Agripower France (ALAGP) H1 2026 earnings summary

Executive summary

• Order backlog surged to €16.6M as of December 31, 2025, up 82% from June 2025, driven by biomethane injection projects.

• Strategic shift confirmed toward a developer-investor model in biomethane injection, with 90% of backlog now in this segment.

• First-half results remain modest, with significant growth expected from the second half of 2025-2026.

• Four new contracts totaling €9.8M signed in France, including three equity participations.

Financial highlights

• Net revenue for H1 2025-2026 was €2.5M, up from €2.3M year-over-year.

• EBITDA for H1 2025-2026 was -€1.2M, compared to -€1.0M in H1 2024-2025.

• Operating loss widened to -€1.4M from -€1.1M year-over-year.

• Net loss for the period was -€1.3M.

• Cash available at December 31, 2025, was €3.3M, with net cash of €1.4M.

Outlook and guidance

• Annual revenue target for 2025-2026 adjusted to around €8M due to project delays; over €16M targeted for 2026-2027.

• Second half of 2025-2026 expected to see accelerated growth and near break-even operating results.

• Commercial pipeline exceeds €20M across seven advanced projects.