Hexicon has published its annual report for 2025, outlining financial results, project developments and market conditions for the floating offshore wind sector. Hexicon’s project development portfolio totalled approximately 10.9 GW (gross) at the end of 2025, with seven projects under development across Sweden, the United Kingdom, Italy, South Africa and South Korea.
In Sweden, the 2,500 MW Mareld project, developed through the Freja Offshore joint venture, received a Natura 2000 permit during the year and remains in the early development phase.
In South Korea, the 750 MW MunmuBaram project, fully owned by Hexicon, is in a late development phase. The company also holds an additional 375 MW prospect linked to the same project.
In Italy, Hexicon’s portfolio included the Sardinia South 1 project (1,550 MW) and Sardinia South 2 project (700 MW), both in early development and developed in partnership with Avapa Energy. During 2025, the company divested its 50% stake in the Sicily South and Sardinia Northwest projects to Ingka Investments and Oxan Energy.
In South Africa, the 800 MW Gagasi project, developed with Genesis Eco-Energy Developments, remained in the early phase.
In the United Kingdom, the Pentland project (92.5 MW), in which Hexicon holds a 10% stake, is in a late development phase. The TwinHub project (32 MW) was impaired during the year. Following the reporting period, Hexicon completed the divestment of the TwinHub project, through a sale and purchase agreement with an unnamed global maritime and offshore engineering provider. Hexicon transferred its full 100% stake in the project company, Wave Hub, including all associated assets and liabilities, for a total consideration of GBP 1.
In addition to active projects, Hexicon reported a prospect portfolio including projects in Italy, such as Puglia 1 (950 MW), Puglia 2 (1,150 MW) and Sardinia Northeast (1,950 MW), as well as an additional MunmuBaram prospect in South Korea.
The company reported net revenue of MSEK 19.2 for 2025, compared with MSEK 9.8 in 2024. Operating loss amounted to MSEK 137.3, while the result before tax was MSEK 326.4 negative for the period. Hexicon’s business model remains focused on early-stage project development and technology development through its TwinWind platform, with revenue generated from consultancy services, project divestments and potential future licensing.
