H2APEX Group SCA, a developer and operator of green hydrogen plants, reported financial results for the first quarter of 2026, showing revenue growth and confirming its full-year forecast. The company's revenue increased to EUR 3.5 million in Q1 2026, up from EUR 2.1 million in the same period last year. This growth was primarily driven by a new Project Management Consultancy (PMC) contract for the 100 MW IPCEI project “WAL - Hydrogen from Lubmin” and sales of green hydrogen from its own production, according to the interim report published on May 26, 2026.
In the first three months of 2026, H2APEX supplied 17 tonnes of green hydrogen from its own production. The PMC contract, awarded by the project company GHS2 in February 2026, secures predictable service revenues for the current financial year. The company's order book, representing remaining performance obligations, stood at EUR 23.7 million as of March 31, 2026, compared to EUR 22.6 million at the end of 2025. EBITDA for the quarter remained stable at EUR -7.1 million, consistent with the prior year.
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.”
The company confirmed its 2026 revenue forecast of between EUR 14 million and EUR 16 million, based on contractually secured revenue, contributions from its 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.
Through 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 seeks to make civil and military fuel supply more resilient to geopolitical influences. The interim report for the first quarter of 2026 is available for download from the ‘Investor Relations’ section of the company’s website at https://h2apex.com/en/.
As of March 31, 2026, H2APEX had 155 employees, up from 153 at the end of 2025. The company, which traces its origins to a predecessor founded in 2000, has focused entirely on clean hydrogen production, storage, and distribution since 2012. H2APEX develops, constructs, sells, or operates green hydrogen plants with an electrolysis capacity of up to 2 GW, serving industries such as steel, chemicals, and cement.
