High-potential SMEs

Egm in the X-ray: Energy Time's renewables boom (+85%)

The company operates in the entire renewable energy value chain. In 2025 it brought home excellent results

by Valeria Novellini

17 April 2026

5' min read

Translated by AI

Versione italiana

Key points

Numbers
Very low Debt/Equity ratio also due to listing
New post-Ipo orders worth over 24 million

5' min read

Translated by AI

Versione italiana

The Molise-based Energy Time, in terms of balance sheet results, is one of the most successful 2025 freshmen at Euronext Growth Milan. The company operates in the entire value chain of the renewable energy sector (mainly medium-to-large photovoltaic plants, starting with an installed capacity of 1.5 MW, as well as 6 mini-wind turbines located in Sicily with a capacity of 60 kW each under its subsidiary Et Wind Srl).

Energy Time has already 'lived many lives' and was controlled by the US group Premier Power Renewable Inc. until 2013, while in 2020, at the height of the Covid-19 pandemic, it dedicated itself to the production of personal protective equipment, as did other companies that later landed on Euronext Growth Milan (e.g. iVision Tech).

The numbers

In 2025, Energy Time's revenues increased by a good 58.1% to EUR 22.9 million, while the value of production rose by 41.8% to EUR 25.2 million as changes in inventories of finished and semi-finished goods fell from around EUR 3 million to EUR 2.1 million. And despite raw material consumption costs jumping 68.2% to EUR 12.2 million, ebitda reached EUR 4.6 million (+47.6%), ebit EUR 4.3 million (+60.4%; the company reported very low depreciation and amortisation in absolute terms and a decrease from EUR 428.000 to EUR 284,000) and net profit EUR 2.9 million (+85.7%), thanks to a negligible negative financial management balance - down from EUR 80,000 to EUR 39,000 - as well as a tax rate that dropped from 39.8% to 31.8%.

No dividend will be distributed from the parent company's net profit (which almost coincides with the consolidated figure) in order to finance the strategy outlined at the IPO, which includes further expansion of the workforce with specialised personnel, the purchase of site equipment the acquisition of authorisations and partnerships to extend the scope of activity to Bess storage facilities and open up to new customers such as electricity grid operators and high-voltage processing, as well as territorial diversification (development of the management and financial headquarters in Milan and the logistics base in Sicily). Naturally, the strategy also includes possible growth by external lines through the acquisition of companies supplying facilities, trackers, or services that are currently subcontracted.

Very low Debt/Equity ratio also thanks to pricing

As at 31.12.2025 Energy Time showed a net financial debt of EUR 2.5 million (EUR 4.5 million at the end of 2024), resulting in a Debt/Equity ratio of 0.17 times, thus very low. New financial resources of EUR 4.2 million were raised from the IPO.

Energy Time's current customers are mostly Independent Power Producers (75.9% of 2025 revenues), who focus on medium to large power plants, recently also in the agri-voltaic field; followed by commercial, industrial and agricultural energy companies (7.7% of revenues) and finally individual and professional customers who require small-scale plants (1 Mwp power). At the end of 2025, the backlog of photovoltaic plants to be built by 2027 amounted to 242 MW (including those already under construction), for a countervalue of 125 million, of which 86% referred to orders already contracted or binding framework agreements (hard backlog) and 14% subject to Letters of Intent (soft backlog).

New post-Ipo orders worth over 24 million

After the listing, which took place on 24 July 2025, Energy Time signed a contract for the construction of a 5.1 Mwp photovoltaic plant in Lombardy (order value EUR 3.2 million, expected completion mid-2026), a photovoltaic plant with ground tracker technology in Campania, also of 5.1 Mwp (order value EUR 1,4 million and expected completion in mid-2026), and at the end of the year it signed a partnership with Voltuna Srl (Gas Sales Energia Group of Piacenza) for the construction of turnkey photovoltaic plants as well as storage systems and recharging stations, for a total of 2.5 MWp of power and a contract value of 1.7 million; also in this case, work is expected to be completed around mid-2026.

In February 2026, an agreement was also concluded with Nadara, an Independent Power Producer active in Europe and the USA, for the construction of photovoltaic plants in Sicily and Molise for a total of 40 MWp and a value of approximately 18 million, with completion in the second half of 2026.

And so Energy Time certainly has its work cut out for it in 2026 and beyond. After all, even before the listing, the company had already started to strengthen its workforce and on 30/6/2025 had 73 employees compared to 58 at the end of 2024; of the 15 new hires, 10 are labourers and labourers, 3 engineers and 2 technical and site managers. Overall, labour costs increased by 33.4% to EUR 2.2m in 2025, however less than the revenue trend.

Since this is contract work, it is not possible to predict a "linear" evolution of revenues and margins for Energy Time. The company receives, at the conclusion of a contract for the construction of a plant, a down payment on the price of the work, which normally ranges between 10% and 15% for plants of more than 2 MW and between 10% and 20% for plants of lesser power. Upon assembly of the structures, installation of the panels, and completion of the electrical system, a percentage of between 50% and 80% of the price of the work is paid, while the balance is paid after the system has been tested. The construction time for systems of up to 1.5 - 2 MW can range from 20 to 30 working days, while systems of greater power require 3 to 12 months.

To date, the company has not drawn up any sustainability reports, but at the end of 2025 it adopted a 231 organisational model as well as a code of ethics and appointed a supervisory body to oversee the functioning of and compliance with the 231 Model.

Energy Time actively communicates with investors and the already scheduled programme of meetings with the financial community includes 7 appointments (two have already been held), mostly abroad or online. The market has appreciated the group's strategy and the share price is currently over 40% higher than the placement price of EUR 3.2 per share; as is often the case, however, the value of exchanges is low, as is the free float (20% of the share capital), and at least so far there are no significant shareholdings by institutional investors. However, Energy Time represents an interesting reality for those who intend to bet on the growth of Italian energy independence and are also willing to wait, in line with the name of the company that holds the majority stake: Keep Calm Srl.