20.8.2026 09:00:02 EEST | Merus Power Oyj | Half year financial report
This company release is a summary of Merus Power's half-year report for January-June 2026. The full report is attached to this company release and available on our website at:
https://sijoittajat.meruspower.fi/en/for-investors/reports-and-presentations/?
Merus Power Plc's half-year report January 1-June 30, 2026 (unaudited)
Unless otherwise indicated, the figures in parentheses refer to the corresponding period of the previous year.
PROFITABILITY IMPROVED, STRONG ORDER INTAKE
JANUARY-JUNE 2026 IN BRIEF
- Net sales amounted to EUR 24.3 (24.9) million, decrease 2.6%
- EBITDA was EUR 0.5 (0.3) million, growth 70.6%
- EBIT was EUR -0.3 (-0.5) million
- Earnings per share was EUR -0.11 (-0.14)
- Orders received amounted to EUR 52.6 (26.2) million, growth 101%
SIGNIFICANT EVENTS DURING THE REVIEW PERIOD
Battery energy storage business
- Significant technological development: A battery energy storage facility reliably suitable for arctic conditions that can withstand temperatures as low as -50 °C, heavy snowfall and ice for Neve Oy in Rovaniemi, Finland, 30 MW / 80 MWh, EUR 13 million.
- Strategic growth of energy storage facilities in Europe continued: the first battery energy storage contract in Latvia. Merus Power will supply Nordes Buve with two 20 MW / 40 MWh battery energy storage facilities, valued at approximately EUR 13-15 million.
- Position in co-location solutions strengthened: A 5 MW / 10 MWh battery energy storage system, valued at over EUR 2 million, will be built for Savon Voima Oy in Finland in the immediate vicinity of the hydropower production.
- Growth continued in projects for renewable energy: contract worth approximately EUR 10 million for a 30 MW / 60 MWh battery energy storage facility for wpd Söderskogen Vindpark Oy's wind farm in Vöyri, Finland.
- Position as a technology partner for hybrid power plants strengthened: a contract worth more than EUR 8 million with Exilion for a 20 MW / 41 MWh battery energy storage solution at the Varevaara wind farm in Tervola, Finland.
- Strategic partnership: Merus Power and global battery technology leader CATL signed a strategic cooperation agreement. The agreement enables the delivery of 3 GWh battery energy storage systems to Northern Europe.
Power quality business
- A new application area in the power quality business: a Merus® STATCOM compensator for Siemens Mobility Denmark for managing power quality at a battery-powered train charging station.
Service business
- Service business grew: the energy storage deliveries for Neve, wpd and Exilion announced during the reporting period include a service agreement. The growing energy storage equipment base supports the growth of lifecycle services and the development of long-term customer relationships.
- Internationalization of the energy storage service business: the service agreement included in the Nordes Buve delivery in Latvia expands Merus Power's service business internationally and supports the building of long-term customer relationships in new markets.
Other events
- Merus Power launched the second performance period in the share-based incentive plan for key employees of the Group.
KEY FIGURES
In EUR 1 000 unless otherwise indicated | 1-6/2026 | 1-6/2025 | 2025 |
Net sales | 24 278 | 24 918 | 54 648 |
Change in net sales | -2.6% | 273.8% | 52.5% |
EBITDA | 533 | 312 | 1 815 |
% of net sales | 2.2% | 1.3% | 3.3% |
EBIT | -254 | -489 | 318 |
% of net sales | -1.0% | -2.0% | 0.6% |
Profit/loss for the financial period | -871 | -1 176 | -1 115 |
Earnings per share, EUR (undiluted) | -0.11 | -0.14 | -0.14 |
Earnings per share, EUR (diluted) | -0.10 | -0.14 | -0.13 |
Equity per share, EUR | 1.16 | 1.27 | 1.27 |
Balance sheet total | 30 774 | 29 562 | 28 834 |
Equity | 9 533 | 10 348 | 10 401 |
Return on equity, % | -8.7% | -11.8% | -11.2% |
Interest-bearing net debt | -969 | -551 | 2 870 |
Net gearing, % | -10.2% | -5.3% | 27.6% |
Equity ratio, % | 31.0% | 35.0% | 36.1% |
Liquid assets | 7 435 | 4 576 | 5 038 |
Cash flow from operating activities | 4 851 | -427 | -3 034 |
Number of shares, 1 000 pcs | 8 218 | 8 116 | 8 217 |
Average number of shares, 1 000 pcs | 8 218 | 7 887 | 7 945 |
Orders received | 52 559 | 26 205 | 48 030 |
Order book | 49 872 | 29 290 | 24 479 |
Average number of employees | 148 | 138 | 141 |
FINANCIAL GUIDANCE FOR 2026
The company repeats the guidance published in its financial statements 2025:
Merus Power estimates that the company's net sales will grow and that EBITDA will be EUR 2-4 million.
CEO KARI TUOMALA:
Record order intake strengthens Merus Power's turnaround in profitability
The first half of 2026 was commercially successful. Merus Power booked a record EUR 52.6 (26.2) million in new orders, an increase of 101 per cent year on year. At the end of the period, the order book also reached a record figure of EUR 49.9 (29.3) million. We made strong progress in internationalisation in the Polish and Baltic battery energy storage markets.
Although our net sales remained at the previous year's level at EUR 24.3 (24.9) million, EBITDA increased to EUR 0.5 (0.3) million, especially thanks to the efficiency of the battery energy storage business and the stability of the services business. The invoicing of the power quality business was lower than in the comparison period due to market uncertainty. In deliveries recognised according to degrees of completion, progress was slower than expected, and net sales growth will be strongly concentrated in the second half of the year.
Battery energy storage facilities continue to be the most important driver of our growth. The strong order intake shows that our strategy is working and provides good visibility into the future. At the same time, the service agreements included in an increasing number of our battery energy storage deliveries strengthen the predictability of our business and increase the lifecycle value of customer relationships.
The European battery energy storage market is developing rapidly. We believe that earnings models based on fluctuations in electricity prices will increasingly emerge alongside the reserve market, which will increase interest in larger battery energy storage solutions with a longer discharge period. The rapidly growing market increases competition, and Finnish manufacturing, cost-effective supply chains, scalable solutions and the value generated by lifecycle services will bring added value to our customers. We see the competitive position of European solutions strengthened in critical energy infrastructure projects, where security of supply, cyber security and system reliability are increasingly important.
During the reporting period, we took several strategically significant steps to strengthen our market position in Europe. Our first battery energy storage delivery in Latvia is an important milestone in our international growth strategy and proves that our modular technology, project expertise and service model are scalable and can be transferred to new European markets.
In the domestic market, we strengthened our position with significant battery energy storage projects. The battery energy storage facility suitable for Arctic conditions to be delivered to Neve Oy proves the suitability of our technology for demanding operating environments. The battery energy storage facility to be delivered to Exilion and the related hybrid controller demonstrate the customer value and competitive advantage in the market generated by our software technology. The hybrid controller enables the battery energy storage and new and old wind turbines to be controlled as a single entity, which improves the flexibility and profitability of renewable energy production. From the point of view of society and the development of the power grid, it is important that hybrid energy storage facilities make the use of the grid more efficient.
The strategic cooperation agreement signed with CATL supports the next growth phase of our battery energy storage business. The agreement enables deliveries of a total of 3 GWh of battery energy storage solutions to Northern Europe, strengthening our delivery capability and improving our ability to meet the growing demand cost-effectively.
In the long term, power quality brings stable growth to our business, technology expertise and strong customer relationships in environments where the quality of electricity plays a key role in the continuity and reliability of production. Geopolitical uncertainty and postponements of industrial investments were reflected in the net sales of power quality during the reporting period. We focused on the development and reorientation of the distribution network as well as sales work, the results of which began to be visible especially towards the end of the reporting period.
We strengthened our market position in rail traffic with a contract with Siemens Mobility for the charging infrastructure for a battery-powered train in Denmark. Battery-powered rail transport is a growing special segment in electric mobility, and Siemens Mobility is a valuable reference in the market. The growth of data centers, the electrification of industry and the increase in renewable energy production support the future growth potential in our power quality segment.
The operating environment is still twofold. Moderate global economic growth, geopolitical uncertainty and trade policy tensions may affect the timing of investment decisions. However, the long-term drivers of the energy transition remain unchanged. The growth of renewable energy production, electrification and the growing need for flexibility in electricity systems are increasing the demand for solutions that combine energy storage, intelligent control and power quality management.
The first half of the year confirmed our belief that our strategy is working. The strong order book, the progressing internationalization, the continuous development of our own technology and the growth of the service business create a good foundation for Merus Power's next phase of growth. We will continue our determined work towards an even more predictable, profitable and scalable business.
Financial communications
Press conference
Merus Power will hold a Finnish-language press conference for media and analysts on Thursday, August 20, 2026 at 10:30 a.m. EEST. The event will be held as a Teams webinar. Register for the event in advance via the link below.
https://events.teams.microsoft.com/event/5e7fff0b-4a46-49a8-9406-b81a06eb0a8e@eb19cf28-ccec-4816-b423-0b1fd1cedaca
After the event, the material of the event will be published on our website at https://sijoittajat.meruspower.fi/en/for-investors/reports-and-presentations/.
Merus Power Plc
Board of Directors
Disclosure regulation
The original of this document has been made in Finnish. In case of any discrepancy, the Finnish version will prevail.
Contacts
- Aktia Alexander Corporate Finance Oy, Certified Adviser, +358 50 520 4098
- Kari Tuomala, CEO, +358 20 735 4320, kari.tuomala@meruspower.com
About Merus Power Oyj
Merus Power is a technology company driving the sustainable energy transition. We design and produce innovative electrical engineering solutions such as energy storages and power quality solutions, and services for the needs of renewable energy and industry. Through our scalable technology, we facilitate the growth of renewable energy in the electricity grids and improve the energy efficiency of society. We are a Finnish specialist in innovative electrical engineering and operate in global and high-growth markets. Our personnel represent internationally renowned engineering expertise. Our net sales in 2025 was EUR 54.6 million and our stock's trading symbol on the Nasdaq First North Growth Market Finland is MERUS.
