Merus Power (MERUS) CMD 2026 summary

Strategic achievements and current position

• Achieved strong growth during 2021–2026 with a 53% CAGR and successful shift from power quality to energy storage markets.

• Established market leadership in Finland and initiated internationalization in energy storage.

• Maintained financial stability with over 30% equity ratio and reached a profitability turning point in 2024.

• 2025 revenue reached €55M, with €24M in H1/2026 and an order backlog of €50M.

• Net sales have increased approximately tenfold since 2020, reflecting strong recent growth.

Strategic direction and priorities

• Aims to become a leading technology provider for power system stability, flexibility, and energy efficiency during the energy transition.

• Focuses on profitable growth, internationalisation, technology leadership, and long-term shareholder value.

• Growth to be driven by expanding energy storage business in Europe, power quality business, and increased services share.

• Plans to shift towards productised, repeatable solutions and services covering the full delivery life cycle.

• Targets new customer segments such as data centres, green steel, electric rail transport, and hydrogen industry.

Financial targets and guidance

• Targets €160M revenue and EBITDA of at least 12% of revenue by 2030.

• 2025 revenue reached €55M, with guidance for 2026: revenue growth and EBITDA of €2–4M.

• Equity ratio to exceed 35% by 2030, with profits reinvested for growth and dividends possible toward the end of the period.

• Profitability improvements expected from business scaling, modular products, and a growing installed base.

• Service business to be strengthened on the expanding installed base.