Cavendish initiates coverage with “Buy” recommendation and price target of EUR 26.00 – upside potential of 70.4%

SFC Energy AG: Cavendish initiates coverage with “Buy” recommendation and price target of EUR 26.00 – upside potential of 70.4%

Brunnthal/Munich, Germany, 5 September 2025 – SFC Energy AG (“SFC”, F3C:DE, ISIN: DE0007568578), a leading provider of fuel cells for stationary, portable and mobile hybrid power solutions, is now covered by Cavendish. In his initiation report, John-Marc Bunce, Director of Research and sector specialist who has been following SFC for many years, issues a “Buy” recommendation with a target price of EUR 26.00. This implies an upside potential of 70.4% compared to the Xetra closing price of EUR 15.26 on 3 September 2025.

The analyst highlights SFC Energy’s strong market position, having developed from a supplier of portable direct methanol fuel cells (DMFCs) into a market leader in the sub-50kW fuel cell range, diversified with hydrogen fuel cells and power electronics. Cavendish views the recent guidance adjustment as a temporary dip in the Company’s long-term growth trajectory and therefore as a buying opportunity.

The report also emphasizes SFC’s profitability profile and successful M&A strategy. Acquisitions such as the Dutch PBF Group, Ballard Europe’s stationary hydrogen fuel cell business and Johnson Matthey's assets and technology for the production of Membrane Electrode Assemblies (MEAs) for DMFCs underline the management’s ability to integrate businesses and technology that enhance growth and margins.

Further information on SFC Energy's Clean Energy and Clean Power Management solutions can be found at sfc.com.

About SFC Energy AG
SFC Energy AG (www.sfc.com) is a leading provider of fuel cells for stationary, portable and mobile hybrid power solutions. With the Clean Energy and Clean Power Management business segments, SFC Energy is a sustainably profitable fuel cell producer. The Company distributes its award-winning products worldwide and has sold more than 75,000 fuel cells to date. The Company is headquartered in Brunnthal/Munich and has operating subsidiaries in Canada, India, the Netherlands, Romania, Denmark, the United Kingdom, and the United States of America. SFC Energy AG is listed on the Deutsche Boerse Prime Standard and has been part of the selection index SDAX since 2022 (GSIN: 756857, ISIN: DE0007568578).

SFC Investor Relations and Press:
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone +49 89 125 09 03-33
Email: susan.hoffmeister@sfc.com
Web: sfc.com