Merus Power Plc's Half-year Report January 1-June 30, 2025: Profitability improved, strong growth continued

This company release is a summary of Merus Power's half-year report for January–June 2025. The full report is attached to this company release and available on our website at: 
https://sijoittajat.meruspower.fi/en/for-investors/reports-and-presentations/  

MERUS POWER PLC’S HALF-YEAR REPORT JANUARY 1–JUNE 30, 2025 

Unless otherwise indicated, the figures in parentheses refer to the corresponding period of the previous year.

PROFITABILITY IMPROVED, STRONG GROWTH CONTINUED

JANUARY–JUNE 2025 IN BRIEF 

• Net sales were MEUR 24.9 (6.7) which is an increase of 273.8%  

• EBITDA stood at MEUR 0.3 (-3.4)  

• EBIT was MEUR -0.5 (-4.0)  

• Earnings per share was EUR -0.14 (-0.56)  

• New orders were MEUR 26.2 (39.7), which is a decrease of 33.9%  

SIGNIFICANT EVENTS DURING THE REVIEW PERIOD 

• Merus Power receives a 30 MW / 30 MWh energy storage order from eNordic  

• Merus Power establishes a new share-based incentive plan for key personnel  

• Merus Power receives significant active filter order from Egypt   

• Merus Power successfully completes a directed share issue raising approximately EUR 2.0 million
   

EVENTS AFTER THE REPORTING PERIOD 

On August 13, 2025, the company announced that it had received an energy storage order from Poland. This is the company's first international energy storage delivery.  

KEY FIGURES

EUR 1 000	1-6/2025	1-6/2024	2024
Net sales	24 918	6 666	35 834
Change in net sales	273.8%	-50.8%	23.4%
EBITDA	312	-3 403	-798
% of net sales	1.3%	-51.0%	-2.2%
EBIT	-489	-4 008	-2 055
% of net sales	-2.0%	-60.1%	-5.7%
Profit/loss for the financial period	-1 176	-4 320	-2 654
Earnings per share, EUR (undiluted)	-0.14	-0.56	-0.35
Earnings per share, EUR (diluted)	-0.14	-0.55	-0.34
Equity per share, EUR	1.27	1.02	1.24
Balance sheet total	29 562	27 529	26 711
Equity	10 348	7 852	9 533
Equity profit %	-11.8%	-43.3%	-24.5%
Interest-bearing net liabilities	-551	-3 351	-1 167
Gearing ratio, %	-5.3%	-42.7%	-12.2%
Equity ratio, %	35.0%	28.5%	35.7%
Liquid assets	4 576	6 578	2 970
Operating cash flow	-427	5 568	4 978
Number of shares, 1 000 pcs	8 116	7 670	7 673
Average number of shares, 1 000 pcs	7 887	7 658	7 659
Orders received	26 205	39 657	53 626
Order book	29 290	46 833	29 953
Average number of employees	138	113	117

FINANCIAL GUIDANCE FOR 2025  

The company repeats the guidance published in its financial statement 2024: 
Merus Power estimates that the company’s net sales will grow strongly compared to 2024 and that EBITDA will be EUR 1–3 million.

CEO KARI TUOMALA: IMPROVING PROFITABILITY SUPPORTS STRONG GROWTH 

In the first half of 2025, our revenue grew strongly to EUR 24.9 (6.7) million. This growth was driven in particular by successful deliveries of modular energy storage solutions in Finland and the delivery of power quality solutions and products to international customers. The development was driven by active demand in both the energy storage business supporting renewable energy and the power quality market, which promotes energy efficiency.

During the review period, we succeeded in improving the profitability of the company's operations. We improved the productization of our deliveries, which resulted in greater efficiency in the operations of our own factory. In addition, we were able to leverage the experience and expertise gained from previous deliveries. Our operating margin (EBITDA) for the first half of the year was approximately EUR 0.3 million positive, whereas in the comparison period it was approximately EUR 3.4 million negative. Net sales for the comparison period were exceptionally low, which means that the periods are not entirely comparable. A significant part of the 2024 net sales and margin were recognized in the second half of the year, so to get a more accurate picture, it is worth using the whole previous year as a comparison, when net sales were EUR 35.8 million and EBITDA was EUR -0.8 million (-2.2% of net sales).

Our strong growth continues to maintain pressure to control cost increases and realize economies of scale in production and deliveries. The efforts to improve profitability will continue. Our forecast for the full year remains unchanged: the company's revenue will grow strongly compared to 2024, and EBITDA will be EUR 1–3 million.

Solid order intake

The green transition, electrification and growth in automation are strong trends that support sales both in Finland and internationally. Growth has been particularly strong in Finnish energy storage projects, and the need for investment is also reflected in the energy efficiency targets of the metal industry. Our order intake was at a strong level at the end of June: EUR 29.3 (46.8) million. The value of new orders in the first half of the year was EUR 26.2 (39.7) million.

Our energy storage strategy is yielding results. During the reporting period, we delivered Finland's largest energy storage facility at the time, with a capacity of 38 MW/43 MWh, to Lappeenrannan Energia and eNordic. Our partnership was further strengthened by a follow-up order for another 30 MW/30 MWh energy storage system to be delivered to eNordic and Ardian. During the review period, we also completed several long-term delivery agreements, which were transferred to our lifecycle services, and our cooperation with our customers continues with the support of our service business.

In the power quality business, a large active filter order for Egypt still accounts for a significant portion of our order intake. In addition, orders for compensators for the steel industry balance our order intake and its product range.

Organization and product development support growth and profitability

Our growth has been determined and based on our strong expertise in energy storage and power quality. We are also involved in the market by developing our own energy storage projects, where we can leverage both our technological expertise and our comprehensive understanding of the market. As a result, we can offer our customers the best returns and minimize Merus Power's risks through cost-effective and optimized implementation.

We have built both our organization and our technology with a long-term focus on modular and scalable solutions. During the reporting period, we have seen clear evidence of the scalability of both our modular solutions and our expertise. Our number of employees grew by 24 to 151 in the first half of the year. The systematic growth of our personnel strengthens our ability to implement our growth strategy and ensure that we can deliver on our customer promises in the future.

Investing in our own energy storage system

With our own energy storage facility, Merus Power is able to meet product development needs and test the properties of energy storage in a real market environment. This has been a significant investment in the development of technology and services and demonstrates our commitment to market leadership. The development environment enables the continuous optimization of trading services and system operations.

At the end of the review period in June, the company carried out a directed share issue to strengthen its equity capital and secure financing and other prerequisites for growth. The successful share issue raised approximately EUR 2.0 million, which will support the company's strategy in the short and medium term by improving profitability.  
 

FINANCIAL COMMUNICATIONS 

Press conference

Merus Power will arrange a press conference for the media and analysts in Finnish at 10:30 am on August 21, 2025. The event will be held as a Teams webinar. The link below can be used to register for the event in advance.

https://events.teams.microsoft.com/event/b468d34e-f810-46ac-90a7-a6105a9d7b51@eb19cf28-ccec-4816-b423-0b1fd1cedaca

After the event, the materials will be released on our website at   
https://sijoittajat.meruspower.fi/en/for-investors/reports-and-presentations/.  

 

Merus Power Plc 
Board of directors

Distribution:  
Nasdaq Helsinki Oy  
Financial supervisory authority  
Key media