Enersense - Challenges will continue in H2
Enersense’s Q2 results were known before the official release as the company disclosed preliminary figures in connection with a negative earnings guidance revision.
- Enersense Q2 revenue amounted to EUR 59.8m, down by 2.9% y/y. Power revenue grew 17% y/y to EUR 14.0m, while International Operations grew by 14% to EUR 16.8m. Smart Industry declined by 20% to EUR 18.7m and Connectivity by 10% to EUR 10.2m.
- Q2 adjusted EBITDA was EUR -0.4m, compared to EUR 4.8m a year ago. Profitability declined the most in Smart Industry, followed by Connectivity and International Operations, whereas Power managed relatively strong absolute EBITDA. Inflation was a major negative affecting the results throughout the group, but there were also some project volume issues as well as the six-week ICT strike in Finland which had an impact on Connectivity. H1’22 adjusted EBITDA also includes EUR 2.4m in investments in offshore wind power and a new ERP system.
- Order backlog amounted to EUR 295.4m at the end of Q2. The order backlog contracts partially reflect increased pricing adjusted for inflation, whereas new contracts better reflect the cost pressure.
- Enersense guides EUR 245-265m in revenue and EUR 6-12m in adjusted EBITDA for FY ’22. Inflation continues to cast uncertainty over H2’22 results and project starts may also be delayed.