Friedrich Vorwerk Group Se · XETR:VH2
Friedrich Vorwerk — FY 2025 Earnings Presentation
24 slides from Friedrich Vorwerk's earnings presentation, Mar 31, 2026
Slide 1: FY 2025 Earnings Call
H FY 2025 Earnings Call 31 March 2025 Driving the clean energy transition.
Slide 2: Today's presenters
Today‘s presenters Torben Kleinfeldt Tim Hameister CEO CFO Group Strategy & Development Finance & Controlling VORWERKer since 2001 VORWERKer since 2019 25+ years industry experience 10+ years industry experience Diplomas in Engineering and Business M.Sc. Financial Management & Accounting 1
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 Lüchow Skwierzyna (PL) … with decade-long cu
Slide 4: Market update
H Market update 4
Slide 5: German government and EU Commission agree on plans for gas power plants
The German government has reached an agreement with the EU Commission on plans for gas power plants - the target are 12 gigawatts by 2030/2031 Federal government’s POWER PLANT STRATEGY 16.01.2026 Berlin and EU agree – power plant strategy will proceed The German government has reached an agreement w
Slide 6: German Parliament passes Hydrogen Acceleration Act
The German Parliament’s decision increases the priority of hydrogen infrastructure, simplifies respective processes and encourages investments Decision of the HYDROGEN ACCELERATION ACT 26.02.2026 German Parliament passes Hydrogen Acceleration Act Development and expansion of the hydrogen network are
Slide 7: Hydrogen core network to be more expensive and delayed
According to the latest official estimates, the implementation of the hydrogen backbone network will be around 30% more expensive than initially anticipated Planning of the German HYDROGEN CORE NETWORK 05.03.2026 Hydrogen core network to be more expensive and delayed NEP Gas & Hydrogen Coordination
Slide 8: Financial performance FY 2025
H Financial performance FY 2025 8
Slide 9: 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 +39% +25% +45% 202,0 199,3 +73% 170,0 159,3 145,0 133,0 117,4 76,7 +25 % Revenue increase y-o-y Q4 Q1 Q2 Q3 Q4 2024 2025 9
Slide 10: Y-o-y growth in 2025 strongly driven by the electricity segment
The significant y-o-y growth in 2025 was again strongly driven by the electricity segment Revenue Revenue by segment in €m in % +41% 704.3 18 % Adj. Opportunities 4% 498.4 Clean Hydrogen 41 23 % 5% 52 % Electricity + % 37 % revenue increase Natural Gas y-o-y in 2025 34 % 26 % FY 2024 FY 2025 FY 2024
Slide 11: EBITDA nearly doubled in the fourth quarter
The EBITDA nearly doubled in the fourth quarter compared to the previous year EBITDA EBIT (adj.) in €m, blue bubbles show EBITDA margin in €m, blue bubbles show EBIT margin 19,3% 28,9% 15,8% 24,8% +87% 57.5 +97 % 28,9 % EBITDA margin 49.4 Q4/2025 30.8 25.1 Q4/24 Q4/25 Q4/24 Q4/25 24,8 % EBIT margin
Slide 12: Full-year EBITDA at 163 million € more than doubled
For the full-year, EBITDA stands at 163 million € and thus more than doubled compared to 2024 EBITDA EBIT (adj.) in €m, blue bubbles show EBITDA margin in €m, blue bubbles show EBIT margin 16,2 % 23,2 % 11,9 % 19,4 % +103 % 163,3 23,2 % +130 % EBITDA margin 136,8 FY 2025 80,5 59,4 FY 2024 FY 2025 FY
Slide 13: Record-level net cash position of 262 million €
A record-level net cash position of 262 million € forms an excellent basis for further growth Net liquidity in €m +108 261,9 Significantly higher profitability Increased focus on contractual agreements in terms of billing terms 154,3 Improved internal project controlling and billing processes 262 €m
Slide 14: Large-scale projects increasingly awarded as joint venture setups
Large-scale projects are increasingly being awarded as joint venture setups Order intake Order intake Order backlog VOR Total project volume VOR order intake in €m in €m acquired in €m +29% +29 991 -14 % 1.188 % 770 -21 % 1.021 685 Order intake TPVA 538 year-on-year FY 2024 FY 2025 FY 2024 FY 2025 3
Slide 15: For 2026, we expect to continue revenue growth at consistently strong margins
For 2026, we expect to continue our revenue growth at consistently strong margins Revenue EBITDA margin in €m in €m / in % 20,5- +11 % 23,2% 24,7% 730- 730-780 704 160-180 163,3 780 € million Revenue 160- 180 FY 2025 FY 2026 FY 2025 FY 2026 Guidance Guidance € million EBITDA 16
Slide 16: Business update
H Business update 17
Slide 17: EWA project completed, work begins on Wardenburg-Drohne pipeline (WAD)
NATURAL GAS Following the successful completion of the EWA project, work is now set to begin on the Wardenburg-Drohne pipeline (WAD) OGE | Pipelines EWA and WAD Project details Total length of both pipelines in scope: 60 km Etzel–Wardenburg route (24 km) and the Wardenburg–Drohne route (36 km) Etzel
Slide 18: Civil engineering work on the ETL projects has started
NATURAL GAS Work on the civil engineering aspects of the ETL projects has been started 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 Stade JV ETL 182: Elbe South su
Slide 19: GPRMS Groß Köris demonstrates VORWERK's range of services
NATURAL GAS | CLEAN HYDROGEN With the GPRMS Groß Köris, VORWERK once again demonstrates its outstanding range of services ONTRAS | Gas pressure regulation and measurement system Groß Köris 1 (GPRMS) Project details Main contractor for the replacement of the gas pressure regulation and measurement sy
Slide 20: Hamburger Energienetze awards VORWERK H2-pipeline parts of HH-WIN
CLEAN HYDROGEN Hamburger Energienetze again awarded VORWERK with significant parts of the H2-pipeline realization as part of HH-WIN Hamburger Energienetze | HH-WIN H2-pipelines lots 3 & 4 in section E.1 Recently awarded VORWERK projects Scope of the overall project Section E.1, Lot 3 Luxcara and HEn
Slide 21: Many more large-scale grid projects being tendered
Many more large-scale grid projects are being tendered in the short and medium term ELECTRICITY NATURAL GAS 6 NordOstLink Section 2 100 km 2032 1 Wilhelmshaven Coast Link (WKL) 11 6 10 km 2027 7 SuedOstLink+* 1 200 km 2032 5 2 Spessart-Odenwald-Link (SPO)* 7 117 km 2028 9 8 SuedWestLink* 707 km 2034
Slide 22: Workforce expansion continued to make strong progress
The expansion of our workforce continued to make strong progress over the last years Number of employees Key drivers Comprehensive roll-out of improved VORWERK employer brand +15% +32% 2,243 Introduction of various employee benefits, 1,948 incl. doubling of compensation for away- 1,695 from-home wor
Slide 23: Questions & Answers
Questions & Answers Torben Kleinfeldt CEO Tim Hameister CFO 24
Slide 24: Driving the Clean Energy Transition.
H Driving the Clean Energy Transition.
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