ES Group AB reported a 30% year-over-year increase in net revenue to 20.0 million Swedish kronor in the second quarter of 2026, despite a 60% sequential decline from the first quarter due to seasonal demand patterns. The Stockholm-based company, which operates under the ES Energy Save brand, recorded a gross profit of 8.7 million SEK, up from 5.7 million SEK in the same period last year, though gross margins compressed to 25% from 29% amid promotional activity on older refrigerant units.
Operating income rose 42% to 23.6 million SEK, while EBIT improved to -13.4 million SEK from -16.0 million SEK in Q2 2025, reflecting a narrowing loss. The EBIT margin expanded to -57% from -96% year-over-year. Total operating expenses fell 7% to 18.8 million SEK, driven by a 13% reduction in external costs to 8.4 million SEK, offsetting a 1% decline in personnel expenses to 10.4 million SEK.
Unit sales totaled 405 in Q2 2026, a 64% increase from 247 units in Q2 2025 but well below the 1,918 units sold in Q4 2025. Revenue from the company’s proprietary ES Energy Save brand reached 13.8 million SEK, accounting for 69% of total revenue and rising 23% year-over-year. White-label and ODM sales grew 46% to 6.2 million SEK, representing 31% of revenue. The residential property segment generated 17.3 million SEK, up 30% YoY, while commercial property revenue rose 36% to 2.4 million SEK.
Geographic performance varied, with Scandinavian revenue surging 208% to 4.8 million SEK, while non-Scandinavian European markets contributed 15.2 million SEK, a 10% increase. The company highlighted Q2 2026 as its strongest quarter for R290 propane-based heat pump systems, which now account for roughly half of commercial segment sales. ES Group also secured a 17.8 million SEK capital raise from strategic investors following the quarter.
Strategic initiatives included a spare parts partnership with JS Energi in the Nordic region and an upcoming collaboration with Enrad expected to contribute in late 2026. The company accelerated training programs for R290 systems to address Europe’s installer shortage, positioning itself amid the EU’s Electrification Action Plan, which supports long-term heat pump demand.
Shares of ES Group fell 7.27% to $15.30 following the presentation, down from a 52-week high of $31.10.
