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Announcement of the launch of a new Share Buy-Back program

28 March 2024

Pontpierre, France, March 28th, 2024 – FDE (Euronext: FDE – ISIN: FR0013030152), a carbon negative energy producer, announces that the Board of Directors has decided to initiate another Share Buy-Back program for the next 12 months. Such program could be for a maximum amount of EUR 50 million as per the authorization given by the FDE’s general meeting of shareholders of November 30, 2023, to be implemented for the purposes set forth in Article 5 of Regulation (EU) 596/2014 (the “MAR”). FDE will not hold more than 10% of the share issued capital.

This new share Buy-Back program follows the Buy-Back operations carried out in 2023, following which FDE currently holds 1.6% of its capital (excluding treasury shares held under its liquidity contract).

Investments made by FDE in recent years in its key energy activities have resulted in significant recurrent cash flow generations and the strengthening of its balance sheet. In the opinion of the FDE’s Board of Directors and management, the businesses of the group are worth significantly more than the current market capitalisation.

In that context, share repurchases should enhance the per-share intrinsic value of FDE shares, benefiting to the existing shareholders.

The group’s financial strength remains a clear focus for FDE to achieve its strategic objectives, focusing on the development of low carbon energy solutions and the increase in production of gas, power, heat, Bio-Co2 and hydrogen in Europe. The current balance sheet and ongoing FDE’s cash generation, together with the support of its banking partners, are sufficient to deliver on its FY 2026 development plan.

The amount of purchases will therefore vary upon the levels of free cash available and the attractiveness of new investments, together with the level of discount from management’s estimate of intrinsic value.

FDE may buy back shares in open market purchases or through privately negotiated transactions, at management’s discretion. TP ICAP (Europe) remains in charge of the liquidity contract.

FDE reiterates its FYE 2026 objectives of annualized revenues exceeding EUR 100 million with an EBITDA reaching over EUR 50 million, combined with 10 million tons of CO2eq emissions avoided per annum.

 Next announcement:

Q3 2022 sales – April 24th 2024

Documents

Press Release