Friedrich Vorwerk Reports Strong Third Quarter Growth and Raises 2024 Forecast

Friedrich Vorwerk Group SE has announced a 32% increase in third-quarter revenues, reaching €145 million, with an EBITDA margin of 17.5%. This remarkable growth is attributed to a high-quality order backlog of €1,178.2 million, bolstered by the accelerating clean energy transition. The company's EBITDA for the quarter more than tripled from the previous year's €6.8 million to €25.3 million.

For the first nine months, the company's EBITDA rose by 144.1% to €49.8 million, with revenues climbing 23.3% to €339.1 million. The strengthened financial position is reflected by an increase in net cash and cash equivalents, now standing at €30.4 million as of 30 September 2024.

In light of this strong performance, Friedrich Vorwerk has raised its forecast for the 2024 fiscal year. The company now anticipates revenues of €430-460 million and an improved EBITDA margin of 14-15%, up from a previously expected 11-13% range. This adjustment follows two consecutive quarters of record-breaking growth in revenues and profitability.