Française de l'Énergie: net loss of €9.9M, burdened by gas hedging positions
Française de l'Énergie (FDE) published its annual accounts closed on June 30, 2026 on October 20, 2026. Current operating profit remained stable at €6.3M, while net profit attributable to the group stood at -€9.9M, compared to +€3.7M a year earlier. The difference stems primarily from gas hedging positions exceeding the group's physical needs, which the company indicated it is in the process of reducing.
These accounts conclude a fiscal year in which investments reached €65M, compared to €24M in 2025, which increased debt. The group announced revenue growth of 35% in the first quarter of fiscal year 2027. It will present a revised strategic plan on December 10, 2026, focused on cash-flow generation.
Current operating profit stable at €6.3M, EBITDA down 7%
Consolidated revenue for fiscal year 2026 stood at €29.5 million, down 3% compared to 2025. According to the group, gas activity progressed with the return to normal injection levels into the NaTran network. Electricity revenues declined due to lower average selling prices, and the Alltec engineering subsidiary contributed over a full year.
Gross margin reached 66% of revenue, compared to 62% in 2025, despite Alltec's integration, whose margins are structurally lower. EBITDA declined 7% to €10.6M, representing a margin of 36% compared to 38% a year earlier. FDE attributes this decline to lower energy selling prices and a 28% increase in overhead expenses, intended to support its growth.
Current operating profit is stable at €6.3M and represents 21% of revenue over both fiscal years, despite higher depreciation related to investments. Added to this are €2.9M recognized as other operating income, arising from research and development services provided by the Cryo Pur subsidiary for Cemex.
The accounting recognition of this amount is subject to a reservation by the statutory auditors, due to a divergence in accounting treatment. The board of directors indicates it relies on its analysis of IFRS 15 standard and notes that the corresponding invoices have already been paid by the client. Audit procedures for the accounts are ongoing.
Hedging instruments bring net profit to -€9.9M
The fair value change of energy hedging instruments amounted to -€10.8M on June 30, 2026, compared to +€5.9M in 2025, in accordance with IFRS 9 standard. Operating profit thus stands at -€3.9M, compared to €12.2M a year earlier. The group indicates that these positions exceeded its physical volume requirements and did not comply with its hedging policy.
Losses related to this over-hedging reached €3.8M on June 30, 2026. On September 30, 2026, the total loss on settled transactions amounted to €7.6M, with rising gas prices during the summer weighing on the cost of exiting these positions. FDE indicates it is continuing their gradual reduction while taking into account its liquidity constraints.
Financial result increased from -€5.9M to -€7.3M, due to new borrowings of €15M. Operating cash flow, however, increased 42% to €13.7M. On June 30, 2026, the group had €17.5M in cash, net financial debt of €115.9M at a cost of 5.4% and €91.7M in equity, representing a debt ratio of 126%.
After closing, FDE drew an additional €10M tranche in July 2026 from the green bond subscribed by EDRAM. The group is also finalizing the refinancing of power plants in the Hauts-de-France region for €10M, as well as its renewable natural gas unit in Halsa, Norway.
Quarterly revenue up 35%, target of at least 25% for fiscal year 2027
Revenue for the first quarter of fiscal year 2027 reached €8.9M, compared to €6.6M a year earlier. The gas segment grew 16% to €2.1M. Electricity increased from €2.5M to €3.9M, with volumes up 24% driven by the commissioning of the Angres and Rouvignies sites, which raised the group's installed capacity to 28.5 MW.
The Romerike Biogassanlegg biogas plant near Oslo was acquired on July 1 for €4.5M. It contributed €1.75M to quarterly revenue, while the group expects at least €5M from it over the entire 2027 fiscal year. Engineering, procurement and construction activity in Norway represented €1M.
On this basis, FDE indicated it expects annual revenue growth of at least 25% for fiscal year 2027. The revised strategic plan, which must sequence projects further, reduce costs and strengthen the balance sheet structure, will be presented to the general meeting on December 10, 2026.
