Lhyfe (LHYFE) H1 2026 earnings summary

Executive summary

• H1 revenue was €4.684m, stable YoY; 290t of renewable H₂ was delivered across more than 570 deliveries.

• Installed production capacity reached 36 MW, including 15 MW under commissioning; available cash at June-end was €45.2m.

• Priorities include ramping the France-Germany platform, commissioning Croixrault and Le Cheylas, growing German sales and preparing project FIDs.

Financial highlights

• Revenue was €4.684m versus €4.639m in H1 2025; growth in France and Germany offset lower Nordic deliveries.

• Adjusted EBITDA loss was €13.276m versus €13.173m; operating loss improved to €17.589m from €19.751m.

• Net loss narrowed to €20.121m from €21.658m; EPS improved to -€0.42 from -€0.45.

• The cost-reduction plan was completed; personnel and external expenses declined, with the full cost-base reduction expected in 2027.

Outlook and guidance

• FY 2026 revenue is forecast at €12m–€13m; German sales are forecast to grow 130% versus 2025.

• 2027 green hydrogen sales revenue is expected to grow >60%, supported by German volumes, indirect sales and ramp-up of commissioned capacity.

• Croixrault (5 MW) and Le Cheylas (10 MW) are expected to commission between late 2026 and early 2027; Green Horizon FID is expected in 2027.

• Development and engineering services are expected to contribute revenue from 2027.