Strong Revenue Growth
Full year 2025 revenue of EUR 704 million, representing a 41% increase year-over-year, driven by higher employee numbers, productive hours, equipment utilization and some pricing effects.
Record Improvements in Profitability
Full year EBITDA margin rose to 23.2% (up 7 percentage points from 16.2% in prior year); EBIT more than doubled from EUR 59 million to EUR 137 million. Q4 delivered exceptionally strong margins (EBITDA ~29%, EBIT ~25%).
Significant Cash Strengthening
Net cash improved by more than EUR 100 million year-over-year to EUR 262 million at year-end 2025, aided by reduced trade working capital and higher profitability.
Robust Order Activity (Total Project Volume)
Total project volume acquired (including JV share) rose 29% to EUR 991 million in 2025, reflecting strong demand and major project wins across electricity, natural gas and hydrogen markets.
Successful Project Execution and Technology Launch
Completed major projects (e.g., EWA pipeline handover); launched proprietary welding robot PX2 with subsidiary 5C Tech—used to complete roughly 400 wells with repair rate under 2%, improving automation and quality.
Workforce and Capacity Expansion
Average employee count increased ~15% in 2025, now operating with over 2,200 employees, supporting higher productive hours and project execution capacity.
Shareholder Returns and Capital Allocation
Company announced a materially higher dividend: EUR 0.70 base + EUR 0.40 special (EUR 1.10 total). Capex budget ~EUR 50 million for 2026 targeted at pipe layers, drilling rigs, cranes, excavators and welding robots; open to M&A at reasonable prices.
2026 Guidance Indicates Continued Growth
Management expects 2026 revenues in range EUR 730–780 million and provided absolute EBITDA guidance of EUR 160–180 million (reflecting increased JV share and a focus on absolute EBITDA instead of margin).