Hexagon Purus Asa (HPURF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi and welcome to Hexagon PURES Q1 2025 presentation. My name is Mathias Meidl and I am the IR Director of Hexagon PURES. I will be moderating from the studio in Oslo and from the studio I'm also joined by Group CEO Morten Holum and Group CFO Salman Alam. The agenda for today includes, as usual, the highlights from the quarter, a company update, the financials, and the outlook. We will also end the presentation with a Q&A session, so please feel free to enter your question via the function on your screen. So with that, I will pass the word over to you, Martin, who will take us through the highlights of the quarter. Thank you, Mattias, and good morning, everyone. Thanks for joining our webcast today. Let's look at the key developments in the first quarter. Number one, the first quarter results were as expected, significantly weaker than last year with a revenue decline of 44% compared to the same period last year. Number two, we continue to see growing demand for our hydrogen transit bus applications in Q1. We extended the multi-year supply agreement with Solaris. We received the first orders from MCV, the Egyptian bus OEM, and we also signed a multi-year agreement with Stadler for the delivery of hydrogen fuel storage systems for rail applications in California. The third point, even with some positives on new commercial agreements, we are operating in a challenging environment currently. Increased geopolitical tension, disruption of global trade and regulatory uncertainty. And this has a negative impact on customer purchasing decisions. And finally, number four, the cost reduction program that we launched in February is on track. All the necessary decisions were made in Q1 in both North America and Germany. And we booked restructuring costs of 43 million NOC in the ...