FR Regulatory | 4 September 2025 17:48
ENOGIA: First-half 2025 results and new “Turbo 2028” strategic plan
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ENOGIA
First-half 2025 results and new “Turbo 2028” strategic plan
Marseille, 4 September 2025 – 6 p.m.
ENOGIA (ISIN code: FR0014004974 – ticker: ALENO, an expert in micro-turbomachinery for the energy transition, is reporting its results for the first half of the 2025 financial year and unveiling its strategic plan for 2028. Arthur Leroux, Chairman and CEO, said: “Over the past three years, we have experienced sustained commercial momentum reflected in growth of more than 50% per year, accompanied by a significant improvement in operational efficiency. This improvement, the result of the action plan launched at the beginning of 2023, accelerated further in the first half of 2025, enabling us to achieve all our targets for the financial year, including positive net income and free cash flow. Building on this momentum, we are today unveiling « Turbo 2028 », our new strategic plan. ENOGIA operates in a rapidly growing market, driven by strong structural trends – environmental, regulatory and technological. With our proven waste heat recovery solutions, we are helping to make industry cleaner and more efficient. For 2028, we are targeting revenue of €25 million and EBITDA of 20%. ENOGIA now has everything it needs to establish itself as a global leader in modular ORC systems.”
The complete financial statements are included in the Half-Year Financial Report
In the first half of the current financial year, ENOGIA’s revenue grew by 51% to €5.4 million. International revenue accounted for 88% of the total, up from 81% in the first half of 2024, mainly due to the increased weight of Asia. By activity, revenue from ORC Modules amounted to €4.5 million as of 30 June, an increase of 52%. This performance was driven by progress in projects in the maritime and environmental sectors, as well as an acceleration in the industrial sector, marked by the commencement of two significant contracts in South Korea : for a hydrogen fuel cell park in Ulsan, and for steel giant POSCO. The Innovative Turbomachinery division posted revenue of €0.9 million over the period. Its growth (+47%) benefited notably from the project with Sunbo in supercritical CO 2 (KEPCO research programme). EBITDA margin at 12.7% and positive net income Revenue growth in the first half of 2025 was accompanied by a sharp increase in profitability, with EBITDA 1 at €0.7 million. The EBITDA margin was thus 12.7% of revenue, compared with 3.7% for the same period last year. This improvement is the result of an increase in gross margin, effective control of fixed costs in line with business growth and the full impact of the operational efficiency plan launched in 2023. Notably, personnel expenses increased by just 15.5% to €1.8 million over the period. Depreciation, amortisation and provisions totalled €1.0 million in the first half of 2025, compared with €0.7 million for the same period in 2024. This reflects the progress of the maturity cycle of ongoing R&D programmes. Consequently, the operating income was -€0.3 million, compared with -€0.6 million in the first half of 2024. The company’s net income was positive at mid-year (+€0.04 million), including stable financial expense (€0.2 million) and still significant R&D support (tax credit of €0.3 million). Positive FCF thanks to improved WCR, lower debt Free cash flow was also positive over the period, at €0.1 million (compared with -€1.4 million in the first half of 2024). This change is the result of a sharp increase in EBITDA combined with the positive contribution of working capital requirements (WCR) with the initial impact of the WCR plan launched in 2024. On the balance sheet, gross debt was down at 30 June 2025, while the cash position was €2.3 million, resulting in net debt of €4.3 million (vs €4.5 million in the first half of 2024). This compares with shareholders’ equity of €7.5 million at mid-year. 2025: confirmation of financial targets for the full year ENOGIA has solid visibility for the second half of the financial year, backed by a record order book of €17.6 million as of 30 June (+21% compared with the end of 2024). It continues to benefit from strong order intake (+€8.6 million in the first half) across all strategic markets. The company can therefore reiterate with confidence all of its annual financial targets, all of which were in line at the half-year point. ENOGIA confirms its expectation of revenue growth of over 50% in 2025, as well as positive free cash flow and net income. « Turbo 2028 » plan backed by an offensive strategy in a rapidly expanding market The new strategic plan for 2028 unveiled by ENOGIA today reflects a promising context in which the ORC market is supported globally by strong structural trends – environmental, regulatory and technological. In the small-scale ORC segment (< 300 kW), which is the most promising, ENOGIA aims to continue to grow much faster than the market. At the same time, the company plans to expand into the medium-power segment (300 kW to 3 MW), which is four times larger. In the light of rapidly expanding global demand, ENOGIA will pursue an aggressive strategy over the next three years, focusing on several key areas:
These strategic priorities will enable ENOGIA to maintain a sustained pace of expansion, based on both market growth and the strengthening of its competitive positions.
€25 million in revenue and EBITDA margin of 20% by 2028 The Company anticipates a trajectory of strong, profitable, and sustainable growth with revenue of €25 million in 2028, representing average growth of approximately 30% per year, with an EBITDA margin of 20%. It also expects to generate positive Free cash flow over the period, excluding investments in the Energy as a Service model.
Next event: Annual revenue: 12 February 2026 after trading
Find all of ENOGIA’s financial information on
[1] EBITDA is operating profit before depreciation, amortisation and provisions, and after capitalised production. It is an aggregate that illustrates a company’s ability to finance its operations beyond its financing structure and taxation. Regulatory filing PDF file File: First-half 2025 results and new “Turbo 2028” strategic plan |
2193332 04-Sep-2025 CET/CEST