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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
AFYREN
AFYREN (ALAFY) investor relations material
AFYREN H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary24 Sep, 2026
Executive summary
The remaining 48.92% stake in AFYREN NEOXY was acquired for €11.3m, bringing ownership to 100%; full consolidation from 31 March 2026 limits comparison with H1 2025.
H1 net income was €2.429m, including €15.816m of non-recurring acquisition-related income; pro forma net income was a €1.0m loss.
Production ramp-up and plant performance investments remain central to reaching plant, then consolidated, break-even.
Financial highlights
H1 revenue was €1.265m versus €1.204m in H1 2025; it included €585k from acid and fertilizer sales and €680k from services.
Current operating loss was €9.650m; pro forma current operating loss, including AFYREN NEOXY from 1 January, was €15.6m.
Operating income was €6.166m, including €15.816m of non-current income tied mainly to acquisition accounting and revaluation of the previously held stake.
Net income was €2.429m versus a €6.924m loss in H1 2025; basic and diluted EPS were €0.06 versus -€0.27.
Plant billings were ~€1m in H1, twice the full-year 2025 level; consolidated results included plant product revenue for the first time.
Outlook and guidance
H2 2026 AFYREN NEOXY revenue is targeted to double versus H1, mainly through higher production; planned shutdowns are incorporated as optimisation continues through 2027.
The priority is removing bottlenecks and reaching plant, then consolidated, break-even after the 2026–2027 investment programme.
Plant 2 investment could be considered in 2028, with commissioning targeted for 2030, subject to confirmation of the break-even trajectory.
Advanced projects in France and Thailand target annual capacities of 24,000 and 28,000 tonnes, respectively, with profitability targeted above the current plant through scale effects.
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Latest events from AFYREN
- First sales achieved; continuous production and scale-up remain the 2025 inflection point.ALAFY
H2 2024 - Production ramp-up delays weigh on H1 results; 2025 break-even remains the target.ALAFYH1 2024
- Industrial production is proven; ramp-up, funding and execution now determine the path to break-even.ALAFYH2 2025
- Continuous production began as H1 losses widened ahead of the H2 sales ramp-up.ALAFYH1 2025
Next AFYREN earnings date
H2 20264 May, 2027
AFYREN
Next AFYREN earnings date
H2 20264 May, 2027
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