Below is the press release, available in PDF format (in italian).
- Production value of 27 million Euros, up 36.6% compared to 19.8 million Euros in 2024 and in line with the guidance of the 2023-2026 industrial plan
- EBITDA of Euro 15.8 million, up 68% compared to Euro 9.4 million in 2024, with an EBITDA margin of 58% (47.4% in 2024), higher than the guidance of the 2023-2026 industrial plan
- EBIT of Euro 14 million, up from Euro 7.8 million in 2024
- Net profit of Euro 7.5 million, strongly increased compared to Euro 3.3 million in 2024
- Pro-forma net financial position of Euro 13.2 million (cash negative), an improvement compared to Euro 19.5 million in 2024
THE ADVANCEMENT OF THE BESS PIPELINE CONTINUES, WITH OVER 4 GW OF PROJECTS SUBMITTED
Milan, march 30, 2026
The Board of Directors of Redelfi S.p.A. (“Redelfi” or the “Company”), the head company of the homonymous industrial Group with operational headquarters in Genoa – engaged in the development of innovative and sustainable infrastructures to support the energy transition, and listed on the Euronext Growth Milan segment of Borsa Italiana – today approved the consolidated financial statements and the draft annual financial statements as of December 31, 2025, to be submitted to the Shareholders’ Meeting convened on April 29, 2026, in first call and on April 30, 2026, in second call.
The Chairman of the Board of Directors of Redelfi S.p.A., Davide Sommariva, stated: “The results achieved during 2025, aligned with our Industrial Plan, represent a fundamental step in the growth journey of the entire Group because they confirm the validity of the strategic choices undertaken. The significant business expansion and the possibility of replicating an already successful model even in ancillary markets such as that of Data Centers reflect not only our execution capability but also the industrial vision that guides our Group in the medium and long term. In line with this, the focus on Italy assumes a central role and translates into a concrete acceleration of activities, with more than 4 GW of BESS projects filed, and in the consolidation of our positioning in a key market for the energy transition.In the same way, sustainability continues to be an integral part of our strategy, precisely as a concrete lever for value creation, capable of guiding our industrial choices and generating positive and lasting impacts. We believe in continuous growth, supported by a solid pipeline and established skills, with the goal of continuing to create value for our shareholders and expanding responsibly, contributing to the development of strategic infrastructures.”
Consolidated economic and financial results as of December 31, 2025
The economic results achieved during the financial year are particularly improved compared to the previous year, mainly thanks to the significant progress in the industrial development of Battery Energy Storage System (“BESS”) projects in Italy.
The results obtained confirm the effectiveness of the strategic choices adopted by the Group during the 2025 fiscal year. In particular, the significant acceleration of business in Italy highlights the validity of the decision to concentrate resources and investments on the development of strategic infrastructure in the national territory. The economic data are in line with the guidance of the Industrial Plan shared with the market in December 2023 (the “Industrial Plan 2023-2026”) – ref. cs December 11, 2023.
The Production Value amounts to 27 million Euros and records a significant growth (36.6%) compared to 19.8 million Euros recorded in the previous financial year. The result is in line with the guidance of the 2023-2026 Industrial Plan, positioning itself in the upper range.
EBITDA amounted to €15.8 million, with an EBITDA margin of 58.3%, up from December 31, 2024 (€9.4 million). The increase is attributable both to the value recognized for projects under development based on the pro-rata value of signed sales contracts and to the growth in activities related to projects under development carried out by the Group. The result exceeds the guidance set out in the 2023-2026 Business Plan.
EBIT amounts to Euro 14 million, up compared to December 31, 2024 (Euro 7.8 million) after depreciation, provisions, and write-downs of Euro 1.8 million, resulting in an EBIT margin of 52%.
Consolidated net income amounted to €7.5 million, of which €5.2 million was attributable to the Group.
The Net Financial Position is approximately EUR 15.2 million (cash negative); the figure shows an improvement compared to the previous year but is higher than the guidance of the 2023-2026 Industrial Plan. For a correct comparison with the latter, it is necessary to consider the pro-forma NFP, that is, the normalized NFP which takes into account the effects of two extraordinary events that occurred during the financial year and, therefore, were neither anticipated nor included in the assumptions of the 2023-2026 Industrial Plan: i) the cash outflow related to the GPA earn-out amounting to more than EUR 11 million, paid during the financial year; ii) the capital increase and warrant exercise totaling EUR 9 million, the latter carried out in April 2025.
The difference between the pro forma net financial position, amounting to €13.2 million (cash negative), and the corresponding guidance is attributable to the current sluggishness of the U.S. market, as the 2023–2026 Business Plan had anticipated proceeds from the unrealized sale of the first BESS project in Texas.
Economic and financial results of Redelfi S.p.A. as of December 31, 2025
Production value amounted to €9.7 million, representing a slight decrease (-5.2%) compared to December 31, 2024. This result is attributable for €6.2 million (€8.4 million as of December 31, 2024) to the main DSA contract, while other revenues, primarily related to services re-invoiced to subsidiaries for corporate governance activities (€150 thousand), decreased by €127 thousand.
EBITDA amounted to €3.4 million, with an EBITDA margin of 34.90%, down from €5.6 million as of December 31, 2024. The decrease is due to a significant increase in personnel costs. The expansion of activities related to projects under development and the associated industrial operations carried out by both the Parent Company and its subsidiaries—to which Redelfi provides services with the aim of ensuring the operational capacity required to support the growth plans of the entire industrial group—has resulted in a corresponding increase in resources and related costs.
EBIT amounts to Euro 3.1 million (as of December 31, 2024, equal to Euro 5.3 million) after depreciation, provisions, and write-downs of Euro 284 thousand, resulting in an EBIT Margin of 31.97%.
Net income amounted to €1.2 million, with after-tax profit of approximately €651,000.
The Net Financial Position is equal to Euro 1.5 million (cash positive) with a significant improvement (of about Euro 9 million compared to December 31, 2024). This improvement is due to the following factors: i) an increase in bank deposits of about Euro 0.8 million; ii) an increase in financial receivables and financial assets that are not fixed assets totaling Euro 15 million attributable to changes in investment activity, which absorbed liquidity due to financing to subsidiaries developing the BESS projects and for other loans and investments in securities amounting to about Euro 2 million.
Proposed allocation of profit for the year of Redelfi S.p.A.
The Board of Directors has resolved to propose to the Shareholders’ Meeting to allocate the net profit for the year, amounting to Euro 1,208,262, with Euro 1,196,331 to retained earnings and Euro 11,931 to the Legal Reserve.
Significant events that occurred during the year
Below is a summary of the main events that took place during the 2025 fiscal year:
- On April 3, 2025, the Extraordinary Shareholders’ Meeting resolved to increase the share capital, excluding pre-emptive rights, for Euro 7,999,992 in support of the New 2025-2029 Industrial Plan. At the time of subscribing to the capital increase, the demand from primary investors was 1.2 times higher than the offer. Following this operation, Redelfi’s share capital amounts to Euro 563,247.88. The decision to carry out a capital increase is due to two main reasons: i) to strengthen the company’s shareholder structure; ii) to support new investments dedicated to the growth of BESS development.
- On April 7, 2025, the Board of Directors approved the spin-off operation, that is, the sale of some non-core shareholdings, with the aim of focusing resources and investments on the development of strategic infrastructures. In November, the Company executed the spin-off operation; in order to complete the operation, the shareholding held by the Company in Enginius still needs to be sold, which has not yet been sold due to a dispute that arose with a shareholder of the subsidiary.
- On April 8, 2025, following the subscription of the Capital Increase, the substantial change in the significant shareholdings of the share capital is communicated. The funds Alkemia SGR S.p.A. and Algebris Investment (Ireland) Limited enter the share capital of Redelfi, respectively with a stake of 9.76% (which will increase to 10.58% on April 14, 2025) and a stake of 6.34%, becoming the second and third significant shareholders.
- On April 28, 2025, the Ordinary Shareholders’ Meeting appointed the new Board of Directors, expanding it to 8 members, of whom two are Independent Directors, and also appointed the new Board of Statutory Auditors. Consequently, Dr. Sommariva was confirmed in the role of Chairman of the Board of Directors, and Eng. Pinto was appointed as Chief Executive Officer.
- On July 17, 2025, the third and final exercise period of the Redelfi 2022-2025 Warrants was closed, during which 1,479,940 warrants were exercised. As a result, 739,970 newly issued shares were subscribed.
- On July 22, 2025, the subsidiary CerLab S.r.l. was sold to third parties at the book value recorded in the financial statements, consistent with the choice to focus the Group’s resources and investments on infrastructure development. This sale strengthens the Company’s position as an active operator in the BESS energy market.
- On July 24, 2025, the Board of Directors approved the 2024 Sustainability Report, prepared on a voluntary basis. The Group chose to start preparing the Sustainability Report from 2024, with the aim of making the results achieved tangible and measurable also from an ESG perspective, pursuing a structured path of alignment with the CSRD and the ESRS.
- On November 11, 2025, the spin-off Agreement is carried out through the transfer of the investee RT&L S.p.A. (today listed on the EGM segment of Borsa Italiana) to Redeem Finance S.p.A. and through the subscription of the capital increase resolved by Redeem Finance S.p.A. amounting to a total of Euro 100,000, for a share of Euro 50,000, thus acquiring a participation equal to 33.33%.
- On December 11, 2025, Redelfi is awarded, for the second time after 2023, as “Best Performance 2025” on the occasion of the AssoNEXT Awards.
Significant events after the end of the fiscal year
On January 29, 2026, an agreement was signed with the WRM Group concerning the creation of a joint venture, 51% controlled by the Redelfi Group and specialized in the development of Data Center projects in Italy. Furthermore, the same agreement established that the technical and operational activities related to the development of Data Center projects will be directly handled by Redelfi, through a development services agreement (the “DSA”), which will create a new line of recurring revenue.
This agreement will constitute the basis of a new business line of the Redelfi Group, leveraging a process of cross-selling and know-how transfer.
On February 13, 2026, the Company communicated its intention to focus resources and investments on the development of BESS and Data Centers in Italy, considering divesting its US subsidiaries.
Foreseeable development of management
Considering the interest that the Italian market is receiving from foreign entities, the Group has made the decision to focus mainly on the latter.
Consistently, the Group has defined a series of key initiatives aimed at supporting its growth: i) in line with the business model, the sale of BESS ready-to-build projects is therefore planned; ii) closing co-development or sale agreements for projects within Redelfi 2, through other DSA contracts, allowing the generation of recurring cash flows upon reaching project milestones; iii) enhancement and return of investment in the United States, in light of current uncertainties in the U.S. market regarding the energy transition. Redelfi is selecting the advisor to pursue the sale of the entire pipelines in the USA.
Regarding Data Center development activities, Redelfi will be entirely responsible for the technical and regulatory development of the projects under a DSA and, at the same time, will be a partner with WRM Group for the financing of such development. The business model for the Data Centers will replicate the one already adopted for BESS, structured into five consecutive development gates, from the site scouting phase up to obtaining authorization. Leveraging its consolidated experience in matters of connections to the national electricity grid, the Company is indeed able to create significant industrial synergies with the development of BESS, applying know-how transfer throughout the entire development process.
Industrial Plan Update
The initiatives described above will represent important drivers for the update of the Industrial Plan, which, as already communicated, will aim to optimally and concretely reflect the new organizational structure fully focused on the development of strategic infrastructures.
Despite the macroeconomic variables present in the reference market, the Group is working on a new Industrial Plan, achievable like the 2023-2026 Industrial Plan currently underway, of which the Group has substantially, to date, achieved the guidance.
Notice of the Ordinary Meeting and documentation
The Board of Directors has resolved to convene the Ordinary Shareholders’ Meeting on April 29, 2026, in first call and on April 30, 2026, in second call, at the locations and in the manner that will be communicated in the relevant notice of convening, which will be published within the terms provided by the applicable laws and regulations. The Meeting will be called at this session to deliberate on the approval of the financial statements and on the allocation of the financial result as of December 31, 2025. The Company will proceed to update the Financial Calendar on its website.
The documentation relating to the items on the agenda will be made available to the public at the company headquarters and on the website www.redelfi.com (Investor Relations section > Shareholders’ Meeting), as well as on the website www.borsaitaliana.it (Shares section > Documents) within the time limits provided by current regulations.
This press release is available on website www.redelfi.com, section Investor Relations > Press release, and on www.1info.it.
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Redelfi is the company at the head of the Industrial Group active in the field of the energy transition, through the development of strategic infrastructures, mainly Battery Energy Storage Systems, with a highly innovative approach and with great attention to the respect of ESG principles in business management. In the 2025 financial year, the Group achieved a Production Value of Euro 27 million and a Net Result of Euro 5.2 million. EBITDA is Euro 15.7 million. The adjusted Net Financial Position is cash negative for Euro 15 million and Equity amounts to Euro 45 million.
Contacts:
ISSUER
Redelfi | Investor Relations Manager | Erika Padoan | investor-relations@redelfi.com | T: +39 320 7954739 | Piazza Borgo Pila, 39, Torre B, 16129 Genova
Redelfi | Media Relations Manager | Carolina Beretta | carolina.beretta@redelfi.com | Piazza Borgo Pila, 39, Torre B, 16129 Genova
INVESTOR & FINANCIAL MEDIA RELATIONS
IR Top Consulting | Investor Relations | ir@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milan, Italy
IR Top Consulting | Media Relations | d.gentile@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milan, Italy
EURONEXT GROWTH ADVISOR
Integrae SIM | info@integraesim.it | T: T: +39 02 80506160 | Piazza Castello, 24 – 20121 Milano
