Comal is the leading Italian EPC-M player in utility scale PV plants, becoming a one-stop-shop in the solar value chain thanks to innovative and patented solar trackers, shelters, and (from 2H25) state-of-the-art modules.
Comal's financial profile showcases robust growth (VoP CAGR17-23 of 47%), consistent profitability (EBITDA Margin of 7%-10%), and a 1H24 backlog at all-time high (€348mn or 2.5x FY23 VoP). In FY28E, we expect VoP at ca.
€361mn (22% CAGR) and EBITDA at ca. €31mn (3x FY23, 9% margin), including the new PV modules business from FY26E
