Zenith Energy (ZEN) H2 2026 earnings summary

Executive summary

• Achieved significant operational, corporate, and legal milestones, including expansion of the renewable energy platform in Italy, advancement of uranium exploration permits, and progress in major arbitration proceedings against Tunisia.

• Solar development portfolio reached 173.5 MWp as of March 31, 2026, increasing to 183.5 MWp post-period, with a target of 200 MWp.

• Proposed spin-out of uranium exploration business through Reveille Resources Plc and continued pursuit of arbitration claims totaling over US$700 million.

Financial highlights

• Revenue for the year ended March 31, 2026, was CAD $2.33 million, up from CAD $2.15 million year-over-year.

• Loss after tax was CAD $19.9 million, compared to a profit of CAD $1.1 million in the prior year; total comprehensive income was CAD $8.1 million, versus a loss of CAD $3.1 million in 2025.

• Finance expense was CAD $8.1 million (2025: CAD $8.4 million); cash balance at year-end was CAD $2.07 million (2025: CAD $3.2 million).

• General and administrative costs rose to CAD $14.2 million from CAD $6.5 million, mainly due to arbitration-related expenses.

• Solar asset revaluation contributed CAD $29.5 million to other comprehensive income.

Outlook and guidance

• Focus on advancing solar projects to construction and recurring revenue generation.

• Continued pursuit of value realization from arbitration claims and asset monetization.

• Ongoing optimization of capital structure through bond exchange programs and non-equity financing.

• Proposed spin-out of uranium assets to enhance sector-specific value recognition.