+74% increase in gross business volume
Decisive milestones achieved successfully
Significant progress made
- Heat and cooling: signing of an initial cooperation and exclusivity agreement for a project in Île-de-France, for a gross business volume of €150 million over 30 years.
- Lithium de France project: pre-industrial phase launched successfully and start of operation of the first geothermal doublet1
- Bpifrance acquired shares in Arverne Group: Bpifrance has acquired a stake of 4.3% in Arverne Group, demonstrating its support2
Strong growth and a solid balance sheet
- 74% growth in gross business volume3 to €10.5 million, driven by drilling operations at the geothermal installation at Paris-Charles de Gaulle airport for Groupe ADP.
- Net debt of -€60 million, -€90 million excluding lease liabilities.
Post-closing events
- Arverne Group has signed a contribution agreement with Hydro Energy Invest AS to strengthen its stake in Lithium de France4
- Successful fundraising for Lithium de France: second series B round of funding by Arverne Group and Equinor Ventures for €40 million5
Outlook for 2025
- Confirmation of gross business volume target: between €25 million and €30 million, an increase of 45% to 75% compared with 2024.
- Continuation of investment programme totalling around €50 million.
Regulatory News:
Arverne (FR001400JWR8 ARVEN), the leading French supplier of geothermal solutions, is announcing its results for the first half of 2025.
Pierre Brossollet, Founder and Chairman Chief Executive Officer of Arverne, said: "Thanks to our unique integrated model, ranging from drilling to the supply of heat and cooling and geothermal lithium, Arverne reaffirms its role as the leading French provider of geothermal solutions. We provide our customers with local, low-carbon and competitive energy. Our excellent operational and sales performance since the beginning of the year boosts our confidence: we have the capacity to generate profitable and sustainable growth, creating value for the local regions and for our shareholders."
MOMENTUM AND PERFORMANCE BY BUSINESS ACTIVITY
HEATING AND COOLING
- Arverne forms a strategic partnership to speed up project development
In Nouvelle Aquitaine, Arverne is launching an unprecedented partnership with Crédit Agricole Pyrénées Gascogne Énergies Nouvelles (CAPGEN), which will support the financing of geothermal projects. Arverne will carry out the design and completion of geothermal works as well as the maintenance and operation of production facilities. Both partners will market the offers.
This partnership with leading player strengthens Arverne's positioning as the French reference for geothermal energy.
- First production and sales
As planned, Arverne has signed major projects:
Work on the district heating networks for Clichy-sous-Bois and Livry-Gargan began in July 2025. This project is already one of the top five geothermal heat networks in Île-de-France. It is the first public service concession agreement signed by Arverne, in partnership with Dalkia and SAS IdF Energies Territoires6, for the development and operation of a low-carbon heat network and the deployment of deep geothermal energy. The production of geothermal heat is expected to begin in 2027.
Arverne has signed a cooperation and exclusivity agreement for a project in Île-de-France representing €150 million in gross business volume over a period of 30 years. The agreement covers deep drilling and then the production and marketing of geothermal heat for 12,000 homes. This is the first project operated by Arverne7 and its partners in the form of a SPV. Investments will amount to €26 million. Arverne will complete the deep drilling operations in 2027. Heating production and marketing are planned for 2028.
CRITICAL METALS: LITHIUM DE FRANCE PROJECT
- All stages of the pre-industrial phase have been confirmed
Since the start of 2025, the teams have successfully completed the pre-industrial phase of the Lithium de France project combining heat and geothermal lithium in Alsace:
First drilling operations: after obtaining the environmental authorisation and the building permit, the civil engineering works began in Schwabwiller in June and are progressing on schedule. Drilling of the wells is due to start in the autumn.
- Construction of the direct lithium extraction (DLE) demonstration plant in progress: it will be installed on this first geothermal doublet to assess the performance of the innovative DLE technology.
- Progress for the definitive feasibility study (DFS): Sedgman, an engineering firm and one of the world leaders in the implementation of mineral processing solutions and associated infrastructure, was selected to conduct the front-end engineering design FEED, a key component of the final feasibility study (DFS).
- Bankability feasibility study (BFS): it is conducted jointly by Macquarie Capital and Crédit Agricole Corporate Investment Bank, two leading institutions in the financing of the battery value chain.
The pre-industrial phase will continue until mid-2026.
Post-closing events
- Arverne Group signs a contribution agreement to increase its stake in Lithium de France8
Arverne Group and Hydro Energy Invest AS have signed a contribution agreement under which Hydro Energy Invest AS will contribute its 474,753 Lithium de France shares to Arverne Group in exchange for new Arverne Group shares.
This transaction will be carried out by issuing 2,232,288 new Arverne Group shares to Hydro Energy Invest AS, for €22,322,880, representing €10.00 per Arverne Group share.
The contribution should be completed by October 2025.
- Successful second series B round of funding for €40 million9
Arverne Group has completed the second series B round of funding for its subsidiary Lithium de France, with its partner Equinor, the Norwegian leader in energy, via Equinor Ventures.
Equinor's geology knowledge and experience in project execution are key assets for the project.
Arverne Group and Equinor Ventures are consolidating their partnership against a backdrop of strong growth in the global market for lithium, a critical metal in the energy transition, for which demand is expected to grow by 10% per year by 204010
Following these two transactions, Arverne Group will hold 73.8% of the capital of Lithium de France and Equinor Ventures will hold 24.4%11
DRILLING AND WELL CONSTRUCTION
- Gross business volume12 of €10.5 million in H1 2025, up sharply by 74% (vs. H1 2024)
In thousands of euros | H1 2025 | H1 2024 | Chg. % |
Deep drilling | 9,010? | 4,369? | +106.2% |
Other | 139? | 116 | +19.8% |
Consolidated revenue | 9,148 | 4,485 | +104.0% |
Shallow drilling | 1,324? | 1,550? | -14.6% |
Gross business volume | 10,472 | 6,035 | +73.5% |
Deep drilling
Revenue from deep drilling amounted to €9.0 million, an increase of 106.2% (vs. H1 2024).
The geothermal drilling operations carried out for Groupe ADP at Paris-Charles de Gaulle airport were completed in February 2025, in line with the provisional schedule of three months of work.
Drill maintenance work continued for Storengy.
The B18 drilling rig and teams are in the process of preparation for works on the Safran power plant, which will start in November 2025.
Drilling operations for the Lithium de France project are scheduled to begin in the autumn.
Shallow drilling
DrillHeat's total revenue was €2.6 million, down 14.6% (vs. H1 2024).
Over the half-year period, 12 surface drilling sites were completed (vs. 16 in H1 2024), representing 22,086 metres (vs. 26,000 in H1 2024) and an installed capacity of 1.1 MW (vs. 1.3 MW in H1 2024).
The size of construction sites is increasing sharply: a third of them now exceed 3,000 metres of drilled probes, for example the Leclerc hypermarket in Frouard and the Sisley cosmetics industrial site in Vendôme. Demand for geothermal energy is accelerating in mass retail, healthcare and industry.
Productivity has improved on the back of employee training and expertise. In line with its strategy of integrating the value chain, DrillHeat has also internalised a connection team.
H1 2025 FINANCIAL RESULTS
- Consolidated income statement: revenue growth of 104% to €9.1 million
In thousands of euros | H1 2025 | H1 2024 |
Revenue | 9,148 | 4,485 |
Purchasing and subcontracting? | -10,827 | -7,030 |
Personnel expenses | -13,034 | -9,388 |
Taxes | -340 | -171 |
Other income and expenses? | 3,654 | 3,245 |
Current EBITDA | -11,398 | -8,859 |
Depreciation, amortisation and provisions | -2,314 | -948 |
Current operating income | -13,712 | -9,807 |
Other non-current operating income and expenses | 0 | 0 |
Operating income (expense) | -13,712 | -9,807 |
Financial income and expenses? | 1,850 | 2,608 |
Income tax and similar | 178 | -224 |
Share of income from equity affiliates? | 2 | -2,125 |
Net income/(loss) | -11,680 | -9,548 |
of which Group share? | -10,037 | -8,427 |
of which minority share? | -1,643 | -1,122 |
Group revenue came to €9.1 million, an increase of 104% (vs. H1 2024), confirming the growth in its activities.
Purchases and subcontracting increased by 54% to €10.8 million due to the geothermal installations produced for the Paris-Charles de Gaulle airport platform.
Personnel expenses rose by 39% to €13.0 million (vs. H1 2024), in line with the increase in the workforce and the Group's structuring. The average headcount increased by 45% (+26 FTEs13 compared to the end of 2024). At 30 June 2025, the Group had 246 employees (including 20 for its subsidiary DrillHeat).
Other income and expenses amounted to €3.6 million (vs. €3.2 million in H1 2024). They include €3.9 million in capitalised production, mainly related to investments for the launch of the Lithium de France drilling campaign and the refurbishment or start-up of drilling rigs.
Depreciation and amortisation expenses increased to €2.3 million (vs. €0.9 million in H1 2024) due to the commissioning of the B04 drilling rig and the impairment of the Cézallier exclusive prospecting licence for €0.3 million.
Financial income and expenses amounted to €1.8 million (vs. €2.6 million in H1 2024), due to the decrease in income from cash investments, which was offset by the fair value income from mutual funds (FCP) and the shift from net financial debt to net financial income (+€0.6 million).?
There was a net loss of -€11.7 million (vs. -€9.5 million in H1 2024), with the Group share at -€10.0 million (-€8.4 million in H1 2024).
- Net debt -€60 million, -€90 million excluding lease liabilities at 30 June 2025
In line with its strong growth trajectory, the Group continued to deploy investments during the first half of the year, which resulted in:
the development of exclusive prospecting licences for €4.1 million and €2.6 million in research development for Lithium de France,
- the preparation of drilling capacities, representing an investment of €5.7 million over the period.
The company has a solid financial structure with shareholders' equity of €158.9 million (vs. €169.9 million at 31 December 2024) and net debt of -€60 million, or -€90 million excluding lease liabilities, at 30 June 2025.
During the second half of the year, Arverne will continue to implement its annual investment plan of around €50 million.
OUTLOOK
2025: Confirmed acceleration
- Strong growth: gross business volume14 expected at between €25 million and €30 million, an increase of 45%-75% compared with 2024. Momentum will be driven in particular by the Safran Aircraft Engines strategic project in Villaroche, carried out in partnership with Dalkia. This project includes the design, construction and maintenance of a geothermal power plant whose operations will start at the end of 2025.
- Investments: programme of around €50 million including the launch of the pre-industrial phase and support for the production and marketing of heat and cooling.
- Lithium de France project: continuation of the pre-industrial phase until mid-2026, including the definitive feasibility study (DFS) and operations for the first geothermal doublet. The purpose of this development phase is to specify the results of the pre-feasibility study (PFS)15
- New contracts: signing of agreements expected for the production and marketing of heat and cooling.
- CSR commitments: strengthening of commitments as a mission-driven company to achieve responsible and sustainable development.
2027: First production and sales of heating and cooling
2028: First production and sales of geothermal lithium
25 September 2025: presentation to institutional investors, by registration
25 March 2026: publication of 2025 full-year results
About ARVERNE
ARVERNE is the leading French supplier of geothermal solutions.
It specialises in harnessing natural ground resources to transform them into local energy sources for heating and cooling systems and to extract lithium. A mission-driven company listed on Euronext Paris, Arverne works for local authorities and industrial companies with a focus on energy sovereignty and short supply chains.
www.arverne.earth
APPENDICES
Consolidated income statement
In thousands of euros | H1 2025 | H1 2024 |
Revenue | 9,148 | 4,485 |
Purchasing and subcontracting? | -10,827 | -7,030 |
Personnel expenses | -13,034 | -9,388 |
Taxes | -340 | -171 |
Other income and expenses? | 3,654 | 3,245 |
Current EBITDA(1) | -11,398 | -8,859 |
Depreciation, amortisation and provisions | -2,314 | -948 |
Current operating income | -13,712 | -9,807 |
Other non-current operating income and expenses | 0 | 0 |
Operating income (expense) | -13,712 | -9,807 |
Financial income and expenses? | 1,850 | 2,608 |
Income tax and similar | 178 | -224 |
Share of income from equity affiliates? | 2 | -2,125 |
Net income/(loss) | -11,680 | -9,548 |
of which Group share? | -10,037 | -8,427 |
of which minority share? | -1,643 | -1,122 |
Balance sheet
Assets
In thousands of euros | 06/30/2025 | 12/31/2024 |
Intangible fixed assets | 59,327 | 53,056 |
Property, plant and equipment | 54,640 | 52,274 |
Other non-current assets | 4,006 | 3,148 |
Total non-current assets | 117,973 | 108,478 |
Inventories and receivables | 9,786 | 9,571 |
Other current assets | 12,696 | 13,056 |
Cash and cash equivalents | 97,533 | 123,834 |
Total current assets | 120,015 | 146,641 |
Total assets | 237,988 | 255,119 |
Liabilities
In thousands of euros | 06/30/2025 | 12/31/2024 |
Capital and premiums | 194,302 | 194,302 |
Reserves and retained earnings | -47,897 | -38,413 |
Non-controlling interests | 12,525 | 13,993 |
Total shareholders' equity | 158,930 | 169,881 |
Non-current financing | 11,181 | 12,401 |
Other non-current provisions | 2,534 | 2,103 |
Non-current lease liabilities | 22,627 | 24,569 |
Other non-current liabilities | 6,511 | 6,941 |
Total non-current liabilities | 42,853 | 46,018 |
Current financing | 4,493 | 5,095 |
Current lease liabilities | 7,029 | 4,381 |
Other current liabilities | 24,683 | 29,744 |
Total current liabilities | 36,204 | 39,219 |
Total liabilities | 237,988 | 255,119 |
Cash flow statement
In thousands of euros, IFRS | 06/30/2025 | 06/30/2024 |
Net income/(loss) | -11,680 | -9,548 |
Depreciation, amortisation, impairment and provisions net of reversals | 2,633 | 1,149 |
Other changes | -589 | 4,074 |
Cash flow from operations | -9,637 | -4,326 |
Change in inventories | -445 | -71 |
Change in trade and other receivables | -541 | -642 |
Change in trade and other payables | -2,200 | 612 |
Change in other receivables/current liabilities | 1,089 | 2,893 |
Total changes | -2,097 | 2,792 |
Taxes paid | 97 | -423 |
Net cash flow from operating activities | -11,637 | -1,957 |
Net acquisition of fixed assets | -3,206 | -5,496 |
Capitalised development expenditure | -9,410 | -2,467 |
Other changes | -943 | -1,008 |
Net cash flow from investment activities | -13,559 | -8,971 |
Capital increases | 0 | 520 |
Debt issues | 30 | 5,676 |
Loan repayments | -1,014 | -1,623 |
Other changes | -121 | -72 |
Net cash flow from financing activities | 4,501 | 4,501 |
Change in cash position | -26,301 | -6,428 |
Cash and cash equivalents at 1 January | 123,834 | 143,227 |
Cash and cash equivalents at 30 June | 97,532 | 136,800 |
Disclaimer
This press release contains certain forward-looking statements and projections. These statements are not a guarantee of future performance. These forward-looking statements relate to the Company's future prospects, developments and marketing strategy and are based on analyses of earnings forecasts and estimates of amounts that are not yet determinable. Forward-looking statements are subject to a series of risks and uncertainties, in particular those described in the Universal Registration Document, related to future events and dependent on circumstances that may or may not materialise in the future. Forward-looking statements may not be construed as a guarantee of the Company's future performance and the Company's financial situation, results and actual cash flows, as well as trends in the industry in which it operates, may differ materially from those indicated or reflected in the forward-looking statements contained in this press release. Even if the financial situation, results, cash flows and trends in the industry in which the Company operates were consistent with the forward-looking statements contained in this press release, such results or developments may not be construed as a reliable indication of the Company's future results or developments.
Some figures and numbers in this press release have been rounded up or down. Therefore, the totals and percentages shown in the tables are not necessarily equal to the sum of the figures, amounts or percentages that have been individually rounded up or down.
1 Geothermal doublet: two wells, one for extraction and one for reinjection
2 Bpifrance acquires a stake in Arverne Group to support the growth of a French leader in geothermal solutions Arverne
3 Gross business volume: consolidated revenue plus 50% of the revenue of DrillHeat (50%-owned subsidiary) and inter-sector drilling revenue
4 Arverne Group signs a contribution agreement with Hydro Energy Invest AS Arverne
5 https://arverne.earth/wp-content/uploads/2025/09/0922025_PR_Arverne-B2-Lithium-de-France.pdf
6 Arverne Group is a minority shareholder of the concession holder
7 Arverne Group is the majority shareholder of the SPV
8 Arverne Group signs a contribution agreement with Hydro Energy Invest AS Arverne
9 https://arverne.earth/wp-content/uploads/2025/09/0922025_PR_Arverne-B2-Lithium-de-France.pdf
10 Source: Benchmark Mineral Intelligence, Lithium Forecast report Q2 2025
11 Completion remains subject to the usual conditions precedent Lithium de France will be 73.8%-owned by Arverne Group, 24.4% by Equinor Ventures, 1.8% by management
12 Gross business volume: consolidated revenue plus 50% of the revenue of DrillHeat (50%-owned subsidiary) and inter-sector drilling revenue
13 FTE: full-time equivalent
14 Gross business volume: consolidated revenue plus 50% of the revenue of DrillHeat (50%-owned subsidiary) and inter-sector drilling revenue
15 Arverne-Group-Interim-2024-results.pdf
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Contacts:
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Investor relations: investor.relations@arverne.earth
