Hydrogène de France (HDF) H1 2025 earnings summary

Executive summary

• Advanced project portfolio stable at 17, with key progress in Barbados and Indonesia projects.

• Industrial ambitions confirmed with EU support for high-power fuel cell production; €4.7M invested in H1 2025.

• Construction of Guyana CEOG power plant on schedule for mid-2026 commissioning.

Financial highlights

• H1 2025 revenue was €410K, down from €571K in H1 2024, mainly from project management and development contracts.

• Net loss widened to €6.6M from €5.1M year-over-year, impacted by lower capitalized expenses and €1.2M FX loss.

• Cash and equivalents at €29.2M as of June 30, 2025, down from €39.2M at year-end 2024.

• Shareholders' equity at €82.6M, down from €89.9M at December 2024.

• External expenses fell to €2.6M from €3.9M, reflecting cost control and fewer non-recurring items.

Outlook and guidance

• €100M revenue target postponed beyond 2027 due to project delays, but confidence in portfolio and industrial operations remains.

• Focus on operational efficiency and breakeven in the short term.