PRESS RELEASE
The Energy Group approves 2025 consolidated results: Positive EBITDA and improved net result C&I segment revenues up sharply (+160%); exports 39% of consolidated salesThe Energy Group reported the following consolidated results in FY2025:
- Sales revenues: Euro 29.8 million, compared to Euro 37.2 million in the previous year;
- EBITDA: Euro 0.8 million, compared to loss of Euro 16.0 million in the previous year, with an EBITDA Margin of 3%;
- EBIT: loss of Euro 1.5 million, compared to loss of Euro 17.7 million in the previous year;
- Net result: loss of Euro 2.5 million, significantly improving on a loss of Euro 17.6 million in the previous year;
- Backlog: Euro 12.9 million as of February 28, 2026, to be fully delivered in 2026;
- Net cash flow: Outflow of Euro 3.0 million, compared to outflow of Euro 14.1 million in the previous year;
- Net Financial Debt: Euro 9.9 million at December 31, 2025, compared to Euro 8.1 million at December 31, 2024.
Sant'Angelo di Piove di Sacco (Padua), March 27, 2026 - The Board of Directors of Energy S.p.A., an Italian company listed on the Euronext Growth Milan market, (ISIN Code IT0005500712, Ticker ENY), parent company of the Energy Group, a full system technology manufacturer, BESS (Battery Energy Storage System) leader and cloud and engineering services provider, in a meeting chaired by Alessandro Granuzzo, today approved the Separate and Consolidated Financial Statements at December 31, 2025, prepared in accordance with Italian GAAP.
Davide Tinazzi, Chief Executive Officer of Energy Group, stated: "2025 was a year of continued consolidation and recovery. The first concrete benefits of the actions undertaken in recent years to strengthen the operational and commercial framework have emerged, allowing us to significantly boost the main KPI's and with margins returning to positive territory. In a still complex marketplace and amid a residential segment which continues to contract, we have demonstrated our capacity for adaptation and strategic discipline. We have continued to invest in the areas of greatest potential, in particular C&I storage systems and higher value-added projects, while consolidating the contribution of the export components to sales. We look forward to 2026 with confidence: further international expansion and strengthened XL solutions, technological innovation, cloud and engineering services growth and enhanced strategic partnerships. We believe that the path taken is consolidating the industrial, technological and commercial foundations necessary to drive the Group's growth and competitive positioning in the medium to long term."
ENVIRONMENT OVERVIEW AND IMPACTS ON THE GROUPThe macroeconomic environment and marketplace remained complex for the renewables and storage industry in 2025. The year was impacted by a slight drop in prices as a result of oversupply
although less severe than seen in 2023 and 2024 - in addition to the significant contraction in
residential segment demand, in continuity from the previous years. This was compounded by the uncertainties stemming from the regulatory delays and the lack of full stability within the incentive mechanisms, which affected visibility upon capex and on the execution times for a number of projects. Against this backdrop, the European and domestic regulatory framework has however continued to evolve, with the introduction and gradual consolidation of tools to support the development of renewals, the strengthening of energy infrastructure and the deployment of storage systems. In view of these factors, the Group has continued to adapt its strategic positioning
in line with its existing plans - with a view to strengthening its energy storage leadership and tapping into the opportunities emerging from the global energy transition.
(Euro thousands) | 31/12/2025 | % | 31/12/2024 | % | Cge. | Change % | |
Revenues from sales and services | 29,836 | 100 | 37,200 | 100% | (7,364) | (20%) | |
EBITDA | 792 | 3% | (15,995) | (43%) | 16,787 | (105%) | |
EBIT | (1,536) | (5.1%) | (17,715) | (48%) | 16,179 | (91%) | |
Profit/(loss) for the year | (2,484) | (8.3%) | (17,609) | (47.3%) | 15,125 | (86%) | |
The Net Result was a loss of Euro 2.5 million, a strong improvement on a loss of Euro 17.6 million in the previous year, thanks to increased margins.
GROUP BACKLOGThe Group's backlog at February 28, 2026 amounts to Euro 12.9 million, to be fully delivered in the current fiscal year.
CONSOLIDATED REVENUES BY REGIONRevenue breakdown reports the substantial holding up of export, which stands at 39% in 2025 (Euro 11.6 million) compared to 37% in 2024 (Euro 13.8 million), up 2% in percentage terms, despite a decline in real terms.
(In Euro) | 31/12/2025 Consolidated | % | 31/12/2024 Consolidated | % | cge. | cge. % |
Revenues Italy | 18,281,799 | 61% | 23,431,064 | 63% | (5,149,265) | (22%) |
Revenues EU | 10,813,361 | 36% | 12,683,243 | 34% | (1,869,883) | (15%) |
Revenues Non-EU | 740,601 | 3% | 1,085,631 | 3% | (345,030) | (32%) |
The 2025 revenues of the "Extra Large" (XL) range of Euro 13.5 million reports a strong turnaround (+161%) compared to 2024 (Euro 5.2 million), significantly bucking the overall trend by delivering sales to an expanding customer base. The Commercial&Industrial segment (C&I) accounts for 45% of revenues (14% in 2024).
By year end there were more than 130 registered and connected zero CO2 XL systems. The installations refer to Commercial, Industrial and Agri-voltaic applications.
(In Euro) | 31/12/2025 Consolidated | % | 31/12/2024 Consolidated | % | cge. | cge. % |
Small&Large (<50 kW) | 15,826,262 | 53% | 30,268,016 | 81% | (14,441,754) | (48%) |
Extra Large (>50 kW) | 13,519,458 | 45% | 5,177,249 | 14% | 8,342,210 | 161% |
Other | 490,040 | 2% | 1,754,674 | 5% | (1,264,634) | (72%) |
Looking to sales channels, in 2025 the majority are EPCs and others (43%), related to the C&I segment, followed by General Wholesalers (29%) and Specialist Distributors (18%), in contrast to 2024 which saw a preponderance of Value Added Reseller (VAR) customers.
(In Euro) | 31/12/2025 Consolidated | % | 31/12/2024 Consolidated | % | cge. | cge. % |
EPC / Other | 12,792,539 | 43% | 7,971,291 | 21% | 4,821,248 | 60% |
General distributor | 8,723,395 | 29% | 10,655,023 | 29% | (1,931,628) | (18%) |
Specialist distributor | 5,408,331 | 18% | 7,588,896 | 20% | (2,180,566) | (29%) |
VAR | 2,911,496 | 10% | 10,984,729 | 30% | (8,073,233) | (73%) |
In terms of storage systems, the number of systems sold was 1,945 for a total capacity of 33 MW, a figure higher than 30 MW in 2024.
FY2025 | FY 2024 | |
Number of systems sold | 1,945 | 4,694 |
Total capacity | 33 MW | 30 MW |
Fixed assets increased compared to the previous year, in line with investments mainly in property, plant and equipment. At December 31, 2025, these amounted to Euro 33.0 million (Euro 27.4 million at December 31, 2024), including Euro 5.9 million for intangible assets and Euro 26.0 million for property, plant and equipment (Euro 6.7 million and Euro 19.9 million, respectively, at December 31, 2024). Property, plant and equipment include investments in the new building under construction on the land adjacent to the headquarters, battery assembly line machinery and other upgrades to the existing building.
Consolidated financial fixed assets of Euro 863,526 mainly include the investment in the associate Pylon lifeEU S.r.l.
Capex amounted to Euro 7.4 million (Euro 15.9 million in 2024) and include the completion of the assembly line of the first batteries line, construction work on the new Gigafactory in the adjacent area, further technical upgrades on the cloud platform and on new products.Consolidated trade working capital amounts to Euro 21.6 million, consisting mainly of net inventories of Euro 24.7 million, trade receivables of Euro 4.6 million and trade payables of Euro 7.6 million.
Net working capital at December 31, 2025 was Euro 23.0 million (Euro 28.6 million as of December 31, 2024). Consolidated invested capital amounted to Euro 55.1 million (Euro 55.7 million at December 31, 2024). Shareholders' Equity totalled Euro 45.3 million (Euro 47.6 million at December 31, 2024). Net Financial Debt of Euro 9.9 million (Euro 8.1 million in the previous year), consists of short-term bank debt of Euro 7.4 million and medium- to long-term bank debt of Euro 4.2 million, net of cash and cash equivalents of Euro 1.7 million. Net financial debt(Euro thousands) 31/12/2025 Consolidated
31/12/2024 Consolidated cge. cge. %(Cash and cash equivalents) | (1,713) | (4,699) | 2,986 | (64%) |
(Current financial receivables) | 0 | 0 | 0 | n/a |
Current bank payables | 7,388 | 5,587 | 1,800 | 32% |
Current payables to other lenders | 0 | 0 | 0 | n/a |
Current financial debt | 5,675 | 889 | 4,786 | 539% |
Medium/long-term loans and borrowings | 4,178 | 7,204 | (3,026) | (42%) |
Non-current payables to other lenders | 0 | 0 | 0 | n/a |
Net financial debt | 9,853 | 8,093 | 1,760 | 22% |
CASH FLOW |
On March 18, 2025, Energy launched the first cobalt-free LFP lithium battery production line, a strategic initiative to strengthen the Italian and European industrial supply chain. This multi-product line is capable of producing different models of batteries. The initiative seeks to reduce dependence on non-European supplies, in line with European industrial sovereignty strategies and the Net Zero Industry Act, which targets 40% of production to come from zero-emission technologies in Europe by 2030.
On June 9, 2025, the Company announced the filing of the By-Laws following the cancellation of
3,792,000 "Price Adjustment Shares".
On July 18, 2025, the Energy Group incorporated a company under German law in the form of a limited liability company (GmbH), called "EnergyOnSite GmbH", based in Munich and serving the German market. The NewCo, with a share capital of Euro 25,000, is wholly-owned by Energy S.p.A.
On November 14, 2025, the Company signed the deed to acquire 10% of the shares in Energyonsite
S.r.l. held by the minority shareholder, thus controlling 100% of the shares.On December 3, 2025, a 7.5% stake in the share capital of EnergyInCloud S.r.l. was sold as part of a project to expand the shareholder base to specific key corporate figures.
SUBSEQUENT EVENTSThere were no significant events subsequent to year-end.
OUTLOOKThe Group confirms its intention to continue to strengthen its positioning in its main target segments. The strategy over the coming year shall be focused on expanding the sales channels and the gradual diversification of the offer in order to enter new customer segments and consolidate our presence on the existing markets. In this regard, the Group will continue its work begun in 2025 to extend the product range, enabling it to successfully operate within market niches featuring extensive technical requirements and greater applicational complexity, and thus strengthening its capacity to offer integrated solutions in the higher added value segments.
In parallel, the development of engineering and design service offerings will continue, with the aim of supporting customers in the implementation of increasingly advanced and articulated energy systems. The Group will also continue to invest in the enhancement of digital and cloud services in