Ecomembrane (ECMB) H1 2024 earnings summary

Executive summary

• Revenues grew 35.1% year-over-year to €5.88 million, with €0.6 million from organic growth and €0.9 million from acquisitions, including the consolidation of SBS Solar from March 2024.

• Consolidated net loss of €2.01 million for H1 2024, with €1.94 million attributable to the group and €0.07 million to minorities.

• EBITDA was negative at €-1.3 million (H1 2023: €-0.4 million), and net result was €-2.0 million (H1 2023: €-1.0 million).

• Significant investments in R&D, human resources, and IT infrastructure to support future growth and market leadership ambitions.

• Announced sale of rights for a 10 MWp photovoltaic plant for €2.1 million, confirming the strategic focus on photovoltaics.

Financial highlights

• EBITDA for H1 2024 was negative at €-1.35 million, down from €-0.41 million in H1 2023, mainly due to increased personnel and service costs.

• Operating loss (EBIT) of €-1.93 million, compared to €-0.91 million in the prior year period.

• Net financial position remains positive at €3.8 million, with cash and equivalents of €6.2 million exceeding financial debt.

• Equity decreased to €12.8 million from €14.9 million at year-end 2023, mainly due to the net loss and €0.2 million dividend distribution.

• 54% of sales in Italy, 21% in the EU, 13% in the USA, and the remainder in other regions.

Outlook and guidance

• Management expects revenue growth in H2 2024, especially in Italy, supported by a strong project pipeline and new framework agreements.

• Continued hiring, especially in technical and production roles, and ongoing R&D investment planned.

• Anticipates further growth in the photovoltaic segment via SBS Solar, both in tracker sales and turnkey plant development.