Groupe OKwind Société anonyme (ALOKW) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €13.4M, down from €31.4M in H1 2024, reflecting a 57% year-over-year decline due to lower electricity prices, weak demand, and a challenging economic environment.

• EBITDA for H1 2025 was -€6.9M, compared to €1.2M in H1 2024, driven by reduced project volume, underutilization, and high fixed costs.

• Net result for H1 2025 was a loss of €6.7M, compared to a loss of €0.2M in H1 2024.

• The company is initiating a major restructuring plan, including halting the Etrelles factory project, focusing on higher value-added offerings, and introducing an indirect sales channel.

• Launch of AutonoMEA, an integrated solar, storage, and smart management solution for agricultural self-consumption, in June 2025.

Financial highlights

• Gross margin improved to 55.7% (vs. 50.9% in H1 2024) due to lower procurement costs and project mix.

• Personnel expenses increased by 9% to €8.3M, reflecting ongoing organizational structuring.

• Cash consumed during the semester was €4.4M, with closing liquidity at €11.6M; cash position at €8.0M as of September 30, 2025.

• Capital expenditures reached €8.3M, mainly for the Etrelles site.

• H1 2025 revenue: €13.4M (87% B2B, €11.7M; 13% B2C, €1.8M); Q3 2025 revenue: €4.7M; 9M 2025 revenue: €18.2M vs. €46.1M prior year.

Outlook and guidance

• As of September 30, 2025, YTD revenue was €18.2M, significantly below €46.1M for the same period last year.

• Order intake for the first nine months was €15.2M, down from €36.9M a year earlier; order backlog at €17.7M.

• Management is focused on restructuring to restore revenue growth, reduce fixed costs, and adapt to market changes with high-value solutions and new distribution models.