SFC Energy AG publishes nine-month report – record quarter in Q3, strong profitable growth and favourable product mix result in disproportionately strong earnings performance

SFC Energy AG publishes nine-month report – record quarter in Q3, strong profitable growth and favourable product mix result in disproportionately strong earnings performance

• 29.3% increase in Group sales to EUR 132,784 thousand in the first nine months of 2026 (9M/2025: EUR 102,709 thousand)
• Group sales up 73.3% in Q3/2026, rising to EUR 50,432 thousand (Q3/2025: EUR 29,102 thousand), making it the strongest quarter in the company’s history
• Significant expansion of defense business, particularly in Ukraine, and thus a product mix that drives earnings: gross margin widened to 48.8% (9M/2025: 40.4%); consolidated net result for the period of EUR 14,267 thousand (9M/2025: EUR -1,215 thousand)
• More than threefold increase in adjusted EBITDA to EUR 33,698 thousand (9M/2025: EUR 10,800 thousand); adjusted EBITDA margin of 25.4% (9M/2025: 10.5%)
• Adjusted EBIT up more than fivefold, rising to EUR 25,701 thousand (9M/2025: EUR 5,018 thousand); adjusted EBIT margin of 19.4% (9M/2025: 4.9%)
• Earnings forecast for 2026 raised again on 29 October: adjusted EBITDA now seen between EUR 36.0 million and EUR 38.0 million and adjusted EBIT between EUR 25.5 million and EUR 27.5 million
• Sales forecast unchanged at between EUR 166.0 million and EUR 175.0 million

Brunnthal/Munich, Germany, 11 November 2026 – SFC Energy AG (“SFC”, F3C:DE, ISIN: DE0007568578), an international technology leader specialising in reliable hybrid energy supplies for the security, defense, industrial and critical infrastructure sectors, published its nine-month report for 2026 today.

Report by the Management Board

Dr. Peter Podesser, CEO of SFC Energy AG: “The first nine months of 2026 testify to the strong demand for our technology, the scalability of our business model and the momentum of our profitable growth. With sales up roughly 29%, adjusted EBITDA rose more than threefold and adjusted EBIT more than fivefold. This disproportionately strong earnings growth was driven by the significant expansion of our defense business, particularly the successful Ukraine programme, and the associated favourable product mix. At the same time, the margin on European power management business exceeded original expectations.

As well as this, Ukraine confirms the unique suitability of our technology for the changed nature of armed conflict. Demand for off-grid, reliable electrical power in the field for connectivity, communications, mobility and sensor technology is increasing at an enormous rate. Our fuel cell solutions enable more mobile (lighter), durable and harder-to-detect power supplies, thus making an important contribution to longer operational times, reduced logistical resource requirements and greater safety for users. The successful implementation of the programme also creates a strong reference effect for further programmes in Ukraine and our international defense activities. We are making targeted use of this momentum: in addition to the planned continuation of our business in Ukraine, we are driving forward programmes in the Middle East and the United States, as well as OEM projects in Europe, thereby broadening our growth base.

The third quarter was materially characterised by further deliveries under the first Ukraine programme. With sales exceeding EUR 50 million, it was by far the best quarter in SFC Energy AG’s history. Looking forward to the fourth quarter, we anticipate a product mix that is significantly dominated by civilian applications again, resulting in a smaller contribution to earnings than in the two previous quarters. In addition, higher expenses for the ERP project are budgeted for the final quarter, partly due to timing shifts arising in the first nine months, as well as additional investments in the expansion of business development activities in Ukraine and in new regions such as the Middle East. In doing so, we are specifically strengthening our operational platform and creating the conditions for converting the market opportunities that are visible today into sustainable growth.

In terms of our balance sheet, we are in a very solid position with an equity ratio of 72.1% and a net financial position of EUR 67.3 million. We are also well prepared in terms of capacity for the next stages of our growth. Against this backdrop, we have once again raised our earnings forecast for the 2026 financial year and have a strong basis from which to continue our profitable growth trajectory.”

Sales and orders

In the period from 1 January to 30 September 2026, the SFC Energy Group recorded sales of EUR 132,784 thousand (9M/2025: EUR 102,709 thousand), thus achieving an increase of 29.3%. The main driver was the strong growth in the Clean Energy segment, in particular due to deliveries under the major order for fuel cell systems for Ukraine, which was awarded in May 2026 and accounted for 32.2% of Group sales. In the third quarter, sales rose by 73.3% to EUR 50,432 thousand (Q3/2025: EUR 29,102 thousand). Accounting for a share of 71.4% (9M/2025: 53.4%), Europe was the region with by far the highest sales in the first nine months of 2026.

Order intake totalled EUR 119,109 thousand in the first nine months of 2026 (9M/2025: EUR 78,408 thousand). The order backlog was valued at EUR 64,856 thousand as of 30 September 2026 (31 December 2025: EUR 78,625 thousand).

Segment performance

In the first nine months of 2026, the Clean Energy segment posted a significant increase of 44.5% in sales to EUR 103,348 thousand (9M/2025: EUR 71,539 thousand). It benefited in particular from deliveries under the large-scale order for fuel cell systems for Ukraine, which had been awarded in May 2026. As a result, the share of segment sales in the core target market of defense widened to around 46.0%, increasing more than sixfold compared to the same period of the previous year. The segment’s share of Group sales widened to 77.8% (9M/2025: 69.7%). Sales in the Clean Power Management segment fell by 5.6% to EUR 29,436 thousand in the first nine months (9M/2025: EUR 31,170 thousand) but rose by 13.7% to EUR 10,599 thousand in the third quarter (Q3/2025: EUR 9,324 thousand). The segment’s share of Group sales contracted to 22.2% in the first nine months of 2026 (9M/2025: 30.3%).

Earnings

The increase in Group sales produced a 56.2% increase in gross profit to EUR 64,828 thousand (9M/2025: EUR 41,500 thousand). This translated into a substantially increased gross profit margin for the Group (gross profit as a percentage of sales) of 48.8% (9M/2025: 40.4%). In the Clean Energy segment, the gross margin widened to 54.4% (9M/2025: 45.1%), mainly due to the favourable product mix resulting from the significant increase in sales in the core target market of defense. At 29.2% (9M/2025: 29.7%), the Clean Power Management segment was almost at the same level as the previous year; a moderate improvement in the margin on power management solutions, particularly due to high-margin deliveries in the defense and semiconductor equipment markets, largely made up for the lower sales.

Gross profit for the individual segments compared to the previous year is as follows:

EBITDA adjusted for non-recurring effects increased more than threefold to EUR 33,698 thousand in the first nine months of 2026 (9M/2025: EUR 10,800 thousand). Reflecting this, the adjusted EBITDA margin widened to 25.4% (9M/2025: 10.5%). In addition to the strong sales growth and the improved product mix, lower expenses for the ERP project to date, as well as lower-than-expected logistics and processing costs in connection with the Ukraine contract, had a positive impact. EBIT adjusted for non-recurring effects rose to EUR 25,701 thousand (9M/2025: EUR 5,018 thousand), yielding a margin of 19.4% (9M/2025: 4.9%). The reporting period closed with a consolidated net result for the period of EUR 14,267 thousand (9M/2025: EUR -1,215 thousand). Basic earnings per share in accordance with IFRS came to EUR 0.82 (9M/2025: EUR -0.06), while diluted earnings per share came to EUR 0.81 (9M/2025: EUR -0.06).

Statement of financial position and employee development

At 72.1% as of 30 September 2026, the equity ratio was virtually unchanged over the end of 2025 (72.0%). The net financial position (freely available cash and cash equivalents less liabilities to banks) stood at EUR 67,345 thousand as of the reporting date (31 December 2025: EUR 43,290 thousand). The increase was primarily attributable to the significantly positive cash flow from operating activities of EUR 33,677 thousand (9M/2025: EUR -12,392 thousand). As of 30 September 2026, the SFC Energy Group had 532 permanent employees (31 December 2025: 495).

Forecast for 2026

On the basis of the company’s business performance in the first nine months as well as the expected deliveries and the current order backlog, the Management Board once again raised its earnings forecast for the 2026 financial year on 29 October 2026:

The Management Board now expects adjusted EBITDA of between EUR 36.0 million and EUR 38.0 million (previously between EUR 31.5 million and EUR 34.0 million). With respect to adjusted EBIT, a corridor of between EUR 25.5 million and EUR 27.5 million is now anticipated (previously between EUR 21.5 million and EUR 25.5 million). The forecast for Group sales remains unchanged at between EUR 166.0 million and EUR 175.0 million.

Following the on-time completion of the first Ukraine programme at the end of the third quarter, the Management Board expects the product mix to be dominated by civilian products again in the fourth quarter, thus yielding a smaller contribution to earnings than in the two previous quarters. In addition, higher expenses in connection with the ERP project are budgeted, particularly for the final quarter, partly due to timing shifts arising in the first nine months, as well as additional investments in the further expansion of business development activities in Ukraine. These measures will help to expand SFC Energy’s operational platform and market position in a targeted manner as a basis for further sustainable growth.

Key figures 9M 2026/9M 2025

* As of 30 September 2026/31 December 2025

Detailed financial information and conference call today, 11 November 2026

SFC Energy AG’s report on the first nine months of 2026 is available at www.sfc.com.

SFC Energy AG will be holding a conference call in English for interested investors and members of the press today, 11 November 2026, at 9:00 a.m. CET.

To take part in the conference call, please register here:
https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=3645607&linkSecurityString=a3c943b44

In addition, the Management Board of SFC Energy will be holding a presentation at 3:15 p.m. on 23 November 2026 during this year’s Deutsches Eigenkapitalforum (23–25 November 2026). To register, please use the following link:

Registration Deutsches Eigenkapitalforum 2026

About SFC Energy AG
SFC Energy AG is an international technology leader specialising in reliable hybrid energy supplies for the security, defense, industrial and critical infrastructure sectors.

Leveraging its world-leading fuel cell technology, the company develops and produces pioneering hybrid power systems for off-grid stationary and mobile applications. SFC Energy’s platforms address the growing global demand for resilient, decentralised energy supplies in military applications, civil security and surveillance technology as well as in industrial applications on a reliable, cost-efficient and sustainable basis. In addition, the company provides high-precision, energy-saving power management solutions to high-tech companies in the semiconductor equipment, defense and life science industries.

The company is headquartered in Brunnthal near Munich, Germany, and has subsidiaries in Canada, Denmark, India, the Netherlands, Romania, the United Kingdom and the United States of America. With a team of more than 500 employees, SFC Energy serves its customers around the world on a daily basis.

SFC Energy AG is listed in the Prime Standard of the Frankfurt Stock Exchange and has been included in the SDAX selection index since 2022 (GSIN: 756857, ISIN: DE0007568578).

www.sfc.com

SFC Energy AG Investor Relations and press contact:
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone +49 89 125 09 03-33
E-Mail: susan.hoffmeister@sfc.com
Web: sfc.com

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This corporate news may contain certain forward-looking statements, estimates, opinions and projections regarding the future development of the company (“forward-looking statements”). Forward-looking statements can be recognised by terms such as “assume”, “plan”, “anticipate”, “expect”, “intend”, “will” or “should” as well as their negation and similar variants or comparable terminology. Forward-looking statements include all matters that are not based on historical facts. They are based on the current opinions, forecasts and assumptions of the Management Board of SFC Energy AG and involve substantial known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. All forward-looking statements contained in this corporate news apply only as of the date of this release. The company will not update or revise the information, forward-looking statements or conclusions contained in this corporate news to reflect any subsequent events, circumstances or inaccuracies that may arise after the date of this corporate news as a result of new information, future developments or otherwise, and assumes no obligation to do so. We provide no guarantee whatsoever that the forward-looking statements or assumptions contained herein will materialise.