H2APEX Group SCA (ISIN: LU0472835155), a leading developer and operator of green hydrogen plants, published its interim report for the first quarter of the 2026 financial year, revealing a revenue increase to EUR 3.5 million compared to EUR 2.1 million in Q1 2025. The growth is primarily attributed to the PMC (Project Management Consultancy) contract secured in February 2026 for the 100 MW IPCEI project "WAL - Hydrogen from Lubmin" and to sales of green hydrogen from the company’s own production.
In the first three months of 2026, H2APEX delivered 17 tonnes of green hydrogen from its own production. Following the award of the PMC package by the project company GHS2, H2APEX continues project development for the strategically significant WAL project, securing predictable service revenues for the current financial year. The company’s strategic shift, initiated in 2025, focuses on developing its own projects and expanding hydrogen production capacities.
EBITDA for the reporting period stood at EUR -7.1 million, consistent with the prior year (Q1 2025: EUR -7.1 million). The order book, representing remaining performance obligations, amounted to EUR 23.7 million as at 31 March 2026, slightly up from EUR 22.6 million at year-end 2025, based on planned project revenue and additional service contracts. As of 31 March 2026, the company employed 155 individuals (31 December 2025: 153).
Bert Althaus, CFO of H2APEX, commented: "The first quarter of 2026 reflects the initial successes of our strategic shift: we have significantly increased our revenue compared with the same quarter last year whilst further improving the quality of our revenue base. With the PMC contract for the WAL project, we are securing continuous revenue contributions throughout the financial year. At the same time, revenue from operating our own hydrogen plant is continuing to grow. Based on contractually secured revenue, as well as contributions from our own operations and expiring EPC projects, we confirm our forecast for the 2026 financial year with expected revenue of between EUR 14 million and EUR 16 million."
The increase in the greenhouse gas reduction quota adopted in May 2026 represents an important step towards the market ramp-up of green hydrogen in Germany’s transport sector. Through consistent strategy implementation, H2APEX aims to contribute to a secure and independent energy supply in Germany. With new projects, particularly in green aviation fuels, the company also aims to make civil and military fuel supply more resilient to geopolitical influences.
The interim report for the first quarter of the 2026 financial year is available for download from the 'Investor Relations' section of the company’s website at https://h2apex.com/en/.
