Windon Energy Group (WEG) Q2 2025 earnings summary

Executive summary

• Achieved a return to growth in Q2 2025 with increased revenue and improved margins, driven by larger projects and a focus on institutional clients.

• Secured a significant framework agreement with Eljon Group for 30 MW of solar energy annually, providing stable project volume and a strong industry reference.

• Completed a delayed solar park project in southern Sweden, valued at 6.4 MSEK, strengthening the industrial solar park segment.

• Project pipeline expanded to over 100 MSEK, including solar parks, battery storage, and rooftop installations, diversifying risk and supporting resilience.

• Implemented cost adjustments expected to reduce annual costs by 2 MSEK from Q1 2026 and an additional 1 MSEK from H2 2026, while selectively strengthening key roles.

Financial highlights

• Q2 2025 net sales: 9,199 TSEK (up from 7,818 TSEK in Q2 2024); H1 2025 net sales: 13,733 TSEK (up from 12,433 TSEK in H1 2024).

• Q2 2025 EBITA: -1,414 TSEK (Q2 2024: -1,460 TSEK); EBITA margin: -15% (Q2 2024: -18%).

• H1 2025 EBITA: -3,632 TSEK (H1 2024: -3,819 TSEK); EBITA margin: -26% (H1 2024: -31%).

• Q2 2025 net result per share: -0.21 SEK (Q2 2024: -0.21 SEK); H1 2025: -0.47 SEK (H1 2024: -0.45 SEK).

• Q2 2025 operating cash flow: -1,609 TSEK (Q2 2024: 547 TSEK); H1 2025: -158 TSEK (H1 2024: 72 TSEK).

Outlook and guidance

• Stable project volume expected from the Eljon Group agreement, supporting ongoing growth and operational scaling.

• Cost reductions to improve profitability from 2026, with further organizational strengthening to support increased project volume.

• Continued focus on large-scale solar parks, battery storage, and rooftop installations to diversify revenue streams.