Friedrich Vorwerk Group (VH2) Q1 2026 earnings summary

Executive summary

• Revenue rose 4.6% year-over-year to €139.2 million in Q1 2026, despite unfavorable weather conditions.

• EBITDA surged 74.7% to €31.8 million, with margin improving by 9 percentage points to 22.8%, driven by a favorable project mix, higher joint venture earnings, and a €1.7 million one-off land sale gain.

• EBIT nearly doubled to €24.1 million compared to the prior year.

• Order intake more than doubled to €192.1 million, and order backlog reached €1,074.3 million, reflecting robust demand.

• Management proposes a total dividend of €1.10 per share for 2025, pending AGM approval.

Financial highlights

• Adjusted EBIT nearly doubled to €24.1 million from €12.8 million year-over-year.

• Net profit after non-controlling interests increased 88.3% to €16.1 million (€0.81 per share).

• Equity rose to €300.5 million, with an equity ratio of 52.1%.

• Net cash and cash equivalents stood at €232.7 million as of March 31, 2026, despite negative operating cash flow of €-13.6 million due to seasonal working capital build.

• Production output increased 14.3% to €173.7 million.

Outlook and guidance

• Revenue for 2026 is expected between €730 million and €780 million, with EBITDA guidance of €160 million to €180 million.

• Positive market outlook supported by new infrastructure projects in the Federal Requirements Plan.