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Friedrich Vorwerk Group (VH2) investor relations material

Friedrich Vorwerk Group Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary13 Nov, 2025

Executive summary

  • Achieved record quarterly revenue exceeding EUR 200 million in Q3 2025, with nine-month revenue rising 48.9% year-over-year to EUR 505.1 million, driven by major projects and a robust order backlog over EUR 1 billion.

  • EBITDA more than doubled to EUR 105.8 million, with margin improving to 20.9% from 14.7% year-over-year.

  • Net profit after non-controlling interests increased 156.7% to EUR 57.3 million, with EPS at EUR 2.87.

  • Employee count grew 13.3% to 2,208, with over 100 new hires in Q3, supporting project execution and growth, including a small M&A transaction.

  • Major acquisitions and regulatory developments, including expansion into NATO pipeline and CO2 transport, position the group for future growth.

Financial highlights

  • Q3 2025 revenue surpassed EUR 200 million for the first time, with nine-month revenue at EUR 505 million, up 49% year-over-year.

  • EBITDA margin improved to 25.4% in Q3, with Q3 EBITDA over EUR 50 million; nine-month EBITDA was EUR 105.8 million (20.9% margin).

  • EBIT margin reached a record 19.1% in Q3, with Q3 EBIT at EUR 45 million; adjusted EBIT up 154.3% to EUR 87.4 million (17.3% margin).

  • Order backlog at EUR 1,101.5 million, down 6.5% from prior year; total project volume acquired rose 45% to EUR 886 million.

  • Net cash increased by EUR 80 million year-over-year to EUR 112 million, but down from EUR 154.3 million at year-end due to investments and working capital outflows.

Outlook and guidance

  • Revenue guidance for 2025 raised to EUR 650–680 million, with EBITDA margin forecast at 20–22%, a 5-point margin improvement at midpoint year-over-year.

  • Q4 expected to be seasonally weaker due to weather and fewer working days; ANORD project revenue contribution revised downward due to permit delays.

  • Strong order backlog and positive market outlook, supported by government infrastructure investments and regulatory changes, provide a solid basis for double-digit growth in 2026 and 2027.

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Frequently asked questions

Friedrich Vorwerk Group SE is a company engaged in the transformation and transportation of energy across Germany and Europe. The company operates through four main segments: Natural Gas, Electricity, Clean Hydrogen, and Adjacent Opportunities. Its services range from infrastructure for natural gas transport and conversion to the underground transport and conversion of electricity generated from non-fossil energy sources like wind, solar, hydro, and renewable resources. Moreover, Friedrich Vorwerk is involved in the emerging clean hydrogen sector, offering solutions for the conversion of energy into hydrogen and its subsequent transportation. The company also explores Adjacent Opportunities, providing technologies for the treatment and cleaning of biogenic and synthetic gases, heat extraction for district heating, and transportation solutions for drinking and wastewater, along with specialty solutions for the chemical and petrochemical industries. The company is headquartered in Tostedt, Germany, and its shares are listed on the Xetra.

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