Enersense International Plc | Stock Exchange Release | February 12, 2026 at 08:30:00 EET
The figures in this bulletin are unaudited.
October–December 2025
- Revenue was EUR 79.2 (114.2) million, down 30.7%.
- Revenue for the core businesses was EUR 81.5 (83.0) million, down 1.8%.
- EBITDA was EUR -4.6 (10.9) million, with an EBITDA margin of -5.8 (9.6)%.
- EBITDA for the core businesses was EUR -2.0 (2.6) million.
- Adjusted EBITDA for the core businesses was EUR 4.2 (3.2) million, with an adjusted EBITDA margin of 5.2 (3.9)%.
- Operating profit (EBIT) was EUR -6.6 (-10.1) million, profit margin -8.3 (-8.9)%.
- Undiluted earnings per share were EUR -0.96 (-0.84).
January–December 2025
- Revenue was EUR 306.9 (424.7) million, down 27.7%.
- Revenue for the core businesses was EUR 302.1 (335.5) million, down 10.0%.
- EBITDA was EUR 25.3 (14.5) million, with an EBITDA margin of 8.2 (3.4)%.
- EBITDA for the core businesses was EUR 5.0 (10.4) million.
- Adjusted EBITDA for the core businesses was EUR 18.8 (20.7) million, with an adjusted EBITDA margin of 6.2 (6.2)%.
- Operating profit (EBIT) was EUR 16.4 (-14.1) million, profit margin 5.3 (-3.3)%.
- Undiluted earnings per share were EUR 0.07 (-1.83).
- Order book stood at EUR 392 (387) million at the end of the year.
- Efficiency improvement measures implemented in the Value Uplift programme by the end of 2025 generated an annual EBIT/EBITDA run-rate improvement of EUR 6.7 million. Enersense increased the total target of its Value Uplift programme for annual EBIT/EBITDA run-rate improvement to EUR 7.5 million from the previous EUR 6.5 million by mid-2026.
- Strategic assessments of non-core businesses were completed. In February, Enersense sold its wind and solar power project development business to Fortum and decided to ramp down the zero-emission transport solutions business. Moreover, the company sold its Marine and Offshore Unit to Davie in July 2025.
- The Board of Directors proposes to the Annual General Meeting that no dividend be paid for the financial year 2025.
Enersense’s core businesses are project and service operations for customers operating in energy transmission and production, industrial energy transition and telecommunications and data centres. Enersense’s lifecycle offering covers design, construction, operation and maintenance as well as upgrades and modernisation services. Enersense changed the name of its Industry Business Unit to the Energy Transition Business Unit on 26 May 2025.
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 centre investments, 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
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
| 10–12/2025 | 10–12/2024 | Change-% | 1–12/2025 | 1–12/2024 | Change-% | |
| Revenue, MEUR | 79.2 | 114.2 | -30.7 | 306.9 | 424.7 | -27.7 |
| Core businesses | 81.5 | 83.0 | -1.8 | 302.1 | 335.5 | -10.0 |
| Non-core businesses | -2.4 | 31.2 | -107.6 | 4.8 | 89.2 | -94.7 |
| EBITDA, MEUR | -4.6 | 10.9 | -142.0 | 25.3 | 14.5 | 74.2 |
| EBITDA, % | -5.8 | 9.6 | 8.2 | 3.4 | ||
| EBITDA, core businesses | -2.0 | 2.6 | -184.6 | 5.0 | 10.4 | -54.8 |
| EBITDA, non-core businesses | -2.7 | 8.4 | -131.8 | 20.3 | 4.1 | 395.6 |
| EBITDA, adjusted core businesses | 4.2 | 3.2 | 31.3 | 18.8 | 20.7 | -9.2 |
| Operating profit, MEUR | -6.6 | -10.1 | 35.0 | 16.4 | -14.1 | 216.3 |
| Operating profit, % | -8 | -8.9 | 5.3 | -3.3 | ||
| Result for the period, MEUR | -15.6 | -13.4 | -16.7 | 1.2 | -28.9 | 104.0 |
| Equity ratio, % | 32.1 | 12.7 | 32.1 | 12.7 | ||
| Gearing, % | 6.5 | 136.2 | 6.5 | 136.2 | ||
| Return on equity, % | -41.7 | -35.8 | 3.1 | -77.6 | ||
| Earnings per share, undiluted, EUR | -0.96 | -0.84 | -13.2 | 0.07 | -1.83 | 103.9 |
| Earnings per share, diluted, EUR | -0.96 | -0.84 | -13.2 | 0.06 | -1.83 | 103.4 |
CEO Kari Sundbäck
The year 2025 marked a period of strengthening and turnaround for Enersense. We focused our operations on growing market segments and on our strong areas of expertise in electricity and telecommunications networks and in the clean energy transition. Our EBIT improved, the relative profitability of our core businesses increased towards the end of the year and our order book grew. The order book of the Power Business Unit was record high at the end of the year. In line with our updated strategy, we aim to build lifecycle partnerships with our customers and increase shareholder value in a targeted manner.
The first half of 2025 was a period of strategic focusing: we successfully divested and discontinued operations that were not part of our core businesses and updated our strategy. In the second half, our strategy implementation progressed with good results; we grew our order book and renewed our operating model. In addition, we focused on strengthening our financial base and on improving profitability throughout the year. We signed a new financing agreement and streamlined our operations with the Value Uplift programme, which progressed better than expected and achieved an annual EBIT/EBITDA run-rate improvement of EUR 6.7 million.
In the midst of change, we have received encouraging feedback from our customers and employees. Our customers want us to provide easiness, transparency and increasingly comprehensive solutions for the entire lifecycle of their asset. These are the building blocks of our competitive advantage. Our customers also have a growing need to find concrete and effective ways to reduce their climate emissions and improve their carbon handprint. Our climate roadmap and the targets we set last year will improve our ability to advance our customers' sustainability. In February 2026, we received approval for our climate targets from the Science Based Targets initiative.
Our employee engagement index improved, and according to our pulse survey, our strategy is perceived as understandable and timely. The improvement we made in work safety is particularly pleasing. The frequency of lost time incidents decreased by over a third. Our goal is to be a community chosen by experts, where we can continuously learn for tomorrow.
Financial turnaround proceeded well
Enersense’s EBIT improved by more than EUR 30 million to EUR 16.4 million in 2025, supported in particular by successful divestments. The restructuring and turnaround of the company were reflected in high adjustments and write-downs affecting comparability throughout the year. In December, we finalised a new financing arrangement. Our balance sheet is clearly stronger following the decrease in net gearing, and net debt is at low level of EUR 3.4 (30.6) million.
In our core businesses, the focus on selected customer segments and offering, a smaller project portfolio, and the completion of large Baltic projects in the comparison period were reflected in lower revenue, particularly in the early part of the year, but in the fourth quarter, revenue was already close to the comparison period’s level. Our operations are now fully in line with the new strategy. The order book grew from the second quarter onwards and increased to EUR 392 (387) million. The order book of our Power Business Unit was record high at the end of the year.
Despite the decline in revenue, adjusted EBITDA for the core businesses was EUR 18.8 million and relative profitability remained at the comparison period’s level. Relative profitability improved from the second quarter onwards and was clearly better in the fourth quarter than in the comparison period. The strong order book and measures taken to improve profitability provide a good foundation for 2026.
Good position at the heart of growing markets
We are among the three most significant players in our chosen markets and are constantly developing our expertise. Enersense’s markets are characterised by strong organic growth. All of our operating countries are investing heavily in the capacity and reliability of their electricity and telecommunications networks. The clean energy transition will inevitably progress, as it makes environmental and economic sense, is profitable, and enhances security of supply.
Investments in data centres are accelerating and significantly increasing demand for all our Business Units. There is strong investment particularly in electricity network capacity due to the demand created by data centres. We have already implemented data connections and district heating recovery for data centres, and our top-level expertise in substations, battery storage, electricity transmission networks and renewable energy is of interest to data centre developers. We see a lot of potential in this customer segment and a large part of our operations is already linked to data centres.
During the year, we have built a solid foundation for Enersense’s profitable growth and for increasing shareholder value. We will continue to improve our performance in 2026. For our achievements in 2025,
I would like to thank our personnel, customers, owners and other partners. We have a clear direction for the future – our goal is to be a trusted lifecycle partner for our customers.
Key events after the financial period
The proposals of the Enersense Shareholders' Nomination Committee for the 2026 Annual General Meeting were published on 28 January 2026. The proposals concerned the composition and remuneration of the Board of Directors.
On 10 February 2026, Enersense announced that it had agreed with the energy company Helen on the continuation of an operations and maintenance agreement for the years 2027–2028. Enersense has been responsible for the operation and maintenance of Helen’s power plants and district heating network since 2022. The newly signed two-year agreement is a continuation of this cooperation and was included as an option in the original contract. The value of the agreement exceeds EUR 30 million and will be recorded in the order book of the Energy Transition Business Unit for the first quarter of 2026.
On 11 February 2026, Enersense announced that its climate targets had been approved by the Science Based Targets initiative (SBTi). The company aims to reduce emissions from its own operations (Scope 1–2) by 63% and emissions from the value chain (Scope 3) by 38% by 2035 compared to 2023 levels. Combined, these targets will reduce Enersense’s total emissions by 40%.
Proposal for the distribution of funds to shareholders
The Board of Directors proposes to the Annual General Meeting that the profit for the financial year 1 January–31 December 2025 will be transferred to the profit and loss account of previous financial years and that no funds will be paid to shareholders based on the balance sheet to be confirmed for the financial year.
Financial reporting 2026
Enersense will publish its Financial Statements and the Board of Directors' Report for 2025 in week 11/2026. Corporate Governance Statement and Remuneration Report will be published at the same time.
Enersense will publish two Business Reviews and Half-Year Financial Report in 2026 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, 12 February 2026
ENERSENSE INTERNATIONAL PLC
Board of Directors
Webcast
Enersense will host a webcast for investors, analysts and the media on 12 February 2026 at 12:00 EEST. CEO Kari Sundbäck and CFO Jyrki Paappa will present the result for 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.