Vossloh (VOS) Berenberg European Conference 2025 summary

Market drivers and industry trends

• Global megatrends such as population growth, urbanization, globalization, sustainability, and digitalization are fueling increased demand for rail transport as a sustainable mobility solution.

• Rail is positioned as the most environmentally friendly mass transportation mode, supporting the shift to green mobility.

• Major rail investment programs are underway worldwide, with significant funding in the USA, Europe, China, India, Brazil, Egypt, Türkiye, and Australia.

Strategic positioning and business model

• The company operates as a system house for rail infrastructure, offering manufacturing, maintenance, and digital solutions.

• Maintains leading market positions in hardware, technology, and rail services, with a unique focus on track availability and lifecycle management.

• Broad service portfolio includes preventive and corrective maintenance, high-speed grinding, and digital monitoring.

• Over 120 digital experts provide real-time, cloud-based monitoring and predictive maintenance.

Financial performance and growth

• Sales increased by ~40% from 2020 to 2024, with EBIT growth exceeding 80% despite challenging market conditions.

• All divisions showed significant revenue and EBIT margin improvements, with mid-term EBIT margin targets of 10% nearly achieved.

• Q3 2025 saw strong sales growth (+5.7% YoY), robust EBIT, and high free cash flow, though net income was slightly lower due to higher interest expenses.

• Working capital intensity improved year-on-year, and net financial debt decreased due to capital increases.