Lighthouse | Amper (AMP) posted revenues of €281.7 million in 2025 (below estimates of €369 million). The year-on-year decline is mainly explained by the sale of the Industrial Services business (Nervión; approx. €180 million in revenue in 2024), the slowdown in the offshore wind business, and the consolidation of only one half of Navacel.
By segment, Defence and National Security grew by 40% (€120 million), while Energy and Sustainability recorded €161 million (down 52%). The portfolio reached €695 million (up 29% compared to 2024): €201 million in Defence and National Security (up 97%) and €494 million (up 13%) in Energy and Sustainability. This reinforces the visibility of revenue figures for the coming years.
Excluding capitalisation of expenses (€16 million in 2025 against €13 million in 2024) and subsidies, recurring EBITDA amounted to €23.3 million (up 4.7% compared to 2024), placing the margin at 8.3% (up 3 p.p.).
The improvement is mainly due to the change in scope (exit from lower-margin businesses), greater weight of projects with proprietary technology, operational efficiency and growth in Defence and Security. With capitalisation, margin of 16.4% (9.2% in 2024).
Net debt stands at €82.1 million (down 20% compared to 2024) following the €77.2 million capital increase in July 2025.
Amper expects to close 3-5 transactions in 2026 (it has €129.1 million in cash) while continuing to invest in the new Elinsa factory (Morás – La Coruña; completion in 1H26) and in offshore wind facilities in Ferrol and As Somozas (demand expected from 2027).
Results below expectations in terms of revenue (offshore) but with a significant (anticipated) improvement in margins (up 3 p.p.). We preliminarily estimate 2026 revenue at €330 million and EBITDA (with activations) at €50-55 million (in line with previous estimates). Following the stock market correction (down 14% last week), Amper is trading at around 10x EV/EBITDA 2026e (against 16.4x for comparables).
