Evergreen Transition: Negative Net Asset Value of €32M and a Highly Uncertain Future
Evergreen Transition finalized its annual accounts for 2025 during the Board of Directors meeting on April 21, 2026. The group dedicated to ecological transition continues to structure a continuation plan amidst significant uncertainty regarding its operational continuity.
Annual Financial Closure and Audit Report
The Board of Directors finalized the annual accounts for the fiscal year ending December 31, 2025. The audit report for certification is currently being issued and will highlight significant uncertainty regarding operational continuity. Evergreen Transition's revalued net asset value (NAV) was negative at €32.2M as of December 31, 2025, compared to an already negative NAV of €6.7M on December 31, 2024. This change is mainly due to an unfavorable variation in the fair value of holdings amounting to €11.4M, an impairment charge of €6.9M on receivables from related parties, an increase in financial debt costs to €5.9M, and operational expenses of €1.2M. The operating result stood at -€19.6M, including a change in the fair value of financial assets for -€11.4M, financial asset impairments for -€6.9M, and other operational charges for -€1.2M. The net result was -€25.5M.
Continuation Plan and Restructuring Efforts
Evergreen Transition continues its efforts to structure a recovery plan to be presented to its creditors. The adoption of a continuation plan remains uncertain. The development of the plan faces challenges in reconciling the interests of various stakeholders as well as legal and economic constraints, particularly related to the status of its holdings and the approval of the plan by the Paris Economic Activities Court. Evergreen Transition does not rule out the risk that no plan will gain the agreement of the main creditors and the judicial administrator, or that a plan submitted to the court may not be approved. The Annual General Meeting is scheduled for June 26, 2026, during which shareholders will be proposed to approve the corporate accounts and consolidated financial statements for the fiscal year 2025. Meanwhile, Evergreen Transition terminated its liquidity contract with Kepler Cheuvreux effective April 8, 2026, to reduce operating costs. The company does not intend to engage a new service provider to implement a liquidity contract for the time being.
