Ecomembrane (ECMB) H1 2025 earnings summary

Executive summary

• Revenues from ordinary operations rose to €8.1 million, up 38.3% year-over-year, with 69% organic growth and 31% from the SBS Solar acquisition.

• Value of production reached €9.6 million, compared to €6.4 million in 1H2024.

• Net result for the period was a loss of €2.4 million, compared to a €2.0 million loss in 1H2024.

• Significant backlog of orders, especially in Italy, and expectations for improved solar segment performance in 2H2025.

Financial highlights

• EBITDA was negative at €-1.8 million, down from €-1.3 million in 1H2024; €-630 thousand attributable to the solar business.

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

• Net financial position was positive at €5.1 million, with cash and cash equivalents of €9.8 million and financial debt of €4.7 million.

• Personnel costs increased by 25.1% to €3 million, but their impact on core revenues decreased by 4%.

• Fixed assets totaled €5.3 million, with €3.6 million in intangibles and €1.5 million in tangibles.

Outlook and guidance

• Focus on fulfilling the Italian order backlog, especially for plants subsidized by the Biomethane Decree.

• Anticipates recovery in the American market as tariff and incentive uncertainties resolve.

• Ongoing partnership with Energy Dome for double-membrane gasholders and continued implementation of the Romea solar project.