SFC Energy: Biggest Order in SFC's History Triggering Guidance Hike

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SFC Energy: Biggest Order in SFC's History Triggering Guidance Hike

Deutsche Bank

Research

Rating Company Date

Buy SFC Energy 13 May 2026

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Europe

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Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 19.10

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Price Target (EUR) 21.50

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52-week range (EUR) 26.65 - 11.74

Electrical Equipment

Biggest Order in SFC's History

Valuation & Risks Triggering Guidance Hike

Michael Kuhn

Landmark €42.7m order to supply Ukraine Research Analyst

On Tuesday, SFC Energy announced the largest single order in its corporate history, +49-69-910-46002

a €42.7 million deal to supply hybrid energy systems to Ukraine. The order, which

Mengxian Sun, CFA

is part of a German government initiative, consists of "combat-proven" fuel cells Research Analyst

and batteries for both military and civil applications. These systems will provide +49-69-910-41701

resilient, decentralized power for critical equipment and unmanned systems like

drones. Management highlighted the systems' key tactical advantages, including

a low thermal and acoustic signature, which enhances operational security for

forces in the field. The full revenue and profit contribution from this record order is

expected to be recognized in the 2026 fiscal year.

Guidance for FY2026 significantly raised

Following the announcement, SFC has significantly raised its guidance for fiscal

year 2026. The new forecast is for sales of €163m-€175m (previously €150m-

€160m), adjusted EBITDA of €29m-€34m (previously €20m-€24m), and adjusted

EBIT of €20.5m-€25.5m (previously €11m-€15m). At the respective mid-points, this

represents a substantial upgrade: sales guidance is lifted by 9%), while the adjusted

EBITDA forecast is hiked by €9.5m (+43%), and the adjusted EBIT forecast is raised