Friedrich Vorwerk Group Se · XETR:VH2
Friedrich Vorwerk — Q3 2024 Earnings Presentation
21 slides from Friedrich Vorwerk's earnings presentation, Nov 14, 2024
Slide 1: Q3 Earnings Call
Q3 Earnings Call H 14 November 2024 Driving the clean energy transition.
Slide 2: With 60 years of experience, VORWERK is realizing the energy infrastructure of the future
With 60 years of experience, VORWERK is realizing the energy infrastructure of the future A strong group of companies… … in highly attractive markets Husum Natural Electricity Clean Adjacent Gas Hydrogen Opportunities Marne Wiesmoor Hamburg Skwierzyna (PL) … with decade-long customer relationships T
Slide 3: VORWERK is critical in transforming and delivering energy from producers to consumers
VORWERK is critical in transforming and delivering energy from producers to consumers Production/ import Transformation/ transportation Consumer LNG Terminals Storage & Compressor Gas pressure Pipelines measurement stations regulating & International metering stations pipelines Landfall Power-to-Hea
Slide 4: Market update
H Market update 3
Slide 5: By approving the hydrogen core network, the Federal Network Agency has kicked off the H2 ramp-up
HYDROGEN By approving the hydrogen core network, the Federal Network Agency has kicked off the H2 ramp-up Planned German HYDROGEN CORE GRID (KERNNETZ) Important milestone on the way to the hydrogen core network 9,040 km Total approved grid length Approval from the Federal Network Agency points the w
Slide 6: The transportation and storage of captured CO2 requires a new pipeline network across Germany
CO2 The transportation and storage of captured CO2 requires a new pipeline network across Germany Planned German CO2 TRANSPORT NETWORK Up to 4,800 km Total planned grid length Up to 18.8 million t CO2 Total planned transport capacity of the planned grid 100 % New pipelines >14 bn € Total estimated i
Slide 7: Financial performance
H Financial performance 6
Slide 8: The third quarter again showed a significant growth compared to the previous year
The third quarter again showed a significant growth compared to the previous year Revenue in €m +32% 145.0 117.4 109.5 98.2 Typical 92.6 seasonal 32 revenue 73.1 76.7 development + % revenue increase y-o-y in Q3 2024 Q1 Q2 Q3 Q4 2023 2024 7
Slide 9: Revenues in the first 9 months increased by 23% compared to the previous year
As a result, revenues in the first 9 months increased by 23 % compared to the previous year Revenue Revenue by segment in €m in % +23% 339.1 339.1 275.1 25 % Adj. Opportunities 275.1 5 % Clean Hydrogen 33 % 6% 15 % 35 % Electricity + 23 % revenue increase 46 % 35 % Natural Gas y-o-y in 9M 2024 9M 20
Slide 10: The EBITDA more than tripled in the third quarter compared the previous year
The EBITDA more than tripled in the third quarter compared the previous year EBITDA EBIT (adj.) in €m, blue bubbles show EBITDA margin in €m, blue bubbles show EBIT margin 6.2% 17.5% 2.1% 13.7% +272% 25.3 +768 % 17.5 % 19.9 EBITDA margin in Q3 2024 6.8 Q3 2023 Q3 2024 2.3 Q3 2023 Q3 2024 13.7 % EBIT
Slide 11: After nine months, the EBIT margin is finally back in the double-digit range
After nine months, the EBIT margin is finally back in the double-digit range EBITDA EBIT (adj.) in €m, blue bubbles show EBITDA margin in €m, blue bubbles show EBIT margin 7.4% 14.7% 2.6% 10.1% +144% 49.7 +381 % 14.7 % EBITDA margin 34.4 in 9M 2024 20.4 9M 2023 9M 2024 7.1 9M 2023 9M 2024 10.1 % EBI
Slide 12: Order intake and backlog remain on record level
Driven by strong market demand, order intake and backlog remain on record level Order intake Order backlog in €m in €m +12 % -49% 1.178 -84% 1.009 1.049 516 €m Order intake 691 9M 2024 516 A-Nord 2023 2024 109 2023 2024 30.09.2023 30.09.2024 ~1.2 €bn Order backlog Q3 9M as per 30.09.2024 11
Slide 13: Net liquidity increased by 42.9 €m since Q2/24
Despite the strong revenue growth, net liquidity increased by 42.9 €m since Q2/24 Net liquidity in €m Significantly higher profitability Increased focus on contractual +44.1 +42.8 agreements in terms of billing terms 30.4 30.4 m€ Monthly invoicing on major project A-Nord Net cash as per 30.09.2024 I
Slide 14: We raise our revenue and profitability guidance for the second time
Based on our strong performance we raise our revenue and profitability guidance for the second time Revenue EBITDA margin in €m in €m / in % 8.6% 11-13% 14-15% 430-460 373 >380 >410 430-460 Upper range € million Revenue FY 2024 32 14-15 % 2023 2024 2024 2024 2023 2024 2024 EBITDA margin Guidance Gui
Slide 15: Business update
H Business update 14
Slide 16: VORWERK won one of the two construction lots for the planned EWA pipeline
VORWERK was recently able to win one of the two construction lots for the planned EWA pipeline New project acquisitions Project pipeline Planned OGE pipelines EWA and WAD Project details Contract comprises pipeline section with total length of ~24 km Etzel-Wardenburg (EWA) Total length ~ 60 km Proje
Slide 17: Besides EWA, many more large-scale grid projects are currently being tendered
Besides EWA, many more large-scale grid projects are currently being tendered New project acquisitions Project pipeline NATURAL GAS ELECTRICITY ETL 182* LanWin2 86 km 2027 12 km 2030 EWA* SuedLink* 60 km 2025 WAD* 700 km 2028 90 km 2026 SuedOstLink* Spessart-Odenwald-Leitung (SPO)* 758 km 2030 117 k
Slide 18: The demand for electrolyser systems is also picking up pace rapidly
The demand for electrolyser systems is also picking up pace rapidly New project acquisitions Project pipeline H2 Lighthouse project Bohlen & Doyen, Wiesmoor Electrolyser system 250 KW 2025 1 1 MW 2025 10 100 MW MW MW Electrolyser system Electrolyser system (EPC) (Engineering) 20 100 MW 100 MW 2027 2
Slide 19: The positive hiring momentum has continued in the third quarter
The positive hiring momentum from the first half-year has continued in the third quarter Number of employees Key drivers Comprehensive roll-out of improved VORWERK employer brand +7% +14% 1,934 Introduction of various employee benefits, 1,816 incl. doubling of compensation for away- 1,695 from-home
Slide 20: Disclaimer
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Slide 21: Driving the Clean Energy Transition.
H Driving the Clean Energy Transition.
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