EcoUp (ECOUP) Q1 2025 earnings summary

Executive summary

• Revenue increased by 27.3% to €6.9 million compared to the same quarter last year, with organic growth of 17% and acquisition-driven growth of 11%.

• EBITDA was -€0.6 million, down from -€0.2 million, and EBIT was -€1.5 million, down from -€1.2 million year-over-year.

• Acquisition of Isoleringslandslaget AB and Isoleringslandslaget Försäljning AB completed on January 1, 2025, contributing €0.8 million to revenue.

• Inventory levels increased in anticipation of stronger demand in the second half of the year.

Financial highlights

• Revenue: €6.9 million (Q1 2024: €5.4 million), up 27.3%.

• EBITDA: -€0.6 million (Q1 2024: -€0.2 million); margin -8.4%.

• EBIT: -€1.5 million (Q1 2024: -€1.2 million); margin -22.0%.

• Net result: -€1.6 million (Q1 2024: -€1.2 million); EPS: -€0.18.

• Net investments: €1.5 million (Q1 2024: €0.9 million), with €0.1 million in Technology segment.

Outlook and guidance

• 2025 revenue and EBITDA expected to grow compared to 2024.

• Medium-term targets (by end of 2026): Insulation segment revenue €40–45 million, EBITDA €6–8 million.

• Technology segment aims for positive EBITDA by end of 2026.

• Dividend policy: 30–50% of annual net profit to be distributed.