EcoUp (ECOUP) Q2 2024 earnings summary

Executive summary

• H1 2024 revenue was €12.2M, down 10% year-over-year, but Q2 2024 revenue grew 6% to €6.9M, driven by renovation growth despite a weak construction market.

• H1 2024 EBITDA was €0.4M, down from €0.8M in H1 2023; Q2 2024 EBITDA improved 7% to €0.6M.

• H1 2024 EBIT was -€1.5M (H1 2023: -€1.2M); Q2 2024 EBIT was -€0.4M.

• Cash flow from operations improved to -€0.2M from -€2.0M in H1 2023.

• New Ekovilla production plant in Vantaa began operations, supporting cost efficiency and emissions reduction.

Financial highlights

• Q2 2024 revenue: €6.9M (Q2 2023: €6.5M); H1 2024: €12.2M (H1 2023: €13.5M).

• Q2 EBITDA: €0.6M (Q2 2023: €0.5M); H1 EBITDA: €0.4M (H1 2023: €0.8M).

• H1 2024 net result: -€1.7M (H1 2023: -€1.5M); EPS H1: -€0.19 (H1 2023: -€0.16).

• H1 2024 investments totaled €1.4M, with €0.7M in technology.

• H1 operating cash flow: -€0.2M (H1 2023: -€2.0M).

Outlook and guidance

• Market for construction remains exceptionally weak; order books down 18.3% year-over-year.

• Market recovery expected to begin in early 2025, with normalization by 2026.

• EBITDA for 2024 expected to exceed €2.0M.

• Medium-term targets for insulation business: €40–45M annual revenue, €6–8M EBITDA by 2026.

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