Harju Elekter
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Harju Elekter (HAE1T) investor relations material

Harju Elekter Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Revenue for 2025 remained stable at €174.0 million, nearly unchanged from 2024, reflecting a focus on profitability over rapid sales growth.

  • Q4 2025 saw a 58.6% year-over-year revenue increase, with gross profit nearly tripling and net profit turning positive.

  • Operating profit (EBIT) for 2025 doubled to €12.0 million, EBITDA exceeded €16 million, and net profit tripled to €10.8 million.

  • Strongest growth was seen in Estonia and Norway, while Finland and Sweden saw declines in annual revenue.

  • Management proposes a dividend of €0.25 per share, supported by a robust order book and improved profitability.

Financial highlights

  • Q4 2025 revenue: €47.5 million (+58.6% YoY); full-year revenue: €174.0 million (-0.4% YoY).

  • Q4 gross profit: €5.3 million (up from €1.8 million); full-year gross profit: €25.9 million (+23.9%).

  • Q4 EBIT: €1.8 million (vs. -€1.7 million); full-year EBIT: €12.0 million (up from €6.4 million).

  • Q4 net profit: €2.6 million (vs. -€2.3 million); full-year net profit: €10.8 million (up from €3.2 million).

  • EPS for 2025: €0.58 (up from €0.17 in 2024).

Outlook and guidance

  • Strategic plan implementation is on track, with a focus on selective, higher-margin projects and operational efficiency.

  • Increased order book and stable demand for electrification solutions support a positive outlook and strong dividend proposal.

Detail drivers of 2025 profitability growth.
What caused market shifts in Finland, Norway, Sweden?
How do recent investments support future growth?
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Frequently asked questions

AS Harju Elekter is an Estonian company that specializes in providing electrical power distribution solutions. The company operates across several segments, including production, real estate, and other activities. Harju Elekter designs, manufactures, sells, and offers after-sales services for a wide range of electrical equipment. This includes power distribution, switching, and conversion systems, as well as automation, process control, and industrial control equipment. Their products serve various sectors such as electricity distribution, industrial, construction, infrastructure, marine, and renewable energy. Additionally, the company offers prefabricated technical buildings, electrical installation services, solar panels, and electric car chargers. The company is headquartered in Keila, Estonia, and its shares are listed on the Nasdaq Tallinn.

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