Lehto Group (LEHTO) Q2 2025 earnings summary

Executive summary

• Focused on developing electricity storage projects, with two facilities operational and five under construction totaling 2.2 MW; 12 more projects (55 MW) in development, some expected online by end of 2025.

• Net sales from continuing operations were €0.4 million, flat year-over-year; operating result improved to €-1.5 million from €-4.7 million in 1H24.

• Restructuring program reduced liabilities by €0.3 million; asset sales of €0.3 million used to pay down debt.

• Share capital changes included conversion of convertible bonds, increasing shares to 162.3 million; trading remains suspended.

Financial highlights

• Net sales: €0.4 million (flat year-over-year).

• Operating result: €-1.5 million (improved from €-4.7 million in 1H24).

• Result for the period: €-1.7 million (improved from €-5.7 million in 1H24).

• Cash and cash equivalents: €0.8 million (down from €2.2 million at year-end 2024).

• Equity ratio: -6.8% (up from -174.7% in 1H24).

Outlook and guidance

• No precise 2025 net sales or operating result guidance due to business uncertainties.

• Targeting €25 million in electricity storage net sales and >10% operating margin by 2028.

• Significant battery investments required, to be financed via leasing and purchases.