Hexagon Purus Asa (HPURF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Hexagon Purus Q2 2026 presentation. My name is Mathias Meidell and I will be moderating from the studio in Oslo. As usual, I'm also joined by Group CEO Morten Holum and Group CFO Salman Alam. The agenda for today includes highlights from the quarter, a company update, the financials and the outlook. We will 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'll pass the word over to you, Morten, who will take us through the highlights of the quarter. Thank you, Mathias. And good morning, everyone. Thanks for joining our webcast this morning. The key developments in the second quarter were, number one, revenue and other income was 146 million NOC, roughly in line with last year when excluding the divested revenue of 38 million NOC following the sale of the US Aerospace Business Unit in Q1. Number two, we had good order intake, both on the hydrogen infrastructure side and the BVI side, and we have good visibility for the second half of the year. And finally, number three, we executed further workforce reductions in Germany and we are now into the final stages of the operational restructuring to align the cost base to the current market environment. Let's go into the details. Starting with revenue, on the left we recorded 146 million NOC in revenue in Q2, which is 25% lower than the same quarter in 2025. But Q2 2025 included 38 million NOC in revenue from the US business unit that we divested earlier in the year. And adjusting for that, revenue in Q2 was down only 6% versus last year. On the right, EBITDA was minus 102 million NOC in Q2, which is significantly better than the minus 161 million NOC in Q2 last year, but still negative. And this is driven by lower revenue in the qua...