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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.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of over €202 million, up 39% year-over-year, and year-to-date revenue of €505.1 million, up 48.9%, driven by major projects and a strong order backlog.
EBITDA more than doubled to €105.8 million year-to-date (20.9% margin), with Q3 EBITDA at €51.3 million (25.4% margin); EBIT up 125% in Q3 and 155% year-to-date.
Net profit after non-controlling interests increased 156.7% to €57.3 million, EPS at €2.87.
Workforce expanded by over 100 employees in Q3 and 13.3% year-to-date, reaching 2,208, supporting project execution and growth.
Major acquisitions, regulatory developments, and new technology innovations position the group for future growth.
Financial highlights
Q3 2025 revenue reached €202.0 million, with nine-month revenue at €505.1 million, up 49% year-over-year.
Q3 2025 EBITDA was €51.3 million (25.4% margin), and EBIT was €44.7 million (19.1% margin); year-to-date EBITDA at €105.8 million (20.9% margin), adjusted EBIT at €87.3 million (17.3% margin).
Net cash as of Q3 2025 was €111.5 million, up €80 million year-over-year but down from year-end due to investments and working capital.
Order backlog at €1.1 billion, with 70% attributable to the electricity segment.
Total project volume acquired increased 45.5% to €885.7 million; order intake up 45% year-over-year but down 18.9% compared to prior year.
Outlook and guidance
2025 revenue guidance raised to €650–680 million, with EBITDA margin forecast at 20.0–22.0%, reflecting a 5 percentage point margin improvement at the midpoint.
Q4 2025 expected to be seasonally weaker, with forecasted revenue between €145–175 million due to weather and fewer working days.
Double-digit growth in 2026 and 2027 supported by a strong backlog and major projects.
Positive market outlook supported by government infrastructure investments and regulatory changes.
Timeline for NATO grid and CO2 pipeline revenues
Quantify PX2 system's margin improvement
How JV shift affects revenue and profit mix
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Next Friedrich Vorwerk Group earnings date
Q4 202527 Mar, 2026
Next Friedrich Vorwerk Group earnings date
Q4 202527 Mar, 2026
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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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