Merus Power (MERUS) H2 2025 earnings summary

Executive summary

• Net sales grew 52.5% year-over-year to €54.6 million, driven by energy storage deliveries and stable power quality solution sales.

• EBITDA improved to €1.8 million from -€0.8 million, reflecting enhanced operational efficiency and productization.

• EBIT turned positive at €0.3 million, and the net result improved to -€1.1 million from -€2.7 million.

• Major milestones included the first grid-forming energy storage facilities in the Nordics, the first international energy storage orders in Poland, and the largest active filter order in Egypt.

• Order intake was €48.0 million, down 10.4% year-over-year, with a year-end order book of €24.5 million.

Financial highlights

• Net sales: €54.6 million (up from €35.8 million in 2024), +52.5% year-over-year.

• EBITDA: €1.8 million (up from -€0.8 million in 2024), margin 3.3%.

• EBIT: €0.3 million (up from -€2.1 million in 2024), margin 0.6%.

• Earnings per share: €0.14 (up from -€0.35 in 2024).

• Cash flow from operating activities: €-3.0 million (2024: €5.0 million).

Outlook and guidance

• Net sales are expected to grow in 2026, with EBITDA guidance of €2–4 million.

• Short-term market outlook remains positive for energy storage and power quality markets.

• Long-term growth prospects are supported by global energy transition and electrification trends.