SFC Energy doubles EBITDA following major Ukraine order

SFC Energy has reported strong financial results for the first half of 2026, highlighted by a doubling of its adjusted EBITDA to 18.4 million euros. The company's revenue rose to 82.4 million euros during this period, driven largely by high demand for its fuel cell systems.

A significant factor in this growth was a major order worth 42.7 million euros for fuel cell systems in Ukraine. This contribution helped bring the company's total order backlog to 104.9 million euros by the end of the half-year.

Following these results, Warburg Research maintained a ‘Buy’ rating on SFC Energy with a price target of 29 euros. Analysts noted that the company's strong quarterly performance supports the recommendation and suggests that consensus estimates for 2027 and 2028 may not yet fully reflect its margin potential.