Rovsing (One-pager): Near-term headwinds, growing tender activity, and a new ESA cycle ahead
Tiivistelmä
- Rovsing's H1 2025/26 results were below expectations due to project delays, cost overruns, and a one-off provision, with revenue declining to DKK 13.4 million and EBITDA at DKK -3.6 million.
- Management revised full-year guidance to revenue of DKK 33-37 million and EBITDA of DKK -2.5 to 0.5 million, excluding potential compensation from customers for additional costs.
- The ESA Ministerial Council approved a record budget of EUR 22.3 billion, marking a new investment cycle that could drive growth for Rovsing, supported by a solid order backlog of DKK 33.1 million.
- Key risks include project delays, execution risk on the Buy & Build strategy, tight capital position, and uncertainty around U.S. space policy, with H2 2025/26 being crucial for order conversion and strategic progress.
This content is generated by AI. You can give feedback on it in the Inderes forum.
In connection with the interim report for H1 2025/26 (July-December 2025), we have updated our one-pager analysis.
First half year results were below expectations due to customer-caused project delays, cost overruns on a large ongoing contract, and a one-off provision of DKK 0.9 million from closing the company's Kourou operations. Revenue declined to DKK 13.4 million from DKK 17.3 million a year earlier, with EBITDA coming in at DKK -3.6 million.
Management revised full-year guidance in December, now expecting revenue of DKK 33-37 million and EBITDA of DKK -2.5 to 0.5 million. Rovsing is pursuing compensation from customers for the additional costs incurred, but as these cannot yet be quantified, they are excluded from guidance.
Despite the weak numbers, the order backlog remained solid at DKK 33.1 million, and the company indicated that several key deliveries are expected to pick up pace in H2. More importantly, the ESA Ministerial Council approved a record budget of EUR 22.3 billion (30% higher budgets than the last budget period) in November 2025, with Denmark increasing its commitment by DKK 1.4 billion, marking the start of a new investment cycle that has historically been a core growth driver for Rovsing.
The investment case rests on Rovsing's ability to convert high tender activity and a growing addressable market into top-line growth as the new ESA budget cycle unfolds, while executing its Buy & Build strategy in a disciplined and value-creating manner.
The key risks remain project delays outside the company's control, execution risk on the Buy & Build strategy, a tight capital position, and uncertainty around U.S. space policy under the new administration. H2 2025/26 will be decisive - the investment case requires visible signs of order conversion and strategic progress before year-end.
Disclaimer: HC Andersen Capital receives payment from Rovsing for a Corporate Visibility/Digital IR subscription agreement. /Michael Friis, 19. February 2026, 15:45.
Sisäänkirjautuminen vaadittu
Tämä sisältö on näkyvissä vain sisäänkirjautuneille käyttäjille