- Carbios significantly reduced its operating expenses during 2025, resulting in a €7 million reduction in operating loss
- Carbios has a solid cash position of €59 million as of December 31, 2025, on a Group basis including subsidiaries[1], enabling it to cover its operating expenses beyond the next 12 months. Projected cash consumption for 2026, excluding the Longlaville project, is estimated at €20 million
- The 4 strategic priorities for 2026 are:
- Resume the Longlaville industrial project, subject to the completion of its financing, with closing expected by Q3 2026[2]
- Deploy Carbios’ PET biorecycling technology in Asia through the construction of a first facility operated under a license agreement with Wankai
- Accelerate the commercial development to secure new license agreements across Europe, North America and South America
- Maintain a strict financial discipline to support the execution of the Group’s strategic priorities
[1] Cash position of €51.7 million for Carbios and €5.7 million for its subsidiaries Carbiolice and Carbios 54 as of December 31, 2025
[2] Refer to press release dated March 30, 2026
Clermont-Ferrand (France), 17 April 2026 (7:45 am CEST). Carbios (Euronext Growth Paris: ALCRB) today reports operating and financial results for the fiscal-year 2025. The financial statements as of December 31, 2025, were approved by the Company’s Board of Directors at their meeting on April 16, 2026[1].
Vincent Kamel, Chief Executive Officer of Carbios: “The year 2025 was marked by the signing of a major strategic agreement formalizing the deployment of our licensing model in Asia, significant progress in securing financing for the Longlaville plant and the rigorous execution of a cost-refocusing plan. Our cash position provides us with all the necessary resources to execute our strategic priorities.”
1. Results and comments on the Company’s activity for the financial year ended December 31, 2025
In view of the current structure of Carbios Group, the Company has decided to discontinue the voluntary consolidation of its financial statements under IFRS as from the 2025 financial year. This decision is part of a broader initiative to streamline financial reporting processes and ensure a more efficient allocation of resources. As a result, for the 2025 financial year, the Company presents only its statutory financial statements prepared in accordance with French accounting rules and principles.
In line with its commitment to maintaining a high level of transparency and providing comprehensive and high-quality financial disclosure, the Company will present in its 2025 Universal Registration Document the information necessary to enable readers to gain a clear understanding of the Company’s financial statements and activities, including the P&L and Balance sheet of each subsidiary and their respective cash position.
Simplified Income statement of Carbios SA:
| French GAAP (In thousand euros) | 31/12/2025 | 31/12/2024 |
| Operating revenues | 5,749 | 5,057 |
| Of which revenue derived from re-invoicing and contracts concluded with CARBIOLICE | 731 | 828 |
| Of which revenue derived from re-invoicing and contracts concluded with CARBIOS 54 | 2,219 | 1,793 |
| Operating expenses | 30,725 | 37,487 |
| Operating income (loss) | (24,976) | (32,430) |
| Financial income (loss) | (10,793) | 6,334 |
| Current income (loss) before tax | (35,769) | (26,096) |
| Extraordinary profit | 0 | (345) |
| Income tax | (1,505) | (3,036) |
| Net income (loss) | (34,264) | (23,406) |
For the 2025 financial year, operating revenues amounted to €5.7 million, versus €5.1 million in 2024. This income is mainly related to operating grants, service fees invoiced to the subsidiaries Carbiolice and Carbios 54, as well as rebilling of financing-related search costs associated with the Longlaville industrial project.
Operating expenses stood at €30.7 million, compared with €37.5 million in 2024, reflecting a significant decrease primarily driven by:
– The Group’s refocusing on its strategic priorities;
– The cost cutting and headcount reduction measures implemented in 2025; and
– A reduction in external expenses, notably consultancy fees.
The financial income (loss) of (€10.8) million is mainly attributable to:
– Income from cash investments amounting to €1.5 million, down by €3.1 million compared with 2024, reflecting the combined impact of lower interest rates and a reduced level of invested cash;
– Accrued interest on receivables from the subsidiaries Carbiolice and Carbios 54, with €4.2 million recorded income in 2025 (compared with €3.8 million in 2024)
– interest paid on loans of €1.6 million; and
– A non-cash provision of €15.0 million for impairment of the value of the shares held in Carbiolice. The Company has revised its business plan for the coming years, taking into account its reduced cost base and its commercial prospects. The value of the discounted cash flows amounts to €36.4 million, compared with the historical value of €51.5 million arising from the share buybacks carried out in 2020 and 2021, based on prices set out in the shareholder’s agreement in force at that time. This impairment adjustment aligns Carbios’ stake in Carbiolice with its fair market value.
Net result amounted to a loss of €34.3 million at year-end 2025, compared to a loss of €23.4 million at year-end 2024.
Simplified Balance sheet of Carbios SA:
| Assets (In thousand euros) | 31/12/2025 | 31/12/2024 | Liabilities (In thousand euros) | 31/12/2025 | 31/12/2024 | |
| Subscribed capital not called up (I) | 0 | 0 | Share capital | 11,834 | 11,792 | |
| Preliminary expenses (II) | 0 | 0 | Share premium, merger premium and contribution premium | 277,106 | 276,703 | |
| Retained earnings | (67,586) | (44,180) | ||||
| Intangible assets | 7,060 | 6,779 | Profit (loss) of the year | (34,264) | (23,406) | |
| Tangible assets | 22,912 | 24,947 | Investment grants | 470 | 532 | |
| Financial assets | 144,385 | 144,472 | Total equity (I) | 187,560 | 221,440 | |
| Total non-current assets (III) | 174,357 | 176,197 | Other equity (I-bis) | 6,665 | 5,223 | |
| Provisions (II) | 769 | 443 | ||||
| Trade receivables and related accounts | 3,102 | 2,425 | ||||
| Other receivables | 2,485 | 4,655 | Borrowings and similar liabilities | 31,647 | 33,273 | |
| Prepaid expenses | 611 | 440 | Trade payable and related accounts | 2,934 | 4,332 | |
| Marketable securities | 9,034 | 10,035 | Other liabilities | 2,915 | 4,323 | |
| Cash and cash equivalents | 42,630 | 74,984 | Deferred income | 0 | 67 | |
| Total current assets (IV) | 57,861 | 92,539 | Total liabilities (III) | 37,495 | 41,994 | |
| Accruals and deferred income (V) | 275 | 375 | Accruals and deferred charges (IV) | 4 | 12 | |
| TOTAL ASSETS
(I + II + III + IV + V) |
232,494 | 269,111 | TOTAL EQUITY AND LIABILITIES
(I + I-bis + II + III+ IV) |
232,494 | 269,111 |
At the close of the 2025 financial year, Carbios reported a solid balance sheet of €232.5 million and shareholder’s equity of €187.6 million, down by €33.9 million compared with 2024, reflecting the net loss over the period.
In addition, liabilities for the 2025 financial year decreased by €4.5 million, driven by ongoing debt repayments and a reduction in trade payables and other liabilities, reflecting the cost-reduction measures implemented by the Company.
Cash-flow statement[2] of Carbios SA:
| (In thousand euros) | 31/12/2025 | 31/12/2024 |
| Cash and cash equivalent at start of year | 85,019 | 191,266 |
| Net cash generated by operations | (15,655) | (17,673) |
| Net cash from investments | (18,030) | (87,917) |
| Net cash from financing operations | 330 | (657) |
| Change in cash | (33,355) | (106,248) |
| Cash and cash equivalent at year-end | 51,664 | 85,019 |
In 2025, the Company’s operating activities resulted in a cash outflow of €15.7 million, representing a significant decrease compared with 2024. This reduction is mainly attributable to a reduction in operating expenses of €7.4 million. However, this decrease is partially offset by lower interest income on investments, down by €3.2 million compared with 2024, as well as by a calendar effect related to changes in operating working capital requirements of €2.3 million.
Investing activities accounted for a cash outflow of €18 million, mainly driven by the financing of subsidiaries, notably including a €25 million capital increase in the subsidiary Carbios 54, partially offset by the reclassification as cash of €8.2 million pledged investments that had previously been recognized as financial assets as of December 31, 2024.
Financial activities generated cash inflows of €0.3 million.
As of December 31, 2025, Carbios reported a solid cash position of €51.7 million. Including cash held in its subsidiaries and made available through a cash management agreement, total Group cash amounted to €59.1 million. In addition, the Company has a €5 million escrow arrangement in connection with the Longlaville site. Projected cash consumption for 2026, excluding the Longlaville project, is estimated at approximately €20 million, which is significantly lower than the 2025 level.
The Company has sufficient financial resources to cover its operating expenses beyond the next twelve months.
2025 Universal registration document availability
The 2025 Universal Registration Document will be made available to the public and filed with the French market authorities (AMF) by 30 April 2026 at the latest. An English version will follow shortly.
[1] As of the date of this communication, the audit of the financial statements as of December 31, 2025 is in the process of being finalized.
[2] To provide a clearer understanding of cash flows, the Company has decided as from 2025 to reclassify cash flows related to current accounts with its subsidiaries from the section “Net cash generated by operations” into the section “Net cash from investments”, Accordingly, and to ensure better comparability of cash flows, the 2024 figures presented herein reflect the same reclassification, with an impact of €64,651 thousand compared to the previously published 2024 figures.
