Entech (ALESE) H1 2026 earnings summary

Executive summary

• Consolidated revenue for H1 2026 reached €71.8M, up 2.6x year-over-year, driven by strong conversion of a record order backlog.

• EBITDA surged to €5.0M (7.0% margin), exceeding the full-year 2025 EBITDA and aligning with the 8–10% margin target.

• Net income was €1.6M, reversing a €0.1M loss in H1 2025.

• Growth was led by large-scale EPC projects and international expansion in battery storage.

Financial highlights

• Revenue rose to €71.8M from €27.4M in H1 2025.

• Gross margin increased 104% to €18.4M, but gross margin rate declined to 25.7% from 32.9% due to project mix.

• EBITDA reached €5.0M (7.0% margin), up from €0.1M (0.5%) a year earlier.

• Net income was €1.6M, compared to a €0.1M loss in H1 2025.

• Operating cash flow margin improved, with €4.3M gross cash flow generated.

Outlook and guidance

• 2026 revenue target of €130M and EBITDA margin of 8–10% reaffirmed, supported by a €116M backlog.

• Strategic roadmap to 2029 targets >€300M revenue and 20–25% EBITDA margin, with >350 MW of owned assets.

• H2 priorities: maintain gross margin rate, control working capital, and expand owned asset portfolio.