Energy Save (ESGR) Q2 26/27 earnings summary

Executive summary

• Net revenue for Q2 2026 increased 30% year-over-year to SEK 20 million, despite a 60% sequential decline due to seasonality and postponed orders from ODM/white label customers.

• ES Energy Save and ODM/white label brands both saw significant YoY growth, with ES Energy Save up 23% to SEK 13.8 million and ODM/white label up 46% to SEK 6.2 million.

• Highest-ever quarterly sales of R290 (propane) units achieved, with growth in both residential and commercial segments.

• Company name changed to ES Group AB to clarify dual-path strategy, retaining ES Energy Save as a product brand.

• Strategic partnerships formed with JS Energi for spare parts and Enrad for propane heat pumps.

Financial highlights

• Operating income for Q2 2026 rose 42% year-over-year to SEK 23.6 million.

• EBIT for Q2 2026 was SEK -13.4 million, with an EBIT margin of -57%, and net loss at SEK -13.6 million.

• Gross margin for Q2 2026 was reported at 25%, with YoY improvement in gross profit to SEK 8.7 million.

• OpEx decreased 7% year-over-year, with external costs down 13% and personnel expenses down 1%.

• Cash and cash equivalents at period end were SEK 18.4 million, with cash flow from operating activities at SEK -3.6 million.

Outlook and guidance

• Management expects postponed orders to be placed in H2 2026, supporting a strong second half and potential break-even for the full year if planned orders materialize.

• Margins anticipated to recover in H2 as promotions subside and higher-margin commercial sales increase.

• Capital from a SEK 17.8 million share issue will accelerate growth in ODM/white label and commercial segments.

• The company is positioned to benefit from the European energy transition and electrification trends.