Friedrich Vorwerk Group Se · XETR:VH2
Friedrich Vorwerk — Q2 2026 Earnings Presentation
26 slides from Friedrich Vorwerk's earnings presentation, Aug 13, 2026
Slide 1: H1 Earnings Call
H1 Earnings Call H 13 August 2026 Driving the clean energy transition.
Slide 2: Introduction
H Introduction 2
Slide 3: 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 Marne Gas Hydrogen Opportunities Brunn Hamburg Wiesmoor Stade Skwierzyna (PL) … with decade-long customer
Slide 4: 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 & metering International stations pipelines Landfall Power-to-Hea
Slide 5: Market update
H Market update 5
Slide 6: The CO₂ network is taking shape and holds excellent potential for VORWERK
The CO₂ network is taking shape and holds excellent potential for VORWERK The Lägerdorf–Brunsbüttel CROSS-BORDER CO₂ NETWORK | Netherlands & Germany pipeline is OGE’s first CO₂ project put out to tender 10.06.2026 Agreements on CO₂ transport b/w the Netherlands and Germany were finalized In January,
Slide 7: The additional costs of underground cables tend to be overestimated
The additional costs of underground cables tend to be overestimated – A decision will be taken after the Bundestag’s a shift in legislation towards overhead lines has a negative impact summer recess Federal Cabinet Approves Draft Bill | POTENTIAL SWITCH TO OVERHEAD POWERLINES 30.04.2026 04.05.2026 O
Slide 8: Many large-scale grid projects are being tendered in the short and medium term
Many large-scale grid projects are being tendered in the short and medium term ELECTRICITY NATURAL GAS 6 NordOstLink Section 2 100 km 2032 1 Spessart-Odenwald-Link (SPO)* 11 6 117 km 2028 7 SuedOstLink+* 200 km 2032 5 2 ETL 186 Peine – Hallendorf (H2-ready) 7 23 km tbd. 9 8 SuedWestLink* 2 707 km 20
Slide 9: Financial performance
H Financial performance 9
Slide 10: The second quarter again saw a strong revenue increase compared to previous year
The second quarter again saw a strong revenue increase compared to previous year Revenue in €m +17% 198.1 202.0 199.3 +5% 170.0 139.2 133.0 + 17 % revenue increase y-o-y in Q2 2026 Q1 Q2 Q3 Q4 2025 2026 10
Slide 11: Half-year revenues increased by 11% compared to the previous year
As a result, half-year revenues increased by 11% compared to the previous year Revenue Revenue by segment in €m in % +11% 337.3 337.3 303.1 303.1 16 % Adj. Opportunities 18 % 3% Clean Hydrogen 3% 54 % 53 % Electricity + 11 % revenue increase y-o-y in H1 2026 29 % Natural Gas 25 % H1 2025 H1 2026 H1
Slide 12: Total production output increased by 35% in the first two quarters
Total production output, including revenue share of joint ventures, increased by 35% in the first two quarters of the year Total production output Total production output in €m by segment in % +35% 448.1 448.1 12 % Adj. Opportunities 5% Clean Hydrogen 331.9 331.9 18 % 35 5% 45 % Electricity + % 51 %
Slide 13: 68% y-o-y EBITDA and 76% y-o-y EBIT hike, profitability outperforming revenue growth
With a 68 % y-o-y EBITDA and a 76 % y-o-y EBIT hike, profitability growth has once again outperformed the revenue growth by far EBITDA EBIT (adj.) in €m, blue bubbles show EBITDA margin in €m, blue bubbles show EBIT margin 21.3% 30.7% 17.6% 26.7% +68% 30.7 % 60.8 EBITDA margin +76 % in Q2 2026 52.8
Slide 14: Year to date, EBITDA margin is at 27.4% and EBIT up 80%
Year to date, EBITDA margin is at 27.4 % and EBIT up 80 % compared to previous year EBITDA EBIT (adj.) in €m, blue bubbles show EBITDA margin in €m, blue bubbles show EBIT margin 18.0% 27.4% 14.1% 22.8% +70% 92.6 +80 % 27.4 % EBITDA margin 76.9 in H1 2026 54.5 42.7 H1 2025 H1 2026 H1 2025 H1 2026 +
Slide 15: High-margin order intake for Vorwerk contribution up 46% y-o-y in H1 2026
High-margin order intake for Vorwerk contribution shows a strong increase by 46% y-o-y in H1 2026 Order intake Order intake VOR contribution Total project volume incl. pro-rate in €m order volumes of JVs in €m -25 % 626.6 470.1 + 46 % +46% Order intake 321.2 increase for VOR contribution y-o-y in 22
Slide 16: Despite strong turnover, the order backlog remains at a very high level
Despite strong turnover in the first 6 months, the order backlog remains at a very high level Order backlog Order backlog VOR contribution Total project volume incl. pro-rata in €m order volumes of JVs in €m +2 % 1.0 1,419 1,447 > €bn -2% 1,021 1,005 Order backlog (VOR contribution) 31.12.2025 30.06
Slide 17: VORWERK continues to have a strong balance sheet enabling activity in case of opportunity
VORWERK continues to have a strong balance sheet enabling activity in case of opportunity Balance Sheet in €m, as of 30.06.2026 (624) Assets Liabilities & shareholders’ equity (624) Fixed assets Fixed Assets* 231 Equity Equity 313 Working Capital 165 16 10 Mezzanine financing Financial liabilities 5
Slide 18: For 2026, we raised our EBITDA guidance to €180 - €200 million
For 2026, we raised our EBITDA guidance to €180 - €200 million due to our strong position and development potential Revenue Guidance Profitability guidance │ EBITDA in €m in €m 730-780 180-200 730- 780 704 160-180 163 m€ Revenue guidance FY 2026 180- FY 2025 FY 2026 Guidance FY 2025 FY 2026 Guidance
Slide 19: Business update
H Business update 19
Slide 20: Civil engineering and pipeline construction works on the complex ETL projects are running at full capacity
NATURAL GAS Civil engineering and pipeline construction works on the complex ETL projects are running at full capacity Gasunie | Energy Transmission Line (ETL) 179.200 and 182 Project details ETL 179.200 Total length of 18 km (DN 900) / 86 km (DN 1,400) ETL 179.200: from Bützfleth to Deinste, around
Slide 21: With the H2Coastlink 1, Vorwerk is realizing a significant part of Germany's hydrogen network
CLEAN HYDROGEN With the H2Coastlink 1, Vorwerk is once again realizing a significant part of Germany’s hydrogen network GTG Nord, EWE Netz | H2Coastlink 1 pipeline b/w Emden and Leer Project details Connect a 320 MW production plant in Emden- Borssum with the hydrogen infrastructure taking shape in
Slide 22: 5C-Tech carrying out another major project abroad in Kazakhstan
AUTOMATIC WELDING With the 1,450 km long Beineu-Bozoy-Shymkent pipeline, 5C-Tech is carrying out another major project abroad (Kazakhstan) QazaqGaz | 28,000 welds for the Beineu-Bozoy-Shymkent pipeline Project details Total order volume in the one-digit € million range Start in Q3/26, project durati
Slide 23: meter-Q integrated into Vorwerk Gas Technology GmbH through an asset deal
M&A On 1 August, meter-Q was integrated into Vorwerk Gas Technology GmbH through an asset deal Scope of the transaction Overview of the assets acquired The scope of the asset deal includes the equipment Take-on of 15 qualified staff members (project managers, of the rented premises in Friedberg tech
Slide 24: The expansion of our workforce continues to make strong progress this year
WORKFORCE The expansion of our workforce continues to make strong progress this year Number of employees Key drivers Comprehensive roll-out of improved VORWERK employer brand +7% 2,402 2,243 Introduction of various employee benefits, incl. doubling of compensation for away- from-home work assignment
Slide 25: Driving the Clean Energy Transition.
H Driving the Clean Energy Transition.
Slide 26: Disclaimer
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