4.1 Market environment
In 2024, the global energy landscape continued to evolve amid geopolitical tensions and economic uncertainties. The ongoing impacts of Russia’s invasion of Ukraine, instability in the Middle East, and broader supply chain disruptions have further exposed the vulnerabilities of a fossil fuel-dependent energy system. These challenges reinforce the importance of accelerating the transition toward more sustainable and secure energy sources.
Despite economic pressures, clean energy remains a driving force in global energy investments, supported by policy initiatives and growing market demand. However, the pace of the transition is influenced by persistent inflation, supply chain constraints, and higher financing costs for clean energy projects. In 2024, geopolitical changes – and consequently shifts in some key markets of the Wolftank Group – have also emerged. These have partly led to a certain restraint, particularly in the innovative and investment-intensive business sector of sustainable energy.
Environmental services and industrial infrastructure
Environmental services, including soil and water remediation as well as industrial coatings to repair existing infrastructure, are critical to preventing environmental damage, restoring ecosystems, and maintaining the operational integrity of industrial facilities. In 2024, the sector remains resilient, with continued demand for remediation of contaminated sites and preventive maintenance of infrastructure. Investment in environmental remediation is essential for the long-term preservation of resources and compliance with tightening regulatory standards. The market outlook is supported by the urgent need for sustainable land and water management, particularly in densely industrialized regions.
Despite progress in electrification, the number of internal combustion engine (ICE) vehicles in Europe remains significant. According to the Special Report 01/2024 of the European Court of Auditors, the number of vehicles in the EU increased from 211 million in 2010 to 253 million in 2021[1]. Current estimates suggest that the total exceeds 270 million vehicles, the vast majority of which still runs on liquid fossil fuels such as gasoline and diesel.
Although zero-emission vehicles accounted for about 15% of new registrations in the EU in 2023[2], the existing fleet remains predominantly ICE-based – estimated at over 200 million units.
Europe’s approximately 120,000 fossil fuel refueling stations will continue to play a critical role in this transition. These facilities require regular inspection, maintenance, upgrading and, increasingly, environmentally responsible decommissioning. Several hundred stations are decommissioned each year, highlighting the ongoing need for expert infrastructure lifecycle management services.
Hydrogen and renewable energies
Hydrogen is increasingly recognized as a key energy storage solution, addressing the intermittency of renewable energy sources and optimizing grid stability. According to a recent study by Roland Berger, global hydrogen production is expected to reach 110 million tons per year by 2030, with the potential to grow to 240 million tons by 2040[3]. This highlights the ongoing growing interest and investment in hydrogen as a key component of the energy transition. The predominant production methods include electrolysis powered by low-emission electricity and fossil fuel-based hydrogen with carbon capture, utilization, and storage (CCUS).
Government support remains crucial for the development of large-scale hydrogen projects. The EU Innovation Fund is one of the world’s largest funding programs for the demonstration of innovative low-carbon technologies. It provides a total of around EUR 40 billion for the period 2021 to 2030 to support innovative, low-CO₂ technologies[4]. As a result, the market for both mobile and stationary hydrogen and LNG refueling stations is expanding. By 2030, the number of hydrogen refueling stations is expected to increase to around 5,500[5]. The number of LNG refueling stations is projected to exceed 2,000, as the global LNG infrastructure continues to expand to meet rising demand[6].
While North America and Europe continue to lead in implementing support mechanisms, delays in regulatory approvals and uncertainties in financial incentives present some challenges for investment decisions and project execution. Clear and consistent policy frameworks, along with financial incentives, are essential to successfully integrating hydrogen into the broader clean energy transition.
[1] eca.europa.eu
[2] umweltbundesamt.de
[3] The Roaring ’30s – A clean hydrogen acceleration story, Roland Berger, 2024
[4] climate.ec.europa.eu
[5] vision-mobility.de
[6] spglobal.com, fortunebusinessinsights.com
4.2 Business Development
4.2.1 Company Highlights 2024
4.2.1.1 Strategic milestones 2024
4.2.1.1.1 Record hydrogen orders
Wolftank Group secured multiple significant hydrogen contracts in 2024, including a record-breaking EUR 15.5 million order from Italian public transport provider TPER for hydrogen refueling systems in Bologna and Ferrara. This project highlights the group’s expertise in delivering advanced hydrogen solutions for urban mobility. Additionally, a EUR 5.1 million contract was awarded to build a hydrogen refueling station in Bolzano for SASA’s hydrogen-powered buses, expanding South Tyrol’s public transport fleet. These orders underscore Wolftank’s leadership in hydrogen infrastructure development.
4.2.1.1.2 Innovation award
Wolftank Group received the prestigious Tyrolean Cluster Award 2024 for its efforts in sustainable energy solutions. A pilot project developed in collaboration with Heliotherm Wärmepumpentechnik was awarded. It focuses on developing a flexible air-to-water heat pump operating on both electricity and hydrogen, contributing to grid stability and reduced greenhouse gas emissions.
4.2.1.1.3 New legal name
As part of its global branding strategy, Wolftank-Adisa Holding AG officially changed its legal name to Wolftank Group AG. The Annual General Meeting approved the renaming, aligning the corporate identity with the Group’s global brand presence.
4.2.1.1.4 Mares with continued successful development
In 2024, Mares, the joint-venture with Kuwait Petroleum Italia (Q8), continued its successful development. The company expanded its activities in environmentally sustainable sectors, including the remediation of contaminated sites using low-impact technologies, project management of industrial sites, and the installation of electric charging stations, photovoltaic systems and LNG infrastructure. By broadening its service portfolio and customer base, Mares strengthened its position as a reliable provider of sustainable infrastructure solutions.
4.2.1.1.5 Synergies in Italy
Three of the Italian companies of Wolftank Group – Wolftank Italy, Wolftank Rovereta and Petroltecnica – have started in the last quarter of 2024 a process to synergize their services. The aim is to guarantee the highest level of efficiency by sharing operational resources and technical skills in order to be competitive in challenging projects.
4.2.1.1.6 Wolftank Shanghai providing expertise
Following the Chinese Environmental guideline of refurbishment of old storage infrastructure, Wolftank Group contributed and participated the normative edition.
4.2.1.1.7 Strategic course for further growth and leadership transition
In 2024, Wolftank Group’s new Strategy Advisory Board was established, led by Peter Werth and consisting of high-ranking experts from various sectors. Together with the Executive Board, it will develop the growth strategy for the coming years and define the guidelines for expansion, innovation and risk management. CEO Peter Werth’s term on the Executive Board ended as planned after ten years on 31 December 2024. As founding shareholder, he focuses on his role as Chairman of the Strategy Advisory Board, shaping the strategic development of the Group. Board member Simon Reckla was appointed CEO of Wolftank Group as of 1 January 2025, while CFO Christian Pukljak remained responsible for the Group’s finances.
4.2.1.2 Business areas
In 2024, Wolftank Group demonstrated steady growth across its key business areas Environmental Services, Industrial Coatings and Maintenance, and Hydrogen and Renewable Energies.
4.2.1.2.1 Environmental Services
Wolftank Group’s Environmental Services experienced another year of strong growth in 2024, with increased demand for remediation, consulting and waste management services. A key driver in 2024 was the extension of long-term contracts with major customers. Wolftank Group extended its framework agreement with Kuwait Petroleum Italia (Q8) until 2026, covering environmental remediation, waste management, and dismantling and construction of service stations across Q8’s network of 3,000 sites. This contract, valued at EUR 7.7 million, includes in-situ soil remediation, recycling of contaminated materials and coordinated execution by Wolftank Italy and Petroltecnica.
The Group also secured a significant extension with Italiana Petroli SpA for environmental services at service station sites. This EUR 6 million contract includes consulting, monitoring, remediation and full site engineering services. Petroltecnica also won a three-year EUR 3.6 million contract from Italgas Reti for remediation and waste management in northern and central Italy, and renewed its catalyst recovery contract with the Sarlux refinery, integrating services with Wolftank’s treatment facility at Ostellato.
Wolftank’s own waste management facilities across Italy – including those in Gela, Ostellato and Coriano – played a crucial role, handling over 500,000 tons of waste per year. These sites use advanced treatment technologies with a focus on recovery and recycling, with Rovereta managing complex operations in Rimini and a key partnership with Ostellato Ambiente.
Mares, the joint venture with Kuwait Petroleum Italia, maintained its strong focus on the remediation of hydrocarbon contamination, generating revenues of over EUR 11 million from more than 170 active remediation sites. The company emphasized sustainability by piloting Ekogrid™ technology and evaluating its effectiveness in reducing the environmental footprint of soil remediation. Mares also applied ESG-based approaches and in-situ bioremediation techniques to support the remediation of organic contamination.
Wolftank Italy continued to innovate with the development of a new cleaning system for Pump & Treat remediation wells, increasing efficiency and reducing the need to drill new wells. This is an example of the Group’s commitment to combining innovation with operational excellence.
Overall, the Environmental Services segment demonstrated the Group’s ability to provide end-to-end environmental solutions – ensuring compliance, safety and sustainability while strengthening long-term customer relationships and expanding its service offering.
4.2.1.2.2 Industrial Coatings and Maintenance
The Industrial Coatings and Maintenance area experienced steady growth, driven by an expanded tank lining business and market diversification. Wolftank broadened its footprint into Croatia, Mexico, Brazil, and other countries. In Mexico, the Group entered the market to establish a meaningful alternative to tank replacement.
In Brazil, Wolftank Latinoamérica completed significant pioneering tank coating projects for a leading energy company in South America, utilizing its patented DOPA® system. This technology, transforming single-walled tanks into double-walled systems with leak detection, positions Wolftank as a pioneer in environmental tank safety in the region. The Group also secured partnerships in the pulp and paper sector for large-scale coating solutions.
In Germany, the Group expanded into new industries, providing tank lining solutions for the food and beverage as well as chemical industries. Additionally, Wolftank signed a strategic trade agreement with KH Tank- & Korrosionsschutz GmbH, enhancing its supply chain for refurbishing petrol station tanks.
Further developments in industrial site remediation and tank diagnostics enabled the Group to tackle complex projects globally. This included preventive removal of residues and comprehensive remediation strategies, ensuring compliance with stringent safety and environmental standards. Additionally, innovations like No Man Entry technology ensure safer and more efficient industrial diagnostics and maintenance.
In Italy, Petroltecnica leads in decommissioning industrial plants and asbestos remediation, following a structured approach from planning to waste disposal. The companyʼs expertise in managing environmental service projects complies with the restrictive regulations, offering traceability and certification of remediation efforts. Petroltecnicaʼs methodology, grounded in its extensive experience and multidisciplinary expertise, upholds exceptional quality and safety standards, ensuring effective coordination with all stakeholders and regulatory bodies, restoring healthy soil and groundwater most efficiently on a large scale. On the other hand, Mares confirmed also in 2024 its position related to the execution of construction and maintenance work on fuel plants, primarily for its shareholder Kuwait Petroleum Italia, while simultaneously increasing revenues from other clients.
4.2.1.2.3 Hydrogen and Renewable Energies
In the Hydrogen and Renewable Energies segment, Wolftank Group further strengthened its position as a leading provider of hydrogen infrastructure in Europe, particularly in Italy. Following years of strategic groundwork, 2024 marked a transition to focused execution. The Group implemented a range of large-scale projects awarded in previous years, demonstrating its technological expertise and capacity for high-quality delivery. Wolftank won all major tenders in which it participated, delivering a significant part of the nationally funded and approved engineering projects for hydrogen mobility.
Among the key developments was the extension of the hydrogen refueling station in Bolzano, originally constructed in 2021. Wolftank, in partnership with Gemmo SpA, is responsible for the planning and construction, with the EUR 5.1 million project designed to support SASA’s expanded hydrogen bus fleet. In Merano, the Group is constructing a 700-bar hydrogen station for SASA’s new fleet of hydrogen buses. Similarly, Wolftank was awarded a significant contract with TPER for two major bus hydrogen refueling stations in Bologna and Ferrara, valued at EUR 15.5 million. Construction in Ferrara commenced in late 2024, while the Bologna project is in the engineering phase.
In Austria, Wolftank Group in partnership with GUTMANN is building a hydrogen filling station for refueling 35 public buses in Villach and will also be responsible for its maintenance for ten years. The total value of the contract is around EUR 5.3 million. In Tyrol, Wolftank developed and delivered a H2 trailer feed for Tigas. This system was specially developed in combination with a hydrogen production plant to ensure security of supply for test benches for H2 gas engines.
In Germany, Wolftank Group successfully implemented indoor hydrogen refueling infrastructure for forklift trucks at a major car manufacturer’s facility. Within the production plant, the Wolftank Deutschland team designed, installed and successfully commissioned the refueling infrastructure in the indoor area.
Wolftank Iberia focused on hydrogen infrastructure, consolidating partnerships and securing its first European grant for a refueling station project. In China, Wolftank took initial steps into the hydrogen equipment market.
Mares, a joint venture with Kuwait Petroleum Italia, contributed to the segment with the construction of two LNG plants and a growing portfolio of electric charging station projects, generating combined revenues of EUR 2.8 million. Together, these developments highlight Wolftank Group’s role in shaping the future of sustainable mobility across Europe and beyond.
4.2.1.3 Partnerships
In 2024, Wolftank Group strengthened its strategic direction through key partnerships in various segments and regions, further establishing its leadership in technologies for energy and environmental solutions. These collaborations have been important in expanding Wolftank Groupʼs portfolio, particularly in the field of mobile hydrogen refueling systems, and enhancing its contribution to zero-emission mobility and infrastructure solutions worldwide.
In the United States, a cooperation agreement with Rockwell Hydrogen was signed. The intention is to provide mobile refueling solutions to customers of Rockwell H2 as part of Rockwell’s turnkey vision for production, storage, distribution and dispensing of hydrogen.
Wolftank Rovereta started an important project with a partner from the Oil & Gas and Power industry, Bonatti SpA. Wolftank Rovereta will supply services for waste intermediation, transport and disposal in a landfill of waste generated during the site construction of a methane reinjection field close to Bologna (Italy). The project started in August 2024 with possible extension in 2025 and 2026.
Mares has exclusive strategic partnerships in the Italian market. Among others, with Ekogrid Oy (Finland), the owner of the Ekogrid™ remediation technology which enables subsurface environmental restoration through the use of low-voltage electric currents that trigger oxidation and biodegradation of organic contaminants. Additional partnerships are held with Fugro Land Germany GmbH, specializing in the use of high-definition characterization technologies for environmental assessments, and Orvion B.V. (Netherlands), specializing in genetic analysis to study the biodegradation processes of contaminants.
Wolftank Iberia’s growth strategy has been accompanied by the establishment of strategic partnerships with key industry players. In particular, an alliance has been established with with Hidrógeno Verde Renovable (HVR Energy), a company that focuses on the deployment of hydrogen infrastructure for mobility.
Wolftank Latinoamerica established a strategic partnership with the companies CFE and TMT, expanding the DOPA offering for underground and above-ground tanks.
Wolftank Shanghai has strong partnerships with Jinyu Technology for refurbishment, United Hydrogen and Meijin Group for soil remediation and refurbishment, and Shanxi Lvlin Environmental protection for Hydrogen equipment supply.
4.2.1.4 Participation in key industry events
Throughout 2024, Wolfank Group continued to strengthen its presence and leadership in the energy and environmental solutions sector by actively participating in a series of key industry events. These engagements provided platforms to showcase innovation, foster collaboration and engage with stakeholders on a global scale:
- AlsterResearch Hydrogen Conference (February 2024): Peter Werth and Simon Reckla participated with a Wolftank Group roundtable.
- LOGIMAT 2024 (March 2024): Wolftank Group exhibited intralogistics solutions at LOGIMAT, the international trade fair for intralogistics solutions and process management in Stuttgart, Germany. The Group showcased its innovative portfolio of scalable and customized solutions for intralogistics.
- UNITI expo 2024 (May 2024): Wolftank Group was present at two important spots of the fair: At the Group stand, the latest “No Man Entry” technologies for tank cleaning and thickness measurement, tank and well rehabilitation solutions, and double-wall technologies to ensure longer asset life were showcased. Additionally, the Group presented soil remediation and recycling services aimed at preserving the environmental integrity of sites. In the Alternative Fuels area, attendees could experience the H2 Mobile Station Easy. This mobile hydrogen container demonstrates the Group’s pioneering hydrogen refueling solutions.
- Hydrogen Expo 2024 (September 2024): Wolftank Group presented its mobile hydrogen refueling technologies in Piacenza. Highlights included the Wolftank H2 Dispenser, featuring a modular, portable design, and the Wolftank H2 Mobile Station, a compact all-in-one solution for hydrogen vehicle refueling.
- RemTech Expo 2024 (September 2024). As Italy’s only environmental technology hub focused on remediation, regeneration, and sustainable territorial development, the event brought together a broad professional community. The Group’s Italian subsidiaries – Mares Italia, Petroltecnica, and Wolftank Rovereta – presented a wide range of services, including consulting and engineering, environmental remediation, waste management, and industrial water treatment solutions.
- Hydrogen Technology Expo Europe (October 2024): Wolftank Group participated at the event focused on advanced technologies for the hydrogen and fuel cell industry in Hamburg, Germany. At a joint booth organized by the Austrian Federal Economic Chamber, the Group showcased its hydrogen product line alongside renowned companies. Highlights included the Wolftank H2 Dispenser, known for its modular design and automated, user-friendly operation, as well as the Wolftank H2 Mobile Station and the H2 Scalable Station.
- Ecomondo (November 2024): The Green Technology Expo in Rimini is a leading international event for green and circular economy technologies. In 2024, the focus was on the progress of the EU’s Next Generation projects and offered insights into funding opportunities for sustainable innovation. Within this context, Wolftank Group presented its expertise in environmental consulting and engineering, soil and water remediation, emergency response, and waste management solutions. Additionally, Wolftank Group sponsored the exhibition “Sounds, Signs and Visions of Vaia”, an immersive experience on climate change awareness, showcased both at the Fellini Museum and at the Group’s booth.
Regionally, Wolftank Group companies participated in various industry events, highlighting their commitment to advancing green technologies and sustainable solutions. Among others, key events were:
- Ecomed 2024 in Catania, Sicily (April 2024): Petroltecnica showcased waste facilities and recycling
- Green Gas Mobility Summit (July 2024): Wolftank Iberia presented its innovative solutions and participated in a panel discussion focused on the development of hydrogen refueling stations.
- Expo Postos e Conveniência: Wolftank Latinoamerica successfully participated in the largest fair in Latin America focused on the fuel station market.
4.2.2 Financial Development 2024
4.2.2.1 Sales and Earnings
Despite global challenges such as geopolitical crises, post pandemic supply chain challenges, rising inflation and coordinated monetary tightening worldwide, Wolftank Group continued its growth in 2024.
Sales increased from EUR 86.8m in 2023 to EUR 121.5m, mostly driven by the consolidation of Petroltecnica which was acquired in the second half of 2023. Operative performance reached EUR 127.3m, a robust improvement of around 35% (2023: EUR 95.3m).
Despite the sales growth, the Group’s earnings performance was influenced by several factors. Consolidation adjustments due to differences in local accounting standards and a conservative revaluation of inventories and trade receivables, following a proactive review of current assets in accordance with the Austrian Commercial Code (UGB) and the prudence principle, impacted earnings. At the same time, the measures also strengthened the Group’s future financial resilience.
Adjusted for these effects, Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to EUR 9.4m, with an EBITDA margin on sales of 7.7%. The reported EBITDA including the mentioned effects amounted to EUR 8.6m (2023: EUR 8.5m), with an EBITDA margin on sales of 7.1% (2023: 10%).
In addition to the already mentioned effects, the operating result (EBIT) reflected the planned amortization of goodwill and higher depreciation charges, stemming from the capital-intensive structure of subsidiaries acquired in recent years. In total, these effects amounted to EUR 2.7m. Adjusted for planned amortization, higher depreciation, and the mentioned one-off effects, EBIT reached EUR 5.2m, corresponding to an adjusted EBIT margin of 4.2%. The reported EBIT, including all effects, amounted to EUR 2.5m (2023: EUR 4.0 m), with an EBIT margin on sales of 2% (2023: 4.6%).
Adjusted for effects, profit before tax amounted to EUR 3.0m, and profit after tax to
EUR 1.0m. Reported profit before tax came in at EUR 0.3m (2023: EUR 2.0mm), while profit after tax amounted to EUR -1.5m (2023: EUR 0.5m).
4.2.2.2 Balance Sheet and Cashflow
At EUR 24.9m, Wolftank Group’s equity remained at the level of the previous year (2023: 24.6m). The equity ratio amounted to 22.9% (2023: 22.4%). Net cash flow was EUR 9.3m (2023: EUR 10.9m). Cash flow from investment activities amounted to EUR -4.7m (2023: EUR -8.5m), while the cash flow from financing activities was EUR 2.0m (2023: EUR 6.2m).
The return on equity amounted to 1.2% (2023: 8.2%), return on investment to 0.26% (2023: 1.85).
Despite 40% higher revenues, net debt increased only moderately to EUR 24.1m (2023: EUR 21m)
Key Financials
| 2024 | 2023 | 2022 | ||
| Sales | EUR m | 121.5 | 86.8 | 62.7 |
| EBITDA | EUR m | 9.4* (8.6) | 8.5 | 3.6 |
| EBITDA margin of sales | % | 7.7* (7.1) | 10.0 | 5.5 |
| EBIT | EUR m | 5.2* (2.5) | 4.0 | 0.07 |
| EBIT margin of sales | % | 4.2* (2.0) | 4.6 | 0.1 |
| Profit before tax | EUR m | 3.0* (0.3) | 2.0 | -0.66 |
| Profit after tax | EUR m | 1.0* (-1.5) | 0.5 | -1.6 |
| Net Cash flow | EUR m | 9.3 | 10.9 | 3.8 |
| Equity ratio | % | 22.9 | 22.4 | 32.6 |
*adjusted for one-off effects
4.2.2.3 Segments
In 2024, Wolftank Groupʼs operations are divided into three business segments: Environmental Services, Industrial Coatings and Maintenance, and Hydrogen and Renewable Energies.
Environmental Services continued to grow in 2024. Together with Petroltecnica, a well-established company with a strong brand reputation in which Wolftank Group acquired a majority stake at the end of 2023, the Group further strengthened its leading position in Italy’s environmental and remediation management sector.
Wolftank Group’s Italian subsidiaries each place a distinct focus on specific areas within this segment. Over the course of 2024, the integration and consolidation of the Italian companies within the Wolftank Group was prepared, planned, and initiated towards the end of the year. This measure aims to increase efficiency, unlock synergies, standardize and centralize activities, processes, and functions. These efforts are expected to result in improved profitability starting in 2025.
At EUR 79.6m (2023: EUR 51.7m), total sales of the Environmental Services business unit exceeded original expectations. The sales growth of over 50% in this business segment is largely due to the initial full consolidation of Petroltecnica. Adjusted EBITDA amounted to EUR 7.1 and a margin of 8.9 %, reported EBITDA came in at 7.0 m (2023: EUR 5.5m) with an EBITDA margin of 8.8 % (2023: 10.6%).
Industrial Coatings and Maintenance provides state-of-the-art technologies to protect and maintain tanks and refueling stations. In 2024, as in the prior year, the economic environment remained challenging, characterized by high material costs due to rising raw material and production prices. Continued financial constraints led customers to postpone non-essential projects, while ongoing supply chain challenges further impacted project timelines and execution.
Sales increased by 15% to EUR 16.8m (2023: EUR 14.5m). The Group was able to adjust prices to offset the impact of higher material and production costs. However, was affected by one-off-effects due to a revaluation of inventories and trade receivables, which do not reflect the operational efficiency of the business unit, had an impact on profitability. Adjusted for this effect, EBITDA amounted to EUR 1.0m and an EBITDA margin of 6.1%. The segment generated a reported EBITDA of EUR 0.5m (2023: EUR 2.7m) with an EBITDA margin of 3% (2023: 18.6 %).
Hydrogen and Renewable Energies experienced an unprecedented dynamic development in the past two years. This was reflected in a surge in inquiries, offers, awarded contracts and successful tenders. In Italy alone, the Group secured more than EUR 30m in orders for the construction of hydrogen refueling stations.
Project execution started in full swing in 2024, leading to a first revenue increase in this segment towards the end of the year, with an even stronger performance impact expected in 2025. However, the high order backlog, coupled with strict and inflexible payment terms – especially for public sector contracts – and significant upfront financing requirements, pressured Wolftank Group’s liquidity position. Nevertheless, significant positive effects on this segment’s key performance indicators are expected in 2025.
Sales in the Hydrogen and Renewable Energies segment of Wolftank Group amounted to EUR 25.1m (2023: EUR 20.6m). Adjusted EBITDA amounted to EUR 1.3 m and an EBITDA margin of 5.1% The EBITDA of the segment amounted to EUR 1.1m (2023: 0.3m) and an EBITDA margin of 4.5% in 2024 (2023: 1.4%).
Overview segment sales
4.2.3 Outlook
The economic outlook for 2025 remains challenging. Persistent geopolitical instability, coupled with high financing costs and a downturn in the manufacturing sector — particularly the automotive industry and its suppliers — continues to weigh on business sentiment. Against this backdrop, both revenue growth and margin improvement require intensified operational focus and cost discipline. Investment restraint among industrial clients has led to delays in several infrastructure and remediation projects.
Nevertheless, Wolftank Group remains well positioned to navigate the current headwinds. The company continues to benefit from a diversified portfolio, robust regulatory drivers, and public-sector funding programs. Its strong market position in environmental services — particularly in Italy — and a solid pipeline of hydrogen and renewable energy projects provide a stable foundation for future growth.
In 2025, the Group will focus on consolidation, profitability, and operational excellence. The transition from three to two business units supports a more streamlined structure, enabling sharper strategic focus, efficiency gains, and synergies across core areas. Strategic initiatives in hydrogen and environmental technologies will remain central to the Group’s long-term trajectory.
While the pace of the energy transition may have slowed in parts of the world, structural demand for sustainable infrastructure, emissions reduction, and ESG compliance remains intact. Wolftank Group will continue to serve this demand with proven technologies, disciplined execution, and a clear commitment to environmental innovation.