La Francaise De L'energie Sa · EURONEXT:FDE
La Francaise De L'energie Sa — H1 2026 Earnings Presentation
20 slides from La Francaise De L'energie Sa's earnings presentation, Mar 25, 2026
Slide 1: H1 2026: Building FDE's Next Growth phase
H1 2026: Building FDE’s Next Growth phase March 25th 2026
Slide 2: A Diversified Low-Carbon Infrastructure Platform
A DIVERSIFIED LOW-CARBON INFRASTRUCTURE PLATFORM Using low-carbon fuels (Renewable Carbon capture and PROVIDING VARIOUS Natural Gas, utilization/storage SOLUTIONS Abandoned Mine Methane, Hydrogen) ELECTRICITY HEAT GAS HYDROGEN CO2 Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 2
Slide 3: A Platform Built on Real Assets and Recurring Revenues
A PLATFORM BUILT ON REAL ASSETS AND RECURRING REVENUES FDE energy infrastructure platform : productive real assets in France, Belgium, Norway and Bosnia. FDE’s core focus : Abandoned Mine Methane (AMM) and Renewable Natural Gas (RNG) generating long- term contracted revenues, recurring cash flows vi
Slide 4: H1 2026 Milestones That Strengthen the Growth Profile
H1 2026 MILESTONES THAT STRENGTHEN THE GROWTH PROFILE Finalization of the Abandoned Mine Methane Agreement in Northern France: Revitalizing Growth in the Electricity and Gas Sector in Northern France Agreement signed on January 8th, 2026, granting access to 18 new facilities for coalbed methane prod
Slide 5: Alltec: Strengthening In-House Execution Capabilities
ALLTEC : STRENGTHENING IN-HOUSE EXECUTION CAPABILITIES BUSINESS OVERVIEW EPC (Engineering, Procurement, and Construction) dedicated to low carbon solutions Co-owner of Sustainable Energy, one of Europe’s largest green energy testing centers (Katapult center) 60 employees as of December 31st, 2025 H1
Slide 6: Building First in Kind Industrial CO2 Capture Platform for CEMEX
BUILDING FIRST IN KIND INDUSTRIAL CO2 CAPTURE PLATFORM FOR CEMEX Exclusive innovative technology patented by our subsidiary CryoPur adaptable to various types of industrial gases and flares Partnership with CEMEX, the world's fifth- largest cement producer to test the cryogenic CO2 capture technolog
Slide 7: Success of the PTH-2 Well Dedicated to Natural Hydrogen in Moselle
SUCCESS OF THE PTH-2 WELL DEDICATED TO NATURAL HYDROGEN IN MOSELLE Successful completion of the PTH-2 deep drilling project, with preliminary results confirming the significant presence of natural hydrogen PTH-2 drilling completed at 3,655 m Encouraging preliminary concentration measurements Establi
Slide 8: H1 2026 Results
H1 2026 RESULTS Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP
Slide 9: Revenue Growth Despite Lower Energy Prices
REVENUE GROWTH DESPITE LOWER ENERGY PRICES + 16% Electricity (39% of the revenues) : € 14.2 M €5.6 M, down due to a 21% decrease in average selling prices to €82/MWh € 12.2 M (vs 98€/MWH in 2025) Gas (30% of the revenues) : €4.3 M, up 37% benefiting from a full availability of the NaTran (ex-GRTgaz)
Slide 10: Solid Financials with Cost Increase Ahead of Next Growth Phase
SOLID FINANCIALS WTH COST INCREASE AHEAD OF NEXT GROWTH PHASE Gross margin 64% Strengthened managerial, technical, and H1 2026 €9.2 M Gross Margin operational platform to deliver a sustained 24 month investment program Reported EBITDA 42% H1 2026 €6.0 M EBITDA Margin • Gross margin of 64% (H1 25: 63
Slide 11: Solid Balance Sheet Geared Towards Supporting FDE's Growth Plan
SOLID BALANCE SHEET GEARED TOWARDS SUPPORTING FDE’S GROWTH PLAN Accelerated Investments mainly in : - AMM Balance Sheet €275 M - RNG - Green H2 - H2 Nat €28 M Cash position €51 M - CO2 capture Equity €102 M 77% Net Debt / EBITDA Net debt to 4.7x Net Debt €79 M equity1 Cost of debt of 5,4% A solid fi
Slide 12: 2026–2028 Capex: Investing into Visible Growth Assets
2026–2028 CAPEX: INVESTING INTO VISIBLE GROWTH ASSETS Total FY26 Total FY 26 – FY28 c.€80 M (net of grants) c.€200 M (net of grants) Main investments on hard energy infrastructure New CHPs RNG facilities ADDITIONAL REVENUES BY 2028 20 20 Over €60 M annual 110 12 ADDITIONAL EBITDA 1 BY 2028 20 33 9 5
Slide 13: Abandoned Mine Methane: A Proven and Scalable Growth Driver
ABANDONED MINE METHANE: A PROVEN AND SCALABLE GROWTH DRIVER Start-up of the 2 CHP units at ANGRES Final administrative sign off expected imminently FiT contract with EDF at €80 / MWh No additional investment requied The 2 units in ROUVIGNIES will begin operations in FY26 Completion of connection wor
Slide 14: CHP Economics Illustrate a Disciplined Capital Model
CHP ECONOMICS ILLUSTRATE A DISCIPLINED CAPITAL MODEL STANDARD CHP UNIT 1,5 MW +20 CHPs (+30 MW) Cumulated INVEST MENTS TOTAL CAPEX PER SITE Up to €2,5M capex c. €50 M REVENUES RECURRENT ANNUAL REVENUES PER SITE Additional revenue : (BASED ON 10 YEARS FEED -IN TARIFF @ €900K + €18 M per year €80/MWH
Slide 15: Norway: From Market Entry to Industrial Deployment
NORWAY: FROM MARKET ENTRY TO INDUSTRIAL DEPLOYMENT RNG and green hydrogen projects advancing in Norway First RNG and Bio-CO2 production facility at HALSA : Civil engineering work has begun Cryo Pur upgrading and liquefaction unit constructed Next step: moving the processing unit to the site Expected
Slide 16: RNG: A Scalable and High-Value Growth Platform
RNG: A SCALABLE AND HIGH-VALUE GROWTH PLATFORM 2000 NM 3 /120 3 units commissioned by STANDARD RNG SITE GWH/year end 2028 TOTAL CAPEX PER SITE €40M INVES TMEN Cumulated Net Capex TS 10 % Subsidies €110 M REVENUES RECURRENT ANNUAL REVENUES PER SITE Additional Revenue: • PRODUCTION @ 109€/MWH €15M • P
Slide 17: Innovation Platforms Add Upside Beyond the Core Growth Case
INNOVATION PLATFORMS ADD UPSIDE BEYOND THE CORE GROWTH CASE CRYO PUR : CO2 CAPTURE FROM INDUSTRIAL FLUE GAS FDE POSITIONED ON THE FIRST IDENTIFIED NATURAL DISSOLVED HYDROGEN DEPOSIT IN THE WORLD …AND MAKE FDE A KEY PLAYER IN LOW CARBON ENERGY SOLUTIONS Code Reuters : FDEL. PA – Code Bloomberg : FDE.
Slide 18: 2030 Vision: Building a Low-Carbon Infrastructure Leader
2030 VISION: BUILDING A LOW-CARBON INFRASTRUCTURE LEADER EMISSIONS CO 2 EQ Avoided annually EBITDA > 20 MT/y In €M ANNUAL REVENUES In €M > €85 M > €175 M Code Reuters : FDEL. PA – Code Bloomberg : FDE.FP 18
Slide 19: A Listed Platform with Increasing Market Recognition
A LISTED PLATFORM WITH INCREASING MARKET RECOGNITION KEY CORPORATE INFORMATION ANALYST COVERAGE (as of March 244h, 2026) Listing Euronext Paris ✓ BUY Share price €45/ share Target Price: €60 February 2026 Shares outstanding 5.3 M Analyst: vnikolova@midcap.com Market capitalisation €240 M ✓ BUY Free
Slide 20: FDE
FDE Code Reuters : FDEL. PA – Code Bloomberg : FDE.FD Tel : +33 (0)3 87 04 32 11 ir@francaisedelenergie.fr www.francaisedelenergie.fr
La Française de l'Énergie (FDE) — H1 2026 Earnings Presentation on 6ix