 20: Octave recurring revenue growth dynamics
Octave recurring revenue growth dynamics Revenue from monthly subscription licenses Recurring revenue Excluding monthly subscriptions licenses 200 € 100 € 20% 14% 12% 10% 75 € 10% 8% 6% 50 € 0% 4% 2% 25 € -10% 100 € 0% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'
Slide 21: Octave customer highlights in Q4
Octave customer highlights in Q4 Fast growing Global energy e-commerce company sector leader in Asia Multi-year expansion standardizing asset $1M+ ARR SaaS expansion to standardize management (EAM) across global global project delivery using Octave’s project fulfillment centers performance managemen
Slide 22: Octave areas of focus in 2026
Octave areas of focus in 2026 Transitioning to a subscription-first business model: positioning for durable, recurring revenue growth Portfolio Integration & Cross-Sell: Leveraging integrated offerings and cross-sell opportunities to deepen customer footprints across the DBOP pillars Platform Evolut
Slide 23: Update on proposed separation
Update on proposed separation Spin-off remains on Draft Registration Octave to be listed Octave Investor Day track; Expected Q2 Statement (Form 10) on a U.S. national on March 26, 2026 in spin date expected to be filed securities exchange, New York City; publicly in February with a Swedish Details t
Slide 24: Q4 2025 financial update
Q4 2025 financial update Norbert Hanke 24
Slide 25: Income statement
Income statement Operating margins impacted negatively by currency and product mix Adjusted income statement, MEUR Q4 2025 Q4 2024 Change % Sales bridge Net sales 1,429.2 1,448.0 3 Q4 2024, MEUR 1,448.0 COGS -465.1 -481.7 -3 Structure, %* 1% Gross earnings 964.1 966.3 0 Gross margin 67.5% 66.7% 0.8
Slide 26: Revenue & profitability year-on-year bridge
Revenue & profitability year-on-year bridge Currency headwinds and dilutive organic drop-through MEUR Q4 2024 Currency Structure Organic Q4 2025 Operating net sales 1,448.0 -82 16 47 1,429.2 Growth -6% 1% 3% -1% Adjusted operating earnings (EBIT1) 450.3 -47 14 4 420.3 Adjusted operating margin 31.1%
Slide 27: R&D capitalisation dynamics and EBIT comparability
R&D capitalisation dynamics and EBIT comparability − R&D investments coming off peak levels, driven R&D capitalisation and amortisation gap declining by new product development (e.g. ATS800, Maestro, TS20), launched in 2025 140 6% − New products are capitalised until launch as per 120 5% IAS 38 100
Slide 28: Restructuring programme
Restructuring programme Addressing underlying profitability Estimated phasing of quarterly cost savings MEUR − Targeting savings of 110 MEUR 28 − Full run rate savings expected by the end of 2026 − Q4 2025: 11 MEUR cost savings − Annualised run rate as of 2025: 65 MEUR 11 0 Q4 25 Q1 26 Q2 26 Q3 26 Q
Slide 29: Cash flow
Cash flow Continued operational discipline Cash flow statement, MEUR Q4 2025 Q4 2024 Change % Adjusted operating earnings (EBIT1) 420.3 450.3 -7% D&A (Excluding adjustments) 137.2 136.7 0% Adjusted EBITDA 557.5 587.0 -5% Non-cash items -33.3 -37.1 -10% Cash flow from operations before change in work
Slide 30: Working capital to sales
Working capital to sales Returning to trend WC Bridge Q4 2025 WC/Sales, % Receivables & 25% prepaid expenses 25.1 20% Inventories 8.0 15% Liabilities -68.8 Q4 2025 3.2% 10% Deferred revenue -78.4 Accrued 5% expenses -7.3 0% Change in WC -121.4 Working capital to net sales (on a rolling basis) 30 | h
Slide 31: Summary of Q4 2025
Summary of Q4 2025 Anders Svensson 31
Slide 32: Q4 2025 Summary
Q4 2025 Summary Good organic growth Markets consistent Organic growth of 3%, while making Many trends noted in Q4 2025 decisions that improve the long-term expected to continue into Q1 2026 health of the business Margin improvement underway Potential separation of Octave Restructuring programme intr
Slide 33: Hexagon's Capital Markets Day 2026
Hexagon’s Capital Markets Day 2026 30 April 2026 London Topic areas to include: − Business area strategy updates − Refreshed financial targets for Hexagon core Invite to follow Octave will also host an Investor Day on 26 March 2026 in New York 33 | hexagon.com
Slide 34: Appendix
Appendix Q4 2025 {HEXAGON
Slide 35: Business area performance
Business area performance Division Category (MEUR) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Revenue 1,299.9 1,353.4 1,299.8 1,448.0 5,401.1 1,322.8 1,370.7 1,303.8 1,429.2 5,426.5 Organic growth in revenue 3% 0% -2% 1% 0% 0% 3% 4% 3% 2% Hexagon* EBIT1 376.5 399