Enogia: Revenue up 32% in first half and unprecedented positive operating result
Enogia published on September 9, 2026 semi-annual results marked by revenue growth of 32% and a positive operating result for the first time. This progression is accompanied by negative free cash flow of -4.4 million euros, linked to industrial investments and a deterioration in working capital requirements. In parallel, the company obtained European financing of 5.4 million euros which covers a large portion of these expenses.
ORC Modules up 45%, positive operating result for the first time
As of June 30, 2026, the revenue of the Marseille-based micro-turbomachinery specialist reached 7.1 million euros, up 32% compared to 5.4 million euros in the first half of 2025. ORC Modules activity, which represents 91.4% of revenue, grew 45% to 6.5 million euros, driven by the industrial market, notably through the execution of two equipment contracts for the Ulsan hydrogen fuel cell park in South Korea. Innovative Turbomachinery activity (8.6% of revenue) came in at 0.6 million euros, down 33%, a movement the company attributes to the project schedule, with several programs in testing or design phases. A recovery is expected in the second half. EBITDA increased 59% to 1.1 million euros, bringing the margin to 15.4% of revenue, compared to 12.7% a year earlier. Operating result came in positive for the first time, at 0.1 million euros (versus -0.05 million euros in H1 2025). Net result stood at 0.1 million euros, up 208%.
Negative free cash flow and net debt raised to 7.6 million euros
Free cash flow came in negative at -4.4 million euros for the period, compared to +0.1 million euros in the first half of 2025. According to the company, this change results from two factors. On one hand, a deterioration in working capital requirements, linked to delays in customer advances (orders having been signed at the end of the half) and billing delays related to the test bench being immobilized during the relocation. This pressure should ease in the second half according to Enogia. On the other hand, an increase in investments, attributed to two projects: the commissioning of the new plant and the development of the medium-power ORC module (300 kW to 3 MW segment). On balance sheet, shareholders' equity stood at 7.1 million euros, against net debt of 7.6 million euros, compared to 3.3 million euros at end of 2025. The cash position reached 1.5 million euros as of June 30, 2026.
Order book at 30 million euros and 2026 objectives confirmed
Order intake for the half reached 10.3 million euros, bringing the order book to 30.0 million euros, up 12% over six months and 70% over one year. The company also obtained at the end of July 2026 European financing of 5.4 million euros as part of the Turbo4Transition project, within an envelope of 96.4 million euros managed by the South Region under the Just Transition Fund, which covers a large portion of the investments made in the first half. Enogia confirms its aim for the full 2026 fiscal year of revenue growth exceeding 30%, accompanied by continued improvement in EBITDA margin. The company also reiterates its objectives from the Turbo 2028 plan: average growth of approximately 30% per year over 2025-2028, i.e. revenue of 25 million euros at that horizon, accompanied by an EBITDA margin of 20%. Over the plan period, it also anticipates positive free cash flow, excluding investments related to the deployment of the Energy as a Service model. The next financial communication, 2026 annual revenue, is expected on February 11, 2027 after market close.
