Espe (ESPE) H2 2025 earnings summary

Executive summary

• Revenues reached €85.1 million, up 69.7% year-over-year, driven by strong growth in the photovoltaic segment, expansion in utility scale and agrivoltaic projects, and integration of acquired companies.

• EBITDA rose 74.8% to €15.1 million (18.1% margin), with net profit more than doubling to €7.8 million, reflecting improved operating leverage and efficiency.

• Order backlog reached €99.8 million as of May 2026, with over 97% attributable to the photovoltaic business, providing visibility through FY 2027.

• Strategic acquisitions and investments in 2025 and 2026 expanded capabilities in engineering, energy security, and agrivoltaic systems.

• Proposed dividend of €0.30 per share, with an 8.3% yield and a payout ratio of 52.1%.

Financial highlights

• Revenues: €85.1 million (+69.7% YoY); EBITDA: €15.1 million (+74.8% YoY, margin 18.1%); EBIT: €11.7 million (+98.6% YoY, margin 14.0%).

• Net profit: €7.8 million (+125.4% YoY); net working capital: €28.3 million; net financial position: €17.7 million.

• Shareholders' equity increased to €21.6 million from €14.7 million in FY 2024.

• Cash and cash equivalents at €3.1 million, up from €1.1 million in 2024; cash flow from operations improved to €7.2 million from -€10.8 million YoY.

• Parent company revenues: €76.0 million (+52.7% YoY); EBITDA: €12.3 million (+47.5% YoY); net income: €7.0 million (+85.1% YoY).

Outlook and guidance

• Focus on consolidating the photovoltaic segment, especially large-scale ground-mounted and agrivoltaic projects.

• Continued investments in engineering, permitting, O&M services, and expansion of energy security and BESS integration.

• Diversification into new business lines, including substations and power skids, and reinforcement of core business expected to drive further growth in 2026.

• Ongoing investments in production capacity and technology to support growth.