<p data-pm-slice="1 1 []">La Française de l'Énergie: its gas over-hedging leads to a latent loss of €25.8 million</p>
In a progress report published on October 6, 2026, La Française de l'Énergie (FDE) confirmed it is continuing to reduce the over-hedging of its gas portfolio, an incident it had reported on July 16, 2026.
The energy producer based in Pontpierre (Moselle) also detailed an overhaul of its control system and an action plan designed to preserve its cash position.
![<p data-pm-slice="1 1 []">La Française de l'Énergie: its gas over-hedging leads to a latent loss of €25.8 million</p>](https://www.ideal-investisseur.fr/img/6548b6eb88026.jpeg)
An exposure being repurchased progressively
According to the statement, the latent loss associated with the over-hedging incident amounts to €25.8 million as of September 30, 2026. This exposure is linked to a counterparty with which FDE has engaged in discussions to address the impact of this situation.
The group indicated that it is continuing the progressive buyback of this position, taking into account its liquidity constraints and market conditions. It clarifies that the liquidity of the gas market allows for this approach, the objective of which is to minimize the impact of an over-hedging described as non-compliant with its hedging policy.
The board of directors' mandate provides that hedges remain backed by production, without ever exceeding produced or anticipated volumes. FDE states that this incident, which it describes as "individual and isolated," does not call into question either the quality of its assets or the relevance of its strategy.
Overhaul of internal controls and independent external audit
The management system for hedging activity has been overhauled. Disciplinary sanctions have been enforced and an internal daily monitoring system for energy sales, with real-time alerts, has been implemented, independently from that of the market access provider.
Each transaction is now subject to triple validation. Supervision of hedging activity falls directly under the board of directors, which has delegated it to the President, Julien Moulin, the group's lead shareholder.
FDE has also commissioned an independent external audit of its hedging activity and control chain, under the supervision of the LPA firm and independent directors. Its conclusions will be communicated by October 31, 2026.
In parallel, an action plan covering all group entities aims to preserve cash. It is structured around four pillars, including additional collections beyond operational cash flows, divestment of non-strategic assets as well as cash and financing of key projects.
Revised strategic timeline and portfolio refocus
FDE indicated that it is rescheduling its strategic objectives timeline, citing delays on certain non-priority projects and the over-hedging incident, which it says temporarily reduces its room for maneuver for certain growth operations planned in its business plan. The revised objectives will be communicated by the general meeting scheduled for December 10, 2026, and the updated strategic plan will cover a trajectory through fiscal year 2032.
The group attributes its current debt level to an investment phase, with capex increasing to more than €65 million over fiscal year 2026. It has undertaken a refocus of its portfolio on assets closest to cash flow generation and backed by long-term fixed-price contracts, particularly in mine gas and biogas.
"The over-hedging incident has not undermined the solidity of our industrial core: our assets are producing, our low-carbon energy volumes produced are increasing," declared Julien Moulin, who indicates he is managing this recovery in agreement with the board of directors and historical shareholders. Full-year 2026 results will be published on October 20 after market close.
