German solar project developer hep global GmbH reported a 72% rise in revenue to EUR 17.2 million for the first half of 2026, up from EUR 10.0 million a year earlier, and swung to a positive operating result with earnings before interest and taxes (EBIT) of EUR 0.3 million compared with a loss of EUR 2.4 million in the same period of 2025. The company said the improvement was driven by higher revenue from project development of solar and battery storage projects and a reduced cost base.
The result marks the first positive half-year EBIT in several reporting periods. “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,” said CEO Martin Vogt. He added that the strategic realignment toward greenfield project development and cost-reduction measures are having an effect, though improved operating profitability only partially offset negative earnings impacts from delayed marketing and implementation of individual projects.
Project development in Germany was the key revenue driver. Revenue from project development services rose to EUR 14.7 million from EUR 6.8 million, mainly from hybrid solar and battery storage projects in the direct investments segment. Revenue from operation and maintenance of solar parks fell to EUR 0.7 million 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 cuts 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. The Group’s net loss narrowed to EUR -3.8 million from EUR -6.8 million.
In the U.S., hep global is focusing on smaller and medium-sized solar projects, and its newly founded HEP Solar Holdings USA, LLC received first disbursements of mezzanine capital from an external investor. In Germany, the company is developing solar and battery storage projects and expanding its pipeline, while in Japan, Poland and Italy it continues to develop existing pipelines. Earnings contributions from project sales in these markets are expected from 2027 onward. In the third quarter of 2026, the Group streamlined its service business, transferring operation of solar parks in Japan to an external provider in July and aiming to sell its U.S. service business in the fourth quarter.
For the full year 2026, hep global now expects 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 in revenue and EUR 0 million to EUR 10 million in EBIT. The company cited ongoing margin pressure and postponement of planned project transactions due to the targeted and still-pending refinancing of its green bond 2021/2027, which was successfully extended in the spring. “We have significantly increased revenue and returned to a positive operating result,” said CFO Christian Hamann. “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 on the company’s website at https://hepsolar.com/green-bond-2021-2026/, and further company information is available at www.hepsolar.com. The original release was distributed via NEWMEDIAWIRE.
