Merus Power orders surge 101% to EUR 52.6M as profitability improves

Merus Power booked EUR 52.6 million in first-half orders, up 101% year on year, while EBITDA rose 70.6% to EUR 0.5 million.

"The first half of 2026 was commercially successful," Kari Tuomala, chief executive officer at Merus Power, said. "We made strong progress in internationalisation in the Polish and Baltic battery energy storage markets."

Net sales were EUR 24.3 million, down 2.6% from EUR 24.9 million a year earlier. EBIT improved to EUR -0.3 million from EUR -0.5 million. Earnings per share were EUR -0.11, up from EUR -0.14. The order book reached a record EUR 49.9 million, up from EUR 29.3 million at the end of H1 2025.

The company reiterated its 2026 guidance for net sales growth and EBITDA of EUR 2-4 million. Management expects net sales growth to concentrate in the second half, as deliveries recognized by degree of completion progressed slower than expected.

Battery energy storage drove the order intake. Merus Power signed contracts worth approximately EUR 13 million with Neve Oy for a 30 MW/80 MWh arctic-grade facility in Rovaniemi, EUR 13-15 million with Nordes Būve for two 20 MW/40 MWh systems in Latvia, and EUR 10 million with wpd Söderskogen Vindpark for a 30 MW/60 MWh facility in Vöyri. An EUR 8 million-plus contract with Exilion covers a 20 MW/41 MWh system at the Varevaara wind farm in Tervola.

The company also signed a strategic cooperation agreement with CATL, the world's largest battery maker, enabling delivery of 3 GWh of battery energy storage systems to Northern Europe. CATL led global BESS cell shipments in H1 2026 with a 22.0% market share, according to Benchmark's BESS Service, as total cell shipments exceeded 490 GWh — nearly double year-on-year.

In power quality, Merus Power secured a contract with Siemens Mobility Denmark for a Merus STATCOM compensator at a battery-powered train charging station. The service business expanded with service agreements attached to the Neve, wpd, Exilion and Nordes Būve deliveries, extending lifecycle services into new European markets.

Cash flow from operating activities was EUR 4.9 million, up from EUR -0.4 million. Liquid assets stood at EUR 7.4 million with net debt of EUR -1.0 million (net cash position). The company trades on Nasdaq First North Growth Market Finland under the symbol MERUS.

The record order book and CATL supply agreement position Merus Power for second-half revenue acceleration. Investors will watch the company's next quarterly update for conversion of the EUR 49.9 million order book into recognized revenue.

This article is for informational purposes only and does not constitute investment advice.