Interim report
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1 HDF Energy maintains its industrial momentum and improves operational efficiency • IPCEI industrial programme in the operational phase: second advance of €12.7 million received in July 2026, after an initial advance of the same amount in December 2025 • Net losses curtailed: first half net loss of €4.0 million versus €6.6 million in 2025, operating loss of €4.6 million versus €8.3 million in 2025, revenues of €0.55 million up from €0.41 million in H1 2025. Result impacted by recognition of €4.1 million grant. • Cash position under control at €27.2 million at 30 June 2026, versus €33.5 million at 31 December 2025. Bordeaux (France), 23 September 2026 - Hydrogène de France (HDF Energy), a developer of large-scale hydrogen infrastructure and manufacturer of high -power fuel cells, presents its business activity and financial statements for the six months ended 30 June 2026. The consolidated half-year financial statements were approved by the Group’s Board of Directors on 22 September 2026. The half -year financial report (French version) may be downloaded from hdf-energy.com. IPCEI industrial project on track The industrial project aims to develop and industrialise high -power fuel cells for the stationary and heavy maritime and rail mobility sectors. The financing agreement signed with Bpifrance in December 2025 under the French government’s “France 2030” plan sets the schedule for the payment of government funding approved by the European Commission on 28 May 2024 under the IPCEI (Important Project of Common European Interest) Hydrogen programme. On 30 June 2026, following completion of the design phases, HDF launched the prototype development phase. The funding received for justified eligible expenditure since the start of the programme amounts to €22.3 million. HDF received an initial advance of €12.7 million in December 2025. Recognition of the grant had an impact of €4.1 million on first half earnings. A second advance of €12.7 million was paid in July 2026 in accordance with the schedule. Fulfilment of the contractual conditions for eligible expenditure allowed the Group to recognise €12.7 million in grants on the balance sheet.
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2 Strong progress on projects in multiple regions The CEOG hydrogen power plant in French Guiana is due to start feeding electricity into the grid towards the end of 2026. Building on its constructive ties with the Mexican government and the Federal Electricity Commission (CFE) in the wake of the Los Cabos project, the OASIS project in Baja California Sur was recognised as a flagship initiative under the CFE expansion and reinforcement plan. Indonesia saw positive momentum during the first half of 2026 with the continued structuring of the hydrogen power plant project portfolio managed by HDF Energy. Highlights included the July 2026 launch of the Sumba project partner selection process by Indonesian electricity operator PLN. In September 2026, HDF Energy’s Indonesian subsidiary PT HDF Energy Indonesia signed an exclusive agreement with PT Pertamina New & Renewable Energy, a division of Pertamina, an integrated Indonesian state-owned energy group, for the development of Renewstable® projects. Continued streamlining and organisational efficiency drive During the first half, HDF continued to streamline projects and work on improving organisational efficiency. The average workforce during the period excluding contractors was 93, compared to 103 in H1 2025. In countries where it has no subsidiary, the Group uses consultants and umbrella payroll companies to adjust human resources to the pace of progress on projects. Personnel expenses amounted to €3.9 million in H1 2026 compared to €4.4 million in H1 2025. External expenses amounted to €2.5 million, compared to €2.6 million last year, in line with the gradual ramp-up of the IPCEI project. Consolidated revenues for H1 2026 totalled €0.55 million versus €0.41 million in H1 2025. Revenues were generated by RSB project management assistance contracts in Barbados, the NewGen projects in Trinidad and Tobago, construction assistance for the CEOG project and sales of fuel cells and related services. Depreciation, amortisation and impairment charges totalled €2.8 million, compared to €2.0 million in H1 2025. The increase is due to the full -year depreciation of the centre of industrial excellence commissioned in April 2025, as well as depreciation charges recognised on the Mpumalanga projects in South Africa and the CRT project in Cyprus. The Group posted an operating loss of €4.6 million in H1 2026, compared to €8.3 million in H1 2025. The consolidated net loss totalled €4.0 million compared to €6.6 million in H1 2025. Shareholders’ equity amounted to €79.3 million at 30 June 2026. The Group posted a cash position of €27.2 million at 30 June 2026, compared to €33.5 million at 31 December 2025. The Group’s financial structure remains strong and the second €12.7 million IPCEI advance received in July 2026 strengthens the Group’s financ ial position for the continuation of its industrial programme.
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3 Damien Havard, Chairman and CEO of Hydrogène de France, said: “HDF is adapting to changes in the hydrogen market. We are maintaining the agility required to respond to market challenges and reach breakeven. Our teams are fully engaged on the Group’s industrial project, which is strengthening our pioneering role and position as a leading industrial expert.” ABOUT HYDROGÈNE DE FRANCE (HDF Energy) HDF Energy is a leading global player in the hydrogen industry, dedicated to developing large -scale hydrogen infrastructure and advanced multi-megawatt fuel cell technology. These fuel cells generate electricity from hydrogen, driving the decarbonization efforts across the power generation, heavy maritime and rail mobility sectors. Set to commence production at HDF Energy’s facility near Bordeaux (France), these fuel cells serve as the cornerstone of the power plants and heavy mobility decarbonization solutions developed by HDF Energy. HDF Energy's Renewstable ® power plants deliver non -intermittent renewable, stable and baseload power by seamlessly integrating intermittent renewable energy sources with substantial on-site energy storage in the form of green hydrogen. HDF Energy is also developing extensive infr astructure for the mass production of carbon -free hydrogen. Backed by a team of over 100 hydrogen experts boasting more than a decade of operational experience across the value chain, HDF Energy is currently developing a portfolio of advanced projects valued at over €2 billion. Headquartered in France, HDF Energy has regional offices in Latin America, the Caribbean, Africa and the Asia- Pacific region with 20+ nationalities among its staff. Since 2021, the Group has been listed on the Euronext Paris stock market. More information, visit: www.hdf-energy.com Contacts Investor Relations Media Relations Hélène de Watteville + 33 (0)1 53 67 36 33 hdf-energy@actus.fr Serena Boni +33 (0)4 72 18 04 92 sboni@actus.fr
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4 (en K€) Notes 30/06/2026 31/12/2025 ACTIFS Ecarts d'acquisition 0 0 Actifs incorporels 01 3 814 3 607 Actifs corporels 02 22 631 24 722 Actifs financiers non courants 03 6 180 6 199 Participations dans les entreprises associées et co-entreprises 04 896 957 Impôts différés actifs 05 3 876 3 876 Autres actifs non courants 108 113 TOTAL DES ACTIFS NON COURANTS 37 505 39 473 Stocks 06 1 233 1 101 Créances clients et comptes rattachés 07 7 863 7 321 Autres actifs courants 08 16 468 8 927 Trésorerie et équivalents de trésorerie 09 27 215 33 497 TOTAL DES ACTIFS COURANTS 52 778 50 846 Actifs nets non courants détenus en vue de la vente 0 0 TOTAL ACTIFS 90 283 90 319 PASSIFS Capital 2 940 2 940 Primes 108 986 108 986 Réserves -28 652 -22 748 Résultat net consolidé -3 981 -5 747 Capitaux propres part du groupe 79 293 83 431 Participations ne donnant pas le contrôle 0 0 TOTAL DES CAPITAUX PROPRES 79 293 83 431 Avantages postérieurs à l’emploi 103 86 Dettes financières non courantes 178 229 Autres passifs non courants 868 699 Provisions non courantes 8 7 Impôts différés passifs 0 0 TOTAL DES PASSIFS NON COURANTS 1 156 1 022 Dettes financières courantes 150 165 Provisions courantes 10 75 55 Dettes d'impôts sur les sociétés 0 0 Dettes fournisseurs 1 925 1 703 Passifs sur contrat 11 146 267 Autres passifs courants 08 7 538 3 676 TOTAL DES PASSIFS COURANTS 9 834 5 867 TOTAL PASSIFS 90 283 90 319
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5 ETAT DU RESULTAT NET ET DES AUTRES ELEMENTS DU RESULTAT GLOBAL CONSOLIDE CONDENSE (en K€) Notes 30/06/2026 30/06/2025 Chiffre d'affaires 12 551 410 Autres produits liés à l'activité 13 4 066 141 Total produits de l'activité 4 618 551 Achats consommés, Variation des stocks de produits en cours et finis -143 -99 Charges externes -2 471 -2 624 Frais de personnel 14 -3 912 -4 383 Impôts, taxes et versements assimilés -72 -2 Amortissements et dépréciations -2 769 -1 969 Quote-part du résultat net des entreprises associées et co-entreprises 04 -64 -63 Résultat de cession d'actifs immobilisés, de titres et d'activité 0 0 Autres produits et charges opérationnels 168 277 Résultat opérationnel -4 647 -8 312 Résultat financier 654 -643 Résultat avant impôt -3 993 -8 954 Impôt sur les sociétés 05 12 2 337 Résultat net consolidé -3 981 -6 618 Résultat net attribuable aux participations ne donnant pas le contrôle 0 0 Résultat net attribuable aux propriétaires de la société mère -3 981 -6 618 Différences de conversion -209 -12 Eléments recyclables -209 -12 Gains et pertes actuariels liés aux avantages postérieurs à l'emploi 1 -19 Variation de juste valeur des placements en instruments de capitaux propres 0 0 Eléments non recyclables 1 -19 Autres éléments du résultat global -208 -31 Résultat net global consolidé -4 189 -6 649 Résultat net global attribuable aux participations ne donnant pas le contrôle 0 0 Résultat net global consolidé part du groupe -4 189 -6 649 Résultat net consolidé par action (en euros) 15 -0,27 -0,45 Résultat net consolidé dilué par action (en euros) 15 -0,27 -0,45
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6 TABLEAU DES FLUX DE TRÉSORERIE CONSOLIDÉS CONDENSÉS (en K€) Notes 30/06/2026 30/06/2025 Resultat net consolidé -3 981 -6 618 Amortissements et dépréciations 2 751 2 022 Paiements en actions et avantages postérieurs à l'emploi 14 33 99 Quote-part sociétés mises en équivalence 04 64 63 Quote-part subventions en résultats -4 066 -141 Autres produits et charges 3 994 -40 Charges d'impôts 05 -12 -2 337 -1 216 -6 952 Impôts (payés) / perçus 0 -3 Variation des stocks 06 -141 -125 Variation du poste de clients 07 -456 1 006 Variation du poste fournisseurs 292 -922 Variation des autres actifs et passifs courants -4 094 777 Variation du besoin en fonds de roulement lié à l'activité -4 398 731 Flux nets de trésorerie générés par l'activité -5 614 -6 221 Acquisitions ou production d'autres actifs corporels et incorporels -783 -3 253 Acquisitions d'immobilisations financières -70 -115 Cessions d'actifs corporels et incorporels 0 10 Cessions d'actifs financiers 143 185 Flux de trésorerie liées aux acquisitions et cessions de filiales 0 0 Flux net de trésorerie liés aux opérations d'investissement -709 -3 172 Augmentation de capital 0 0 Acquisitions et cessions d'actions propres 0 -653 Nouveaux emprunts et autres dettes financières 110 238 Remboursement d'emprunts et autres dettes financières -76 -149 Variation de comptes courants 0 0 Intérêts versés sur emprunts et dettes financières -3 -2 Flux nets de trésorerie liés aux opérations de financement 31 -566 Variation de trésorerie -6 292 -9 959 Incidence des variations des cours de change 10 -77 Trésorerie d'ouverture 33 497 39 248 Trésorerie de clôture 27 215 29 211 Capacité d'autofinancement avant coût de l'endettement financier net d'impôt