H2APEX publishes figures for the 2025 financial year and provides positive outlook

Press release

H2APEX publishes figures for the 2025 financial year and provides positive outlook

• Revenues in the 2025 financial year at EUR 10.0 million at the upper end of forecast, revenues from own plant operations quadrupled
• Order backlog more than doubled to EUR 22.6 million at year-end
• Forecast for 2026: Revenues of between EUR 14 million and EUR 16 million expected, most already contractually secured

Rostock, Grevenmacher (Grand Duchy of Luxembourg), April 29^th, 2026 – H2APEX Group SCA (ISIN: LU0472835155), a leading developer and operator of green hydrogen plants for the decarbonization of industry, infrastructure and mobility, today published its audited consolidated financial statements for the 2025 financial year and its first VSME Sustainability Report. The annual report reflects the strategic transformation of the company and the improved perspective in the increasingly dynamic market for green hydrogen. 

In the 2025 financial year, H2APEX has adapted to the changes in the hydrogen market and is increasingly focusing on its own project development expertise and the realization of its own hydrogen production capacities. The 100 MW IPCEI project "WAL – Hydrogen from Lubmin" has made significant progress through the strategic partnership with Copenhagen Infrastructure Partners (CIP) and the acquisition of HH2E Werk Lubmin GmbH. Further projects could enter the development phase in 2025. Large-scale electrolysis for green civil and military aviation fuels in Laage as well as small decentralized plants for regions without pipeline connections will play a major role in the business model in the future. The company is also expanding capacities in the growing market for operations management and services. In the Storage segment, H2APEX has achieved important technological milestones: The development steps in the 2025 financial year will enable the launch of a pilot plant for the storage of hydrogen in salt in the first half of 2026 and the series production of pressure storage in the second half of 2026. In the previously volatile EPC (Engineering, Procurement, and Construction) business for third parties, capacities were reduced.

Peter Rößner, CEO of H2APEX: "In the 2025 financial year, we made great progress in the expansion of our own hydrogen production capacities and storage solutions and were able to further expand the basis for our success. The draft law currently passed in the Bundestag on the further development of the GHG quota creates the planning security that is still necessary in the market ramp-up of green hydrogen. As H2APEX, we want to contribute to a secure and independent energy supply in Germany. Through new projects, we will also make civil and military fuel supply more resilient to geopolitical influences in the future."

This development is also reflected in the figures. Revenues amounted to EUR 10.0 million (2024: EUR 29.6 million) and were thus at the upper end of the forecast raised to EUR 9 million to EUR 10 million in the course of the year. Due to the planned decline in revenue during the strategic change as well as continued investments in staff and in the development of storage solutions, adjusted EBITDA in the 2025 financial year amounted to EUR -25.7 million (2024: EUR -16.3 million). The net result for the year was EUR -33.8 million, compared to EUR -27.8 million in the 2024 financial year. The order backlog at the end of 2025 more than doubled to EUR 22.6 million. For the current financial year 2026, H2APEX expects revenues of between EUR 14 million and EUR 16 million. A large part of these sales is already contractually secured. Accordingly, continued project development, including the PMC (Project Management Consultancy) contract for the WAL project, growing revenues from the in-house operation of the hydrogen plant in Rostock-Laage, operations & maintenance revenues and EPC projects that are being phased out will contribute to the earnings contributions. As part of its ordinary course of business, the Company regularly evaluates a range of financing options to support its operations, including project-level financing, debt instruments and equity-linked or other capital markets solutions. Any such considerations are ongoing and exploratory in nature, and no decision has been taken as to whether or when any transaction will be pursued.

Bert Althaus, CFO of H2APEX: "The development of the 2025 financial year reflects and confirms the change in strategy we have adopted: We have deliberately prioritized short-term sales in favor of long-term value creation and scalability. Despite the associated negative impact on earnings, we are significantly expanding our order backlog, contractually securing large parts of our revenues for 2026 and strengthening the quality and predictability of our business model with project development, in-house operation and service revenues."

Another milestone for the H2APEX Group is the publication of a voluntary sustainability report in accordance with the Voluntary Standard for SME Sustainability Reporting (VSME) for the first time. H2APEX thus creates transparency for investors, lenders, customers and other stakeholders with regard to its ESG performance at an early stage. In the future, the report will be published annually. The focus of the coming years will be on the completion of ISO certifications 14001 and 50001, the further development of a supply chain compliance system and the expansion of the database for the Scope 3 balance sheet.

The complete annual report for the 2025 financial year and the first sustainability report according to VSME are available for download on the company website www.h2apex.com

About H2APEX

The operational core of H2APEX was founded in Mecklenburg-Western Pomerania in 2000 and has been fully focused on clean hydrogen production, storage and distribution since 2012. This makes the company one of the pioneers in this field. H2APEX's goal is to become an internationally established developer and operator of hydrogen plants. In its core business, H2APEX develops, builds, sells or operates green hydrogen plants with an electrolysis capacity of up to 2 GW. These are used to decarbonize industrial value chains and produce green hydrogen. They are used, for example, in the steel, chemical and cement industries as well as other energy-intensive industries. In addition, the company offers facilities for infrastructure and logistics, especially for industrial use in warehouses, ports and production facilities.

Contact: 

H2APEX 

Investor Relations

Henriette Siegel 

Phone: +49 381 799902-320 

E-mail: investor.relations@h2apex.com 

Timmermannsstrat 2a

18055 Rostock  

www.h2apex.com 

IR.on AG

Investor Relations  

Frederic Hilke, Niklas Wagner

Phone: +49 221 9140 973

Mittelstr. 12-14  

50672 Cologne

E-mail: h2apex@ir-on.com 

www.ir-on.com