Vossloh (VOS) investor relations material

Executive summary

• Sales revenues increased by 25.3% year-over-year to €314.6 million, mainly due to the consolidation of VTT Europe (Sateba).

• Orders received surged to €420.2 million, with a book-to-bill ratio of 1.34, and order backlog reached a record €1,137.1 million, reflecting robust market demand.

• EBITDA rose to €24.3 million, while EBIT was €0.2 million, impacted by €4.5 million in PPA effects from the Sateba acquisition.

• Net income was negative at €(5.7) million, primarily due to lower EBIT and higher interest expenses from acquisition financing.

• Free cash flow was negative at €(63.1) million, reflecting seasonal working capital build-up and higher investments.

Financial highlights

• Sales revenues: €314.6 million (+25.3% YoY); EBITDA: €24.3 million (+12% YoY); EBIT: €0.2 million (down from €7.4 million YoY).

• Net income: €(5.7) million (down from €6.9 million YoY); EPS: €(0.57) (down from €0.24 YoY).

• Capital expenditure increased to €19.4 million (from €11.3 million YoY).

• Net financial debt ranged from €470.3 million to €531.3 million, with equity ratio at 39.7%.

• Free cash flow was negative at €(63.1) million, mainly due to working capital and capex.

Outlook and guidance

• 2026 sales revenues expected between €1.56 billion and €1.66 billion, driven by full-year Sateba consolidation.

• EBIT forecasted at €118.5–131 million, with a margin of 7.4–8.2%; EBITDA expected at €215–230 million (margin 13.5–14.5%).

• One-time PPA charge of up to €20 million expected in 2026.

• Growth mainly driven by Core Components and Sateba consolidation.

• Geopolitical risks, especially in the Middle East, could impact logistics and raw materials.