Carbios Faces Dual Test as China Plant Delayed and CEO Takes Helm

Carbios shares fall to €6.48, down 44% YTD, as €5M Wankai subscription pushed to end-2026 and new CEO Benoît Grenot takes over. Cash cushion of €59M provides near-term buffer.

The narrative around Carbios is shifting from its circular-economy promise to the gritty mechanics of execution. The company has pushed back a key funding milestone with its Chinese partner Wankai New Materials, while a new chief executive just took over—creating a delicate moment for investor confidence. The stock is now trading at less than half its year-ago level, and the market is demanding tangible progress rather than vision.

Shares closed Thursday at €6.48, leaving them down 21.55% over the past week and 44.19% since the start of 2025. The recent low of €5.75, from which the stock had recovered about 12%, underscores the selling pressure. With an RSI of 33.0, the equity is hovering near oversold territory, while annualised volatility of 58.44% reflects the wild swings that have become routine. The current price sits 59.21% below the year's high of €15.79 and 28.94% under the long-term average of €9.12.

Wankai Subscription Pushed to Year-End

Carbios and Wankai have agreed to delay the subscription of a dedicated capital increase worth €5 million. The closing is now expected by 31 December 2026, subject to administrative and regulatory approvals in China. Originally, the subscription was due before 2 June 2026 at an issue price of €8.0947 per share, calculated as the average of the five trading days before 1 December 2025 minus 10%. While the transaction has not been cancelled, the postponement pushes the cash inflow to the very end of next year—a signal that the industrial ramp-up in China is moving more slowly than originally anticipated.

The 50,000-tonne-per-year PET biorecycling facility in Haining, Zhejiang province—billed as the first of its kind in China—is now slated to start operations in the first half of 2028. Carbios cites the innovative nature of the technology and additional technical work required to adapt the process to local conditions as reasons for the delay. The company continues to coordinate construction and validate locally available PET waste streams.

Cash Cushion but No Room for Complacency

Carbios ended the 2025 financial year with €59 million in cash and equivalents across the group, a buffer it says covers operating expenses for "significantly more than 12 months". That liquidity means the later Wankai subscription does not create an immediate funding crunch, but it puts the spotlight elsewhere: the company must demonstrate that its technology can be scaled industrially, not just on paper.

Last year, Carbios trimmed operating costs and narrowed its operating loss by €7 million. For 2026, it forecasts cash outflows of €20 million excluding the Longlaville project, which it plans to restart once financing is secured. The broader strategy includes rolling out the PET biorecycling process via the Wankai licence model in Asia and pursuing new licensing deals in Europe, North America and South America.

New Leadership, Tight Calendar

Benoît Grenot became chairman and CEO on 1 June 2026, succeeding Vincent Kamel, who retired. Grenot had previously served as deputy CEO. The leadership transition adds another variable to an already packed agenda. The next major checkpoint is the annual general meeting on 18 June 2026, followed by first-half results on 24 September.

For now, the market is less concerned about near-term earnings than about achieving milestones: Chinese approvals for the Wankai subscription, construction progress at Haining, a restart for Longlaville, and new licence agreements. Every delay in the timetable eats into the trust the stock needs to rebuild.