Friedrich Vorwerk Sees 121% EBITDA Growth in Q2, Raises 2024 Forecast

Friedrich Vorwerk Group SE, an energy infrastructure provider, reported significant financial growth in the second quarter of 2024. The company’s EBITDA surged by 120.8% to €17.7 million, while revenues increased by 26.9% to €117.4 million. This resulted in an EBITDA margin rise to 15.1%. For the first half of the year, EBITDA saw an 80% increase to €24.4 million, with revenues up 17.2% to €194.1 million and an EBITDA margin of 12.6%.

The positive trend was largely due to the completion of legacy projects and their replacement with more favorable new projects. Order intake in the second quarter reached €286.3 million, with notable contributions from major offshore connection projects. Total order intake for the first half of the year was €407.7 million, surpassing the previous year by 28.3% and bringing the order backlog to a record €1,214.3 million.

Given the strong performance in the first half of the year, the management has raised its 2024 forecast. The company now expects revenues to exceed €410 million, with profitability at the upper end of the 11-13% EBITDA margin range.