Amper (AMP) CMD 2026 summary

Strategic vision and transformation

• Clear, measurable strategy focused on dual-use technologies for Defense and Energy, aiming for scalable growth and international consolidation by 2028.

• Shift from weak focus and low credibility in 2022 to strong positioning, robust organization, and improved margins by 2026.

• Emphasis on becoming a Tier 1 leader in Spain and a key player in Europe, leveraging M&A and alliances.

• Unique positioning as a listed mid-cap with technological and industrial capabilities, especially in energy management.

• Focus on supporting Spain’s strategic autonomy and national defense strategy.

Growth drivers and business development

• Organic growth supported by strong order backlog, with 55% of 2026 sales already committed.

• Inorganic growth through 3-5 targeted acquisitions in Defense and Security, expected to add €200M in sales and €40M in EBITDA by 2028.

• Expansion in offshore wind and electrical networks, especially in Europe and Brazil, with new industrial facilities planned.

• Strategic alliances and joint ventures to enhance capabilities and international presence.

• Investment in CAPEX and R&D to drive innovation and operational efficiency.

Financial guidance and capital allocation

• 2028 targets: >€1.3B order backlog, >€820M sales, >€130M EBITDA, and EBITDA margin of 16%.

• Commitment to maintain net debt/EBITDA below 3.0x, ensuring financial flexibility.

• CAPEX allocation of €125.3M for expansion and €26.6M for maintenance between 2026-2028.

• Nearly tripling of EBITDA from 2025 to 2028, with Defense as the main profitability anchor.

• Attractive valuation with >60% potential revaluation, aiming to close the gap with sector peers.