SFC Energy AG presents preliminary Group figures for 2025 – Q4 marks return to growth trajectory – Accelerated shift towards defense and public security lays foundation for profitable growth in 2026

SFC Energy AG presents preliminary Group figures for 2025 – Q4 marks return to growth trajectory – Accelerated shift towards defense and public security lays foundation for profitable growth in 2026

• Q4 2025 with EUR 40.6 million in sales marks a return to growth – positive momentum for 2026
• Sales in 2025 stable at a EUR 143,274 thousand (2024: EUR 144,754 thousand), with approximately 50% generated in the defense, public and civil security markets
• Adjusted EBITDA of EUR 16,653 thousand, adjusted EBITDA margin of 11.6%; adjusted EBIT of EUR 8,914 thousand, adjusted EBIT margin of 6.2%
• Successfully established a Power Management platform for portable laser systems for drone defense and the EFOY Pro Shelter as an “Arctic” power supply solution for the defense sector with OEM customers
• Internationalisation continues apace: establishment of production in the United States, development of a profitable hydrogen fuel cell business in Denmark, and scaling of operations in Southeast Asia
• Forecast for 2026: Sales to grow to EUR 150.0 – 160.0 million, driven by a significant increase in the revenue share from security and defense customers, disproportionately large increase in adjusted EBITDA to EUR 20.0 – 24.0 million and in adjusted EBIT to EUR 11.0 – 15.0 million.

Brunnthal/Munich, Germany, 24 February 2026 – SFC Energy AG (“SFC”, F3C:DE, ISIN: DE0007568578), an international technology leader, providing reliable hybrid energy systems for public security, defense, industry, and critical infrastructure, has announced its preliminary full-year figures for 2025 and its forecast for 2026.

Report by the Management Board

Dr. Peter Podesser, CEO of SFC Energy AG: “For us, 2025 was a year of consolidation and, at the same time, of consistent strategic alignment ahead of the next phase of growth. Decisively, we clearly returned to a growth trajectory at the end of the year. The fourth quarter of 2025 was, with EUR 40.6 million, the strongest quarter of the year in terms of sales and also saw high profitability. This was driven by continued high demand for our industrial fuel cell solutions – particularly in the civil and public security sector – as well as by our European Power Management business.

At the same time, we continued to implement our long-term strategy in 2025: on the one hand expanding our international presence –  by establishing production in the United States, successfully operating a profitable hydrogen fuel cell business for critical infrastructure in Denmark, and the planned strategic investment in our long-standing partner Oneberry Technologies in Singapore to expand our business in Southeast Asia and to enter a fast-growing and attractively profitable Security-as-a-Service segment. On the other hand, we further strengthened our technology leadership and selectively developed new products for defence and security applications – for example, together with a European OEM customer, a Power Management platform for portable and stationary laser systems, including for drone defense, as well as our EFOY Pro Shelter as an ‘Arctic’ power supply solution designed for extreme climate conditions and long runtimes. We developed the latter together with customers in Canada for both military and civilian applications. Both products are already contributing revenue in the low single-digit million euro range. We expect further scaling through existing and new customers, as well as through deployment in additional regions with similar climatic conditions.

We are consistently driving the structural shift in our business towards defence as well as public and civil security applications. This area – also supported by these new scalable fields of application – is emerging as a key pillar of growth for our Company. We expect significant momentum in the near term, particularly from OEM programs in the defense sector for auxiliary power supply systems in military vehicles as well as for general hybrid energy solutions (consisting of batteries and fuel cells). Additional growth impulses are anticipated from further internationalization and the resumption of programs in India over the course of the year.

The return to our growth trajectory is also reflected in order intake in the fourth quarter. At approximately EUR 40 million, Q4 recorded the highest quarterly order intake of 2025. Since the beginning of 2026, we have seen very dynamic development, with several major projects currently pending decision. For the first half of the year, we expect strong performance in order intake, revenue, and profitability.

For 2026, we anticipate the share of our defense business to increase to approximately 15 – 20%. Including our civil security applications, this part of the business already accounts for approximately 60% of total Group sales, and this is with high-margin products.

At the same time, our industrial business continues to grow organically overall, underscoring the robustness of our diversified business model.

The growing demand for resilient, low-emission and high-performance energy supplies for defence and public security applications vindicates our strategic focus. Against the backdrop of this structural change and the stability of our industrial business, SFC Energy is clearly back on a sustainable growth path – with further improvements in profitability and attractive prospects for 2026 and beyond.”

Sales and earnings

According to its preliminary, unaudited figures, SFC Energy AG generated sales of EUR 143,274 thousand in 2025 (2024: EUR 144,754 thousand), thus slightly below the lower end of the target corridor of EUR 146,500 – 161,000 thousand, as specified on 18 November 2025. The business environment in the year under review was characterised by heightened macroeconomic uncertainty, significant exchange rate volatility and protectionist tendencies, particularly in connection with US tariff policies. These factors had an adverse effect on customers’ forward planning visibility and appetite for investment. As a result, demand in North America, particularly in new business, failed to meet expectations but continued to grow year-on-year. In Asia, sales were particularly impacted by delays in significant, high-margin follow-up and new orders in the core defence market in India. In addition, in the reporting year, currency-translation effects from the conversion of Group sales in the United States, Canada and India had a negative impact on Group sales compared to the prior-year period in the amount of approximately EUR 4,000 thousand, or 2.8%.

These factors also left corresponding traces on earnings. In addition to the slight decline in sales, profitability was particularly impacted by increased administrative expenses and higher other operating expenses, mainly due to unfavourable changes in exchange rates. In addition, the roll-out of the new ERP system and specific IT and cyber security investments temporarily caused higher expenses in the year under review.

Adjusted EBITDA amounted to EUR 16,653 thousand (2024: EUR 22,008 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 15,556 thousand), with the adjusted EBIT margin coming to 6.2% (2024: 10.7%). Accordingly, both adjusted EBITDA and adjusted EBIT were clearly above the upper end of the target corridor specified on November 18, 2025.

Segment performance

The Clean Energy segment generated sales of EUR 99,835 thousand in 2025 (2024: EUR 100,606 thousand), thus remaining virtually unchanged over the previous year. The slight year-on-year decline of 0.7% is mainly attributable to 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 India in the core target market of defence and public security. 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 made an important contribution to stabilising segment sales.

At EUR 43,439 thousand, sales in the Clean Power Management segment came close to the previous year’s figure (2024: EUR 44,148 thousand). Business in Power Management solutions continued to perform well, thanks to the resolute implementation of the product strategy, recording significant growth. By contrast, there was a noticeable year-on-year decline in sales of frequency converters for the upstream oil and gas industry. 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 approximately 5.5%.

Order intake and backlog

Order intake in the year under review amounted to EUR 118,472 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).

Forecast for 2026

The Management Board is confident about the outlook for 2026. After a subdued year in 2025, the Company expects to see significant sales growth again in the current year, driven by structural trends in the energy sector such as rising global energy demand, heightened resilience requirements for critical infrastructure, decarbonisation, digitalisation and the decentralisation of energy supply systems.

Additional impetus for growth is coming from the structural shift towards defence and security-related applications, as well as from significantly increased spending on defence and security solutions in numerous core markets. The associated strategic rebalancing in favour of defence-related applications is opening up attractive medium- and long-term market opportunities for SFC.

Against this backdrop, the Management Board continues to view the business prospects as attractive, particularly in the core target markets of defence and civil security and in the core target regions of Europe and Asia, and is confident that it will be able to harness the opportunities presented by market dynamics.

At the same time, SFC will continue to operate in a challenging geopolitical and macroeconomic environment. Tariff risks, trade policy measures, and ongoing regional conflicts are likely to continue spurring price volatility and availability risks in supply chains. Furthermore, the Management Board assumes that, as in the past, global macroeconomic factors will have a limited impact on business in key core target markets in the current year.

Overall, SFC will continue to focus on healthy growth, characterised in particular by a correlation between sustainable profitability and sales growth.

In the current year, Group sales are expected to grow by roughly 5 – 12% year-on-year to EUR 150 – 160 million and will be driven by the Clean Energy segment to a somewhat greater extent. With respect to 2026, SFC anticipates rising demand in all regional markets, with impetus for growth primarily coming from Asia and Europe. In addition, the Management Board sees significant momentum in the core target market of defence, public and civil security, including critical infrastructure.

The Management Board expects adjusted EBITDA to increase to approximately EUR 20 – 24 million in 2026, resulting in slight to noticeable margin expansion. This should be driven by sales growth in higher-priced markets and by improvements in operational efficiency. Uncertainties continue to stem from the timing of the roll-out of the new ERP system at the Group level and exchange rate fluctuations.

Based on the budget for the Clean Energy and Clean Power Management segments, the Management Board expects adjusted EBIT for the Group to come to EUR 11 – 15 million in 2026, producing slight to noticeable margin expansion.

Telephone conference today on 24 February 2026

SFC Energy AG will be holding a conference call in English for interested investors and members of the press at 9.00 a.m. today, 24 February 2026.

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

https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=2732048&linkSecurityString=7add67280

The figures published in this press release are preliminary and unaudited. SFC Energy AG will be publishing its final figures for 2025 in its 2025 Annual Report on 26 March 2026.

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.