Wolftank Group (WAH) Q2 2025 earnings summary

Executive summary

• New CEO Simon Reckla appointed and headquarters relocated to Innsbruck, Austria, in January 2025.

• Group-wide consolidation and strategic review initiated, with structural measures in Italy and international portfolio assessment.

• Major contracts secured in Italy for environmental services, including a €20m soil remediation project and €30m in framework agreements.

• Significant hydrogen infrastructure projects won in Italy and Spain, supporting zero-emission mobility.

• New Supervisory Board appointed, combining industry, technology, and financial expertise.

Financial highlights

• Sales for H1 2025 were €60.8m, nearly flat year-over-year (€62.0m in H1 2024).

• Adjusted EBITDA was -€0.1m (margin -0.2%), reported EBITDA -€2.6m (margin -4.3%), down from €4.8m (8%) in H1 2024.

• Adjusted EBIT was -€2.6m, reported EBIT -€5.1m (margin -8.4%), compared to €1.4m (2.2%) in H1 2024.

• Adjusted profit before tax -€3.6m, after tax -€3.9m; reported before tax -€6.1m, after tax -€5.9m.

• Net cash flow €4.6m, down from €6.1m in H1 2024; equity ratio 16.6% (22.1% in H1 2024).

Outlook and guidance

• Economic environment remains challenging due to geopolitical instability, high financing costs, and subdued investment climate.

• Project volumes in both segments expected to remain constrained in H2 2025, especially in Italy.

• Management focuses on efficiency, cost discipline, and prioritizing high-value projects.

• Medium-term outlook positive, supported by EU regulatory targets and funding for sustainable infrastructure.