EnergyVision: Revenue up 52% over the first nine months, driven by energy supply
EnergyVision's growth is now primarily driven by its energy supply business. This segment more than doubled its revenues over nine months, and the number of connection points increased by 80.4% year-on-year. The Belgian group has reaffirmed its targets through 2029 and maintains the horizon of positive free cash flow after investments by 2027 at the latest.
These figures, published on October 15, 2026, are accompanied by a less visible operational fact. More than 79% of customers from group purchasing schemes remain with EnergyVision one year later. According to the chief executive officer, this retention rate led to the closure, at least temporarily, of a channel with one of the organizers.
The energy supply segment more than doubled over nine months
Over the first nine months of 2026, EnergyVision achieved revenues of €142.0 million, compared to €93.3 million a year earlier, an increase of 52.2%. The Non-Asset-Based Energy (NABE) segment, which groups together the energy supply business, rose from €43.9 million to €96.1 million (+118.9%). Its growth in value alone exceeds that of total revenues.
The two segments backed by the group's assets are also progressing. Asset-Based Energy activity (green electricity production from the group's own facilities) reached €26.0 million (+34.0%), and Asset-Based Mobility activity (electric vehicle charging) €9.0 million (+73.1%).
The EPC segment (development and construction of installations) is the only one declining. The company cites a traditional market "under pressure" and a selective approach to projects. After completion of the Aster project in the second quarter of 2026, Belgian EPC activities generated only very limited revenues.
By geographic area, Belgium accounts for most of the increase, with €118.4 million (+73.4%). China declined to €17.4 million (-10.3%), and Morocco stood at €5.7 million (+3.6%).
Connection points up 80.4%, a group purchasing channel closed
The number of connection points stood at 223,914 as of September 30, 2026, compared to 124,120 a year earlier (+80.4%), including an increase of 27.4% in the third quarter alone. This increase combines organic growth and targeted operations. More than 15,000 points were added in July in Wallonia through the Wikipower group purchasing scheme, then more than 26,000 points were transferred on September 1 with the residential portfolio of DATS 24.
Chief Executive Officer Maarten Michielssens reports more than 1,000 new customers per week in recent weeks, without promotional effort. The average monthly churn rate for customers outside group purchasing schemes was 0.7% between October 2025 and September 2026. Over the same period, it stood at 2% for the entire Flemish electricity market, according to data from the Flemish regulator cited by the company, and 2.8% for EnergyVision customers from group purchasing schemes.
According to the executive, the retention of more than 79% of these customers puts pressure on the model of group purchasing organizers, which relies on an annual supplier change. A difficulty emerged with one of them, and this channel was closed, at least temporarily. On October 14, 2026, EnergyVision had also indicated that it presented the lowest price in the group purchasing organized by Wikipower in Flanders and Wallonia, to which approximately 7,500 households expressed interest.
In mobility, the number of operational charging stations reached 4,900 at the end of September, of which 780 were added during the quarter. Over nine months, 22.5 GWh were recharged, compared to 15.0 GWh a year earlier (+50%). The market price of e-credits certificates (HEE-F) fell by approximately 55% since the beginning of the year, according to the press release.
Target of at least €125 million underlying EBITDA in 2029 reaffirmed
Wind production, absent from the portfolio until summer 2025, more than doubled. The expected volume reaches 70 GWh in 2026, and more than 150 GWh are already secured for 2027. The company presents these volumes as a visibility factor on its underlying EBITDA.
On this basis, EnergyVision confirmed its aim of a 35% increase in underlying EBITDA in 2026, then at least 40% in 2027. With an annual investment program of approximately €70 million, the group expects positive free cash flow after investments by 2027 at the latest. According to the chief executive officer, this target must be achieved without capital operations and without drawing on debt lines.
Management indicates it is studying several acquisition opportunities, as well as possible larger operations, qualified as transformational. The latter would be added to the existing investment program and could require additional financing or capital operations. According to the consensus of analysts surveyed, the stock is valued at approximately 53.1 times expected earnings for the current fiscal year.
In the longer term, EnergyVision maintains its target of at least €125 million underlying EBITDA in 2029.
