eEnergy FY2025 Trading Update: Revenue Slip Now, Bigger FY2026 Back-End
eEnergy Group has issued a trading update for the five months to 30 November 2025, setting expectations for the full year and, importantly, upgrading guidance for FY2026. The headline: some revenue has slipped into early 2026 due to installation delays and later-than-expected contract signings, but the order book and pipeline suggest a stronger 2026 is lining up.
In short, FY2025 revenue is guided down modestly, adjusted EBITDA is guided up materially, and FY2026 is upgraded on both revenue and profit. Let’s dig in.
Key Numbers At A Glance
| Metric | Figure | Context |
|---|---|---|
| FY2025 revenue guidance | £23m-£24m | Down vs FY2024 |
| FY2024 revenue | £25.1m | Prior year baseline |
| FY2025 adjusted EBITDA guidance | £1.5m-£1.9m | Up materially vs last year |
| FY2024 adjusted EBITDA | £0.6m | Prior year baseline |
| Revenue slipping to H1 2026 | c.£3m-£4m | Timing-related delays |
| Contracted FY2026 order book | £10.5m | Up from £7.0m in January 2025 |
| H1 2026 revenue estimate | c.£20m | Double the previous year |
| FY2026 revenue guidance | £34m | Up c.13% from £30m |
| FY2026 adjusted EBITDA guidance | £4.5m | Up c.12.5% from £4m |
| Investment grade pipeline created in FY2025 | c.£127m net revenue | Across 996 active projects |
| Redaptive funding drawn | USD$17.4m | 175+ projects, 179 locations, 51 customers |
What’s Behind The FY2025 Revenue Slippage?
eEnergy says c.£3m-£4m of revenue that was expected in FY2025 will now be recognised in H1 2026. The causes are practical rather than commercial: slower installation phases on already signed contracts and a handful of significant signings pushed into early 2026. The company stresses the economics and gross value of the delayed work are unchanged.
That means FY2025 revenue is now guided to £23m-£24m, a touch below last year’s £25.1m. The flip side is profitability: adjusted EBITDA is guided to £1.5m-£1.9m, a material step up from £0.6m in FY2024, helped by improving gross margins year on year. Adjusted EBITDA is a profit measure before interest, tax, depreciation and amortisation, excluding exceptional items.
Why FY2026 Looks Better: Bigger Order Book, Front-Loaded H1
Management has upgraded FY2026 guidance to £34m revenue and £4.5m adjusted EBITDA, up c.13% and c.12.5% respectively. They estimate H1 2026 revenue of c.£20m, roughly double the prior year’s first half, reflecting the pushed revenue plus stronger conversion.
The FY2026 contracted order book is already at a record £10.5m, up from £7.0m in January 2025. Add an investment grade pipeline of c.£127m net revenue created across 996 projects in FY2025, and you have more visible work-in-hand after a year of tendering and framework wins.
Contract Wins, Frameworks And Sector Reach
There were several notable wins and deployments in the period, particularly in solar PV:
- Mace programme expanded to circa 74 schools across the Midlands and parts of London, covering solar PV, LED lighting, EV charging and battery storage. Installations have begun and are expected to complete by end of Q1 2026.
- £1.5m carport solar PV project for Brioche Pasquier is live. Described as one of the UK’s largest carport systems, it positions eEnergy for expected growth in carport demand in 2026.
- £0.5m contract with University Hospitals Plymouth NHS Trust, awarded via the NHS Commercial Solutions framework.
Frameworks matter here. They are pre-approved procurement routes, particularly in the public sector, that can drive scale but sometimes introduce timing unpredictability. eEnergy is now appointed on five frameworks, which the company says are already yielding contract awards. Alongside direct sales, this broadens the channel mix and reduces reliance on any single route to market.
Funding Capacity And Delivery Model
eEnergy is an Energy-as-a-Service provider, funding and delivering upgrades like LED, solar PV, battery storage and EV charging with zero upfront cost to customers. Since entering the up to £100m funding partnership with Redaptive in May 2025, it has drawn USD$17.4m to cover more than 175 solar and LED projects across 179 locations and 51 customers. A £40m NatWest facility supports public sector deployments.
This matters for execution. Having funding lines in place should help pull projects through from pipeline to commissioning without capital bottlenecks, especially as the mix tilts toward larger, multi-site public sector work.
Positives, Negatives And What To Watch
What’s going well
- Guidance upgrade for FY2026 on both revenue and adjusted EBITDA, with H1 2026 expected to be strong.
- Gross margins improving year on year, though no percentage disclosed.
- Record contracted FY2026 order book and a large investment grade pipeline.
- Framework positions delivering awards, increasing access to larger contract opportunities.
- Execution capacity supported by Redaptive and NatWest funding.
What’s not so great
- FY2025 revenue is lower than last year due to timing delays, not underlying demand.
- Public sector frameworks can be lumpy. The company acknowledges unpredictability in formalisation and installation within multi-party procurement structures.
- Cash position and working capital dynamics are not disclosed, which are relevant when revenue is deferred.
Updates to watch next
- NEEF outcomes for several NHS trusts, expected by year end, with delivery from January 2026.
- Completion of the Mace school programme by end Q1 2026.
- Conversion of the c.£127m pipeline and any further framework-led awards.
- Confirmation of FY2025 final revenue and adjusted EBITDA within the guided ranges.
Jargon Buster
- Energy-as-a-Service: a model where the provider funds and delivers energy upgrades, and the customer pays over time, often from savings, with zero upfront cost.
- Investment grade pipeline: projects that have passed internal investment hurdles and are viewed as fundable and deliverable.
- Frameworks: pre-tendered procurement routes used by public bodies to award work more quickly to approved suppliers.
- Adjusted EBITDA: profit before interest, tax, depreciation and amortisation, adjusted for exceptional items.
My Take: Short-Term Frustration, Medium-Term Momentum
This reads like a classic year-end timing wobble, not a demand problem. The revenue slip into H1 2026 is unhelpful for FY2025 optics, but the upgraded FY2026 guidance, a bigger order book and improving margins point to momentum building where it matters. The carport win and the expanded Mace programme add credibility in solar and multi-technology delivery.
The risk is execution in public sector frameworks, where approvals and installation windows can move around. Still, with USD$17.4m already drawn from the Redaptive facility and multiple frameworks feeding awards, the delivery plumbing looks better set than a year ago. Cash and working capital are not disclosed, so that remains a watch point as revenue phasing steps up in early 2026.
Overall, a mixed near-term print but a more confident 2026 story. If the company lands the NEEF projects and converts a slice of the c.£127m pipeline, the upgraded £34m revenue and £4.5m adjusted EBITDA targets for FY2026 look well signposted.
