Hexagon posts 13% organic growth in Q3, Icelandair revenue declines
Key Facts
Hexagon reported organic sales growth of 13% in the third quarter of 2026, with operating net sales rising to 1,049.1 million euros from 976.1 million in the corresponding period of 2025. Chief Executive Anders Svensson said this was the company’s strongest organic growth in five years, despite a difficult comparison with the prior period. The company recorded growth across all its business areas, Svensson said in the results report. The announcement came as the company had scheduled a results webcast and conference call for October 23, 2026, at 10:00 Central European Time. Sales growth was the report’s standout figure, alongside improvements in adjusted operating profit and margin.
Hexagon’s adjusted operating profit rose to 265.3 million euros in the third quarter, from 238.4 million a year earlier. Its margin improved to 25.3%, compared with 24.4% in the same period of 2025. Adjusted earnings per share were 8.2 euro cents, versus 6.9 cents in the third quarter of the previous year. In the second quarter of 2026, the company reported operating sales of 1,050.2 million euros and organic growth of 12%. Adjusted operating profit then was 255.1 million euros, with a margin of 24.3%, placing the third-quarter results in the context of continued growth between the two periods.
In separate results for the third quarter of 2024, Icelandair’s total revenue was 553.482 million dollars, down from 560.357 million dollars in the corresponding period of 2023. The year-on-year decline was 6.875 million dollars, contrary to the description of revenue as record in the earlier draft. Operating profit fell to 83.477 million dollars from 112.015 million, while net profit declined to 69.201 million dollars from 84.464 million. By contrast, the company carried 1,669,025 passengers, up 9% year on year. The load factor rose to 85.9% from 84.5% a year earlier, highlighting the divergence between passenger numbers and the trajectory of revenue and profit.
Icelandair’s passenger revenue fell to 496.458 million dollars in the third quarter of 2024, compared with 508.044 million a year earlier. Yield per available seat-kilometer fell 10% to 8.4 U.S. cents. The company attributed the weaker yield to lower demand for travel to Iceland and a higher share of connecting passengers. The chief executive said the shift in passenger mix affected results because of lower yields in the transatlantic market. He added: "But that affected our results because of lower yields in the transatlantic market."
Icelandair, meanwhile, said unit cost fell 2% to 7.1 U.S. cents, attributing this to a more cost-efficient fleet, operational planning and strict cost control. According to the dates set out in its report, results for the fourth quarter and fiscal year 2024 were scheduled for January 30, 2025, followed by the annual general meeting on March 13, 2025. Hexagon’s chief executive said the company entered the fourth quarter with strong momentum and a higher order backlog. Hexagon shares fell 2.53% in the October 22, 2026, session, the trading day before the results announcement. The available evidence does not include a market reaction in Icelandair shares during the period in question.