Interim report
Page 2
Contents S t r o n g g r o w t h i n E n e r s e n s e ' s t h i r d q u a r t e r ...................................................................................................... 2 Key figures .................................................................................................................................................................. 4 CEO Kari Sundbäck .................................................................................................................................................. 5 Financial result .......................................................................................................................................................... 6 Financial position and cash flow ........................................................................................................................ 9 Segment reviews ...................................................................................................................................................... 11 Strategy ...................................................................................................................................................................... 17 Group personnel ....................................................................................................................................................... 17 Governance ................................................................................................................................................................ 18 Near-term risks and uncertainties ...................................................................................................................... 20 Key events after the review period .................................................................................................................... 20 Financial reporting 2027 ........................................................................................................................................ 20 Webcast ....................................................................................................................................................................... 21 Additional information ............................................................................................................................................ 21 TABLES IN THE BUSINESS REVIEW .......................................................................................................................... 22 Consolidated income statement ........................................................................................................................ 23 Consolidated balance sheet ................................................................................................................................ 24 Consolidated cash flow statement ................................................................................................................... 25 Consolidated statement of changes in equity .............................................................................................. 26 Notes to the consolidated business review .................................................................................................... 27 Calculation principles for key performance indicators ............................................................................. 31 The figures in brackets refer to the comparison period (the corresponding period of the previous year), unless otherwise stated. All figures and amounts have been rounded off from exact figures, which may result in minor inaccuracies in additions or subtractions. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 1
Page 3
ENERSENSE INTERNATIONAL PLC BUSINESS REVIEW JANUARY–SEPTEMBER 2026 (UNAUDITED) 5 NOVEMBER 2026 S t r o n g g r o w t h i n E n e r s e n s e ' s t h i r d q u a r t e r The figures in this release are unaudited. July–September 2026 • Revenue was EUR 87.1 (81.1) million, up 7.4%. • Revenue, when excluding the units sold or discontinued in 2025, was EUR 87.0 (76.4) million, up 13.9%. • EBITDA was EUR 2.9 (5.8) million and EBITDA margin was 3.4 (7.1)%. The comparison period figure includes a gain of EUR 1.9 million recorded on the sale of the Marine and Offshore Unit. • Adjusted EBITDA was EUR 5.5 (9.2) m i l l i o n a n d a d j u s t e d E B I T D A m ar g i n w a s 6.4 (12.1)%. • EBIT was EUR 1.0 (3.8) million and EBIT margin was 1.1 (4.7)%. • Cash flow from operating activities was EUR -3.5 (-7.0) million. • Undiluted earnings per share were EUR -0.05 (0.10). January–September 2026 • Revenue was EUR 221.3 (227.7) million, down 2.8%. • Revenue, when excluding the units sold or discontinued in 2025, was EUR 221.2 (211.2) million, up 4.7%. • EBITDA was EUR 5.5 (29.9) million and EBITDA margin was 2.5 (13.1)%. The comparison period figure includes a gain of EUR 22.3 million recorded on the sale of the wind and solar power project development business and a gain of EUR 1.9 million recorded on the sale of the Marine and Offshore Unit. • Adjusted EBITDA was EUR 10.1 (14.5) m i l l i o n a n d a d j u s t e d E B I T D A m a r g i n w a s 4.6 (6.9)%. • EBIT was EUR -0.4 (23.0) million and EBIT margin was -0.2 (10.1)%. • Cash flow from operating activities was EUR -11.8 (-12.4) million. • Undiluted earnings per share were EUR -0.45 (1.02). • At the end of September, order book stood at EUR 318 (379) million. • At the end of September, net debt was EUR 16.5 (38.5) million. Market outlook for 2026 The market situation is expected to remain favourable in the key market segments of Enersense's strategy in 2026. In Finland and Sweden, investments are being made to increase the capacity and reliability of electricity and telecommunications networks. Data centres, in particular, will increase capacity needs. In the Baltic countries, market activity slowed down during the first half of the year and it is expected to remain at a low level for the rest of the year. Cautiously positive development is expected in clean energy transition investments. Individual large investment projects may have an impact on market development. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 2
Page 4
Guidance for 2026 (unchanged) Enersense estimates its adjusted EBITDA to be EUR 19–23 million in 2026. In 2025, the adjusted EBITDA for the core businesses was EUR 18.8 million. In 2026, Enersense discontinues separate reporting of core business figures as the strategic focusing is completed. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 3
Page 5
Key figures 7–9/2026 7–9/2025 Change-% 1–9/2026 1–9/2025 Change-% 1–12/2025 Revenue, MEUR 87.1 81.1 7.4 221.3 227.7 -2.8 306.9 Comparable revenue, MEUR 87.0 76.4 13.9 221.2 211.2 4.7 292.7 EBITDA, MEUR 2.9 5.8 -49.2 5.5 29.9 -81.4 25.3 EBITDA, % 3.4 7.1 2.5 13.1 8.2 Adjusted EBITDA, MEUR 5.5 9.2 -40.1 10.1 14.5 -30.5 18.8 Adjusted EBITDA, % 6.4 12.1 4.6 6.9 6.4 EBIT, MEUR 1.0 3.8 -74.3 -0.4 23.0 -101.9 16.4 EBIT, % 1.1 4.7 -0.2 10.1 5.3 Result for the period, MEUR -0.3 1.6 -117.0 -5.8 16.8 -134.8 1.2 Equity ratio, % 28.6 22.9 28.6 22.9 32.1 Net gearing, % 36.9 98.9 36.9 98.9 6.5 Net debt, MEUR 16.5 38.5 16.5 38.5 3.4 Return on equity, % -0.6 4.2 -13.9 44.5 3.1 Earnings per share, undiluted, EUR -0.05 0.10 -148.4 -0.45 1.02 -144.0 0.07 Earnings per share, diluted, EUR -0.05 0.09 -154.9 -0.45 0.86 -152.3 0.06 Comparable revenue, MEUR Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0 25 50 75 100 Net gearing, % Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0 20 40 60 80 100 Adjusted EBITDA, MEUR Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0 5 10 Order book, MEUR Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0 100 200 300 400 ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 4
Page 6
CEO Kari Sundbäck Enersense delivered strong growth in the third quarter, driven by the Power Business Unit. Adjusted EBITDA declined mainly due to low market activity in Estonia and a slower than expected ramp-up of the Aquatech project. We expect accelerating progress in a number of projects in the Group in the f o u r t h q u a r t e r . H e n c e , w e a r e f o r e s e e i n g a strong end to the year and are maintaining our full-year guidance. We see encouraging progress in all our Business Units. In Power, the adjusted EBITDA improved in all Business Lines except Estonia. The turnaround in Estonia progressed as the EBITDA improved from the previous quarters significantly and ended up close to break-even, although market activity continued to be very low. In both Energy Transition and Connectivity, the service business continued its improvement. Data centres and digital services reflected in the order book The order book was lower than last year, but it was on a solid level. Due to the nature of our business, the order book does not develop in a linear manner and we have a selective approach to taking orders with healthy margins. In August, we secured a strategically important order from atNorth to deliver a substation for their data centre in Kouvola, and a fixed data connection project for another data centre customer. We engage actively with data centre customers to grow our business. At the same time, an increasing share of our business in the Power and Connectivity Business Units is coming from data centre related electricity grid and data network capacity build-outs. In addition, we won maintenance agreements for Fingrid’s substations and Alight’s solar park. These deals strengthen our position in digital services. After the review period, the order intake has increased by approximately EUR 30 million. We have won data centre related power line projects for E.ON, a battery energy storage and substation expansion project for a renewable energy company, maintenance of Fingrid’s substation secondary systems, maintenance of Steady Energy's small nuclear heating plant pilot, a tower design project for Elering and a substation upgrade for Sadales tīkls. Our quotation volume has increased significantly from the last year and the second quarter, and it is building a solid base for the future. Guidance unchanged, strong Q4 expected We maintain our full-year guidance. The fourth quarter will be supported by major projects such as the water treatment plant installations for Aquatech, as well as substation and high-voltage transmission line projects. We have come a long way since launching our strategy, and Enersense is now more customer-focused and better positioned to capture opportunities in our key growth markets. We are fully focused on achieving both this year's targets and our strategic targets for 2025–2028. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 5
Page 7
ENERSENSE INTERNATIONAL PLC BUSINESS REVIEW JANUARY–SEPTEMBER 2026 (UNAUDITED) 5 NOVEMBER 2026 Financial result Order book E n e r s e n s e ' s o r d e r b o o k w a s E U R 318 (379) million at the end of the review period. The order book decreased by EUR 55 million from the end of the second quarter of 2026. Increased focus on data centres was reflected in the order book as the company secured a strategically important order from atNorth to deliver a substation for their data centre in Kouvola, and a fixed data connection project for another data centre customer. From the comparison period, the order book grew in the Energy Transition Business Unit, but decreased in the Power and Connectivity Business Units. The Power Business Unit had an exceptionally strong order intake in the comparison period. In the Connectivity Business Unit, the order book does not grow steadily due to the nature of the business, as the majority of sales comes from framework contracts. Order book by Business Unit MEUR 30.9.2026 30.9.2025 Change-% 31.12.2025 Power 183 213 -14 245 Energy Transition 64 58 11 36 Connectivity 71 108 -34 112 Group total 318 379 -16 392 Revenue and EBITDA Revenue by Business Unit MEUR 7–9/2026 7–9/2025 Change-% 1–9/2026 1–9/2025 Change-% 1–12/2025 Power 55.3 32.9 68.2 137.1 103.2 32.8 138.9 Energy Transition 10.3 21.8 -52.5 33.7 66.0 -48.9 83.7 Connectivity 21.5 26.4 -18.7 50.5 58.5 -13.7 84.3 Total 87.1 81.1 7.4 221.3 227.7 -2.8 306.9 ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 6
Page 8
EBITDA by Business Unit MEUR 7–9/2026 7–9/2025 Change-% 1–9/2026 1–9/2025 Change-% 1–12/2025 Power 3.0 3.8 -22.7 7.1 29.9 -76.2 28.2 Energy Transition -0.1 2.7 -104.0 0.2 6.0 -96.5 5.9 Connectivity 0.9 2.6 -66.8 0.2 2.3 -92.0 4.5 Elimination and items not allocated to business areas -0.8 -3.3 76.3 -2.0 -8.3 76.4 -13.3 Total 2.9 5.8 -49.2 5.5 29.9 -81.4 25.3 Adjusted EBITDA by Business Unit MEUR 7–9/2026 7–9/2025 Change-% 1–9/2026 1–9/2025 Change-% 1–12/2025 Power 4.1 4.1 1.0 8.1 11.1 -27.0 12.1 Energy Transition -0.1 2.3 -105.7 0.2 2.3 -93.4 5.2 Connectivity 0.8 2.6 -67.3 0.1 2.3 -93.6 4.7 Elimination and items not allocated to business areas 0.7 0.3 141.5 1.7 -1.1 253.0 -3.2 Total 5.5 9.2 -40.1 10.1 14.5 -30.5 18.8 Geographical distribution of revenue MEUR 7–9/2026 7–9/2025 Change-% 1–9/2026 1–9/2025 Change-% 1–12/2025 Finland 64.1 50.1 28.0 150.5 135.9 10.7 188.1 Other countries 23.0 31.0 -25.8 70.8 91.8 -22.8 118.8 Total 87.1 81.1 7.4 221.3 227.7 -2.8 306.9 Adjusted EBITDA and items affecting comparability Enersense uses comparable key figures to describe the financial development of its business and increase comparability between different periods. Items affecting comparability include events not related to normal business operations, such as acquisition costs of assets and businesses, gains and losses from sales, impairments, restructuring expenses, costs of implementing the new ERP and related business systems, and costs arising from damages or litigation. In 2026, the level of adjustments has significantly decreased as planned and communicated earlier. MEUR 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1-12/2025 EBITDA 2.9 5.8 5.5 29.9 25.3 Cost of closing down units — 1.7 — 1.7 2.9 Terminated contract types — 0.4 — 0.4 2.4 Share of associated companies result — 0.3 — 1.1 1.1 Renewal of strategy and Value Uplift 0.7 1.3 2.1 4.4 7.2 New ERP system 1.0 1.6 2.2 1.8 2.1 Earnings from divested businesses — -1.9 — -1.9 -1.9 Non-core EBITDA 0.8 0.1 0.2 -22.9 -20.3 Adjusted EBITDA 5.5 9.2 10.1 14.5 18.8 ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 7
Page 9
July–September 2026 Enersense’s revenue increased by 7.4% to EUR 87.1 (81.1) million. When excluding units sold or discontinued, revenue increased by 13.9% and totalled EUR 87.0 (76.4) million. Revenue grew significantly in the Power Business Unit, driven by the high-voltage line and substation businesses in Finland. Revenue in the Energy Transition Business Unit decreased, mainly due to a slower than expected start of the major Aquatech project. The Connectivity Business Unit's revenue decreased mainly due to the lower demand for Fibre to the Home (FTTH) projects and a smaller project portfolio. EBITDA declined to EUR 2.9 (5.8) million and the EBITDA margin was 3.4 (7.1)%. Items affecting comparability negatively impacted EBITDA in all Business Units. The comparison period EBITDA included a profit of EUR 1.9 million on the sale of the Marine and Offshore Unit. Adjusted EBITDA declined to EUR 5.5 (9.2) million and the adjusted EBITDA margin was 6.4 (12.1)%. Adjusted EBITDA declined in the Energy Transition and Connectivity Business Units and was at the comparison period level in the Power Business Unit. In the Power Business Unit, higher volumes in the substation and energy storage business and high-voltage line business in Finland offset the low market activity in Estonia. In the Energy Transition Business Unit, adjusted EBITDA was impacted by a slower than expected start of the Aquatech project. The Connectivity Business Unit was mainly impacted by the lower FTTH volumes and a smaller project portfolio as projects were postponed. Items not allocated to the businesses were EUR 0.4 million higher than in the comparison period. EBIT was EUR 1.0 (3.8) million and the EBIT margin was 1.1 (4.7)%. January–September 2026 Enersense’s revenue decreased by 2.8% to EUR 221.3 (227.7) million, but when excluding the units sold or discontinued, revenue increased by 4.7% to EUR 221.2 (211.2) million. Revenue increased by 32.8% in the Power Business Unit, decreased by 48.9% in the Energy Transition Business Unit and by 13.7% in the Connectivity Business Unit. EBITDA declined to EUR 5.5 (29.9) million. The comparison period includes a gain of EUR 22.3 million recorded o n t h e s a l e o f t h e w i n d a n d s o l a r p o w e r p r o j e c t d e v e l o p m e n t b u s i n e s s a n d a g a i n o f E U R 1 . 9 m i l l i o n f r o m t h e sale of the Marine and Offshore Unit. The comparison period also contains costs totalling EUR 2.9 million related to the ramp-down of the zero-emission transport solutions business. The EBITDA margin was 2.5 (13.1)%. Adjusted EBITDA declined to EUR 10.1 (14.5) million and the adjusted EBITDA margin was 4.6 (6.9)%. Adjusted EBITDA declined in all Business Units. In the Power Business Unit, low market activity in Estonia and the normalisation of margins from the exceptionally high level in the comparison period reduced profitability. In the Energy Transition and Connectivity Business Units, the adjusted EBITDA declined mainly in the third quarter. Lower fixed costs and costs not allocated to the Business Units partly offset the decline at Group level. EBIT declined and was EUR -0.4 (23.0) million. The EBIT margin was -0.2 (10.1)%. The figures for the Business Units are presented in the section “Segment reviews”. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 8
Page 10
Financial position and cash flow July–September 2026 Net financial expenses totalled EUR -1.3 (-2.2) million, including interests from loans and other financing expenses. The result before taxes was EUR -0.3 (1.6) million and the review period’s result was EUR -0.3 (1.6) million. The comparison period includes a gain of EUR 1.9 million recorded on the sale of the Marine and Offshore Unit. Undiluted earnings per share were EUR -0.05 (0.10). Cash flow from operating activities was EUR -3.5 (-7.0) million. Net cash flow from investing activities was EUR -0.5 (3.5) million. The comparison period was positively impacted by the sale of the Marine and Offshore Unit. Net cash flow from financing activities amounted to EUR -0.7 (-3.8) million including a EUR 3 million withdrawal from the revolving credit facility. January–September 2026 Net financial expenses totalled EUR -5.2 (-6.5) million, including interests from loans and other financing expenses as well as an impairment of EUR 1.2 million related to the receivable from the wind and solar power project portfolio. The result before taxes was -5.6 (16.5) million and the review period’s result was EUR -5.8 (16.8) million. Undiluted earnings per share were EUR -0.45 (1.02). The comparison period includes a gain of EUR 22.3 million on the sale of Enersense's wind and solar project development business, a gain of EUR 1.9 million on the sale of the Marine and Offshore Unit and the ramp-down costs of EUR 2.9 million of the zero-emission transport solutions business. Cash flow from operating activities was EUR -11.8 (-12.4) million, and was negatively impacted by an increase in working capital. Net cash flow from investments was EUR 1.0 (14.3) million including the second tranche of cash paid for the Marine and Offshore Unit, which was sold in July 2025. The comparison period includes the cash price paid for the sale of wind and solar power project development business and the Marine and Offshore Unit. Cash flow from financing activities amounted to EUR 0.8 (-10.0) million. At the end of the review period, the Group’s cash and cash equivalents totalled EUR 13.3 (11.8) million, with an increase of EUR 1.6 million over the comparison period and a decrease of EUR 4.7 million from the end of the second quarter of 2026. At the end of the review period, the Group's balance sheet total stood at EUR 163.8 (188.3) million. Certain costs that were previously recorded in inventory are now allocated to projects, driving the decrease in inventory in the third quarter. Equity at the end of the period was EUR 44.8 (39.0) million. Interest-bearing liabilities totalled EUR 32.5 (50.3) million and interest-bearing net debt EUR 16.5 (38.5) million. At the end of the review period, the equity ratio was 28.6 (22.9)% and the net gearing ratio 36.9 (98.9)%. The increase in the equity ratio and the decrease in the net gearing ratio were mainly due to the financing arrangement finalised in December 2025 and the amendment to the terms of the convertible bond. The return on equity during the review period was -13.9 (44.5)%. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 9
Page 11
Financial package and covenants Enersense's long-term financing package consists of a senior loan of EUR 16 million maturing in June 2028, a credit facility of EUR 8 million and a bank guarantee facility of EUR 40 million. At the end of the review period, EUR 8 million was withdrawn from the credit facility. The financing package includes quarterly-reviewed financial covenants that measure the equity ratio, the ratio of interest-bearing net debt to EBITDA, the net gearing ratio and the minimum cash requirement. The convertible bond, the terms of which were amended on 4 December 2025, is classified as equity. The company fulfilled the covenants on 30 September 2026, and management forecasts that they will be fulfilled 12 months from the date of the Business Review. Further details on the covenant thresholds and their fulfillment are presented in the note 4 to the Consolidated Business Review statements. Covenants are discussed in more detail in Note 20, Capital Management, in the 2025 Financial Statements, available on the company’s website. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 10
Page 12
Segment reviews Enersense reports on the Power, Energy Transition and Connectivity Business Units. Enersense’s operating model was revised in line with the strategy as of 1 October 2025 and some Business Lines were reorganised in a new way between Business Units. In the Financial Statements Bulletin 2025, reporting for the Business Units was changed to comply with the new operating model, and as a result, the comparison period’s figures were also updated. The changes have no impact on the figures at the Group level. Power The Power Business Unit offers solutions for the electrification of society and for renewable energy. Its customers include companies operating in energy production or transmission and data centres. The Business Unit’s projects and services include the design, construction and maintenance of transmission networks, substations, battery energy storage systems, and wind and solar farms. The Business Unit’s comparison period figures include the wind and solar power project development, which was sold to Fortum on 26 February 2025, and the zero-emission transport solutions business, the ramp-down of which was decided on 28 February 2025. In 2026, Enersense has restructured its business in Estonia and refocused its business for renewable energy customers. Adjustments to the revenue and EBITDA include figures related to these sold and discontinued businesses. MEUR 7–9/2026 7–9/2025 Change-% 1–9/2026 1–9/2025 Change-% 1–12/2025 Revenue 55.3 32.9 68.2 137.1 103.2 32.8 138.9 Comparable revenue 55.2 32.8 68.3 137.0 103.0 33.0 138.6 EBITDA 3.0 3.8 -22.7 7.1 29.9 -76.2 28.2 EBITDA, % 5.4 11.7 5.2 29.0 20.3 Adjusted EBITDA 4.1 4.1 1.0 8.1 11.1 -27.0 12.1 Adjusted EBITDA, % 7.5 12.5 5.9 10.8 8.7 Order book 183 213 -13.9 245 Personnel (FTE) 621 776 -19.9 735 July–September 2026 The Power Business Unit’s market environment remained favourable for electricity grid investments in Finland and in Sweden. Data centre related demand remained strong following new large data centre investment announcements in Finland, increasing the need for new substation and grid connection capacity. In Estonia, market activity remained low. Revenue for the Power Business Unit increased by 68.2% to EUR 55.3 (32.9) million. The increase was driven by the high-voltage line and the substation and battery energy storage businesses in Finland. Revenue in Estonia decreased significantly due to low market activity. The Power Business Unit’s EBITDA declined to EUR 3.0 (3.8) million. Items affecting comparability consisted mainly of the discontinued and restructured businesses in Estonia. During the third quarter, Enersense refocused its business for renewable energy customers to strengthen its value market share. The company decided to focus on substations, battery energy storage systems (BESS), internal grids, the high voltage lines and maintenance in the renewable energy customer segment. As a result the Renewables Business Line was merged with another business within Power, resulting in negative items affecting comparability. Adjusted EBITDA was at the comparison period level at EUR 4.1 (4.1) million, and the adjusted EBITDA margin was 7.5 (12.5)%. The turnaround in Estonia progressed, with adjusted EBITDA improving significantly from ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 11
Page 13
previous quarters to close to break-even, although market activity remained very low. Excluding the Estonian business, Power's adjusted EBITDA improved by EUR 0.9 million. January–September 2026 The Power Business Unit's market environment remained favourable in Finland and in Sweden, with continued good demand for electricity grid and data centre related investments. In Estonia, market demand weakened during the first half of the year and remained low in the third quarter. Revenue for the Power Business Unit increased by 32.8% to EUR 137.1 (103.2) million. The growth was mainly driven by the high-voltage line and the substation and battery energy storage businesses in Finland. Excluding the Estonian business, the Power Business Unit's revenue grew by almost EUR 50 million. EBITDA for the Power Business Unit totalled EUR 7.1 (29.9) million. The comparison period’s EBITDA includes a gain of EUR 22.3 million recorded on the sale of the wind and solar power project development business and EUR 2.9 million in costs related to the ramp-down of the zero-emission transport solutions business. Adjusted EBITDA declined to EUR 8.1 (11.1) million due to low market activity in Estonia. The Finnish high- voltage line and substation businesses had a significant positive impact on the adjusted EBITDA as higher volumes offset the normalisation of exceptionally high margin levels in the comparison period. Excluding the Estonian business, the Power Business Unit's adjusted EBITDA improved by EUR 1.9 million from the comparison period. Order book The order book for the Power Business Unit was EUR 183 (213) million at the end of the review period. The order book decreased by EUR 30 million, or 13.9% from the comparison period and by EUR 28 million from the end of the second quarter of 2026. In February, Enersense signed an agreement to deliver a 125 MW/250 MWh Battery Energy Storage System (BESS) to OX2’s Kannisto wind farm. The project will be the largest energy storage entity connected to a renewable energy project in the Nordics. The collaboration also includes the design and construction of an extension of the previously contracted substation. In February, Enersense also signed a contract with Latvian energy storage company Liepaja ESS for the construction of a Battery Energy Storage System (BESS) park and related 110 kV power transmission infrastructure in Southern Latvia. The project covers the complete construction of the BESS park as well as the 110 kV grid connection infrastructure, including the power cable and transformer. The value of the contract is over EUR 7 million. In February, Enersense signed agreements related to the development of data centre infrastructure in Latvia. Enersense will build the fibre connections and medium- and low-voltage power transmission lines required for a new data centre near Riga. In March, Enersense signed a framework agreement with the distribution system operator Elektrilevi covering the maintenance and construction of the electricity network in Western Harju County. The agreement includes responsibility for 2,000 kilometres of overhead lines, 2,100 kilometres of cable lines, and 1,800 substations in the region. The value of the agreement for Enersense is approximately EUR 4.6 million, and it runs until 2030. In August, Enersense signed an agreement with Recset Rakennus Oy to deliver high-voltage substation integration works for atNorth's data centre in Kouvola, Finland. The value of the agreement is approximately EUR 7 million. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 12
Page 14
In September, Enersense signed an agreement with Alight Ukko Oy for the operations and maintenance (O&M) of a solar power plant and its associated substation located in Luvia, Eurajoki, Finland. In September, Enersense and Finland’s transmission system operator Fingrid signed an agreement for substation maintenance services in the Lapland region. The agreement is valued at approximately EUR 1.2 million. . ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 13
Page 15
Energy Transition The Energy Transition Business Unit’s expertise enables energy transition, and the Business Unit offers full lifecycle services to energy producers and major energy consumers, such as industry and data centres. The Business Unit serves its customers in the construction, operation, maintenance and modernisation of production facilities. The Business Unit’s comparison period includes the Marine and Offshore Unit, which was sold to Davie, part of the Inocea Group, on 11 July 2025. Adjustments to the revenue and EBITDA include figures related to the Marine and Offshore Unit and to discontinued types of services and projects. MEUR 7–9/2026 7–9/2025 Change-% 1–9/2026 1–9/2025 Change-% 1–12/2025 Revenue 10.3 21.8 -52.5 33.7 66.0 -48.9 83.7 Comparable revenue 10.3 17.1 -39.6 33.6 49.6 -32.3 69.7 EBITDA -0.1 2.7 -104.0 0.2 6.0 -96.5 5.9 EBITDA, % -1.0 12.2 0.6 9.1 7.1 Adjusted EBITDA -0.1 2.3 -105.7 0.2 2.3 -93.4 5.2 Adjusted EBITDA, % -1.3 13.2 0.5 4.6 7.5 Order book 64 58 11 36 Personnel (FTE) 277 584 -52.5 494 July–September 2026 The market environment for the Energy Transition Business Unit remained stable during the review period. The market development was supported by industrial investments underway in the Nordic countries and in green transition projects. However, some investment decisions were postponed during the review period, which delayed order intake. Revenue for the Energy Transition Business Unit decreased by 52.5% to EUR 10.3 (21.8) million, where the comparison period includes discontinued projects and the service centres. Revenue, when excluding the units sold or discontinued in 2025, decreased by 39.6% to EUR 10.3 (17.1) million. The decrease was mainly due to the slower than expected start of the Aquatech project in Sweden, where Enersense installs the equipment, the steel structures and pipelines for the water treatment plant serving the world's first large-scale green steel plant. EBITDA for the Energy Transition Business Unit was EUR -0.1 (2.7) million. The gain on the sale of the Marine and Offshore Unit improved EBITDA during the comparison period by EUR 1.9 million. Other items affecting comparability were minor and related to the closing down of discontinued service units. Adjusted EBITDA declined to EUR -0.1 (2.3) million mainly due to the slower than expected start of the Aquatech project. January–September 2026 The market environment for the Energy Transition Business Unit remained stable during the review period. The market development was supported by industrial investments underway in the Nordic countries and in green transition projects. However, greenfield investments progressed more slowly than anticipated, and some investment decisions were postponed, delaying project starts and order intake. Revenue for the Energy Transition Business Unit decreased by 48.9% to EUR 33.7 (66.0) million. Revenue, when excluding the units sold or discontinued in 2025, decreased by 32.3% to EUR 33.6 (49.6) million. The decrease resulted from a more focused project portfolio, improved efficiency in service production and the slower than planned start of the Aquatech project in the third quarter. EBITDA for the Energy Transition Business Unit declined to EUR 0.2 (6.0) million. The comparison period includes the EBITDA contribution of the Marine and Offshore Unit. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 14
Page 16
Adjusted EBITDA decreased to EUR 0.2 (2.3) million. The stronger focus on the service business supported the result in the first half of the year, but low project volumes weighed on the result in the third quarter. Order book The order book for the Energy Transition Business Unit was EUR 64 (58) million at the end of the review period. The order book increased by EUR 6 million, or 10.7%, from the comparison period and decreased by EUR 14 m i l l i o n f r o m t h e e n d o f t h e s e c o n d q u a r t e r o f 2 0 2 6 . In February, Enersense and the energy company Helen agreed to extend their operations and maintenance contract for the years 2027–2028. Enersense has been operating and maintaining Helen’s power plants and district heating and cooling network since 2022. Under the contract, the company will continue to support Helen in its clean energy transition. The newly signed two-year agreement continues this cooperation and was included as an option in the original contract. The value of the agreement is over EUR 30 million. In June, Enersense signed an agreement worth approximately EUR 30 million with Aquatech, a company delivering the water treatment plant for the world's first large-scale green steel mill, which is being built in Boden, northern Sweden. Enersense is responsible for installing the equipment, the steel structures and pipelines for the water treatment plant. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 15
Page 17
Connectivity The Connectivity Business Unit is a lifecycle partner for data communications customers. The Business Unit designs, builds and maintains both fixed and mobile data networks for telecommunications operators, telecommunications infrastructure owners and data centres. MEUR 7–9/2026 7–9/2025 Change-% 1–9/2026 1–9/2025 Change-% 1–12/2025 Revenue 21.5 26.4 -18.7 50.5 58.5 -13.7 84.3 Comparable revenue 21.5 26.4 -18.7 50.5 58.5 -13.7 84.3 EBITDA 0.9 2.6 -66.8 0.2 2.3 -92.0 4.5 EBITDA, % 4.0 9.8 0.4 3.8 5.3 Adjusted EBITDA 0.8 2.6 -67.3 0.1 2.3 -93.6 4.7 Adjusted EBITDA, % 3.9 9.8 0.3 3.8 5.6 Order book 71 108 -34 112 Personnel (FTE) 442 370 19.3 391 July–September 2026 The market environment of the Connectivity Business Unit was affected by lower demand for Fibre to the Home (FTTH), and some projects were delayed. The availability of materials slowed the progress of certain FTTH projects. Data centre investments drove demand for fixed data networks. The Connectivity Business Unit's revenue decreased to EUR 21.5 (26.4) million. The service business for data infrastructure companies grew, but lower demand in FTTH projects and a smaller project portfolio decreased the revenue. EBITDA for the Connectivity Business Unit totalled EUR 0.9 (2.6) million. Small items affecting comparability were related to non-recurring personnel expenses. Adjusted EBITDA declined to EUR 0.8 (2.6) million and the adjusted EBITDA margin was 3.9 (9.8)%. The decline resulted from the lower FTTH volumes and a smaller project portfolio as projects were postponed. January–September 2026 The market environment of the Connectivity Business Unit was affected by the decline in demand for FTTH projects from the second quarter onwards, and the supply chain of fibre optic cables faced shortages due to increased global demand. Data centre investments offset the decline in FTTH projects. The Connectivity Business Unit’s revenue decreased to EUR 50.5 (58.5) million. During the first quarter of the year, the business was at the comparison period level both in terms of revenue and EBITDA. During the second quarter, demand for Fibre to the Home (FTTH) projects slowed, and the slowdown continued in the third quarter. EBITDA for the Connectivity Business Unit was EUR 0.2 (2.3) million. An increased share of lower-margin projects and lower FTTH volumes declined the result, especially in the third quarter. Order book At the end of the review period, the Connectivity Business Unit's order book was EUR 71 (108) million, a decrease of EUR 37 million, or 34.2%, from the comparison period. The order book decreased by EUR 13 million from the end of the first quarter of 2026. Due to the nature of the business, the order book does not grow steadily as the majority of sales comes from framework contracts. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 16
Page 18
Strategy Enersense is a trusted lifecycle partner for its customers operating in energy transmission and production, industrial energy transition, telecommunications and data centres. The company seeks profitable growth in its markets in Finland, the Baltic countries and selectively in other Nordic countries. Since the strategy launch in June 2025, the addressable market has developed favourably. As demand for Enersense's strong data centre related expertise has grown, the company added data centres as a separate customer segment to its strategy in May 2026. This addition was made to increase customer centricity, while the strategy otherwise remains unchanged. In May, Enersense increased its compound annual growth rate target to 6–7% (previously 4–5%) for the strategy period 2025–2028. The company also changed the profitability target to an EBITDA margin of over 7%, which equals the same profitability level as the previous EBIT margin target of over 5%, and changed the net gearing target to below 85% from the previous 100%. In February, Enersense's climate target was approved by the Science Based Targets initiative (SBTi). In total, Enersense aims to reduce its absolute greenhouse gas emissions by 40% from 2023 to 2035. For the company's own operations (Scope 1–2) the emission reduction target is 63% and for the value chain (Scope 3) 38%. Enersense’s strategic targets for 2025–2028: • Growth: Compound Annual Growth Rate (CAGR) 6–7% • Profitability: EBITDA margin over 7% • Balance sheet: Net gearing below 85% • Safety: Towards zero incidents with continuous decrease in lost-time incident frequency • Climate: Reducing total climate emissions by 40% from 2023 to 2035 Enersense’s business is based on efficiently and transparently executed projects and services, in addition to which Enersense optimises the performance of its customers' networks, systems and production facilities throughout their lifecycle. Enersense’s lifecycle offering covers design, construction, operation and maintenance as well as upgrades and modernisations. Enersense develops and digitalises project and service delivery models, creates customer-centric solutions to complex challenges, and helps enhance the sustainability of its customers' operations. The company uses artificial intelligence in its development work. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 17
Page 19
Group personnel Enersense mainly operates in Finland, in the Baltic countries, in Sweden and in Norway. The Group had an average of 1,465 (1,814) employees in the review period. The number of employees decreased from the comparison period, mainly as a result of strategic focusing, as units were sold and discontinued during 2025. Enersense's strategic target is to advance towards zero incidents with continuous decrease in lost-time incident frequency (LTIF). At the end of the review period, the rolling 12-month LTIF was 5.6 (6.7). Number of personnel on average (Full Time Equivalent, FTE) by Business Unit 1–9/2026 1–9/2025 1–12/2025 Power 621 776 735 Energy Transition 277 584 494 Connectivity 442 370 391 Other 124 83 90 Group total 1,465 1,814 1,709 Changes in the Group Leadership Team and in the Board of Directors During the third quarter, there were no changes in the Group Leadership Team or in the Board of Directors. At the beginning of 2026, Mikael Vainionpää (DSc, Economics) started as EVP of the Energy Transition Business Unit and Anu Henttonen (M.Sc. Education, Licentiate of Science, Technology) started as EVP, HR, HSEQ, Communications and Sustainability, and both of them also as members of the Group Leadership Team. In March, Liisi Tamminen (M.Sc. Economics), VP, Communications, Investor Relations and Sustainability, was appointed to Enersense’s Group Leadership Team. In May, Jan-Elof Cavander (M.Sc. Tech., Industrial Management) started as CFO and a member of the Group Leadership Team. Previous CFO Jyrki Paappa left the company after a handover period in May 2026. Cavander was a member of Enersense’s Board of Directors and resigned from the Board upon joining the company as CFO. The Board now has four members: Anders Dahlblom, Anna Miettinen, Åsa Neving and Jari Ålgars. Following Cavander's resignation from the Board, the Board elected Anna Miettinen as a new member of the Audit Committee. Governance Annual General Meeting The Annual General Meeting (AGM) of Enersense International Plc was held in Helsinki on 1 April 2026. The AGM approved all proposals of the Board of Directors (Board). ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 18
Page 20
The AGM resolved to adopt the financial statements, which include the consolidated financial statements for the financial year 2025, and discharged from liability all persons who served as members of the Board or as CEO during the financial year 2025. The AGM resolved that the result for the financial year that ended on 31 December 2025 will be transferred to the profit and loss account for previous financial periods and that, based on the balance sheet to be adopted for the financial period, no dividends will be paid to shareholders. The AGM approved all proposals made by the Shareholders’ Nomination Board and the Board of Directors to the AGM. It also approved the Remuneration Report and Remuneration Policy. The resolutions concerning the Remuneration Report and Remuneration Policy are advisory in accordance with the Finnish Limited Liability Companies Act. More information about the resolutions of the AGM is provided in a stock exchange release issued on 1 April 2026 and on the company’s website. Flagging notifications On 8 May 2026, Enersense received a notification under chapter 9, section 5 of the Securities Markets Act from Ensto Invest Oy. According to the notification, Ensto Invest’s shareholding in Enersense exceeded 10% of the total number of shares and voting rights on 7 May 2026. According to the notification, Ensto Invest holds a total of 1,671,125 shares in Enersense, which corresponds to 10.13% of all shares and votes in Enersense. Before the notification threshold was exceeded, Ensto Invest’s holding was 1,571,125 shares, which corresponded to 9.53% of Enersense’s shares and voting rights. Enersense’s total number of shares and voting rights is 16,492,527. On 12 May 2026, Enersense received a notification under chapter 9, section 5 of the Securities Markets Act from Petri Suokas. According to the notification, the aggregate shareholding of Petri Suokas and the entities under his control had fallen below 5% of the total number of shares and voting rights in Enersense on 7 May 2026. Share-based incentive plans On 12 February 2026, Enersense International Plc’s Board of Directors decided on two new share-based incentive plans for the Group’s key personnel. The Performance Share Plan 2026–2028 consists of one performance period, covering the financial years 2026–2028. In the plan, the target group is given an opportunity to earn Enersense International Plc shares based on performance. The potential rewards based on the plan will be paid after the end of the performance period, in spring 2029. Approximately 50 persons, including the CEO and other members of the Group Leadership Team, belong to the target group of the plan. Restricted Share Plan 2026–2028 is intended for special situations, such as the recruitment or retention of an executive or key employee. The reward will be paid after the end of a 24–36-month vesting period. More details on the incentive plans and on remuneration are available on the company's website. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 19
Page 21
Near-term risks and uncertainties Enersense is exposed to various strategic, operational, financial and other risks that may have a negative impact on Enersense’s operations. Enersense seeks to protect itself against the risks through, for example, a continuous and systematic assessment process and by taking risk factors into account comprehensively when deciding on business projects or investments that are significant for the Group. Geopolitical tensions are maintaining uncertainty about the development of the global economy. Shifts in international politics may change the market environment and clean energy transition projects, for example, may slow down. Uncertainty about economic development may negatively affect the investment environment, which may lead to a weakening of customers’ financial position and a decline in demand for Enersense's services. The change in the investment environment may also have a negative impact on Enersense’s financial position and certain items on its balance sheet. Recently, the permitting environment for infrastructure investments has become more challenging in certain cases. This may lead to delays, particularly in grid investments. Moreover, towards the end of the year, risks related to project execution, the timing of project revenue recognition and weather conditions may affect the company’s performance. A more comprehensive description of the company's risks and uncertainties can be found on the company's website. A more detailed description of the risks associated with the company's financing is provided in Note 20 Financial risk and capital management to the 2025 Financial Statements. The Financial Statements are available on the company's website. Key events after the review period After the review period, Enersense has announced orders with a total value of approximately EUR 30 million. • Press release 29 October 2026: Enersense to modernise Sloka substation in Jūrmala, Latvia. • Press release 30 October 2026: Agreement for Enersense on preparations for a battery energy storage and substation expansion project with a renewable energy customer. The value of the agreement is approximately EUR 10 million. • Press release 30 October 2026: Enersense and Elering sign an agreement on the design of a new 110 kV transmission tower solution in Estonia. • Press release 2 November 2026: Enersense to partner with Steady Energy in operation and maintenance of Finland’s first small nuclear heating plant pilot. • Press release 2 November 2026: Enersense and Fingrid sign an agreement on secondary equipment maintenance in Northern and Western Finland. The agreement is valid for four years and includes an option for three additional years. The total value of the agreement for the four-year period is estimated at approximately EUR 2 million. • Press release 3 November 2026: Enersense signs two power line contracts in Sweden, including one supporting data centre development. The agreement between Enersense and E.ON is worth approximately EUR 15 million. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 20
Page 22
Financial reporting 2027 Enersense will publish the 2026 Financial Statements Bulletin on 17 February 2027. The 2026 Annual Report, including the Financial Statements and the Board of Directors’ Report, will be published during week 10. Enersense will publish two Business Reviews and a Half-year Financial Report in 2027: • January-March Business Review on Wednesday 5 May 2027 at around 8:30 • January-June Half-year Financial Report on Thursday 19 August 2027 at around 8:30 • January-September Review on Thursday 4 November 2027 at around 8:30 Pori, 5 November 2026 ENERSENSE INTERNATIONAL PLC Board of Directors Webcast Enersense will host a webcast for investors, analysts and the media on 5 November 2026 at 12:30 EET. CEO Kari Sundbäck and CFO Jan-Elof Cavander will present the result for January-September 2026 and answer questions. The event will be held in English and a recording will be available later on the company’s website. Please register for the webcast. Additional information Kari Sundbäck CEO Tel. +358 50 464 7704 Email: kari.sundback@enersense.com Jan-Elof Cavander CFO Tel. +358 50 449 9339 Email: jan-elof.cavander@enersense.com M e d i a c o n t a c t s : Liisi Tamminen VP, Communications, Investor Relations and Sustainability Tel. +358 44 222 5552 Email: liisi.tamminen@enersense.com Additional information is available on the company’s website. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 21
Page 23
Tables in the Business Review
Page 24
ENERSENSE INTERNATIONAL PLC JANUARY–SEPTEMBER 2026 (UNAUDITED) Consolidated income statement EUR thousand 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Revenue 87,140 81,101 221,294 227,702 306,859 Change in inventories of finished goods and work in progress -8,270 2,422 -14,806 -506 2,125 Work performed for own purposes and capitalised -34 — -39 — -1 Other operating income 124 2,163 452 27,019 27,669 Material and services -47,819 -47,612 -112,230 -117,170 -166,775 Employee benefits expense -21,804 -23,468 -68,349 -78,979 -105,077 Depreciation and amortisation -1,962 -1,989 -5,976 -6,897 -8,885 Other operating expenses -6,476 -8,549 -20,917 -27,222 -38,582 Share of profit /loss accounted for using the equity method 79 -267 139 -977 -940 Operating profit (EBIT) 978 3,801 -432 22,969 16,393 Finance income 661 28 1,760 154 3,252 Finance expense -1,930 -2,241 -6,965 -6,622 -17,282 Finance income and expense -1,269 -2,213 -5,205 -6,468 -14,030 Profit/loss before tax -291 1,588 -5,637 16,501 2,363 Tax on income from operations 20 11 -205 263 -1,193 Profit/loss for the period -271 1,599 -5,842 16,764 1,170 Other OCI-items Items that may be reclassified to profit or loss Translation differences -11 26 -20 65 61 Remeasurements of post-employment benefit obligations — — — — 53 Other comprehensive income for the period, net of tax -11 26 -20 65 114 Total comprehensive income for the period -282 1,625 -5,863 16,829 1,284 Profit (loss) for the period attributable to: Equity holders of the parent company -271 1,599 -5,842 16,764 1,170 Profit/loss for the period -271 1,599 -5,842 16,764 1,170 Total comprehensive income for the period attributable to: Owners of the parent company -282 1,625 -5,863 16,829 1,284 Total comprehensive income for the period -282 1,625 -5,863 16,829 1,284 Earnings per share attributable to the owners of the parent company, undiluted -0.05 0.10 -0.45 1.02 0.07 Earnings per share attributable to the owners of the parent company, diluted -0.05 0.09 -0.45 0.86 0.06 ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 23
Page 25
Consolidated balance sheet EUR thousand 30.9.2026 30.9.2025 31.12.2025 Assets Non-current assets Goodwill 26,085 26,085 26,085 Other intangible assets 5,994 6,907 6,658 Property, plant, equipment 15,084 14,763 14,895 Investments accounted for using the equity method 1,042 12,134 999 Non-current investment and receivables 38,257 35,666 39,443 Deferred tax-assets 2,447 3,259 2,691 Total non-current assets 88,909 98,814 90,771 Current assets Inventories 6,159 14,300 19,804 Trade receivables 14,933 20,606 21,667 Current income tax receivables 7 — 4 Other receivables 40,430 42,842 26,656 Cash and cash equivalents 13,346 11,775 23,417 Total current assets 74,875 89,522 91,547 Total assets 163,784 188,336 182,317 Equity and liabilities Equity Share capital 80 80 80 Unrestricted equity reserve 62,361 62,361 62,361 Treasury shares -1,057 -282 -700 Hybrid bond 29,358 — 29,358 Other reserves 313 313 313 Translation differences 72 97 92 Retained earnings -40,470 -40,359 -40,286 Profit (loss) for the period -5,842 16,764 1,170 Total equity attributable to owners of the parent company 44,815 38,974 52,389 Total equity 44,815 38,974 52,389 Liabilities Non-current liabilities Borrowings 12,662 25,074 15,050 Lease liabilities 5,975 6,813 5,956 Deferred tax liabilities 1,151 1,884 1,255 Employee benefit obligations 236 275 236 Provisions 402 1,424 1,103 Total non-current liabilities 20,427 35,471 23,601 Current liabilities Borrowings 10,053 4,906 1,054 Lease liabilities 3,770 4,428 4,752 Advances received 7,362 18,150 19,111 Trade payables 37,964 28,280 25,727 Payment arrangement with the Tax administration — 9,085 — Current income tax liabilities 26 1,790 1,159 Other payables 39,210 46,989 53,406 Provisions 158 263 1,120 Total current liabilities 98,543 113,891 106,328 Total liabilities 118,970 149,362 129,928 Total equity and liabilities 163,784 188,336 182,317 ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 24
Page 26
Consolidated cash flow statement EUR thousand 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Cash flow from operating activities Profit /loss for the period -271 1,599 -5,842 16,764 1,170 Adjustments: — Depreciation, amortisation and impairment 1,962 1,989 5,976 6,897 8,885 Gains and losses on the sale of subsidiaries — -1,918 — -24,283 -24,283 Gains and losses on the sale of property, plant and equipment -103 -54 -233 -2,114 -2,236 Share of profits (losses) of associates -79 267 -139 977 940 Interest income and other financial income and expenses 1,269 2,213 5,205 6,468 14,030 Income tax -20 -11 205 -263 1,193 Other adjustments 72 -106 -680 -1,668 -1,759 Total adjustments 3,101 2,381 10,334 -13,985 -3,231 Changes in working capital Change in trade and other receivables -10,258 -9,850 -10,829 -1,109 13,191 Change in trade payables and other liabilities -5,248 3,647 -12,007 -9,088 -5,947 Change in inventories 10,781 -2,128 13,645 1,424 -4,081 Interest received 26 18 68 78 84 Interest paid -592 -1,102 -2,475 -3,547 -4,576 Other financial items -606 -1,584 -4,016 -2,873 -2,194 Income tax -474 — -711 -28 -28 Net cash flow from operating activities -3,541 -7,019 -11,834 -12,366 -5,612 Cash flow from investing activities Investments in tangible and intangible fixed assets -625 -826 -1,977 -1,910 -2,493 Sale of fixed assets 123 357 337 3,098 3,297 Sale of subsidiaries, less cash and cash equivalents sold — 4,015 2,591 13,161 13,161 Net cash flow from investing activities -503 3,546 951 14,350 13,965 Cash flow from financing activities Hybrid bond — — — — 4,000 Withdrawals of loans 3,001 319 8,001 732 21,000 Repayments of loans -1,000 -2,511 -1,052 -5,027 -22,257 Acquisition of subsidiaries less cash and cash equivalents acquired — -77 — -796 -796 Hybrid bond, interest -1,200 — -1,440 — — Payments of lease liabilities -1,461 -1,520 -4,697 -4,948 -6,713 Net cash flow from financing activities -661 -3,788 812 -10,040 -4,767 Net change in cash and cash equivalents -4,704 -7,261 -10,070 -8,056 3,587 Cash and cash equivalents at the beginning of the period 18,050 19,035 23,417 19,830 19,830 Cash and cash equivalents at the end of the period 13,346 11,775 13,346 11,775 23,417 ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 25
Page 27
Consolidated statement of changes i n e q u i t y Equity attributable to owners of the parent company EUR thousand Share capital Invested unrestricted equity reserve Treasury shares Hybrid bond Other reserves Translation differences Retained earnings Total equity Equity at 1 Jan 2026 80 62,361 -700 29,358 313 92 -39,116 52,389 Profit /loss for the period — — — — — — -5,842 -5,842 Translation differences — — — — — -20 — -20 Total comprehensive income — — — — — -20 -5,842 -5,863 Transactions with owners: Own shares — — -358 — — — — -358 Share based payments — — — — — — 87 87 Hybrid bond, interest — — — — — — -1,440 -1,440 Other transactions — — — — — — -1 -1 Total transactions with owners — — -358 — — — -1,354 -1,712 Equity at 30 Sep 2026 80 62,361 -1,057 29,358 313 72 -46,312 44,815 Equity attributable to owners of the parent company EUR thousand Share capital Invested unrestricted equity reserve Own shares Other reserves Translation differences Retained earnings Total equity Equity at 1 Jan 2025 80 62,361 — 313 32 -40,335 22,451 Profit/loss for the period — — — — — 16,764 16,764 Translation differences — — — — 65 — 65 Total comprehensive income — — — — 65 16,764 16,829 Transactions with owners: Own shares — — -282 — — — -282 Transactions with non-controlling interests — — — — — -80 -80 Share based payments — — — — — 53 53 Other transactions — — — — — 2 2 Total transactions with owners — — -282 — — -25 -306 Equity at 30 Sep 2025 80 62,361 -282 313 97 -23,595 38,974 ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 26
Page 28
Notes to the consolidated Business review 1. Accounting principles This is not an interim report in accordance with IAS 34. 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 this Business Review is unaudited. All the figures presented have been rounded. Therefore, the sum of individual figures does not necessarily correspond to the total amount presented. 2. Changes in the Group structure There were no significant changes in the Group during the first nine months of 2026. On 26 February 2025, Enersense announced the completion of the sale of its wind and solar power project development business to Fortum. Fortum paid Enersense a debt-free cash price of EUR 9.4 million. At the same time, Enersense recorded a profit of EUR 22.3 million. The purchase price also includes earn-out up to EUR 74 million, which is based on the progress of the wind and solar power development projects covered by the transaction, and any payment will be subject to individual projects reaching a final investment decision made by Fortum. Any payment related to the earn- out will be paid in installments on a per project basis. No earn-out will be paid for any projects that do not reach the final investment decision in 15 years from the closing date. Enersense estimates a probability-weighted earn-out of EUR 28 million and that the potential earn-out cash flow of the transaction could be generated at earliest starting from 2027. On 28 February 2025, the Group decided to ramp down the zero-emission transport solutions business, which had a negative impact of EUR 2.9 million on the first quarter EBITDA. This includes provisions for all future closure costs. On 8 July 2025, Enersense announced that it would sell Enersense Offshore Oy, its Marine and Offshore Unit, to Davie. The transaction was completed on 11 July 2025. The purchase price was EUR 7.5 million and a capital gain of EUR 1.9 million was recorded on the transaction. Transaction-related costs were EUR 0.5 million. Enersense Offshore Oy was part of the Energy Transition Business Unit. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 27
Page 29
3. Revenue and EBITDA by Business Units Revenue by Business Units EUR thousand 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Power 55,300 32,875 137,080 103,208 138,861 Energy Transition 10,343 21,754 33,691 65,958 83,668 Connectivity 21,481 26,428 50,470 58,491 84,269 Items not allocated to business areas 16 45 53 45 61 Total 87,140 81,101 221,294 227,702 306,859 Geographical distribution of revenue by target country EUR thousand 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Finland 64,147 50,098 150,494 135,950 188,102 Other countries 22,993 31,003 70,800 91,753 118,756 Total 87,140 81,101 221,294 227,702 306,859 EBITDA by Business Unit EUR thousand 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Power 2,969 3,841 7,121 29,930 28,153 Energy Transition -107 2,660 210 6,021 5,940 Connectivity 860 2,591 180 2,251 4,501 Elimination and items not allocated to business areas -782 -3,301 -1,967 -8,335 -13,316 Total 2,939 5,791 5,544 29,867 25,278 Reconciliation of EBITDA to operation profit EUR thousand 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 EBITDA 2,939 5,791 5,544 29,867 25,278 Depreciation, amortisation and impairment -1,962 -1,989 -5,976 -6,897 -8,885 Operating profit (EBIT) 978 3,801 -432 22,969 16,393 4. Financing Financing package and covenants In December 2025, Enersense completed negotiations on a new secured long-term financing package consisting of a senior loan of EUR 16 million maturing in June 2028, a credit facility of EUR 8 million and a bank guarantee facility of EUR 40 million. The funds from the new financing arrangements were used to refinance the company's old loans and to repay the existing payment arrangement with the Tax Administration. At the end of the period, EUR 8 million was withdrawn from the credit facility. The financing package includes quarterly-reviewed financial covenants that measure the equity ratio, the ratio of interest-bearing net debt to EBITDA, the net gearing ratio and the minimum cash requirement. The convertible bond, the terms of which were amended on 4 December 2025, is equity. The table below shows ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 28
Page 30
the covenants effective from December 2025. The company fulfilled the covenants on 30 September 2026, and management forecasts that they will be fulfilled 12 months from the date of the Business Review. Covenants are discussed in more detail in Note 20, Capital Management, in the 2025 Financial Statements, available on the company’s website. Covenants in the financing package Actual value Covenant value 30 Sep 2026 30 Sep 2026 31 Dec 2026 31 Mar 2027 30 Jun 2027 30 Sep 2027 Equity ratio 28.6 % ≥ 2 5 . 0 % ≥ 2 5 . 0 % ≥ 2 5 . 0 % ≥ 2 5 . 0 % ≥ 2 5 . 0 % Interest-bearing net debt/EBITDA1) 1.19x ≤ 2 . 5 0 x ≤ 2 . 5 0 x ≤ 2 . 5 0 x ≤ 2 . 5 0 x ≤ 2 . 5 0 x Gearing 36.9 % ≤ 8 5 . 0 % ≤ 8 5 . 0 % ≤ 8 5 . 0 % ≤ 8 5 . 0 % ≤ 8 5 . 0 % Minimum liquidity2) 15.9 MEUR ≥ 5 M E U R ≥ 1 0 M E U R ≥ 1 0 M E U R ≥ 1 0 M E U R ≥ 5 M E U R 1) EBITDA for covenant purposes may differ from reported EBITDA due to adjustments permitted under the loan agreement, including exceptional items and changes in accounting practices. 2) Current assets in the pledged account are taken into account in minimum liquidity covenant calculation. Repurchase of own shares On 12 February 2026, the Board of Directors of Enersense decided to initiate the repurchase of the company’s own shares. The shares were repurchased based on the authorisations granted to the Board of Directors by the 2025 and 2026 Annual General Meetings. The repurchase programme began on 12 March 2026 and was scheduled to end no later than 30 June 2026. The programme was implemented in accordance with the safe harbour procedure under Article 5 of the EU Market Abuse Regulation (EU No. 596/2014) and Commission Delegated Regulation (EU) 2016/1052. The shares were repurchased for use in Enersense's share-based incentive plans, on the basis of which the company had a weighty financial reason to repurchase shares other than in proportion to the shares held by shareholders. The maximum number of own shares to be repurchased was 100,000, corresponding to approximately 0.6% of the total number of shares in the company. A maximum of EUR 500,000 could be used for the repurchase programme. The shares were purchased at market price in public trading on Nasdaq Helsinki Ltd using the company's unrestricted equity and in compliance with the price and volume limits applicable under the safe harbour provisions. The repurchase programme was completed in April 2026. Enersense acquired a total of 100,000 own shares at an average price of EUR 3.5774 between 12 March and 16 April 2026. The repurchases made under the repurchase programme reduced the company's unrestricted equity by EUR 357,737. At the end of the programme, Enersense held 287,713 treasury shares, corresponding to approximately 1.7% of the total number of shares. At the start of the programme, Enersense held 187,713 treasury shares. The total number of the company's shares at the end of the review period was 16,492,527. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 29
Page 31
5. Events after the reporting period After the review period, Enersense has announced orders with a total value of approximately EUR 30 million. ◦ Press release 29 October 2026: Enersense to modernise Sloka substation in Jūrmala, Latvia. ◦ Press release 30 October 2026: Agreement for Enersense on preparations for a battery energy storage and substation expansion project with a renewable energy customer. The value of the agreement is approximately EUR 10 million. ◦ Press release 30 October 2026: Enersense and Elering sign an agreement on the design of a new 110 kV transmission tower solution in Estonia. ◦ Press release 2 November 2026: Enersense to partner with Steady Energy in operation and maintenance of Finland’s first small nuclear heating plant pilot. ◦ Press release 2 November 2026: Enersense and Fingrid sign an agreement on secondary equipment maintenance in Northern and Western Finland. The agreement is valid for four years and includes an option for three additional years. The total value of the agreement for the four-year period is estimated at approximately EUR 2 million. ◦ Press release 3 November 2026: Enersense signs two power line contracts in Sweden, including one supporting data centre development. The agreement between Enersense and E.ON is worth approximately EUR 15 million. ENERSENSE INTERNATIONAL PLC | JANUARY–SEPTEMBER 2026 | 30
Page 32
Calculation principles for key performance indicators Comparable revenue = Revenue when excluding the units sold or discontinued in 2025 and 2026 EBITDA = Operating profit + depreciation, amortisation and impairment EBITDA, % of revenue = EBITDA / revenue x 100 Adjusted EBITDA = EBITDA + items affecting comparability Adjusted EBITDA, % = Adjusted EBITDA / revenue x 100 Operating profit, EBIT = Revenue + other operating income – materials and services – personnel expenses – other operating expenses + share of the result of associates – depreciation and impairment EBIT, % of revenue = Operating profit / revenue x 100 Profit (loss) for the period, % of revenue = Profit (loss) for the period / revenue x 100 Equity ratio = Equity / balance sheet total – advances received x 100 Net gearing = Interest-bearing debt – cash in hand and at bank / equity x 100 Return on equity, % = Profit for the period / average equity during the review period x 100 Earnings per share, EUR = Profit for the period / average number of shares Average share price = Total share revenue in euros / the issue-adjusted number of shares exchanged during the financial year The market value of the share capital = (Number of shares – own shares) x stock exchange rate on the closing date Share trading = The number of shares traded during the financial year Turnover rate, % = Share trading (pcs) x 100 / The average number of shares issued during the period
Page 33
www.enersense.com Enersense International Plc Konepajanranta 2 FI-28100, Pori, Finland +358 29 020 011