Entech: revenue multiplied by 2.6 in first half 2026, return to profitability
Entech published its results for the first half of 2026 on a consolidated basis on September 23, 2026. The Quimper-based specialist in renewable energy storage and management recorded EBITDA of 5.0 M€ over six months, exceeding the 4.4 M€ generated over the entire 2025 fiscal year.
Beyond revenue multiplied by 2.6, this publication highlights the group's entry into a profitability phase, driven by the conversion of the order book built up in 2025 and by operational leverage on a cost basis.
Revenue multiplied by 2.6 to 71.8 M€
Consolidated revenue stands at 71.8 M€ as of June 30, 2026, compared to 27.4 M€ in the first half of 2025, on a comparable basis of two six-month periods. Growth is driven by Entech Construction activity: ground-mounted photovoltaic plants reach 28.2 M€ (+248%) and storage projects 34.3 M€ (+216%), of which 12.7 M€ as the share of the joint venture created with Eiffage Énergie Systèmes.
Entech Solutions advances more modestly, to 8.3 M€ (+6.3%), driven by rooftop and canopy photovoltaic plants (7.5 M€). Entech Energy & Services, in its initial phase, realizes 0.2 M€.
Gross margin stands at 18.4 M€, up 104%, or 25.7% of revenue compared to 32.9% a year earlier. According to the company, this decline of 7.2 percentage points results from a mix effect: the ramp-up of EPC activity (engineering, procurement and construction) on large-scale projects moderates the average gross margin rate while generating a higher volume of EBITDA margin.
Operational leverage reduces the weight of personnel costs
EBITDA stands at 5.0 M€, or 7.0% of revenue, compared to 0.1 M€ (0.5% of revenue) a year earlier, including a contribution of 0.3 M€ from the joint venture with Eiffage Énergie Systèmes. In a single half-year, the group's EBITDA exceeds that of the 2025 fiscal year (4.4 M€), and the margin is on track for the targeted trajectory of 8 to 10% for the fiscal year.
Personnel costs stand at 8.9 M€, up 44%, but now represent only 12.4% of revenue compared to 22.6% in the first half of 2025. Average headcount reaches 222 full-time equivalents, compared to 161 a year earlier. Other operating expenses increase by 58%, to 3.8 M€, or 5.2% of revenue compared to 8.7%.
Operating profit stands at 3.2 M€, compared to a loss of 0.1 M€. After financial income of -1.1 M€ (compared to -0.2 M€), reflecting an increase in debt intended to finance growth, net profit attributable to the group amounts to 1.6 M€, compared to a loss of 0.1 M€ in the first half of 2025.
2026 objectives confirmed, backed by an order book of 116 M€
Entech confirms its 2026 objective of revenue of 130 M€ associated with an EBITDA margin of between 8 and 10% of revenue, an objective already announced in the annual results published on March 15, 2026. The consolidated order book stands at 116 M€ as of June 30, 2026, compared to 150 M€ as of December 31, 2025, with revenue conversion exceeding the 45.8 M€ in orders received during the half-year. Added to revenue already achieved, this order book represents 188 M€, providing coverage of the 130 M€ objective set for the fiscal year.
Cash and marketable securities stand at 18.9 M€ as of June 30, 2026, compared to 43.1 M€ as of December 31, 2025, the latter position having benefited from customer advance collections at the end of the fiscal year before the disbursement of supplier advances at the beginning of 2026. Net financial debt stands at 19.9 M€, compared to positive net cash of 3.4 M€ as of December 31, 2025. Since the beginning of 2026, the group has benefited from 60 M€ in syndicated financing lines.
The group also confirms its roadmap for the 2029 horizon, corresponding to revenue exceeding 300 M€ associated with an EBITDA margin of 20 to 25%, including ownership of a portfolio of more than 350 MW of assets in operation or under construction.
