Lhyfe Doubles Its Revenue in 2025 to 9.8 Million Euros

Significant Growth and Expansion in Client Portfolio

Lhyfe achieved an annual revenue of about 10 million euros in 2025, doubling the figure from 2024 and meeting the set target. This increase primarily reflects the growth in business volume and the expansion of the client portfolio. The group made over 850 deliveries during the period across 9 European countries, mainly in France, Germany, and Sweden, marking an approximate 80% increase from 2024. Lhyfe now operates a fleet of over 80 type 4 hydrogen containers, described as one of the largest modern bulk hydrogen transport fleets in the European Union. In 2025, the group consolidated its client portfolio with new green hydrogen sales contracts. In France, Lhyfe renewed and expanded its contract for supplying the Hyliko station in Villabé, Essonne, with a 2-year agreement covering more than 200 tonnes of RFNBO hydrogen, including a second Hyliko station in Tremblay-en-France starting in 2027. The group also began deliveries of RFNBO hydrogen in November 2025 to the first highway hydrogen station in France accessible to heavy-duty vehicles, operated by TEAL Mobility on the A4 motorway in the Grand Est region. In Germany, Lhyfe signed a contract with a private service station operator to deliver about 90 tonnes of RFNBO hydrogen for a fleet of several dozen buses. In the Netherlands, the group now supplies the Essent hydrogen station in Deventer under a multi-year supply contract. In early 2026, Lhyfe signed a multi-year contract with SETRAM for supplying green hydrogen to hydrogen buses in the Le Mans metropolitan area.

Enhanced Production Capacity and RFNBO Certification

Lhyfe has 21 MW of installed production capacity across four now RFNBO-certified sites. The French sites at Buléon and Bessières, each with a 5 MW electrolysis capacity, increasingly contributed to the volumes in 2025. The German site at Schwäbisch Gmünd has an installed capacity of 10 MW. The Tübingen site in Germany, with a capacity of 1 MW, was decommissioned as planned in 2025. Two sites are under construction: Le Cheylas in Isère, with a capacity of 10 MW (up to 4 tonnes of green hydrogen per day), where most equipment is installed and electrical and piping connections are underway; Croixrault in Hauts-de-France, with a capacity of 5 MW (up to 2 tonnes of green hydrogen per day), where the installation of main equipment is completed and connections are in progress. In May 2025, Lhyfe signed a 2.5 million euro grant agreement with the Hauts-de-France Region for the latter site. These two sites under construction represent an increase of over 70% in total production capacity. In September 2025, Lhyfe announced the RFNBO certification of three installed sites in France and Germany, completing the earlier certification of the Bouin site obtained in May 2025. The four certified sites represent a total installed capacity of 21 MW and a production capacity of up to 8.3 tonnes of green hydrogen per day. Lhyfe has become the largest producer of RFNBO hydrogen through water electrolysis in Europe in terms of installed capacity and number of sites, and remains the only RFNBO-certified producer in France to date.

Strategic Refocusing and Cost Reduction Initiatives

On December 19, 2025, Lhyfe announced a refocusing of its deployment priorities around three axes: strengthening commercial and operational activities to accelerate the production and distribution of green hydrogen in Europe, leveraging its six existing and under-construction sites; prioritizing the most mature European projects, particularly in mobility, industry in the UK, and refineries in Europe; and outsourcing engineering, procurement, and construction (EPC) for new projects. Starting in 2026, Lhyfe aims to reduce its costs by about 30%. This reorganization includes the elimination of certain positions within the group, the number of which will be determined following ongoing social negotiations. Significant projects remain under development: in England, the bulk green hydrogen production project at Wallsend received its construction permit in the second half of 2025 as part of the UK government's Hydrogen Allocation Round 2, while the onsite project at Kemsley received its construction permit with an environmental permit filed in the second half of 2025. In Sweden, Lhyfe secured a grant of about 11 million euros for a 10 MW production unit at Vaggeryd and announced a collaboration with Euromekanik and Hystar for the FEED phases of the Swedish projects in the second half of 2025. For the 100 MW Green Horizon project near Le Havre, key milestones in 2025 include the confirmation of a 149 million euro grant from the French government, the acquisition of the construction permit, and the filing of the environmental permit. The audited 2025 annual results will be published on March 31, 2026.