Enersense International (ESENSE) Q2 2026 earnings summary

Executive summary

• Achieved a solid Q2 2026 with strong cash flow and a strengthened balance sheet, supported by the completion of the Value Uplift programme, which exceeded targets with an €8.6M annual EBIT/EBITDA run-rate improvement.

• Strategic focus on lifecycle partner strategy and critical infrastructure, industrial energy transition, and data centres drove new orders and improved order book quality.

• Secured significant new contracts: €30M Aquatech (Energy Transition) and €7M atNorth data centre substation (Power), supporting future growth.

• Order book remains robust, with Power business showing strong year-on-year growth and Energy Transition returning to growth after strategic refocusing.

• Leadership changes included new CFO and EVP appointments.

Financial highlights

• Comparable Q2 2026 revenue was €73.0M, up 1% year-over-year; adjusted EBITDA remained flat at €3.1M (4.2% margin).

• Operating cash flow improved to €6.7M from -€3.1M a year ago.

• Net debt reduced significantly to €10.1M from €34.3M year-over-year; equity ratio improved to 31.1%.

• Leverage ratio at 1.3x, all covenants met, and cash and cash equivalents at period end were €18.1M.

• Undiluted EPS for H1: €-0.40 (vs. €0.92 prior year).

Outlook and guidance

• Guidance for full-year 2026 adjusted EBITDA remains €19–23M, with earnings expected to be weighted toward H2 due to project timing.

• Order book growth and new project starts in Q3 indicate continued activity into 2027.

• Value Uplift programme benefits will increase gradually through 2027.

• Market outlook remains favourable in key segments, with ongoing investments in electricity and telecom networks and data centres.