SFC Energy AG publishes 2024 annual report – record performance to continue in 2025

SFC Energy AG publishes 2024 annual report – record performance to continue in 2025

• Audited consolidated financial statements confirm preliminary results
• Strongest growth in defence and public security business as well as in India
• Group sales up 22.5%, rising to EUR 144,754 thousand (2023: EUR 118,148 thousand)
• 45.2% increase in adjusted EBITDA to EUR 22,008 thousand (2023: EUR 15,158 thousand), adjusted EBITDA margin of 15.2% substantially above the previous year (2023: 12.8%)
• Significant 60.4% increase in adjusted EBIT to EUR 15,556 thousand (2023: EUR 9,696 thousand), wider adjusted EBIT margin of 10.7% (2023: 8.2%)
• Cash flow from operating activities substantially higher, rising to EUR 21,767 thousand (2023: EUR 15,786 thousand)
• Record order backlog of EUR 104,583 thousand as of 31 December 2024 (31 December 2023: EUR 81,300 thousand)
• Forecast for 2025 confirmed

Brunnthal/Munich, Germany, 27 March 2025 – SFC Energy AG (“SFC”, F3C:DE, ISIN: DE0007568578), a leading supplier of fuel cells for stationary and mobile hybrid power solutions, has published its annual report and audited consolidated figures for 2024 today. The audited consolidated figures confirm the preliminary results announced on 25 February 2025.

Dr Peter Podesser, CEO of SFC Energy AG: “In 2024, we again expanded our worldwide leading position in fuel cell technologies, driven by strong growth, enhanced profitability and systematic internationalisation. In particular, the dynamic performance in defence and public security (60% increase in sales) reflects the changed geopolitical situation. The improved underlying conditions for defence spending in Germany and the rest of Europe are opening up considerable growth potential for us. Our technology featuring lightweight, reliable and difficult-to-detect energy sources offers significant advantages in this environment.

To date, we are the only supplier of NATO-qualified fuel cell systems for portable, remote and land vehicle-based deployment scenarios. This unique technological position qualifies us as a preferred partner for armed forces worldwide. At the same time, the market for civil security and surveillance technologies is also growing rapidly. This is an area in which we have established a leading market position worldwide thanks to our sustainable and economical fuel cell solutions. With our record order backlog, a solid financial basis and continued dynamic demand, we are optimistic about 2025. We are convinced that we can capitalise on the opportunities that are arising in our markets and benefit from them to a disproportionately large extent.”

Development of sales

In 2024, the SFC Energy Group’s sales rose significantly by 22.5% to EUR 144,754 thousand (2023: EUR 118,148 thousand). This gratifying performance in a persistently challenging environment was underpinned by the very sharp increase in sales in the Clean Energy segment, which rose by 27.3% over the previous year, as well as strong sales growth of 12.9% in the Clean Power Management segment. Total Group sales in 2024 thus reached the top end of the forecast range of EUR 142,000 thousand to EUR 145,000 thousand, which had been specified in November 2024.

Segment performance

The Clean Energy segment again benefited from strong demand for fuel cell solutions in the year under review, posting a very significant 27.3% increase in sales to EUR 100,606 thousand (2023: EUR 79,032 thousand). This performance was particularly attributable to energy solutions for industrial applications, which address the core target markets of “civil security technology/video surveillance” and “data transmission and digitalisation”, among others, and accounted for the largest share of segment sales. Overall, the industrial applications sector, the largest area of use for fuel cells, registered year-on-year growth of around 36%. With a significant increase of some 60% compared to the previous year, defence and public safety were the fastest-growing end markets. Accounting for a share of 69.5% (2023: 66.9%), Clean Energy remained the segment with the highest sales in the year under review.

Business in the Clean Power Management segment expanded significantly in the year under review, growing by 12.9% to EUR 44,148 thousand (2023: EUR 39,116 thousand). Clean Power Management accounted for 30.5% of Group sales in the year under review (2023: 33.1%).

Order intake increased sharply to EUR 167,762 thousand as of the end of the year under review (2023: EUR 124,799 thousand). With a record order backlog of EUR 104,583 thousand as of 31 December 2024 (31 December 2023: EUR 81,300 thousand), we entered 2025 on a dynamic note.

Earnings

The strong growth in sales combined with wider gross margins in both segments yielded a significant increase of EUR 12,530 thousand or 26.8% in gross profit to EUR 59,324 thousand (2023: EUR 46,794 thousand). As a result, the Group’s profit margin (gross profit as a percentage of sales) widened substantially to 41.0% (2023: 39.6%).

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

EBITDA adjusted for non-recurring effects rose very significantly to EUR 22,008 thousand in the year under review (2023: EUR 15,158 thousand), thus exceeding the forecast range of EUR 20,000 thousand to EUR 21,500 thousand. The adjusted EBITDA margin widened substantially to 15.2% (2023: 12.8%) .

EBIT adjusted for non-recurring effects came to EUR 15,556 thousand (2023: EUR 9,696 thousand), increasing by EUR 5,859 thousand over the previous year, and was therefore also above the target corridor defined by the Management Board (EUR 13,800 thousand to EUR 15,100 thousand). This resulted in a significantly wider adjusted EBIT margin of 10.7% compared to the previous year (2023: 8.2%).

Driven by the strong operating performance, the year under review closed with a consolidated net result of EUR 9,355 thousand (2023: EUR 21,062 thousand). The previous year’s significantly higher consolidated net result had primarily reflected the recognition of deferred taxes of EUR 11,719 thousand. Basic and diluted earnings per share in accordance with IFRS totalled EUR 0.54 (2023: EUR 1.21) and EUR 0.54 (2023: EUR 1.18), respectively, in the year under review, thus falling short of the previous year due to the aforementioned tax income effect.

Balance sheet

The equity ratio amounted to 71.7% as of 31 December 2024 (31 December 2023: 72.6%), testifying to SFC Energy’s continued very solid balance sheet structure. In conjunction with the freely available cash and cash equivalents less liabilities to banks of EUR 56,359 thousand (31 December 2023: EUR 56,056 thousand), SFC Energy is able to consistently pursue its sustainable growth course. As of 31 December 2024, the SFC Energy Group had 470 permanent employees worldwide (31 December 2023: 403).

Cash flow from operating activities before changes in net working capital and income taxes (operating earnings before changes in working capital) improved significantly in the year under review to EUR 21,767 thousand (2023: EUR 15,786 thousand). After allowing for the change in net working capital, which increased by EUR 6,559 thousand in the year under review (2023: EUR 10,978 thousand) with a corresponding effect on liquidity, and income tax payments, a positive cash flow from operating activities of EUR 14,460 thousand was generated (2023: EUR 3,576 thousand). This considerable increase resulted from the significantly higher cash flow from operating activities and a moderately lower year-on-year increase in net working capital.

Forecast for 2025

On the strength of the successful business performance in 2024, the Management Board expects demand for the Group’s fuel cell and power management solutions to continue rising in all regional markets, ensuring that the Group remains on its growth trajectory in 2025. Significant impetus for growth is expected from North America and Asia in particular.

Group sales

For the current financial year, the Management Board expects Group sales to grow by around 11 – 25% year-on-year to roughly EUR 160.6 million to EUR 180.9 million (2024: EUR 144.8 million), underpinned to a much greater extent by the Clean Energy segment.

Adjusted EBITDA

The Management Board projects an increase in adjusted EBITDA to between EUR 24.7 million and EUR 28.2 million (2024: EUR 22.0 million), thus resulting in further growth in the EBITDA margin. This margin expansion will be driven by continued strong demand but is dependent on the timing of planned growth investments, particularly the further expansion of the US and Danish sites, and the rollout of the new ERP system at the Group level as well as the potential impact of increased material and procurement costs. It also assumes that the higher costs can be passed on to customers to a certain extent.

Adjusted EBIT

Based on the budgets for the Clean Energy and Clean Power Management segments, the Management Board expects adjusted EBIT for the Group to reach between EUR 17.5 million to EUR 20.6 million in 2025 (2024: EUR 15.6 million).

Key Figures 2024/2023

* as of 31 December

Detailed financial information/earnings call

The 2024 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, 27 March 2025, at 9.00 a.m.

To register, please send an e-mail message to susan.hoffmeister@sfc.com.

About SFC Energy AG

SFC Energy AG (www.sfc.com) is a leading provider of hydrogen and methanol 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 Energy Investor Relations and Press:

Susan Hoffmeister
Phone +49 89 125 09 03-33
Email: susan.hoffmeister@sfc.com
Web: sfc.com

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This release may contain forward-looking statements, estimates, opinions and projections with respect to the anticipated future performance of the company (“Forward-Looking Statements”). These Forward-Looking Statements can be identified by the use of forward-looking terminology, including, but not limited to, the terms “expects,” “plans,” “anticipates,” “expects,” “intends,” “may,” “will” or “should” or, in each case, their negative, or other variations or comparable terminology. These Forward-Looking Statements include all matters that are not historical facts. Forward-Looking Statements are based on the current views, expectations and assumptions of the Management Board of SFC Energy AG and involve significant 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 will not necessarily be accurate indications of whether or not such results will be achieved. Any Forward-Looking Statements only apply as of the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, Forward-Looking Statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such Forward-Looking Statements and assumptions.