Enersense International Plc | Stock Exchange Release | October 31, 2025 at 08:30:00 EET
Enersense International Plc, Business Review January-September 2025
The figures in this release are unaudited.
July–September 2025
- Revenue was EUR 81.1 (111.5) million, down -27.3%.
- Revenue for the core businesses was EUR 81.0 (90.9) million, down 10.8%.
- EBITDA was EUR 5.8 (8.6) million, with an EBITDA margin of 7.1 (7.7)%.
- EBITDA for the core businesses was EUR 5.9 (8.2) million.
- Adjusted EBITDA for the core businesses was EUR 9.2 (8.7) million, with an adjusted EBITDA margin of 11.2 (9.6)%.
- Operating profit was EUR 3.8 (6.1) million, profit margin 4.7 (5.5)%.
- Undiluted earnings per share were EUR 0.10 (0.19).
- The strategic refocusing that began in summer 2024 was completed at the beginning of the review period in July 2025, when Enersense sold its Marine and Offshore Unit to Davie. An estimated profit of EUR 1.9 million was recorded from the transaction.
January–September 2025
- Revenue was EUR 227.7 (310.5) million, down 26.7%.
- Revenue for the core businesses was EUR 220.6 (252.5) million, down 12.7%.
- EBITDA was EUR 29.9 (3.6) million, with an EBITDA margin of 13.1 (1.2)%.
- EBITDA for the core businesses was EUR 6.9 (7.9) million.
- Adjusted EBITDA for the core businesses was EUR 14.5 (17.5) million, with an adjusted EBITDA margin of 6.6 (9.6)%.
- Operating profit was EUR 23.0 (-4.0) million, profit margin 10.1 (-1.3)%.
- Undiluted earnings per share were EUR 1.02 (-0.98).
- The order backlog for the core businesses was EUR 379 (335) million at the end of the third quarter. The order backlog for the core businesses increased by EUR 4 million from the end of the second quarter of 2025.
- By the end of September, the procurement performance measures implemented under the Value Uplift programme had generated an annual EBIT/EBITDA run-rate improvement of EUR 4 million.
- The strategic assessments of non-core operations were completed. Enersense sold its wind and solar power project development business to Fortum and decided to ramp-down its zero-emission transport solutions business in February and sold its Marine and Offshore Unit to Davie in July 2025.
Enersense’s core businesses are project and service operations for customers operating in energy transmission and production, the industrial energy transition and telecommunications, as well as in growing customer segments such as data centres. Enersense's lifecycle offering covers design, construction, operation and maintenance as well as upgrades and modernisations. 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.
Key figures
| 7–9/2025 | 7–9/2024 | Change-% | 1–9/2025 | 1–9/2024 | Change-% | 1–12/2024 | |
| Revenue, MEUR | 81.1 | 111.5 | -27.3 | 227.7 | 310.5 | -26.7 | 424.7 |
| Core businesses | 81.0 | 90.9 | -10.8 | 220.6 | 252.5 | -12.7 | 335.5 |
| Non-core businesses | 0.1 | 20.6 | -99.7 | 7.1 | 57.9 | -87.7 | 89.2 |
| EBITDA, MEUR | 5.8 | 8.6 | -32.9 | 29.9 | 3.6 | 730.7 | 14.5 |
| EBITDA, % | 7.1 | 7.7 | 13.1 | 1.2 | 3.4 | ||
| EBITDA, core businesses | 5.9 | 8.2 | -28.7 | 6.9 | 7.9 | -11.6 | 10.4 |
| EBITDA, non-core businesses | -0.1 | 0.4 | -119.8 | 22.9 | -4.3 | 637.8 | 4.1 |
| Adjusted EBITDA, core businesses | 9.2 | 8.7 | 5.7 | 14.5 | 17.5 | -17.1 | 20.7 |
| Operating profit, MEUR | 3.8 | 6.1 | -37.7 | 23.0 | -4.0 | — | -14.1 |
| Operating profit, % | 4.7 | 5.5 | 10.1 | -1.3 | -3.3 | ||
| Result for the period, MEUR | 1.6 | 3.7 | -56.3 | 16.8 | -15.6 | 207.7 | -28.9 |
| Equity ratio, % | 22.9 | 18.3 | 22.9 | 18.3 | 12.7 | ||
| Gearing, % | 98.9 | 132.7 | 98.9 | 132.7 | 136.2 | ||
| Return on equity, % | 4.2 | 8.1 | 44.5 | -34.3 | -77.6 | ||
| Earnings per share, undiluted, EUR | 0.10 | 0.19 | -49.6 | 1.02 | -0.98 | 203.4 | -1.83 |
| Earnings per share, diluted, EUR | 0.09 | 0.19 | -54.5 | 0.86 | -0.98 | 186.5 | -1.83 |
CEO Kari Sundbäck
The implementation of the strategy we published in June progressed rapidly during the third quarter. Our strategic focus was reflected in the strengthened order backlog and the improved adjusted EBITDA margin in our core businesses. We sold our Marine and Offshore Unit to Davie at the beginning of the review period, completing the strategic refocusing started in summer 2024 and allowing us to fully concentrate on increasing shareholder value in our core business.
Tomorrow’s society is powered by clean energy and is built on reliable connections. Electricity consumption in our markets grows significantly, which means accelerating investments in the transmission grid. For example, Fingrid predicts that electricity consumption in Finland will double between 2025 and 2035. Finland’s well-functioning energy market attracts investments in our core businesses' strong areas of expertise.
Our updated strategy responds to the market change and provides a clear direction for our business. Our strategic goal is to be a trusted lifecycle partner for our customers operating in energy transmission and production, the industrial energy transition, and telecommunications, as well as in growing customer segments such as data centres. We aim for profitable growth in Finland, the Baltics and selectively elsewhere in the Nordics. The foundation of Enersense’s business lies in efficiently and transparently executed projects and services. In addition, we optimise the lifecycle performance of our customers’ networks, systems and production facilities. Our lifecycle offering covers design, construction, operation and maintenance, as well as upgrades and modernisations.
The order backlog of our core businesses continued to grow for the second consecutive period, rising to EUR 379 (335) million. We are developing our lifecycle offering in close cooperation with our customers. Third-quarter revenue for the core businesses declined by 11% from the comparison period due to a smaller project portfolio and large projects carried out in the Baltics during the comparison period.
The relative profitability of the core businesses has continued to improve throughout the beginning of the year. Adjusted EBITDA for the core businesses improved to EUR 9.2 (8.7) million, and the adjusted EBITDA margin strengthened to EUR 11.2 (9.6) per cent. Strengthening profitability and our financial base are elementary for to advancing the development outlined in our strategy.
Journey towards lifecycle partnership progressing
We continued our Value Uplift programme, aimed at supporting profitable growth, and made progress in assessing fixed costs and resources. We renewed our operating model to support the implementation of the strategy and to reinforce our ability to respond to future needs with the right kind of expertise. As a result of the renewal, our responsibility areas are clearer and our performance is better. The operating model became effective after the review period on 1 October 2025.
The measures implemented in the Value Uplift programme by the end of September to improve procurement performance will contribute EUR 4 million improvement to the annual EBIT/EBITDA run-rate. During the rest of the year, we will continue to develop our procurement performance and aim for an annual EBIT/EBITDA run-rate improvement of EUR 5 million by the end of the year.
We have set ambitious climate targets that will enable us to improve our customers’ sustainability. After the review period, in October, we submitted our climate targets for validation in accordance with the Science Based Targets Initiative and drew up a climate roadmap. At the same time, we conducted practical climate actions; we started in Satakunta on a substation built from recycled steel, and by the end of the year, we will have replaced a third of our service vehicles in Finland with electric ones.
During the year, we have built a solid foundation for Enersense’s profitable growth and increased shareholder value. The commitment of our employees and valuable feedback from our customers help us achieve our goal of being a trusted lifecycle partner for our Power, Energy Transition and Connectivity customers.
Significant events after the review period
On 7 October 2025, Enersense announced that Fingrid selected Enersense to construct 100 kilometres of new 400-kilovolt transmission line in Central Finland. The project includes dismantling the old line, constructing a new one and connecting the new line to four different substations. The project is worth approximately EUR 27 million and was recorded in the company’s order backlog for the third quarter.
On 24 October 2025, Enersense announced that it had completed the share buyback programme. Between 19 August and 23 October 2025, Enersense repurchased a total of 187,713 of its own shares at an average price of EUR 3.727. The repurchases of the buy-back programme reduced the company’s unrestricted equity by EUR 699,548. Following the completion of the programme, Enersense held 187,713 of treasury shares, corresponding to approximately 1.1% of the total number of shares.
On 27 October 2025, Anu Henttonen (Master of Education, Licentiate of Science (Technology)) was appointed as EVP, HR, HSEQ, Communications and Sustainability, and a member of Enersense’s Group Leadership Team. She will take up her position by 1 February 2026 at the latest.
On 30 October 2025, Enersense announced that it had won Fingrid’s tender for the delivery of a new substation in Nokia. The contract covers the entire project from design to construction and commissioning. Valued at approximately EUR 27 million, it is the largest individual substation project in Enersense’s history. The project will employ Enersense until 2028. The contract will be recorded in the Power Business Unit’s order backlog for the fourth quarter of 2025.
Financial reporting 2026
Enersense will publish the 2025 Financial Statements Bulletin on 12 February 2026. The Financial Statements and Board of Directors’ Report for 2025 will be published during week 11. In 2026, Enersense will publish two Business Reviews and Half-year Financial Report as follows:
- January–March Business Review on Thursday 7 May 2026 at around 8:30
- January–June Half-Year Financial Report on Thursday 13 August 2026 at around 8:30
- January–September Business Review on Thursday 5 November 2026 at around 8:30
Pori, 31 October 2025
ENERSENSE INTERNATIONAL PLC
Board of Directors
Webcast
Enersense will host a webcast info for investors, analysts and the media on 31 October 2025 at 12:30 EEST. CEO Kari Sundbäck and CFO Jyrki Paappa will present the result for January-September 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.