Hydrogenera closes 2025 with strong growth and improved profitability
Green Innovation AD, operating under the Hydrogenera brand, reports solid revenue growth and improved profitability for 2025, based on its audited financial results.
The year marks a clear transition from a period focused on investment and capacity building to one of stronger operational efficiency and financial performance.
Financial results
In 2025, Hydrogenera generated BGN 8.615 million (EUR 4.405 million) in revenue, an increase of 18.65% compared to 2024.
EBITDA reached BGN 2.015 million (EUR 1.030 million), up from BGN 1.075 million (EUR 0.550 million) in the previous year. Net profit increased to BGN 1.514 million (EUR 0.774 million), representing a 103.22% year-on-year growth.
Profitability improved across key indicators:
EBITDA margin: 23.39% (14.81% in 2024)
Net profit margin: 17.57% (10.26% in 2024)
These results reflect more efficient operations and better utilisation of the company’s production and organisational capacity.
Operational and strategic development
During 2025, Hydrogenera continued to expand both in Bulgaria and internationally.
Key developments include:
• A successful initial public offering on the Bulgarian Stock Exchange, raising BGN 7.96 million (EUR 4.07 million)
• Joining Hydrogen Europe as a corporate member
• Signing a grant agreement with the European Bank for Reconstruction and Development under InvestEU
• Delivering a hydrogen system project for Volkswagen Poznań
• Securing an international contract with Fondazione Bruno Kessler (FBK) for the production and delivery of an alkaline electrolyser
These milestones strengthen the company’s position within the European hydrogen value chain and expand its project portfolio.
Focus on innovation
Innovation remains central to Hydrogenera’s strategy. In 2025, the company continued to invest in research and development to improve efficiency and expand the use of hydrogen technologies in industrial applications.
Key areas include:
• Metal hydride compression and storage solutions
• Development of new industrial and mobile applications
Outlook
The 2025 results provide a solid foundation for the next phase of growth.
With increasing revenues, improved profitability, newly secured capital, and a growing international presence, Hydrogenera is well-positioned to expand its role in the European hydrogen market.
As demand for hydrogen solutions continues to grow, the company’s focus remains on practical industrial applications, system integration, and long-term value creation.