Entech (ALESE) H2 2025 earnings summary

Executive summary

• Achieved record commercial momentum in 2025 with order intake around €200M and a consolidated backlog of €150M at year-end, driven by major contracts and expansion of client base.

• Revenue reached €75.9M for 2025, up 62% year-over-year (pro forma), with EBITDA margin at 5.8% and net income positive at €0.7M after a prior year loss.

• Strategic acquisitions and partnerships, including two major project portfolios and a JV with Primeo Energie, support long-term growth.

• Board proposes a dividend of €0.068 per share (~€1M total) for 2025.

Financial highlights

• Revenue for 2025 reached €75.9M, up 62% year-over-year (pro forma), with Entech Construction contributing 78% of total.

• Gross margin at 30.5% of revenue (€23.1M), EBITDA margin at 5.8%, and net income of €0.7M (0.9% of revenue).

• Cash and equivalents increased to €43.1M at year-end, supported by €15M convertible bond issuance and increased credit facility.

• Net financial debt at -€3.4M (net cash position).

Outlook and guidance

• Backlog at year-end 2025 exceeds €150M, providing strong visibility for 2026.

• 2026 guidance: revenue >€130M, EBITDA margin 8–10%; 2029 targets: revenue >€300M, EBITDA margin 20–25%, and over 350 MW of owned assets.

• Continued focus on profitability, operational efficiency, and scaling proprietary asset base.