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Enersense International Q2: Solid report, strong growth in order backlog - SEB

Q2 adjusted EBITDA came in EUR 1.9m ahead of our estimate. Order backlog amounted to EUR 527m, up by 79% y-o-y. Wind power development pipeline is reportedly at 8,100 MW, +100 MW since Q4/22. FY2023 guidance was repeated: adjusted EBITDA is in the range of EUR 12-18m. In our view, estimates should move some single digit percent upwards.

Q2 adjusted EBITDA came in EUR 1.9m ahead of our estimate. Order backlog amounted to EUR 527m, up by 79% y-o-y. Wind power development pipeline is reportedly at 8,100 MW, +100 MW since Q4/22. FY2023 guidance was repeated: adjusted EBITDA is in the range of EUR 12-18m. In our view, estimates should move some single digit percent upwards.
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