Okwind: Revenue Down 58% in 2025, Net Loss of €26.8M
Okwind, a self-consumption energy company, recorded a 58% decline in its 2025 revenue to €23.8M, resulting in a net loss of €26.8M. Facing a significant downturn in activity, particularly in the agricultural market and the residential segment amid falling electricity prices, the company is undertaking a complete overhaul of its model and raising €4M in funds to reinvigorate its business around three axes: solar trackers, battery storage systems, and management software.
Collapsed Agricultural Market Impacts Revenue
Okwind closed the 2025 fiscal year with a revenue of €23.8M, a 58% decrease from €57.1M in 2024. The B2B segment, which accounts for 87% of the total, fell by 58% to €20.8M, while B2C dropped by 57% to €3.0M. The group attributes this decline to the year-long drop in electricity prices, which demotivated its key clientele from the agricultural sector, the company's main market. EBITDA turned negative at −€13.5M (compared to +€0.5M in 2024), while the net result was −€26.8M (compared to −€3.6M last year). This result includes €10.5M in non-recurring expenses: a full €5.0M impairment of goodwill, a €1.7M provision related to the restructuring plan, and an impairment of B2C segment stocks.
Drastic Reduction in Workforce and Charge Adjustments
Although the employment protection plan was not finalized until 2026, the workforce was reduced from 235 employees in January 2025 to 134 by the end of May 2026. The average workforce reduction in 2025 was moderate, allowing for a 4% reduction in personnel expenses to €14.6M from €15.2M in 2024. Other operating expenses fell by 22% to €13.0M, reflecting lower transport, subcontracting, and equipment rental costs due to the contraction in revenue. However, this improvement was partially offset by an increase in intermediary and fee expenses to €1.4M, attributable to non-recurring restructuring expenses. The company also recorded a financial loss of −€1.4M, including an additional €0.2M provision on Watera shares (formerly Osmosun).
€4M Recapitalization and Redeployment Around Three Technological Pillars
As of May 31, 2026, Okwind has a cash position of €1.2M and is preparing a capital increase of approximately €4M. Existing shareholders have already committed to contribute €1.6M of this amount by converting current accounts. The new governance, with the appointment of Marie-Sylvie Bertail as CEO (Louis Maurice remaining as chairman), relies on two operational divisions: Okwind Manufacturer (national manufacturing and sales) and Okwind Services (solutions, installation, and maintenance in the west). The group is focusing its portfolio on three technologies: biaxial solar trackers, battery storage systems, and energy management software. The target is threefold: farmers, industrial companies, and local governments seeking to secure their energy costs and limit their exposure to market fluctuations. For investors, the challenge remains significant: the viability of the redeployment depends on the effective raising of the €4M and the ability to rebuild a client portfolio in a context of significantly reduced electricity prices.
