Wolftank Group (WAH) Q4 2025 earnings summary

Executive summary

• Sales stabilized at EUR 122.8 million in 2025, up 1.1% year-over-year, reflecting a strategic transformation and operational stabilization.

• EBITDA reached EUR 6.2 million, supported by a EUR 3.6 million non-recurring valuation gain; normalized EBITDA was EUR 2.6 million.

• Net debt reduced to EUR 18.9 million from EUR 24.1 million, strengthening the balance sheet.

• Operational improvements in H2 2025 led to a turnaround, with positive adjusted EBITDA in Q3 and Q4.

• Order backlog of EUR 175 million and the GreenLead 2030 strategy provide a solid foundation for future growth.

Financial highlights

• EBITDA margin was 5.0% in 2025, down from 7.1% in 2024; EBIT margin declined to 0.9% from 2.0%.

• Profit before tax was EUR -0.9 million, and profit after tax was EUR -1.3 million, both lower than the previous year.

• Operating cash flow improved to EUR 3.8 million from EUR 1.3 million year-over-year.

• Equity stood at EUR 22.9 million with an equity ratio of 18.8%, down from 22.9% in 2024.

Outlook and guidance

• 2026 targets include sales of approximately EUR 135 million and an EBITDA margin of 6–7%.

• For 2027–2028, aims for sales of EUR 150–175 million and EBITDA margin of at least 10%.

• Outlook supported by a strong order backlog, cost reductions, and completion of hydrogen projects.