Hexicon interim report January–June 2023

”Last quarter has been very eventful for Hexicon. We have managed to secure flexible financing alongside pushing the project portfolio forward with several important milestones reached, solidifying our position as a leading player in the floating wind sector.”


  • Net revenue amounted to SEK 2.5 (2.8) million
  • Operating profit/loss was SEK -75.9 (-44.0) million
  • Profit/loss before tax for the period was SEK -65.5 (-44.5) million
  • Earnings per share basic and diluted was -0.18 (-0.12) SEK
  • Cash flow from operating activities was SEK 16.9 (-27.5) million


  • SWEDEN: Permit applications submitted for two offshore wind farms, Mareld of 2,500 MW and Cirrus of 2,000 MW.
  • TECHNOLOGY: Patent authorities dismissed objections on Hexicon’s patent regarding the TwinWind™.
  • HEXICON: Secured development loan of EUR 45 million for projects with Glennmont Partners.


  • HEXICON: After the period convertible loans of SEK 82.5 million were repaid with interest by utilising the development loan facility.
  • HEXICON: Secured financing of SEK 75 million through a revolving credit facility which is complementary to the development loan facility.



Last quarter has been very eventful for Hexicon. We have managed to secure flexible financing alongside pushing the project portfolio forward with several important milestones reached, solidifying our position as a leading player in the floating wind sector.

Our business model is to develop projects over several years before divesting them. Up to that point our project spending is taken as cost, and the value created is consequently not visible until a divestment is made. This means that, for accounting reasons, we are incurring losses during the project build-up phase, as visible in this report. Meanwhile we are continuously securing the liquidity required to fund the ongoing project development. In the second quarter we reached a point where we needed to get additional financing. Having secured that, we are now drawing it down at the necessary pace. We remain confident that we will achieve the targeted return on our project portfolio.

A lot of activity in the market
In Sweden, two important applications for ground-breaking projects were submitted to the government by our joint venture Freja Offshore. The first one relates to the Mareld Floating Wind Farm off the west coast boasting a total capacity of 2,500 MW. The second one was the 2,000 MW offshore wind farm Cirrus, located in the Baltic Sea off the south coast. The progress in Sweden together with further developments in Italy during the year has increased our net project portfolio to 6,300 MW (2,000 MW), and our net prospect portfolio to 4,400 MW (4,000 MW), significantly increasing the value of our portfolio.

We see momentum in Sweden where several offshore wind farms recently received permits from the government. Globally we continue to see political signs of acceleration of offshore wind. For example, the German government recently auctioned out 7 GW of offshore wind for EUR 12.6 billion and in Australia, the Government declared a new offshore wind development area off the east coast. On that note, Hexicon’s appetite to utilise its core skillset of originating and early-stage developing projects around the globe remains high.

An important ruling, a catalyst for TwinHub
On the technical side, we received a very important positive ruling during the quarter. The Swedish Patent and Registration Office (PRV) has rejected an objection regarding the patent relevant to Hexicon’s TwinWind™ design. This was an expected but still very welcome decision. We also see the decision as supportive of the entire patent family in all national validated patents, which also provides continued motivation in the development of TwinWind™ and related IP as well as the TwinHub Project which continues towards implementation of our technology.

Securing financial flexibility
A significant event in the quarter happened in late May when we entered into a long-term financing agreement with Glennmont Partners of up to EUR 45 million. This agreement offers us the financial flexibility needed to effectively develop our project pipeline and optimise the divestment process. As the Glennmont financing is predominantly used to finance the major projects, an additional credit facility was entered into in July with the Wallenius Group, alongside a few private investors. The credit facility ensures that we have liquidity to cover non-project-related expenses, and together with the Glennmont agreement, it allows us to progress towards our growth objectives with confidence.

In July, our Board received an indicative and conditional bid for the company at a value corresponding to a share price of 1.5 SEK. Due to the level of the bid and the conditions attached to it, the Board decided to reject it. As one of the conditions of the indicative bid was the recommendation by the Board, this process came to an end.

Promising times ahead
I am proud of what we have achieved during the period. The financing agreements that we have put in place are well suited for where Hexicon and the market is today. The floating wind industry is closing in on its first commercial scale projects but is also affected by macroeconomic challenges. Amongst other things, this causes longer transaction lead times. It is as such more important than ever to be able to hold the right projects until the right time to realise the significant value they possess. This is what our recent enhanced financing enables, which leads us towards promising times ahead.

Marcus Thor

Thursday August 31, at 10:00 CET, the company’s CEO Marcus Thor will provide an update of the operations in a webcast. Link to the webcast: https://ir.financialhearings.com/hexicon-q2-2023
The report will be available for download at: https://www.hexicongroup.com/investors/reports-presentations/