EnergyVision (ENRGY) Q2 2026 earnings summary

Executive summary

• Recurring domestic segments drove H1 growth across all segments except EPC; recurring revenues rose to €78,072k while project revenues declined.

• Customer satisfaction reached record highs, with NPS at 43 and Trustpilot at 4.7/5; monthly churn was 1.3%.

• Growth came without price increases or significant marketing spend, and customer contracts were hedged.

• Organic home-market growth was complemented by the DATS 24 customer-portfolio acquisition, the first step in inorganic growth.

• Profits were described as structural and sustainable rather than driven by temporary market or geopolitical factors.

Financial highlights

• H1 revenue rose 57.0% to €98,060k from €62,464k; operating profit reached €10,610k and profit before tax €7,543k.

• Underlying EBITDA increased 45.2% to €22,785k from €15,717k; net profit rose 53.3% to €6,853k from €4,502k.

• Gross margin increased 28.4% to €36.6m; net profit margin remained 7.0%.

• Basic and diluted EPS were €0.12, up from €0.08 in H1 2025.

• Revenue in Belgium increased 73% to €80.3m; foreign EPC markets remained stable.

Outlook and guidance

• 2026 underlying EBITDA growth guidance was raised from at least 30% to 35%; 2027 growth is expected to be at least 40%.

• More than 90% of 2027 underlying EBITDA is secured; recurring revenues and customer-base expansion support earnings visibility.

• H2 2026 underlying EBITDA is expected to exceed H1.

• Seasonal construction and commissioning delays may slow PV and charging-station development, with ramp-up expected in subsequent quarters as weather improves.