Hexaom (ALHEX) H2 2025 earnings summary

Executive summary

• Operating income rose 25.4% year-over-year to €25.2M, despite a 15.4% drop in revenue to €616.2M.

• Net income increased 4.4% to €14.3M, with a current operating margin up to 4.1% from 2.8% in 2024.

• Strong order intake across all business lines supports a positive outlook for 2026.

Financial highlights

• Revenue fell 15.4% year-over-year to €616.2M, mainly due to a 22% production decline at constant scope.

• Operating income reached €20.8M (+5.1% year-over-year); net income at €14.3M (+4.4%).

• Net cash position at €61.6M as of Dec 31, 2025, down from €84.3M due to the HDV acquisition.

• Equity at €238.1M and cash at €140.5M at year-end.

• Proposed dividend of €0.8 per share for 2025, up from €0.49 in 2024.

Outlook and guidance

• 2026 guidance: revenue expected to rise 20% and operating margin to exceed 5%.

• Focus on market share gains, operational efficiency, and diversification.

• Vigilance maintained amid global economic and geopolitical uncertainty.