Read the press release in PDF format here (in Italian)
THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED FINANCIAL RESULTS AS OF DECEMBER 31, 2024: INDUSTRIAL PLAN GUIDANCE EXCEEDED, CONFIRMING BUSINESS ACCELERATION
•PRODUCTION VALUE OF €19.8 MILLION, UP 81.7% FROM €10.9 MILLION IN 2023 AND ABOVE THE GUIDANCE OF THE 2023-2026 BUSINESS PLAN
•EBITDA OF €9.4 MILLION, UP 85.8% COMPARED TO €5 MILLION IN 2023, WITH AN EBITDA MARGIN OF 47.4% (46.3% IN 2023)
•EBIT OF €7.8 MILLION, UP 70% FROM €4.6 MILLION IN 2023
•NET INCOME OF €3.3 MILLION, UP 9.6% FROM €3 MILLION IN 2023
•ADJUSTED NET FINANCIAL POSITION OF €8.2 MILLION, UP FROM €4.3 MILLION
THE GROUP CONFIRMS ITS FOCUS ON THE ENERGY MARKET AND THEREFORE ON THE DEVELOPMENT OF BATTERY ENERGY STORAGE SYSTEMS, WHICH ACCOUNT FOR MORE THAN 89% OF ITS REVENUES.
Milan, March 26, 2025
The Board of Directors of Redelfi S.p.A. (“Redelfi” or the “Company”), the parent company of the industrial group of the same name with operational headquarters in Genoa – engaged in the development of innovative and sustainable infrastructure to promote energy transition, and listed on the Euronext Growth Milan segment of the Italian Stock Exchange – today approved the consolidated financial statements and draft financial statements for the year ended December 31, 2024, to be submitted to the Shareholders’ Meeting convened on April 28, 2025.
Davide Sommariva, Chairman of the Board of Directors of Redelfi S.p.A., commented: “The Group closed 2024 with very positive results, exceeding the guidance set out in the 2023-2026 Business Plan. The figures obtained clearly demonstrate the performance resulting from the industrial choices underlying our strategy and reflect the strong growth of the Redelfi Group. Furthermore, the focus of resources on the energy market, specifically on the development of BESS, has led to a sharp acceleration in business, reaching a turnover of almost €20 million, 90% of which was generated by the electrical infrastructure sector. As a result of the evolution of the business, we are satisfied with the growth of the structure and the optimization of internal processes, which have generated significant added value for the management of the entire Group. We have made geographical diversification one of our strengths and plan to increase our position in both Italy and the US in the coming years. We are very satisfied with the strategic choices and significant investments made in 2024, which have led us to achieve better than expected results. We are therefore confident that we will continue to grow in the coming years and pursue our objectives.”
Consolidated financial results as of December 31, 2024
The consolidated results show a significant increase compared to the previous year and also compared to the guidance of the 2023-2026 Business Plan shared with the market – ref. December 11, 2023. The significant increase in the figures can be explained by the growth of the Group’s reference market, namely the development of Battery Energy Storage Systems (“BESS”) on both the Italian and US markets.
The value of production amounted to €19.8 million, representing significant growth compared to December 31, 2023, when it amounted to €10.9 million. The result is attributable for €17 million to the green business line (€7 million as of December 31, 2023), with a significant increase in both absolute and relative terms.
EBITDA (Gross Operating Margin) amounted to €9.4 million, with an EBITDA margin of 47.4%, an increase compared to December 31, 2023 (positive EBITDA of €5 million).
EBIT amounted to €7.8 million, up by more than €3 million, or 70%, compared to December 31, 2023, resulting in an EBIT margin of 39.2% for the 2024 financial year. Consolidated net income amounted to €3.3 million (of which €2.9 million attributable to the Group), with taxes amounting to €2.7 million. The significant consolidated net income is entirely attributable to the development of BESS.
The net financial position, recorded in the accounts, amounted to €19.5 million, up from €4.8 million as of December 31, 2023. This increase is primarily due to the signing of a €15 million loan agreement with Anthilia Capital Partners SGR – ref. cs April 16, 2024 – and, secondly, from the early recognition of the earn-out, for an amount of €11.2 million, attributable to the acquisition of the subsidiary GPA Solution S.r.l. – ref. cs October 30, 2023. Considering that the recognition of the aforementioned debt within the Net Financial Position is an event that occurred earlier than forecast in the Business Plan and, also considering the nature and origin of this debt, it is certainly not attributable to current operations. Net of this component, therefore, the adjusted Net Financial Position amounts to just over €8.2 million, which is well below the guidance of the 2023-2026 Business Plan. The increase compared to the result at December 31, 2023, would therefore amount to only €3.4 million, attributable to investments for development in the US.
Redelfi S.p.A. financial results as of December 31, 2024
The value of production amounted to €10.2 million, representing significant growth of +151% compared to December 31, 2023 (€4.1 million). This result is attributable for €9.7 million to the green business line (€1.2 million as of December 31, 2023).
EBITDA (Gross Operating Margin) amounted to €5.6 million, with an EBITDA margin of 54.9%, compared to December 31, 2023 (positive for €1.2 million) .
EBIT amounted to €5.3 million (€0.9 million at December 31, 2023) after amortization, depreciation, provisions, and write-downs totaling €0.3 million, resulting in an EBIT margin of 52.1%.
Net income amounted to €2.2 million, after taxes of approximately €1.2 million, in line with the previous year’s result.
The Parent Company’s Net Financial Position (or “NFP”) amounted to €7.5 million (€4.3 million as of December 31, 2023), this increase is based on the reasons described above, relating to the Group’s Net Financial Position, namely (i) the €15 million loan signed with Anthilia Capital Partners SGR and (ii) the early recognition of the earn-out of €11.2 million, attributable to the subsidiary GPA Solution S.r.l..
Significant events during the financial year
The main events that occurred during the 2024 financial year are summarized below:
•On February 12, 2024, Redelfi launched a joint venture with Flash S.p.A., part of the WRM Group, through the sale at par value of a 49% stake in Bright Storage S.p.A. and signed the related shareholders’ agreements. On the same date, a Development Service Agreement was signed between Redelfi and Bright Storage, which provides for a recurring fee paid upon completion of each development gate for Redelfi’s technical and operational services as a supplier.
•On April 2, 2024, Redelfi completed its rebranding, in line with its industrial decision to focus solely on the green market.
•On April 3, 2024, the subsidiary Bright Storage S.p.A. reached its pipeline power target of 2.8 GW, subsequently expanding the target to 3.3 GW.
•On April 16, 2024, Redelfi signed a €15 million financing agreement with Anthilia Capital Partners SGR to support the development of BESS in Italy, more specifically the Bright Storage pipeline;
•On July 11, 2024, the subsidiary Redelio Renewables began development activities with the approval of a budget of $20 million for the next four years, also acquiring five BESS projects from the investee BESS Power Corp., for a total capacity of 1.5 GW, in order to establish a solid foundation for development.
•On July 18, 2024, Redelfi expanded its development in Italy through the establishment of the joint venture Ribess S.r.l., with a development target of 500 MW.
•On September 2, 2024, the Redelfi Group appointed Mr. Pinto as General Manager. Mr. Pinto’s arrival is aimed at coordinating all the Group’s activities and optimizing the internal structure, with the aim of bringing significant added value;
•On December 13, 2024, Redelfi’s Board of Directors exercised the power granted pursuant to Article 2443 of the Italian Civil Code by the Extraordinary Shareholders’ Meeting of April 29, 2022, approving a paid capital increase for a total value of €1,999,620, including share premium, through the issue of new ordinary shares without par value and with regular dividend rights.
Significant events after the end of the financial year
On March 17, 2025, Redelfi’s Board of Directors resolved to propose to the extraordinary shareholders’ meeting, convened for April 3, 2025, a capital increase dedicated to institutional investors, already identified in advance. The reasons behind the capital increase are mainly related to raising financial resources to support strategic development initiatives in the relevant markets, which will lead to an update of the 2023-2026 Business Plan (the “New Plan”), which provides for significant investments, especially in the US market.
Forecast business performance
In line with its strategic guidelines, the Group is focusing its business attention on the green business line, i.e., the development of BESS in both the Italian and US markets. In this regard, Redelfi announces that it will continue in the short term (no later than the first half of the current financial year) with a spin-off of the Group’s activities and companies not related to its core business, i.e., not linked to energy, with the aim of streamlining the corporate structure. Furthermore, with regard to its core business, the Group plans to continue developing the Drivers set out in the 2023-2026 Business Plan and to strengthen its position in both markets.
There are three Italian pipelines:
–Redelfi 1 Pipeline (Galata), owned by the Group, with a capacity of approximately 1 GW, which the Group plans to sell during the current year;
–Bright Storage Pipeline, with a capacity of approximately 3.3 GW, co-developed with Flash S.p.A. (WRM Group);
-New pipeline (“Redelfi 2 Pipeline”) with a capacity of approximately 1.5 GW, currently owned by the Group, resulting from projects originated for the purpose of providing a back-up for the pipelines described above. To date, following the maturity of the projects in the above pipelines and the significant reduction in their probability of failure, this pipeline may attract interest from potential buyers and/or partners.
There are two American pipelines:
–BESS Power pipeline, with a capacity of approximately 1.2 GW, for which a beauty contest has been launched for the sale of the first 500 MW;
–Redelio Renewables pipeline, with a capacity of approximately 1.6 GW. The development of this pipeline began in July 2024 and, as such, it is still in its early stages.
The New Plan will set out the Group’s vision for the five-year period 2025-2029, with a growing commitment in the US and the strengthening of development on the Italian market.
Business Plan Update
In light of the above and the transactions currently underway (such as the capital increase to be approved at the extraordinary shareholders’ meeting on April 3), Redelfi will proceed, following approval of the financial statements for the year ended December 31, 2024, by the ordinary shareholders’ meeting on April 28, 2024, to communicate the New Plan to the market.
Convocation of the Ordinary Shareholders’ Meeting and documentation
The Board of Directors has resolved to convene the Ordinary Shareholders’ Meeting on April 28, 2025, in a single call, at the locations and in the manner to be communicated in the relevant notice of call, which will be published in accordance with the terms of applicable laws and regulations. The Shareholders’ Meeting will be called upon to approve the financial statements and the allocation of the net income for the year and to resolve on the appointment of the Board of Directors, the Board of Statutory Auditors, and the independent auditors, all of whom will expire with the approval of the financial statements for the year ending December 31, 2024.
The documentation relating to the items on the agenda will be made available to the public at the company’s registered office and on the website www.redelfi.com (Investor Relations > Shareholders’ Meeting section), as well as on the website www.borsaitaliana.it (Shares > Documents section) within the terms provided for by current legislation.
This press release is available on the website www.redelfi.com, section Investor Relations > Press Releases and on www.1info.it.
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Redelfi is the parent company of the Redelfi Group active in the digital and green transition by taking a highly innovative approach to defining products, services and processes with a strong focus on adherence to ESG principles in business management. In the financial year 2023, the Group achieved a Production Value of EUR 11 million and a Net Profit of EUR 3 million. The Net Financial Position is cash negative in the amount of EUR 4.8 million and the Net Equity is EUR 25 million.
Contacts:
ISSUER
Redelfi | Investor Relations Manager | Erika Padoan | investor-relations@redelfi.com | T: +39 320 7954739 | via A. Scarsellini, 119 Torre B “I Gemelli” 11 piano, 16149 Genova
Redelfi | Media Relations | Carolina Beretta | carolina.beretta@redelfi.com | via A. Scarsellini, 119 Torre B “I Gemelli” 11 piano, 16149 Genova
INVESTOR & FINANCIAL MEDIA RELATIONS
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