H2APEX Group SCA (ISIN: LU0472835155), a leading developer and operator of green hydrogen plants, today published its interim report for the first quarter of the 2026 financial year, revealing a significant revenue increase and confirming its full-year forecast. Revenue rose to EUR 3.5 million in Q1 2026 from EUR 2.1 million in the same period last year, a 67% jump driven by a new Project Management Consultancy (PMC) contract and growing sales of green hydrogen from its own production.
The PMC contract, signed in February 2026 for the 100 MW IPCEI project “WAL - Hydrogen from Lubmin,” contributed predictable service revenues. Additionally, H2APEX delivered 17 tonnes of green hydrogen from its own production in the first three months of the year. The company’s order book 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 and new service contracts.
EBITDA for the quarter was EUR -7.1 million, unchanged from Q1 2025, as the company continues to invest in its strategic shift toward developing its own projects and expanding hydrogen production capacity. CFO Bert Althaus 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.”
H2APEX confirmed its revenue forecast for the full 2026 financial year of between EUR 14 million and EUR 16 million, based on contractually secured revenue, contributions from its own operations, and expiring EPC projects. The company’s headcount grew slightly to 155 employees as of March 31, 2026, from 153 at the end of 2025.
The increase in the greenhouse gas reduction quota adopted in May 2026 represents a significant milestone for the green hydrogen market in Germany, particularly for the transport sector. H2APEX aims to contribute to a secure and independent energy supply through its projects, including new initiatives in green aviation fuels to enhance fuel supply resilience against geopolitical influences.
The interim report for Q1 2026 is available for download from 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 and reconciled to IFRS measures.
