Preface of the CEO
2024 was a year of strong progress for Wolftank Group – characterized by organic growth, technological leadership and strategic execution. In a volatile global environment, we demonstrated resilience and strengthened our position as a key driver in the sustainable transformation of critical infrastructure.
At the beginning of the year, we celebrated the fifth anniversary of our public listing – a milestone that reflects the scalability and stability of our business model. Since our IPO, we have consistently expanded across all core segments. Active engagement with the capital markets remains a strategic priority. I value the open and ongoing dialogue with our shareholders and the wider investment community – it builds trust, enhances transparency and supports long-term value creation.
A further step in our development was the change of our legal name to Wolftank Group AG. This step was more than a rebranding – it reflects our evolution into an international group with a clear green identity and a scalable, strong foundation. It also signals the start of a new phase: one focused on consolidation, operational efficiency and disciplined profitability.
Scaling innovation, delivering performance
We made significant progress in our business development, securing a number of major contracts both in the dynamic hydrogen and renewable energy sectors and in our well-established environmental services business. These wins confirm both our technology leadership and the growing market demand for sustainable, forward-looking solutions. Our innovations are actively shaping the infrastructure of tomorrow – emission-free, circular and efficient.
This was reflected in a strong performance: we crossed the EUR 100 million revenue threshold, successfully increasing our sales. This is a milestone for our Group and a clear confirmation of our path, our positioning and our potential. In the coming years, our strategic focus will be firmly placed on achieving sustainable and long-term profitability.
Sustainability remains embedded in everything we do – from our solutions to our operations and our governance. We have further advanced our internal ESG efforts and improved the quality of our reporting in line with international standards. This annual report reflects not only our performance, but also our broader responsibility to society and the environment.
Leadership transition, strategic continuity
In 2024, the Executive Committee consisted of Peter Werth as CEO and myself as a member. Together, we shaped this important year in the company’s development. As of 1 January 2025, I assumed the role of CEO. Peter Werth, who has successfully led Wolftank Group for more than a decade and shaped its growth and direction, transitioned to a new strategic role as Chairman of the Strategy Advisory Board. This newly formed board of senior industry experts will work closely with the Group Management to help sharpening our strategic focus, particularly in the areas of expansion, innovation and long-term risk management.
I accepted the responsibility as CEO with gratitude, determination and full confidence in our strategy, our outstanding team and the opportunities that lie ahead. We have the foundations, the expertise and the vision to continue building a sustainable and profitable future for Wolftank Group. I would like to thank all our employees, customers, partners and shareholders for their continued trust and support. Together we are building a greener future.
Simon Reckla (CEO)
Preface of the Supervisory Board
2024 was a year in which we not only expanded our footprint in sustainable infrastructure but also sharpened our profile as a technology-driven company deeply committed to environmental, social and governance principles. As Supervisory Board, we are proud of the Group’s ability to translate long-term strategic goals into measurable results in a complex global environment.
The company continued to expand its presence into the hydrogen economy and new clean energy markets, a key pillar in accelerating the global energy transition. Wolftank Group’s state-of-the-art hydrogen infrastructure solutions and advanced fueling technologies is a strong contribution for further growth in the environmental sector. The Group’s technological capabilities, particularly in emissions reduction and circular economy solutions, puts the company at the forefront of sustainable industrial transformation.
Commitment to sustainability, transparency and corporate governance
Sustainability is not just an outcome of Wolftank’s products and services – it is embedded in the way the Group operates and reports. The 2024 reporting year marks the fifth year of integrated reporting, reinforcing our commitment to transparency and accountability. We welcome the progress made in aligning with the Corporate Sustainability Reporting Directive (CSRD), well ahead of the deadline. The evolution of the Group’s ESG strategy, particularly in sustainability reporting and impact measurement, reflects the maturity of Wolftank Group’s governance structures.
We also recognize the Group’s increased social engagement with deeper community engagement, targeted employee development and a growing emphasis on the social dimension of sustainability. These efforts reflect a holistic understanding of value creation and corporate citizenship.
Strategic focus, leadership change and continuity
IIn 2024, the Group achieved a solid operative performance while maintaining disciplined capital allocation and expanding investment in high-impact, sustainability-driven projects. This balance demonstrates the Group’s ability to align profitability with purpose – a critical success factor in today’s market environment.
As a Supervisory Board, we have continued to work closely and constructively with the Executive Board throughout the year. We would like to extend our sincere thanks to Peter Werth, the Group’s founding CEO, whose leadership over the past decade has been key in shaping Wolftank into the company it is today. His vision, entrepreneurial drive and tireless dedication transformed Wolftank into a global technology group with a clear sustainability mission. His achievements – from driving innovation and global expansion to multiplying the Group’s market capitalization – leave a lasting legacy. We welcome Peter Werth’s continued involvement as Chairman of the newly established Strategy Advisory Board, where his expertise will continue to be a key asset for the company’s long-term development.
We also welcome the smooth leadership transition within the Executive Board and the steps taken to strengthen Wolftank Group’s strategic and operational capabilities. With Simon Reckla having taken over the role of CEO, we are pleased to continue our joint journey, which in the future will be clearly driven by higher profitability which unfortunately could not be achieved in the last years due to the rapid growth. The Supervisory Board is convinced that Simon Reckla’s strong focus on net profits and operational efficiency will lead to a rising share price, ending the long-lasting underperformance of Wolftank Group’s shares.
We thank the old and new Executive Board, the Group’s employees, partners and shareholders, for their contributions and trust. Together, we are advancing a shared vision: building the infrastructure for a more sustainable and resilient world.
Investor relations
Share
The share of Wolftank Group AG is listed with the ticker symbol WOLF in the direct market plus segment of the Vienna Stock Exchange (ISIN: AT0000A25NJ6) and with WAH in the m:access segment of the Munich Stock Exchange (WKN: A2PBHR). It is traded on Xetra and various other share trading platforms. On the stock exchange platform with the highest trading volume, Xetra Frankfurt, the share started the year at EUR 10.8 and closed in December at EUR 8.1. During the year, the share reached a high of EUR 12.9 (17 January) and a low of EUR 7.4 (21 November). The decreasing share price towards the end of year was mainly caused by external events such as the ceased activity of various small-cap funds in Germany and France, as well as the hydrogen peer group downturn reaching up to 90% in certain cases.
Capital measures
On 31 January 2024, the Executive Board resolved, with the approval of the Supervisory Board, a cash capital increase by issuing 255,343 new no-par value bearer shares, making partial use of the authorized capital granted by the Annual General Meeting on 2 June 2023. The capital increase was carried out excluding subscription rights and at a price of EUR 12.50 per share, based on the 60-day volume weighted average price as of 25 January 2024. Upon registration in the commercial register, the Company’s share capital increased to EUR 5,281,654, divided into 5,281,654 voting shares. The new shares carry full dividend rights for the financial year 2023 and were successfully placed in a private placement with selected institutional and long-term investors.
Shareholder structure
Capital markets communication
In 2024, Wolftank Group celebrated the fifth anniversary of its IPO – a significant milestone that reflects not only our growth trajectory, but also our commitment to active and transparent capital market communication. Over the past five years, we have continuously expanded our investor engagement and deepened our relationships with the financial community, underlining our role as a reliable and forward-looking partner in the capital markets.
Strategic investor relations across Europe
Throughout the year, the management team was actively involved in direct dialog with institutional and private investors. Among the company’s own events was a digital “Capital Markets Update” on hydrogen in January, attended by more than 60 participants and moderated by an expert from Baader Bank. Management also held digital investor and analyst presentations on the occasion of the publication of results.
Additionally, Wolftank Group participated in a number of high-level investor conferences, including the Hamburg Investor Days (HIT), the SMC Impact Investment Day, the Munich Capital Conference (MKK), the Baader Investment Conference, the m:access Forum and the m:access Fachkonferenz Technologie München. In addition to these events, numerous one-on-one meetings and one physical as well as several digital roadshows enabled us to engage in in-depth discussions with existing and potential investors and to continue to build trust.
Independent research coverage and transparency
Our performance, market position and potential continue to be monitored by respected financial institutions. Analyst coverage by mwb Research, Bankhaus Metzler[1], Montega, GBC and Baader Bank provides external insights and professional perspectives on our strategy and operations. All current research reports are made available on the Wolftank Group website to ensure transparency and equal access to information.
Shareholder access and service
We are committed to making investor information clear, timely and easily accessible. All relevant publications – from financial results and corporate news to sustainability disclosures – are continuously updated on our website. Stakeholders can subscribe to our investor mailing list or contact the Investor Relations team directly at investor-relations@wolftankgroup.com. This ensures a direct communication channel for all capital market participants.
Annual General Meeting
Wolftank Group’s Annual General Meeting was held in Innsbruck on 7 June 2024, providing shareholders with the opportunity to interact directly with the management team. The event once again demonstrated the value of face-to-face interaction and open dialog on our strategic direction.
Looking ahead
As we move into the next phase of our capital markets journey, our focus remains on strengthening investor confidence through proactive communications, insightful reporting and a consistent presence at key financial forums. We remain committed to further broadening our investor base and deepening our engagement as a listed company with a clear strategy, a strong sustainability profile and an ambitious growth agenda.
Financial Calendar
| Date | Event |
| 16.05.2025 | Publication of the annual results 2024 |
| 27.05.2025 | Record date “Annual General Meeting” |
| 06.06.2025 | 16th Annual General Meeting |
| 11.06.2025 | Ex-dividend date |
| 12.06.2025 | Dividend record date |
| 12.06.2025 | Publication of the 2025 Q1 results |
| 13.06.2025 | Dividend payment date |
| 18.09.2025 | Publication of the 2025 half-year results |
| 26.11.2025 | Publication of the 2025 Q3 results |