Libourne, September 11, 2025 - Fermentalg, a key player in BioSolutions based on aquatic microorganisms, presents its 2025 half-year results after the accounts were approved today by the Board of Directors, chaired by Philippe Lavielle[1] .
Pierre Josselin, Chief Executive Officer of Fermentalg, said: "We have achieved major milestones since the beginning of the year in expanding our BioSolutions portfolio and entering new markets. In the field of lipids, we have expanded our presence in the value chain and geographically, while enhancing our product offering to better meet the expectations of manufacturers and consumers seeking sustainable alternatives to fish oils from intensive fishing. At the same time, following FDA approval of our natural blue colorant, we are accelerating industrial and commercial deployment, which will be important growth drivers from 2026 onwards.
All of this has been achieved in an adverse macroeconomic environment, between global trade wars and price pressures, which are slowing down the transition to sustainable solutions and the commercial penetration of our BioSolutions in the short term, without calling into question their undeniable potential in the medium term.
Enrichment of the BioSolutions offering
Since the beginning of 2025, Fermentalg has enriched its BioSolutions portfolio and expanded its commercial deployment in order to gradually build a solid and sustainable basis for development. This methodical expansion strategy has resulted in a number of notable achievements.
A comprehensive, competitive, and sustainable offering for the Omega-3 market
In the field of lipids, Fermentalg has expanded the geographical coverage and markets of its Ωrigins range, the only 100% algae-based DHA produced in Europe, recognized for its high concentration and associated claims, and a sustainable alternative to fish oils. The Company has expanded beyond its traditional dietary supplement market (60% of sales) and generated 40% of its sales in the first half of 2025 in the infant nutrition and aquaculture segments.
Thanks to the industrial investments made by the Huvepharma group as part of the strategic partnership, Fermentalg now has a comprehensive, sustainable, and competitive range of crude and refined oils.
At the same time, thanks to its ongoing efforts in innovation, Fermentalg has expanded its offering with a new range of plant-based oils rich in EPA, with a composition and nutritional content equivalent to fish oils, making them an easy substitute, particularly in the dietary supplement and animal feed segments. This oil has a natural concentration unmatched anywhere in the world and is the only commercial product of its kind produced in Europe.
Geographic expansion in strategic markets
Fermentalg has secured access to the North American market through a strategic distribution agreement with Better Origin Ingredients, a Canadian company founded by industry experts and well established among manufacturers and brands of dietary supplements. This agreement, beyond the initial sales already made, should help support revenue growth in the coming years.
The Company has also won its first customers in the Chinese market.
FDA approval of natural blue colorant
In the field of colorants, 2025 marks a major turning point with the approval by the US Food and Drugs Administration (FDA) of its natural blue colorant Galdieria Blue, a breakthrough product that aims to become the benchmark BioSolution in the food industry for beverages and confectionery, replacing the synthetic colorant "blue 1 " (E 133), a petroleum-based product. Industrial production is assured, following the transfer of technology from the Fermentalg site in Libourne to the Huvepharma group's site, and commercial traction is confirmed by partner Givaudan.
All the conditions are now in place for ramp-up to begin in 2026, facilitated by US government requirements to replace petrochemical-based colorants with natural colorants[2].
Revenue growth and stable operating income
| (in K€) | H1 2024 | H1 2025 |
| Revenue | 6,319 | 7,605 |
| Operating income before share-based payments and non-recurring items | -4,360 | -4,308 |
| Operating income after share-based payments and non-recurring items | -4,351 | -4,449 |
| Net financial debt cost | -122 | -33 |
| Other financial income and expenses | -774 | 157 |
| Share in net income of associates | -415 | - |
| Net income | -5,662 | -4,326 |
As announced last July, Fermentalg recorded record sales in the first half of 2025, at €7.6 million, up +20% compared to the first half of 2024.
Operating income remained relatively stable at -€4.4 million. Continued gains on cost prices and good control of operating expenses were offset by increased costs related to the strengthening of the sales and marketing policy in the phase of conquering new markets, and in an environment still marked by depressed fish oil prices and uncertainties over customs tariffs.
However, net income improved to €4.3 million, compared with €5.7 million in the first half of 2024, due in particular to lower net financial expenses.
Financing of commercial development and full repayment of convertible bonds
| (in €K) | 12/31/2024 | 06/30/2025 |
| Equity | 32,758 | 30,349 |
| Non-current financial liabilities | 6,853 | 3,622 |
| Current financial liabilities | 5,748 | 5,793 |
| Cash and cash equivalents | 20,578 | 12,843 |
At the end of June 2025, Fermentalg had €30.3 million in equity and €12.8 million in gross cash, with €9.4 million in financial debt (including €3.6 million due in more than one year).
The change in cash and cash equivalents during the first half of the year (-€7.7 million) is mainly due to the result for the period (cash flow from operations of -€2.7 million) and a cyclical increase in working capital requirements (-€2.6 million) linked mainly to commercial activity concentrated at the end of the half-year. This cyclical increase masks the structural improvement resulting from the favorable conditions granted by the Huvepharma group (inventory management and payment terms). The balance of the change comes from investments (-€1.0 million), including a portion related to the strategic alliance with Better Origin Ingredients, and loan repayments (state-guaranteed loans and repayable advances for -€1.4 million).
Furthermore, after the half-yearly closing, Fermentalg redeemed the convertible bonds issued in 2020 for a cash amount of €4.0 million. All convertible bonds issued in 2023 have also been converted into new shares, meaning that there is currently no dilutive financing outstanding.
Short-term caution and medium-term ambitions
Given the persistence of the adverse macroeconomic trends observed in the first half of 2025, Fermentalg is proceeding with caution for the second half of the year. Nevertheless, the Company is still targeting double-digit growth compared to the 2024 level of activity (€11.5 million).
Medium-term ambitions remain intact, driven by the industrialization of new products, the acquisition of strategic customers in new market segments, geographic expansion, and the optimization of production costs. A new progress report on these topics will be provided when the 2025 annual results are published.
Next publication: revenue for the third quarter of 2025,
October 7, 2025 (after market close)
About Fermentalg
Fermentalg develops BioSolutions from aquatic microorganisms that meet sustainable development objectives, combining economic, social, and environmental performance for all its stakeholders. Fermentalg is positioning itself as a key player in the transition to a more sustainable economy by harnessing the potential of microalgae for natural solutions with a positive impact on overall health: that of plants, animals, humans, and the planet. Functional lipids and the production of functional proteins (antioxidants, colorants) constitute the company's current and future offering.
Fermentalg shares are listed on Euronext Growth Paris (FR0011271600 - ALGAE) and is eligible for the PEA-PME (French SME equity savings plan). It has been awarded an Exemplary rating (90/100) by EthiFinance ESG Ratings, a rating agency specializing in the ESG performance of SMEs listed on European markets, in favor of Socially Responsible Investment (SRI).
For more information: www.fermentalg.com
| Media relations: | Investor relations: |
| ACTUS finance & communication Fatou-Kiné N'DIAYE Phone: +33 (0)1 53 67 36 34 fndiaye@actus.fr | ACTUS finance & communication Jérôme FABREGUETTES LEIB Phone: +33 (0)1 53 67 36 78 fermentalg@actus.fr |
Appendices
| STATEMENT OF COMPREHENSIVE INCOME (in thousands of euros) | 06/30/2025 | 12/31/2024 | 06/30/2024 |
| Revenue | 7,605 | 11,497 | 6,319 |
| Other operating income | 805 | 1,612 | 813 |
| Cost of goods sold | -6,351 | -9,002 | -5,247 |
| Research and development expenses | -2,110 | -4,792 | -2,099 |
| Operating expenses excluding R&D | -4,257 | -8,415 | -4,145 |
| Other current operating income and expenses | 0 | 0 | 0 |
| Operating income before share-based payments and non-current items | -4,308 | -9,100 | -4,360 |
| Personnel expenses related to share-based payments | -9 | -152 | - |
| Other non-recurring operating income and expenses | -133 | 32 | 49 |
| Operating income after share-based payments and non-recurring items | -4,449 | -9,220 | -4,351 |
| Cash and cash equivalents | 293 | 404 | 86 |
| Gross financial debt expense | -326 | -440 | -208 |
| Net financial debt cost | -33 | -36 | -122 |
| Other financial income and expenses | 157 | -504 | -774 |
| Net tax expense | 0 | 0 | 0 |
| Share in net income of associates | 0 | -3,117 | -415 |
| Net income | -4,326 | -12,876 | -5,662 |
| Minority interests | 0 | 0 | 0 |
| NET INCOME ATTRIBUTABLE TO THE GROUP | -4,326 | -12,876 | -5,662 |
| Other comprehensive income (actuarial gains and losses related to pension obligations, not recyclable to profit or loss) | 0 | 37 | 0 |
| COMPREHENSIVE NET INCOME | -4,326 | -12,839 | -5,662 |
| Minority interests | 0 | 0 | 0 |
| OVERALL NET RESULT GROUP SHARE | -4,326 | -12,839 | -5,662 |
| Net profit per share (in €) | -0.04 | -0.17 | -0.10 |
| Diluted net earnings per share (in €) | -0.04 | -0.17 | -0.10 |
| BALANCE SHEET (in thousands of euros) | 06/30/2025 | 12/31/2024 | 06/30/2024 |
| ASSETS | |||
| Intangible assets | 14,710 | 14,862 | 14,995 |
| Tangible assets | 9,003 | 9,541 | 10,195 |
| Investments in associates | 0 | 0 | 2,702 |
| Financial assets and other non-current assets | 413 | 67 | 48 |
| Deferred tax assets | 0 | 0 | 0 |
| TOTAL NON-CURRENT ASSETS | 24,126 | 24,470 | 27,940 |
| Inventories | 621 | 1,056 | 1,934 |
| Trade receivables and other assets related to customer contracts | 5,730 | 2,750 | 2,040 |
| Other receivables | 3,667 | 2,290 | 3,245 |
| Cash and cash equivalents | 12,843 | 20,578 | 21,265 |
| TOTAL CURRENT ASSETS | 22,861 | 26,674 | 28,484 |
| TOTAL ASSETS | 46,987 | 51,144 | 56,425 |
| LIABILITIES | |||
| Capital | 3,847 | 3,625 | 3,515 |
| Premiums | 26,016 | 38,763 | 38,360 |
| Reserves and RAN | 4,813 | 3,209 | 2,838 |
| Overall net result | -4,326 | -12,839 | -5,662 |
| Equity attributable to the group | 30,349 | 32,758 | 39,050 |
| Minority interests | 0 | 0 | 0 |
| TOTAL EQUITY | 30,349 | 32,758 | 39,050 |
| Non-current financial liabilities | 3,622 | 6,853 | 8,673 |
| End-of-career commitments | 351 | 311 | 321 |
| Other non-current liabilities | 506 | 565 | 623 |
| Deferred tax liabilities | 0 | 0 | 0 |
| TOTAL NON-CURRENT LIABILITIES | 4,480 | 7,728 | 9,617 |
| Current financial liabilities | 5,793 | 5,748 | 5,323 |
| Provisions for current risks | 112 | 0 | 0 |
| Accounts payable | 4,235 | 2,814 | 891 |
| Corporate income tax liabilities | 0 | 0 | 0 |
| Other current liabilities | 2,017 | 2,097 | 1,544 |
| TOTAL CURRENT LIABILITIES | 12,157 | 10,659 | 7,758 |
| TOTAL LIABILITIES | 46,987 | 51,145 | 56,425 |
| CASH FLOW (in thousands of euros) | 06/30/2025 | 12/31/2024 | 06/30/2024 |
| Net income attributable to the group | -4,326 | -12,876 | -5,662 |
| Depreciation, amortization, and provisions (excluding current assets) | 1,377 | 2,551 | 1,183 |
| Expenses calculated on share-based payments | 9 | 152 | 40 |
| Share of equity-accounted companies | 0 | 3,117 | 415 |
| Capital gains or losses on disposals | 0 | 4 | -48 |
| Share of subsidies in income | -58 | -116 | -58 |
| Change in fair value of OCA | -33 | 403 | 640 |
| Cash flow from operations | -3,031 | -6,766 | -3,490 |
| Gross financial debt cost | 326 | 440 | 208 |
| Income tax expense | 0 | 0 | 0 |
| Cash flow before financial expenses and before tax | -2,705 | -6,327 | -3,282 |
| Change in inventories | 434 | 5,750 | 4,872 |
| Change in trade receivables (customer receivables, other assets and liabilities related to customer contracts) | -2,980 | -1,672 | -962 |
| Change in trade payables and related accounts | 1,490 | 1,302 | -585 |
| Change in other current assets and liabilities (a) | -1,568 | 415 | -1,033 |
| Change in working capital requirements related to operations | -2,624 | 5,795 | 2,292 |
| NET CASH FLOWS FROM OPERATING ACTIVITIES | -5,329 | -531 | -990 |
| Production of fixed assets (capitalized R&D) | - | -822 | -427 |
| Share of subsidies and R&D tax credit related to capitalized development projects | 14 | 224 | 132 |
| Acquisitions of other tangible and intangible assets | -237 | -647 | -383 |
| Investments in or acquisitions of associates (MEQ) | 0 | 0 | 0 |
| Change in fixed asset liabilities | -91 | 106 | 109 |
| Change in other non-current assets and liabilities | -346 | -13 | 6 |
| Disposals of tangible and intangible assets | 0 | 23 | 18 |
| Disposals of financial assets | 0 | 0 | 0 |
| NET CASH FLOWS FROM INVESTING ACTIVITIES | -954 | -1,128 | -545 |
| Capital increase related to the parent company | - | 11,521 | 11,802 |
| Acquisitions and disposals of treasury shares | 10 | 14 | - |
| New borrowings and other financial liabilities | 0 | 731 | 168 |
| Repayment of loans and other financial liabilities | -1,447 | -1,171 | -315 |
| Change in current accounts | 0 | 0 | 0 |
| Interest paid on borrowings and financial debt | -5 | -18 | - |
| NET CASH FLOWS FROM FINANCING ACTIVITIES | -1,454 | 11,076 | 11,638 |
| Change in cash | -7,737 | 9,417 | 10,103 |
| Opening cash balance | 20,579 | 11,162 | 11,162 |
| Closing cash balance | 12,843 | 20,579 | 21,265 |
| (a): including change in research tax credit (CIR): | -710 | -20 | -684 |
[1] Limited review procedures have been performed. The semi-annual financial report will be made available to the public no later than October 31, 2025.
[2] https://www.fda.gov/food/color-additives-information-consumers/tracking-food-industry-pledges-remove-petroleum-based-food-dyes?utm
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