Charwood Energy: Revenue up 57% in first half, net loss of €2.4M
Charwood Energy published half-yearly accounts on October 26, 2026, revealing two distinct trajectories: accelerating business activity and more pronounced losses at each level of the income statement. The biomass energy valorization specialist, based in Saint-Nolff, attributes this gap to the increase in its operating expenses in the context of scaling up its projects.
At the same time, the secured order book for third-party account reached €12M as of June 30, 2026, compared to €10M a year earlier. These accounts come as Biomasse Vision 2030, which brings together the company's main historical shareholders and holds 91.75% of the capital, announced on October 12, 2026 its intention to file an offer at €4.10 per share, then request a mandatory squeeze-out, subject to compliance decision.
Revenue of €5.5M, generated 90% on third-party account
In the first half of 2026, Charwood Energy's revenue stood at €5.5M, compared to €3.5M a year earlier, representing growth of 57%. The company attributes this increase to the continuation of the acceleration underway since 2023. Including other operating income (€0.6M, compared to €0.2M), total activity reaches €6.1M, compared to €3.7M in the first half of 2025.
Revenues come 90% from third-party account activities, namely the design, construction and installation of energy solutions that valorize biomass for farms, industrials or local authorities. The remaining 10% relates to proprietary account activities.
In the first segment, the semester was marked by the acquisition of several projects, including turnkey biomass boiler rooms realized by the Energy&+ works subsidiary for major energy players, local authorities and industrials. The group also cites the project carried out with GRDF through its Charwood Innovation subsidiary, which aims to demonstrate the technical feasibility of injecting green gas produced by pyrogasification into gas networks.
EBITDA loss of €1.8M due to rising expenses
Revenue growth was accompanied by faster rising expenses. Raw material purchases increased from €1.6M to €3.3M, external expenses from €1.6M to €2.7M, and personnel costs from €1.4M to €1.9M.
EBITDA thus shows a loss of €1.8M, compared to a loss of €0.9M in the first half of 2025. After depreciation and provision allocations stable at €0.3M, operating income stands at -€2.1M, compared to -€1.1M. Financial income changed from a gain of €0.1M to a charge of €0.2M, and tax from a gain of €0.1M to a charge of €0.1M.
Group net loss shows a loss of €2.4M, compared to €0.8M a year earlier. According to the company, these expenses "temporarily" weigh on operating profitability, as new projects have not yet produced their full contribution to results.
As of June 30, 2026, shareholders' equity stood at €0.6M, gross debt at €5.3M and cash at €2.9M, a structure that management qualifies as sound. After the half-yearly close, the W&nergy subsidiary announced on September 30, 2026, that it had raised €1.92M on the Enerfip crowdfunding platform, at a rate of 9% per year.
Order book of €12M, up 20% year-on-year
For proprietary account activities, Charwood Energy began construction in February 2026 of a gasification plant for Verallia France, on the Cognac site, in accordance with the projected schedule. The company states that the civil engineering phase is nearing completion. The contract, with a duration of 21 years, covers the construction and operation of a syngas production plant that the group will own outright.
The next publication, devoted to 2026 full-year revenue, is scheduled for February 22, 2027 after market close.
As of June 30, 2026, the group has a secured order book for third-party account of €12M, up 20% compared to €10M in the first half of 2025, deliverable and billable over 2026 and 2027.
