H2APEX publishes half-year results 2026: revenue up by about two-thirds

Press release

H2APEX publishes half-year results 2026: revenue up by about two-thirds

• Revenue in the first half of 2026 rose by 67.5% to EUR 7.0 million (H1 2025: EUR 4.2 million)
• Transformation taking shape: external revenue in the new core segment, Project Development & Energy/Asset Management, more than quadrupled to EUR 3.2 million (H1 2025: EUR 0.7 million)
• Subsidiary AKROS Energy generates its first revenue from container-based salt storage technology
• The WAL project is progressing as planned: feed-in capacity to the core hydrogen network secured
• Revenue forecast for the 2026 financial year confirmed at between EUR 14 million and EUR 16 million

Rostock, Grevenmacher (Grand Duchy of Luxembourg), 27 August 2026 – H2APEX Group SCA (ISIN: LU0472835155), a leading operator and developer of green hydrogen plants for the decarbonisation of industry, infrastructure and mobility, today published its interim report for the first half of the 2026 financial year. The business performance confirms the strategic shift initiated in the 2025 financial year towards a focus on in-house project development and the expansion of the Group’s own hydrogen production capacities. The management structure comprising three business units – Project Development & Energy/Asset Management (“PD & EAM”), Storage & Transportation, and Services – introduced on 1 January 2026 is reflected in the segment reporting for the first time in this half-year financial report.

Peter Rößner, CEO of H2APEX: “The transformation of H2APEX’s business model is clearly reflected in our figures for the first half of 2026: our new core business comprising project development and energy and asset management has almost caught up with the services business in terms of revenue. With the first revenue from our AKROS storage technology and the secured feed-in capacity for the WAL project into the hydrogen core network, we have also reached two milestones on the path to scalable, recurring revenue. The new binding quotas for green hydrogen in the fuel market create precisely the reliable demand that our projects are designed to meet.”

Revenue rose to EUR 7.0 million in the first half of 2026 (H1 2025: EUR 4.2 million), representing an increase of around two-thirds (67.5%) on the previous year’s figure and was in line with management’s expectations. Key drivers were the PMC (Project Management Consultancy) contract concluded in February 2026 for the 100 MW IPCEI project “WAL – Hydrogen from Lubmin” and the sale of green hydrogen from the company’s own production. During the reporting period, H2APEX supplied 45 tonnes of green hydrogen from its own production (H1 2025: 39 tonnes). The increase of around 16% reflects the ongoing ramp-up and improved utilisation of the company’s own production capacities.

At business unit level, external revenue in the PD & EAM segment – which primarily comprises project development as well as the production and sale of green hydrogen – rose to EUR 3.2 million (H1 2025: EUR 0.7 million). This meant that the new core segment was almost on a par with the revenue of the Services segment, which generated revenue of EUR 3.6 million (H1 2025: EUR 3.5 million) and is primarily driven by the EPC (Engineering, Procurement and Construction) business for third parties, which is being phased out as planned, as well as by operations and maintenance (O&M) services. The Storage & Transportation segment contributed external revenue of EUR 0.3 million for the first time (H1 2025: EUR 0.0 million).

EBITDA (an alternative performance measure, APM*) stood at EUR -14.8 million in the first half of 2026 (H1 2025: EUR -13.3 million), whilst adjusted EBITDA (APM*) stood at EUR -14.4 million (H1 2025: EUR -12.3 million). This development was primarily driven by higher, directly attributable costs relating to hydrogen trading, as well as staff costs associated with the PMC contract. This was compounded by higher other operating expenses. Overall, this reflects the ongoing ramp-up of business activities and the changing revenue mix.

Bert Althaus, CFO of H2APEX: “We increased our revenue by around two-thirds in the first half of the year whilst further improving the quality of our revenue base: predictable service revenue from the PMC contract and growing contributions from our own operations are replacing the volatile EPC business for third parties, which is being phased out as part of the strategic shift. The decline in the order backlog reflects precisely this planned execution of orders. Based on revenue that is already largely contractually secured, we confirm our forecast for the 2026 financial year, with expected revenue of between EUR 14 million and EUR 16 million.”

AKROS Energy GmbH: H2APEX subsidiary generates first revenue from innovative hydrogen storage in salt

AKROS Energy GmbH achieved a commercial milestone in the first half of 2026. Shortly after the pilot plant in Laage began operations, the wholly-owned H2APEX subsidiary generated its first revenue in May 2026 from its container-based technology for hydrogen storage in salt, through a collaboration encompassing scale-up and technology licensing. AKROS has thus made the transition from technology development to commercial application, with further revenue potential in engineering, licensing and maintenance.

Progress on the major project WAL

H2APEX also made progress on the major WAL project. The project, developed in collaboration with Copenhagen Infrastructure Partners (CIP), concluded a capacity reservation agreement with GASCADE Gastransport GmbH in May 2026, thereby securing feed-in capacity into the German core hydrogen network for the planned electrolysis plant in Lubmin.

Regulatory developments provide further impetus for green hydrogen

With the implementation of the amended EU Renewable Energy Directive (RED III), binding minimum quotas for renewable fuels of non-biogenic origin – including green hydrogen – have applied in Germany since 2026 as part of the greenhouse gas reduction quota (GHG quota). This creates a regulated, long-term growing demand, which improves the off-take opportunities and revenue visibility for future projects. This benefits both the major centralised projects WAL, SKY and SPARK, as well as decentralised, standardised plants.

The interim report for the fist half of 2026 is available for download on the company’s website, https://h2apex.com/en/, in the ‘Investor Relations’ section.

*Alternative Performance Measures (APMs)

This press release contains alternative performance measures (“APMs”), in particular EBITDA and the order backlog (remaining performance obligations), which are not defined under International Financial Reporting Standards (IFRS). EBITDA is defined as earnings before interest, taxes, depreciation and amortisation of intangible assets and property, plant and equipment. The order backlog (remaining performance obligations) corresponds to the total value of customer orders not yet fulfilled as at the reporting date. These measures are used to provide additional insight into the company’s operating profitability and expected revenue development. The definitions of the APMs used, as well as reconciliations to the corresponding IFRS measures, are included in the interim statement for the first half of 2026, which is available on the company’s website at https://h2apex.com/en in the ‘Investor Relations’ section.

About H2APEX

H2APEX traces its origins back to a predecessor company founded in Mecklenburg-Western Pomerania in 2000 and has focused entirely on clean hydrogen production, storage and distribution since 2012. This makes the company one of the pioneers in the industry. H2APEX’s goal is to become an internationally established developer and operator of hydrogen plants. In its core business, H2APEX develops, constructs, sells or operates green hydrogen plants with an electrolysis capacity of up to 2 GW. These are used to decarbonise industrial value chains and to produce green hydrogen for the steel, chemical and cement industries, as well as other energy-intensive sectors. In addition, the company offers systems for infrastructure and logistics, particularly for industrial use in warehouses, ports and production facilities.

Contact:

H2APEX

Investor Relations

Henriette Siegel

Phone: +49 381 799902-320

Email: investor.relations@h2apex.com

Timmermannsstrasse 2a

18055 Rostock

h2apex.com

IR.on AG

Investor Relations

Frederic Hilke, Niklas Wagner

Phone: +49 221 9140 973

Email: h2apex@ir-on.com

Mittelstr. 12–14

50672 Cologne

ir-on.com