Earnings release
Page 1
THE BOARD OF ECOMEMBRANE S.P.A. APPROVES THE CONSOLIDATED HALFYEARLY REPORT AS OF 30 JUNE 2026 Production value totaled 20,8 million euros, up by approximately 11 million euros (+117%). Significant improvement in all key profitability indicators, with positive EBITDA of 1,2 million euros (compared to -1,8 million euros as of June 30, 2025) and positive EBIT of 603 thousand euros (compared to -2,4 million euros as of June 30, 2025) Main results as of 30 June 2026: • Value of production: Euro 20,8 million (1H2025 Euro 9,6 million) • EBITDA: Euro +1,2 million, (1H2025 Euro -1,8 million) • Net result for the period: Euro +0,2 million, (1H2025 Euro -2,4 million) • Shareholders Equity: Euro 16 million • Net financial position: Cash Positive for Euro 3,9 mil lion (Cash and cash equivalents of 9,5 million euros; financial debt of 5,6 million euros) Gadesco Pieve Delmona (CR), 25 September 2026 – The Board of Directors of Ecomembrane S.p.A., (ISIN IT0005543332, hereinafter also referred to as the “Company” or “Ecomembrane” ), a leading company in the design and creation of gas storage and containment systems for the production of green energy, listed on the EGM segment of Borsa Italiana S.p.A. , announces the approval of the consolidated half-yearly report as of June 30, 2026, which has been subject to limited audit. Lorenzo Spedini, CEO of Ecomembrane, stated: “The first half of 2026 confirmed the Group’s growth trajectory, driven by progress in the biomethane sector and a significant contribution from the photovoltaic segment. These results demonstrate the effectiveness of our diversification strategy and the strengthening of Ecomembrane’s position in the energy transition markets. Looking ahead, we believe that the accumulated delays in meeting EU targets may encourage the introduction of additional measures to support the sector’s development.”. CONSOLIDATED FINANCIAL DATA AS OF JUNE 30th, 2026, AND OPERATING PERFORMANCE Production value totaled 20,8 million euros, representing an increase of approximately 11,2 million euros (+ 116,7%) compared to the previous period. Specifically, there was an increase in sales revenue of approximately 4 million euros, largely due to the parent company (+ 3,4 million euros), and in work in progress of 6,7 million euros, of which approximately 80% relates to the solar sector for the construction of solar power plants or portions thereof; in the latter case, these involve single- axis trackers. Ecomembrane LLC’s revenue reflects a recovery in the U.S. market (+ 536 thousand euros compared to the same period in 2025).
Page 2
The proportion of costs for raw and auxiliary materials (before changes in inventory) remained at levels substantially comparable to those of the previous period. Personnel costs totaled approximately 3,7 million euros , an increase of approximately 669 thousand euros (+22%) compared to the previous period, primarily due to higher sales volumes and the greater weight of SBS Solar’s personnel costs. EBITDA amounted to approximately 1,2 million euros (-1,8 million euros in the prior period); the increase is primarily attributable to the parent company’s performance (+ 2,4 million euros). Also noteworthy is the return to operating profitability of the U.S. subsidiaries and an improvement in performance in the solar segment due to higher volumes. Shareholders’ equity amounted to 16 million euros. The change compared to the prior period is primarily a scribable to net income for the period and the distribution of dividends totalling 412 thousand euros. Fixed assets totaled approximately 5,4 million euros, of which intangible assets amounted to 3,2 million euros and tangible assets to 2,1 million euros. The increase compared to December 31, 2025 (+ 503 thousand euros), net of depreciation and amortization for the period, is primarily attributable to the purchase of land by the subsidiary Pescarolo 1 for the construction of a photovoltaic plant, plus related costs and expenses (approximately 760 thousand euros), and to the capitalization of R&D costs at the parent company (144 thousand euros). Trade working capital amounted to 27 million euros , up by approximately 9,9 million euros compared with December 31, 2025, due primarily to an increase in inventory (+Euro 8,6 million), which in turn was influenced by changes in the progress of work on EPC contracts and other projects under construction in the solar sector amounting to Euro 5,4 million, and by changes in work in progress at the parent company amounting to Euro 1,5 million. The significant increase in work in progress—and thus in inventory —must be viewed in conjunction with the increase in other liabilities (+ 10,7 million euros), which is driven by advance payments received for the aforementioned work in progress. The net working capital figure is, in fact, in line with that as of December 31, 2025. Net financial debt shows a positive net financial position—that is, net cash and cash equivalents— of approximately 3,9 million euros, compared to 4,2 million euros as of December 31, 2025. This figure reflects cash and cash equivalents and current financial assets totalling approximately 9,5 million euros, which exceed total financial liabilities of approximately 5,6 million euros.
Page 3
MAIN SIGNIFICANT EVENTS DURING THE FIRST SEMESTER OF 2026 During the first half of 2026, the Ecomembrane Group continued its growth trajectory by consolidating its presence in its target markets and strengthening its position in the renewable energy sector. In particular, the Group recorded strong commercial acti vity in the photovoltaic sector, securing new contracts for the construction of photovoltaic systems and for the design and supply of single -axis solar trackers, thereby confirming the effectiveness of the diversification strategy launched in recent fiscal years. These business development efforts were supported by initiatives aimed at strengthening the Group’s operational capacity and future growth potential. This context also includes the purchase of agricultural land intended for the construction of a photovoltaic plant for an amount of 540,000 euros, through Pescarolo 1—a transaction disclosed to the market in March 2026 and intended to support the Group’s initiatives in the solar sector. Last March 2026, as part of a corporate reorganization of SBS Solar, the Company signed an extension with the minority shareholder of that subsidiary, Luigi Spedini, to the put -and-call agreement dated March 1, 2024, between the Company and Luigi Spedini, increasing the maximum total stake covered by the option to 25% of SBS Solar’s share capital. On the international development side, Ecomembrane has also signed a partnership agreement with LUCKY -TECH Membranes Private Limited, a leading Indian company in the construction of tensile structures and PVC storage systems, aimed at developing mutual synergies and sharing know-how and technologies. This initiative is part of the Group’s strategy to expand its geographic presence and strengthen partnerships with qualified companies active in the membrane and green energy infrastructure sectors. During the period under review, the Board of Directors also approved the consolidated financial statements and the draft financial statements as of December 31, 2025, which were subsequently approved by the Shareholders’ Meeting. The Shareholders’ Meeting also renewed the Corporate Officers, confirming the continuity of corporate governance and the persistence of the development path undertaken by the Group. The commercial developments recorded during the half-year confirm the gradual expansion of the order backlog both in the Group’s traditional business of roofing and gasometer membranes and in activities related to photovoltaics, a sector that is playing an increasingly significant role in the Group’s growth strategies. The integration of the expertise developed within the subsidiaries allows the Group to offer the market an increasingly comprehensive range of solutions in the context of the energy transition, strengthening growth prospects in the medium to long term.
Page 4
MAIN SIGNIFICANT EVENTS AFTER THE END OF THE FIRST SEMESTER No significant events have occurred since the end of the half-year. OUTLOOK FOR OPERATIONS With regard to the storage systems business, the Group expects to complete the significant order backlog acquired —primarily in the Italian market —during the second half of 2026, while also continuing to develop its collaboration with Energy Dome in the eng ineering, design, and construction of double-membrane gasometers for CO₂ Battery plants. In the solar sector, following the numerous contracts and orders secured by SBS Solar during the first half of 2026, the Group plans to continue completing the projects already secured and to execute the recently contracted orders, further consolidating its market presence. At the same time, it will continue pursuing regulatory approvals to support the growth of its project portfolio. In general, Ecomembrane’s objective is to pursue a growth -oriented strategy and seize all opportunities offered by the market while strengthening its competitive position in its target sectors. Management will remain highly attentive to economic trends and potential growth opportunities, reaffirming an approach focused on creating sustainable value over the long term. FILING OF DOCUMENTATION The documents referred to in this press release will be made available to the public in accordance with the terms and procedures set forth in the EGM Issuers’ Regulations, as well as on the Company’s website at https://www.ecomembrane.com in the “Investors/Financial Statement and Reports” section.
Page 5
Information about Ecomembrane Ecomembrane S.p.A., with registered office in Gadesco Pieve Delmona (Cremona) and North Little Rock (Arkansas, USA), has been operating in the renewable energies and biogas sector since 2000 and is managed by its Founder and CEO, Lorenzo Spedini. Ecomembrane considers itself one of the founding fathers of the modern era m embrane gasholders and is specialised in producing gasholders, heat shields for anaerobic digesters, odour control -covers made in PVC -coated fabric membrane and all parts of products needed for the combustion of biogas and the production of electricity. Th e Company designs, produces, markets and installs components for biogas and biomethane production plants and gas storage systems such as biogas, methane, CO2, hydrogen. It is also involved in the photovoltaic industry with its subsidiary SBS Solar, focusing on the construction of single -axis trackers and the development and construction of turnkey systems. The Company is present commercially on all continents and in 40 countries, with offices and production units in Italy and the USA. Contacts: Ecomembrane S.p.A. Operating Office Via Pari Opportunità, 9 Gadesco Pieve Delmona – Cremona Tel. +39 0372 463599 info@ecomembrane.com Euronext Growth Advisor Equita SIM S.p.A. Marcello Daverio Tel: +39 02 62041 m.daverio@equita.eu ATTACHMENTS TO FOLLOW: - RECLASSIFIED CONSOLIDATED PROFIT AND LOSS ACCOUNT - RECLASSIFIED CONSOLIDATED BALANCE SHEET - CONSOLIDATED NET FINANCIAL POSITION
Page 6
Attachment 1: RECLASSIFIED CONSOLIDATED PROFIT AND LOSS ACCOUNT (*) Percentage incidence on revenues from sales and services (**) EBITDA indicates the operational management result before income tax, of financial proceeds and expenses, of fixed asset amortisation, of credit write-downs and allocations to provisions for risks and charges. The EBITDA is not identified as an accounting measurement as part of Italian accounting principles so must not be considered as an alternative measurement to assess the operating results trend of the Issuer. As the EBITDA composition is not regulated by accounting principles of reference, the cal culation criterion applied by the Issuer might not be uniform with the one adopted by other companies, so not be comparable to them. (***) EBIT indicates the result before income tax and of financial proceeds and expenses. The EBIT represents the operating m anagement result before remunerating capital, both own and that of third parties. The EBIT is not identified as an accounting measu rement as part of Italian accounting principles so must not be considered as an alternative measurement to assess the operating results trend of the Is suer. As the EBIT composition is not regulated by accounting principles of reference, the calculation criterion applied by the Issuer might not be uniform with the one adopted by other companies, so not be comparable to them. Profit and Loss account 30.06.2026 % 30.06.2025 % Var. % (Figures in Euro/000) (*) (*) Revenue from Sales and services 12.107 58,3% 8.131 84,8% 3.977 48,9% Change to inventories of products in progress,semi-finished and finished products 1.551 7,5% 948 9,9% 603 63,7% Variation in work in progress on order 6.891 33,2% 173 1,8% 6.717 3871,9% Increases in fixed assets for internal work 144 0,7% 142 1,5% 2 1,4% Other revenue and proceeds 83 0,4% 195 2,0% (112) (57,3%) Value of Production 20.776 100,0% 9.589 100,0% 11.188 116,7% Raw, acillary and consumable materials and goods (8.707) (41,9%) (6.157) (64,2%) (2.550) (41,4%) Service costs (5.647) (27,2%) (3.127) (32,6%) (2.520) (80,6%) Leased assets (1.113) (5,4%) (691) (7,2%) (422) (61,0%) Variation to inventories of raw, subsidiary materials consumables and goods (193) (0,9%) 1.865 19,4% (2.058) (110,3%) Personnel costs (3.708) (17,8%) (3.039) (31,7%) (669) (22,0%) Sundry operating expences (179) (0,9%) (230) (2,4%) 51 22,3% EBITDA ** 1.229 5,9% (1.791) (18,7%) 3.020 168,6% Ammortisation of Intangible assets (370) (1,8%) (362) (3,8%) (9) (2,4%) Depreciation of Tangible Assets (206) (1,0%) (213) (2,2%) 8 3,7% Provisions for risks (44) (0,2%) – - (44) - Receivables written down (6) (0,0%) – - (6) - EBIT *** 603 2,9% (2.366) (24,7%) 2.970 125,5% Financial result (83) (0,4%) 16 0,2% (99) (620,1%) EBT 520 2,5% (2.350) (24,5%) 2.871 122,1% Income tax (316) (1,5%) (24) (0,3%) (291) (1202,9%) Result for the year 205 1,0% (2.374) (24,8%) 2.579 109% Profit (Loss) for the period attributable to the group 246 – (2.086) Profit (Loss) for the period attributable to non- controlling interests (41) – (289)
Page 7
Attachment 2: RECLASSIFIED CONSOLIDATED BALANCE SHEET (*) Incidence percentage of the item “Total Sources”. (**) “Fixed Assets” is calculated as the sum of property, plant, and equipment; intangible assets; goodwill; and other non-current assets. (***) “Net Current Assets” is calculated as the sum of inventory, trade receivables, trade payables, other current assets, other current liabilities, tax receivables and payables, and net accruals and deferrals. “Net Current Assets ” is not identified as an accounting measurement by the accounting principles of reference. The calculation criterion applied by the Group might not be uniform with the one adopted by other Companies so the balance obtained by the Group cannot be compared with the one calculated by the former. (****) “Net Capital Invested” is calculated as the sum of “Fixed Assets,” “Net Current Assets,” and “Non-current Liabilities” (Including for risks and charges, which also include deferred and prepaid taxes, and the Severance Indemnity Fund ). “Net Invested Capital” is not identified as an accounting measurement by the accounting principles of reference. The calculation criterion applied by the Group might not be uniform with the one adopted by other Companies so the balance obtained by the Group cannot be compared with the one calculated by the former. (*****) Please note that “Net Financial Debt” is calculated as the sum of (i) liquid assets and cash equivalents, (ii) financial receivables, and (iii) non-current financial payables, and has been determined in compliance with the provisions of the “Guidelines on Disclosure Requirements under the Prospectus Regulation” (ESMA32-382-1138), published by ESMA (European Securities and Markets Authority). Balance Sheet 30.06.2026 % 31.12.2025 % Var. % (Figures in Euro/000) (*) (*) Intangible fixed assets 3.165 25,3% 3.323 27,5% (158) (4,8%) Tangible fixed assets 2.089 16,7% 1.407 11,6% 681 48,4% Financial fixed assets 123 1,0% 144 1,2% (21) -14,5% Fixed assets** 5.377 43,0% 4.874 40,3% 503 10,3% Inventories 23.321 186,6% 14.680 121,3% 8.641 58,9% Trede receivables 9.062 72,5% 8.938 73,9% 124 1,4% Trade Payables (5.346) (42,8%) (6.519) (53,9%) 1.173 18,0% Commercial Current Assets 27.037 216,3% 17.099 141,3% 9.938 58,1% Oteher current assets 2.218 17,7% 1.355 11,2% 863 63,7% Other current liabilities (21.408) (171,3%) (10.751) (88,9%) (10.657) (99,1%) Net tax receivables and payables 210 1,7% 594 4,9% (383) (64,6%) Net accruals and deferrals 88 0,7% 24 0,2% 64 270,5% Net current assets*** 8.144 65,2% 8.320 68,8% (175) -2,1% Provision for risks and charges (444) (3,6%) (500) (4,1%) 56 11,2% Severance Indemnity Fund (577) (4,6%) (594) (4,9%) 16 2,8% Net Invested Capital (Uses)**** 12.500 100,0% 12.100 100,0% 400 3,3% Payables to Banks 5.302 42,4% 4.420 36,5% 882 20,0% Payables to other landers 290 2,3% 317 2,6% (27) (8,6%) Cash and Cash equivalents (9.457) (75,7%) (8.975) (74,2%) (483) (5,4%) Net Financial Debt***** (3.866) (30,9%) (4.238) (35,0%) 372 8,8% Share Capital 1.427 11,4% 1.427 11,8% – - Reserves and retained earnings 14.085 112,7% 13.125 108,5% 960 7,3% Consolidation reserve 243 1,9% 243 2,0% – - Profit (Loss) attributable to the Group 246 2,0% 1.141 9,4% (895) (78,5%) Shareholders' Equity (Own Funds) 16.001 128,0% 15.936 131,7% 65 0,4% Share Capitel and third-party reserves 406 3,2% 206 1,7% 200 97,2% Profit (Loss) attributable to non-controlling interests(41) -0,33% 196 1,62% (237) (120,9%) Total Sources 12.500 100,0% 12.100 100,0% 400 3,3%
Page 8
Attachment 3: CONSOLIDATED NET FINANCIAL POSITION 30.06.202631.12.2025 Var. % A. Liquid Assets 4.157 3.674 13,2% B. Cash equivalents 5.300 5.300 - C. Other current financial assets - - - D. Liquidity (A) + (B) + (C) 9.457 8.975 5,4% E. Current financial debt - - - F. Current portion of non-current debt 2.663 1.808 47,3% G. Current financial debt (E) + (F) 2.663 1.808 47,3% H. Net current financial debt (G) - (D) (6.794) (7.166) 5,2% I. Non-current financial debt 2.928 2.928 - J. Debt instruments - - - K. Trade payables and other non.current payables - - - L. Non-current financial debt (I) + (J) + (K) 2.928 2.928 - M. Total financial debt (H) + (L) (3.866) (4.238) 8,8% Net Financial Debt (Figures in Euro/000)