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Third party research

Enersense International: Full year EBITDA will be EUR 4-6m in 2024 - Nordea

Enersense International

This is a third party research report and does not necessarily reflect our views or values

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According to preliminary information, annual EBITDA will be EUR 4-6m in 2024 (old guidance EUR 4-8m, Nordea estimate EUR 7.9m). The adjusted EBITDA of the core businesses was EUR 19-21m (old guidance EUR 17-21m) in 2024. The company’s net sales could be EUR 413-416m in 2024 (Nordea estimate EUR 404m). Fortum will pay EUR 9m for Enersense’s wind power development portfolio in Q1 2025. The divestment of offshore platforms and EV chargers could happen in H1 2025 we believe. Net debt is declining but all risks related to the balance sheet have not yet faded away. Our EBITDA forecast for 2025 has been EUR 21m but a lot depends on losses coming from non-core operations, and when these operations will be divested. Overall, better visibility and predictability of cash flow, as well as lower interest expenses, are now needed after the hard years of 2022-24.
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