Enersense's Q2: Solid quarter with strong cash flow
Enersense International Plc | Stock Exchange Release | August 13, 2026 at 08:30:00 EEST
Figures in this release are unaudited.
April–June 2026
- Revenue was EUR 73.1 (76.9) million, down 5.0%.
- Revenue, when excluding the units sold or discontinued in 2025, was EUR 73.0 (72.5), up 0.8%.
- EBITDA was EUR 1.2 (2.9) million and EBITDA margin was 1.6 (3.7)%.
- Adjusted EBITDA was EUR 3.1 (3.1) million and adjusted EBITDA margin was 4.2 (4.2)%.
- EBIT was EUR -0.9 (0.2) million and EBIT margin was -1.2 (0.3)%.
- Cash flow from operating activities was EUR 6.7 (-3.1) million.
- Undiluted earnings per share were EUR -0.21 (-0.12).
January–June 2026
- Revenue was EUR 134.2 (146.6) million, down 8.5%.
- Revenue, when excluding the units sold or discontinued in 2025, was EUR 134.1 (134.5) million, down 0.3%.
- EBITDA was EUR 2.6 (24.1) million and EBITDA margin was 1.9 (16.4)%. The comparison period figure includes a gain of EUR 22.4 million recorded on the sale of the wind and solar power project development business.
- Adjusted EBITDA was EUR 4.6 (5.3) million and adjusted EBITDA margin was 3.4 (4.0)%.
- EBIT was EUR -1.4 (19.2) million and EBIT margin was -1.1 (13.1)%.
- Cash flow from operating activities was EUR -8.3 (-5.3) million.
- Undiluted earnings per share were EUR -0.40 (0.92).
- At the end of June, order book stood at EUR 373 (374) million.
- At the end of June, net debt was EUR 10.1 (34.3) million.
Market outlook for 2026
The market situation is expected to remain favourable in the key market segments of Enersense's strategy in 2026. In all of the company's operating countries, investments are being made to increase the capacity and reliability of electricity and telecommunications networks. Data centres, in particular, will increase capacity needs. Cautiously positive development is expected in clean energy transition investments. Individual large investment projects may have an impact on market development.
Guidance for 2026 (unchanged)
Enersense estimates its adjusted EBITDA to be EUR 19–23 million in 2026.
In 2025, the adjusted EBITDA for the core businesses was EUR 18.8 million. In 2026, Enersense discontinues separate reporting of core business figures as the strategic focusing is completed.
Key figures
| 4–6/2026 | 4–6/2025 | Change-% | 1–6/2026 | 1–6/2025 | Change-% | 1–12/2025 | |
| Revenue, MEUR | 73.1 | 76.9 | -5.0 | 134.2 | 146.6 | -8.5 | 306.9 |
| Comparable revenue, MEUR | 73.0 | 72.5 | 0.8 | 134.1 | 134.5 | -0.3 | 292.7 |
| EBITDA, MEUR | 1.2 | 2.9 | -57.9 | 2.6 | 24.1 | -89.2 | 25.3 |
| EBITDA, % | 1.6 | 3.7 | 1.9 | 16.4 | 8.2 | ||
| Adjusted EBITDA, MEUR | 3.1 | 3.1 | 0.2 | 4.6 | 5.3 | -14.3 | 18.8 |
| Adjusted EBITDA, % | 4.2 | 4.2 | 3.4 | 4.0 | 6.4 | ||
| EBIT, MEUR | -0.9 | 0.2 | -452.1 | -1.4 | 19.2 | -107.4 | 16.4 |
| EBIT, % | -1.2 | 0.3 | -1.1 | 13.1 | 5.3 | ||
| Result for the period, MEUR | -2.9 | -2.0 | -43.2 | -5.6 | 15.2 | -136.7 | 1.2 |
| Equity ratio, % | 31.1 | 22.0 | 31.1 | 22.0 | 32.1 | ||
| Net gearing, % | 21.9 | 91.0 | 21.9 | 91.0 | 6.5 | ||
| Net debt, MEUR | 10.1 | 34.3 | -70.5 | 10.1 | 34.3 | -70.5 | 3.4 |
| Return on equity, % | -6.9 | -5.7 | -13.3 | 43.0 | 3.1 | ||
| Earnings per share, undiluted, EUR | -0.21 | -0.12 | -70.5 | -0.40 | 0.92 | -143.8 | 0.07 |
| Earnings per share, diluted, EUR | -0.21 | -0.12 | -70.5 | -0.40 | 0.77 | -152.2 | 0.06 |
CEO Kari Sundbäck
During the second quarter, we had a strong cash flow and our financial position strengthened further. We continued the good performance in line with our lifecycle partner strategy as we secured important orders in Energy Transition and from data centre customers, and completed the Value Uplift programme with excellent results.
In the second quarter, Enersense's revenue increased slightly, when excluding the units sold or discontinued in 2025. Revenue increased significantly in our largest Business Unit, Power, and declined slightly in the Connectivity Business Unit. In the Energy Transition Business Unit, revenue decreased significantly due to a more focused project portfolio and the improved efficiency in service production. Adjusted EBITDA was at the comparison period level. Low market activity led to a profit drop in Estonia, and we have acted with targeted measures to restore profitability.
Our determined measures delivered a significant improvement in cash flow and strengthened the balance sheet through lower net debt in April–June. Enersense’s improved financial position supports the execution of our strategy and future growth.
Strategic focus reflected in our order book
Our order book was at the comparison period level. During the second quarter and more recently, we have secured orders that are great examples of our enforced strategic focus on critical infrastructure, industrial energy transition and data centres. From the comparison period, the order book grew in the Power and Energy Transition Business Units.
The strategic turnaround in the Energy Transition Business Unit is bearing fruit. In June, we signed a EUR 30 million agreement with Aquatech, a company delivering a water treatment plant for the world’s first large-scale green steel mill. Energy Transition has undergone the most significant transformation across the Group, and hence it has taken longer than in our other Business Units. Our strong focus on the service business has improved profitability as we have repositioned the project business.
In early May, we announced a strategy update, adding data centres as a new customer segment. I am pleased that it is already delivering results, with an order to join the atNorth data centre project in Kouvola. Additionally, an increasing share of our business in both the Power and Connectivity Business Units is coming from data centre related electricity grid and data network capacity build-outs.
Guidance for 2026 unchanged
We maintain our full-year guidance and expect the full-year adjusted EBITDA to be weighted towards the end of the year. Several large projects in our order book are scheduled to start in the third quarter, supporting our performance in the second half of the year.
Value Uplift completed with results exceeding target
Since late 2024, we have implemented the Value Uplift programme aimed at improving efficiency and supporting profitable growth. As planned, the programme was completed by the end of June 2026. Value Uplift has improved our competitiveness in growing markets and strengthened our future readiness.
The programme exceeded its target and reached an annual performance improvement (EBIT/EBITDA run-rate) of EUR 8.6 million which is materialised in our earnings and competitiveness during 2025–2027. The original target of EUR 5 million EBIT/EBITDA run-rate improvement was gradually increased to EUR 8 million.
During the programme, we improved our procurement performance, strengthened commercial management, reduced fixed costs and reallocated resources to support the implementation of the strategy. We will continue developing Enersense’s performance by further advancing our commercial management and by continuing to embed the new ways of working developed during the Value Uplift programme into our day-to-day operations.
Strategic targets updated in May
Since the strategy launch in summer 2025, our path has been clear, and we have progressed steadily on our journey towards a lifecycle partner. We are a trusted partner for our customers operating in energy transmission and production, industrial energy transition, telecommunications and data centres. As said, data centres were added as a separate customer segment in our strategy in May.
We increased our compounded annual growth rate target to 6–7% (previously 4–5%) for the strategy period 2025–2028. We changed the profitability target to an EBITDA margin over 7%, which equals the same profitability level as the previous EBIT margin target of over 5%, and changed the net gearing target to below 85% from the previous 100%.
Increased relevance for customers
Our customer satisfaction is at a very high level. In our recent survey, our customers’ willingness to recommend us (NPS, net promoter score) increased to 72 in the Power Business Unit and to 78 in the Connectivity Business Unit. Due to the refocusing of the Energy Transition Business Unit, the customer survey will be conducted in the autumn. Close and ongoing customer dialogue continued to guide our improvement efforts. We are committed to supporting our customers and their needs, and I am convinced that our customer-centric operating model and lifecycle partner strategy will help us deliver higher customer satisfaction and build stronger long-term relationships.
The first half of the year has shown good progress, and I look ahead to the rest of the year with confidence. Thank you to all our employees, customers and partners for your continued commitment and support.
Key events after the review period
Press release 6 August 2026: Enersense has signed an agreement with Recset Rakennus Oy to deliver high-voltage substation integration works for atNorth's data centre in Kouvola, Finland. The value of the agreement is approximately EUR 7 million.
Financial reporting 2026
Enersense will publish its January-September Business Review on Thursday 5 November 2026 at around 8:30.
Pori, 13 August 2026
ENERSENSE INTERNATIONAL PLC
Board of Directors
Webcast
Enersense will host a webcast for investors, analysts and the media on 13 August 2026 at 12:30 EEST.
CEO Kari Sundbäck and CFO Jan-Elof Cavander will present the result for January-June 2026 and answer questions. The event will be held in English and a recording will be available later on the company’s website.
Please register for the webcast.
Additional information
Kari Sundbäck
CEO
Tel. +358 50 464 7704
Email: kari.sundback@enersense.com
Jan-Elof Cavander
CFO
Tel. +358 50 449 9339
Email: jan-elof.cavander@enersense.com
Media contacts:
Liisi Tamminen
VP, Communications, Investor Relations and Sustainability
Tel. +358 44 222 5552
Email: liisi.tamminen@enersense.com
Additional information is available on the company’s website.