Dovre - Weak results as indicated
Dovre’s Q2 results were known beforehand since the company released preliminary information about them. H1’25 results were completely ruined by wind and solar project challenges in Sweden and Finland, while Dovre has started a program to develop the competitiveness, operative efficiency and management processes of Suvic.
- Dovre Q2 revenue fell by 45.8% y/y to EUR 12.3m, as indicated by the preliminary figures released on Aug 14. Renewable Energy amounted to EUR 11.7m (a decrease of 46.9%), while Consulting came in at EUR 0.5m and hence grew by 2.4%.
- EBITDA was EUR -10.4m and EBIT EUR -10.6m. Two wind farm projects in Sweden and a solar farm project in Finland had challenges which affected H1 performance considerably, while some projects have progressed slower than anticipated and a gross margin estimate of a Swedish wind farm project was lowered. The Swedish wind farm projects however are technically successful and will reach their completion in the coming months.
- Dovre guides FY’25 revenue to decline and EBIT to improve, while still remaining negative.