Friedrich Vorwerk Group (VH2) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of €133 million, up 73% year-over-year, and FY 2024 revenue of €498.4 million, up 33%, driven by high capacity utilization and strong project execution.

• EBITDA rose to €18.2 million in Q1 2025 (13.7% margin) and €80.5 million for FY 2024 (16.2% margin), with net profit after non-controlling interests at €8.6 million in Q1 2025.

• Order backlog remained robust, exceeding €1 billion, with a 19% increase to €1.19 billion at FY 2024 year-end and €1,136.2 million at Q1 2025.

• Order intake declined in Q1 2025 to €81.6 million, about a third below last year, but book-to-bill ratio for FY 2024 was 1.4x.

• Acquisitions, including Wischhafen branch, Stade site, and Gerhard Rode assets, are expected to contribute to future revenue and project execution.

Financial highlights

• Q1 2025 revenue reached €133 million, up 73% year-over-year; FY 2024 revenue was €498.4 million, up 33%.

• EBITDA for Q1 2025 was €18.2 million (13.7% margin); FY 2024 EBITDA was €80.5 million (16.2% margin).

• Adjusted EBIT for Q1 2025 was €12.8 million (9.6% margin); FY 2024 adjusted EBIT was €59.4 million (11.9% margin).

• Net cash position at year-end 2024 was €154 million, and €91 million at Q1 2025 after investments and working capital changes.

• Equity ratio improved to 52.9% at Q1 2025 from 46.9% at year-end 2024.

Outlook and guidance

• FY 2025 revenue guidance set at €540–570 million, with management expecting to reach the upper end.

• EBITDA margin guidance for 2025 maintained at 16–17%.

• CapEx for 2025 projected at €36–38 million to support growth and new projects.

• Further significant order intake anticipated in Natural Gas, Clean Hydrogen, and Electricity segments from Q2 2025.

• Potential for guidance upgrade if current momentum and utilization persist.