SFC Energy AG publishes annual report for 2025 – return to growth in Q4 with high profitability – wider share of defense and security applications boosting outlook for further growth in 2026

• Audited consolidated financial statements confirm preliminary figures published on 24 February
• Group sales of EUR 143,274 thousand in 2025 (2024: EUR 144,684 thousand)
• Greatest growth registered in defense as well as public and civilian security
• Adjusted EBITDA of EUR 16,653 thousand (2024: EUR 21,991 thousand); adjusted EBITDA margin of 11.6% (2024: 15.2%)
• Adjusted EBIT of EUR 8,914 thousand (2024: EUR 15,539 thousand); adjusted EBIT margin of 6.2% (2024: 10.7%)
• Strong liquidity position with cash and cash equivalents of EUR 46,629 thousand
• Forecast for 2026 confirmed

Brunnthal/Munich, Germany, 26 March 2026 – SFC Energy AG (“SFC”, F3C:DE, ISIN: DE0007568578), an international technology leader in reliable hybrid energy supplies for the security, defense, industrial and critical infrastructure sectors, published its annual report for 2025 today. The audited consolidated figures confirm the preliminary results announced on 24 February 2026.

Dr. Peter Podesser, CEO of SFC Energy AG: “2025 was undoubtedly a year of particular challenges for SFC, during which we had to adjust our original targets. At the same time, we set clear strategic priorities and consistently aligned our company toward the next phase of growth. Our focus was on three key pillars of our long-term strategy: expanding our international presence and customer proximity, systematically growing our business in the defense as well as public and civil security sectors, and making targeted investments to strengthen our technological leadership.

A key element of this development is the deliberate alignment of our portfolio toward applications in defense, public security, and civil security solutions, which already accounted for around 50% of our Group sales in 2025. This structural shift is clearly part of our long-term growth strategy and will continue to intensify: for 2026, we expect the defense business to contribute approximately 15% to 20% of Group sales, while security-related applications overall are projected to account for around 60% of our business – primarily driven by high-margin products and newly launched, successfully positioned product platforms.

With innovative products and solutions, we are sustainably strengthening our competitiveness and laying the foundation for profitable growth. Against the backdrop of our technological strength and increasing internationalization, we see SFC as very well positioned to benefit from structural growth trends in resilient energy supply, critical infrastructure, as well as security and defense applications.”

Development of Sales

In 2025, the SFC Energy Group posted sales of EUR 143,274 thousand, thus falling short of the previous year by 1% (2024: EUR 144,684 thousand). This reflected a slight decline in the Clean Energy segment (-0.7%) as well as a moderate decline in the Clean Power Management segment (-1.6%). Business was particularly influenced by shifts in the timing of expected follow-up in India and by weaker-than-expected demand in the North American market. In addition, negative currency translation effects in the United States, Canada, and India weighed on sales. Compared with the previous year, these effects reduced sales in the year under review by around EUR 4,000 thousand, or around 2.8%. As a result, consolidated sales was thus slightly below the forecast corridor, which was specified on 18 November 2025.

Segment performance

The Clean Energy segment generated sales of EUR 99,835 thousand in 2025 (2024: EUR 100,536 thousand), thus remaining virtually unchanged over the previous year. The slight year-on-year decline of -0.7% is mainly attributable to negative currency-translation effects resulting from the depreciation of the US dollar, the Canadian dollar and the Indian rupee against the euro, as well as the postponement of major orders in the core target market of defense and public security in India. By contrast, business in fuel cell solutions for industrial applications expanded substantially, particularly in the core target markets of security technology/video surveillance and data transmission and digitisation, which grew noticeably and thus helped to stabilise segment sales. Accounting for a share of 69.7% (2024: 69.5%), Clean Energy remained the segment with the highest sales in the year under review.

The Clean Power Management segment generated sales of EUR 43,439 thousand in the year under review (2024: EUR 44,148 thousand). While business in power management solutions saw significant growth as a result of the consistently implemented product strategy, frequency converters for the upstream oil and gas industry sustained a noticeable decline in sales compared to the previous year. However, it should be noted in this connection that the translation of sales generated in Canada (Canadian dollars) resulted in a negative currency effect of roughly 5.5 per cent. Clean Power Management accounted for 30.3% of Group sales in the year under review (2024: 30.5%).

Order intake in the year under review amounted to EUR 118,427 thousand (2024: EUR 167,762 thousand). The Group's order backlog was valued at EUR 78,625 thousand on 31 December 2025 (31 December 2024: EUR 104,583 thousand).

Earnings

Gross profit declined moderately by 1.5% to EUR 58,394 thousand (2024: EUR 59,307 thousand). This was mainly due to the slight decline in Group sales and a lower gross margin in the Clean Energy segment. At 40.8% (2024: 41.0%), the Group’s gross margin (gross profit as a percentage of sales) remained stable.

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

EBITDA adjusted for non-recurring effects amounted to EUR 16,653 thousand (2024: 21,991 thousand), yielding an adjusted EBITDA margin of 11.6% (2024: 15.2%). EBIT adjusted for non-recurring effects reached EUR 8,914 thousand (2024: EUR 15,539 thousand), with the adjusted EBIT margin coming to 6.2% (2024: 10.7%). Accordingly, both adjusted EBITDA and adjusted EBIT were significantly above the upper edge of the target corridor announced on 18 November 2025.

In addition to the slight decline in sales, profitability was particularly impacted by increased selling, development and general administrative expenses as well as higher other operating expenses, mainly due to unfavourable changes in exchange rates. Moreover, the roll-out of the new ERP system and specific IT and cyber security investments temporarily caused higher expenses in the year under review.

Due to the lower contributions to operating profit combined with higher expenses, the Group closed 2025 with a consolidated net result for the period of EUR -887 thousand (2024: EUR 8,759 thousand). Basic and diluted earnings per share in accordance with IFRS amounted to EUR -0.03 (2024: EUR 0.51) and EUR -0.03 (2024: EUR 0.51), respectively, in the reporting year.

Balance sheet

The equity ratio stood at 72.0% as of 31 December 2025 (31 December 2024: 71.5%), underscoring the SFC Energy Group’s continued solid balance sheet. In conjunction with the freely available cash and cash equivalents less liabilities to banks of EUR 43,290 thousand (31 December 2024: EUR 56,359 thousand), SFC is able to consistently pursue its sustainable growth course.

Cash flow from operating activities before changes in net working capital and income taxes came to EUR 17,420 thousand (2024: EUR 21,750 thousand). A significant increase in net working capital triggered a negative cash flow from operating activities of EUR -4,939 thousand (2024: EUR 14,460 thousand).

As of 31 December 2025, the SFC Energy Group had 497 permanent employees worldwide (31 December 2024: 441).

Forecast for 2026 confirmed

The Management Board confirms the forecast for 2026 published on 24 February. Accordingly, SFC expects sales to grow by around 5% to 11% to around EUR 150 million to EUR 160 million (2025: EUR 143.3 million), presumably underpinned to a somewhat greater extent by the Clean Energy segment. Significant impetus for growth is expected to come from Asia and Europe in particular, as well as from the core target markets of defense, public and civilian security, including critical infrastructure. Adjusted EBITDA is expected to increase to EUR 20 million to EUR 24 million (2025: EUR 16.7 million), while adjusted EBIT should be between EUR 11 million and EUR 15 million (2025: EUR 8.9 million). Both performance indicators are set to benefit from sales growth in higher-margin markets and improvements in operational efficiencies, while the Group-wide implementation of the new ERP system exchange rate fluctuations may potentially cause uncertainties.

"By the end of the year, we clearly returned to a growth trajectory. With revenue of EUR 40.6 million, the fourth quarter of 2025 was the strongest quarter of the year in terms of revenue and was also characterized by high profitability. This positive momentum, driven by increasing demand in our core target markets as well as our international expansion, provides a solid foundation for our future development. The widening share of defense and security applications is strengthening our market position on a lasting basis. Against this backdrop, we believe that SFC is well placed to grow again significantly in 2026 and to improve its profitability”, adds Dr. Peter Podesser.

Key figures 2025/2024

* As of 31 December

Detailed financial information

The 2025 Annual Report of SFC Energy AG 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, 26 March 2026, at 9.00 a.m.

To take part in the conference call, please register here:

https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=9165200&linkSecurityString=19c3e321a0

About SFC Energy AG
SFC Energy AG is an international technology leader, providing reliable hybrid energy systems for public security, defense, industry, and critical infrastructure.

Based on its world-leading fuel cell technology, the company develops and manufactures cutting‑edge hybrid power systems for off‑grid stationary and mobile applications. SFC Energy’s reliable, cost‑efficient, and sustainable platforms meet the rapidly growing global demand for resilient, decentralized energy supply in military operations, public security, and surveillance as well as industrial applications. The company also supplies high-precision, energy-saving power management solutions to high-tech companies in the semiconductor equipment, defense, and life science industries.

Headquartered in Brunnthal near Munich, Germany, SFC Energy has subsidiaries in Canada, Denmark, India, the Netherlands, Romania, the United Kingdom, and the United States of America. With a team of 500 dedicated employees, SFC Energy provides daily support to customers across the globe.

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

www.sfc.com

SFC Energy AG IR and press contact:
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Tel. +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.