High-potential SMEs

Egm X-rayed: Redelfi's ebitda leaps by 68%

In 2025, the company, which is mainly active in the Battery Energy Storage System sector, recorded important financial results

by Valeria Novellini

5 May 2026

6' min read

Translated by AI

Versione italiana

Key points

Numbers
Low debt despite heavy investment
Disposed of or being disposed of unprofitable businesses

6' min read

Translated by AI

Versione italiana

Often the top managers of a listed company announce that they are investing in their company, usually in times of falling prices, to reaffirm their confidence in future developments and support the share price. But there is someone who did not need to communicate this. Davide Sommariva, Redelfi's chairman, has been gradually buying up shares and currently holds 5.03% of the share capital himself (in addition to the 27.9% held through the company Marinetta Srl). On the other hand, there is certainly no need to support the prices of a stock that in both 2023 and 2025 won the AssoNext Awards as Best Performance on Euronext Growth Milan. And in 2026, too, prices are rising, albeit to a limited extent for the time being.

The numbers

Redelfi closed the financial year 2025 with a value of production that increased by 36.6% to EUR 27.1 million. It is worth emphasising here that of this figure, EUR 25.2 million consists of changes in contract work in progress (EUR 15.4 million in 2024), as Redelfi is essentially a project company and, in particular, is mainly involved in the development of Battery Energy Storage Systems (Bess) in Italia as well as having recently entered the field of Data Centre project development in Italy.

For EUR 24.5 million, the change in contract work in progress refers to the Italian pipelines of Bess projects (Redelfi 1 of about 2 Gw already subject to a sale agreement and at an advanced stage of development, for which all authorisations are expected to be obtained within two years, Bright Storage of 3.3 Gw developed jointly with Flash of the Wrm group, which has a purchase option on 1 Gw, and Redelfi 2, originally a back-up of the Bright pipeline but which may be subject to interest from potential buyers).

Then there are EUR 0.6 million related to capitalised costs incurred to date by the joint-venture Redelio Renewables Llc for the development of part of the US projects (Redelio pipeline of about 1.6 Gw); in the US, there is also the 1.2 Gw Bess Power pipeline under development, which, however, is the responsibility of a joint-venture not included in the scope of consolidation.

Not that profit margins were any less impressive. Ebitda jumped by 68% to EUR 15.8 million, EBIT by 80.5% to EUR 14 million, and net profit by 79.9% to EUR 5.2 million, also thanks to a tax rate that went from 44.4% to 38%, and despite the fact that minority interests jumped from EUR 420,000 to EUR 2.3 million. However, no dividend will be distributed to shareholders to support the group's future development.

Restricted debt despite heavy investment

As of 31/12/2025, the net financial debt amounted to EUR 15.2 million (giving rise to a Debt/Equity ratio that was in any case limited and equal to 0.34 times); not taking into account non-recurring transactions (earn-out for the acquisition of Gpa Solution Srl for EUR 11.2 million and capital increase reserved for Redelfi's institutional shareholders for EUR 9.2 million), the pro-forma net financial debt would have been EUR 13.2 million. These values are higher (by EUR 3 million) than those indicated by Redelfi in the 2023 - 2026 Business Plan, as the proceeds related to the sale (not realised) of the first Bess project in Texas were included therein. At the end of 2024, the group's net financial debt amounted to EUR 19.5 million.

Disposed of or in the process of being disposed of unprofitable businesses

But Redelfi is a very dynamic company. In fact, precisely because of this, as soon as it realises that certain activities do not present great possibilities for growth, it divests them. In July 2025, it divested CerLab Srl as soon as it became clear that the development of renewable energy communities in our country was slow (also due to legislative and procedural problems). In February 2026, it also announced its intention to divest its US subsidiaries, not only because they do not contribute anything to the group's ebitda, but in view of the current US policy that favours traditional energy sources to the detriment of renewables (hence the non-sale of the Bess project in Texas).

Also sold, again with a view to focusing on Bess projects in Italia, was the 8.75% stake held in RT&L, a project cargo and customs services company that, in turn, landed on Euronext Growth Milan on 3 December 2025 and was the first company to be awarded a €312,000 non-repayable grant from the Liguria Region to support the listing of SMEs. The shareholding was sold to Redeem Finance, of which Redelfi currently holds 33.33% after the subscription of a reserved capital increase for EUR 50,000 (another 33% was subscribed by Tzu Srl from which Gpa Solution Srl was purchased). Today, Redeem Finance holds 18.83% of RT&L's share capital (32.59% of voting rights due to the presence of multiple voting shares). On the other hand, the stake in Enginius Srl (IT consulting and software), which was also to be taken over by Redeem Finance, has not yet been sold, but Redelfi estimates that it will be able to complete this sale by 2026.

Redelfi currently ranks first in the 2025 ranking of operators in terms of size of the pipeline of Bess projects in Italia under development with authorisation process underway (ranking prepared by the strategic energy consulting boutique Elemens). At the beginning of 2026, it signed a new agreement with the Wrm group for the creation of a joint-venture (51% Redelfi) for the development of 4 Data Centre projects over the next two years, of which Redelfi will take care of the technical-operational activities for which it will receive compensation upon reaching specific development milestones for each Data Centre project. Also in this case Redelfi has decided to undertake an activity that is expected to grow strongly in the near future.

For the financial year 2026, Redelfi (based on the 2023 - 2026 Business Plan) indicated a production value of between EUR 34 and 35.2 million and an EBITDA of between EUR 23.3 and 24.3 million, while net financial debt should amount to EUR 16.5 - 17.5 million. It should be recalled here that the 2023 - 2026 Business Plan indicated significant investments in the expansion of the Bess pipeline in the US (which, however, will not take place in view of the divestment of the relevant subsidiaries) as well as in the development of renewable energy communities in Italia, which will also not take place.

Strategy Focused on Bess Project Divestment and Data Centre Development

Key initiatives to support the group's growth now include the sale of 'ready to build' Bess projects for the Bright Storage pipeline (which is largely in the last phase of development), the closing of co-development or sale agreements for the more advanced pipelines and the projects within Redelfi 2 (in the initial development phase) through the introduction of Development Service Agreements that generate recurring cash flows when project milestones are reached, as well as, as mentioned above, the valorisation of the investment in the US, for which the advisor that will handle the sale of the entire US pipeline is currently being selected.

Today, Redelfi has a very high free float not only by Euronext Growth Milan standards (41.82% of the share capital), and trades are also relatively large. With the reserved capital increase in April 2025, Alkemia Sgr entered the shareholding structure, which currently holds 11.47% of the share capital, and Algebris Investment (Ireland) Limited is also present with 5.95%.

The company has always been at the forefront of the ESG profile and has been drawing up its sustainability report since 2022. For four years it has sponsored the Riviera International Film Festival in Sestri Levante and since 2025 the 'Stelle nello Sport' project, which supports and enhances Ligurian sport and its excellence. It has recently decided to move its registered office to the centre of Genoa (near Genoa Brignole station) after having drawn up the 2025 Home-Work Movements Plan; team building initiatives have been undertaken (there are few employees, 44 at the consolidated level at the end of 2025) and a corporate climate monitoring activity is being carried out by the HR function.