Entech (ALESE) H2 23/24 earnings summary

Executive summary

• Achieved annual revenue growth of 32% to €45.5M for FY 2023-24, with both Storage and Production segments contributing equally.

• Reached break-even in the second half, with EBITDA and net income at equilibrium for H2.

• Results aligned with forecasts; company is positioned for accelerated growth and a shift in scale.

Financial highlights

• Annual revenue rose 32% year-over-year to €45.5M; Storage up 40% to €22.6M, Production up 36% to €22.6M.

• Gross margin contracted by 1.6 points to 26.6% due to rapid growth and supply chain pressures.

• EBITDA loss of €1.2M for the year, but positive €0.1M in H2; net loss of €2.9M for the year, break-even in H2.

• Operating expenses: external charges at 8.1% of revenue, personnel costs at 21.4%.

Outlook and guidance

• Order backlog at €41M as of March 31, 2024, up from €32M a year earlier, not including recent commercial wins.

• 2025-26 targets reaffirmed: €130M revenue and ~20% EBITDA margin.

• New medium-term ambitions to be announced in October 2024.

• Partnership with Eiffage Énergies Systèmes expected to drive growth from 2025-26 onward.