Enersense International (ESENSE) Q4 2024 earnings summary

Executive summary

• Revenue grew 17% year-over-year to €424.7M in 2024, driven by Industry and Connectivity segments, while Power segment declined slightly.

• Adjusted EBITDA for core businesses increased 9% to €19.9M, but Group EBITDA was €14.5M, impacted by non-recurring items and write-downs.

• Operating cash flow improved to €16.3M from -€15.2M in 2023.

• Strategic focus shifted to core businesses; wind and solar project development sold to Fortum, zero-emission transport solutions to be ramped down, Marine and Offshore Unit under review.

• Operating profit fell to €-14.1M from €5.3M, mainly due to asset write-downs and strategic realignment.

Financial highlights

• Full-year revenue up 17% to €424.7M; Q4 revenue increased 6% year-over-year to €114.2M.

• Group EBITDA for 2024 was €14.5M; adjusted EBITDA for core businesses rose to €19.9M.

• Operating profit for 2024 was €-14.1M; profit margin -3.3%.

• Cash flow from operating activities increased by €31.5M, turning positive at €16.3M.

• Order backlog at year-end was €393M, down 14% year-over-year.

Outlook and guidance

• 2025 guidance: core businesses' EBITDA expected to improve from 2024; adjusted EBITDA to remain at €19.9M.

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