Voestalpine (VOE) Q1 2025 earnings summary

Executive summary

• Revenue declined 6.7% year-over-year to €4,146m in Q1 2024/25, with all divisions seeing lower volumes and prices.

• EBITDA fell 16.5% to €417m, including a €28m negative one-off from the Buderus sale process.

• Strong cash flow from operations at €215m, reflecting robust operational performance.

• Italfil S.P.A. acquisition completed, expanding the welding solutions portfolio.

• Workforce stable at 51,371 FTEs, up 0.4% year-over-year.

Financial highlights

• Gross profit was €808.5m, nearly flat year-over-year.

• Free cash flow improved to €215m from €10m year-over-year.

• EPS from continuing operations was €0.79, down from €1.01; total EPS at €0.79.

• Market capitalization at period end was €4,324m.

• Investments in tangible/intangible assets fell 19.2% to €167.9m.

Outlook and guidance

• EBITDA for BY 2024/25 expected at around €1.7bn, at the lower end of guidance.

• No substantial improvement seen in construction, mechanical engineering, or consumer goods.

• Positive trends expected in railway infrastructure, aerospace, and warehouse technology.

• Tool steel market expected to bottom out in H1 and improve in H2 2024/25, especially in Asia.

• Automotive demand may moderate in H2 2024/25.