AFYREN (ALAFY) H1 2025 earnings summary

Executive summary

• Continuous production began at AFYREN NEOXY in June, starting the industrial ramp-up; several hundred tonnes of products were expected to be produced and marketed in H2 2025.

• H1 consolidated net loss widened to €6.9m from €5.3m, primarily reflecting AFYREN NEOXY’s ramp-up costs before significant product sales.

Financial highlights

• H1 revenue was €1.204m, down 12% YoY; other services rose to €1.204m, while industrial know-how licence and development revenue was €0.709m.

• Operating loss was €3.641m versus €3.590m; net financial income was €0.851m versus €0.978m; net loss was €6.924m versus €5.322m.

• H1 operating expenses net of other income were €4.8m, down from €5.0m YoY; R&D expense was €0.9m, stable YoY.

• Cash and cash equivalents were €27.5m at 30 June 2025, down €6.1m during H1; total assets were €51.5m and equity €46.2m.

Outlook and guidance

• 2025 production revenue is expected in the low-single-digit million-euro range; positive current EBITDA breakeven is expected within a few quarters, subject to ramp-up adjustments.

• A proposed ~€20m additional investment would lift planned capacity from 16kt to ~20kt and increase the EBITDA target from €9m to €14m.

• The three-site plan targets €150m combined revenue at full capacity and ~30% EBITDA margin; development of Plants 2 and 3 may follow a phased approach to manage cash burn and financing.