Arverne Group Achieves All Its 2024 Targets and Confirms a Solid Outlook
2024 annual results
-- +45% growth in gross business volume1, compared with 2023, reaching
EUR17.3m in 2024.
-- Successful deployment of the EUR51.9m investment programme, in line with
the planned conditions and schedule.
-- Positive results of the pre-feasibility study $(PFS)$ for Lithium de
France2, a key milestone towards industrialisation.
-- New drilling permit application submitted, reinforcing the development
momentum.
Outlook for 2025
-- Continued strong growth in gross business volume, expected between EUR25m
and EUR30m, i.e. growth of +45% to 75% compared with 2024.
-- Deployment of an investment programme of around EUR50m to support this
expansion.
-- Launch of the pre-industrial phase of the geothermal heat and lithium
project in Alsace, for a period of 12 to 18 months, including in
particular the definitive feasibility study $(DFS)$ and the operations of
the first geothermal doublet3.
-- Signing of contracts for the first geothermal heat production in 2026.
-- Strengthening of Mission-Driven Company commitments, supporting
responsible and sustainable development.
PAU, France--(BUSINESS WIRE)--March 26, 2025--
Regulatory News:
Arverne Group (FR001400JWR8 - ARVEN) (Paris:ARVEN), a French industrial player harnessing renewable subsurface resources to accelerate the energy transition, announces its 2024 annual results.
"Arverne Group, positioned in the fast-growing geothermal heat and lithium markets, has developed a unique strategy for harnessing subsurface natural resources, ensuring a sovereign and competitive energy transition. In 2024, we demonstrated the relevance of our model from the design of facilities for geothermal heat to the exploitation and completed the geothermal installation at Roissy Charles de Gaulle airport, thereby contributing to its decarbonisation. In 2025, the Group is anticipating significant milestones: the launch of the pre-industrial phase of our innovative project combining geothermal heat and lithium in Alsace and the signing of contracts confirming our first geothermal heat production in 2026. Since the transfer to the Euronext's general sub-fund, we are particularly pleased to welcome new individual shareholders, alongside our long-standing shareholders. I would like to thank all of the Group's teams for their commitment and their hard work for the benefit of the regions," said Pierre Brossollet, founder and CEO of Arverne Group.
***
A dedicated presentation meeting for institutional investors will be held on March 27
A dedicated Boursorama webinar for individual investors will be held live on April 02 at 6:30 p.m. CET,
individual investors are invited to register and submit their questions in advance HERE
***
2024 HIGHLIGHTS
Innovative geothermal energy offering: significant advances
-- Geothermal energy: an unprecedented strategic opportunity
In the current geopolitical context, geothermal energy is asserting itself as a sovereign and competitive energy source. It offers manufacturers and local authorities a solution to secure local supply, thereby reducing dependence on imports and exposure to gas prices volatility.
The French Energy and Climate Strategy (SFEC) has set an ambitious target: to increase geothermal production more than fourfold by 2035, reaching 28 TWh(4) .
-- Roissy Charles de Gaulle adopts geothermal energy with Arverne Group: a
major energy transition
At the end of 2024, Arverne Group participated in the installation of the geothermal infrastructure at Roissy Charles de Gaulle airport for Groupe ADP, representing a major step forward in the airport's decarbonisation. With an annual production of up to 80 GWh, this installation will avoid the emission of 19,000 tonnes of CO .
Completed in just three months, this deep geothermal energy project was carried out on time and on schedule, contributing significantly to the growth in business volume in 2024.
-- Success of the integrated geothermal heat offering: first contract signed
and target maintained for initial production in 2026
The teams have designed an innovative and unique offering for the French market, significantly reducing the time between the design and commissioning of geothermal heat production projects. Arverne Group offers an integrated service solution, including geoscience and financing studies, drilling operations and geothermal power plants.
The strategy launched in 2024, focused on the Île-de-France region, has quickly delivered results. In early 2025, Arverne Group signed an initial contract for the design, drilling and operation of a low-carbon heat network powered by geothermal energy. Developed in partnership with Dalkia and Île-de-France Énergies & Territoires, this project will benefit the cities of Clichy-sous-Bois and Livry-Gargan. Among the top 5 geothermal heat networks in Île de France, with a production capacity of 115 GWh, this project will reduce household energy bills by 50% over the entire concession period (30 years).
With a portfolio of projects under review totalling over 60 power plants and 3.5 TWh of potential production, Arverne Group is accelerating its development through an agile model and a selection of strategic partners. The Group confirms its objective of initial geothermal heat production in 2026.
Cutting-edge geothermal heat and lithium project in Alsace: economic viability confirmed
-- Strong demand for lithium expected in the face of insufficient supply
Electrification of transport: a key lever for achieving a 90% reduction in GHG emissions in Europe by 2040(5) .
The energy transition is leading to increased demand for critical materials, including lithium, which is essential for electric batteries and energy storage. By 2030, global lithium demand is expected to increase by 142% to 2.6 Mt of lithium equivalent carbonate $(LCE.AU)$, while supply could become insufficient by 2026. Lithium prices could recover as early as the second half of 2025(6) .
-- Validated pre-feasibility study (PFS): a key step towards
industrialisation
Arverne Group and its subsidiary Lithium de France have taken a key step towards the industrialisation of the geothermal heat and lithium project, by successfully completing the pre-feasibility study (PFS). The results have reinforced the initial assumptions and confirmed key parameters ensuring the feasibility of the project.
The identified operational costs (Opex) position the project in the first quartile of global lithium producers, ensuring its viability and competitiveness.
As a result of this study, Arverne Group has announced technical and strategic decisions and updated the project's key financial assumptions.
-- Target production: 27,000 t/year of battery-grade lithium carbonate $(LC)$ by 2031; -- Lower lithium production costs: estimated at less than EUR4,500/t of LC (vs. EUR5,000/t of LHM, pre-PFS results), positioning the project in the top quartile of the cost curve by cash costs; -- Better process efficiency: lithium recovery rate of 91% (vs 80/85% pre-PFS results); -- Investment and production: total gross capex (excluding subsidies) adjusted to EUR1.8bn - EUR1.9bn (including 15% contingency); -- Choice of product: decision to produce lithium carbonate (LC), a product more suited to the goals of the energy transition in terms of electric mobility; -- Choice of extraction technology: extraction technology (DLE) by "adsorption", with the aim of confirming its performance through a demonstrator in 2025.
Arverne Group strengthens its operational capabilities to support its growth
To support its rapid expansion and industrial ambitions, Arverne Group significantly strengthened its operational capabilities in 2024:
-- Expanding 3D exploration footprint by conducting three 3D data
exploration campaigns, including two in Alsace and a first in
Auvergne-Rhône-Alpes, a high-potential yet under-explored geothermal
region. These campaigns aim to accurately map geological structures to
identify underground geothermal water reservoirs. As a result of these
efforts, the total area of 3D imaging data has reached 410 km(2),
positioning Arverne Group as the largest owner of 3D mapped surface area
in the country.
-- Enhancing lithium exploration by securing a new lithium permit in Alsace
and filed two new PER (Exclusive Exploration Permit, licence)
applications, further strengthening its position in subsurface resource
exploration.
-- Reinforcing drilling capabilities with a B18 rig, developed with its
strategic partner Herrenknecht, renowned for the quality of its drilling
machines. This compact and innovative rig maximises drilling performance
in urban environments, reduces noise pollution and incorporates an
optimised energy recovery system.
-- Submitting a new drilling permit application, thereby validating all the
objectives set for 2024.
2024 FINANCIAL AND NON-FINANCIAL RESULTS
Financial results
-- Gross business volume of EUR17.3m, +45% compared with 2023, in line with
targets
In thousands of euros 2024 2023 Var. %
------------------------------------------ ------ ------ ------
Deep drilling (Arverne Drilling Services) 13,954 9,835 +42%
Other 193 257 -25%
------------------------------------------ ------ ------ ------
Consolidated revenues 14,147 10,092 +40%
------------------------------------------ ------ ------ ------
Inter-sector drilling turnover 54 15 +260%
------------------------------------------ ------ ------ ------
Shallow drilling (DrillHeat) 3,092 1,857 +67%
------------------------------------------ ------ ------ ------
Gross business volume 17,293 11,964 +45%
------------------------------------------ ------ ------ ------
Gross business volume, a key operating indicator for Arverne Group, stood at EUR17.3m in 2024, up 45% compared with 2023, in line with the target (between EUR16m and EUR18m). The revenue of the subsidiary Arverne Drilling Services, 100% owned by Arverne Group, is consolidated, while the revenue of DrillHeat, 50% owned by Arverne Group, is accounted for at 50%. Inter-sector drilling revenue is also added to this indicator.
Revenue from deep drilling and well maintenance reached EUR13.9m, up +42% compared with 2023. The deep geothermal installation at Paris Charles De Gaulle airport, completed at the end of 2024, within the planned deadlines and conditions, contributed significantly to growth.
After a temporary and early interruption of a well maintenance campaign for Storengy earlier this year, operations continued in the second half for the third year in a row.
DrillHeat, a drilling subsidiary 50% owned by Arverne Group, specialising in surface drilling operations, posted strong growth in 2024. DrillHeat's total revenue came to EUR6m, up +67% versus 2023. Business increased significantly with 27 projects completed (vs. 21 in 2023), 48,000 metres of probes drilled (vs. 33,000 metres in 2023) and an installed capacity of 2.4 MW (vs. 1.7 MW in 2023).
This growth is based on a bolstered commercial strategy, an increase in the productivity of the drilling fleet, the expansion of teams and the optimisation of capacity occupancy.
The Group's consolidated revenue came to EUR14.1m, up +40% versus 2023.
The "Geothermal energy production" and "Geothermal lithium extraction and distribution" activities, which are in the development phase, did not contribute to the business volume in 2024.
-- CAPEX plan successfully deployed, in line with the strategic roadmap
towards 2031
In thousands of euros 2024
----------------------- ------
Development of PER 14,101
Acquisition of B18 rig 22,618
Drilling equipment 11,764
Other assets 1,470
Real estate 1,983
----------------------- ------
Gross CAPEX 51,937
----------------------- ------
In 2024, Arverne Group rolled out a EUR51.9m CAPEX plan, in line with its forecasts.
The Group, which at the end of 2024 held 9 PERs (Exclusive Exploration Permit, licences), has continued to enhance its knowledge of the subsurface through 3D data acquisition exploration campaigns. The three campaigns conducted in 2024 represented an investment of EUR14.1m.
Arverne Group is bolstering its drilling portfolio and strategic infrastructure.
Arverne Group invested EUR22.6m in a new deep drilling machine, B18, financed through leasing. This equipment complements the Group's operational portfolio, a key strategic asset for the development of all types of geothermal heat projects.
At the same time, EUR11.8m was allocated to additional drilling equipment, in anticipation of the upcoming campaigns for geothermal heat and geothermal lithium projects.
The real estate investment notably includes the Maisse logistics base, a key site in the Île-de-France region dedicated to machine maintenance and drilling equipment storage, ideally located to support future operations in the region.
-- Operational performance in line with the Group's growth
Consolidated income statement
In thousands of euros 2024 2023 Revenues 14,147 10,092 -------------------------------------------------- -------- -------- Purchasing and subcontracting (18,754) (11,409) Personnel expenses (20,326) (13,110) Taxes and duties (335) (292) Other income and expenses 6,897 2,792 Current EBITDA (7) (18,371) (11,928) -------------------------------------------------- -------- -------- Depreciation and provisions (2,397) (1,898) Current operating income (20,768) (13,826) -------------------------------------------------- -------- -------- Other non-recurring operating income & expenses 0 (47 503) Operating income (20,768) (61,330) -------------------------------------------------- -------- -------- Financial income and expenses 11,196 6,545 Income tax 197 968 Share of net income of equity-accounted companies (1,750) - Total net income (11,126) (53,816) -------------------------------------------------- -------- -------- Group share (9,993) (52,035) Share of non-controlling interests (1,133) (1,782)
Total revenue reached EUR14.1m, with revenue mainly generated by the deep drilling business (98.7%), up +40% compared with 2023. This growth was driven in particular by the geothermal installations built for Roissy Charles De Gaulle airport.
Personnel expenses increased to EUR20.3m, up +55% compared with 2023, due to the strengthening of the teams, with +85 FTEs(8) in 2024, and the structuring of the Group's governance. As of December 31, 2024, the group had 200 employees.
Other income and expenses totalled EUR6.9m (vs. EUR2.8m in 2023), including EUR6.5m in capitalised production mainly linked to investments for the launch of the Lithium de France drilling campaign and the refurbishment or start-up of rigs.
Financial income and expenses totalled EUR11.2m, up +71% compared with 2023, generated mainly by the investment of the surplus cash raised at the time of the IPO, totalling EUR7.8m. Other financial income came from the revaluation of Lithium de France's Ratchet B warrants and the revaluation of Geoven's debts pursuant to the safeguard plan.
The share of income accounted for using the equity method amounted to -EUR1.7m due to the impairment of DrillHeat's partner current account following the company's net book position.
Net income amounts to -EUR11.1m in 2024.
Balance sheet
ASSETS
In thousands of euros 12/31/2024 12/31/2023
Intangible assets 53,056 39,192
Tangible assets 52,274 19,445
Other non-current assets 3,148 3,448
---------------------------------- ---------- ----------
Total non-current assets 108,478 62,084
---------------------------------- ---------- ----------
Inventories and trade receivables 22,486 15,688
Other current assets 321 1,096
Cash and cash equivalents 123,834 143,229
---------------------------------- ---------- ----------
Total current assets 146,641 160,012
---------------------------------- ---------- ----------
Total assets 255,119 222,097
---------------------------------- ---------- ----------
As of December 31, 2024, total assets increased to EUR255m (vs. EUR222m as of December 31, 2023) due to the EUR51.9m investment programme carried out in 2024, broken down as follows:
-- Intangible assets of EUR53m (vs. EUR39m as of 31/12/2024) with a EUR14m
increase for the development of Exclusive Exploration Permits for the
subsidiaries Lithium de France and 2gré
-- Property, plant and equipment of EUR52.3m (vs. EUR19.4m) with the
investment in the new drilling rig (+EUR22.6m) and the preparation of
drilling campaigns.
In addition, inventories and receivables increased due to the build-up of equipment inventories in anticipation of future drilling campaigns (EUR1.8m), as well as the increase in trade receivables due to projects in progress as of December 31, 2024.
LIABILITIES
In thousands of euros 12/31/2024 12/31/2023
Capital and share premium 194,302 194,302
Other reserves & Accumulated results (38,413) (30,210)
Non-controlling interests 13,993 14,346
-------------------------------------------- ---------- ----------
Total shareholders' equity 169,881 178,438
-------------------------------------------- ---------- ----------
Borrowings - non-current 31,838 9,904
Other non-current liabilities 5,136 0
Other provisions 2,103 1,632
Deferred tax liabilities 5,314 5,465
Other non-current liabilities 1,628 3,437
-------------------------------------------- ---------- ----------
Total non-current liabilities 46,018 20,438
-------------------------------------------- ---------- ----------
Borrowings - current 6,401 1,856
Other financial liabilities and derivatives 3, 074 7 ,260 Other provisions 901 992 Other current liabilities 28,843 13,112 Liabilities held for sale 0 0 -------------------------------------------- ---------- ---------- Total current liabilities 39,219 23,221 -------------------------------------------- ---------- ---------- Total liabilities 255,119 222,097 -------------------------------------------- ---------- ----------
The financial structure remains solid following the successful IPO in September 2023.
Financial debts increased owing to the investment in a new drilling rig, financed by lease, and the injection of EUR4.4m into a current account by Herrenknecht, at the time of the establishment of the new subsidiary DrillDeep.(9)
In addition, the Ratchet B warrant derivatives on Lithium de France were revalued, reducing liabilities by EUR4.2m, while other current liabilities increased due to ongoing operations as of December 31, 2024 (trade payables and liabilities on fixed assets).
The Group's net cash position is in surplus and stood at EUR85.6m as of December 31, 2024.
2024 non-financial results
In 2024, Arverne Group achieved all its objectives as a Mission-Driven Company, thereby confirming its societal and environmental commitments. This progress is outlined in the 2024 mission report, available on the Group's website.
The key achievements include:
-- first full carbon assessment,
-- methodology for measuring avoided CO emissions,
-- 100% of employees trained in the code of conduct,
-- multiple initiatives in support of the regions in which the Group
operates.
An independent audit validated compliance with the environmental and social objectives set, consistent with the Group's purpose.
2025 OUTLOOK
Acceleration and strategic deployment of Arverne Group projects in 2025
-- Continued strong growth in gross business volume10, expected to be
between EUR25m and EUR30m, a +45% increase to 75% compared to 2024. This
growth will be driven in particular by the completion of operations on a
geothermal doublet11 for Safran Aircraft Engines at the end of the year.
This major project, delivered in partnership with Dalkia, includes the
design, construction and maintenance of the future geothermal power plant
in Villaroche.
-- Deployment of an investment programme of around EUR50m for the first
geothermal heat production, including the launch of the pre-industrial
phase.
-- Launch of the pre-industrial phase of the geothermal heat and lithium
project in Alsace, for a period of 12 to 18 months, including in
particular the definitive feasibility study $(DFS.UK)$ and the operations of
the first geothermal doublet.
-- Signing of contracts for the first geothermal heat production in 2026.
Following a first contract signed for the cities of Clichy-sous-Bois and
Livry-Gargan in early 2025, other signatures are planned throughout the
year, supported by a solid project portfolio and a strong commercial
strategy.
-- Strengthening of Mission-Driven Company commitments, supporting
responsible and sustainable development.
Arverne Group outlines the stages of the low-carbon geothermal heat and lithium project in Alsace:
-- Pre-industrial phase: starting in 2025, with an expected duration of 12
to 18 months
Arverne Group, with its subsidiary Lithium de France, is launching the pre-industrial phase incorporating: the definitive feasibility study or DFS(12) , the first drilling operations (first doublet), the installation and commissioning of a DLE(13) technology demonstrator and the bankable feasibility study or BFS(14) .
-- DFS: building on the analysis of the PFS results15, the DFS work was
launched in early 2025, with an estimated duration of 12 to 18 months.
-- First drilling operations: scheduled for the second half of 2025 (first
doublet), subject to obtaining prefectural authorisation.
-- DLE demonstrator: after the laboratory study phase with Equinor in Norway,
a lithium extractor demonstrator will be installed on the first doublet
in Alsace. The first doublet and the DLE demonstrator aim in particular
to confirm lithium resources and produce the first low-carbon lithium
salts, battery-grade LCE.
-- BFS: in parallel with the operational steps, the bankable feasibility
study $(BFS)$ will be conducted under a co-mandate with Macquarie Capital
and Crédit Agricole Corporate & Investment Bank.
This pre-industrial phase represents a self-financed investment of around EUR50m and constitutes a preliminary stage for the launch of the industrial phase with Phase 1.
-- Industrial phase -- Phase 1: towards the first production of geothermal
heat and lithium in Alsace
Phase 1 targets the first production of geothermal heat in 2027 and the first production of geothermal lithium in 2028.
This phase includes the completion of 2 doublets (complementary to the one from the pre-industrial phase), 3 geothermal plants, 3 lithium extraction units (DLE) and 1 purification module. The Group expects a gross investment of around EUR370m, divided between the project's strategic partners, subsidies, bank financing and equity financing. The gross investment amount could be revalued following the completion of the pre-industrial phase.
GROWTH TRAJECTORY TO 2031
Arverne Group remains on track with its roadmap and its growth trajectory.
2024 - 2031: Total gross investment program of EUR2.4bn, including:
EUR500m(16) allocated to the development of geothermal heat
production projects between EUR1.8bn and EUR1.9bn(17) for the
geothermal heat and lithium project in Alsace
2026: First geothermal heat production
2028: First geothermal lithium production
Consolidated revenue between EUR180m and EUR220m
Current EBITDA margin of around 40%
2031: Annual production capacity to reach 4.0 TWh of geothermal heat
per year
Annual production capacity for the Alsace project to reach 27
kt of lithium (LC)
Consolidated revenue of between EUR900m and EUR1bn
Current EBITDA margin of around 70%.
The Group specifies that the pre-industrial phase may lead to an adjustment of its growth trajectory for 2031.
Next publication: September 24, 2025, Half-year 2025 results (after Paris
stock market closing time)
About Arverne Group
Arverne Group specializes in harnessing underground resources to transform them into environmentally friendly, local and renewable energy, contributing to the prosperity of local communities. As an integrated industrial player, Arverne Group spans the entire underground value chain, from exploration to drilling and production to sales to end-users. Arverne Group aims to become the French leader in geothermal energy and its by-products, including low-carbon geothermal lithium.
Founded in Pau in 2018, Arverne Group has structured its business activities around several subsidiaries, notably 2gré (sale of geothermal heat), Lithium de France (geothermal heat and extraction and sale of geothermal lithium) and Arverne Drilling Services (drilling operations).
A mission-driven company, Arverne Group is listed on the Tech Leaders segment of Euronext Paris (ISIN FR001400JWR8, symbol ARVEN).
www.arverne.earth
APPENDICES
Consolidated income statement
In thousands of euros 2024 2023 Revenues 14,147 10,092 -------------------------------------------------- -------- -------- Purchasing and subcontracting (18,754) (11,409) Personnel expenses (20,326) (13,110) Taxes and duties (335) (292) Other income and expenses 6,897 2,792 Current EBITDA (18) (18,371) (11,928) -------------------------------------------------- -------- -------- Depreciation and provisions (2,397) (1,898) Current operating income (20,768) (13,826) -------------------------------------------------- -------- -------- Other non-recurring operating income & expenses 0 (47,503) Operating income (20,768) (61,330) -------------------------------------------------- -------- -------- Financial income and expenses 11,196 6,545 Income tax 197 968 Share of net income of equity-accounted companies (1,750) - Total net income (11,126) (53,816) -------------------------------------------------- -------- -------- Group share (9,993) (52,035) Share of non-controlling interests (1,133) (1,782)
Balance sheet
ASSETS
In thousands of euros 12/31/2024 12/31/2023
Intangible assets 53,056 39,192
Tangible assets 52,274 19,445
Other non-current assets 3,148 3,448
---------------------------------- ---------- ----------
Total non-current assets 108,478 62,084
---------------------------------- ---------- ----------
Inventories and trade receivables 22,486 15,688
Other current assets 321 1,096
Cash and cash equivalents 123,834 143,229
---------------------------------- ---------- ----------
Total current assets 146,641 160,012
---------------------------------- ---------- ----------
Total assets 255,119 222,097
---------------------------------- ---------- ----------
LIABILITIES
In thousands of euros 12/31/2024 12/31/2023
Capital and share premium 194,302 194,302
Other reserves & Accumulated results (38,413) (30,210)
Non-controlling interests 13,993 14,346
-------------------------------------------- ---------- ----------
Total shareholders' equity 169,881 178,438
-------------------------------------------- ---------- ----------
Borrowings - non-current 31,838 9,904
Other non-current liabilities 5,136 0
Other provisions 2,103 1,632
Deferred tax liabilities 5,314 5,465
Other non-current liabilities 1,628 3,437
-------------------------------------------- ---------- ----------
Total non-current liabilities 46,018 20,438
-------------------------------------------- ---------- ----------
Borrowings - current 6,401 1,856
Other financial liabilities and derivatives 3,074 7,260
Other provisions 901 992
Other current liabilities 28,843 13,112
Liabilities held for sale 0 0
-------------------------------------------- ---------- ----------
Total current liabilities 39,219 23,221
-------------------------------------------- ---------- ----------
Total liabilities 255,119 222,097
-------------------------------------------- ---------- ----------
Consolidated statement of cash flow
In thousands of euros 2024 2023 Net income/(loss) (11,126) (53,816) Depreciation, amortization and provisions net of reversals 2,821 2,262 Other changes (2,478) 40,590 -------------------------------------------------------- -------- -------- Cash flow from operations (10,783) (10,964) Changes in inventories, in trade and other receivables (5,159) 2,053 Change in trade and other payables 5,682 2,121 Change in other current receivables/payables 4,048 (8,690) Tax paid (748) 130 -------------------------------------------------------- -------- -------- Net cash flow from operating activities (6,959) (15,349) Net acquisition of fixed assets (9,502) (15,590) Capitalized development expenditure (10,419) (5,914) Other changes 2 867 1,061 -------------------------------------------------------- -------- -------- Net cash flow from investing activities (17,055) (20,444) Capital increases 734 114,599 New borrowings 1,323 15,499 Repayment of borrowings (463) (7,730) Current account contribution on Herrenknecht 4,525 0 Other changes (1,499) 53,487 -------------------------------------------------------- -------- -------- Net cash flow from financing activities 4,620 175,856 -------------------------------------------------------- -------- -------- Change in cash and cash equivalents (19,394) 140,063 -------------------------------------------------------- -------- -------- Cash and cash equivalents as of January 1 143,227 3,165 Cash and cash equivalents as of December 31 123,834 143,227 -------------------------------------------------------- -------- --------
Disclaimer
This press release contains forward-looking statements. These statements provide no guarantee of the Company's future performance. They relate to the Company's future prospects, developments and marketing strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. Forward-looking statements are subject to a variety of risks and uncertainties, in particular those described in the Universal Registration Document, as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements cannot, under any circumstance, be construed as a guarantee of the Company's future performance; the Company's actual financial position, results and cash flow, as well as the trends in the sector in which the Company operates, may differ materially from those proposed or reflected in the forward-looking statements contained in this press release. Even if the Company's financial position, results, cash flows and developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this press release, such results or developments cannot be construed as a reliable indication of the Company's future results or developments.
Certain figures and numbers appearing in this press release have been rounded. Consequently, the total amounts and percentages appearing in the tables are not necessarily equal to the sum of the individually rounded figures, amounts or percentages.
___________________________________
(1) Business volume: consolidated revenue plus 50% of the revenue of DrillHeat (50%-owned subsidiary) and inter-sector drilling revenue
(2) Lithium de France: subsidiary 63% owned by Arverne Group, 25% by Equinor and 12% by Hydro
(3) Doublet: a production well and an injection well
(4) Source: National Integrated Energy-Climate Plan, June 2024
(5) European Commission recommendation to achieve carbon neutrality by 2050 -- compared to 1990
(6) Source: Mineral Intelligence Benchmark, Q4 2024 -- Lithium Forecast
(7) Corresponds to current income before depreciation and amortisation
(8) FTE: Full-Time Equivalent
(9) DrillDeep: dedicated to deep drilling, co-owned with Arverne Group
(10) Gross business volume: consolidated revenue plus 50% of the revenue of DrillHeat (50%-owned subsidiary), plus inter-sector drilling revenue
(11) Doublet: a production well and an injection well
(12) DFS: Definitive Feasibility Study
(13) DLE: Direct Lithium Extraction
(14) BFS: Bankable Feasibility Study
(15) PFS: Pre-Feasibility Study
(16) Gross amount before subsidies
(17) Gross amount before subsidies, includes 15% contingency
(18) Corresponds to current income before depreciation and amortisation
View source version on businesswire.com: https://www.businesswire.com/news/home/20250326936440/en/
CONTACT: Media Relations:
communication@arverne.earth
arvernegroup@image7.fr
Investor Relations:
Mathilde Guillemot
investor.relations@arverne.earth
SEITOSEI.ACTIFIN -- Benjamin Lehari
benjamin.lehari@seitosei-actifin.com
(END) Dow Jones Newswires
March 26, 2025 12:45 ET (16:45 GMT)
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