ErreDue (RDUE) H1 2025 earnings summary

Executive summary

• H1 2025 closed with a net profit of €979k, down from €1.04m in H1 2024, with EBITDA at €1.81m (25% margin) and EBIT at €870k (12% margin).

• Revenues declined 6% year-over-year to €7.22m, mainly due to lower demand in traditional sectors and delayed revenue recognition from energy transition projects.

• Strong growth in EU sales (+121.5%), offsetting declines in Italy (-8.8%) and non-EU markets (-53.4%).

• The company is shifting its business mix toward large hydrogen generators for the energy transition, with a growing backlog and significant investments in new production capacity.

• Major investments in R&D, including a new low-iridium catalyst, and expansion plans with a move to a new Giga Factory.

Financial highlights

• Revenues: €7.22m (down 6% YoY); EBITDA: €1.81m (down from €1.98m YoY); EBIT: €870k (down from €1.10m YoY); Net profit: €979k.

• Gross margin stable at ~25% despite lower sales, reflecting operational resilience.

• Net investments in tangible assets reached €3.55m, mainly for new plant construction and equipment.

• Net financial position improved to -€14.6m from -€17.3m at year-end 2024, due to supplier payments for the new facility.

• Cash flow from operations: €1.53m; cash flow from investing: -€10.64m; cash flow from financing: -€1.15m; net cash flow: -€10.26m.

Outlook and guidance

• Backlog as of August 2025 is €26m, with 36% for 2025 and 64% for 2026, indicating strong growth prospects.

• 2025 is considered a transition year, with stable revenues and margins, and significant growth expected in 2026 as new production capacity comes online.

• Full transfer to the new Giga Factory in H1 2026 will enable expanded production and revenue growth.