exceet Group SA (H2A) AI Stock Analysis

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exceet Group SA

(XETRA:H2A)

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Rating:43Neutral

Price Target:EUR 0.87▼(-3.53% Downside)

Action:initiatedcoverage

Date:09/22/26

Low score primarily driven by poor financial performance showing clear distress through negative profitability, cash burn, and rising leverage. Mixed technical indicators and unfavorable valuation due to losses provide limited offset.

Positive Factors

Positive Equity BasePositive equity provides some residual balance-sheet support and indicates the company has not yet exhausted its capital base. However, this cushion is limited because continued losses and cash burn could erode it further, making preservation of equity important.

Negative Factors

Severe Revenue ContractionThe sharp revenue contraction indicates a substantial reduction in business scale and weakens the company’s ability to absorb fixed costs. Unless reversed, persistently lower sales can impair operating leverage, reduce reinvestment capacity, and make a durable return to profitability more difficult.

exceet Group SA (H2A) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 41.12M
Dividend Yield: ―
Average Volume (3M): 8,246
Price to Earnings (P/E): -1.2
Beta (1Y): 0.26
Revenue Growth: -46.92%
EPS Growth: 3.25%
Country: Germany
Employees: 144
Sector: Basic Materials
Sector Strength: 61
Industry: Engineering & Construction

exceet Group SA Business Overview & Revenue Model

Company Description

H2APEX Group SCA is a developer, builder, and operator of green hydrogen plants used for the decarbonization of industry, infrastructure, and mobility. The company provides turnkey solutions, including planning and ongoing production, and is actively...

exceet Group SA Financial Statement Overview

Summary

Severe financial distress with sharply declining revenue, deeply negative gross profit and net losses, rising leverage above 1.3x equity, and persistent negative operating and free cash flows.

Income Statement

18Very Negative

Balance Sheet

22Negative

Cash Flow

12Very Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.84M	9.96M	29.57M	15.30M	3.85M	1.28M
Gross Profit	-2.59M	-7.06M	892.00K	1.66M	3.83M	1.24M
EBITDA	-13.20M	-28.90M	-16.56M	-16.73M	-3.42M	-1.10M
Net Income	-16.10M	-33.76M	-27.90M	-24.69M	-3.87M	87.05M
Balance Sheet
Total Assets	118.97M	83.27M	91.25M	122.45M	118.63M	122.47M
Cash, Cash Equivalents and Short-Term Investments	40.10M	7.50M	16.07M	44.47M	117.39M	116.75M
Total Debt	56.00K	36.47M	34.49M	44.59M	9,000	27.00K
Total Liabilities	50.78M	56.39M	60.92M	64.58M	2.84M	4.31M
Stockholders Equity	68.15M	26.70M	30.13M	57.74M	115.79M	118.16M
Cash Flow
Free Cash Flow	-4.30M	-47.94M	-21.56M	-26.49M	-4.09M	2.43M
Operating Cash Flow	-4.30M	-38.26M	-18.45M	-14.81M	-4.08M	4.08M
Investing Cash Flow	-573.00K	1.43M	-3.06M	76.45M	4.04M	97.58M
Financing Cash Flow	164.00K	28.84M	-6.92M	-17.43M	-46.00K	-3.19M

exceet Group SA Technical Analysis

Technical Analysis SentimentNeutral

Last Price0.91

Price Trends

50DMA1.00Negative

100DMA0.95Negative

200DMA1.02Negative

Market Momentum

MACD-0.02Negative

RSI48.09Neutral

STOCH57.05Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:H2A, the sentiment is Neutral. The current price of 0.91 is above the 20-day moving average (MA) of 0.90, below the 50-day MA of 1.00, and below the 200-day MA of 1.02, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 48.09 is Neutral, neither overbought nor oversold. The STOCH value of 57.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:H2A.

exceet Group SA Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

DE:H2A against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:FPE	69Neutral	EUR 5.28B	15.81	17.37%	3.26%	12.08%	21.84%
DE:EVK	64Neutral	EUR 9.68B	55.36	2.16%	4.77%	1.98%	83.13%
Sector *	61Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
DE:WCH	54Neutral	EUR 3.99B	-15.25	-6.82%	3.11%	―	―
DE:1COV	50Neutral	EUR 12.48B	-23.78	-7.29%	―	-8.72%	-140.66%
DE:LXS	43Neutral	EUR 1.13B	-1.68	-18.99%	0.77%	-3.63%	-172.43%
DE:H2A	43Neutral	EUR 44.94M	-1.19	-158.35%	―	-46.92%	3.25%

* Basic Materials Sector Average

Performance Comparison

DE:H2A and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:H2A	exceet Group SA	0.91	-0.60	-40.00%
DE:1COV	Covestro AG	60.40	0.22	0.37%
DE:EVK	Evonik Industries AG	20.96	7.97	61.39%
DE:FPE	Fuchs Petrolub	37.45	7.96	26.97%
DE:LXS	Lanxess (OTC)	12.92	-4.81	-27.12%
DE:WCH	Wacker Chemie Ag (OTC)	82.65	13.40	19.35%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 22, 2026

exceet Group SA AI Stock Analysis