eEnergy Group Reports 183% EBITDA Surge to £1.7m and Doubles Order Book in FY25

eEnergy’s FY25 trading update: EBITDA jumps, order book doubles, revenue shifts into FY26

eEnergy Group’s latest trading update is a tale of better margins and bigger contracts, but with some revenue sliding into next year. Adjusted EBITDA surged 183% to £1.7m despite revenue dipping to £23.0m. Management says £4.0m of revenue expected in FY25 has simply slipped into H1-26. The forward order book doubled to a record £14.0m, giving the Board confidence to lift FY26 guidance.

For context, Adjusted EBITDA is a profit proxy that excludes interest, tax, depreciation, amortisation, and adds back share-based payments. It’s useful for gauging underlying trading performance.

Key numbers at a glance

Metric	FY25	FY24	Notes
Revenue	£23.0m	£25.1m	£4.0m now expected to be recognised in H1-26
Adjusted EBITDA	£1.7m	£0.6m	Up 183% on optimised cost base and efficiencies
Gross margin	35.3%	34.7%	Improved pricing, supplier terms, and delivery controls
Plc/non-operating costs	£2.0m	£2.5m	Lower central costs
Net debt (incl IFRS 16)	£1.6m	£2.4m	After drawing a £1.5m unsecured Harwood loan in Nov-25
Cash	£0.9m	£2.3m	Expected to rise significantly in H1-26 as project cash flows arrive
Forward order book (for FY26)	£14.0m	£7.0m (start of FY25)	Up 100% year-on-year
Investment-grade pipeline	£127.0m	n/a	Opportunities over the next 36 months
Redaptive funding drawn	£13.0m	n/a	175 solar/LED projects across 179 locations and 51 customers
H1-25 comparator revenue	£10.1m	n/a	H1-26 expected to be significantly ahead
FY26 guidance	Revenue £34.0m	Prior: £30.0m	Adjusted EBITDA £4.5m (prior: £4.0m)

All FY25 figures are subject to audit.

What drove the profitability rebound?

Margins ticked up to 35.3% thanks to sharper quoting, better supplier terms and tighter project delivery. Central costs were trimmed to £2.0m. The pivot from a direct sales education focus to a multi-channel, framework-driven model looks to be paying off with more sizeable awards and improved operating leverage.

A big driver in H2 was the UK Government-backed solar PV and battery programme managed by Mace – eEnergy’s largest project to date – with £5.1m recognised in FY25. That contract expanded from 47 to 73 schools and widened to include LED and EV charging, underscoring the benefit of multi-technology capability.

Order book at £14.0m and pipeline at £127.0m – why it matters

The forward order book is work contracted or awarded but not yet delivered. At £14.0m, it is double the level at the start of FY25 and largely loaded into H1-26, which should lift first-half revenue above the £10.1m seen in H1-25. The £127.0m “investment-grade” pipeline – credible opportunities over the next 36 months – gives line of sight beyond the already-won work.

In short, visibility is improving. That’s why the Board has lifted FY26 guidance to £34.0m revenue and £4.5m Adjusted EBITDA. Delivery is now the name of the game.

Funding lines and working capital: short-term squeeze, H1-26 relief in sight

Cash at year-end was £0.9m and net debt (including IFRS 16 lease liabilities) was £1.6m. The company drew a £1.5m unsecured loan from Harwood in November 2025 to support rapid deployment on the Mace award. Facilities remain in place: up to £100m via Redaptive for off-balance sheet customer funding and a £40m NatWest facility for public sector contracts.

Why the low cash? A build-up in accrued revenue on recent awards – £6.4m across the Mace award (£5.2m), a UK golf course ground-mount solar project (£0.6m), NHS NEEF awards (£0.4m) and West Berkshire Council (£0.2m). Management expects this to unwind into cash from late January 2026. That should support the guidance for “substantial” cash generation in FY26, but execution and timing remain key watch-outs.

Strategic wins: NHS frameworks, LASER and local authority awards

Frameworks and tenders did the heavy lifting in FY25:

• NHS trusts awarded c£1.7m across LED, solar PV and batteries via NHS National Energy Efficiency Fund (NEEF).
• LASER Supply (Y24013) Framework – eEnergy secured a place on four Lots, covering solar installation, specialist systems (including carports, ground-mount, batteries, EV, smart grids), and PPAs/innovative funding.
• Local authority: a £0.7m solar PV contract at West Berkshire Council’s Integrated Waste Management site (c886 kWp).
• Commercial: a £2.0m ground-mount solar installation at a UK golf course.

These are precisely the channels – frameworks and partnerships – that support scale and repeatability. They also tend to have more complex sign-off processes, which may explain some of the revenue timing slippage.

New recurring and “as-a-Service” models: SolarLife and first-of-its-kind EPC

eEnergy launched SolarLife, a structured solar operations and maintenance service expected to deliver at least c£0.2m of recurring revenue from FY26. It is not included in the £14.0m order book, so it’s incremental. Recurring O&M is attractive because it smooths revenues through the year and deepens customer relationships.

The new Energy Performance Contract (EPC) model – backed by Redaptive – offers off-balance sheet funding with guaranteed customer savings and zero upfront cost. Management calls it a first of its kind in the UK, with the NHS a prime use case. The first EPC contract is with Symphony Healthcare Services for LED upgrades across 18 GP surgeries, totalling £0.7m. If this scales, it could be a meaningful growth driver given eEnergy’s footprint in education and healthcare.

Quick jargon check: an EPC is a contract where the provider guarantees a certain level of energy savings. O&M stands for operations and maintenance – the ongoing servicing of installed kit. IFRS 16 brings lease liabilities onto the balance sheet, which is why net debt is quoted “including IFRS 16”.

Balanced view: strengths and watch-outs

• Positives:
  • Adjusted EBITDA up 183% to £1.7m with margin improvement to 35.3%.
  • Order book doubled to £14.0m; pipeline built to £127.0m.
  • Strong framework traction (NHS, LASER) and a flagship Mace programme with £5.1m recognised.
  • Robust funding lines (up to £100m via Redaptive; £40m NatWest).
  • FY26 guidance upgraded to £34.0m revenue and £4.5m Adjusted EBITDA.
  • New recurring revenue through SolarLife; innovative EPC model landing first contract.
• Watch-outs:
  • FY25 revenue fell to £23.0m and £4.0m is pushed into H1-26 – timing risk remains.
  • Year-end cash of £0.9m and reliance on working capital unwinding in early 2026.
  • Execution risk on larger, multi-party government contracts with complex approvals.
  • Concentration risk from big programmes (e.g. Mace) and public sector timelines.
  • All FY25 figures are unaudited at this stage.

My take for retail investors

This is a cleaner, more scalable eEnergy than a year ago. The company has tightened its cost base, nudged margins higher and proven it can win and deliver larger framework-led programmes. The doubled order book and upgraded FY26 guidance are the standout positives. The new EPC model could be a catalyst if the NHS and other public sector bodies adopt it at scale.

The flip side is cash. The working capital build explains the low year-end balance, but that now needs to convert to cash promptly in H1-26. Watch the cadence of receipts from Mace, NHS NEEF and West Berkshire, plus any new EPC signings. If cash generation arrives as guided, the investment case improves materially; if it stalls, the balance sheet could feel tight.

Key things to watch next:

• H1-26 revenue momentum relative to the £10.1m H1-25 comparator.
• Cash inflows from late January 2026 as accrued revenue unwinds.
• Additional EPC wins and scale-up across NHS and education estates.
• Further framework awards and conversion from the £127.0m pipeline.
• Gross margin trend and any updates on the Mace programme expansion.

Overall, a confident update: improved profitability, stronger visibility, and ambitious FY26 targets – with delivery and cash conversion the two levers that will decide how the story trades from here.