Agripower: revenue up 161%, cash position needs to be strengthened
Agripower published its first consolidated financial statements on October 30, 2026, prepared on a voluntary basis for the financial year ended June 30, 2026. The consolidated net loss narrowed to -€4.4 million. Cash, reduced to €3.0 million, nevertheless needs to be “rapidly strengthened,” according to the company.
The statutory auditors issued an observation regarding the going concern assumption. The accounts are based on the assumption that the search for financing will be successfully concluded, while the group is deploying, through its subsidiary Eliona, a portfolio of seven anaerobic digestion units, only one of which is in production.
Consolidated revenue of €11.5 million and net loss reduced to -€4.4 million
Consolidated revenue reached €11.5 million, compared with €4.5 million on a pro forma basis for fiscal 2024-2025, an increase of 161%. The Méthélec unit (Puy-de-Dôme), the only one currently producing biomethane, generated €4.7 million of revenue during the year.
EBITDA came to -€3.5 million and operating income to -€3.7 million, the latter benefiting from a net reversal of provisions of €0.6 million. After €0.7 million of financial expenses, the consolidated net result stood at -€4.4 million, compared with -€5.4 million in the previous year.
At the parent company level, standalone revenue rose 125% to €8.3 million, in line with the target of approximately €8 million communicated to the market. The standalone operating loss improved by nearly €2.0 million, to -€2.1 million, and the standalone net result went from -€3.9 million to -€1.9 million.
Cash of €3.0 million against requirements higher than anticipated
Asset development significantly drew on cash. To date, Eliona has contributed €13.0 million in shareholder current accounts to the project companies, supplemented by €7.0 million of participating loans for the two most advanced units. According to the company, these requirements proved higher than anticipated, notably due to the time needed to obtain bank financing.
Cash flows from operating activities came to -€6.2 million and net investments to -€4.6 million. Cash stood at €3.0 million as of June 30, 2026, including €1.9 million at Agripower France, against gross financial debt of €10.3 million, of which €8.4 million is held within the project companies.
Consolidated shareholders' equity rose from €1.6 million to €6.6 million, driven by €8.9 million of net capital increases. In July 2026, cash was strengthened by a €0.6 million capital increase and a €1.3 million participating loan via the Miimosa platform, partly already consumed by ongoing deployments.
Ongoing financing conditions the commissioning schedule for 2027
The accounts were prepared on the basis of the successful completion of the banking refinancing of the units, discussions with the lender to postpone repayment dates, and negotiations on a joint venture at Eliona level. The company indicates that the completion of these items remains subject to uncertainties and risks.
According to the group, this situation creates a significant uncertainty regarding its ability to meet its debts over the twelve months following the closing date. Levers under consideration include bank refinancing, the planned joint venture, for which the letter of terms was extended to December 31, 2026, and bond issues with institutional funds.
The first bank financing, of €5.3 million for Les Gourmets (Mayenne), has been granted and is being signed. This unit is scheduled to be commissioned in Q1 2027, Les Hélianthes (Sarthe) in H1 2027, and Will-Sun (Moselle) at the end of that same half-year, subject to bank financing.
The group also received a €2.5 million shareholder current account contribution from Vatel Capital in March 2026, the conversion of which into convertible bonds will be proposed at the next general meeting. The parent company's order book stood at €14.6 million as of July 1, 2026, including €10.6 million of work for the project companies.
The group stated that its priority is to quickly secure a financing solution covering its short-term cash requirements, with €3.0 million of cash as of June 30, 2026, against €10.3 million of gross financial debt. Its half-year results are expected on April 27, 2027.
