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Enapter AG: what insiders have been doing
Enapter AG is a Industry company. Its directors and officers file their transactions with BaFin. The last twelve months, up to 18 October 2026, brought 3 filings signed by 3 insiders.
Not one of the filings records a straightforward purchase or sale on the market. Such operations are usually part of compensation schedules, which makes them a weaker signal than an open-market trade.
With 3 filings in twelve months, the company is quieter than the median of 5 filings across the 287 companies we follow on the same exchange.
Insider buying of Enapter AG has been absent for the past year. The median gap between a trade and its publication by BaFin is 14 days. Under the Market Abuse Regulation, managers have three business days to notify their trades.
Other companies in the same sector with recent insider buying flagged by our signals: Tennant Co and Butler National Corp. Source: insider filings from BaFin. Past trades are no guide to future returns.
Insider Decl.
6
Thresholds
n/a
Buy Volume
n/a
n/a
Sell Volume
n/a
n/a
Analyst consensus: bullish or bearish?
Analysts rate Enapter AG Buy (bullish), based on 1 analysts. Average price target: €1.30.
Fundamental score
Ranked 22,714 of 24,148 companies
17.3
score / 100
Value3
Quality31
FCF yld-41%
Earn yld-101%
EV/EBITDA·
ROE-133%
Gross mgn41%
Net mgn·
Debt/EBITDA·
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
€0.98
Analyst consensus
1 analystsBuy
€1.30Target €1.30(+33%)€1.30
Income statement
Revenue€22.1M
Gross profit€9.1M41% margin
EBITDA-€17.2M-78% margin
Net income-€32.2M-181.1% margin
Valuation
PER (forward)-195.2x
P/Book1.7x
Beta0.48
Balance sheet & cash
Market cap€31.7M
Total debt€41.9M
Free Cash Flow-€13.0M
Debt / Equity67%
Profitability & ownership
ROE-132.7%
ROA-23.2%
% insiders33.4%
% institutions59.3%
Last declaration on 12 December 2025
Declarations6 total
ShareBAFIN:20000275-d0efe1f9eba1
ShareBAFIN:20000275-1bd373a18ec5
ShareBAFIN:20000275-a7ee3078c359
0ShareISIN DE000A255G02BAFIN:20000275-4eeb78b838c7
0ShareISIN DE000A255G02BAFIN:20000275
0ShareISIN DE000A255G02BAFIN:20000275-e078dd9d275b
6 of 6 declarations
About Enapter AG
Enapter AG is an industrial technology company focused on green-hydrogen equipment. Listed in Germany on Xetra/Frankfurt (DAX/MDAX/SDAX) under the ticker H2O.DE, it is viewed by investors as a growth-oriented name linked to the energy transition. The company’s operational footprint and development history are tied closely to Germany, while its industrial and commercial presence also extends to Italy, making it a German-Italian hydrogen technology group. The reference country for the listing is Germany.
Enapter was founded in 2017, when Sebastian-Justus Schmidt acquired ACTA and renamed it Enapter to build a dedicated platform around AEM electrolysis, or Anion Exchange Membrane technology. That technology is the core of the business model: Enapter designs and sells modular electrolyzers used to produce green hydrogen from renewable electricity and water. The company describes itself as a pioneer and market leader in commercialized AEM electrolysis, with a business model built on standardization, modularity, and rapid deployment. Its product portfolio spans single-core and multi-core systems, including EL 4, AEM Nexus, and the newer Nexus 2500 platform, addressing use cases from pilot projects to megawatt-scale industrial installations.
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From a competitive standpoint, Enapter operates in an emerging but strategically important segment, competing with more established alkaline and PEM electrolyzer manufacturers. Its key differentiators are a patented AEM technology stack, software-enabled control, modular system architecture, and a strong emphasis on operational data and remote updates. In 2025, the company expanded its product range by adding battery solutions through its joint-venture partner Wolong, and it introduced the Nexus 2500 multicore electrolyzer with 2.5 MW capacity, signaling a move up the scale curve. In March 2025, Enapter also unveiled an AI-based software application designed to improve electrolyzer performance.
Geographically, the group serves customers across a broad international footprint and has disclosed activity in Europe, the United States, and Asia. Recent milestones include new orders in Italy across several Hydrogen Valleys, deliveries in Germany, and continued commercial scaling. For investors, Enapter remains a pure-play hydrogen technology company with meaningful upside potential, but also with notable exposure to capital spending cycles, industrial execution risk, and sector competition.
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