This article first appeared on GuruFocus .
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Revenue:$105 million, up 20% year-over-year.
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Adjusted EBITDA:EUR 18.2 million, a 53% increase from the previous year.
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Adjusted EBITDA Margin:17.3%, a 3.8 percentage point expansion from the previous year.
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Adjusted EBIT:EUR 13.7 million, with a 13% margin.
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Gross Profit:EUR 43.9 million, up EUR 10.6 million or 32% from the previous year.
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Gross Margin:42%, up from 38% in the previous year.
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Cash Flow from Operating Activities:EUR 14.1 million, an increase from the previous year.
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Net Profit:EUR 8.7 million.
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Order Intake:EUR 98.7 million, up from EUR 89.67 million in the previous year.
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Clean Energy Growth Rate:24.6%.
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Clean Power Growth Rate:9%.
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R&D Spend:EUR 7.5 million, up 15.5% from the previous year.
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Cash Position:EUR 65.7 million.
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Net Cash Position:EUR 61.5 million.
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Headcount:451 permanent employees, a 12-13% increase.
Release Date: May 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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SFC Energy AG ( SSMFF ) reported a 20% organic growth year-to-date, showcasing strong performance in a challenging economic environment.
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The company achieved a 52.8% increase in adjusted EBITDA and an 81% increase in EBIT, indicating significant profitability improvements.
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SFC Energy AG ( SSMFF ) has successfully eliminated previous capacity limitations, with its UK facility now operating at target capacity.
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The company has expanded its global footprint with new facilities in India, Romania, and the US, preparing for future growth.
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SFC Energy AG ( SSMFF ) maintains a strong cash position with EUR 65.7 million in cash and cash equivalents, supporting its growth and development plans.
Negative Points
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The order book is down compared to the beginning of the year, with some projects delayed, particularly in government business in India.
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Currency effects and shipment delays have impacted sales, particularly in the US market.
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The company faces potential challenges from US tariffs on EU products, which could affect its operations.
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There is a noted decrease in order intake growth, which may impact future revenue growth if not addressed.
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The diluted earnings per share growth is weaker than the net income growth, primarily due to stock option programs and performance share programs.
Q & A Highlights
Q: How is SFC Energy preparing for potential U.S. tariffs on EU products? A: Peter Podesser, CEO, stated that SFC Energy is prepared to transfer parts of its value chain to other regions, such as India, within six to nine months. They are also considering potential acquisitions in the U.S. to accelerate this process.
Q: What is the outlook for SFC Energy's gross margin in the coming year? A: Daniel Saxena, CFO, mentioned that the gross margin is expected to remain stable with potential for increase, driven by operational leverage and a favorable product mix. There are no anticipated increases in input costs.
Q: Why is the growth in diluted earnings per share weaker than net income growth? A: Daniel Saxena explained that the dilution is due to new stock option programs introduced for senior management, which are equity-settled and impact the diluted earnings per share.
Q: When is the Ballard acquisition expected to close, and is it included in the sales guidance? A: Daniel Saxena confirmed that the Ballard acquisition is expected to close by the end of the month and its impact is reflected in the sales guidance, although it will be more visible in profitability rather than top-line guidance.
Q: What factors contributed to the trimming of the top end of the sales guidance? A: Peter Podesser noted that the impact is primarily from the clean energy segment, with significant contributions from defense and public security sales, as well as North American and Indian markets. Delays in government projects in India also played a role.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
