Etteplan - Some bright spots amid challenges
There were no surprises in Etteplan’s Q2 figures, since the company earlier issued a profit warning and disclosed preliminary numbers. Although the figures were weak as expected, profitability was impacted by NRIs. In addition, on a positive note, the company made strong progress in growing its share of AI-related net sales.
- Net sales in Q2 were EUR 91.4m (Evli est. EUR 91.4m, EUR 92.6m in Q2/24), revenue decreased by 1.3% as organic net sales decreased by 6.8% (at comparable FX).
- EBIT in Q2 amounted to EUR 4.4m (Evli est. EUR 4.4m, EUR 5.3m in Q2/24), at a margin of 4.8%.
- The combined effect of NRI’s on EBITA and EBIT was EUR -0.9m for the quarter. Considering the sluggish demand picture, the company has been able to retain its profitability rather well on an adjusted basis.
- EPS in Q2 amounted to EUR 0.10 (Evli est. EUR 0.10, EUR 0.13 in Q2/24) as there were no surprises in financial expenses and taxes.
- Net sales in Engineering Solutions in Q2 were EUR 51.6m (Evli est. EUR 50.1m), EBITA in Q2 amounted to EUR 3.9m (Evli est. EUR 3.6m).
- Net sales in Software and Embedded Solutions in Q2 were EUR 21.5m (Evli est. EUR 23.8m), EBITA amounted to EUR 1.6m (Evli est. EUR 1.5m). Profitability was surprisingly high compared to nearly 14% net sales decline.
- Net sales in Technical Communication and Data Solutions in Q2 were EUR 18.4m (Evli est. EUR 17.4m), EBITA amounted to EUR 0.8m (Evli est. EUR 1.0m). Although the company grew AI-driven service sales, profitability remained weak.
- Guidance 2025 (lowered prior to the Q2 report): Revenue is estimated to be EUR 365-385m (prev. EUR 365-395m), EBIT EUR 19-24m (EUR 23-28m).