AFYREN (ALAFY) H1 2026 earnings summary

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.