Q2: Sales down q-o-q and EBIT back in negative territory
Energy Save reported lower-than-expected Q2 sales of SEK 49m (-38% vs. ABGSCe SEK 79m), up 46% y-o-y but down 38% q-o-q from 79m. Thus, the continued sequential uptick in sales that we have seen since Q1'23/24 has now been halted, which ES says is due to inventory adjustments in the OEM channel and declining sales in Scandinavia. The gross margin was 33% (ABGSCe 27%), vs. 45% LY and EBIT came in at SEK -8m (ABGSCe SEK 1m), for a margin of -16% (ABGSCe 1%). Costs were SEK 5.2m higher than the previous quarter and the CEO writes that parts of this (SEK 2m) were due to Energy Save's participation in the large European trade exhibition Chillventa, in connection with the launch of its R290-series heat pump. Residential sales continued to be the main sales driver at SEK 44m (vs. ABGSCe 74m) but was down 40% q-o-q. Although ES had a ~5m positive working capital release, FCF still weakened to -7m (-0.4m in Q1'24/25) due to lower earnings and increased investments. The cash balance came in at SEK 48m, vs. 51m in the prior quarter.
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