First Berlin Equity Research has published a research update on H2APEX Group SCA (ISIN: LU0472835155). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 2.70 price target.

Abstract
The Q1/26 figures reported by H2APEX fell roughly within the range of our expectations. While the company achieved a significant jump in revenue?albeit from a low base (+70% y/y to €3.5m)?adjusted EBITDA remained largely unchanged at €-6.9m. The renewed sequential increase in the order backlog to €23.7m is encouraging. H2APEX has confirmed 2026 revenue guidance of €14m to €16m. An updated DCF model yields an unchanged €2.70 price target. We reiterate our Buy recommendation (upside: 193%).