Major Estimate Revision • May 28
Consensus EPS estimates fall by 61% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €15.0m to €14.3m. Losses expected to increase from €0.32 per share to €0.52. Oil and Gas industry in Germany expected to see average net income growth of 51% next year. Consensus price target down from €2.85 to €2.17. Share price fell 3.4% to €0.99 over the past week. Major Estimate Revision • May 12
Consensus revenue estimates decrease by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from €24.2m to €21.0m. EPS estimate unchanged from -€0.30 per share at last update. Oil and Gas industry in Germany expected to see average net income growth of 59% next year. Consensus price target down from €3.15 to €2.85. Share price rose 3.2% to €1.13 over the past week. Breakeven Date Change • Apr 30
Forecast to breakeven in 2027 The 3 analysts covering H2APEX Group expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 30% per year to 2026. The company is expected to make a profit of €3.07m in 2027. Average annual earnings growth of 83% is required to achieve expected profit on schedule. Announcement • Apr 28
H2APEX Group SCA to Report Fiscal Year 2025 Results on Apr 29, 2026 H2APEX Group SCA announced that they will report fiscal year 2025 results at 12:00 PM, Central European Standard Time on Apr 29, 2026 Price Target Changed • Jan 07
Price target decreased by 14% to €3.30 Down from €3.85, the current price target is provided by 1 analyst. New target price is 72% above last closing price of €1.92. Stock is down 62% over the past year. The company is forecast to post a net loss per share of €0.61 next year compared to a net loss per share of €0.77 last year. New Risk • Jan 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 24% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€21m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€1.1m net loss in 2 years). Major Estimate Revision • Dec 16
Consensus revenue estimates increase by 19% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €6.83m to €8.13m. EPS estimate unchanged from -€0.61 at last update. Oil and Gas industry in Germany expected to see average net income growth of 16% next year. Consensus price target down from €3.85 to €3.65. Share price fell 3.8% to €1.28 over the past week. Reported Earnings • Nov 26
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €1.02m (down 87% from 3Q 2024). Net loss: €12.0m (loss widened 151% from 3Q 2024). Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Oil and Gas industry in Germany. Announcement • Nov 22
H2APEX Group SCA Raises Revenue Guidance for the Fiscal Year 2025 H2APEX Group SCA raised revenue guidance for the fiscal year 2025. H2APEX now expects revenues in the fiscal year 2025 between EUR 9 million and EUR 10 million, while the 2024 Group Annual Report forecasted revenues in the fiscal year 2025 between EUR 6 million and EUR 8 million. The increased forecast is attributable to the company’s adjusted strategy, which is showing positive effects earlier than expected. In particular, the joint IPCEI-funded project with Copenhagen Infrastructure Partners (CIP) in Lubmin, for which H2APEX provided project development services, has contributed to the unexpected increase in revenue with its first sales. Announcement • Nov 18
H2APEX Group SCA to Report Q3, 2025 Results on Nov 24, 2025 H2APEX Group SCA announced that they will report Q3, 2025 results on Nov 24, 2025 Reported Earnings • Aug 31
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €2.14m (down 71% from 2Q 2024). Net loss: €7.91m (loss narrowed 14% from 2Q 2024). Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Oil and Gas industry in Germany. Announcement • Aug 23
H2APEX Group SCA to Report Q2, 2025 Results on Aug 28, 2025 H2APEX Group SCA announced that they will report Q2, 2025 results on Aug 28, 2025 New Risk • Jul 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€9.4m net loss in 2 years). Share price has been volatile over the past 3 months (7.9% average weekly change). New Risk • May 29
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €31m Forecast net loss in 2 years: €9.4m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€9.4m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (€77.8m market cap, or US$88.4m). Announcement • May 21
H2APEX Group SCA to Report Q1, 2025 Results on May 28, 2025 H2APEX Group SCA announced that they will report Q1, 2025 results on May 28, 2025 Breakeven Date Change • May 19
Forecast to breakeven in 2027 The 2 analysts covering H2APEX Group expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 45% per year to 2026. The company is expected to make a profit of €3.00m in 2027. Average annual earnings growth of 60% is required to achieve expected profit on schedule. New Risk • May 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€8.4m net loss in 2 years). Market cap is less than US$100m (€88.7m market cap, or US$98.9m). Reported Earnings • May 15
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: €31.1m (up 90% from FY 2023). Net loss: €27.9m (loss widened 13% from FY 2023). Revenue exceeded analyst estimates by 4.3%. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Electronic industry in Germany. Announcement • Apr 25
H2APEX Group SCA to Report Fiscal Year 2024 Results on Apr 30, 2025 H2APEX Group SCA announced that they will report fiscal year 2024 results at 12:00 PM, Central European Standard Time on Apr 30, 2025 New Risk • Apr 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€11m net loss in 2 years). Market cap is less than US$100m (€76.4m market cap, or US$83.7m). New Risk • Mar 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.6m (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-€27m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€11m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (€91.6m market cap, or US$98.9m). Announcement • Feb 26
H2APEX Group SCA Announces Executive Changes H2APEX Group SCA announced that after Prof. Dr. Matthias Beller resigned from the Supervisory Board at the end of last year to focus more on research, the company welcomes Markus Lesser, a highly experienced manager in the energy sector, to the Supervisory Board of H2APEX Group SCA. Markus Lesser has over 30 years of experience in the international energy industry. He has significantly driven the development of PNE AG for 13 years, initially as COO and since 2016 as CEO. Prof. Dr. Matthias Beller will continue to advise H2APEX, particularly its subsidiary AKROS, to help bring chemical hydrogen storage to market maturity. Major Estimate Revision • Dec 05
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €35.4m to €28.4m. Forecast losses increased from -€0.618 to -€0.637 per share. Electronic industry in Germany expected to see average net income growth of 73% next year. Consensus price target down from €10.17 to €8.90. Share price fell 7.9% to €5.25 over the past week. Reported Earnings • Dec 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €7.73m (up 453% from 3Q 2023). Net loss: €4.79m (loss narrowed 15% from 3Q 2023). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Electronic industry in Germany. Announcement • Nov 26
H2APEX Group SCA to Report First Half, 2024 Results on Nov 28, 2024 H2APEX Group SCA announced that they will report first half, 2024 results on Nov 28, 2024 New Risk • Nov 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-€27m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€12m net loss in 2 years). Share price has been volatile over the past 3 months (7.2% average weekly change). Major Estimate Revision • Sep 11
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €39.5m to €35.2m. Forecast losses increased from -€0.451 to -€0.618 per share. Electronic industry in Germany expected to see average net income growth of 33% next year. Consensus price target of €10.17 unchanged from last update. Share price was steady at €4.98 over the past week. Major Estimate Revision • Sep 06
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €39.5m to €35.0m. Forecast losses increased from -€0.451 to -€0.62 per share. Electronic industry in Germany expected to see average net income growth of 33% next year. Consensus price target down from €11.00 to €10.17. Share price fell 3.7% to €4.96 over the past week. Price Target Changed • Sep 03
Price target decreased by 11% to €10.17 Down from €11.45, the current price target is an average from 3 analysts. New target price is 97% above last closing price of €5.15. Stock is down 19% over the past year. The company is forecast to post a net loss per share of €0.45 next year compared to a net loss per share of €0.69 last year. Reported Earnings • Sep 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €7.35m (up €6.62m from 2Q 2023). Net loss: €9.16m (loss widened 98% from 2Q 2023). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Announcement • Aug 14
H2APEX Group SCA to Report First Half, 2024 Results on Aug 29, 2024 H2APEX Group SCA announced that they will report first half, 2024 results on Aug 29, 2024 Announcement • Jun 01
H2APEX Group SCA, Annual General Meeting, Jun 13, 2024 H2APEX Group SCA, Annual General Meeting, Jun 13, 2024, at 12:00 W. Europe Standard Time. Location: legere hotel luxembourg 11 rue gabriel lippmann, parc d activite syrdall l 5365 munsbach, Luxembourg Announcement • May 22
H2APEX Group SCA to Report Q1, 2024 Results on May 28, 2024 H2APEX Group SCA announced that they will report Q1, 2024 results on May 28, 2024 Reported Earnings • May 02
Full year 2023 earnings: Revenues in line with analyst expectations Full year 2023 results: Revenue: €16.4m (up 326% from FY 2022). Net loss: €24.7m (loss widened 91% from FY 2022). Revenue was in line with analyst estimates. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. New Risk • Apr 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (81% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€15m net loss in 2 years). Share price has been volatile over the past 3 months (7.2% average weekly change). Revenue is less than US$5m (€4.6m revenue, or US$5.0m). Major Estimate Revision • Mar 12
Consensus EPS estimates fall by 54% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €15.4m to €15.1m. Losses expected to increase from €0.30 per share to €0.46. Electronic industry in Germany expected to see average net income growth of 15% next year. Consensus price target broadly unchanged at €11.25. Share price was steady at €5.75 over the past week. Announcement • Mar 07
H2APEX Group SCA to Report Fiscal Year 2023 Final Results on Apr 30, 2024 H2APEX Group SCA announced that they will report fiscal year 2023 final results on Apr 30, 2024 Reported Earnings • Dec 01
Third quarter 2023 earnings released Third quarter 2023 results: €0.15 loss per share. Net loss: €5.65m (flat on 3Q 2022). Revenue is forecast to grow 51% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Announcement • Nov 24
APEX Group Appoints Axel Funke as Chief Technology Officer, Effective from January 1, 2024 APEX Group appointed Axel Funke (58) effective January 1, 2024. As Chief Technology Officer (CTO), Axel Funke will be responsible for project management and engineering and will drive forward the expansion of expertise and reliability in the project implementation stage. As part of its growth strategy, APEX Group is expanding its management team from five to six members. Axel Funke has more than 30 years of experience in plant engineering with a special focus on the energy sector. Since 2021, he has been Head of Business Line Integrated Projects in the Technology division of Bilfinger SE, where he was responsible for Sales & Business Development, Project Management, Engineering, Quality Assurance, Assembly & Service, as well as the strategic development of the business unit in the Green Hydrogen, Energy Efficiency and Process Plant Project Development segments. Previously, he was Project Director at thyssenkrupp Industrial Solutions, where he was instrumental in the design of the HyLIOS project, which comprises the delivery of a 2.2 GW electrolysis plant for one of the world's largest green hydrogen production projects in Neom, Saudi Arabia. Axel Funke was also Project Director and a member of the management team in the Engineering Division at Linde AG, where he had overall responsibility for project management, engineering, procurement and installation of major international projects in the areas of petrochemical plants, natural gas plants and hydrogen and synthesis gas plants. At MAN AG, he was furthermore Head of Project Management and Senior Executive Manager, responsible for the planning and implementation of various power plant projects. Funke holds a degree in mechanical engineering from the Technical University of Munich and a degree in industrial engineering from the Lahr University of Applied Sciences. The appointment of Axel Funke as CTO completes the management team of APEX. Following the recent appointment of Bert Althaus as CFO, the management team is now staffed with top personnel across all areas. Apex's new management team will thus be comprised of Peter Rößner (Chief Executive Officer), Bert Althaus(Chief Financial Officer), Axel Funke (Chief Technology Officer), Gunnar Krüger (Chief Business Devepment Officer), Bojan Petrov (Chief Operating Officer) and Dr. Peter Sponholz (Chief Research Officer). New Risk • Nov 02
New major risk - Revenue and earnings growth Earnings have declined by 41% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€25m free cash flow). Earnings have declined by 41% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change).