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Harju Elekter (HAE1T) investor relations material

Harju Elekter Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Revenue declined 19% year-over-year in both Q2 and the first half of 2025, but profitability improved due to cost control and efficiency gains.

  • Estonian and Finnish units performed strongly, while other units showed modest results but growing order books.

  • Net profit for H1 2025 rose 37.5% year-over-year to €5.3 million, with EPS at €0.28.

  • Divestment of a 9.15% stake in IGL Technologies OY aligns with a focus on core operations and innovation.

Financial highlights

  • Q2 2025 revenue: €46.1m (Q2 2024: €56.8m), gross margin improved to 16.1% (Q2 2024: 14.4%).

  • H1 2025 revenue: €83.5m (H1 2024: €103.6m), gross profit stable at €13.1m, margin up to 15.7%.

  • Operating profit (EBIT) for H1: €6.4m (H1 2024: €5.4m), operating margin 7.6% (H1 2024: 5.2%).

  • Net profit for H1: €5.3m (H1 2024: €3.8m), EPS €0.28 (H1 2024: €0.21).

  • Investments in non-current assets totaled €1.9m in H1 2025.

Outlook and guidance

  • Expectation of strong full-year 2025 results, supported by declining interest rates and improved investment climate.

  • Anticipated positive impact from growing order books in underperforming units for H2 2025 and 2026.

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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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