Arverne Group (ARVEN) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €7.4 million, down 19.6% year-over-year, mainly due to the completion of major drilling projects in 2025 and a shift in project mix.

• Gross business volume grew 60.1% year-over-year to €16.8 million, driven by operational outperformance and strategic project execution.

• Net loss attributable to the group widened to €12.3 million from €10.0 million in H1 2025, reflecting higher personnel and operating expenses.

• Major milestones achieved in the Lithium de France project, including successful drilling, pilot plant validation, and resource assessment.

• Heating & Cooling segment advanced with the creation of La Francilienne de Géothermie and first renewable heat sales expected in winter.

Financial highlights

• EBITDA loss improved to €10.8 million from €11.4 million year-over-year (+4.9%).

• Operating loss increased to €15.1 million from €13.7 million, mainly due to higher depreciation linked to new leased equipment.

• Net financial debt stood at €5.6 million at June 30, 2026, compared to €41.0 million at year-end 2025, reflecting significant investment activity.

• Cash and equivalents decreased to €45.5 million from €78.0 million at year-end 2025, driven by project investments.

• Capitalized production increased by €6.1 million, driven by deep drilling for Lithium de France.

Outlook and guidance

• 2026 objectives confirmed, including commissioning of the DLE demonstrator and long-term contract signings worth €400 million.

• 2026 targets and Dual Flow plan confirmed, with focus on Lithium de France milestones, commercial expansion, and responsible growth.

• Five-year targets: first commercial heat in 2027, lithium in 2028, 4 TWh/year geothermal production and 27,000 tons/year battery-grade lithium by 2031-2033.

• Environmental impact reduction remains a strategic focus.