Friedrich Vorwerk Group (VH2) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking results in 2025, including strong revenue growth, two acquisitions, and the launch of a proprietary welding robot in partnership with a subsidiary.

• Benefited from favorable weather, high project execution quality, and a robust order backlog.

• Secured major new projects and expanded activities in electricity, hydrogen, and adjacent infrastructure markets.

Financial highlights

• Revenue reached EUR 704 million in 2025, up 41% year-over-year.

• EBITDA margin increased by 7 percentage points to 23.2%; EBIT more than doubled to EUR 137 million.

• Net cash position improved by over EUR 100 million to EUR 262 million at year-end.

• Total project volume acquired rose 29% to EUR 991 million; conventional order intake was EUR 538 million, down 20% due to JV structure and resource limits.

Outlook and guidance

• 2026 revenue guidance: EUR 730–780 million, with EBITDA forecasted at EUR 160–180 million.

• Margin guidance for 2026 at 22.5% midpoint, slightly below 2025's 23.1%, reflecting project mix and JV share.

• Expect slower headcount growth (5–8% organically), with focus on senior project managers; M&A could add further employees.

• Anticipate continued growth in electricity and hydrogen segments, with additional momentum from government special funds.