Slides
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24 September 2026 H1 2026 RESULTS
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Pierre Brossollet Chief Executive Officer and Founder Emeline Othax Chief Financial Officer WELCOME Thierry Trouyet Deputy Chief Executive Officer 2
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UNPRECEDENTED CRISES Large - scale wildfires Persistent tension in gas supply Heatwaves Strait of Hormuz: oil shock ENERGY SHOCK CLIMATE CHANGE 3 WHAT'S AT STAKE: STRENGTHENING OUR ENERGY SOVEREIGNTY AND OUR INDUSTRIAL INDEPENDENCE WORLD › EUROPE › FRANCE
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ELECTRIFICATION & GEOTHERMAL ENERGY, PRIORITIES FOR EUROPE WORLD › EUROPE › FRANCE 1: European Commission, Electrification Action Plan (17 July 2026); estimates of geothermal coverage by sector (heat & cold) 2: COP 3-5 vs. COP 2-4 for air-to-air heat pumps (2-4) A D O P T I O N O F T H E “ E L E C T R I F I C A T I O N A C T I O N P L A N ” O N 1 7 J U L Y 2 0 2 61 Objective: double the pace of electrification Make Europe the first “electro-powered continent” (transport, construction, industry) Electrification target of 46% by 2040 vs. 23% today Geothermal energy: a priority of the action plan (geothermal heat pumps) 4 ~ €260 billion ELECTRIFICATION ACTION PLAN Reduction in the energy bill Much greater efficiency of geothermal heat pumps2 (vs. air-to-air heat pumps) A second energy source controllable, continuous, decarbonised and sovereign A solution for electrical network relief WHY IS GEOTHERMAL ENERGY VITAL TO THE SUCCESS OF THIS PLAN?
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IN FRANCE, REFORMS TO DRIVE GROWTH WORLD › EUROPE › FRANCE N A T I O N A L L O W- C A R B O N S T R A T E G Y −50% GHG emissions in 2030 vs. 1990 – carbon neutrality targeted for 2050 ~9m geothermal heat pumps growth within the building sector by 2030 66% / 15% new cars / rolling stock to be electric by 2030 M I L E S T O N E S S E T F O R 2 0 3 0 A N D 2 0 5 0 T O S E C U R E L O N G- T E R M D E C I S I O N S 3 levers to boost surface geothermal energy 1 RAISE THE THRESHOLD OF SURFACE GEOTHERMAL ENERGY: FROM 500 KW TO 2 MW 2 ELIGIBILITY FOR ENERGY SAVINGS CERTIFICATES 3 ACCELERATION IN THE DEPLOYMENT OF HEAT PUMPS 5
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GEOTHERMAL COOLING, NATURAL AND DECARBONISED AIR CONDITIONING! V U L N E R A B L E B U I L D I N G S A C O O L I N G S O L U T I O N T H E B E N E F I T S of geothermal COOLING 8 to 16 °C Constant ground-source cooling Zero waste No urban heat island 0 GHG emissions H O S P I T A L S 60% of hospital buildings are more than 25 years old R e s i d e n t i a l c a r e h o m e s 13% only have suitable thermal cooling S C H O O L S 50% of high schools were built before 1970 6
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HIGHLIGHTS OF THE FIRST HALF OF 2026 OPERATIONS AND TRADE 7 7 Thierry Trouyet Deputy Chief Executive Officer
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DRILLING & CONSTRUCTION Drilling & Construction 8 A SOLID OUTLOOK
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OPERATIONAL EXCELLENCE End of the project in March 2026 Self-operated drilling of second well completed in June 2026 Self-operated drilling of first well completed in March 2026 Drilling & Construction 9
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LITHIUM DE FRANCE DOUBLET A REFERENCE WELL FOR EUROPEAN GEOTHERMAL ENERGY 10 Drilling & Construction 312 m 2 900 m 3D cross-section view of the LDF borehole COMPLIANCE WITH SCHEDULE (WORK COMPLETED WITHIN THE SCHEDULED 7 MONTHS) HSE INCIDENT RATE OF ZERO, ISO 9001 / 14001 / 45001 CERTIFICATION AN EXCEPTIONAL WELL Final vertical depth More than 2,700m, equating to nearly 9 Eiffel Towers stacked on top of each other Drilled length measured along the well Deviated well drilled to over 2,900m Accuracy in reaching the geological target target radius of ± 3m
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STRONG VISIBILITY AND GROWTH 11 > ✓ Municipal heat network ✓ 39 probes ✓ > 3,800m drilled ✓ Head office of Crédit Agricole Pyrénées Gascogne ✓ 24 probes ✓ > 3,600m drilled ✓ Development in the town centre of Roquebrune Cap- Martin ✓ 59 probes ✓ > 9,600m drilled DrillHeat's largest work site ✓ 100th project ✓ 24 probes placed at 200m ✓ For a new 9,000m² building combining production, storage, laboratories and offices H1 2026: 16 projects completed & 27km drilled with probes vs. H1 2025: 12 projects completed & 22km drilled with probes +21% metres drilled Drilling & Construction
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REFERENCES AND STRATEGIC ALLIANCES 12 Drilling & Construction
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HEAT & COLD Heating & Cooling 13 PARTNERSHIPS, NEW CONTRACTS AND FIRST HEAT SALE IN SIGHT
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STRATEGIC PARTNERSHIPS BRINGING GEOTHERMAL ENERGY TO THE HEART OF THE REGIONS Heating & Cooling €1.2 million under management to generate around €150 million in projects First financer of new energies for Nouvelle Aquitaine AN ECOSYSTEM OF PARTNERS 14 €45.1m initial capital commitment 5 projects in Ile-de-France 72 % 28 % GEOTHERMAL ENERGY IN ILE-DE-FRANCE A TRANSFORMATIVE JV IN ILE-DE-FRANCE
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SURFACE GEOTHERMAL ENERGY: A NATIONAL INFRASTRUCTURE TO BE DEPLOYED 15 WHAT IS AN AUTONOMOUS NETWORK? TWh/year 15 to 18 1.6 TWh/year P P E 3 T A R G E T S M A R K E T A T T A I N A B L E B Y A R V E R N E Heat needs far from existing urban networks (> 2km) 250 networks POTENTIAL ARR OF €250 MILLION ARVERNE'S TARGETS AN UNADDRESSED MARKET • No national player • Medium-sized cities have been neglected A ROBUST MODEL • Investment (Capex) of €8m • EBITDA 65 - 70% • Revenue/project of €40m over 50 years A FAVOURABLE FRAMEWORK • PPE3 (Feb 2026): geothermal ×5 • Surface geothermal energy (GMI) threshold raised from 500 kW → 2 MW • No permitting • ARVERNE: only integrated player with all areas of expertise EQUIP FRANCE WITH AUTONOMOUS NETWORKS Heating and Cooling infrastructures are vital to achieve the objectives of PPE3 • Project IRR 8 to 10% Heating & Cooling
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> FIRST HEAT SALE AS SOON AS THIS WINTER! × P A R T N E R S H I P → INAUGURATION OF THE SERRES-CASTET SITE: 30 JUNE 2026 → DRILLING: JUNE / AUGUST → COMMISSIONING AND THEN SALE OF HEAT: WINTER 26-27 THIRD -PARTY INVESTMENT MODEL · ZERO CLIENT CAPEX 25 YEAR VISIBILITY ~450 kW 2 heat pumps At a depth of 150m 25 probes energy gains 62% avoided · 319.5 MWh ~ €17k per year 35.6t CO₂/year IN FIGURES 16
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CRITICAL METALS Critical metals Lithium de France 17 PERFORMANCE EXCEEDING EXPECTATIONS
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Independent assessment DEMONSTRATION OF EXTRAORDINARY GEOLOGICAL POTENTIAL DOUBLET Critical metals Lithium de France 18 ALSACE: AN EXCEPTIONAL BASIN Resources1 of 26 Mt lithium carbonate equivalent (LCE) Resources greater than the needs of the Lithium de France project 1: Resources indicated and deduced. Corresponds to mineral resource estimates based on available geological knowledge, with a higher level of confidence for indicated resources than for assumed resources. Potential of 43 Mt lithium carbonate equivalent (LCE) Temperature 145° Initial estimate: 130° Flow rate first well: 275 m3/h Flow rate second well: 325 m3/h Initial estimate: 250 m3/h Lithium concentration 180 mg/L Initial estimate: 180 mg/L No induced seismicity detected under the expected operating pressure and temperature conditions DLEDEMONSTRATOR Operational since June 2026 Consistent with concentration and yield objectives Validation for continuous operation 24/7 FINALISATION OF THE FEED PHASE Completed in September 2026 Definition of facilities required to produce 5,000 t/year battery-grade lithium carbonate
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20272025 IN 2026 LITHIUM DE FRANCE: 2026 TARGETS ACHIEVED Critical metals Lithium de France 19 ✓ Memorandum of understanding with Primeo Energie France for the distribution of geothermal heat in Alsace ✓ Drilling of the first two wells ✓ Well results surpass expectations ✓ Commissioning of the DLE demonstrator ✓ Equinor reaffirms its commitment ✓ Advanced financing study (BFS) for a first tranche of senior debt ✓ DLE demonstrator directly connected to the geothermal doublet ✓ Finalisation of the FEED phase ✓ Independent evaluation of resources ✓ Study, design and preparation of future doublets LDF - "Notre Dame" project A Major Strategic Project • Discussions on new extraction contracts • Completion of Environmental and Social Impact Assessment (ESIA) • Specification of battery-grade quality for Renault • Results of the DFS H1 2026 Q3 2026 Q4 2026
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Drilling & works Heating & Cooling Critical metals Lithium de France Risk Permit application Subsurface exploration Environment al studies Drilling permit obtained Resource & process validation Heat plant DLE construction Refining 1st doublet drilling DLE demonstrator Commercialization ARVERNE YESTERDAY2023 ARVERNE CAPITAL MARKETS DAY ARVERNE TOMORROW 30-YEAR LONG-TERM VISIBILITY FREE CASHFLOW GENERATOR Commercial expansion Fleet & team expansion Partners Pre-contract Contracts First revenues Partners Contracts Revenues VALUE-CREATING BUSINESS MODEL Industrial rollout END OF THE PRE-INDUSTRIAL PHASE 20
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START OF THE INDUSTRIAL PHASE Drilling & works Heating & Cooling Critical metals Lithium de France Risk Permit application Subsurface exploration Environment al studies Drilling permit obtained Resource & process validation Heat plant DLE constructio n Refining 1st doublet drilling DLE demonstrator Commercialization ARVERNE YESTERDAY2023 ARVERNE TODAY ARVERNE TOMORROW 30-YEAR LONG-TERM VISIBILITY FREE CASHFLOW GENERATOR Commercial expansion Fleet & team expansion Partners Pre-contract Contracts First revenues Partners Contracts Revenues VALUE-CREATING BUSINESS MODEL Industrial rollout 21
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VALUE CREATING GROWTH DRIVERS +1 3 Lithium exclusive exploration permitsLi 9 exploration permits held by Arverne In total > In-depth knowledge of the Limagne basin thanks to the exclusive exploration permit in the "Riom Clermont Métropole" area > A scientific partnership with BRGM > 3D exploration was already carried out in 2024 to explore the potential of the geothermal heat resource new exclusive exploration permit - Limagne en Auvergne Critical metals Lithium de France
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H1 2026 RESULTS 23 Emeline Othax Chief Administrative and Financial Officer
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COMMITMENTS CONVERTED INTO ACTION WORLD 24 Arverne joins a community of companies committed to their ecological and energy transition Showcasing our business and media network Nicolas Dufourcq Chairman of BPI Environment Consultation work more than 150 site visits with more than 1,000 visitors (residents, schools, politicians, etc.) Advocacy work "Plongez au cœur de l'industrie” fair Social Governance Nebojsa Maksimovic ✓ 30 years of experience in the energy sector, including over 24 years with Dalkia Alexis Broders, Managing Partner of RGREEN INVEST ✓ Representative of GEOGREEN, reference shareholder of Arverne ✓ Creation & development of Neoen, an independent renewable energy producer Vladislav Tcaci, Head of Investment - Large Caps at Bpifrance / strategic monitoring of several major listed investments of Bpifrance ✓ A director of Arverne Group since June 2026 ✓ more than 12 years of investment experience BOARD OF DIRECTORS SALES & MARKETING DEPARTMENT ENDORSEMENT BY THE REGIONS
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GROSS BUSINESS VOLUME OF €16.8M; +60% Gross business volume: consolidated revenue plus 50% of the revenue of DrillHeat (50%-owned subsidiary) and inter-sector drilling revenue 25 In thousands of euros H1 2026 H1 2025 chg° Revenue from drilling sector 7,176 9,010 (1,834) Other revenue 182 138 44 Consolidated revenue 7,358 9,148 (1,790) Inter-sector drilling revenue (IFRS 8) 7,902 - 7,902 DrillHeat revenue at 50% 1,503 1,324 180 Gross business volume 16,763 10,472 6,291 REMARKS Gross business volume of €16.8m in H1 2026 (+60%), underpinned by drilling Drilling was the main contributor, supported by the Safran and Lithium de France projects Success of Lithium de France’s two geothermal wells, representing €7.9m in business volume DrillHeat continued to grow with revenue of €3.0m (+13%)
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CONSOLIDATED INCOME STATEMENT (1) Corresponds to current income before depreciation and amortisation 26 In thousands of euros 30/06/2026 6 months 30/06/2025 6 months Revenue 7,358 9,148 Other income 10,198 3,903 Operating expenses (13,827) (11,415) Personnel expenses (14,570) (13,034) EBITDA (10,842) (11,398) Depreciation and amortisation (4,271) (2,314) Recurring operating income (expense) (15,114) (13,712) Other non-current operating expenses - - Operating income/(expense) (15,114) (13,712) Cost of net financial debt (677) 592 Other financial income/expenses 1,710 1,260 Share of income from equity affiliates (97) 2 Tax expense 370 178 Net income/(loss) (13,828) (11,680) Group share (12,308) (10,037) • Revenue €7.4m (-19.6%): the decrease is attributable to the ADP project in 2025, which represented a higher level of activity than the Safran project completed in March 2026, and the discontinuation of activities for Storengy, which was offset by the B04 activity transferred to capitalised production (intercompany revenue) • Capitalised production €10.0m: +€6.1m vs. H1 2025, driven by LDF/DrillDeep with the drilling of LS1 • External expenses €12.6m: +€2.1m, SAFRAN + LDF drilling and development • Payroll €14.6m: +€1.5m due to the increase in the workforce (+18 FTEs) between the two periods • Deterioration in financial income of around €1m: additional interest expense due to the activation of B18 (+€0.7m) and decrease in investment income REMARKS
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ASSETS 27 • Non-current assets +€23.8m / Investments mainly in LDF and the drilling of the first well (€21.4m). Note the commissioning of the DLE demonstrator in March 2026 (investment made mainly in 2025) • At the same time, a €32.4m decrease in cash • Sharp decrease in trade receivables in H1 2026. The ADP project was in progress in Y-1 (instalments were paid later than for SAFRAN in 2026) REMARKS In thousands of euros 2026.06 2025.12 6 months 12 months Intangible assets 99,140 80,499 Property, plant & equipment 61,209 55,793 Equity-accounted securities 830 927 Financial assets 0 0 Deferred tax assets 2,414 2,647 Non-current assets 163,594 139,867 Inventories 3,074 2,733 Trade receivables and contract assets 2,913 5,846 Current tax receivables 882 1,131 Other financial assets 1,906 401 Other current assets 12,628 13,105 Cash and cash equivalents 45,541 78,010 Current assets 66,945 101,226 Total assets 230,539 241,094
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LIABILITIES 28 In thousands of euros 30/06/2026 6 months 30/06/2025 6 months Capital 421 421 Additional paid-in capital 216,200 216,201 Other reserves 7,093 6,560 Accumulated results (82,536) (61,824) Income for the year (12,308) (20,712) Shareholders’ equity, Group share 128,869 140,646 Total shareholders’ equity 145,467 158,751 Borrowings and financial liabilities 11,150 6,078 Other financial liabilities and derivatives 6,072 5,961 Lease liabilities 24,692 26,389 Employee-related liabilities 1,603 883 Non-current provisions 1,231 1,231 Other non-current liabilities 1,463 1,665 Deferred tax liabilities 2,681 3,284 Total non-current liabilities 43,499 45,490 Borrowings and financial liabilities - current 5,947 1,557 Derivative instruments - current 2,589 2,478 Lease liabilities – current 3,523 2,997 Provisions 294 537 Trade payables 12,807 12,524 Tax liabilities 9,992 9,580 Other current liabilities 6,420 7,180 Total current liabilities 41,573 36,853 Total liabilities 85,072 82,343 TOTAL LIABILITIES 230,539 241,094 • Shareholders’ equity: Mainly a loss in the first 6 months • Bonds: Subscription by Equinor to the LDF convertible bond issue: €5.4m • Other financial liabilities: +€1.8m corresponding to the derivative component of the LdF convertible bonds • Lease liabilities of €28.2m (-€1.2m) amortisation of leases greater than the gross amounts of new contracts • Decrease in current borrowings and financial liabilities: factoring not used for the period to 30/06/2026 vs. 30/06/2025 (- €1m) • Derivative instruments – current correspond to the FV of the ratchet provisions on LdF warrants. The €1.7m decrease is due to the change in fair value between 31/12/2025 and 30/06/2026 (the first share warrants expire at the end of September 2026) REMARKS
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CASH FLOW STATEMENT 29 • Cash flow from operations of -€9.4m, stable overall compared to H1 2025 (-€9.6m) • Positive WCR of +€1.1m, compared with consumption of -€2.1m in H1 2025, thanks in particular to the decrease in trade receivables in 2026 • Net operating cash flow of -€8.1m, compared with -€11.6m in H1 2025, an improvement of €3.5m due to the improvement in WCR 2026.06 2025.06 In thousands of euros 6 months 6 months Net income for the period (13,828) (11,680) Adjustments for: - Depreciation of fixed assets and rights of use 4,731 2,633 - Cost of net financial debt 1,008 (592) - Share in income of associates (net of tax) 97 (2) - Gains or losses on disposals of fixed assets (0) 9 - Corporate income tax (370) (178) - Increase (decrease) in the fair value of derivative financial liabilities (1,705) (676) - Expenses and income calculated on share-based payments 621 850 Total elimination of expenses and income not impacting cash 4,381 2,044 Total cash flow from operations (9,447) (9,637) Changes in: - Inventories (341) (445) - Trade and other receivables 3,197 (541) Trade payables and other liabilities 243 (2,200) - Other current receivables/payables (2,022) 1,089 Total changes 1,077 (2,097) Net cash flows generated by operating activities (8,370) (11,734) Taxes paid 249 97 Net cash from operating activities (8,121) (11,637) REMARKS
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CASH FLOW STATEMENT 30 • Investment flows -€27.7m, mainly linked to capitalised development expenses (-€26.3m) Mainly driven by Lithium de France (LS1) • Financing flows +€3.4m: new loans +€7.2m (LdF convertible bond subscribed by Equinor), offset by lease payments, interest and repayments • Cash down by €32.5m over the period, from €78.0m to €45.5m Acquisitions of property, plant and equipment and intangible assets (1,371) (3,209) Capitalised development expenditure (26,337) (9,410) Investment grants (incl. research tax credit and capitalised costs) 2 - Disposals of property, plant and equipment and intangible assets 2 - Increase in financial assets (6) (2) Decrease in financial assets 0 5 Changes in scope - (943) Net cash used by investing activities (27,710) (13,559) Capital increase subscribed by non-controlling interests 13 Acquisition and disposal of treasury shares (89) (121) Inflows related to new borrowings 7,191 30 Repayment of borrowings and financial debts (243) (1,323) Collection and (repayment) of other financing flows (1,097) 150 Payment of lease liabilities (1,436) (399) Interest received from cash equivalents 82 891 Interest paid on borrowings and financial liabilities (217) (232) Interest paid on lease liabilities (840) (101) Net cash flows generated by financing activities 3,363 (1,105) Net change in cash and cash equivalents (32,468) (26,301) Cash and cash equivalents at 1 January 78,009 123,834 Effect of changes in exchange rates on cash held - - Cash and cash equivalents at 30 June 45,541 97,532 Cash reclassified as assets held for sale Cash and cash equivalents at 30 June 45,541 97,533 REMARKS In thousands of euros
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31 €70M TO SPEED UP THE DEPLOYMENT OF DUAL FLOW THE CONFIDENCE OF LEADING INVESTORS THREE LEVERS TO SPEED UP EXECUTION 01 INDUSTRIAL CAPACITY Support the ramp-up in industrial resources and know-how 02 COMMERCIAL DEVELOPMENT Accelerate the conversion of opportunities into commercial contracts 03 INFRASTRUCTURE FOR LOW CARBON SOLUTIONS Deploy assets across the entire value chain 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 GEOGREEN via €70m ORANE
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OUTLOOK 32 MAINTAIN 2026 AND 2031-2033 TARGETS
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NEXT MILESTONES 2028 • Study, design and preparation of future doublets • Start of 6-month test of the DLE demonstrator connected to the geothermal doublet • Completion of Environmental and Social Impact Assessment (ESIA) • Specification of battery-grade quality with Renault • Results of the definitive feasibility study (DFS) • Discussions with a view to concluding new extraction contracts • Acceleration of drilling schedule • Construction of a thermal power plant • Construction of the first industrial lithium extraction and conversion unit ● End of year First production and sales of geothermal lithium H2 2026 • First production of lithium carbonate (Li₂ CO3) from geothermal brines in Alsace • First reserves certification report (Sproule ERCE) • Acceleration of drilling schedule • Validation of the DLE process • Final investment decision (FID) • First tranche of senior debt 2027Critical metals ● First production and sale of heat in winter 2026/2027 ● Portfolio of 5 TWh of geothermal heat throughout France ● Surface geothermal energy (GMI) – Autonomous networks Acceleration of sales momentum and buoyant regulatory environment ● Continuation of the strategy of key partnerships ● Ambition of progressing toward €400 million in long-term commercial contracts Heating & Cooling 33Provisional timetable, subject to regulatory authorisations
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CONFIRMATION AND ACHIEVEMENT OF OBJECTIVES Y 2031-2033 Y 2026 Sales Industry Financial ESG Ambition of progressing toward €400 million in long-term commercial contracts Completion of drilling of the first Lithium de France doublet and commissioning of the DLE demonstrator Financing of the Group’s industrial and commercial ramp-up Delivering on our objectives as a mission-driven company 34 27 kt/year Lithium carbonate 800,000 electric vehicles equipped with Arverne geothermal lithium ~ 4 TWh/year Geothermal heat produced > 50% of the production targets for deep geothermal energy in the PPE3 1mt of CO2 emissions avoided vs. 100% gas heat
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STOCK MARKET DATA Capitalisation tableShare information Investor Relations Mathilde Guillemot investor.relations@arverne.earth Euronext Paris - Comp. C ISIN code FR001400JWR8 Share price €6.62 (14/09/2026) Market capitalisation €248m Analyst coverage Kepler Cheuvreux CIC Market Solutions ODDO BHF TP ICAP MIDCAP PORTZAMPARC Average target price €9.50 Share price (1 year) Timetable Contact 6 & 7 October 2026 Investor Access Conference 3 November 2026 RISE UP Paris 10 December 2026 CIC conference 36 GEOGREEN; 25,5% Former partners of Arverne Group SAS; [VALUE] Founder of SPAC TRANSITION [VALUE] ADEME Investissement SAS; 9,2% Renault SAS; 7,7% Hydro Energy Invest AS; 5,2% Bpifrance; 5,3% Crédit Mutuel Equity; 3,5% Freefloat [VALUE]