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Energy Save (ESGR) investor relations material
Energy Save Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary13 Nov, 2025
Executive summary
Net revenue for Q3 2025 decreased by 9% year-over-year to SEK 46.3 million, but increased 200% sequentially from the previous quarter, reflecting a strong recovery after OEM stock balancing and delivery delays.
ES sales grew 20% year-over-year to SEK 18.5 million, now representing 40% of total sales, supported by new product launches and distributor expansion.
Cost discipline and a savings package led to a 27% reduction in other external costs and stabilized personnel costs.
Strategic expansion included new distributor agreements in Europe and Chile, and the launch of new propane-based ES products certified for subsidies.
Uncertainty reduced and positioned for further growth in Q4, with management expecting continued positive momentum.
Financial highlights
Gross margin improved to 32.7% in Q3 2025 from 28.1% in Q3 2024, aided by a non-recurring F-gas quota sale of SEK 3.5 million.
EBIT margin for Q3 2025 was -7.2%, an improvement from -9.5% in Q3 2024.
Operating cash flow for Q3 2025 was SEK 725,000, up from -SEK 4.6 million year-over-year.
Inventory levels reduced by SEK 9.4 million, freeing up cash and enabling stocking of new propane units.
Total assets as of 30 September 2025 were SEK 225.8 million, with equity of SEK 156.7 million and a debt-to-equity ratio of 69.4%.
Outlook and guidance
Management expects continued OEM business recovery and ES sales growth in Q4 2025, supported by new products, distributors, and positive market response.
Cost base expected to remain stable, with savings package effects continuing into 2026.
Market has entered peak season with growth in key European markets.
ES brand propane units: market impact & strategy
Underlying gross margin trend post F-gas sale
Turkey factory acceleration: US customer impact
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Next Energy Save earnings date
Q4 25/2620 Feb, 2026
Next Energy Save earnings date
Q4 25/2620 Feb, 2026
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Frequently asked questions
ES Energy Save Holding AB, is a Swedish energy technology company contributing to the global energy transition through the development of hybrid solutions and cost-effective air/water heat pump systems. The company's focus is on creating scalable and sustainable business models that support energy efficiency and environmental sustainability. Through its development of high-performance heat pump systems based on air/water technology, ES Energy Save Holding AB addresses both commercial and residential needs for effective and efficient heating solutions. The company's product portfolio is designed to provide significant energy savings, reduce carbon footprints, and enhance the overall energy efficiency of buildings and facilities. ES Energy Save Holding AB is headquartered in Sweden, and its shares are listed on OMX Stockholm.
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