Enersense International (ESENSE) Q2 2026 earnings summary

Executive summary

• Q2 revenue was €73.1m, down 5.0% YoY; comparable revenue was €73.0m, up 0.8% YoY after excluding divested and discontinued units.

• Adjusted EBITDA was €3.1m, flat YoY, with a 4.2% margin; operating cash flow improved to €6.7m from -€3.1m.

• Net debt fell to €10.1m from €34.3m YoY; Value Uplift completed with €8.6m annual EBIT/EBITDA run-rate improvement, above its €8m target.

Financial highlights

• Q2 reported EBITDA was €1.2m, with a 1.6% margin; H1 adjusted EBITDA was €4.6m, down 14.3% YoY, and H1 EBIT was -€1.4m.

• H1 revenue was €134.2m, down 8.5% YoY; undiluted EPS was -€0.40 versus €0.92 a year earlier.

• Equity ratio improved to 31.1% from 22.0%; net gearing declined to 21.9% from 91.0%.

• Q2 adjusted EBITDA included €1m better admin-center results YoY, reflecting lower-than-planned fixed costs and internal cost allocations.

Outlook and guidance

• FY 2026 adjusted EBITDA guidance remains €19m–€23m, with results expected to be weighted toward H2 as large projects start in Q3.

• H2 activity is expected to increase; several Q3 projects continue into 2027, making delivery of substantially higher volumes a key execution challenge.

• Value Uplift benefits are expected to build gradually from H2 2025 through 2027; ~€2m of the €8.6m run rate was estimated to be in the 2025 base.

• Further H2 adjustments are expected at significantly lower levels than a year earlier, including smaller restructuring and ERP-related costs.