Friedrich Vorwerk Group Se · XETR:VH2
Friedrich Vorwerk — FY2024 Earnings Presentation
22 slides from Friedrich Vorwerk's earnings presentation, Mar 31, 2025
Slide 1: FY 2024 Earnings Call
H FY 2024 Earnings Call 31 March 2025 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: Market update
H Market update 4
Slide 4: Hydrogen: approval of the hydrogen core network kicks 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 5: CO2: transportation and storage 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 6: Water: overaged infrastructure will require substantial investments
WATER The overaged water infrastructure in Germany will require substantial investments in the next decades Investments in the German DRINKING AND WASTEWATER INFRASTRUCTURE Expert report: Three-digit billion Required total investment 2025-2044 € billion investment needed for safe water and 512 waste
Slide 7: Financial performance FY 2024
H Financial performance FY 2024 8
Slide 8: Very strong growth continued unabated in the fourth quarter
The very strong growth of the previous quarters continued unabated in the fourth quarter Revenue in €m +62% 159.3 145.0 117.4 109.5 98.2 92.6 73.1 76.7 + 62 % revenue increase y-o-y in Q4 2024 Q1 Q2 Q3 Q4 2023 2024 9
Slide 9: Significant y-o-y growth in 2024 strongly driven by the electricity segment
The significant y-o-y growth in 2024 was strongly driven by the electricity segment Revenue Revenue by segment in €m in % +33% 498.4 23 % Adj. Opportunities 373.4 5 % Clean Hydrogen 33 32 % 37 % Electricity 7% + % 17 % revenue increase 44 % 34 % Natural Gas y-o-y in 12M 2024 12M 2023 12M 2024 FY 202
Slide 10: EBITDA more than doubled in the fourth quarter
The EBITDA more than doubled in the fourth quarter compared the previous year EBITDA EBIT (adj.) in €m, blue bubbles show EBITDA margin in €m, blue bubbles show EBIT margin 11.8% 19.3% 7.1% 15.8% +165% 30.8 +262 % 19.3 % 25.1 EBITDA margin in Q4 2024 11.6 15.8 6.9 % Q4 2023 Q4 2024 Q4 2023 Q4 2024 E
Slide 11: EBITDA margin has recovered dramatically since the low-point in 2023
EBITDA-margin has recovered dramatically since the low-point in 2023 EBITDA-Margin in % Adverse profitability effects from the acquisition of the Gottfried Puhlmann Group Material and personnel price increases 19 % 18 % due to war in Ukraine 17 % 16 % 16 % Extraordinary project related one off effec
Slide 12: Full-year EBITDA stands at 80 million € and more than twice 2023
For the full-year, EBITDA stands at 80 million € and thus more than twice as high compared to 2023 EBITDA EBIT (adj.) in €m, blue bubbles show EBITDA margin in €m, blue bubbles show EBIT margin 8.6% 16.2% 3.8% 11.9% +152% 80.5 +323 % 16.2 % EBITDA margin 59.4 in FY 2024 32.0 11.9 14.1 % FY 2023 FY 2
Slide 13: Order backlog remains at record level at the end of 2024
Despite the strong revenue realization, the order backlog remains at record-level at the end of 2024 Order intake Order backlog in €m in €m -35 % +19 % 1.059 1.188 Project A-Nord 600 1.001 685 €m 685 Order intake FY 2024 1.4 459 x FY 2023 FY 2024 31.12.2023 31.12.2024 Book-to-Bill ratio FY 2024 15
Slide 14: Record net cash position of 154 million €
A record-level net cash position of 154 million € forms an excellent basis for further growth Net liquidity in €m +112 +124 Significantly higher profitability 154.3 Increased focus on contractual agreements in terms of billing terms 42.1 Improved internal project 154 m€ 30.4 controlling and billing
Slide 15: For 2025, we expect continued revenue growth at a slightly increasing margin
For 2025, we expect to continue our revenue growth at a slightly increasing margin Revenue EBITDA margin in €m in €m / in % 540-570 8.6% 16.2% 16-17% 498 373 81 540-570 € million Revenue guidance FY 2025 32 16-17 % FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 EBITDA margin Guidance Guidance Profi
Slide 16: Business update
H Business update 18
Slide 17: Upon completion of the EWA pipeline in 2025, works continue on the WAD
NATURAL GAS Upon expected completion of the EWA pipeline in 2025, works can continue seamlessly on the WAD Pipelines EWA │ WAD Project details Natural gas pipeline Wardenburg-Drohne Second part of the Etzel-Wardenburg-Drohne pipeline, consisting of the 60 km long Etzel-Wardenburg pipeline (EWA) Lot
Slide 18: VORWERK commissioned with one of the largest PEM electrolysers in Germany
1CLEAN HYDROGEN VORWERK is commissioned with the realization of one of the largest PEM electrolysers in Germany 10 MW electrolyser system Emden Project details Electrolyser system Emden 10 MW PEM electrolyser at the existing Statkraft site in Emden, Lower Saxony, where the company already operates a
Slide 19: Hamburg on the way to pioneer industrial decarbonization with green hydrogen
1CLEAN HYDROGEN Hamburg is on the way to become a pioneer in industrial decarbonization with green hydrogen – VORWERK is already contributing by realizing the first section of the planned hydrogen grid Luxcara and Hamburger Energiewerke are building the Hamburg Green Hydrogen Hub (HGHH) on the forme
Slide 20: Many more large-scale grid projects are currently being tendered
Many more large-scale grid projects are currently being tendered NATURAL GAS ELECTRICITY 1 ETL 182 6 NordOstLink 7 86 km 2027 6 190 km 2032 1 2 2 ETL 179.200 7 SuedOstLink* 3 758 km 2030 17 km 2027 3 WAD* 8 SuedLink* 90 km 2026 700 km 2028 10 8 4 Spessart-Odenwald-Leitung (SPO)* 9 LanWin2 117 km 202
Slide 21: 2024 a very successful year in acquiring new qualified personnel
The year 2024 marks a very successful year in terms of acquiring new qualified personnel Number of employees Key drivers Comprehensive roll-out of improved VORWERK employer brand +7% +15% 1,948 Introduction of various employee benefits, 1,816 incl. doubling of compensation for away- 1,695 from-home
Slide 22: Driving the Clean Energy Transition.
H Driving the Clean Energy Transition.
Friedrich Vorwerk Group — FY2024 Earnings Presentation on 6ix