Carbios: Net Loss of €34.3M in 2025, Following a €15M Impairment on Carbiolice
Carbios released its annual results on April 17, 2026, for the year ending December 31, 2025. The company reported a net loss of €34.3 million, compared to €23.4 million the previous year. This change is primarily due to a non-cash provision of €15 million related to the impairment of the value of shares held in Carbiolice. Meanwhile, Carbios reported that its operating expenses decreased to €30.7 million, while its operational cash consumption was €15.7 million, significantly lower than in 2024. The total cash at the group level reached €59.1 million, a level that management considers compatible with the execution of its strategic priorities.
Financial Performance and Operational Highlights
For the fiscal year 2025, Carbios SA's operating income amounted to €5.7 million, up from €5.1 million in 2024. According to the press release, this primarily came from operating grants, service provisions with subsidiaries Carbiolice and Carbios 54, and the re-invoicing of research financing costs related to the Longlaville industrial project. Concurrently, operating expenses decreased to €30.7 million from €37.5 million the previous year. The company attributes this reduction to the group's refocusing on its strategic priorities, cost and workforce reduction measures implemented in 2025, and a decrease in external expenses, particularly professional fees. The financial result was a loss of €10.8 million, which Carbios mainly attributes to limited treasury investment returns of €1.5 million, down €3.1 million year-on-year, due to the combined decrease in interest rates and placed treasury. This includes an interest charge on loans of €1.6 million and, notably, a non-cash provision of €15.0 million for impairment of the value of shares held in Carbiolice. The company notes that the value of discounted cash flows is now estimated at €36.4 million, compared to a historical value of €51.5 million from share purchases made in 2020 and 2021. The net result for the end of 2025 was a loss of €34.3 million, compared to a loss of €23.4 million at the end of 2024.
Balance Sheet and Financial Position
Carbios states that starting from the fiscal year 2025, it has ceased the voluntary consolidation of its accounts under IFRS standards and now presents only its individual accounts prepared according to French accounting rules. At the close of the fiscal year, Carbios SA's balance sheet stood at €232.5 million. Equity amounted to €187.6 million, down €33.9 million from 2024, due to the net loss recorded over the period. Debts decreased by €4.5 million. The company explains this evolution by the continuation of loan repayments, coupled with a decrease in supplier debts and other liabilities. As of December 31, 2025, Carbios SA had a cash position of €51.7 million. Including the cash from its subsidiaries made available through a cash management agreement, the total cash at the group level reached €59.1 million. Carbios also notes the existence of a €5 million escrow related to the Longlaville site.
Operational Cash Flow and Investment Activities
In 2025, Carbios SA's operational activities resulted in a cash consumption of €15.7 million. The press release emphasizes that this consumption is significantly lower compared to 2024. The company indicates that this decrease is mainly due to a reduction in operational expenses amounting to €7.4 million, although this favorable effect is partially offset by lower interest income of €3.2 million and a calendar effect of changes in working capital requirements of €2.3 million. Investment activities absorbed €18.0 million, mainly due to financing subsidiaries. Carbios specifically mentions a capital increase of €25 million within Carbios 54, partially offset by the reclassification to cash of €8.2 million of previously accounted financial investments. Financing activities, on the other hand, generated €0.3 million in cash. For 2026, excluding the Longlaville project, the company estimates its forecasted cash consumption at about €20 million, a level considered significantly lower than that of 2025. Carbios thus asserts having the necessary resources to cover its operational expenses beyond the next 12 months. In his statement, CEO Vincent Kamel also believes that the group's cash horizon provides 'all the necessary means to execute [its] strategic priorities.'
