Energy Save: Solid sales ramp-up, return to profitability - ABG

Sales ramp-up continues (187% y-o-y), +13% vs. ABGSCe
Positive EBIT (SEK 324k vs. ABGSCe -2m), first time since early 2023
Aira partnership continues, improving FCF, positive momentum ahead


Aira partnership drove 32% sequential growth

Energy Save reported sales of SEK 79m (13% vs. ABGSCe SEK 70m), 187% y-o-y and 32% q-o-q. The gross margin was 25% vs. 29% LY and EBIT came in at SEK 324k (vs. ABGSCe SEK -2m), for a margin of 0% (ABGSCe -3%). Residential sales continued to ramp up and grew 28% q-o-q while Commercial grew by 168% q-o-q, but was down 38% y-o-y. According to the CEO, the Aira partnership continued to show results according to plan and drove revenues at a time when the industry and the rest of the market has seen relatively low activity. FCF improved and was SEK -399k (SEK -13m in Q4'23/'24) as working capital release was positive at ~1m. The cash balance was at SEK 51m, vs. 52m in Q4'23/24.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/energy-save/Equity-research/2024/9/energy-save---solid-sales-ramp-up-return-to-profitability/