Friedrich Vorwerk Group (VH2) Q3 2025 earnings summary

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.