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Energy Save

Energy Save

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Energy Save is a Swedish heat pump manufacturer (~80% residential, ~20% commercial) that uses in-house R&D and outsourced production to deliver growth above the market (>20%) and a 15% EBIT margin in the longer-term. The company has grown sales by ~30% p.a. historically, and sells its products through distributors under its own brand, and to OEMs through a private label approach

Slow uptick in heat pump demand and lack of transition from fossil-fuelled heating, lower-than-expected margin support from higher volumes, Aira partnership not being extended, continued negative cash flow generation unless volumes improve

Financials

SEKm 2025 2026e 2027e
Sales 178 242 299
Sales growth (%) -27,5 35,8 23,5
EBITDA -14 14 30
EBITDA margin (%) -7,6 5,8 10,1
EBIT adj. -21 7 23
EBIT adj. margin (%) -11,7 2,8 7,6
Pretax profit -21 7 22
EPS -3,22 0,79 2,69
EPS growth (%) 49,3 N/A N/A
EPS adj. -3,22 0,79 2,69
DPS 0 0 0
EV/EBITDA (x) -4,3 3,1 1,2
EV/EBIT adj. (x) -2,8 6,4 1,6
P/E (x) N/A 20,4 6
P/E adj. (x) N/A 20,4 6
EV/sales (x) 0,33 0,18 0,12
FCF yield (%) 13,7 14,4 5,6
Le. adj. FCF yld. (%) 13,7 14,4 5,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,6 -4,6 -2,3
Le. adj. ND/EBITDA (x) 3,6 -4,6 -2,3
SEKm 2025 2026e 2027e
Sales 178 242 299
COGS -117 -157 -194
Gross profit 62 85 105
Other operating items -75 -71 -74
EBITDA -14 14 30
Depreciation and amortisation -7 -7 -8
of which leasing depreciation 0 0 0
EBITA -21 7 23
EO Items N/A N/A N/A
Impairment and PPA amortisation 0 0 0
EBIT -21 7 23
Net financial items 0 0 0
Pretax profit -21 7 22
Tax 0 -1 -5
Net profit -21 5 18
Minority interest 0 0 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -21 5 18
EPS -3,22 0,79 2,69
EPS adj. -3,22 0,79 2,69
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 20 21
Gross margin (%) 34,7 35 35
EBITDA margin (%) -7,6 5,8 10,1
EBITA margin (%) -11,7 2,8 7,6
EBIT margin (%) -11,7 2,8 7,6
Pre-tax margin (%) -11,9 2,7 7,5
Net margin (%) -11,9 2,2 5,9
Sales growth (%) -27,5 35,8 23,5
EBITDA growth (%) 39,9 -203,3 116
EBITA growth (%) 31,6 -132,2 235,4
EBIT growth (%) 31,6 -132,2 N/A
Net profit growth (%) 49,3 -124,6 240
EPS growth (%) 49,3 N/A N/A
Profitability N/A N/A N/A
ROE (%) -12,5 3,2 10,2
ROE adj. (%) -12,5 3,2 10,2
ROCE (%) -11 3,7 11,7
ROCE adj. (%) -11 3,7 11,7
ROIC (%) -16,3 5,1 16,8
ROIC adj. (%) -16,3 5,1 16,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -14 14 30
EBITDA adj. margin (%) -7,6 5,8 10,1
EBITDA lease adj. -14 14 30
EBITDA lease adj. margin (%) -7,6 5,8 10,1
EBITA adj. -21 7 23
EBITA adj. margin (%) -11,7 2,8 7,6
EBIT adj. -21 7 23
EBIT adj. margin (%) -11,7 2,8 7,6
Pretax profit Adj. -21 7 22
Net profit Adj. -21 5 18
Net profit to shareholders adj. -21 5 18
Net adj. margin (%) -11,9 2,2 5,9
SEKm 2025 2026e 2027e
Goodwill 0 0 0
EBITDA -14 14 30
Other intangible assets 37 36 36
Net financial items 0 0 0
Tangible fixed assets 6 8 10
Paid tax 0 -1 -5
Right-of-use asset N/A N/A N/A
Non-cash items 0 0 0
Total other fixed assets 21 21 21
Cash flow before change in WC -14 12 25
Fixed assets 64 65 67
Change in working capital 35 11 -10
Inventories 71 61 75
Operating cash flow 21 23 16
Receivables 20 32 40
Capex tangible fixed assets -1 -2 -2
Other current assets 5 7 9
Capex intangible fixed assets -5 -6 -7
Cash and liquid assets 69 84 90
Acquisitions and Disposals 0 0 0
Total assets 230 249 280
Free cash flow 15 15 6
Shareholders equity 159 164 182
Dividend paid 0 0 0
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 159 164 182
Leasing liability amortisation N/A N/A N/A
Long-term debt 4 2 2
Other non-cash items 0 0 0
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 0 0 0
Total other long-term liabilities 14 14 14
Short-term debt 17 19 19
Accounts payable 16 24 33
Other current liabilities 19 25 30
Total liabilities and equity 230 249 280
Net IB debt -48 -64 -70
Net IB debt excl. pension debt -48 -64 -70
Net IB debt excl. leasing -48 -64 -70
Capital employed 180 185 203
Capital invested 111 101 112
Working capital 62 51 61
Market cap. diluted (m) 107 107 107
Net IB debt adj. -48 -64 -70
Market value of minority 0 0 0
Reversal of shares and participations -20 -20 -20
Reversal of conv. debt assumed equity N/A N/A N/A
EV 58 43 37
Total assets turnover (%) 75,2 101,2 113
Working capital/sales (%) 44,5 23,3 18,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -30,3 -38,7 -38,2
Net debt / market cap (%) -45,2 -59,6 -65,2
Equity ratio (%) 69,3 66,1 65
Net IB debt adj. / equity (%) -30,3 -38,7 -38,2
Current ratio 3,17 2,71 2,61
EBITDA/net interest 48,9 61,7 171,2
Net IB debt/EBITDA (x) 3,6 -4,6 -2,3
Net IB debt/EBITDA lease adj. (x) 3,6 -4,6 -2,3
Interest coverage 75,9 29,9 128,6
SEKm 2025 2026e 2027e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS -3,22 0,79 2,69
Dividend per share 0 0 0
EPS adj. -3,22 0,79 2,69
BVPS 24,15 24,95 27,64
BVPS adj. 18,51 19,5 22,21
Net IB debt/share -7,32 -9,66 -10,57
Share price 16,2 16,2 16,2
Market cap. (m) 107 107 107
P/E (x) N/A 20,4 6
EV/sales (x) 0,3 0,2 0,1
EV/EBITDA (x) -4,3 3,1 1,2
EV/EBITA (x) -2,8 6,4 1,6
EV/EBIT (x) -2,8 6,4 1,6
Dividend yield (%) 0 0 0
FCF yield (%) 13,7 14,4 5,6
Le. adj. FCF yld. (%) 13,7 14,4 5,6
P/BVPS (x) 0,67 0,65 0,59
P/BVPS adj. (x) 0,88 0,83 0,73
P/E adj. (x) N/A 20,4 6
EV/EBITDA adj. (x) -4,3 3,1 1,2
EV/EBITA adj. (x) -2,8 6,4 1,6
EV/EBIT adj. (x) -2,8 6,4 1,6
EV/CE (x) 0,3 0,2 0,2
Investment ratios N/A N/A N/A
Capex/sales (%) 3,8 3,2 3,2
Capex/depreciation 0,9 1,1 1,3
Capex tangibles / tangible fixed assets 22,7 23,9 23,2
Capex intangibles / definite intangibles 14,4 16,2 20,1
Depreciation on intang / def. intang 20 19,8 20,4
Depreciation on tangibles / tangibles 0 1,2 1,9

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Media

Energy Save - Company presentation with CEO Fredrik Sävenstrand & CFO Helena Wachtmeister

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Main shareholders - Energy Save

Main shareholders Share capital % Voting shares % Verified
Christian Gulbrandsen 14.1 % 37.4 % 26 Nov 2025
Theodor Jeansson Jr. 9.3 % 3.3 % 26 Nov 2025
Nordea Funds 7.9 % 2.8 % 26 Nov 2025
Avanza Pension 4.7 % 1.7 % 26 Nov 2025
Project Air AB 3.4 % 1.2 % 26 Nov 2025
Henrik Nilsson 3.0 % 1.0 % 26 Nov 2025
Bo Westerberg 2.3 % 0.8 % 26 Nov 2025
Linus Åke Fredrik Lindström 2.1 % 0.7 % 26 Nov 2025
Nordnet Pensionsförsäkring 1.7 % 0.6 % 26 Nov 2025
Jan-Erik Olsson 1.5 % 0.5 % 26 Nov 2025
Source: Holdings by Modular Finance AB