Bordeaux (France), 22 September 2025 - Hydrogène de France (HDF Energy), a developer of large-scale hydrogen infrastructure and manufacturer of high-power fuel cells, presents its business activity and financial statements for the first half of 2025. The consolidated half-year financial statements[1] were approved by the Board of Directors on 18 September 2025.
| Key figures | 2025 | 2024 |
| 30/06/2025 | 31/12/2024 | |
| Number of projects at an advanced stage of development1 | 17 | 16 |
| Total investment budget (USD bn) | 3.3 | 3.0 |
| Shareholders' equity (€000) | 82,592 | 89,944 |
| Cash and cash equivalents (€000) | 29,211 | 39,248 |
| H1 2025 | H1 2024 | |
| First half average headcount2 | 125 | 124 |
| Revenues (€000) | 410 | 571 |
| Gains on disposal of securities3 (€000) | - | - |
| Consolidated net income/(loss) (€000) | (6,618) | (5,136) |
- Priority projects for which several key criteria have been fulfilled (obtaining permits, official support, negotiations with the electricity buyer)
- Employees and contractors in countries where the Company has no dedicated legal entity
- Sale of shares to investors in SPVs
Pursuing our development priorities as the market restructures
The first half of 2025 was marked by a shift of focus in hydrogen markets. The industrial sector is giving priority to buoyant commercial segments. As a long-standing player in the sector, HDF Energy is continuing its development, strengthening its expertise and consolidating its positioning in hydrogen power markets serving the electricity grid and heavy maritime and rail mobility sectors.
The portfolio of projects at an advanced stage is stable[2]. In line with its published strategy, the Group is focusing its efforts on the swift completion of projects at an advanced stage of development. As such, the Renewstable Barbados (RSB) project has obtained the licence required to operate the plant. On the opposite side of the world, the Sumba project in Indonesia has been officially integrated into the Multiannual Electricity Plan. This recognition marks a significant step towards finalising the project and paves the way for a raft of similar initiatives across these island nations particularly conducive to the emergence of Renewstable® projects. Broadly speaking, most projects at an advanced stage of development are making headway and showing tangible progress.
Lastly, the construction of the Guyana CEOG power plant is moving forward on schedule, with commissioning set for mid-2026.
Industrial ambitions confirmed
On 28 May 2024, the European Commission approved France's financial support for HDF's industrial project within the framework of the IPCEIs (Important Project of Common European Interest). This project aims to develop and industrialise high-power fuel cells dedicated to heavy maritime and rail mobility.
The programme's operational launch was disrupted by the French political and economic environment. Nevertheless, the studies carried out in the meantime confirm the reality of the envisaged markets and industrial targets. Sales prospecting is underway. The commissioning of the centre of industrial excellence is a key step towards bringing the project to fruition. Under the programme, HDF incurred expenses totalling €4.7 million during the first half of 2025.
The financing agreement with Bpifrance is currently being finalised. As such, no income has been recognised in relation to this item in the first half 2025 financial statements.
First half 2025 revenues
Consolidated revenues for the first half of 2025 amounted to €0.4 million (compared to €0.6 million for the first half of 2024, excluding re-invoicing, without margins, for services outsourced to external service providers). Revenues were mainly generated from project management assistance for the construction of the CEOG power plant and development work on the RSB contract in Barbados and the NewGen contract in Trinidad and Tobago.
Given the delays in project development, the target of posting €100 million in revenue by 2027 has been pushed back. However, the Group still remains confident about the quality of the project portfolio, forthcoming project implementation and the contribution of industrial operations towards this objective.
Net income/(loss) and cash position
After a period of intensive hiring in project development in the regions covered by the Group and the technical skills required for the deployment of the industrial project, headcount stabilised in 2025. The average headcount totalled 125 employees compared to 124 in the first half of 2024. Remuneration was also stable. The capitalised portion of these expenses decreased significantly in 2025, thereby explaining the apparent increase in such expenses.
External expenses, which mainly consisted of operating expenses in the regions, fell from €3.9 million in H1 2024 to €2.6 million in H1 2025. In the first half of 2024, they included non-recurring costs relating to the deployment of the industrial programme information system and the total cost of relocation to the Blanquefort premises. In addition to non-recurring items, the decrease in external expenses also reflected the Group's desire to refocus its efforts and strive towards operational efficiency in all business lines.
Net financial income/expense was impacted by a €1.2 million loss arising from changes in US dollar rates, this being the benchmark currency in most of the countries where the Group operates.
After taking this impact into account, along with tax effects, the net loss for the period amounted to €6.6 million compared to a €5.1 million loss in H1 2024.
Besides financing operating expenses, the Group invested €3.2 million to finalise construction of the plant and the centre of industrial excellence required to implement the project. The Group also invested €0.7 million under the share buyback plan launched in October 2024, which has since been completed.
The Group's cash position stood at €29.2 million on 30 June 2025 (compared to €39.2 million at 31 December 2024). Structural investments financed with Group cash will be completed by the end of the financial year, while operational budgets are being closely monitored in order to reach breakeven within the short term.
Damien Havard, Chairman and CEO of Hydrogène de France, said: "Like many emerging markets, the hydrogen sector is going through a rough period. HDF's teams are once again demonstrating their resilience and adapting to the changing environment. Our goal is to materialise the projects for which our teams have been working for several years and reach breakeven within the short term."
ABOUT HYDROGÈNE DE FRANCE (HDF Energy)
HDF Energy is a leading global player in the hydrogen industry, dedicated to developing large-scale hydrogen infrastructure and advanced multi-megawatt fuel cell technology.
These fuel cells generate electricity from hydrogen, driving the decarbonization efforts across the power generation, heavy maritime and rail mobility sectors. Set to commence mass production in 2025 at HDF Energy's facility near Bordeaux, these fuel cells serve as the cornerstone of the power plants and heavy mobility solutions developed by HDF Energy.
HDF Energy's Renewstable® power plants deliver non-intermittent renewable, stable and baseload power by seamlessly integrating intermittent renewable energy sources with substantial on-site energy storage in the form of green hydrogen. HDF Energy is also developing extensive infrastructure for the mass production of carbon-free hydrogen.
Backed by a team of over 150 hydrogen experts boasting more than a decade of operational experience across the value chain, HDF Energy is currently developing a portfolio of advanced projects valued at over €3 billion.
Headquartered in France, HDF Energy has regional offices in Latin America, the Caribbean, Africa, and the Asia-Pacific region with 35+ nationalities among its staff. Since 2021, the Group has been listed on the Euronext Paris stock market.
Plus d'informations : www.hdf-energy.com
Contacts
| Investor Relations | Press Relations |
| Hélène de Watteville + 33 (0)1 53 67 36 33 hdf-energy@actus.fr | Serena BONI +33 (0)4 72 18 04 92 sboni@actus.fr |
[1] The first half consolidated financial statements can be viewed on www.hdf-energy.com.
[2] Portfolio monitoring provides the earliest indicator of HDF's value creation for both the Group and all project stakeholders. HDF estimates that it is able to generate revenues representing between 12% and 17% of construction costs during the development and construction phases, including via the provision of engineering services and supply of fuel cells during the power plant construction phase.
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