European Green Transition H1 2026: Wind Services drives first meaningful revenue

European Green Transition's interim results show a company that looks markedly different from the one that entered 2026.

The acquisition of the Wind Services business completed on 25 February, transforming EGT from a pre-revenue business into a critical infrastructure services group with operations across maintenance, repairs, monitoring and wind turbine repowering.

The initial contribution looks encouraging. Statutory revenue reached £6.85 million for the roughly four months following completion, while the acquired business generated £8.61 million across the full six-month period.

However, investors need to read the different reporting periods carefully. These are also unaudited interim figures, and acquisition-related costs meant the statutory loss increased despite an improved adjusted operating performance.

EGT's key H1 2026 figures

Metric	H1 2026	H1 2025
Statutory revenue	£6.85 million	Nil
Gross profit	£1.76 million	Nil
Gross margin	Around 26%	Not applicable
Adjusted EBITDA loss	£0.58 million	£0.66 million
Statutory loss	£1.45 million	£0.60 million
Cash at period end	£5.82 million	£2.88 million
Operating cash flow	£51,742	£0.76 million outflow

EBITDA means earnings before interest, tax, depreciation and amortisation. It is commonly used to assess underlying operating performance, although it does not represent cash profit.

The full accounts and notes are available in the original company announcement.

The Wind Services acquisition has changed the investment case

EGT paid £3.5 million in cash for the Wind Services business, which includes Earthmill Maintenance, WEP Wind Energy Partnership, Silverford Engineering and a controlling interest in Anemos Analytics.

Together, these operations serve more than 900 onshore wind turbines across the UK and Ireland. EGT also increased its ownership of Anemos from 52% to 79% during May.

This matters because EGT now has recurring service activities alongside project-based opportunities. Operations and maintenance work can provide a base level of customer activity, while repairs and repowering projects offer scope for larger individual revenues.

Repowering involves replacing or upgrading older wind turbine equipment to increase output or extend its useful life.

The statutory revenue figure only includes the acquired businesses from 25 February onwards. On a pro forma basis, which assumes the acquisition had been owned throughout the half year, combined revenue would have been £8.61 million and gross profit £2.37 million.

That distinction will make year-on-year comparisons difficult until EGT has reported a full period of ownership. Investors can revisit the earlier H1 2026 Wind Services trading update for additional context on the first-half performance.

Underlying losses narrowed, but statutory losses increased

Adjusted EBITDA improved modestly, with the loss narrowing from £0.66 million to £0.58 million. Management said the Wind Services business contributed positively, particularly during the second quarter as project and repowering activity strengthened.

That is a useful early sign, but EGT has not yet reached group-level adjusted EBITDA profitability.

The statutory loss widened to £1.45 million from £0.60 million. This included £616,296 of exceptional items, comprising £432,678 of acquisition-related transaction costs and £183,618 resulting from an inventory accounting policy change.

Depreciation and amortisation also increased to £116,568, while net finance expense was £134,597. The finance charge included £126,875 of interest relating to an acquisition bridging loan.

These items help explain the gap between adjusted EBITDA and the bottom-line result. Even so, future reports will need to show that the acquired businesses can move the whole group towards sustainable profitability once exceptional integration costs reduce.

Cash is healthy, although working capital needs watching

EGT ended June with £5.82 million in cash, supported by the upsized and oversubscribed £7.5 million fundraising completed alongside the acquisition.

Net operating cash flow was positive at £51,742, compared with a £0.76 million outflow in H1 2025. However, the working-capital movements deserve attention. Trade and other payables increased by £1.27 million during the period, while trade and other receivables increased by £575,885.

The balance sheet included £5.30 million of inventory and work in progress, as well as £6.46 million of current liabilities. These liabilities included £2.49 million of customer deposits and £1.18 million of deferred service and maintenance income.

Customer deposits can support project funding, but they also represent work that EGT must deliver. Managing inventory, project timing and cash collection will therefore be important as repowering activity scales.

The fundraise also involved issuing 125 million new shares at 6p each, taking total shares in issue to 269.62 million. That provided meaningful growth capital but also created substantial dilution for investors who owned shares before the raise.

Repowering is the biggest visible growth opportunity

The repowering orderbook had expanded to 65 signed Heads of Terms by 30 June. Heads of Terms set out the main proposed terms for a project. Of these opportunities, EGT had secured 30 planning approvals, received deposits for 20 project commencements and completed eight repowering projects.

Management has identified around 280 qualified prospects across its existing turbine client base. It estimates these represent a potential revenue opportunity of £126 million.

That figure is best viewed as a pipeline rather than secured revenue. Projects must still progress through planning, customer commitment and delivery before the opportunity converts into reported sales.

Anemos Analytics had also secured contracts covering 133 turbines by the period end. Its monitoring technology is intended to identify potential faults and support predictive maintenance, helping customers address problems before they become more serious.

Revenue guidance sets a clearer test for H2

The board expects the Wind Services business to generate between £17 million and £18 million of revenue during the 12 months ending 31 December 2026.

EGT itself will only consolidate approximately ten months of that performance because the acquisition completed in February. Investors should therefore avoid comparing the full-year Wind Services guidance directly with future statutory group revenue without adjusting for the ownership period.

Management continues to target £50 million of annual revenue and double-digit EBITDA margins over the medium term. No deadline for reaching that target was disclosed.

EGT is also considering further bolt-on acquisitions in water, energy and renewable infrastructure across the UK, Ireland and Europe. Meanwhile, discussions continue over a possible sale or partnership involving the group's legacy exploration assets, although no transaction terms or timetable were disclosed.

What investors should monitor next

The main positives are clear:

• EGT has generated its first meaningful statutory revenue.
• The acquired operations made a positive contribution, particularly in the second quarter.
• Adjusted EBITDA losses narrowed.
• Cash stood at £5.82 million at the half-year end.
• The repowering pipeline provides a potentially significant route to growth.

The main risks are equally important:

• The interim results are unaudited and were not formally reviewed by the auditors.
• The accounts contain only around four months of post-acquisition trading.
• The group remains loss-making on both an adjusted EBITDA and statutory basis.
• The £126 million repowering opportunity is a pipeline, not contracted revenue.
• Working-capital requirements could grow as project delivery expands.
• Further acquisitions could introduce integration risk and additional funding needs.

The next step is proving profitable scale

These results support the strategic shift outlined in EGT's 2025 annual results. The company now has operating businesses, customers, revenue and an identifiable growth pipeline.

The next challenge is to convert those ingredients into consistent group profitability and cash generation. Delivery against the £17 million to £18 million Wind Services revenue guidance, repowering project conversion and working-capital control should provide the clearest evidence of whether EGT's transformation is translating into durable shareholder value.