SFC Energy posts record H1 2026 earnings on Ukraine demand

German energy technology company SFC Energy AG said on Monday it posted record revenue and profit for the first half of 2026, fueled by strong demand for its fuel cell systems in Ukraine.

The company, which supplies portable and stationary fuel cells for military and civilian applications, reported a 42% year-on-year increase in H1 2026 revenue to €125.3 million. Net profit rose 38% to €28.7 million, exceeding analyst expectations of €25.1 million, according to a company statement.

SFC Energy attributed the growth to a significant order from Ukraine, where its fuel cells are used to power communication equipment, field hospitals and mobile command centers. The company did not disclose the size of the contract but noted it represented a substantial portion of its H1 2026 revenue.

Chief Executive Officer Dr. Peter Podesser said the Ukraine demand underscored the strategic importance of SFC Energy’s technology in conflict zones and emergency response scenarios. He added that the company is expanding production capacity to meet sustained demand.

Analysts at Berenberg maintained a 'Buy' rating on SFC Energy shares, citing the company’s strong order backlog and diversified revenue streams. The stock closed 3.2% higher on Friday at €42.10, near its 52-week high of €44.50.

SFC Energy, listed on the Frankfurt Stock Exchange under the ticker F3C, reiterated its full-year guidance for 2026, expecting revenue between €240 million and €260 million and net profit of €50 million to €55 million.