FDE H1’25 results (to Dec ’24) saw lower revenues of €12.2mm (-30% y/y) mainly caused by a >60% drop in electricity prices. Including the deconsolidated Greenstat segment, the revenues were €15.5mm, only a 10% y/y decrease. FDE generated EBITDA of €6.5mm, surpassing our forecast by 14%. The EBITDA margin was 53% (63% including Greenstat), higher than H1’24’s margin at 62%, and exceeding its 2030 target of ~50%. FDE’s balance sheet strengthened through 2024, its cash position rising to €50mm (+21 ....
