H2APEX Group SCA, a leading developer and operator of green hydrogen plants, today published its interim report for the first quarter of the 2026 financial year, reporting a significant revenue increase and confirming its full-year forecast. The company's strategic shift towards developing its own projects and expanding hydrogen production capacities is yielding results, with revenue rising to EUR 3.5 million in Q1 2026 from EUR 2.1 million in the same period last year.
The revenue growth was primarily driven by a Project Management Consultancy (PMC) contract signed in February 2026 for the 100 MW IPCEI project 'WAL - Hydrogen from Lubmin' and by sales of green hydrogen from the company's own production. In the first three months of 2026, H2APEX delivered 17 tonnes of green hydrogen. The PMC contract, awarded by the project company GHS2, secures predictable service revenues for the current financial year and continues the development of the strategically important WAL project.
EBITDA for the reporting period stood at EUR -7.1 million, unchanged from Q1 2025. The order book (remaining performance obligations) amounted to EUR 23.7 million as at March 31, 2026, slightly up from EUR 22.6 million at the end of 2025. The company had 155 employees as of March 31, 2026, compared to 153 at the end of 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. 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 implementation of its strategy, H2APEX aims to contribute to a secure and independent energy supply in Germany. With new projects, particularly in the field of green aviation fuels, the company also aims to make the civil and military fuel supply more resilient to geopolitical influences.
The interim report for the first quarter of the 2026 financial year is available to download from the 'Investor Relations' section of the company's website at https://h2apex.com/en/.
