SFC Energy AG: Complete In-Depth Corporate Profile

Source: SFC Energy AG Annual Report 2025.

Quick Facts / Company Snapshot

Metric / Dimension	Disclosed Corporate Data Point
Official Company Name	SFC Energy AG
Registered Domicile & Head Office	Eugen-Sänger-Ring 7, 85649 Brunnthal, Germany
Commercial Register & Registration Number	Local Court of Munich, HRB 144296
Stock Ticker Symbol	F3C:GR (Bloomberg) / F3CG.DE (Reuters)
ISIN / German Securities ID (WKN)	DE0007568578 / WKN 756857
Stock Exchange Listing & Segment	Frankfurt Stock Exchange (FWB), Prime Standard
Index Membership	SDAX
Chief Executive Officer (CEO)	Dr. Peter Podesser (Chairman of the Management Board)
Chief Financial Officer (CFO)	Daniel Saxena (Member of the Management Board)
Chief Operating Officer (COO)	Hans Pol (Member of the Management Board)
Supervisory Board Chairwoman	Sunaina Sinha Haldea
Fiscal Year 2025 Consolidated Sales	EUR 143,274 thousand (EUR 143,274,303)
Fiscal Year 2025 Gross Profit	EUR 58,394 thousand (EUR 58,394,325)
Fiscal Year 2025 Gross Profit Margin	40.8%
Fiscal Year 2025 Operating Result (EBIT)	EUR 4,483 thousand (EUR 4,482,501)
Fiscal Year 2025 Adjusted EBIT	EUR 8,914 thousand (EUR 8,914,434)
Fiscal Year 2025 Adjusted EBITDA	EUR 16,653 thousand (EUR 16,652,847)
Fiscal Year 2025 Consolidated Net Result	EUR -887 thousand (EUR -886,574)
Total Balance Sheet Assets (31 Dec 2025)	EUR 192,339 thousand (EUR 192,338,669)
Total Group Equity (31 Dec 2025)	EUR 138,549 thousand (EUR 138,549,187)
Group Equity Ratio (31 Dec 2025)	72.0%
Freely Available Cash & Cash Equivalents	EUR 46,629 thousand (EUR 46,628,561)
Total Permanent Headcount (31 Dec 2025)	495 employees (Worldwide)

Source: SFC Energy AG Annual Report 2025.

Company Overview

SFC Energy AG is a Germany-headquartered, globally active technology group pioneering off-grid and stationary power generation solutions based on hydrogen and direct methanol fuel cells, alongside advanced power electronics. Domiciled in Brunnthal, Bavaria, the Company designs, manufactures, and distributes sustainable, autonomous energy solutions engineered to replace carbon-heavy fossil fuel systems, primarily diesel generators, in critical off-grid, defense, security, and industrial installations.

The Group manages its worldwide business activities through two specialized operating segments: Clean Energy and Clean Power Management. Through these units, the Group integrates fuel cell technology with intelligent power conversion systems, catering to mission-critical setups where grid electricity is either nonexistent, intermittent, or exposed to security hazards.

• SFC Energy holds more than 25 years of operational experience in commercial fuel cell systems.
• The Group has sold over 90,000 fuel cell units worldwide across civilian, industrial, and defense sectors.
• Over 179 million operating hours have been accumulated by SFC fuel cells under extreme field conditions.
• The Company’s clean fuel cell installations have generated 16.6 million kilowatt-hours of environmentally friendly electricity.
• Direct methanol fuel cell installations have eliminated roughly 8,800 tonnes of carbon dioxide emissions compared to conventional diesel generators.

The overarching mission of SFC Energy AG centers on providing decentralized, low-emission, and fully autonomous power. Its technology is designed to operate under harsh weather conditions, from desert regions in the Middle East to deep sub-zero environments in northern Canada. Unlike internal combustion engines, SFC’s fuel cell systems operate silently, release zero particulate matter, carbon monoxide, or nitrogen oxides, and produce minimal thermal and acoustic signatures.

Over recent operating cycles, SFC Energy has undertaken a structural pivot toward high-margin defense, homeland security, and critical infrastructure resilience. In the 2025 financial year, combined applications across defense, public security, and civil protection accounted for approximately 50% of Group sales. Management expects defense applications alone to represent 15% to 20% of Group revenues in 2026, pushing the broader security sector to around 60% of total Group turnover.

• Combined defense, civil, and public security applications accounted for approximately 50% of consolidated sales in 2025.
• Management expects defense alone to expand to 15% to 20% of consolidated revenues in 2026.
• The wider resilience and security cluster is anticipated to generate roughly 60% of Group sales in 2026.

The Group’s international operating footprint spans production, engineering, and sales facilities across Germany, the Netherlands, Romania, Canada, the United States, the United Kingdom, Denmark, and India. This expansive international infrastructure supports a localized value-creation model designed to minimize geopolitical exposure, lower trade tariff risks, and provide direct technical integration for major industrial and defense clients.

Business Segments

SFC Energy AG organizes and manages its business operations through two primary reporting segments: Clean Energy and Clean Power Management. This structure reflects the Group’s underlying technology platforms, operational models, and distinct customer groups.

                  ┌─────────────────────────────────────────┐
                  │              SFC ENERGY AG              │
                  │       Total Sales: EUR 143,274k         │
                  └────────────────────┬────────────────────┘
                                       │
            ┌──────────────────────────┴──────────────────────────┐
            ▼                                                     ▼
┌──────────────────────────────────────┐  ┌──────────────────────────────────────┐
│             CLEAN ENERGY             │  │        CLEAN POWER MANAGEMENT        │
│       Sales: EUR 99,835k             │  │       Sales: EUR 43,439k             │
│   (69.68% of Total Group Sales)      │  │   (30.32% of Total Group Sales)      │
├──────────────────────────────────────┤  ├──────────────────────────────────────┤
│ • Direct Methanol Fuel Cells (DMFC)  │  │ • High-Tech Power Supplies & Coils   │
│ • Hydrogen Fuel Cells (PEMFC)        │  │ • Frequency Converters (VFDs)        │
│ • Energy Shelters & Turnkey Cabinets │  │ • Laser & Semiconductor Electronics  │
│ • Defense, CCTV, Public Security     │  │ • Industrial Automation Components   │
└──────────────────────────────────────┘  └──────────────────────────────────────┘

The table below outlines segment revenue performance, year-on-year trends, and the relative contribution of each operating segment to consolidated Group sales for the 2025 financial year, sorted by total revenue.

Segment	FY 2025 Revenue (EUR)	FY 2024 Revenue (EUR)	Year-on-Year Change (%)	% of Total Group Sales (FY 2025)
Clean Energy	99,835,221	100,536,078	-0.7%	69.68% (Calculated by FirmsWorld)
Clean Power Management	43,439,082	44,148,328	-1.6%	30.32% (Calculated by FirmsWorld)
Total Group Consolidated	143,274,303	144,684,406	-1.0%	100.00%

Source: SFC Energy AG Annual Report 2025.

Clean Energy Segment

The Clean Energy segment serves as the operational and strategic anchor of SFC Energy AG, generating EUR 99,835 thousand in 2025, which represents 69.68% of total Group revenues (Calculated by FirmsWorld). This division pools the development, production, integration, and worldwide marketing of autonomous and stationary energy solutions powered by direct methanol fuel cells (DMFC) and proton-exchange membrane hydrogen fuel cells (PEMFC).

The operational scope of Clean Energy spans three core target customer markets:

• Industrial Applications: Incorporating off-grid surveillance systems, mobile CCTV towers, automated data transmission nodes, remote environmental sensing, telecommunications point-of-presence sites, and critical infrastructure monitoring.
• Public Security and Defense: Providing portable, vehicle-integrated, and tactical field power solutions to sovereign armed forces, border management agencies, and civil defense agencies.
• Private Applications: Delivering mobile onboard power units for the consumer leisure, marine, and caravanning sectors.

In 2025, the industrial customer group formed the foundation of Clean Energy, contributing approximately 88% of segment turnover and achieving an organic expansion of roughly 9%. Industrial demand was spurred by widespread adoption among commercial surveillance infrastructure providers, such as BauWatch, who deploy EFOY Pro fuel cells to power mobile security towers at remote construction and industrial sites.

• Clean Energy segment revenues reached EUR 99,835 thousand in 2025, down slightly by 0.7% from EUR 100,536 thousand in 2024.
• Industrial end-markets represented roughly 88% of total Clean Energy segment sales.
• Public security and defense accounted for approximately 10% of segment turnover during 2025.
• Segment gross profit stood at EUR 45,368 thousand, producing a segment gross profit margin of 45.4%.
• Adjusted segment EBITDA reached EUR 12,326 thousand, reflecting an adjusted EBITDA margin of 12.3%.

┌────────────────────────────────────────────────────────────────────────┐
│               CLEAN ENERGY: CORE CUSTOMER END-MARKETS                  │
├────────────────────────────────────────────────────────────────────────┤
│ [88%] Industrial Applications                                          │
│   ├── Civil Security & Off-Grid CCTV (e.g., BauWatch)                  │
│   ├── Critical Telecom Point-of-Presence (e.g., Norlys Fibernet)       │
│   └── Remote Infrastructure, Sensing, and Arctic Shelters              │
├────────────────────────────────────────────────────────────────────────┤
│ [10%] Defense and Public Security                                      │
│   ├── Sovereign Armed Forces (e.g., Indian Ministry of Defence)        │
│   ├── NATO Procurement Agencies (NSPA via ZeroAlpha Solutions)         │
│   └── Tactical Soldier Wearable & Vehicle Auxiliary Power              │
├────────────────────────────────────────────────────────────────────────┤
│  [2%] Private Applications                                             │
│   └── Consumer Caravanning, Motorhomes, and Marine Auxiliary Power     │
└────────────────────────────────────────────────────────────────────────┘

The public security and defense market accounted for roughly 10% of Clean Energy revenues in 2025. This business experienced a temporary reduction in year-on-year sales due to the timing of defense contract awards and procurement delays in India. Despite these delays, the unit maintained momentum through follow-up military orders from NATO procurement agencies and Canadian defense organizations.

Clean Energy’s manufacturing and engineering backbone includes the production of proprietary Membrane Electrode Assemblies (MEAs) at its Swindon facility in the United Kingdom, fuel cell stack assembly in Brunnthal, Germany, tactical military power integration in Gurgaon, India, and stationary hydrogen system engineering in Hobro, Denmark.

Clean Power Management Segment

The Clean Power Management segment generated EUR 43,439 thousand in 2025, representing 30.32% of total Group sales (Calculated by FirmsWorld). This business division develops, manufactures, and markets high-tech, standardized, and semi-standardized power electronics, intelligent voltage converters, specialized electromagnetic coils, and variable frequency drive systems.

The segment’s solutions are engineered to ensure precision power conditioning, high energy efficiency, power density, and electromagnetic interference suppression for complex high-voltage industrial applications. Target markets served include:

• Semiconductor Capital Equipment: Precision power conversion units supplied to tier-one global equipment manufacturers for wafer fab equipment, RF plasma processing, and lithography modules.
• Laser and Analytical Systems: Scalable high-performance platform power supplies engineered to drive industrial lasers, optical analysis devices, and medical lab instrumentation.
• Defense Radar and Counter-Drone Hardware: Ruggedized platform power supplies co-developed with European defense OEMs for directed energy laser systems and mobile radar installations.
• Upstream Industrial and Energy Drives: Variable frequency drives (VFDs) and electrical pump control modules supplied through Canadian operations to optimize electric submersible pumps in demanding oil and gas extraction sites.
• Clean Power Management revenues totaled EUR 43,439 thousand in 2025, compared to EUR 44,148 thousand in 2024, down 1.6%.
• The segment delivered a gross profit of EUR 13,026 thousand, up 4.6% from EUR 12,458 thousand in 2024.
• Gross profit margin expanded from 28.2% to 30.0%, driven by favorable product mix and commercial pricing.
• Segment EBITDA reached EUR 4,327 thousand, achieving an operating EBITDA margin of 10.0%.
• Segment EBIT came in at EUR 2,675 thousand, yielding an operating EBIT margin of 6.2%.

┌────────────────────────────────────────────────────────────────────────┐
│             CLEAN POWER MANAGEMENT: KEY PRODUCT APPLICATIONS           │
├────────────────────────────────────────────────────────────────────────┤
│ Power Electronics & Specialized Coils                                 │
│   ├── Semiconductor Wafer Fabrication & RF Plasma Equipment            │
│   ├── High-Performance Industrial Analytical Devices                   │
│   └── Directed Energy Laser Systems & Anti-Drone Radars                │
├────────────────────────────────────────────────────────────────────────┤
│ Drive Systems & Frequency Automation                                   │
│   ├── Variable Frequency Drives (VFDs) for Oil & Gas Wells             │
│   ├── Electric Submersible Pump (ESP) Precision Motor Control          │
│   └── Remote Industrial Power Conditioning Cabinets                    │
└────────────────────────────────────────────────────────────────────────┘

The slight 1.6% contraction in segment sales was primarily driven by project deferrals in the Canadian oil and gas extraction sector, where exploration clients paused planned capital spending, compounded by a negative 5.5% foreign exchange translation drag on the Canadian dollar.

Conversely, the segment’s high-tech power electronics division achieved strong organic growth. Demand from European analytical equipment builders reached record levels, while semiconductor power supply shipments remained robust. Clean Power Management operations are anchored primarily at SFC Energy B.V. in Almelo, Netherlands, supported by volume manufacturing at SFC Energy Power S.R.L. in Cluj-Napoca, Romania, and systems integration in Calgary, Canada.

History and Evolution

SFC Energy AG has operated in the commercial clean tech sector for more than two decades, evolving from an early-stage fuel cell pioneer into an integrated supplier of stationary and mobile clean power generation systems.

The Company established its technological foundation around Direct Methanol Fuel Cell (DMFC) technology, becoming one of the first enterprises in the world to transition fuel cells from laboratory prototypes into commercially viable series products. Over its operating history, SFC Energy secured an industrial foothold by targeting niche applications where alternative energy solutions—such as battery banks or internal combustion engines—proved unviable due to weight limitations, frequent maintenance needs, or environmental restrictions.

• Over 25 years of operational heritage in advancing proprietary fuel cell systems and electrochemical stacks.
• Pioneered the commercial transition of Direct Methanol Fuel Cells (DMFC) into mass-manufactured units.
• Accumulated a technological foundation protected by multiple specialized patent families.

SFC Energy’s strategic trajectory has been characterized by deliberate geographic diversification and targeted acquisitions:

• 2011: Acquired SFC Energy B.V. in Almelo, Netherlands, securing proprietary high-power conversion technologies and expanding into power supply solutions for the semiconductor, analytical, and industrial laser industries.
• 2013: Acquired SFC Energy Ltd. in Calgary, Canada, expanding into North American heavy-industry automation, off-grid energy enclosures, and variable frequency drive systems.
• 2021: Restructured internal reporting into the two present-day technology platforms: Clean Energy and Clean Power Management.
• 2023: Established direct manufacturing and development subsidiaries in Gurgaon (India), Swindon (United Kingdom), Wilmington (United States), and Cluj-Napoca (Romania), initiating the in-house production of Membrane Electrode Assemblies (MEAs).
• 2024: Completed the asset acquisition of the stationary hydrogen fuel cell business of Ballard Power Systems Europe A/S, founding SFC Energy Denmark ApS in Hobro to spearhead European hydrogen backup systems.
• 2025: Formed a strategic partnership and acquired a 15% equity interest in Singapore-based Oneberry Technologies Pte. Ltd., expanding into artificial intelligence-driven autonomous surveillance solutions across Southeast Asia.

Through this systematic expansion, SFC Energy transformed its core profile from a Munich-based fuel cell developer into a multinational energy resilience hardware and services group.

Products and Services

SFC Energy AG designs, manufactures, and services a broad portfolio of power generation, energy storage integration, power conversion, and electric drive solutions. These products are commercialized under dedicated platforms across the Clean Energy and Clean Power Management segments.

Because SFC Energy does not disclose standalone revenue figures for individual product model codes, the products and services below are detailed under their respective operating segments, which represent the lowest level of disaggregated financial reporting available in the Annual Report.

┌────────────────────────────────────────────────────────────────────────┐
│                     SFC ENERGY PRODUCT ARCHITECTURE                    │
├───────────────────────────────────┬────────────────────────────────────┤
│       CLEAN ENERGY SYSTEMS        │       CLEAN POWER ELECTRONICS      │
│   (Reported Sales: EUR 99,835k)   │   (Reported Sales: EUR 43,439k)    │
├───────────────────────────────────┼────────────────────────────────────┤
│ • EFOY Pro Direct Methanol Cells  │ • Custom High-Voltage Power Racks  │
│ • EFOY Hydrogen Cabinets (H2)     │ • High-Frequency Magnetic Coils    │
│ • EFOY ProShelter Arctic Systems  │ • Semiconductor RF Generators      │
│ • EMILY Rugged Vehicle Fuel Cells │ • Laser System Power Platforms     │
│ • JENNY Wearable Tactical Power   │ • Variable Frequency Drives (VFD)  │
│ • Methanol Fuel Cartridges        │ • Motor Controls for Sub-Pumps     │
└───────────────────────────────────┴────────────────────────────────────┘

Clean Energy Products & Solutions (Segment Sales: EUR 99,835k)

EFOY Pro Direct Methanol Fuel Cells (DMFC)

The EFOY Pro series (including the EFOY Pro 2800 and EFOY Pro 2400) provides autonomous, fully automated DC electricity generation for off-grid industrial devices. These fuel cells convert liquid methanol fuel directly into electrical energy via an internal catalytic reaction, generating only carbon dioxide and water vapor as by-products. They provide continuous, weather-independent base-load power for off-grid CCTV surveillance towers, environmental sensors, traffic control systems, and telecommunications installations.

EFOY Hydrogen Fuel Cell Systems (PEMFC)

Operating on proton-exchange membrane (PEM) technology, the EFOY Hydrogen product family (including the EFOY H2Cabinet and EFOY H2 Rack R-Series) delivers zero-emission emergency back-up power and off-grid electricity using gaseous hydrogen. Engineered for stationary point-of-presence telecommunication sites, data networks, and municipal facilities, these modular units scale up to 50 kW to provide silent back-up power during primary grid outages.

EFOY ProShelter and Turnkey Power Enclosures

The EFOY ProShelter is an insulated, highly resilient hybrid power enclosure developed specifically for extreme climatic operations. Co-engineered with Canadian public-sector research partners, the system combines EFOY fuel cells, battery banks, and solar panels within an engineered outdoor shelter that maintains uninterrupted operations in deep sub-zero environments below -40°C.

• EFOY ProShelter systems are deployed across northern Canada to safeguard critical infrastructure in extreme arctic environments.
• The Arctic shelters operate reliably at temperatures below -40 degrees Celsius.
• Turnkey configurations combine solar PV arrays, methanol fuel cells, and battery banks into integrated hybrid enclosures.

Tactical Military Power Systems: EMILY and JENNY Series

Engineered to meet stringent military standards, the EMILY and JENNY product lines are field-hardened direct methanol fuel cell generators designed for sovereign armed forces and defense organizations:

• JENNY Series (JENNY 600S, JENNY 1200): Lightweight, miniaturized tactical fuel cell generators carried by dismounted soldiers. These units provide silent, lightweight, plug-and-play mobile power for communications, night vision devices, and mobile computing, reducing the battery weight carried by personnel on extended operations.
• EMILY Series (EMILY 3000, EMILY 12000): Vehicle-integrated and tactical field power generators designed for command posts, mobile surveillance units, and onboard auxiliary power systems in defense vehicles. The newly unveiled EMILY 12000 delivers a fourfold power increase over prior models, offering cluster configurations that generate up to 5 kW of silent, signature-free power.
• SFC Power Manager: A portable, intelligent DC power distribution hub that balances multiple input energy sources (fuel cells, solar mats, vehicle alternators) to charge diverse military battery chemistries and power tactical field hardware.
• SFC Energy is the only provider of NATO-qualified fuel cell systems for portable, off-grid, and vehicle-based applications.
• EMILY and JENNY systems operate silently and without detectable thermal or acoustic signatures, reducing battlefield visibility.
• The Indian Armed Forces maintain long-term operational deployment of JENNY 600S and EMILY 3000 tactical power systems.

Fuel Logistics and Refurbishment Services

SFC Energy distributes proprietary, safety-certified methanol fuel cartridges through an established global distribution network. In addition, the Group operates industrial refurbishment and life-cycle extension programs, recovering returned fuel cell units from commercial clients (such as BauWatch) to remanufacture internal components, reduce industrial waste, and lower total lifecycle ownership costs.

┌────────────────────────────────────────────────────────────────────────┐
│               EFOY CLOSED-LOOP PRODUCT LIFE CYCLE                      │
├────────────────────────────────────────────────────────────────────────┤
│ [1] High-Precision Production: MEA coating & robotic stack integration │
│   └── Sourced in-house from Swindon, UK and Brunnthal, Germany         │
├────────────────────────────────────────────────────────────────────────┤
│ [2] Field Deployment: Off-grid towers, military gear, Arctic shelters   │
│   └── 179M+ operating hours logged in mission-critical environments   │
├────────────────────────────────────────────────────────────────────────┤
│ [3] Fuel Logistics: Proprietary sealed high-purity methanol cartridges  │
│   └── Safety-certified distribution infrastructure worldwide          │
├────────────────────────────────────────────────────────────────────────┤
│ [4] Refurbishment & Re-use: Recovery of stacks and critical alloys     │
│   └── Platinum & ruthenium reclaimed to minimize environmental waste   │
└────────────────────────────────────────────────────────────────────────┘

Clean Power Management Products & Solutions (Segment Sales: EUR 43,439k)

High-Tech Power Supplies and Precision Coils

SFC Energy B.V. develops highly engineered, platform-based power supply solutions, high-frequency voltage converters, and specialized coil systems. These components provide stabilized, high-purity DC voltages for demanding commercial machinery, including semiconductor wafer-processing equipment, high-energy industrial lasers, medical imaging hardware, and chemical analysis tools.

Defense Laser & Anti-Drone Power Management Platforms

Co-developed with a European defense original equipment manufacturer (OEM), these ruggedized power management platforms condition and regulate electrical energy for high-energy mobile laser hardware and radar tracking systems used in counter-unmanned aerial systems (C-UAS) and drone defense platforms.

Variable Frequency Drives (VFD) and Motor Automation

Commercialized primarily across North America through SFC Energy Ltd., the Group supplies custom variable frequency drives and motor control cabinets. These electronic systems regulate the operational speed and electrical load of electric submersible pumps (ESPs) in upstream energy extraction, lowering total electrical consumption, cutting operational downtime, and reducing site-level greenhouse gas emissions.

Brand Portfolio

SFC Energy AG markets its technologies worldwide under distinct corporate and product brand names. Each brand targets specialized industrial, military, or consumer applications within the Group’s two reporting segments.

                   ┌─────────────────────────────────────────┐
                   │             SFC ENERGY AG               │
                   │           Master Enterprise             │
                   └────────────────────┬────────────────────┘
                                        │
         ┌──────────────────────────────┼──────────────────────────────┐
         ▼                              ▼                              ▼
┌──────────────────┐           ┌──────────────────┐           ┌──────────────────┐
│       EFOY       │           │  EMILY & JENNY   │           │     CONNEXA      │
│  Industrial and  │           │   Tactical and   │           │ System Solutions │
│ Civilian Off-Grid│           │  Defense Power   │           │   & Integrator   │
└──────────────────┘           └──────────────────┘           └──────────────────┘

SFC Energy

The overarching master brand represents corporate operations, advanced research and development, investor relations, and core B2B power conversion platforms. The brand is associated with German engineering quality, sustainability, and technological leadership in decentralized energy systems.

EFOY / EFOY Pro / EFOY H2

The EFOY brand family covers commercial direct methanol and hydrogen fuel cell systems:

• EFOY: Consumer and commercial off-grid power solutions applied in recreational vehicles, sailing yachts, and mobile service vehicles.
• EFOY Pro: Heavy-duty, industrial-grade direct methanol fuel cells, weather-proof enclosures (EFOY ProCabinet, EFOY ProShelter), and smart monitoring accessories designed for 24/7 autonomous commercial operations.
• EFOY H2: Zero-emission stationary hydrogen power generators and multi-rack cabinet solutions engineered to secure critical communications infrastructure, data networks, and microgrids.

EMILY and JENNY

The Group’s dedicated tactical military and homeland security brands. Both names represent ruggedized, NATO-qualified, field-tested Direct Methanol Fuel Cell generators engineered to operate in hostile defense environments without emitting acoustic or thermal signatures.

• The EMILY and JENNY brand names are registered and recognized within NATO defense procurement organizations.
• EMILY signifies ruggedized vehicle-mounted and stationary defense shelter power generators.
• JENNY denotes ultralight, wearable tactical soldier power solutions.

Geographical Presence

SFC Energy AG maintains an expansive global operational network spanning key industrialized and emerging markets. The Group categorizes its geographic revenue performance across six defined international regions, with Europe and North America serving as its primary commercial centers.

The table below outlines consolidated sales performance by geographic destination for the 2025 and 2024 financial years, sorted in descending order by 2025 revenue contribution.

Geographic Destination	FY 2025 Revenue (EUR)	FY 2024 Revenue (EUR)	Year-on-Year Change (%)	% of Total Group Sales (FY 2025)
Canada	37,343,000	39,262,000	-4.9%	26.06% (Calculated by FirmsWorld)
Netherlands	33,709,000	23,622,000	+42.7%	23.53% (Calculated by FirmsWorld)
Europe (Excl. Germany & Netherlands)	27,983,000	27,802,000	+0.6%	19.53% (Calculated by FirmsWorld)
United States	17,707,000	14,866,000	+19.1%	12.36% (Calculated by FirmsWorld)
Germany (Domestic Market)	15,672,000	14,125,000	+11.0%	10.94% (Calculated by FirmsWorld)
Asia	10,299,000	24,072,000	-57.2%	7.19% (Calculated by FirmsWorld)
Rest of the World	561,000	936,000	-40.0%	0.39% (Calculated by FirmsWorld)
Total Consolidated Sales	143,274,000	144,684,000	-1.0%	100.00%

Source: SFC Energy AG Annual Report 2025.

┌────────────────────────────────────────────────────────────────────────┐
│             FY 2025 REGIONAL REVENUE CONTRIBUTION (%)                  │
├────────────────────────────────────────────────────────────────────────┤
│ Canada                              [26.06%] █████████████             │
│ Netherlands                         [23.53%] ████████████              │
│ Europe (excl. Germany & NL)         [19.53%] ██████████                │
│ United States                       [12.36%] ██████                    │
│ Germany                             [10.94%] █████                     │
│ Asia                                [ 7.19%] ███                       │
│ Rest of the World                   [ 0.39%] ▏                         │
└────────────────────────────────────────────────────────────────────────┘

• European regional sales (combining the Netherlands, Germany, and Europe-wide destinations) rose 18.0% to EUR 77,364 thousand, representing 54.00% of Group turnover (Calculated by FirmsWorld).
• North American markets (Canada and the United States) generated EUR 55,050 thousand, contributing 38.42% of total consolidated sales (Calculated by FirmsWorld).
• Revenue from Asian operations dropped by 57.2% to EUR 10,299 thousand due to contract award postponements in India.

Canada (Revenue: EUR 37,343k | 26.06% of Total Sales)

Canada represented SFC Energy’s largest single geographic revenue market in 2025, generating EUR 37,343 thousand. Operations are headquartered in Calgary, Alberta, through SFC Energy Ltd. The Canadian entity specializes in engineering complete off-grid power solutions, Arctic-grade EFOY ProShelters, and variable frequency drive (VFD) motor controls for resource extraction and government clean tech programs.

Netherlands (Revenue: EUR 33,709k | 23.53% of Total Sales)

Revenues in the Netherlands expanded by 42.7% in 2025, reaching EUR 33,709 thousand. Anchored by SFC Energy B.V. in Almelo, this facility serves as the engineering center for high-performance power supply platforms, voltage converters, and specialized coil manufacturing. The site delivered record shipments to European analytical device manufacturers and semiconductor capital equipment builders.

Europe Excluding Germany & Netherlands (Revenue: EUR 27,983k | 19.53% of Total Sales)

Covering non-domestic European operations across Scandinavia, the United Kingdom, and Eastern Europe, this region delivered EUR 27,983 thousand in 2025 sales. Key operational assets include SFC Energy UK Ltd. in Swindon, which manufactures Membrane Electrode Assemblies (MEAs), and SFC Energy Denmark ApS in Hobro, which delivers stationary hydrogen backup power systems to Danish telecommunications operator Norlys Fibernet A/S.

United States (Revenue: EUR 17,707k | 12.36% of Total Sales)

United States revenue increased 19.1% to EUR 17,707 thousand in 2025. SFC Energy is expanding its regional footprint through SFC Energy LLC, establishing production and integration capabilities in Salt Lake City, Utah, alongside existing facilities in Orem. This domestic manufacturing footprint supports the Group’s “local-for-local” strategy, mitigating exposure to U.S. import tariffs, lowering trans-Atlantic logistics costs, and satisfying local content requirements for U.S. government procurement programs.

Germany (Domestic Market) (Revenue: EUR 15,672k | 10.94% of Total Sales)

Domestic sales within Germany climbed 11.0% to EUR 15,672 thousand in 2025. Corporate headquarters, central research and development laboratories, and automated direct methanol fuel cell assembly lines are concentrated in Brunnthal, outside Munich. German operations coordinate global supply chain logistics, Group-wide administrative compliance, and advanced military system development.

Asia (Revenue: EUR 10,299k | 7.19% of Total Sales)

Asian operations generated EUR 10,299 thousand in 2025, contracting 57.2% from EUR 24,072 thousand in 2024. The decrease was primarily due to delivery schedule delays in major Indian defense contracts. Operating assets include SFC Energy India Private Ltd. in Gurgaon, Haryana, which operates a local system assembly plant in collaboration with strategic partner FC TecNrgy Pvt. Ltd., as well as the newly acquired 15% equity interest in Singapore-based Oneberry Technologies.

Rest of the World (Revenue: EUR 561k | 0.39% of Total Sales)

Encompassing export destinations across the Middle East, Latin America, and Africa, this segment delivered EUR 561 thousand in sales. Noteworthy developments in 2025 included the Group’s first fuel cell delivery to Saudi Arabia, supplying 100 EFOY Pro methanol units to RESTART Limited Company for municipal public safety and CCTV monitoring.

Profit and Loss Analysis

SFC Energy AG’s consolidated income statement reflects an operational year marked by macro headwinds, currency drag, and elevated transformation investments. Full-year consolidated sales totaled EUR 143,274,303, down 1.0% compared to EUR 144,684,406 in 2024.

Gross profit declined moderately by 1.5% to EUR 58,394,325, yielding a consolidated gross profit margin of 40.8% (FY 2024: 41.0%). Gross earnings included a fair value remeasurement gain of EUR 1,075 thousand on precious metal catalyst inventories (platinum and ruthenium), offset by warranty provisioning charges of EUR 462 thousand for a specific industrial component.

• Consolidated gross profit reached EUR 58,394 thousand, maintaining a 40.8% gross margin.
• Adjusted EBITDA totaled EUR 16,653 thousand, delivering an adjusted EBITDA margin of 11.6%.
• Reported operating profit (EBIT) stood at EUR 4,483 thousand, down 65.9% from EUR 13,142 thousand in 2024.
• Negative foreign currency losses within other operating expenses reached EUR 6,046 thousand, up from EUR 1,178 thousand in 2024.
• Consolidated net result contracted to EUR -887 thousand, resulting in diluted earnings per share of EUR -0.03.

Operating expenses increased across all functional lines, driven by international headcount expansion, corporate digitisation outlays, and advisory expenses related to strategic transactions:

• Selling expenses rose 5.2% to EUR 17,540,628, reflecting expanded commercial development activities in North America and Asia.
• Research and development expenses reported in profit and loss surged 26.0% to EUR 9,155,440. Total R&D spending, including capitalised development expenses of EUR 1,530 thousand and public grants of EUR 681 thousand, stood at EUR 11,353 thousand.
• General administrative expenses increased 12.1% to EUR 24,029,371, driven by costs associated with the global SAP S/4HANA enterprise resource planning (ERP) rollout, cybersecurity investments, and M&A transaction evaluation costs.
• Other operating expenses jumped from EUR 1,679,456 to EUR 6,799,540, primarily due to foreign exchange losses of EUR 6,046 thousand stemming from intra-group transfer pricing transactions following the depreciation of the U.S. dollar, Canadian dollar, and Indian rupee against the euro.

The following table provides a line-by-line presentation of the Consolidated Income Statement for the years ended 31 December 2025 and 31 December 2024.

Financial Statement Line Item	FY 2025 (EUR)	FY 2024 (EUR) (Adjusted*)	Absolute Change (EUR)	% Change
Revenues	143,274,303	144,684,406	-1,410,103	-1.0%
Cost of goods sold	-84,879,978	-85,377,124	+497,146	-0.6%
Gross profit	58,394,325	59,307,282	-912,957	-1.5%
Selling expenses	-17,540,628	-16,673,565	-867,063	+5.2%
Research and development expenses	-9,155,440	-7,269,079	-1,886,361	+26.0%
General administrative expenses	-24,029,371	-21,439,121	-2,590,250	+12.1%
Other operating income	3,044,319	2,074,457	+969,862	+46.8%
Other operating expenses	-6,799,540	-1,679,456	-5,120,084	+304.9%
Impairment gains / losses on financial assets	568,836	-1,178,798	+1,747,634	n/m
Operating Result (EBIT)	4,482,501	13,141,719	-8,659,218	-65.9%
Interest and similar income	327,471	1,090,966	-763,495	-70.0%
Interest and similar expenses	-1,166,334	-879,997	-286,337	+32.5%
Financial Result	-838,863	+210,969	-1,049,832	n/m
Earnings before taxes (EBT)	3,643,638	13,352,688	-9,709,050	-72.7%
Income taxes	-4,530,212	-4,593,739	+63,527	-1.4%
Consolidated net result for the period	-886,574	8,758,949	-9,645,523	n/m
Attributable to owners of SFC Energy AG	-606,586	8,800,141	-9,406,727	n/m
Attributable to non-controlling interests	-279,988	-41,192	-238,796	n/m
Basic earnings per share (EUR)	-0.03	0.51	-0.54	n/m
Diluted earnings per share (EUR)	-0.03	0.51	-0.54	n/m

Source: SFC Energy AG Annual Report 2025. (*Note: 2024 figures retroactively adjusted to eliminate IFRS 2 and IFRS 15 accounting errors).

Non-Recurring Items & Reconciliation of Adjusted Metrics

To adjust for non-operational distortions, SFC Energy reports adjusted EBITDA and adjusted EBIT. In 2025, adjustments totaled EUR 4,432 thousand in net extraordinary charges:

• LTI Program Expenses: EUR 2,497 thousand associated with stock appreciation rights (SARs), stock options (SOPs), and performance share units (PSPs).
• M&A and Transaction Expenses: EUR 1,935 thousand incurred evaluating international corporate acquisitions.

The table below reconciles reported EBIT and EBITDA to adjusted figures for both fiscal years.

Metric (EUR)	FY 2025	FY 2024 (Adjusted*)
Reported Operating Result (EBIT)	4,482,501	13,141,719
Elimination of PPA Badwill Income (COGS)	0	-548,000
Elimination of LTI Expenses (Selling)	773,000	615,000
Elimination of LTI Expenses (R&D)	13,000	70,000
Elimination of LTI Expenses (G&A)	1,710,000	1,336,000
Elimination of Transaction Expenses (G&A)	1,935,000	925,000
Adjusted Operating Result (Adjusted EBIT)	8,914,434	15,539,001
Reported Operating EBITDA	12,220,914	19,594,019
Total Extraordinary Adjustments	4,431,933	2,397,282
Adjusted Operating EBITDA	16,652,847	21,991,301

Source: SFC Energy AG Annual Report 2025.

Balance Sheet Analysis

As of 31 December 2025, SFC Energy AG maintained a solid balance sheet structure, characterized by an equity ratio of 72.0% and zero long-term bank debt. Consolidated balance sheet assets stood at EUR 192,338,669, compared to EUR 194,444,353 at the close of 2024.

• Total consolidated assets stood at EUR 192,339 thousand as of 31 December 2025.
• Group equity amounted to EUR 138,549 thousand, representing an equity ratio of 72.0%.
• Freely available cash and cash equivalents totaled EUR 46,629 thousand.
• Total bank liabilities stood at EUR 3,339 thousand, consisting entirely of short-term credit facilities.
• Net financial position remained positive at EUR 43,290 thousand.

Current assets increased to EUR 138,374,114, representing 71.9% of total assets (Calculated by FirmsWorld). Inventories climbed 15.3% to EUR 35,285,575, reflecting safety stockpiling in anticipation of higher production volumes in the United States and Germany. Trade receivables expanded 33.6% to EUR 47,901,732, driven by higher delivery volumes late in the fourth quarter and customer utilization of extended credit terms.

Non-current assets totaled EUR 53,964,555 (28.1% of total assets) (Calculated by FirmsWorld). Intangible assets totaled EUR 19,036,973, including capitalised development expenses of EUR 10,232 thousand. Property, plant, and equipment stood at EUR 21,547,794, incorporating EUR 12,883 thousand in right-of-use assets recognized under IFRS 16 for leased real estate and operational equipment.

Consolidated equity remained stable at EUR 138,549,187 (31 December 2024: EUR 139,028,768), with the minor 0.3% decline attributable to the consolidated net loss of EUR 887 thousand and foreign currency translation differences of EUR -1,492 thousand, offset by share-based payment equity contributions of EUR 1,899 thousand.

The following table presents the audited Consolidated Statement of Financial Position as of 31 December 2025 and 31 December 2024.

Assets Line Item (EUR)	31 Dec 2025	31 Dec 2024 (Adjusted*)
Current Assets
Inventories	35,285,575	30,593,449
Trade receivables	47,901,732	35,843,263
Contract assets	3,317,282	781,184
Income tax refund claims	413,897	36,538
Other assets and receivables	4,541,447	7,756,640
Cash and cash equivalents	46,628,561	60,494,360
Restricted cash and cash equivalents	285,620	285,620
Total Current Assets	138,374,114	135,791,054
Non-Current Assets
Intangible assets	19,036,973	20,710,765
Property, plant and equipment	21,547,794	22,579,288
Other assets and receivables	143,852	43,221
Deferred tax assets	13,235,936	15,320,025
Total Non-Current Assets	53,964,555	58,653,299
Total Assets	192,338,669	194,444,353
Liabilities and Equity Line Item (EUR)	31 Dec 2025	31 Dec 2024 (Adjusted)*
Current Liabilities
Income tax liabilities	1,965,327	1,696,112
Other provisions	4,252,528	4,109,758
Liabilities to banks	3,338,659	4,135,719
Liabilities from prepayments	0	21,300
Trade payables	16,046,135	15,554,573
Lease liabilities (IFRS 16)	3,324,132	2,579,283
Contract liabilities	74,438	2,234
Other liabilities	12,067,694	11,528,582
Total Current Liabilities	41,068,913	39,627,561
Non-Current Liabilities
Other provisions	2,426,394	3,143,927
Lease liabilities (IFRS 16)	9,965,487	11,427,512
Other liabilities	186,117	1,017,003
Deferred tax liabilities	142,571	199,582
Total Non-Current Liabilities	12,720,569	15,788,024
Group Equity
Subscribed capital	17,381,691	17,381,691
Share premium	179,542,427	177,643,608
Other changes in equity not recognised through P&L	-2,702,078	-1,213,796
Profit / loss carried forward	-54,718,908	-63,519,050
Consolidated net result for the period	-606,586	8,800,143
Equity attributable to owners of SFC Energy AG	138,896,546	139,092,596
Non-controlling interests	-347,359	-63,828
Total Group Equity	138,549,187	139,028,768
Total Liabilities and Equity	192,338,669	194,444,353

Source: SFC Energy AG Annual Report 2025. (*Note: 2024 retroactively adjusted for IFRS 2 and IFRS 15 corrections).

Cash Flow Analysis

SFC Energy AG closed the 2025 financial year with a net reduction in cash and cash equivalents of EUR 12,229,037, compared to a net cash inflow of EUR 282,310 in 2024.

Operating cash flow before changes in working capital remained positive at EUR 17,420,429. However, cash flow from operating activities moved to a net outflow of EUR 4,939,398 (FY 2024: net inflow of EUR 14,459,515). This operational cash drain was caused by a EUR 19,985 thousand expansion in net working capital:

• Trade receivables tied up EUR 12,785 thousand in liquidity.
• Inventory stockpiling absorbed EUR 6,747 thousand.
• Operating cash was further impacted by income tax payments of EUR 2,375 thousand.
• Operating cash flow before working capital adjustments totaled EUR 17,420 thousand.
• Working capital expansion consumed EUR 19,985 thousand in cash during 2025.
• Cash flow from investing activities required EUR 3,727 thousand, down from EUR 11,082 thousand in 2024.
• Gross investments across property, plant, and equipment and intangibles totaled EUR 4,002 thousand.
• Cash flow from financing activities registered an outflow of EUR 3,563 thousand, driven by lease payments.

Cash outflows from investing activities totaled EUR 3,727,021, a decrease from EUR 11,081,551 in 2024. The higher capital deployment in 2024 had been driven by the cash acquisition of Ballard Power Europe’s stationary hydrogen fuel cell assets (EUR 3.0 million) and investments in the Swindon and Cluj facilities. In 2025, investing outlays were directed toward capitalised internal software and product development (EUR 1,530 thousand) and manufacturing machinery (EUR 2,512 thousand).

Financing cash outflows stood at EUR 3,562,618, primarily reflecting lease liability repayments of EUR 2,799,796 and interest payments of EUR 762,822.

The following table provides the audited Consolidated Statement of Cash Flows for 2025 and 2024.

Cash Flow Item (EUR)	FY 2025	FY 2024 (Adjusted*)
Earnings before taxes	3,643,638	13,352,688
Interest result	838,863	-210,969
Depreciation and amortisation	7,738,414	6,452,300
Expenses / income under LTI programmes	2,496,615	2,021,067
Change in impairments	327,069	953,332
Losses / gains on disposal of non-current assets	81,909	15,507
Income from business combinations	0	-671,878
Other non-cash income and expenses	2,293,921	-162,087
Operating cash flow before working capital changes	17,420,429	21,749,959
Increase / decrease in provisions	-721,041	2,912,923
Increase / decrease in trade receivables	-12,784,668	-8,421,789
Increase / decrease in inventories	-6,747,437	-1,947,183
Increase / decrease in other receivables and assets	12,779	83,939
Increase / decrease in trade payables	1,041,848	2,751,149
Increase / decrease in other liabilities	-786,334	-648,642
Cash from operating activities before taxes	-2,564,424	16,480,356
Income tax refunds / payments	-2,374,974	-2,020,841
Cash flow from operating activities	-4,939,398	14,459,515
Investments in intangible assets from development	-1,530,039	-3,159,584
Investments in other intangible assets	-12,208	-95,181
Investments in property, plant and equipment	-2,511,661	-5,915,421
Payments for acquisition of business operations	0	-3,000,000
Interest and similar income received	325,020	1,088,635
Sale of non-current assets	1,867	0
Cash flow from investing activities	-3,727,021	-11,081,551
Proceeds from the issue of equity instruments	0	18,000
Repayment of lease liabilities	-2,799,796	-2,275,040
Interest paid and similar expenses	-762,822	-838,614
Cash flow from financing activities	-3,562,618	-3,095,654
Change in cash and cash equivalents	-12,229,037	282,310
Exchange rate and other valuation changes	-839,702	19,969
Cash and equivalents at beginning of period	56,358,641	56,056,362
Cash and equivalents at end of period	43,289,902	56,358,641

Source: SFC Energy AG Annual Report 2025. (*Note: Cash and overdraft liabilities reconciled per IFRS statement).

Board of Directors and Leadership Team

SFC Energy AG operates under a two-tier governance structure in compliance with the German Stock Corporation Act (Aktiengesetz – AktG), consisting of an Executive Management Board (Vorstand) responsible for operational leadership and a Supervisory Board (Aufsichtsrat) responsible for monitoring and advising executive management.

┌────────────────────────────────────────────────────────────────────────┐
│                   SFC ENERGY GOVERNANCE STRUCTURE                      │
├────────────────────────────────────────────────────────────────────────┤
│                           SUPERVISORY BOARD                            │
│  Sunaina Sinha Haldea (Chairwoman) | Henning Gebhardt (Deputy Chair)   │
│  Gerhard Schempp (Member)          | Dr. Andreas Blaschke (Member)     │
├───────────────────────────────────┬────────────────────────────────────┤
│         AUDIT COMMITTEE           │      OVERALL SUPERVISORY OVERSIGHT  │
│  Henning Gebhardt (Chairman)      │  8 Full Board Meetings in 2025     │
│  Gerhard Schempp (Deputy Chair)   │  Overall Attendance: 90.93%        │
│  Dr. Andreas Blaschke (Member)    │  Corporate Strategy & Compliance   │
├───────────────────────────────────┴────────────────────────────────────┤
│                       EXECUTIVE MANAGEMENT BOARD                       │
│  Dr. Peter Podesser (CEO / Chairman)                                   │
│  Daniel Saxena (CFO / Finance & IT)                                    │
│  Hans Pol (COO / Operations & Supply Chain)                            │
└────────────────────────────────────────────────────────────────────────┘

Management Board (Vorstand)

Dr. Peter Podesser – Chairman of the Management Board (CEO)

Dr. Peter Podesser leads SFC Energy AG as Chief Executive Officer. His current employment agreement was renewed effective 1 January 2024. He directs corporate strategy, global expansion, technological development, and key partner alliances. Under his leadership, the Group transitioned from an early-stage fuel cell pioneer to an international supplier of off-grid clean energy systems, overseeing the strategic expansion into defense, North America, and Asia. In May 2025, the Supervisory Board approved his appointment to the Supervisory Board of Wolftank Group AG in Austria.

Daniel Saxena – Member of the Management Board (CFO)

Daniel Saxena serves as Chief Financial Officer, having joined the Management Board in July 2020. His contract was renewed effective 1 July 2024. Mr. Saxena oversees corporate finance, Group accounting, financial planning, controlling, investor relations, IT systems, and legal affairs. He has directed the implementation of the Group’s new enterprise-wide SAP S/4HANA infrastructure and managed cross-border financing facilities across European and North American operating subsidiaries.

Hans Pol – Member of the Management Board (COO)

Hans Pol serves as Chief Operating Officer, with his current contract effective from 1 March 2025. Mr. Pol joined the Group through the acquisition of SFC Energy B.V. (formerly PBF Group) and oversees global manufacturing, quality assurance, procurement, supply chain logistics, and operations across production centers in Germany, the Netherlands, Romania, the United Kingdom, and the United States.

Supervisory Board (Aufsichtsrat) and Committees

The Supervisory Board comprises four non-executive members. At the Annual General Meeting on 22 May 2025, Ms. Sunaina Sinha Haldea and Mr. Henning Gebhardt were re-elected for approximately four-year terms, while Mr. Gerhard Schempp was re-elected for approximately two years. The board confirmed all members as independent in accordance with the German Corporate Governance Code.

The table below outlines the composition, committee appointments, and individual meeting attendance rates of the Supervisory Board during the 2025 financial year.

Name	Role / Position	Audit Committee Status	Supervisory Attendance	Audit Committee Attendance	Overall Attendance Rate
Sunaina Sinha Haldea	Chairwoman of the Supervisory Board	n/a	8 of 8 (100%)	n/a	100%
Henning Gebhardt	Deputy Chairman of the Supervisory Board	Committee Chairman	7 of 8 (87.5%)	3 of 3 (100%)	90.90%
Gerhard Schempp	Member of the Supervisory Board	Deputy Committee Chairman	8 of 8 (100%)	3 of 3 (100%)	100%
Dr. Andreas Blaschke	Member of the Supervisory Board	Committee Member	6 of 8 (75.0%)	3 of 3 (100%)	81.81%

Source: SFC Energy AG Annual Report 2025.

Audit Committee (Prüfungsausschuss)

The Audit Committee handles financial reporting oversight, accounting system monitoring, internal control system adequacy, risk management processes, compliance, auditor independence, and the statutory audit scope. The committee held three meetings in 2025 with 100% member attendance.

• Audit Committee Chairman Henning Gebhardt possesses specific expertise in accounting and auditing under German law.
• The committee conducted three formal meetings during 2025 with 100% member attendance.
• PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft served as the independent Group auditor for FY 2025.

Subsidiaries, Associates, and Joint Ventures

SFC Energy AG conducts its international engineering, manufacturing, and commercial distribution activities through eight fully consolidated operating subsidiaries.

The table below details all operating entities included within the consolidated reporting structure as of 31 December 2025.

Subsidiary Legal Name	Corporate Domicile	Direct Equity Stake	Indirect Equity Stake	Total Group Ownership	Local Reporting Currency
SFC Energy Ltd.	Calgary, Alberta, Canada	100.00%	0.00%	100.00%	CAD
SFC Energy B.V.	Almelo, Overijssel, Netherlands	100.00%	0.00%	100.00%	EUR
SFC Energy Power S.R.L.	Cluj-Napoca, Cluj, Romania	0.00%	100.00%	100.00%	RON
SFC Energy India Private Ltd.	Gurgaon, Haryana, India	92.00%	0.00%	92.00%	INR
SFC Energy UK Ltd.	Swindon, Wiltshire, United Kingdom	100.00%	0.00%	100.00%	GBP
SFC Clean Energy S.R.L.	Cluj-Napoca, Cluj, Romania	100.00%	0.00%	100.00%	RON
SFC Energy LLC	Wilmington, Delaware, United States	100.00%	0.00%	100.00%	USD
SFC Energy Denmark ApS	Hobro, North Denmark, Denmark	100.00%	0.00%	100.00%	DKK

Source: SFC Energy AG Annual Report 2025.

Subsidiary Operating Profiles

SFC Energy Ltd. (Calgary, Canada)

Wholly owned since 2013, SFC Energy Ltd. anchors the Group’s operations in North America. The business engineers custom power enclosures, integrates Arctic-ready EFOY ProShelters, and manufactures variable frequency drive (VFD) systems for electric submersible pumps used in Canadian energy and mining operations. The entity operates an active working capital bank facility of CAD 4,000 thousand.

SFC Energy B.V. (Almelo, Netherlands)

Acquired in 2011, SFC Energy B.V. leads the Clean Power Management segment. It designs and manufactures custom power supplies, voltage converters, and specialized electromagnetic coils for semiconductor fabrication tools, laser systems, and analytical laboratory instruments. The company maintains an active working capital credit line of EUR 3,000 thousand.

SFC Energy Power S.R.L. (Cluj-Napoca, Romania)

An indirect wholly owned subsidiary held through SFC Energy B.V., this facility operates as a high-volume European electronics manufacturing center, assembling printed circuit board assemblies (PCBAs) and power conversion hardware to support Almelo’s systems integration.

SFC Energy India Private Ltd. (Gurgaon, India)

Founded in 2023 with a 92% direct ownership interest, this entity oversees local assembly, marketing, and military customer support within the Indian market. In partnership with FC TecNrgy Pvt. Ltd., the subsidiary assembles tactical fuel cell systems (JENNY and EMILY) for the Indian Ministry of Defence in alignment with the national “Make in India” initiative.

SFC Energy UK Ltd. (Swindon, United Kingdom)

Incorporated in 2023 following the asset acquisition of an industrial MEA production line, the Swindon facility manufactures the Membrane Electrode Assembly (MEA), the core catalytic component of direct methanol fuel cells. This facility vertically integrates component supply, eliminating third-party dependency for key fuel cell stack materials.

SFC Clean Energy S.R.L. (Cluj-Napoca, Romania)

Established in 2023, this wholly owned unit provides system assembly and integration support for European Clean Energy fuel cell products.

SFC Energy LLC (Wilmington / Salt Lake City, United States)

Established in 2023 to advance the Group’s “local-for-local” expansion across North America. The subsidiary manages operations in Salt Lake City, Utah, and Orem, providing local manufacturing, field support, and assembly for mobile security, CCTV, and industrial power clients.

SFC Energy Denmark ApS (Hobro, Denmark)

Founded in 2024 following the asset acquisition of Ballard Power Systems Europe’s stationary hydrogen fuel cell unit, this subsidiary engineers and delivers stationary zero-emission hydrogen back-up power cabinets for telecommunication sites and critical municipal infrastructure across Scandinavia.

Other Investments (Minority and Portfolio Holdings)

SFC Energy AG pursues targeted minority equity investments and strategic joint development alliances to expand into high-growth regional markets and complementary technologies.

┌────────────────────────────────────────────────────────────────────────┐
│                      STRATEGIC PORTFOLIO HOLDINGS                      │
├───────────────────────────────────┬────────────────────────────────────┤
│     ONEBERRY TECHNOLOGIES PTE.    │       FC TECNRGY PVT. LTD.         │
│             (Singapore)           │             (India)                │
├───────────────────────────────────┼────────────────────────────────────┤
│ • 15.00% Equity Interest          │ • Strategic Systems Partner        │
│ • Acquired: October 2025          │ • Committed Investment: EUR 1,000k │
│ • Value: Single-Digit Millions    │ • Gurgaon Assembly Plant           │
│ • Option for Majority Control     │ • Indian Defence Contracts         │
│ • AI-Driven Smart Surveillance    │ • Maintenance Network (50 Techs)   │
└───────────────────────────────────┴────────────────────────────────────┘

The table below details all minority and portfolio investments disclosed in the 2025 Annual Report.

Investee Entity Legal Name	Domicile Country	Ownership Stake (%)	Nature of Investment	Business Focus & Strategic Purpose
Oneberry Technologies Pte. Ltd.	Singapore	15.00%	Strategic Equity Holding	AI-powered surveillance, critical infrastructure monitoring, anti-drone systems, and Energy-as-a-Service integration.
FC TecNrgy Pvt. Ltd.	India	Commitment (EUR 1,000k)	Strategic Operating Partner	Local co-production, defense system integration, and lifecycle maintenance for the Indian Armed Forces.

Source: SFC Energy AG Annual Report 2025.

Profile: Oneberry Technologies Pte. Ltd.

In October 2025, SFC Energy executed an agreement to acquire a 15% equity interest in Singapore-based Oneberry Technologies Pte. Ltd. for a purchase price in the single-digit million euro range. The transaction includes an option allowing SFC Energy to acquire a majority interest in the future.

Oneberry Technologies develops and deploys artificial intelligence-supported mobile security, video surveillance, and drone defense automation systems for government, public security, and corporate clients across Southeast Asia. The partnership integrates SFC’s direct methanol fuel cells directly into Oneberry’s mobile surveillance towers, creating autonomous, off-grid security systems. The alliance also enables SFC Energy to establish an “Energy-as-a-Service” model in the region. Evidence of market demand emerged in early 2026 with a joint follow-up order valued at approximately EUR 6.6 million.

Strategic Relationship: FC TecNrgy Pvt. Ltd.

SFC Energy collaborates with FC TecNrgy Pvt. Ltd. to address public security and defense tenders issued by the Indian Armed Forces. Under a strategic cooperation agreement entered into in 2024, SFC committed to a direct financial investment of EUR 1,000 thousand in FC TecNrgy via SFC Energy India Private Ltd. Regulatory processing delays postponed execution through 2025, with closing scheduled for 2026.

In November 2025, the partners concluded a three-year maintenance and lifecycle support contract valued at EUR 3.2 million with the Indian Ministry of Defence. The agreement establishes a nationwide field support network employing 50 service technicians, supported by a central service hub in Gurgaon, Haryana.

Physical Properties

SFC Energy AG operates an international network of specialized manufacturing sites, engineering laboratories, administrative offices, and testing facilities.

The table below details the Group’s primary physical operational footprint across the world as disclosed in the Annual Report.

Operating Location	Primary Operational Purpose	Reporting Operating Segment	Underlying Ownership Structure
Brunnthal, Germany	Corporate HQ, Fuel Cell Assembly, R&D Labs, Global Logistics	Clean Energy & Corporate	Leased Real Estate (IFRS 16)
Almelo, Netherlands	High-Power Electronics R&D, Platform Integration, Sales	Clean Power Management	Leased Real Estate (IFRS 16)
Cluj-Napoca, Romania	Electronics Manufacturing, PCBA SMT Assembly, Fuel Cell Assembly	Both Segments (Power & Energy)	Leased Real Estate (IFRS 16)
Calgary, Canada	North American HQ, Systems Integration, VFD Assembly, Shelters	Clean Energy & Power Management	Leased Real Estate (IFRS 16)
Gurgaon, India	System Integration, Military Defense Assembly, Service Hub	Clean Energy	Leased Real Estate (IFRS 16)
Swindon, United Kingdom	Specialized MEA Catalytic Coating & Stack Production	Clean Energy	Leased Real Estate (IFRS 16)
Salt Lake City, Utah, USA	US Manufacturing, System Assembly, Regional Supply Chain Hub	Clean Energy	Leased Real Estate (IFRS 16)
Orem, Utah, USA	US Operations, Mobile Security Integration, Technical Sales	Clean Energy	Leased Real Estate (IFRS 16)
Hobro, Denmark	Hydrogen Fuel Cell Engineering, System Integration & Testing	Clean Energy	Leased Real Estate (IFRS 16)

Source: SFC Energy AG Annual Report 2025.

Total balance sheet right-of-use assets recognized across leased corporate properties and operating equipment totaled EUR 12,883 thousand as of 31 December 2025. Capital outlays for lease renewals and additions to right-of-use property during 2025 totaled EUR 1,581 thousand.

Investments and Capital Expenditure Plans

To support organic growth, expand production capacity, and enhance technological differentiation, SFC Energy AG reinvests capital into internal R&D, automated manufacturing lines, and IT infrastructure.

• Total gross capital expenditures across property, plant, and equipment and intangibles reached EUR 4,002 thousand in 2025.
• Gross additions to property, plant, and equipment totaled EUR 2,460 thousand.
• Intangible investments stood at EUR 1,542 thousand, including EUR 1,530 thousand in capitalised development costs.
• Total research and development spending amounted to EUR 11,353 thousand, representing 7.9% of consolidated Group sales.
• Capital expenditures in Clean Energy reached EUR 3,628 thousand; Clean Power Management deployed EUR 374 thousand.

┌────────────────────────────────────────────────────────────────────────┐
│                   TOTAL R&D CAPITAL EXPENDITURE                        │
├────────────────────────────────────────────────────────────────────────┤
│ R&D Reported in Profit & Loss       [EUR 9,155k] █████████████████     │
│ Capitalised Development Expenses    [EUR 1,530k] ███                   │
│ Government Research Grants          [EUR   681k] █                     │
│ LTI Programme Adjustments           [EUR   -13k] ▏                     │
├────────────────────────────────────────────────────────────────────────┤
│ Total 2025 R&D Expenditure: EUR 11,353k (7.9% of Group Sales)          │
└────────────────────────────────────────────────────────────────────────┘

The table below details total Group research and development expenditures for 2025 and 2024.

R&D Investment Category (EUR)	FY 2025	FY 2024	Absolute Change	% Change
R&D expenses through profit and loss	9,155,000	7,269,000	+1,886,000	+26.0%
+ Capitalised development expenses	1,530,000	3,160,000	-1,630,000	-51.6%
+ Grants received	681,000	668,000	+13,000	+1.9%
+/- Non-recurring LTI adjustments	-13,000	-70,000	+57,000	-81.4%
Total Expenditure on R&D	11,353,000	11,027,000	+326,000	+3.0%
R&D Capitalisation Ratio (%)	13.0%	29.0%	-16.0% pts	n/m
Total R&D Ratio (% of Sales)	7.9%	7.6%	+0.3% pts	n/m

Source: SFC Energy AG Annual Report 2025.

Research and development programs active during the year focused on:

• Developing next-generation direct methanol fuel cell platforms with reduced precious metal intensity.
• Advancing high-output PEM hydrogen fuel cell systems for power requirements exceeding 50 kW.
• Developing modular platforms combining multiple 4 kW power supply units to deliver scalable industrial outputs between 8 kW and 20 kW.
• Expanding cloud-based IoT functionality for remote monitoring of commercial fuel cell fleets.
• Developing refillable methanol cartridges and automated refilling stations to lower lifecycle operating costs.

Strategic capital priorities for 2026 include completing the local manufacturing setup in Salt Lake City, executing the IT infrastructure transition to SAP S/4HANA, and completing the EUR 1,000 thousand equity transaction in India.

Shareholding Pattern

As of 31 December 2025, SFC Energy AG’s subscribed share capital totaled EUR 17,381,691.00, divided into 17,381,691 no-par-value bearer shares with an imputed nominal value of EUR 1.00 per share. Each share carries one vote at the Annual General Meeting.

Subsequent to the balance sheet date, the total number of issued shares increased to 17,397,975 following the issuance of 16,284 shares under employee stock option programs. The Company does not hold treasury shares, and no single shareholder controls a majority of voting rights.

┌────────────────────────────────────────────────────────────────────────┐
│                     SHAREHOLDING STRUCTURE (%)                         │
├────────────────────────────────────────────────────────────────────────┤
│ Free Float (Institutional & Retail) [58.57%] ████████████████████████  │
│ Institutional Anchor Investors      [39.13%] ████████████████          │
│ Management & Supervisory Insiders   [ 2.30%] █                         │
└────────────────────────────────────────────────────────────────────────┘

The table below details the shareholding pattern and voting distribution as of 31 December 2025.

Shareholder / Investor Group	Disclosed Ownership Share (%)	Classification
ACATIS	8.29%	Institutional Investor
HANSAINVEST	2.99%	Institutional Investor
DWS	2.70%	Institutional Investor
Conduit Ventures Ltd.	2.08%	Institutional Investor
NATIXIS	2.02%	Institutional Investor
Other Institutional Investors	21.06%	Institutional Investor
Executive Management & Supervisory Boards	2.30%	Insider Holdings
Free Float Public Shareholders	58.57%	Public Retail & Unregistered Free Float
Total Share Capital	100.00%	17,381,691 Issued Shares

Source: SFC Energy AG Annual Report 2025.

Future Strategy

SFC Energy AG’s multi-year corporate strategy focuses on three operational pillars: scaling defense and public security operations, expanding its localized international footprint, and maintaining technological differentiation through integrated power solutions.

┌────────────────────────────────────────────────────────────────────────┐
│                   SFC ENERGY THREE-PILLAR STRATEGY                     │
├────────────────────────────────────────────────────────────────────────┤
│ Pillar 1: Public Security & Defense Pivot                              │
│   ├── Target 15% to 20% of sales from sovereign defense by 2026        │
│   └── Drive combined defense/security revenue to roughly 60% of Group  │
├────────────────────────────────────────────────────────────────────────┤
│ Pillar 2: "Local-for-Local" Global Value Chains                        │
│   ├── Ramp up Salt Lake City manufacturing to serve North America      │
│   ├── Scale Gurgaon plant with FC TecNrgy for "Make in India" defense  │
│   └── Utilize Singapore as a springboard into Southeast Asia           │
├────────────────────────────────────────────────────────────────────────┤
│ Pillar 3: System Solutions & Technology Leadership                     │
│   ├── Commercialize EMILY 12000 multi-kW tactical power platforms      │
│   ├── Expand stationary zero-emission hydrogen cabinets (>50 kW)       │
│   └── Integrate AI automation into off-grid security systems           │
└────────────────────────────────────────────────────────────────────────┘

Pillar 1: Public Security and Defense Focus

Management is accelerating the Group’s structural shift toward sovereign defense, homeland security, and critical infrastructure resilience. The strategic target is to expand defense applications from 10% in 2025 to 15%–20% of total Group turnover in 2026, lifting the broader security cluster to approximately 60% of Group revenues.

This transition is supported by the commercial launch of the EMILY 12000 fuel cell platform, which delivers a fourfold power increase up to 5 kW, alongside expanding deployments of auxiliary vehicle power systems and anti-drone directed-energy platforms developed with European defense OEMs.

Pillar 2: “Local-for-Local” Internationalization

To manage protectionist trade policies and global shipping bottlenecks, SFC Energy is localizing production within its primary geographic markets:

• North America: Expanding production and assembly at the Salt Lake City, Utah facility to shorten delivery times and comply with domestic sourcing rules for U.S. federal procurement.
• India: Deepening the operating partnership with FC TecNrgy to assemble tactical systems locally in Gurgaon, ensuring compliance with India’s defense procurement regulations.
• Southeast Asia: Leveraging its 15% strategic interest in Oneberry Technologies to establish a regional engineering and commercial hub in Singapore.

Pillar 3: Technology Leadership and “System Solutions”

The Group is transitioning from supplying standalone fuel cell components to providing fully integrated, turn-key power architectures. Through this “System Solutions” model, fuel cells are integrated with solar modules, energy storage batteries, intelligent power managers, and satellite or wireless communication links in weather-resistant enclosures.

In hydrogen, the Group is expanding its Danish product line to deliver modular stationary back-up generators for telecommunication exchanges and data networks, while evaluating long-term opportunities in green hydrogen electrolyzers.

• Management expects 2026 consolidated sales to reach between EUR 150 million and EUR 160 million (5% to 11% growth).
• Adjusted EBITDA guidance for 2026 is projected between EUR 20 million and EUR 24 million.
• Adjusted EBIT guidance for 2026 is established at EUR 11 million to EUR 15 million.
• Workforce planning anticipates adding approximately 19% more personnel, reaching around 587 employees.
• 2026 planning exchange rates are budgeted at 1.61 CAD/EUR, 1.19 USD/EUR, and 103.65 INR/EUR.

Key Strengths

SFC Energy AG’s competitive market position is supported by several operational, technological, and commercial differentiators documented throughout the 2025 Annual Report.

• Unique Technological Moat: Over 25 years of specialized operational experience in commercial fuel cell systems, with more than 90,000 units sold worldwide and over 179 million operating hours logged in field environments.
• NATO Defense Qualification: SFC Energy is the only provider of NATO-qualified fuel cell systems for portable, off-grid, and vehicle-based deployment scenarios. This certification creates high barriers to entry against commercial competitors.
• Vertical Integration in MEA Production: The acquisition of specialized manufacturing equipment and the operation of the Swindon, UK facility enables in-house production of Membrane Electrode Assemblies (MEAs), securing the supply of catalytic cores for direct methanol fuel cells.
• Resilient Balance Sheet and Liquidity: The Group ended 2025 with an equity ratio of 72.0%, EUR 46,629 thousand in freely available cash and cash equivalents, and zero long-term bank debt, maintaining financial stability through industry cycles.
• Diversified Segment Structure: Operations are split across Clean Energy (69.68% of sales) and Clean Power Management (30.32% of sales), balancing project-based defense procurement cycles against recurring industrial power supply shipments to semiconductor and analytical customers.
• Global Footprint: Established engineering, integration, and manufacturing facilities across Germany, the Netherlands, Romania, the United Kingdom, Denmark, Canada, the United States, and India insulate the Group from regional trade disruptions.

Key Challenges and Risks

SFC Energy AG operates in an international environment shaped by technological evolution, macroeconomic volatility, and regulatory requirements. The Group maintains an enterprise-wide Risk Management System (RMS) based on the international COSO and ISO 31000 standards, evaluating risks quarterly by probability and impact.

┌────────────────────────────────────────────────────────────────────────┐
│                        ENTERPRISE RISK MATRIX                          │
├────────────────────────────────────────────────────────────────────────┤
│ HIGH RISK (Probable/Possible Occurrence + Significant Impact)          │
│   ├── Macroeconomic & Trade Policy Risk (US Tariffs & Decoupling)      │
│   ├── Commodity Price Risk (Catalytic Platinum & Ruthenium Volatility) │
│   ├── Foreign Currency Risk (CAD, USD, INR Fluctuations vs EUR)       │
│   ├── Procurement & Supply Chain Bottlenecks                           │
│   ├── IT & Cybersecurity Threat (SAP S/4HANA ERP Migration)            │
│   ├── Corporate Development & Acquisition Integration                  │
│   └── Counterparty Default & Credit Exposure                           │
├────────────────────────────────────────────────────────────────────────┤
│ MODERATE RISK (Possible Occurrence + Moderate Impact)                  │
│   ├── Clean Power Management Cyclical Vulnerability (Oil & Gas VFDs)   │
│   ├── Technological Leadership & Competitive Innovation Pressure       │
│   ├── Human Resources & Competition for Engineering Talent             │
│   ├── ESG Compliance & Expanding EU CSRD Reporting Mandates            │
│   └── Production Outage & Facilities Disruption                        │
├────────────────────────────────────────────────────────────────────────┤
│ LOW RISK (Unlikely Occurrence + Insignificant Impact)                  │
│   ├── Patent & Third-Party Intellectual Property Infringement          │
│   ├── Interest Rate Volatility on Short-Term Credit Facilities         │
│   └── Liquidity Exhaustion Risk                                        │
└────────────────────────────────────────────────────────────────────────┘

The table below outlines all business, financial, and operational risk categories disclosed in the 2025 Group Management Report.

Risk Dimension	Probability of Occurrence	Potential Magnitude of Financial Impact	Overall Assessed Risk Level
Market Risk (Macroeconomic / Geopolitical)	Probable	Significant (> EUR 1,000k)	High
Clean Energy Market Risk	Unlikely	Significant (> EUR 1,000k)	Moderate
Clean Power Management Market Risk	Possible	Significant (> EUR 1,000k)	High
Technological Risk	Possible	Moderate (EUR 500k – 1,000k)	Moderate
Patent Law & IP Infringement Risk	Unlikely	Insignificant (< EUR 500k)	Low
Competitive Risk	Possible	Moderate (EUR 500k – 1,000k)	Moderate
Product & Quality Risk	Possible	Significant (> EUR 1,000k)	High
Procurement & Supply Chain Risk	Possible	Significant (> EUR 1,000k)	High
Production Disruption Risk	Possible	Significant (> EUR 1,000k)	High
Commodity Price Risk (Precious Metals)	Probable	Significant (> EUR 1,000k)	High
Human Resources Risk	Possible	Moderate (EUR 500k – 1,000k)	Moderate
Information Technology & Cyber Risk	Possible	Significant (> EUR 1,000k)	High
Regulatory Environment Risk	Possible	Significant (> EUR 1,000k)	High
Compliance Risk	Possible	Significant (> EUR 1,000k)	High
ESG & Sustainability Compliance Risk	Possible	Moderate (EUR 500k – 1,000k)	Moderate
Corporate Development & M&A Risk	Possible	Significant (> EUR 1,000k)	High
Financial: Default & Credit Risk	Possible	Significant (> EUR 1,000k)	High
Financial: Currency Translation / Transaction	Possible	Significant (> EUR 1,000k)	High
Financial: Liquidity Risk	Unlikely	Significant (> EUR 1,000k)	Moderate
Financial: Interest Rate Risk	Possible	Insignificant (< EUR 500k)	Low

Source: SFC Energy AG Annual Report 2025.

Primary Risk Explanations

Geopolitical Tensions and Trade Protectionism

The Group generates a significant share of its sales outside the Eurozone. Tariffs introduced or threatened by the United States create planning uncertainty for trans-Atlantic exports. SFC Energy manages this exposure by establishing domestic production capabilities in Salt Lake City, Utah, while expanding local supply chains.

Foreign Exchange Volatility

Operating across Canada, the United States, the United Kingdom, and India exposes SFC Energy to translation and transaction currency risks. In 2025, currency losses totaled EUR 6,046 thousand, largely from intra-group transfer pricing transactions following the depreciation of the U.S. dollar, Canadian dollar, and Indian rupee against the euro. Sensitivity analysis indicates that a 5% shift in CAD, INR, and USD exchange rates impacts Group sales by approximately 1.1% and adjusted EBITDA by roughly 1.8%.

Commodity Price Volatility

Direct methanol fuel cells require precious metals, specifically platinum and ruthenium, as catalysts within the Membrane Electrode Assembly. While SFC secures catalyst purchases via separate metal accounts and recovers precious metals through recycling, volatility in world market prices directly affects production costs. The carrying value of precious metal inventories stood at EUR 3,072 thousand as of 31 December 2025.

IT and ERP System Transition

The Group is transitioning its legacy enterprise systems to a standardized SAP S/4HANA ERP environment. This transition entails operational risks around data migration, customized process adaptation, temporary operational disruptions, and system implementation expenses.

Conclusion and Strategic Outlook

The 2025 financial year served as a period of consolidation, internal investment, and strategic positioning for SFC Energy AG. While full-year revenue contracted slightly by 1.0% to EUR 143,274 thousand and currency headwinds contributed to a consolidated net loss of EUR 887 thousand, the Group maintained a stable financial position, supported by a 72.0% equity ratio, EUR 46,629 thousand in cash reserves, and positive adjusted EBITDA of EUR 16,653 thousand.

Operationally, the Group continued its strategic pivot toward high-margin defense, civil security, and critical infrastructure resilience, sectors that now account for roughly 50% of Group turnover. The integration of proprietary MEA manufacturing in the UK, the commercialization of the EMILY 12000 multi-kW tactical platform, the deployment of Arctic EFOY ProShelters in northern Canada, the regional expansion into Singapore with Oneberry Technologies, and the ramp-up of domestic U.S. assembly in Salt Lake City establish clear growth drivers.

For 2026, Management guides for a return to sustainable expansion, projecting consolidated sales of EUR 150 million to EUR 160 million (a 5% to 11% increase), adjusted EBITDA of EUR 20 million to EUR 24 million, and adjusted EBIT of EUR 11 million to EUR 15 million. As global demands for energy transition, infrastructure resilience, and autonomous power solutions accelerate, SFC Energy AG remains positioned to capture high-value opportunities across decentralized clean power markets.

Official Site: https://www.sfc.com