Hydrogène de France (HDF) H1 2026 earnings summary

Executive summary

• Industrial momentum maintained with improved operational efficiency and reduced net and operating losses year-over-year.

• Significant progress on hydrogen projects in French Guiana, Mexico, and Indonesia, with new partnerships and project milestones.

• Workforce streamlined to 93 from 103, reflecting ongoing efficiency initiatives.

Financial highlights

• H1 2026 net loss reduced to €4.0 million from €6.6 million in H1 2025; operating loss at €4.6 million versus €8.3 million.

• Revenues increased to €0.55 million from €0.41 million year-over-year.

• €4.1 million grant recognized, positively impacting earnings.

• Cash position at €27.2 million as of June 30, 2026, down from €33.5 million at year-end 2025.

• Shareholders' equity at €79.3 million as of June 30, 2026.

Outlook and guidance

• CEOG hydrogen power plant in French Guiana expected to begin grid delivery by end of 2026.

• OASIS project in Mexico recognized as a flagship initiative; Indonesian project pipeline advancing with new agreements.

• Continued focus on industrial project execution and breakeven target.