Transition Evergreen Reduces Half-Year Loss to €3M, Equity at -€35M
Transition Evergreen published on October 14, 2026 its accounts for the first half of 2026, finalized while its observation period in judicial receivership had been extended until October 14, 2026. The company requested a new and final extension to present a restructuring plan. At the date of the report, the court had not yet ruled.
The accounts show a net loss reduced to €3.04M, compared with €14.03M one year earlier, following the execution of the agreement concluded with Zencap Asset Management. Shareholders' equity remains negative, at -€35.27M as of June 30, 2026, compared with -€32.23M at the end of 2025. The statutory auditors drew attention to a significant uncertainty related to the going concern assumption.
Net Loss of €3.04M Versus €14.03M One Year Earlier
The net result for the first half of 2026 came to -€3,040 thousand, compared with -€14,030 thousand in the first half of 2025. Diluted earnings per share stood at -€0.08, compared with -€0.35. Operating income amounted to -€2,188 thousand, compared with approximately -€11.4M one year earlier.
The variance stems primarily from the impairment of financial assets at amortized cost line item. It resulted in a net gain of €849 thousand, combining a reversal of €1,850 thousand on receivables relating to TE Holding Biogas and a provision of €1,001 thousand on receivables from Financière Evergreen. In the first half of 2025, this line item represented a charge of €9,978 thousand.
Conversely, the change in fair value of financial assets reached -€2,052 thousand (compared with -€910 thousand), related to the stake in Biovert Gestion. Operating expenses increased from €539 to €986 thousand, of which €916 thousand in external advisory fees (compared with €351 thousand), linked according to the company to the Zencap protocol and the preparation of the continuation plan.
The cost of financial debt declined to €852 thousand, compared with €2,603 thousand. Bond interest fell from €2,451 to €643 thousand, a decline that the company attributes to the derecognition of Zencap bond debt in February 2026.
Zencap Agreement and Balance Sheet Reduction, Equity at -€35.3M
The operations provided for by the Zencap protocol were executed on February 26 and 27, 2026. Transition Evergreen sold 100% of TE Holding Biogas to Zencap Asset Management for a base price of approximately €27.7M. This price was settled primarily through offset, notably with Zencap's bond receivable (approximately €23.85M), the balance of approximately €3.44M being paid in cash. An additional price is expected in the event of disposal of Evergaz and 3E Biogas shares within five years, subject to performance conditions; it was not valued as of June 30, 2026.
The balance sheet total fell from €28,067 to €3,678 thousand. Cash stood at €2,437 thousand, compared with €5 thousand at the end of 2025. Of this amount, €2,224 thousand is held on the judicial administrator's deposit account and is used to settle debts arising after the opening of the proceedings. Trading on Euronext Paris resumed on March 9, 2026.
On the liabilities side, bond borrowings amount to €29,204 thousand, entirely due. Their repayment is frozen by the proceedings. Other current financial liabilities total €8,001 thousand, and net asset value per share stands at -€0.87.
The 35.43% stake in Biovert Gestion, acquired for €3,092 thousand, was valued at €1,040 thousand following a 50% standard discount applied by the independent appraiser. Everwood, placed in safeguard proceedings, remains valued at zero. The company is also subject to a compensation claim of €4.4M, which it contests and treats as a contingent liability.
Final Extension Requested, Court Decision Awaited
Opened on October 14, 2025, judicial receivership had been extended on April 28, 2026 until October 14, 2026. At hearings on October 2 and 9, 2026, Transition Evergreen requested a new and final extension. This extension is intended to allow it to present a plan, purge appeals, organize the vote and then implement this plan.
The board of directors finalized the accounts on October 13, 2026 according to the going concern principle, "subject to a favorable decision" by the court. It estimates that cash covers the needs of the next twelve months. The company does not exclude the possibility that no plan will secure the agreement of the principal creditors and the judicial administrator, or that a plan submitted to the court will not be approved.
Within the portfolio, the company confirmed for FW Services the forecast of a positive and significant net result for the 2026 financial year. LPF completed on September 3, 2026 a capital increase of €264K at the price of €4.32 per share.
The structuring element remains the liability: €29.2M in bond debt due, the repayment of which depends on the terms of the continuation plan currently being developed.
