Friedrich Vorwerk Group Se · XETR:VH2
Friedrich Vorwerk — FY2025 Earnings Presentation
22 slides from Friedrich Vorwerk's earnings presentation, Mar 31, 2026
Slide 1: FY 2025 Earnings Call
H FY 2025 Earnings Call 31 March 2026 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 Marne Gas Hydrogen Opportunities Brunn Hamburg Wiesmoor Stade Lüchow Skwierzyna (PL) … with decade-long cu
Slide 3: Market update
H Market update 2
Slide 4: German government and EU Commission agree on gas power plants, 12 gigawatts by 2030/2031
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 5: German Parliament's Hydrogen Acceleration Act increases priority of hydrogen infrastructure
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 6: Hydrogen backbone network to be around 30% more expensive than anticipated
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 7: Financial performance FY 2025
H Financial performance FY 2025 6
Slide 8: Very strong growth of previous quarters continued 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 7
Slide 9: Significant 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 10: EBITDA nearly doubled in the fourth quarter compared to the previous year
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 11: 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 12: 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 13: 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 14: For 2026, we expect continued 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 13
Slide 15: Business update
H Business update 14
Slide 16: EWA project completed, work set to begin 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 17: 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 18: GPRMS Groß Köris demonstrates VORWERK's outstanding 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 19: Hamburger Energienetze again 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 20: Expansion of our workforce 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 21: Disclaimer
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Slide 22: Driving the Clean Energy Transition.
H Driving the Clean Energy Transition.
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