Hexicon reported a challenging 2025 for the floating offshore wind sector as it prioritised financial resilience and project development.
The company said market conditions were shaped by high capital costs, auction dynamics and increased demands for robust regulatory frameworks.
It added that despite these pressures it continued to advance key projects, divest two Italian assets and secure financing for ongoing operations.
Net revenue rose to €1.78m (19.2MSEK) in 2025 from €906,000 (9.8MSEK) the previous year while operating loss widened to circa €12.7m (137.3MSEK).
Result before tax reached €30.2m (326.4MSEK) as the company faced continued cost pressures across the sector.
Hexicon recognised an impairment linked to the TwinHub project in the UK, reflecting changing market conditions and rising costs.
The company maintained that the remaining project portfolio retained its value following a balance sheet review.
Hexicon said its project development portfolio totals 10 850MW across markets including Sweden, the United Kingdom, Italy, Greece, South Africa and South Korea.
The group continues to focus on early-stage development and partnerships to progress projects towards investment and eventual divestment.
“2025 was a year in which we both received confirmation of the value of our business model and made important decisions to strengthen Hexicon for the next phase,” said Marcus Thor, chief executive of Hexicon.
“The market for floating offshore wind continues to mature, but development is progressing step by step and requires discipline from both developers and investors.”