Merus Power (MERUS) H2 2024 earnings summary

Executive summary

• Net sales for 2024 reached EUR 35.8 million, up 23.4% year-over-year, with strong growth in the second half driven by energy storage and power quality projects, especially in Finland and heavy industry sectors.

• Orders received surged 58.6% to EUR 53.6 million, with a record order book of EUR 30.0 million at year-end, reflecting robust demand in energy storage and green steel markets.

• Profitability was impacted by non-recurring expenses from project delays and increased investments, resulting in a full-year EBITDA of EUR -0.8 million and EBIT of EUR -2.1 million.

• Personnel increased by 30 to 127 employees, supporting growth and product development initiatives.

Financial highlights

• Net sales: EUR 35.8 million (up 23.4% year-over-year); H2 net sales EUR 29.2 million (up 88.5%).

• EBITDA: EUR -0.8 million for 2024 (EUR 0.2 million in 2023); H2 EBITDA EUR 2.6 million (EUR 0.6 million in 2023).

• EBIT: EUR -2.1 million for 2024 (EUR -0.5 million in 2023); H2 EBIT EUR 2.0 million (EUR 0.2 million in 2023).

• Earnings per share: EUR -0.35 (EUR -0.10 in 2023); H2 EPS EUR 0.22 (EUR 0.00 in 2023).

• Cash flow from operating activities: EUR 5.0 million (EUR 0.0 million in 2023).

• Equity ratio: 35.7% (57.1% in 2023); net gearing: -12.2% (11.6% in 2023).

Outlook and guidance

• Net sales expected to grow strongly in 2025 compared to 2024.

• EBITDA guidance for 2025 set at EUR 1–3 million.

• Medium-term targets: net sales of EUR 80 million by 2026, average EBITDA margin >15%, equity ratio >35%.