Haffner Energy Wins Case Against SARA and Retains €1M Advance Payment
The dispute opposing Haffner Energy to SARA has come to an end. In the absence of an appeal, the judgment rendered on June 16, 2026 by the Paris Court of Economic Activities became final, as indicated by the company on October 21, 2026.
The operation has two distinct effects. The first is accounting: the advance payment of one million euros paid in June 2023 will be recognized as operating income and added to EBITDA. The second is industrial: the equipment manufactured for the abandoned project, still in stock, can now be allocated to new orders.
A Judgment That Became Final Due to Absence of Appeal
The dispute originates from a preliminary agreement (Term Sheet) concluded for a hydrogen production project in Martinique. This project notably provided for the supply of HYNOCA/SYNOCA equipment by Haffner Energy. On June 1, 2023, SARA paid an advance of one million euros, intended to be credited against a definitive order.
After the customer's decision not to proceed with the project, litigation arose over the financial consequences of this abandonment. By judgment of June 16, 2026, the court dismissed SARA's claims, including the restitution of the advance payment. It also condemned SARA to costs and to payment of 10,000 euros under Article 700 of the Civil Procedure Code.
As SARA did not appeal, the decision became final. According to the company, it irrevocably confirms its right to retain the entire advance payment.
A €1M Contribution to EBITDA for Fiscal Year 2026-2027
In its accounts closed on March 31, 2026, Haffner Energy had, as a precautionary measure, retained this advance payment on the balance sheet without recognizing it as income, pending the expiration of appeal periods. With this uncertainty now lifted, the advance will be recognized as operating income during fiscal year 2026-2027. The company specifies that this recognition will contribute to EBITDA for the half-year ended September 30, 2026, with a positive impact of one million euros.
To place this order of magnitude in context, the EBITDA for the fiscal year ended March 31, 2025 had been -11.4 M€, for revenue of 378,000 euros, according to available data for that fiscal year. This is income related to the outcome of litigation, distinct from revenue generated from equipment sales.
Philippe Haffner, co-founder and chief executive officer, stated: "The final outcome of this dispute is good news for Haffner Energy. It confirms the merits of our position and its impact of one million euros on our results is significant".
Equipment Already Financed Available for New Orders
The industrial aspect concerns equipment that Haffner Energy had financed manufacturing and procurement for the Martinique project. They remain in stock and can now be allocated to other customers. According to the company, the reuse of equipment and components adapted to new orders will reduce purchases and manufacturing, accelerate deliveries, and limit associated cash outflows.
"We will capitalize on industrial assets already financed in order to generate revenue while limiting cash outflows," stated Philippe Haffner, who mentions "the commercial acceleration phase" undertaken by the group. This logic of mobilizing inventory is part of a recent sequence: on September 28, 2026, Haffner Energy signed a 3.2 M€ contract with project company INCAD for the Multi-Energy Hub at Bécancour in Quebec, covering six pieces of equipment already available in stock.
In total, the final decision results in operating income of one million euros for fiscal year 2026-2027 and the return to availability of equipment already financed for new orders.
