The auditing firm Kpmg declared that it was not able to express an opinion on the interim consolidated financial statements as at 30 June 2026 of Energy spa.
The decision of the auditing firm, communicated by the Venetian company specialized in energy storage systems Bess (Battery energy storage system), derives from the strong uncertainties regarding the business continuity of the group, hit by a heavy financial red and by a contraction of the reference markets. The company, founded 13 years ago, was listed on the Milan Stock Exchange (Euronext Growth) on August 1, 2022.
The (black) numbers of the semester
The accounts for the first half of 2026 show a sharp worsening of the economic-financial conditions. The net loss stood at 11.287 million euros, compared to the red of 1.964 million recorded in the same period of 2025. The margin between value and production costs was negative for 59.591 million euros. As of 30 June 2026, the short-term debt exposure included 7.709 million euros towards credit institutions, 7.656 million towards suppliers and 5.352 million euros linked to advance payments, we read in the note.
The collapse of demand
The industrial situation is affected by the decline in sales in the residential sector, held back by price competition from Chinese operators. At the same time, the commercial and industrial divisions recorded a lower-than-estimated start. In the third quarter, the postponement of investments by some key customers to 2027 was added, caused by delays in authorization permits for the installation of the systems. The postponement of orders, associated with the slow collection of receivables, generated a marked time lag between income and expenditure, creating “very strong tensions on the group’s liquidity”.
The recovery plan
To manage the emergency situation, the Board of Directors has launched a recovery plan making use of specialized consultants. The 2026-2031 industrial and financial plan aims to expand large-scale systems, corporate reorganization with cost cutting, commercial development in German-speaking countries and debt renegotiation with creditors. The company’s top management also approved access to the negotiated settlement procedure of the crisis, with the request for protective and precautionary measures to start negotiations with creditors in a context of operational continuity.
The risks
Kpmg auditors have identified three main elements of uncertainty: the confirmation of the protective measures by the court, the outcome of the negotiations with the banks and the actual achievability of the estimates of the new industrial plan. Furthermore, the issue of contractual clauses on bank loans remains. In the past, the institutions have granted exemptions for failure to comply with the parameters, but the absence of contractual guarantees for the future – according to the Big Four – represents a further element of vulnerability for the stability of the group.