Enersense International (ESENSE) Q3 2024 earnings summary

Executive summary

• Profitability improved significantly in Q3 2024, with revenue up 18.4% year-on-year and EBITDA more than doubling compared to Q3 2023.

• Strategic focus is on core businesses in the green energy transition, with a strategic assessment of non-core operations ongoing.

• Major contracts signed with Boliden, Fingrid, and Telia Towers, strengthening order book in key segments.

• New CEO Kari Sundbäck started in late September 2024.

Financial highlights

• Q3 2024 revenue: EUR 111.5 million (+18.4% y/y); EBITDA: EUR 8.6 million (7.7% margin, +118.8% y/y); operating profit: EUR 6.1 million (5.5% margin).

• Adjusted EBITDA for core businesses: Q3 EUR 9.0 million (+78.5% y/y); 9M EUR 16.9 million (+47.0% y/y).

• 9M 2024 revenue: EUR 310.5 million (+21.5% y/y); EBITDA: EUR 3.6 million (1.2% margin, -49.0% y/y); operating profit: EUR -4.0 million.

• Order backlog at end-September: EUR 353 million (-31% y/y), with declines in Industry and Connectivity segments.

• Q3 EPS: EUR 0.19 (vs. -0.05); 9M EPS: EUR -0.98 (vs. -0.39).

Outlook and guidance

• 2024 revenue expected at EUR 365–390 million; EBITDA EUR 4–8 million; adjusted EBITDA for core businesses EUR 17–21 million.

• Revenue growth and improved EBITDA anticipated in H2 2024, supported by ongoing profitability measures and excluding potential divestments.