Ennogie Solar (ESG) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was DKK 4.8 million, lower than expected due to a panel design change and delayed deliveries from China, with turnover expected to be backloaded in H2 2025.

• H1 2025 revenue totaled DKK 9.2 million, down 43% year-over-year, with 86% from Germany and 14% from Denmark.

• Order intake in Q2 2025 was DKK 10.0 million, similar to Q1, with significant new orders in Germany and Denmark, including the largest order to date for Glostrup Vestergård worth over DKK 10 million.

• EBITDA for H1 2025 improved to DKK -7.2 million from DKK -7.6 million in H1 2024, driven by a 37% reduction in staff costs.

• Net result for H1 2025 was DKK -9.2 million, a 7% improvement from H1 2024.

Financial highlights

• Q2 2025 revenue: DKK 4.8 million (Q2 2024: DKK 11.0 million).

• H1 2025 gross profit: DKK 3.8 million (H1 2024: DKK 6.4 million); gross margin increased to 40.8%.

• Q2 2025 EBITDA: DKK -3.1 million (Q2 2024: DKK -2.2 million).

• H1 2025 result: DKK -9.2 million (H1 2024: DKK -9.9 million).

• Total assets at 30 June 2025: DKK 55.3 million; equity: DKK 6.0 million.

Outlook and guidance

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

• Revenue growth of 17–33% anticipated for 2025, supported by a strong order backlog and new large orders.

• Gross margin for 2025 expected to be similar to 2024, excluding costs for rectifying customer complaints.

• Lower personnel and other expenses achieved in H2 2024 are expected to be maintained in 2025.