Friedrich Vorwerk Group (VH2) Q2 2026 earnings summary

Executive summary

• Q2 revenue reached €199.3 million, up 17% YoY; June revenue set a monthly record at €73 million.

• H1 revenue rose 11.3% to €337.3 million; production output increased 35% to €448.1 million, including proportionate joint-venture revenue.

• H1 profitability improved on lower materials and subcontracting needs, higher joint-venture earnings, and a declining revenue share from the dilutive A-Nord project.

• Net profit after non-controlling interests increased 76.7% to €49.97 million; EPS rose to €2.50 from €1.41.

Financial highlights

• Q2 EBITDA rose 68% to €60.8 million; EBIT increased 76% to €52.8 million, with a record 26.7% margin.

• H1 EBITDA rose 69.9% to €92.6 million, with a 27.4% margin; adjusted EBIT increased 80% to €76.9 million.

• Order intake rose 45.8% to €321.2 million; order backlog was €1,005.3 million in VOR contribution and €1.4 billion in total project volume at June 30, 2026.

• Total project volume acquired, including JV shares, fell 25% to €470 million against a strong Q2 2025 comparison; book-to-bill remained above 1x.

• Materials costs fell €10.7 million YoY and the materials-cost ratio improved to 38.6% from 46.4%; Q2 JV earnings more than tripled to €12.8 million.

Outlook and guidance

• FY 2026 EBITDA guidance raised to €180–200 million from €160–180 million; revenue guidance remains €730–780 million and excludes inorganic growth.

• At the upper EBITDA guidance limit, H2 EBITDA would be €107 million versus €93 million in H1; management called the target ambitious but manageable and favors absolute EBITDA as a KPI amid higher JV share.

• 2027 is expected to remain very busy, with further large pipeline awards anticipated for execution in late 2027 and 2028.

• July started well with favorable weather at project sites; the A-Nord bonus-malus adjustment is expected to be reflected by Q4 at the latest.

• 5C-Tech revenue is expected to exceed €20 million in 2026, versus €3 million in its first operating year; medium-term annual revenue potential is €50 million, with margins expected above the current group average.