Orège: Services Account for 77% of Revenue, but Net Loss Widens to €14.4M
Orège announces a major shift in its business model: services now represent over 70% of its 2025 revenue (€2.3M out of €3M total), up from just 20% a year earlier. The fleet of mobile units has increased 3.5 times following €16M in investments, and the group states that the service revenue already secured for 2026 exceeds the entire 2025 revenue. However, this costly transformation resulted in a consolidated net loss of €14.4M in 2025, a 69% deterioration from €8.5M in 2024, and a 24% increase in operating loss.
Services Drive Expansion, But 2025 Fiscal Year Deepens Losses
The group's revenue stood at €3.0M in 2025, nearly stable compared to 2024 (-1.5%). However, the composition has radically transformed: €2.3M now comes from service provisions (77% of the total), compared to only €689K from equipment sales. A year earlier, services accounted for only 20% of the revenue.
Operational expenses, on the other hand, increased by 17% to €11.9M. This rise is driven by personnel expenses, which surged by 30% to €5.4M, reflecting massive recruitments in France (Engineering for the Biogas project) and the strengthening of operations in the United States, where service revenue increased 2.5 times between 2024 and 2025. Orège also established a Manufacturing and Supply Chain Management department in the United States.
Strategic Investment Weighs Down Current Results
The operating result stands at -€8.9M in 2025, compared to -€7.2M a year earlier, marking a 24% degradation. The consolidated net result reached -€14.4M, down 69% (compared to -€8.5M in 2024). This deterioration is exacerbated by a financial result of -€5.5M, mainly impacted by unfavorable exchange rate effects on intra-group receivables and positions denominated in dollars.
Meanwhile, the group's financial debt has increased: it went from €55.9M at the end of 2024 to €80.1M at the end of 2025, of which €79.8M are advances on current account from shareholder Eren. This increase reflects the financing of fleet investments. Cash reserves, however, improved from €449K to €3.8M.
Secured 2026 Revenues Surpass Entire 2025 Revenue
Orège states that the service revenue already secured for 2026 exceeds the entire 2025 revenue (€3.0M). This assertion is based on long-term contracts signed, including a nine-year agreement with an American dairy industrialist and a service contract with a Spanish municipality signed at the end of 2025. The United States remains the main growth driver, while the United Kingdom confirms 'good momentum'.
The group prioritizes deployment in the agri-food, municipal, and biogas sectors. Its proprietary SLG technology shows performances (polymer reductions up to 80%, COD up to 66%, phosphorus up to 73%). The Green Gas methanization solution is in the industrial deployment phase in the United States and France. Orège plans to publish its first-half 2026 results in the fall of 2026.
