Espe (ESPE) H1 2024 earnings summary

Executive summary

• Achieved IPO on Euronext Growth Milan in February 2024, raising €2.1 million and issuing 2,127,000 ordinary shares.

• Net profit for H1 2024 was €1.3 million, up from €0.4 million in H1 2023, driven by strong performance in large-scale photovoltaic projects and improved operational efficiency.

• Revenue reached €29.9 million in 1H2024, with 96% from the photovoltaic segment, reflecting a 2% year-over-year increase.

• EBITDA rose to €3.3 million (margin 11.0–12.3%), compared to €1.4 million (4.7–5.1%) in 1H2023.

• Expanded through acquisitions and new subsidiaries, including Gemini Solar S.r.l., a 40% stake in Rigoni Lab S.r.l., and a binding agreement to acquire Permatech S.r.l.

Financial highlights

• 1H2024 revenue reached €29.85 million (+2.1% YoY); value of production was €26.7 million (stable YoY).

• EBITDA was €3.3 million (up from €1.4 million); EBIT reached €2.25 million (up from €0.59 million).

• Net financial debt increased to €10.2 million from €1.8 million at FY2023, supporting business growth.

• Order backlog at €95.6 million as of September 25, 2024, nearly doubling from €49.7 million at FY2023.

• ROE improved to 25.2% (from 23.7% at FY2023); ROI was 20.5% (down from 27.7% at FY2023 due to higher invested capital).

Outlook and guidance

• Backlog of €95.6 million expected to be realized by 1H2025, with 98% linked to photovoltaic business and 32 ground-mounted projects totaling €86.7 million.

• Strategic focus on consolidating core business, expanding externally, entering the US minieolico market, and strengthening biomass cogeneration.

• Ongoing investments in O&M, engineering, and project management to enhance operational efficiency.

• Management expects continued growth, supported by new contracts, market expansion, and strategic investments.