Hydrogène de France (HDF) H1 2025 earnings summary

Executive summary

• Net loss widened to €6.6M in H1 2025 from €5.1M in H1 2024, driven by higher amortization, lower revenue, and FX losses.

• Major milestones included EU support for the Renewstable Barbados project, strategic agreements in Indonesia, Vietnam, and the Philippines, and the Sumba project integration into Indonesia's national plan.

• The Centre d'Excellence Industrielle was commissioned, advancing industrial capabilities.

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

• Partial divestment in Hynaval reduced stake from 49.54% to 20%, with no impact on H1 2025 results.

Financial highlights

• Consolidated revenue fell to €410K from €571K year-over-year, mainly from project management and development contracts.

• Operating expenses increased to €4.3M (from €4.0M), while external charges dropped to €2.6M (from €3.9M).

• Amortization and provisions surged to €2.0M (from €0.3M), reflecting new industrial assets.

• Financial result was a €643K loss, mainly due to FX losses totaling €1.2M.

• Cash position declined to €29.2M from €39.2M at year-end 2024.

Outlook and guidance

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

• Focus remains on advancing and closing key hydrogen-electricity projects, especially in island and emerging markets.

• Ongoing cost discipline, operational efficiency, and project pipeline execution are priorities.