Enersense signed an extension contract with Helen
Summary
- Enersense has extended its operations and maintenance contract with Helen for 2027-2028, valued at over 30 MEUR, which will be added to the Energy Transition business unit's Q1'26 order book.
- The contract is significant for the Energy Transition unit, with a 2025e revenue of 77 MEUR, and is expected to support its recently decreased order book.
- The extension aligns with Enersense's strategy and provides substantial workload, although it does not impact current estimates as similar agreements were anticipated.
- Enersense is set to announce its Q4 results on Thursday, with a preview available for further insights.
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Translation: Original published in Finnish on 02/10/2026 at 09:09 am EET
Enersense announced this morning that it had agreed to extend the operations and maintenance contract for 2027-2028 with the energy company Helen. Enersense has been operating and maintaining Helen’s power plants and district heating and cooling network since 2022. The two-year extension contract was included as an option in the original contract. The contract now signed is valued at over 30 MEUR and will be added to the Energy Transition business unit's Q1'26 order book.
Distributed on an annual basis, the contract is of moderate size on a group scale (core businesses' 2025e revenue: 306 MEUR). In contrast, the contract is very significant for Energy Transition (core businesses' 2025e revenue: 77 MEUR) and we estimate it to be among the largest in scope and an important reference within the current strategy. At the same time, it will clearly support the business unit's recently decreased order book (cf Q3'25: 58 MEUR).
The contract has no immediate impact on our estimates for Energy Transition or Enersense, as our current estimates already include an option share or a new agreement of a similar size. Despite this, we consider the contract extension important, as it is well in line with the company's strategy and provides it with significant workload for the coming years.
Enersense will announce its Q4 results on Thursday, and our preview of the result can be read here.
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Enersense International operates in the industrial sector. The company's specialist expertise is found in project management for major industrial projects, which mainly includes design and construction, planning, logistics and administration. In addition to the main business, staffing and personnel management are offered. The company operates on a global level, with the Nordic and Baltic countries as home markets.
Read more on company pageKey Estimate Figures29.12.2025
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 424.7 | 313.3 | 336.9 |
| growth-% | 16.9 % | -26.2 % | 7.5 % |
| EBIT (adj.) | -14.2 | 10.9 | 13.9 |
| EBIT-% (adj.) | -3.3 % | 3.5 % | 4.1 % |
| EPS (adj.) | -1.83 | 0.11 | 0.33 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | 35.7 | 12.0 |
| EV/EBITDA | 5.1 | 3.2 | 5.7 |
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