Friedrich Vorwerk Group (VH2) Q1 2026 earnings summary

Executive summary

• Revenue grew 4.6–5% year-over-year to €139–139.2 million in Q1 2026 despite challenging weather, with strong March performance and production output up 14.3%.

• EBITDA surged 74.7–75% to €31.8 million (22.8% margin), driven by favorable project mix, reduced material expenses, and a €1.7 million one-off land sale gain.

• EBIT/EBITA nearly doubled to €24.1 million (17.3% margin), with EBIT up 89% year-over-year.

• Order intake more than doubled to €192–196 million, up 135% year-over-year, with backlog including joint ventures rising 14% to €1.441 billion.

• Major ongoing projects span electricity (Corridor A-Nord), natural gas (ETL), hydrogen metering, and district heating in Hamburg and Leipzig.

Financial highlights

• Revenue: €139–139.2 million, up 4.6–5% year-over-year.

• EBITDA: €31.8 million, up 74.7–75% (margin 22.8%).

• EBIT/EBITA: €24.1 million, nearly doubled (margin 17.3%).

• Net profit after non-controlling interests: €16.1 million, up 88.3%.

• Net cash position at quarter-end: €232–232.7 million.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue €730–780 million, EBITDA €160–180 million, with margin guidance of 20.5–24.5%.

• Revenue expected to increase in Q2, with typical seasonal reduction in Q4 depending on weather.

• Management expects sustained growth in both revenue and EBITDA for 2026.

• Headcount growth to slow, targeting 6–8% for the year.