Friedrich Vorwerk Group (VH2) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking results in 2025, with revenue up 41% year-over-year, driven by the electricity segment and supported by two acquisitions and the launch of a proprietary welding robot.

• EBITDA and EBIT more than doubled compared to 2024, reflecting strong operational performance.

• Maintained a record net cash position of €262 million, supporting future expansion.

• Secured major new projects and maintained a high-quality order backlog, with significant activity in energy infrastructure, especially electricity and hydrogen segments.

Financial highlights

• FY 2025 revenue reached €704.3 million, up 41% year-over-year.

• EBITDA for the year was €163.3 million (23.2% margin), more than double the prior year.

• EBIT (adjusted) rose 130% to €136.8 million, with a margin of 19.4%.

• Net cash position increased to €262 million at year-end 2025.

• Order intake grew 29% to €991 million, while order backlog stood at €1,021 million.

Outlook and guidance

• FY 2026 revenue guidance is €730–780 million, with EBITDA expected between €160–180 million.

• Margin guidance for 2026 is slightly lower, with a midpoint of 22.5% versus 23.1% in 2025, reflecting project mix and joint venture effects.

• Headcount growth to slow to 5–8% organically in 2026, with additional growth possible via M&A.

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

• Continued focus on strong margins and operational efficiency.