Merus Power (MERUS) H1 2025 earnings summary

Executive summary

• Revenue/net sales surged 273.8% year-over-year to €24.9 million in H1 2025, driven by strong domestic modular energy storage deliveries and international power quality solutions.

• EBITDA improved to €0.3 million from a €3.4 million loss in H1 2024, reflecting operational efficiency and productization.

• Operating result (EBIT) was -€0.5 million, a significant improvement from -€4.0 million in the prior year period.

• Earnings per share improved to -€0.14 from -€0.56 year-over-year.

• Order intake was €26.2 million, down 33.9% from the previous year, but the order backlog remained strong at €29.3 million.

Financial highlights

• Revenue: €24.9 million (H1 2025) vs. €6.7 million (H1 2024), up 273.8%.

• EBITDA: €0.3 million (H1 2025) vs. -€3.4 million (H1 2024).

• Operating result: -€0.5 million (H1 2025) vs. -€4.0 million (H1 2024).

• EPS: -€0.14 (H1 2025) vs. -€0.56 (H1 2024).

• Order backlog: €29.3 million (H1 2025) vs. €46.8 million (H1 2024).

Outlook and guidance

• Revenue expected to grow strongly in 2025 compared to 2024, with EBITDA guidance for 2025 set at €1–3 million.

• Market outlook remains positive for renewable energy and energy storage, with robust drivers in the Nordic and European markets.