Enersense International Plc’s January-September 2022 Business Review: Order backlog grew significantly

Report this content

Enersense International Plc
Stock Exchange Release October 28, 2022 at 12:00 p.m.

This release is a summary of Enersense International Plc’s January-September 2022 Business Review. The company complies with the semiannual reporting in accordance with the Finnish Securities Markets Act and discloses business reviews for the first three and first nine months of the year, which present key information regarding the company’s financial position and development. The financial information presented in the business review is unaudited. The complete report is attached to this release as a pdf file. It is also available on the company’s website at www.enersense.com/investors.


• Revenue was EUR 64.4 (58.3) million, showing an increase of 10.5%.

• EBITDA was EUR 4.0 (2.9) million. The EBITDA margin was 6.3% (5.1)

• Adjusted EBITDA was EUR 4.3 (4.4) million, or 6.6% (7.5) of revenue.

• The operating profit was EUR 1.9 (0.4) million. The profit margin was 3.0% (0.7).

• Undiluted earnings per share were EUR 0.07 (0.01).


• Revenue was EUR 178.0 (173.2) million, showing an increase of 2.8 %.

• EBITDA was EUR 8.8 (10.5) million. The EBITDA margin was 5.0% (6.0).

• Adjusted EBITDA was EUR 9.3 (11.7) million, or 5.2% (6.8) of revenue.

• The operating profit was EUR 2.4 million (2.8). The profit margin was 1.3% (1.6).

• Undiluted earnings per share were EUR -0.11 (0.07).

• The order backlog stood at EUR 385 million (272) at the end of September.

• On 31 August 2022, Enersense announced an extensive strategic cooperation agreement (4 + 2 + 2 years) with Helen Oy on operation and maintenance tasks. The maximum amount of the acquisition, including the options, is EUR 200 million, of which EUR 100 million has been recognised in the order book for the third quarter.

• On 23 September 2022, Enersense announced that it had signed a business combination agreement with MBÅ Invest Oy, its second largest shareholder. Based on the agreement, MBÅ Invest will merge with Enersense.

After the review period:

• On 11 October 2022, Enersense announced that the Finnish Competition and Consumer Authority had approved a business transfer through which certain operation and maintenance services of Helen Oy will be transferred to Enersense.

• On 20 October 2022, Enersense announced that it had further specified the focus areas of its growth strategy and would focus on zero-emission transport alongside onshore and offshore wind power and solar energy. This supports the company’s long-term financial targets, which remain unchanged.


Enersense reiterates its earlier financial guidance:

According to the company's financial guidance, revenue is expected to be in the range of EUR 245–265 million and adjusted EBITDA EUR 6–12 million in 2022.

Key figures

President and CEO Jussi Holopainen:

“After the challenging first part of the year, we are pleased to announce that in July–September almost all our segments improved their EBITDA, and the Group’s operating profit improved from the comparison period and the second quarter of 2022. Our order backlog and the company’s cash situation improved as well.

Enersense’s revenue in January–September grew to EUR 178 (173) million, which represents an increase of 2.8% year-on-year. Revenue increased in all segments except Smart Industry, where volumes have decreased following the completion of the Olkiluoto 3 project. Due to a weak first half of the year, EBITDA in the review period was below the previous year’s level. EBITDA decreased by 15.4% and was EUR 8.8 million (10.5).

In these exceptional times, we have every reason to be satisfied with our overall performance. We succeeded in the pricing and implementation of several projects. With the inflation rate rising rapidly, we also succeeded in negotiating increases to the prices of materials with many customers for existing and new contracts.

Despite the challenging operating environment, our order backlog has developed steadily during the year. In the third quarter, our order backlog grew significantly and stood at EUR 385 (272) million at the end of September. In our Smart Industry segment, we have worked hard during 2022, building a foundation for future growth. Examples of this work include the ramp-up of Enersense Offshore and an agreement on outfitting work for two new ferries at the Rauma shipyard for TT-Line Company. An extensive strategic cooperation agreement with the energy company Helen on operation and maintenance tasks related to plants and networks was recorded in the Smart Industry segment’s order backlog in the third quarter. The strategic goal of both Enersense and Helen is to play a key role in the green transition, and this agreement enables us to contribute to Helen's vision of achieving carbon neutrality by 2030. It is also our pleasure to welcome the operation and maintenance professionals who are transferring from Helen to Enersense!

After the end of the review period, we announced that we had further specified the focus areas of our growth strategy by focusing on zero-emission transport alongside onshore and offshore wind power and solar energy. In this area, we are seeking new business in charging solutions for electric transport, for example. In the zero-emission transport sector, our goal is to expand our role in the value chain from being an installation and service partner for companies that provide charging equipment solutions to becoming a manufacturer of charging devices, which we believe holds significant growth potential for us. We also announced that we had signed an agreement to acquire Unified Chargers Oy, a Finnish growth company manufacturing fast charging stations and high-power charging stations for electric cars. When the corporate arrangement is implemented, Enersense will be able to offer a complete range of advanced and customisable charging solutions for public sites and the needs of heavy transport, as well as smart services for charging station operations.

We are also determined to pursue our goal of energy production of our own, which involves building 600 MW of capacity for onshore wind power and 100 MW for solar power by 2027. Our subsidiary Megatuuli Oy plays a key role in achieving our goal for onshore wind power. Its current onshore wind power project portfolio (3,000 MW) enables the development of our own energy production. Megatuuli has projects in the feasibility study phase (2,000 MW) and in the permit, land use and EIA phase (1,000 MW). We will begin to report on the development of this project portfolio as part of our half-yearly reporting for the first and second half of each year.

The core of our growth strategy consists of seeking new business in onshore and offshore wind power, solar energy and zero-emission transport. However, the cost-efficiency of our basic business operations and profitable growth are, at least, equally important for us. I am very pleased with how we have succeeded in developing our operations continuously and systematically towards best practices in all sectors. It is great to see how our new operating methods have already proved to be broadly successful, and our internal development work towards our common goals continues in cooperation with our highly competent personnel. 

In September, we announced a business combination agreement through which MBÅ Invest, our second largest shareholder, will merge with Enersense. An extraordinary general meeting convened by Enersense's Board of Directors will be held on 10 November 2022 to discuss decisions related to the merger of Enersense International Plc and MBÅ Invest Oy, among other matters. The purpose of the merger is to increase the transparency and equality of the ownership and governance, and simplify the ownership structure of Enersense. The transaction will bring MBÅ Invest’s holding better to the fore and make the executives’ true ownership in the company transparent. The transaction will also increase the management’s commitment through long-term transfer restrictions on shares. The elimination of indirect ownership is also aimed at improving the liquidity of Enersense shares.”

Pori 28 October 2022
Enersense International Plc
Board of Directors

Additional information:

Jussi Holopainen, President and CEO
Tel: +358 44 517 4543
Email: jussi.holopainen@enersense.com

Media contacts:

Tommi Manninen, SVP, Communications and Public Affairs
Tel: +358 40 043 7515
Email: tommi.manninen@enersense.com

Nasdaq Helsinki
Major Media

Enersense in brief:     

Enersense International Plc is a creator of zero emission energy solutions and strongly supports the ongoing energy transition and enabling a zero-emission society. Enersense Group’s revenue in 2021 was approximately EUR 239 million. The company has approximately 2,000 employees, with operations in Finland and globally in roughly 40 countries. Enersense’s shares are listed on Nasdaq Helsinki (ESENSE). The company’s investor pages can be found at www.enersense.com/investors.