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Voestalpine (VOE) investor relations material
Voestalpine Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered solid first-half results for H1 2025/26 amid challenging global economic conditions, with strong cash flow and a robust balance sheet; earnings and profitability improved, supported by cost controls and divestments.
U.S. tariffs had a high double-digit EBITDA impact but were manageable; reorganization and efficiency measures are progressing well.
Decarbonization projects (greentec steel) are on time and on budget, with major investments in sustainable steel production and new R&D and capacity expansion projects underway.
Guidance for FY/BY 2025/26 remains unchanged, with positive momentum from EU safeguard measures and CBAM.
Employee count decreased by 4.1% to 49,614, reflecting divestments and restructuring.
Financial highlights
Revenue declined 5.6% year-over-year to €7,591.1 million, mainly due to lower prices, weaker demand, and the sale of Buderus Edelstahl.
EBITDA increased 0.6% to €722.4 million, with margin improving to 9.5%; EBIT rose 2.0% to €345.3 million (margin 4.5%).
Profit before tax rose to €278.4 million, and profit after tax increased by 8.6% to €198.6 million; EPS up 21.3% to €1.14.
Cash flow from operating activities more than doubled to €783.3 million; free cash flow improved to €296 million.
Net financial debt reduced by 28.2% to €1,469.7 million, lowering the gearing ratio to 19.5%.
Outlook and guidance
Guidance for FY/BY 2025/26 EBITDA remains unchanged at €1.4–1.55 billion, with all known tariff and safeguard impacts included.
Free cash flow guidance of at least €350 million for the year, with positive cash flow targeted for next year.
Management expects subdued growth in Europe, stable growth in North America, and ongoing challenges in Brazil; positive trends in railway, aerospace, and warehouse technology expected.
Reorganization projects progressing, with further positive effects expected in Q4 2025/26.
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