Hexagon Composites announces private placement to boost balance sheet

Hexagon Composites ASA is undertaking a private placement of up to 42,014,083 new ordinary shares, with the subscription price determined via an accelerated book-building process. DNB Carnegie, Skandinaviska Enskilda Banken AB, and Danske Bank A/S NUF are leading the process. The net proceeds are earmarked for strengthening the balance sheet, accelerating natural gas truck adoption, and general corporate purposes. The book-building period began on September 16, 2025, at 16:30 CEST and is expected to close on September 17, 2025, at 08:00 CEST.

Hexagon Composites reported a negative EBITDA of NOK 25-30 million for July and August, primarily due to weak truck market volumes and reduced North American oil and gas activity. Despite this, the company has secured a covenant exemption through Q2 2026, with adjusted EBITDA covenants thereafter, and plans to reduce its total facility debt ceiling from NOK 2.2bn to NOK 2.0bn as part of cost savings.

Hexagon has also agreed to a 6-month lock-up period for the company, executive management, and Knut Flakk. Mitsui & Co. Ltd. maintains its alliance agreement conditional on a minimum 10% shareholding, with Hexagon obliged to negotiate to preserve this stake in any dilutive transaction. A subsequent offering to eligible existing shareholders may be considered post-placement.