H2APEX Sextuples Revenue in the First Three Quarters and Projects Total Revenue of EUR 28 Million for 2024

• Revenue for the first three quarters of 2024 amounts to EUR 25.2 Mio. (Q1-Q3 2023: EUR 3.7 mio.).
• Majority of expected 2024 revenue already contractually secured: Backlog stands at EUR 15.3 mio.
• Revenue forecast for 2024 revised to at least EUR 28 mio.
• Development of new, proprietary hydrogen plants and scaling of storage production progressing well.
• Headcount grows to 143 employees in the first three quarters as part of the growth strategy.

Rostock-Laage, Grevenmacher (Luxembourg), November 28, 2024 – H2APEX (ISIN LU0472835155, WKN A0YF5P, formerly exceet Group SCA), a publicly listed leading developer and operator of green hydrogen plants for decarbonizing industry, infrastructure, and mobility, has today published its interim report for the first three quarters of fiscal year 2024 (ended October 31, 2024).

Revenue for the first three quarters of 2024 increased to EUR 25.2 mio compared to EUR 3.7 million in the same period last year. The third quarter contributed EUR 7.6 mio., making it the company’s second-highest revenue quarter after Q1 2024 and showcasing its consistent growth. This robust revenue growth was primarily driven by project business, specifically implementing hydrogen plants for industrial and energy companies.

Due to significant investments and increased personnel costs as part of its growth strategy, adjusted EBITDA for the first three quarters of 2024 amounted to EUR -12.6 mio., compared to EUR -12.0 mio. in the previous year. As of October 31, 2024, the company employed 143 full-time equivalents (FTE), up from 110 employees as of December 31, 2023. The quarterly result was EUR -14.1 mio., compared to EUR -9.0 mio. in Q3 2023.

H2APEX revised its revenue forecast for the full fiscal year 2024 to at least EUR 28 mio. (initial forecast: EUR 35-40 mio.), reflecting 83% growth compared to 2023 (EUR 15.3 mio.). The adjustment is mainly due to supply chain challenges in the project business, delaying project timelines. As a result, pending revenues will be recognized slightly later, in 2025. As of June 30, 2024, the backlog, the contractually secured revenues, was EUR 15.3 mio..

Currently, H2APEX is participating as a planner and constructor of hydrogen plants in several tenders, with award decisions postponed. Based on first positive signals, the company expects awards for electrolyzer plants ranging from 20 MW to 70 MW.

The development of proprietary hydrogen plants is on schedule, with final investment decisions planned for early 2025.

Peter Rößner, CEO of H2APEX’s operational business, states: "With our existing projects, we achieved a sixfold increase in revenue in the first nine months. We’ve also made significant progress in bidding for new projects and developing our proprietary hydrogen plants. I’d like to thank the entire H2APEX team for their outstanding contributions."

Bert Althaus, CFO of H2APEX Group, adds: "We will nearly double our revenue to at least EUR 28 million in 2024 compared to last year. Supply chain issues prevented even higher growth. With the progress in developing our proprietary hydrogen plants, we expect final investment decisions early next year. Structurally and in terms of personnel, we continue to align the organization with our growth strategy."

The interim report for the first three quarters of fiscal year 2024 is available for download in the “Investor Relations” section of the company’s website at .

About H2APEX

H2APEX is a merger of the H2APEX Group SCA (ISIN LU0472835155, WKN A0YF5P), listed in the Prime Standard of the Frankfurt Stock Exchange, and hydrogen specialist APEX Group. Together, the companies act in the market under the H2APEX brand. The operational core of H2APEX was founded in 2000 in Rostock/Laage and has focused entirely on clean hydrogen production, storage, and distribution since 2012. This makes the company one of the pioneers in this field. The goal of H2APEX is to become an internationally established developer and operator of hydrogen plants. In its core business, H2APEX develops, builds and  sells or operates green hydrogen plants with an electrolysis capacity of less than 1 GW. These are used to decarbonize industrial value chains and produce green hydrogen and hydrogen derivatives such as LOHC (liquid organic hydrogen carriers) and e-fuels. They are used for example in the steel, chemicals and cement industries as well as other energy-intensive industries. In addition the company offers plants for infrastructure and logistics, especially for industrial use in warehouses, ports, and production facilities.

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