Slides
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© ES Energy Save Holding AB 2025 Interim Report 1 January–30 June 2025 Temporary setback in the quarter
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© ES Energy Save Holding AB 2025 2 Setback in the quarter, but cost discipline and our new product offer puts us in a good position for the forthcoming peak season Net sales decreased by 85% to 15,4 MSEK (103,1) The decrease derives from a decline in OEM sales by 95% to 4,2 MSEK (93,0) due to temporary delayed deliveries originated from stock balancing ES sales increased by 10% to 11,2 MSEK (10,1) Operating expenses decreased by 26% compared to second quarter 2024 due to savings package initiated in 2024 To secure financing, a short-term loan of 25 MSEK was taken out after the end of the second quarter After the end of the quarter new distributor Sedical adds Spain and Portugal to our markets Increase in turnover is to be expected in the coming quarters - In OEM due to expected orders - In ES sales due to new propane product offer and new distributors - In ES sales due to increased activity level promoting stock R32 units Focus on customer driven product development in OEM segment, both for residential and commercial products Interim Report January–June 2025
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© ES Energy Save Holding AB 2025 3 Revenue and net sales, TSEK QUARTER Change Apr–jun 2025 Apr–jun 2024 Total revenue, TSEK -85% 16,680 108,149 Net sales, TSEK -85% 15,427 103,134 22 962 42 410 38 795 103 134 51 171 53 012 53 893 15 427 25 014 44 475 43 510 108 149 53 081 63 043 57 121 16 680 0 20 000 40 000 60 000 80 000 100 000 120 000 Jul–sep 2023 Oct–dec 2023 Jan–mar 2024 Apr–jun 2024 Jul–sep 2024 Oct–dec 2024 Jan–mar 2025 Apr–jun 2025 Net sales Revenue
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© ES Energy Save Holding AB 2025 4 Temporary setback EBIT, TSEK -3% -35% -20% -20% 3% -10% -8% -7% -96% -120,0% -100,0% -80,0% -60,0% -40,0% -20,0% 0,0% 20,0% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 QUARTER Apr–jun 2025 Apr–jun 2024 Gross profit, TSEK 5,738 31,633 Gross margin Net Sales , % 29.1 25.8 EBIT, TSEK -16,024 2,864 EBIT-margin, % -96.1 2.6 Profit / Loss, TSEK -16,156 2,864
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© ES Energy Save Holding AB 2025 5 OPEX and cash flow, TSEK QUARTER Change Apr–jun 2025 Apr–jun 2024 Other external costs -46% -9,721 -18,079 Personnel cost 15% -10,498 -9,163 Operative cash flow -8,578 -7,053
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© ES Energy Save Holding AB 2025 6 Net sales by business area, TSEK QUARTER Change Apr–jun 2025 Apr–jun 2024 Residential property -87% 13,276 (86%) 99,568 (97 %) Commercial property -46% 1,747 (11%) 3,227 (3 %) Services and after-sales 403 (3%) 339 (0,3 %) 15,427 103,134 16440 28627 35427 99568 44309 47922 49474 13276 5537 11928 3233 3227 6368 4395 1959 1747985 1855 135 339 494 695 2460 403 0 20000 40000 60000 80000 100000 120000 Jul–sep 2023 Oct–dec 2023 Jan–mar 2024 Apr–jun 2024 Jul–sep 2024 Oct–dec 2024 Jan–mar 2025 Apr–jun 2025 Residential property Commercial property Services and after-sales
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© ES Energy Save Holding AB 2025 7 Net sales by brand, TSEK QUARTER Change Apr-jun 2025 Apr-jun 2024 OEM -95% 4,226 (27%) 92,991 (90%) ES +10% 11,201 (73%) 10,143 (10%) 15,427 103,134 22 526 36 951 7 174 10 143 15 355 16 343 8 009 11 201 436 5 459 31 621 92 991 35 816 36 669 45 884 4 226 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 90 000 100 000 Jul–sep 2023 Oct–dec 2023 Jan–mar 2024 Apr–jun 2024 Jul–sep 2024 Oct–dec 2024 Jan–mar 2025 Apr–jun 2025 ES OEM
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© ES Energy Save Holding AB 2025 8 Net sales geographic, TSEK QUARTER Change Apr-jun 2025 Apr-jun 2024 Scandinavia -71% 1,555 (10%) 5,274 (5%) Europe outside of Scandinavia -86% 13,872 (90%) 97,860 (95%) 15,427 103,134 14 618 10 009 14 139 5 274 5 470 5 209 1 040 1 555 8 344 32 401 24 656 97 860 45 701 47 803 52 853 13 872 0 20 000 40 000 60 000 80 000 100 000 120 000 Jul–sep 2023 Oct–dec 2023 Jan–mar 2024 Apr–jun 2024 Jul–sep 2024 Oct–dec 2024 Jan–mar 2025 Apr–jun 2025 Scandinavia Europe outside of Scandinavia
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© ES Energy Save Holding AB 2025 9 Number of heat pumps sold 746 211 467 496 2 661 1 284 1 337 1 566 247 0 500 1000 1500 2000 2500 3000 Apr–jun 2023 Jul–sep 2023 Oct–dec 2023 Jan–mar 2024 Apr–jun 2024 Jul–sep 2024 Oct–dec 2024 Jan–mar 2025 Apr–jun 2025
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© ES Energy Save Holding AB 2025 10 Balance sheet, TSEK Change June 30 2025 June 30 2024 Fixed Assets +25% 70,977 56,973 Current Assets Inventories -2% 100,184 102,399 Current receivables -69% 21,312 68,105 Cash and bank balances -57% 20,720 48,592 Total Assets -23% 213,193 276,068 Equity -16% 160,083 190,518 Provisions 378% 955 200 Non-current liabilities -82% 3,422 19,198 Current liabilities -26% 48,733 66,152 Total equity and liabilities -23% 213,193 276,068
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© ES Energy Save Holding AB 2025 11 Reduced uncertainty and improved sales and competitiveness in the short term perspective Peak season coming up with expected recovery of OEM sales as well as ES sales due to market introduction of propane product offer with several new distributors signed in focus markets Strong focus on customer driven product development in OEM segment going forward, both for residential and commercial products Upcoming new propane commercial product platform will significantly improve the competitiveness in the commercial offer Maintain strong focus on cost reduction program and cost control General outlook Lower interest rates and inflation Improved balance between the pricing of electricity and natural gas Signs of political initiatives Our investments have improved our offer towards OEM-segment and our ongoing efforts in focus markets will generate result Interim Report January–June 2025 Moving forward
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© ES Energy Save Holding AB 2025 12 Good position moving forward Going out of a period with high uncertainty Temporary low sales due to stock balancing OEM customers Savings programme keep giving effect Stategic investments and product development puts us in a strong and competetive position moving forward Looking forward to a more dynamic and growth oriented phase Interim Report January–June 2025 Summary
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Q&A