H2APEX confirms both its preliminary figures for the fiscal year 2023 and
its forecast for 2024 - and expects revenue to more than double

EQS-News: H2APEX Group SCA / Key word(s): Annual Results/Annual Results
H2APEX confirms both its preliminary figures for the fiscal year 2023 and
its forecast for 2024 - and expects revenue to more than double

01.05.2024 / 07:50 CET/CEST
The issuer is solely responsible for the content of this announcement.

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H2APEX confirms both its preliminary figures for the fiscal year 2023 and
its forecast for 2024 - and expects revenue to more than double

  * Revenue in the 2023 fiscal year quadrupled to EUR 15.3 million (previous
    year: EUR 3.8 million)

  * Revenue guidance for 2024 of EUR 35 million to EUR 40 million shows
    strong growth expectations, the majority of these revenues have already
    been contractually secured

  * 3-pillar strategy: Grow project business, expand own production capacity
    and kick off serial production for storage solutions

  * Focus on profitable growth: Positive operating cash flow expected
    starting in the fiscal year 2025 and positive adjusted EBITDA (1)
    starting in the fiscal year 2026

Rostock/Laage, Germany/Grevenmacher, Luxembourg, April 30, 2024 - H2APEX
(ISIN LU0472835155, WKN A0YF5P, formerly exceet Group SCA), a listed leading
developer and operator of green hydrogen plants for the decarbonization of
industry, infrastructure and the mobility sector, has confirmed its
preliminary figures for the 2023 fiscal year released on March 5, 2024 and
published its 2023 annual report. Revenue quadrupled year-on-year to EUR
15.3 million in the 2023 fiscal year (FY 2022: EUR 3.8 million), and thus
H2APEX has met its guidance.

Due to high investments and increased personnel costs as part of the growth
strategy, adjusted EBITDA amounted to EUR -16.1 million in the 2023 fiscal
year, compared to EUR -9.2 million in the previous year. The net result for
the year amounted to EUR -24.6 million, compared to EUR -13.0 million in the
2022 financial year.

With cash and cash equivalents of EUR 44.4 million as of December 31, 2023,
an equity ratio of 46.1 percent and a proven ability to successfully raise
funding and debt financing for projects, H2APEX is optimally positioned to
realize its project pipeline.

In February 2024, exceet Group SCA changed its name to H2APEX Group SCA in
line with the focus on its subsidiary APEX Group. Since then, the two
companies are operating in the market under the H2APEX brand.

For the current fiscal year 2024, H2APEX expects its growth course to
continue and to more than double its revenue from the previous year to EUR
35 million to EUR 40 million. This development will be supported by revenues
from the planning and construction of hydrogen plants for third-party
companies, from the operation of own hydrogen plants and from the sale of
hydrogen storage tanks, for which fully automated series production will
begin in the fiscal year 2024. The majority of the revenues expected in the
2024 fiscal year have already been contractually secured.

Peter Rößner, CEO of the operating business of H2APEX Group, said: "Green
hydrogen is a central component of the strategy for achieving the EU climate
targets for 2030 and is particularly relevant for Germany as an industrial
hub. Our 3-pillar strategy, which consists of growing our project business,
expanding our own production of green hydrogen and kicking off serial
production for storage solutions, has already borne fruit in the first year
of our ramp-up phase. We were able to achieve success in all three areas,
with new orders from renowned customers, important progress in ongoing
projects, the acquisition of land in Lubmin in order to build our planned
600MW hydrogen plant, the funding commitment for our 100MW hydrogen plant
H2ERO, as well as the acquisitions of engineering firms and the completed
preparation of serial production for our storage tanks, which will start in
the 2024 fiscal year. We are on course for further growth and will once
again significantly increase our revenues in the current fiscal year."

Bert Althaus, CFO of the operating business of H2APEX, added: "We give high
priority to achieving a balance between growth and profitability. The assets
side of our balance sheet is currently still strongly affected by
investments and the ramp-up of our business activities. However, we are
planning for a positive operating cash flow already in the 2025 fiscal year
and a positive adjusted EBITDA in 2026. Based on a comprehensive track
record in the planning, construction and operation of hydrogen plants, our
with regards to hydrogen projects strategically advantageous location in
northern Germany, and the strong demand for green hydrogen and plants to
produce green hydrogen, we are in an optimal position to continue our
successful development."

Positive market environment and political support for green hydrogen
infrastructure

The global hydrogen generation market was estimated by analysts to be worth
about USD 160 billion in 2022 and is poised to reach about USD 260 billion
by 2027, growing at a compound annual growth rate (CAGR) of 10.5% from 2022
to 2027. Green hydrogen is produced using renewable energy or low-carbon
power, thus causing significantly lower carbon emissions than grey hydrogen,
which makes up the bulk of the hydrogen market. Under the net-zero emissions
goals, global hydrogen production is expected to reach 200 million metric
ton in 2030. In 2030, around 70% of the hydrogen production is projected to
be done through low carbon technologies such as electrolysis. By 2050, the
production of hydrogen is estimated to increase to about 500 million metric
tons per year. Hydrogen is also a central component of the strategy for
achieving the EU climate targets for 2030. By 2030, at least 40 GW of
electrolysis capacity is to be available in the EU and up to 10 million
metric tons of green hydrogen are to be produced annually in the EU. The
investment volume for this is estimated at around EUR 300 billion and will
be supported to a considerable extent by state subsidies. In Germany, 10 GW
of electrolysis capacities is to be created by 2030 - subsidies amounting to
EUR 9 billion have already been pledged for hydrogen technology. As an
established developer and operator of hydrogen plants, this expected market
development will result in significant opportunities for H2APEX from the
sale of green hydrogen generated in its own plants and the realization of
hydrogen plants for third parties, i.e., the project business.

H2APEX's 3-pillar strategy

1. Grow project development business for hydrogen plants

Building on its track record from projects won in 2022 and 2023, H2APEX
intends to grow its business in the project development area by expanding
and realizing its pipeline of hydrogen projects for third parties (e.g.,
steel plants or other companies from energy/emission-intensive industries).
While H2APEX is also looking to gradually expand its own hydrogen production
capacity, thereby increasing recurring revenue contribution from longer term
hydrogen offtake agreements, H2APEX believes that the project business and
its own production have a symbiotic relationship with each other and that
earnings contributions from the project business can accelerate the
expansion of its own production.

2. Focus on expanding production capacity and sale of green hydrogen

H2APEX has developed and commissioned one of the first European
grid-connected green hydrogen power plants, which demonstrates sector
coupling (Power-to-X) through different use cases, including a fuel cell, a
combined heat and power plant, and a refueling infrastructure for buses,
trucks and cars. Based on its extensive experience, the Group plans to
establish itself as an owner-operator of sizeable hydrogen plants in the
next three to five years, thereby covering the entire hydrogen project value
chain from developing through building, operating (and ensuring
maintenance), ownership (either on a standalone basis or together with a
partner) to marketing (i.e. securing offtake agreements for the green
hydrogen produced).

3. Kick off serial production for various storage solutions

Transport and storage are among the biggest challenges in the (green)
hydrogen ecosystem, as the vast majority of consumption sites will not be
able to be directly connected to a hydrogen pipeline. Therefore, the group
places a special focus on the development of various storage solutions that
enable efficient transport. Here, H2APEX is pushing ahead with the planned
series production of its storage tanks, which were developed together with
long-standing partners, including the Fraunhofer Institute in Rostock, and
which, together with a strategic partner, are to be produced in larger
quantities of up to 55,000 tanks per year in the future. In addition, the
Group focuses on research in the field of chemical storage solutions, in
particular in cooperation with the Leibniz Institute for Catalysis (LIKAT).
The carrier that the Group investigates together with LIKAT for its chemical
storage solution is non-toxic, unlike other carriers. The group's research
is at an advanced stage.

The full annual report for the 2023 fiscal year can be downloaded from the
company's website at www.h2apex.com in the "Investor Relations" section.

About H2APEX

H2APEX is a merger of H2APEX Group SCA (ISIN LU0472835155, WKN A0YF5P),
which is listed in the Prime Standard of the Frankfurt Stock Exchange, and
the hydrogen specialist APEX Group. Together, the companies act in the
market under the H2APEX brand. The operational core of H2APEX was founded in
Rostock/Laage, Germany, in 2000 and has focused entirely on clean hydrogen
production, storage and distribution since 2012. This makes the company one
of the pioneers in this field. The goal of H2APEX is to become an
internationally established developer and operator of hydrogen plants. In
its core business, H2APEX develops, builds and sells or operates green
hydrogen plants with an electrolysis capacity below 1 GW. These are used to
decarbonize industrial value chains and to produce green hydrogen and
hydrogen derivatives such as LOHC (liquid organic hydrogen carriers) and
e-fuels. They are used, for example, in the steel, chemical and cement
industries as well as other energy intensive industries. In addition, the
company offers hydrogen plants for infrastructure and logistics, especially
for industrial use in warehouses, ports and production facilities.

www.h2apex.com

Investor contact:
Phone: +49 381 799902 320
E-Mail: investor.relations@h2apex.com

Web: www.ir.h2apex.com


Press contact:
Charles Barker Corporate Communications
Tobias Eberle / Jan Sefrin
Phone: +49 69 794090 -24 / -26
E-Mail: h2apex-cb@charlesbarker.de

(1)Adjusted EBITDA describes EBITDA adjusted for non-recurring expenses that
are not attributable to business operations and expenses from the stock
option program.


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01.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        H2APEX Group SCA
                   17, rue de Flaxweiler
                   6776 Grevenmacher
                   Luxemburg
   Phone:          +352 2838 4720
   Fax:            +352 2838 4729
   E-mail:         info@exceet.com
   Internet:       www.h2apex.com
   ISIN:           LU0472835155, LU0472839819
   WKN:            A0YF5P, A1BFHT
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Munich,
                   Stuttgart, Tradegate Exchange
   EQS News ID:    1893567

End of News EQS News Service
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1893567 01.05.2024 CET/CEST