Ennogie Solar (ESG) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was DKK 4.4 million, down 14% year-over-year, mainly due to a decline in Denmark.

• Gross margin improved to 41.5% from 37.2% in Q1 2024, despite lower revenue.

• EBITDA loss narrowed to DKK -4.1 million from DKK -5.4 million in Q1 2024, driven by a 39% reduction in staff costs.

• Net result for Q1 2025 was DKK -5.0 million, an improvement from DKK -6.4 million in Q1 2024.

Financial highlights

• 94% of Q1 2025 revenue came from Germany, up from 85% in Q1 2024, reflecting strategic focus.

• Gross profit was DKK 1.8 million, slightly down from DKK 1.9 million in Q1 2024.

• Operating cash flow improved to DKK -3.5 million from DKK -9.2 million in Q1 2024.

• Net cash flow for Q1 2025 was DKK 0.6 million, compared to DKK -11.5 million in Q1 2024.

• Equity at 31 March 2025 was DKK 10.1 million, down from DKK 15.2 million at end 2024.

Outlook and guidance

• 2025 turnover expected in the range of DKK 55–62 million, with EBITDA between DKK 0–2 million.

• Revenue growth of 17–33% anticipated for 2025, based on order book and increased order intake.

• Gross margin for 2025 expected to be similar to 2024, after adjusting for panel replacement costs.

• Cost reductions achieved in 2024 are expected to be maintained in 2025.