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 reached €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 for H1 2024 was €29.9 million, a 2.1% increase year-over-year, with 96% from the photovoltaic segment.

• EBITDA rose to €3.3 million (margin 11.0%–12.3%), compared to €1.4 million (4.7%–5.1%) in H1 2023.

• Order backlog as of September 2024 stands at €95.6 million, nearly doubling from year-end 2023.

Financial highlights

• Revenue: €29.9 million (+2.1% YoY); value of production: €26.7 million (flat YoY).

• EBITDA: €3.3 million (11.0%–12.3% margin), up from €1.4 million (4.7%–5.1% margin) YoY.

• EBIT: €2.2–€2.25 million vs €0.59–€0.6 million YoY.

• Net financial debt: €10.2 million, up from €1.8 million at FY2023.

• Equity increased to €11.7 million from €8.5 million at FY2023.

Outlook and guidance

• Order backlog of €95.6 million to be executed by H1 2025, with 98% in photovoltaic projects.

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

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

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