Carbios (ALCRB) H2 2025 earnings summary

Executive summary

• Operating expenses reduced by €6.8 million in 2025, leading to a €7 million reduction in operating loss compared to the prior year.

• Cash position at year-end 2025 was €59 million on a group basis, sufficient to cover operating expenses beyond the next 12 months.

• Strategic priorities for 2026 include resuming the Longlaville project, expanding PET biorecycling in Asia, accelerating commercial development, and maintaining financial discipline.

• Major strategic agreement signed in Asia to deploy the licensing model and progress in Longlaville plant financing.

Financial highlights

• Operating revenues for 2025 were €5.7 million, up from €5.1 million in 2024, mainly from grants and service fees to subsidiaries.

• Operating expenses decreased to €30.7 million from €37.5 million year-over-year, reflecting cost-cutting and headcount reduction.

• Net loss increased to €34.3 million in 2025 from €23.4 million in 2024, mainly due to a €15 million impairment on Carbiolice shares.

• Financial income swung to a loss of €10.8 million from a gain of €6.3 million in 2024, impacted by lower interest income and the impairment charge.

• Shareholder equity at year-end 2025 was €187.6 million, down €33.9 million from 2024, reflecting the net loss.

Outlook and guidance

• Projected cash consumption for 2026, excluding the Longlaville project, is estimated at €20 million, significantly lower than 2025.

• Sufficient financial resources are available to cover operating expenses beyond the next twelve months.

• Longlaville project resumption is contingent on financing, with closing expected by Q3 2026.