Ecomembrane (ECMB) H2 2024 earnings summary

Executive summary

• Sales revenue grew 31.2% year-over-year, surpassing €20 million, with significant contribution from the photovoltaic (PV) business, particularly after the consolidation of SBS Solar in March 2024.

• Value of production reached €21.1 million, up 35.1% year-over-year, driven by both organic growth and expanded consolidation scope.

• The integration of core gas storage activities with the PV business is yielding synergies, offsetting delays in the domestic biomethane market.

Financial highlights

• Revenues from ordinary operations were €20.1 million, up €4.8 million (+31.2%) year-over-year, with €940k organic growth and the rest from consolidation changes.

• EBITDA was €1.87 million, down 8.3% year-over-year, reflecting higher personnel and service costs.

• Net income for the year was €436k, a 62.8% decrease year-over-year.

• Shareholders' equity stood at €15.2 million at year-end.

• Net financial position was positive at €5.4 million, with liquid assets of €10.3 million exceeding financial debt of €4.9 million.

Outlook and guidance

• For 2025, benefits from the Biomethane Decree are expected to accrue, with increased synergies between gas storage and solar business lines and anticipated economies of scale to improve margins.

• Continued investment in R&D and internalization of steel processing are expected to support future growth.

• The PV segment, through SBS, is projected to continue its growth in both tracker sales and turnkey plant development.