Hexagon AB: Back in focus

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Hexagon AB: Back in focus

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Hexagon AB

Back in focus

Reiterate Rating: BUY | PO: 120.00 SEK | Price: 95.74 SEK

New era: back in focus, on the core 18 May 2026

We reiterate our Buy rating on Hexagon, with a PO of SEK120 (US$12.55) derived from a Equity

SotP valuation. Our view is based on three pillars: 1) Post Octave spin-off and

management changes, Hexagon is now more focused and transparent, allowing it to Uma Samlin >>

accelerate sales growth and manage cost efficiently. 2) We do not see Hexagon being Research Analyst

MLI (UK)

pressured by AI as the share price YTD suggests, and believe it is insulated with potential +44 20 7995 1964

to gain from higher efficiencies. 3) Hexagon is the only listed European humanoid OEM, uma.samlin@bofa.com

and our DCF suggests the humanoid business could generate additional equity value, Benjamin Heelan >>

Research Analyst

creating optionality for shareholders. As a result, our 27/28e EBIT1 estimates are c3/5% Merrill Lynch (DIFC)

above consensus. +44 20 7996 5723 benjamin.heelan@bofa.com

Despite debate, well insulated from AI pressure AlexanderResearch AnalystJones, CFA >>

AI has driven a c30% derating across software stocks on concerns around lower barriers MLI (UK) +44 20 7995 5828

to entry, new competitors and pricing pressure. We view Hexagon’s industrial software alexander.jones2@bofa.com

as well insulated, given its exposure to mission-critical, low-risk-tolerance industries and Aron Ceccarelli >>

deep integration of hardware-derived proprietary data. Instead, AI adoption could be an ResearchMLI (UK) Analyst

opportunity to lower R&D costs and support competitive positioning. We expect c20bps aron.ceccarelli@bofa.com

EBITA margin expansion pa, driven by AI efficiencies for the group. Tore Fangmann >>