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Analyst Comment

Hexagon: Tariffs have burdened sensor sales already in March

By Pauli LohiAnalyst
11.04.2025, 09.28
Hexagon

Hex

Weak preliminary sales data from March adds uncertainty regarding estimates, especially for the short term. Demand, particularly in China, could be hit by the increased tensions in trade policy. We will today assess the current need for estimate changes. Hexagon will report its complete Q1 report on April 30.

Growth slightly below estimates, profitability clearly missed

Earlier today, Hexagon published preliminary headline figures from Q1 that were weaker than expected overall. Revenue amounted to 1,323 MEUR, which was 2% below both our and consensus estimates. Adjusted EBIT was 345 MEUR, which was 12-13% below our and consensus estimates. Organic growth amounted to 0% (we estimated 1.5%). Recurring revenue, including software and services, grew strongly during the quarter, which was, however, more than offset by the weakness in sensor sales. Adjusted EBIT was also affected by 6 MEUR currency transaction effects.

China and North America were the affected markets

The company said that it has recorded weaker than expected performance in March after a good start to the year. Especially China and North American markets have been affected by the uncertainty regarding tariffs. The company is closely monitoring the situation, and if demand does not recover, it might consider actions to reduce the cost base of the group accordingly.

Hexagon

93.72SEK10.04.2025, 18.00
100SEKTarget price
Accumulate
Recommendation updated:08.04

Hexagon is a global provider of technology solutions. The company specializes in the development of information technology that is further used in geospatial and industrial applications. The company's solutions mainly integrate sensors, software, industrial knowledge, and customers' workflows into information ecosystems. Customers are found on a global level in various industries. Hexagon was founded in 1975 and is headquartered in Stockholm, Sweden.

Read more on company page

Key Estimate Figures08.04

202425e26e
202425e26e
Revenue5,401.15,541.95,872.9
growth-%-0.6 %2.6 %6.0 %
EBIT (adj.)1,602.91,668.01,789.6
EBIT-% (adj.)29.7 %30.1 %30.5 %
EPS (adj.)0.430.460.50
Dividend0.140.150.16
Dividend %1.5 %1.5 %1.6 %
P/E (adj.)21.321.619.9
EV/EBITDA13.914.012.6
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