Voestalpine (VOE) H2 2024 earnings summary

Executive summary

• Achieved solid operating results in a challenging economic environment, with EBITDA of EUR 1.7 billion, meeting expectations and marking the second highest revenue after last year's record.

• Major international projects advanced, including greentec steel in Linz and Donawitz, and the opening of the Kapfenberg special steel plant.

• Strategic focus on decarbonization, internationalization, and high-tech product segments, with global diversification providing stability.

• Workforce increased by 0.8% to 51,600 FTEs.

Financial highlights

• Revenue declined from EUR 18.2 billion to EUR 16.7 billion, an 8.5% decrease year-over-year.

• EBITDA fell 34.5% to EUR 1.7 billion from EUR 2.5 billion, with margin dropping from 14.0% to 10.0%.

• EBIT dropped to EUR 569.3 million from EUR 1.6 billion, impacted by EUR 400 million in non-recurring impairments.

• Profit after tax was EUR 207 million, down from EUR 1.2 billion; EPS declined from EUR 6.01 to EUR 0.59.

• Proposed dividend of EUR 0.70 per share.

Outlook and guidance

• 2024/25 EBITDA expected between EUR 1.7 billion and EUR 1.8 billion, reflecting stable but cautious optimism.

• Continued positive environment for rail infrastructure, aerospace, and warehouse technology; stable growth in automotive and energy segments.

• Construction, mechanical engineering, and consumer goods expected to remain at current levels; potential upturn if interest rates fall.

• Strategy 2030+ targets value-adding growth, decarbonization, and international expansion.