+74% increase in gross business volume
Decisive milestones achieved successfully
Significant progress made
-- Heat and cooling: signing of an initial cooperation and exclusivity
agreement for a project in Île-de-France, for a gross business
volume of EUR150 million over 30 years.
-- Lithium de France project: pre-industrial phase launched successfully
and start of operation of the first geothermal doublet1.
-- Bpifrance acquired shares in Arverne Group: Bpifrance has acquired a
stake of 4.3% in Arverne Group, demonstrating its support2.
Strong growth and a solid balance sheet
-- 74% growth in gross business volume 3 to EUR10.5 million, driven by
drilling operations at the geothermal installation at Paris-Charles de
Gaulle airport for Groupe ADP.
-- Net debt of -EUR60 million, -EUR90 million excluding lease
liabilities.
Post-closing events
-- Arverne Group has signed a contribution agreement with Hydro Energy
Invest AS to strengthen its stake in Lithium de France 4 .
-- Successful fundraising for Lithium de France: second series B round of
funding by Arverne Group and Equinor Ventures for EUR40 million5.
Outlook for 2025
-- Confirmation of gross business volume target: between EUR25 million and
EUR30 million, an increase of 45% to 75% compared with 2024.
-- Continuation of investment programme totalling around EUR50 million.
PAU, France--(BUSINESS WIRE)--September 24, 2025--
Regulatory News:
Arverne (FR001400JWR8 - ARVEN), the leading French supplier of geothermal solutions, is announcing its results for the first half of 2025.
Pierre Brossollet, Founder and Chairman & Chief Executive Officer of Arverne, said: "Thanks to our unique integrated model, ranging from drilling to the supply of heat and cooling and geothermal lithium, Arverne reaffirms its role as the leading French provider of geothermal solutions. We provide our customers with local, low-carbon and competitive energy. Our excellent operational and sales performance since the beginning of the year boosts our confidence: we have the capacity to generate profitable and sustainable growth, creating value for the local regions and for our shareholders."
MOMENTUM AND PERFORMANCE BY BUSINESS ACTIVITY
HEATING AND COOLING
-- Arverne forms a strategic partnership to speed up project development
In Nouvelle Aquitaine, Arverne is launching an unprecedented partnership with Crédit Agricole Pyrénées Gascogne Énergies Nouvelles (CAPGEN), which will support the financing of geothermal projects. Arverne will carry out the design and completion of geothermal works as well as the maintenance and operation of production facilities. Both partners will market the offers.
This partnership with leading player strengthens Arverne's positioning as the French reference for geothermal energy.
-- First production and sales
As planned, Arverne has signed major projects:
- Work on the district heating networks for Clichy-sous-Bois and Livry-Gargan began in July 2025. This project is already one of the top five geothermal heat networks in Île-de-France. It is the first public service concession agreement signed by Arverne, in partnership with Dalkia and SAS IdF Energies & Territoires(6) , for the development and operation of a low-carbon heat network and the deployment of deep geothermal energy. The production of geothermal heat is expected to begin in 2027.
- Arverne has signed a cooperation and exclusivity agreement for a project in Île-de-France representing EUR150 million in gross business volume over a period of 30 years. The agreement covers deep drilling and then the production and marketing of geothermal heat for 12,000 homes. This is the first project operated by Arverne(7) and its partners in the form of a SPV. Investments will amount to EUR26 million. Arverne will complete the deep drilling operations in 2027. Heating production and marketing are planned for 2028.
CRITICAL METALS: LITHIUM DE FRANCE PROJECT
-- All stages of the pre-industrial phase have been confirmed
Since the start of 2025, the teams have successfully completed the pre-industrial phase of the Lithium de France project combining heat and geothermal lithium in Alsace:
- First drilling operations: after obtaining the environmental authorisation and the building permit, the civil engineering works began in Schwabwiller in June and are progressing on schedule. Drilling of the wells is due to start in the autumn.
- Construction of the direct lithium extraction (DLE) demonstration plant in progress: it will be installed on this first geothermal doublet to assess the performance of the innovative DLE technology.
- Progress for the definitive feasibility study $(DFS)$: Sedgman, an engineering firm and one of the world leaders in the implementation of mineral processing solutions and associated infrastructure, was selected to conduct the front-end engineering design FEED, a key component of the final feasibility study (DFS).
- Bankability feasibility study $(BFS)$: it is conducted jointly by Macquarie Capital and Crédit Agricole Corporate & Investment Bank, two leading institutions in the financing of the battery value chain.
The pre-industrial phase will continue until mid-2026.
Post-closing events
-- Arverne Group signs a contribution agreement to increase its stake in
Lithium de France8
Arverne Group and Hydro Energy Invest AS have signed a contribution agreement under which Hydro Energy Invest AS will contribute its 474,753 Lithium de France shares to Arverne Group in exchange for new Arverne Group shares.
This transaction will be carried out by issuing 2,232,288 new Arverne Group shares to Hydro Energy Invest AS, for EUR22,322,880, representing EUR10.00 per Arverne Group share.
The contribution should be completed by October 2025.
-- Successful second series B round of funding for EUR40 million9
Arverne Group has completed the second series B round of funding for its subsidiary Lithium de France, with its partner Equinor, the Norwegian leader in energy, via Equinor Ventures.
Equinor's geology knowledge and experience in project execution are key assets for the project.
Arverne Group and Equinor Ventures are consolidating their partnership against a backdrop of strong growth in the global market for lithium, a critical metal in the energy transition, for which demand is expected to grow by 10% per year by 2040(10) .
Following these two transactions, Arverne Group will hold 73.8% of the capital of Lithium de France and Equinor Ventures will hold 24.4%(11) .
DRILLING AND WELL CONSTRUCTION
-- Gross business volume12 of EUR10.5 million in H1 2025, up sharply by
74% (vs. H1 2024)
In thousands of euros H1 2025 H1 2024 Chg. %
Deep drilling 9,010 4,369 +106.2%
Other 139 116 +19.8%
---------------------- ------- ------- -------
Consolidated revenue 9,148 4,485 +104.0%
---------------------- ------- ------- -------
Shallow drilling 1,324 1,550 -14.6%
---------------------- ------- ------- -------
Gross business volume 10,472 6,035 +73.5%
---------------------- ------- ------- -------
Deep drilling
Revenue from deep drilling amounted to EUR9.0 million, an increase of 106.2% (vs. H1 2024).
The geothermal drilling operations carried out for Groupe ADP at Paris-Charles de Gaulle airport were completed in February 2025, in line with the provisional schedule of three months of work.
Drill maintenance work continued for Storengy.
The B18 drilling rig and teams are in the process of preparation for works on the Safran power plant, which will start in November 2025.
Drilling operations for the Lithium de France project are scheduled to begin in the autumn.
Shallow drilling
DrillHeat's total revenue was EUR2.6 million, down 14.6% (vs. H1 2024).
Over the half-year period, 12 surface drilling sites were completed (vs. 16 in H1 2024), representing 22,086 metres (vs. 26,000 in H1 2024) and an installed capacity of 1.1 MW (vs. 1.3 MW in H1 2024).
The size of construction sites is increasing sharply: a third of them now exceed 3,000 metres of drilled probes, for example the Leclerc hypermarket in Frouard and the Sisley cosmetics industrial site in Vendôme. Demand for geothermal energy is accelerating in mass retail, healthcare and industry.
Productivity has improved on the back of employee training and expertise. In line with its strategy of integrating the value chain, DrillHeat has also internalised a connection team.
H1 2025 FINANCIAL RESULTS
-- Consolidated income statement: revenue growth of 104% to EUR9.1
million
In thousands of euros H1 2025 H1 2024
Revenue 9,148 4,485
------------------------------------------------ ------- -------
Purchasing and subcontracting -10,827 -7,030
Personnel expenses -13,034 -9,388
Taxes -340 -171
Other income and expenses 3,654 3,245
Current EBITDA -11,398 -8,859
------------------------------------------------ ------- -------
Depreciation, amortisation and provisions -2,314 -948
Current operating income -13,712 -9,807
------------------------------------------------ ------- -------
Other non-current operating income and expenses 0 0
Operating income (expense) -13,712 -9,807
------------------------------------------------ ------- -------
Financial income and expenses 1,850 2,608
Income tax and similar 178 -224
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