Hydrogène de France SA (HDF Energy)
HDF Energy develops hydrogen power plants and high-power fuel cells designed to provide dependable electricity for grids, industry and heavy transport.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
Half-year financial report 2026
Investment Thesis
Hydrogen power projects with an industrial programme still to scale
European Tech Equities analysis ·
The investment case
HDF offers exposure to the attempt to make hydrogen useful for dependable power and heavy transport. It combines developing power plants with manufacturing their key equipment. The opportunity is substantial if projects reach operation, but the present business is still small and depends on funding and execution.
Evidence so far
The industrial programme reached prototype work in June 2026, and the company expects CEOG in French Guiana to supply its first electricity by year-end. Neither that schedule nor the planned Texas plant should be counted as completed capacity. The Texas design uses hydrogen made from natural gas with carbon capture.
Customer demand
Remote grids and industrial customers need electricity outside sunny or windy hours. HDF aims to serve that need with renewable generation, storage and fuel cells. The customer must still be able to fund the project and buy power at a workable price, so announced development partnerships are not equivalent to secured revenue.
HDF bought Rubis’s stake in Renewstable Barbados on 15 October, becoming sole owner. The project still needs a government tariff decision and financing before construction.
Financial progress
H1 revenue was €0.55 million and the net loss was €4.0 million. Other operating income of €4.1 million, mainly programme funding, supported the result. Cash fell to €27.2 million at June-end; a separate €12.7 million advance arrived in July. Public support helps finance development but is not recurring customer sales.
Valuation and expectations
The screening equity value was approximately €27 million on 5 November. Comparing that figure with June cash alone overlooks development spending, grant conditions and future financing. With little current revenue and no profits, the investment case depends on future project economics rather than a conventional earnings multiple.
What would weaken the case
- Projects may be delayed by permits, financing, construction or customer decisions.
- Grant income can improve reported results without showing stronger customer demand.
- The emissions benefit differs between renewable hydrogen and gas-based projects with carbon capture.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
H1 2026 includes €4.1 million of other operating income, mainly programme funding. The €12.7 million funding advance received in July is after the June balance-sheet date and is not added to June cash.
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.
Consolidated IFRS figures in EUR millions; earnings per share in EUR. Revenue excludes grants and other operating income. Gross profit and EBITDA are not separately reported in these statements.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
H1 2026 includes €4.1 million of other operating income, mainly programme funding. The €12.7 million funding advance received in July is after the June balance-sheet date and is not added to June cash.
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.
Consolidated IFRS figures in EUR millions; earnings per share in EUR. Revenue excludes grants and other operating income. Gross profit and EBITDA are not separately reported in these statements.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
H1 2026 includes €4.1 million of other operating income, mainly programme funding. The €12.7 million funding advance received in July is after the June balance-sheet date and is not added to June cash.
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.
Consolidated IFRS figures in EUR millions; earnings per share in EUR. Revenue excludes grants and other operating income. Gross profit and EBITDA are not separately reported in these statements.
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
Information relative au nombre d'actions et de droits de vote
APPROBATION PAR L'ASSEMBLÉE GÉNÉRALE DU 30 OCTOBRE 2026 DU PROJET DE TRANSFERT DE LA COTATION DES TITRES HDF ENERGY SUR EURONEXT GROWTH PARIS
HDF Energy sélectionne Topsoe pour son projet de centrale électrique bas carbone de 250 MW aux États-Unis
HDF Energy Selects Topsoe for 250 MW Power Plant in Texas
Renewstable® Barbados : HDF Energy reprend la participation de Rubis et poursuit le développement
Interviews
Interviews are coming soon
No interviews with Hydrogène de France SA (HDF Energy) 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.
H1 2025 · Published Sep 23, 2026 · Checked Nov 6, 2026
H1 2026 · Published Sep 23, 2026 · Checked Nov 6, 2026
FY 2024 · Published Mar 26, 2026 · Checked Nov 6, 2026
FY 2025 · Published Mar 26, 2026 · Checked Nov 6, 2026
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Checked 2026-11-06