La Française de l'Energie S.A. (FDE) H2 2024 earnings summary

Executive summary

• Expanded energy solutions portfolio to include electricity, heat, gas, hydrogen, and CO₂ capture, with significant investments and the strategic acquisition of 56.35% of Greenstat, enhancing presence in hydrogen and solar.

• FY2024 results confirm a robust business model, strengthened growth prospects, and reaffirmed 2030 objectives.

• Environmental impact includes 3.5 million tons of CO2 equivalent emissions avoided annually.

• Awarded Bleue Lorraine concession at the France-Germany border for gas production, securing additional financing for capital-intensive projects.

• Major renewable natural gas and bio CO₂ plant started in Stavanger.

Financial highlights

• 2024 revenues reached EUR 31.4 million, with Greenstat included; would have been EUR 34.2 million on a pro forma basis.

• EBITDA was nearly EUR 20 million, with a 63% margin, surpassing 2026 and 2030 targets.

• Net income at EUR 16 million (51% of revenue), group share at EUR 9.7 million (31% of revenue), slightly down from prior year.

• Cash position at June 30, 2024, was EUR 47.6 million, up EUR 4.7 million from FY2023.

• Net debt stood at EUR 33.5 million, with a Net Debt/EBITDA ratio of 1.7x.

Outlook and guidance

• 2030 guidance targets EUR 175 million in sales and EUR 85 million EBITDA, based on a conservative pipeline excluding natural hydrogen and carbon activities.

• Major revenue and EBITDA growth anticipated in 2026 as large projects come online.

• Imminent projects include a 5.8 MWp solar plant in Norway (commissioning end 2024) and a 100 GWh/year RNG unit in Stavanger (production start end 2025).

• Greenstat's renewable hydrogen project in Agder to launch first phase (20 MW electrolysers) by end 2026.

• 2025 will see significant investments, especially in Stavanger RNG and Agder hydrogen projects, with expectations for similar revenue and EBITDA margins as 2024.