EcoUp (ECOUP) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue grew 6.9% year-over-year to €8.3 million, driven by insulation business sales and marketing efforts, especially in renovation and exports.

• January–September 2024 revenue declined 3.5% year-over-year to €20.6 million due to a weak first quarter.

• Market conditions in construction remain challenging, with low demand in new construction insulation; recovery is expected to be slow.

Financial highlights

• Q3 EBITDA increased 35.1% year-over-year to €1.1 million; EBIT turned positive at €0.1 million (from -€0.2 million).

• January–September EBITDA was €1.4 million (down from €1.6 million); EBIT stable at -€1.4 million.

• Q3 net result was €0.05 million (vs. -€0.35 million); 9-month net result -€1.4 million.

• Q3 investments totaled €0.4 million (down from €1.1 million); 9-month investments €1.8 million.

Outlook and guidance

• 2024 EBITDA is expected to exceed €2.0 million.

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

• Insulation business investments to average €1.5 million annually; technology business aims for positive EBITDA by 2026.