Slides
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Local Energy – Positive Impact October 2025 FY 2025 Annual Results
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 2 A LEADING PLATFORM FOR LOW-CARBON ENERGIES IN EUROPE ELECTRICITY HEAT GAS HYDROGEN CO2 Using low-carbon fuels (Biogas/Renewable Natural Gas, Abandoned Mine Methane, Hydrogen) Carbon capture and utilization/storage PROVIDING VARIOUS SOLUTIONS
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP < 3 ans ELECTRICITY FRANCE, BELGIUM, BOSNIA & NORWAY HEAT FRANCE GAS (incl. RNG) FRANCE & NORWAY UNDER DEVELOPEMENT HYDROGEN FRANCE, BELGIUM & NORWAY UNDER DEVELOPMENT 22.5 MW installed cogenerations + 65 MV installed PV 8 MW installed c. 220 GWH gas annual production CO2 FRANCE & NORWAY UNDER DEVELOPMENT FRANCE BOSNIA BELGIUM NORWAY FDE: A DIVERSIFIED PRODUCTION BASE IN EUROPE 3
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP KEY TAKEAWAYS FOR FY 2025 4 Resilient set of results despite continued volatility in electricity price and gas injection constraints Revenues of €30.4 M EBITDA of €17.3 M, with an EBITDA margin of 57% (60% excluding IFRS retreatment of the free-awarded shares and IFRS 16) A strong balance sheet New €22 M corporate loans to support our growth strategy Cash position of €62.6 M Strategic acquisition in Norway 100% acquisition of Alltec in February 2025 for a cash amount of c. €2.4 M, which improves the Group’s existing technical expertise, reduce the development costs and shorten the time to market of its low- carbon projects in Norway Acceleration of the Group’s Capex to achieve our 2030 ambitions Capex achieved €24 M in FY 2025 vs. €9 M in FY 2024 Strategic partnership with Cemex in flue gas treatment CO2 capture pilot being developed and could be rolled-out on Cemex’s plants in Europe
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 5 ACQUISITION IN FEBRUARY 2025 Alltec is the only end-to-end low carbon energy EPC (Engineering Procurement and Construction) solution provider. Co-Owner of Sustainable Energy, one of Europe’s largest green energy test centers, certified with the prestigious Katapult label in Norway. €9.4 M 2024 Annual Revenues c. 50 Employees in Norway 1. Extensive technical and operational knowledge 2. Reduction of FDE’s development costs 3. Shorter time to market for project development 4. Revenues enhancement 5. Long-term growth opportunities €100 M Identified projects by 2030 Strong synergies Selected reference projects Biogas Hydrogen Ammonia ProjectsScope • Fuel cell system powered with H2 and RNG • Biogas production plant • Natural and Biogas tank, evaporator and grid distribution system • Stord H2 production plant • Kaupanes H2 production plant • Berlevåg H2 production plant • Battery test project • Ammonia and CH4 mixing system • Ammonia cracking system • Ammonia dual fuel system • EPC • Control system • Services • EPC • Control system • Services • Development • Design • Installation & Comm. • Services & Operations
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP FY 2025 RESULTS
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP € 31.4 M € 30.4 M + 30% CAGR since the IPO 7 Electricity (42% of the revenues) : €12.9 M, down due to a 35% decrease in average selling prices to €94/MWh Gas (26% of the revenues) : €8.2 M, showing growth despite being limited by the unavailability of the NaTran (ex-GRTgaz) transport network (over 90 days) Greenstat – full-year consolidation (10% of the revenues): €3.1 M, mainly driven by specific EPC work related to photovoltaic projects Alltec – 5-months consolidation (18% of the revenues): €5.7 M, from ongoing EPC solutions for low-carbon projects in Norway FY 2024 FY 2025: SUSTAINABLE BUSINESS MODEL CONFIRMED FY 2025 Gas Electricity Heat Cryo Pur Greenstat Alltec
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 8 Operational income FY 2025 €12.2 M Net income (Group Share) FY 2025 €3.7 M EBITDA FY 2025 €17.3 M EBITDA Margin 57% SOLID FINANCIAL AGGREGATES PROFITABLE GROWTH Financial costs of €5.7 M, related to corporate ESG loans of €22 M, secured through Arkéa, Société Générale, BPI, and €20 M drawdown under the Green Bonds, to support de development of the Group Rigorous Cost Management: Administrative expenses (excl. the accounting for free shares under IFRS 2 and the integration of Greenstat and Alltec) decreased slightly The integration of Greenstat includes €1.4 M of G&A and €1.5 M for Alltec, mainly personnel expenses (integration of c. 60 new employees at Alltec) and consultant fees - which are currently being streamlined as part of the integration Contribution from Drin Energija (49.5% WI) over 12 months for €2.8 M (accounted for as an associated company under IFRS 10) compared to 4 months in 2024 Confirms the robustness of the FDE's business model EBIT Margin Net Margin 40% 12% EBITDA margin (60%1 without IFRS 2 and IFRS 16) exceeds 2030 targets 1 Leverage ratio and gearing excluding IFRS 16
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 9 STRONG FINANCIAL PROFILE BUILT FOR FUTURE GROWTH Net Debt / EBITDA1 2.8x Cost of capital of 5.17% Equity €101 M Cash position €63 M Net Debt 1 €51 M COMFORTABLE CASH POSITION This will facilitate the future development of the group Main Investments, o/w: - Cogenerations: €7.5 M - RNG (Stavanger): €7.9 M - Green H2: €4.9 M Alltec acquisition: €2.4 M in cash Share buyback: €1.1 M €24 M 1 Leverage ratio and gearing excluding IFRS 16 Net debt to equity1 60% Balance Sheet €259 M
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP A MAJOR PLAYER IN THE ECOLOGICAL TRANSITIONSTRONG REVENUES GROWTH IN Q1 2026 10 Q1 26 sales of €6.6 M on a fully consolidated basis (€8.3 M with Drin Energija accounted for by the equity method) Electricity: €2.5 M on the back of normalized energy prices, and gas injection maximisation Gas: €1.8 M with a normalised gas injection level in NaTran’s network Alltec : €2.0 M contribution €5.0 M €6.6 M Q1 2025 Q1 2026 + 32% Gas Electricity Heat Cryo Pur Greenstat Alltec
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP A MAJOR PLAYER IN THE ECOLOGICAL TRANSITIONCONFIRMED POSITIVE FINANCIAL OUTLOOK 11 ➢ Solid business model based on AMM being rolled out ➢ Feed in tariff of c. €80/MWH for 10- years remains our floor for new CHPs ➢ Angres and Rouvignies sites will contribute to the FY2026 revenues, with c. 57% of the French CHP portfolio under Feed in tariff VISIBILITY ON CASH FLOW GENERATION ➢ Cash position of €63 M ➢ Additional €10 M in green bonds available to draw ➢ Reasonable leverage and strong support from banking and financial partners to support the investment program in AMM and RNG FINANCIAL STRENGTH 1 Leverage ratio and gearing excluding IFRS 16
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP MAJOR DEVELOPMENTS OVER THE 18-MONTHS CONFIRMED
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP A STRONG LOW CARBON ENERGY PIPELINE - FRANCE 13 4 new CHPs to start production FY 2026 in France Pending one last agreed administrative approval to connect to existing well facilities Such agreement include authorization for 18 sites going forward, roll out being carried out Capex already spent, c. €4 M annual revenues expected in FY 26 Low-carbon gas and natural hydrogen development in Lorraine Restart of low-carbon methane development activities in october 2025 with 2 planned wells being drilled to start production in early 2027 First drilling campaign for natural hydrogen to start in early 2026, subsidies under finalisation Capex of c. €18 M, c. €4 M annual revenues expected from 2027 FRANCE BELGIUM
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP A STRONG LOW CARBON ENERGY PIPELINE – NORWAY 14 RNG and Bio-CO2 portfolio in production in Norway from FY 2027 Project update for Halsa: Secured land and 50% feedstock , fully permitted, started construction with primary materials secured Secured subsidies for c. 17% of the capex and 30% offtake covered by partner, Sorheim Holding AS, the rest under finalization with a distributor Project update for Stavanger: Secured land and 85% feedstock, all authorities positive for local zoning amendment update but waiting for validation Secured subsidies for c. 10% of the capex and offtake under finalization with a distributor Capex of c. €40 M each, c. €15 M annual revenues each expected from 2027 Acceleration of the Agder hydrogen project through strategic partnerships Fully permitted, construction began in August 2024, and €20 M Electrolyser supply contract with ITM Power and compressor supply contract with Hoerbiger signed Enova funding of c. 40% secured for Phase 1 Capex of c. €37 M, c. €20 M annual revenues expected end of 2026 LAERDAL ALVER STAVANGER HALSA AGDER
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 15< 3 ans FY 2030: PROJECTS PIPELINE BEING DEVELOPPED CURRENT OPERATIONS PROJECTS CURRENTLY BEING DEVELOPPED DEVELOPMENT PIPELINE TARGET 2030 22.5 MW 65 MW 220 GWH 1 MW ELECTRICITY 100.5 MW 183 MW 0 GWH 0 GWH 357 GWH 0 GWH 373 GWH 220 GWH 730 GWH 85 GWH 342 GWh 30 MW 76 MW 48 MW 47 MW COGENERATION SOLAR 300 MW 950 GWH 0 MW 0 GWH 158 GWh FY2025 FY2026-2027 FY2027-FY2028 FY2030 GAS GAS FROM AMM RNG HYDROGEN NORWAY H2 LORRAINE H2 427 GWH 158 GWH 585 GWH
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 16 EMISSIONS CO 2 EQ Avoided annually EBITDA In €M > €85 M > 20 MT/y ANNUAL REVENUES In €M > €175 M FDE’S 2030 GROWTH PLAN
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Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP Listing Euronext Paris Share price €35.30/ share Shares outstanding 5.3 M Market capitalisation Free float Ticker €187 M 67% FDE KEY CORPORATE INFORMATION (as of October 27th, 2025) SELL SIDE COVERAGE Target Price: €55 October 2025 Analyst: vnikolova@midcap.com ✓ BUY Target Price: €87 October 2025 Analyst: anish@hannam.partners 17 FR0013030152 ISIN CODE ✓ BUY Target Price: €40 October 2025 Analyst: anis.zgaya@oddo-bhf.com ✓ BUY FDE LISTING
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FDE C o d e R e u t e r s : F D E L . P A – C o d e B l o o m b e r g : F D E . F D Tel : +33 (0)3 87 04 32 11 ir@francaisedelenergie.fr www.francaisedelenergie.fr