Energy Save (ESGR) Q3 26/27 earnings summary

Executive summary

• Q3 net revenue rose 24% YoY to SEK 57.4m; EBIT swung to SEK 11.2m from a SEK 3.4m loss, with results boosted by one-off Aira contract-extension payments.

• 9M net revenue increased 10% to SEK 126.8m, while EBIT improved to a SEK 6.4m loss from a SEK 23.4m loss.

Financial highlights

• Q3 operating income increased 30% YoY to SEK 60.7m; gross profit was SEK 31.0m versus SEK 15.6m, and net profit was SEK 11.2m versus a SEK 3.4m loss.

• Q3 EBITDA was SEK 14.5m versus a SEK 1.3m loss; EPS was SEK 1.4 versus a loss of SEK 0.5.

• 9M gross profit rose to SEK 58.5m from SEK 39.9m; EBITDA was SEK 3.4m versus a SEK 17.9m loss, and net loss narrowed to SEK 6.9m from SEK 23.6m.

• Q3 gross margin was 51% of operating income and 48% of net revenue; excluding Aira one-off payments, the respective margins were 35% and 30%.

Outlook and guidance

• Strong Q4 anticipated; barring unforeseen circumstances, improved H2 performance is expected to bring FY 2026 closer to break-even.

• The Aira extension is expected to support gross margin in Q4 and contribute approximately SEK 20m to full-year earnings.

• Aira deliveries are planned for the first three quarters of 2027; the extended agreement, including one-off payments for delivery flexibility, is valued at approximately SEK 75m.