Enersense - Results top estimates
Enersense’s Q2 figures were better than we estimated as Power and Connectivity revenue clearly topped our estimates while profitability improved in all segments.
- Enersense Q2 revenue grew by 44.3% y/y to EUR 86.3m vs our EUR 77.2m estimate. High growth continued across the board. Smart Industry top line was close to our estimate, while International Operations came in a bit below our estimate. Both Power and Connectivity were clearly above our estimates.
- Adjusted EBITDA was EUR 3.1m, compared to our EUR 2.3m estimate, while EBIT amounted to EUR 0.6m vs our EUR 0.1m estimate. Core business profitability improved in all segments, especially within International Operations and Power, while investments in strategic focus areas (offshore ramp-up, EV charging and a new ERP system) had a negative EBITDA impact of EUR 1.6m in Q2. EBITDA also includes a capital gain of EUR 0.9m from the sale of Enersense Solutions and a credit loss provision of EUR 0.4m related to a customer’s insolvency (recorded within Smart Industry).
- Order backlog amounted to EUR 527m at the end of Q2 (EUR 295m a year ago). Order backlog grew especially within Connectivity.
- Enersense guides FY ‘23 revenue to be over EUR 300m and adjusted EBITDA in the range of EUR 12-18m (unchanged).