H2APEX Group SCA, a leading developer and operator of green hydrogen plants, reported a significant revenue increase for the first quarter of 2026, driven by a new project management consultancy (PMC) contract and growing sales of green hydrogen from its own production. The company also confirmed its full-year revenue forecast of EUR 14 million to EUR 16 million.
Revenue for the three months ended March 31, 2026, rose to EUR 3.5 million, compared with EUR 2.1 million in the same period last year, a 67% increase. The growth was primarily attributable to the PMC contract signed in February 2026 for the 100 MW IPCEI project “WAL - Hydrogen from Lubmin” and to the sale of 17 tonnes of green hydrogen from the company’s own production.
“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,” said Bert Althaus, CFO of H2APEX. “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.”
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at EUR -7.1 million, unchanged from the prior year. The order book, representing remaining performance obligations, amounted to EUR 23.7 million as of March 31, 2026, slightly up from EUR 22.6 million at the end of 2025. The company had 155 employees at the end of the quarter, compared with 153 at year-end 2025.
The increase in Germany’s greenhouse gas reduction quota, adopted in May 2026, is seen as an important step for the market ramp-up of green hydrogen in the transport sector. H2APEX aims to contribute to a secure and independent energy supply in Germany through its strategy, which includes new projects in green aviation fuels to enhance fuel supply resilience.
The interim report for the first quarter of 2026 is available for download from the Investor Relations section of H2APEX's website. The company’s forecast for 2026 revenue of EUR 14 million to EUR 16 million is based on contractually secured revenue, contributions from its own operations, and expiring EPC projects.
