Company highlights HY 2024

Business expansion & corporate highlights

Multi-million contract for hydrogen refueling station in Bolzano
(January 2024)
Wolftank Group was awarded a contract worth EUR 5.1m to build a new hydrogen refueling station in Bolzano for SASA’s hydrogen-powered buses. The project, part of the modernization of South Tyrol’s public transport fleet, will expand the current refueling station and add a 700-bar system for cars and trucks. This new infrastructure supports Bolzano’s transition to zero-emission mobility and reinforces Wolftank’s leadership in hydrogen technology​.

Celebrating five years at the Vienna Stock Exchange
(January 2024)
Wolftank Group celebrated its five-year anniversary since listing on the Vienna Stock Exchange. During this period, the Group expanded through strategic acquisitions, joint ventures, and innovation in energy and environmental technologies. The listing has been instrumental in providing visibility and credibility, enabling the Group’s growth in international markets​.

Wolftank Group wins innovation award
(March 2024)
At the Impact Investment Day in Munich, Wolftank Group presented its collaboration with Free to X, a leader in fast-charging e-mobility infrastructure. Later that day, Wolftank received the Tyrolean Cluster Award for its hydrogen heat pump project, developed in partnership with Heliotherm Wärmepumpentechnik. These recognitions reflect Wolftank’s commitment to innovation and its leadership role in advancing sustainable energy solutions​.

EUR 6 million environmental remediation contract
(May 2024)
Wolftank Group secured a new contract with Italiana Petroli SpA, valued at EUR 6m, to provide environmental remediation services for their fuel network sites. The comprehensive contract covers environmental investigations, safety assessments, and remediation work, ensuring sustainable management of contaminated sites. The project will be executed by Wolftank’s subsidiary Petroltecnica, further solidifying the Group’s leadership in environmental services across Italy.

Record EUR 15.5 million hydrogen order
(May 2024)
Wolftank Group received a record EUR 15.5m order from Italian public transport provider TPER for hydrogen refueling systems in Bologna and Ferrara. This order, following an initial contract in 2023, confirms Wolftank’s leadership in delivering advanced hydrogen solutions for urban mobility.

Wolftank Group AG as legal name
(June 2024)
Wolftank Group’s Annual General Meeting decided to change the legal name of the holding from “Wolftank-Adisa Holding AG” to “Wolftank Group AG,” reflecting its well-established brand presence. The name change became effective with mid-August 2024.

Environmental remediation contracts
(June 2024)
Wolftank Group extended its framework agreement with Kuwait Petroleum Italia for a further two years, continuing its soil remediation, waste management, and petrol station services across Italy. This contract, valued at up to EUR 7.7m, along with a EUR 750,000 renewal contract with the Sarlux refinery for spent catalyst processing, reinforces the Group’s leadership in environmental services and remediation. These agreements highlight Wolftank’s ability to manage complex, large-scale projects, ensuring sustainable and environmentally safe operations in key markets​.

Development of Business areas

The Hydrogen and Renewable Energies business area continues to focus on mobile as well as stationary turnkey hydrogen refueling solutions for transport, whether trucks, busses, trains or ships, together with specially developed, highly innovative refueling solutions for the intralogistics sector (forklifts), mobile hydrogen storage containers and backup systems. At the same time, the Wolftank Group also offers solutions for LNG refueling stations for long–haul trucks.

Hydrogen is experiencing high demand, especially from public transport companies that operate their own hydrogen city buses and therefore need their own refueling stations.  However, there is also a noticeable increase in demand and corresponding investment in hydrogen refueling in the private sector, especially in the manufacturing industry. The development of the hydrogen infrastructure is largely supported by national, European and US-American programs that provide the necessary funding to accelerate its introduction. Another very promising future market is logistics, dispensing, refueling and storage in and around ports all over the globe. In line with the growing hydrogen economy, the volume of inquiries, offers and orders in the Wolftank Group’s hydrogen area reached an unprecedented high in the first half of 2024.

The Environmental Services area continued to perform strongly in the first half of 2024. The Italian market in particular is a growth market, with the highest density of service stations in Europe and a high demand for soil and groundwater remediation. Today, Wolftank Group has one of the largest teams of geologists and environmental engineers in Italy. Correspondingly large and complex remediation tasks have been successfully performed. The successful acquisition of a majority stake in Petroltecnica in 2023 and the integration of this major player has enabled Wolftank Group to further expand and consolidate its pioneering role and strong position in the field of environmental services in the Italian market. Petroltecnica will be fully consolidated for the first time in 2024.

Industrial Coatings and Maintenance, in particular tank refurbishment and the conversion of single-wall to double-wall tanks, will see increased demand due to a drop in investment in new refueling stations for traditional fossil fuels. On tank farms, the increased need to protect infrastructure by extending the tank life and the introduction of new fuels is driving increased interest in Wolftank’s epoxy double wall refurbishment solutions, the only true alternative to double walls in steel. In addition to the traditional industrial sectors in the field of industrial coatings and maintenance, the Wolftank Group continues to work on major projects in the food, chemical and pharmaceutical sectors, opening up new opportunities and potential, particularly in the German market.

Financial development HY 2024

Sales and earnings

In the first half of 2024, Wolftank Group achieved substantial growth across key financial indicators. Sales revenues rose significantly to EUR 62.0m, doubling year-over-year (1-6/2023: 30.1m), reflecting strong operational performance and an expanding market presence.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) almost quintupled to EUR 4.8m (1-6/2023: EUR 1.05m), the EBITDA margin of sales increased to 7.8% (1-6/2023: 3.5%). This significant improvement is due to the scaling of operations, with particular contributions from the company’s core segments. It also reflects the successful integration of the strategic acquisition of Petroltecnica, which is now consolidated in the Group’s figures.

The operating result (EBIT) shifted markedly to a positive EUR 1.4m from a loss of EUR -0.60m in the prior year’s period, demonstrating enhanced operational efficiency and successful cost management. The EBIT margin of sales improved accordingly to 2.2% (1-6/2023: -2.0%). As in previous years, profitability continues to be influenced by external factors such as increased costs tied to the hydrogen demand pipeline, high pre-financing requirements of hydrogen projects, and sustained elevated raw material prices, particularly epoxy resins. These cost pressures, which are only partially passed on to customers due to long-term agreements, have limited the overall margin growth.

Profit before tax turned positive at EUR 0.25m (01-06/2023: -1.03m), reflecting stronger underlying financial performance. Profit after tax improved from the previous year but remained at EUR -0.8m (01-06/2023: -1.35m).

Segments

Wolftank Group’s operations are divided into three business segments: Environmental Services, Hydrogen & Renewable Energies and Industrial Coatings & Maintenance. 

  • Environmental Services experienced robust growth: The segment saw a 2.5-fold increase in sales to EUR 41.0m (01-06/2023: EUR 17.1m), largely due to the consolidation of Petroltecnica, which has proven to be a key driver of performance. This growth validates the decision to acquire the majority stake in Petroltecnica and underscores the strategic importance of this acquisition.
  • The Hydrogen & Renewable Energy segment witnessed a 12.5% increase in sales to EUR 10.8m (01-06/2023: EUR 9.6m), reflecting growing customer demand and the gradual materialization of project pipelines. Although delays in project commissioning were experienced earlier, these initiatives are now contributing to revenue growth. However, the segment remains challenged by high pre-financing needs, which impact immediate profitability.
  • The Industrial Coating & Maintenance segment also performed exceptionally well, with sales accounting for EUR 10.2m (01-06/2023: EUR 3.4 m). This reflects increased demand across core services and reinforces the business unit’s growing contribution to the overall portfolio.

Balance sheet and cashflow

Group equity increased by a third to EUR 25.5m (1-6/2023: EUR 19.1m). The equity ratio amounted to 22.1 % (1-6/2023: 31.9 %), a decrease compared to the previous year due to the expanded scope of consolidation of the Wolftank Group following the acquisition of Petroltecnica. This change reflects a strategic decision to strengthen the group’s portfolio, although it impacts balance sheet ratios in the short term.

Net debt adjusted (excluding Petroltecnica) remained stable at EUR 10.7m (30.6.2023: EUR 10.1 mn), maintaining a similar level to the previous year.  The adjusted net gearing was 53.1%. Including Petroltecnica, acquired in the second half of 2023 and now consolidated, net debt stood at EUR 22.2m, with net gearing reflecting the expanded financial obligations, rising to 86.9%.

Net cash flow was EUR 6.1m (1-6/2023: EUR 1.2m).

Outlook

Market environment

The first half of 2024 reflected a complex intersection of economic tightening, technological disruption, and geopolitical tensions shaping the global landscape. Many major economies, particularly the U.S. and the Eurozone, experienced slower growth due to tight monetary policies. Central banks continued to raise interest rates, which began to stabilize inflation but also dampened consumer demand and investment. China’s recovery from post-COVID economic difficulties was still slower than expected. Oil prices fluctuated significantly and the push for clean energy continued, but fossil fuels remained critical. The Russia-Ukraine war continued to be a central global issue, with sanctions on Russia deepening and affecting energy markets. Escalating tensions in the Middle East, particularly between Israel and Iran, contributed to regional instability and impacted oil prices. Major elections in countries such as the U.S., European nations, and Latin America set the stage for changing political landscapes that we continue to monitor closely. The negative consequences of these economic and geopolitical issues contribute to volatile commodity prices, supply chain delays and general market uncertainty.

Despite these hurdles, there are promising indicators within the energy sector. Gas prices, both CNG and (Bio-)LNG, are showing strong signs of stabilizing, potentially reviving paused projects. The urgent global mandate for a secure, sustainable and affordable energy system is reflected in numerous initiatives aimed at protecting the environment, reducing CO2 emissions and creating a zero-emissions economy. These efforts are bolstered by political support and a significant pivot toward renewable energy projects, driven by sanctions related to the Ukraine crisis. Especially the European market, which is important for Wolftank Group, boosted measures to protect the environment, reduce CO2 emissions and build an emission-free economy, infrastructure and mobility. This strong policy support, together with concerns about fuel prices, energy security and emissions are brightening the prospects for many low-emissions fuels.

Company outlook

The Environmental Services business continues to consolidate its market presence, with a strong focus on the Italian market. The acquisition of Petroltecnica and the strategic investment in Mares have positioned Wolftank Group as a leading provider of environmental services in Italy. The Group’s ability to offer a full range of services, from in-situ soil remediation to waste management, underscores its commitment to environmental sustainability and positions it for growth within and beyond the Italian market.

In the hydrogen and renewable energy sectors, Wolftank Group has a very robust portfolio of projects. Demand for new refueling stations, both mobile and stationary, remains strong, with a significant order backlog in the hydrogen segment reflecting a very promising growth trajectory and in line with both our guidance and the capital market’s expectations. The high demand for hydrogen, LNG and electric charging solutions continued throughout the first half of 2024 which we expect to continue, especially by gradually resuming projects that were previously delayed due to market uncertainties. The Group’s strategic initiatives, particularly in Italy and Germany, underline its commitment to leading the transition to zero-emission mobility.

Despite ongoing challenges such as rising material prices and supply chain disruptions, the Industrial Coatings and Maintenance unit has experienced growth, driven by diversification of its business and expansion into new markets. The recognition of the DOPA system in Brazil as an alternative to tank replacement opens up significant opportunities for the Group in a market with a significant number of underground fuel storage tanks. This legislative change, combined with the Group’s efforts to extend the life of existing oil infrastructure, highlights the potential for growth in service station refurbishment worldwide.

In summary, Wolftank Group’s outlook for the full year of 2024 is characterized by a highly competitive, but stable business environment thanks to the company’s experience, expertise and long-standing business relationships. Ongoing measures to increase synergies, productivity and efficiency throughout the Group are beginning to bear fruit. The half-year figures are in line both with the company’s expectations as well as those of capital market analysts. Wolftank Group is confident to continue the growth path also in the second half of the year. While certain cost pressures remain, particularly in relation to hydrogen projects, the overall outlook is positive as integration efforts continue and project pipelines mature. By leveraging its strengths across multiple sectors and meeting the challenges of the global market, the Group is well positioned to play a key role in the transition to a more sustainable and zero-emission future.

Risks

The business risks of Wolftank Group have not changed fundamentally in the first half of 2024 compared to the risks presented in the 2023 annual financial statements. Wolftank Group refers to all risks explained in the 2023 Annual Report and recommends to always read this report on the first half of 2024 in conjunction with the risk report of the 2023 Annual Report.