Entech (ALESE) H1 2026 earnings summary

Executive summary

• H1 2026 revenue reached €71.8m from €27.4m, up 2.6x year over year as the record order backlog converted into revenue.

• EBITDA was €5.029m (7.0% margin), exceeding FY 2025 EBITDA of €4.398m; operating income was €3.166m and net income attributable to shareholders €1.575m, versus losses in H1 2025.

• Growth was led by large EPC projects and battery storage, including international contracts.

Financial highlights

• Gross profit rose 104% to €18.4m, while gross margin declined to 25.7% from 32.9% due to project mix.

• Personnel costs rose 43.6% to €8.9m but fell to 12.4% of revenue from 22.6%; other operating expenses were €3.8m, or 5.2% of revenue versus 8.7%.

• Financial result was a €1.1m expense, including €1.3m of financial charges, mainly RCF and loan interest, partly offset by €0.2m of financial income.

• Basic EPS was €0.1069 versus negative €0.0083; net margin was 2.2% versus -0.4%.

Outlook and guidance

• FY 2026 revenue target of €130m and EBITDA margin guidance of 8–10% reaffirmed, supported by a €116m backlog.

• H2 priorities: protect gross margin, manage working capital, sustain EBITDA operating leverage and continue developing owned assets.

• 2029 roadmap targets revenue above €300m, EBITDA margin of 20–25%, and more than 350 MW of owned assets operating or under construction.