Net sales was 3% above Nordea’s estimate in Q1. The company’s EBITDA was EUR 4.5m compared to our expectation of EUR 3.0m in Q1. Sales gains from completed wind power projects were the main reason for a good performance. The order backlog was EUR 445m which is slightly under our expectation. The order backlog declined by 3% q/q and 15% y/y. Political strikes did not have any meaningful impact for the company’s operations in Q1. The net result was EUR -5.5m in Q1 leading reported equity ratio to be 22.8%. Financiers approved a lower limit for the equity ratio covenant in Q1. Enersense is negotiating with financiers to further specify the covenant level for the full year 2024. Full year guidance was unchanged.

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Nordea Research