Hexicon has published its interim report for the fourth quarter and full year 2025, reporting lower revenue and a significant impairment linked to its TwinHub project.
In the fourth quarter of 2025, net revenue amounted to SEK 2.6 million, down from SEK 4.7 million in the same period the previous year. Operating loss widened to SEK 152.0 million, compared with a loss of SEK 11.9 million in the fourth quarter of 2024. Loss before tax for the period totalled SEK 195.9 million, against SEK 124.6 million a year earlier, while earnings per share came in at SEK -0.54. Cash flow from operating activities was negative at SEK 14.3 million, compared with a positive SEK 19.6 million in the corresponding quarter of 2024.
For the full year 2025, net revenue increased to SEK 19.2 million from SEK 9.8 million in 2024. Operating loss for the year amounted to SEK 137.3 million, compared with SEK 91.4 million the previous year. Loss before tax reached SEK 326.4 million, up from SEK 258.6 million in 2024, and earnings per share were SEK -0.90. Cash flow from operating activities was negative at SEK 34.7 million, compared with negative SEK 139.0 million in the prior year.
During the quarter, the company held an Extraordinary General Meeting in October, which approved the issuance of warrants in connection with the extension of a revolving credit facility agreed in September 2025. In December, Hexicon recorded an impairment of SEK 115 million related to capitalised intangible assets, goodwill and other acquisition and development adjustments for the TwinHub project. The impairment resulted in a subsequent write-down of intercompany receivables in Hexicon Holding and triggered the preparation of a control balance sheet under Swedish law. The control balance sheet was completed after the end of the quarter.
Also in December, Hexicon entered into a loan agreement of SEK 2.8 million to cover certain costs outside the scope of an existing financing facility with Nuveen. The loan carries an interest rate of 1.38% per month, paid in kind, and matures on 30 June 2027. In addition, warrants corresponding to SEK 5.6 million with a strike price of SEK 0.40 per warrant and maturity in the first week of January 2029 are to be issued, subject to approval at a subsequent Extraordinary General Meeting.
In January 2026, the control balance sheet for Hexicon Holding was finalised. The company concluded that the remaining projects held by the subsidiary have sufficient value and that its equity has not been depleted.
