Espe (ESPE) H2 2024 earnings summary

Executive summary

• Achieved consolidated production value of €66.0 million for FY 2024, with EBITDA at €8.6 million and net income of €3.4 million.

• IPO completed on Euronext Growth Milan in February 2024, raising €2.1 million.

• Significant expansion in order backlog to €104.9 million as of May 2025, up 86% year-over-year; €92.4 million at Dec 31, 2024, 97% photovoltaic.

• Workforce grew to over 120 employees by year-end 2024.

• Achieved strong industrial consolidation and growth, evolving into an integrated renewables group.

Financial highlights

• Production value increased to €65.8 million, up 10.8% from 2023.

• EBITDA more than doubled to €8.4 million (+101.4% year-over-year), with margin at 12.7%.

• Net income rose to €3.8 million, up 133% from 2023.

• Net financial debt increased to €15.3 million consolidated, €13.9 million for ESPE S.p.A.

• Equity strengthened to €15.0 million for ESPE S.p.A. and €14.7 million consolidated.

Outlook and guidance

• Focus on consolidating core business with investments in equipment and new operational facilities.

• Launch of integrated turnkey photovoltaic solutions and new power skid/shelter line.

• Expansion of O&M activities, engineering capabilities, and project development through group synergies.

• Selective growth with international expansion, including biomass projects in Japan.

• Positive business outlook for 2025, despite macroeconomic and geopolitical uncertainties.