FDE

FY 2024 Half-Year Results - Seite 2

EBITDA reached €10.8m, with an EBITDA margin of 62%, above the Group's objective for 2026, as the Group continues to control its costs, with the cost of goods stable over the half-year (excluding €979k of previous ARENH rights retroceded on December 31^st 2022). SG&A (excluding recognition of free awarded shares under IFRS) amounted to €3.4m, following the increase in staff from 29 to 36 (excluding Greenstat) to support FDE’s future developments.

Operating profit has reached €9.0m, or 52% of sales.

With higher financial expenses related to the €45m green bonds in order to develop FDE's low-carbon energy projects, and current and deferred tax of €1.4m, the Group's net profit has reached €6.3m, compared with €10.4m on December 31^st 2022.

A solid financial structure to support the Group's developments and share buyback programme

In H1 2024, FDE confirmed its ability to generate operating cash flow of €10.5m (before variation in working capital of €2.6m). This operational excellence has again strengthened the cash position of the Group, which has repaid bank loans amounting to €4.9m, including the bridge financing for the 15 MW photovoltaic project and the BPI-SAARLB loan for Gazonor.

The Group has cash and cash equivalents of €40.1m (+€13.5m compared with December 31^st 2022), a conservative gearing ratio of 28%, and a net debt/EBITDA ratio of 1.04x, enabling FDE to finance its growth at a competitive cost of capital.

FDE investments in its core energy businesses have resulted in significant recurring cash flow generation and have strengthened the Group’s balance sheet. In the opinion of FDE’s board of Directors and management, FDE’s businesses as a whole are worth significantly more than its current market capitalisation.

In this context, and under the authorizations currently in place, FDE will re-launch a share buyback programme, thereby increasing the intrinsic value per FDE share for the benefit of existing shareholders, without affecting its financing capacities for the 2026 development plan.

Ongoing developments across the entire Group’s portfolio

On the last semester, FDE has maintained its investment policy, deploying an additional €4.4m, mainly to expand its cogeneration portfolio in France, with some additional installations planned in the coming months. The Group is also continuing to optimize the value of the revenues associated with its current production sites, while maintaining a high level of visibility on its cash flow generation.