Vossloh (VOS) Q1 2025 earnings summary

Executive summary

• Order backlog reached a record €926.4 million, up 15.2% year-over-year, supporting future growth.

• Q1 2025 sales were €251.1 million, the third-highest Q1 in company history, but 6.6% below Q1 2024 as expected.

• EBIT normalized at €7.4 million, down from an exceptionally strong prior year due to lower China deliveries, project mix, and Sateba transaction costs.

• Earnings per share at €0.24, positively impacted by tax income from deferred tax capitalization.

• Free cash flow negative at €-37.4 million, reflecting seasonal patterns and higher capital expenditure.

Financial highlights

• Net income for Q1 2025 was €6.9 million, down from €10.6 million in Q1 2024.

• EBITDA was €11.5 million (margin 4.6%), EBIT margin at 2.9%, both lower year-over-year.

• Equity improved to €751.5 million, equity ratio at 49.9%, supported by capital increase.

• Net financial debt at €181.7 million, improved from €239.2 million a year earlier due to capital increase proceeds.

• Market capitalization at March 31, 2025 was €1,263.6 million, with share price at €65.40.

Outlook and guidance

• 2025 sales expected between €1.25–1.325 billion, with strongest growth in Lifecycle Solutions and higher revenues in China, USA, and Germany.

• EBIT forecast for 2025 is €110–120 million, with margin between 8.5% and 9.5%.

• Value added expected to rise to €15–25 million.

• Sateba acquisition, pending closing, could add ~€30 million sales and ~€4 million EBIT per month.