Lhyfe: half-year loss reduced to €20.1m, cash consumption of €29.5m
Lhyfe published half-yearly accounts on October 29, 2026, showing a net loss of €20.1m, compared with €21.7m a year earlier, with stable revenue of €4.7m. Over the same period, cash consumption increased from €6.7m to €29.5m.
The Nantes-based green hydrogen producer is relying on two levers for the remainder of the financial year: the partnership with Messer, expected to be finalized by the end of 2026, and a reduction in its cost base estimated at approximately 30% on a full-year basis. The group is targeting revenue of between €12m and €13m for 2026.
Operating loss reduced to €17.6m, adjusted EBITDA stable
First-half 2026 revenue stands at €4.7m, compared with €4.6m a year earlier. This stability reflects two opposing movements: sales more than doubled in Germany and increased in France, offsetting what the group describes as a significant decline in contracts in Nordic countries.
Adjusted EBITDA came in negative at €13.3m, stable compared with the first half of 2025. The operating loss narrowed to €17.6m, down from €19.8m, thanks to lower personnel costs and external charges.
The change in fair value of derivatives linked to electricity purchase commitments also played a role, at +€0.7m compared with -€1.3m a year earlier, reflecting the increase in forward electricity prices.
Financial results, however, deteriorated from -€1.4m to -€2.5m, notably due to the progressive drawdown of project financing and lower returns on cash investments. Net loss stands at €20.1m.
Cash of €45m and equity of €2m as of June 30
Cash consumption reached €29.5m for the half-year, compared with €6.7m a year earlier. As of June 30, 2026, available cash stands at €45m, excluding €13.9m drawn from project financing, and consolidated equity amounts to €2m.
Net financial debt, which includes this €13.9m, reaches €92m. The group also reports €190m in secured subsidies for projects in its portfolio, a figure that includes subsidies awarded and still being formalized in contracts.
It is in this context that the agreement with Messer, announced on July 13, 2026, is situated: a 10-year supply contract and Messer's entry at 30% of the capital of four Lhyfe sites.
This first capital rotation is expected to strengthen equity and cash by several million euros, according to the group, which remains the majority shareholder and operator of the sites concerned. Its finalization remains subject to lender approval.
Revenue targeted between €12m and €13m in 2026
For 2026, Lhyfe anticipates revenue from the sale of RFNBO hydrogen of between €12m and €13m, compared with €9.77m in 2025 (accounts published on March 31, 2026). The second half should benefit from acceleration in Germany, where sales are expected to grow by 130% over the year.
For 2027, the group is targeting growth of over 60% in revenues from green hydrogen sales, driven by volumes delivered in Germany and indirect sales from the Messer partnership.
It will rely on 36 MW of installed electrolysis capacity, including the Cheylas and Croixrault sites, which have entered the commissioning phase. In October 2026, Lhyfe also signed a partnership with Perpetual Next to explore the supply of renewable hydrogen to Delfzijl in the Netherlands.
The reduction in the cost base, approximately 30% on a full-year basis, results notably from the departure of around sixty employees; the group had 126 employees at the end of June 2026. Its first effects are expected in 2026, with full impact in 2027.
