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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

ES Group

14.50 SEK+0.69 %2.9, 10.01
Less than 1K followers

ESGR B

First North Stockholm

Industrial Goods & Services

Industrials

Overview
Financials & Estimates
Ownership
Dividend
Investor views
Compare
+0.69 %
-5.23 %
-21.62 %
+27.19 %
-11.31 %
-22.67 %
-78.68 %
-28.22 %
-26.77 %

ES Group is a technology company focused on the energy sector. The company specializes in the development of heat pump technology. The technology is based on the proprietary platform and is delivered both as complete overall solutions and as plug-ins for various temporary installations. The products and associated systems are used for heating villas, as well as larger commercial properties. The business is held on a global level, with the largest presence in the European market.

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Market cap
95.5M SEK
Turnover
5.6K SEK
Revenue
185.98M
EBIT %
-11.95 %
P/E
-
Dividend yield-%
-
Revenue and EBIT-%
EPS and dividend
Financial calendar
All
Webcasts
Press releases
3rd party
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Forum discussions
In Denmark (Energy Save’s largest market), air-to-water heat pump deliveries in the third quarter were -54% for the entire market: Air-to-air heat pump deliveries in Denmark have already fallen to 2014 levels.
11/6/2023, 9:41 AM
by Arimatti Alhanko
13
The market remains weak. NIBE’s Q1 report was really weak, especially Climate Solutions.
5/16/2024, 6:18 AM
by Arimatti Alhanko
6
We are into… Oh… whatever … (Old chart, but with the listing, the history was wiped, at least in my app.)
10/7/2023, 5:54 PM
by @TeemuHinkula
4
Apparently, a video about Energy Save was made in December in Sweden. @Mikael_Rautanen has mentioned that sales cycles are long. That seems to be the case, as it only took a couple of years since I tried to recommend Inderes’ services to them during the company’s hype. Inderes Energy...
1/24/2025, 8:59 PM
by @TeemuHinkula
3
A week-old story from Germany, which was previously discussed here. Quite relevant for the heat pump industry; in Germany, quite a few pumps will likely be installed in the coming years: https://www.reuters.com/world/europe/german-parliament-passes-watered-down-heating-law-2023-09...
9/20/2023, 6:35 AM
by näätä$
3
From the ABG report below, one can read how the company’s Q3 was soft, but cost control improved. The report also states that sales decreased due to growing OEM customer inventories, but on the other hand, a clear pick-up is expected for the end of the year, driven by OEM demand ...
11/15/2025, 6:23 PM
by Sijoittaja-alokas
2
Energy Save Q3’25 webcast: Inderes Energy Save, Webcast, Q3'25 - Inderes Time: 2025-11-13 10:00 Language: en Language: en Sector: Materials - Energy & Utilities Activity: Webcast with teleconference
11/13/2025, 12:07 PM
by Isa Hudd
2
Read more on our forum
Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
13.11
2026

Interim report Q3'26

26.2
2027

Annual report '26

Third party research25.08.2026, 06.56

ES Group AB: Soft Q2, steeper H2e bridge - ABG

* As flagged, Q2 was soft on postponed ODM/WL orders * We expect a seasonally stronger H2e * Mgmt. guides for FY'26e EBIT break-even; we are more cautious Q2 as flagged, but slightly below our forecast Q2 net revenue was SEK 20m (15.4), -60% q-o-q and...

ES Group
Third party research21.08.2026, 12.43

ES Group: A softer quarter, as guided - ABG

* Sales SEK 20m vs. ABGSCe 26m, EBIT roughly in line * Cost control holds EBIT despite soft top line * Management guides to approach FY break-even Q2 results ES reported soft sales of SEK 20m (vs. ABGSCe 26m), as the company had guided for in its Q1 ...

ES Group
Regulatory press release21.08.2026, 08.30

Publication of interim report, January 1 – June 30, 2026

ES Group

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Regulatory press release20.08.2026, 15.10

Report from the Extraordinary General Meeting in ES Group AB (publ)

ES Group
Press release19.08.2026, 10.47

Invitation to web presentation and telephone conference in connection with ES Group's interim report January-June 2026

ES Group
Third party research20.07.2026, 09.06

ES Group AB: Directed share issue, insiders buy Amitime's stake - ABG

* Directed issue of SEK 17.8m at a ~20% discount to Friday's close * Chairman, CEO and CTO buy Amitime's block ahead of its China IPO * Dilution of 15.3%, a further 6.0% upon full warrant exercise Directed issue of SEK 18m ES has announced a proposed...

ES Group
Regulatory press release20.07.2026, 08.30

Notice to attend the extraordinary general meeting of ES Group AB (publ)

ES Group
Regulatory press release17.07.2026, 21.49

ES Group proposes directed issues of units of approximately SEK 17.8 million and warrants, respectively, and announces a placement of existing shares of approximately SEK 4.4 million

ES Group
Press release03.07.2026, 12.00

ES Energy Save and Enrad enter technology partnership for propane heat humps in industrial and commercial properties

ES Group
Press release04.06.2026, 16.45

Energy Save changes name to ES Group AB (publ)

ES Group
Third party research15.05.2026, 10.25

Energy Save: Q2e cuts but brighter H2e ahead - ABG

* Q1: sales beat (+19% vs ABGSCe), ES-branded sales up +99% y-o-y * Q2'26 guided weak on ODM/WL inventory rebalance * We cut Q2'26e, return to positive EBIT in H2'26e Expecting a stronger H2'26e Q1 sales beat expectations at SEK 49m (+19% vs. ABGSCe)...

ES Group
Third party research13.05.2026, 09.05

Energy Save: Topline beat, Q2 weakness ahead - ABG

* Sales +19% vs. ABGSCe, EBIT SEK -4m (vs. -5m) * ODM/WL down 27% y-o-y but ES-branded sales up 99% * Inventory levels down, FCF positive in the quarter (SEK +1.8m) Q1 results Q1 sales were SEK 49m (-8% y-o-y and +19% vs. ABGSCe 42m). Residential continues...

ES Group
Regulatory press release13.05.2026, 08.30

Publication of interim report, January 1 – March 31, 2026

ES Group
Press release08.05.2026, 08.30

Invitation to web presentation and telephone conference in connection with ES Group's interim report January-March 2026

ES Group
Regulatory press release29.04.2026, 16.35

Report from the Annual General Meeting 2026 in ES Energy Save Holding AB (publ)

ES Group
Press release23.04.2026, 13.05

Energy Save and JS Energi enter into a partnership for spare parts in the Nordic region

ES Group
Regulatory press release08.04.2026, 14.20

Energy Save’s Annual Report 2025

ES Group
Regulatory press release27.03.2026, 08.30

Notice to attend the annual general meeting of ES Energy Save Holding AB (publ)

ES Group
Regulatory press release24.03.2026, 17.54

BlueBox by Swegon to offer ES Group’s residential R290 heat pumps under own brand

ES Group
Press release11.03.2026, 08.30

Energy Save has sold 10,000 heat pumps using propane as refrigerant

ES Group