Entech (ALESE) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €27.6M, up 9% year-over-year, driven by strong order intake exceeding €100M and robust commercial momentum.

• EBITDA stood at €0.3M (1.1% margin), confirming the profitability trajectory started in 2024.

• Net income was nearly break-even at -€0.08M, improving from a €0.8M loss in the prior year.

• Major contracts signed in France, Germany, Poland, Africa, and with key partners, supporting future growth and backlog above €100M.

• Strategic bond issuance of €15M to fund expansion in Energy & Services and project portfolio acquisitions.

Financial highlights

• Revenue: €27.6M (+9% vs. H1 2024); EBITDA: €0.3M (1.1% margin); Net income: -€0.08M.

• Gross margin: €9.1M (33.1% of revenue), up from €8.2M (32.6%) prior year; stable cost structure despite increased activity.

• Cash and equivalents: €25.4M, up €12.5M from year-end 2024; net financial debt nearly zero; equity: €25.8M.

• Significant increase in advances on orders and supplier payables due to project ramp-up.

• Operating expenses well controlled, with external charges at 8.4% and personnel costs at 22.5% of revenue.

Outlook and guidance

• Backlog above €100M at June 30, 2025, expected to drive accelerated growth in H2 2025.

• 2025 guidance confirmed: revenue target of €80M with positive EBITDA.

• 2029 roadmap: revenue >€300M, EBITDA margin 20–25%, >350 MW of owned/operated assets.