Metacon resumes order momentum
Summary
- We view Metacon's selection as a supplier for a 7.5 MW electrolyzer plant in Romania as a positive development, supporting our current estimates without necessitating immediate changes.
- In our view, entering the Romanian market is strategically important for Metacon, aligning with the growing interest in green hydrogen solutions, although the final contract is yet to be signed.
- We expect revenue recognition from this order to be spread over several quarters, likely weighted towards 2026, and believe it enhances visibility into Metacon's growth, reducing uncertainty in our estimates.
- We believe the deal strengthens Metacon's position to secure similar future orders, which is crucial for relying on its own cash flows.
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Metacon announced on Thursday that it has been selected as a supplier for the delivery of a 7.5 MW electrolyzer plant to Elektra Power SRL in Romania. The value of the deal is around 7.1 MEUR (approximately 77.8 MSEK). The transaction still necessitates the signing of a definitive project agreement. While we view the news as positive and supporting our current estimates, it does not trigger immediate changes.
First step into the Romanian market
The recently announced order marks Metacon's first step into the Romanian market, which we believe is a strategically important region with growing interest in green hydrogen solutions. The delivery includes pressurized alkaline electrolyzers, which will be supplied in cooperation with Metacon's partner PERIC. It is important to note that the final contract has not yet been signed, but being selected as a supplier is a strong signal of a future binding order.
The order supports our estimates but does not cause immediate revisions
The order of around 78 MSEK is significant in size, although it is clearly smaller than the company's previous large Motor Oil project (a total of around 344 MSEK). Due to the generally long lead times, we expect revenue recognition to be spread over several quarters after the final contract is signed, likely weighted towards 2026. The order is in line with our expectations, as we have estimated Metacon to secure several new large-scale orders in the coming years, driving revenue growth to 297 MSEK in 2025 and 635 MSEK in 2026. However, we believe that the recent deal provides enhanced visibility into this growth, which somewhat reduces the uncertainty in our estimates. Furthermore, with the support of the customer reference, we believe the company is also better positioned to win new similar customers. We will continue to monitor the company's order development, as we believe that a sustained order flow is required for Metacon to rely on its own cash flows.