Ecomembrane (ECMB) H1 2025 earnings summary

Executive summary

• Revenues rose 38.3% year-over-year to €8.13 million, with 69% organic growth and 31% from the SBS Solar acquisition, and value of production reached €9.6 million.

• Consolidated net loss of €2.37 million for H1 2025, with €2.09 million attributable to the group and €0.29 million to minorities, compared to a loss of €2.01 million in H1 2024.

• EBITDA was negative at €-1.8 million, impacted by the solar business and project timing.

• Significant backlog of orders, especially in Italy, and expectations for improved solar segment performance in H2.

• The group maintains a strong liquidity position, with net financial debt positive at €5.1 million and cash and cash equivalents of €9.8 million.

Financial highlights

• Revenues: €8.13 million (+38.3% YoY); Italy 58%, EU 14%, USA/rest 28%.

• EBITDA: €-1.8 million (vs. €-1.4 million YoY); EBIT: €-2.37 million (vs. €-1.93 million YoY).

• Net result: €-2.37 million (vs. €-2.01 million YoY).

• Personnel costs: €3.04 million (+25.1% YoY), with a decrease in incidence on revenues.

• Shareholders' equity stood at €12.7 million as of June 30, 2025.

Outlook and guidance

• Significant pipeline in place for the coming months, focused on biogas/biomethane and solar projects, especially for plants subsidized by the Biomethane Decree.

• Expected recovery in the US market as regulatory clarity improves.

• Ongoing partnership with Energy Dome for double-membrane gasometers and long-duration energy storage projects.

• SBS Solar to execute the Romea contract and pursue further photovoltaic and tracker projects.