Enersense International (ESENSE) Q2 2025 earnings summary

Executive summary

• EBITDA improved significantly year-over-year, driven by strategic refocusing, operational improvements, and divestments of non-core businesses.

• Strategic shift completed with the sale of the marine and offshore unit in July 2025, allowing full focus on core businesses.

• Order backlog for core businesses stabilized and returned to growth from Q2 2025, supporting a positive outlook.

• Value uplift program exceeded initial expectations, with target savings increased to EUR 6.5 million and faster delivery.

• Revenue declined year-over-year, mainly due to lower non-core business revenue.

Financial highlights

• Core business revenue in Q2 2025 was EUR 74.8 million, down from EUR 82.9 million in Q2 2024.

• Adjusted EBITDA for core businesses was EUR 3.1 million; group EBITDA improved to EUR 2.9 million from minus EUR 9.5 million a year earlier.

• H1 2025 operating profit was EUR 19.2 million, margin 13.1%; net result EUR 15.2 million; EPS EUR 0.92.

• Equity ratio improved to 22.0% in Q2 2025 from 15.8% in Q2 2024; net gearing at 91%.

• Cash and cash equivalents at period end were EUR 19.0 million.

Outlook and guidance

• Adjusted EBITDA for core businesses in 2025 expected at EUR 16–20 million, revised downward from 2024.

• Order backlog growth and improved margins in core business support a positive outlook despite lower revenue.

• Strategic targets for 2025–2028 include 4–5% CAGR, EBIT margin over 5%, and net gearing below 100%.

• Adjustments and restructuring costs are expected to decrease after Q3 2025.