Méthanor: €0.41 million profit in the first half of 2026, driven by recurring income
For a company whose earnings mainly come from its portfolio of equity interests and bonds, the nature of income matters as much as its amount. In the first half of 2026, Méthanor drew its profit from bond interest and a dividend, flows it describes as recurring, rather than from a disposal gain.
This income absorbed a €218K impairment on a bond issued by Artea. Meanwhile, net cash rose from €918K to €1,441K between 31 December 2025 and 30 June 2026, and the unrevalued net asset value per share increased to €5.91.
A financial result of €439K against €32K of operating expenses
Méthanor published on 30 October 2026 a net profit of €0.41 million for the first half of 2026. Operating expenses remained almost stable, at €32K compared with €33K in the first half of 2025. The financial result therefore accounts for the bulk of the period's accounts.
This financial result came to €439K. According to the company, it mainly reflects the portfolio's recurring income: €418K of interest on the bonds held and a €208K dividend declared by the company Rapale.
It also includes, conversely, a prudential impairment of €218K on the bond issued by Artea, representing approximately 25% of its outstanding principal.
A half-year without a disposal gain and higher net cash
The half-year's results must be read in light of the comparison base. The first half of 2025 included a non-recurring disposal gain of €724K, linked to the sale of the investment in Solaire Direct. The 2026 profit, by contrast, rests on the portfolio's interest and dividend income.
The half-year was also marked by the restructuring of the investment in AED, whose receivables were replaced by shareholder current account advances. The €595K loss recorded on this occasion was fully covered by impairments booked in 2025: the transaction has no impact on the half-year result.
On the balance sheet, the investment in AED was reclassified as other receivables for €1M, reducing fixed assets. The remainder of this item corresponds to Rapale's dividend, approved but not yet settled at the closing date.
At 30 June 2026, net cash stood at €1,441K, compared with €918K at 31 December 2025, and the unrevalued net asset value per share reached €5.91, against €5.74 six months earlier.
Artea: a €218K provision booked in the accounts at 30 June
The impairment on Artea relates to events occurring after the balance sheet date. According to Méthanor, during the second half, Artea ceased to comply with the repayment terms of its bond loan and postponed the publication of its first-half 2026 accounts.
As a result, Méthanor booked a prudential provision of €218K in its accounts at 30 June 2026, corresponding to approximately 25% of the outstanding principal on this bond. The company states that no other significant event has occurred since the half-year closing.
The most structuring element of the release remains the composition of the result: with €418K of bond interest and a €208K dividend, the portfolio's income enabled Méthanor to generate a net profit of €0.41 million while absorbing this provision.
