Harju Elekter
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Harju Elekter (HAE1T) investor relations material

Harju Elekter Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary23 Jul, 2026

Executive summary

  • Revenue and profitability for Q2 and H1 2026 were significantly below target, with revenue deferred to future periods and a higher cost base due to investments in sales and production capacity.

  • Order books in Estonia and Sweden grew, but revenue lagged due to longer project cycles and component lead times; Finland and Lithuania focused on boosting sales.

  • The year is considered a transition period, with preparations for future growth and a stronger order book for H2 2026.

Financial highlights

  • Q2 2026 revenue: €42.1m (down 8.6% YoY); H1 2026 revenue: €77.2m (down 7.5% YoY).

  • Q2 2026 net profit: €0.3m (Q2 2025: €2.6m); H1 2026 net profit: €0.3m (H1 2025: €5.3m).

  • Gross margin for H1 2026: 13.8% (H1 2025: 15.7%); EBITDA margin: 5.1% (H1 2025: 10.2%).

  • EPS for H1 2026: €0.02 (H1 2025: €0.28).

  • Investments in non-current assets totaled €3.9m in H1 2026, mainly for Estonian production expansion.

Outlook and guidance

  • Order book for H2 2026 is stronger, with expectations of gradual market improvement and revenue growth.

  • Nordic market supported by investments in electricity networks and electrification, though Estonian market faces lower investment volumes.

Explain revenue lag despite order book growth
Impact of capacity expansion on Q2 gross margins
Valuation risks for Skeleton Technologies stake
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Q3 202622 Oct, 2026
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