Hydrogène de France (HDF) H2 2025 earnings summary

Executive summary

• Signed €168.9 million financing agreement in December 2025 to support industrial fuel cell project, enabling operational launch and strategic partnership with ABB for maritime sector.

• Streamlined project portfolio, resizing and reprioritizing projects for improved market access and cost control.

• Net loss reduced to €5.7 million in 2025 from €10.9 million in 2024, reflecting improved cost management.

• Cash position at €33.5 million at year-end 2025, after significant investments in production facilities.

Financial highlights

• Revenue from activity totaled €17.99 million in 2025, up from €11.27 million in 2024, driven by subsidy income and project milestones.

• Operating loss narrowed to €2.4 million in 2025 from €15.6 million in 2024.

• Net loss for 2025 was €5.7 million, a significant improvement from €10.9 million in 2024.

• Cash flow from operations nearly balanced at -€89k, with €5.1 million invested in assets.

• EPS improved to -€0.39 from -€0.75 year-over-year.

Outlook and guidance

• Launch of industrial project and ABB partnership positions the group for growth in heavy maritime and rail mobility sectors.

• Sales initiatives underway globally, leveraging expanded teams since 2021.