Vossloh (VOS) Deutsches Eigenkapitalforum 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.

• Major rail investment programs are underway worldwide, with significant funding in the USA, Germany, Italy, China, Brazil, Egypt, Türkiye, Australia, and India, supporting rail network expansion and modernization.

• Rail is positioned as the most sustainable mass transportation mode, with a strong focus on reducing CO₂ emissions and enabling green mobility.

Strategic positioning and business model

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

• Maintains leading market positions in hardware, technology, and services, with a unique focus on rail track and a systemic understanding of the industry.

• Provides tailored, preventive, and corrective maintenance, and is a European leader in rail milling and high-speed grinding technology.

• Digitalization is central, with over 120 digital experts, real-time monitoring, predictive maintenance, and data-driven product innovation.

Financial performance and growth

• Sales increased by ~40% from 2020 to 2024, reaching €1.21 billion, with EBIT growth of over 80% in the same period.

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

• Q3 2025 saw strong sales and free cash flow, with sales revenues up 5.7% year-on-year and a high-margin project mix expected in Q4 2025.

• Working capital intensity improved year-on-year, and net financial debt decreased due to a capital increase, though it rose after the Sateba acquisition.