ARVERNE GROUP: First half of 2026 60.1% growth in gross business volume to €16.8 million Operational performance above expectations
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ARVERNE GROUP ARVERNE GROUP: First half of 2026 60.1% growth in gross business volume to €16.8 million Operational performance above expectations 23-Sep-2026 / 18:00 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. First half of 2026 60.1% growth in gross business volume to €16.8 million Operational performance above expectations Critical Metals - Lithium de France project
Heating & Cooling
Drilling & Construction
Strong momentum since the half-year end
2026 objectives and Dual Flow trajectory confirmed Pau, 23 September 2026 - Arverne (FR001400JWR8 - ARVEN), France’s leading provider of geothermal solutions, announces its 2026 half-year results. Pierre Brossollet, founder and Chief Executive Officer of Arverne, said: «We have achieved all the key milestones of Lithium de France’s pre-industrial phase, delivering results that exceed our initial expectations. At the same time, we reached a major milestone in the development of our Heating & Cooling solution with the creation of La Francilienne de Géothermie and the announced start of production from our first renewable heat sales as early as this winter. Strengthened by the support of our financial partners, enhanced visibility on the potential of our resources, and new development opportunities, we are entering Arverne’s next phase of growth with confidence.
Gross activity volume[2] amounted to €16.8 million in H1 2026, representing a strong increase of 60.1% compared with H1 2025
During the period, drilling was the main contributor to consolidated revenue. This activity notably reflects the in-house execution of Arverne’s strategic projects, in line with its vertically integrated business model. CRITICAL METALS LITHIUM DE FRANCE PROJECT: outstanding results from the pre-industrial phase In line with the commitments made in March 2025, Arverne completed the key milestones of Lithium de France’s pre-industrial phase within 18 months and secured the financing required for this stage of development.
The Lithium de France and Drilling & Construction teams successfully completed the drilling of the first two geothermal wells in Schwabwiller. This major technical achievement confirms the quality of the Alsatian subsurface and validates Arverne’s vertical integration strategy, built on the mastery of key capabilities in subsurface expertise and drilling operations.
Test results from the two drilled wells exceed the high-case assumptions used in the preliminary studies. The first well achieved a stabilised flow rate of 275 m³/h (versus 250 m³/h estimated), a temperature of 145°C (versus 130°C expected) and a productivity of 10 L/s/bar, while the second recorded a stabilised flow rate of 325 m³/h (versus 200 m³/h estimated) and an exceptional productivity of 20 L/s/bar (versus 2,5 L/s/bar estimated). Both wells show a consistent concentration of 180 mg/l de lithium in the geothermal water. The circulation test confirms that the geothermal doublet operates at its nominal flow rate, with no induced seismicity detected under the pressure and temperature conditions expected for commercial operations. The characteristics of the geothermal brine prove to be stable and particularly favorable for both heat and lithium production. Observations made on the two wells also confirm their perfect hydraulic connectivity.
The pilot plant has been operational since June 2026. Initial testing has demonstrated the effective performance of the Direct Lithium Extraction (DLE) technology, achieving results in line with target concentration and recovery rates. Connected to geothermal brine from the production well since summer 2026, the facility has also successfully validated continuous 24/7 operations. Initial analyses confirm the process’s excellent performance and represent a major milestone in de-risking the project.
Sedgman completed the Front-End Engineering Design (FEED) study for the Lithium de France project, a key milestone on the path toward the completion of the Definitive Feasibility Study (DFS). Finalized in September 2026, the study defined the facilities required to produce 5,000 tonnes per annum of battery-grade lithium carbonate. Its findings will contribute to the DFS results, which are expected by the end of 2026.
During the period, Lithium de France secured an initial €29.3 million financing tranche[3] in the form of convertible bonds, fully subscribed by Arverne and Equinor Ventures, ahead of a second tranche expected in the second half of the year. This transaction reflects the renewed confidence of its partners in its development prospects.
In September 2026[4], an independent assessment conducted by Sproule ERCE estimated Lithium de France’s indicated and inferred resources at 26 million tonnes of lithium carbonate equivalent (LCE), with a total exploration potential of up to 43 million tonnes of LCE. These results further enhance the project’s long-term visibility and development potential. The next key milestone will be the certification of reserves, expected in the first quarter of 2027.
The progress achieved has significantly enhanced the bankability of the Lithium de France project and its ability to attract international financing. Bankability studies and the independent resource assessment have confirmed both the project's economic robustness and the value of its assets. With the support of Macquarie and Crédit Agricole CIB, a financing strategy has been defined to secure an initial tranche of senior debt in 2027. Expressions of interest from potential lenders, the appointment of their technical advisors, and the completion of the Preliminary Environmental and Social Impact Assessment by the end of 2026 represent key milestones in the financing process. In addition, eligibility for Bpifrance’s Strategic Project Guarantee (GPS) further strengthens the project’s credit profile and enhances its attractiveness to lenders.
With a target production capacity of approximately 27,000 tonnes of LCE per year for more than 30 years, the project is ideally positioned to meet the growing needs of the European battery value chain while contributing to the decarbonization of heat consumption. As lithium demand continues to grow strongly, Lithium de France is advancing discussions with potential commercial partners with a view to securing additional offtake agreements. A first contract has already been signed with Renault Group, covering the supply of 25,000 tonnes of lithium over a five-year period. At the same time, Lithium de France is accelerating the commercialization of its renewable heat production, notably through a heat distribution memorandum of understanding for the Alsace region signed with Primeo Energie France.
The Lithium de France project is set to reach several key de-risking, financing and industrialization milestones. Following the validation of the DLE process, reserve certification, accelerated drilling activities and the Final Investment Decision (FID) in 2027[5], the project is expected to enter the construction phase in 2028 with its first geothermal heat plant and its first industrial lithium extraction and conversion facility. These milestones will pave the way for the first commercial sales of geothermal lithium and the generation of the project’s initial revenues. AUVERGNE: A new growth opportunity After the half-year end, Arverne obtained a new geothermal lithium exploration permit in Auvergne[6], strengthening its portfolio of strategic assets. This permit represents a new driver of growth with the prospect of an integrated project combining renewable heat and geothermal lithium, building on the model developed in Alsace. HEATING & COOLING
During the first half, Arverne achieved a major milestone in the development of its Heating & Cooling business with the creation of La Francilienne de Géothermie alongside Banque des Territoires. Owned 72% by Arverne Heating & Cooling and 28% by Banque des Territoires, this investment platform dedicated to geothermal projects in the Greater Paris region is backed by an initial commitment from the partners of up to €45.1 million in equity financing to support the development of five projects. This partnership demonstrates Arverne’s ability to structure dedicated financing vehicles designed to accelerate the deployment of geothermal energy and the decarbonization of urban district heating networks.
The half-year also saw the launch in Serres-Castet Arverne’s first renewable heat and cooling production and sales project, in partnership with Crédit Agricole Pyrénées Gascogne Energies Nouvelles. With first production expected this coming winter, this project is the joint venture’s first operational development dedicated to deploying third-party-financed shallow geothermal solutions. Showcasing for the integrated model, the project illustrates an innovative approach to accelerate adoption of shallow geothermal energy. Through a turnkey offer with no upfront investment, the partners finance, design, operate and maintain the installations, making it easier for businesses and local authorities to access local, decarbonised and competitive energy.
The first half of 2026 was marked by several developments supportive of shallow geothermal energy. The increase in the threshold for borehole-based geothermal installations eligible under a simple declaration procedure, from 500 kW to 2 MW, significantly expands the addressable market. The entry into force of the sixth energy savings certificate period (CEE), now open to geothermal heat exchangers, also strengthens the competitiveness of these solutions. Finally, the increasing frequency of heatwaves is accelerating the use of geocooling, an effective response to climate adaptation, energy efficiency and cost control challenges. Arverne is therefore developing a model of standalone geothermal networks for local authorities, business parks and property developments located away from existing infrastructure. This integrated energy production and sales model provides decarbonised heat and cooling under long-term contracts generating recurring revenue. As part of the third Multiannual Energy Programme (PPE3), the French government’s roadmap for the development of low-carbon energy, which targets 15 to 18 TWh of shallow geothermal energy in France, Arverne is positioning itself in a market segment of approximately 1.6 TWh, representing nearly 250 standalone networks and an annual recurring revenue potential of around €250 million. With an investment of approximately €8 million, each project is expected to generate around €40 million in revenue over a 50-year period, supported by annual heat and cooling production of approximately 6.5 GWh, marketed at an average price of €130/MWh. The business model targets an EBITDA margin of 65% to 70% and an equity IRR of 8% to 10%. DRILLING & CONSTRUCTION
Deep drilling revenue amounted to €7.4 million in the first half of 2026. This primarily reflects the contribution from the Safran project, which was completed in March 2026, following partial revenue recognition in the fourth quarter of 2025. By comparison, the first half of 2025 included the completion of the Paris Airports (Aéroports de Paris) project in February 2025. This operation also marked the first deployment of the B18, a new drilling rig developed for urban projects with a low environmental footprint. In addition, the increase in work performed for Arverne’s own projects illustrates the implementation of its vertical integration strategy, under which drilling capacity is primarily deployed to support the development of the Group’s own assets.
Drilling operations for the first geothermal well of the Lithium de France project, carried out in-house, began in late November 2025 and were completed three months later. The second well, started in March 2026, was completed in June. Representing a gross activity volume of €7.9 million, these achievements demonstrate Arverne’s operational excellence and its ability to manage the entire execution chain, from operational planning through to on-time project delivery.
DrillHeat’s total revenue reached €3.0 million in the first half of 2026, up 13.4% year-on-year. This momentum was reflected in the launch of its first renewable heating and cooling production and sales project in Serres-Castet. The period was marked by several significant achievements for DrillHeat, including the completion of its 100th project with GreenTech, the start of its largest project to date for Icade in Roquebrune-Cap-Martin, and progress in Valençay on a stand-alone geothermal network serving several public buildings. In addition, Arverne entered into a national framework agreement with E.Leclerc to deploy geothermal solutions across its store network, further demonstrating its expertise and opening up new opportunities in the commercial real estate sector. The Group also strengthened its presence in Southwest France through the creation of a joint venture with Sogeba, a regional infrastructure and public works company, to accelerate the deployment of shallow geothermal solutions for local authorities and private-sector customers. Commercial momentum remains strong. The number of tenders and requests for proposals continues to increase significantly, particularly in the education, commercial real estate and logistics sectors. In response to demand that exceeds its current capacity, Arverne is continuing to expand its workforce and equipment base to support the rapid growth of the market. FINANCIAL RESULTS
Revenue amounted to €7.4 million, down 19.6% compared with the first half of 2025. This change primarily reflects the completion of the Paris Airports (ADP) project, which generated a higher level of activity than the Safran project, as well as the end of services previously performed for Storengy. Capitalized production amounted to €10.0 million, an increase of €6.1 million compared with the first half of 2025, driven by the deep drilling operations carried out by the Drilling & Construction teams on behalf of the Lithium de France project. External expenses amounted to €12.6 million, an increase of €2.1 million, primarily reflecting activity related to the Safran project as well as drilling and development work carried out for the Lithium de France project. Personnel expenses reached €14.6 million, up €1.5 million, driven by workforce expansion, with 18 additional full-time equivalents (FTEs) compared with the first half of 2025. Net financial income deteriorated by approximately €1.0 million, mainly due to higher interest expenses associated with the commissioning of the B18 drilling rig, combined with lower income from cash investments. The Group reported a net loss of €12.3 million for the first half of 2026, compared with a net loss of €10.0 million in the first half of 2025.
The Group’s financial discipline resulted in a significant improvement in net operating cash flows, which amounted to -€8.1 million compared with -€11.6 million in H1 2025, supported by a positive working capital requirement contribution of €1.1 million. Capital expenditures, primarily dedicated to the development of the Lithium de France project, totaled €27.7 million, while cash and cash equivalents stood at €45.5 million as of June 30, 2026. Net financial debt amounted to -€5.6 million as of June 30, 2026, compared with -€41.0 million as of December 31, 2025, primarily reflecting the cash outflows associated with investments made during the period, particularly in the Lithium de France project. Excluding lease liabilities, net debt remained under control at -€33.8 million as of June 30, 2026, compared with -€70.4 million as of December 31, 2025, illustrating the Group’s disciplined financial management and solid financial structure.
During the period, Arverne reached a major financing milestone with the issuance of €70.0 million of ORANEs[7], completed in July 2026. Subscribed by GEOGREEN, the holding company bringing together Arverne’s founder and RGREEN INVEST, alongside Bpifrance, ADEME Investissement, Crédit Mutuel Equity and Eiffel Investment Group, this transaction supports the acceleration of the Group’s Dual Flow strategic plan. Beyond this transaction, Arverne intends to leverage all available financing sources, both at the Group level and within its project companies, combining equity, bank financing, public funding and strategic partners. The nature, amount and timing of any additional financing will remain aligned with the investment schedule and prevailing market conditions. NON-FINANCIAL RESULTS As a purpose-driven company, Arverne continues to strengthen its ESG commitments: in governance, Arverne strengthened its governance with the appointments of Alexis Broders (GEOGREEN) and Vladislav Tcaci (Bpifrance) to the Board of Directors, as well as Nebojsa Maksimovic as Chief Commercial & Marketing Officer to support deployment of the Dual Flow strategy. on social matters, Arverne continued to engage with local communities around its projects, particularly the Lithium de France project, through more than 110 site visits involving nearly 900 participants, as well as dedicated public information sessions. Arverne also strengthened its initiatives to promote geothermal energy, the energy transition and energy sovereignty. on environmental matters, Arverne joined the Coq Vert community, which brings together companies committed to the ecological and energy transition. OUTLOOK Confirmation of 2026 targets: first year of implementation of the Dual Flow plan Arverne continues to execute its roadmap around several key milestones:
2031/2033 ambitions
Project economics: production, returns and financing structures
Upcoming Events 24/09/2026 at 2:30 p.m. (CEST): Conference call for institutional investors (French), Registration 24/09/2026 at 4:00 p.m. (CEST): Conference call for institutional investors (English), Registration 29/09/2026 at 6:30 p.m. (CEST): Conference call for retail investors, Registration About ARVERNE ARVERNE is the leading French supplier of geothermal solutions. It specialises in harnessing natural ground resources to transform them into local energy sources for heating and cooling systems and to extract lithium. A mission-driven company listed on Euronext Paris, Arverne works for local authorities and industrial companies with a focus on energy sovereignty and short supply chains. Press relations: Enora Budet enora.budet@seitosei-actifin.com +33 (0)6 72 17 84 60 Investor relations: Mathilde Guillemot investor.relations@arverne.earth +33 (0)6 64 18 35 55 APPENDICES - BALANCE SHEET
Cash flow statement
Capitalisation table (as at 31 July 2026)
Disclaimer This press release contains certain forward-looking statements. These statements are not guarantees of the Company’s future performance. These forward-looking statements relate to the Company’s future prospects, developments and marketing strategy et and are based on analyses of forecast results and estimates of amounts that cannot yet be determined. Forward-looking statements are subject to a number of risks and uncertainties, particularly those described in the Universal Registration Document, as they relate to future events and depend on circumstances that may or may not occur in the future. Forward-looking statements should not be construed under any circumstances as a guarantee of the Company's future performance. The Company's actual financial position, results of operations and cash flows, as well as trends in the industry in which it operates, may differ materially from those indicated in or reflected by the forward-looking statements contained in this press release. Even if the Company's financial position, results of operations, cash flows and developments in the industry in which it operates are consistent with the forward-looking statements contained in this press release, such results or developments may not be interpreted as a reliable indication of the Company's future results or developments. Certain figures and amounts presented in this press release have been rounded. Accordingly, the totals and percentages shown in the tables may not equal the sum of the individually rounded figures, amounts or percentages. [1] Bonds Redeemable in New or Existing Shares [2] Gross activity volume: consolidated revenue plus 50% of the revenue generated by DrillHeat (a 50%-owned subsidiary) and inter-segment drilling revenue. [5] Indicative timeline, subject to obtaining the required permits and authorizations. [7] ORANEs (Bonds Redeemable in New or Existing Shares) [8] Compared with heat generated from natural gas Regulatory filing PDF file File: Arverne_H1_2026_Results_EN_FV |
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| Language: | English |
| Company: | ARVERNE GROUP |
| 4 Chemin de Barincou | |
| 64000 Pau | |
| France | |
| ISIN: | FR001400JWR8 |
| Euronext Ticker: | ARVEN |
| AMF Category: | Inside information / News release on accounts, results |
| EQS News ID: | 2404222 |
| End of Announcement | EQS News Service |
2404222 23-Sep-2026 CET/CEST