Hello, everyone. I think it's high time to start the discussion about the annual results of 2024 . Thank you very much for taking the time to be with us this afternoon. Do you mind just putting your mic on mute for now? And we'll open the mics for the discussion and the questions at the end of the short presentation that Aurélie and I will be doing. If we go to the next slide. So 2024 was a quite challenging year for us. We've been quite active on various topic. We've enlarged our sets of energy solutions, now being present on electricity, heat, gas, hydrogen, as well as the CO₂ capture and utilization and storage.
So we've been growing quite significantly our portfolio. It hasn't yet transformed into additional revenues for the group. It has transformed into more costs at this stage and additional investments, not yet into revenues. It's quite normal, given the nature of our activity, but we'll be updating you on that at a later stage of the presentation. If we go to the next stage, this is the portfolio as we speak. We are present in four countries with assets in production. We have operations in five if we add Luxembourg to this picture.
It's been relatively stable in 2024 financial year, with additions in Norway, with the acquisition of Greenstat, that allows us to increase our presence into Norway, but also into hydrogen and solar activities, and we will get back to that a bit later. If we go to the highlight of the year. The key highlight has been, of course, the... On the next slide. Thank you. Then it's been the acquisition of Greenstat in Norway. We've been increasing significantly over the years, our presence in that part of the world.
We feel it's an extremely exciting market to be in, both in terms of the domestic market being completely behind in terms of production of green energy outside of hydropower, but also in terms of subsidies and support from the state. We've got a very supportive state when it comes to mechanism of support subsidies for you know renewable and green energies overall. And it's also a market where the time to market in terms of authorization is relatively short compared to what we are experiencing in other parts of Europe.
So that explains the, you know, the acquisition that we completed in, on the twenty-eighth of February, 2024 , of Greenstat, allowing us to push forward our knowledge and our activity in hydrogen and in solar. Hydrogen in Norway is green hydrogen in Norway is, for us, the only area in Europe where you can really develop with a profitable economic outlook hydrogen green hydrogen project given the cost of electricity there and the mechanism of support that I mentioned to you. So this is something that we will describe in more details in the new project or in the pipeline of project going forward.
We started the development of our first renewable natural gas and bio CO₂ plant in Norway, in Stavanger, close to the one we previously built for our clients in 2022 . It's a quite a large plant. It will be the largest renewable natural gas plant in Norway when it starts production in 2025, and it's well on track with the granting of four of the five authorizations that are needed to operate in that part of the world. Securing and contracting the feedstock supply with local farmer and local fish farm operator, and moving forward with the negotiation on the offtake agreement.
We got awarded the Bleue Lorraine concession in at the border of France and Germany. That's to produce the gas present in the coal in that part of the world. And we finally, after a long battle with the state, we managed to preserve our rights and make sure the states, the French states, gave us the authorization to progress towards production. In the meantime, we just secured additional financing to make sure we've got enough capital to support all the various projects that we have on the hydrogen, on the gas, on the Biogas, on the renewable natural gas, on the solar, on the heat....
All of those projects are gonna be relatively capital-intensive, and we wanted to make sure that we had all the dry powder from a financing point of view necessary to develop those various projects for the next couple of years, so thanks to the great work of the finance team under Aurélie, we secured a third tranche of green bond with Rothschild, and we also expanded our pool of banks with a new ESG loan with a French bank called Arkéa. If we go to the next slide, we will get into the specifics of the 2024 financial year results, and I'll let Aurélie give you more details on that.
Sure. Thanks, Julien, and good afternoon, everyone. Glad to be here to run you through our 2024 results, starting with our revenue stream. The group has released EUR 31.4 million revenues. That is with the inclusion of Greenstat, as Julien mentioned, that we incorporate into our results right now, and one of the subsidiary being qualified as a joint company. Overall, we have the control on all these subsidiaries, so we are still doing some documentation around control of the operation and the returns. The revenue would have been around EUR 34.2 million.
If you look at throughout the years, it still means quite some significant growth since the IPO, which happened back in 2016 , from nearly nothing, 3.7 in 2017 to what it is today, 34.2. Still good results around the electricity, which is our key and main revenue generator as of today. So 69, 69% of our revenues on the back of increased production on the electricity, despite a decline in the average selling price. As you would remember, back in 2020 , we had the period of the COVID. Energy prices went quite low and rebounded over 2022 and 2023 . What we see today is a more normalized price environment.
So we've been selling the electricity around EUR 144 per megawatt hour this year, the gas around EUR 38, and that's roughly 15%-20% down from the extraordinary levels we've seen the previous year. Gas still remains 25%, roughly, of our revenue stream. As you know, we have been impacted by some constraint around the GRT transmission network. All gas injection has resumed late October, so you will see that from Q3 onwards, we will see the usual recognition of revenues. But unfortunately, this year or this fiscal year have been impacted by some reduced production. Heat and Cryopure still remains today a minor contribution. Julien mentioned we are developing a new plant in Norway, the Stavanger project and three other project.
We will expect those to contribute in the next coming years, but as of today, we still have minor revenues from the Cryo Pur. Last, Greenstat, our latest acquisition. Greenstat is a hydrogen and photovoltaic developer and producer. So still some minor recognition as of today, EUR 1.3 million of photovoltaic project, EUR 2.7 million additional if we include the asset they own in Bosnia. But in any case, you will see as we develop a number of project, both on the solar and the hydrogen plant, more contribution to the revenues going forward. If we look on the next slide at the main financial aggregates, on the back of that revenue stream, we managed to record close to EUR 20 million of EBITDA.
We are already above the target we set ourself for 2026 and 2030, with 63% EBITDA margin. The net income stand at EUR 16 million, roughly, so that's 51% of our revenue stream, pretty much similar to the ratio we had the previous year, and a net income group share of 9.7 million, which represents 31% of our revenue stream. Again, a very similar ratio to what we had last year. If I go on the next slide on the details as to how we managed to achieve those strong financial aggregates, I've talked already on the revenue stream. We have been still very focused on cost control.
For those who have followed us sometimes, you know that it's very important that we control both OpEx but also our G&A. We have obviously increased our perimeters, but if you look at our normative SG&A, we have been stable over the year, EUR 6.7 million, if I exclude the Greenstat integration and some IFRS restatement. Greenstat accounts for this year for EUR 1.3 million of G&A. We've acquired the company back in February. We're still doing as we did with Cryopure some rationalization, so synergy between obviously our personnel, synergy on the cost structure. So you will see that over time this cost structure will lower, and we will see the recognition starting from this fiscal year.
But overall, stable on our existing perimeters, which allow us to reach that 19.7 million EUR of EBITDA, including the contribution of Greenstat and especially the asset in Bosnia. As a reminder, this is a 45-megawatt photovoltaic plant in Bosnia that Greenstat owned at 49.5 million EUR. So the contribution to the EBITDA was 1.9 million EUR for this asset only. Going down to the P&L, depreciation amortization of 3.8 million EUR, the usual amortization associated with a portfolio of CHP and photovoltaic. Last year, we had some specific abandonment associated with one of the wells we were not using in Lorraine.
Hence, compared to the 10 million of the previous year, which allow us this year to have an operating income, which is quite stable, around 16 million euros, which is 51% of our revenues. Financial result of 2.6. We've mentioned the two new debt instruments we raised, so the third tranche of our green bond with Rothschild & Co together with this new loan with Arkéa to support our growth going forward. So that has translated into increased financial cost, though the overall cost of funding remains around 4.5%. So given where interest rates are, still very decent level of pricing.
Tax of EUR 2.8 million, which gave us net income group share of EUR 9.7 million, slightly down from the EUR 12 million the previous year, but still representing 31% of our revenues. Looking at the balance sheet on the next slide, we have strengthened our balance sheet. Today, EUR 200 million, so +37 compared to the previous year, with equity of EUR 91 million, which have increased by EUR 17 million over this exercise. So we have continued our investment. We spend roughly EUR 25 million both on organic growth. So we continue to spend on our cogeneration over EUR 5 million this year, on our development of our Biogas installation in Norway, over EUR 2 million.
As we mentioned, the acquisition of Greenstat and some investment in the hydrogen for close to EUR 15 million. The EUR 15 million we put into Greenstat, we only paid EUR 2 million for the acquisition. It was capital injection that we made into Greenstat to basically support the development in Greenstat on the hydrogen project and solar projects. So the money is still obviously within the group, and together with strong generation of operating cash flow, we reach EUR 48 million of cash as of the end of June 2030. We have raised debt. I mentioned EUR 34 million of net debt today.
Looking at the size of our equity today, still remain quite conservative, 41% of net debt to equity, and we have a net debt to EBITDA around 1.7 times, again, at an average cost around 4.5%. So, still decent ratio, but allowing us obviously to prepare the development phase we have. You will see that 2025 will show a lot of investment into those projects. Maybe before we move to this project, a few words on the Q1 numbers that were released as well last week.
So group sales of EUR 7.1 million, including the full consolidation of Greenstat and its subsidiary in Bosnia, that would have been 5 million without the full consolidation with equity method. Electricity was on the back of EUR 3.6 million. We have, I've mentioned, normalized energy prices over the period. Usually, as you would know, in summer you see lower prices than generally over the years. And what we've been doing is optimizing our operation and making sure we are producing when actually we are optimizing our margin. The gas, very limited contribution to EUR 30,000. That was the unavailability of the GRTgas.
As I mentioned, we are back now in production, so you will see that gas will contribute for the rest of the year as its usual level. And finally, Greenstat, for these three months, for this first quarter, 2025 , contribution from the PV project, so still very minimal at this stage, but EUR 1 million from the PV project. So maybe I-
... Yeah. Yeah, sorry.
No.
Just a quick update on the project before we go into answering some of the questions we've already received online or by email. Quick update on the project. So, a couple of things on the power side. So a couple of progress. One is on our cogeneration in northern France. So the prefect of the region has finally launched a few months ago the public inquiries on four sites. And this went through, and it's been run, and now we've been given the green light on the first four sites. We're still awaiting the signed document from Ministry of Energy, but this was already a good progress that we were waiting for some time.
So yes, we will be installing a new cogeneration in northern France in the financial year 2025. On the solar front, we will be launching new project, or we have already launched new projects, both in Norway and in France. The one that is more advanced is the one in Norway, the Engene project, because it's well, we've made quite a lot of progress, and it's very likely that it will be completed in the next two and a half months. So that's, you know, quite an achievement.
It's the third solar plant in Norway, and we hope to capitalize on that to do more, on our own or with our partner, which is one of the largest utility in Norway for this specific project. In Faulquemont, we are in France, so close to the site where we discover our natural hydrogen. We've got a seven-megawatt project up and under construction, so we got some of the approval completed now, and the objective is to be in production within the next twelve months. This is progressing, and our project in the Pipemic project, which we inherited from Griegstad, is also doing quite well from an operational point of view, and we press the button for an extension.
Extension will bring an additional 22 megawatts of capacity, and we will update on the exact terms of this expansion. But it's very likely that the rate of return or the return on investment, sorry, on that project is five to eight points above the equivalent solar project in France and in Norway. So it's an interesting project for us, and we want to continue to build on that dynamic in that part of the world. If we go now to the gas, on the gas front, we've got different project. The next slide, please. It's... Yeah, next, please.
Should be the gas slide, Julien, unless there's a-
Yes, you get it? Okay.
It's on the screen.
Yes.
Yeah.
Excellent. So, on the gas slide... Sorry, for some reason, it didn't show. On the gas slide, the key project really are the one on the west coast in Norway. Those are the most important one. We've made quite a lot of progress on that front. We started engaging serious capital. It's not just studies, it's not just application for authorization. We've launched long lead items purchase, and the objective there is still to be in production during 2025 calendar year. So that's an important project, this first one in Stavanger. From a location point of view, it's also important because we are right in the middle of at the heart of the oil and gas industry in Norway.
So it's also a big statement for us, and also a lot of the big oil and gas companies in that part of the world are looking at our developments, and it's important that this project goes through as efficiently as possible. And that's why we took a bit of time to finalize all the standardization of our equipment, to make sure that once we get the authorization and the confirmation from the regional government, that we are able to operate, we are moving forward relatively quickly and very efficiently. So that Stavanger is really the key priority. The second one that will come through after a while is a project called just north of Bergen, still on the west coast, still with our local partner, Jan Kåre Pedersen. And it's the same size.
We are using the exact same equipment, and we are trying on this specific activity to replicate what we've done in the past on cogeneration, building the same sort of of plants, same equipment, same control system, same upgrading system, same liquefaction system. So that from an operational point of view and a maintenance point of view, it's so much easier for the team. And it's been a great work done by the team on that front that you can't see for now because we still haven't got any new plants in production on that specific activity. But I think this work will have very, very significant positive impact once we get two, three, four plants in operation, because we will be running at lower cost and on a much more efficient basis than most of our competitors.
If we go to the next slide on the hydrogen assets, so we continue to progress on all fronts. Of course, the natural hydrogen discovery in France is still at the forefront. It's still on top of the agenda with the regions. The application for the exploration permit went through the competitive phase. We won the competitive phase, as we advised this summer. Now, the next phase is the actual award of the concession, sorry, the production, the exploration permit. It should be the largest exploration permit of natural hydrogen in Europe. We would be delighted to announce that once we get it.
In the meantime, we continue to work with the region and with our scientific partner from the Mining School of Lorraine to prepare for the second phase. Second phase, once again, is drilling deeper, raising, testing the kinetic of the natural hydrogen and try to certify the precise volume of resources and potentially reserves if we are able to produce this natural hydrogen at surface. And that will be quite a busy 2025 , 2026 for the team, focusing on this specific activity. We've strengthened the team on natural hydrogen. We hired additional talents to support on that front, including a reservoir engineer that will be helping us to deliver on this specific project.
The project in Belgium is still this research project that we got awarded in 2022 by the Belgian government. Still, we are up and running. EDF is still leading the exercise. We are still making good progress. The first phase of testing the various type of gas has been completed successfully, so we are moving to the second phase of the pilot. And as we speak, Materia Nova, from University of Mons in Belgium, is updating the calendar, but it's very likely that 2025, we'll see the construction, the completion, sorry, of the construction of this pilot project. And we will, of course, update you in due course.
The project that takes an awful lot of our time at the moment is the all-important Agder project at the southern tip of Norway. It's a project that ticks all the boxes in terms of production of hydrogen with electrolyzer. So we get the electricity, the cheap electricity from local utilities in Norway. We convert that into hydrogen, oxygen, and heat, and the objective is to sell those three resources to different off-takers. Most of them, at least two of them, two out of three, will be local off-takers, and the third one is currently under discussion. We started a negotiation on the potential offtake partners for the hydrogen that would be produced in that part of Norway.
It's a critical project because it's a two-phase project. The first twenty megawatt, which is quite significant for a project in Europe, and the objective with this project is to establish ourself as one of the key player in that space, because there's a lot of announcement with regards to hydrogen. Most of them are absolutely unrealistic, and we feel we've got the opportunity to develop and put forward a hydrogen project that will be economical at a price that makes a lot of sense for the off-taker and the end users of hydrogen. Which is rare, and that's one of the reasons why we haven't developed green hydrogen in other parts of Europe.
So it's a big project for us, and we would be, we will be, investing quite a lot of capital over the next twelve months because the, purchase of the electrolyzer will happen. The order should happen before the year end, and, the compressors and the containerized solution will arrive on site at some point in Q3, end of Q3, 2025 . So it's, it's not a project for 2030 . It's a project that will be live in 2026 So that's that. That's a project also where we've got commitments to the Norwegian states because the states gave us, a significant chunk of subsidies, and part of the, counterparties of these subsidies is that we have to, develop the project within a certain time frame.
So it gives a strong push to the team to deliver on time for this specific project, where all the authorizations are in place. So we don't have any excuse or any risk of delays because we are waiting for a governor or a local authority to give us authorization. So that's the Agder project, and we will be most likely developing other projects in Norway. You've seen bubbles in different parts of this slide. I think at this stage, it's important we focus our attention on the first phase of Agder. But please be certain that we will be developing other projects in Norway, Belgium, and in France going forward associated to low-carbon hydrogen.
Now, if we go to the next slide, this is just a recap of the updated 2013 numbers that we gave to our shareholders and to the investors during the Capital Market Day in May. So we are still moving forward towards that basis. We've made more progress on the emissions and the EBITDAs and on the annual revenues, but I think we've got a very strong pipeline of projects and a strong base to allow us to reach those targets. And the next two years are gonna be critical in positioning ourselves on as a successful operator in a key market like Norway. That should allow us to have more legs to our development in that part of the world.
In the meantime, our abandoned mine methane continuing to generate significant operating cash flow and will at some point grow with the various new sites that we will put into production. We strongly believe in our ability to deliver on those numbers, and we will, of course, update you along the way. Thank you for your attention, and I think we'll go through the questions that have been sent or have been shared in the chat. Ready, do you wanna-- Should I start?
Yeah. Great.
Okay. So the first question is regards to the Bleue Lorraine permit. I assume it's the concession, the Bleue Lorraine concession. So the Bleue Lorraine concession that has been awarded in November of 2024. Sorry, 2023 . And you know, there has been a request at the Conseil d'État on that, and you know, we haven't heard back from them at this stage. So for now, the last thing we heard from a state representative was just before the dissolution of the government and the lower house of the parliament. So we haven't had the opportunity to discuss with the new representative of the state at this stage.
So I think that's something that we will hear more from them at some point. But for now, the prefect and the governor of the region are not aware of any recourse or any other things that could affect our activity. Second, if I may, taking advantage of this point on the Lorraine permits. At the same time, as you know, we have our hydrogen exploration permit that has progressed. As I mentioned, it's been through the competitive phase, so we won that. So nobody can get this permit now, and it's a matter of completing the instruction of the permit and new estimates, given that we lost three months this summer with nobody doing anything at the state level.
I think the new estimate is January or February 2025 . There is a question on litigation and the lack of access to the gas distribution or sorry, transportation network, GRT. And, you know, the different actions that affected the share price up to now. What are the catalysts that could potentially have an impact on the share price going forward? Well, we have quite a lot of projects in the pipeline, so each one of them could have significant impact. If in January, February, we get 12 million EUR from the court from GRT, that would be significant for us.
But I think the most important one really is that we install new sites because our game is not a short-term game. The objective is to install the energy production sites that will last for the next 20, 25 years, 30 years. And for us, the key is really to execute our project correctly and get ASAP into production. The abandoned mine methane in northern France is the obvious candidate. We've been discussing that many times, but we're highly disappointed by the length that it took to get the authorization. We used to be able to get the authorization within 12 months. Now it's over 24 months.
Over 24 months, and we just completed the public inquiry study, so we feel that is extremely frustrating, but we are towards the end of the tunnel, and we will get several authorization at the same time. So that should help on the others, getting the attention back from the shareholders. The second thing that also will bring additional attention to our project is the scale. Now that we are developing, we used to develop project of EUR 2 million, EUR 3 million, EUR 4 million. Now, each of our project are much bigger, much more bigger. The new Biogas project are all EUR 30 million, EUR 40 million CapEx, and therefore, they will bring each of them EUR 15 million, EUR 20 million of, you know, revenues.
So it's a game changer for the company. Same on the hydrogen side, and I think one thing that will give a lot of credit to the team and give more credibility to our development plan is our ability to announce the offtake agreements once we have decided to press the button on them, 'cause you'd be able to assess the actual economics in more detail of each of those projects. I think the last thing that also could create quite a lot of value for our shareholders is the fact that we have a lot of optionality in the portfolio. Cryo Pur, Biogas, CAP, CO2 capture, natural hydrogen. So it's something that we've been working on for years, and that still haven't generating a lot of cash flow for the company.
But at the same time, we've created a lot of underlying values that is not recognized by the market today. And so having the ability potentially to, as we discussed last year, to crystallize value on one or two or three of those branches of our company, could make a re-rating possible for the overall organization. There is a question on the offtakers for hydrogen and approximate cost per kilogram. I assume it's a question from our analyst, Anis Ghaoui, from Oddo. I assume that this is about green hydrogen in Norway. And so on the offtakers, we haven't signed an offtake yet.
We're having twelve discussions in parallel, so there is a lot of work, and some of them are with players such as ferry operators that are moving 100% or part of their energy consumption towards hydrogen. Some of them are transportation company long-haul transportation companies, and three of them are industrial players, local industrial players. So that's a current discussion. Pricing for now, we feel that the best pricing we get or the indicative pricing we get from potential buyers are between EUR 7.5-EUR 9 per kilogram, and we feel that we will be profitable below EUR 5. On the natural hydrogen, it's a bit early to give you economic number. We need to test, we need to drill to the kitchen, to the area where the hydrogen is generated.
We need to fine-tune the separation process to separate the H2 from the water, to be able to give you a number on natural hydrogen. What we are seeing from our competitors, mainly, our competitors are comparables, more comparables than competitors, really. In Africa or in the US or in Australia, on their natural hydrogen, they are all of them quoting below $2 per kilogram. That's their best estimates for the ones that are not yet in full speed production, and the fact that the track record that the one in operation for some time has been achieving.
So this is just a guidance, but in any case, because it's a natural hydrogen, it's primary energy, we feel that we'll be able to get the cost per kilogram to a place that will be super competitive compared to the other type of hydrogen. And maybe a quick aside on the natural hydrogen. You might have seen that after the $500 million investment in two tranches from Jeff Bezos from Amazon, Bill Gates from Microsoft, United Airlines, and a few of the most well-known VCs, Mitsubishi just announced another $100 million investment in our competitor in the US, Koloma. Aurélie, do you wanna talk about electricity sales, and I'll come back to the 2026 targets? You're off.
Sorry, is that better? Yes. Can you hear me? Yeah. So Anis's question on the electricity sales and volume over the last few quarters. So yes, what we mentioned is, with our portfolio today, we are optimizing production. So we are running the CHP when basically prices make sense. So the objective is to get similar revenue stream with less volume and get better margin to produce when basically prices are higher. Hence, some of the impacts on the volumes that you have seen. Nonetheless, on the margin level, the objective is obviously to be above what we will produce on a base when actually prices are quite low.
Maybe I can follow and continue on the expectation on sales and then EBITDA in 2025 . We did mention that 2025 will be a year where we'll have quite some few investments both on the renewable natural gas for our project in Stavanger, which will come on stream in one year's time, together with also the Agder project, so you will see a year whereby there will be additional CapEx. We will, Julien mentioned there's been good progress on the CHP, so we had already some CHP that are waiting to be to inject once we get the authorization, so the plan is still very late this year, early next year, to have a few CHP connected.
So our expectation will be, notwithstanding any variation on the price to be at a similar level to the exercise we've just done, together with the EBITDA level. So still around the margin you've seen. That would be then on the back of some of the additional also CHP coming on stream this year, on the fiscal year. You will then see back in 2026. That's where you will see the recognition of this big project, Stavanger and the other project on the RNG that will be further increasing quite significantly, because we are talking about much bigger project, the revenue stream for 2026.
Thanks, Aurélie. Quick one on the 2026 targets. So 2026 targets, we still haven't updated them. We've been requested by a few of you to give a bit more visibility, given the delays on the authorization, and therefore, the idea of providing a 2030 growth plan. In terms of objective, you know, the part of the objective was to install all the CHPs. So it depends on how fast we're gonna catch up on the authorization. So that's the first thing. The second thing is, we had, as part of the fifty million EBITDA target, a necessity to grow into five regions or several regions for the abandoned mine methane.
For now, we're still Belgium and France, so we are late on that front, and we are late for regulatory reason. I think I explained that several times, but we didn't want to get into a country such as Poland, despite the opportunities, until the separation between the gas rights and the mining rights were completely cleared. So I didn't want to have any risk of liabilities associated to the development of any Abandoned Mine Methane. So we are still there in term of development internationally. It can move quickly, you know, with the new government in Poland wanting to align their policy with the European policies of France, UK, Germany, and Belgium.
But for now, we still haven't seen any signed documentation, and we are quite, we are following the situation very carefully. In the meantime, we have other project that are coming through. So we mentioned the project associated to liquefied Biogas and renewable natural gas. So that's progressing, and that will also bring quite a lot of additional revenues and EBITDA to the whole portfolio and to the group. Some solar projects will come through as well, maybe at the back end of 2026 financial year, but it will come through. So I think on a for now, on an annualized basis, we are still working on this specific target. And if we see that the...
There are further delays or that the second tranche of authorization for Northern France is not coming through, or we are not deploying our Biogas project as quickly as possible. We will, of course, update 2026 . But in any case, today, the market, if we look at the brokers' report, you know, the brokers believe that we will not do even 60% of our target. So we still have quite a lot of margin towards to beat what the market is expecting from us. There is a question on capture, CO2 capture. I think Dominic sent a question about that. So where do we stand on CO2 capture?
I think the first project for CO2 capture is gonna come from a partnership via an ADEME project, so the innovation and energy transition platform in France. As soon as it's confirmed and signed, and we can communicate on that, we will do that. The objective will be to capture CO2 on the industrial fumes and probably use that for, how do you call that, recycled cement. That will be the first project, and for now, there is no permit for injecting CO2 subsurface. The state in July completed their first AMI, so that's a call for initiatives. We responded.
The state is now supposed to come up with some call for project, where with additional budgets and subsidies associated to that. We had discussion with them two weeks ago, and it's still not finalized. I think, you know, we have to be patient on that front and continue to progress our discussion outside of the French area for now. Could you comment on the share price drop and action to mitigate and ensure ROI on to investors? That's not our job to comment on the share price or the action. I think we mentioned just before some of the key project and key areas where we'll be focusing our attention.
ROI to investors is, it depends on your entry price and so many things that it's not our job to comment on that. You've got bankers and brokers who can talk about it with you. What is for sure is that we, you know, we've got the capital. Well, first of all, we've got a very profitable existing business. We are not like most of the startups that are struggling to generate any profits from their operations. So we are in a good position from that point of view, with a very sound business model and very sound existing operation. We've got a very large pipeline of projects. As I said, you know, there are projects not just in France, not just in Belgium, but in different jurisdictions in Europe.
That makes a lot of sense for us in very good markets, and we've got the capital and the financial strengths to develop those projects without having to beg for capital anywhere. So from that point of view, we are in a good position. We get more and more calls from private equity group. We get more and more calls from industrial partners who want to work with us, so it's a sign that we are doing the right things, and that our group is attractive for many, many potential partners on project, or for other existing project or new projects. We get a lot of calls from banks who are offering external growth opportunities as well. So I think we are in a very good position.
It's, as usual, you know, it's a energy project, so I think we got used to launch our project and develop our project in a year or in two years' time. It takes a bit longer now for a larger project, but it will come through, and we will continue to be agile and opportunistic in the various line of business where we are operating. Please stay tuned, and I think you will see quite a lot of developments over the next 12 months. Question on GRTgas. GRTgas, well, it's the same thing, question on GRT as to whether or not we have a chance to win against GRT.
So of course, you know, we won at the CRE, which is the regulatory body, and therefore, on the back of this decision from the regulatory body, we went to the commercial court. It took two years for the regulatory body to make up his mind, and now it's following just the normal process. So we feel we've got a strong chance to win, otherwise we will not engage the significant cost associated to protecting our position. But we will see in the next few months because I think the next discussion at the court or the next decision at the court is early 2025 . So we will know very, very shortly where we stand on that front.
Question from Cornelius in Germany: Did the strategy for Agder change, or is it still the plan to partner with Glencore? Yeah, so on Agder, the strategy hasn't changed. Glencore is most likely gonna be a off-taker for oxygen because they have the plant literally next door, less than a kilometer away, with a pipeline close to our site. So that's definitely part of the plan. The heat is targeted to be provided to the local district heating network, and the hydrogen will be taken by one of the twelve off-takers that we are currently discussing with.
For now, the strategy is to just sell the hydrogen, but you know, a couple of the off-takers are really keen to have an equity stake in the project. So we'll you know, we will push those discussions, and if it makes sense to partner with one of them, you know, that's something that we are open as well, as long as the terms make a lot of sense for our company and our shareholders. But no change in strategy. There are some very helpful comments from wide chat, but I will go to... I can't see the last one. Okay. Any question, operator?
I think there's a question from Alexandre Cazières.
Okay, go ahead. I don't see that.
Can you unmute, Alessandro?
Right.
We obviously don't.
Okay. Sorry to be harsh and not to be happy with your financial communication, and it's a pity that you publish your 2024 annual figures at 12:00 A.M. It's incredible bad things. That's the first. My two questions: For what reason the guidance of the 2026 year suddenly disappear? And what are now the assumption for your twenty thirty guidance, sales of EUR 175 million and EBITDA EUR 85 million. So how can we trust to your guidance, given that the guidance of 2026 don't meet expectation? And the last question is about the new government.
Do you think that the new government in France, given your recent discussion with it, are more friendly, hydrogen-oriented than the last government, and could it be better for the future of Française de l'Énergie? Thank you. You have understood that?
Oui.
Yeah. Pardon. C'est bon.
I'll start with the first part. So point taken on the communication. I think it's an area of improvement, recurring improvement or ongoing improvement. We are not happy neither with our outcome, but it is what it is, and we'll try to do better every publication. On the 2026 , so it's not a drop. We discussed that at the capital market there, and again, in July. It's still out there, and the objective is still to achieve those targets. It's just that, following the request from shareholders-
Yes, but you don't publish it.
2030 and more visibility, we provided those numbers at the capital market day in May, and I'm sure you followed that as well. On the 2030 targets, those targets are based on the development plan that we... You know, it's an expansion of 2026 and including project that will not have significant impact for 2026 numbers. As an example, the second phase of Agder, which is an additional 40 megawatts of green hydrogen in Norway, will not have any impact for 2026 . The large development in solar will not have in France and in Belgium, will not have any impact on 2026 .
So that's based on our existing pipeline of project. Same for the renewable natural gas project that we have in the portfolio. None of them will have an impact for 2026 , so made a lot of sense to integrate that and provide 2030 guidance, integrating all those projects that are different stages of maturity. But there are projects that we've already, with the current data in our possession, we've already green lighted for development. So it's project that will happen, and that's basically mainly the project that you see in the value slides. With regards to project, you can do the calculation. You know, it's we get relatively comfortably to the numbers that we provided for 2030 .
Doesn't take into account any revenues from natural hydrogen. It takes almost zero or very few revenues from any Lorraine development. It takes zero revenues from any carbon-related activities, and it doesn't take into account new developments outside of-
So it's conservative guidance?
It's, you know, it's, it doesn't look conservative as, as of today, because we have on a strong growth pace, path. But, keep in mind that some of the projects that, are gonna come to fruition in 2025, 2026 and 2027 are projects that we've been working on for some time. So, it's just a matter of execution now for the key projects that would get us to this, to these targets. If I may then answer the second question with regards to the government. For me, the reality is that, what I need is I need a functioning government. I just-- That's the key, because otherwise, the state services are not progressing anything. So the key is to have a government that does its job.
We don't need to be in favor or to have any goodwill from the state. We just need the state to do its job and to follow the process and give us the authorization on time. That's all we need. In terms of whether or not they are more favorable to hydrogen, I don't know. I mean, one of the big issues we have with governments in France, but overall with the EU, with governments in the EU, is that they talk the talk, but they don't walk the walk. So, a lot of announcements with regards to hydrogen support, but the reality is, look at the projects that have been achieved. Onshore Europe, it's relatively limited for now.
So what we don't want from them is more noise. What we want is concrete action, and I don't think that given the financial situation of a lot of those governments at the moment, I don't think they have the means, financial means to really support much more, you know, any industry. So there is a lot of reshuffling, taking the money from the right pocket to put it in the left pocket, and so on.
But the reality is that there is not much we don't expect much from them, and that's why on the green hydrogen, we don't do it in Europe, we do it in Scandinavia and in Norway, because we feel that the whole setup is so much better and so much more positive for a profitable development. That's the first thing. And then on natural hydrogen, we also tap into existing funds that have been awarded to the region to support low carbon activities. And we feel that given that we had the first phase of our project financed and we got much better results than originally anticipated, we will get the support for this second phase.
Specifically because everywhere else in the world, being the U.S., being Australia, being the U.K., the support is there. And we are not talking about zillions, we are talking about, you know, a couple of million EUR for our next phase. So I think we'll get that on the natural hydrogen. But overall, my, you know, our internal view has always been, don't spend too much time with the governments, whoever they are, because the reality is that they can block things, but they cannot fast-track things, sadly, in Europe. That's those days are way over. So we should not expect much. What we should expect and what we are requesting from them is just to do their job and do their job on time.
If they can do that already, we'll be extremely happy.
Okay.
Maybe I can answer. There's a question from Alex on the Cryo Pur and the Biogas projects. So in terms of the timing of this project, Alex, it was outlined on one of the slides. Stavanger will come on stream late 2025 . Follow very shortly in January by the two other projects. As you remember, we are busy doing plug and play, so they will be similar size, similar layout. So it's just a matter of developing those which we are doing at the minute. And you would remember there was a slide on the CMD outlining how a typical project will look like for those projects in Norway.
So depending on and similarly to the hydrogen project, we are talking to a few offtakers for the RNG. Depending on the final, we had some LOIs, but contract will be signed. On a full year basis, we are talking around, you know, EUR 15 million of revenues and so maybe around EUR 9 million. That would be for one project. So that's the first 3. And then obviously, we are talking on other areas in Norway to put on stream an additional 4 to reach the 7 projects we've mentioned up to 2030.
There's a question from Message Board, from Patrick, on issuance of shares. No, there is no plan to issue any share for the following reasons. One, we have EUR 50 million in cash. So we've, as we mentioned before, we've, you know, we've progressed quite a lot on our external funding. You know, with the green bonds that we've issued and the ESG loan. Two, we still haven't refinanced certain of our assets. I'm talking about the abandoned mine methane assets. I'm talking about the solar plants in Lorraine, where we can continue to refinance and get additional capital if necessary. And two, the... Three, sorry. The cash flow generation is good. It's not as good as it could have been.
We could still do better, and with more volumes, we will do better. But cash flow generation has been solid, as we highlighted a bit earlier on. So therefore, we are in a super good position when it comes to development and not needing to go and tap the market or waiting until we get some subsidies or some support from whoever. You know, we have the capital we need, we have the project that we need, and we are waiting for certain authorization for certain projects. But we continue to progress on all fronts, including the project where we don't need any authorization. So I think the objective is indeed not to issue shares.
To the contrary, we feel that we are way below the net present value, the net asset value of our business, and we feel that we haven't been that aggressive on the buyback. But we still believe that the current valuation is not in line with the reality of the business, is not in line with what we are seeing from our comparables. We are also not in line with the current market transaction. We've seen certain players in the green energy space just being bought out. We've seen Neoen, we've seen Ciotat, we've seen Akuo just being bought by private equity funds, and they are not dealing at this sort of level, but at much higher valuation.
So we feel that, you know, we are completely undervalued, and we will continue to use the opportunities that are provided to, by our shareholders to buy back shares if necessary. Is there any more question? I think we-- If that's... last question for you, Aurélie. When the full annual report will be released?
Yes. So we are finalizing that with the group auditors. As you know, we've been incorporating Ringstad with another 15 subsidiaries, so the auditors are finalizing the review. So we should have the full French and English version by the end of next week.