DJ ARVERNE GROUP: First half of 2026 60.1% growth in gross business volume to EUR16.8 million Operational performance above expectations
ARVERNE GROUP ARVERNE GROUP: First half of 2026 60.1% growth in gross business volume to EUR16.8 million Operational performance above expectations 23-Sep-2026 / 18:00 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- First half of 2026 60.1% growth in gross business volume to EUR16.8 million Operational performance above expectations Critical Metals - Lithium de France project -- Pre-industrial phase completed in line with the roadmap -- Operational performance above initial forecasts -- Equinor Ventures reaffirms its support for the project Heating & Cooling -- Creation of la Francilienne de Géothermie with Banque des Territoires and financial commitment of up to EUR45.1 million -- First production and sale of renewable heat expected as early as next winter -- Acceleration of shallow geothermal deployment driven by a fast-growing market and stronger public support measures for the sector Drilling & Construction -- Completion of the Safran project and deployment of drilling capacity to support the Group's projects -- Successful drilling of the first wells of Lithium de France project -- Acceleration of shallow geothermal projects Strong momentum since the half-year end -- Successful issuance of ORANE[1] EUR70 million, subscribed by the longstanding shareholders ADEME Investissement, Crédit Mutuel Equity, Eiffel Investment Group, and, alongside Bpifrance and GEOGREEN -- Total exploration potential of up to 43 million tonnes of lithium carbonate equivalent in Alsace -- A new Geothermal Lithium Exclusive Permit (PER) in Auvergne, a new growth driver for Arverne 2026 objectives and Dual Flow trajectory confirmed Pau, 23 September 2026 - Arverne (FR001400JWR8 - ARVEN), France's leading provider of geothermal solutions, announces its 2026 half-year results. Pierre Brossollet, founder and Chief Executive Officer of Arverne, said: «We have achieved all the key milestones of Lithium de France's pre-industrial phase, delivering results that exceed our initial expectations. At the same time, we reached a major milestone in the development of our Heating & Cooling solution with the creation of La Francilienne de Géothermie and the announced start of production from our first renewable heat sales as early as this winter. Strengthened by the support of our financial partners, enhanced visibility on the potential of our resources, and new development opportunities, we are entering Arverne's next phase of growth with confidence. PERFORMANCE BY BUSINESS Gross activity volume[2] amounted to EUR16.8 million in H1 2026, representing a strong increase of 60.1% compared with H1 2025 In EUR thousands H1 2026 H1 2025 Change Deep drilling 7,176 9,010 -20.3% Other revenue 182 138 - Consolidated revenue 7,358 9,148 -19.6% Inter-segment drilling 7,902 - - Shallow drilling (at 50%) 1,503 1,324 +13.4% Gross business volume 16,763 10,472 +60.1%
During the period, drilling was the main contributor to consolidated revenue. This activity notably reflects the in-house execution of Arverne's strategic projects, in line with its vertically integrated business model.
CRITICAL METALS
LITHIUM DE FRANCE PROJECT: outstanding results from the pre-industrial phase
In line with the commitments made in March 2025, Arverne completed the key milestones of Lithium de France's pre-industrial phase within 18 months and secured the financing required for this stage of development.
-- Drilling of the first wells marks a key project milestone
The Lithium de France and Drilling & Construction teams successfully completed the drilling of the first two geothermal wells in Schwabwiller. This major technical achievement confirms the quality of the Alsatian subsurface and validates Arverne's vertical integration strategy, built on the mastery of key capabilities in subsurface expertise and drilling operations.
-- Results from the first doublet reveal the full potential of the Alsace project
Test results from the two drilled wells exceed the high-case assumptions used in the preliminary studies. The first well achieved a stabilised flow rate of 275 m³/h (versus 250 m³/h estimated), a temperature of 145°C (versus 130°C expected) and a productivity of 10 L/s/bar, while the second recorded a stabilised flow rate of 325 m³/h (versus 200 m³ /h estimated) and an exceptional productivity of 20 L/s/bar (versus 2,5 L/s/bar estimated). Both wells show a consistent concentration of 180 mg/l de lithium in the geothermal water.
The circulation test confirms that the geothermal doublet operates at its nominal flow rate, with no induced seismicity detected under the pressure and temperature conditions expected for commercial operations. The characteristics of the geothermal brine prove to be stable and particularly favorable for both heat and lithium production. Observations made on the two wells also confirm their perfect hydraulic connectivity.
-- The Direct Lithium Extraction (DLE) demonstration unit confirms its performance under real operatingconditions
The pilot plant has been operational since June 2026. Initial testing has demonstrated the effective performance of the Direct Lithium Extraction (DLE) technology, achieving results in line with target concentration and recovery rates. Connected to geothermal brine from the production well since summer 2026, the facility has also successfully validated continuous 24/7 operations. Initial analyses confirm the process's excellent performance and represent a major milestone in de-risking the project.
-- Completion of the Front-End Engineering Design (FEED) study ahead of the Definitive Feasibility Study(DFS) results
Sedgman completed the Front-End Engineering Design (FEED) study for the Lithium de France project, a key milestone on the path toward the completion of the Definitive Feasibility Study (DFS). Finalized in September 2026, the study defined the facilities required to produce 5,000 tonnes per annum of battery-grade lithium carbonate. Its findings will contribute to the DFS results, which are expected by the end of 2026.
-- Alongside Arverne, Equinor reaffirms its commitment to the financing of the Lithium de France project
During the period, Lithium de France secured an initial EUR29.3 million financing tranche[3] in the form of convertible bonds, fully subscribed by Arverne and Equinor Ventures, ahead of a second tranche expected in the second half of the year. This transaction reflects the renewed confidence of its partners in its development prospects.
-- An independent assessment reveals the scale of Arverne's lithium resources in Alsace
In September 2026[4], an independent assessment conducted by Sproule ERCE estimated Lithium de France's indicated and inferred resources at 26 million tonnes of lithium carbonate equivalent (LCE), with a total exploration potential of up to 43 million tonnes of LCE. These results further enhance the project's long-term visibility and development potential. The next key milestone will be the certification of reserves, expected in the first quarter of 2027.
-- The Bankable Feasibility Study (BFS) confirms the project's bankability and paves the way for seniorfinancing
The progress achieved has significantly enhanced the bankability of the Lithium de France project and its ability to attract international financing. Bankability studies and the independent resource assessment have confirmed both the project's economic robustness and the value of its assets. With the support of Macquarie and Crédit Agricole CIB, a financing strategy has been defined to secure an initial tranche of senior debt in 2027. Expressions of interest from potential lenders, the appointment of their technical advisors, and the completion of the Preliminary Environmental and Social Impact Assessment by the end of 2026 represent key milestones in the financing process. In addition, eligibility for Bpifrance's Strategic Project Guarantee (GPS) further strengthens the project's credit profile and enhances its attractiveness to lenders.
-- Strategic agreements to secure future revenue
With a target production capacity of approximately 27,000 tonnes of LCE per year for more than 30 years, the project is ideally positioned to meet the growing needs of the European battery value chain while contributing to the decarbonization of heat consumption. As lithium demand continues to grow strongly, Lithium de France is advancing discussions with potential commercial partners with a view to securing additional offtake agreements. A first contract has already been signed with Renault Group, covering the supply of 25,000 tonnes of lithium over a five-year period. At the same time, Lithium de France is accelerating the commercialization of its renewable heat production, notably through a heat distribution memorandum of understanding for the Alsace region signed with Primeo Energie France.
-- Major milestones reached towards first geothermal lithium production in 2028
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DJ ARVERNE GROUP: First half of 2026 60.1% growth in gross business volume to EUR16.8 million Operational performance above expectations -2-
The Lithium de France project is set to reach several key de-risking, financing and industrialization milestones. Following the validation of the DLE process, reserve certification, accelerated drilling activities and the Final Investment Decision (FID) in 2027[5], the project is expected to enter the construction phase in 2028 with its first geothermal heat plant and its first industrial lithium extraction and conversion facility. These milestones will pave the way for the first commercial sales of geothermal lithium and the generation of the project's initial revenues.
AUVERGNE: A new growth opportunity
After the half-year end, Arverne obtained a new geothermal lithium exploration permit in Auvergne[6], strengthening its portfolio of strategic assets. This permit represents a new driver of growth with the prospect of an integrated project combining renewable heat and geothermal lithium, building on the model developed in Alsace.
HEATING & COOLING
-- A new step towards scale-up with Banque des Territoires
During the first half, Arverne achieved a major milestone in the development of its Heating & Cooling business with the creation of La Francilienne de Géothermie alongside Banque des Territoires. Owned 72% by Arverne Heating & Cooling and 28% by Banque des Territoires, this investment platform dedicated to geothermal projects in the Greater Paris region is backed by an initial commitment from the partners of up to EUR45.1 million in equity financing to support the development of five projects. This partnership demonstrates Arverne's ability to structure dedicated financing vehicles designed to accelerate the deployment of geothermal energy and the decarbonization of urban district heating networks.
-- First heat production and sales to begin this winter
The half-year also saw the launch in Serres-Castet Arverne's first renewable heat and cooling production and sales project, in partnership with Crédit Agricole Pyrénées Gascogne Energies Nouvelles. With first production expected this coming winter, this project is the joint venture's first operational development dedicated to deploying third-party-financed shallow geothermal solutions. Showcasing for the integrated model, the project illustrates an innovative approach to accelerate adoption of shallow geothermal energy. Through a turnkey offer with no upfront investment, the partners finance, design, operate and maintain the installations, making it easier for businesses and local authorities to access local, decarbonised and competitive energy.
-- Acceleration of the shallow geothermal commercial strategy
The first half of 2026 was marked by several developments supportive of shallow geothermal energy. The increase in the threshold for borehole-based geothermal installations eligible under a simple declaration procedure, from 500 kW to 2 MW, significantly expands the addressable market. The entry into force of the sixth energy savings certificate period (CEE), now open to geothermal heat exchangers, also strengthens the competitiveness of these solutions. Finally, the increasing frequency of heatwaves is accelerating the use of geocooling, an effective response to climate adaptation, energy efficiency and cost control challenges.
Arverne is therefore developing a model of standalone geothermal networks for local authorities, business parks and property developments located away from existing infrastructure. This integrated energy production and sales model provides decarbonised heat and cooling under long-term contracts generating recurring revenue. As part of the third Multiannual Energy Programme (PPE3), the French government's roadmap for the development of low-carbon energy, which targets 15 to 18 TWh of shallow geothermal energy in France, Arverne is positioning itself in a market segment of approximately 1.6 TWh, representing nearly 250 standalone networks and an annual recurring revenue potential of around EUR250 million. With an investment of approximately EUR8 million, each project is expected to generate around EUR40 million in revenue over a 50-year period, supported by annual heat and cooling production of approximately 6.5 GWh, marketed at an average price of EUR130/MWh. The business model targets an EBITDA margin of 65% to 70% and an equity IRR of 8% to 10%.
DRILLING & CONSTRUCTION
-- Deep drilling - Revenue
Deep drilling revenue amounted to EUR7.4 million in the first half of 2026. This primarily reflects the contribution from the Safran project, which was completed in March 2026, following partial revenue recognition in the fourth quarter of 2025. By comparison, the first half of 2025 included the completion of the Paris Airports (Aéroports de Paris) project in February 2025. This operation also marked the first deployment of the B18, a new drilling rig developed for urban projects with a low environmental footprint. In addition, the increase in work performed for Arverne's own projects illustrates the implementation of its vertical integration strategy, under which drilling capacity is primarily deployed to support the development of the Group's own assets.
-- Inter-segment drilling - Gross business volume
Drilling operations for the first geothermal well of the Lithium de France project, carried out in-house, began in late November 2025 and were completed three months later. The second well, started in March 2026, was completed in June. Representing a gross activity volume of EUR7.9 million, these achievements demonstrate Arverne's operational excellence and its ability to manage the entire execution chain, from operational planning through to on-time project delivery.
-- Surface drilling - Gross business volume
DrillHeat's total revenue reached EUR3.0 million in the first half of 2026, up 13.4% year-on-year.
This momentum was reflected in the launch of its first renewable heating and cooling production and sales project in Serres-Castet.
The period was marked by several significant achievements for DrillHeat, including the completion of its 100th project with GreenTech, the start of its largest project to date for Icade in Roquebrune-Cap-Martin, and progress in Valençay on a stand-alone geothermal network serving several public buildings.
In addition, Arverne entered into a national framework agreement with E.Leclerc to deploy geothermal solutions across its store network, further demonstrating its expertise and opening up new opportunities in the commercial real estate sector. The Group also strengthened its presence in Southwest France through the creation of a joint venture with Sogeba, a regional infrastructure and public works company, to accelerate the deployment of shallow geothermal solutions for local authorities and private-sector customers.
Commercial momentum remains strong. The number of tenders and requests for proposals continues to increase significantly, particularly in the education, commercial real estate and logistics sectors. In response to demand that exceeds its current capacity, Arverne is continuing to expand its workforce and equipment base to support the rapid growth of the market.
FINANCIAL RESULTS
-- Consolidated income statement
In EUR thousands H1 2026 H1 2025 Revenue 7,358 9,148 Other operating income 10,198 3,903 Operating expenses (13,827) (11,415) Personnel expenses (14,570) (13,034) Recurring operating profit before depreciation and amortisation (10,842) (11,398) Depreciation and amortisation (4,271) (2,314) Recurring operating profit (15,114) (13,712) Other non-recurring operating expenses - - Operating profit (15,114) (13,712) Net finance income/(expense) (677) 592 Other financial income and expenses 1,710 1,260 Share of profit/(loss) of equity-accounted companies (97) 2 Income tax expense 370 178 Net income (13,828) (11,680) Attributable to the Group (12,308) (10,037)
Revenue amounted to EUR7.4 million, down 19.6% compared with the first half of 2025. This change primarily reflects the completion of the Paris Airports (ADP) project, which generated a higher level of activity than the Safran project, as well as the end of services previously performed for Storengy.
Capitalized production amounted to EUR10.0 million, an increase of EUR6.1 million compared with the first half of 2025, driven by the deep drilling operations carried out by the Drilling & Construction teams on behalf of the Lithium de France project.
External expenses amounted to EUR12.6 million, an increase of EUR2.1 million, primarily reflecting activity related to the Safran project as well as drilling and development work carried out for the Lithium de France project.
Personnel expenses reached EUR14.6 million, up EUR1.5 million, driven by workforce expansion, with 18 additional full-time equivalents (FTEs) compared with the first half of 2025.
Net financial income deteriorated by approximately EUR1.0 million, mainly due to higher interest expenses associated with the commissioning of the B18 drilling rig, combined with lower income from cash investments.
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DJ ARVERNE GROUP: First half of 2026 60.1% growth in gross business volume to EUR16.8 million Operational performance above expectations -3-
The Group reported a net loss of EUR12.3 million for the first half of 2026, compared with a net loss of EUR10.0 million in the first half of 2025.
-- Rigorous financial management supporting execution of the strategic plan
The Group's financial discipline resulted in a significant improvement in net operating cash flows, which amounted to -EUR8.1 million compared with -EUR11.6 million in H1 2025, supported by a positive working capital requirement contribution of EUR1.1 million. Capital expenditures, primarily dedicated to the development of the Lithium de France project, totaled EUR27.7 million, while cash and cash equivalents stood at EUR45.5 million as of June 30, 2026.
Net financial debt amounted to -EUR5.6 million as of June 30, 2026, compared with -EUR41.0 million as of December 31, 2025, primarily reflecting the cash outflows associated with investments made during the period, particularly in the Lithium de France project.
Excluding lease liabilities, net debt remained under control at -EUR33.8 million as of June 30, 2026, compared with
-EUR70.4 million as of December 31, 2025, illustrating the Group's disciplined financial management and solid financial structure.
-- Strengthened financing to accelerate the Dual Flow plan
During the period, Arverne reached a major financing milestone with the issuance of EUR70.0 million of ORANEs[7], completed in July 2026. Subscribed by GEOGREEN, the holding company bringing together Arverne's founder and RGREEN INVEST, alongside Bpifrance, ADEME Investissement, Crédit Mutuel Equity and Eiffel Investment Group, this transaction supports the acceleration of the Group's Dual Flow strategic plan.
Beyond this transaction, Arverne intends to leverage all available financing sources, both at the Group level and within its project companies, combining equity, bank financing, public funding and strategic partners.
The nature, amount and timing of any additional financing will remain aligned with the investment schedule and prevailing market conditions.
NON-FINANCIAL RESULTS
As a purpose-driven company, Arverne continues to strengthen its ESG commitments:
in governance, Arverne strengthened its governance with the appointments of Alexis Broders (GEOGREEN) and Vladislav Tcaci (Bpifrance) to the Board of Directors, as well as Nebojsa Maksimovic as Chief Commercial & Marketing Officer to support deployment of the Dual Flow strategy.
on social matters, Arverne continued to engage with local communities around its projects, particularly the Lithium de France project, through more than 110 site visits involving nearly 900 participants, as well as dedicated public information sessions. Arverne also strengthened its initiatives to promote geothermal energy, the energy transition and energy sovereignty.
on environmental matters, Arverne joined the Coq Vert community, which brings together companies committed to the ecological and energy transition.
OUTLOOK
Confirmation of 2026 targets: first year of implementation of the Dual Flow plan
Arverne continues to execute its roadmap around several key milestones:
-- Lithium de France Project: following the successful completion of the main milestones of thepre-industrial phase, the next key developments in 2026 will be the completion of the Environmental and SocialImpact Assessment (ESIA), the definition of battery-grade specifications with Renault Group, and the publication ofthe Definitive Feasibility Study (DFS) results.
-- Commercial development: continued commercial momentum across the Group, supported by a growing pipelineof opportunities, with the ambition of progressing toward EUR400 million in long-term commercial contracts.
-- Financing: following the successful EUR70.0 million ORANE issuance completed in July 2026, Arverne willcontinue to adapt the mobilization of additional financing to the phasing of its investments, the requirements ofits projects and prevailing market conditions.
-- Responsibility and operational excellence: Continued implementation of the Group's CSR (Corporate SocialResponsibility) commitments¹, driven by the expertise, engagement and ongoing development of its teams.
2031/2033 ambitions
-- 2027: start of production and sales of Heating & Cooling, marking entry into a phase of recurring revenuefrom long-term contracts
-- 2028: industrial scale-up of Lithium de France, with the first production and sale of geothermal lithiumand the prospect of more than 30 years of project operating revenue
-- 2031-2033:? 4 TWh of energy produced annually in France, representing more than 50% of the production target setunder France's third Multiannual Energy Programme (PPE3), and approximately 1 million tonnes of CO2 emissionsavoided each year[8] - 27,000 tonnes of lithium carbonate produced annually, enough to supply approximately 800,000 electricvehicles with Arverne geothermal lithium-based batteries each year.
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Project economics: production, returns and financing structures
Heat & Cooling
Critical Metals - Lithium de France project
Shallow geothermal Deep geothermal
2031-2033 27,000 tonnes per year of LCE (Lithium
production 2 TWh / year geothermal heat Carbonate Equivalent)
targets 2.2 TWh per year of geothermal heat
Contract or 50 years 30 years 30 years
project life
Revenue over the EUR40m EUR140m > EUR10,000m
period
EBITDA margin 65-70% 40-45% 75%
Lithium concentration: 180 mg/L Lithium price:
EUR20,500 per tonne of LCE
Approximately 70-80
GWh/year
Average heat and cooling selling C1 operating costs (OPEX): < EUR4,500 per tonne
price: EUR130/MWh
Assumptions Average heat selling Depletion rate: 3.5% per year, following a
price: EUR65/MWh four-year production plateau at 100% capacity
Annual production: approximately
6.5 GWh of heat and cooling
Average heat selling price: EUR30/MWh
Gross capex per EUR8m EUR25m EUR1,800m - EUR1,900m
project
IRR per project 8-10% 8-10% 15% (after tax, unlevered)
Grants: up to 30% Grants: up to 30% Grants: up to 10%
Financing
Debt financing: up to 65%-80% Debt financing: up Debt financing: up to 70%
to 60%
Upcoming Events
24/09/2026 at 2:30 p.m. (CEST): Conference call for institutional investors (French), Registration
24/09/2026 at 4:00 p.m. (CEST): Conference call for institutional investors (English), Registration
29/09/2026 at 6:30 p.m. (CEST): Conference call for retail investors, Registration
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/en
Press relations: Enora Budet enora.budet@seitosei-actifin.com +33 (0)6 72 17 84 60
Investor relations: Mathilde Guillemot investor.relations@arverne.earth +33 (0)6 64 18 35 55
APPENDICES - BALANCE SHEET
In EUR thousands 06/30/2026 12/31/2025 Intangible assets 99 140 80 499 Property, plant and equipment 61 209 55 793 Equity-accounted investments 830 927 Deferred tax assets 2 414 2 647 Non-current assets 163 594 139 867 Inventories 3 074 2 733 Trade receivables and contract assets 2 913 5 846 Recoverable tax receivables 882 1 131 Other financial assets 1 906 401 Other current assets 12 628 13 105 Cash and cash equivalents 45 541 78 010 Current assets 66 945 101 226 Total assets 230 539 241 094 In EUR thousands 06/30/2026 12/31/2025 Share capital 421 421 Share premiums 216 200 216 201 Other reserves 7 093 6 560 Retained earnings (82 536) (61 824) Net income for the period (12 308) (20 712)
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