Earnings release
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Half-year results 2026: Strict financial discipline and a stronger cash position to enter the next growth cycle from the best possible position • Growth in DHA sales in high -value segments and start of production of the new EPA/DHA ΩRIGINS™ range; • First orders for the natural blue colorant Galdieria Blue, with volume deliveries expected by year-end; • Revenue and half-year results relatively stable during this strategic phase of preparation for a new cycle; • Strengthened shareholders’ equity and available cash to manage the next phase of commercial acceleration with confidence; • Growth expected to accelerate from Q4 2026. Libourne, 6 October 2026 – Fermentalg, a creator of natural, sustainable biosolutions derived from microorganisms for nutrition and health, presents its half-year results for 2026 following the closing of the accounts by the Board of Directors, meeting under the chairmanship of Philippe Lavielle.1 Pierre Josselin, Chief Executive Officer of Fermentalg, said: “The apparent stability of our results in the first half of 2026 does not reflect the scale of the work accomplished to prepare Fermentalg for a new growth cycle. Over the past few months, we have reached key industrial milestones to secure the scale- up of our Biosolutions and meet growing demand for natural, innovative and sustainable ingredients. These advances enable us to enter a new phase of development, with two differentiated platforms: a European source of EPA/DHA derived from microorganisms and a natural blue colorant that offers an alternative to existing market solutions. Our priority now is to turn these industrial and technological advances into commercial results. We are confident in the potential of these platforms and look forward to gradually demonstrating their full value. In the meantime, strengthening our financial position and maintaining budgetary discipline give us the means to move forward with confidence.” 1 The limited review procedures have been completed. The half-year financial report is being made available to the public today and can be accessed on the Company’s website.
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Biosolutions more closely aligned than ever with market trends Since the start of the financial year, Fermentalg has focused on preparing for its next commercial growth cycle under the best possible conditions. To this end, the Company has worked with its partner Huvepharma to optimize the industrial -scale production processes for its new Biosolutions. In the functional lipids segment, particular focus has been placed on bringing the new ΩRIGINS™ range of EPA/DHA -rich algal oil into production. Beyond offering a sustainable alternative to fish oils, with equivalent composition and nutritional benefits, the aim is to establish a new benchmark in the field, with an optimized and unmatched EPA/DHA ratio. Meanwhile, following approval by the U.S. Food and Drug Administration (FDA) and a favorable opinion from the European Food Safety Authority (EFSA), Fermentalg has received its first large-volume orders (several tonnes of ingredients) for its natural blue colorant Galdieria BlueTM, to be delivered and recognized as revenue by year -end. In this context, Fermentalg and its industrial partner Huvepharma are currently finalizing arrangements to ramp up production. Stable results driven by diversified commercial outlets and financial discipline (€K) H1 2025 H1 2026 Revenue 7,605 7,416 Operating income before share-based payments and non-recurring items -4,308 -4,270 Operating income after share-based payments and non-recurring items -4,449 -4,395 Net cost of financial debt -33 -8 Other financial income and expenses 157 204 Net income attributable to the Group -4,326 -4,199 In this context, as announced on 16 July, Fermentalg generated half-year revenue of €7.4 million, close to the €7.6 million recorded in the first half of 2025. This solid commercial performance during a transition phase reflects nearly 20% growth in sales of the ΩRIGINS™ lipid range in higher -value segments (food supplements and infant nutrition), offsetting a strategic decline in opportunistic sales to the aquaculture market.
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This shift in the product mix had a positive impact on gross margin, which stood at 23% in the first half of 2026, compared with 16% in the first half of 2025 (up 7 points). This demonstrates the Company’s ability to continuously optimize its production processes and enhance the value of its Biosolutions. At the same time, continued strict budgetary discipline reduced operating expenses excluding R&D by 6%. The increase in gross margin, combined with this budgetary discipline, offset the 27% rise in recorded research and development expenses , reflecting the amortization of capitalized costs for the Galdieria Blue program since autumn 2025. It should be noted that total R&D expenses decreased by 12%, reflecting the maturity reached by the programs underway. Operating income was therefore almost stable at -€4.3 million, as was net income attributable to the Group, which amounted to -€4.2 million. Financial resources to achieve financial autonomy (€K) 31/12/2025 30/06/2026 Shareholders’ equity 25,179 31,906 Non-current financial liabilities 3,702 3,622 Current financial liabilities 1,320 310 Cash and cash equivalents 6,620 10,785 The first half of 2026 was also marked by the successful completion of a €10.4 million capital increase, which significantly strengthened the Company’s financial structure and gave it the resources to confidently embark on its next commercial deployment cycle. At the end of June 2026, Fermentalg had shareholders’ equity of €31.9 million and gross cash of €10.8 million , alongside financial debt of €3 .9 million (including €3.6 million due in more than one year), consisting mainly of repayable advances to support its innovation strategy. It should be noted that the Company’s financial position was further strengthened in July 2026 by a €1.9 million loan granted to it by HuvePharma, in line with the terms announced at the beginning of the year.2 Fermentalg therefore believes it has the financial resources needed to achieve financial independence. 2 Annual interest rate of 5% and a 24-month maturity
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Promising outlook and strong growth expected from Q4 The prospect of upcoming large -scale commercial launches of breakthrough Biosolutions reinforces Fermentalg’s confidence in its medium -term commercial potential and its ability to deliver sustained growth from 2026. Fermentalg is therefore confirming its ambition to accelerate growth in Q 4 and over the full year compared with 2025 revenue (€13.4 million). The objective is now to reach revenue of €5 million in Q4 (equivalent to an annual run rate of €20 million)3. Next publication: Q3 2026 revenue, 3 November 2026 (after market close) About Fermentalg Fermentalg is a leading developer and producer of sustainable biosolutions derived from microorganisms. The company designs, produces and markets innovative ingredients for the human and animal nutrition markets, in line with the “One Health” principle. Committed to the United Nations Sustainable Development Goals, Fermentalg helps improve human well -being, animal health and environmental preservation through natural, high-performance and responsible solutions. Fermentalg shares are listed on Euronext Growth Paris (FR0011271600 - ALGAE) and are eligible for the PEA-PME tax-advantaged investment plan. The company received an Exemplary rating (90/100) from EthiFinance ESG Ratings, a ratings agency specializing in ESG perform ance among small and mid -cap companies listed on European markets, in support of Socially Responsible Investment (SRI). For more information: www.fermentalg.com Media relations: Investor relations: ACTUS finance & communication Fatou-Kiné N’DIAYE Telephone: +33 (0)1 53 67 36 34 fndiaye@actus.fr ACTUS finance & communication Jérôme FABREGUETTES LEIB Telephone: +33 (0)1 53 67 36 78 fermentalg@actus.fr 3 The initial target was to achieve revenue of €20 million in 2026
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Appendices STATEMENT OF COMPREHENSIVE INCOME (in thousands of euros) 30/06/2026 30/06/2025 Revenue 7,416 7,605 Other income related to operations 702 805 Cost of goods sold -5,688 -6,351 Research and development expenses -2,712 -2,110 Operating expenses excluding R&D -3,988 -4,257 Other recurring operating income and expenses 0 0 Operating profit before share-based payments and non-recurring items -4,270 -4,308 Staff costs related to share-based payments -126 -9 Other non-recurring operating income and expenses 0 -133 Operating income after share-based payments and non-recurring items -4,395 -4,449 Cash and cash equivalents 35 293 Gross financial debt expense -43 -326 Net cost of financial debt -8 -33 Other financial income and expenses 204 157 Net tax expense 0 0 Share of net profit of associates 0 0 Net income -4,199 -4,326 Non-controlling interests 0 0 NET PROFIT ATTRIBUTABLE TO THE GROUP -4,199 -4,326 Other comprehensive income (actuarial gains and losses related to retirement benefit obligations, not reclassified to profit or loss) 0 0 TOTAL COMPREHENSIVE INCOME -4,199 -4,326 Non-controlling interests 0 0 TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO THE GROUP -4,199 -4,326 Earnings per share (€) -0.04 -0.04 Diluted earnings per share (€) -0.04 -0.04
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BALANCE SHEET (in thousands of euros) 30/06/2026 31/12/2025 ASSETS Intangible assets 13,610 14,181 Property, plant and equipment 8,045 8,520 Investments in associates 0 0 Financial assets and other non-current assets 407 413 Deferred tax assets 0 0 TOTAL NON-CURRENT ASSETS 22,062 23,114 Inventories 1,561 762 Trade receivables and other assets related to customer contracts 5,297 3,347 Other receivables 3,603 2,613 Cash and cash equivalents 10,785 6,622 TOTAL CURRENT ASSETS 21,246 13,344 TOTAL ASSETS 43,309 36,458 LIABILITIES Capital 4,798 3,849 Premiums 26,162 26,004 Reserves and retained earnings 5,145 4,672 Comprehensive net income -4,199 -9,346 Group shareholders’ equity 31,906 25,179 Non-controlling interests 0 0 TOTAL SHAREHOLDERS’ EQUITY 31,906 25,179 Non-current financial liabilities 3,622 3,702 End-of-career benefit obligations 353 311 Other non-current liabilities 390 448 Deferred tax liabilities 0 0 TOTAL NON-CURRENT LIABILITIES 4,365 4,462 Current financial liabilities 310 1,320 Provisions for current risks 0 0 Trade payables 5,137 3,775 Corporate income tax liabilities 0 0 Other current liabilities 1,591 1,722 TOTAL CURRENT LIABILITIES 7,038 6,817 TOTAL LIABILITIES 43,309 36,458
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CASH FLOW (in thousands of euros) 30/06/2026 30/06/2025 Net income attributable to the Group -4,199 -4,326 Depreciation, amortization and provisions (excluding current assets) 1,641 1,377 Share-based payment expenses 126 9 Share of profit or loss of equity-accounted companies 0 0 Gains or losses on disposals 0 0 Share of grants recognized in income -58 -58 Change in the fair value of convertible bonds 0 -33 Cash flow from operations -2,491 -3,031 Gross financial debt expense 43 326 Income tax expense 0 0 Cash flow from operations before cost of financial debt and tax -2,448 -2,705 Change in inventories -799 434 Change in trade receivables (trade receivables, other assets and liabilities related to customer contracts) -2,092 -2,980 Change in trade payables and related accounts 1,382 1,490 Change in other current assets and liabilities (a) -1,065 -1,568 Change in working capital requirements related to operating activities -2,574 -2,624 NET CASH FLOWS GENERATED BY OPERATING ACTIVITIES -5,022 -5,329 Capitalized production (capitalized R&D) -389 -423 Share of grants and R&D tax credits related to capitalized development projects 73 143 Purchases of other tangible and intangible assets -234 -237 Investments in or acquisitions of associates (MEQ) 393 0 Changes in liabilities related to fixed assets 28 -91 Changes in other non-current assets and liabilities 0 -346 Disposals of tangible and intangible assets 0 0 Disposals of financial assets 6 0 NET CASH FLOWS FROM INVESTING ACTIVITIES -124 -954 Capital increase related to the parent company 10,412 -11 Purchases and sales of treasury shares -3 10 New borrowings and other financial liabilities 0 0 Repayment of loans and other financial liabilities -1,099 -1,447 Change in current accounts 0 0 Interest paid on loans and financial liabilities -2 -5 NET CASH FLOWS FROM FINANCING ACTIVITIES 9,307 -1,454 Change in cash 4,161 -7,737 Opening cash 6,622 20,579 Closing cash 10,783 12,843 (a): including the change in the Research Tax Credit (CIR): -522 -710