Lhyfe publishes its H1 2026 results: strategic commercial progress, landmark partnership with Messer, accelerating German market and continued execution of its industrial roadmap

• Two major strategic developments reinforcing Lhyfe's positioning

  • Major commercial, industrial and financial partnership with Messer, a global industrial gases player: 10-year supply agreement, Messer acquiring a 30% stake in four Lhyfe production sites, and the Group's first capital recycling transaction, with a positive impact on both equity and cash.

  • Commercial acceleration in Germany, with sales more than doubling, reflecting the impact of the transposition of EU directives, the implementation of incentive mechanisms and a clear regulatory framework, and confirming the relevance of Lhyfe's decision to establish a presence in Germany as early as 2021.

• Sales growth in France and Germany

  • Revenue of €4.7 million in H1 2026, stable compared with H1 2025, reflecting accelerating sales in Germany and France, which offset a decline in one-off sales in the Nordic countries.

  • Revenue expected to increase significantly, to between €12 and €13 million in 2026, and by more than 60% in 2027.

• A roadmap and disciplined cost management expected to support the cash position from year-end 2026

  • Significant reduction of approximately 30% in structural and operating costs, with initial benefits expected from the end of 2026 and the full-year impact to be realised in 2027.

  • The Messer transaction is expected to have a positive impact on cash and revenue by year-end.

  • Solid cash position maintained at €45 million as of 30 June 2026.

Nantes (France), 29 October 2026, 7:00 am – Lhyfe (Euronext Growth – ALHYF), a global pioneer in green and renewable hydrogen production for the decarbonisation of industry and mobility, publishes its results for the first half of 2026 and reviews the main commercial, industrial and strategic developments achieved since the beginning of the year.

On 28 October 2026, the Board of Directors of the company approved its consolidated financial statements for H1 2026 (from 1 January 2026 to 30 June 2026). These financial statements were the subject of a limited review by the Statutory Auditors. The half-year financial report to end-June 2026 is available on Lhyfe's website, in the Investors section.

Matthieu Guesné, founder, Chairman and CEO of Lhyfe: “Extreme climate events, geopolitical tensions and the continued volatility of fossil fuel prices have reminded us in recent months why Europe's energy transition needs to accelerate: not only to decarbonise our economies, but also to strengthen the competitiveness of our industries and our energy sovereignty.

While the European renewable hydrogen market is developing at different speeds from one country to another, Germany has turned its ambitions into action by putting in place a structured regulatory framework that is directly stimulating demand. Our decision to establish a presence there as early as 2021 and develop our own production capacity is now paying off, with sales doubling and stronger growth prospects ahead.

The agreements signed with Messer and H2APEX clearly demonstrate the value of already having operational capacity, RFNBO-certified hydrogen and proven logistics in place to capture opportunities as they materialise. The partnership with Messer will also have a transformational impact from an industrial standpoint: its expertise in industrial gases and their distribution will help us reach new milestones and prepare for the next stage of scale-up.

One reality now needs to be widely understood, beyond the industrial community itself: direct electrification should be prioritised wherever possible, but decarbonising industry and transports also requires green hydrogen, both to convert electricity into a storable and flexible form and to decarbonise uses that cannot be directly electrified or that require a molecule.

Industrial players have understood this and are ready to invest. Unlocking those investments now depends on the effective implementation of the necessary regulations. On our side, we are ready to meet demand that is already materialising and that will accelerate as these frameworks are put in place.”

Messer: three strategic advances through a single partnership

On 13 July 2026, Lhyfe announced a strategic commercial, financial and industrial partnership with Messer, a global industrial gases player. The transaction marks a new milestone in the Group's development¹.

• Ten-year commercial visibility. The partnership includes a ten-year supply agreement, with a minimum volume from 2026 that could reach several hundred tonnes of renewable hydrogen per year, as well as potential purchases of up to 50% of the production from the three French sites concerned. The agreement significantly strengthens Lhyfe's long-term visibility on the offtake from these sites. The ten-year commitment from a major industrial gases player also reflects growing interest among Messer's own customers in green hydrogen.

• Asset value crystallisation and financial strengthening. Messer will acquire a 30% stake in the company holding four sites developed and operated by Lhyfe in France and Germany, representing 30 MW of installed electrolysis capacity. The investment by a leading industrial player further supports the value of these assets and Lhyfe's ability to bring top-tier partners into their development. The Group expects the transaction to have a positive impact of several million euros on consolidated equity and cash upon completion, which is expected by year-end.
  As Lhyfe's first capital recycling transaction, the operation confirms its developer-operator model. As early as 2024, Lhyfe announced its ambition to bring partners into the development of selected sites. Through this first capital recycling transaction, the Group demonstrates its ability to develop, finance, build and operate production assets, and then crystallise part of the value created by opening their capital to partners while remaining the majority shareholder and operator. This model enables Lhyfe to redeploy capital towards its continued development and larger-scale projects.

• From an industrial perspective, Messer will contribute its expertise in industrial gases, particularly in safety, operations, logistics, packaging, customer relations and multi-gas distribution. The partnership is expected to support the performance, resilience and commercial ramp-up of the sites concerned.

Acceleration of the German market illustrates the decisive impact of regulation on market development

In 2026, Lhyfe's sales in Germany are expected to increase by 130% compared with 2025, with demand accelerating throughout the year and providing strong prospects for 2027. The ramp-up of Schwäbisch Gmünd, Lhyfe's largest production site currently in operation, will enable the Group to capture these growth opportunities.

This momentum is directly linked to Germany's coordinated implementation of the three key levers required for a market to emerge:

• Create an obligation. Regulations require an increasing share of renewable fuels in transport, including a specific sub-quota for RFNBOs. Players that fail to meet their obligations are subject to penalties.
• Make the solution economically attractive to use. Zero-emission heavy-duty vehicles notably benefit from toll exemptions, while renewable hydrogen supplied to the market generates credits that can be monetised under the THG-Quota mechanism.
• Help bridge the initial cost gap. In January 2026, the German government launched a €220 million programme to jointly support up to 40 hydrogen refuelling stations and 400 hydrogen trucks, thereby stimulating supply and demand simultaneously.

The first effects are already visible: since January 2026, hylane and H2 MOBILITY, two key players in hydrogen mobility in Germany, have been offering selected customers a net price of around €8/kg at a number of heavy-duty vehicle stations, while several analyses indicate that the combination of these mechanisms can bring the total cost of ownership of hydrogen closer to that of diesel. The German example demonstrates how combining these three key levers can accelerate the development of a market.

Thanks to its early positioning in Germany, Lhyfe is benefiting from this acceleration. Present in Germany since 2022 and supplying its first customers there since 2023, Lhyfe now operates the 10 MW Schwäbisch Gmünd site, currently ramping up, alongside a network of partner producers. This local footprint enables the Group to benefit from the accelerating German market, with a portfolio of around fifteen customers including H2APEX and H2 MOBILITY.

Strong commercial momentum in key markets

In the first half of 2026, Lhyfe generated revenue of €4.7 million, compared with €4.6 million in the first half of 2025. This stability notably reflects strong growth in Germany, where sales more than doubled, and in France, offsetting a significant decline in one-off contracts in the Nordic countries.

Indirect sales resulting from the partnership signed with Messer are expected to make an increasing contribution to revenue from 2027 onwards.

From 2027 onwards, the partnership with Messer will enable Lhyfe to gain market share in industry, while the Group's progressive and continued commercial ramp-up translated into several contract wins in 2026, including BMW Steyr in Austria, H2APEX in Germany and Setram in France. Lhyfe has also begun supplying new mobility applications in Germany, Belgium and France.

Over the period, the Group completed more than 570 deliveries across Europe.

36 MW of production capacity now installed to meet growing demand

To supply its customers, Lhyfe can now rely on its six production sites installed in France and Germany – as they progressively ramp up – its fleet of 84 transport containers, one of the largest and most modern in Europe, and its network of production partners.

The Bouin (85), Buléon (56) and Bessières (31) sites in France, as well as Schwäbisch Gmünd (Baden-Württemberg) in Germany, are in operation. Following a phase of reliability testing, integration and technical fine-tuning in 2026, the Schwäbisch Gmünd site is now ramping up, with a full contribution to revenue expected from 2027 onwards.

The Le Cheylas site (near Chambéry, in Isère – 38) and the Croixrault site (near Amiens, in Somme – 80) are now installed. First hydrogen production took place in June and September respectively. Both sites are now entering the commissioning phase and are expected to contribute to revenue from 2027 onwards.

In the first half of 2026, as throughout its industrial operations since 2021, Lhyfe recorded no lost-time accidents. This track record reflects the Group's stringent approach to safety and the importance it places on commissioning. Green hydrogen production relies on numerous interconnected pieces of equipment that must be connected, calibrated and tested together. Lhyfe has developed a rigorous commissioning process to ensure the reliability and safety of both its equipment and production process, including a series of progressive tests and a gradual ramp-up before reaching nominal operating conditions.

With the installation of its latest production sites, Lhyfe now has 36 MW of installed electrolysis capacity. The Group is now focused on completing the commissioning of the two sites installed in 2026 and progressively increasing the utilisation of its existing capacity to convert this additional activity into revenue, while keeping operating and distribution costs under control.

Continued progress on priority “onsite” projects and co-development partnerships

Lhyfe's Development teams are now focusing their resources on priority “onsite” projects, to be located directly at or close to customers' facilities, including Green Horizon in France, Kemsley in the UK and Delfzijl in the Netherlands, while continuing to secure their commercial, regulatory and financial foundations.

These large-scale projects, aimed at decarbonising industry, remain closely linked to the timetable for implementing regulations and incentive and support mechanisms. Lhyfe is actively engaging with the relevant public authorities to share its operational experience and help remove regulatory barriers to the deployment of these projects.

Among the notable developments, Lhyfe announced in October 2026 a partnership with Perpetual Next to explore the long-term supply of renewable hydrogen to Perpetual Next's future DeltaNor biomethanol production facility in Delfzijl, the Netherlands.

Lhyfe also announced a co-development agreement with STRABAG, one of Europe's leading construction and infrastructure management groups, to develop green hydrogen in the German market. This agreement further expands Lhyfe's opportunities in Germany.

Outlook

Over the coming months, the Group will continue to execute its roadmap to consolidate its position as a green hydrogen producer, focusing its efforts on:

• the operational and commercial ramp-up of its newly installed sites in France and Germany,
• the commissioning of its two French sites installed in Croixrault (5 MW) and Le Cheylas (10 MW), expected between late 2026 and early 2027,
• the preparation of upcoming final investment decisions, including Green Horizon, for which FID is expected in 2027.

For 2026, the Group expects a significant increase in revenue from RFNBO hydrogen sales, forecast to reach between €12 million and €13 million, supported in the second half by accelerating activity in Germany, where sales are expected to more than double over the full year compared with 2025 (+130%).

The major partnership entered into with the Messer Group, which is expected to close by the end of 2026, should strengthen the Group's equity and cash position by several million euros. The Group's cash position is also expected to benefit from the reduction in its cost base from 2026 onwards, already visible in the first half of the year and expected to reach its full effect in 2027. This reduction, estimated at approximately 30% on a full-year basis, notably reflects the departure of around sixty employees, together with disciplined cost management and tighter prioritisation in the allocation of resources.

For 2027, the Group expects revenue from green hydrogen sales to grow by approximately 60%, driven by strong growth in volumes delivered in Germany and the contribution of indirect sales. To support this growth, the Group will rely on the ramp-up of its existing production capacity and the progressive contribution of the two assets expected to be commissioned over the coming months.

In 2027, the Group will also continue to develop its services business, primarily providing development and engineering services to its project companies. The Group therefore expects to recognize, at the consolidated level and as early as 2027, a first revenue contribution from its services activities.

Consolidated half-year results

Income Statement

Adjusted EBITDA stood at €(13.3)m in H1 2026, stable compared with H1 2025, with the following main drivers:

• Increase in purchases consumed in line with the growth in activity, consisting mainly of electricity costs and hydrogen purchased from partner sources pending the availability of our own hydrogen;
• Decrease in external charges of €0.4m to €(7.1)m, versus €(7.5)m in H1 2025, reflecting the Group's continued cost-rationalisation efforts;
• Decrease in personnel expenses of €1.4m, or 14%, to €(8.9)m, reflecting the first effects of the cost-reduction plan announced in December 2025 and implemented from the second half of the period. At end-June 2026, headcount stood at 126, compared with 188 at end-December 2025.

The Group's operating loss amounted to €(17.6)m, compared with €(19.8)m at 30 June 2025. This improvement results mainly from the reduction in personnel and external expenses, as well as from the change in fair value of derivative instruments linked to electricity purchase commitments (+€0.7m versus €(1.3)m in H1 2025), driven by higher forward electricity prices.

Net financial result was negative at €(2.5)m, compared with €(1.4)m in H1 2025, reflecting in particular the gradual drawdown of project financing initiated in the second half of 2025 and continuing in 2026. In parallel, financial investments generated lower returns, owing to lower cash balances and lower interest rates.

Net loss for the period amounted to €(20.1)m, compared with a net loss of €(21.7)m in H1 2025.

Cash flows and consolidated balance sheet

Cash consumption amounted to €(29.5)m over the period, compared with a cash consumption of €(6.7)m in H1 2025. This reflects:

• Net cash flow from operating activities of €(18.0)m, versus €(10.5)m in H1 2025, mainly reflecting a deterioration in working capital (outflow of €(1.9)m versus an inflow of +€2.8m in H1 2025), a non-cash impact related to the disposal of a fully impaired equity investment as well as a reversal of provisions relating to the restructuring plan;
• Net cash flow from investing activities of €(10.1)m, mainly reflecting equipment purchases for sites under construction (Le Cheylas and Croixrault) and capitalised development and engineering costs related to the production site projects;
• Net cash flow from financing activities of €(1.1)m, mainly reflecting the €13.9m drawdown on the project financing initiated in 2025, temporarily recorded at 30 June 2026 as a deposit related to financing, the refinancing of hydrogen transport assets for €2.5m, the receipt of €1.6m in grants, as well as interest paid and the repayment of bank and lease debt.

As of 30 June 2026, Lhyfe's consolidated shareholders' equity was €2 m. At the same date, the company's available cash amounted to €45m. This amount does not include the €13.9m from the drawdown on the project financing, which is nevertheless included in net financial debt³, amounting to €92m at 30 June 2026.

Secured grants⁴ related to projects included in the portfolio total €190m.

About Lhyfe
Lhyfe is a European group devoted to energy transition, and a producer and supplier of green and renewable hydrogen. Through its production sites and portfolio of projects, it seeks to provide access to green and renewable hydrogen in industrial quantities, fostering a virtuous energy model that both decarbonises entire sectors of industry and transport and enhances regional energy sovereignty.
In 2021, Lhyfe inaugurated the first industrial-scale green hydrogen production plant in the world to be interconnected with a wind farm. In 2022, it inaugurated the first offshore green hydrogen production pilot platform in the world. Since then, Lhyfe has installed four other production sites and has several sites under construction or extension across Europe. In September 2025, Lhyfe became Europe's largest producer of bulk RFNBO hydrogen from the electrolysis of water.
Lhyfe is represented in 8 European countries and had 126 staff at the end of July 2026. The company is listed on the Euronext Growth market in Paris (ISIN: FR0014009YQ1 – ALHYF).
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Appendix - Consolidated income statement

Appendix – Consolidated statement of financial position

Appendix - Cash flow statement

1 Completion of the transaction remains subject to lenders' consent, in accordance with in-place financing documentation.

2 Adjusted EBITDA: consolidated current operating result before amortisation and provisions, before charges linked to equity-based compensation and before fair value adjustment on derivative financial adjustments

3 Net financial debt = current and non-current financial debts (including IFRS 16 lease debt) – cash and cash equivalents

4 Including signed grants and grants currently under contractualisation process