Wetteri (WETTERI) Q2 2025 earnings summary

Executive summary

• Revenue declined 8% year-over-year to €224.5 million in H1 2025, with adjusted operating profit at -€2.8 million due to weak market demand and price competition.

• Net profit for the period was €7.2 million, driven by a one-time gain from the sale of Wetteri Power Oy, turning positive year-over-year.

• Turnaround and profitability programs are underway, targeting €8 million in annual improvements and €4 million in personnel cost savings, with full effects expected in 2026.

• Management changes occurred, with a new CEO and CFO appointed in August 2025 and organizational restructuring planned.

Financial highlights

• H1 2025 revenue was €224.5 million, down from €244.1 million in H1 2024; Q2 revenue was €109.0 million, down 7% year-over-year.

• Adjusted EBITDA was €4.6 million (down 32%); adjusted operating profit was -€2.8 million (H1 2024: -€0.1 million).

• Net profit for the period was €7.2 million, up from a loss of €2.4 million in H1 2024, supported by a €14.3 million capital gain from the sale of Wetteri Power Oy.

• Equity ratio improved to 30% by Q2 2025; net debt reduced to €102.9 million.

• Earnings per share from continuing operations: €-0.05.

Outlook and guidance

• Profitability program targets €8 million annual improvement by enhancing revenue quality, working capital turnover, and reducing debt.

• Personnel cost savings of €4 million annually are planned, with change negotiations initiated in August 2025.

• 2025 earnings guidance was withdrawn in May due to increased market uncertainty; new guidance will be considered after strategy work concludes.

• Market shows tentative signs of recovery in car sales, especially for electric vehicles.