Hydrogène de France (HDF) H2 2025 earnings summary

Executive summary

• Accelerated industrial activity with a focus on hydrogen fuel cell development and deployment for heavy mobility, grid, and maritime applications, supported by a €168.9 million financing agreement and strategic partnership with ABB Marine & Ports.

• Streamlined and reprioritized project portfolio, now comprising 13 projects valued at $2.3 billion, with major developments in Guyana, Namibia, Indonesia, Mexico, Barbados, and Kenya.

• Net consolidated loss reduced to €5.7 million in 2025 from €10.9 million in 2024, reflecting improved cost management.

• Cash position at year-end 2025 was €33.5 million, down from €39.2 million in 2024, after significant investments in production facilities.

• Major project milestones achieved, including operational launch of industrial fuel cell project and commissioning of Blanquefort plant and excellence center.

Financial highlights

• Revenue for 2025 was €17.99 million, up from €11.27 million in 2024, driven by subsidy income and project milestones.

• Net consolidated loss narrowed to €5.7 million from €10.9 million in 2024.

• Subventions recognized at €17 million, with a €16.6 million impact from BPI contract, including €6.6 million catch-up from prior years.

• Operating expenses and external charges decreased by over 20% year-over-year, with operating expenses (excluding D&A) at €13.7 million and external expenses at €4.7 million.

• Cash flow from operations nearly balanced at -€89k, with €5.1 million invested in assets.

Outlook and guidance

• Industrial capacity set to reach 100 MW in 2026 at the Bordeaux facility, with ongoing expansion of Renewstable® projects and new agreements in Asia and Latin America.

• Launch of industrial project and ABB partnership positions the group for growth in heavy maritime and rail mobility sectors.

• Continued focus on cost control, cash management, and global sales initiatives leveraging expanded teams.