Harju Elekter Group financial results, 1-3/2026

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• Long delivery times will soon be joined by price increases for materials and components, with initial signals and new price lists received from suppliers

  60% confidence

• The majority of results from Estonian, Swedish, and Finnish units will manifest in the second and third quarters when delivery of substations to customers under framework agreements commences

  60% confidence

• The primary reason for weak financial performance was disruptions in the supply chain with delayed or postponed deliveries of materials and components causing order fulfillment to shift into future periods

  60% confidence

• The weakening of the Swedish krona had a strong negative impact on both operating and net profit since a large portion of sales in Sweden takes place in local currency

  60% confidence

• Geopolitical tensions in the Middle East affect Harju Elekter mainly indirectly through global supply chain, logistics, and input prices, extending delivery times and increasing freight costs

  60% confidence

• Rapid cost reduction is not possible without risking the ability to respond quickly to a subsequent increase in demand

  60% confidence

• The company approaches the year as a whole with moderate optimism but also with caution, as there are several signs of a potential new crisis

  60% confidence

• The order books of both Estonian and Swedish units are higher than average, and the volume of orders under tender provides basis to assume significant portion will materialize as revenue during current financial year

  60% confidence

• There have been no cancellations of orders so far, but caution can be sensed in customer behavior

  60% confidence

• The pass-through of price increases to customers occurs through indexing in framework agreements, but due to long ordering and production cycle, the positive effect on results will only reach financial statements with a lead time of one to two quarters

  60% confidence

• The first quarter of Harju Elekter proved significantly more challenging than anticipated, and the results did not meet expectations

  60% confidence

• The low sales of the Lithuanian unit and resulting high level of idle production capacity remain a problem, pointing to market challenges and need for more efficient sales activities

  60% confidence