Friedrich Vorwerk Lifts EBITDA Guidance After Record First-Half Performance
Published on 07/22/2026 at 19:02 | Redaktion boerse-global.de
The infrastructure specialist Friedrich Vorwerk has delivered a first-half earnings beat that prompted management to raise its full-year profit outlook, as the company capitalises on surging demand for energy network expansion and hydrogen-related projects.
Shares in the Tostedt-based group jumped sharply on the news, with the stock gaining 7.77% to €74.20 in one report and 9.44% to €75.35 in another, reflecting the market's enthusiastic reception. The equity now trades roughly 12–14% above its 50-day moving average of €66.22, underscoring the momentum behind the name.
Earnings Surge on Strong Operational Execution
For the six months ended June 30, 2026, Friedrich Vorwerk reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of €92.6 million — a 70% leap from the €54.5 million posted in the same period last year. Revenue climbed 11% to €337.3 million, while total production output surged 35% to €448.1 million, signalling robust activity across the project pipeline.
The company's net cash position strengthened considerably, reaching €212.0 million at the half-year mark, up by €128.5 million from the prior year. That improved liquidity provides ample headroom for executing the large-scale infrastructure contracts that have been flowing in.
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Order Book Breaches the Billion-Euro Threshold
New orders during the first half totalled €321.2 million, a sharp increase from €220.4 million a year earlier. That intake pushed the order backlog to a record €1.005 billion, or approximately €1.447 billion when including joint ventures (ARGE). Among the notable wins was a double-digit million-euro contract for the "H2Coastlink 1" hydrogen pipeline, cementing the company's role in Germany's energy transition.
Analyst Martin Comtesse of Jefferies described the second-quarter figures as strong, though he noted that order growth moderated somewhat over the half-year period. Jefferies maintains a "Hold" rating on the stock with a €65 price target, a level the shares have already surpassed.
Guidance Raised on Profitability Gains
Management now expects full-year 2026 EBITDA in a range of €180 million to €200 million, up from the previous forecast of €160 million to €180 million. The revenue guidance remains unchanged at €730 million to €780 million, implying that the improved profit outlook is driven by better margins on project execution rather than top-line acceleration.
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The upbeat revision also benefited major shareholder MBB, a holding company that raised its own forecast for adjusted EBITDA margin to between 18% and 20% on the back of Vorwerk's performance.
Friedrich Vorwerk is scheduled to publish its complete half-year report on August 13, 2026. With a market capitalisation of roughly €1.32 billion and a full order book, the company appears well-positioned to ride the wave of infrastructure spending tied to the energy transition.
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