La Française de l'Energie S.A. (FDE) H1 2025 earnings summary

Executive summary

• FDE operates in France, Belgium, Norway, Bosnia, and Luxembourg, focusing on low-carbon energy including gas, electricity, heat, hydrogen, and CO2 capture to support energy transition and regional independence.

• The group emphasizes local energy production, short supply chains, and sustainable solutions, integrating development, financing, ownership, and operation of energy assets.

• Achieved strong operational performance in H1 2025, maintaining profitability despite a >60% drop in electricity prices and integrating new Norwegian projects.

• Accelerated strategic investments to support future growth, with over €10 million deployed in H1 2025.

• Reinforced European energy platform through integration of Greenstat and operation of a 45 MW solar farm.

Financial highlights

• H1 2025 revenues reached €12.2M, down from €17.4M in H1 2024, mainly due to normalized energy prices and gas network unavailability; adjusted sales would be €15.5M if Drin Energija were consolidated.

• EBITDA was €6.5M (53% margin), down from €10.8M in H1 2024; margin rises to 63% excluding Greenstat and share-based expenses.

• Net income for H1 2025 was €1.6M, compared to €6.2M in H1 2024; basic and diluted EPS were €0.34.

• Net cash position at December 31, 2024 was €49.6M, up €2M from June 2024, supported by €17M in new financing.

• Net financial debt stood at €45.4M, with a Net Debt/EBITDA ratio of 2.95x and net debt to equity at 55%.

Outlook and guidance

• FDE targets annual sales over €175M, EBITDA above €85M, and over 20 million tons of CO2 eq emissions avoided per year by 2030.

• Strategic investments expected to generate over €30M in additional annual revenue from 2026.

• The group plans to expand RNG, hydrogen, and CO2 storage projects, with significant investments in France, Belgium, and Norway.

• Ongoing development of hydrogen strategy, including the Agder Hydrogen Hub in Norway and natural hydrogen exploration in Lorraine.