Hydrogen de France (HDF): Revenue Reduced to 1 Million Euros by 2025
Hydrogen de France shows an encouraging accounting recovery in 2025, with a loss reduced to 5.7 million euros compared to 10.9 million euros the previous year. However, this improvement largely relies on a subsidy income of 16.6 million euros and masks an operational deterioration: revenue collapsed to 0.9 million euros, cash reserves decreased by 5.7 million euros, and several major projects had to be downsized.
Operational Results Improvement
HDF Energy's operating result significantly improves in 2025, moving from a loss of 15.6 million euros to 2.4 million euros. This nearly six-fold reduction in operating loss is based on two levers. First, the subsidy income of 16.6 million euros, of which 6.6 million euros correspond to a catch-up from previous years (2022-2024). Second, a reduction in operational expenses excluding depreciation, which decreased from 15.3 million euros in 2024 to 13.7 million euros in 2025. This reduction reflects a decrease in staff from 125 to 118 employees and a reduction in external expenses from 6.9 million euros to 4.7 million euros, notably due to non-recurring costs incurred in 2024 for the launch of the research program and the move to Blanquefort.
Significant Revenue Contraction
Behind this improvement in results lies a major contraction in revenue. It falls to 0.9 million euros in 2025 from 1.3 million euros in 2024, excluding subcontracting services. The 2025 revenue does not benefit from new deliveries equivalent to those of 2024, unlike 2024 which had recorded 9.7 million euros in revenue for this item for the CEOG power plant in French Guiana. More concerning, the portfolio of advanced projects is shrinking: its total investment budget decreased from 3.0 billion USD in 2024 to 2.3 billion USD in 2025. Two major projects illustrate this contraction. The Los Cabos project in Mexico had to be downsized to about a third of its initial scope for integration into electric development plans, resulting in a loss of 0.5 million euros. In South Africa, HDF had to fully provision 1.5 million euros of assets from the Mpumalanga project due to failure to meet contractual deadlines for renewing land lease options.
Structural Milestone with Bpifrance Financing
The signing of the financing contract with Bpifrance in December 2025 for a maximum amount of 168.9 million euros, under the France 2030 program, marks a structural milestone for HDF Energy. This financing supports the development and industrialization of high-power fuel cells for stationary sectors and heavy mobility. An initial installment of 12.7 million euros was already received on December 19, 2025. The strategic partnership simultaneously signed with ABB in the maritime field complements this momentum. However, these prospects do not suffice to mask the current fragility: the group's cash reserves fell to 33.5 million euros on December 31, 2025, from 39.2 million euros at the end of 2024, after an investment of 3.5 million euros in 2025 for the Blanquefort site and the center of excellence. No new investor entry has materialized the development of advanced projects.
