H2APEX Group SCA, a leading developer and operator of green hydrogen plants, reported a significant increase in revenue for the first quarter of 2026, reaching EUR 3.5 million compared to EUR 2.1 million in the same period last year. The growth was primarily driven by a new Project Management Consultancy (PMC) contract for the 100 MW IPCEI project "WAL - Hydrogen from Lubmin" and increased sales of green hydrogen from its own production. In the first three months of 2026, the company delivered 17 tonnes of green hydrogen.
The company's EBITDA for the quarter stood at EUR -7.1 million, consistent with the prior year, reflecting ongoing investments in strategic projects. Despite the negative EBITDA, the order book, measured as remaining performance obligations, increased to EUR 23.7 million as of March 31, 2026, from EUR 22.6 million at the end of 2025. H2APEX confirmed its full-year 2026 revenue forecast of EUR 14 million to EUR 16 million, supported by contractually secured revenues and contributions from its own operations.
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."
The company highlighted the recent increase in Germany's greenhouse gas reduction quota as a positive development for the green hydrogen market. H2APEX aims to contribute to a secure and independent energy supply in Germany through its projects, including those in green aviation fuels, which enhance the resilience of fuel supply to geopolitical influences.
As of March 31, 2026, H2APEX employed 155 people, up slightly from 153 at the end of 2025. The interim report for the first quarter of 2026 is available on the company's website at https://h2apex.com/en/.
