H2APEX Group SCA, a developer and operator of green hydrogen plants, reported its financial results for the first quarter of 2026, showing a revenue increase to EUR 3.5 million from EUR 2.1 million in the same period last year. The growth was primarily driven by a Project Management Consultancy (PMC) contract secured in February 2026 for the 100 MW IPCEI project 'WAL - Hydrogen from Lubmin' and sales of green hydrogen from the company's own production. During the first three months, H2APEX delivered 17 tonnes of green hydrogen.
The company's EBITDA remained stable at EUR -7.1 million, consistent with Q1 2025. The 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. H2APEX employed 155 people as of March 31, 2026, up slightly from 153 at year-end 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.' He added that revenue from operating the company's own hydrogen plant continues to grow.
Based on contractually secured revenue, contributions from its own operations, and expiring EPC projects, H2APEX confirmed its 2026 revenue forecast of EUR 14 million to EUR 16 million. The company 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.
H2APEX aims to contribute to a secure and independent energy supply in Germany through consistent strategy implementation, with new projects in green aviation fuels intended to make fuel supply more resilient to geopolitical influences. The interim report for Q1 2026 is available on the company's website at https://h2apex.com/en/.
