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 3.70 price target.

Abstract
H2APEX has reported H1 figures that are broadly in line with our expectations. Lower project business led to a significant decline in revenue; however, due to lower depreciation and amortisation, the operating loss of €14.4m was only 8% higher than in the previous year. H2APEX confirmed 2025 revenue guidance of €6m to €8m. However, two decisive events took place after the end of the half-year period: H2APEX successfully completed its €30m capital increase and subsequently agreed a strategic partnership with Copenhagen Infrastructure Partners (CIP) for the joint implementation of a 100 MW electrolysis project in Lubmin. An updated DCF model yields an unchanged €3.70 price target. We confirm our Buy recommendation (upside: 81%).