EnergyVision 1H25 Results: Successful start amid market challenges
EnergyVision's 1H results were in line with our expectations. Overall EBITDA came in at €15.2m, up 47% YoY. This is short of our expected €38m for FY25, but the company confirmed the mid-term outlook of the prospectus. For 2H25, higher valorization of energy flows are expected as the model picks up speed (€2.7m 1H25 vs €0.4m 1H24). The core ABE business' REBITDA was up 70% at €10.8m, on track beating our FY25 €21.1m target. Also note that the radiation was exceptionally low in January-March, and that a growing solar company will typically have a better second half as more installed capacity co...