Agripower: Order Book Up 82%, But Losses Deepened in First Half of 2025-2026
Agripower shows a soaring order book, up 82% to €16.6 million as of December 31, 2025, driven by its transformation into a biomethane developer-investor. However, the French methanization group remains heavily in deficit in the first half (net loss of €1.3 million) with a revenue of only €2.5 million, revealing a chronic gap between actual activity and commercial visibility.
Striking Contrast in Company Performance
The contrast is striking. In six months, Agripower's order book has swelled by 82%, moving from €9.1 million to €16.6 million, while the group has signed €10.1 million in new orders, including €9.8 million in biomethane injection work contracts accompanied by three equity participations. The portfolio now consists of nearly 90% biomethane injection projects, embodying the strategic transformation underway. However, this commercial momentum has not yet translated into the accounts. The semi-annual revenue remains stagnant at €2.5 million, barely up from €2.3 million in the previous first half. Revenues primarily come from residual activity (€0.3 million), completion of the Maine-et-Loire unit (€1.6 million), and associated services (€0.7 million). The majority of the new biomethane injection projects will not start generating revenue until the second half of the year.
Operational Losses as Transformation Costs Mount
This situation results in an operating loss of -€1.4 million, compared to -€1.1 million a year earlier. The group continues to burn cash to fund its transformation. Operating expenses (€3.8 million) significantly exceed operating income (€2.6 million), with payroll expenses climbing to €0.74 million from €0.63 million previously. After accounting for a positive financial result of €0.09 million, the net loss amounts to €1.3 million. The cash flow related to operations has deteriorated by €3.0 million. This hemorrhage is partially offset by shareholder support: a capital increase of €8.0 million carried out in October 2025 strengthened the equity to €9.2 million, and a current account provision of €2.5 million by Vatel Capital (main shareholder) in March 2026 bolstered the liquidity position. Agripower has €3.3 million in available cash, net of financial debts of €1.9 million.
Paying the Price for Strategic Transition with Future Gains
Agripower is paying the price for a strategic transition whose benefits remain in the future. The company has adjusted its annual targets for 2025-2026 to around €8 million (down from the initial €12 to €15 million) due to delays in some projects caused by delivery delays of materials and extended administrative timelines. However, the group anticipates a recovery in 2026-2027, with revenues exceeding €16 million, doubling the figure. This acceleration is based on the effective start of several new biomethane injection projects in the second half of 2025-2026 (Sarthe, Mayenne, and others), as well as on a commercial pipeline of over €20 million covering seven advanced projects. The main challenge for investors remains the group's ability to convert these commercial commitments into operational results while managing its tight cash flow. The planned consolidation of Agripower Partner's participative subsidiaries from the annual accounts of 2025-2026 will provide a more complete visibility on the profitability of this co-investment model.
