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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.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.
- Revenue declined 6.2% to €35.1m, with net profit at €19k amid supply chain and FX challenges.HAE1T
Q1 202623 Apr 2026 - Profitability surged in 2025, with net profit tripling and EBIT doubling on stable revenue.HAE1T
Q4 202519 Feb 2026 - Record Q3 profit and improved margins achieved despite lower revenue, driven by strategic focus.HAE1T
Q3 202530 Oct 2025 - Profitability improved despite a 19% revenue drop, with net profit up 37.5% year-over-year.HAE1T
Q2 202524 Jul 2025 - Revenue fell sharply in Q3, but profitability improved on cost savings and margin gains.HAE1T
Q3 202413 Jun 2025 - Record Q2 profit and margin achieved on stable revenue and improved efficiency.HAE1T
Q2 202413 Jun 2025 - Net profit soared 630% to €2.6m despite a 20% revenue drop, signaling margin recovery.HAE1T
Q1 20256 Jun 2025 - Revenue and profit fell, but cash flow and margins improved amid strategic repositioning.HAE1T
Q4 20245 Jun 2025
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