EcoUp (ECOUP) Q2 2025 earnings summary

Executive summary

• Revenue for H1/2025 increased 9% year-over-year to €13.3M, driven by the Isoleringslandslaget acquisition and domestic new construction, but Q2/2025 revenue declined 6% due to divestments and weak demand in certain segments.

• EBITDA for H1/2025 was -€0.7M (-5.5% margin), and EBIT was -€2.6M, reflecting weaker Swedish operations, divestments, and investments.

• Profitability was impacted by the sale of Uudenmaan Imupalvelu Oy and weak Swedish operations.

• The sale of Uudenmaan Imupalvelu Oy for €3.2M and the acquisition of Isoleringslandslaget AB were key strategic moves.

• Profit warning and lowered 2025 guidance issued on 14.8.2025.

Financial highlights

• Q2/2025 revenue: €6.4M, down 6% year-over-year; H1/2025 revenue: €13.3M, up 9%.

• H1/2025 EBIT: -€2.6M (H1/2024: -€1.5M); Q2/2025 EBIT: -€1.1M (Q2/2024: -€0.4M).

• Net result for H1/2025: -€2.3M; EPS: -€0.26.

• Investments in H1/2025 totaled €0.3M, down from €1.4M in H1/2024.

• Operating cash flow for H1/2025 was -€3.1M.

Outlook and guidance

• 2025 revenue expected to be flat versus 2024, with EBITDA projected to decline.

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

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

• Market recovery in new construction is slow; insulation market volumes expected to grow slightly, but with a lag.