BREAKING NEWS

In the press release dated February 20th, 2026, ESPE, active since 1974 in the renewable energy sector as an EPC contractor in the supply of photovoltaic systems and owner of the proprietary “ESPE” branded technology for the development of mini-wind turbines and biomass cogenerators, announced that it had been awarded “Lot 2” of the tender launched by Autostrada Brescia Verona Vicenza Padova SpA. The project concerns the implementation of initiatives aimed at environmental sustainability and energy efficiency along the A4 motorway section. The works, with a total value of approximately € 10.00 million, were awarded to a Temporary Consortium of Companies (“RTI”), composed of ESPE, which participates with a 90.0% stake and will directly carry out works for approximately € 9.00 million. The remaining 10.0% (approximately € 1.00 million) is assigned to Consorzio Stabile Odos Scarl, the lead company of the RTI and an operator with consolidated experience in the execution of infrastructure works and complementary motorway-related projects, which will carry out the residual portion of the works. The assignment was granted by Autostrada Brescia Verona Vicenza Padova SpA, a company of the A4 Holding SpA Group, which manages and maintains the A4 Brescia-Padova and A31 Valdastico motorway sections. A key element of the contract will be ESPE’s contribution, which will be responsible for the design and construction of photovoltaic systems combined with energy storage systems (BESS) along the A4 corridor. The Company will manage all operational phases under the EPC framework, developing ground-mounted plants in strategic areas adjacent to the motorway infrastructure and in areas made available by the concessionaire. The project includes 9 installations with a total capacity of 4.15 MWp and storage capacity of 4.60 MWh. This initiative further strengthens the Group’s role in the infrastructure development market linked to the energy transition, expanding its client base and reinforcing its industrial growth path. As regards timing, the start and completion of the activities are expected during the current financial year. The transactions communicated in previous months contribute to completing an already well-established growth path and provide a broader interpretation of the Group’s industrial evolution. In this context, the award of Lot 2 represents the most recent expression of a progressive strategy aimed at strengthening its presence in infrastructure projects related to the energy transition and expanding its commercial perimeter. The two agrivoltaic contracts announced in November 2025, relating to plants located in the provinces of Bologna and Treviso, with a total value of € 10.50 million, significantly strengthened the order backlog, bringing it to approximately € 94.30 million, with a strong concentration in photovoltaics (95.0%). In December, an additional contract worth € 5.90 million in the province of Reggio Emilia was added, with completion expected by the first half of 2027, further strengthening the order backlog and confirming the solidity of relationships with existing clients. From a strategic standpoint, the establishment of the HelioGea Energy joint venture with Esco Agroenergetica represents a significant step for ESPE in strengthening its positioning in agrivoltaics. The transaction allows the Company to leverage its industrial know-how and EPC expertise in photovoltaics, extending its presence to the segment of small-scale ground-mounted systems up to 100.0 kW, particularly targeting agricultural businesses with limited land availability. Through a standardized and replicable turnkey model, ESPE expands its reach into the agricultural sector, addressing a still underpenetrated niche and strengthening its presence along the renewable energy value chain with scalable solutions, simplified authorization procedures and potential access to dedicated incentive schemes. Overall, the set of initiatives announced highlights a solid and well-structured growth path for ESPE, based on the expansion of the order backlog, diversification of the offering and strengthening of its presence in higher value-added segments. The ability to operate on major infrastructure projects while simultaneously developing new strategic lines in agrivoltaics confirms the Group’s competitive positioning in the renewable energy market. Pending the publication of the annual results, we confirm our recommendation: target price € 7.50, rating BUY, risk Medium.

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