hep global GmbH, a specialist in solar project development, has concluded fiscal year 2025 with a positive consolidated result, marking a significant turnaround from the previous year. Based on audited consolidated financial statements, the Group generated revenue of EUR 45.8 million, up from EUR 43.5 million in 2024, and earnings before interest and taxes (EBIT) improved to EUR 10.8 million from a loss of EUR -4.8 million. The consolidated result rose from EUR -9.1 million to EUR 2.9 million, while operating cash flow showed a strong performance at EUR 8.1 million, compared to EUR -24.8 million in the prior year.
The positive performance was driven by a consistent focus on the service business and a significant increase in revenue from solar park project development, which more than doubled to EUR 41.9 million. Key drivers included project development services in Germany and Poland. The company also reduced its cost base and increased operational efficiency. Change in inventories of work in progress amounted to EUR 13.5 million, reflecting services rendered for projects in the U.S. and Germany, underscoring the expansion of the international project pipeline. The balance sheet value of work in progress increased to EUR 65.7 million, demonstrating high value added and progress in ongoing developments.
Since selling its investment business at the end of 2024, hep global has focused entirely on developing and operating photovoltaic projects. The company’s strategy emphasizes independent development of projects in early stages (the “greenfield-first” approach) to unlock additional value-creation potential. Battery storage systems are increasingly integrated to create additional revenue streams and enhance project appeal to investors.
CEO Christian Hamann commented, “The fiscal year 2025 marks an important turning point for hep global. We have succeeded in returning to profitability through consistent implementation of our strategy and strong operational performance. The significant growth in revenue from project development shows that our international pipeline is generating value. With our ‘greenfield-first’ approach, integration of battery storage solutions, and a strong project pipeline in core markets, we are well-positioned to continue shaping the energy transition and increase the company’s value over the long term.”
For fiscal year 2026, management expects revenue between EUR 45 and 55 million and EBIT in the range of EUR 0 to 10 million. The forecast considers the changed strategy in the U.S., resulting from a strategic partnership with an external investor agreed in May 2026. Management attributes the lower EBIT forecast to the expectation that a comprehensive financing solution will be implemented in the second half of the year. The revenue level also depends on the structure and timeline of this financing.
Strategic measures initiated in recent years will be consistently implemented in 2026. In core markets of Germany, Italy, Poland, the U.S., Canada, and Japan, the existing project pipeline will be further expanded and gradually monetized. With the expansion of project development and increasing integration of battery storage, hep global considers itself well-positioned to capitalize on growth opportunities in international solar markets.
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