Agripower France (ALAGP) Trading Update summary

Strategic shift and operational highlights

• Focus shifted to biomethane injection units, both for third parties and own operations, leveraging new regulatory support for biomethane certificates since July 2024.

• Commissioned the 100th methanisation unit and completed the first majority acquisition and conversion of a cogeneration site to biomethane injection.

• Signed France's first biomethane certificate (CPB) resale contract, with initial injections expected in February.

• Maintained a strong cash position above €4 million at the end of 2024.

Project development and commercial pipeline

• Portfolio includes 34 methanisation projects as of June 2024, with 15 under installation and 19 in engineering.

• Three new farm-based units commissioned in January, bringing total installations to 100, representing about 6% of the French market.

• Commercial development of new cogeneration projects halted due to unfavorable economic conditions; focus now on delivering existing signed projects.

• Advanced pipeline of biomethane injection projects totals nearly €20 million in potential revenue, with key decisions expected within 3–12 months.

Own-account biomethane operations and recurring revenues

• First own-account project (Méthelec) converted to biomethane injection, with initial production set for February and capacity to reach 350 Nm3/h, targeting 600 Nm3/h by 2027.

• Secured a 6-year biomethane sales contract, with long-term recurring revenue potential exceeding €6 million annually for Méthelec.

• Investments in Méthelec include €1 million from Agripower Partner and €2 million from participatory financing.

• Launched a premium maintenance offer, signing three new contracts and reinforcing recurring service revenues.