eEnergy Group plc (LSE:EAAS) has reported a sharp improvement in profitability for the year ended 31 December 2025, with adjusted EBITDA rising 183% to £1.7 million. Revenue eased to £23.0 million after around £4.0 million of anticipated sales slipped into the first half of 2026, but this timing effect was more than offset by stronger margins, improved operational leverage and tighter cost control.
Gross margins strengthened during the period, while net debt reduced to £1.6 million despite additional borrowing. The group ended the year with a record £14.0 million of contracted and awarded work and a £127 million investment-grade pipeline, supported by large framework-led wins across NHS trusts, local authorities and a major government-backed solar and battery project delivered in partnership with Mace. The strategy has enabled eEnergy to broaden its customer base beyond education into healthcare and commercial markets.
Operationally, the company secured an exclusive £100 million off-balance-sheet funding facility with Redaptive and retained access to a £40 million NatWest facility for public sector projects. eEnergy also launched its SolarLife operations and maintenance service, adding a recurring revenue component to its offering. Looking ahead, the board has upgraded guidance for 2026 to £34.0 million of revenue and £4.5 million of adjusted EBITDA, with management expecting strong cash generation as working capital unwinds. Growth is expected to be further supported by the rollout of a new Energy Performance Contract model, described as the first of its kind in the UK and potentially transformative for NHS customers, alongside a strengthened board and expanding framework coverage.
Despite the operational progress, the company’s overall outlook remains tempered by historical financial weakness and soft technical indicators. While recent corporate developments are supportive, valuation remains under pressure due to a negative price-to-earnings ratio and the absence of dividend income.
More about eEnergy Group
eEnergy Group plc is a UK-based Energy-as-a-Service provider that designs, funds and delivers energy infrastructure upgrades, including solar PV, LED lighting, battery storage and EV charging, across multi-site estates with no upfront cost. The company focuses on the education, healthcare, local authority and commercial sectors, using framework agreements and off-balance-sheet funding partnerships to deploy projects at scale.
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