hep global increases revenue and EBIT in the first half of 2026

• Revenue rises from EUR 10.0 million to EUR 17.2 million.
• EBIT improves from EUR -2.4 million to EUR 0.3 million.
• Revenue of EUR 40 million to EUR 45 million and EBIT of EUR 1 million to EUR 5 million are expected for 2026.

Güglingen, 2 November 2026 – hep global GmbH (hep global), a specialist in the development of solar projects, significantly improved its operating performance in the 1st half of 2026 compared to the same period of the previous year, benefiting in particular from higher revenues from the project development of solar and battery storage projects and a reduced cost base. Revenue rose by around 72% to EUR 17.2 million (first half of 2025: EUR 10.0 million), while earnings before interest and taxes (EBIT) turned positive again at EUR 0.3 million, compared to a loss of EUR -2.4 million in the same period of the previous year. The Group’s net loss for the first half year decreased from EUR -6.8 million to EUR -3.8 million.

“Despite the persistently challenging economic and regulatory environment, the Group's business performance in the first half of 2026 was marked by a significant improvement in its operating earnings. With a positive EBIT of EUR 0.3 million, we were able to achieve a positive operating result as of the half-year reporting date for the first time in several half-years,” says Martin Vogt, CEO of the hep global Group.

“This development underscores that the strategic realignment with a focus on greenfield project development and the measures implemented to improve the cost structure are having an effect,” Vogt continued. “However, the improved operating profitability could only partially compensate for the negative impact on earnings from the delayed marketing and implementation of individual projects.”

Project development in Germany as a key revenue driver

Key revenue and earnings drivers in the first half of 2026 were the project development and successful marketing of hybrid solar and battery storage projects in the area of direct investments in Germany. Revenue from project development services rose from EUR 6.8 million to EUR 14.7 million. Revenue from the operation and maintenance of solar parks amounted to EUR 0.7 million (first half of 2025: EUR 0.9 million).

Further project progress in the U.S., Germany and Japan led to an increase in work in progress of EUR 5.4 million. At the same time, the cost-cutting measures initiated in 2025 and continued in 2026, paid off: personnel expenses fell from EUR 8.8 million to EUR 7.0 million, while other operating expenses fell from EUR 9.9 million to EUR 6.8 million.

In the U.S., hep global is increasingly focusing on smaller and medium-sized solar projects (distributed generation). As part of the partnership with an external investor, the newly founded HEP Solar Holdings USA, LLC received its first disbursements of mezzanine capital. In Germany, the focus is on the further development of economically attractive solar and battery storage projects and the expansion of the project pipeline. In Japan, Poland and Italy, the focus remains on the development and expansion of the existing project pipeline. As expected, earnings contributions from project sales were not yet achieved in these markets in the reporting period, but are anticipated from 2027 onwards.

Focusing on core business of project development

In the 3rd quarter of 2026, the Group streamlined its service business: The operation of solar parks in Japan was transferred to an external service provider in July 2026. The Group aims to sell its U.S. service business in the fourth quarter of 2026. This allows hep global to focus its resources on project development. No significant revenue is expected from the affected service activities after the respective transition. These measures are part of the Group's strategic focus on its core business of solar project development and on high-margin activities along the value chain.

Outlook for 2026

For the fiscal year 2026, hep global now expects revenue of EUR 40 million to EUR 45 million. In addition, the management expects a reduced but positive EBIT of EUR 1 million to EUR 5 million. Previously, the target ranges were EUR 45 million to EUR 55 million for revenue and EUR 0 million to EUR 10 million for EBIT. The reasons for the adjusted revenue and EBIT expectations are the ongoing pressure on margins and the postponement of planned project transactions as a result of the targeted and still pending refinancing of the green bond 2021/2027, which was successfully extended in the spring.

“The progress made in the first half of 2026 demonstrates that our focus on project development and our efforts to improve the cost base are increasingly paying off,” explains Christian Hamann, CFO of the hep global Group. “We have significantly increased revenue and returned to a positive operating result. At the same time, we recognize that this does not yet resolve our challenges regarding financing and realizing project value. We must continue to manage our capital deployment with great discipline and convert projects step by step into reliable revenue and liquidity. That is why it is appropriate to adjust our expectations for 2026 to reflect the current business situation. For us, it is not growth at any cost that matters, but an economically viable project business.”

The Half-Year Financial Report for 2026 is available for download on the company’s website at https://hepsolar.com/green-bond-2021-2026/.

About the hep global Group
The hep global Group is an internationally active specialist in the development of solar projects and battery energy storage systems (BESS). For more than 15 years, the owner-managed company from Baden-Württemberg has been developing and planning renewable energy projects, mainly in Europe, Japan and North America. Its strategic focus is on greenfield developments and the integration of BESS. The hep global Group employs around 120 people worldwide with subsidiaries in Germany, Italy, Poland, the USA, Canada and Japan.

Press contact:
Evelyn Kilinc
Römerstraße 3
74363 Güglingen
Phone: +49 7135 93446-759 
Email: presse@hep.global
www.hepsolar.com

Investor contact:
Christian Hamann
Römerstraße 3
74363 Güglingen
Phone: +49 7135 93446-0
Email: greenbond@hep.global
www.hepsolar.com

Financial press contact:
Frank Ostermair, Linh Chung
IR4value GmbH
Leopoldstraße 31
80802 München
Phone: +49 211 178047-20
Email: linh.chung@ir4value.de
www.ir4value.de