EcoUp (ECOUP) investor relations material

Executive summary

• Revenue for Q1 2026 was €5.6 million, down 18.3% year-over-year, mainly due to the sale of Uudenmaan Imupalvelu and lower volumes in Finnish insulation operations.

• EBITDA was -€0.7 million (-12.5% margin), and EBIT was -€1.6 million (-28.6% margin), both declining from the previous year.

• Production issues at Kuusankoski plants and high electricity prices negatively impacted profitability, but production normalized by late March.

• Order backlog developed positively relative to market conditions, supporting confidence in future quarters.

Financial highlights

• Net result for Q1 2026 was -€1.76 million (-31.4% of revenue), compared to -€1.60 million last year.

• Net investments were €0.6 million, with €0.2 million allocated to technology business.

• Equity ratio was 53.8%, and net gearing was 2.4% at the end of the quarter.

• Earnings per share was -€0.20, compared to -€0.18 a year earlier.

Outlook and guidance

• Revenue for 2026 is expected to remain at 2025 levels, with EBITDA projected to improve.

• Medium-term targets for insulation business: revenue over €40 million and EBITDA margin above 10% by 2028.

• Technology business aims for positive operating cash flow by end of 2026.

• Dividend payments targeted to resume in the medium term.