Arverne: net loss attributable to the group of €12.3m in first half 2026, Lithium of France project advances
Arverne published its first half 2026 results on September 23, 2026, marked by the validation of key milestones in its Lithium of France project in Alsace. The group based in Pau highlights operational performance exceeding its forecasts on this project, while its accounts remain in loss, in a phase where most resources are mobilized for the development of its assets.
Gross activity volume of €16.8m, consolidated revenue declining
Arverne's gross activity volume stands at €16.8m in the first half of 2026, up 60.1% compared to €10.5m in the first half of 2025. This aggregate includes consolidated revenue, 50% of DrillHeat's revenue and inter-sector drilling revenue. Consolidated revenue comes in at €7.4m, down 19.6% year-on-year. The group attributes this change primarily to the completion of the Paris Airport project, whose activity level was higher than that of the Safran project, as well as to the cessation of services provided on behalf of Storengy. Inter-sector drilling, carried out on its own account for the benefit of the Lithium of France project, represents a gross activity volume of €7.9m. DrillHeat's surface drilling activity reaches €3.0m, growing by 13.4%.
Net loss attributable to the group increased to €12.3m, investments of €27.7m
The net result attributable to the group stands at -€12.3m in the first half of 2026, compared to -€10.0m one year earlier. The ordinary operating result is -€15.1m, compared to -€13.7m in the first half of 2025. Personnel costs reach €14.6m, up €1.5m, due to 18 additional FTE. Capitalized production increases by €6.1m to €10.0m, driven by drilling operations conducted on behalf of Lithium of France. Investments amount to €27.7m, mainly dedicated to Lithium of France. Cash and equivalents stands at €45.5m as of June 30, 2026, compared to €78.0m as of December 31, 2025. Net operating flows improve to -€8.1m, compared to -€11.6m one year earlier.
Lithium: estimated resources of 26 million tonnes, first geothermal production expected by next winter
On the Lithium of France project, the test results from the first two wells drilled at Schwabwiller exceed the high hypothesis of preliminary studies, with stabilized flow rates of 275 m³/h and 325 m³/h and a lithium content of 180 mg/l. An independent assessment conducted by Sproule ERCE estimated resources at 26 million tonnes of lithium carbonate equivalent, with total exploration potential that could reach 43 million tonnes. The group also created Francilienne de Géothermie with Banque des Territoires, held 72% by Arverne Chaleur & Froid and 28% by Banque des Territoires, with an initial commitment that could reach €45.1m. First production and sale of renewable heat is expected by next winter, on the Serres-Castet project. Following the close, Arverne finalized in July 2026 an issuance of €70m of ORANE. The group confirms its 2026 objectives within its Dual Flow plan and aims, ultimately, for a portfolio of €400m in long-term commercial contracts.
