Friedrich Vorwerk raises 2026 EBITDA forecast to 220–230 million euros
Key Facts
Friedrich Vorwerk Group raised its 2026 earnings before interest, taxes, depreciation and amortization forecast to 220–230 million euros following strong third-quarter results, Investing reported. The energy infrastructure company had set its forecast for the measure at 180–200 million euros after announcing first-half results in July. The company also raised its annual revenue target to 760–790 million euros, revising both sales and profitability targets. The new range compares with a previous revenue forecast of 730–780 million euros, announced in July as part of an update to its annual targets. The targets follow revenue of 704 million euros in 2025, according to the subsidiary's page on parent company MBB's website.
Friedrich Vorwerk's earnings before interest, taxes, depreciation and amortization reached about 80.9 million euros in the third quarter of 2026, according to figures reported by Investing. The measure rose 58% from 51.3 million euros in the third quarter of the previous year, extending the improvement in profitability recorded in the first half. Quarterly revenue totaled 228.3 million euros, while the EBITDA margin reached 35.4%. The report attributed the improvement in profitability to a higher contribution from joint ventures during the period, one of two drivers it identified to explain the performance. The other was a lower materials cost ratio, alongside the greater contribution from those ventures to the energy infrastructure contractor's results.
Friedrich Vorwerk operates in infrastructure for the gas, electricity and hydrogen markets, according to its profile on parent company MBB's website. Its customer base includes network operators and energy suppliers, as well as industrial companies and local authorities, according to the parent group's annual report. New orders totaled about 451 million euros in the first nine months of 2026, according to Investing's report on the results. That figure excludes the additional share attributable to joint ventures, while the order backlog included the proportionate share of those ventures at the end of the period. On that basis, the order backlog stood at about 1.245 billion euros at the end of September, coinciding with the company's announcement of higher annual targets.
First-half results announced in July showed Friedrich Vorwerk's revenue rising to 337.3 million euros, according to Investing. Revenue in the corresponding period of the previous year was 303.1 million euros, alongside an increase in earnings before interest, taxes, depreciation and amortization. That measure reached 92.6 million euros in the first half of 2026, compared with 54.5 million euros a year earlier, according to the report published at the time. The company attributed its strong performance during that period to successful recruitment, project execution and a favorable order environment, citing "continued success in recruitment." In response to the announcement of preliminary first-half results in July, the company's shares rose 8.3% to 74.80 euros at the time, according to Investing's report on that trading session.
The increase in profitability targets extended to MBB, which announced a higher 2026 adjusted EBITDA margin range in its disclosure. The parent company set the new range at 22–24%, compared with a previous target of 18–20%, according to the disclosure of preliminary third-quarter results. The group kept its annual revenue forecast unchanged at 1.1–1.2 billion euros for the same year. The margin update followed adjusted earnings before interest, taxes, depreciation and amortization of 84.0 million euros in the third quarter of 2026. MBB said those earnings again significantly exceeded the 67.3 million euros recorded in the corresponding period of the previous year, an annual increase of 24.7%.
The latest revision thus combines higher annual revenue and earnings targets at Friedrich Vorwerk with a higher adjusted margin target at MBB, whose expected sales range remains unchanged. The energy infrastructure company's update follows its July targets, when the forecast increase coincided with preliminary results showing growth in first-half revenue and earnings. The improvement in Friedrich Vorwerk's third-quarter profitability was linked to a greater contribution from joint ventures and a lower materials cost ratio, according to Investing. At the parent group, adjusted quarterly earnings figures were announced in the preliminary disclosure that also included the increase in the annual margin target range. MBB is scheduled to publish its third-quarter statement on 12 November 2026, according to the date listed in the company's financial calendar.