Lhyfe (LHYFE) H2 2025 earnings summary

Executive summary

• Revenue doubled year-over-year to €9.8m in FY 2025, reflecting strong commercial momentum, increased production, and expanded client base across Europe.

• Over 850 deliveries made to around 60 clients, with a 60% increase in customers and expanded operations across 9 European countries.

• Achieved RFNBO certification for all production sites, becoming Europe's largest RFNBO hydrogen producer by water electrolysis.

• Installed green hydrogen capacity reached 21 MW, with two additional sites under construction for 15 MW more by 2026 and a 70% increase in installed electrolysis capacity.

• Strategic focus on priority European markets, cost optimization, and streamlining of resources to accelerate breakeven.

Financial highlights

• Revenue for 2025 reached €9.8m, up from €5.1m in 2024, driven by increased volumes and new contracts.

• Adjusted EBITDA was €(27.4)m, reflecting scaling costs, higher external charges, and one-off restructuring and project write-offs.

• Net result stood at €(51.0)m, impacted by higher operating and financial expenses, restructuring costs, and asset impairments.

• Cash position at year-end was €75m, up from €72m in 2024, supported by €33.5m in new financing and €33.8m in grants.

• Net financial debt increased to €46.3m, mainly due to new borrowings for project expansion, with consolidated shareholders' equity at €21.5m.

Outlook and guidance

• 2026 revenue expected to grow by 50% over 2025, supported by increased production capacity, logistics, and reseller network.

• Focus on cost reduction, targeting at least a 30% decrease in corporate costs and cash burn by end of 2026 through optimization and headcount reduction.

• Strategy to leverage subsidies, debt, and sponsor investments to maintain strong financing cash flows.

• Prioritization of projects in regulated markets and capital rotation to accelerate breakeven.

• Continued operational ramp-up, construction of new sites, and preparation for major investment decisions.