SFC Energy AG has raised its earnings guidance for the 2026 financial year for the second time, after preliminary figures for the first nine months showed operating profit already surpassing the upper end of its previous full-year target. The Brunnthal-based fuel cell and power management specialist reported group sales of EUR 132.8 million for the period, up from EUR 102.7 million a year earlier, while adjusted EBITDA climbed to EUR 33.7 million from EUR 10.8 million. Adjusted EBIT reached EUR 25.7 million, compared with EUR 5.0 million in the prior-year period.
The scale of the revision matters because it signals that SFC's growth is translating into disproportionate profitability rather than simply higher revenue. The company now expects adjusted EBITDA of EUR 36.0 million to EUR 38.0 million and adjusted EBIT of EUR 25.5 million to EUR 27.5 million, up from previous ranges of EUR 31.5 million to EUR 34.0 million and EUR 21.5 million to EUR 25.5 million respectively. The sales guidance was left unchanged at EUR 166.0 million to EUR 175.0 million, implying that the earnings upgrade is driven by margin expansion rather than a higher revenue base.
Chief Executive Dr. Peter Podesser attributed the performance primarily to a significant expansion of the defense business, particularly in Ukraine, and the resulting improvement in product mix. "Modern warfare generates fast-growing demand for electrical energy in the field," he said, noting that fuel cell solutions enable longer mission durations, reduced logistics effort and enhanced safety for users. The company also benefited from a higher gross margin in the European Clean Power Management segment, lower-than-expected ERP expenses to date, and lower logistics and handling costs for the Ukraine order. The gross margin improvement was driven to a very large extent by growth with customers in the semiconductor equipment industry.
For investors, the key implication is that SFC appears to be successfully converting its position in security-critical applications into a more profitable operating platform. The company is investing selectively in new regions such as the Middle East to capture further growth opportunities. However, the Management Board cautioned that the fourth quarter will see a relatively lower earnings contribution as the product mix shifts back toward civilian products following the timely delivery of the first Ukraine programme, alongside higher planned ERP expenses and additional investment in Ukraine business development.
SFC Energy, listed on the Frankfurt Stock Exchange's Prime Standard and included in the SDAX since 2022, trades under the ticker F3C:DE and employs around 500 people across subsidiaries in Canada, Denmark, India, the Netherlands, Romania, the United Kingdom and the United States. The company will hold an English-language conference call for investors and press on 30 October 2026, with registration available through the DiamondPass registration page. Full quarterly figures for the period ended 30 September 2026 are scheduled for publication on 11 November 2026. Further details are available at www.sfc.com.
