FDE reported H1 FY'26 (Jul-Dec '25) revenues of €14.2mm (+16% y/y), slightly ahead of our €14mm estimate. Growth was driven by the recovery in gas sales volumes to 110GWh from full NaTran network availability, with gas revenues up 37% y/y, alongside the first full half-year consolidation of Alltec generating €4.2mm in sales. Electricity revenues of €5.6mm were lower y/y, impacted by a 21% decline in average selling prices to €82/MWh. Reported EBITDA of €6mm (42% margin) was down 8% y/y, reflecti ....
