SFC Energy AG
XETRA:F3C
SFC Energy AG
SFC Energy AG engages in the provision of hybrid solutions to the stationary and portable power generation markets. The company is headquartered in Muenchen, Bayern and currently employs 247 full-time employees. The company went IPO on 2007-05-25. The company develops, produces and distributes fuel cell products based on direct methanol fuel cell (DMFC) technology. The company’s activities are divided into three business segments. In the Consumer segment fuel cells are used to supply power to recreational vehicles, sailing yachts, vacation cottages and sailboats. The Industry segment provides applications in security and surveillance, traffic management, wind power, environmental technology and oil and gas sectors, as well as sells electronic components for integration into defense equipment, testing and metering systems. The Defense & Security segment covers defense and security applications for defense organizations and governments. SFC’s products portfolio encompasses the JENNY 600S, the vehicle-based EMILY 3000, the EMILY Cube 2500, the SFC Power Manager and network systems.
SFC Energy AG engages in the provision of hybrid solutions to the stationary and portable power generation markets. The company is headquartered in Muenchen, Bayern and currently employs 247 full-time employees. The company went IPO on 2007-05-25. The company develops, produces and distributes fuel cell products based on direct methanol fuel cell (DMFC) technology. The company’s activities are divided into three business segments. In the Consumer segment fuel cells are used to supply power to recreational vehicles, sailing yachts, vacation cottages and sailboats. The Industry segment provides applications in security and surveillance, traffic management, wind power, environmental technology and oil and gas sectors, as well as sells electronic components for integration into defense equipment, testing and metering systems. The Defense & Security segment covers defense and security applications for defense organizations and governments. SFC’s products portfolio encompasses the JENNY 600S, the vehicle-based EMILY 3000, the EMILY Cube 2500, the SFC Power Manager and network systems.
Sales & Margins: 2025 revenue was EUR 143.3 million, slightly below the lower end of guidance and down 1% year-on-year, but Q4 was the strongest quarter with about EUR 40 million in sales and improved profitability.
Profitability: Adjusted EBITDA reached EUR 16.7 million (11.6% margin) and adjusted EBIT was EUR 8.9 million (6.2% margin), both slightly above the high end of November guidance, helped by a favorable product mix and reduced FX losses in Q4.
Guidance 2026: Management expects revenue between EUR 150 million and EUR 160 million in 2026, with EBITDA of EUR 20–24 million and EBIT of EUR 11–15 million, and overproportional margin improvement.
Defense & Security: The business mix is shifting toward defense and security, expected to reach up to 60% of group revenue in 2026, with defense alone potentially doubling from ~10% to 15–20%.
US Expansion: New US production site is ready, with pilot production set to start this quarter, aiming to enhance customer proximity and reduce tariff risks.
Working Capital: Working capital remains elevated due to inventory and receivables, but management expects improvement in H1 2026 as business ramps up.
FX & Cost Risks: FX losses and higher platinum prices were significant headwinds in 2025; FX is expected to be less negative in 2026 but remains a risk, and hedging is being considered.
