La Française de l'Energie S.A. (FDE) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €14.2M, up 16.5% year-over-year, driven by resumed gas injection, EPC activities in Norway, and the Alltec acquisition.

• EBITDA was €6.0M (42% margin), down from €6.5M in H1 2025, reflecting higher costs from expansion and integration of Alltec.

• Net income was €0.95M, with a gross margin of 64% and recurring operating income of €3.8M (27% of revenue).

• Investments accelerated to €28.3M, focusing on new low-carbon units in France and Norway, and hydrogen projects.

• The abandoned mine methane agreement with the French government enables access to 18 new sites, supporting future growth.

Financial highlights

• Gas sales in France rose to €4.3M, while electricity sales in France and Belgium declined due to lower prices and maintenance.

• EBITDA margin was 42%; adjusted (cash) EBITDA was €8.7M (62% margin).

• Operating cash flow improved to €8.6M from €2.5M in H1 2025.

• Equity stood at €102.9M; net debt/EBITDA ratio was 4.72x.

• Net income attributable to the group: €0.8M, down from €1.8M in H1 2025.

Outlook and guidance

• 2030 targets confirmed: annual revenue above €175M, EBITDA over €85M, and over 20M tons of CO2 eq emissions avoided.

• By 2028, new assets expected to add over €60M in revenue and €30M in annualized EBITDA.

• Ongoing expansion in France, Belgium, and Norway, with new RNG, hydrogen, and CO2 capture projects.

• Anticipates margin improvement as new production units come online in 2027.

• Next financial update scheduled for Q3 2026 revenue in April 2026.