Enersense International Plc | Stock Exchange Release | August 12, 2025 at 12:30:00 EEST
Enersense International Plc, Half-Year Financial Report January-June 2025
The figures in this release are unaudited.
April–June 2025
- Revenue was EUR 76.9 (100.8) million, down 23.7%.
- Revenue from the core businesses was EUR 74.8 (82.9) million, down 9.8%.
- EBITDA was EUR 2.9 (-9.5) million, with an EBITDA margin of 3.7 (-9.4)%.
- EBITDA for the core businesses was EUR -0.2 (-4.2) million.
- Adjusted EBITDA for the core businesses was EUR 3.1 (4.3) million.
- Operating profit (EBIT) was EUR 0.2 (-11.8) million, profit margin 0.3 (-11.7)%.
- Undiluted earnings per share were EUR -0.12 (-0.84).
January–June 2025
- Revenue was EUR 146.6 (199.0) million, down -26.3%.
- Revenue for the core businesses was EUR 139.5 (161.7) million, down 13.7%.
- EBITDA was EUR 24.1 (-5.0) million, with an EBITDA margin of 16.4 (-2.5)%.
- EBITDA for the core businesses was EUR 1.1 (-0.4) million.
- Adjusted EBITDA for the core businesses was EUR 5.3 (8.9) million.
- Operating profit (EBIT) was EUR 19.2 (-10.1) million, profit margin 13.1 (-5.1)%.
- Undiluted earnings per share were EUR 0.92 (-1.18).
- At the end of the first half of the year, the order backlog stood at EUR 376 (415) million, of which the core businesses accounted for EUR 376 (379) million. The order backlog for core businesses increased by EUR 5 million from the end of the first quarter of 2025.
In line with the strategic direction taken in summer 2024, Enersense’s core businesses are project and service operations for the green energy transition and telecommunication networks. The strategic assessments of non-core businesses were completed after the review period in July 2025, when Enersense sold its Marine and Offshore Unit to Davie. In February 2025, Enersense sold its wind and solar power project development business to Fortum and decided to ramp down the zero-emission transport solutions business.
Enersense changed the name of its Industry Business Unit to the Energy Transition Business Unit on 26 May 2025.
Guidance for 2025 (published on 6 August 2025)
Enersense expects its adjusted EBITDA for the core businesses to be EUR 16–20 million (2024: EUR 20.7 million) in 2025.
Previous guidance for 2025 (published on 28 February 2025)
Enersense expects its core businesses' EBITDA to improve from 2024 (2024: EUR 10.4 million) and its core businesses' adjusted EBITDA to be at the same level as in 2024 (2024: EUR 19.9 million). The Marine and Offshore Unit under strategic assessment is not part of the core business and no guidance is given for it.
Key Figures
| MEUR | 4–6/2025 | 4–6/2024 | Change-% | 1–6/2025 | 1–6/2024 | Change-% | 1–12/2024 |
| Revenue, MEUR | 76.9 | 100.8 | -23.7 | 146.6 | 199.0 | -26.3 | 424.7 |
| Core businesses | 74.8 | 82.9 | -9.8 | 139.5 | 161.7 | -13.7 | 335.5 |
| Non-core businesses | 2.1 | 17.9 | -88.4 | 7.1 | 37.3 | -81.0 | 89.2 |
| EBITDA, MEUR | 2.9 | -9.5 | 130.0 | 24.1 | -5.0 | 578.0 | 14.5 |
| EBITDA, % | 3.7 | -9.4 | 16.4 | -2.5 | 3.4 | ||
| EBITDA, core businesses | -0.2 | -4.2 | 94.4 | 1.1 | -0.4 | 391.8 | 10.4 |
| EBITDA, non-core businesses | 3.1 | -5.3 | 157.9 | 23.0 | -4.6 | 596.0 | 4.1 |
| Adjusted EBITDA, core businesses | 3.1 | 4.3 | -27.9 | 5.3 | 8.9 | -40.1 | 20.7 |
| Operating profit, MEUR | 0.2 | -11.8 | 102.0 | 19.2 | -10.1 | 290.1 | -14.1 |
| Operating profit, % | 0.3 | -11.7 | 13.1 | -5.1 | -3.3 | ||
| Result for the period, MEUR | -2.0 | -13.7 | 85.2 | 15.2 | -19.2 | 178.9 | -28.9 |
| Equity ratio, % | 22.0 | 15.8 | 22.0 | 15.8 | 12.7 | ||
| Gearing, % | 91.0 | 148.7 | 91.0 | 148.7 | 136.2 | ||
| Return on equity, % | -5.7 | -31.1 | 43.0 | -43.6 | -77.6 | ||
| Earnings per share, undiluted, EUR | -0.1 | -0.8 | 0.9 | -1.2 | -1.8 | ||
| Earnings per share, diluted, EUR | -0.1 | -0.8 | 0.8 | -1.2 | -1.8 |
CEO Kari Sundbäck
Enersense’s EBITDA for the second quarter of 2025 improved significantly from the comparison period, and the order backlog for core businesses turned to growth from the end of the first quarter. At the same time, the company’s year-long strategic refocusing was completed and an updated strategy and financial targets for the core businesses were published. We have been able to significantly strengthen Enersense's financial base, and we now have a solid foundation for profitable growth and increasing shareholder value. The commitment of our staff and the valuable feedback from our customers have made it possible for the transition phase to proceed well.
EBITDA for the second quarter improved to EUR 2.9 (-9.5) million thanks to stronger profitability in the Power Business Unit and in the Marine and Offshore Unit. As in the first half of the year, our operating result was positive and improved significantly from the previous year's dip to EUR 0.2 (-11.8) million. Revenue from core businesses was down to EUR 74.8 (82.9) million mainly due to smaller project portfolio, resulting in a decrease in adjusted EBITDA for core businesses to EUR 3.1 (4.3) million.
We updated our full-year guidance on 6 August 2025. According to the new guidance, we expect the adjusted EBITDA for our core businesses to be EUR 16–20 million in 2025. At the same time, we removed the guidance on the EBITDA for our core businesses, as the adjusted EBITDA provides a clearer view of the development of our operational business.
The order backlog for core businesses remained at the comparison period level and was EUR 376 (379) million. The order backlog for core businesses increased by EUR 5 million from the end of the first quarter of 2025. Prior to the review period, the order backlog had been declining for three quarters, which was a natural consequence of the sales focus in line with the new strategy to achieve profitable growth. During the review period, orders aligned with our stricter focus turned to growth, demonstrating the effectiveness of our new strategy and the value our customers place on our expertise.
Value Uplift programme delivering faster and better results than expected
Our Value Uplift programme aimed at supporting profitable growth, progressed better than expected in the second quarter, and we estimate that the programme will clearly exceed its original performance targets. The measures implemented by the end of June to improve procurement performance will contribute EUR 2.5 million to the annual performance improvement (EBIT/EBITDA run-rate). We expect to achieve an annual performance improvement rate of EUR 5 million by the end of 2025, instead of the original target of mid-2026. In addition, we are raising the overall target of the programme from an annual performance improvement rate (EBIT/EBITDA run-rate) to EUR 6.5 million by mid-2026.
In the Value Uplift programme, we began assessing the fixed costs and resources supporting the strategy implementation at the beginning of August, after the review period. We are planning to renew our operating model for the entire Group to ensure that the capabilities required for the new strategy are in place, to clarify responsibilities and to enhance our performance. We are advancing the planned changes to the operating model in the countries where the Group operates in accordance with local legislation.
Towards lifecycle partnership with an updated strategy
Enersense’s strategic refocusing, launched in the summer 2024, is now complete and we can fully concentrate on developing our core businesses. For the coming years, we have a clear strategy aimed at lifecycle partnership. We published the strategy on our Capital Markets Day in June.
In July, after the review period, we completed the strategic assessments of our non-core businesses with the sale of our Marine and Offshore Unit to Davie. As a result of a patient assessment, we made a good deal and found an owner for the Marine and Offshore Unit that specialises in shipbuilding, enabling the Unit's personnel to utilise their unique expertise. Our team, who made the deal possible, deserves great thanks for the excellent outcome and their uncompromising work during the early part of the year.
Enersense’s significantly strengthened balance sheet provides a good foundation for the implementation of our strategy. The increased equity ratio, significantly decreased net gearing and the new financing agreement negotiated at the end of March provide financial leeway for building profitable growth. The sale of the Marine and Offshore Unit after the review period further strengthens our financial position.
We have carried out Enersense’s transformation together with our customers, listening closely to them along the way. I have been truly impressed by our staff’s enthusiasm for creating something new and their commitment to helping our customers every single day. With the year-long transition phase now complete and our strategy work finalised, our team at Enersense can focus on its areas of expertise and on supporting our customers' goals. Our target is to be a trusted lifecycle partner for our Power, Energy Transition and Connectivity customers. As we advance our strategy, we are also exploring new strategic options to achieve our goals.
Significant events after the review period
- Inside information 8 July 2025: Enersense sells its Marine and Offshore Unit. Enersense announced that it had signed a share purchase agreement to sell its subsidiary Enersense Offshore Oy, i.e. Marine and Offshore Unit, to Davie.
- Press release 11 July 2025: Transaction of Enersense's Marine and Offshore Unit completed.
- Stock Exchange Release 28 July 2025: Enersense’s Shareholders’ Nomination Board’s proposal to the Extraordinary General Meeting: changes in the Board composition.
- Stock Exchange Release 30 July 2025: Notice of Enersense International Plc’s Extraordinary General Meeting on 22 August 2025.
- Inside information, profit warning 6 August 2025: Enersense provided preliminary information on its result for January–June and lowered its guidance for 2025. According to the new guidance, the adjusted EBITDA of the core businesses is estimated to be EUR 16–20 million in 2025 (2024: EUR 20.7 million).
Financial reporting 2025
Enersense will publish its January-September Business Review on Friday, 31 October 2025.
Pori 12 August 2025
ENERSENSE INTERNATIONAL PLC
Board of Directors
Webcast
Enersense will host a webcast for investors, analysts and the media on 12 August 2025 at 15:00 EEST. CEO Kari Sundbäck and CFO Jyrki Paappa will present the result for January-June 2025 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
Jyrki Paappa
CFO
Tel. +358 50 556 6512
Email: jyrki.paappa@enersense.com
Media contacts:
Liisi Tamminen
Head of Communications and Sustainability
Tel. +358 44 222 5552
Email: liisi.tamminen@enersense.com
Additional information is available on the company’s website.