Merus Power (MERUS) H1 2026 earnings summary

Executive summary

• Profitability improved in H1 2026, with EBITDA rising 71% year-over-year to €0.5M, driven by battery energy storage and stable service business, despite a 2.6% decrease in net sales to €24.3M.

• Record order intake of €52.6M (+101% year-over-year) and order book of €49.9M (+70%), reflecting strong demand and successful growth strategy.

• Strategic international expansion continued, notably in Latvia, Poland, and the Baltic energy storage markets.

• Strategic partnerships and technological advancements, including proprietary technology and agreements with CATL, strengthened competitive edge.

Financial highlights

• Net sales: €24.3M (down 2.6% year-over-year).

• EBITDA: €0.5M (up from €0.3M), margin 2.2%.

• EBIT: €-0.3M (improved from €-0.5M).

• Earnings per share (undiluted): €-0.11 (improved from €-0.14).

• Cash flow from operating activities: €4.9M (up from €-0.4M).

Outlook and guidance

• Revenue expected to grow in 2026, with EBITDA guidance between €2M and €4M.

• Growth anticipated in battery energy storage, supported by positive market outlook in Nordics and Europe.

• Strategy focuses on scalable product portfolio, international expansion, and service growth.

• Long-term market drivers include energy transition, electrification, and renewable energy growth.