hep global GmbH, a specialist in solar project development, reported a 72% increase in revenue to EUR 17.2 million for the first half of 2026, up from EUR 10.0 million in the same period last year. More notably, earnings before interest and taxes (EBIT) turned positive at EUR 0.3 million, compared to a loss of EUR -2.4 million in the first half of 2025. The Group’s net loss also narrowed from EUR -6.8 million to EUR -3.8 million. The results, announced via NEWMEDIAWIRE, signal a significant improvement in operating performance and validate the company’s strategic realignment.
CEO Martin Vogt attributed the turnaround to the strategic focus on greenfield project development and measures to improve the cost structure. “Despite the persistently challenging economic and regulatory environment, the Group's business performance in the first half of 2026 was marked by a significant improvement in its operating earnings,” Vogt said. “With a positive EBIT of EUR 0.3 million, we were able to achieve a positive operating result as of the half-year reporting date for the first time in several half-years.” He noted that the improved operating profitability only partially offset negative impacts from delayed marketing and implementation of individual projects.
The key revenue driver was project development in Germany, particularly the successful marketing of hybrid solar and battery storage projects in the direct investments segment. Revenue from project development services rose to EUR 14.7 million from EUR 6.8 million. Revenue from operation and maintenance of solar parks was EUR 0.7 million, down from EUR 0.9 million. Further project progress in the U.S., Germany, and Japan increased work in progress by EUR 5.4 million. Cost-cutting measures initiated in 2025 and continued in 2026 paid off: personnel expenses fell to EUR 7.0 million from EUR 8.8 million, and other operating expenses dropped to EUR 6.8 million from EUR 9.9 million.
In the U.S., hep global is shifting focus to smaller and medium-sized solar projects through distributed generation. Its partnership with an external investor led to the first disbursements of mezzanine capital to HEP Solar Holdings USA, LLC. In Germany, the company continues to develop economically attractive solar and battery storage projects and expand its pipeline, while in Japan, Poland, and Italy, the focus remains on developing existing pipelines. Earnings contributions from project sales in these markets are expected from 2027 onwards.
In the third quarter of 2026, the Group streamlined its service business, transferring the operation of solar parks in Japan to an external service provider in July and aiming to sell its U.S. service business in the fourth quarter. These moves allow hep global to concentrate resources on core project development and high-margin activities. The company now expects full-year 2026 revenue of EUR 40 million to EUR 45 million and EBIT of EUR 1 million to EUR 5 million, down from previous targets of EUR 45 million to EUR 55 million and EUR 0 million to EUR 10 million, respectively. The adjustment reflects ongoing margin pressure and postponed project transactions due to the pending refinancing of the green bond 2021/2027, which was successfully extended in the spring.
CFO Christian Hamann emphasized discipline in capital deployment: “We have significantly increased revenue and returned to a positive operating result. At the same time, we recognize that this does not yet resolve our challenges regarding financing and realizing project value.” The half-year financial report is available for download on the company’s website at https://hepsolar.com/green-bond-2021-2026/. For more information, visit www.hepsolar.com.
