EcoUp (ECOUP) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was €6.7 million, down 19.4% year-over-year; for the first nine months, revenue was €20.0 million, a 2.8% decrease year-over-year.

• EBITDA for Q3 2025 was €0.6 million (9.5% margin), down from €1.1 million (12.8% margin) last year; nine-month EBITDA was -€0.1 million (-0.4% margin).

• EBIT for Q3 2025 was -€0.3 million (-3.9% margin); nine-month EBIT was -€2.9 million (-14.3% margin).

• Sale of Uudenmaan Imupalvelu Oy completed in June 2025 for €3.2 million; acquisition of Isoleringslandslaget AB and its subsidiary completed in January 2025, contributing €2.1 million to revenue.

Financial highlights

• Q3 2025 net result was -€0.4 million (-5.5% margin); nine-month net result was -€2.7 million (-13.5% margin).

• Net investments in Q3 2025 were €0.9 million; for the nine months, €1.2 million, with €0.8 million allocated to technology business.

• Equity ratio at the end of Q3 2025 was 55.3%; net gearing was 46.7%.

• Average personnel for Q3 2025 was 156, down from 161 year-over-year.

Outlook and guidance

• 2025 revenue expected to be flat versus 2024; EBITDA expected to decline from 2024.

• Medium-term financial targets withdrawn due to slower-than-expected recovery in the detached house market; new targets to be announced by year-end 2025.