H2APEX Group SCA, a developer and operator of green hydrogen plants, today published its interim report for the first quarter of the 2026 financial year, reporting revenue growth and confirming its full-year forecast. Revenue increased to EUR 3.5 million in Q1 2026, up from EUR 2.1 million in the same period last year, driven primarily by a new Project Management Consultancy (PMC) contract and hydrogen sales from the company's own production.
The PMC contract, awarded in February 2026 for the 100 MW IPCEI project "WAL - Hydrogen from Lubmin," is expected to provide predictable service revenues throughout the year. Additionally, H2APEX delivered 17 tonnes of green hydrogen from its own production in the first three months of 2026, contributing to revenue growth. The company's order book stood at EUR 23.7 million as of 31 March 2026, compared to EUR 22.6 million at the end of 2025, reflecting scheduled project completions.
EBITDA for the reporting period was EUR -7.1 million, unchanged from the prior year, as the company continues to invest in its strategic shift towards developing its own projects and expanding hydrogen production capacities. As of 31 March 2026, H2APEX had 155 employees, up slightly from 153 at year-end 2025.
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. 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, based on contractually secured revenue, contributions from own operations, and expiring EPC projects. H2APEX also highlighted the increase in the greenhouse gas reduction quota adopted in May 2026 as an important step for the market ramp-up of green hydrogen in Germany's transport sector.
The interim report for Q1 2026 is available in the 'Investor Relations' section of the company's website at https://h2apex.com/en/. H2APEX aims to contribute to a secure and independent energy supply in Germany and is pursuing new projects, particularly in green aviation fuels, to enhance the resilience of civil and military fuel supply to geopolitical influences.
