Forsee Power (FORSE) H2 2025 earnings summary

Executive summary

• Revenue declined 20.6% year-over-year to €120.5 million in 2025 amid a challenging market environment, with heavy-duty vehicles remaining the dominant segment at 88% of revenue.

• Several key contracts and partnerships were secured, and new product ranges (PULSE PLUS and GO 6) were launched to strengthen the portfolio.

• The "REPOWER27" strategic transformation plan was implemented, focusing on cost control, operational discipline, and a €20 million reduction in break-even point.

Financial highlights

• EBITDA was -€3.1 million (margin -2.6%), down from €0.8 million in 2024, reflecting lower business activity.

• Recurring operating income was -€18.3 million, and consolidated net income was -€28.0 million, both deteriorating year-over-year.

• Cash position improved to €11.8 million from €5.4 million, supported by a capital increase and working capital management.

• Equity decreased to €37.2 million, partially offset by an €18.7 million capital increase.

Outlook and guidance

• The RePower27 plan aims to restore profitability and return to growth by 2027, focusing on financial optimization, cost reduction, and targeting higher-value segments.

• Agreements with banking partners in 2026 deferred €15 million in financial obligations to 2027.