Friedrich Vorwerk Group (VH2) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record €228.3m, up 13% YoY; EBITDA rose 58% to €80.9m.

• 9M revenue increased 12% to €565.6m; production output, including JV revenue share, rose 40.1% to €791.7m.

• FY 2026 revenue guidance was raised to €760m–€790m and EBITDA guidance to €220m–€230m.

• September total project volume exceeded €1.2bn, supporting a strong start to 2027 despite fewer large awards in 9M.

Financial highlights

• Q3 EBIT was €70.8m; adjusted EBIT was €72.8m, up 63% YoY.

• 9M EBITDA was €173.4m, up 64%; adjusted EBIT rose 71.3% to €149.7m.

• Adjusted net profit after non-controlling interests was €97.9m, or €4.90 per share; IFRS EPS was €4.89.

• Operating cash flow was €63.8m versus €2.4m a year earlier; investing and financing cash flows were -€47.7m and -€28.2m.

Outlook and guidance

• FY 2026 revenue guidance rose to €760m–€790m from €730m–€780m; EBITDA guidance rose to €220m–€230m from €180m–€200m.

• Guidance reflects Q4 weather and contract-amendment uncertainty; JV profits are expected below Q3 and Q4 is two weeks shorter due to Christmas.

• Higher full-year operating cash flow is expected as seasonal working-capital needs reverse in Q4.

• 2027 JV project mix is expected to remain broadly similar to 2026; hydrogen construction is expected to lift the segment’s revenue share.

• U.S. welding operations could generate double-digit-million-euro revenue as early as 2028.