Voestalpine (VOE) Q3 2026 earnings summary

Executive summary

• Revenue for the first three quarters of 2025/26 declined by 5.1% year-over-year to €11,138.9 million, mainly due to lower sales in Metal Forming and High Performance Metals, but EBITDA rose 7.2% to €1,037.8 million, reflecting improved efficiency and strong cash flow.

• EBIT increased 20.9% to €473 million, profit before tax surged 46.5% to €372 million, and profit after tax grew 25.1% to €258.5 million, despite a higher tax rate.

• Net financial debt reduced by 27.4% to €1,422.9 million, improving the gearing ratio to 18.7%; equity rose 2% to €7.6 billion.

• Workforce decreased by 3.8% to 48,700, mainly due to divestments and restructuring.

• Positive performance in railway infrastructure, aerospace, and warehouse solutions; stable but low demand in construction, mechanical engineering, and consumer goods; mixed results in automotive.

Financial highlights

• EBITDA margin improved to 9.3% (from 8.2% year-over-year); EBIT margin rose to 4.2% (from 3.3%).

• Cash flow from operating activities increased by 53.3% to €1,100.6 million; free cash flow reached €345 million.

• Basic earnings per share: €1.49 (+39.3% YoY); share price at period end: €37.78 (+106.1% YoY).

• Equity at €7.6 billion and equity ratio at 50% as of December 31, 2025; net debt/EBITDA at 1.0.

• Investments in tangible and intangible assets decreased by 19.9% YoY to €662.9 million.

Outlook and guidance

• EBITDA guidance for full-year 2025/26 confirmed at €1.4–1.55 billion, with trends expected to persist in Q4.

• Stable demand expected in automotive, construction, and mechanical engineering; strong momentum in railway infrastructure, aerospace, and warehouse solutions.

• CapEx guidance maintained at €1.1 billion for the year, with similar levels expected next year before trending toward €1 billion mid-term.

• Positive free cash flow expected to continue, though working capital optimization opportunities will be more limited.

• Global economy has adapted to new conditions; subdued but slightly improving industrial production in Europe, robust tech-driven growth in North America, and stable export-driven growth in Asia.