Vossloh (VOS) Q1 2026 earnings summary

Executive summary

• Seasonal Q1 revenue rose 25.3% YoY to €314.6 million and EBITDA increased to €24.3 million, largely from first-time consolidation of VTT Europe (Sateba).

• Orders received reached €420.2 million, up 23.9% YoY, with a 1.34 book-to-bill ratio; acquisition-adjusted orders remained stable at the high prior-year level.

• Order backlog hit a record €1,137.1 million, up 22.7% YoY; 2026 outlook for significant increases in revenue and operating profit was reaffirmed.

Financial highlights

• Revenue was €314.6 million versus €251.1 million; acquisition-adjusted growth remained subdued, particularly in Europe, partly due to weather.

• EBITDA rose to €24.3 million from €21.7 million, while the margin declined to 7.7% from 8.6% on lower-margin project mix, partly weather-related.

• EBIT fell to €0.2 million from €7.4 million, including approximately €4.5 million of Sateba PPA effects.

• Net loss was €5.7 million versus net income of €6.9 million; EPS was -€0.57 versus €0.24, reflecting lower EBIT and higher acquisition-financing interest expense.

• Free cash flow was -€63.1 million versus -€37.4 million, with seasonal working-capital build-up and higher investment outflows.

Outlook and guidance

• 2026 revenue outlook is €1.56–€1.66 billion versus €1.34 billion in 2025; growth primarily reflects full-year Sateba consolidation.

• 2026 EBIT outlook is €118.5–€131 million versus €111.9 million; projected EBIT margin is 7.4%–8.2% versus 8.3%.

• 2026 EBITDA outlook is €215–€230 million versus €179.4 million; projected EBITDA margin is 13.5%–14.5% versus 13.4%.

• Up to €20 million of one-time preliminary Sateba PPA charges are expected in 2026; EBITDA is described as the more meaningful indicator of operating profitability.

• Value added is expected at -€15 million to -€30 million, with PPA-related earnings burden a key factor.