Enersense International Plc | Stock Exchange Release | May 07, 2026 at 08:30:00 EEST
Business Review January-March 2026
The figures in this release are unaudited.
January-March 2026
- Revenue was EUR 61.1 (69.7) million, down -12.4%.
- Revenue, when excluding the units sold or discontinued in 2025, was EUR 61.1 (62.3) million, down 2.0%.
- EBITDA was EUR 1.4 (21.2) million and EBITDA margin was 2.3 (30.4)%. The comparison period figure includes a gain of EUR 22.4 million recorded on the sale of the wind and solar power project development business.
- Adjusted EBITDA was EUR 1.5 (2.2) million and adjusted EBITDA margin was 2.5 (3.6) %.
- EBIT was EUR -0.6 (18.9) million and EBIT margin was -0.9 (27.2)%.
- Undiluted earnings per share were EUR -0.16 (1.04).
- At the end of the review period, the order book stood at EUR 413 (373) million.
Market outlook for 2026
The market situation is expected to remain favourable in the key market segments of Enersense's strategy in 2026. In all of the company's operating countries, investments are being made to increase the capacity and reliability of electricity and telecommunications networks. Data centres, in particular, will increase capacity needs. Cautiously positive development is expected in clean energy transition investments. Individual large investment projects may have an impact on market development.
Guidance for 2026 (unchanged)
Enersense estimates its adjusted EBITDA to be EUR 19-23 million in 2026.
In 2025, the adjusted EBITDA for the core businesses was EUR 18.8 million. In 2026, Enersense discontinues separate reporting of core business figures as the strategic focusing is completed.
Key figures
| 1-3/2026 | 1-3/2025 | Change -% | 1-12/2025 | |
| Revenue, MEUR | 61.1 | 69.7 | -12.4 | 306.9 |
| Comparable revenue, MEUR | 61.1 | 62.3 | -2.0 | 292.7 |
| EBITDA, MEUR | 1.4 | 21.2 | -93.4 | 25.3 |
| EBITDA, % | 2.3 | 30.4 | 8.2 | |
| Adjusted EBITDA, MEUR | 1.5 | 2.2 | -32.9 | 18.8 |
| Adjusted EBITDA, % | 2.5 | 3.6 | 6.4 | |
| EBIT, MEUR | -0.6 | 18.9 | -102.9 | 16.4 |
| EBIT, % | -0.9 | 27.2 | 5.3 | |
| Result for the period, MEUR | -2.7 | 17.2 | -113.1 | 1.2 |
| Equity ratio, % | 34.8 | 22.3 | 32.1 | |
| Net gearing, % | 36.8 | 88.1 | 6.5 | |
| Return on equity, % | -6.0 | 39.9 | 3.1 | |
| Earnings per share, undiluted, EUR | -0.16 | 1.04 | -113.3 | 0.07 |
| Earnings per share, diluted, EUR | -0.16 | 0.87 | -116.0 | 0.06 |
CEO Kari Sundbäck
In the first quarter, we continued our strong order book growth and improved our underlying business. Going forward, we expect 2026 to show clear progress towards our strategic targets.
Our underlying business is performing well. In the first quarter, the revenue was on the comparison period level when excluding the units sold or discontinued in 2025. The adjusted EBITDA declined but the profitability of our underlying business improved, as the comparison period was positively impacted by a EUR 1 million provision release related to a dispute won. We maintain our full-year guidance and expect to see increasing earnings and growth especially in the second half of the year.
Our order book continued to grow for the fourth quarter in a row, totalling EUR 413 million at the end of the quarter. The order book of the Power Business Unit was at a record high. However, high activity in the electricity grid makes our customers order projects earlier in advance due to long lead times in critical components. As a result, orders stay in the order book longer before execution.
Increase in strategic growth target and in data centre focus
In June 2025, we published our strategy aiming to be a trusted lifecycle partner for our customers. Our strategy is based on a simple principle: focusing on our customers' success shapes our 2028 ambition. Since the strategy launch in June 2025, the addressable market has developed favourably. Notably, electricity consumption is expected to double within ten to fifteen years in Finland and in Sweden.
As demand for our strong data centre related expertise has also grown, we added data centres as a separate customer segment to our strategy after the review period. This addition increases customer centricity, while the strategy otherwise remains unchanged.
Few companies have expertise as strong and diverse as Enersense when it comes to data centre needs. We are aiming for significant growth in data centre substations, power lines, data connections, and heat recovery solutions in Finland in the coming years. To reach this goal, we have established a Data Centre Unit to bring together our diverse expertise and offering for customers - making our expertise available to data centre developers more effectively and quicker.
After the review period, we increased our compound annual growth rate target to 6-7% (previously 4-5%) for the strategy period 2025-2028. We also changed the profitability target to an EBITDA margin over 7%, which equals the same profitability level as the previous EBIT margin target of over 5%, and changed the net gearing target to below 85% from the previous 100%.
Safety is more important than ever
During the quarter, we faced an extremely sad loss. One of our colleagues had a fatal traffic accident during his workday in Finland. Once again, I would like to express my sincere condolences to the loved ones of our late employee.
The investigation of the accident is still ongoing, and we will take all the learnings once we understand the causes. Every day, we choose to do our best to follow everything we have ever learned about safety - for ourselves and our colleagues. Keeping safety as our highest priority has never been this clear for us.
Continued emphasis on value creation
Looking ahead to the rest of the year, our focus is on continuing to deliver new value to customers, materialising the growth in our order book and on securing profitability improvements from the Value Uplift programme.
Enersense is in a good position at the heart of growing critical infrastructure markets. The first quarter was a good start for the year.
Key events after the review period
- Stock exchange release 17 April 2026: Enersense's share buy-back programme commenced in March has been completed
- Stock exchange release 20 April 2026: Jan-Elof Cavander appointed as CFO of Enersense. Cavander will resign from Enersense's Board of Directors upon joining the company as CFO. Jyrki Paappa, the current CFO of Enersense will leave the company after a handover period in May 2026.
- Stock exchange release 7 May 2026: Enersense increases its strategic growth target
Financial reporting 2026
Enersense will publish the following financial reports in 2026:
- January-June Half-Year Financial Report on Thursday 13 August 2026 at around 8:30
- January-September Business Review on Thursday 5 November 2026 at around 8:30
Pori, 7 May 2026
ENERSENSE INTERNATIONAL PLC
The Board of Directors
Webcast
Enersense will host a webcast for investors, analysts and the media on 7 May 2026 at 11:30 EEST. CEO Kari Sundbäck and CFO Jyrki Paappa will present the result for January-March 2026 and answer questions. The event will be held in English and a recording will be available later on the company's website.
Please register for the webcast
Additional information
Kari Sundbäck
CEO
Tel. +358 50 464 7704
Email: kari.sundback@enersense.com
Jyrki Paappa
CFO
Tel. +358 50 556 6512
Email: jyrki.paappa@enersense.com
Liisi Tamminen
VP, Communications, Investor Relations and Sustainability
Tel. +358 44 222 5552
Email: liisi.tamminen@enersense.com
Additional information is available on the company's website.
About us
Enersense delivers the essentials of tomorrow's society. It acts as a lifecycle partner to customers in energy transmission and generation, the industrial energy transition, telecommunications and data centres. The company designs, builds, maintains and modernises critical infrastructure across the Nordics and the Baltics. Around 1,700 Enersense experts work for a more sustainable future, for example, with power lines and telecommunications networks, at substations and power plants. Enersense had a revenue of EUR 307 million in 2025, and it's listed on Nasdaq Helsinki (ESENSE). www.enersense.com.
