Hexicon AB (publ) (HEXI) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

I'm here today to present some updates from Hexikon's operations during the second quarter of 2025. My name is Marcus Thorn, and I'm the CEO of Hexikon. And what I'll go through today is first provide some context to floating offshore wind, a market update, and then on to Hexikon's operations during the quarter, and I will be ending with looking ahead. So let's get to it. If we start with floating offshore wind, and I've shown this picture before, but I think it's relevant to frame it in, especially for new listeners. So it really comes from a need for more renewable power and more offshore wind than what shallow waters allow for. If we look at waters from global perspectives, more than 80% are deep. With deep, we mean somewhere deeper than 60 meters, sorry. And in terms of maturity, though, it's a vast difference. So onshore turbines on land, there's somewhere around 275,000 turbines installed. Offshore on the seabed, so bottom fixed, somewhere around 13,000. On floating structures, they are only to date somewhere around 50 full-scale turbines. So it's a complete maturity difference. With that said, we're right now in this transitioning phase with many gigawatt projects underway to be built over the next few years and several countries that are undertaking auctions for floating offshore wind. So we will see a massive growth of floating offshore wind. Lastly, some of the key arguments for floating offshore wind is that you can be more flexible in where you site them. You're not constrained by shallow water areas. You can optimize based on wind location. You can build them a lot larger, and out there, winds are more stable than closer to shore. So with that said, Recently, there has been quite a lot of movement in the market. We have seen signs of recovery in terms of...