Our revenue was 1.3 billion, delivering an EBITDA of NOK 105 million. Input costs remain at inflated levels, and that continues to put pressure on margins in the Agility business. The margins have now been restored in the Ragasco business. That's very satisfactory. Entering 2023, we have good order books and good visibility in most parts of our business. Proudly presenting that in 2022 we enabled the avoidance of 1.35 million tons of CO2 equivalents. That equals 280,000 petroleum cars off the road for a year or saving 1.5 million acres of forest saved. That is a meaningful impact.
If you look at the full year financials, Hexagon excluding Purus revenues of NOK 4.3 billion up from NOK 3.3 billion last year and EBITDA of NOK 347 million. Purus business really delivering almost NOK 1 billion in revenues, and keep in mind that two years ago or in 2020 it was at less than NOK 180 million. Still in the build-up phase, the EBITDA is negative at NOK 406 million. Summing the two business companies together, we have a joint revenue of NOK 4.93 billion and - NOK 65 million in EBITDA. The world news continued to be relevant for Hexagon, but I would say that Hexagon also continues to be relevant for these solutions.
Obviously the climate issue, that is what Hexagon is about first and foremost. On top of that, we have the energy crisis, and that creates very interesting business opportunities for us, primarily for the distribution segments, both in the Hexagon part of the business and in the Purus business. Longer term it will also stimulate mobility for sure. We see now a tendency to accelerated de-globalization, which is interesting in many ways. One of the effects is that there is growing competition between the major regions, especially now between the U.S., that with the Inflation Reduction Act, provided significant stimulus to investments in green technologies and resources in the U.S. Recently, the EU has responded to that with its Green Deal Industrial Plan, which is then complementary to the REPowerEU program.
The U.S. now in Q1 introduced the U.S. National Blueprint for Transportation Decarbonization, which details out how to bring the transportation sector to net zero by 2050. Very ambitious plans. That involves battery electric technologies, it involves hydrogen related technologies, and it also in a very positive way supports the RNG industry. Talking about RNG money, significant money continues to flow into projects to promote RNG. Latest the news on Goldman Sachs investing $1 billion in a European biomethane venture. Remind you, currently in the EU, there is a production of roughly 1 billion cubic meters of biomethane, and the ambition is to bring that up to 30 billion by 2030.
We will see more of these announcements and a significant industry is being developed, which in turn then will enable decarbonization of the transportation sector. Our response to that is continue building up capacities, also continue developing our organization, and not least, further innovation and product improvements. This is our new generation Mobile Pipelines. The current generation was launched in 2010. We have some really good workhorses out there, but this new module is significantly more efficient in terms of delivery of gas per weight unit or per volume unit. Very robust solution, also fit for purpose in difficult areas like the Canadian oil fields, et cetera, winter conditions.
We expect this to further strengthen our edge in the marketplace, initially in North America, and then this product will also be taken to South America, and other parts of the world. While in Europe we need a somewhat smaller configuration, with vertical, cylinders. That is another drive that we will focus on going forward, building up more capacity for that production in Europe. All in all, we are quite confident going into 2023. We have a solid order book. The order book is more or less filled for Mobile Pipeline. We expect, excuse me, we expect resilient volumes for the refuse truck market and the transit bus markets. Strong sales pipeline in Hexagon Braskem, especially for the first half.
As always, we need to collect business for the second half, but we are optimistic this year. Very, very pleased with the development in Hexagon Digital Wave. Still a relatively small business, but tripled its top line in 2022 compared with 2021, and that growth will continue now in 2023. Our uncertainty is regarding the heavy-duty truck market. It's actually looking good. We have a good order book for first half. There is a very high market activity, a lot of leads also for the second half. But we remain a bit cautious. Should there be a recession, we should expect that some of these orders will move into 2024.
Also the launch of the Cummins 15-liter engine, which is a very good piece of news for us, which will happen in 2024, it may lead some customers to wait for that new engine. That's why we, at this stage, remain a bit cautious regarding that important part of our business. We continue to have margin challenges in the Agility business. We expect to see gradual improvements, but the input factors are priced very highly, especially for carbon fiber, and for energy. Nevertheless, we are fully confident in the future of all our segments, and therefore our investment programs will continue as planned. Investments in increased capacities that is. Why is this Cummins launch so important for us? This is a 15-liter.
The biggest engine in the market today is a 12 -liter, that means that essentially the whole North American truck market will be addressable for us and could in principle convert to natural gas. We don't expect that to happen immediately, but we expect this will stimulate very strong growth from the very modest market share of 2%-3% that natural gas enjoys today. This engine is significantly more efficient. Cummins talk about an efficiency improvement of 6%-7%. That is the utilization of the energy in the fuel. That makes the TCO even more attractive than it is today.
From 2024, also in the U.S., much more stringent regulations begin to come into force, and the diesel alternatives need to be supported by more filters, et cetera, creating the cost for the diesel alternative higher. Already today, the TCO of a natural gas alternative is a very attractive proposition, but it will become increasingly attractive going into 2024. Over to Purus, already mentioned very strong growth. That growth is expected to continue, the management guided on at least 50% increase from 2022 to 2023. Looking further out to 2025, we continue to have a high degree of confidence in reaching the targets of NOK 4 billion-NOK 5 billion in top-line revenue in this area.
Much thanks to long-term agreements or existing customers that we have good visibility regarding their plans. If you wonder why we still burn a lot of cash in this part of the business despite this strong top-line growth, this picture explains it. We have invested significantly in the organizational build-out that is both footprint and software and human capital. We are setting up new facilities on 3 continents. From the left, Kelowna in British Columbia, the engineers have already moved in, and the facility will be opened now in Q2. Westminster in Maryland was officially opened now in January, so a nice new facility there. Kassel, Germany state-of-the-art facility will be opened in the second half.
In Weeze, the Wystrach business for distribution units for the European markets, where we are now out of capacity, we are adding significant new footprint there to meet the growing demand. Shijiazhuang in China. That project was a bit hampered by the several lockdowns. Now that China has opened up again, it's full steam ahead. We're also setting up there one facility for cylinders and one for systems assembly. On that note, I will hand over to you, David, for more details on the financials.
Thank you, Jon Erik. Okay, good morning everybody here, live and, also, joining us on the webcast. Just going into the highlights for quarter four, pretty much the same message throughout 2022. Record top line, while the supply chain disruptions and inflation, they still weigh on margins, particularly in the Hexagon Agility business. Starting with Agility, another milestone there, NOK 1 billion of revenue for the quarter, and the 23% top line growth, very much driven by our Mobile Pipeline. However, low margins as price rises, continue to lag the higher input cost increases. For Ragasco, they posted NOK 234 million, 37% revenue growth. The high volumes and demand allowed a very positive scale efficiency.
Also with combined with some positive mix, we saw healthy margins coming out of Ragasco. On Digital Wave, NOK 46 million in revenues, so tripling of revenues year-over-year across their technologies. From those levels of volume, very strong EBITDA was a result. Hexagon Purus is our publicly listed subsidiary. As Jon Erik covered, tracking very well to their plans and guidance. Of course, the 73% ownership interest that we have is currently valued by the market at NOK 5.4 billion. The book value is NOK 1.7. Okay, going into the highlights. This is Hexagon excluding Purus. The result was NOK 1.3 billion in revenues or 26% growth.
Even correcting for positive currency effects, that is 14% growth and very satisfactory. Strongest performance is again in Ragasco, Mobile Pipeline and Digital Wave. For EBITDA, we posted NOK 105 million, so NOK 7 million down year-over-year, for 3 percentage points down. Again, the margin pressure are those sales prices that are lagging the input cost increases, particularly in the heavy duty business of Agility. We also did continue to suffer some output inefficiency caused by supply chain disruptions, also in Mobile Pipeline this quarter, but generally for our operations in the U.S. Still more to come with normalized supply chains. For the full year, NOK 4.3 billion represents a 31% growth year-over-year.
22% when we correct for foreign exchange or currency movements. Of course, solid volumes across the board for the year. The margin pressure we see, the NOK 347 million EBITDA we did was down from last year, 4 percentage points down on margin. Again, that's the softer profitability in Hexagon Agility. Going into Hexagon Agility, starting with Q4. The NOK 1 billion in revenues was a 23% increase year-over-year. Again, theme we've seen is a strong Mobile Pipeline sales, but coupled with the bounce back in refuse or garbage truck volumes for the year and, sorry, for the quarter, and American U.S. transit volumes. There's also an increasing effect of pass-through of the price adjustments.
When we go over to EBITDA, you can see the NOK 48 million versus the NOK 93 million same period last year, really much caused a lot by these higher inflation prices. Going into that a little bit more deeply, the carbon fiber price, this has been a. It's a contracts we try and fix forward. These prices have been growing through the last 18 months. As we consume then our inventory, we consume that inventory at higher input prices. Those higher prices will continue to rise also in 2023. 2023 over 2022, we'll continue to see higher carbon fiber prices, and this is obviously a key ingredient in our products.
Also, the suboptimal efficiency from the supply chain disruptions accounts for some of that margin reduction. Let's not forget that in the light duty vehicle business in Germany, there continues to be pretty low volumes from our major customer there. All of those putting a drag on the margin in Agility. However, for the full year, I'm gonna be proud of the $3.5 billion in revenues, top line, and that's 33% growth. Just to dwell on Mobile Pipeline sales, so the previous record was 2014, where they did $78 million for that year.
We beat it this year by quite a good margin, and Mobile Pipeline continues to go from strength to strength, both in this side of the business and also on the Purus side. Coupled with that for the year was strong refuse, like mentioned the bounce back before, but also considerable volumes for medium duty as we deliver to our long-term partner, UPS. On the EBITDA side, Agility recorded NOK 208 million down from last year. Again, this is subject to the same margin factors we mentioned before. Just like to say, as you can see for almost 40% of the Agility pie is on the medium and heavy duty truck. You can see over 30% in transit and refuse, and 23% in Mobile Pipeline.
As much more decarbonization targets are basically targeted towards transportation, the automotive business is definitely still very positive, particularly with the introduction of RNG, which is extremely well-used fuel now in the U.S. Similarly, the RNG needs to come from somewhere, and our Mobile Pipelines then help to deliver the RNG, either to transportation sources or other sources of industry. Very diversified revenue streams, and all pointed towards critical infrastructure or decarbonization targets. Hexagon Ragasco, can't say it anymore. It was just a fantastic quarter, delivering NOK 234 million in top line. That record revenue really derived with help from positive mix and also the necessary pass-through of pricing.
On the EBITDA side, you can see it generated NOK 53 million, significantly up from last year and recording a 23% EBITDA margin for the quarter. Again, positive mix, good scale efficiency, and those price rises have combated the material input cost rises. The strong quarter for Ragasco allowed them to finish at NOK 706 million in revenue, up 22%. I'd like to say that we're able to source extra demand from Europe and the Middle East, and that offset lower volumes to a major customer in Asia for the year. On EBITDA, we posted NOK 123 million in Ragasco, and that's up NOK 28 million from the same period last year. Also importantly, our margins were significantly higher.
Within that 123 number, we've also year-over-year absorbed 12 million in extra energy costs, and that is also set to be recouped from 2023. Hexagon Ragasco is the gift that keeps giving, a very resilient business with recovering profitability. Going on to Digital Wave, for the quarter, we tripled revenues. NOK 46 million is not that far away from the full year last year. A significant quarter for Digital Wave and significant momentum. Healthy mix of their product sales, as well as their technology and services offerings. We see just increasing adoption on multiple applications going forward.
One of the wins in the period was ultrasonic examination, a new machine to quality check Type 1 of steel cylinders, and that's actually within the manufacturing processes as opposed to testing afterwards. A good win. On the full year then, Digital Wave posted NOK 116 million doubling revenues year-over-year, and it's been profitable growth. These types of levels you can see, they've gone over break-even point and started to make a profit, EBITDA of NOK 7 million up from the negative NOK 11 same period last year. Digital Wave is a asset-light business with its proprietary technology, software, etc. The services included in its core offering. Generic has covered the group.
Just a reminder, everybody, that group results are hitting almost NOK 5 billion in top line, negative EBITDA, really due to the fact of Purus being in its growth stage. You can see Purus in the middle, fantastic top-line growth, comes at a cost for now, and they anticipate break even somewhere in the 2025 timeframe. To the left, Hexagon excluding Purus, this remains, continues to be a strongly growing business, with profit generation. The balance sheet, some reduction in the currency value, so the dollar to NOK has meant reduced values quarter-over-quarter there. Pleased to say on the left-hand side, cash was up about NOK 126 million in Hexagon ex Purus to NOK 0.3 billion.
Purus had quite a modest quarter for them in terms of cash burn, half the cash burn that they have been doing, good active management. We closed at NOK 0.4 billion at the end of the year. NOK 714 million for the group in cash, we closed with equity ratio of 44%. Some of that increase in cash on the Hexagon excluding Purus side, we can take through the capacity expansion. The U.S. capacity expansion at Salisbury in North Carolina, this continues to be on track. Remember, this capacity is to be online for the growing demand we expect in 2024 from the launch of the 15-liter Cummins engine.
Right at the end of the year, this building here was owned. We did a sale and leaseback transaction, we concluded that, as I said, right at the end of the year, which we received then $16.3 million in gross proceeds. That, of course, strengthens our liquidity. Construction commenced on the whole project, starting with the parking. A building will be erected, and we've already through the year 2022 secured long lead equipment, milestone payments, etc. Very much going on track. Another point is that the lessor then will assume the construction cost of the new building, that's $13.8 million that doesn't need to be funded by Hexagon.
further positive to liquidity going forward. We closed at NOK 1.341 interest-bearing debt, and we have stabilized leverage levels also for 31st December. Then finally, our scorecard, our financial and ESG scorecard, as we see that the financial reporting and ESG reporting will be merging over time. We can see that trend. We have conviction that strong demand for our sustainable solutions is sustainable and will grow. Looking at 2022, which was a challenging year, still resulted in 31% top line growth for NOK 4.3 billion in revenue, NOK 347 million in EBITDA. We avoided the 1.35 million metric tons of CO2. We have available liquidity of NOK 684 million going into 2023, equity ratio of 48%.
Again, we have Hexagon Purus ownership, valued at NOK 5.4 billion on our balance sheet. Ready to go into 2023. The final words regarding 2022, just finishing off that strong finish, meant that we exceeded the revenue guidance. We hadn't really changed the revenue guidance throughout the year, but we hit NOK 4.3 billion. Comfortable clearance. On the EBITDA, that's where we've had the challenges. It's extremely challenging to forecast how our margins develop in the year, where you have so much supply chain disruption, where revenues are not always recognized in the period, and where inflation and cost is hard to predict how that goes through our cost of goods sold. Saying that, very, very pleased to hit NOK 347 million, exceeding that guided target of NOK 325 million.
Because of that, difficulty, we still see some disruption, et cetera, coming through, that difficulty to predict, particularly on the margin side. We'll give preliminary, qualitative, guidance for 2023. We'll return back in after the first quarter, and with an update on, particularly, maybe more definitive guidance. If we start with the Agility businesses, on Mobile Pipeline, we have seen over the last few years extremely strong RNG driven growth. We expect that to continue. Our order book is more or less covers the full year going forward. Of course, we're very confident and have visibility on Mobile Pipeline going forward. Subject to any disruptions, this should be an even stronger year.
On the Transit and Refuse, we have good momentum from 2022. We expect that to continue, so very solid volumes in the transit sector and also the refuse sector. I'd just like to say the European transit sector has actually held up very well. We were quite worried about that when it came to the Ukraine war and effects, but we've closed pretty strongly in 2022, and overall, very pleased in that sector. I think the area where there is some uncertainty is Heavy Duty Truck. As Jon Erik mentioned, we have good visibility on the first half of the year. It should be solid enough, but there are too many risk factors on the second half of the year. One, macro uncertainty.
Good to note that some of the indications on heavy duty market are okay, actually, that's a good indication. Of course, the switching effect, potential switching effect to a 15-liter, that's something that we're just gonna need more time to see how that affects the back end of the year. Otherwise, we are cautiously optimistic. On Ragasco, we certainly see a very healthy outlook and a strong sales pipeline. It's been a few years, the Ragasco team will continue to be challenged to find the other new big customer order that we've missed for a couple of years. Ragasco is going to every year looking to fill the factory. If we fill the factory, the results will all come from there.
But very promising in Ragasco, and again, we don't have any, we still believe in a very healthy outlook there. On Digital Wave, we see this continuing to grow with the momentum. There are more and more markets opening up and more and more geographies. And as we ramp up, we are seeing that we are able to do that also profitably, even with a significant ramp up in our staff to take these opportunities. More and profitable growth in Digital Wave. Overall, what does that mean? Healthy growth across most segments. Uncertainty only contained to the Heavy Duty Truck volumes moving potentially to 2024. The EBITDA, we do expect a gradual margin improvement.
We can't say how fast that margin improvement will be through the year. I will say that a lot of the Heavy Duty Truck demand is or volumes are back-end loaded. Again, we'll need to wait to see about that uncertainty on volumes. At the same time, we have the higher carbon fiber price, but also the other commodity prices coming down, should transfer into our components, probably by at least the second quarter or the end of the second quarter, and that will be a positive effect to margins. At the moment, just gradual margin improvement through to the end of 2023. On that note, I'll invite Jon-Erik to join me.
Thank you. In summary, record high 2022 revenues. We expect gradual margin improvements in 2023. Hexagon Purus, very strong order backlog supporting future growth. We maintain the 2025 revenue targets of NOK 6 billion for Hexagon excluding Purus, and NOK 4 billion-NOK 5 billion, which accounts for Hexagon Purus. With that, we are open for questions.
Thank you. Very good. Are there any questions we wanna start with here in the room? I do have some online. Okay, we will begin then with a few that are coming in the webcast. Jon Erik, do you see the strong European demand in Ragasco in Q4 continuing into 2023?
Absolutely. The start of the year is very promising, so we expect 2023 to be a good year for another good year, I would say, for Ragasco. Still, orders to be collected for the second half.
Another question. This is for you, David. Are there further investments in cylinder capacity expansion needed in order to address the expected 2024 demand?
No, that's what we're building to, now, so the expansion that's on track, will address the 2024 volumes.
again to you, David, what's your overall feel for 2023 outlook?
My feel is good. As I said, I'm cautiously optimistic on the heavy-duty, truck, and the rest of the businesses are really, performing. I maintain a, quite a chipper, outlook. Yeah.
Okay. Jon Erik, to what extent, or maybe David, but to what extent can the solid improvement in Ragasco, based on repricing, et cetera, be copied over to Agility performance in 2023 and 2024?
I think we will definitely expect gradual improvement in the margins in Agility in 2023. We also depend on getting good utilization of the factories to take out economies of scale. That's back to the question of the second half. Again, there is good reason to be optimistic, because the market activity is very high. We also then caution that if there is a recession or if customers will choose to postpone because of the launch of the new Cummins engine, then we could see a somewhat softer second half. That's the uncertainty we have. Then going into 2024, we think we will have restored margins to, back to the pre-COVID level, to put it that way.
Continuation from that question was, when was the Cummins engine contracts negotiated, and how flexible are they on input costs on Hexagon's side?
Yeah. I apologize if I have been imprecise. We have not entered into contracts with Cummins. Cummins is the engine supplier. We supply the fuel systems, so we are such independent players in the market, but the Cummins engine is, of course, central for the market to develop, so this new model is very, very positive for us. We don't trade directly with Cummins normally. Some, there are some exceptions to that, but generally, we are independent from Cummins in the market offering.
Just as a continuation on the Cummins topic, how confident are you that the 15-liter launch will boost the CNG market and benefit you?
Very confident.
We also have, David, on a group basis, gross margin is 6 percent points lower in 2023 versus prior years. How does the path forward to, for example, when will the 50%-52% level be reached again?
I think it's a similar question I've faced before, previous quarters. It's really a function of that normalization. If there's normalization in the supply chains, that's been part of the issue, and of course, normalization, at least with our, or mitigation of our prices, to the input costs. I think the other key factor, though, going forward from there, is when we kick into those 2024 volumes, we expect quite an inflection point. Quite more considerable, volume scale, efficiency, and that will really impact margins. One other item is back to the question about Ragasco. Ragasco operating at world-class manufacturing levels.
That is something that we're use 2023 as quite the focus, so that we are as efficient as possible when those 2024 volumes come in. We feel there's quite a lot of margin from the productivity focusing on the manufacturing side. That should benefit margins as well.
Excellent.
Wait for 2024.
Okay. We got another question from the webcast. How much do you expect carbon fiber cost to increase year-over-year in 2023, in %?
We tend not to give that sort of data out, but it's enough to be significant. There's these prices. You'd say it's probably normalizing back to 10, 11, 12 years ago. They've been gradually increasing over the last couple of years at least. We've been able to deal with it apart from these very extreme conditions in 2022.
Just to add to that. We don't really see continued price increases from what we saw in 2022. We also don't see that the prices will come down again in 2023. They're flattening out at a relatively high level.
Very good. Jon Erik, can you expand on the ongoing RNG market strength contrasting the outlook in Europe and North America in view of the IRA?
Could you please repeat that question?
Can you expand on the RNG market strength, the ongoing strength of the RNG market, contrast the outlook in Europe versus North America in view of the IRA?
The RNG is already very hot in the U.S. in the transportation sector. There is a big significant difference between Europe and the U.S. because in the U.S., we can run trucks on CNG, compressed natural gas, while because of the configurations of European trucks, that market is going to be liquid. That is why we invested in Cryoshelter to also get leading technology for liquid storage of natural gas to the European market. In that sense, Europe is lagging the U.S. in the transportation sector. The biomethane industry is as big or bigger in Europe than in the U.S., but the application for the transportation sector is more novel in Europe.
With this very strong focus on both decarbonization of transportation and the increase of biomethane capacity, and all the extreme increase of biomethane capacities in Europe, and the build-out of infrastructure, we think that there is a very promising market also developing in Europe.
Excellent. Do we have any questions in the audience here?
Just a quick one. I saw you posted 11% cylinder sales from Hexagon or to Hexagon Purus. Can you just elaborate on that cooperation between you producing the cylinders and delivering to Purus?
Can you repeat the question for the audience? We didn't get the microphone to him in time.
I think the.
Yeah
The microphone comes there. maybe, are you okay to repeat the question?
Yeah, I think so. Just on this, 11%, cylinder sales from Hexagon to Purus, just to understand the cooperation between Hexagon and Purus.
For now, Purus relies to a significant extent on getting supplied, supplies of cylinders from, Hexagon from Agility, especially in Germany. With the new sites then, coming on stream, step by step through this year, Purus will take over a share of that. They will still continue to be supplied for at least the next couple of years, because of the growth rate. Even with all these expansions, they will need to have a third party supplier, and that will be Hexagon. Obviously, these, this trade is at arm's length distance.
Other questions from the room? I do have another question here from the audience. Jon Erik, can you describe some of the advantages of the new generation Mobile Pipeline modules that you spoke about?
The main advantage is that it is more compact, more storage volume per weight unit and per space unit. We are further reducing the gravity point of the container, and that is a very, very important competitive edge to the competition. Rollovers is a major concern when transporting, whether it is natural gas or hydrogen. We have by far the lowest tipping point, if you like, of this container. The new generation will further improve that. It's a very well thought out product. Have been working on it now for, I think, almost three years. We will continue to fill in with different configurations to cover the full market with that new concept.
I can also add that we share that North American market, which is, you know, north of $70 million revenue, with another competitor. This product instantly makes us a better competitive position than that customer. We expect some good things there as well.
Let's keep my eye on the room here. I do have another question online. We, Jon Erik, regarding your stake in Hexagon Purus, what is the timing for reducing to a minority holding?
It's the same answer as always. That, we want to support this company. We love the company. We also think that it is the right way to go, that we over time reduce our ownership below 50%. One thing is on our side because it's confusing for a lot of investors looking at the consolidated numbers, when we have this mix of the early stage Purus, which is EBITDA negative, and then the more profitable healthy portfolio that we have in the rest Hexagon. For those of us, for those investors who are not able to follow closely, the equity story will be simplified. That's one thing, but also we think it's good for the Purus stock to have more free flow, et cetera.
We will contribute to that. We will not make obviously any hasty moves, which is not supporting the industrial development and also the equity value.
Okay. We have a clarifying question. To make it clear, you expect carbon fiber prices to remain relatively flat for 2023 compared to 2022, not a further increase?
The prices are fixed. As they run through, come out of inventory and into margins, that is something that is increasing year over year, but the rate of increase is slower. 2022 over 2021 was a higher rate than 2023 over 2022. If that clarifies. Prices are fixed, but of course, as you take this through inventory, you start using the higher and higher prices, and you get this margin effect I discussed.
A lot of that price increase came into our inventories, in the second half of.
Correct.
2022.
Continuing on the cost questions. Can you expand a bit more on the raw material effect in Agility? Can you explain why it's so difficult to pass along the cost increase to customers?
In Agility? I think we've discussed the contract structure. It's to do with the contract structures there. Yeah.
It's always very difficult to pass on. It's very painful. The contract structure is different in that business than in, for example, Ragasco. You know, we need to be mindful of the situation of the customers as well. To do this over some time is, I think, the most prudent way of approaching it.
Okay. I've got one last question here. Is there anything else from this room? No? Great. For you, David, what drove the great results in Hexagon Ragasco and Hexagon Digital Wave?
Obviously a great team, I guess, No, I think Ragasco has had a constant focus on operational excellence. The question has always been developing that customer base. Has done a good job on the recurring customer base and is doing a good job, I think I mentioned 14 new introductory markets. That added 5% to volumes, but of course these, some of those markets grow and grow. I think having a very good scale efficiency with a high saturated plant, the results come through on Ragasco. On Digital Wave, this is really nice to see the break-even point. They are growing profitably, and we expect them in 2023 to continue to grow significant top line, but also with the profits.
It's because this technology is relatively, in our humble opinion, immature in terms of going out to the market. We are just opening more and more geographies, more and more applications, and that's really driving the momentum.
Excellent. I think that makes it a wrap for today. Thank you everybody for joining us here in the auditorium in Oslo and also online.
Thank you.
Thank you.
See you next quarter.
Cheers.