Hexagon Purus Asa (HPURF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi and welcome to Hexagon Pyrrhus Q3 2025 presentation. My name is Mathias Meidel and I am the IR Director of Hexagon Pyrrhus. I will be moderating from the studio in Oslo and from the studio I'm also joined by the Group CEO Morten Holum and the 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 end the presentation with a Q&A session. So please feel free to enter your questions via the function on your screen. So with that, I'll pass the word over to you, Morten, who will take us to the highlights of the quarter. Thank you, Mattias. And good morning, everyone. Thanks for tuning in to our webcast this morning. Let's dive straight into it. Key developments in the third quarter. Number one, we had sequential revenue growth. Revenue was weaker than we expected going into the quarter. And that's mainly a result of customer driven shifts into Q4 and some execution related issues driven by the major workforce reductions we implemented in the quarter. Number two, our underlying financial performance improved from Q2. We're now starting to see the impact of the cost measures we implemented in the first half of the year. And although we're still in negative margin territory, we saw a significant sequential improvement in Q3. And finally, number three, we completed a second round of workforce reduction in HMI during the quarter. And the organization is now properly adjusted to what we think is the needed short term. We have lowered capacity and taken out cost to match the new term demand outlook across applications and to enable profitability at lower volume. We expect to see some positive impact of this already now in Q4, but the majority of the effect will come in 2026. Re...