Arverne Group (ARVEN) H2 2024 earnings summary

Executive summary

• Achieved all 2024 objectives, including 45% growth in gross business volume to €17.3M and strong progress in geothermal and lithium project development.

• Positioned as an integrated player across the geothermal and lithium value chain, with strategic partnerships and unique technology.

• Secured a major 5-year offtake contract for 25 kt of geothermal lithium with Renault.

• Delivered key geothermal projects for major clients, including Roissy CDG and Safran, contributing to decarbonisation and business growth.

• Validated pre-feasibility study for the Alsace geothermal heat and lithium project, confirming economic viability and competitive costs.

Financial highlights

• Gross activity/business volume reached €17.3M in 2024, up 45% year-over-year, with consolidated revenue up 40% to €14.1M.

• Deep drilling revenue increased 42% to €14M; DrillHeat revenue up 67% to €6M.

• EBITDA was negative, reflecting ongoing investment and ramp-up; net result at -€11.1M, improved from -€53.8M in 2023.

• CAPEX deployed totaled €51.9M, supporting strategic asset growth and project pipeline.

• Net cash position at year-end was €85.6M.

Outlook and guidance

• 2025 gross activity/business volume targeted at €25–30M (+45% to +75%).

• Investment program of ~€50M planned for 2025.

• First operations for the Alsace geothermal & lithium project expected in 2025, with industrial ramp-up from 2027 and first lithium production in 2028.

• 2031 targets: €900–1,000M consolidated revenue, 70% EBITDA margin, 4 TWh geothermal heat, 27 kt/year lithium carbonate.

• First geothermal heat production contracts targeted for 2026.