Sweden's ES Group returns to third-quarter profit on contract extension

what happened

Swedish heat pump technology company ES Group posted third-quarter revenue of SEK 57.4 mln, up 24% from a year earlier. Net income came in at SEK 11.2 mln, after the company had reported a loss in the same period last year. The figures come from Reuters, based on LSEG data and the company's press release.

Revenue in the ODM/WL segment rose 43%, mostly due to the extension of the Aira contract concluded during the quarter. After the period ended, the company agreed a SEK 75 mln extension with Aira. Sales under its own ES Energy Save brand edged down, because the year-ago quarter included a SEK 3.5 mln sale of F-gas quotas. Excluding that item, revenue grew 17%. Sales of R290 propane products rose sharply, supported by European refrigerant rules and demand for efficient high-temperature systems.

The company gave no specific guidance, but it expects a strong fourth quarter and better performance in the second half, bringing its 2026 result closer to break-even.

why it matters

For markets, this is a small-cap story in which a one-off contract and last year's quota sale account for a large part of the growth, so the durability of profit remains uncertain. The cautious break-even target for the year is modest, while European rules on refrigerants support demand for R290 products, which matters to investors in the sector.

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