BREAKING NEWS

In the press release dated 29 June 2026, ESPE, a Group operating in the renewable energy sector since 1974 as an EPC contractor for the construction of photovoltaic plants and owner of the proprietary “ESPE” technology for small wind turbines and biomass cogenerators, announced the signing of two new contracts with an Independent Power Producer (IPP) active in the development and operation of renewable energy plants in Italy. The contracts concern the construction of two ground-mounted photovoltaic plants equipped with tracker systems in the province of Bologna, with a combined installed capacity of 22.10 MWp and a total contract value of approximately €7.50 million. The first plant will have an installed capacity of 12.00 MWp, with a contract value of approximately €3.80 million, while the second will feature an installed capacity of 10.10 MWp, with a value of approximately €3.70 million. The construction of both plants is expected to be completed by 2027. In addition to the construction of the plants, the contracts include the supply of the new ESPE Power Stations, the Group’s proprietary line of prefabricated electrical substations for power transformation and distribution, developed in-house and launched in 2025. The inclusion of these solutions confirms the evolution of the Group’s industrial model towards an increasingly integrated offering, combining its traditional EPC activities with the supply of internally developed products. This strategy strengthens ESPE’s positioning in the electrical component of utility-scale photovoltaic plants and is fully consistent with the vertical integration strategy pursued by the Group. The award of these new contracts is part of the growth trajectory established over the past few years and further confirms the Group’s ability to strengthen its competitive positioning in its reference market. Following FY25A results, with Value of Production of €83.31 million, EBITDA of €15.10 million, and an EBITDA margin of 18.1%, ESPE continues to benefit from the strong expansion of the utility-scale photovoltaic market, which currently accounts for approximately 90.0% of revenues and almost the entire order backlog, amounting to €124.40 million through the end of 2027. At the same time, the Group continues to strengthen its integrated offering across the renewable energy value chain, progressively expanding its presence in complementary high value-added activities, including permitting, engineering, O&M, Energy Security, BESS solutions, electrical substations, power skids and shelters. The announcement also confirms ESPE’s ability to secure a steady flow of new contracts from IPP customers, which are recurring clients within the Company’s customer portfolio. This contributes to enhancing the visibility of the order backlog while further strengthening the Group’s positioning in the utility-scale photovoltaic market. At the same time, the transaction highlights the increasing integration of proprietary products into new contracts, which, in our view, is expected to further enhance the Group’s industrial depth and increase the value-added content of its offering. The new contracts represent a further step in ESPE’s positive commercial development, supporting both the consolidation of the Group’s position in the utility-scale photovoltaic market and the continued execution of its vertical integration strategy. In particular, the adoption of ESPE Power Stations within the new projects highlights the increasing role of proprietary solutions, supporting the evolution of the Group’s offering towards a more integrated business model with higher industrial value-added. In light of the information disclosed in the press release, we confirm our recommendation with a Target Price of €8.00, BUY rating and Medium risk.

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