Hexagon Purus-Soft Q1’26, balance sheet restructuring indicated-05/12/2026

Research evidence excerpt

Hexagon Purus-Soft Q1’26, balance sheet restructuring indicated-05/12/2026

Hexagon Purus

NEWSFLASH | 12 MAY 2026

Soft Q1’26, balance sheet restructuring indicated

Q1’26 numbers were impacted by a NOK 134m gain on asset sales and NOK 28m in restructuring costs. Adjusted for these

items, sales came in at NOK 271m, 26% below consensus, while EBITDA was NOK -104m versus consensus at NOK -75m.

Implied orders were weak at NOK 214m (0.78x BTB), and backlog declined to NOK 463m from NOK 540m in Q4’25, adjusted

for divestments. Operating cash flow was NOK -45m despite an NOK 86m working capital release, implying adjusted cash

burn of NOK 40m. Q1’26 cash ended at NOK 364m, with management actively evaluating capital structure measures,

including options related to its convertible bonds. Backlog + Q1 sales is down NOK 125m Y/Y, which combined with soft Q1

orders should drive estimates down, we believe. Consensus currently expects 16% Y/Y growth in 2026e. Exact revisions are

difficult to pin-point, but we believe top-line will come down ~20-30%. Shares are likely to trade sharply down today, we

believe.

Act PAS Cons

NOKm Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'26e Dev. Q1'26e Dev.

Sales 230 193 252 468 405 278 46 % 367 10 %

% Growth -44 % -63 % -54 % 18 % 76 % 21 % 55.3 p.p. 59 % 16.6 p.p.

Cost of materials -147 -101 -119 -338 - 162 -158 2 % -222 -27 %

Gross profit 83 93 133 130 243 119 104 % 145 67 %

% Contribution margin 36 % 48 % 53 % 28 % 60 % 43 % 17 p.p. 40 % 20.4 p.p.

Opex -325 -254 -249 -230 -241 -225 7 %

EBITDA -242 -161 -116 -99 2 -106 -102 %

% margin -105 % -83 % -46 % -21 % 0 % -38 % 38.5 p.p.

Adj. Sales 271 278 -2 % 367 -26 %

Adj. Gross profit 109 119 145

% margin 40 % 43 % -2.8 p.p. 40 %

Adj. EBITDA -177 -161 -97 -23 -104 -99 5 % -75 39 %