REG - eEnergy Group PLC - Trading Update

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RNS Number : 0508Q  eEnergy Group PLC  23 January 2026

23 January 2026

 

eEnergy Group plc

("eEnergy", "the Company" or "the Group")

 

Trading Update

 

183% increase in Group Adjusted EBITDA to £1.7m in FY25

 

100% increase in a record forward order book of £14.0m expected to be
delivered in FY26

 

eEnergy (AIM: EAAS), an Energy-as-a-Service provider funding and delivering
energy infrastructure upgrades across multi-site portfolios with zero upfront
cost, announces a trading update for the year ended 31 December 2025, together
with an update on the Board's outlook for FY26.  All FY25 numbers are subject
to audit.

 

FY25: Summary

 

·      Revenue of £23.0m (2024: £25.1m)

o  £4.0m of previously anticipated FY25 revenue expected to be recognised in
H1-26

·      Adjusted EBITDA* increased 183% to £1.7m (2024: £0.6m)

o  Adjusted EBITDA* reflects optimisation of operating cost base and improved
operating efficiencies

·      Record contracted and awarded forward order book of £14.0m at
year-end, a 100% increase of the order book at the start of the year (2024:
£7.0m)

o  Investment grade pipeline developed to £127.0m

·      The Group's strengthened framework network has delivered
significantly larger contract and tender awards in FY25:

o  Via frameworks, NHS trusts awarded eEnergy a total of £1.7m in awards
post multiple trusts securing funding from NHS National Energy Efficiency Fund
("NEEF")

o  £0.7m local authority tender contract win for the installation of solar
PV

o  Included within four Lots in the LASER Supply ("Y24013") Framework

o  £2.0m solar PV ground mount installation at a UK golf course

·      In September 2025, commenced UK Government backed (Great British
Energy) solar PV and battery installation contract managed by Mace, eEnergy's
largest project to date with £5.1m of revenue recognised in FY25

·      Launch of SolarLife, a structured solar PV operations and
maintenance ("O&M") service which will provide recurring revenue streams
commencing in FY26 of £0.2m (not included in the £14.0m forward order book)

·      Post year end, on 19 January 2026, appointment of Nicholas Mills
as a Non-Executive Director, further strengthening the Board

 

FY25: Financial highlights

 

·      Revenue of £23.0m (2024: £25.1m)

o  £4.0m of previously anticipated FY25 revenue expected to be recognised in
H1-26

·      Adjusted EBITDA* increased 183% to £1.7m (2024: £0.6m)

·      Gross margin improved to 35.3% (FY24: 34.7%) reflecting better
budgeting of customer quotations, improved terms with suppliers and tighter
operational controls around project delivery

·      Plc/non-operating costs of £2.0m (2024: £2.5m), reflecting
optimisation of operating structure and cost base and improved operating
efficiencies

·      Net debt (incl IFRS16 liabilities) reduced to £1.6m (2024: Net
debt (incl IFRS16 liabilities) £2.4m)

o  Net debt reduction is stated after the draw down of a £1.5m unsecured
loan from Harwood Holdco Limited ("Harwood") in November 2025

·      Cash at year-end of £0.9m (2024: £2.3m), expected to increase
significantly in H1-26

o  Year-end cash decreased due to the temporary increase in short term net
working capital driven primarily by the increase in accrued revenue on recent
awards including £6.4m comprising:

§ £5.2m MACE award

§ £0.6m Solar PV ground mount at a UK golf course

§ £0.4m NEEF awards

§ £0.2m West Berkshire Council

o  Revenue recognition on awards is consistent with the Group's revenue
recognition policy introduced in FY24

o  Accrued revenue to unwind into cash from late January 2026

·      Record contracted and awarded forward order book for FY26 of
£14.0m, a 100% increase of the order book at the start of the year (2024:
£7.0m)

·      Investment grade pipeline developed to £127m, with net revenue
opportunities to be converted into revenue over the next 36 months

·      In May 2025, the Group secured an exclusive facility of up to
£100m, funded by Redaptive to provide third-party off-balance sheet funding
for eEnergy customers across the education, healthcare and commercial sectors

o  Since entering the partnership with Redaptive, eEnergy has drawn down
£13.0m of funding for its customers covering over 175 solar PV and LED
projects across 179 locations and 51 customers

·      £40m NatWest facility for public sector contracts is still in
place and available to draw on

·      In November 2025, drew down a £1.5m unsecured loan from Harwood
to fund working capital and meet the rapid deployment on the Mace award

·      Cooper Parry LLP appointed as the Group's auditor in H2-25

 

FY25: Operational highlights

 

·      The Group's strengthened framework and tender capability has
delivered significantly larger and multiple new awards in FY25 including
(directly awarded via frameworks) from multiple NHS Trusts following their
tenders to the NHS NEEF

·      Portfolio of NEEF funded NHS trusts - a combined programme of LED
lighting, solar PV and battery storage projects across multiple NHS Trusts
with an aggregate value of £1.7m, across LED, solar PV and batteries

·      In September 2025, the Group commenced work on a UK Government
backed solar PV and battery installation contract managed by Mace with cash
inflows commencing in January 2026

o  Initial Mace award for solar PV and batteries was for 47 schools which was
expanded up to 73 schools and extended to include LED and EV installations

·      Launched SolarLife, a structured solar operations and maintenance
("O&M") service which will provide recurring revenue streams of at least
c£0.2m commencing in FY26

·      Awarded a place on four Lots within the LASER Supply ("Y24013")
Framework, following appointment to the Framework in March 2025. Framework
Lots awarded to eEnergy comprised:

o  Lot 2 - Installation of solar PV systems and associated equipment with a
total framework opportunity of c£4.5m over four years

o  Lot 3 - Supply and installation of solar PV Systems and associated
equipment with a total framework opportunity c£30.0m over four years

o  Lot 4 - Supply and installation of specialist systems, including carports,
ground-mounted solar PV, battery storage, EV charging, and smart grids with a
total framework opportunity of c£20.0m over four years

o  Lot 5 - Power Purchase Agreements (PPAs) and innovative funding models

·      Local authority tender win: £0.7m contract for the
installation of c886kWp solar PV at West Berkshire Council's Integrated
Waste Management Site, Padworth

 

FY26: Trading and outlook

 

·      With the significant increase in the contracted order book and
the investment grade pipeline growth over FY25, the Board increased FY26
revenue expectations to £34.0m, equivalent to an increase of 13.3% and
expected Adjusted EBITDA* to £4.5m

·      With £14.0m already contracted or awarded for delivery mainly in
H1-26, first half revenue is expected to be significantly ahead of the
comparative prior period (H1-25: £10.1m)

·      Poised to generate substantial cash in FY26 as the short-term net
working capital built up in H2-25 unwinds into positive net cash flow

·      New "as-a-Service" exclusive Energy Performance Contract ("EPC")
backed by Redaptive, providing a unique off-balance sheet, guaranteed customer
saving, zero up front cost solution to both the public sector, commercial and
industrial customers in the UK giving eEnergy multi-site customers significant
opportunities to scale

o  EPC funding structure is a first of its kind in the UK, a much needed
solution for the NHS that is expected to be transformational for NHS
organisations

o  First EPC contract secured with Symphony Healthcare Services Limited (a
subsidiary of Somerset NHS Foundation Trust) covering LED lighting upgrades
across 18 GP surgeries, with a total contract value of £0.7m

·      As announced on 19 January 2026, the Company is delighted to
welcome Nicholas Mills to the Board of Directors. Nicholas brings extensive
experience and will be a significant asset to the Board

 

Notes

*Adjusted EBITDA is earnings before interest, tax, depreciation and
amortisation after adding back share-based payments charge of £0.8m (FY24:
£1.6m) but after plc non-operating costs of £2.0m (FY24: £2.5m)

 

Commenting on the results, Harvey Sinclair, CEO, said:

 

"Our strategy is working; we have pivoted from a direct sales education
business to a multi-channel, framework, and partner-driven development
platform across education (where we are market leaders), healthcare and
commercial and industrial. We have an exceptional proposition, underpinned by
a funding model which provides our customers with a truly off-balance sheet
solution, which we believe is unique in the UK market.

 

"eEnergy is growing from strength to strength and is seeing increasing demand
for its services. We recorded revenues of £23.0m in FY25, and are pleased to
report significant improvement in profitability, with Group Adjusted EBITDA*
increasing 183% to £1.7m (2024: £0.6m).  This reflects how we have now
optimised our operating structure and cost base, improved our operating
efficiencies, and succeeded in maintaining strong organic growth in our direct
sales pipeline.

 

"We are pleased to have secured several major new contracts and awards in
H2-25, namely Mace, LASER and the NHS NEEF portfolio. Despite the strong sales
growth over FY25, evidenced by our record year-end contracted order book which
is 100% higher from the position at the start of the FY25, a small number of
large contracts were delayed which we expect to conclude in H1-26.

 

"Whilst this shift in anticipated revenues beyond the FY25 year-end was
frustrating, the underlying contract economics and gross values are unchanged.
This revenue is now expected in H1-26 which, alongside our strong pipeline,
significantly increases the Board's confidence for the outlook in FY26.

 

"As we commence FY26, we do so with a record forward order book of £14.0m, a
100% increase over the position at the start of the year (£7.0m), a stable
operating platform, a highly experienced operational management team and a
streamlined cost structure. Our focus is now on securing and delivering larger
scale projects, improving gross margin and cash generation and we expect to
see record revenues in H1-26.  The FY25 revenue shift into FY26 was
timing-related only and consequently we have upgraded FY26 guidance for
revenue by 13.3% from £30.0m to £34.0m, and Adjusted EBITDA by 12.5% from
£4.0m to £4.5m.

 

"We have secured large scale government contracts which demonstrates the
confidence in our execution and delivery model which is now poised for scale.
These deals bring the benefit of assured scale and long-term value but, with
that, comes the inevitability of more complex sign off procedures with
multi-party procurement structures.

 

"Finally, the Board is pleased to welcome Nicholas Mills as a Non-Executive
Director to the Company. Nicholas brings extensive experience, and the Board
looks forward to drawing on his insight and expertise as we continue to
deliver on our strategy. Nicholas's appointment, alongside Harwood's active,
long-term value approach and its record of accomplishment and of working
closely with smaller UK companies to unlock potential, provides the Board with
additional support as we focus on accelerating performance and driving
improved returns for all shareholders.

 

"I look forward to 2026 with continued confidence."

 

Investor presentation

 

There will be an online presentation, open to all existing and potential
shareholders, via Investor Meet Company at 10.00.am on 26 January 2026.
Questions can be submitted pre-event via the Investor Meet Company dashboard
or at any time during the live presentation.

 

Investors can sign up to Investor Meet Company for free and add to meet
eEnergy Group plc via:

https://www.investormeetcompany.com/eenergy-group-plc/register-investor
(https://www.investormeetcompany.com/eenergy-group-plc/register-investor)

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014, as it forms part of UK domestic law by virtue
of the European Union (Withdrawal) Act 2018, as amended.

 

For further information, please visit www.eenergy.com (http://www.eenergy.com)
or contact:

 

 eEnergy Group plc                              Tel: +44 20 3813 1550
 Harvey Sinclair, Chief Executive Officer       info@eenergy.com (mailto:info@eenergy.com)

 John Gahan, Chief Financial Officer

 Strand Hanson Limited (Nominated Adviser)      Tel: +44 20 7409 3494
 Richard Johnson, James Harris, David Asquith

 Canaccord Genuity Limited (Broker)             Tel: +44 20 7523 8000
 Max Hartley, Harry Pardoe (Corporate Broking)

 Tavistock                                      Tel: +44 20 7920 3150
 Jos Simson, Nick Dibden, Katie Hopkins         eEnergy@tavistock.co.uk (mailto:eEnergy@tavistock.co.uk)

 

About eEnergy Group plc

eEnergy (AIM: EAAS) is a UK-based Energy-as-a-Service (EaaS) provider, funding
and delivering energy-saving and energy-generating solutions across multi-site
public sector and commercial portfolios-helping customers cut energy waste,
reduce operating costs, and improve building resilience with zero upfront
cost.

 

eEnergy delivers four core solutions:

·      Reduce: LED lighting and controls

·      Generate: Solar PV (rooftop, ground mount, and carport)

·      Store: Battery storage (store onsite generation and reduce
peak-time import costs)

·      Charge: EV charging infrastructure and management

 

Projects are funded through dedicated facilities, including up to £100m of
project funding via eEnergy's partnership with Redaptive, and a £40m NatWest
facility supporting public sector deployments.

 

eEnergy's routes to market include direct sales, public sector frameworks,
tenders, and strategic partnerships. The Group holds positions on five major
procurement frameworks-CCS (Crown Commercial Service), LASER, Lexica/NHS
London, NHS Commercial Solutions Framework, and Proactis (YPO)-and is an
Office for Zero Emission Vehicles (OZEV) approved EV charge point installer.

 

The Group has delivered over 1,200 projects and has installed c590,000 LEDs,
improving learning environments for c520,000 students.

 

eEnergy is a market leader in the education sector and has been awarded the
London Stock Exchange's Green Economy Mark. The Company is also recognised in
the 2025 UK Fast Growth 50 Index within the Fastest Growing Green Firms 2025
list, and holds an EcoVadis Bronze Medal with a score of 61/100, placing it in
the top third of more than 130,000 organisations assessed globally.

 

 

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