PRESS RELEASE

2024 financial statements: significant reduction in net loss

Evry, 03 February 2025 – 5:45pm: Global Bioenergies' Board of Directors today approved the 2024 annual financial statements, which have been audited by the Statutory Auditor and show a significantly reduced loss of €-5.9M.

Samuel Dubruque, Chief Financial Officer of Global Bioenergies, comments: “In two years, we have managed to halve our net loss (€-12.0M in 2022, €-8.7M in 2023 and €-5.9M in 2024). The Company has reorganized itself to match its new partnership development model, which enables us to reduce expenses by optimizing allocated resources. We anticipate that 2025 will result in a further reduced net loss.

We are also holding discussions with our banking partners to negotiate the payment schedule of our debts, aiming at postponing any repayments beyond 2025, which would extend our financial visibility with our current cash position until September 2025. If we were unable to reach an agreement with our banking partners in the coming months, new financing would be required to meet our debt repayments”.

Marc Delcourt, co-founder and CEO of Global Bioenergies, adds: “Our new technical approach, which will combine our technology with the one of a major international industrialist, will enable us to drastically reduce the CAPEX1 and OPEX2 of isobutene production and its conversion into SAF. We can now set our sights very high in this field: to take over from HEFA, the only commercially exploited technology to date, but which will soon plateau because it relies on limited resources (used cooking oil and tallow oil). We are more convinced than ever of the need to provide decarbonizing solutions in a world that sometimes seems resigned to global warming and its many consequences”.

  • Group Profit & Loss Account
€ thousands from 01/01/24to 30/12/202412 months from 01/01/23to 31/12/202312 months from 01/01/22to 31/12/202212 months
       
Operating income 4,692 8,910 1,715
Operating expenses -11,436 -18,621 -14,907
Operating profit (loss) -6,744 -9,711 -13,192
       
EBITDA -4,428 -6,878 -11,383
       
Financial profit 59 107 -95
Non-recurring items -428 -239 -147
Income tax (CIR) -1,251 -1,187 -1,447
       
Net income (loss) -5,861 -8,656 -11,986
  • Details of operating income
Details of operating income (€ thousands) 2024 2023 2022
Sales 361 3,249 698
Operating subsidies 4,188 2,698 895
Change in inventories -312 1,530 -118
Other 455 1,432 240
TOTAL 4,692 8,910 1,715

Operating income consists mainly of operating subsidies recognized under the Isoprod and Prénidem projects from ADEME.

  • Details of operating expenses
Details of operating expenses (€ thousands) 2024 2023 2022
Staff 4,174 4,553 4,287
Laboratory 390 346 343
Industrialization/Commercialization 1,506 8,778 6,713
Rentals and maintenance 1,060 1,034 850
Intellectual property 320 390 323
Amortization 2,386 1,590 703
Other 1,600 1,931 1,688
TOTAL 11,436 18,621 14,907

Operating expenses have decreased mainly on industrialization and production items, as the work carried out during the first half of the year on the demo plant at Pomacle Bazancourt was brought to completion. No such expenditure was necessary in the second half of the year.

  • Group Balance Sheet
Assets (€ thousands) 31/12/24 31/12/23 31/12/22   Liabilities (€ thousands) 31/12/24 31/12/23 31/12/22
                 
Intangible assets 69 327 539   Capital 908 906 749
Tangible assets 486 2,471 3,612   Share premium - 10,538 16,029
Assets under construction - 77 401   Balance carried forward -918 -2,769 -2,708
Financial assets 349 341 1,546   Profit (loss) -5,861 -8,656 -11,986
          Equipment subsidies 129 2,758 463
                 
NON-CURRENT ASSETS 904 3,217 6,097   EQUITY -5,742 2,778 2,547
                 
Inventories 402 219 2,592   PROVISIONS 198 53 110
Receivables 3,144 2,247 3,647   Conditional advances and loans 13,088 12,451 11,486
Cash 4,692 11,673 8,768   Trade payables 1,475 2,411 5,580
Marketable securities 171 171 173   Tax and social security liabilities 625 559 502
Prepaid expenses 338 378 300   Other debts and deferred income 7 3 1,352
                 
CURRENT ASSETS 8,746 15,038 15,480   PAYABLES and DEFERRED INCOME 15,195 15,423 18,921
                 
TOTAL ASSETS 9,651 18,254 21,577   TOTAL LIABILITIES 9,651 18,254 21,577

The Group's balance sheet shows a gross cash position of €4.7M at 31 December 2024. The Company is currently holding discussions with its banking partners to negotiate the payment schedule of debts. Excluding bank repayments, monthly cash consumption is around €0.6M.

  • 2024 highlights and recent events

2024 was marked by the efforts made and then the decision to stop the search for financing the project to build a 2,500-ton plant dedicated to cosmetics, in a general context that was highly unfavorable to financing first industrial projects. The Company then decided to redirect its efforts in SAF by forging partnerships with major manufacturers to strengthen the competitiveness of its process by 2030. In the meantime, the Company is maintaining its ambitions in the cosmetics sector, which serves as a steppingstone for the SAF market (same molecules, same process).

As a reminder, the Company's process is one of only a dozen solutions to be ASTM certified. The Company has developed a process for producing SAF from plant-based resources, and has also demonstrated through a proof-of-concept that its process could be used to produce e-SAF, i.e. from a resource derived from the combination of CO2 and hydrogen produced from renewable electricity, in this case e-acetic acid, which could be produced by industrial players in the future. Europe favors the use of e-SAFs going forward, as they have the advantage over bio-SAFs of not requiring plant products or agricultural or forestry land.

As part of its strategic repositioning, the Company announced today3 that it has signed a Term Sheet with a major international industrialist to co-develop a SAF production process combining its technology with the partner's proprietary technology. This combination will significantly reduce capital expenditure and production costs, making it the most promising technology to take over after the HEFA4 process.

About GLOBAL BIOENERGIES

As a committed player in the fight against global warming, Global Bioenergies has developed a unique process to produce SAF and e-SAF from renewable resources, thereby meeting the challenges of decarbonising air transport. Its technology is one of the very few solutions already certified by ASTM. Its products also meet the high standards of the cosmetics industry, and L'Oréal is its largest shareholder with a 13.5% stake. Global Bioenergies is listed on Euronext Growth in Paris (FR0011052257 - ALGBE).

Contacts

GLOBAL BIOENERGIES+33 (0)1 64 98 20 50invest@global-bioenergies.comFollow our newsReceive information about Global Bioenergies directly by subscribing to our news feed on https://www.global-bioenergies.com/inscription-newsletter/Follow us on LinkedInGlobal Bioenergies   NewCap – Investor relationsLouis-Victor DelouvrierAurélie Manavarereglobalbioenergies@newcap.eu+33 (0)1 44 71 94 94NewCap – Media relationsNicolas Merigeauglobalbioenergies@newcap.eu+33 (0)1 44 71 94 98

1 CAPEX: Capital Expenditures2 OPEX: Operational Expenses3 Press Release: Signature of a term sheet to combine two technologies and bring SAF production to the next level, 03 February 20254 HEFA: Hydroprocessed Esters and Fatty Acids

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