La Française de l'Énergie: EBITDA Margin Drops by 11 Points Despite a 16.5% Growth
La Française de l'Énergie announced its semi-annual results on Tuesday, showing a revenue increase of 16.5% to EUR 14.2 million. Concurrently, the EBITDA margin contracted by eleven points, from 53% to 42%, reflecting a deliberate strategy to strengthen the group's execution capabilities in preparation for its planned industrial scale-up starting in 2027.
Revenue Growth Amidst Challenging Conditions
FDE recorded consolidated revenues of EUR 14.2 million in the first half of 2026, up 16.5% compared to the same period in 2025 (EUR 12.2 million). This growth is based on two pillars: the return to normal levels of gas injection into the NaTran network and the contribution from Alltec, the Norwegian engineering company acquired at the beginning of 2025. The group notes that this progress occurred in a less favorable environment, marked by continued declines in the prices of energy sold during the period.
EBITDA Compression Reflects Strategic Choices
The group's EBITDA amounted to EUR 6.0 million with a margin of 42%, compared to EUR 6.5 million and a margin of 53% in the first half of 2025. This eleven-point margin squeeze reflects four factors: the decline in energy prices, the integration of Alltec (an activity with structurally lower margins), the strengthening of structural expenses to support the group's scaling, and the negative market value evolution of hedging positions on energy sales. The net result attributable to the group also decreased, from EUR 1.8 million to EUR 0.8 million. FDE accepts this temporary dilution as the price of a strategy aimed at preparing for future growth.
Massive Investments for Future Growth
FDE committed EUR 28 million in investments during the semester, nearly triple the EUR 10 million invested in the first half of 2025. These funds are allocated to the construction of its first three renewable natural gas (RNG) units in Norway, its green hydrogen production unit, and a CO2 capture pilot in Northern France. By 2028, the group plans to invest approximately EUR 50 million in 20 new electricity and heat production units in France, and over EUR 100 million in the construction of three RNG and bio-CO2 production plants in Norway. By 2028, this new generation of assets is expected to generate more than EUR 60 million in additional revenue and an additional annualized EBITDA of over EUR 30 million. The group has a strong financial structure with EUR 102.9 million in equity, EUR 51.6 million in available cash, and a debt ratio of 77% at a competitive cost. FDE confirms its 2030 targets: revenue over EUR 175 million, EBITDA over EUR 85 million, and the avoidance of more than 20 million tons of CO2 equivalent emissions per year. The major challenge for investors remains the group's ability to convert this massive investment program into commissionings according to the announced schedule, particularly the production start of the three RNG units in Norway by 2027 and the deployment of 20 new units in France following the signing of the mine gas agreement with the French government, finalized on January 8, 2026.
