Merus Power Plc’s Financial Statements Bulletin January 1–December 31, 2025: Profitability improved, strong growth continued

The numbers in parentheses refer to the same period of the previous year unless otherwise indicated. The numbers in the financial statements bulletin are unaudited.

This release is a summary of the report Merus Power's Financial Statements Bulletin January 1 – December 31, 2025. The entire report is attached to this release as a PDF file. The report is also available on the company's website at https://sijoittajat.meruspower.fi/en/for-investors/reports-and-presentations/.

JULY–DECEMBER 2025 IN BRIEF

• Net sales amounted to EUR 29.7 (29.2) million, growth 1.9%
• EBITDA was EUR 1.5 (2.6) million
• EBIT was EUR 0.8 (2.0) million
• Result for the reporting period was EUR 0.1 (1.7) million
• Undiluted earnings per share was EUR 0.01 (0.22)
• Orders received amounted to EUR 23.3 (14.0) million, growth 66.9%

 JANUARY–DECEMBER 2025 IN BRIEF

• Net sales amounted to EUR 54.6 (35.8) million, growth 52.5% 
• EBITDA was EUR 1.8 (-0.8) million
• EBIT was EUR 0.3 (-2.1) million 
• Result for the reporting period was EUR -1.1 (-2.7) million
• Undiluted earnings per share was EUR -0.14 (-0.35)
• Orders received amounted to EUR 48.0 (53.6) million, decrease 10.4%

SIGNIFICANT EVENTS DURING THE FINANCIAL PERIOD

 

Energy storage business

• The company received an order worth EUR 13 million for a battery energy storage facility in Riihimäki (company announcement on February 13, 2025), two first international orders for energy storages in Poland, totaling approximately EUR 4.5 million (company announcement on August 13, 2025 and press release on September 18, 2025) as well an order worth EUR 17 million for an energy storage facility in Mäntyharju, Finland.
• The company commissioned an energy storage facility it had built for itself for product development and testing (press release on March 25, 2025).
• The company commissioned the first grid forming energy storage system in the Nordic countries in Valkeakoski, Finland (press release on October 30, 2025).

Power quality business

• The company signed agreements in Egypt and Finland to modernize steel plants’ static VAR compensators. Total value of the agreements was approximately EUR 3 million (press releases on May 23, 2025 and on June 16, 2025).
• The company received the biggest order for active filters in its history in Egypt. The value of the order is approximately EUR 6 million (company announcement on June 4, 2025).

Other events

• The company strengthened its financing and financial structure through a directed share issue raising approximately EUR 2.0 million (company announcement on June 18, 2025) and through a EUR 5 million loan to support growth and market position (press release on November 18, 2025).
• The company carried out a directed share issue against payment to hedge and implement the incentive plan for the personnel (company announcement on November 24, 2025).

 

KEY FIGURES

In EUR 1 000 unless otherwise indicated	7–12/2025	7–12/2024	2025	2024
Net sales	29 730	29 168	54 648	35 834
Change year on year	1.9%	88.5%	52.5%	23.4%
EBITDA	1 502	2 604	1 815	-798
% of net sales	5.1%	8.9%	3.3%	-2.2%
EBIT	807	1 954	318	-2 055
% of net sales	2.7%	6.7%	0.6%	-5.7%
Result for the reporting period	62	1 666	-1 115	-2 654
Undiluted earnings per share, EUR	0.01	0.22	-0.14	-0.35
Diluted earnings per share, EUR	0.01	0.21	-0.13	-0.34
Equity per share, EUR	1.27	1.24	1.27	1.24
Balance sheet total	28 834	26 711	28 834	26 711
Equity	10 401	9 533	10 401	9 533
Return on equity, %	0.6%	19.2%	-11.2%	-24.5%
Interest-bearing net debt	2 870	-1 167	2 870	-1 167
Net gearing, %	27.6%	-12.2%	27.6%	-12.2%
Equity ratio, %	36.1%	35.7%	36.1%	35.7%
Liquid assets	5 038	2 970	5 038	2 970
Cash flow from operating activities	-2 607	-590	-3 034	4 978
Number of shares, 1000 shares	8 217	7 673	8 217	7 673
Average number of shares, 1000 shares	8 167	7 659	7 945	7 659
Orders received	23 309	13 969	48 030	53 626
Order book	24 479	29 953	24 479	29 953
Average number of employees	145	124	141	117

BOARD OF DIRECTORS' PROPOSAL ON THE HANDLING OF THE RESULT FOR THE FINANCIAL YEAR

The Board of Directors proposes to the Annual General Meeting that the loss of EUR 1.1 million for the financial year be transferred to the retained earnings account of previous years and that no dividend be paid for the financial period 1 January–31 December 2025.

 

FINANCIAL GUIDANCE FOR 2026

Merus Power estimates that the company’s net sales will grow and that EBITDA will be EUR 2–4 million.

 

CEO KARI TUOMALA COMMENTS ON 2025: Profitability improved, strong growth continued

Our net sales grew in 2025 to a record high EUR 54.6 (35.8) million. At the same time, we managed to improve our profitability significantly, and our EBITDA increased by EUR 2.6 million from 2024 to EUR 1.8 million. The scaling of operations and long-term work to improve productization, delivery capability and cost-efficiency paid off. Net sales growth was supported by modular energy storage deliveries and continued stable sales of power quality solutions. In power quality solutions, net sales were mainly generated through export deliveries to the company's international distribution channel, and the increased delivery volumes in energy storages came from Finland.

Order intake was EUR 48.0 (53.6) million and order intake at the end of the year was approximately EUR 24 million. The clear highlights of the year were the historically large active filter deal in Egypt, the company's first international energy storage orders in Poland, and the energy storage projects sold to eNordic and Exilion. The green transition, electrification and the transformation of the energy system supported demand in all our key market areas. Contrary to expectations, investments in heavy industry were delayed due to market uncertainty.

Technology leadership and international orders in energy storage facilities

In 2025, Merus Power introduced the first grid forming energy storage facilities in the Nordic countries for commercial use to its customers Alpiq (30 MW/36 MWh) and eNordic (38 MW/40 MWh). This strengthens our position as a technological pioneer in the rapidly developing energy storage market and responds directly to the growing need for stability, flexibility and security of supply in the electricity system.

The internationalization of our energy storage business progressed concretely during the year when we were able to open the energy storage business in new markets and received two orders from Poland. International deliveries are an important step in the growth in line with our strategy and an indication of the competitiveness of our solutions also outside Finland.

Power quality solutions balance growth

In power quality solutions, 2025 was in line with expectations. In particular, the largest single active filter order in Egypt in our history was a significant achievement and strengthened our position as a supplier of demanding, large-scale industrial projects. In addition, deliveries of compensators, especially to the steel and process industries, balanced the structure of our order intake.

The synergy between the power quality and energy storage businesses remains our key competitive advantage. Both businesses utilize the same in-depth electrotechnical expertise and systems thinking. This supports product development, delivery efficiency and increasing customer value.

Focus on improving profitability 

Strong growth continues to place demands on cost control and scalability of operations. In 2025, we continued to productize and develop our operations with determination, which improved the efficiency of our own factory operations and reduced delivery risks. We utilized the experience and lessons learned from previous deliveries, which was reflected in improved operational efficiency in project execution and in the operation of our factory, as well as improved EBITDA.

Measures to improve profitability will continue in the coming years. Our business model and the market enable scaling and thus the continuous development of profitability alongside growth.

Organization and development work as enablers of growth

Our growth is based on strong expertise and motivated personnel. During the year, we continued to strengthen the organization in a controlled manner, especially in the areas of product development, project management and service business. At the same time, we invested in our own technology and development environments, including our own energy storage facility, which enables us to test and verify our solutions in real operating environment.

In our services business, we achieved excellent results during the year. The average availability of the energy storage facilities within the scope of our lifecycle services was a staggering 99%, which is a testament to the reliability of our solutions, the quality of our operations and our ability to deliver real value to customers throughout the system's lifecycle.

The development work supports not only the performance of the products but also the growth of new service models, such as trading and lifecycle services. We see the services business as an increasingly important part of Merus Power's stable and predictable growth.

Sustainability, people and information security

We have worked systematically to secure sustainable development according to our plan. In addition, we have taken a responsible role in the organization of the recycling of battery raw materials in accordance with EU regulations by becoming a member of a producer community.

We created a significant number of new high value-added jobs again. The overall results of the employee satisfaction survey of our record-strong organization were at a high level, 8.4/10. This will create a foundation for productivity growth in the future as well.

In 2025, we made significant investments in the cybersecurity of our products as well as in internal information security and data processing practices. In critical power infrastructure technologies and projects, we believe that the fact that we are Finnish and European provides a clear competitive advantage in which it is worthwhile to invest.

Confidently towards the future

The transformation of the energy sector is progressing globally, and the opportunities it brings support Merus Power's long-term growth prospects. While the geopolitical and economic environment continues to contain uncertainties, the demand for our solutions remains strong in markets where reliable electricity, energy efficiency and flexibility are critical.

The year 2025 showed that our strategy is the right one and that we are able to grow and improve profitability. I would like to thank our customers for their trust, our personnel for their committed and professional work, and our partners and owners for their support in Merus Power's development. We are confidently going into the next year to continue the implementation of our strategy.

 

EVENTS AFTER THE END OF THE FINANCIAL YEAR

On January 27, 2026, Merus Power published a company announcement on a EUR 13 million energy storage transaction with Neve Oy.

FINANCIAL REPORTING IN 2026

The Financial Statements, the Report of the Board of Directors and the Sustainability Statement for 2025 will be published on 19 February 2026 as a company announcement and on the company's website at

https://sijoittajat.meruspower.fi/en/releases/

The Annual General Meeting is planned to be held on 19 March 2026. The company's Board of Directors convene General Meeting at a later date. The notice of the meeting will be published in a company announcement and on the company's website at:

https://sijoittajat.meruspower.fi/sijoittajatietoa/hallinto/yhtiokokous/

The company's half-year report will be published on August 20, 2026.

 

Press conference

Merus Power will hold a Finnish-language press conference for media and analysts on Thursday, February 5, 2026 at 10:30 a.m. EET. The event will be held as a Teams webinar. Register for the event in advance via the link below.

https://events.teams.microsoft.com/event/445425b7-5cda-447f-88b3-2338200cedb7@eb19cf28-ccec-4816-b423-0b1fd1cedaca

After the event, the material of the event will be published on the company's 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

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