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 decreased the price target from EUR 3.70 to EUR 3.30.

Abstract
H2APEX has raised its revenue guidance to €9m – €10m (previously: €6m- €8m). The increase is due to earlier-than-expected revenues from the 100 MW electrolyser project in Lubmin. The sale of a majority stake in this project to Copenhagen Infrastructure Partners (CIP) in August is a major success for H2APEX, as is the €30m capital increase completed in July. The company’s goal remains to develop into a major producer of green hydrogen. This should receive a significant boost soon after the German cabinet passed the amendment to the greenhouse gas reduction quota for fuels. We see good opportunities for H2APEX to win orders in 2026E, particularly for distributed hydrogen supply projects in the mobility sector. The Q3 figures were weaker than expected, mainly due to higher material costs. We have therefore lowered our earnings forecasts for the current year. A revised DCF model yields a lower price target of €3.30 (previously: €3.70). We confirm our Buy recommendation (upside: >160%).