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Introduction & Market Context
Pfisterer Holding SE (PFSE) presented its Q1 2025 financial results on May 27, 2025, just two weeks after its successful debut on the Frankfurt Stock Exchange. The electrical connection and insulation solutions provider operates in a favorable market environment, with global electricity demand increasing by 4.3% in 2024 and major infrastructure investments underway, particularly in Germany where a €500 billion infrastructure package has been adopted.
The company’s shares have performed strongly since the IPO, trading at €53.50 as of July 23, 2025, representing a 78.3% increase from the initial issue price of €30.00 on May 14. This positive market reception comes as Pfisterer reported significant growth in its order book, despite relatively flat revenue for the quarter.
Quarterly Performance Highlights
Pfisterer reported a substantial 44.9% year-over-year increase in its order book, reaching €285.3 million in Q1 2025 compared to €196.9 million in Q1 2024. Order intake similarly showed robust growth, climbing 35.4% to €144.2 million. However, revenue remained relatively flat at €100.1 million, a slight decrease of 1.4% from the previous year.
As shown in the following chart of order book and revenue development:
Despite the flat revenue, Pfisterer demonstrated improved profitability with gross result increasing by 8.1% to €42.1 million and EBITDA rising 4.3% to €19.7 million. The company achieved an adjusted EBITDA margin of 20.9% in Q1 2025.
The gross margin improvement was particularly notable, increasing from 38.3% in Q1 2024 to 42.0% in Q1 2025, representing a year-over-year improvement of 3.7 percentage points. This positive development was attributed to price and cost improvements, as well as a continued shift toward higher-margin segments.
A significant driver of the margin improvement was the changing revenue mix across Pfisterer’s business segments. The High Voltage Applications (HVA) segment, which carries higher margins, increased its share of total revenue from 34.8% in Q1 2024 to 40.1% in Q1 2025. Meanwhile, the Components (COM) segment declined slightly from 26.2% to 24.6%, and Overhead Lines ( OHL (BME:OHLA)) saw a more significant reduction from 28.9% to 21.0%. The Medium Voltage Applications (MVA) segment grew from 10.1% to 14.2% of total revenue.
From a geographic perspective, Europe & Africa strengthened its position as Pfisterer’s largest market, increasing from 53.5% to 58.7% of total revenue. This growth was primarily driven by increased HVA and MVA business. The Middle East & India region saw its share decline from 21.0% to 17.4%, which the company attributed to the impact of a fire at its Wunsiedel facility affecting the OHL business.
Strategic Initiatives
Pfisterer’s recent IPO on May 14, 2025, raised approximately €95 million in gross proceeds. The company plans to use these funds to expand production facilities both in Germany and abroad, acquire new machinery and equipment, and invest in HVDC (High Voltage Direct Current) technology.
In addition to its public offering, Pfisterer announced the acquisition of Power CSL (OTC:CSLLY), a UK engineering company that has been a partner for over ten years. With an annual turnover of approximately €3.5 million in 2024, Power CSL is described as "highly profitable" and will strengthen Pfisterer’s position in electrical connection technology, particularly by expanding its portfolio to include subsea solutions.
The company’s broader strategy, labeled "Strategy 2030," focuses on three main pillars: growing core business and markets, expanding business boundaries, and driving innovation for future trends. These efforts are underpinned by process optimization and digitalization initiatives.
Forward-Looking Statements
Pfisterer’s strong order book growth suggests positive revenue development in upcoming quarters. The company is well-positioned to capitalize on global infrastructure trends, including the growing demand for electricity transmission and distribution solutions.
The company’s cable-agnostic solutions span the entire power value chain and all voltage levels, from low voltage (<1kV) to high voltage (>53kV), serving applications in nuclear energy, wind power, rail and mobility, solar, underground cables, power distribution, and substations.
With a global footprint spanning over 90 countries and a diversified customer base including utilities, cable manufacturers, OEMs, contractors, and distributors, Pfisterer appears well-positioned to leverage its recent capital raise and strategic acquisition to pursue further growth opportunities in its core markets.
The next financial update is expected in late August 2025 with the publication of the half-year report, followed by Q3 key figures and business performance in late November 2025.
Full presentation:
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