Hexicon has announced an impairment of capitalised intangible assets and goodwill related to the TwinHub floating offshore wind project in the UK. The decision reflects the impact of rising inflation and supply chain costs, which have progressively weakened the project’s financial viability.
Since early 2024, Hexicon has sought to divest TwinHub to a strategic investor with an interest in entering the floating offshore wind sector. Recent market conditions have made it difficult to secure a transaction on terms that would generate material proceeds for the company.
Intangible assets and goodwill amounting to SEK 127 million have been written down. Other adjustments, including revised deferred tax effects, resulted in a positive effect of SEK 12 million, leading to a net impact of SEK 115 million on the group. Hexicon stated that divestment of TwinHub remains a priority, as the project continues to involve ongoing costs and liabilities.
The impairment has also led to a corresponding write-down of shareholder loans and accrued interest in Hexicon Holding, a wholly owned subsidiary that holds the majority of the group’s project portfolio.
