Dovre - Losses were already known
Dovre issued another negative profit warning earlier this month and then disclosed Q3 EBIT to be about EUR -10m. The exact figure turned out to be EUR -8.7m, while Dovre still had a net cash position of EUR 17.5m at the end of the reporting period.
- Dovre Q3 revenue fell by 9.8% y/y to EUR 32.3m. EBITDA was EUR -8.4m, while EBIT amounted to EUR -8.7m.
- Renewable Energy revenue was EUR 31.9m, whereas Consulting landed at EUR 0.3m.
- Dovre’s balance sheet had a net cash position of EUR 17.5m at the end of Q3; cash amounted to EUR 20.2m while interest-bearing liabilities were EUR 2.7m. The amount of cash was however exceptionally high as some sales invoices materialized at the end of the reporting period. Dovre says it achieved reliable visibility into the financial result during late summer 2025, as there were previously transparency issues with Suvic. The adequacy of cash after year-end depends on the timing and magnitude of positive cash flows from new projects sales or other sources of financing.
- Dovre initiates a group-wide structural evaluation process, which e.g. includes considering the divestment of non-core business units Proha and eSite. Suvic’s Swedish operations have been loss-making, but the aim of the process is to focus resources on profitable renewable energy operations such as battery energy storage systems (BESS) solutions.
- Dovre guides FY’25 revenue and EBIT to decline in comparison to FY’24.