H2APEX Reports 67% Revenue Surge in Q1 2026, Confirms Full-Year Forecast
H2APEX's first-quarter revenue jumped to EUR 3.5 million, driven by a new PMC contract and hydrogen sales, with the company confirming its 2026 revenue forecast of EUR 14-16 million.
H2APEX Group SCA, a developer and operator of green hydrogen plants, reported a 67% increase in revenue for the first quarter of 2026, reaching EUR 3.5 million compared to EUR 2.1 million in the same period last year. The growth was primarily fueled by a new Project Management Consultancy (PMC) contract for the 100 MW IPCEI project “WAL - Hydrogen from Lubmin” and sales of green hydrogen from the company's own production.
The company delivered 17 tonnes of green hydrogen in the first three months of the year. The PMC contract, awarded in February 2026 by project company GHS2, secures predictable service revenues for the current financial year. H2APEX's order book stood at EUR 23.7 million as of March 31, 2026, down slightly from EUR 22.6 million at the end of 2025 due to scheduled project completions.
EBITDA for the quarter remained flat at EUR -7.1 million, consistent with the prior year. The company maintained a stable workforce of 155 employees as of March 31, 2026.
CFO Bert Althaus 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.”
The company confirmed its full-year 2026 revenue forecast of EUR 14 million to EUR 16 million, based on contractually secured revenue, contributions from own operations, and expiring EPC projects.
A key development for the broader hydrogen market was the increase in Germany's greenhouse gas reduction quota in May 2026, which H2APEX sees as an important step for the market ramp-up of green hydrogen in the transport sector. The company aims to contribute to a secure and independent energy supply in Germany through its strategy, with new projects in green aviation fuels targeting more resilient fuel supply for civil and military applications.
The interim report for the first quarter of 2026 is available for download from the company's website at https://h2apex.com/en/.