Alexander Sandberg
Chief Operating Officer
All portfolio companiesCore operating holding
Pending verificationBoard & Management Verified Operating DataPending verificationVerified — Signed Option Agreement / Founder Confirmed 
Energy Group
Energy Group AES AB · Org.nr 556929-2880 · Updated 2026-10-06
Battery distribution · Energy storage
6%
PVW ownership
€22.1m
100% company value
€1.33m
Attributable to PVW
Revenue / EBITDA
Valuation approach
Valuation sourcePVW reference valuation
Swedish operating company amounts are converted from SEK at a fixed reference rate of EUR/SEK 11.29. Fund references, international financing references and case studies are shown in original currency where relevant. Conversions are shown for reference only.
Monthly summary
Preparing this month's summary…
AI-generated each month solely from the company's own information on this page. Not reviewed or audited; the company page and legal documents prevail.
Ownership Reconciliation & Post-Period Events
Note 5 of the draft 2025/2026 annual report states that Energy Group AES AB is 100% owned by Quadleads AB (the founders' holding company) as of August 2026. PVW Capital AB acquired its 6% equity stake directly from Quadleads AB in a private secondary transaction subsequent to the reporting period. Furthermore, PVW Capital holds founder-confirmed options to acquire additional shares, and active negotiations regarding the exercise of these options to further expand the ownership stake are currently in progress. Final exercise terms are subject to legal documentation. Energy Group / Energy Group AES AB — legal naming subject to final document verification.
PVW ownership option
Founder-confirmed option / active negotiation — final exercise terms subject to legal documentation6%
Current ownership
+6% A
Verified option
€6.64m
Valuation basis
€0.40m
Exercise cost
2026
Expiry
12%
Pro forma ownership
Doubles PVW's stake in a profitable battery and energy storage wholesaler.
Illustrative embedded value gap versus current PVW reference valuations: +€0.93m (discount 70.0% vs reference €22.1m).
The illustrative value gaps are calculated against PVW’s current reference valuations. They become economically relevant only if the relevant option or ownership transaction is completed and the reference valuations remain valid.
All purchase options are conditional on the founders contributing the full exercise proceeds to the company as an unconditional shareholder contribution. The capital is used in the business — not as any form of exit for the founders — and solely to strengthen the company's ability to reach its goals.
Shareholder briefUpdated 2026-10-06
Energy Group is scaling from a SEK 42m distributor into a Nordic battery and BESS distribution platform — partner-led, profitable and growing fast.
Net sales 2025-07 – 2026-06
€17.8m
Growth vs prior year
4.8x
EBIT
€1.34m
Net income
€1.04m
From the latest annual accounts in the financials section below.
- FY 2025/26 result
Net sales SEK 201.0m, EBIT SEK 15.2m, net income SEK 11.8m (draft annual report).
- Customer agreements
Three new major customer agreements.
A
The investment case
“Energy Group is scaling from a SEK 42m distributor into a Nordic battery and BESS distribution platform — partner-led, profitable and growing fast.”
Role in portfolio: Profitable, fast-scaling distribution holding with a signed option to double PVW's stake.
Why does it matter?
Every battery installed must be sourced, stocked and delivered. Distributors with supplier access and installer reach grow with the whole market.
What commercial proof exists?
Draft annual report FY 2025/26 (unsigned): net sales SEK 201.0m (42.2), EBIT SEK 15.2m (3.0), net income SEK 11.8m (2.3), cash SEK 11.9m. Figures may change before the report is signed and filed.
What drives the acceleration?
60+ partners, three new major customer agreements and BESS demand across four Nordic and Benelux markets.
What could make it worth 5x–20x?
At FY 2025/26 draft net income of SEK 11.8m, the SEK 250m reference value is ~21× earnings (~16.5× EBIT). Sustained scale, own-brand products such as VoltGuard and regional expansion compound from there.
B
Operating reality today
Public accounts show the historical legal-entity position. PVW also reports Board & Management Verified Operating Data where the current commercial reality has moved materially ahead of the latest filed accounts.
From SEK 42m to SEK 201m
Energy Group is no longer only a SEK 42m distributor from the 2025 accounts. It is scaling into a Nordic battery and BESS distribution platform with partner-led expansion, rapid revenue acceleration and positive profitability — positioned by PVW and management as Sweden’s fastest-growing wholesaler in its segment.
FY 2025/26 draft annual report (unsigned) — FY 2024/25 in bracketsPublished financial summary
€17.8m
Net sales (42.2)
€1.34m
EBIT (3.0)
€1.32m
Profit after financial items (2.9)
€1.04m
Net income (2.3)
€1.05m
Cash (1.7)
€1.09m
Equity (2.4)
2026 Board & Management Verified Operating DataBoard & Management Verified Operating Data
7.5%
EBIT margin FY 25/26
5.9%
Net margin FY 25/26
19.1%
Equity ratio
60+
Partners purchasing
3
New major customer agreements
SE · DK · NL · FI
Active markets
Why the step-change matters
The jump from SEK 42m to SEK 201m (draft FY 2025/26 accounts) is driven by distribution scale, BESS demand, partner channels and larger customer agreements — not by one-off consulting revenue. Every new partner and market adds repeatable volume through the same platform, at a 7.5% EBIT margin in FY 2025/26.
Growth since start
Net sales per the annual report's multi-year overview: SEK 21.0m (2022/23), SEK 21.3m (2023/24), SEK 42.2m (2024/25) and SEK 201.0m (2025/26). Profit after financial items rose from SEK 2.9m to SEK 14.9m in one year, and equity grew from SEK 2.4m to SEK 12.3m after a SEK 1.8m dividend.
Growth drivers
Three new major customer agreements; extreme BESS growth in Sweden, Denmark, Holland and Finland; sales through partner agreements with more than 60 partners purchasing from Energy Group.
C
Financial history (public)
Net sales, operating income, EBITDA, EBIT and net income are never mixed. No figures are interpolated.
| Line item | 2024-07 – 2025-06 (12m) | 2025-07 – 2026-06 (12m) |
|---|---|---|
| Net sales | €3.74m | €17.8m |
| Other operating income | €78.7k | €85.5k |
| EBIT | €0.27m | €1.34m |
| Profit after financial items | €0.26m | €1.32m |
| Net income | €0.21m | €1.04m |
| Cash | €0.15m | €1.05m |
| Inventory | €0.44m | €3.30m |
| Accounts receivable | €0.31m | €0.82m |
| Accounts payable | €0.59m | €3.03m |
| Equity | €0.21m | €1.09m |
| Total assets | €1.04m | €5.72m |
| Employees | Not disclosed | 7 |
| EBIT margin | 7.2% | 7.5% |
| Source | Published financial summary | Draft annual report (unsigned) |
← Swipe to see the full table →
Net sales development
€3.74m2024-07 – 2025-06
€17.8m2025-07 – 2026-06
2024-07 – 2025-06: Published equity ratio ~20%. Current liabilities SEK 9.41m.
2025-07 – 2026-06: Draft annual report FY 2025/26 (K2, unsigned). Net sales 4.76x prior year. Change in work in progress +SEK 33.7m. Equity ratio 19.1%. Current liabilities SEK 52.2m, no long-term debt. Dividend paid SEK 1.8m. Average employees 7 (3).
From start to today
2013
Company formed
Energy Group AES AB (556929-2880) registered; registered office Solna. Full-service supplier of solar and battery storage — from design to turnkey plants and parks.
Public filing
2022/23
SEK 21.0m net sales
Annual report multi-year overview. Equity ratio 98.3%.
Draft annual report (unsigned)
2023/24
SEK 21.3m net sales
Stable base before the scale-up. Equity ratio 102.3%.
Draft annual report (unsigned)
2024/25
SEK 42.2m net sales — 2x
Profitable, EBIT SEK 3.0m, net income SEK 2.3m.
Published financial summary
2025/26
SEK 201.0m net sales — 4.76x
EBIT SEK 15.2m, net income SEK 11.8m, cash SEK 11.9m, 7 employees (3). Roughly 10x net sales in three years (~112% annual growth).
Draft annual report (unsigned)
Aug 2026
Part of the Quadleads AB group
All shares acquired by Quadleads AB (559447-9585), per Note 5 of the annual report.
Draft annual report (unsigned)
2026
PVW entry at SEK 75m valuation · Patrick Wallén incoming chair
PVW Capital AB entered at a SEK 75m company valuation. Patrick Wallén is to become chair of the board.
Board & Management Verified Operating Data
2026
PVW option (founder-confirmed)
Further 6% A-shares at SEK 75m basis. Final exercise terms subject to legal documentation.
Verified — Signed Option Agreement / Founder Confirmed
E
Verified operating update & traction
Board & Management Verified Operating Data, shown separately from filed accounts.
FY 2025/26 result
Net sales SEK 201.0m, EBIT SEK 15.2m, net income SEK 11.8m (draft annual report).
DeliveredDraft annual report (unsigned)
Customer agreements
Three new major customer agreements.
SignedBoard & Management Verified Operating Data
Partner network
More than 60 partners purchasing from Energy Group.
DeliveredBoard & Management Verified Operating Data
VoltGuard distribution
Group product carried in assortment.
DeliveredBoard & Management Verified Operating Data
G
Financial engine
PVW analytical scenario — not company guidance.
Historical working-capital profile (period to June 2025)
Inventory
€0.44m
Receivables
€0.31m
Payables
−€0.59m
Trade working capital
€0.16m
4.4% of net sales
Low trade working capital relative to sales — supplier credit largely funds inventory. Calculated from the published financial summary.
Working-capital profile FY 2025/26 (draft)
Inventory
€3.30m
Accounts receivable
€0.82m
Accounts payable
−€3.03m
Trade working capital
€1.10m
approx. 6.2% of net sales
Based on draft annual report FY 2025/26, unsigned.
I
Valuation & value creation
Reference equity value (100%)
€22.1m
PVW economic ownership
6%
PVW attributable equity value
€1.33m
Method
Revenue / EBITDA
| Multiple of today | 1× | 2× | 3× | 5× | 10× | 20× |
|---|---|---|---|---|---|---|
| Company value | €22.1m | €44.3m | €66.4m | €111m | €221m | €443m |
| PVW attributable | €1.33m | €2.66m | €3.99m | €6.64m | €13.3m | €26.6m |
← Swipe to see the full table →
Illustrative valuation sensitivity — not a forecast or guarantee. Based on equity value, not enterprise value. Growth scenarios are not included in current NAV.
Value creation bridge
- Today
- SEK 42m distribution base (2025)
- 60+ partners and 3 major agreements
- SEK 201m net sales (FY 25/26)
- 7.5% EBIT margin
- Own-brand mix
- Nordic platform value
- Future enterprise value
Value today vs optionality
Current economic value
Profitable distributor with SEK 201m net sales in FY 2025/26.
Future optionality (not in NAV)
Nordic category leadership in BESS distribution; own brands; regional expansion.
Reference cases
No meaningful comparable has been verified yet; none is shown rather than an unsourced one.
L+
PVW independent analysis
PVW calculations on figures shown elsewhere in this portal (reference values, company budgets, draft accounts, option terms). Simplified and unaudited; targets and budgets are plans, not guarantees.
Energy Group is the portfolio's proven earnings engine: SEK 201m in net sales and positive earnings in the draft FY 2025/26 report. The option lets PVW double its stake well below the reference value.
Value / net sales
SEK 250m ÷ SEK 201m
1.24x
Value / EBIT
SEK 250m ÷ SEK 15.2m (draft)
16.4x
Value / net income
SEK 250m ÷ SEK 11.8m (draft)
21.2x
Option +6% at SEK 75m basis vs SEK 250m reference
Entry at 0.37x sales, 4.9x EBIT
SEK 4.5m → SEK 15m
Exercising the option buys a profitable business at a fraction of its reference multiple. It is the most de-risked use of partner capital in the round.
M
Ownership scorecard
PVW internal assessment. Conviction with discipline.
Market size18 / 20
Growth14 / 15
Margins8 / 10
Recurring revenue8 / 10
Competitive moat8 / 10
Customer quality10 / 10
Capital efficiency8 / 10
Management / founder4 / 5
Strategic optionality4 / 5
Exit potential4 / 5
86
/ 100
PVW conviction
Very high — earnings engine
SEK 201m in net sales, up 4.76x in a year and roughly 10x in three, with SEK 15.2m EBIT — and an option to double the stake well below reference value.
Data basis: High — FY 2024/25 public accounts plus FY 2025/26 draft annual report.
Top strengths
- + Net sales 4.76× in one year, profitable
- + 60+ partner distribution network
- + Signed option to double stake
Top risks
- − Working capital grows with volume
- − Equity ratio 19.1% (FY 25/26)
- − Supplier dependency
N
What can go wrong?
Working capital
Inventory and receivables grow with sales.
Price pressure
Battery prices fall; revenue per unit can decline.
What would invalidate the thesis?
- Sustained EBIT losses.
- Loss of key supplier relationships.
O
12–36 month catalysts & what needs to happen next
2026
Option exercise decision
+6% A-shares at SEK 75m basis.
Signed
Five most important milestones
H2 2026
Exercise option
Doubles PVW ownership at a SEK 75m basis.
Signed
2026
Sign and file FY 2025/26 annual report
Makes the SEK 201m year public.
In progress
2027
Working-capital financing
Supports continued volume growth.
Commercial target
2027
Own-brand share
Higher gross margin.
Commercial target
Q
Sources & documents
Confidential documents are released through the data room on request, never through public links.
Annual report (original)
Annual reports · Approved shareholder access
Valuation memo
Valuation memos · Confidential data room
Shareholder register extract
Shareholder agreements · Confidential data room
Option agreement / exercise documentation — status subject to final legal verification
Financing documents · Confidential data room
Request access: patrickvwallen@gmail.com · +46 70 491 44 43
R
Chairman’s memo — why PVW owns it
Energy Group is PVW's exposure to battery volume itself — a profitable distributor with published numbers. The signed option to add 6% A-shares at a SEK 75m basis, against a SEK 250m reference value, is one of the clearest uses of new capital. PVW would reconsider if margins erode with volume.
Patrick Wallén · PVW Capital AB · 2026-10-06
The people behind the company
Management
Andrej Stålstierna
Chief Technology Officer
Sebastian Fejbäck
Head of C&I and Utility · Board member
Daniel Radic
Head of Sales
Sixten Wärm
Chief Marketing Officer
EF
Emil Fallgren
Chief Growth Officer
Jonathan Teigen Lind
Head of Logistics
William Axelsson
Operations Manager
Board of directors
AF
Andreas Fallgren
Board member
EI
Eva-Lena Ingrid Andersson
Board member
Sebastian Fejbäck
Board member
Source: energygroup.se (team).
›Appendix: Original company background
01
Overview
A rapidly growing Swedish wholesale business focused specifically on batteries and energy storage.
02
Ownership
PVW ownership: 6%. Minority position. Company value €22.1m, of which €1.33m is attributable to PVW.
03
Business
Wholesale of batteries and energy storage products to installers and resellers — a volume business where sourcing, stock and logistics decide the outcome.
04
Market
Distribution of batteries and storage products into a market being reshaped by electrification.
05
Investment thesis
A rapidly growing Swedish wholesale business focused specifically on batteries and energy storage.
06
Value creation
A minority position held for exposure to storage volumes rather than for control. PVW contributes through its network and through the connection to the group's other energy holdings.
07
Management
Run by its own founders and management team. PVW is a minority shareholder and does not direct operations.
08
Milestones
Continued growth in volumes, a broader product range and a working capital structure that can carry that growth.
09
Risks
Working capital intensity, price and supply exposure, and minority position limitations.
10
Future opportunities
Distribution is an early and direct way to participate in storage volumes. Increasing the position is one of the stated uses of new capital, if terms allow.