Hexagon Q226 results ahead of expectations; Organic growth highest level in five years

研报英文原文证据摘录

Hexagon Q226 results ahead of expectations; Organic growth highest level in five years

J P M O R G A N Europe Equity Research

29 July 2026

Hexagon Neutral

HEXAb.ST, HEXAB SS

Q226 results ahead of expectations; Organic growth Price (28 Jul 26):Skr85.54

highest level in five years Price Target (Dec-27):Skr85.00

Our Take: Hexagon has reported Q226 results ahead of expectations with organic European Tech Software & IT

growth of +11.5% YoY (vs. consensus of +6.2%) and EBITAC ~15% ahead of Services

expectations (full table below). The organic growth performance is the highest in Joseph George AC

the last five years, supported by particularly strong growth in the AS and MI (44-20) 3493-6990

divisions. Management commentary into Q326 is also positive, citing high order joe.george@jpmorgan.com

intake through Q226, combined with an expectation for continued positive market J.P. Morgan Securities plc

dynamics in A&D, general manufacturing and electronics. Overall, this is a strong Toby Ogg

set of results, with earnings estimates likely to feel upside pressure. (44-20) 7742-3278

toby.ogg@jpmorgan.com

• Noteworthy Areas: 1) Performance by segment: Manufacturing J.P. Morgan Securities plc Giulio Gambardella Intelligence: 13% organic revenue growth in Q2 (Q1: 9%) with 24.9% EBIT1

(44-20) 3493-4181

margins (Q225: 24.4%). Infrastructure & Geospatial: 4% organic growth in Q2 giulio.gambardella@jpmorgan.com

(Q1: 2%) with 27.8% EBIT1 margins (Q225: 26.6%). Autonomous Solutions: J.P. Morgan Securities plc

20% organic growth in Q1 (Q1: 13%) with 36.5% EBIT1 margins (Q225: Priya R Suneja

32.6%). 2) Regionally in Q1, EMEA organic growth was up 7% yoy (Q1: 4%), (91-22) 6157 4721

while Americas increased 19% (Q1: 15%) and Asia was up 7% (Q1: 1%). priya.suneja@jpmchase.com