Entech (ALESE) H1 24/25 earnings summary

Executive summary

• Revenue for H1 2024 reached €25.2M, up 44% year-over-year, driven by strong growth in Construction (+40%) and Solutions (+62%) segments.

• Gross margin improved to 32.7% from 28.7% a year earlier, reflecting lower component costs and operational efficiency.

• EBITDA turned positive at €409K (1.6% margin), compared to -€1.3M (-7.4%) in H1 2023.

• Net result remains negative at -€822K, but loss narrowed significantly from -€3.0M in H1 2023.

• Disciplined cost structure maintained, with external expenses and personnel costs well controlled despite rapid growth.

Financial highlights

• Construction segment revenue: €19.2M (+40% YoY); Solutions: €6.0M (+62% YoY); Energy & Services: €99K.

• Gross margin: €8.2M (32.7% of revenue); EBITDA: €409K (1.6% margin); Operating loss: -€660K.

• Personnel costs: €5.6M (22.2% of revenue, down from 25.8%).

• Net financial debt: €3.2M; equity: €25.4M–€26.2M.

• Cash and equivalents: €10.6M, up 9.4% from March 2024 and as of September 30, 2024.

Outlook and guidance

• Strategic plan targets >€80M revenue in 2025, >€130M in 2026, and >€300M in 2029.

• EBITDA margin goals: 8–10% in 2026, 20–25% in 2029.

• Over 350 MW of owned PV and storage assets targeted by 2029.

• Backlog of €28M and €70M in projects with letters of engagement as of September 30, 2024.

• 2024 is an exceptional 9-month fiscal year due to a change in closing date.