2025 EBITDA came in at -9 million euros, compared to -0.7 million euros in 2024. This trend reflects the effort to scale up volumes, which is essential to reaching critical mass and initiating cost optimization through massification. This mandatory phase of industrial ramp-up, launched in 2025, has translated into tangible positive effects since January 1, 2026.

Thanks to economies of scale linked to volume growth, combined with actions taken at the end of 2025 regarding procurement, supplier negotiations, and operational management, the company has significantly improved its cost structure. This has mechanically led to an improvement in operating leverage, the effects of which have been visible since the start of 2026. The company estimates savings related to massification in the range of 5 to 8 million euros starting in 2026.

This optimization will continue through 2027 and subsequent years as volumes continue to rise. On the back of this progress, Hoffmann Green is focusing its efforts on commercial development to reach operational break-even by the end of 2027, depending on volume growth.

For the 2025 fiscal year, Current Operating Income stood at -13.2 million euros, compared to -4.9 million euros the previous year.

The group, which specializes in the production and marketing of low-carbon cement, posted a 2025 net loss of 14.8 million euros, compared to 5 million euros a year earlier.

Furthermore, in 2025, Hoffmann Green reached a milestone with 50,716 tons of 0% clinker low-carbon cement sold, more than triple the 2024 volumes (16,269 tons). This industrial ramp-up also translates into a significant environmental impact: since 2021, more than 57,000 tCO2eq have been avoided, equivalent to approximately 6,000 Paris-New York round trips by plane or 7,000 French households heated for one year.

2026 Outlook: Accelerated growth amid cost optimization

Hoffmann Green is maintaining its excellent commercial momentum with a very strong level of activity at the start of 2026, as first-quarter 2026 volumes are already comparable to the total volumes generated in 2024.

Regarding its outlook, the company reaffirms its production target of 100,000 tons of 0% clinker cement in 2026.

At the same time, it is strengthening its carbon credit monetization strategy through the appointment of a manager dedicated to their commercialization. This third pillar of the group's business model serves as both a revenue lever and a strategic accelerator. It contributes to the deployment of 0% clinker cements, helps maintain the competitiveness of the solutions offered, and supports the financing of R&D for new low-carbon cements, with the Company holding an estimated available stock of approximately 2.5 million euros.

Bolstered by the progress made in 2025 and the very positive momentum at the start of 2026, Hoffmann Green also reaffirms its strategic roadmap and its ambitions for 2030:

- Industrial deployment with the construction of H3 by 2027-2028 in the Rhône-Alpes region;

- Production of approximately 1,000,000 tons by 2030 across its three sites (H1, H2, H3) to absorb the ramp-up of its order book over the coming quarters;

- Acceleration of commercial momentum in France and internationally: 150 million euros in revenue by 2030, with the signing of 5 additional international licensing contracts;

- Continued research and development with 6 approved 0% clinker cements based on multiple industrial co-products.