Lhyfe H1 2026 results: Messer partnership, German sales surge and industrial ramp-up
- Messer signed a commercial, industrial and financial partnership including a ten‑year supply agreement and will acquire 30% of the company holding four sites (30 MW); closing expected by year‑end and to improve equity and cash by several million euros.
- Group guidance: RFNBO sales expected at €12–13m in 2026 and to grow by roughly 60% in 2027.
- Sales in Germany are set to rise about 130% in 2026 versus 2025, driven by the ramp of the 10 MW Schwäbisch Gmünd site and a local customer portfolio of ~15 accounts.
- Available cash was €45m at 30 June 2026; structural and operating costs are being cut by ~30% with headcount reduced to 126 (from 188 at end‑2025).
Strategic partnership with Messer
On 13 July Lhyfe signed a commercial, industrial and financial partnership with Messer including a ten‑year supply agreement, minimum volumes from 2026 (potentially several hundred tonnes/year) and Messer’s acquisition of a 30% stake in the company holding four sites (30 MW). The transaction is Lhyfe’s first capital recycling operation, is expected to boost consolidated equity and cash by several million euros at closing (expected by year‑end) and brings industrial gas expertise to site operations and logistics.
Commercial momentum and Germany
H1 2026 revenue was €4.7m (vs €4.6m a year earlier). The Group expects RFNBO sales of €12–13m for 2026 and further growth of roughly 60% in 2027. Germany is the fastest‑growing market: sales are forecast to increase 130% in 2026 vs 2025, supported by the Schwäbisch Gmünd 10 MW site ramping up and a customer portfolio of about 15 accounts.
Operations and safety
Lhyfe has 36 MW of installed electrolysis capacity across six sites, a fleet of 84 transport containers and completed over 570 deliveries in the period. Croixrault (5 MW) and Le Cheylas (10 MW) began production in June and September and are entering commissioning; Schwäbisch Gmünd is ramping. The Group recorded no lost‑time accidents.
Financial position and cost programme
Adjusted EBITDA was €(13.3)m and net loss €(20.1)m in H1 2026. Cash consumption was €(29.5)m in H1; available cash stood at €45m on 30 June and net financial debt was €92m. Secured project grants total €190m. Lhyfe implemented a cost reduction of about 30% on a full‑year basis, with headcount reduced to 126 from 188 at end‑2025; further benefits are expected from end‑2026 and into 2027.
Source: Lhyfe