Forsee Power: EBITDA of -€11.8M in the first half of 2026, cash reduced to €2.2M
Forsee Power published its first-half 2026 accounts on 30 October 2026: revenue of €20.4M and EBITDA of -€11.8M, compared with +€2.2M a year earlier.
The group is relying on lower costs, an asset disposal programme and the support of its key shareholders to finance the period leading up to 2027.
According to the company, the decline in volumes stems from the end of major supply contracts in the bus segment, anticipated as early as 2025, and from investment decisions postponed by several customers. Technical issues unrelated to batteries, encountered by some vehicle manufacturers, have also delayed the launch of several programmes.
As of 30 June 2026, cash stood at €2.2M, compared with €11.8M as of 31 December 2025. The publication also details the financing measures put in place since the close of the half-year.
Sales down from €80.9M to €20.4M, net loss of €18.7M
The decline in activity first affected heavy vehicles, whose revenue fell from €72.8M to €13.3M over one year. Light vehicles and industrial applications declined from €8.1M to €7.1M.
When it published its annual results on 7 May 2026, the group already cited the decline in demand for heavy vehicles among its risks.
The EBITDA margin came in at -57.7%, compared with 2.8% in the first half of 2025. Operating income reached -€16.5M, compared with -€5.2M, and includes €0.2M of non-recurring charges related to the renegotiation of financial debt.
The financial result improved to -€2.8M, compared with -€5.5M, notably thanks to lower exchange losses, and the contribution of NEoT Capital was positive at €0.5M. Consolidated net income stood at -€18.7M, compared with -€11.1M. These accounts have not been subject to a limited review by the statutory auditors.
Personnel costs down 24.9%, which does not offset lower volumes
As part of the REPOWER27 plan, personnel expenses fell by €4.0M, or 24.9%, to €12.1M. The company indicates that these savings do not fully offset the effect of lower volumes on its half-year results.
On the cash front, the €9.2M reduction in working capital requirements limited the cash consumed by operations to €1.9M.
Investing cash flows were reduced to €2.4M, compared with €5.3M a year earlier, while financing activities resulted in a net outflow of €5.4M, mainly linked to loan repayments, lease payments and financial expenses.
Shareholders' equity fell from €37.2M as of 31 December 2025 to €19.0M as of 30 June 2026. After the closing date, the shareholders SPI, Eurazeo and Noria provided €4M in shareholder current account advances in July, intended to be converted into shares during a future capital increase.
The agreements reached with financial partners, amended in August 2026, made it possible to defer to June 2028 the repayment of the €6M tranche A of the European Investment Bank loan and to spread the repayment of the inventory financing facility until March 2028. These agreements remain subject to conditions, notably related to financing transactions.
Over €20M in disposals expected, EBITDA breakeven targeted in 2027
On 26 October 2026, Forsee Power signed an agreement with the Indian industrial group Varroc for the latter's acquisition of 45% of the share capital of Forsee Power India.
The overall programme of non-strategic asset disposals, which includes this transaction, is expected to generate more than €20M in disposal proceeds, of which more than half by 31 December 2026.
The group is also continuing discussions with several potential investors to strengthen its equity. On 9 October 2026, it had indicated that it was abandoning the Fcap Investors project and was in talks with other industrial and financial investors.
On the commercial side, Forsee Power is concentrating its efforts on rail, off-road applications and special vehicles, with a range extended to LFP solutions and high-voltage architectures up to 1,500 V. The company believes that the provisions envisaged under the European Industrial Accelerator Act could strengthen the position of European battery system manufacturers.
Despite short-term visibility that it considers limited, the group reaffirmed its target of EBITDA breakeven in 2027. It bases this on the expected ramp-up of customer programmes, the contribution of new markets and further cost reductions.
