Vossloh (VOS) investor relations material

Executive summary

• 9M sales rose 19.6% to €1,086.8 million, largely from Sateba consolidation; acquisition-adjusted sales were ~4% below the prior year.

• 9M orders increased 21.7% to €1,154.5 million; backlog rose 27.8% to €1,094.0 million, with a 1.06 book-to-bill ratio.

• EBITDA rose to €128.5 million, while EBIT fell to €56.6 million and net income to €22.9 million.

• Q3 sales increased 15.6% to €376.6 million; EBITDA was flat at €47.6 million and EBIT declined 22.8% to €24.2 million.

Financial highlights

• 9M EBITDA was €128.5 million versus €121.8 million; EBIT was €56.6 million versus €76.2 million.

• Net income declined to €22.9 million from €51.7 million; EPS was €0.35 versus €2.12.

• Free cash flow was negative €77.5 million versus positive €0.2 million, including negative €8.9 million in Q3; a €106.0 million working-capital increase weighed on 9M cash flow.

• Capital expenditure increased to €66.0 million from €56.1 million, mainly reflecting Lifecycle Solutions and Sateba consolidation.

• Higher financing expenses and an above-average tax rate further reduced 9M net income; income taxes were €9.8 million versus €11.4 million.

Outlook and guidance

• 2026 sales guidance remains €1,510–€1,610 million, with sales expected near the midpoint; full-year Sateba consolidation is a key driver.

• EBITDA guidance remains €195–€210 million and EBIT €100–€110 million; both are expected in the lower parts of their ranges.

• EBIT guidance includes up to €20 million of preliminary PPA burdens; procurement and logistics costs, capacity adjustments and M&A expenses also weigh on earnings.

• Value added is forecast in the lower part of its €(50) million–€(35) million range, reflecting PPA burdens and higher average capital employed.

• A Q4 upturn and positive full-year free cash flow are expected, with lower working capital and net debt by year-end; 2027 earnings are expected to improve significantly.