Friedrich Vorwerk Group SE earnings date
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Friedrich Vorwerk Group SE (VH2) Q3 2026 Earnings Report
DE:VH2 Q3 2026 EPS Results
- Actual EPS
- EUR 2.40
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 1.45
DE:VH2 Q3 2026 Revenue Results
- Actual Revenue
- EUR 228.32M
- Expected Revenue
- EUR 228.30M
- Beat/Miss
- Beat by +EUR 25.00K
- YoY Revenue Growth
- +13.05%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/12/2026
- Time
- TBA
- Conference Call
- Thursday, November 12, 2026
Friedrich Vorwerk Group SE's next earnings date is estimated for March 31, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Friedrich Vorwerk reported record Q3 revenue and profitability, substantial production-output growth, upgraded 2026 guidance, a large project volume, strong cash resources and multiple expansion opportunities in gas-fired power, hydrogen, district heating, water infrastructure and the U.S. The main challenges were a 30% decline in first-nine-month total project volume, a 17.6% year-over-year backlog decline, the delayed hydrogen core grid timeline, expected Q4 normalization and unresolved A North provisions.
For fiscal year 2026, Friedrich Vorwerk now expects EBITDA in the range of EUR 220 million to EUR 230 million, after previously forecasting EUR 180 million to EUR 200 million, and revenues in the range of EUR 760 million to EUR 790 million; the forecast already takes into account weather-related uncertainties in the fourth quarter, particularly in December, and should therefore be reasonably achievable. The company expects the hydrogen core grid, initially planned for '32, to be completed probably by '37, expects another roughly 4 gigawatts to be tendered out in second quarter of 2027 and, after that, another 2 gigawatts, and expects more or less the same mix of JV projects versus its own projects as in 2026 in 2027. The 5C-Tech U.S. business is expected to generate revenue in the double-digit millions as early as 2028, while the maximum potential effect of the A North project bonus could be in the low double-digit million euro range, with the bonus expected to be determined in the summer of 2027.
- Record Q3 RevenueThird-quarter revenue reached another record high of EUR 228 million, supported by favorable weather conditions and extremely high resource utilization, despite a steadily declining revenue share from the major North project.
- Strong Workforce ExpansionThe workforce increased by 8% since the beginning of the year, while the average workforce was 13% higher than in the same period last year.
- Electricity Segment Remained the Largest ContributorThe electricity segment accounted for 51% of total revenue, followed by natural gas at 30% and adjacent opportunities at 16%. The hydrogen segment's share is expected to increase significantly once projects secured this year enter construction.
- Production Output GrowthProduction output, which includes the proportionate revenue from joint ventures and Arbeitsgemeinschaften, increased 40% in the first nine months to EUR 791 million.
- Record Q3 ProfitabilityQ3 EBITDA increased 58% to EUR 80.9 million, representing a record 35.4% margin. EBIT reached EUR 70.8 million, with the EBIT margin rising by almost 13 percentage points to a record 31.9%.
- Improved Materials EfficiencyThe cost of materials increased only 2% year over year, while the cost of materials ratio improved from 44.5% to 40% as turnover rose significantly and fewer materials and subcontractors were required.
- Higher Joint Venture Profit ContributionProfit recognized from joint ventures increased from EUR 6 million in Q3 2025 to EUR 16 million in Q3 2026, contributing significantly to the improvement in profitability.
- Strong Nine-Month EarningsFor the first nine months, EBITDA reached EUR 173.4 million with a 30.7% margin, while EBIT was almost EUR 150 million.
- Raised 2026 GuidanceFollowing the strong Q3 performance, the company raised its 2026 EBITDA guidance to EUR 220 million to EUR 230 million from the previous EUR 180 million to EUR 200 million range. Revenue guidance is EUR 760 million to EUR 790 million.
- Large Order Backlog and Project VolumeThe order backlog remained above EUR 1 billion at the end of Q3, while total project volume was over EUR 1.2 billion as of September, leaving the company in what management described as a very strong position entering 2027.
- Gas-Fired Power Plant OpportunitiesGermany awarded 11 new gas-fired power plants with total capacity shortly above 5 gigawatts, scheduled for completion by late 2031. The company expects opportunities to supply fuel gas systems and high-pressure pipeline systems. Another roughly 4 gigawatts is expected to be tendered in the second quarter of 2027, followed by another 2 gigawatts, potentially totaling 11 gigawatts and around 15 to 18 plants.
- European Energy Infrastructure PipelineThe EU added 235 projects to its cross-border energy infrastructure PCI PMI list, including electricity interconnectors, hydrogen pipelines and electrolyzer projects. Friedrich Vorwerk is already working on or expects opportunities from projects including HyPerLink, H2ercules, AquaDuctus and HyPipe Bavaria.
- Successful ETL 182 and Stade Pipeline ExecutionThe large-diameter ETL 182 pipeline for Gasunie Germany is roughly halfway complete, with welding progressing at high quality. The smaller pipeline connecting ETL 182 to Stade completed its pressure test and was expected to be handed over a couple of weeks earlier than expected after the company caught up from initial permitting delays.
- Progress on Large-Diameter Water PipelineOn RWE's Bündelungsleitung project, Friedrich Vorwerk is executing almost 4 kilometers of 88-inch, or 2.2-meter-diameter, steel pipeline. The work was reported to be on schedule and at high quality, with the client recognizing the quality of execution.
- Expansion Through AcquisitionsThe company acquired meterQ in August, a manufacturer of processed gas chromatographs, and completed a transaction with RAPA in September to strengthen its position in inner-city construction projects. RAPA Baudienst also provides asphalt milling machinery and personnel for urban projects.
- U.S. 5C-Tech Joint VentureFriedrich Vorwerk established a 5C-Tech joint venture in Houston, Texas, covering the U.S., Canada, and Central and South America. It has already won a 48-inch pipeline project in the U.S. that is scheduled to start operation in January.
- U.S. Revenue Potential and Technology ExpansionManagement expects the U.S. business to generate revenue in the double-digit millions as early as 2028. The company is also evaluating international opportunities for welding and drilling technologies and is developing welding technology intended to increase productivity to 120 or more welds per shift in the U.S.
- Strong Net Cash and Capital Allocation OptionsWith approximately EUR 263 million in net cash, management's first priority is organic investment in drilling rigs, welding equipment and cranes. The company is also evaluating further M&A, including a larger acquisition if it finds the right target at a reasonable price, and plans to share success with shareholders through dividends and potentially a share buyback.
- Adjacent Growth OpportunitiesThe company is already active in plant construction, electrical and instrumentation technology, programming and control panels. Management identified district heating as the main adjacent focus for the next years and expects CO2 capture and CO2 infrastructure, including for the cement industry, to become interesting in the medium term.
- Stable Pricing and Tender DisciplineDespite general construction companies entering the electricity-line market, management reported no impact on pricing. It also reported no further competition or changes in the natural gas and hydrogen pipeline construction markets.
- Continued Investment in CapacityThe company continues to expand its own value chain and operational capacity through organic investment, acquisitions, additional workforce and equipment. Workforce growth reached 8% since the beginning of the year despite an original plan for 5% to 6% growth.
DE:VH2 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 31, 2027 | 2026 (Q4) | ―- | 1.47 | ― | ― |
| Nov 12, 2026 | 2026 (Q3) | ―2.40 | 1.45 | 65.31% (+0.95) | |
| Aug 13, 2026 | 2026 (Q2) | 2.502.50 | 0.98 | 155.10% (+1.52) | |
| May 12, 2026 | 2026 (Q1) | ―- | 0.43 | ― | |
| Mar 31, 2026 | 2025 (Q4) | 0.810.81 | 0.43 | 88.37% (+0.38) | |
| Oct 21, 2025 | 2025 (Q3) | ―1.45 | 0.64 | 126.56% (+0.81) | |
| Aug 14, 2025 | 2025 (Q2) | ―0.98 | 0.4 | 145.00% (+0.58) | |
| Apr 30, 2025 | 2025 (Q1) | ―- | 0.08 | ― | |
| Mar 31, 2025 | 2024 (Q4) | 0.430.43 | 0.08 | 437.50% (+0.35) | |
| Nov 14, 2024 | 2024 (Q3) | 0.260.64 | 0.06 | 966.67% (+0.58) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
