Strong Group EBITDA Growth
Group EBITDA increased to EUR 30.1 million in Q2 (from EUR 20.8m in Q2 last year and EUR 15.4m in the previous quarter), representing approximately +44.7% year-over-year and +95.5% quarter-over-quarter growth.
Record European Biodiesel Production and Operational Stability
Europe reached a record biodiesel production level in H1 '25/'26 and the company emphasized strong operational stability across its plants.
Bioethanol and Biomethane Volume Increases
Bioethanol production rose to 307,000 tonnes and biomethane to 672 GWh year-over-year; bioethanol utilization stood at 76.6% and biomethane utilization at 67.9%.
Bioethanol/Biomethane Segment Turnaround
Bioethanol/biomethane segment reported positive segment EBITDA in Q2 for the first time in five quarters (segment EBITDA highlighted at EUR 5.8m in the call) and drove a material part of the group EBITDA improvement.
Revenue Record in Bioethanol/Biomethane Segment
Bioethanol/biomethane revenues reached a new quarterly record of EUR 228 million, supported by recovery in greenhouse gas quota market and higher European selling prices.
Improved Cash Generation and Positive Free Cash Flow in Q2
Operating cash flow totaled EUR 35.6 million year-to-date with an operating cash swing of EUR 21.7 million; company delivered positive free cash flow in Q2 and reduced net debt from its Q1 peak.
Guidance Upgraded to Upper End of Prior Range
Based on the strong first half, management now expects full-year EBITDA at the upper end of its prior guidance (previously communicated as high double-digit million euros).
Strategic Investments and New Product Launch
CapEx focused on specialty chemical units (Bitterfeld) and the South Bend plant; ethanolysis (renewable chemicals) plant construction in Bitterfeld is on track with first renewable molecules expected in H2 2026, representing a strategic diversification beyond transport fuels.
Regulatory Developments Improve Long-Term Economics
Expected removal of double counting and RED III transposition materially improves pricing for greenhouse gas savings (management cited CO2 price moving from ~EUR 200/ton to ~EUR 400/ton), effectively increasing the greenhouse-gas-related premium per tonne of biodiesel from ~EUR 456 to ~EUR 912 and returning to a more level playing field versus HVO.
Favourable North American Policy Tailwinds
U.S. regulatory developments (year‑round E15 momentum and draft 45C production tax-credit guidance) could materially support ethanol demand and pricing; guidance suggests potential production tax credits of up to $1/gal, which can lower U.S. ethanol prices and boost exports.
Solid Balance Sheet Metric
Equity ratio remained at a comfortable 58.2%, supporting financial stability despite strategic investments.