Afyren integrates its Neoxy plant: operating loss widened to €9.7M in first half
AFYREN is changing its accounting scale. By acquiring the 49% stake in its NEOXY plant held by Bpifrance's SPI fund, the Clermont-based greentech becomes an integrated industrialist, consolidating for the first time its sole production site in its accounts.
This shift transforms the reading of its financial statements and shifts the group's center of gravity towards the operational performance of its plant, still in its ramp-up phase.
Revenue of €1.3M and operating loss of €9.7M
In the first half of 2026, AFYREN reported revenue of €1.265M, compared to €1.204M a year earlier. Its composition has changed in nature: €585k now comes from sales of acids and fertilizers produced by NEOXY between April 1 and June 30, 2026, versus €680k from service fees invoiced in the first quarter.
Current operating result stood at a loss of €9.7M, compared to a loss of €3.6M in the first half of 2025. This change reflects the integration of the plant's operating costs as of April, with €5.3M in personnel charges (149 full-time equivalents) and €4.5M in external charges.
Net result, however, came in positive at €2.4M, versus a loss of €6.9M a year earlier. This turnaround is due to a non-recurring item of €15.8M related to the accounting treatment of the acquisition, notably the revaluation of the previously held stake.
Acquisition of minority stake and consumption of €18M in cash
The acquisition of SPI's stake, paid €11.3M in cash, brought the plant onto the balance sheet. Tangible and intangible fixed assets reached €96.5M, to which is added goodwill of €18.2M from consolidation.
Consolidated financial debt stands at €40.9M, of which €32.0M in bank loans, compared to shareholders' equity of €71.8M. Cash stands at €17.3M as of June 30, 2026, versus €35.2M at end of 2025, a reduction of €18M over the half-year.
This consumption is explained by the acquisition of the minority stake, the operation of the plant in its ramp-up phase, and growth investments. It was partially financed by recent capital increases, the latest of which generated €6.6M in net proceeds.
Revenue doubling targeted in second half and €12.5M in venture debt
To finance what comes next, AFYREN has secured a €12.5M venture debt line from BNP Paribas, with a 5-year maturity including 2 years of payment deferral. This non-dilutive instrument provides additional compensation for the lender in the event of a share price increase over the loan period. The group also obtained a €3M subsidy from the European Fund for a Just Transition.
On the production side, the plant reached 30% capacity on several occasions and 40% for 48 hours in July following improvement work in June 2026, bringing cumulative production beyond 1,000 tonnes since the start of ramp-up in June 2025.
On the commercial front, part of future production of acids and fertilizers is pre-sold, representing a business volume of more than €165M and covering up to 80% of projected annual volumes. AFYREN aims to double NEOXY's revenue in the second half of 2026 compared to the first, and confirms its objective to reach the break-even point (current EBITDA) of the plant, then the group, at the end of the 2026-2027 investment program.
