H2APEX Group SCA, a leading developer and operator of green hydrogen plants, published its interim report for the first quarter of 2026 on May 26, revealing a significant increase in revenue and confirming its full-year forecast. The company reported revenue of EUR 3.5 million for Q1 2026, up from EUR 2.1 million in the same period last year, representing a 67% growth. This increase was primarily driven by a new Project Management Consultancy (PMC) contract for the 100 MW IPCEI project 'WAL - Hydrogen from Lubmin' and the sale of green hydrogen from the company's own production.
During the first three months of 2026, H2APEX delivered 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 and supports the continued development of the strategically significant WAL project. The company's order book stood at EUR 23.7 million as of March 31, 2026, slightly up from EUR 22.6 million at the end of 2025, reflecting scheduled project completions and new service contracts.
EBITDA for the quarter was EUR -7.1 million, consistent with 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 March 31, 2026, H2APEX employed 155 people, 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.'
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. The increase in the greenhouse gas reduction quota adopted in May 2026 is seen as an important step towards the market ramp-up of green hydrogen in Germany's transport sector. H2APEX aims to contribute to a secure and independent energy supply in Germany through consistent strategy implementation, and new projects in green aviation fuels could enhance the resilience of civil and military fuel supply to geopolitical influences.
The interim report for the first quarter of 2026 is available on the company's website at https://h2apex.com/en/ in the 'Investor Relations' section.
