Hexicon has published its interim report for the first quarter of 2026, highlighting continued restructuring activities and progress across its offshore wind project portfolio. During the quarter, the company confirmed that the remaining projects held by Hexicon Holding retained sufficient value to support the company’s equity position following completion of a control balance sheet review. The period also included progress at the Pentland floating offshore wind project, in which Hexicon holds a 10% stake, after the project secured a Contract for Difference covering 92.5 MW.
Net revenue for the January to March period was SEK 0.7 million, compared with SEK 5.6 million in the corresponding period of 2025. Operating loss improved to SEK 16.1 million from SEK 19.7 million a year earlier, while loss before tax widened to SEK 37.0 million from SEK 21.7 million. Cash flow from operating activities was negative SEK 12.9 million.
In March, shareholders approved a SEK 2.8 million loan facility and associated warrants linked to financing arranged in late 2025. The company also completed the conversion of approximately SEK 28 million in outstanding loans into a 49% ownership stake in Freia Offshore, the intellectual property company holding Hexicon’s patented technology. According to Hexicon, the transaction reduces indebtedness and supports continued development of its floating wind technology.
Following the reporting period, Hexicon completed the divestment of the TwinHub project company, Wave Hub, to an offshore engineering provider for GBP 1, including related assets and liabilities.
In May, Hexicon also agreed to acquire the remaining 50% stake in Mareld Green Energy from Mainstream Renewable Power. The transaction includes an upfront payment of SEK 1 and a potential milestone-based consideration of € 4.5 million linked to a future offtake contract award. Completion of the deal will make Hexicon sole owner of the Mareld offshore wind project in Sweden.
