Fermentalg (FALG) H1 2026 earnings summary

Executive summary

• H1 2026 results remained relatively stable during preparations for a new commercial growth cycle; growth acceleration is expected from Q4 2026.

• Industrial scale-up advanced for the EPA/DHA ORIGINS range and Galdieria Blue, positioning both platforms for commercial expansion.

Financial highlights

• H1 revenue was €7.416m vs €7.605m in H1 2025; higher-value lipid sales offset lower opportunistic aquaculture sales.

• Operating income before share-based payments and non-recurring items was -€4.270m vs -€4.308m; after those items, -€4.395m vs -€4.449m.

• Net income attributable to the Group was -€4.199m vs -€4.326m; basic and diluted EPS were -€0.04 in both periods.

• Gross margin increased to 23% from 16%, up 7 percentage points; operating expenses excluding R&D declined 6%.

Outlook and guidance

• Growth is expected to accelerate from Q4 2026, with full-year revenue targeted above FY 2025's €13.4m.

• Q4 revenue objective is €5m, equivalent to a €20m annual run rate; the initial FY 2026 target was €20m.