Avantium (AVTX) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was €4.7 million, down 30% year over year; EBITDA was -€18.8 million, net loss attributable to owners was €22.1 million, and cash was €23.9 million at 30 June.

• The first FDCA batch was produced at the Flagship Plant after period-end, and construction close-out with Worley was completed.

• Strategic focus sharpened on commercialization, scale-up and licensing of FDCA and PEF, alongside portfolio realignment and cost management.

Financial highlights

• Revenue was €4.7 million versus €6.7 million in H1 2025, mainly reflecting a €2.2 million decline in R&D Solutions.

• EBITDA was -€18.8 million versus -€18.5 million in H1 2025; net loss attributable to owners was €22.1 million versus €9.4 million.

• Cash and cash equivalents were €23.9 million at 30 June 2026 versus €57.5 million at 31 December 2025; total assets were €332.9 million and total equity €129.3 million.

• Basic and diluted loss per share was €0.88; accelerated depreciation of €6.4 million was recognized for titanium welding remediation.

Outlook and guidance

• First commercial FDCA deliveries are expected by end-2026, subject to successful qualification; the first commercial batch was produced post-period.

• The 5kta Flagship Plant ramp-up is planned over 24 months, with full production targeted for H2 2028.

• Targets include ~€90 million annualized revenue and EBITDA break-even by end-2027; full-capacity Flagship Plant revenue is projected at ~€55 million annually.

• An equity raise of at least €55 million and a €20 million financing facility are planned to support start-up and ramp-up; transaction launch was anticipated in Q4 2026.