H2APEX Group - Public Comps and Valuation Multiples

H2APEX Group Overview

About H2APEX Group

H2APEX Group SCA is a company that is established provider of renewable energies which has been fully focused on clean hydrogen production, storage and distribution. In its core business, H2APEX develops, builds and sells or operates green hydrogen plants with an electrolysis capacity of less than One GW. These are used to decarbonize industrial value chains and produce green hydrogen and hydrogen derivatives such as LOHC which is liquid organic hydrogen carriers) and e-fuels. The company also offers systems for infrastructure and logistics, particularly for industrial use in warehouses, ports and production facilities.

Founded

2009

HQ

Employees

113

Website

h2apex.com

Sectors

Chemicals
Electronic Equipment

Financials

LTM Revenue $13.2M

LTM EBITDA -$24.2M

EV

$113M

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H2APEX Group Financials

As of September 2025, H2APEX Group reported last 12-month revenue of $13.2M and EBITDA of -$24.2M.

In the same period, H2APEX Group generated -$0.4M in LTM gross profit and -$32.9M in net income.

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H2APEX Group P&L

In the most recent fiscal year, H2APEX Group reported revenue of $34.2M and EBITDA of -$19.1M.

H2APEX Group expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$13.2M	XXX	$34.2M	XXX	XXX	XXX
Gross Profit	-$0.4M	XXX	$1.0M	XXX	XXX	XXX
Gross Margin	-3%	XXX	3%	XXX	XXX	XXX
EBITDA	-$24.2M	XXX	-$19.1M	XXX	XXX	XXX
EBITDA Margin	-183%	XXX	-56%	XXX	XXX	XXX
EBIT	-$29.1M	XXX	-$29.7M	XXX	XXX	XXX
EBIT Margin	-220%	XXX	-87%	XXX	XXX	XXX
Net Profit	-$32.9M	XXX	-$32.3M	XXX	XXX	XXX
Net Margin	-249%	XXX	-94%	XXX	XXX	XXX
Net Debt	XXX	XXX	$39.7M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for H2APEX Group including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $13.2M. EBITDA for the last twelve months was -$24.2M. In the most recent fiscal year, H2APEX Group achieved $34.2M in revenue and -$19.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$13.2M	Analyst estimates available to subscribers	$34.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	-$0.4M	Analyst estimates available to subscribers	$1.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	-3.3% gross margin	Analyst estimates available to subscribers	3.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$24.2M	Analyst estimates available to subscribers	-$19.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-182.9% EBITDA margin	Analyst estimates available to subscribers	-56.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$29.1M	Analyst estimates available to subscribers	-$29.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-219.7% EBIT margin	Analyst estimates available to subscribers	-86.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$32.9M	Analyst estimates available to subscribers	-$32.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-248.5% net profit margin	Analyst estimates available to subscribers	-94.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$39.7M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for H2APEX Group

This financial data table provides comprehensive performance metrics for H2APEX Group, a company based in Germany. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

H2APEX Group generated $13.2M in revenue over the last twelve months.
The company achieved -$24.2M in EBITDA over the last twelve months.
Gross profit for the last twelve months was -$0.4M.
Net income over the last twelve months reached -$32.9M.

Fiscal Year Performance

In the most recent fiscal year, H2APEX Group reported $34.2M in total revenue.
Fiscal year EBITDA was -$19.1M.
The company maintained a gross profit margin of 3.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was -56.0%.
Net profit margin reached -94.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for H2APEX Group. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

H2APEX Group Stock Performance

H2APEX Group has current market cap of EUR 88.3M (or $102M), and EV of EUR 97.8M (or $113M).

Market Cap Evolution

H2APEX Group Stock Data

As of October 17, 2025, H2APEX Group's stock price is EUR 2 (or $2).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$113M	$102M	XXX	XXX	XXX	XXX	$-0.78

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H2APEX Group Valuation Multiples

H2APEX Group's trades at 3.3x EV/Revenue multiple, and -5.9x EV/EBITDA.

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H2APEX Group Financial Valuation Multiples

As of October 17, 2025, H2APEX Group has market cap of $102M and EV of $113M.

Equity research analysts estimate H2APEX Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

H2APEX Group has a P/E ratio of -3.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$102M	XXX	$102M	XXX	XXX	XXX
EV (current)	$113M	XXX	$113M	XXX	XXX	XXX
EV/Revenue	8.5x	XXX	3.3x	XXX	XXX	XXX
EV/EBITDA	-4.7x	XXX	-5.9x	XXX	XXX	XXX
EV/EBIT	-3.9x	XXX	-3.8x	XXX	XXX	XXX
EV/Gross Profit	-258.3x	XXX	n/a	XXX	XXX	XXX
P/E	-3.1x	XXX	-3.2x	XXX	XXX	XXX
EV/FCF	-3.0x	XXX	-4.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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H2APEX Group Margins & Growth Rates

H2APEX Group's last 12 month revenue growth is 58%

H2APEX Group's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.3M for the same period.

H2APEX Group's rule of 40 is -52% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

H2APEX Group's rule of X is -39% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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H2APEX Group Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	58%	XXX	-16%	XXX	XXX	XXX
EBITDA Margin	-183%	XXX	-56%	XXX	XXX	XXX
EBITDA Growth	-14%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-52%	XXX	2%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-39%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	90%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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