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SFC Energy AG

SFC Energy builds fuel cells and power electronics that keep remote equipment, communications networks and defence equipment running when reliable grid electricity is unavailable.

F3C · Xetra / Frankfurt Prime Standard

Overview

Summary

Founded in 2000 near Munich, SFC built its business around a practical problem: equipment still needs electricity when a power cable cannot reach it. Its EFOY fuel cells now serve industrial, security, defence and leisure customers. A second business supplies power electronics used in demanding industrial equipment, including semiconductor manufacturing and lasers.

Latest results

Reported in EUR

Revenue

EUR 132.8 million+29.3%

Jan–Sep 2026

Operating profit

EUR 11.1 million+1,484.4%

Jan–Jun 2026 · Margin 13.4%

Cash held

EUR 44.0 million-13%

At Jun 30, 2026

Financial debt

EUR 18.9 million+7.2%

At Jun 30, 2026

Latest financial publication

Oct 29, 2026 · Issuer publication

Preliminary nine-month 2026 results

Investment Thesis

Fuel cells with established customers and a growing defence business

European Tech Equities analysis · Nov 6, 2026

The investment case

SFC sells equipment that customers already use to keep essential devices powered. The case rests on expanding these practical niches, especially backup power and defence, rather than waiting for a future hydrogen economy. Its separate power-electronics business adds industrial exposure but is currently weaker.

Sources[1][2]

Evidence so far

Preliminary revenue for the first nine months of 2026 reached €132.8 million, up from €102.7 million a year earlier. Adjusted EBITDA rose to €33.7 million. A large Ukraine order helped drive this improvement, so the pace should not simply be projected into every future quarter.

Sources[3]

Customer demand

Remote surveillance, communications and critical infrastructure need dependable power. Fuel cells are attractive where long battery-only operation or frequent generator servicing is difficult. Customers still need a workable fuel supply, and orders can move with defence budgets and industrial investment.

Sources[2][1]

Financial progress

The full H1 accounts show €82.4 million of revenue and €11.1 million of operating profit. Operating cash flow was €4.6 million, below profit, while cash stood at €44.0 million against €18.9 million of debt including leases. Investors should follow cash collection as well as adjusted earnings.

Sources[1]

Valuation and expectations

The screening market value was approximately €304 million on 5 November 2026. That is an equity value, not a current valuation model. Strong 2026 defence earnings raise the question of how much can recur after the first Ukraine programme; a multiple based only on this unusually strong period could give a misleading impression.

Sources[4][3]

What would weaken the case

Large defence orders can make quarterly growth and margins uneven.
Fuel supply and total operating cost can favour batteries or generators in some applications.
Adjusted profit growth does not guarantee equally strong operating cash flow.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	73.61	82.35
Gross profit	31.27	38.76
Gross margin	42.5%	47.1%
EBITDA	4.58	15.49
EBITDA margin	6.2%	18.8%
Operating profit (EBIT)	0.70	11.07
Operating margin	0.9%	13.4%
Net income	0.26	7.28
Earnings per share (EUR)	0.02	0.42

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	-6.30	4.64
Capital expenditure	1.76	1.60
Free cash flow	-8.05	3.04

Balance sheet

At period endEUR million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	46.63	44.04
Total debt	16.63	18.86
Net debt / (net cash)	-30.00	-25.18
Total assets	192.34	204.98
Total liabilities	53.79	58.15
Total equity	138.55	146.84

Sources and details

Additional figures

9M 2026 · Oct 29, 2026

Revenue: EUR 132.8m
Adjusted EBITDA: EUR 33.7m

The latest nine-month release contains preliminary sales and adjusted earnings. The full half-year accounts remain the latest source for statutory profit, cash flow and the balance sheet.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 2025 · H12026 PDF pp3,44,48–49: comparable income and cash flow. June2025 balance sheet from H12025 report pp43–44: https://ir-api.eqs.com/media/document/981a04c0-181b-4240-9af1-6d0645604726/assets/DE0007568578-Q2-2025-EQ-E-00.pdf. Capex = 0.898194 + 0.020265 + 0.839951. Debt = 4.430202 + 2.663565 + 10.508416. No balance-sheet figures carried forward from December.

H1 2026 · H12026 PDF pp3,44,46–49. Reported EBITDA 15.487 versus adjusted EBITDA18.445. Cash excludes restricted cash0.285620; debt includes bank liabilities2.883771 and leases3.559140+12.419932. Cash capex0.777370+0.012967+0.805648; excludes acquisitions.

FY 2025 · FY2025 annual report PDF pp104–109. Reported EBITDA from key figures. Capex = 1.530039 + 0.012208 + 2.511661, including capitalised development. Debt = bank borrowing 3.338659 + lease liabilities 3.324132 + 9.965487. Net income is total consolidated result; EPS uses owners’ result.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

Consolidated IFRS figures in EUR millions; earnings per share in EUR. FY2024 uses the restated comparative in the 2025 annual report. EBITDA is reported EBITDA, with adjusted EBITDA shown separately when available.

Annual

RevenueOperating profitNet profit

Revenue

FY 2024144.7

FY 2025143.3

Operating profit

FY 202413.1

FY 20254.5

Net profit

FY 20248.8

FY 2025-0.887

Income statement

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	144.68	143.27
Gross profit	59.31	58.39
Gross margin	41.0%	40.8%
EBITDA	19.59	12.22
EBITDA margin	13.5%	8.5%
Operating profit (EBIT)	13.14	4.48
Operating margin	9.1%	3.1%
Net income	8.76	-0.89
Earnings per share (EUR)	0.51	-0.03

Cash flow

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	14.46	-4.94
Capital expenditure	9.17	4.05
Free cash flow	5.29	-8.99

Balance sheet

At period endEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	60.49	46.63
Total debt	18.14	16.63
Net debt / (net cash)	-42.35	-30.00
Total assets	194.44	192.34
Total liabilities	55.42	53.79
Total equity	139.03	138.55

Sources and details

The latest nine-month release contains preliminary sales and adjusted earnings. The full half-year accounts remain the latest source for statutory profit, cash flow and the balance sheet.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

FY 2024 · FY2025 annual report PDF pp104–109, restated FY2024 comparatives. EBITDA is reported, not adjusted. Cash capex = tangible assets 3.159584 + intangible assets 0.095181 + capitalised development 5.915421. Debt = bank borrowings plus current and non-current leases. Cash excludes restricted cash and is before bank overdrafts.

Half-year

RevenueOperating profitNet profit

Revenue

H1 202573.6

H1 202682.4

Operating profit

H1 20250.698

H1 202611.1

Net profit

H1 20250.257

H1 20267.3

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	73.61	82.35
Gross profit	31.27	38.76
Gross margin	42.5%	47.1%
EBITDA	4.58	15.49
EBITDA margin	6.2%	18.8%
Operating profit (EBIT)	0.70	11.07
Operating margin	0.9%	13.4%
Net income	0.26	7.28
Earnings per share (EUR)	0.02	0.42

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	-6.30	4.64
Capital expenditure	1.76	1.60
Free cash flow	-8.05	3.04

Balance sheet

At period endEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	50.60	44.04
Total debt	17.60	18.86
Net debt / (net cash)	-32.99	-25.18
Total assets	194.68	204.98
Total liabilities	55.78	58.15
Total equity	138.90	146.84

Sources and details

The latest nine-month release contains preliminary sales and adjusted earnings. The full half-year accounts remain the latest source for statutory profit, cash flow and the balance sheet.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Year to date

Revenue

9M 2025102.7

9M 2026132.8

Income statement

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Revenue	102.70	132.80

Sources and details

The latest nine-month release contains preliminary sales and adjusted earnings. The full half-year accounts remain the latest source for statutory profit, cash flow and the balance sheet.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

9M 2025 · Comparative sales in preliminary nine-month2026 announcement. No statutory profit, cash flow or balance sheet in this release.

9M 2026 · Preliminary nine-month sales. Adjusted EBITDA33.7 is separately recorded as company-defined and must not populate reported EBITDA. Full nine-month financial report scheduled11November2026.

Updated Nov 6, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

Preliminary nine-month 2026 results

Investment Thesis

The investment case

Evidence so far

Customer demand

Financial progress

Valuation and expectations

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Additional figures

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Year to date

Revenue

Income statement

Performance

Research & updates

SFC Energy AG raises full-year 2026 earnings guidance again

SFC Energy continues strong, profitable growth in the first nine months of 2026 – preliminary figures – earnings guidance raised again

Preliminary nine-month 2026 results

SFC Energy partners with EDGE for advanced energy solutions

SFC Energy achieves record first half with a strong increase in profitability – Forecast 2026 narrowed on the upside

Company publications

SFC Energy AG 9M 2025 consolidated figures

SFC Energy AG H1 2025 consolidated figures

SFC Energy AG FY 2024 consolidated figures

Interviews

Interviews are coming soon

Sources

Sources & data dates

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