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Merus Power (MERUS) investor relations material
Merus Power H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Profitability improved in H1 2026, with EBITDA rising 71% year-over-year to €0.5M, driven by battery energy storage and stable service business, despite a 2.6% decrease in net sales to €24.3M.
Record order intake of €52.6M (+101% year-over-year) and order book of €49.9M (+70%), reflecting strong demand and successful growth strategy.
Strategic international expansion continued, notably in Latvia, Poland, and the Baltic energy storage markets.
Strategic partnerships and technological advancements, including proprietary technology and agreements with CATL, strengthened competitive edge.
Financial highlights
Net sales: €24.3M (down 2.6% year-over-year).
EBITDA: €0.5M (up from €0.3M), margin 2.2%.
EBIT: €-0.3M (improved from €-0.5M).
Earnings per share (undiluted): €-0.11 (improved from €-0.14).
Cash flow from operating activities: €4.9M (up from €-0.4M).
Outlook and guidance
Revenue expected to grow in 2026, with EBITDA guidance between €2M and €4M.
Growth anticipated in battery energy storage, supported by positive market outlook in Nordics and Europe.
Strategy focuses on scalable product portfolio, international expansion, and service growth.
Long-term market drivers include energy transition, electrification, and renewable energy growth.
- Net sales dropped sharply but record orders and a strong backlog signal growth ahead.MERUS
H1 2024 - Net sales up 23.4% to EUR 35.8m, orders up 58.6%, but profitability impacted by investments.MERUS
H2 2024 - Targeting €80M sales by 2026, growth is fueled by energy storage, innovation, and new markets.MERUS
Company presentation - Net sales up 52.5% to €54.6M, EBITDA at €1.8M, driven by energy storage and power quality orders.MERUS
H2 2025 - Revenue up 273.8% to €24.9M, EBITDA positive, strong growth outlook for 2025.MERUS
H1 2025
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