Green Earth Group (GREEN) H1 2026 earnings summary

Executive summary

• H1 2026 marked a shift from project development toward commercial scaling: total sales order book reached €41.5m, including €5.9m prepaid and €35.6m payable on future delivery.

• H1 added €4.1m in prepaid contracted sales, versus approximately €2.0m accumulated during 2020–2025; active restoration covered 4,479 hectares, with 90,000 cookstoves distributed and 3,126 farmers registered.

Financial highlights

• H1 revenue was €628k versus €215k YoY; gross profit was €155k versus €144k, while EBITDA was a loss of €2.587m versus €1.614m.

• Operating loss was €2.640m versus €1.655m; finance costs were €1.243m versus €590k, and net loss was €3.883m versus €2.265m.

• Revenue included €420k from Kenya Cookstoves carbon credits, €43k from services and €165k from other credit sales.

Outlook and guidance

• Mount Kenya’s first credit issuance is expected in 2027; Bulindi deliveries are scheduled for 2027–2031, extending to 2035 if the purchase option is exercised.

• The H1 portfolio spans eight projects across seven countries; Q4 planting is expected to extend into Malawi, while the West Ukraine soil-carbon feasibility study could support a pilot of up to 100,000 hectares.

• Capital mobilisation ambition is up to €100m by 2030; dividend initiation is targeted from 2030 onward, subject to market conditions, project performance and capital needs.