Harju Elekter (HAE1T) Q2 2026 earnings summary

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.