EQS-News

FRIEDRICH VORWERK generates revenues of €373 million in 2023 with an EBITDA margin of 8.6% and expects further sales and earnings growth in 2024 with an order backlog of €1 billion

EQS-News: Friedrich Vorwerk Group SE / Key word(s): Annual Results/Forecast FRIEDRICH VORWERK generates revenues of €373 million in 2023 with an EBITDA margin of 8.6% and expects further sales and earnings growth in 2024 with an order backlog of €1 billion 26.03.2024 / 07:45 CET/CEST The issuer is solely responsible for the content of this announcement. FRIEDRICH VORWERK generates revenues of €373 million in 2023 with an EBITDA margin of 8.6% and expects further sales and earnings growth in 2024 with an order backlog of €1 billion

Tostedt, March 26, 2024 - FRIEDRICH VORWERK Group SE (ISIN DE000A255F11), a leading provider of energy infrastructure solutions for gas, electricity and hydrogen applications, generated revenues of €373.4 million and EBITDA of €32.0 million in the 2023 financial year, corresponding to an EBITDA margin of 8.6%. The company therefore achieved the updated guidance published in July. Net liquidity amounted to €42.1 million at the end of the financial year, an improvement of €14.8 million compared to the previous year. Against this backdrop, a dividend of €0.12 per share will be proposed to the Annual General Meeting on June 3, 2024.

In the fourth quarter of 2023, Friedrich Vorwerk generated revenues of €98.2 million and EBITDA of €11.6 million. As expected, revenue was down on the very strong prior-year quarter, but the EBITDA margin rose to 11.8%, which corresponds to an increase of 5.4 percentage points compared to the previous year. The EBITDA margin also increased significantly compared to the third quarter of 2023, which was impacted by negative one-off effects.

The company's order situation remains exceptionally positive. Order intake in the 2023 financial year reached a new record of €1,059 million. The order backlog as at December 31, 2023 amounted to €1,001 million, more than tripling the previous year's figure of €315 million. The main driver of this development is the contract awarded in August for the execution phase of the A-Nord electricity project, which is worth around €600 million to FRIEDRICH VORWERK. Particularly noteworthy is the fact that the project is being executed in a multi-party agreement (IPA) and is based on a “cost-plus-incentive-fee” compensation structure with a bonus-malus scheme.