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Introduction & Market Context
EnergyVision NV (ENRGY) presented its H1 2025 financial results on September 4, 2025, highlighting what the company described as its "strongest first semester ever" and its first reporting period as a publicly listed company. The renewable energy provider operates across four key segments: Asset-Based Energy (production), Asset-Based Mobility (charging), Non-Asset-Based Energy (energy supplier), and EPC (Engineering, Procurement, and Construction).
The company’s results come amid challenging market conditions, with steep declines in new solar installations in its home markets of Flanders (-46%) and Brussels (-65%). However, favorable solar irradiation in H1 2025 (499 kWh/kWp versus a normalized 450 kWh/kWp) provided a tailwind for the company’s energy production assets.
H1 2025 Performance Highlights
EnergyVision reported substantial growth across its key financial metrics for the first half of 2025, with total revenue increasing by 47% to €62.5 million compared to €42.6 million in the same period last year.
As shown in the following summary of half-year results:
The company’s EBITDA grew by 45% year-over-year, while net profit reached €4.5 million, representing a significant €3.0 million increase from H1 2024. This growth was primarily driven by the company’s recurring business segments, despite a deliberate decline in its EPC business as part of a strategic shift.
A detailed breakdown of the company’s revenue bridge illustrates how different segments contributed to the overall 47% growth:
The revenue growth was driven by increases in Asset-Based Energy (+€3.8M), Asset-Based Mobility (+€1.6M), and most significantly, Non-Asset-Based Energy (+€28.1M). These gains were partially offset by a decrease in EPC business (-€10.4M) and intersegmental adjustments (-€3.2M).
Segment Performance Analysis
EnergyVision’s strategic focus on its home market of Belgium yielded strong results, with revenue more than doubling (+121%) in the country. Meanwhile, the company deliberately decreased its EPC activities in foreign markets, resulting in revenue declines in China (-11%) and Morocco (-61%).
The geographical revenue distribution highlights this strategic shift:
Looking at individual business segments, the Asset-Based Energy division showed impressive growth with revenue increasing by 52% to €11.1 million and REBITDA growing by 70% to €10.8 million. The company added 21.4 MWp of new assets and acquired an additional 1.6 MWp from third parties during the period.
The Asset-Based Mobility segment also performed strongly:
This segment, which focuses on charging infrastructure, saw an 80% increase in revenue to €3.6 million and a 76% rise in REBITDA to €1.2 million. Average electricity consumption per charging point rose significantly from 512 kWh in H1 2024 to 836 kWh in H1 2025, indicating higher utilization rates. The company also secured a major tender from NMBS for at least 5,000 charging points, positioning it for continued growth in this segment.
The Non-Asset-Based Energy segment experienced the most dramatic growth, with revenue surging from €1.7 million in H1 2024 to €29.8 million in H1 2025. By June 30, 2025, the company had 78,269 connection points across 34,761 energy purchase contracts, with an additional 45,000 new connection points secured through a group purchase effective August 1.
In contrast, the EPC segment saw a 31% decline in revenue to €22.8 million, though its REBITDA increased slightly by 2% to €3.5 million. This decline aligns with the company’s strategic shift away from EPC activities and toward recurring revenue streams.
Financial Position and Balance Sheet
EnergyVision’s profit and loss statement reflects the company’s strong performance across its key financial metrics:
The company maintained its gross margin at a healthy level, with EBITDA margin slightly improving from 24% in H1 2024 to 25% in H1 2025.
The balance sheet shows a total of €274 million, with the company’s recent IPO having a positive impact on its debt position:
Net debt decreased to €71 million following the IPO, improving the company’s financial flexibility for future investments and growth initiatives.
Strategic Positioning and Forward-Looking Statements
EnergyVision’s business model centers on the integration of energy production, consumption, and charging infrastructure, creating synergies across its four business segments. The company is strategically redirecting produced energy toward its customers and charging stations to avoid exposure to negative injection prices, which have reached record levels in 2025.
Management confirmed its guidance for mid-term objectives as stated in the company’s prospectus, expressing confidence that the group remains well on track to deliver on these targets. The strategic shift toward asset-based energy solutions and recurring revenue streams appears to be yielding positive results, despite challenging market conditions in the solar installation sector.
EnergyVision shares are currently trading at €11.35, up 0.26% on the day, within a 52-week range of €9.70 to €13.40. As the company continues to execute its strategy of focusing on recurring revenue streams and its home market of Belgium, investors will be watching closely to see if it can maintain its growth trajectory in the second half of 2025.
Full presentation:
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