EARNZ (AIM:EARNZ), the energy services group focused on decarbonisation, reported revenue of £11.8m for the year ended 31 December 2025, up from £2.6m in 2024, and achieved break-even adjusted EBITDA following acquisitive expansion in 2024-25.
Loss before tax narrowed to £1.7m (2024: £3.6m) and the Group ended the year with net debt of £1.2m versus net cash of £0.3m a year earlier, or net debt of £0.7m excluding IFRS16 lease liabilities (net cash £0.6m 2024), with management noting the EBITDA milestone was reached despite higher central support costs.
The performance was driven by full-year contribution from Cosgrove & Drew and South West Heating Services acquired in 2024, the July 2025 acquisition of A&D Carbon Solutions which spawned startups Warm Low Living and National Retrofit Solutions, material contract wins with Equans and post-year orders via Fortem for Sanctuary Housing, and the post-period acquisition of Zero Carbon Group for £9.5m.
The Board said it remains confident in the outlook for FY26 and CEO Peter Smith said "I am delighted with the progress to date".
