Carbios S.A.
Carbios develops recycling technology for PET plastic packaging and polyester textiles. Its process uses enzymes to break down waste into raw materials that manufacturers can use to make new plastic and fabric.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
First-half 2026 financial report
Investment Thesis
Enzymes that recycle polyester, with industrial financing still central
European Tech Equities analysis ·
The investment case
Carbios aims to earn money from a recycling process that can turn PET waste back into useful manufacturing ingredients. If industrial plants can do this reliably and at an acceptable cost, the technology could serve both packaging and clothing makers. The business is still moving from demonstration work towards commercial-scale deployment.
Commercial progress
The September 2026 textile project took recycled material through industrial spinning, knitting, dyeing and garment making with partners including Patagonia, PUMA and Salomon. This is practical progress in using the output. The recycling itself was carried out at demonstration scale, so the result does not establish full-scale recycling economics.
Customer demand
Brands want recycled polyester that meets their quality requirements. Carbios could offer access to waste streams that are difficult to reuse through existing methods. Adoption will also depend on feedstock collection, energy and processing costs, regulation and the price of alternative recycled or virgin material.
Financial position
Carbios SA reported first-half 2026 revenue of €1.139 million, mainly charges to its subsidiaries, and an operating loss of €11.759 million. Operating cash outflow was €7.119 million; cash and short-term investments totalled €47.513 million at June 30. These are parent-company French accounting figures, not consolidated group accounts. Longlaville financing remained unfinished in September.
Value and funding
The current accounts do not represent a mature recycling business, so present sales are a weak guide to its potential scale. Value depends on financing projects, proving the process in continuous industrial operation and earning acceptable returns from licences and related activities. The 2025 audit opinion was qualified because the auditors could not conclude on the value of Carbios 54 investments and related receivables, underlining the importance of the factory’s funding.
What would weaken the case
- Longlaville funding delays, additional capital needs or dilution could materially change the investment case.
- Demonstration results do not prove industrial reliability, operating cost or commercial profitability.
- Parent-company revenue largely comprises subsidiary charges; project valuations and the 2025 audit qualification require care when interpreting the accounts.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
These are parent-company accounts, not consolidated group figures. Longlaville financing was still in progress in September 2026. The 2025 auditors qualified their opinion over the carrying value of Carbios 54 investments and receivables.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Carbios SA parent-company French GAAP figures in EUR millions; basic EPS in EUR. The company stopped voluntary consolidated reporting from 2025. Revenue mainly includes charges to subsidiaries; total operating income also includes grants and capitalised work. Cash includes the short-term investments included in the cash-flow statement. FY 2025 cash flow uses the revised classification in the H1 2026 report. No gross profit or EBITDA is inferred.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
These are parent-company accounts, not consolidated group figures. Longlaville financing was still in progress in September 2026. The 2025 auditors qualified their opinion over the carrying value of Carbios 54 investments and receivables.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Carbios SA parent-company French GAAP figures in EUR millions; basic EPS in EUR. The company stopped voluntary consolidated reporting from 2025. Revenue mainly includes charges to subsidiaries; total operating income also includes grants and capitalised work. Cash includes the short-term investments included in the cash-flow statement. FY 2025 cash flow uses the revised classification in the H1 2026 report. No gross profit or EBITDA is inferred.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
These are parent-company accounts, not consolidated group figures. Longlaville financing was still in progress in September 2026. The 2025 auditors qualified their opinion over the carrying value of Carbios 54 investments and receivables.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Carbios SA parent-company French GAAP figures in EUR millions; basic EPS in EUR. The company stopped voluntary consolidated reporting from 2025. Revenue mainly includes charges to subsidiaries; total operating income also includes grants and capitalised work. Cash includes the short-term investments included in the cash-flow statement. FY 2025 cash flow uses the revised classification in the H1 2026 report. No gross profit or EBITDA is inferred.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Carbios and the Fiber-to-Fiber Consortium successfully validate the industrial-scale production of recycled polyester T-shirts made from complex plastic and textile waste.
Recycled polyester tested through industrial T-shirt production
First-half 2026 financial report
Carbios reports first-half 2026 results
Carbios provides an update on the financing of its Longlaville plant project
Interviews
Interviews are coming soon
No interviews with Carbios S.A. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
FY 2025 · Published Sep 28, 2026 · Checked Oct 30, 2026
H1 2025 · Published Sep 28, 2026 · Checked Oct 30, 2026
H1 2026 · Published Sep 28, 2026 · Checked Oct 30, 2026
FY 2024 · Published Apr 29, 2026 · Checked Oct 30, 2026
Checked 2026-10-30
Checked 2026-10-30
Checked 2026-10-30
Checked 2026-10-30
Checked 2026-10-30