Vorwerk Group's first-quarter revenue slowed due to severe weather, maintaining the full-year performance guidance

Investing.com – Warwick Group (transliterated) (UNPF:VH2 GR) announced its Q1 2026 results on Tuesday, with revenue up 5% year-over-year to €139.2 million, but severe weather in January and February caused multiple projects to halt for weeks, somewhat dragging down growth.

The natural gas business performed the best, with revenue soaring 18% year-over-year to €36 million; the electricity business revenue increased 6% to €78 million; clean hydrogen business revenue fell 42% to €1.8 million; and nearby opportunity business revenue declined 10% to €23 million.

EBITDA surged 75% year-over-year to €31.8 million, with profit margins rising to 22.8%, significantly up from 13.7% in the same period last year. This profit margin is in the middle of the company’s full-year 2026 target range but still below the 28.8% peak in Q4 2025. EBIT increased 89% to €24.1 million, with a profit margin of 17.3%.

Total order backlog, including proportional share of joint ventures, was €1.44B, up 2% from the previous quarter. Independent order backlog was €1.07B, down 5% year-over-year.

Free cash flow improved from negative €63 million last year to negative €28 million.

Management reaffirmed the full-year 2026 guidance, expecting revenue between €730 million and €780 million, and EBITDA between €160 million and €180 million. The EBITDA guidance corresponds to a year-over-year change of -2% to +4%, with market consensus at €171 million.

Based on the midpoint of the guidance, the EBITDA profit margin target is 22.5%, slightly above the market consensus of 22.3%.

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