La Française de l'Energie S.A. (FDE) H2 2026 earnings summary

Executive summary

• FY2026 reflected accelerated investment in growth assets and a one-time over-hedging impact; Q1 FY2027 revenue rose 35% YoY, supporting guidance for at least 25% FY2027 revenue growth.

• FY2026 net loss was €9.9m, while operating cash flow increased 42% to €13.7m; a revised, cash-flow-focused strategic plan is due December 10, 2026.

Financial highlights

• FY2026 revenue was €29.5m, down 3% YoY; gross margin was 66% versus 62%, and EBITDA was €10.6m versus €11.4m.

• Recurring operating income was stable at €6.3m; reported operating income was -€3.9m versus €12.2m, including a €10.8m fair-value change in energy hedging instruments.

• Net income attributable to the Group was -€9.9m versus +€3.7m; operating cash flow rose 42% to €13.7m.

• Over-hedging losses were €3.8m at June 30, 2026; losses on settled transactions reached €7.6m by September 30, 2026.

Outlook and guidance

• FY2027 revenue growth of at least 25% expected, following Q1 revenue growth of 35% to €8.9m from €6.6m YoY.

• Revised strategic plan, to be presented December 10, 2026, prioritizes projects generating cash flow within three years, sequential execution, lower costs, cash optimization and a stronger balance sheet.

• Debt expected to normalize gradually as new assets ramp up and generate cash flow.