Agripower France (ALAGP) H2 2026 earnings summary

Executive summary

• FY2025-26 marked a shift toward developing and investing in biomethane-injection plants; five new project stakes brought the portfolio to seven assets at 30 June 2026.

• Consolidated revenue rose 161% to €11.5m, including initial biomethane sales; operating loss was €3.7m during the investment and deployment phase.

• The portfolio had one operating plant, three Greenfield projects under construction, one further Greenfield project awaiting funding, and two Brownfield conversion projects.

Financial highlights

• Consolidated revenue was €11.454m versus €4.5m pro forma in FY2024-25; biomethane sales contributed €4.6m, construction and development work €4.2m, and services €1.2m.

• Parent-company revenue increased 125% to €8.3m, mainly from third-party construction contracts (€3.2m), work billed to project companies (€3.8m), and services and maintenance (€1.2m).

• Parent-company operating loss narrowed to €2.1m from €4.0m, including a net €0.6m provision reversal; net loss improved to €1.9m from €3.9m.

• Consolidated net loss was €4.4m versus €5.4m in FY2024-25; consolidated operating loss included a net €0.6m provision reversal.

Outlook and guidance

• The priority is to secure near-term funding to cover working-capital needs while preserving asset value and continuing portfolio development.

• 2027 priorities include commissioning and ramping up installations; biomethane revenues are expected to grow as the six other units enter service.

• Methélec bank refinancing, potentially including capacity expansion from 500 to 540 Nm3/h, is envisaged for 2027; other project commissioning schedules remain subject to funding availability.

• At 1 July 2026, parent-company construction backlog was €14.6m; consolidated construction backlog was €7.0m, excluding services and SPV biomethane and electricity sales.