Half-year report 2025
Introduction
The enespa Group expects significant revenue growth and a gross profit in the high single-digit million range for the current fiscal year. Following the scheduled completion of an intensive investment and development phase, during which production capacities and sales channels were established and technological foundations were laid, the company is now systematically working through its project and order pipeline – with noticeable effects on the income statement.
1H 2025 Net sales in CHF
4.06 Million
%
Forecast 2025 of CHF 23.07 million compared to 2024 with CHF 5.74 million (improvement of 301%)
1H 2025 Gross Profit in CHF
0.95 Million
%
Forecast 2025 of CHF 9.3 million compared to 2024 with CHF 1.55 million (improvement of 500%)
1H 2025 EBITDA in CHF
-6.22 million
%
CHF -4.98 million is expected for 2025 compared to CHF -11.98 million in 2024 (an improvement of 209%)
Conclusion for the whole year
Overall, the 2025 fiscal year is likely to be very positively impacted by the expansion of our business activities: Sales and contribution margin are expected to increase significantly, while costs will normalize and EBITDA and EBIT will increase noticeably compared to 2024 – even if a small deficit remains on the bottom line. On the balance sheet side, the focus is on building up working capital and securing long-term financing. The enespa Group's liquidity remains sustainable, provided that sales growth occurs as planned and current assets are consistently managed.
Disclaimer: The figures presented under "Outlook 2025" represent the assessment of enespa management at the time of publication of this report. They are based on assumptions and are subject to uncertainty; actual results may differ significantly.
Update on locations and projects
Hoyerswerda location
Commissioning of the oil-to-oil plant and ISCC-EU certification
The new plant for the thermal recycling of liquid, oily waste has been successfully commissioned at the Hoyerswerda site. The goal is to recover high-quality hydrocarbons. Since the plant is not yet operating at full capacity, it achieves a production volume of approximately 2.400 liters per day. This is comparable to the smaller production plant already in operation at the same location. Due to further optimization measures, an expansion to 5.000 liters per day is planned for the second half of the year.
Parallel to the commissioning of the plant, the certification process for the resulting products as recycled carbon fuels according to ISCC EU was initiated. The preparatory phase is almost complete.
Bernsdorf location
Production expansion and automation
At the production site in Bernsdorf, Saxony, daily AdBlue® production was increased from 50 to 100 tons through targeted optimization of process and plant control. To efficiently store larger production volumes, the existing tank farm was expanded to four 30 m³ tanks.
In the second half of 2025, production capacity will be expanded by a further 50 tons to a total of 150 tons per day through a switch to three-shift operation. Furthermore, there are plans to increase medium- to long-term production capacity to 200 tons per day through targeted measures.
To ease the workload on the workforce and increase the output of AdBlue® containers, a fully automated packaging line was planned for the first half of the year. This line will handle the packaging and palletizing of 5- and 10-liter canisters.
USA – Project development by enespa technologies us llc and financing via municipal bonds
In the US, the subsidiary enespa technologies us llc reached a milestone in project development. Preparations are currently underway for the new issue of a public bond structured by JP Morgan and issued jointly with Lake County, Florida. This will finance a new enespa facility for the recycling of mixed plastic waste.
As part of the financing planning, the Harris Group, an engineering firm specializing in public infrastructure projects, conducted a comprehensive technical due diligence. The audit included, among other things, the manufacturing activities of enespa-grt innovation gmbh in Tangstedt and the documentation for the Neo Plastic-to-Oil technology. The Harris Group certified the technology as having a very high Technology Readiness Level (TRL) and a leading international competitive position.
Disbursement of the bond is expected starting in the third quarter of 2025. With the release of the financing, the order for up to twelve enespa plastic-to-oil machines, each with a daily processing capacity of 5 tons, is expected from enespa ag. This represents a significant step toward achieving the planned production targets in the area of machine manufacturing. Commissioning of the Florida site is scheduled for the second quarter of 2026.
enespa-grt innovation gmbh and enespa gmbh Germany
Since March 2025, the enespa Group has been marketing the decentralized technology for the chemical recycling of polyolefin plastic waste under the name enespa NeoOil P5. This is a modular recycling plant with a daily input capacity of 5 tons, operating 24 hours a day.
enespa-grt innovation gmbh, based in Tangstedt (Schleswig-Holstein), serves as the central engineering and plant manufacturing center of the enespa Group. It is responsible for the industrial implementation of the neo-pyrolysis platforms, the basic and detailed engineering of international projects, as well as product development and process optimization.
In the first half of 2025, enespa-grt innovation gmbh achieved the following milestones:
- Delivery of the first enespa NeoOil P5plant to the joint venture partner PlastEco Oy in Lahti, Finland – an important milestone for the market launch of the P5 series technology
- Delivery of a revised enespa NeoOil P1 plant to the University of COPPE in Rio de Janeiro, Brazil, for scientifically supported pilot testing
- Production of two identical NeoOil P5-Systems for our cooperation partner EcoCyclic in Winnie, Texas (USA), with imminent delivery and commissioning
- Order intake and start of production of another NeoOil P5-APR facility in Australia
- Building an international sales and marketing team for strategic market development
- Increased staff in engineering: Hiring of a mechanical engineer and a plant planner to strengthen project capacities
- Accompanying and completing the financing of the “Ararat” project in Australia with our partner Plastoil; the commissioning of the first three enespa NeoOil P5-plant is planned for the fourth quarter of 2025
Meanwhile, the following achievements and milestones have been achieved at enespa gmbh Germany:
- Submission of the permit application for a tire pyrolysis plant in Kroppenstedt to the Halle State Administration Office; processing of the official additional requirements has been completed
- Commissioning of the first main components and preliminary planning services from the main suppliers
Outlook for the second half of 2025
The following strategic and operational priorities are planned at Group level for the second half of 2025:
Strategic and structural measures:
- Securing project financing for the enespa site in Florida
- Start of series production of up to twelve NeoOil P5-Systems for the US market
- Commissioning of three NeoOil P5-Systems by our Australian partner Plastoil
- Completion of ISCC-EU certification at the Hoyerswerda site
- Approval approval and start of construction of the tire pyrolysis plant in Kroppenstedt
- Commissioning of the automated packaging line at the Bernsdorf site
- Expansion of the international sales network in North America, Southern Europe and the Asia-Pacific region
- cooperation with Nexergy
12 NeoOil P5 systems
Operational measures – delivery and commissioning:
- Commissioning of the already delivered NeoOil P1 plant at COPPE University in Brazil
- Delivery and commissioning of two NeoOil P5-Systems at our cooperation partner EcoCyclic in Winnie, Texas (USA)
- Delivery and commissioning of a NeoOil P5-APR facility in Australia
- Commissioning of the delivered NeoOil P5-Plant at PlastEco Oy in Finland
Commissioning of
5 NeoOil systems (4xP5, 1xP1)
Capital raising 2025 enespa ag and enespa ag Balzers
The 2025 capital raise will be used to finance key growth and development projects within the enespa Group. The following targets have been set for the current year:
Million CHF
enespa ag share issue
Million CHF
Million CHF
Project financing tire pyrolysis
Review of the first half of 2025
The first half of the year was marked by important decisions regarding capital raising. Share sales were paused as part of a strategic realignment at the end of March, while bonds were successfully placed. Optimized advertising measures significantly reduced costs and noticeably increased the conversion rate in reaching potential investors.
As of June 30, 2025, a total of CHF 7.41 million in capital had already been raised.
Outlook for the second half of 2025
The conditions for achieving the target in the second half of the year have been created. The subscription period for the current bonds has been extended. The focus now is on the resumption of share sales, supported by targeted communications and expected project progress. The almost exhausted subscription volume for the current bonds should further stimulate demand.
As of mid-September 2025: CHF 12.1 million
- All
- Investor Relations
- Research laboratory
- System Engineering
- Plant operation
- Persons
- For the cause
