EQS News: Wolftank Group doubles revenue and significantly improves profitability in H1 2024 | 25.09.24

Wolftank Group doubles revenue and significantly improves profitability in H1 2024

• Sales rose to EUR 62 million, compared to EUR 30.1 million in H1 2023
• EBITDA almost fivefold to EUR 4.8 million, EBITDA margin of 8% (H1 2023: EUR 1.05 million, 3.5%)

Wolftank Group AG (ISIN: AT0000A25NJ6), a global leader in environmental and energy solutions, achieved robust growth and significant operational improvements in its core business segments in the first half of 2024. Revenue amounted to EUR 62.0 million, more than doubling from EUR 30.1 million in the same period of 2023. EBITDA increased almost fivefold to EUR 4.8 million (1/6/2023: EUR 1.05 million), demonstrating significant operational growth and efficiency. The EBITDA margin on sales increased to 8% (1-6/2023: 3.5%). This performance reflects the successful integration of the strategic acquisition of Petroltecnica, which is now consolidated in the Group’s figures.

The company’s operating profit (EBIT) also improved significantly, shifting from EUR -0.60 million in H1 2023 to EUR 1.4 million in H1 2024. The EBIT margin on sales improved accordingly to 2.2% (01-06-2023: -2.0%). Profit before tax turned positive to EUR 0.25 million (01-06-2023: EUR -1.03 million), while profit after tax amounted to EUR -0.8 million (01-06-2023:
-1.4 m). Group equity increased by a third to EUR 25.5 million from EUR 19.1 million in H1 2023, with an equity ratio of 22.1%, reflecting the expanded consolidation scope following the acquisition of Petroltecnica. Net cash flow amounted to EUR 6.1 million (1-6/2023: EUR 1.2 million).

“We have achieved strong results that demonstrate the success of our strategy. With the acquisition of Petroltecnica, we have further strengthened our market position and revenue base. This gives us even more scope to grow consistently in all business areas”, says Peter Werth, CEO of Wolftank Group. “Following the pandemic-induced decline in sales, we have consistently adapted to the changing market conditions year after year and are now reporting the strongest figures since I took over as CEO of the Wolftank Group ten years ago.”

All segments improve performance
Wolftank Group’s activities are divided into three business segments: Environmental Services, Hydrogen & Renewable Energies and Industrial Coatings & Maintenance. The Group’s core businesses of environmental remediation and industrial coatings continue to form the basis of its business. The stability and maturity of these segments provide a competitive advantage and support the strong order book in hydrogen and renewable energies.

Environmental Services experienced robust growth, driven by market expansion and the strategic integration of Petroltecnica. Revenue increased 2.5-fold to EUR 41.0 million (01-06-2023: EUR 17.1 million). Hydrogen & Renewables saw revenue increase 12.5% ​​to EUR 10.8 million (01-06-2023: EUR 9.6 million), reflecting growing customer demand and the gradual materialization of project pipelines. Industrial Coatings & Maintenance achieved revenue of EUR 10.2 million (01-06-2023: EUR 3.4 million).

Strategic Advisory Board established
In September 2024, Wolftank Group took a major step to strengthen its strategic direction by establishing a Strategy Advisory Board. Chaired by Peter Werth, it consists of four senior C-level executives from leading companies in the fields of high-performance liquid and gas tank equipment, hydrogen and methanol fuel cells, the oilfield services industry, and environmental remediation technologies. The Strategy Advisory Board will provide high-level guidance and direction in the areas of growth, innovation, and risk management. This will enhance Wolftank Group’s ability to navigate the evolving energy and environmental services markets, identify new growth opportunities, and enhance the company’s strong competitive position.

“The establishment of our Strategic Advisory Board underscores our commitment to long-term growth and innovation in the energy and environmental sectors.“, says Peter Werth.By integrating diverse, high-quality expertise from different sectors, we are well positioned to capitalize on new opportunities and create sustainable value for our shareholders.“

Positive outlook
Wolftank Group’s strong performance in the first half of the year sets the stage for continued success, driven by the company’s deep industry expertise. By leveraging its strengths across sectors, the Group is well positioned to continue its growth path. The company expects a stable but competitive business environment for the remainder of 2024. Recent measures to enhance synergies, productivity and efficiency across the Group are starting to yield results. With robust project pipelines, the overall outlook remains positive. All five research houses comprising Wolftank Group forecast a strong outlook with a consensus target price of EUR 20.68 and a “buy” recommendation.

“We have set ourselves ambitious growth targets. Our strong order book provides an excellent basis on which we will continue to build. The energy transition is a key driver for our business. Each of our segments benefits from this, whether it is hydrogen, environmental services or industrial coatings. It is clear that the global focus on the environment and climate offers us long-term growth opportunities,” summarizes CEO Peter Werth. “Wolftank is ideally suited to play a key role in the transition to sustainability and zero emissions in the coming years.”

Key Financial Highlights

View the Wolftank Group H1 report online: https://insight.wolftankgroup.com/hy-report-2024/

About Wolftank Group
Wolftank Group is a leading technology partner for energy and environmental solutions, operating worldwide. In the areas of energy mobility and logistics, the Group supports customers in more than 20 countries to implement projects in an efficient and environmentally friendly manner. To this end, it develops and implements the technologies of tomorrow to decarbonize transport and build the infrastructure for emission-free mobility – such as the turnkey supply of modular hydrogen and LNG tank facilities. In the area of ​​environmental solutions, the offering includes due diligences for environmental risks, tailor-made services for soil and groundwater remediation and recycling. The Group’s subsidiaries in eight countries on three continents are managed by Wolftank-Adisa Holding AG, based in Innsbruck, Austria. The share of Wolftank Group AG (WKN: A2PBHR; ISIN: AT0000A25NJ6) is listed in the direct market plus segment of the Vienna Stock Exchange and in the m:access of the Munich Stock Exchange and is traded on Xetra, the Frankfurt and Berlin Stock Exchanges. More information: www.wolftankgroup.com

Contact:
Wolftank Group Investor Relations
phone: +43 512 345726
email: [email protected]

Disclaimer:
This announcement contains forward-looking statements based on the current knowledge, expectations and projections of the management of Wolftank Group AG regarding the future. All statements are subject to potentially uncertain assumptions and risks that could cause actual results to differ materially from those expressed or implied by such statements. Such statements can be identified by the use of words such as “expect”, “plan”, “anticipate”, “target”, “estimate”, “assume” or the like. Accordingly, forward-looking statements are only valid at the time they are made. The company assumes no obligation to adjust, correct or monitor any statements in this announcement in the future.