Innovatec (INC) H1 2025 earnings summary

Executive summary

• Effective 10 Jan 2025, the split transferred the Environment and Circular Economy business to Haiki; the remaining perimeter focuses on energy efficiency and renewables, making reported H1 comparisons non-comparable.

• Renewable-project authorization delays and changes to sector rules weighed on H1 results; revised FY2025 targets reflect a material deferral of revenue and profitability goals.

Financial highlights

• H1 production value €15.9m vs €111.7m reported YoY; the prior period included the spun-off business, which contributed ~€100m revenue, €15.3m EBITDA and €4.7m EBIT.

• On a comparable perimeter excluding Environment and Circular Economy, production value rose 23% to €15.9m from €12.9m; adjusted EBITDA was -€0.2m vs -€0.1m.

• Comparable adjusted EBIT was -€1.0m vs -€0.8m; group net loss improved to €0.5m from €1.4m, supported by lower net finance costs and €0.4m of deferred tax assets.

Outlook and guidance

• FY2025 targets were cut to production value €32m from €66m and adjusted EBITDA €0.5m from €4.3m; year-end adjusted net debt target is €4.7m.

• ESI’s €24m backlog is expected to sustain its FY2025 margin targets; management expects H2 operating margin to improve by €0.7m and cost and staffing measures to benefit FY2026.

• The 2026–2028 development plan is due at the end of March 2026; renewable-project sales, EPC activity and asset development underpin the medium-term growth plan.