Hexagon Updating estimates & PT to reflect Q226 preview, Octave spin-off (and more)

研报英文原文证据摘录

Hexagon Updating estimates & PT to reflect Q226 preview, Octave spin-off (and more)

J P M O R G A N Europe Equity Research

09 June 2026

Hexagon Neutral

HEXAb.ST, HEXAB SS

Updating estimates & PT to reflect Q226 preview, Price (08 Jun 26):Skr84.60

Octave spin-off (and more) ▼Price Target (Dec-27):Skr85.00 Prior (Dec-27):Skr115.00

We update our financial model to reflect a number of factors, namely: i) our

thoughts into the Q226 results; ii) our updated views on the impact of the D&E European Tech Software & IT

Servicesdivestment, iii) the spin-off of Octave, and; iv) the updated mid-term guidance. Our

underlying adj. EBIT estimates are reduced ~1-5% through FY26-28, mostly Joseph George AC

driven by lower operating margins (itself the net result of the D&E divestment and (44-20) 3493-6990

joe.george@jpmorgan.com

the refreshed mid-term guidance), as well as lower organic growth estimates to a J.P. Morgan Securities plc

smaller extent (driven by the refreshed mid-term guidance). We also now treat

Toby Ogg

Octave as discontinued operations, following the completion of its spin-off. (44-20) 7742-3278

Previously (see our notes here and here on the Octave spin-off and SOTP maths), toby.ogg@jpmorgan.com

we had expected Octave to contribute close to ~25% of Hexagon’s EV. As a result J.P. Morgan Securities plc

of the spin-off and our lowered estimates, our Dec-27 PT moves to SEK 85 (from Giulio Gambardella

SEK 115 prior), with most of this reflecting the removal of Octave from our (44-20) 3493-4181

financial model. With the D&E divestment and Octave spin-off more mechanical giulio.gambardella@jpmorgan.com

in nature, we detail our underlying thoughts into Q226 results as well as our J.P. Morgan Securities plc

estimates vs. the refreshed mid-term guidance below. Priya R Suneja