BREAKING NEWS

Preliminary Results FY24A In the press release dated April 28, 2025, ESPE S.p.A. – based in Grantorto (PD), operating since 1974 in the renewable energy sector as an EPC contractor in the supply of photovoltaic systems, and owner of the proprietary “ESPE” brand technology for the production of turbines in the mini-wind and cogeneration sectors (biomass), heading the homonymous group (“ESPE Group”) – disclosed preliminary full-year revenues for 2024 as well as selected key business KPIs, which are unaudited. The Group reported revenues of € 49.80 mln, up 16.5% compared to the FY23A figure of € 42.70 mln. This strong performance is mainly attributable to the Photovoltaic business line, which proved to be the most dynamic among the Group’s renewable energy divisions, also supported by a commercial strategy leveraging a diversified pipeline of orders and a loyal client base. The Group focused on the development of rooftop photovoltaic systems for large industrial groups for self-consumption, and ground-mounted photovoltaic systems for IPP clients (Independent Power Producers) aimed at selling the energy generated. As of December 31, 2024, approximately 95.0% of revenues are attributable to this business unit. The revenue increase enabled a more-than-proportional growth in EBITDA, which reached € 8.30 mln in 2024, a significant increase of +100.4% compared to the € 4.20 mln recorded in FY23A. This strong improvement is ascribable to the optimization of internal processes, which led to better operational management of projects, enabling the acquisition and execution of more complex, higher-value contracts. Lastly, the Group’s backlog, representing the total value of contracts acquired and not yet completed, amounted to € 92.40 mln as of December 31, 2024, providing commercial visibility through to H1 2026 (over 18 months). The breadth and quality of the order portfolio – stable at € 92.60 mln and composed of approximately 97.0% photovoltaic projects – confirm ESPE’s ability to generate new demand while maintaining high operational continuity. Taking the press release into account and pending a full assessment of the 2024 financial statements, we confirm our recommendation: Target Price € 4,40, BUY and Medium Risk.

Leggi il pdf