Grupo Ezentis (EZE) Q1 2026 earnings summary

Executive summary

• Achieved strong operational improvement in Q1 2026, with revenue up 121% to €10M and EBITDA up 153% to €0.2M, driven by perimeter expansion, efficiency measures, and recent acquisitions.

• Updated Strategic Plan 2025-2028 targets quadrupling revenues and sixfold EBITDA increase by 2028, aiming for €160M revenue and €12M EBITDA.

• Completed a highly oversubscribed €7.94M capital increase in May 2026 to fund growth initiatives, with strong retail and institutional demand.

• Executed strategic acquisitions, including Comavic for €2.7M and increased stake in EDA to 65%, reinforcing diversification and sector presence.

• Secured over €20M in new contracts, including major projects in Catalonia and the Hotel Arts Barcelona renovation.

Financial highlights

• Revenue rose 121% year-over-year to €10M, reflecting consolidation of EDA and Elías Equipamientos.

• EBITDA increased 153% year-over-year to €0.2M, driven by operational improvements and expanded scope.

• Net financial debt at €7.2M, consistent with expansion phase and strategic acquisitions.

• Equity/net worth stands at €6M, up from €5.4M at 2025 year-end, supported by capital increase and minority interests.

• Proforma Q1 2026 (including Comavic): revenue €11.4M (+153%), EBITDA €0.3M (+276%).

Outlook and guidance

• Strategic Plan 2025-2028 aims for >€160M revenue and >€12M EBITDA by 2028, with EBITDA margin expansion to ~8%.

• Focus on both organic and inorganic growth, with disciplined M&A and margin protection.

• Leverage expected to normalize at 1.5x net debt/EBITDA long-term.

• Management emphasizes profitable growth and shareholder value creation.