Hoffmann Green Cement Technologies have announced their full-year revenue to 31 December 2024 and present an update on its activities.
Julien BLANCHARD and David HOFFMANN, Co-founders of Hoffmann Green Cement Technologies, say: “Despite a stagnant national construction market, Hoffmann Green has achieved a historic 2024 financial year, doubling its revenue, reaching an estimated EBITDA break-even for the first time since the company was founded, and the signing of numerous partnerships, particularly as part of our international development. This publication confirms the relevance of our model, which combines the commercialisation of our solutions through distribution partnerships with key national players targeting specific markets, and international development based on a licensing company model with contracts signed with international partners.
Another key milestone was the recent assessment of our H2 plant’s production capacity by a bailiff. Operating continuously in a three-shift system, the plant could reach more than 400 000 tpy, depending on the cement formulas produced. With optimised production capabilities and early signs of market recovery at the national level, Hoffmann Green intends to accelerate its commercial and industrial development plan, announcing new ambitious objectives for 2030.”
Strong commercial performance in 2024: doubling the annual revenue
In 2024, Hoffmann Green reported revenue of €13.2 million, doubling the revenue generated a year earlier. Despite a flat French construction market since 2022, this strong increase confirms the relevance of Hoffman Greens's development strategy. It is structured around two complementary growth drivers: commercialisation through distribution partnerships with key national players, and an international development model in the form of a licensing company through the signing of contracts with strategic partners abroad.
Revenues for 2024 correspond to the sale of cements, amounting to €2.8 million, and to the entry fees recorded under licensing agreements signed with several international partners, amounting to €10.5 million.
Signing of strategic distribution partnerships and diversification of targeted markets
In 2024, Hoffman Greens sold 16 269 t in a French construction market still deteriorated. In addition, some significant projects have been postponed to the beginning of the 2025 fiscal year. The first quarter of 2025 is showing a certain dynamism as the level of activity is already expected to be close to that recorded for the entire 1st half of 2024.
In 2024, Hoffman Greens expanded its distribution network by signing new strategic partnerships, particularly with the brands of the Les Mousquetaires Group (Bricomarché, Bricorama, Brico Cash). In addition, Hoffmann Green, historically focused on the housing construction market segment, has diversified its offering to target new markets. During the 2024 financial year, Hoffman Greens addressed several growth sectors such as renewable energies (wind and photovoltaic), outdoor landscaping, underground networks and waste treatment. This diversification of activity enables the company to benefit from promising prospects and a full-year effect as soon as 2025.
Acceleration of international development through the licensing company model
The 2024 revenue is mainly driven by income from licensing agreements abroad, reflecting the acceleration of Hoffmann Green's international development in recent periods. This positive momentum enables Hoffman Greens to achieve, two years ahead of its guidance, its target of €10 million in international revenue and four licensed sites by 2026.
Key strategic milestones were reached during the year, demonstrating the growing global appeal of Hoffmann Green's carbon-free solutions:
- Continued development in Saudi Arabia, with the launch of construction of H-KSA 1, the first Hoffmann unit in the country near Jeddah;
- Signing of a major licensing agreement in the United States, generating upfront fees of up to 20 million euros, of which 10 million euros have already been recognized in 2024;
- Signature of a licensing agreement in the United Kingdom and Ireland with Cemblend Ltd, a long-standing partner of Hoffmann Green, providing for up to 2 million euros in entry fees, including 500 000 euros already invoiced in 2024.
Significant improvement in the company's profitability profile: EBITDA 2024 estimated to break even
Thanks to the strengthening of its development strategy focused on two complementary growth drivers combined with disciplined management of its cost structure, Hoffmann Green should achieve a near-break-even EBITDA in 2024, significantly improving Hoffman Greens's financial performance.
Optimisation of H2 production capacity to more than 400 K tons per year vs. 250 K tons, validating Hoffmann's engineering expertise and industrial innovation
Hoffmann Green has just reached a new milestone in its industrial development by optimizing the capacity of its H2 production site in a continuous operation configuration (“3x8”). Over the course of 24 hours, the site has produced 1 250 t. Certified by a bailiff, the H2 site is now capable of reaching an annual production of 400 000 t, depending on the cement formulas produced, an increase of +60% compared to its current capacity in “2x8” shifts.
Acceleration of commercial dynamics and industrial deployment: solid development outlook by 2030
Driven by the momentum of the 2024 year and with its extensive production capacities, Hoffman Green is adjusting its strategic roadmap and announcing new development targets for 2030.
Industrial deployment: construction of H3 by 2027-2028 in the Rhône-Alpes region
- In order to optimise its logistics flows, particularly to the Middle East but also to its Swiss partner, Hoffman Green has decided to acquire a new production site located on the banks of the Rhône. This region, which is not yet being marketed by Hoffman Green, will also enable it to benefit from significant time savings related to maritime transport. As a reminder, the H3 site initially planned in Dunkirk did not require any investment from the Company.
Target production of around 1 000 000 t by 2030 combining the 3 sites (H1, H2, H3)
- Following the successful optimisation of the production capacities of the H2 site to more than 400 000 tpy, depending on the cement formulas produced, the Company is aiming for an annual production of around 1 million t by 2030. This increased capacity will enable us to meet the demand of the French market for Hoffmann Cements, while supplying international partners with premix. The Company will thus be able to absorb the increase in its order book over the coming quarters;
Acceleration of commercial growth in France and internationally: €150 million revenue by 2030
- Hoffmann Green aims to accelerate its development at the national level by signing new distribution partnerships, but also at the international level by capitalising on its licensing company model. By 2030, the Company aims to sign 5 additional licensing agreements along the lines of those recently signed, including: payment of an entry fee, payment of annual royalties and the sale of premix to partners;
R&D: 6 approved 0% clinker cements based on multiple industrial co-products
- Hoffmann Green intends to maintain and strengthen its technological leadership by 2030 by capitalising on the investments made in R&D in recent years. Appointment of Pierre-Emmanuel Favre as Administrative and Financial Director to support the new phase of development of Hoffmann Green
Hoffmann Green announces the appointment of Pierre-Emmanuel Favre as Administrative and Financial Director, succeeding Jérôme Caron, who is leaving the Company to pursue other professional opportunities outside the Group. Julien Blanchard, David Hoffmann and all the members of the Supervisory Board would like to warmly thank Jérôme for his contribution and involvement over the past 6 years.
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