H2APEX Group SCA, a developer and operator of green hydrogen plants, today released its interim report for the first quarter of 2026, reporting a 67% increase in revenue to EUR 3.5 million compared to EUR 2.1 million in the same period last year. The growth is primarily attributed to a Project Management Consultancy (PMC) 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. During the first three months of 2026, H2APEX delivered 17 tonnes of green hydrogen from its own facilities.
The company’s EBITDA remained stable at EUR -7.1 million, matching the prior year’s figure. The order book, defined as remaining performance obligations, stood at EUR 23.7 million as of March 31, 2026, compared to EUR 22.6 million at the end of 2025, reflecting scheduled project completions offset by new service contracts. Employee count edged up to 155 from 153 at year-end 2025.
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.”
The company confirmed its 2026 revenue forecast of EUR 14 million to EUR 16 million, supported by contractually secured revenue, contributions from its own operations, and expiring EPC projects. H2APEX noted that the recent increase in the greenhouse gas reduction quota adopted in May 2026 is an important step for the market ramp-up of green hydrogen in Germany’s transport sector. Through its strategy, the company aims to contribute to a secure and independent energy supply in Germany and, with new projects in green aviation fuels, to make civil and military fuel supply more resilient to geopolitical influences.
The interim report for the first quarter of 2026 is available for download in the ‘Investor Relations’ section of the company’s website at https://h2apex.com/en/. Alternative performance measures such as EBITDA and order book are defined in the report, with reconciliations to IFRS measures provided.
