Enersense International (ESENSE) Q1 2025 earnings summary

Executive summary

• Balance sheet strengthened by the sale of the wind and solar project development business and new financing arrangements, with two-thirds of strategic assessments completed and a sharpened focus on core businesses in green energy and telecommunications.

• Q1 revenue declined 29% year-over-year to EUR 69.7 million, mainly due to project completions, divestments, and weaker market conditions.

• Group EBITDA rose to EUR 21.2 million, driven by a EUR 22.4 million gain from the sale of the wind and solar business, despite a EUR 2.9 million loss from the closure of the EV charging/zero-emission transport business.

• Order backlog decreased 16% year-over-year to EUR 373 million, with declines in Power and Industry but growth in Connectivity.

• Value Uplift Program launched to improve performance, targeting a EUR 5 million annual run-rate improvement in adjusted EBITDA from H2 2026.

Financial highlights

• Q1 2025 revenue was EUR 69.7 million, down from EUR 98.1 million in Q1 2024.

• Group EBITDA reached EUR 21.2 million, with core business EBITDA at EUR 1.3 million and adjusted core EBITDA at EUR 1.9 million.

• Operating profit was EUR 18.9 million (27.2% margin); undiluted EPS EUR 1.04.

• Cash and cash equivalents increased to EUR 24.3 million from EUR 9.0 million year-over-year.

• Operating cash flow was slightly negative at EUR -2.2 million, reflecting seasonality and working capital development.

Outlook and guidance

• Guidance for 2025 maintained: core business EBITDA expected to improve from 2024 (EUR 10.4 million), with adjusted EBITDA to remain at 2024 levels (EUR 19.9 million).

• Value Uplift Program expected to yield positive impact on core business adjusted performance from H2 2024.

• No guidance provided for the Marine and Offshore Unit, which remains under strategic assessment.

• CapEx for 2025 expected to remain modest at EUR 5–6 million.