olivLaw · European equity research
GRUPO EZENTIS, S.A. EZE.MC
Spain · BME Madrid · ISIN ES0172708234 · Vertical: Listed companies from Spain
Grupo Ezentis is a Spanish group providing technical and infrastructure services, mainly in Spain. It reported net revenue of 34,320 thousand euros in fiscal 2025, and debt and liquidity remain in investors' focus, especially given the convertible bonds issued in 2024 and 2025.
At the close of 05 Nov 2026, GRUPO EZENTIS, S.A. (EZE.MC) stock was 0.06 EUR (−3.40% on the day), with market capitalisation 29.0 m EUR, dividend yield 2.07%, beta 0.43, 52-week range 0.06–0.10 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.5
- weak (30–45)
- Bollinger (20, 2)
- 0.06 – 0.07
- below the lower band · %B -0.29 · band width 6.4%
- SMA 50 / 200
- 0.07 / 0.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.0% | +0.4% | −6.4 pp | — |
| 3 months | −13.2% | −3.3% | −9.9 pp | — |
| 6 months | −17.8% | +4.0% | −21.7 pp | — |
| Year to date | −20.1% | +8.1% | −28.2 pp | — |
| 1 year | −36.2% | +10.7% | −46.9 pp | +6.7% |
| 3 years | unavailable | +50.1% | unavailable | +31.5% |
| 5 years | −74.3% | +43.6% | −117.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 17.3 m | 13.9 m | 34.3 m |
| Revenue YoY | unavailable | −19.6% | +147.2% |
| Net income | 194.1 m | -1.7 m | -3.2 m |
| Net income YoY | unavailable | −100.9% | unavailable |
| Diluted EPS | 0.42 | -0.00 | -0.01 |
| Diluted EPS YoY | unavailable | −100.7% | unavailable |
| net % | 1,123.7% | -12.1% | -9.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 5.4 m EUR
- Total assets
- 42.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.04x
- ROE
- unavailable
- ROA
- -13.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 17.3 m | 13.9 m | 34.3 m | esef· 20 Oct 2026verified |
| Operating income | -12.5 m | -3.2 m | -627.0 k | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 631.0 k | 259.0 k | 1.1 m | esef· 20 Oct 2026verified |
| EBITDA | -11.9 m ≈ | -2.9 m ≈ | 480.0 k ≈ | esef· 20 Oct 2026derived |
| Interest expense | 5.1 m | 551.0 k | 1.6 m | esef· 20 Oct 2026verified |
| Pre-tax income | 82.4 m | -3.1 m | -2.0 m | esef· 20 Oct 2026verified |
| Income tax | -615.0 k | 4.0 k | 609.0 k | esef· 20 Oct 2026verified |
| Net income | 194.1 m | -1.7 m | -3.2 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.42 | -0.00 | -0.01 | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.0 m | 1.2 m | 3.1 m | esef· 20 Oct 2026verified |
| Receivables | 4.6 m | 2.1 m | 20.8 m | esef· 20 Oct 2026verified |
| Inventories | 639.0 k | 737.0 k | 1.3 m | esef· 20 Oct 2026verified |
| Current assets | 9.4 m | 4.2 m | 25.7 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 187.0 k | 196.0 k | 264.0 k | esef· 20 Oct 2026verified |
| Goodwill | 88.0 k | 88.0 k | 7.5 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 280.0 k | 173.0 k | 8.2 m | esef· 20 Oct 2026verified |
| Total assets | 12.1 m | 6.3 m | 42.7 m | esef· 20 Oct 2026verified |
| Accounts payable | 8.4 m | 7.8 m | 19.3 m | esef· 20 Oct 2026verified |
| Long-term debt | 0 | 0 | — | esef· 08 May 2025verified |
| Current liabilities | 15.7 m | 9.2 m | 24.7 m | esef· 20 Oct 2026verified |
| Total liabilities | 17.3 m | 10.0 m | 37.4 m | esef· 20 Oct 2026verified |
| Equity | -5.1 m | -3.6 m | 5.4 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 463.3 m | — | — | esef· 08 May 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 29.0 m EUR
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -9.3% | 5 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.4x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.1% | 30 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partial30/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GRUPO EZENTIS SA (EZE.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 34.3 m EUR in 2025; YoY growth 147.2%; net margin -9.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -9.3%
- Interest coverage: -0.4x
- Current ratio: 1.0x
- Shareholder yield (distributions): 2.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for EZE.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Grupo Ezentis is a Spanish group providing technical and infrastructure services, mainly in Spain. It reported net revenue of 34,320 thousand euros in fiscal 2025, and debt and liquidity remain in investors' focus, especially given the convertible bonds issued in 2024 and 2025 1.
SWOT
Strengths
- The group has a portfolio of first-tier clients, with credit risk considered low by management.
- The capital structure improved versus the prior year, and working capital turned positive.
- Activity is concentrated in a familiar market where the group has operating experience.
Weaknesses
- The net loss remains significant, showing profitability is not yet consolidated.
- Financial debt and convertible bonds increase pressure on liquidity.
- Receivables older than 180 days increased, affecting the collection cycle.
Opportunities
- Cost reduction and margin optimisation could improve operating results.
- Diversifying business lines could reduce dependence on a single contract type.
- Demand for infrastructure and energy transition services could create new contracts.
Threats
- Dilution of shareholders from bond conversion could weigh on investor confidence.
- Climate reporting requirements could increase compliance costs.
- Dependence on the Spanish market could expose the group to local economic changes.
Risks
- Liquidity riskhigh
Debts maturing in the next twelve months are significant, while available cash is limited relative to them.
- Dilution riskhigh
Convertible bonds could lead to new share issues, affecting existing shareholders.
- Credit riskmedium
Receivables overdue beyond 180 days could become uncollectible if clients' situation deteriorates.
- Interest rate riskmedium
The variable part of debt is linked to Euribor, which could increase financing costs if rates rise.
- Climate compliance risklow
New obligations to report climate risks could imply additional costs.
Investment thesis
What would need to be true (bull case)
- If cost optimisation materialises, margins could rise significantly from current levels.
- Positive working capital and reduced capital pressure could support more stable financing.
- A portfolio of first-tier clients could support collections and recovery of receivables.
What would break the thesis
- A persistent net loss could limit the group's ability to fund itself from internal resources.
- Bond conversion could significantly dilute existing shareholders.
- Rising overdue receivables could reduce liquidity available for operations.
What to watch
- Evolution of liquidity and debt maturing in 20262026
- Conversion of convertible bonds and effects on shareholders2026
- Evolution of receivables overdue beyond 180 daysnext 10-K
- Operating result and progress of the cost reduction plan2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Grupo Ezentis, S.A. and its dependent companies operate in services for industrial and infrastructure clients, with operations concentrated in Spain 1. The 2025 annual report describes a strategy of diversifying business lines and strengthening activity in Spain, objectives explicitly mentioned in capital management 1. The group discontinued operations in 2024, which explains differences between compared years 1.
Net revenue grew significantly in 2025 versus 2024, reaching 34,320 thousand euros, while EBITDA was positive at 1,040 thousand euros after a negative result in 2024 1. The net loss remained significant in 2025, showing profitability has not yet stabilised 1.
The financial structure changed in 2025: the group issued convertible bonds and took bank loans, and equity turned positive after a 2024 year with negative equity 1. Working capital became positive at the end of 2025, following measures to optimise working capital and collection policies 1.
Segments
Technical and infrastructure services
The main activity, carried out mainly in Spain, includes projects for industrial and infrastructure clients, with revenue recognised based on work performed 1. Work in progress not yet invoiced at 31 December 2025 amounted to 1,214 thousand euros, indicating a relatively small project backlog 1.
Market context
The group operates in the technical and infrastructure services market in Spain, where clients are mostly first-tier companies with high solvency profiles 1. Market size is not quantified in the annual report, and competitive analysis depends on external context not described in the source 1.
Client credit risk is considered low by management, as most undue receivables are attributed to clients with a good payment history 1. However, receivables older than 180 days increased compared with the prior year, showing pressure on collections 1.
Trends
- Climate transitionheadwind
Spanish climate change legislation requires reporting the financial impact of climate risks, which could increase the group's compliance costs 1.
- Cost optimisationtailwind
The group is implementing a cost reduction and margin optimisation plan, which could improve profitability if delivered 1.
- Convertible bond financingmixed
Convertible bond issues provide funding but may dilute existing shareholders if converted into new shares 1.
- Working capital pressureheadwind
Higher overdue receivables and trade payables could limit liquidity flexibility if working capital turns negative again 1.
Competitive position
The annual report does not explicitly name the group's competitors, making a direct comparison of competitive position difficult 1. Competition is implicitly tied to the ability to win contracts with industrial and infrastructure clients in Spain 1.
Differentiation could come from long-term client relationships and the quality, safety and environmental standards mentioned in internal policies 1. Without sector data in the source, these advantages remain qualitative 1.
- Competitors not named in the annual report
The source does not name competitors; direct comparisons cannot be made from the annual report.
- Local infrastructure service providers in Spain
Local companies bidding for the same industrial contracts; the source does not name them.
- International engineering firms
Larger companies competing on complex projects; not identified in the document.
- Regional technical service operators
Competitors with local presence; the report gives no details on them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / GRUPO EZENTIS, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.