The headline numbers will tell you that organic growth is back (+10%) and the bleeding has stopped. But if you only look at the top line, you are missing the most important structural shift in this company’s history.

While everyone was fixated on the fiber slowdown, Hexatronic’s Data Center segment exploded, delivering 62% organic growth this quarter. This is rapidly becoming a critical infrastructure play for the AI build-out.

For context, see my original write-up here: Hexatronic: Fallen Angel offers asymmetric opportunity

In this deep dive, I answer the three critical questions determining the stock’s future:

The Growth Reality: Is the US recovery broad-based, or is the 10% organic growth entirely driven by the new Data Center focus?
The Margin Bridge: Management increased the cost-savings target to SEK 120m, but are we seeing it in the margins yet, or is the heavy lifting still ahead?
The BEAD Timestamp: How is management framing the stimulus timing? (Hint: The goalposts for the “Great Recovery” have moved to H2 2026).

The full investment case is available exclusively for subscribers.

I started the paid tier 1st of February, to be able to continue to deliver deep, high-grade research. If you want the full game plan for Hexatronic (and upcoming reports), now is the time.

Until February 28th, I am offering a Charter Member Rate: ✅ Lock in 20% OFF forever. ✅ Secure the lowest price this newsletter will ever offer. ✅ Get immediate, un-redacted access to this report.

Charter Member Offer Deal - Click Here

Fjord Alpha

Hexatronic Q4-2025: The Fallen Angel has…

Comments on this post are for paid subscribers