Enersense International Oyj — Call Transcript 2025

Apr 28, 2025

Enersense's balance sheet strengthened and strategic change proceeded

Webcast Q1/2025 CEO Kari Sundbäck and CFO Jyrki Paappa 28 April 2025

Agenda

• Highlights Q1/2025
• Financial review
• Way forward
• Q&A

Q1/2025 Highlights

→ 2/3 of the strategic assessments completed

→ Value Uplift program progresses

→ New financing arrangement

21.2 M€ EBITDA

1.3 M€ EBITDA for the core businesses

3

Key figures Q1/2025

One-off items had a significant impact on EBITDA

Changes in EBITDA

Changes in revenue

Revenue split Q1/2025

Core businesses and businesses under strategic assessment*), %

transport solutions and the Marine and Offshore Unit

Our order backlog focuses on the core business

Guidance for 2025 (unchanged)

Enersense expects its core businesses' EBITDA to improve from 2024 (2024: EUR 10.4 million) and its core businesses' adjusted EBITDA to be at the same level as in 2024 (2024: EUR 19.9 million).

The Marine and Offshore Unit under strategic assessment is not part of the core business and no guidance is given for it.

Positive progress in safety

Lost Time Incident Frequency, LTIF

We are reducing our emissions

• We will set science-based emission targets under the SBTi initiative this year
• We are constantly taking concrete actions to reduce our emissions
  • We are systematically renewing our car fleet
  • We are accelerating the electrification of our car fleet this year, and our goal is to convert 1/3 of our Finnish car fleet to electric this year
  • In the Connectivity segment, we are switching to renewable fuels

"One-third of our vehicle fleet in Finland will shift to electric this year"

Financial Review

Group revenue

MEUR

Group EBITDA

EBITDA for the core businesses

MEUR

Adjustments to core business operations are indicated in lighter colour

Core business's EBITDA improved in the Power segment

Changes in the core business's EBITDA

MEUR

0 10 20 30 40 50 60 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 MEUR -10 -5 0 5 10 15 20 25 MEUR

Power Q1/2025

Revenue,

Industry Q1/2025

Core business Adjustments to core businesses Other business

Connectivity Q1/2025

The balance sheet strengthened due to the sale of the project development business

New financing arrangement provides flexibility

• At the end of March, a new financing arrangement was agreed on, extending gradually to spring and summer 2026
• New arrangement gives us financial flexibility
• The focus on growing business cash flow supports strengthening the financial position

	Actual value	Covenant value
Covenants in the financing package	31 Mar 2025	31 Mar 2025	30 Jun 2025	30 Sep 2025	31 Dec 2025	31 Mar 2026
Equity ratio1)	22.3 %	15 %	16.5 %	18 %	19.5 %	21 %
Interest bearing net debt/EBITDA2)	1.24x	2.25x	2.25x	2.25x	2.25x	2.25x
Minimum liquidity3)	24.3 MEUR	8 MEUR	8 MEUR	8 MEUR	8 MEUR	8 MEUR

1) As a change to the previous practice, convertible bonds are treated as debt in the equity ratio calculation. The covenant is reviewed on a quarterly basis.

2) The covenant is reviewed on a quarterly basis.

3) Minimum liquidity is measured on a monthly basis.

Way forward

Enersense's 2025 is about renewal

• Effectively running the current operations towards the targets
• 2 Increasing our value and improving our performance with the Value Uplift program

1

Ambitiously renewing the strategic 3 focus of the core business for 2025–²⁰²⁸

We focus on project and service operations for the green energy transition and telecommunication networks

Design, construction and maintenance of transmission grids, electric substations, wind farms and solar farms.

"We are among the leading substation builders and renovators in Finland."

Industry

Construction, operation and maintenance of production plants and other demanding metal projects. Expertise for arctic marine industries and offshore wind power.

"We are responsible for the operation and maintenance of Finland's first green hydrogen plant."

Power Connectivity

Designs, builds and maintains both fixed and wireless communications networks.

"We ensure fast and reliable communication connections."

Value Uplift program supports profitable growth

The program continues throughout the year and includes three thematic areas

• 1. Renew procurement performance
• 1. Improve commercial management
• 1. Evaluate fixed costs and resources to support the implementation of the strategy

Annual run -rate improvements in adjusted EBITDA

Target 5 M€

Positive impact starting H2/25. We'll give an estimate of 2025 impact in the Q2/25 report.

Figures that affect comparability Q1/2025: 0.45 MEUR

02468

10 12

Our strategic journey proceeds, we increase shareholder value sustainably

H2 /2024

New strategic direction and strengthening the financial basis

Cash flow increased significantly • Strong focus on profitability • Progressing on our strategic direction as planned

2025 Core businesses' strategic renewal and strategic assessments

Two of the three strategic assessments completed 2/2025 •

completed

Strategic assessment of the Marine and Offshore Unit continues

• New financing arrangement

• Core business strategy will be published on 4 June 2025

2025–28

Sustainable growth

Implementation of strategy

•

Targeting 5 MEUR annual profit improvement with Value uplift program from H2/2026 onwards

Welcome to Capital Markets Day on 4 June

• We present our updated core business strategy and new financial targets
• Eliel Event Studio in Sanomatalo on 4 June 2025
  • 12:30 Registration and light lunch
  • 13:00 Presentations and Q&A
  • 15:00 Event ends
• The event can also be followed via webcast