Hydrogen from France reduces net loss to €4M in first half of 2026
Hydrogen from France presented its accounts for June 30, 2026 on September 23, 2026, marked by a reduction in losses and the materialization of its industrial project funded under the European PIIEC program.
The group, which develops hydrogen infrastructure and manufactures high-power fuel cells, highlights a reduction in headcount and charges during a half-year when public aid begins to impact its accounts.
Net result at -€4.0M, compared to -€6.6M a year earlier
Consolidated revenue for the first half of 2026 amounts to €0.55M, compared to €0.41M in the first half of 2025. It stems from engineering assistance contracts on RSB in Barbados, NewGen projects in Trinidad and Tobago, assistance with the CEOG project construction site, and the sale of fuel cells and related services.
Operating result stands at -€4.6M, compared to -€8.3M in the first half of 2025. Consolidated net result comes in at -€4.0M, compared to -€6.6M a year earlier.
Personnel costs amount to €3.9M, compared to €4.4M in the first half of 2025, and external charges to €2.5M, compared to €2.6M. Depreciation and impairment charges reach €2.8M, compared to €2.0M, due to the full-year amortization of the industrial excellence center commissioned in April 2025 and impairments recorded on the Mpumalanga projects in South Africa and CRT in Cyprus.
Reduction in headcount and scaling up of public funding
Average headcount excluding contractors stands at 93 people as of June 30, 2026, compared to 103 a year earlier. In countries where the group does not have a subsidiary, the use of temporary staffing and consultants allows for adjusting resources to the pace of project progress.
The financing agreement signed with Bpifrance in December 2025, as part of France 2030, sets the payment schedule for public support approved by the European Commission on May 28, 2024 under the PIIEC Hydrogen program. Aid acquired for eligible expenses justified since the program's inception amounts to €22.3M.
HDF received an initial advance of €12.7M in December 2025, and a second advance of the same amount was paid in July 2026. The impact on the result of the subsidy recognized during the half-year represents €4.1M, while €12.7M in subsidies were recognized on the balance sheet.
CEOG power plant production expected end of 2026 and projects in Indonesia
The group indicated that electricity production from the CEOG hydrogen power plant grid in French Guiana is scheduled for the end of 2026. As of June 30, 2026, after the design phases, HDF launched the development of fuel cell prototypes.
In Indonesia, the partner selection process for the Sumba project was launched by electricity operator PLN in July 2026. In September 2026, subsidiary PT HDF Energy Indonesia and PT Pertamina New & Renewable Energy signed an exclusive development agreement for Renewstable projects. In Mexico, the OASIS project in Baja California Sur was recognized as a flagship initiative in the Federal Electricity Commission's expansion plan.
Equity amounts to €79.3M as of June 30, 2026. The group's cash position stands at €27.2M, compared to €33.5M on December 31, 2025, before the receipt of the second PIIEC advance of €12.7M which occurred in July 2026.
